Vopak reports on FY 2022 and Q4 2022 financial results

The Netherlands,15 February 2023 Vopak reports FY 2022 and Q4 2022 results and demonstrates good progress towards its strategic goalsKey highlights 2022: Improve:We reported financial results in line with 2022 expectations. FY 2022 EBITDA of EUR 887 million and operating cash return of 11.4%. Occupancy improved to 90% by the end of Q4 2022. We continued to actively manage our portfolio by divesting our Canadian oil terminals, Agencies business and started a strategic review of...

Rotterdam, 15/02/2023 (informazione.news - comunicati stampa - trasporti)

Key highlights 2022:

Note: Proportional operating cash return is defined as proportional operating cash flow over average proportional capital employed and reflects the increased importance of free cash flow and joint ventures in our portfolio. Proportional operating cash flow is de fined as proportional EBITDA minus IFRS 16 lessee minus proportional operating capex, which is defined as sustaining and service capex plus IT capex. Proportional operating cash flow is pre-tax, excludes growth capex and derivative and working capital m ovements. Proportional capital employed is defined as proportional total assets less current liabilities, excluding IFRS 16 lessee. As of Q4 2022, Operating Cash Return includes the cash flow from lessor accounting.

Royal Vopak Chief Executive Officer Dic k Richelle, comments on the FY 2022 results

“During 2022, we made good progress in our strategy to improve our financial and sustainability performance, to grow our base in industrial and gas terminals, and to accelerate towards new energies and sustainabl e feedstocks.

We improved our performance in 2022, captured growth opportunities and accelerated towards the company we want to be in the future. EBITDA and cash flow generation increased during the fourth quarter allowing us to meet the expectations for the full year as we captured market opportunities in many locations despite cost pressures due to surging energy prices and higher personnel expenses. Today we  announced that we have started a strategic review of Vopak's three chemical terminals in the Port of Rotterdam. We also progressed our sustainability performance by reducing our CO2 emissions by 10% during 2022 compared to the baseline of 2021.

The deploy ment of growth capex towards our strategic priorities is going well with growth in industrial and gas terminals, for example in Caojing, China we are expanding our industrial terminal capacity.

We are accelerating towards new energies. We accessed a prim e location in Europe's leading petrochemical cluster, the Port of Antwerp. This offers a unique opportunity to implement our strategy, forge new partnerships and support the industry in its decarbonization by developing critical infrastructure. In addition , together with Hydrogenious LOHC Technologies we are jointly taking hydrogen logistics to the next level to push LOHC market solutions and large-scale pilot projects forward.

As a result of our improve, grow and accelerate strategy, Vopak will be a diffe rent company in 2030. Society will need new, sustainable products that we will handle. We will forge new partnerships and transform our company gradually but decisively, leveraging our strengths and capabilities. We will contribute to a low-carbon future b y providing infrastructure solutions for new energies and sustainable feedstocks, by helping leading customers decarbonize, and by reducing our own environmental and carbon footprint.”

Financial highlights for FY 2022 - excluding exceptional items

For more information please contact:

Vopak Press:  Liesbeth Lans - Manager External Communication,
e-mail: global.communication@vopak.com

V opak Analysts and Investors:  Fatjona Topciu - Head of Investor Relations,
e-mail: investor.relations@vopak.com

The analysts' presentation will be given via an on-demand video webcast on  Vopak's corporate website , starting at 10:00 AM CET on 15 February 2023.

Auditor's involvement
This press release and enclosure 3 are based on the 2022 financial statements. The financial statements are published in accordance with statutory provisions. The auditor has issued an unqualified auditor's report on the Financial Statements.

This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.

For Vopak's full press release refer to the attached document

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