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Highlights for Q1 2017 -excluding exceptional items-:
- Vopak's Q1 2017 financial results improved compared to the previous quarter supported by favourable exchange rate effects. Compared to Q1 2016 the financial results decreased, mainly due to divestments and the somewhat lower occupancy rates.
- EBITDA increased with 3% to EUR 203 million compared to previous quarter and decreased by 5% compared to Q1 2016, mainly due to the divestment of the UK terminals and slightly lower revenues of the Netherlands division.
- EBIT increased with 5% to EUR 135 million compared to previous quarter and decreased by 10% compared to Q1 2016 also due to additional depreciation for projects commissioned in the course of 2016.
- Net profit attributable to holders of ordinary shares increased with 7% to EUR 77 million compared to previous quarter and decreased by 21% compared to Q1 2016 also due to positive one-off tax items in Q1 2016.
- Vopak's worldwide storage capacity on a 100% basis was 35.7 million cbm, which is 1.0 million higher than the capacity at year-end 2016. This increase primarily relates to the new operatorship of storage caverns in Singapore.
Exceptional items Q1 2017:
- There were no exceptional items in the first quarter of 2017. The exceptional profit in the first quarter of 2016 related mainly to the divestment of the UK assets.
Looking ahead:
- As previously stated in the full year 2016 disclosure in February 2017, Vopak believes it will be able to continue its long-term growth journey and positive EPS development while maintaining a Cash Flow Return On Gross Assets after tax (CFROGA) between 9% and 11. During the period 2017-2019, Vopak anticipates volatility in energy, commodity, financial markets and unpredictable geopolitical developments.
- The Q1 financial performance is in line with our outlook for 2017. We reiterate our confidence to achieve an average occupancy rate of at least 90% and expect that 2017 EBITDA will not exceed the 2016 EBITDA as a result of additional costs due to investments in growth and technology, somewhat lower occupancy rates and the missed contributions from the divested terminals.
For more information, please contact:
Vopak Press
Liesbeth Lans, Manager External Communication,
Telephone: +31 (0)10 4002777, e-mail: global.communication@vopak.com
Vopak Analysts and investors
Chiel Rietvelt, Head of Investor Relations,
Telephone: +31 (0)10 4002776, e-mail: investor.relations@vopak.com
The analysts' presentation will be given via an on-demand audio webcast on Vopak's corporate website www.vopak.com, starting at 8.45 AM CET on 19 April 2017.
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.