BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Vopak posts EUR 326.1 net profit in 2016

17 Feb 2017 07:18 GMT

"We are on the right track ," says CEO.



Storage terminal operator Royal Vopak has today confirmed that net profit attributable to owners of ordinary shares - including exceptional items - increased by EUR 800,000, or 0.25 percent, to EUR 326.1 million in 2016.

Earnings before interest and taxes (EBIT) rose by 1 percent to EUR 558.4 million, up from EUR 555.5 million in 2015.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) also increased by 1 percent to EUR 822.3 million, having been EUR 811.5 million during the previous calendar year.

Earnings per ordinary share (EPS) were up EUR 0.01 to EUR 2.56 in 2016.

Vopak's worldwide storage capacity increased by 0.4 million cubic metres (cbm) to 34.7 million cbm during 2016; this was despite the completed divestments in the UK assets and Japan.

Discussing the results, Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak, said: "Our 2016 results show that we are on the right track in our pursuit of leadership in our industry. We operated the Group's network above 90 percent occupancy levels, accomplished better safety performance levels, higher customer satisfaction scores and an employee engagement score at par with high performance companies in the survey database.

"Following the outcome of our business review in 2014, we worked hard on the further alignment of our global network. As a result, we initiated a divestment program, which we finalized in 2016 with the sale of the development project in Dongguan (China) and the terminals in Japan. We also successfully completed the sale of our UK assets. At the same time, we executed our strategy in line with the updated portfolio criteria. In 2016, we started activities in Panama, expanded in the United Arab Emirates and opened a new LPG facility in Singapore.

"Vopak improved its EBITDA - excluding exceptional items - from EUR 763 million to EUR 822 million in the 2014-2016 period despite the missing contributions of the divested terminals. This has positively impacted our EPS development from EUR 2.31 in 2014 to EUR 2.56 in 2016, making it possible to raise dividend for two consecutive years, while maintaining financial flexibility to set direction towards further growth."

Commenting on current and future projects, Hoekstra said: "We are currently developing new projects in among others Panama, Houston and announced today to double our capacity in South Africa. We also aim to expand our business through regasification assets as indicated with the Exmar transaction."

In its outlook for this year, the company said: "For 2017, we are confident that Vopak will again achieve an average occupancy rate of at least 90 percent. We expect to make additional investments in disciplined capacity growth, technology and innovation projects and replacement of IT systems to drive productivity improvements. The majority of these investments will contribute to the results in the period 2019 and beyond. Taking into account the timing difference of the to be realized efficiency benefits and the missed contributions from divestments in 2016, we expect that the 2017 EBITDA will not exceed the 2016 result."

Between 2017 and 2019, Vopak believes it will be able to continue its growth journey and positive EPS development while maintaining a cash flow return on gross assets after tax (CFROGA) of between 9 percent and 11 percent.




Related Links:

Vopak CFO to step down in 2018
Vopak posts 7% rise in net profit in H1 2016
Vopak to operate Chevron's Panama terminal and build another

Latest News:

Another first for Wartsila as wireless charging for hybrid coastal ferry is 'successfully' tested
Scandlines hails bunker-saving summer for hybrid ferries
BHP, GoodFuels to collaborate on biofuel bunker project in Singapore
The OPEC / non-OPEC meeting takes centre stage
Oil and fuel oil hedging market update
Fluxys focuses investment on Zeebrugge's fifth LNG tank and second jetty
Rolls-Royce and Inmarsat sign ship energy management agreement
Bullish market sentiment remains, short-term dark horse could be meeting comments
Oil and fuel oil hedging market update
Dorian LPG and ABS to conduct feasibility study of LPG as marine fuel
CO2 reduction addressed at ECSA seminar
World's first dual-fuel boxship conversion completed




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
Directory
Africa
Asia
Central America
Middle East
North America
North Europe
Oceania
South America
South Europe
Directory
Germany
Gibraltar
Greece
Hong Kong
Italy
Japan
Netherlands
Panama
Russia
Singapore
South Africa
South Korea
Spain
Turkey
United Arab Emirates
United Kingdom
United States
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Events
Upcoming Events