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Vopak reports on HY1 2021 results
Vopak reports on HY1 2021 financial results
Rotterdam, the Netherlands, 28 July 2021
Highlights for HY1 2021 -excluding exceptional items-:
Q2 2021 events :
Exceptional items HY1 2021:
Subsequent events:
Portfolio items :
Other developments:
Looking ahead:
Impact of Covid-19 pandemic in 2021:
The pandemic spread of Covid-19 (Coronavirus) remains an impactful event on all people and organizations around the world. Our first priority in the Covid-19 response is to protect the health and well-being of our people, their families and the communities in which we operate. We remain focused in these circumstances 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 work locations around the world.
The pandemic brings more uncertainty with respect to general operating and market conditions as well as volatility in currency exchange movements and the estimates remain subject to future events. We expect to continue to manage our performance in line with our business plans.
Royal Vopak Chief Executive Officer Eelco Hoekstra comments:
Performance
“In the first half of 2021, combined strategic delivery and financial performance was good, driven by contributions from the growth projects and cost efficiency, notwithstanding weak markets. We continued transforming our portfolio for the futu re and invested more than EUR 146 million in growth.
Covid-19 pandemic continues to impact the industries we serve and the disruptions in supply and demand of products indirectly impacted performance. The tank storage industry experienced lower earnings as it continues to face supply tightness leading to a lower requirement for excess storage of products. During these challenging times, we were able to safely serve and support our customers at all our locations around the world. We are positive on the spe ed of the shift of our portfolio to industrial and gas infrastructure which supports the acceleration in the field of new energies and feedstocks. We are pursuing various options to actively contribute towards hydrogen and ammonia logistics, and new infras tructure solutions for CO2 and flow batteries.
We had success in the first half of 2021 in India, China and the United States . We are joining forces with Aegis to create one of the largest independent tank storage companies for LPG and chemicals in India. Good progress was made in our China and North Asia division with the start of operation in the industrial terminal in Qinzhou , China. In addition, we were awarded an industrial contract for storage and services of a liquid products terminal to be constructed and operated as part of ExxonMobil's proposed Huizhou chemical complex project. In the United States, we expect the commis sioning of our ammonia operations of the Vopak Moda Houston terminal in Q3 and the integration of industrial terminals of Dow with Blackrock as partner is progressing well.
We continued the roll-out of our cloud-based system for our terminals, as part of broader efforts to develop our digital architecture to innovate infrastructure and logistic chains. Our digital strategy aims to innovate and will allow us to have more access to data in all aspects of our business.
Looking ahead
We have gained momentum in 2021 in capturing opportunities to serve large-scale industrial clusters and will continue transforming our portfolio and position our company in leading locations towards more sustainable forms of energy and feedstocks.
Our ambition is to be a safet y and sustainability leader by focusing on care for people, planet and profit. We continue to seek opportunities towards our ambition to be climate neutral by 2050 at the latest. Our main contribution to a more sustainable world is to actively innovate inf rastructure which will contribute to the introduction of the new vital products of the future.”
Link to video of CEO and CFO commenting on Vopak's HY1 2021 results
Financial calendar
12 November 2021 Publication of 2021 third-quarter interim update
16 February 2022 Publication of 2021 annual results
20 April 2022 Publication of 2022 first-quarter interim update
20 April 2022 Annual General Meeting
22 April 2022 Ex-dividend quotation
25 April 2022 Dividend record date
28 April 2022 Dividend payment date
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 and feedstock systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit vopak.com.
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: Fatjona Topciu - Head of Investor Relations,
Telephone: +31 (0)10 400 2776 | e-mail: investor.relations@vopak.com
The analysts' presentation will be given via an on-demand audio webcast on Vopak's corporate website, starting at 10:00 AM CEST on 28 July 2021.
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. The content of this report has not been audited or reviewed by an external auditor.
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