Vopak reports on HY1 2017 and more news

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Overig advies 18/08/2017 07:07
Vopak reports on HY1 2017
Q2 2017 Q1 2017 Q2 2016 Q2-Q2 In EUR millions HY1 2017 HY1 2016
327.5 341.8 332.0 -1% Revenues 669.3 679.9 - 2%

Results -excluding exceptional items- 394.1 420.9 - 6%
191.0 203.1 206.2 -7% Group operating profit before depreciation and amortization (EBITDA) 258.1 291.0 - 11%
122.7 135.4 140.6 -13% Group operating profit (EBIT) 150.4 173.9 - 14%
73.9 76.5 77.1 -4% Net profit attributable to holders of ordinary shares 1.18 1.36 - 13%
0.58 0.60 0.60 -3% Earnings per ordinary share (in EUR)
392.0 627.0 - 37%
Results -including exceptional items- 256.0 497.1 - 49%
188.9 203.1 130.3 45% Group operating profit before depreciation and amortization (EBITDA) 148.8 384.6 - 61%
120.6 135.4 64.7 86% Group operating profit (EBIT) 1.17 3.02 - 61%
72.3 76.5 6.5 1,012% Net profit attributable to holders of ordinary shares
0.57 0.60 0.05 1,040% Earnings per ordinary share (in EUR) 321.0 374.2 - 14%

90% 91% 94% -4pp Occupancy rate subsidiaries 91% 94% - 3pp
35.9 35.7 33.6 7% Storage capacity end of period (in million cbm) 35.9 33.6 7%
2.20 1.98 2.16 Senior net debt : EBITDA 2.20 2.16
9.5% 9.9% 10.6% - 1.1pp Cash Flow Return On Gross Assets (CFROGA) 9.7% 10.8% - 1.1pp

Highlights for HY1 2017:
Results in the Netherlands are below expectations, the results for EMEA, Asia and LNG are in line with outlook, while the Americas results are above expectations
Average occupancy rate for the period is 91% (HY1 2016: 94%)
EBITDA -excluding exceptional items- decreased (6%) to EUR 394 million, adjusted for the divestments early 2016, the pro forma EBITDA decreased by 4%
Total capacity of announced new growth projects amounts to 387,000 cbm. In addition, Vopak will expand Pengerang oil terminal in Malaysia with 430,000 cbm and Alemoa terminal in Brazil with 44,900 cbm
Efficiency program to reduce Vopak's future cost base with at least EUR 25 million by 2019 is well underway; decisions are taken to further streamline the divisional structure
Exceptional items for HY1 2017:

There were no material exceptional items in the first half of 2017. The large exceptional profit in the first half of 2016 related mainly to the divestment of the UK assets
Looking ahead:

For 2017, we expect to realize an average occupancy rate of around 90% (2016: 93%). Taking into account the lower occupancy rates, additional costs related to investments in growth and technology, the missing contributions from the divested terminals early 2016 and the foreign currency exchange developments in 2017, we expect that the 2017 EBITDA will be 5-10% lower than the 2016 EBITDA (EUR 822 million)
We are on track with the timely completion of the current projects under construction (3.2 million cbm), of which most are backed by commercial storage contracts, and the successful realization of the efficiency program
Supported by solid operational cash flow generation, a strong balance sheet and sufficient financial flexibility, Vopak will continue its capital disciplined long-term growth journey, while maintaining on average a Cash Flow Return On Gross Assets after tax (CFROGA) between 9-11% for the total portfolio in the period 2017-2019
Royal Vopak Chief Executive Officer Eelco Hoekstra commented:
"Although our EBITDA is lower compared to last year, I am encouraged with the ongoing transition of our global portfolio. While focusing our business development efforts more on projects related to chemical and industrial terminals, and terminals facilitating the global gas markets, including our ambitions to strengthen our presence as a service provider in the LNG infrastructure market, we are still pursuing oil related opportunities in emerging countries.

HY1 2017 EBITDA -excluding exceptional items- of EUR 394 million reflects a positive market sentiment in the Americas and a stable business environment for our terminals in Asia and EMEA, while the market environment in the Netherlands has weakened compared to 2016.

Although we cannot influence the supply and demand of commodities in a business environment characterized by increasing competition, geopolitical developments and volatility in the energy and financial markets, we can influence the quality of our capital investments, lowering operating costs and improving our service. We continuously seek to improve our safety and sustainability performance, while stepping up the quality of our operations and increasing productivity, supported by the application of new technologies. This will help reduce Vopak's future cost base with at least EUR 25 million in the 2017-2019 period.

In order to support the successful realization of our 2019 ambitions, we have defined several actions throughout the various levels of the organization, from further streamlining the divisional structure of the company to simplifying processes, thereby improving the ease of doing business with Vopak.

The outcome of these efforts will help deliver better value for money to our customers, thereby strengthening our competitiveness.

The coming years will be another exciting period in which we want to further improve our leadership position and I believe that despite the lower results in 2017 the current profile of the company, taking into account the solid operational cash flow generation, strong balance sheet and sufficient financial flexibility, provides an excellent platform to continue our long-term focused capital disciplined growth journey."

see and read more on
http://hugin.info/166669/R/2127906/812663.pdf

AND
Vopak announces expansion in Pengerang, Malaysia


Vopak and its joint venture partners intend to expand their deep water independent liquid storage terminal in Pengerang, Johor, Malaysia.
The terminal is strategically located in Asia's main oil trading center, along the international shipping routes and is pipeline connected to the industrial terminal which will be serving the new world-scale refinery and petrochemical complex RAPID which is currently being built.
The terminal will be expanded with 430,000 cbm to a total capacity of 1.7 million cubic meters. The expansion is expected to be commissioned progressively from Q1 2019. The expansion relates to clean petroleum products.
Royal Vopak and its joint venture partners intend to expand their independent storage terminal, Pengerang Independent Terminals Sdn Bhd (PITSB) in Pengerang, Johor in southern Malaysia. PITSB will be expanded with 430,000 cbm to a total capacity of 1.7 million cubic meters.The expansion which is subject to final formalities, is expected to be commissioned progressively from Q1 2019.

PITSB provides storage, blending and distribution services for crude oil and clean petroleum products. The expansion relates to the storage of clean petroleum products. In total, 24 new tanks will be built ranging from 10.000 cbm to 25.000 cbm. In addition to the extra capacity, one extra berth will be taken into operation, bringing the total number of operating berths to six. PITSB has the capability of handling Very Large Crude Carriers.

The Pengerang region is strategically located at the southeastern-most tip of Johor, along the international shipping routes and is part of the Singapore oil hub, the main oil trading center of Asia, where there is a growing need for storage capacity. PITSB is an approved terminal that can be nominated for Platt's FOB Straits offers.

Another strategic advantage of PITSB is that the terminal is connected with pipelines to the industrial terminal Pengerang Terminals (Two) Sdn Bhd (PT2SB) which will be serving the new world-scale refinery and petrochemical complex currently under construction: the Refinery and Petrochemical Integrated Development - commonly known as RAPID. Vopak has a 25% share in this industrial terminal.


This expansion of PITSB is aligned with Vopak's strategy to invest in strategic hub locations. The growing need for new storage capacity for clean petroleum products is amongst others based on Asia's growing structural need for gasoline and jet fuel as well as the growing need for low sulphur diesel/gasoil as a result of the global low sulphur requirement for shipping (active by 2020) as set by the International Maritime Organisation (IMO).

Effective shareholding in PITSB is Dialog 45.9%; Vopak 44.1%; State Government of Johor Darul Ta'zim 10%.

tijd 09.12
Vopak onderuit EUR 39,20 -2,15 vol. 230.000



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