Vopak reports on HY1 2019
31 Juillet 2019 - 7:00AM
Vopak reports on HY1 2019
Vopak reports on HY1 2019
Q2 2019 |
pro forma Q2 2019* |
Q1 2019 |
Q2 2018 |
In EUR millions |
HY1 2019 |
pro forma HY1 2019* |
HY1 2018 |
HY1 '19-'18 |
316.8 |
316.8 |
324.6 |
309.9 |
Revenues |
641.4 |
641.4 |
626.1 |
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Results
-excluding exceptional items- |
|
|
|
|
208.0 |
195.9 |
214.6 |
180.7 |
Group operating profit
before depreciation and amortization (EBITDA) |
422.6 |
398.3 |
370.9 |
14% |
137.4 |
132.7 |
137.0 |
113.8 |
Group operating profit
(EBIT) |
274.4 |
266.5 |
236.7 |
16% |
89.6 |
89.5 |
83.3 |
67.2 |
Net profit attributable
to holders of ordinary shares |
172.9 |
174.7 |
140.2 |
23% |
0.70 |
0.70 |
0.65 |
0.53 |
Earnings per ordinary
share (in EUR) |
1.35 |
1.37 |
1.10 |
23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Results
-including exceptional items- |
|
|
|
|
224.4 |
212.3 |
215.7 |
176.9 |
Group operating profit
before depreciation and amortization (EBITDA) |
440.1 |
415.8 |
367.1 |
20% |
153.8 |
149.1 |
138.1 |
110.0 |
Group operating profit
(EBIT) |
291.9 |
284.0 |
232.9 |
25% |
106.0 |
105.9 |
84.4 |
64.4 |
Net profit attributable
to holders of ordinary shares |
190.4 |
192.2 |
137.4 |
39% |
0.83 |
0.83 |
0.66 |
0.51 |
Earnings per ordinary
share (in EUR) |
1.49 |
1.51 |
1.08 |
38% |
|
|
|
|
|
|
|
|
|
192.9 |
183.5 |
158.8 |
196.6 |
Cash flow from operating
activities (gross) |
351.7 |
325.1 |
341.0 |
|
-151.8 |
-151.8 |
-180.0 |
-126.9 |
Cash flow from investing
activities (including derivatives) |
-331.8 |
-331.8 |
-198.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
performance measures |
|
|
|
|
84% |
|
86% |
85% |
Occupancy rate
subsidiaries |
85% |
|
86% |
|
36.9 |
|
37.9 |
36.0 |
Storage capacity end of
period (in million cbm) |
36.9 |
|
36.0 |
|
12.5% |
12.5% |
12.6% |
11.5% |
Return on Capital
Employed (ROCE)** |
12.6% |
12.6% |
11.9% |
|
4,246.5 |
4,246.5 |
4,250.7 |
3,977.2 |
Average capital
employed** |
4,246.5 |
4,246.5 |
3,977.2 |
|
2,618.4 |
2,053.4 |
2,454.1 |
1,661.8 |
Net interest-bearing
debt |
2,618.4 |
2,053.4 |
1,661.8 |
|
2.99 |
2.99 |
2.58 |
2.18 |
Senior net debt :
EBITDA |
2.99 |
2.99 |
2.18 |
|
* Pro forma excludes the IFRS 16 effects to allow comparison of the
results to prior year** ROCE and Average capital employed
definition has been applied consistently for all periods presented
and is not affected by the application of IFRS 16 |
Highlights for HY1 2019 -excluding exceptional
items-:
- EBITDA of EUR 423 million (HY1 2018: EUR 371 million) increased
by EUR 52 million, including positive IFRS 16 effects of EUR 24
million, positive currency translation effects of EUR 8 million and
good performance from joint ventures and associates.
- Occupancy rate of 85% (HY1 2018: 86%) reflects planned
temporary conversion activities related to IMO 2020 readiness and
ongoing market conditions at oil hub terminals, whereas other
market segments remained solid.
- EBIT of EUR 274 million (HY1 2018: EUR 237 million) increased
by EUR 37 million, including positive IFRS 16 effects of EUR 8
million, positive currency translation effects of EUR 6 million,
EUR 9 million lower depreciation from terminals currently
classified as held for sale and good performance from joint
ventures and associates.
- Vopak’s cost efficiency program to support margin development
and reduce the future cost base is well on track.
- Return On Capital Employed (ROCE) of 12.6% (HY1 2018:
11.9%).
- Net profit attributable to holders of ordinary shares of EUR
173 million (HY1 2018: EUR 140 million) resulting in earnings per
ordinary share (EPS) of EUR 1.35 (HY1 2018: EUR 1.10).
- Early 2019, the associate industrial terminal PT2SB in Malaysia
commissioned its capacity, bringing its total capacity to 1,496,000
cbm.
- The Ridley Island Propane Export Terminal (RIPET), located in
Prince Rupert, British Columbia in Canada, was commissioned in Q2
2019.
- Early April, Vopak divested its ownership in the terminal in
Tallinn in Estonia and reached an agreement on the sale of the
terminals in Algeciras, Amsterdam and Hamburg in line with the
strategy to reshape the portfolio.
Exceptional items HY1 2019:
- The completion of the divestment of Vopak’s 50% share in the
Estonian terminal Vopak E.O.S. resulted in an exceptional gain of
EUR 16.4 million in the second quarter of 2019.
- There were no other material exceptional items.
Subsequent events:
- On 31 July 2019, Vopak announced that it will expand its Deer
Park chemical terminal in the port of Houston in the US. This
expansion of 33,000 cbm is expected to be commissioned in Q2
2021.
- On 31 July 2019, Vopak announced that it will expand its
terminal in Sydney in Australia with 105,000 cbm to cater to the
storage demand for clean petroleum products and aviation fuels. The
capacity is expected to be commissioned in Q2 2021.
- On 31 July 2019, Vopak announced that it acquired a 10.7%
equity share in Hydrogenious LOHC Technologies GmbH, of which the
principal activity is to develop an innovative technology to allow
for safe and cost-effective logistics of hydrogen. The combination
of Vopak’s terminal network with the Liquid Organic Hydrogen
Carrier (LOHC) technology has the potential to create a
breakthrough in the storage and transportation of renewable
energies.
Looking ahead:
- Vopak’s expansion program will add in total 3.2 million cbm in
2018 and 2019, of which 2.1 million cbm was commissioned up to the
end of June 2019.
- Growth investments amount to approximately EUR 1 billion for
the period 2017-2019.
- Fuel oil capacity conversions for the IMO 2020 bunker fuel
regulations are progressing well and will support new market
requirements as from Q4 2019.
- Vopak will continue to invest in growth of its global terminal
portfolio in 2020 and beyond.
Royal Vopak Chief Executive Officer Eelco Hoekstra
comments:
- Solid financial performance and significant increase in
earnings per share
- Vopak’s strategy delivery is well on
track
“The first half of 2019 was important as we have taken further
steps in the delivery of our strategy and the alignment of our
portfolio based on long-term market developments.
We have taken significant new capacity into operations to meet
new customers demand. Together with our partners we fully
commissioned the industrial terminal PT2SB in Malaysia and
celebrated the opening of the LPG export terminal RIPET in Canada.
In addition, we expanded our share in the LNG import terminal in
Pakistan. At present, we have delivered 2.1 million cbm of our 3.2
million cbm expansion program towards the end of 2019. Fuel oil
capacity conversions for the IMO 2020 bunker fuel regulations are
progressing well and will support new market requirements as from
Q4 2019.
The divestment of some of our European assets will, after
completion, shift our portfolio further towards industrial,
chemical and gas terminals. We aim to grow our portfolio in line
with market developments and expect our growth investment momentum
in 2019 to continue in 2020. Looking further ahead, we continue to
explore opportunities in new energies and have today announced our
first investment to facilitate the development of hydrogen
logistics.
Our digital transformation is progressing well with the global
roll-out of our cloud-based digital terminal management system and
we have made excellent progress with our new business development
projects.”
Link to video of CEO and CFO commenting on Vopak’s HY1 2019
results
The analyst’ presentation will be given via an on-demand audio
webcast on Vopak’s corporate website
https://www.vopak.com/half-year-results-2019, starting at 10:00 am
CEST on 31 July 2019.
For more information please
contact:Vopak Press: Liesbeth Lans -
Manager External Communication,Telephone: +31 (0)10 400 2777 |
e-mail: global.communication@vopak.com Vopak Analysts
and Investors: Laurens de Graaf - Head of Investor
Relations, Telephone: +31 (0)10 400 2776 | e-mail:
investor.relations@vopak.com
About Royal VopakRoyal 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. Including our joint ventures and
associates, we employ an international workforce of over 5,500
people. As of 31 July 2019, Vopak operates a global network of 69
terminals in 24 countries located at strategic locations along
major trade routes, with a combined storage capacity of 36.9
million cbm.
This press release contains inside information as meant in
clause 7 of the Market Abuse Regulation.
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