Vopak Q1'14 EBITDA drops 5%

23 Apr '14

2 min read

Vopak announces first quarter 2014 results excluding exceptional items. For the first quarter EBITDA decreased by 5% to EUR 180 million (Q1 2013: EUR 189 million). Adjusted for adverse currency effects (EUR 8 million), EBITDA decreased by 1%, mainly due to lower joint venture and operating results in the EMEA region. EBIT decreased by 11% to EUR 124 million (Q1 2013: EUR 138 million).

Adjusted for adverse currency effects (EUR 6 million) the decrease was 7%, mainly due to lower revenues combined with higher depreciation costs. Net profit decreased by 15% to EUR 68 million (Q1 2013: EUR 80 million) and EPS decreased by 14% to EUR 0.54 (Q1 2013: EUR 0.63). During the first quarter of 2014 storage capacity (including 100% for joint ventures and associates) increased by 0.5 million cbm to a total of 31.0 million cbm.

Outlook -excluding exceptional items

Assuming similar challenging business circumstances as we experienced in Q1, 2014 EBITDA is expected to be 5% to 10% lower than 2013 (EUR 753 million). We will provide an update on our longer-term EBITDA ambition in the second half year of 2014, following among others a review of the performance of our current terminals and exploring their potential for adding long-term value to our global terminal portfolio. In addition, we intensify our continuous focus on increasing efficiencies while improving service and safety.

Projects under development add 7.5 million cbm of storage capacity in the years up to and including 2017. The total investment for Vopak and partners in expansion projects is approximately EUR 1.7 billion, of which Vopak’s total remaining cash spend is approximately EUR 0.4 billion.

Results Q1 2014

Revenues

In the first quarter of 2014, Vopak generated revenues of EUR 318.0 million, a decrease ofEUR 3.5 million or 1% compared to EUR 321.5 in Q1 2013.

The positive contributions of expansion projects were offset by a negative currency translation effect of EUR 11.2 million, divestments in 2013 and a lower occupancy rate for Vopak’s subsidiaries (i.e. excluding joint ventures) of 88% versus 89% in Q1 2013.

The decrease in occupancy rate was mainly due to unfavourable market conditions for the storage of oil products in Sweden.

Click here to view full results.

Vopak

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