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Terminal operator Vopak has announced a 27 percent rise in group operating profit during the third quarter of 2009.

Group operating profit rose to EUR 104.3 million (Q3 2008: EUR 81.8 million). Excluding exceptional items, group operating profit rose by 29 percent to EUR 104.2 million (Q3 2008: EUR 80.8 million).

All divisions contributed to this improvement, which is a result of a combination of storage capacity expansions and efficiency improvement programs, Vopak said.

During the course of a year, worldwide capacity increased by 1.4 million cbm from 26.6 million cubic metres (cbm) at end of September 2008 to 28.0 million cbm at the end of the third quarter of 2009.

The occupancy rate was 93% in Q3 2009. The figure slightly lower than in Q3 2008, when the occupancy rate was at 94%.

Commenting on the results, John Paul Broeders, Chairman of the Executive Board of Royal Vopak said ‘Although in Q3 2009 the overall occupancy rate was slightly down to 93%, EBITDA for the period increased to EUR 137 million due to effective cost management and expansions realized. Demand for our services in the oil segment remained strong."

"Our total worldwide storage capacity has increased to 28 million cbm. The execution of the new expansion plans that are currently under construction is progressing well. Furthermore, capacity expansions at two terminals in Spain and Sweden were approved, while our projects pipeline remains encouraging. For that reason, we have extended our financial capabilities and flexibility through new financing programs.

Main events third quarter 2009

. * Vopak signed a Memorandum of Understanding (MoU) with Dialog Group Berhad from Malaysia to jointly study the feasibility of an independent storage terminal for oil products in Pengerang, Johor in southern Malaysia for an initial 1.4 million cbm.

* Vopak reached agreement with a group of existing investors on their participation in a renewed cumulative financing preference shares program of EUR 110 million. The proceeds of the renewed program will be used to finance the further expansion of the company. The proposed changes to the existing cumulative financing preference shares program were approved with effect from 31 August 2009 in an Extraordinary General Meeting of Shareholders held on 27 August 2009.

* In order to pursue further opportunities in LNG, Vopak and Shell announced a joint venture to investigate the feasibility of a liquefied natural gas (LNG) terminal at Fos-sur-Mer, France

* A SGD 210 million Private Placement Notes Issuance was successfully concluded in Asia.

* On 30 September 2009 Gasunie and Vopak announced they jointly investigate the feasibility of developing a distribution hub for handling and temporary storage of CO2 in the Rotterdam area in the Netherlands.

Main events after 30 September 2009

* Vopak successfully concluded a USD 680 million US PP Notes program on 4 November 2009.

Outlook

Vopak said that due to continued strong demand for its services, sound financial results and the progress made in its expansion strategy that it was raising its outlook for the year from an expected group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- of around EUR 495 million to an expected group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- of at least EUR 510 million.

"We keep working hard on the implementation of our strategy, with a special focus on flawless execution through high customer service levels, efficient cost management and growth. Based on our year-to-date performance and healthy demand for our services, we are confident about 2009 and therefore we upgraded our outlook for the year,’ said Broeders.