Vopak reports continued strong results in Q3 2024
30 Octobre 2024 - 7:00AM
UK Regulatory
Vopak reports continued strong results in Q3 2024
The Netherlands, 30 October 2024
Vopak reports continued strong results in Q3
2024
Key highlights Q3 2024
Improve
- Net profit -including exceptional items- YTD Q3 2024 of EUR 312
million and EPS of EUR 2.56 year to date
- Proportional EBITDA -excluding exceptional items1-
increased YTD Q3 2024 by EUR 22 million to EUR 894 million driven
by growth project contributions
- Our joint venture in India, has undertaken a primary equity
issue of 3.4% for an equivalent amount of EUR 88 million and
continues to explore options to fund growth
- Updated FY2024 proportional EBITDA outlook to EUR 1,160-1,180
million, EBITDA outlook to EUR 930-950 million
Grow
- Strengthening our position in Kandla, India with an expansion
of 94,000 cbm of chemical storage
- Commissioned 560,000 cbm of industrial-connected capacity in
Huizhou, China
Accelerate
- Announced next steps for our Vopak Energy Park Antwerp for the
development of green methanol and ammonia storage
- Signed a MoU in Australia, to develop a common-user
infrastructure including a CO2 import terminal
Q3
2024 |
Q2
2024 |
Q3
2023 |
|
In EUR millions |
YTD
Q3 2024 |
YTD
Q3 2023 |
|
|
|
|
|
|
|
|
|
|
|
IFRS Measures -including exceptional
items- |
|
|
325.0 |
325.5 |
352.0 |
|
Revenues |
978.7 |
1,072.8 |
99.3 |
106.7 |
144.2 |
|
Net profit / (loss) attributable to holders of ordinary
shares |
311.8 |
368.3 |
0.83 |
0.88 |
1.15 |
|
Earnings per ordinary share (in EUR) |
2.56 |
2.94 |
|
|
|
|
|
|
|
219.4 |
239.1 |
245.6 |
|
Cash flows from operating activities (gross) |
737.3 |
723.4 |
-111.0 |
-153.2 |
-111.8 |
|
Cash flows from investing activities (including
derivatives) |
-375.3 |
-137.8 |
|
|
|
|
|
|
|
|
|
|
|
Alternative performance measures -excluding exceptional
items- 1 |
|
|
479.1 |
475.5 |
480.9 |
|
Proportional revenues |
1,432.5 |
1,447.8 |
294.1 |
301.6 |
285.4 |
|
Proportional group operating profit / (loss) before
depreciation and amortization (EBITDA) |
893.5 |
871.7 |
|
|
|
|
|
|
|
233.3 |
252.1 |
240.5 |
|
Group operating profit / (loss) before depreciation and
amortization (EBITDA) |
720.4 |
734.7 |
97.5 |
120.8 |
97.3 |
|
Net profit / (loss) attributable to holders of ordinary
shares |
324.1 |
303.9 |
0.83 |
0.99 |
0.77 |
|
Earnings per ordinary share (in EUR) |
2.67 |
2.42 |
|
|
|
|
|
|
|
|
|
|
|
Business KPIs |
|
|
35.2 |
34.7 |
36.4 |
|
Storage capacity end of period (in million cbm) |
35.2 |
36.4 |
20.3 |
20.1 |
22.0 |
|
Proportional storage capacity end of period (in million
cbm) |
20.3 |
22.0 |
|
|
|
|
|
|
|
92% |
92% |
91% |
|
Subsidiary occupancy rate |
92% |
91% |
92% |
92% |
92% |
|
Proportional occupancy rate |
92% |
91% |
|
|
|
|
|
|
|
|
|
|
|
Financial KPIs1 |
|
|
15.1% |
16.4% |
14.1% |
|
Proportional operating cash return |
16.2% |
14.4% |
2,574.9 |
2,571.6 |
2,698.8 |
|
Net interest-bearing debt |
2,574.9 |
2,698.8 |
2.28 |
2.28 |
2.27 |
|
Total net debt : EBITDA |
2.28 |
2.27 |
1 See Enclosure 3 for reconciliation to the most directly
comparable subtotal or total specified by IFRS Accounting
Standards
CEO statement
“We continued to execute on our improve, grow and accelerate
strategy in the third quarter of this year. Demand for our
infrastructure services remained healthy, reflected in a stable
high proportional occupancy rate of 92%, increased proportional
EBITDA and a strong operating cash return of 16.2% year to date. In
India, our joint venture has successfully undertaken a primary
equity issuance. We are pleased to welcome a new investor on board.
The capital raised will be supporting among others our growth
ambitions in India. We commissioned a new industrial terminal in
Huizhou, China with a total capacity of 560,000 cbm, marking our
7th terminal in China in a new location. In gas, our growth
projects are progressing well with the construction of our new LPG
terminal in Canada and the expansions in LPG capacity in India. We
are accelerating in new energies and sustainable feedstocks with
recent developments for CO2 infrastructure in Australia and the
Netherlands, and new opportunities at our Vopak Energy Park in
Antwerp for green methanol and ammonia. We are well-positioned to
capture opportunities which fit our improve, grow and accelerate
strategy.”
Financial Highlights for YTD 2024
IFRS Measures -including exceptional items-
- Revenues were EUR 979 million (YTD Q3 2023:
EUR 1,073 million). Adjusted for the divestment impacts of chemical
distribution terminals in Rotterdam and Savannah of EUR 129
million and negative currency translation effects of EUR 6
million, revenues increased by 4% year-on-year. The positive
performance was driven by favorable storage demand across different
geographies and markets and the contribution of growth
projects. Demand for our services was healthy during the first
nine months of 2024. Throughput levels in our industrial terminals
were solid. We commissioned a new industrial terminal in China. Gas
terminals performance showed firm throughput levels, backed
by growing energy demand and energy security considerations.
EemsEnergyTerminal in the Netherlands, is facing some temporary
technical challenges with financial implications. The terminal
remains fully operational. Addressing these challenges is the key
priority with the aim to have them resolved during 2025.
Amidst weak chemical markets, the impact on demand for storage
infrastructure was stable. In the oil hub locations, solid storage
demand was primarily driven by the continued growth in oil demand
globally and the rerouting of trade flows. Despite some market
challenges in Mexico, demand in the oil distribution terminals also
remained firm.
- Operating expenses consisting
of personnel and other expenses were EUR 486 million in YTD Q3 2024
(YTD Q3 2023: EUR 539 million). Adjusted for positive divestment
impacts of EUR 69 million and currency translation effects of EUR 2
million, expenses increased by EUR 18 million, mainly due to
increased personnel expenses which were partially offset by lower
energy and utility expenses.
- Cash flows from operating activities increased
by EUR 14 million to EUR 737 million compared to YTD Q3 2023
EUR 723 million, a 2% increase year-on-year, mainly related to
increased dividends received from joint ventures (EUR 70 million)
offset by derivatives settlements and by lower EBITDA due to
divestment impacts.
- Net profit attributable to holders of ordinary
shares was EUR 312 million (YTD Q3 2023: EUR 368 million)
with the reduction mainly driven by the divestment impacts.
Earnings per share (EPS) YTD Q3 2024 was EUR 2.56 compared to EUR
2.94 YTD Q3 2023.
- Share buyback program of up to EUR 300 million
announced on 14 February 2024, is progressing well. Since its
start, around 97% of the program has been executed by October 29th,
and will be finalized in the course of the last quarter of 2024,
barring unforeseen circumstances. For progress on our share buyback
program please visit our website.
Alternative performance measures -excluding exceptional
items-2
- Proportional revenues were EUR 1,433 million,
(YTD Q3 2023: EUR 1,448 million) a 9% increase after adjusting for
divestment impacts of EUR 128 million and negative currency
translation effects of EUR 9 million.
- Proportional EBITDA increased to EUR 894
million (YTD Q3 2023: EUR 872 million). Adjusted for divestment
impacts of EUR 63 million and negative currency translation effects
of EUR 7 million, proportional EBITDA increased by EUR 92 million
(11% year-on-year). Compared to Q2 2024, proportional EBITDA
decreased by EUR 8 million to EUR 294 million, mainly due to an
unconditional success fee of EUR 7 million in Q2.
- Proportional EBITDA margin in Q3 2024 was
57.4%.
- EBITDA was EUR 720 million (YTD Q3 2023: EUR
735 million). Adjusted for divestment impacts of EUR 64 million and
negative currency translation effects of EUR 5 million, EBITDA
increased by EUR 54 million (8% year-on-year). The increase was
driven by favorable storage demand across the various markets and
geographies and positive growth project contribution. Q3 2024
EBITDA was EUR 233 million (Q2 2024: EUR 252 million), with the
reduction due to certain positive one-off items in the previous
quarter of EUR 17 million.
- Proportional growth investments in YTD 2024
were EUR 291 million (YTD Q3 2023: EUR 245 million).
- Growth capex year to date was EUR 244 million
(YTD Q3 2023: EUR 188 million) reflecting growth investments
in India, Belgium, the United States and Canada.
- Proportional operating capex decreased to EUR
168 million compared to EUR 210 million YTD Q3 2023, mainly due to
the divestment of the chemical distribution terminals.
- Operating capex, which includes sustaining and
IT capex, was EUR 148 million (YTD Q3 2023: EUR 186 million), lower
than the same period last year, due to divestment impacts.
- Proportional operating cash flow YTD 2024
increased by EUR 33 million (5% year-on-year) to EUR 648 million
(YTD Q3 2023: EUR 615 million) driven mainly by lower proportional
operating capex and strong business performance notwithstanding
divestment impacts.
- Proportional operating cash flow per share in
YTD 2024 increased to EUR 5.33 per share from EUR 4.91 YTD Q3
2023.
Business KPIs
- Proportional occupancy rate at Q3 2024 was 92%
and remained stable compared to Q2 2024 (92%), reflecting solid
demand for infrastructure services.
Financial KPIs
- Proportional operating cash return in YTD Q3
2024 improved to 16.2% compared to 14.4% in YTD Q3 2023. The
increase was mainly due to increased proportional free cash flow
and lower average capital employed due to divestments.
- Total net debt : EBITDA ratio remained at
2.28x at the end of Q3 2024 (Q2 2024: 2.28x). Our ambition is to
keep total net debt to EBITDA in the range of around
2.50-3.00x.
- Proportional leverage in Q3 2024 was 2.60x
compared to 2.79x in Q3 2023.
Exceptional items in Q3 2024 consist of:
- True up of divestment gain on German LNG Terminal GmbH
following receipt of notification that shareholders of the project
took final investment decision (FID) resulting in proceeds of EUR
8.9 million reported in the Other operating income line.
- Write down of business development costs of EUR 7.1 million
substantially reported in the Impairments line.
For more information please contact:
Vopak Press: Liesbeth Lans - Manager External Communication,
e-mail: global.communication@vopak.com
Vopak Analysts and Investors: Fatjona Topciu - Head of Investor
Relations, 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 09:30 AM CET on
30 October 2024.
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.
2. To supplement Vopak’s financial information presented in
accordance with IFRS, management periodically uses certain
alternative performance measures to clarify and enhance
understanding of past performance and future outlook. For further
information please refer to page 7 of the press release.
Koninklijke Vopak (EU:VPK)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Koninklijke Vopak (EU:VPK)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024