Business environment
During the first quarter of 2016, Vopak was able to deliver a robust performance as a result of sound market fundamentals for storage demand and infrastructure services, in line with the outlook for 2016.
We reiterate our outlook for 2016 and expect the occupancy rate of our global network to exceed 90%. This provides a solid basis for the current reporting year, whilst taking into account the reduced contribution of the divested terminals.
Q1 2016 events
- In the first quarter of 2016, Vopak completed the earlier announced divestment of all of its UK assets to Macquarie Capital and Greenergy. The divestment comprised the three wholly-owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill and Vopak's 33.3% investment in the joint venture Thames Oilport (former Coryton refinery). This divestment resulted in a total gross cash inflow of approximately EUR 410 million and a total pre-tax exceptional gain of EUR 283 million. The tax effects of this transaction are minimal.
- On 22 February 2016, the associate Jubail Chemicals Storage and Services Company (JCSSC) entered into a non-recourse project financing. As a consequence, the initial proportionate shareholder loan from Vopak of approximately EUR 86 million was repaid during the first quarter of 2016.
Other events
- On 26 February 2016, Vopak announced that Mr C.K. Lam decided to step down as member of the Supervisory Board of Vopak as per 25 February 2016. Mr Lam's decision follows his assessment of a potential future conflict of interest with respect to a new position.
- During the Annual General Meeting on 20 April 2016 it will be proposed to appoint
Mr B.J. Noteboom as member of Vopak's Supervisory Board as per that date. Mr Noteboom was previously CEO of Randstad Holding NV and currently member of the Supervisory Boards of Wolters Kluwer, Aegon and Koninklijke Ahold.
Financial calendar
| 22 April 2016 | Ex-dividend quotation |
| 25 April 2016 | Dividend record date |
| 28 April 2016 | Dividend payment date |
| 16 - 17 June 2016 | Analyst Days |
| 19 August 2016 | Publication of 2016 half-year results |
| 7 November 2016 | Publication of 2016 third-quarter interim update |
| 17 February 2017 | Publication of 2016 annual results |
| 19 April 2017 | Publication of 2017 first-quarter interim update |
Profile Vopak
Royal Vopak is the world's leading independent tank storage provider for the oil and chemical industry. As per 20 April 2016, Vopak operates 71 terminals in 25 countries with a combined storage capacity of 33.7 million cbm, with another 4.1 million cbm under development, to be added by 2019. Vopak's mission is to ensure safe, reliable and effective storage and handling of bulk liquid products at key marine locations that are critical to its customers around the world. The majority of its customers are companies operating in the oil, chemicals and gas sector, for which Vopak stores a large variety of products destined for a wide range of industries. Vopak's strategic focus is on four categories of terminals: Major hubs, supporting intercontinental product flows; Terminals facilitating growth in global gas markets; Import and distribution terminals in major markets with structural deficits; Industrial and chemicals terminals in the Americas, the Middle East and Asia.
For more information, please contact:
| Media contact: Liesbeth Lans, Manager external communications Telephone: +31 (0)10 400 2777 e-mail: global.communication@vopak.com |
Investor Relations contact: Chiel Rietvelt, Head of Investor Relations Telephone: +31 (0)10 400 2776 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 08:45 AM CET on 20 April 2016.