Royal Vopak: Interim Update Q3 2021
12 Novembre 2021 - 7:00AM
Royal Vopak: Interim Update Q3 2021
Vopak reports on Q3 2021 financial
resultsRotterdam, the Netherlands, 12 November 2021
Q3 2021 |
Q2 2021 |
Q3 2020 |
in EUR millions |
YTD Q3 2021 |
YTD Q3 2020 |
|
|
|
|
|
|
309.5 |
303.1 |
297.0 |
Revenues |
912.7 |
886.3 |
|
|
|
|
|
|
|
|
|
Results -excluding
exceptional items- |
|
|
212.5 |
206.2 |
200.1 |
Group operating profit before depreciation and amortization
(EBITDA) |
619.1 |
602.7 |
128.4 |
124.6 |
126.6 |
Group operating profit (EBIT) |
374.3 |
383.4 |
81.0 |
76.1 |
82.9 |
Net profit attributable to holders of ordinary shares |
230.2 |
249.0 |
0.65 |
0.61 |
0.65 |
Earnings per ordinary share (in EUR) |
1.84 |
1.96 |
|
|
|
|
|
|
|
|
|
Results -including
exceptional items- |
|
|
203.1 |
136.5 |
195.7 |
Group operating profit before depreciation and amortization
(EBITDA) |
540.0 |
629.6 |
119.0 |
54.9 |
122.2 |
Group operating profit (EBIT) |
295.2 |
410.3 |
71.6 |
6.4 |
79.5 |
Net profit attributable to holders of ordinary shares |
151.1 |
276.9 |
0.57 |
0.05 |
0.63 |
Earnings per ordinary share (in EUR) |
1.20 |
2.18 |
|
|
|
|
|
|
167.7 |
169.0 |
143.6 |
Cash flows from operating activities (gross excluding
derivatives) |
478.2 |
494.8 |
168.6 |
141.5 |
146.0 |
Cash flows from operating activities (gross) |
434.1 |
553.4 |
- 161.9 |
- 153.3 |
- 125.4 |
Cash flows from investing activities (including derivatives) |
- 453.8 |
- 267.0 |
|
|
|
|
|
|
|
|
|
Additional performance measures |
|
|
259.0 |
249.5 |
241.3 |
Proportional EBITDA -excluding exceptional items- |
754.1 |
727.9 |
22.5 |
22.3 |
21.5 |
Proportional capacity end of period (in million cbm) |
22.5 |
21.5 |
88% |
88% |
92% |
Proportional occupancy rate |
88% |
90% |
36.1 |
35.9 |
34.6 |
Storage capacity end of period (in million cbm) |
36.1 |
34.6 |
87% |
87% |
91% |
Subsidiary occupancy rate |
87% |
88% |
|
|
|
|
|
|
10.4% |
10.6% |
12.0% |
Return on capital employed (ROCE) |
10.4% |
11.8% |
4,801.4 |
4,644.8 |
4,052.0 |
Average capital employed |
4,642.4 |
4,146.7 |
2,979.4 |
2,927.2 |
2,447.6 |
Net interest-bearing debt |
2,979.4 |
2,447.6 |
2.93 |
2.86 |
2.71 |
Senior net debt : EBITDA |
2.93 |
2.71 |
3.16 |
3.09 |
2.71 |
Total net debt : EBITDA |
3.16 |
2.71 |
Highlights for YTD Q3 2021 -excluding
exceptional items-:
- EBITDA of EUR 619 million (YTD Q3
2020: EUR 603 million) in soft business conditions. Adjusted for
EUR 13 million negative currency translation effects, EBITDA
increased by EUR 29 million (5%).
- Growth project contribution of EUR
35 million and efficiency are driving positive EBITDA
performance.
- Proportional occupancy rate of 88%
(YTD Q3 2020: 90%).
- Cost efficiency measures are
tracking well and the cost level for YTD 3Q 2021 amounted to EUR
448 million (YTD Q3 2020: EUR 441 million) including cost for
delivered growth projects and new business development
efforts.
- EBIT of EUR 374 million (YTD Q3
2020: EUR 383 million), reflecting higher depreciation mainly
related to new capacity delivered.
- Return on capital employed (ROCE)
of 10.4% (YTD Q3 2020: 11.8%).
- Net profit attributable to holders
of ordinary shares of EUR 230 million (YTD Q3 2020: EUR 249
million), reflecting lower capitalized interest YTD 2021 and higher
debt.
- Cash Flow From Operations
(excluding derivatives) of EUR 478 million compared to last year
EUR 495 million reflects positive business momentum which was more
than offset by an increase in working capital of EUR 44 million.
Excluding derivatives impact and working capital movements, CFFO
increased by EUR 27 million (5% YoY).
- Earnings per ordinary share (EPS)
of EUR 1.84 (YTD Q3 2020: EUR 1.96).
- The senior net debt: EBITDA ratio
is 2.93 at the end of Q3 2021.
Portfolio items:
- Vopak is investigating the
strategic options for its terminals in Australia located in Sydney
and Darwin with a total capacity of 545,000 cbm.
- Growth momentum continued with the
delivery of new capacity of 57,000 cbm during Q3 at Antwerp
Linkeroever and Rotterdam Botlek.
- Vopak announced the opening of a
new Vopak industrial terminal in the U.S. Gulf Coast with a total
capacity of 144,000 cbm tankage and includes pipelines connecting
the terminal to the petrochemical complex of Gulf Coast Growth
Ventures, a joint venture by ExxonMobil and SABIC.
Q3 2021
events:
- Gate LNG terminal successfully
managed its maintenance turnaround program, and plans to invest in
a further regasification capacity expansion of 1.0 bcm per year.
Together with the earlier announced investments to increase the
capacity by 0.5 bcm per year this will result in a total
capacity of 13.5 bcm per year. The 12.5% additional send-out
capacity is planned to become available as of 1 October 2024.
- Opening Vopak Solar Park Eemshaven
(25 MW), which is a joint venture between Vopak, Groningen
Seaports, and Whitehelm Capital. Vopak switched completely to green
electricity for its Dutch terminal activities.
- During Q3 Vopak commissioned
ammonia operations in the Vopak Moda Houston terminal.
- An overall positive valuation
effect in Vopak Ventures of EUR 39 million was recorded in
other comprehensive income in equity (on the balance sheet) at the
end of Q3.
Exceptional items Q3 2021:
- After a strategic review, Vopak
decided to discontinue its active participation in the German LNG
project leading to an exceptional loss of EUR 11.1 million. We
remain optimistic in other LNG growth projects, such as Hong Kong,
which are progressing well.
- An exceptional gain of EUR 2.2
million was recognized in the result of joint ventures and
associates relating to a partial release of a tax provision that
was recognized in a joint venture terminal within the Asia &
Middle East division at the end of 2019.
Subsequent events:
- On 20 October 2021, the Supervisory
Board of Royal Vopak announced the upcoming succession of Eelco
Hoekstra after having served 11 years as Chairman of the Executive
Board and CEO of Royal Vopak. The Supervisory Board will nominate
Dick Richelle to become Chairman of the Executive Board and take
over as CEO as per 1 January 2022. The nomination is subject to the
approval of the General Shareholders Meeting. An Extraordinary
General Meeting is scheduled on Friday 17 December 2021. For
further details, reference is made to the following page on Vopak’s
website: Shareholders’ Meetings.
Looking ahead:
- In 2021, reported EBITDA
contributions from 2020 and 2021 growth projects are expected to be
at the higher end of the EUR 30 million to EUR 50 million range,
subject to market conditions and currency exchange movements.
- In 2023, reported EBITDA
contribution from 2020, and currently approved growth projects, is
expected to be in the range of EUR 110 million to EUR 125 million,
subject to market conditions and currency exchange movements.
Additional projects will further contribute to reported
EBITDA.
- Cost management continues and we
expect to manage the 2021 cost base including additional cost for
new growth projects below EUR 615 million, subject to currency
exchange movements.
- In 2021, growth investment is
expected to be around EUR 275 million below our previously
announced range of EUR 300 million to EUR 350 million. The
allocation of these investments will be through existing committed
projects, new business development and pre-FID (Final Investment
Decision) feasibility studies in new energies including hydrogen
and based on the assumption that the Aegis Vopak transaction will
close early 2022.
- For the period 2020-2022, Vopak
indicated to spend EUR 750 million to EUR 850 million for
sustaining and service improvement capex, subject to additional
discretionary decisions, policy changes and regulatory environment.
For 2021, Vopak expects to reach around EUR 290 million in
sustaining and service capex, based on current views on exchange
rates.
- As part of the strategic direction
for the period 2020-2022, Vopak indicated to invest annually EUR 30
million to EUR 50 million in IT capex to complete Vopak’s digital
terminal management system. For 2021, Vopak expects to be at the
high end of the range in IT capex and we expect this program to be
completed by the end of 2023. Today around 60% of our Joint
Ventures have committed to our new in-house terminal management
system which is ahead of plan. MyService, reflects the ability to
improve service delivery and operational efficiency.
- 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.
Impact of Covid-19 pandemic in
2021:The pandemic spread of Covid-19 (Coronavirus) remains
an impactful event on all people and organizations around the
world. Our first priority in the Covid-19 response is to protect
the health and well-being of our people, their families and the
communities in which we operate. We remain focused in these
circumstances on the short-term delivery and protection of
long-term value. Vopak plays an important role within society by
storing vital products with care. We are doing our utmost during
the Covid-19 pandemic to continue to fulfill this role in all our
work locations around the world.
The pandemic brings more uncertainty with
respect to general operating and market conditions as well as
volatility in currency exchange movements and the estimates remain
subject to future events. We expect to continue to manage our
performance in line with our business plans.
Financial calendar17 December
2021
Extraordinary General Meeting 16 February 2022
Publication of
2021 annual results20 April 2022
Publication
of 2022 first-quarter interim update20 April 2022
Annual
General Meeting22 April 2022
Ex-dividend
quotation25 April 2022
Dividend
record date28 April 2022
Dividend payment
date27 July 2022
Publication of 2022
half-year results11 November 2022
Publication of 2022 third-quarter interim
update
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 and
feedstock 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 vopak.com.
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: Fatjona Topciu - Head of Investor Relations,
Telephone: +31 (0)10 400 2776 | e-mail:
investor.relations@vopak.com
The analysts’ presentation will be given via an
on-demand audio webcast on Vopak’s corporate website, starting at
10:00 AM CET on 12 November 2021.
This press release contains inside information
as meant in clause 7 of the Market Abuse Regulation. The content of
this report has not been audited or reviewed by an external
auditor.
- Press Release - Vopak reports on Q3 2021
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