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Vopak: HY1 2012 Group operating profit -excluding exceptional items- increases 28% to EUR 280 million

24 August 2012 02:00

Highlights for HY1 2012:

  • HY1 2012 Group operating profit -excluding exceptional items- amounted to EUR 279.9 million (HY1 2011: EUR 217.9 million).
  • Net profit attributable to holders of ordinary shares -excluding exceptional itemsincreased by 37% to EUR 169.5 million (HY1 2011: EUR 123.5 million).
  • The Net debt : EBITDA ratio was 2.70 on 30 June 2012 (31 December 2011: 2.65).

Outlook:

  • Vopak expects to achieve its 2013 outlook of EUR 725-800 million Group operating profit before depreciation and amortization (EBITDA) in 2012 (2011: EUR 636 million).
  • Projects under construction and the acquisition of the assets of the former Coryton refinery in the UK by means of a strategic consortium will add 5.3 million cbm of storage capacity in the years up to and including 2014.

Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak:

“Vopak operates in a dynamic and challenging market environment that changes rapidly. We are pleased to report that Vopak continues to experience a healthy demand for storage services, resulting from the excellent locations of Vopak’s terminals at key strategic logistics hubs. Despite some lower occupancy rates in certain locations, the fundamental demand for oil storage remains robust. However, the demand for chemical storage service shows different developments in different regions, being steady in Asia, encouraging in North America and mixed in Europe. Although we have seen improvements in the market for the storage and handling of biofuel products in the first half year, the flows continue to be unpredictable. Taking into account the quality of our well-diversified global terminal network and the increasing imbalances in supply and demand in the energy and chemical sector, Vopak remains well positioned in a dynamic and challenging market environment.

Following the disciplined execution of our growth strategy, we are proud to have commissioned the second phase at the new Vopak Terminal Amsterdam Westpoort (the Netherlands), the sixth phase at our existing terminal in Fujairah (UAE), the first phase of the new Vopak Tianjin terminal (China) as well as several other expansion projects in the first half year of 2012. In addition, we have announced that Vopak will expand its storage capacity at Vopak Terminal Europoort (the Netherlands) and will invest by means of a strategic consortium in the development of a state-of-the-art import and distribution terminal in the UK, after having completed the acquisition of the assets of the former Coryton refinery.

Based on its growth strategy and the positive developments in 2012, Vopak expects to achieve its 2013 outlook of EUR 725-800 million Group operating profit before depreciation and amortization (EBITDA) in 2012.

Vopak is well positioned to further build on the global trends in the energy and chemical sector. We continue to work on the strategic pillars by growing our business in key locations and continue our drive for operating more safely and efficiently while improving our customer services. Through the agility of our organization and focus on sustainability, it is our long-term strategic ambition to be seen as the leading global independent tank storage provider in all product-market segments in which we operate. Based on the current projects under construction and the potential opportunities for further expansion of Vopak’s network of terminals, it is our ambition to realize an EBITDA of EUR 1 billion in 2016. In this landmark year, we will celebrate our history of 400 years of entrepreneurship.”

 

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