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Vopak reports on HY1 2020 financial results
Highlights for HY1 2020 -excluding exceptional items-:
Impact of COVID-19 pandemic :
The pandemic spread of COVID-19 (Coronavirus) has a significant impact on all people and organizations around the world. Our main focus is on the health of the people working for our company in all locations and to limit the spread of the Coronavirus, to manage the impact on our business and to assess the impact on the economy and society. Therefore we have put global and local measures into place to protect our employees, their families and our operations based on information provided by the World Health Organization, national and local health authorities. To date, we have observed a limited impact on our operations. All our 66 terminals are operational and there have been no significant disruptions to business continuity.
Vopak's strategy is robust and unchanged. An effective control and governance structure to respond to the impact of the global pandemic, with continued decision-making to support business execution and well-being of people, has been put in place. Operational and financial performance, cash flows and our financial position have not been significantly affected. Our financial results reflect our resilient business performance. Timing of some growth projects execution is affected by generic local lockdown measures in various countries.
Our focus in these circumstances is on the short-term delivery and protection of long-term value. Vopak plays an important role within society by storing vital products with care. We are doing our utmost during the COVID-19 pandemic to continue to fulfill this role in all our locations around the world.
Although the pandemic brings a lot of uncertainty and the estimates remain subject to future events, we expect to continue to manage our performance in line with our original business plan and unchanged strategy.
Exceptional items HY1 2020:
Subsequent events:
Looking ahead:
Royal Vopak Chief Executive Officer Eelco Hoekstra comments:
“In the first half of 2020, we delivered good financial performance in a more volatile business environment.
We captured opportunities in our oil storage portfolio, resulting in improved occupancy rates. At the same time, we experienced reduced throughput for chemicals in particular in Houston and Singapore. We initiated a further response in cost management to protect earnings. Relative to our original plan, we missed some contributions due to delays in growth projects and out of service capacity as construction work was restricted in the second quarter. The value of these growth projects are not affected.
I am proud of all people working for Vopak and appreciate their extraordinary efforts and commitment to safely serve our customers and society by storing vital products with care during the COVID-19 pandemic. We remain focused on ensuring the health, safety and well-being of our employees and to keep our company performing well.
Vopak's strategy remains unchanged and has proven to be robust. The delivery of our strategy has progressed well in 2020 and we continue to invest in 2020 and 2021 with confidence. Complementary to our investments in growth, service and IT capex, we continue executing our share buyback program to increase distribution to shareholders.
To meet new customer demand and support our portfolio transformation we have taken new capacity into operations in Malaysia, Panama and Vietnam and completed the divestment program of some of our European assets. This year, we announced the construction of a new chemical gases terminal in the US and capacity expansion for an industrial terminal in China, both fully rented out under long-term contracts with reputable customers. We are further upgrading our chemical terminals in the port of Rotterdam and Antwerp to continuously improve our service capabilities.
Good progress has also been made with the development of our LNG and industrial terminal portfolio.
Our digital transformation is progressing well. The roll-out of our new cloud-based system for our terminals has continued in an efficient virtual manner.
We remain focused on short-term delivery and protecting long-term value by executing our strategy. Vopak plays an important role within society by storing vital products with care. We are proud to fulfill this role and are keen to grasp opportunities to deliver on our strategy in the current dynamic market circumstances.”
Link to video of CEO and CFO commenting on Vopak's HY1 2020 results
The analysts' presentation will be given via an on-demand audio webcast on Vopak's corporate website www.vopak.com, starting at 9:00 am CEST on 29 July 2020.
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.
For more information please contact:
Vopak Press: Liesbeth Lans - Manager External Communication,
Telephone: +31 (0)10 400 2777 | e-mail: global.communication@vopak.com
Vopak Analysts and Investors: Laurens de Graaf - Head of Investor Relations,
Telephone: +31 (0)10 400 2776 | e-mail: investor.relations@vopak.com
About Royal Vopak
Royal Vopak is the world's leading independent tank storage company. We store vital products with care. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient 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 chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world's changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. Including our joint ventures and associates, we employ an international workforce of over 5,500 people. As of 29 July 2020, Vopak operates a global network of 66 terminals in 23 countries located at strategic locations along major trade routes, with a combined storage capacity of 34.4 million cbm.
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