world’s leading independent tank storage company. - semi annual … · market share according to...
TRANSCRIPT
–– –
_
13/10/2008Semi Annual Results 2008 1
Semi Annual Results 2008
_
–– –13/10/2008Semi Annual Results 2008 2
The world of Vopak
_
–– –13/10/2008Semi Annual Results 2008 3
Agenda
StrategyStorage WorldwideAchievements 1H08Business Performance 1H08
OutlookFinancial Reporting Implications
_
–– –13/10/2008Semi Annual Results 2008 4
IT’S ABOUT ALL THREE
COMPANYGROWTHOPERATIONALEFFICIENCYCUSTOMEREXCELLENCE
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–– –13/10/2008Semi Annual Results 2008 5
Executing and embedding the strategy
LEADERSHIPENABLERSLEADERSHIPENABLERS
• Organization• Leadership Resourcing• ICT Realignment
• Support Tools• Business Intelligence• Communication & Branding
EXCELLENT CUSTOMER
SERVICE
• KAM • Customer Metrics• CRM
EXCELLENT CUSTOMER
SERVICE
• KAM • Customer Metrics• CRM
MAXIMUM OPERATIONAL
EFFICIENCY
• Operational Efficiency Improvements
• Terminal of the Future
MAXIMUM OPERATIONAL
EFFICIENCY
• Operational Efficiency Improvements
• Terminal of the Future
ACCELERATED COMPANY GROWTH
• Growth Opportunities
• Blueprint Automation
• Repeatable Formula
ACCELERATED COMPANY GROWTH
• Growth Opportunities
• Blueprint Automation
• Repeatable Formula
EXCELLENCE• SHE• Portfolio Rationalization• Vopak Way
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–– –13/10/2008Semi Annual Results 2008 6
Strategic initiatives delivering results
Key Account Management:increased revenue with KAM clients
Business Intelligence:improved market knowledge
Operational Efficiency Improvement:program will be started at 10 terminals
Branding:new visual identity to support one company brand
Repeatable Formula:standard designs result in shorter engineering time for new projects
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–– –13/10/2008Semi Annual Results 2008 7
Agenda
StrategyStorage WorldwideAchievements 1H08Business Performance 1H08
OutlookFinancial Reporting Implications
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–– –13/10/2008Semi Annual Results 2008 8
Vopak core businesses
Existing market
Oil
Chemicals
New products inexisting market
Biofuels
New market
LNG
_
–– –13/10/2008Source: WoodMackenzie 9
0
2 5 0
5 0 0
7 5 0
1 0 0 0
19901991199219931994199519961997199819992000200120022003200420052006
Mill
ion
tonn
es
L P G N a p h th a G as o lin e Je t /k e ro G a s /d ie s e l H F O O th e r
CAGR=2.9%
CAGR=5.1%
CAGR=0.5%
Product differentiationIncreasing geographical imbalances
Liberalization of new marketsHigh oil price – high feedstock costs
New giant oil players
World gross trade in major oil productshas risen strongly over the last years
_
–– –13/10/2008Source: CMAI 10
0
10000
20000
30000
40000
50000
60000
1990 1992 1994 1996 1998 2000 2002 2004 2006
World Trade in M ajor L iqu id Petrochem ica ls
M ixed Xy lenes Paraxy lene Benzene Cum ene Pheno l S ty rene M EG M ethano l
Thousand M etric Tons
World trade in major liquid petrochemicalshas risen strongly over the last years
Increasing demand for storageRobust growth in developing markets
Build-up of new petrochemical complexes in Asia and the Middle East
_
–– –13/10/2008Source: Exxon Mobil 11
Growth in biofuels will continue to grow
Government requirements
Increased producers’ interest in biofuels due to subsidies and incentives
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–– –13/10/2008Semi Annual Results 2008 12
LNG demand worldwide will continue to grow…
More focus on LNG solutions as energy source
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–– –13/10/2008Semi Annual Results 2008 13
Further develop growth…
Demand in all markets continues to grow…
Production grows at remote locations…
As a result trade flows grow even faster…
Strong demand for storage continues…
Let’s define the storage market!
_
–– –13/10/2008Semi Annual Results 2008 14
Defining the liquid storage market…
Producers selling thiernon-core assets
Traders renting to thirdparties
State markets opening up: China, Russia
Data sources scattered
New constructions
Marine terminalsInland river terminals
CavernsFloating storage
Pipelines
Captive terminalsIndependent terminals
Trade & terminalsShip & terminals
Pipeline & terminals
How to define the market?
_
–– –13/10/2008Semi Annual Results 2008 15
Vopak refined definition
Definition
Vopak’s competitive environment is defined as non-captivemarine tank storage for liquid oil and chemical products.
Primary competition
Independent competition renting only to third parties
Secondary competition
Partly using the capacity for storing own products(Some traders, distributors, producers, state-owned companies)
Captive competition
Producers & traders using their capacity for storing only theirown products
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–– –13/10/2008Semi Annual Results 2008 16
Market share according to the definition
10 %15 %
16 mln
60 mln
105 mln
165 mln
Oil
23 %26 %
10.4 mln
5 mln
40 mln
45 mln
Chemicals
26.4 mln CBMVopak
65 mln CBMSecondary Competition
13 %18 %
Vopak Market Share:As % of total marketAs % of primary competition
145 mln CBMPrimary Competition
210 mln CBMWorld Market
TotalStorage market (in cbm)
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–– –13/10/2008Semi Annual Results 2008 17
Terminal capacity growth from 2008 up to 2011 Announced projects
7%Annual Growth RateAs % of Vopak capacity
7 Million CBMVopak (incl. E.O.S.)
6%Annual Growth Rate
48 Million CBMWorld Market, incl. Vopak
TotalAdditional Worldwide Storage Capacity
*Baseline: January 2008
Demand growth in storage marketto support international trade flows
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–– –13/10/2008Semi Annual Results 2008 18
Agenda
StrategyStorage WorldwideAchievements 1H08Business Performance 1H08
OutlookFinancial Reporting Implications
_
–– –13/10/2008Semi Annual Results 2008 19
Process Safety & Quality Performance
LTIR
0
0,5
1
1,5
2
2,5
3
2004 2005 2006 2007 1H 2008
Spills
020406080
100120140160
2004 2005 2006 2007 1H 2008
_
–– –13/10/2008Semi Annual Results 2008 20
Ongoing improvement in financial performance
EPS excl. exceptionals
1
1,5
2
1H 07 1H08
EBIT excl. exceptionals
130
140
150
160
1H 07 1H08
Net Revenues
0
100
200
300
400
500
1H 2H 1H 2H 1H 2H 1H 2H 1H
2004 2005 2006 2007 2008
_
–– –13/10/2008Semi Annual Results 2008 21
Growth continuesOccupancy rates
0%
25%
50%
75%
100%
2004 2005 2006 2007 1H 2008
15
17
19
21
23
25
27
2005 2006 2007 2008
Capacity (in mln cbm)
Existing capacity New capacity
?
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–– –13/10/2008Semi Annual Results 2008 22
The world of Vopak
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R’dam biodiesel
LNG Rotterdam
Spain
Botlek Pit19
Vlaardingen
Korea
Zhangijagang
Houston
Altamira
Venezuela
Suape
Alemoa
San Antonio
Europoort
Amsterdam
Sydney
Sebarok
Penjuru
Jakarta
Banyan
Malaysia
FujairahVietnam
Thailand
Hainan
Caojing
Japan
LNG Eemshaven
Pakistan
Gothenburg
Teesside
Underconstruction
CommissionedYTD 08
Announcedinvestigation
Commissioned &Construction
London
LNG Rostock
Tallinn
Bahamas
Linkeroever
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–– –13/10/2008Semi Annual Results 2008 23
Step into the LNG terminal business -Operational in 2011
The launching customers:
_
–– –13/10/2008Semi Annual Results 2008 24
Vopak Terminal Linkeroever
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–– –13/10/2008Semi Annual Results 2008 25
Vopak E.O.S.
_
–– –13/10/2008Semi Annual Results 2008 26
26
Vopak Terminal Bahamas
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–– –13/10/2008Semi Annual Results 2008 27
Strategic Locationclose to the US East Coast
The closest proximity to the US East Coast
Deep water access (VLCC and ULCC)
Availability of land means room forexpansions
Close to the refineries/clients
Transshipment hub
_
–– –13/10/2008Source: WoodMackenzie 28
Florida Ports
The max draughts of Florida ports:- Tampa: 13 metres- Port Manatee: 12 metres- Jacksonville: 11 metres- Port Canaveral: 12 metres- Palm Beach: 10 metres- Port Everglade: 13 metres
The ports must rely on VT Bahamasto accomodate the VLCCs.
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–– –13/10/2008Semi Annual Results 2008 29
Refining Center – Gulf Coast
U.S.A.MEXICO
Houston
Texas
Louisiana
New Orleans
Mississippi
Alabama
MobileBaton Rouge
Lafayette
Miss
issip
pi
Rive
r
Florida
UNITED STATES OF AMERICA
MEXICO
CUBA
Dallas
Arkansas
Tampa
AtlantaBirmingham
Jackson
HAVANA
YucatanPeninsula
Georgia
400 metres
1 ,000 metres
2,00
0 m
etre
s
Gulf of Mexico
Florida Keys
Oklahoma
Tennessee
Yuca tan Channel
Caribbean Sea
Western GulfPlanning Area
Central GulfPlanning Area
Eastern GulfPlanning Area3,000 metres
ChevronPascagoulaShellDeer ParkValero (2)Port ArthurMarathonGaryvilleExxon Mobil
Baytown
Valero (3)St CharlesValero (1)Texas CityConocoPhillips
Lake Charles
Valero (4)Aruba
OwnerRefinery
Aruba
1.3.
2.
4.
= Largest refineries in the Maya area
Source: WoodMackenzie
_
–– –13/10/2008Source: WoodMackenzie 30
Transshipment hub:Example - gasoline flow from Europe to the US
PipelineUS$9/ton
55 ktonUS$24/ton
100 ktonUS$18/ton
20 ktonUS$18/ton
VTB
20 ktonUS$9/ton
700US$/t 703
US$/t
685US$/t
709US$/t
Good shipping connections:• easy access to the US for European cargoes (e.g. gasoline) • benefits through backhaul trade (diesel)
Other shipping possiblities:• flows from/to the ME• flows from/to Asia• flows from/to Latin America
Main sources of crude supply:• the Middle East• North and West Africa• FSU (Caspian & Baltic)• Canadian oil sands
Range of services:• blending• tank-to-tank transfers• ship-to-ship transfers• heating, etc.
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–– –13/10/2008Semi Annual Results 2008 31
Vopak Terminal BahamasValue creation by capitalizing on the unique strategic location
All availablecapacity is
completely rented
Very positive and fruitful cooperation
with JV partner
Started repair of remaining
590,000 cbm
Startedconstruction of
290,000 cbm
_
–– –13/10/2008Semi Annual Results 2008 32
Many projects in the pipeline
Potentialopportunities
Projectsunder study
Announcedprojects
_
–– –13/10/2008Semi Annual Results 2008 33
220.9 272.9
Outlook – reaffirmed!
* EBITDA includes joint ventures & associates results **excluding exceptional items
475-550
FY 2006 FY 20075 year plan
(2011)EUR (mln)
EBIT**
369.6EBITDA* 314.1
ROCE 25.1%19.4% Around 16%
OutlookFY 2008
a minimum increase of10%
Long-term
Bearing in mindsubstantial investmentsin greenfield projects/
expansions
Bearing in mindsubstantial investmentsin greenfield projects/
expansions
Guidance
Updated to2009 / 2010
_
–– –13/10/2008Semi Annual Results 2008 34
Agenda
StrategyStorage WorldwideAchievements 1H08Business Performance 1H08
OutlookFinancial Reporting Implications
_
–– –13/10/2008All figures are excluding
exceptionals35
1H08 EBIT excl. exceptional items: up 12% to EUR 156.8 mln
Net Revenuesin mln EUR
EBITin mln EUR
Net Profit*in mln EUR
EPSin EUR
1H 07 1H 08 1H 07 1H 08 1H 07 1H 08 1H 07 1H 08
1.591.3298.982.3156.8139.4453.9423.7
+12%
+7%
+20%
+20%
_
–– –13/10/2008Semi Annual Results 2008 36
Pro forma EBIT 1H 08 vs 1H07:increased by 20%
-3.4Divestments
Pro forma EBIT
FX translation effects
EBIT excl. exceptionals
Exceptionals
EBIT incl. exceptionals
12139.4156.8
-9.9-9.7
20130.7156.8
-5.3
12149.3166.5
%1H 20071H 2008
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–– –13/10/2008Semi Annual Results 2008 37
Exceptional Items in 1H 2008
4.5Vopak Barging9.7Exceptional Items
5.2Merger Vopak E.O.S.
In EUR millions
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–– –13/10/2008Semi Annual Results 2008 38
EBIT(DA) margins excl. exceptionals
_
–– –13/10/2008Semi Annual Results 2008 39
Net Financing Costs
-21.0
1H07 1H08In EUR millions
3.2Interest and dividend income
Net financing costs
Financing costs -24.23.2
-22.6-19.4
Effective Access to Financing Sources
Gate:EUR 745M senior project financingagreement
VTS:Increase to SGD 200M
RCF:Increase to EUR 1B and extend with 4 years. Option toincrease to EUR 1.2B
USPP 2007:New Notes forUSD 375M
July 2008Aug / Sep 2007July/Aug 2007May 2007
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–– –13/10/2008Semi Annual Results 2008 40
-31.4 21.3% 21.5%
€1H08 1H07 %In EUR millions
Effective tax rate 1H 2008
Tax
Effective Tax Rate
1H08 %
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–– –13/10/2008Semi Annual Results 2008 41
-8.391.5
-27.6-21.0 149.3423.7
1H07
166.5
106.9
Net Profit 1H 2008 increased by 17%
All figures are including exceptional items
12%
17%
1H08 ∆%In EUR millions
EBIT
Net Profit
453.9Net Revenues 7%
Finance Income & ExpensesTaxMinority Interests
-19.4 8%-31.4 14%- 8.2 1%
1.47 1.71EPS 16%
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–– –13/10/2008Semi Annual Results 2008 42
Business Performance per Division
_
–– –13/10/2008Semi Annual Results 2008 43
Strong demand for storage capacity
85% 94%
2004 1H 2008
Occupancy rate
92% 96% 95%
2005 2006 2007
Capacity (in cbm)
26,396,22121,834,20021,224,30020,441,00020,191,481
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–– –13/10/2008Semi Annual Results 2008 44
Growth continues- increase by more than 7M cbm (2008-2011)
2.7M cbmRemaining 2008 till 2011 (incl. LNG)
21.8M cbmTotal 2007 Capacity
26.4M cbmTotal 1H 2008 Capacity
4.6M cbmTotal net capacity increase in 1H 2008
>28.0M cbmTotal
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–– –13/10/2008Semi Annual Results 2008 45
Net Revenues1H08: increase by 7%
CEMEA
1H 07 1H 083%
North America
15.2%
66.0 56.0
1H 07 1H 08
Latin America
6.7%
31.3 33.4
1H 07 1H 08
Asia
15.6%
67.1 77.6
1H 07 1H 08
OEMEA
23.3%
102.2126.0
1H 07 1H 08
154.9 159.5
_
–– –13/10/2008Semi Annual Results 2008 46
EBIT excl. exceptional items1H08: increase by 12%
CEMEA
Asia
Latin America
OEMEA
Other
42.5 44.8
5.4%
North America
18.7%16.7%
8.4%
1%
39.046.343.8
51.1
15.5 16.8
10.5 10.4
-12.0 -12.6
1H 07 1H 08
1H 07 1H 08 1H 07 1H 081H 07 1H 08
1H 07 1H 081H 07 1H 08
5%
_
–– –13/10/2008Semi Annual Results 2008 47
20,323,1 22,2 21,7 21,8 21,8
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Chemicals EMEA“Sound results taking into account divestments”
14% 2%
_
–– –13/10/2008Semi Annual Results 2008 48
21,9
26,0
21,925,1
20,0 19,1
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Oil EMEA“Effective response to market demand”
19% 15%
_
–– –13/10/2008Semi Annual Results 2008 49
19,2
23,419,8
22,919,9 19,9
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Asia“Maintaining growth with continuinggood results”
22% 16%
_
–– –13/10/2008Semi Annual Results 2008 50
7,2 7,5 8,3 9,37,7 7,9
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: North America“Focus on improving results is bearing fruit”
4% 12%
_
–– –13/10/2008Semi Annual Results 2008 51
5,1 5,3 5,4 5,1 5,5 5,1
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Latin America“Continuing steady performance affected by negative FX differences”
4% 6%
_
–– –13/10/2008Semi Annual Results 2008 52
Sources and Uses of Cash
_
–– –13/10/2008Semi Annual Results 2008 53
0
100
200
300
400
500
600
Sources Uses Sources Uses
Sources and uses of cash
Operations Operations
InvestmentsDivestments
Investments
Divestments
FinancingFinancing
Dividends
Dividends
1H07 1H0856.0 -138.4
EUR (mln)
Net Cash Flow
Proceeds frominterest-bearing
loansProceeds frominterest-bearing
loans
390.1 -334.1 433.0 -571.4
_
–– –13/10/2008Semi Annual Results 2008 54
2003* 2004 2005 2006 2007 2008
Total investments
146 151 188
446268
1H 2008:375
?
_
–– –13/10/2008Semi Annual Results 2008 55
Projects completed in YTD 2008
Chemicals
Chemicals
Oil
Oil
Chemicals
Oil
Oil
Oil
Product
100,000Greenfield100%Linkeroever
Location Ownership Type Consolidated Joint venture
Rotterdam 100% Expansion 200,000
Fujairah 30% Expansion 380,000
Sebarok 69.5% Expansion 223,000
Zhangjiagang 100% Expansion 84,900
Bahamas 20% Acquisition 3,000,000
Vopak EOS 50% Merger 435,000
Malaysia 100% Acquisition 20,600
Other 106,000 60,000
Total added capacity 1H 2008 734,500 3,875,000
Total added capacity 1H 2008 >4.6M cbm
Additional CBM
_
–– –13/10/2008Semi Annual Results 2008 56
Gate terminal
Clients
Throughput
Jetties
Tanks
16 bcm12 bcm9 bcm
221
?43
433
?Q3 2008Q4 2007
_
–– –13/10/2008Semi Annual Results 2008 57
Expansion in progressBanyan Terminal (Singapore)
2006 2007 2008 2009
371,800 cbm 165,000 cbm 320,000 cbm 397,500 cbm1.25 M
_
–– –13/10/2008Semi Annual Results 2008 58
Expansion in progressVopak Jakarta Terminal (Indonesia)
Tankfarm
Jetty
‘Artist impression of Vopak Jakarta Terminal’
Underseapipelines
Division: Asia Start of operations: 2009Capacity: 250,000 cbmProduct focus: oil
_
–– –13/10/2008Semi Annual Results 2008 59
Vopak Terminal Bahamas
Expansion in progressVopak Terminal Bahamas
Division: North AmericaStart of operations: 2009Capacity: expansion 290,000 cbmProduct focus: oil
_
–– –13/10/2008Semi Annual Results 2008 60
Division: CEMEAStart of operations: Q3/Q4 2008Capacity: expansion 40,000 cbmProduct focus: ethanol
Vopak Teesside Terminal
Expansion in progressTeesside Terminal (UK)
_
–– –13/10/2008Semi Annual Results 2008 61
New terminal – under constructionGate terminal
Division: LNGStart of operations: 2H 2011Capacity: 540,000 cbmProduct focus: LNG
‘Artist impression of Gate terminal’
_
–– –13/10/2008Semi Annual Results 2008 62
Strategic Financing
_
–– –13/10/2008Semi Annual Results 2008 63
Investing in growth
Total investments 2008-2011Approved & Under Construction Projects
Remaining Vopak share 2008-2011 Approved & Under Construction Projects
Group companiesand
joint ventures
€ 1.7B
Around€ 400M
Yearly Sustaining Capex
+/-€ 100M
_
–– –13/10/2008Semi Annual Results 2008 64
2.22
1.71
1.61
1.76
2.20
2.42
2.49
0 0,5 1 1,5 2 2,5 3 3,5 4
2002*
2003*
2004
2005
2006
2007
1H 2008
Strategic financeNet debt : EBITDA ratio
Maximum Ratio under US PP
Maximum Ratio under other loans and syndicated revolving credit facility
_
–– –13/10/2008Semi Annual Results 2008 65
Covenant/Term US PP 2001 US PP 2007 New RCFMaximum Net Debt / EBITDA 3.75 3.75 3.75
Additional headroomWhen financed withsubordinated debt
Up to 4.25 > 3.75
EBITDA / Net Interest Payable
> 4.0 > 3.5 > 3.5
Overview of US PP terms and RCF
Amount USD396 mln
USD 375 mln
EUR 1 bln
+ EUR 200 mln
_
–– –13/10/2008Semi Annual Results 2008 66
Agenda
StrategyStorage WorldwideAchievements 1H08Business Performance 1H08
OutlookFinancial Reporting Implications
_
–– –13/10/2008Semi Annual Results 2008 67
Balance Sheet
Gate terminal –financial implications
Joint venturesand associates
Profit & Loss Result of jv basedon equity method
Cash Flow
Off Balance Sheet guarantees
Project Phase2007-2011
Operationsbeyond 2011
Joint venturesand associates
Joint venturesand associates
Only pre-OPEX
Equitycontribution
Dividend
Equity: 40% Capacity: 0.5M cbm
_
–– –13/10/2008Semi Annual Results 2008 68
Vopak E.O.S.
Pakterminal till YE 2007
304,900Vopak50%Pakterminal
Pakterminal till 23 April 2008
Vopak100%Pakterminal
Vopak E.O.S. 23 April 2008 till August
Vopak35%
Vopak E.O.S.
304,900
740,000
Vopak E.O.S. from August 2008
Vopak50%
Vopak E.O.S. 740,000 940,000in 2009
_
–– –13/10/2008Semi Annual Results 2008 69
Balance Sheet
Vopak E.O.S. financial impliations
Profit & Loss Result of jv(equity method)
Cash Flow
Pakterminal(50%)
Vopak E.O.S.(50%)
Joint venturesand associates100% consolidated
100% consolidated
100% consolidated Acquisition priceDividend
Result of jv(equity method)
Joint venturesand associates
Dividend
Beforetransaction date E.O.S.
(100%)
_
–– –13/10/2008Semi Annual Results 2008 70
Vopak Terminal Bahamas
Agreementbetween FirstReserve andVopak
AcquisitionBORCO, April 2008
FirstReserve 80%, Vopak 20%
Capacity: 3M cbm
Possibleexpansion upto 5M cbm
2008
_
–– –13/10/2008Semi Annual Results 2008 71
Balance Sheet
Vopak Terminal Bahamas financial implications
Profit & Loss
Cash Flow*
Joint venturesand associates
Result of jv(equity method) +Management fee
Acquisition priceDividend
Equity: 20% Capacity: 3M cbm
_
–– –13/10/2008Semi Annual Results 2008 72
Events After the Balance Sheet Date
_
–– –13/10/2008Semi Annual Results 2008 73
Events after the balance sheet date
20 July
Financing agreement Gate terminal BV
30 July
Vopak increases shareholding in joint venture Vopak E.O.S. to 50%
1 August
Nippon Vopak acquires 2 terminals in Japan
5 August
Gate terminal signs agreement with E.ON Ruhrgas AG
_
–– –13/10/2008Semi Annual Results 2008 74
Agenda
StrategyStorage WorldwideAchievements 1H08Business Performance 1H08
OutlookFinancial Reporting Implications
_
–– –13/10/2008Semi Annual Results 2008 75
220.9 272.9
Outlook 1H 2008
* EBITDA includes joint ventures & associates results **excluding exceptional items
475-550
FY 2006 FY 20075 year plan
(2011)EUR (mln)
EBIT**
369.6EBITDA* 314.1
ROCE 25.1%19.4% Around 16%
OutlookFY 2008
a minimum increase of10%
Long-term
Bearing in mindsubstantial investmentsin greenfield projects/
expansions
Bearing in mindsubstantial investmentsin greenfield projects/
expansions
Guidance
Updated to2009 / 2010
_
–– –13/10/2008Semi Annual Results 2008 76
This presentation contains statements of a forward-looking nature, based on currently available plans and forecasts. Given the dynamics of the markets and the environments of the 31 countries in which Vopak renders logistics services, the company cannot guarantee the accuracy and completeness of such statements.
Unforeseen circumstances include, but are not limited to, exceptional income and expense items, unexpected economic, political and foreign exchange developments, and possible changes to IFRS reporting rules.
Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which Vopak operates. These factors couldlead to actual results being materially different from those expected.
Forward-looking statement
_
–– –13/10/2008Semi Annual Results 2008 77
–
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