26 February 2016 01:00

Highlights for the year 2015 -excluding exceptional items-:

  • EBITDA increased by 6% to EUR 812 million (2014: EUR 763 million).
  • EBIT increased by 6% to EUR 556 million (2014: EUR 524 million).
  • Net profit attributable to holders of ordinary shares increased by 11% to EUR 325 million (2014: EUR 294 million) and earnings per ordinary share (EPS) increased by 10% to EUR 2.55 (2014: EUR 2.31).
  • Cash flows from operating activities (gross) increased by 10% to EUR 867 million (2014: 787 million).
  • Vopak's worldwide storage capacity increased on a 100% basis by 0.5 million cbm to 34.3 million cbm during 2015.

A dividend of EUR 1.00 (2014: EUR 0.90) per ordinary share, payable in cash, will be proposed to the Annual General Meeting on 20 April 2016.

Exceptional items:

  • Total exceptional items before finance costs and taxation amounts to a loss of EUR 6 million (2014: loss of EUR 55 million), which comprises several gains and losses.
  • Total exceptional items after taxation amounts to a loss of EUR 43 million (2014: loss of EUR 47 million). The exceptional tax loss mainly related to the tax charge on the divestment of the US terminals.

Outlook:

  • Looking ahead, we expect 2016 occupancy rates of our global terminal network to exceed 90%, supported by our diversified portfolio both geographically and in different product groups (oil, chemicals and gas), healthy contract coverage and strong supply chain positions.

This provides a solid basis for 2016 whilst taking into account the reduced contribution of divested terminals.

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

"We achieved our financial targets for 2015. We are confident about the future earnings potential of the company and propose to increase the dividend per ordinary share with 11%.

Our personal safety performance leveled off in 2015 and did not meet our expectation. Most tragically, we suffered one fatal accident at our joint venture terminal in Japan. We continued our efforts to improve the effectiveness of safety related controls. Every single incident is one too many and we must continue further strengthening the safety culture at our terminals, focused on zero incidents.

We are pleased with the good progress made with the optimization of our terminal portfolio in 2015. 

Through the divestment program, together with the commissioning of new terminals and capacity expansions at existing terminals, we have further strengthened our global network and improved our competitive service offering.

We observed a gradual pickup in advanced economies and a slowdown in emerging markets and developing countries. In North America, the underlying drivers for acceleration in consumption and investment remained intact. Further, the economic recovery in Europe has developed positively, with a robust improvement in domestic demand. However, this year was dominated by China's uncertain growth perspective, increased economic sensitivity to lower commodity prices and the heightened geopolitical tensions in certain regions.

Despite these challenging market developments, we were able to deliver robust financial results supported by the positive FX effect. Global imbalances, long-term contracts and effective supply chain positioning continue to be the main drivers behind the strong demand for our infrastructure services. The lower oil price environment contributed to the higher occupancy rate in the Netherlands and EMEA and increased market interest for our newly commissioned oil terminals in Asia. Overall demand for chemicals remains healthy, supported by increase in GDP, population growth and rising wealth levels.

In 2016, we will continue with the execution of our strategic priorities, which will strengthen Vopak's competitive position and will support the company to adapt to changing circumstances in order to seize opportunities and to continue our focus on sustainable long-term value creation."

Link to Vopak Annual Report 2015