Highlights for Q1 2015 -excluding exceptional items-:
- EBITDA increased by 15% to EUR 206 million (Q1 2014: EUR 180 million), primarily due to a combination of higher occupancy rates caused by higher demand in the oil market, increased capacity and favorable currency translation effects (EUR 14.2 million).
- EBIT increased by 16% to EUR 143 million (Q1 2014: EUR 124 million).
- Net profit attributable to holders of ordinary shares increased by 24% to EUR 85 million (Q1 2014: EUR 68 million).
- Vopak’s worldwide storage capacity on a 100% basis increased during Q1 2015 by 0.2 million cbm to 34.0 million cbm compared to year-end 2014.
Exceptional items:
- During Q1 2015, an exceptional gain of EUR 59 million (Q1 2014: nil) and an exceptional tax charge of EUR 23 million were recognized on the divestment of three terminals and a plot of land in the United States.
Outlook -excluding exceptional items-:
- In line with our previous outlook and based on current market insights, Vopak expects to realize an EBITDA -excluding exceptional items- in excess of EUR 768 million in 2015.
- Vopak operates 34.0 million cbm of storage capacity, with another 5.8 million cbm under development, to be added in the period up to and including 2019. The total investment for Vopak and partners in expansion projects involves capital expenditure of some EUR 3.3 billion, of which Vopak’s total remaining cash spend will amount to approximately EUR 0.4 billion.
Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak:
“In Q1 2015, we delivered improved financial results compared to the same period last year. This improvement was mainly driven by higher demand in the oil market, growth of our storage capacity and favorable currency effects.
We were able to increase the overall occupancy rates while expanding our worldwide storage capacity to 34.0 million cbm. The higher occupancy rate in Europe was partially offset by lower occupancy rates in Asia and Americas due to the slowdown of economic growth and due to a dynamic and volatile spot market in Asia.
Despite an overall increased demand for our storage and handling services in our well-positioned global network, the competitive and dynamic business environment in certain product-market combinations remained. In order to sustain and further strengthen our leading position as storage infrastructure provider in the major ports around the world, our undiminished focus on safety and services remains key to continue delivering value to our customers. Going forward, we will continue with the disciplined execution of our strategy and we will maintain our long-term focus on delivering stable returns and on free cash flow generation from our infrastructure portfolio.
In line with our previous outlook and based on current market insights, we expect to realize an EBITDA -excluding exceptional items- in excess of EUR 768 million in 2015. This outlook takes into account factors such as our competitive and dynamic business environment, the potential decrease in EBITDA due to realization of earlier announced divestments and the implications of a phased introduction of new storage capacity expansions, including initial contributions from (to be) completed new projects.”