The value of the Estonian oil transit company AS Pakterminal and its parent firm in the 2008 share swap transaction by which the companies went into the hands of Vopak E.O.S. was 616 million kroons (EUR 39.36 mln), it appears from the annual report of Vopak E.O.S.
Vopak E.O.S. issued new shares for the acquisition of Pakterminal and swapped them for shares in OU Dipping held by the Dutch Royal Vopak group.
OU Dipping is the sole owner of Pakterminal.
With the transaction Royal Vopak became the owner of 50% of Vopak E.O.S. The other half of the shares are controlled by the Russian N-Trans group.
With the acquisition of Pakterminal the value of goodwill in the balance sheet of Vopak E.O.S. grew by 208 million kroons, as the fair value of Pakterminal’s net assets was estimated at close to 408 million kroons.
Material fixed assets acquired in the transaction were valued at 748 million kroons, beneficial contracts at 121 million kroons and cash at 81 million kroons. Also taken over were loans in the amount of 547 million kroons.
Vopak E.O.S., which operates fuel terminals in Maardu and Muuga to the east of Tallinn, earned a net profit of 212 million kroons last year. Its profit was reduced by an exchange rate related accounting loss in the amount of 126 million kroons.
The company’s profit in 2007 was 505 million kroons.
Revenues climbed from 1.19 billion kroons in 2007 to 1.73 billion kroons last year.
Vopak E.O.S. reloaded 15.7 million tons of oil during 2008, compared with 13.6 million tons in the year before.
Assets of Vopak E.O.S. at the end of the year stood at 4.12 billion kroons and owner’s equity at 1.97 billion kroons.
Source: Estonian Review