- 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

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Vopak EUR 47,31 +2,60 vol. 289.000


Resolutions passed by Vopak's Annual General Meeting

The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 20 April 2016 passed the following resolutions:


Adoption of the financial statements for the 2015 financial year.

Approval of the proposed dividend. A dividend of EUR 1.00 per ordinary share with a nominal value of EUR 0.50 will be distributed wholly in cash on 28 April 2016. As from 22 April 2016, the shares of Vopak will be listed ex-dividend on Euronext Amsterdam.

Discharge from liability of the Executive Board members' conduct of the company's affairs for the 2015 financial year.

Discharge from liability of the Supervisory Board members' supervision exercised for the 2015 financial year.

Appointment of Mr F.J.G.M. Cremers as a member of the Supervisory Board for a term of 2 years.

Appointment of Mr B.J. Noteboom as a member of the Supervisory Board for a term of 4 years.

Approval of the proposed amendments to the remuneration policy for the Executive Board. The amendments concern the short-term and long-term variable compensation opportunities as per January 2016.

Approval of the proposed amendments of the Articles of Association of Royal Vopak.

Authorization of the Executive Board for a period of 18 months, up till and including 19 October 2017, to acquire, subject to the approval of the Supervisory Board, for valuable consideration, fully paid-up ordinary shares in Royal Vopak, on the stock exchange or otherwise, up to the maximum number that may be held by the company in accordance with the law and the Articles of Association in force at the date of acquisition.

Appointment of Deloitte Accountants B.V. as the external auditor of Royal Vopak and their engagement to examine the company's financial statements for the 2017 financial year.

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Vopak EUR 47,87 +3,15 vol. 816.000