Home / Knowledge / News / Textiles / Vopak Q1'14 EBITDA drops 5%
Vopak Q1'14 EBITDA drops 5%
23
Apr '14
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


Must ReadView All

Textiles | On 26th Jun 2017

US initiates probe into PSF imported from 5 nations

The department of commerce of the US has initiated investigations for ...

Textiles | On 26th Jun 2017

USTR announces AGOA review for Rwanda, Tanzania & Uganda

The office of the US trade representative (USTR) has announced the...

Textiles | On 26th Jun 2017

Braskem invests in polypropylene production facility in US

The Board of Directors of Braskem, one of the largest producer of...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search