In EUR millions Q1 2017 Q4 2016 Q1 2016 Q1-Q1
Revenues 341.8 338.8 347.9 - 2%
Results -excluding exceptional items-
Group operating profit before depreciation and amortization (EBITDA) 203.1 197.6 214.7 - 5%
Group operating profit (EBIT) 135.4 128.9 150.4 - 10%
Net profit attributable to holders of ordinary shares 76.5 71.5 96.8 - 21%
Earnings per ordinary share (in EUR) 0.60 0.56 0.76 - 21%
Results -including exceptional items-
Group operating profit before depreciation and amortization (EBITDA) 203.1 192.8 496.7 - 59%
Group operating profit (EBIT) 135.4 124.1 432.4 - 69%
Net profit attributable to holders of ordinary shares 76.5 67.6 378.1 - 80%
Earnings per ordinary share (in EUR) 0.60 0.53 2.97 - 80%
Occupancy rate subsidiaries 91% 92% 94% - 3pp
Storage capacity end of period (in million cbm) 35.7 34.7 33.7 6%
Cash Flow Return On Gross Assets (CFROGA) 9.9% 10.0% 10.8% - 0.9pp
Senior net debt : EBITDA 1.98 2.04 2.02
Highlights for Q1 2017 -excluding exceptional items-:
Vopak's Q1 2017 financial results improved compared to the previous quarter supported by favourable exchange rate effects. Compared to Q1 2016 the financial results decreased, mainly due to divestments and the somewhat lower occupancy rates.
EBITDA increased with 3% to EUR 203 million compared to previous quarter and decreased by 5% compared to Q1 2016, mainly due to the divestment of the UK terminals and slightly lower revenues of the Netherlands division.
EBIT increased with 5% to EUR 135 million compared to previous quarter and decreased by 10% compared to Q1 2016 also due to additional depreciation for projects commissioned in the course of 2016.
Net profit attributable to holders of ordinary shares increased with 7% to EUR 77 million compared to previous quarter and decreased by 21% compared to Q1 2016 also due to positive one-off tax items in Q1 2016.
Vopak's worldwide storage capacity on a 100% basis was 35.7 million cbm, which is 1.0 million higher than the capacity at year-end 2016. This increase primarily relates to the new operatorship of storage caverns in Singapore.
Exceptional items Q1 2017:
There were no exceptional items in the first quarter of 2017. The exceptional profit in the first quarter of 2016 related mainly to the divestment of the UK assets.
As previously stated in the full year 2016 disclosure in February 2017, Vopak believes it will be able to continue its long-term growth journey and positive EPS development while maintaining a Cash Flow Return On Gross Assets after tax (CFROGA) between 9% and 11. During the period 2017-2019, Vopak anticipates volatility in energy, commodity, financial markets and unpredictable geopolitical developments.
The Q1 financial performance is in line with our outlook for 2017. We reiterate our confidence to achieve an average occupancy rate of at least 90% and expect that 2017 EBITDA will not exceed the 2016 EBITDA as a result of additional costs due to investments in growth and technology, somewhat lower occupancy rates and the missed contributions from the divested terminals.
Vopak expands in the Port of Santos, Brazil
Today Royal Vopak announces that it will expand its wholly-owned terminal in Alemoa, which is located in Brazil's Port of Santos, Latin America's largest port.
The expansion will add 16 new tanks with a capacity of 61,000 cbm to Vopak's Alemoa Terminal. The total capacity of the terminal after the expansion will be 235,000 cbm. In addition, five additional truck loading bays will be constructed that are designed to handle up to 130 additional trucks per day.
The investment is supported by long-term customer contracts. The new capacity will primarily be used for ethanol exports and the imports of fuels like diesel and gasoline. The investment will strengthen Vopak's position as an independent import and export location for fuels. The expansion is expected to be commissioned in Q1 2019.
Vopak EUR 44,075 +2,235 vol. 130.000
Resolutions passed by Vopak's Annual General Meeting
Rotterdam, the Netherlands, 19 April 2017
The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 19 April 2017 passed the following resolutions:
Adoption of the financial statements for the 2016 financial year.
Approval of the proposed dividend. A dividend of EUR 1.05 per ordinary share with a nominal value of EUR 0.50 will be distributed wholly in cash on 26 April 2017. As from 21 April 2017, 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 2016 financial year.
Discharge from liability of the Supervisory Board members' supervision exercised for the 2016 financial year.
Re-appointment of Mr. R.G.M. Zwitserloot (Rien) as a member of the Supervisory Board for a term of 4 years.
Appointment of Mrs. H.B.B. Sørensen (Hanne) 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 long-term variable compensation opportunities as per January 2017.
Approval of the proposed remuneration for the Supervisory Board for the years 2017 and 2018.
Authorization of the Executive Board for a period of 18 months, up till and including 18 October 2018, 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 2018 financial year.
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.