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Terminal storage operator Royal Vopak says it delivered a "robust performance" during the first quarter of 2016 in an interim update today - the same day as its Annual General Meeting (AGM).

The first-quarter results were said to have been achieved due to "sound market fundamentals for storage demand and infrastructure services, in line with the outlook for 2016".

In the first quarter of 2016, Vopak completed the divestment of all of its UK assets to Macquarie Capital and Greenergy. The divestment comprised three wholly-owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill, and Vopak's 33.3 percent investment in the joint venture Thames Oilport (former Coryton refinery). The sales resulted in a total gross cash inflow of approximately EUR 410 million and a total pre-tax exceptional gain of EUR 283 million.

On February 22, 2016, the associate Jubail Chemicals Storage and Services Company (JCSSC) entered into a non-recourse project financing. As a consequence, the initial proportionate shareholder loan from Vopak of approximately EUR 86 million was repaid during the first quarter of 2016.

During today's Annual General Meeting, Mr B.J. Noteboom is being put forward as a member of Vopak's supervisory board. He was previously CEO of Randstad Holding NV and is currently member of the supervisory boards of Wolters Kluwer, Aegon and Koninklijke Ahold.

Also on the agenda, Mr. F.J.G.M. Cremers is being put forward as a member of Vopak's supervisory board. Shareholders are also to vote on the appointment of Deloitte Accountants B.V. as the external auditor for the 2017 financial year.

The AGM is being held at the following location in Amsterdam at 10.00 a.m on Wednesday, April 20:

Graanbeurszaal
Beurs van Berlage
Damrak 243
Amsterdam
Netherlands