Vopak reports on HY1 2015

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Algemeen advies 21/08/2015 07:11
- Highlights for HY1 2015 -excluding exceptional items-:
EBITDA increased by 11% to EUR 408 million (HY1 2014: EUR 367 million), primarily due to higher occupancy rates and positive currency translation effects.
EBIT increased by 12% to EUR 282 million (HY1 2014: EUR 251 million).
Net profit attributable to holders of ordinary shares increased by 17% to EUR 162 million (HY1 2014: EUR 138 million).
Vopak divested seven terminals and two plots of land and consequently its worldwide storage capacity on a 100% basis decreased by 1.1 million cbm to 32.7 million cbm compared to year-end 2014.
Exceptional items for HY1 2015:

Total exceptional gain before taxation amounts to EUR 3 million, which comprises several gains and losses.
Outlook for FY 2015:

Vopak reconfirms its outlook for 2015 to realize an EBITDA -excluding exceptional items- that exceeds the full year 2014 result (EUR 763 million), whereby we currently expect that the EBITDA -excluding exceptional items- of the second half of the year will not be higher than the EBITDA of the first six months of 2015 due to the impact of divestments and the more challenging business circumstances in Asia.
Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak:

"In the first half of 2015 we are encouraged by a solid financial performance with improved overall results. This performance was supported by healthy demand for our services, mainly in Europe and the Americas, and positive foreign currency exchange rate developments. In Asia, we experienced the effects of the slowdown of economic growth in China and an overall challenging competitive business environment.

We are on track with the execution of our strategy as communicated on 2 July 2014. As part of the divestment program, we completed the divestment of terminals and land positions in the United States, Turkey, Sweden and Finland and will continue to align our global terminal network with the long-term trends in the energy, chemicals and gas markets.

Going forward, we keep our undiminished focus on free cash flow generation through among others further optimization of our capital expenditures and cost levels, while never compromising on safety and service. The Asia division is expected to contribute less in the remainder of the year due to challenging business circumstances and the initially delayed positive contribution of our new joint venture terminals in China.

Vopak expects for 2015 to realize an EBITDA -excluding exceptional items- that exceeds the full year 2014 result."

Capital Structure

Equity
The cancellation of all 41.4 million outstanding financing preference shares with a remaining amount of EUR 44.0 million was effectuated at 1 January 2015. The financing preference shares were classified as a liability as at 31 December 2014.
The equity attributable to holders of ordinary shares increased by EUR 121.8 million to EUR 1,880.0 million (31 December 2014: EUR 1,758.2 million). The increase mainly resulted from the addition of the net profit for the period of EUR 143.0 million, the net actuarial gains on defined benefit plans of EUR 48.9 million and other items of other comprehensive income of EUR 46.7 million, partially offset by dividend payments in cash of EUR 118.1 million (EUR 0.90 per ordinary share with a nominal value of EUR 0.50).

Net debt
The net interest-bearing debt increased with EUR 85.4 million to EUR 2,351.7 million (31 December 2014: EUR 2,266.3 million). This increase is mainly due to net repayments of the external borrowings with EUR 115.4 million, a decrease of the cash and cash equivalents of EUR 37.7 million and an adverse currency translation effect of EUR 161.6 million. The Senior net debt : EBITDA ratio was 2.81 as at 30 June 2015 and in line with previous period (31 December 2014: 2.83), well below the maximum agreed ratios in the covenants with the lenders. During the remainder of 2015, regular repayments of long-term loans will amount to EUR 93.3 million.

Net finance costs
In the first half of 2015, the GroupĀ“s net finance costs -excluding exceptional items- amounted to EUR 47.6, which is in line with the first half year of 2014 (EUR 47.5 million).
The average interest rate over the reporting period was 4.19% (HY1 2014: 4.22%).
The fixed-to-floating ratio of the long-term interest-bearing loans, including interest rate swaps, amounted to 91% versus 9% at 30 June 2015, compared to 92% versus 8% at 31 December 2014.

Cash flows from financing activities
The cash outflow from financing activities amounted to EUR 313.9 million (HY1 2014: outflow of EUR 30.5 million). This increase in the cash outflows from financing activities of EUR 283.4 million was primarily caused by the partial repayment of the revolving credit facility for the amount of EUR 100.1 million and a net repayment of external borrowings of EUR 15.5 million, whilst in prior year additional borrowings were drawn for the amount of EUR 164.7 million.


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