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Highlights for Q1 2018 -excluding exceptional items-
- EBITDA of EUR 190 million (Q1 2017: EUR 203 million). Adjusted for currency translation effects of EUR 13 million, EBITDA was comparable to Q1 of last year
- Occupancy rate of 87% (Q1 2017: 91%) explained by lower rented capacity at the oil hub terminals caused by a less favorable oil market structure. Other product-market segments showed stable demand for storage services
- EBIT of EUR 123 million (Q1 2017: EUR 135 million)
- Net profit attributable to holders of ordinary shares of EUR 73 million (Q1 2017: EUR 77 million) resulting in earnings per ordinary share (EPS) of EUR 0.57 (Q1 2017: EUR 0.60)
- Return On Capital Employed (ROCE) of 12.3% (Q1 2017: 12.8%)
- Our worldwide storage capacity on a 100% basis was 35.9 million cbm per the end of the first quarter of 2018. Upon completion, our projects currently under development will add 3.1 million cbm of storage capacity to our global network spread over 2019.
Looking ahead
- The financial performance in 2018 is expected to be influenced by currency exchange movements of primarily the USD and SGD, and the currently less favorable oil market structure, impacting occupancy rates and price levels in the hub locations
- Given the current 3.1 million cbm expansion program with high commercial coverage, in conjunction with the ongoing cost efficiency program, Vopak has the potential to significantly improve the 2019 EBITDA, subject to market conditions and currency exchange movements.
Subsequent events
- Today, Vopak announces that it will expand its wholly-owned Botlek terminal which is located in the Port of Rotterdam, the Netherlands. The expansion will add 15 new stainless steel tanks with a capacity of 63,000 cbm for styrene and other chemical products. The expansion is expected to be commissioned in Q2 2020.
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
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 CET on 18 April 2017.
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.