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VOPAK (AMS:VPK) Royal Vopak: Interim Update Q1 2019

Transparency directive : regulatory news

17/04/2019 07:00

17/04/2019 14:00
17/04/2019 07:00
05/04/2019 07:00
03/04/2019 08:00
13/02/2019 07:00
14/12/2018 15:25
27/11/2018 07:00
05/11/2018 07:00
23/08/2018 16:00
17/08/2018 07:00

In EUR millions

Q1 2019
pro forma
Q1 2019*

Q4 2018

Q1 2018
pro forma
Q1`19 -`18
Revenues324.6324.6317.0316.23%
      
Results -excluding exceptional items-     
Group operating profit before depreciation and amortization (EBITDA)214.6202.4180.7190.26%
Group operating profit (EBIT)137.0133.8110.6122.99%
Net profit attributable to holders of ordinary shares83.385.278.873.017%
Earnings per ordinary share (in EUR)0.650.670.620.5718%
      
Results -including exceptional items-     
Group operating profit before depreciation and amortization (EBITDA)215.7203.5183.0190.27%
Group operating profit (EBIT)138.1134.9110.8122.910%
Net profit attributable to holders of ordinary shares84.486.380.473.018%
Earnings per ordinary share (in EUR)0.660.680.630.5719%
      
Cash Flow from operating activities (gross) ytd158.8141.6 144.4 
Cash Flow from investing and divesting activities ytd-180.0-180.0 -71.4 
      
Additional performance measures     
Occupancy rate subsidiaries86% 85%87% 
Storage capacity end of period (in million cbm)37.9 37.035.9 
Return on Capital Employed (ROCE) **12.6%12.6%10.8%12.3% 
Average capital employed4,250.74,250.74,095.53,981.8 
Net interest-bearing debt2,454.11,883.81,825.01,453.1 
Senior net debt : EBITDA (frozen GAAP)2.582.582.491.99 

* Pro forma excludes the IFRS 16 effects to allow comparison of the results to prior year
** ROCE definition has been applied consistently for all periods presented and is not affected by the application of IFRS 16

Highlights for Q1 2019 -excluding exceptional items-:
  • EBITDA of EUR 215 million (Q1 2018: EUR 190 million) increased by EUR 25 million, including positive IFRS 16 effects of EUR 12 million, increased contributions from joint ventures and positive currency translation effects
  • Occupancy rate of 86% (Q1 2018: 87%) reflected ongoing market conditions at oil hub terminals whereas other product-market segments remained solid 
  • EBIT of EUR 137 million (Q1 2018: EUR 123 million). Adjusted for positive currency translation effects of EUR 4 million and IFRS 16 effects of EUR 3 million, EBIT increased by EUR 7 million
  • Return on Capital Employed of 12.6% (Q1 2018: 12.3 %)
  • Net profit attributable to holders of ordinary shares of EUR 83 million (Q1 2018: EUR 73 million) resulting in earnings per ordinary share (EPS) of EUR 0.65 (Q1 2018: EUR 0.57), reflecting strong results from joint ventures
  • The associate industrial terminal PT2SB in Malaysia commissioned additional capacity of 718,000 cbm, bringing the total commissioned capacity to 1,460,000 cbm
  • The greenfield terminal Bahia Las Minas in Panama commissioned an initial capacity of 120,000 cbm. The remaining capacity of 240,000 cbm will be commissioned before the end of 2019
  • Vopak`s strategic review and testing of the market value has been successfully completed. Early April, Vopak reached agreement on the sale of the terminals in Algeciras, Amsterdam and Hamburg and completed the divestment of its ownership in the terminal in Tallinn

Looking ahead:

  • Vopak`s expansion program will add 3.2 million cbm in 2018 and 2019. At the end of Q1 2019, 1.9 million cbm was commissioned and 1.3 million cbm is expected to be delivered in the remainder of 2019
  • The sale of Algeciras, Amsterdam and Hamburg, with a combined capacity of 2.3 million cbm, is expected to be completed in the second half of 2019 
  • Growth investments amount to approximately EUR 1 billion for the period 2017-2019
  • Vopak is well positioned to grow its global terminal portfolio in line with long-term market developments and targets 1 to 3 industrial terminal opportunities and 1 to 3 gas investment opportunities in 2019-2020

Subsequent events:

  • On 3 April 2019, Vopak completed the divestment of its 50% share in the Estonian terminal Vopak E.O.S. resulting in an exceptional gain of EUR 16.8 million, which will be fully recognized in EBITDA in the second quarter of 2019. This divestment is the outcome of the earlier announced strategic review
  • On 5 April 2019, Vopak reached an agreement with First State Investments on the sale of the terminals in Algeciras, Amsterdam and Hamburg, subject to certain customary closing conditions. The transaction value of the terminals is EUR 723 million and the total expected exceptional gain before taxation will be around EUR 200 million, to be recorded upon completion, expected in the second half of 2019. These terminals were classified as held for sale as at 31 March 2019

The analysts` presentation will be given via an on-demand audio webcast on Vopak`s corporate website www.vopak.com, starting at 8:45 AM CEST on 17 April 2019

For more information please contact:
Vopak Press: Liesbeth Lans - Manager External Communication,
Telephone: +31 (0)10 400 2777 | e-mail: global.communication@vopak.com
Vopak Analysts and Investors: Laurens de Graaf - Head of Investor Relations,
Telephone: +31 (0)10 400 2776 | e-mail: investor.relations@vopak.com
 
Profile Royal Vopak
Royal Vopak is the world`s leading independent tank storage company. We operate a global network of terminals located at strategic locations along major trade routes. With over 400 years of history and a strong focus on safety and sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. Vopak is listed on the Euronext Amsterdam stock exchange and is headquartered in Rotterdam, the Netherlands. Including our joint ventures and associates, we employ an international workforce of over 5,700 people. As of 17 April 2019, Vopak operates 68 terminals in 24 countries with a combined storage capacity of 36.8 million cbm, with currently another 1.5 million cbm of capacity growth under development

 
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. The content of this report has not been audited or reviewed by an external auditor