In EUR millions
Q1 2019 pro forma Q1 2019* Q4 2018 Q1 2018 pro forma Q1'19 -'18
Revenues 324.6 324.6 317.0 316.2 3%

Results -excluding exceptional items-
Group operating profit before depreciation and amortization (EBITDA) 214.6 202.4 180.7 190.2 6%
Group operating profit (EBIT) 137.0 133.8 110.6 122.9 9%
Net profit attributable to holders of ordinary shares 83.3 85.2 78.8 73.0 17%
Earnings per ordinary share (in EUR) 0.65 0.67 0.62 0.57 18%

Results -including exceptional items-
Group operating profit before depreciation and amortization (EBITDA) 215.7 203.5 183.0 190.2 7%
Group operating profit (EBIT) 138.1 134.9 110.8 122.9 10%
Net profit attributable to holders of ordinary shares 84.4 86.3 80.4 73.0 18%
Earnings per ordinary share (in EUR) 0.66 0.68 0.63 0.57 19%

Cash Flow from operating activities (gross) ytd 158.8 141.6 144.4
Cash Flow from investing and divesting activities ytd -180.0 -180.0 -71.4

Additional performance measures
Occupancy rate subsidiaries 86% 85% 87%
Storage capacity end of period (in million cbm) 37.9 37.0 35.9
Return on Capital Employed (ROCE) ** 12.6% 12.6% 10.8% 12.3%
Average capital employed 4,250.7 4,250.7 4,095.5 3,981.8
Net interest-bearing debt 2,454.1 1,883.8 1,825.0 1,453.1
Senior net debt : EBITDA (frozen GAAP) 2.58 2.58 2.49 1.99

* Pro forma excludes the IFRS 16 effects to allow comparison of the results to prior year
** ROCE definition has been applied consistently for all periods presented and is not affected by the application of IFRS 16

Highlights for Q1 2019 -excluding exceptional items-:
EBITDA of EUR 215 million (Q1 2018: EUR 190 million) increased by EUR 25 million, including positive IFRS 16 effects of EUR 12 million, increased contributions from joint ventures and positive currency translation effects
Occupancy rate of 86% (Q1 2018: 87%) reflected ongoing market conditions at oil hub terminals whereas other product-market segments remained solid
EBIT of EUR 137 million (Q1 2018: EUR 123 million). Adjusted for positive currency translation effects of EUR 4 million and IFRS 16 effects of EUR 3 million, EBIT increased by EUR 7 million
Return on Capital Employed of 12.6% (Q1 2018: 12.3 %)
Net profit attributable to holders of ordinary shares of EUR 83 million (Q1 2018: EUR 73 million) resulting in earnings per ordinary share (EPS) of EUR 0.65 (Q1 2018: EUR 0.57), reflecting strong results from joint ventures
The associate industrial terminal PT2SB in Malaysia commissioned additional capacity of 718,000 cbm, bringing the total commissioned capacity to 1,460,000 cbm
The greenfield terminal Bahia Las Minas in Panama commissioned an initial capacity of 120,000 cbm. The remaining capacity of 240,000 cbm will be commissioned before the end of 2019
Vopak's strategic review and testing of the market value has been successfully completed. Early April, Vopak reached agreement on the sale of the terminals in Algeciras, Amsterdam and Hamburg and completed the divestment of its ownership in the terminal in Tallinn
Looking ahead:

Vopak's expansion program will add 3.2 million cbm in 2018 and 2019. At the end of Q1 2019, 1.9 million cbm was commissioned and 1.3 million cbm is expected to be delivered in the remainder of 2019
The sale of Algeciras, Amsterdam and Hamburg, with a combined capacity of 2.3 million cbm, is expected to be completed in the second half of 2019
Growth investments amount to approximately EUR 1 billion for the period 2017-2019
Vopak is well positioned to grow its global terminal portfolio in line with long-term market developments and targets 1 to 3 industrial terminal opportunities and 1 to 3 gas investment opportunities in 2019-2020
Subsequent events:

On 3 April 2019, Vopak completed the divestment of its 50% share in the Estonian terminal Vopak E.O.S. resulting in an exceptional gain of EUR 16.8 million, which will be fully recognized in EBITDA in the second quarter of 2019. This divestment is the outcome of the earlier announced strategic review
On 5 April 2019, Vopak reached an agreement with First State Investments on the sale of the terminals in Algeciras, Amsterdam and Hamburg, subject to certain customary closing conditions. The transaction value of the terminals is EUR 723 million and the total expected exceptional gain before taxation will be around EUR 200 million, to be recorded upon completion, expected in the second half of 2019. These terminals were classified as held for sale as at 31 March 2019


The analysts' presentation will be given via an on-demand audio webcast on Vopak's corporate website www.vopak.com, starting at 8:45 AM CEST on 17 April 2019

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Resolutions passed by Vopak's Annual General Meeting




Rotterdam, the Netherlands, 17 April 2019


The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 17 April 2019 passed the following resolutions:

Adoption of the financial statements for the 2018 financial year.
Approval of the proposed dividend. A dividend of EUR 1.10 per ordinary share with a nominal value of EUR 0.50 will be distributed wholly in cash on 26 April 2019. As from 23 April 2019, 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 2018 financial year.
Discharge from liability of the Supervisory Board members' supervision exercised for the 2018 financial year.
Appointment of Mrs. N. Giadrossi (Nicoletta) 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 design of the Long-Term Share Plan 2019 - 2021 and beyond.
Approval of the unchanged remuneration for the members of the Supervisory Board until further notice.
Authorization of the Executive Board for a period of 18 months, up till and including 16 October 2020, 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 2020 financial year.