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Vopak reports on 2020 financial results

17 February 2021 07:00

Vopak reports on 2020 financial results

Financial results

Highlights for full year and Q4 2020 -excluding exceptional items-

  • Fourth quarter 2020 EBITDA of EUR 189 million was impacted as our associate industrial terminal in Malaysia (PT2SB) recognized a one-off negative accounting result of EUR 20 million (Vopak share). Excluding this identified item Q4 2020 EBITDA was EUR 209 million.
  • Full year 2020 EBITDA of EUR 792 million increased compared to 2019 (EUR 772 million post-divestments). EBITDA excluding divested terminals therefore grew by EUR 20 million (3%) reflecting growth contributions, resilient aggregate business performance, the fourth quarter identified accounting item in Malaysia, and full year negative currency translation effects. Full year currency translation effects were minus EUR 21 million.
  • Proportional occupancy rate of 90% (2019: 84%) reflected strong storage demand from oil markets and robust storage demand in gas and chemical markets, including industrial terminals. 
  • Consolidated occupancy rate for subsidiaries of 88% (2019: 84%) reflected improvement performance of oil terminals. 
  • Revenues of EUR 1,190 million increased EUR 36 million compared to 2019 (EUR 1,154 million post-divestments).
  • Cost efficiency measures have been delivered, the cost level for 2020 amounted to EUR 591 million, below the revised target of EUR 600 million and the 2019 cost base of EUR 633 million. 
  • EBIT of EUR 492 million (2019: EUR 539 million, which included divested assets).
  • Return on capital employed (ROCE) of 11.6% (2019: 12.4%).
  • Net profit attributable to holders of ordinary shares of EUR 306 million (2019: EUR 358 million), resulting in earnings per ordinary share (EPS) of EUR 2.42 (2019: EUR 2.80, which included divested assets). 
  • Vopak’s senior net debt to EBITDA ratio is 2.52 at the end of 2020, within the target range.
  • In Q4 2020, new Vopak terminals started operations in South Africa (Lesedi) and on the US Gulf Coast (Freeport, Plaquemine, St. Charles) and capacity expansions were delivered at our two terminals in Indonesia.

A dividend of EUR 1.20 (2019: EUR 1.15) per ordinary share, payable in cash, an increase of 4%, will be proposed during the Annual General Meeting on 21 April 2021. 

Exceptional items 2020 (before tax):

  • Total exceptional items amounted to a EUR 2.1 million loss (2019: total gain of EUR 210.5 million mainly from divestments). This comprised the divestment result of the terminal in Algeciras, the remaining consideration relating to the divestment of the terminal in Hainan, transaction related costs for the acquisition of industrial terminals in the US, an impairment recognized for the terminal in Panama and a reversal of impairment in Quebec City, Canada.

Looking ahead:

  • In 2021, new contributions from 2020 and 2021 growth projects, to replace EBITDA from divested terminals, can add between EUR 30 million and EUR 50 million subject to market conditions and currency exchange movements.
  • Cost management continues and we expect to manage the 2021 cost base including additional cost for new growth projects at some EUR 615 million, subject to currency exchange movements.
  • Vopak has the ambition to allocate some EUR 300 million to EUR 350 million to growth investments in 2021 through existing committed projects, new business development and pre-FID feasibility studies in new energies including hydrogen.
  • The majority of growth investments will be allocated towards industrial, gas and new energies infrastructures. Our positive views on chemicals have not changed. New growth investments in oil infrastructure are expected to be reduced and will mostly be targeted towards strengthening our leading hub positions.

Subsequent events:

  • On 17 February 2021, Vopak announced that it will expand its Vopak Terminal Vlaardingen in the Port of Rotterdam for the storage of waste-basted renewable feedstocks for the production of biodiesel. In total 16 tanks with a combined capacity of 64.000 cbm will be constructed. The project is expected to be completed in the fourth quarter of 2022.
  • On 17 February 2021, Vopak announced to expand its industrial terminal services offering by constructing another new jetty in Qinzhou, China, exclusively used for gas products including propane, butane, ethylene and propylene. The project is expected to be completed in the second half of 2022.

Royal Vopak Chief Executive Officer Eelco Hoekstra comments: 

  • Effective Covid-19 response - uninterrupted service to customers 
  • 3% EBITDA growth post-divestments and good cost performance
  • Delivered on industrial terminals and digital - good progress in new energy 


“In 2020, we delivered EBITDA growth (post-divestments) in a more volatile business environment. We have outperformed on costs to defend EBITDA and delivered on growth projects, despite construction delays of some projects due to Covid-19 restrictions. 

The Covid-19 pandemic impacted the industries we serve. We have seen unprecedented changes in supply and demand of gas, chemicals and oil and subsequent response of our customers to their portfolios and supply chains. We have experienced an acceleration in the energy transition. We have seen the high dependency on digital infrastructure. 

Our strategy is aligned with these trends and strategy delivery progressed in 2020. We continued transforming our portfolio for the future and invested more than EUR 500 million in growth, resulting in an additional 1.6 million cbm of capacity to meet growing customer demand, particularly in Asia and the Americas. Good progress was made in our industrial terminal portfolio with the acquisition of the Dow terminals in the US gulf coast with our partner BlackRock. 

Our digital transformation is progressing well and the pandemic highlighted the benefits of our leading digital infrastructure. We continued the roll-out of our cloud-based system for our terminals, as part of broader efforts to develop our digital architecture to support the industrial logistic chains.” 

Looking ahead

“We are excited by the future prospects and keep our focus on performance and long-term value creation. We have momentum in capturing opportunities to serve large-scale industrial clusters and are advancing our efforts in developing infrastructure to support the energy transition. We continue transforming our portfolio and position our company strategically towards more sustainable forms of energy and feedstocks.

We aim to allocate the majority of our growth investments to industrial, gas and new energies infrastructures. Our positive views on chemicals have not changed. New growth investments in oil infrastructure are expected to be reduced and will mostly be targeted towards strengthening our leading hub positions. 

We are determined to bolster our leading position in our industry both in service and sustainability towards customers and society. We continue to seek opportunities to reduce our environmental footprint and implement our sustainability roadmap towards our ambition to be climate neutral by 2050.

For 2021 and beyond, we will keep storing vital products with care to make a meaningful contribution to a more sustainable society, enabled by our financial performance.” 

Link to video of CEO and CFO commenting on Vopak's FY 2020 results

Link to Vopak's report and presentations where the Annual Report 2020 is published

The analyst presentation will be given via an on-demand audio webcast on Vopak’s corporate website, starting at 10:00 am CET on 17 February 2021.

Auditor’s involvement

This press release and enclosure 4 in the press release are based on the 2020 financial statements. The financial statements are published in accordance with statutory provisions. The auditor has issued an unqualified auditor’s report on the Financial Statements.

This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.

For more information please contact:

Vopak Press: Liesbeth Lans - Manager External Communication,

Telephone: +31 (0)10 400 2777 | e-mail: 

Vopak Analysts and Investors: Laurens de Graaf - Head of Investor Relations, 

Telephone: +31 (0)10 400 2776 | e-mail:

About Royal Vopak

Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world’s changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit