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Vopak: HY1 2013 Group operating profit -excluding exceptional items- in line with HY1 2012

23 August 2013 04:00

Highlights for HY1 2012:

  • HY1 2013 Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- amounted to EUR 384.5 million (HY1 2012: EUR 380.1 million).
  • HY1 2013 Group operating profit (EBIT) -excluding exceptional items- amounted to EUR 280.3 million (HY1 2012: EUR 282.3 million).
  • Net profit attributable to holders of ordinary shares -excluding exceptional items- decreased by 5% to EUR 162.5 million (HY1 2012: EUR 171.1 million).
  • The senior net debt : EBITDA ratio was 2.44 on 30 June 2013 (31 December 2012: 2.38).
  • During the first half year of 2013, Storage Capacity increased by 0.5 million cbm to a total of 30.4 million cbm.

Outlook (excluding exceptional items):

For the remainder of 2013, Vopak expects similar market circumstances as in the first half year of 2013. As a result, Vopak expects an EBITDA -excluding exceptional items- at constant currencies of between EUR 730-780 million for the full year 2013.

Projects under construction are expected to add 4.6 million cbm of Storage Capacity in the years up to and including 2015. The total investment for Vopak and partners in expansion projects involves capital expenditure of approximately EUR 1.7 billion, of which Vopak’s total remaining cash spend is expected to be approximately EUR 0.4 billion. The completion of these expansion projects is expected to result in a worldwide Storage Capacity of approximately 35.0 million cbm by the end of 2015.

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

The first half year of 2013 was characterized by an overall healthy demand for our storage services throughout our terminal network in North America, Asia and the Middle East. However, we continued to see a challenging crude oil and gasoil storage market affecting the Rotterdam area (Netherlands), as well as uncertainty in the biofuel market. We realized an EBITDA -excluding exceptional items- of EUR 384.5 million in the first half year of 2013, which is in line with the same period in 2012 and included a number of positive non-recurring items during the first half year of 2013. For the remainder of 2013, we expect similar market circumstances as in the first half year of 2013 and we expect to reach an EBITDA -excluding exceptional items- at constant currencies of between EUR 730-780 million for the full year 2013.

We remain confident in the long-term outlook for our business. We keep focusing on improving our frontline execution and our competitive position in order to continue providing our services in the safest, most sustainable and efficient manner for our clients. In addition, the dynamics we experience in energy markets drive our continuous effort to further align Vopak’s terminal network with long-term market developments. Vopak seeks to further improve its global network by upgrading and expanding its existing terminal infrastructure to best serve current client needs, as well as investing in new terminals in selected product-market combinations. Over the last six months, we have added new capacity in, among other locations, Banyan (Singapore) and Algericas (Spain). During the same period, we have also recently divested two relatively small terminals, one in the Netherlands and a joint venture in China, as part of the continuous drive to further align our terminal network with long-term market developments.

Vopak will mark 400 years of existence in 2016. Based on current projects under construction and potential opportunities for further expansion of Vopak’s network of terminals, it is our ambition to realize an EBITDA -excluding exceptional items- of EUR 1 billion in 2016. In order to achieve this ambition, among other factors, the identification, approval and successful and timely execution of additional profitable expansion projects, our continued ability to manage our cost base, and a continuation of the operational efficiency at our existing terminals are required. While we continue to have a range of potential projects under consideration, we remain committed to the capitaldisciplined execution of our growth strategy.”