Royal Vopak: Interim Update Q1 2021
21 Aprile 2021 - 07:00AM
Royal Vopak: Interim Update Q1 2021
Royal Vopak: Interim Update Q1 2021
In EUR millions |
Q1 2020 |
Q4 2019 |
Q1 2019 |
Revenues |
300.1 |
303.7 |
296.9 |
|
|
|
|
Results -excluding
exceptional items- |
|
|
|
Group operating profit before depreciation and amortization
(EBITDA) |
200.4 |
188.8 |
200.2 |
Group operating profit (EBIT) |
121.3 |
108.6 |
127.0 |
Net profit attributable to holders of ordinary shares |
73.1 |
56.8 |
82.7 |
Earnings per ordinary share (in EUR) |
0.58 |
0.46 |
0.65 |
|
|
|
|
Results -including
exceptional items- |
|
|
|
Group operating profit before depreciation and amortization
(EBITDA) |
200.4 |
159.8 |
198.5 |
Group operating profit (EBIT) |
121.3 |
79.6 |
125.3 |
Net profit attributable to holders of ordinary shares |
73.1 |
24.0 |
81.0 |
Earnings per ordinary share (in EUR) |
0.58 |
0.20 |
0.64 |
|
|
|
|
Cash flows from operating activities (gross) |
124.0 |
268.8 |
142.7 |
Cash flows from investing activities (including derivatives) |
-138.6 |
-317.5 |
29.8 |
|
|
|
|
Additional
performance measures |
|
|
|
Proportional EBITDA -excluding exceptional items- |
245.6 |
244.4 |
241.0 |
Proportional occupancy rate |
89% |
91% |
86% |
Storage capacity end of period (in million cbm) |
35.7 |
35.6 |
34.3 |
Occupancy rate subsidiaries |
88% |
90% |
84% |
|
|
|
|
Return on capital employed (ROCE) |
10.3% |
11.0% |
11.5% |
Average capital employed |
4,478.3 |
4,184.0 |
4,252.0 |
Net interest-bearing debt |
2,723.6 |
2,589.4 |
2,321.9 |
Senior net debt : EBITDA (for debt covenant) |
2.60 |
2.52 |
2.65 |
Highlights for Q1 2021 -excluding exceptional items-:
- EBITDA of EUR 200 million (Q1
2020: EUR 200 million). Adjusted for negative currency translation
effects, EBITDA grew by EUR 10 million (5%) reflecting new
contributions from growth projects and negative impact from tight
chemical markets as a result of amongst others the Texas winter
storm.
- Proportional occupancy rate of
89% (Q1 2020: 86%) reflected improved demand compared to the same
period last year.
- Cost efficiency measures are
tracking well and the cost level for Q1 2021 amounted to EUR 149
million (Q1 2020: EUR 153 million) including cost for new growth
projects and business development efforts.
- EBIT of EUR 121 million (Q1 2020:
EUR 127 million).
- Return on capital employed (ROCE)
of 10.3% (Q1 2020: 11.5%).
- Net profit attributable to
holders of ordinary shares of EUR 73 million (Q1 2020: EUR 83
million), resulting in earnings per ordinary share (EPS) of EUR
0.58 (Q1 2020: EUR 0.65).
- Vopak’s senior net debt to EBITDA
ratio is 2.60 at the end of Q1 2021, within the target range.
Portfolio items:
- At the end of the first quarter
of 2021, Vopak started operations of the Vopak Moda Houston
terminal (US Gulf Coast) and initial capacity expansions were
delivered in Mexico and the Netherlands.
- In the second quarter of 2021,
the greenfield industrial terminal in Qinzhou, China, with an
initial capacity of 290,000 cbm is expected to start
operations.
- After ten years of continuous,
safe and successful LNG operations, Gate terminal in Rotterdam, the
Netherlands, will start its major maintenance turnaround to ensure
the best in class service for its customers. The maintenance work
is scheduled to last for approximately 1 month starting 15 June
2021.
Exceptional items Q1 2021:
- There were no exceptional items
in Q1 2021.
Subsequent events:
- On 21 April 2021, Vopak announced
that it signed a Joint Development Agreement with Elestor for the
development of a hydrogen bromine flow battery. The joint ambition
is to scale up the electricity storage capacity of these flow
batteries from 200 kWh to 3,000 kWh in a period of 2 years and then
further develop it to industrial scale. This development is part of
Vopak’s New Energy strategy.
Looking ahead:
- In 2021, 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.
- Cost management continues and we
expect to manage the 2021 cost base including additional cost for
new growth projects to be managed below 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.
For 2021 and beyond, we will keep storing vital products with
care to make a meaningful contribution to society, enabled by our
financial performance.
The analysts’ presentation will be given via an on-demand audio
webcast on Vopak’s corporate website, starting at 8:45 AM CEST on
21 April 2021.
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 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.
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.
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