Royal Vopak: Interim update YTD Q3 2017 Q3
Post# of 301275
| Q3 2017 | Q2 2017 | Q3 2016 | Q3-Q3 | In EUR millions | YTD Q3 2017 | YTD Q3 2016 | |
| 312.1 | 327.5 | 328.2 | - 5% | Revenues | 981.4 | 1,008.1 | - 3% |
| Results -excluding exceptional items- | |||||||
| 176.4 | 191.0 | 203.8 | - 13% | Group operating profit before depreciation and amortization (EBITDA) | 570.5 | 624.7 | - 9% |
| 109.3 | 122.7 | 138.5 | - 21% | Group operating profit (EBIT) | 367.4 | 429.5 | - 14% |
| 60.8 | 73.9 | 80.7 | - 25% | Net profit attributable to holders of ordinary shares | 211.2 | 254.6 | - 17% |
| 0.48 | 0.58 | 0.64 | - 25% | Earnings per ordinary share (in EUR) | 1.66 | 2.00 | - 17% |
| Results -including exceptional items- | |||||||
| 202.4 | 188.9 | 203.4 | 0% | Group operating profit before depreciation and amortization (EBITDA) | 594.4 | 830.4 | - 28% |
| 135.3 | 120.6 | 138.1 | - 2% | Group operating profit (EBIT) | 391.3 | 635.2 | - 38% |
| 86.8 | 72.3 | 81.8 | 6% | Net profit attributable to holders of ordinary shares | 235.6 | 466.4 | - 49% |
| 0.68 | 0.57 | 0.64 | 6% | Earnings per ordinary share (in EUR) | 1.85 | 3.66 | - 49% |
| 89% | 90% | 93% | - 4pp | Occupancy rate subsidiaries | 90% | 94% | - 4pp |
| 35.9 | 35.9 | 34.6 | 4% | Storage capacity end of period (in million cbm) | 35.9 | 34.6 | 4% |
| 2.08 | 2.20 | 2.03 | Senior net debt : EBITDA | 2.08 | 2.03 | ||
| 8.9% | 9.5% | 10.7% | - 1.8pp | Cash Flow Return On Gross Assets (CFROGA) | 9.5% | 10.8% | - 1.3pp |
Highlights for YTD Q3 2017 -excluding exceptional items-:
- EBITDA decreased 9% to EUR 571 million caused by a lower occupancy rate, in line with our previous guidance of a 5-10% lower 2017 EBITDA. Adjusted for the divestments early 2016, the pro forma EBITDA decreased by 7%
- Occupancy rate of 90% is supported by sound business drivers in all the product-market segments throughout our network, whereby the difference with the high 2016 occupancy rate of 94% is primarily due to a presently less favorable oil market structure
- EBITDA in Q3 decreased 8% to EUR 176 million compared to the previous quarter, mainly driven by lower revenues in Asia and higher other expenses, among others related to a jetty damage in Singapore, while revenues in the Netherlands remained stable
- Announced total capacity of new growth projects amounts to 861,900 cbm.
Exceptional items YTD Q3 2017:
- Total exceptional gain before taxation amounts to EUR 23.9 million, which mainly relates to the partial divestment of Vopak Terminal Eemshaven. The large exceptional profit in the first nine months of 2016 related mainly to the divestment of the UK assets.
Looking ahead:
- Taking into account the current market dynamics, missing contributions from the divested terminals early 2016 and additional costs related to investments in growth and technology, we expect the 2017 EBITDA -excluding exceptional items- to be around 10% less than the 2016 EBITDA of EUR 822 million
- The majority of the current projects under construction (3.2 million cbm), backed by commercial storage contracts, will start to contribute positively in the course of 2019
- The successful realization of the efficiency program in the 2017-2019 period will help reduce Vopak's future cost base with at least EUR 25 million
- Vopak will continue its disciplined long-term growth journey, while maintaining on average a Cash Flow Return On Gross Assets (CFROGA) after tax between 9-11% for the total portfolio, supported by a strong balance sheet, financial flexibility and solid operational cash flow generation.
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 Anil Acardag, Manager Investor Relations, Telephone: +31 (0)10 4002770, 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 10.00 AM CET on 6 November 2017.
Analyst Day 2017 Vopak will host an Analyst Day on 12 December 2017 for its sell-side analysts at the Vopak head office in Rotterdam, the Netherlands. This half-day event is intended to provide an update on the oil market and to highlight the key developments per product-market segment including chemicals, gases and LNG. The key messages of this event will be shared through a separate press release and the presentations will also be made available on Vopak's website, both scheduled for 7:00 AM CET on 12 December 2017. In addition, Vopak will organize its next Capital Markets Day in HY2 2018.
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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