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Vopak reports on HY1 2015

21 August 2015 02:00


  • EBITDA increased by 11% to EUR 408 million (HY1 2014: EUR 367 million), primarily due to higher occupancy rates and positive currency translation effects.
  • EBIT increased by 12% to EUR 282 million (HY1 2014: EUR 251 million).
  • Net profit attributable to holders of ordinary shares increased by 17% to EUR 162 million (HY1 2014: EUR 138 million).
  • Vopak divested seven terminals and two plots of land and consequently its worldwide storage capacity on a 100% basis decreased by 1.1 million cbm to 32.7 million cbm compared to year-end 2014.

 Exceptional items for HY1 2015:

  • Total exceptional gain before taxation amounts to EUR 3 million, which comprises several gains and losses.

Outlook for FY 2015:

  • Vopak reconfirms its outlook for 2015 to realize an EBITDA -excluding exceptional items- that exceeds the full year 2014 result (EUR 763 million), whereby we currently expect that the EBITDA -excluding exceptional items- of the second half of the year will not be higher than the EBITDA of the first six months of 2015 due to the impact of divestments and the more challenging business circumstances in Asia.

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

"In the first half of 2015 we are encouraged by a solid financial performance with improved overall results. This performance was supported by healthy demand for our services, mainly in Europe and the Americas, and positive foreign currency exchange rate developments. In Asia, we experienced the effects of the slowdown of economic growth in China and an overall challenging competitive business environment.

We are on track with the execution of our strategy as communicated on 2 July 2014. As part of the divestment program, we completed the divestment of terminals and land positions in the United States, Turkey, Sweden and Finland and will continue to align our global terminal network with the long-term trends in the energy, chemicals and gas markets.

Going forward, we keep our undiminished focus on free cash flow generation through among others further optimization of our capital expenditures and cost levels, while never compromising on safety and service. The Asia division is expected to contribute less in the remainder of the year due to challenging business circumstances and the initially delayed positive contribution of our new joint venture terminals in China.

Vopak expects for 2015 to realize an EBITDA -excluding exceptional items- that exceeds the full year 2014 result." 


Link to 2015 HY1 Report