Table of content Profile Policy highlights Key figures Report of the Supervisory Board Letter from the Chairman of the Executive Board Report of the Executive Board Financial performance Quality of the organisation Review by division Chemicals Europe, Middle East & Africa Oil Europe, Middle East & Africa Asia North America Latin America The world of Vopak Risks and risk management Management reporting Information for shareholders Corporate Governance 2004 Financial statements Consolidated financial statements Consolidated profit and loss account Consolidated balance sheet at 31 December Consolidated cash flow statement Group accounting policies Notes to the consolidated profit and loss account Notes to the consolidated balance sheet Company financial statements Company profit and loss account Company balance sheet at 31 December Notes to the company financial statements Application of IFRS Foreword regarding transition to IFRS Application of optional exceptions allowed under IFRS 1 Consequences of applying IFRS for consolidated equity at 1 January 2004 The most important accounting policies that deviate from Dutch GAAP Condensed (provisional) consolidated profit and loss account Condensed (provisional) consolidated balance sheet at 31 December Condensed (provisional) 2004 cash flow statement Effect of the application of IAS 32 and IAS 39 Other information Post balance sheet events with significant financial consequences Auditors’ report Articles of Association provisions governing profit appropriation Proposed profit appropriation Stichting Vopak Stichting Administratiekantoor Financierings- preferente Aandelen Vopak Information on the Executive Board members Information on the Supervisory Board members List of most important company officers List of most important group companies and participating interests Five-year consolidated review Glossary