Highlights for YTD Q3 2015 -excluding exceptional items-:
- EBITDA increased by 6% to EUR 602 million (Q3 2014: EUR 568 million), primarily due to higher occupancy rates and positive currency translation effects.
- EBIT increased by 5% to EUR 412 million (Q3 2014: EUR 393 million).
- Net profit attributable to holders of ordinary shares increased by 5% to EUR 232 million (Q3 2014: EUR 221 million).
- Vopak's worldwide storage capacity increased by 0.3 million cbm to 34.1 million cbm compared to year-end 2014.
Exceptional items YTD Q3 2015:
- Total exceptional gain before taxation amounts to EUR 15.8 million, which comprises several gains and losses.
Outlook for FY 2015:
- We expect Q4 EBITDA -excluding exceptional items- to be in line with Q3 (EUR 194 million).
Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak:
"Our Q3 performance is aligned with the expected business developments for the second half of 2015 and the corresponding outlook as disclosed in our HY1 2015 reporting. Q3 was characterized by continued slow growth in advanced economies while dynamics in emerging-markets further weakened and contango in the oil markets persisted. In this business environment, Vopak succeeded to improve its commercial occupancy to 93% for the quarter.This reflects a healthy demand for storage in the majority of our terminals in all divisions even though we faced continued challenging economic and business developments at specific terminals in China and Singapore.
The financial effects of the realized divestments in the first half of 2015 and the initial negative financial contribution from the start up of new terminals mainly explains the lower results in this quarter compared to the previous two quarters. Looking forward, we remain cautious on the supply and demand scenarios for specific terminals supporting the Chinese distribution market.
We will maintain our strategic focus on managing and expanding a well-diversified global network of terminals leveraging on a robust demand for storage supported by imbalances, long-term contracts and effective supply chain positioning. We will continue to create long-term value for our stakeholders by disciplined allocation of capital against a balanced risk-return profile."