Royal Vopak: Interim update YTD Q3 2017
Q3 2017 Q2 2017 Q3 2016 Q3-Q3 In EUR millions YTD Q3 2017 YTD Q3 2016
312.1 327.5 328.2 - 5% Revenues 981.4 1,008.1 - 3%

Results -excluding exceptional items-
176.4 191.0 203.8 - 13% Group operating profit before depreciation and amortization (EBITDA) 570.5 624.7 - 9%
109.3 122.7 138.5 - 21% Group operating profit (EBIT) 367.4 429.5 - 14%
60.8 73.9 80.7 - 25% Net profit attributable to holders of ordinary shares 211.2 254.6 - 17%
0.48 0.58 0.64 - 25% Earnings per ordinary share (in EUR) 1.66 2.00 - 17%

Results -including exceptional items-
202.4 188.9 203.4 0% Group operating profit before depreciation and amortization (EBITDA) 594.4 830.4 - 28%
135.3 120.6 138.1 - 2% Group operating profit (EBIT) 391.3 635.2 - 38%
86.8 72.3 81.8 6% Net profit attributable to holders of ordinary shares 235.6 466.4 - 49%
0.68 0.57 0.64 6% Earnings per ordinary share (in EUR) 1.85 3.66 - 49%

89% 90% 93% - 4pp Occupancy rate subsidiaries 90% 94% - 4pp
35.9 35.9 34.6 4% Storage capacity end of period (in million cbm) 35.9 34.6 4%
2.08 2.20 2.03 Senior net debt : EBITDA 2.08 2.03
8.9% 9.5% 10.7% - 1.8pp Cash Flow Return On Gross Assets (CFROGA) 9.5% 10.8% - 1.3pp

Highlights for YTD Q3 2017 -excluding exceptional items-:
EBITDA decreased 9% to EUR 571 million caused by a lower occupancy rate, in line with our previous guidance of a 5-10% lower 2017 EBITDA. Adjusted for the divestments early 2016, the pro forma EBITDA decreased by 7%
Occupancy rate of 90% is supported by sound business drivers in all the product-market segments throughout our network, whereby the difference with the high 2016 occupancy rate of 94% is primarily due to a presently less favorable oil market structure
EBITDA in Q3 decreased 8% to EUR 176 million compared to the previous quarter, mainly driven by lower revenues in Asia and higher other expenses, among others related to a jetty damage in Singapore, while revenues in the Netherlands remained stable
Announced total capacity of new growth projects amounts to 861,900 cbm.
Exceptional items YTD Q3 2017:

Total exceptional gain before taxation amounts to EUR 23.9 million, which mainly relates to the partial divestment of Vopak Terminal Eemshaven. The large exceptional profit in the first nine months of 2016 related mainly to the divestment of the UK assets.
Looking ahead:

Taking into account the current market dynamics, missing contributions from the divested terminals early 2016 and additional costs related to investments in growth and technology, we expect the 2017 EBITDA -excluding exceptional items- to be around 10% less than the 2016 EBITDA of EUR 822 million
The majority of the current projects under construction (3.2 million cbm), backed by commercial storage contracts, will start to contribute positively in the course of 2019
The successful realization of the efficiency program in the 2017-2019 period will help reduce Vopak's future cost base with at least EUR 25 million
Vopak will continue its disciplined long-term growth journey, while maintaining on average a Cash Flow Return On Gross Assets (CFROGA) after tax between 9-11% for the total portfolio, supported by a strong balance sheet, financial flexibility and solid operational cash flow generation.

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tijd 09.11
Vopak EUR 34.11 -2,62 vol. 235.000