Q4 2017 | Q3 2017 | Q4 2016 | Q4-Q4 | In EUR millions | 2017 | 2016 | |
324.5 | 312.1 | 338.8 | - 4% | Revenues | 1,305.9 | 1,346.9 | - 3% |
Results -excluding exceptional items- | |||||||
192.7 | 176.4 | 197.6 | - 2% | Group operating profit before depreciation and amortization (EBITDA) | 763.2 | 822.3 | - 7% |
123.0 | 109.3 | 128.9 | - 5% | Group operating profit (EBIT) | 490.4 | 558.4 | - 12% |
76.2 | 60.8 | 71.5 | 7% | Net profit attributable to holders of ordinary shares | 287.4 | 326.1 | - 12% |
0.59 | 0.48 | 0.56 | 5% | Earnings per ordinary share (in EUR) | 2.25 | 2.56 | - 12% |
Results -including exceptional items- | |||||||
100.9 | 202.4 | 192.8 | - 48% | Group operating profit before depreciation and amortization (EBITDA) | 695.3 | 1,023.2 | - 32% |
31.2 | 135.3 | 124.1 | - 75% | Group operating profit (EBIT) | 422.5 | 759.3 | - 44% |
-0.2 | 86.8 | 67.6 | - 100% | Net profit attributable to holders of ordinary shares | 235.4 | 534.0 | - 56% |
0.00 | 0.68 | 0.53 | - 100% | Earnings per ordinary share (in EUR) | 1.85 | 4.19 | - 56% |
Cash flows from operating activities (gross) | 713.8 | 783.2 | - 9% | ||||
89% | 89% | 92% | - 3pp | Occupancy rate subsidiaries | 90% | 93% | - 3pp |
35.9 | 35.9 | 34.7 | 3% | Storage capacity end of period (in million cbm) | 35.9 | 34.7 | 3% |
2.02 | 2.08 | 2.04 | Senior net debt : EBITDA | 2.02 | 2.04 | ||
9.6% | 8.9% | 10.0% | - 0.4pp | Cash Flow Return On Gross Assets (CFROGA) | 9.5% | 10.5% | - 1.0pp |
Highlights for full year and Q4 2017 -excluding exceptional items-:
Exceptional items:
Subsequent events:
Looking ahead:
Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak commented:
"Despite challenging market conditions, particularly in the oil markets, and following a strong performance in 2016, we had a satisfactory performance in 2017. We aim to identify and seize growth opportunities swiftly, ensure timely completion of projects under development and step up the global roll-out of our new digital systems. These steps will improve our financial performance by 2019.
Our projects under development will add 3.1 million cbm of storage capacity to our global network by 2019. We announced new growth projects with a total capacity of 862,000 cbm in South Africa, Brazil, Canada and Malaysia in 2017. Vopak's growth strategy is directed towards chemical (industrial) terminals and gas markets, while facilitating the increasing demand for fuels in emerging countries. We will continue to explore and find new possibilities within the LNG infrastructure market, to expand our role as a service provider in the LNG value chain.
In order to continue creating long-term value for all our stakeholders, we have taken strategic decisions regarding technology, and we are making substantial investments to deliver the full benefits of the digital transformation in future years to our customers and shareholders.
We are embracing the changing dynamics of the energy transition. As an infrastructure and service provider, we do not drive market choices, but facilitate energy flows. We help introduce infrastructure and logistic solutions for clean and efficient fuels. Vopak will work on further reducing the negative impact of our operations on neighboring communities and the environment. We will define targets for delivering on the UN Sustainable Developments Goals that we selected, and are actively considering the final recommendations of the Task-force on Climate-related Financial Disclosures. We are committed to continue storing vital products with care."
Link to video of CEO and CFO commenting on Vopak's 2017 full year financial results
Link to Vopak's reports and presentations
The analysts' presentation will be given via an on-demand audio webcast on Vopak's corporate website www.vopak.com, starting at 11:00 AM CET on 16 February 2018.
For more information please contact:
Press: Liesbeth Lans, Manager External Communications
Telephone: +31 (0)10 400 2777, e-mail: global.communication@vopak.com
Analysts and investors: Anil Acardag, Manager Investor Relations,
Telephone: +31 (0)10 400 2770, e-mail: investor.relations@vopak.com
Auditor's involvement
This press release is based on the 2017 financial statements. The financial statements are published in accordance with statutory provisions. The auditor has issued an unqualified auditor's report on the Financial Statements.
Profile Royal 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 16 February 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, to be added before the end of 2019.
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.