19 July 2013 04:00

Vopak today provides the market with an update of its preliminary financial results for the first half year of 2013 (“HY1 2013”) and its outlook for full year 2013 (“FY 2013”).

Vopak expects for HY1 2013 to realize a Group operating profit before depreciation and amortization (“EBITDA”) -excluding exceptional items- of approximately EUR 385 million, in line with the same period in 2012 (HY1 2012: EUR 380.1 million 1).The positive contribution of expansion projects commissioned in HY2 2012 and HY1 2013 and a number of positive non-recurring items during HY1 2013 were offset by several factors, the main ones being lower demand for crude, gasoil and biofuel storage in the Netherlands and higher pension costs compared to HY1 2012. Additionally, the limited growth of EBITDA in HY1 2013 -excluding exceptional items- was influenced by a start-up delay in Algeciras related to permit issues. For HY1 2013, our occupancy rate was approximately 88% (HY1 2012: 91%).

For the remainder of 2013, Vopak expects similar market circumstances as in the first half year of 2013, characterized by an overall healthy demand for our storage services throughout our terminal network in North America, Asia and the Middle East. We expect a continuation of the current backwardation of the crude oil and gasoil market affecting the Netherlands Division as well as continued uncertainty in the biofuel market.

As a result, Vopak updates its previously communicated full-year outlook for 2013 EBITDA -excluding exceptional items- from EUR 760-800 million to EUR 730-780 million. 2)

The preliminary results released today have not yet been reviewed by the company’s auditors. In accordance with our published timetable, final results for HY1 2013 will be published on 23 August 2013 before opening of the Amsterdam stock exchange, by means of a press release.

Looking ahead, Vopak believes that the growth of global energy use and the increasing geographical imbalance between production and (industrial) consumption continues to require additional movement of energy, chemicals and vegetable oils. As a result, Vopak expects infrastructure investments in the energy and petrochemical sector to rise significantly in the coming decades. Vopak believes it is well positioned to play a key role in these developments and expects to continue to create value by providing its services in the most safe, sustainable and efficient manner for its clients. Therefore, we remain confident in the long-term outlook for our business.

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 capital-disciplined execution of our growth strategy.

It is in this context and following the announcements made in its FY 2012 results press release of 1 March 2013 and further referred to in its Q1 2013 Trading Update press release of 24 April 2013 that Vopak announces today it has completed its review of various potential equity-like capital raising alternatives to support its future growth plans. Vopak proposes to its shareholders to vote at an Extraordinary General Meeting of Shareholders (“EGM”) on the creation and authorization of the issuance of a new class of listed preference shares, which are to offer a fixed annual dividend (the “C shares”). Vopak believes that the C shares will create an attractive new source of growth capital, which would contribute to the funding of selected growth and investment opportunities in a timely, effective and capital-disciplined way.

The EGM will be held on 17 September 2013 during which shareholder approval for a series of proposals to effectuate the introduction of the C shares will be sought. Further information on the EGM and the C shares is available on our website at www.vopak.com as of today.

Analysts’ conference call

An analysts’ conference call will be organized to address this press release and can be viewed via an on-demand webcast on Vopak’s website at www.vopak.com starting at 9:00 AM CET on 19 July 2013. The dial-in number for the analysts’ conference call will be: + 31 (0)20 531 5871 (Q&A allowed) or + 31 (0)20 531 58 63 (listen only). We kindly refer investors to the live audio webcast of the analysts’ conference call at www.vopak.com. A replay will be available.


Royal Vopak is the world’s largest independent liquid bulk tank storage service provider by capacity, specializing in the storage and handling of liquid chemicals, gasses and oil products. The company operates 84 terminals with a combined storage capacity of more than 30 million cubic meters in 31 countries. Vopak’s terminals are strategically located for users along the major shipping routes. The majority of its customers are companies operating in the chemical and oil industries, for which Vopak stores a large variety of products destined for a wide range of industries.

Forward-looking statements

This document contains “forward-looking statements”, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Vopak cannot guarantee the accuracy and completeness of forward-looking statements.

These risks and uncertainties include, but are not limited to, factors affecting the realization of ambitions and financial expectations, developments regarding the potential capital raising, exceptional income and expense items, operational developments and trading conditions, economic, political and foreign exchange developments and changes to IFRS reporting rules.

Vopak’s ambition 2016 does not represent a forecast or any expectation of future results or financial performance.

Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which Vopak 

operates. These factors could lead to actual results being materially different from those expected, and Vopak does not undertake to publicly update or revise any of these forward-looking statements.

1) Restated due to retrospective application of revised IAS 19 Employee Benefits.

2) At constant currencies for the remainder of the year.