Royal Vopak: Interim Update Q3 2020
06 Novembre 2020 - 7:00AM
Royal Vopak: Interim Update Q3 2020
Royal Vopak: Interim Update Q3 2020
Q3 2020 |
Q2 2020 |
Q3 2019 |
in EUR millions |
YTD Q3 2020 |
YTD Q3 2019 |
Pro forma YTD Q3 2019* |
297.0 |
292.4 |
312.4 |
Revenues |
886.3 |
953.8 |
858.4 |
|
|
|
|
|
|
|
|
|
|
Results
-excluding exceptional items- |
|
|
|
200.1 |
202.4 |
202.4 |
Group operating profit before depreciation and amortization
(EBITDA) |
602.7 |
625.0 |
570.8 |
126.6 |
129.8 |
132.6 |
Group operating profit (EBIT) |
383.4 |
407.0 |
|
82.9 |
83.4 |
91.1 |
Net profit attributable to holders of ordinary shares |
249.0 |
264.0 |
|
0.65 |
0.66 |
0.72 |
Earnings per ordinary share (in EUR) |
1.96 |
2.07 |
|
|
|
|
|
|
|
|
|
|
|
Results
-including exceptional items- |
|
|
|
195.7 |
235.4 |
393.7 |
Group operating profit before depreciation and amortization
(EBITDA) |
629.6 |
833.8 |
|
122.2 |
162.8 |
323.9 |
Group operating profit (EBIT) |
410.3 |
615.8 |
|
79.5 |
116.4 |
280.6 |
Net profit attributable to holders of ordinary shares |
276.9 |
471.0 |
|
0.63 |
0.91 |
2.20 |
Earnings per ordinary share (in EUR) |
2.18 |
3.69 |
|
|
|
|
|
|
|
|
146.0 |
264.7 |
185.7 |
Cash flows from operating activities (gross) |
553.4 |
537.4 |
|
- 125.4 |
- 171.4 |
225.0 |
Cash flows from investing activities (including
derivatives) |
- 267.0 |
- 106.8 |
|
|
|
|
|
|
|
|
|
|
|
Additional performance measures |
|
|
|
34.6 |
34.4 |
35.5 |
Storage capacity end of period (in million cbm) |
34.6 |
35.5 |
|
91% |
88% |
82% |
Occupancy rate subsidiaries |
88% |
84% |
|
92% |
90% |
83% |
Proportional occupancy rate |
90% |
84% |
|
241.3 |
245.6 |
231.8 |
Proportional EBITDA -excluding exceptional items- |
727.9 |
711.2 |
|
|
|
|
|
|
|
|
12.0% |
12.1% |
12.0% |
Return on capital employed (ROCE) |
11.8% |
12.4% |
|
4,052.0 |
4,105.2 |
4,252.2 |
Average capital employed |
4,146.7 |
4,246.1 |
|
2,447.6 |
2,450.4 |
2,319.6 |
Net interest-bearing debt |
2,447.6 |
2,319.6 |
|
2.71 |
2.81 |
2.81 |
Senior net debt : EBITDA (for debt covenant) |
2.71 |
2.81 |
|
* Pro forma YTD Q3
2019 excludes the contributions from the terminals that were
divested since 2019 |
Highlights for YTD Q3 2020 -excluding exceptional
items-:
- EBITDA of EUR 603 million (YTD Q3
2019: EUR 625 million pre-divestments). Excluding EBITDA from
divested terminals (EUR 54 million), EBITDA grew by EUR 32 million
(6%), reflecting positive business performance and negative
currency translation effects. Negative currency translation effects
were EUR 11 million.
- Occupancy rate for subsidiaries
of 88% (YTD Q3 2019: 84%) reflects strong storage demand from oil
markets whereas storage demand in other market segments remained
robust. Planned inspection and maintenance out-of-service capacity
at subsidiaries, mainly at terminals in Rotterdam and Singapore,
was 1.1 million cbm in Q3 2020 and decreased compared to Q2
2020.
- Proportional occupancy rate of
90% (YTD Q3 2019: 84%) reflected an improvement of oil terminals
(including joint ventures) and continued strong performance of our
joint venture gas and industrial terminals.
- Cost efficiency measures are
progressing well and tracking below our revised target of EUR 600
million for the year.
- EBIT of EUR 383 million (YTD Q3
2019: EUR 407 million pre-divestments).
- Return on capital employed (ROCE)
of 11.8% (YTD Q3 2019: 12.4%).
- Net profit attributable to
holders of ordinary shares of EUR 249 million (YTD Q3 2019: EUR 264
million) resulting in earnings per ordinary share (EPS) of EUR 1.96
(YTD Q3 2019: EUR 2.07).
- Vopak’s senior net debt to EBITDA
ratio is 2.71 at the end of Q3 2020, within the target range.
- Growth momentum continued with
the delivery of 169,000 cbm of new capacity at the end of Q3 at
Durban - South Africa, Merak - Indonesia and Vlissingen - the
Netherlands.
Exceptional items Q3 2020:
- In September 2020, Vopak and
BlackRock announced the acquisition of three industrial terminals
from Dow on the U.S. Gulf Coast for the amount of USD 620 million.
An exceptional item for the transaction related costs of EUR 4.4
million was recognized in Q3 2020.
Looking ahead:
- We aim to grow EBITDA over time
with new contributions from growth projects and replace the EBITDA
from recent 2019 and 2020 divested terminals, subject to market
conditions and currency exchange movements.
- Cost management continues in 2020
and Vopak’s cost base is currently tracking lower than the revised
target of EUR 600 million for the year.
- For the remainder of the year, we
will continue to invest in growth of our global terminal portfolio
with growth investments for 2020 that are expected to be in the
range of EUR 500 million to EUR 600 million including the Dow
transaction.
- Vopak has the ambition to
allocate some EUR 300 million to EUR 350 million to growth
investments in 2021 through existing sanctioned projects, new
business development and pre-FID feasibility studies in new
energies including hydrogen.
For 2020 and beyond, we will keep storing vital products with
care to make a meaningful contribution to society, enabled by our
financial performance.
Subsequent events:
- On 26 October 2020, Vopak
announced the completion of its share buyback program to return EUR
100 million to shareholders as announced on 12 February 2020. As
part of this program, a total of 2,094,844 ordinary shares were
repurchased, at an average price of EUR 47.74 per share, in the
period 13 February 2020 up to and including 23 October 2020.
- On 6 November 2020, Vopak
announces that it will expand its Alemoa terminal in Brazil with
20,000 cbm for chemical products. The expansion will further
strengthen the position of Vopak in the port of Santos, the
biggest port in Latin America. Commissioning is expected to be in
Q2 2023, subject to construction permit approval.
The analysts’ presentation will be given via an on-demand audio
webcast on Vopak’s corporate website, starting at 10:00 AM CET on 6
November 2020.
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. 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.
- 2020-11-06 Vopak Q3 2020 Interim Update
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