Vopak reports on 2020 financial results
17 Febbraio 2021 - 07:00AM
Vopak reports on 2020 financial results
Vopak reports on 2020 financial results
Q4 2020 |
Q3 2020 |
Q4 2019 |
In EUR millions |
2020 |
2019 |
2019 excl. divestments* |
303.7 |
297.0 |
298.8 |
Revenues |
1,190.0 |
1,252.6 |
1,153.5 |
|
|
|
|
|
|
|
|
|
|
Results
-excluding exceptional items- |
|
|
|
188.8 |
200.1 |
204.8 |
Group operating profit before depreciation and amortization
(EBITDA) |
791.5 |
829.8 |
771.8 |
108.6 |
126.6 |
132.1 |
Group operating profit (EBIT) |
492.0 |
539.1 |
|
56.8 |
82.9 |
93.8 |
Net profit attributable to holders of ordinary shares |
305.8 |
357.8 |
|
0.46 |
0.65 |
0.73 |
Earnings per ordinary share (in EUR) |
2.42 |
2.80 |
|
|
|
|
|
|
|
|
|
|
|
Results
-including exceptional items- |
|
|
|
159.8 |
195.7 |
204.7 |
Group operating profit before depreciation and amortization
(EBITDA) |
789.4 |
1,038.5 |
|
79.6 |
122.2 |
132.0 |
Group operating profit (EBIT) |
489.9 |
747.8 |
|
24.0 |
79.5 |
100.0 |
Net profit attributable to holders of ordinary shares |
300.9 |
571.0 |
|
0.20 |
0.63 |
0.78 |
Earnings per ordinary share (in EUR) |
2.38 |
4.47 |
|
|
|
|
|
|
|
|
268.8 |
146.0 |
172.3 |
Cash flows from operating activities (gross) |
822.2 |
709.7 |
|
-317.5 |
-125.4 |
-149.3 |
Cash flows from investing activities (including
derivatives) |
-584.5 |
-256.1 |
|
|
|
|
|
|
|
|
|
|
|
Additional
performance measures |
|
|
|
35.6 |
34.6 |
34.4 |
Storage capacity end of period (in million cbm) |
35.6 |
34.4 |
|
90% |
91% |
84% |
Occupancy rate subsidiaries |
88% |
84% |
|
91% |
92% |
85% |
Proportional occupancy rate |
90% |
84% |
|
244.4 |
241.3 |
269.5 |
Proportional EBITDA -excluding exceptional items- |
972.3 |
980.7 |
|
|
|
|
|
|
|
|
11.0% |
12.0% |
12.5% |
Return on Capital Employed (ROCE) |
11.6% |
12.4% |
|
4,184.0 |
4,052.0 |
4,223.8 |
Average capital employed |
4,164.5 |
4,247.3 |
|
2,589.4 |
2,447.6 |
2,335.3 |
Net interest-bearing debt |
2,589.4 |
2,335.3 |
|
2.52 |
2.71 |
2.75 |
Senior net debt : EBITDA (for debt covenant) |
2.52 |
2.75 |
|
* Excludes the
contributions from the terminals that were divested since
2019 |
Highlights for full year and Q4 2020 -excluding
exceptional items-
- Fourth quarter 2020 EBITDA of EUR
189 million was impacted as our associate industrial terminal in
Malaysia (PT2SB) recognized a one-off negative accounting result of
EUR 20 million (Vopak share). Excluding this identified item Q4
2020 EBITDA was EUR 209 million.
- Full year 2020 EBITDA of EUR 792
million increased compared to 2019 (EUR 772 million
post-divestments). EBITDA excluding divested terminals therefore
grew by EUR 20 million (3%) reflecting growth contributions,
resilient aggregate business performance, the fourth quarter
identified accounting item in Malaysia, and full year negative
currency translation effects. Full year currency translation
effects were minus EUR 21 million.
- Proportional occupancy rate of
90% (2019: 84%) reflected strong storage demand from oil markets
and robust storage demand in gas and chemical markets, including
industrial terminals.
- Consolidated occupancy rate for
subsidiaries of 88% (2019: 84%) reflected improvement performance
of oil terminals.
- Revenues of EUR 1,190 million
increased EUR 36 million compared to 2019 (EUR 1,154 million
post-divestments).
- Cost efficiency measures have
been delivered, the cost level for 2020 amounted to EUR 591
million, below the revised target of EUR 600 million and the 2019
cost base of EUR 633 million.
- EBIT of EUR 492 million (2019:
EUR 539 million, which included divested assets).
- Return on capital employed (ROCE)
of 11.6% (2019: 12.4%).
- Net profit attributable to
holders of ordinary shares of EUR 306 million (2019: EUR 358
million), resulting in earnings per ordinary share (EPS) of EUR
2.42 (2019: EUR 2.80, which included divested assets).
- Vopak’s senior net debt to EBITDA
ratio is 2.52 at the end of 2020, within the target range.
- In Q4 2020, new Vopak terminals
started operations in South Africa (Lesedi) and on the US Gulf
Coast (Freeport, Plaquemine, St. Charles) and capacity expansions
were delivered at our two terminals in Indonesia.
A dividend of EUR 1.20 (2019: EUR 1.15) per ordinary share,
payable in cash, an increase of 4%, will be proposed during the
Annual General Meeting on 21 April 2021.
Exceptional items 2020 (before tax):
- Total exceptional items amounted
to a EUR 2.1 million loss (2019: total gain of EUR 210.5 million
mainly from divestments). This comprised the divestment result of
the terminal in Algeciras, the remaining consideration relating to
the divestment of the terminal in Hainan, transaction related costs
for the acquisition of industrial terminals in the US, an
impairment recognized for the terminal in Panama and a reversal of
impairment in Quebec City, Canada.
Looking ahead:
- In 2021, new contributions from
2020 and 2021 growth projects, to replace EBITDA from divested
terminals, can add between EUR 30 million and EUR 50 million
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 at some 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.
Subsequent events:
- On 17 February 2021, Vopak
announced that it will expand its Vopak Terminal Vlaardingen in the
Port of Rotterdam for the storage of waste-basted renewable
feedstocks for the production of biodiesel. In total 16 tanks with
a combined capacity of 64.000 cbm will be constructed. The project
is expected to be completed in the fourth quarter of 2022.
- On 17 February 2021, Vopak
announced to expand its industrial terminal services offering by
constructing another new jetty in Qinzhou, China, exclusively used
for gas products including propane, butane, ethylene and propylene.
The project is expected to be completed in the second half of
2022.
Royal Vopak Chief Executive Officer Eelco Hoekstra
comments:
- Effective Covid-19
response - uninterrupted service to customers
- 3% EBITDA growth
post-divestments and good cost performance
- Delivered on industrial
terminals and digital - good progress in new
energy
Performance
“In 2020, we delivered EBITDA growth
(post-divestments) in a more volatile business environment. We have
outperformed on costs to defend EBITDA and delivered on growth
projects, despite construction delays of some projects due to
Covid-19 restrictions.
The Covid-19 pandemic impacted the industries we serve. We have
seen unprecedented changes in supply and demand of gas, chemicals
and oil and subsequent response of our customers to their
portfolios and supply chains. We have experienced an acceleration
in the energy transition. We have seen the high dependency on
digital infrastructure.
Our strategy is aligned with these trends and strategy delivery
progressed in 2020. We continued transforming our portfolio for the
future and invested more than EUR 500 million in growth, resulting
in an additional 1.6 million cbm of capacity to meet growing
customer demand, particularly in Asia and the Americas. Good
progress was made in our industrial terminal portfolio with the
acquisition of the Dow terminals in the US gulf coast with our
partner BlackRock.
Our digital transformation is progressing well and the pandemic
highlighted the benefits of our leading digital infrastructure. We
continued the roll-out of our cloud-based system for our terminals,
as part of broader efforts to develop our digital architecture to
support the industrial logistic chains.”
Looking ahead
“We are excited by the future prospects and keep
our focus on performance and long-term value creation. We have
momentum in capturing opportunities to serve large-scale industrial
clusters and are advancing our efforts in developing infrastructure
to support the energy transition. We continue transforming our
portfolio and position our company strategically towards more
sustainable forms of energy and feedstocks.
We aim to allocate the majority of our growth investments to
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.
We are determined to bolster our leading position in our
industry both in service and sustainability towards customers and
society. We continue to seek opportunities to reduce our
environmental footprint and implement our sustainability roadmap
towards our ambition to be climate neutral by 2050.
For 2021 and beyond, we will keep storing vital products with
care to make a meaningful contribution to a more sustainable
society, enabled by our financial performance.”
Link to video of CEO and CFO commenting on Vopak's FY 2020
results
Link to Vopak's report and presentations where the
Annual Report 2020 is published
The analyst presentation will be given via an on-demand
audio webcast on Vopak’s corporate website www.vopak.com, starting
at 10:00 am CET on 17 February 2021.
Auditor’s involvement
This press release and enclosure 4 in the press release are
based on the 2020 financial statements. The financial statements
are published in accordance with statutory provisions. The auditor
has issued an unqualified auditor’s report on the Financial
Statements.
This press release contains inside information as meant in
clause 7 of the Market Abuse Regulation.
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 Vopak
Royal 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.
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