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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Koninklijke Vopak | EU:VPK | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.30 | -0.82% | 36.30 | 36.10 | 36.80 | 36.98 | 36.30 | 36.84 | 148,784 | 16:40:00 |
The Netherlands, 27 July 2022
Vopak reports improved results and asset impairment chargesWell diversified portfolio, proactively repurposing some of the existing assets to accelerate towards new energies and sustainable feedstocks
Q2 2022 | Q1 2022 | Q2 2021 (restated) | in EUR millions | HY1 2022 | HY1 2021 (restated) |
338.0 | 324.1 | 303.1 | Revenues | 662.1 | 603.2 |
Results -excluding exceptional items- | |||||
219.4 | 213.1 | 204.7 | Group operating profit / (loss) before depreciation and amortization (EBITDA) | 432.5 | 403.3 |
130.9 | 125.8 | 124.3 | Group operating profit / (loss) (EBIT) | 256.7 | 245.0 |
53.5 | 74.7 | 76.1 | Net profit / (loss) attributable to holders of ordinary shares | 128.2 | 148.6 |
0.42 | 0.60 | 0.60 | Earnings per ordinary share (in EUR) | 1.02 | 1.18 |
Results -including exceptional items- | |||||
-245.0 | 213.1 | 135.0 | Group operating profit / (loss) before depreciation and amortization (EBITDA) | - 31.9 | 333.6 |
-333.5 | 125.8 | 54.6 | Group operating profit / (loss) (EBIT) | - 207.7 | 175.3 |
-410.5 | 74.7 | 6.4 | Net profit / (loss) attributable to holders of ordinary shares | - 335.8 | 78.9 |
-3.28 | 0.60 | 0.05 | Earnings per ordinary share (in EUR) | -2.68 | 0.63 |
214.0 | 169.1 | 167.2 | Cash flows from operating activities (gross excluding derivatives) | 383.1 | 307.1 |
189.4 | 150.2 | 139.7 | Cash flows from operating activities (gross) | 339.6 | 262.1 |
-176.0 | -94.8 | -151.5 | Cash flows from investing activities (including derivatives) | - 270.8 | - 288.5 |
Additional performance measures | |||||
267.1 | 253.7 | 247.8 | Proportional EBITDA -excluding exceptional items- | 520.8 | 491.7 |
22.3 | 22.6 | 22.3 | Proportional capacity end of period (in million cbm) | 22.3 | 22.3 |
87% | 84% | 88% | Proportional occupancy rate | 86% | 88% |
36.7 | 36.2 | 35.9 | Storage capacity end of period (in million cbm) | 36.7 | 35.9 |
87% | 83% | 87% | Subsidiary occupancy rate | 85% | 87% |
11.1% | 11.7% | 10.5% | Proportional operating cash return | 11.4% | 11.1% |
9.3% | 9.1% | 10.6% | Return on capital employed (ROCE) | 9.2% | 10.5% |
5,538.7 | 5,418.2 | 4,626.8 | Average capital employed | 5,474.8 | 4,534.9 |
3,211.4 | 2,908.9 | 2,927.2 | Net interest-bearing debt | 3,211.4 | 2,927.2 |
2.86 | 2.70 | 2.87 | Senior net debt : EBITDA | 2.86 | 2.87 |
3.06 | 2.92 | 3.10 | Total net debt : EBITDA | 3.06 | 3.10 |
The prior periods related to financial year 2021 have been restated, due to mandatory full retrospective application of a change in accounting policy for the IFRIC agenda decision made in March 2021 on Cloud Computing Arrangements.
Highlights for HY1 2022 -excluding exceptional items-:
Exceptional items HY1 2022:
For more details on the exceptional items reference is made to note 4 of the Interim Consolidated Financial Statements.
These non-cash exceptional charges have no impact on the leverage ratio and covenants level.
Royal Vopak Chief Executive Officer Dick Richelle comments: “In the first half of 2022, we announced Vopak’s strategic priorities and financial framework on which we acted accordingly. These priorities are:- Improve the performance of our portfolio - Grow our base in industrial and gas terminals- Accelerate towards new energies and sustainable feedstocks
We revised our assets value and booked asset impairment charges of EUR 468 million. This has no impact on the execution of our strategy, dividend policy or leverage ratio target. We are focused on executing and accelerating the energy transition by taking a proactive approach towards repurposing some of our existing assets.
We improved the performance of our portfolio by reporting an EBITDA of EUR 433 million. We closed the sale of our 4 Canadian terminals emphasizing our strong focus on cash generation across the portfolio.
We are advancing well in growing our base in industrial and gas. The successful completion of the Indian joint venture with Aegis, positions us as the largest storage provider for LPG and chemicals in India. On LNG, our Gate terminal is fulfilling an important role in the energy security of Northwest Europe and we were able to increase its sendout capacity by 30%. In China we expanded again our industrial terminal capacity. In total we now have a global network of 15 industrial terminals.
We are making progress in accelerating towards new energies and sustainable feedstocks. Particularly in Rotterdam we announced some important milestones as our opportunities for developing hydrogen infrastructure are accelerating. This builds, among others, on our strong base of ammonia storage at several strategic locations around the world. We are investigating together with partners to develop a liquid hydrogen supply chain from Portugal to Rotterdam. Together with partners we are developing an import terminal for ammonia as a hydrogen carrier in Rotterdam. These new energy projects are an integral part of our ambitious Sustainable Roadmap.
We improved our results in the first half in the volatile energy market environment and have momentum in execution towards our strategic priorities. With a growing world population and at the same time the need for decarbonization, we foresee a rising demand for our independent infrastructure solutions. We have a unique global network of strategic locations, highly competent people and long term partnerships. We will continue transforming our portfolio and position our company in leading locations towards more sustainable forms of energy and feedstocks.”
Q2 2022 key events:
Other key developments:
Portfolio items:
Looking ahead:
Impact of the Russia-Ukraine war:The Russian invasion of Ukraine is a major humanitarian drama and we sympathize with the people who are now suffering from the violence of war.
Vopak is monitoring the situation closely and is fully committed to adhere to relevant sanctions laws and regulations. As governments try to ensure energy security and affordability, Vopak follows applicable government regulations with regard to energy imports from Russia.
The Russia-Ukraine war and the international sanction regimes make the market situation volatile and uncertain. Direct impact is assessed to be mainly in Vopak's Europoort terminal and to be limited on Vopak’s group level. There is, however, an indirect exposure through factors such as utility prices, inflation, market conditions and exchange rates which was considered during the individual asset revaluation performed in the second quarter of 2022.
Impact of Covid-19 pandemic in 2022:The pandemic spread of Covid-19 remains an impactful event in several regions around the world, such as China. Our first priority in the Covid-19 response continues to be to protect the health and well-being of our people, their families and the communities in which we operate. Also in times of crisis, Vopak plays an important role within society by storing vital products with care.
Financial calendar11 November 2022 Publication of 2022 third-quarter interim update15 February 2023 Publication of 2022 annual results26 April 2023 Publication of 2023 first-quarter interim update26 April 2023 Annual General Meeting2 August 2023 Publication of 2023 half year results3 November 2023 Publication of 2023 third-quarter interim update
Disclaimer
Any statement, presentation or other information contained herein that relates to future events, goals or conditions is, or should be considered, a forward-looking statement. Although Vopak believes these forward-looking statements are reasonable, based on the information available to Vopak on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on these forward-looking statements. Vopak’s outlook does not represent a forecast or any expectation of future results or financial performance. The actual future results, timing and scope of a forward-looking statement may vary subject to (amongst others) changes in laws and regulations including international treaties, political and foreign exchange developments, technical and/or operational capabilities and developments, environmental and physical risks, (energy) resources reasonably available for our operations, developments regarding the potential capital raising, exceptional income and expense items, changes in the overall economy and market in which we operate, including actions of competitors, preferences of customers, society and/or the overall mixture of services we provide and products we store and handle.
Vopak does not undertake to publicly update or revise any of these forward-looking statements.
About Royal VopakRoyal Vopak is the world’s leading independent tank storage company. We store vital products with care. Products for everyday life. The energy that allows people to cook, heat or cool their homes and for transportation. The chemicals that enable companies to manufacture millions of useful products. The edible oils to prepare food. We take pride in improving access to cleaner energy and feedstocks for a growing world population, ensuring safe, clean and efficient storage and handling of bulk liquid products and gases at strategic locations around the world. We are excited to help shape a sustainable future by developing infrastructure solutions for new vital products, focusing on zero- and low-carbon hydrogen, ammonia, CO2, long duration energy storage and sustainable feedstocks. We have a track record of over 400 years in navigating change and are continuously investing in innovation. On sustainability, we are ambitious and performance driven, with a balanced roadmap that reflects key topics that matter most to our stakeholders and where we can have a positive impact for people, planet and profit and the United Nations Sustainable Development Goals.
Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit www.vopak.com
For more information please contact:Vopak Press: Liesbeth Lans - Manager External Communicationglobal.communication@vopak.com Vopak Analysts and Investors: Fatjona Topciu - Head of Investor Relationsinvestor.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 CEST on 27 July 2022.
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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1 Year Koninklijke Vopak Chart |
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