In EUR millions Q1 2018 Q4 2017 Q1 2017 variance
Revenues 316.2 324.5 341.8 - 7%

Results -excluding exceptional items-
Group operating profit before depreciation and amortization (EBITDA) 190.2 192.7 203.1 - 6%
Group operating profit (EBIT) 122.9 123.0 135.4 - 9%
Net profit attributable to holders of ordinary shares 73.0 76.2 76.5 - 5%
Earnings per ordinary share (in EUR) 0.57 0.59 0.60 - 5%

Results -including exceptional items-
Group operating profit before depreciation and amortization (EBITDA) 190.2 100.9 203.1 - 6%
Group operating profit (EBIT) 122.9 31.2 135.4 - 9%
Net profit attributable to holders of ordinary shares 73.0 -0.2 76.5 - 5%
Earnings per ordinary share (in EUR) 0.57 0.00 0.60 - 5%

Occupancy rate subsidiaries 87% 89% 91% - 4pp
Storage capacity end of period (in million cbm) 35.9 35.9 35.7 1%
Senior net debt : EBITDA 1.99 2.02 1.98
Return On Capital Employed (ROCE) 12.3% 12.2% 12.8% - 0.5pp
Cash Flow Return On Gross Assets (CFROGA) 9.5% 9.6% 9.9% - 0.4pp


Highlights for Q1 2018 -excluding exceptional items-
EBITDA of EUR 190 million (Q1 2017: EUR 203 million). Adjusted for currency translation effects of EUR 13 million, EBITDA was comparable to Q1 of last year
Occupancy rate of 87% (Q1 2017: 91%) explained by lower rented capacity at the oil hub terminals caused by a less favorable oil market structure. Other product-market segments showed stable demand for storage services
EBIT of EUR 123 million (Q1 2017: EUR 135 million)
Net profit attributable to holders of ordinary shares of EUR 73 million (Q1 2017: EUR 77 million) resulting in earnings per ordinary share (EPS) of EUR 0.57 (Q1 2017: EUR 0.60)
Return On Capital Employed (ROCE) of 12.3% (Q1 2017: 12.8%)
Our worldwide storage capacity on a 100% basis was 35.9 million cbm per the end of the first quarter of 2018. Upon completion, our projects currently under development will add 3.1 million cbm of storage capacity to our global network spread over 2019.

Looking ahead
The financial performance in 2018 is expected to be influenced by currency exchange movements of primarily the USD and SGD, and the currently less favorable oil market structure, impacting occupancy rates and price levels in the hub locations
Given the current 3.1 million cbm expansion program with high commercial coverage, in conjunction with the ongoing cost efficiency program, Vopak has the potential to significantly improve the 2019 EBITDA, subject to market conditions and currency exchange movements.

Subsequent events
Today, Vopak announces that it will expand its wholly-owned Botlek terminal which is located in the Port of Rotterdam, the Netherlands. The expansion will add 15 new stainless steel tanks with a capacity of 63,000 cbm for styrene and other chemical products. The expansion is expected to be commissioned in Q2 2020.

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Vopak EUR 40,77 +1,62 vol. 124.216

Resolutions passed by Vopak's Annual General Meeting
The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 18 April 2018 passed the following resolutions:

Adoption of the financial statements for the 2017 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 25 April 2018. As from 20 April 2018, 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 2017 financial year.
Discharge from liability of the Supervisory Board members' supervision exercised for the 2017 financial year.
Re-appointment of Mr. E.M. Hoekstra (Eelco) as Chairman of the Executive Board for a term of 4 years.
Re-appointment of Mr. F. Eulderink (Frits) as member of the Executive Board for a term of 4 years.
Re-appointment of Mr. M.F. Groot (Mel) as a member of the Supervisory Board for a term of 4 years.
Appointment of Mr. B. van der Veer (Ben) as a member of the Supervisory Board for a term of 4 years.
Appointment of Mrs. L.J.I. Foufopoulos - De Ridder (Lucrèce) 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 and long-term variable compensation plans as per January 2018.
Authorization of the Executive Board for a period of 18 months, up till and including 17 October 2019, 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 2019 financial year.
Profile Vopak
Royal Vopak is the world's leading independent tank storage company. We operate a global network of terminals located at strategic locations along major trade routes. With over 400 years of history and a strong focus on safety and sustainability, we ensure safe, efficient and clean storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from oil, chemicals, gases and LNG to biofuels and vegoils. Vopak is listed on the Euronext Amsterdam stock exchange and is headquartered in Rotterdam, the Netherlands. Including our joint ventures and associates, we employ an international workforce of over 5,700 people. As of 18 April 2018, Vopak operates 66 terminals in 25 countries with a combined storage capacity of 35.9 million cbm, with another 3.1 million cbm under development that will be added before the end of 2019.