Q3 2020 Q2 2020 Q3 2019 in EUR millions YTD Q3 2020 YTD Q3 2019 Pro forma
YTD Q3 2019*
297.0 292.4 312.4 Revenues 886.3 953.8 858.4

Results -excluding exceptional items-
200.1 202.4 202.4 Group operating profit before depreciation and amortization (EBITDA) 602.7 625.0 570.8
126.6 129.8 132.6 Group operating profit (EBIT) 383.4 407.0
82.9 83.4 91.1 Net profit attributable to holders of ordinary shares 249.0 264.0
0.65 0.66 0.72 Earnings per ordinary share (in EUR) 1.96 2.07

Results -including exceptional items-
195.7 235.4 393.7 Group operating profit before depreciation and amortization (EBITDA) 629.6 833.8
122.2 162.8 323.9 Group operating profit (EBIT) 410.3 615.8
79.5 116.4 280.6 Net profit attributable to holders of ordinary shares 276.9 471.0
0.63 0.91 2.20 Earnings per ordinary share (in EUR) 2.18 3.69

146.0 264.7 185.7 Cash flows from operating activities (gross) 553.4 537.4
- 125.4 - 171.4 225.0 Cash flows from investing activities (including derivatives) - 267.0 - 106.8

Additional performance measures
34.6 34.4 35.5 Storage capacity end of period (in million cbm) 34.6 35.5
91% 88% 82% Occupancy rate subsidiaries 88% 84%
92% 90% 83% Proportional occupancy rate 90% 84%
241.3 245.6 231.8 Proportional EBITDA -excluding exceptional items- 727.9 711.2

12.0% 12.1% 12.0% Return on capital employed (ROCE) 11.8% 12.4%
4,052.0 4,105.2 4,252.2 Average capital employed 4,146.7 4,246.1
2,447.6 2,450.4 2,319.6 Net interest-bearing debt 2,447.6 2,319.6
2.71 2.81 2.81 Senior net debt : EBITDA (for debt covenant) 2.71 2.81
* Pro forma YTD Q3 2019 excludes the contributions from the terminals that were divested since 2019

Highlights for YTD Q3 2020 -excluding exceptional items-:

EBITDA of EUR 603 million (YTD Q3 2019: EUR 625 million pre-divestments). Excluding EBITDA from divested terminals (EUR 54 million), EBITDA grew by EUR 32 million (6%), reflecting positive business performance and negative currency translation effects. Negative currency translation effects were EUR 11 million.
Occupancy rate for subsidiaries of 88% (YTD Q3 2019: 84%) reflects strong storage demand from oil markets whereas storage demand in other market segments remained robust. Planned inspection and maintenance out-of-service capacity at subsidiaries, mainly at terminals in Rotterdam and Singapore, was 1.1 million cbm in Q3 2020 and decreased compared to Q2 2020.
Proportional occupancy rate of 90% (YTD Q3 2019: 84%) reflected an improvement of oil terminals (including joint ventures) and continued strong performance of our joint venture gas and industrial terminals.
Cost efficiency measures are progressing well and tracking below our revised target of EUR 600 million for the year.
EBIT of EUR 383 million (YTD Q3 2019: EUR 407 million pre-divestments).
Return on capital employed (ROCE) of 11.8% (YTD Q3 2019: 12.4%).
Net profit attributable to holders of ordinary shares of EUR 249 million (YTD Q3 2019: EUR 264 million) resulting in earnings per ordinary share (EPS) of EUR 1.96 (YTD Q3 2019: EUR 2.07).
Vopak’s senior net debt to EBITDA ratio is 2.71 at the end of Q3 2020, within the target range.
Growth momentum continued with the delivery of 169,000 cbm of new capacity at the end of Q3 at Durban - South Africa, Merak - Indonesia and Vlissingen - the Netherlands.
Exceptional items Q3 2020:

In September 2020, Vopak and BlackRock announced the acquisition of three industrial terminals from Dow on the U.S. Gulf Coast for the amount of USD 620 million. An exceptional item for the transaction related costs of EUR 4.4 million was recognized in Q3 2020.
Looking ahead:

We aim to grow EBITDA over time with new contributions from growth projects and replace the EBITDA from recent 2019 and 2020 divested terminals, subject to market conditions and currency exchange movements.
Cost management continues in 2020 and Vopak’s cost base is currently tracking lower than the revised target of EUR 600 million for the year.
For the remainder of the year, we will continue to invest in growth of our global terminal portfolio with growth investments for 2020 that are expected to be in the range of EUR 500 million to EUR 600 million including the Dow transaction.
Vopak has the ambition to allocate some EUR 300 million to EUR 350 million to growth investments in 2021 through existing sanctioned projects, new business development and pre-FID feasibility studies in new energies including hydrogen.
For 2020 and beyond, we will keep storing vital products with care to make a meaningful contribution to society, enabled by our financial performance.

Subsequent events:

On 26 October 2020, Vopak announced the completion of its share buyback program to return EUR 100 million to shareholders as announced on 12 February 2020. As part of this program, a total of 2,094,844 ordinary shares were repurchased, at an average price of EUR 47.74 per share, in the period 13 February 2020 up to and including 23 October 2020.
On 6 November 2020, Vopak announces that it will expand its Alemoa terminal in Brazil with 20,000 cbm for chemical products. The expansion will further strengthen the position of Vopak in the port of Santos, the biggest port in Latin America. Commissioning is expected to be in Q2 2023, subject to construction permit approval.
The analysts’ presentation will be given via an on-demand audio webcast on Vopak’s corporate website, starting at 10:00 AM CET on 6 November 2020.

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tijd 09.31
Vopak EUR 45,90 -94ct vol. 49.080