Vopak reports on FY 2021 and Q4 2021 financial results
16 Februar 2022 - 7:00AM
Vopak reports on FY 2021 and Q4 2021 financial results
Vopak reports on FY 2021 and Q4 2021
financial resultsRotterdam, the Netherlands, 16 February
2022
Q4 2021 |
Q3 2021 (restated) |
Q4 2020 (restated) |
|
In EUR millions |
2021 |
2020 (restated) |
|
|
|
|
|
|
|
315.2 |
309.5 |
303.7 |
|
Revenues |
1,227.9 |
1,190.0 |
|
|
|
|
|
|
|
|
|
|
|
Results -excluding
exceptional items- |
|
|
212.5 |
210.8 |
185.9 |
|
Group operating profit before depreciation and amortization
(EBITDA) |
826.6 |
779.7 |
121.9 |
127.9 |
106.5 |
|
Group operating profit (EBIT) |
494.8 |
483.7 |
69.1 |
80.6 |
55.2 |
|
Net profit attributable to holders of ordinary shares |
298.3 |
299.5 |
0.55 |
0.64 |
0.44 |
|
Earnings per ordinary share (in EUR) |
2.38 |
2.37 |
|
|
|
|
|
|
|
|
|
|
|
Results -including
exceptional items- |
|
|
206.5 |
201.4 |
156.9 |
|
Group operating profit before depreciation and amortization
(EBITDA) |
741.5 |
777.6 |
115.9 |
118.5 |
77.5 |
|
Group operating profit (EBIT) |
409.7 |
481.6 |
64.1 |
71.3 |
22.5 |
|
Net profit attributable to holders of ordinary shares |
214.2 |
294.6 |
0.51 |
0.57 |
0.18 |
|
Earnings per ordinary share (in EUR) |
1.71 |
2.33 |
|
|
|
|
|
|
|
313.1 |
166.0 |
265.7 |
|
Cash flows from operating activities (gross excluding
derivatives) |
786.2 |
751.5 |
312.2 |
166.9 |
266.0 |
|
Cash flows from operating activities (gross) |
741.2 |
810.4 |
- 139.7 |
- 160.2 |
- 314.7 |
|
Cash flows from investing activities (including derivatives) |
- 588.4 |
- 572.7 |
|
|
|
|
|
|
|
|
|
|
|
Additional performance
measures |
|
|
250.6 |
257.3 |
241.5 |
|
Proportional EBITDA -excluding exceptional items- |
999.6 |
960.5 |
22.5 |
22.5 |
22.0 |
|
Proportional capacity end of period (in million cbm) |
22.5 |
22.0 |
86% |
88% |
91% |
|
Proportional occupancy rate |
88% |
90% |
36.2 |
36.1 |
35.6 |
|
Storage capacity end of period (in million cbm) |
36.2 |
35.6 |
86% |
87% |
90% |
|
Subsidiary occupancy rate |
87% |
88% |
|
|
|
|
|
|
|
9.6% |
10.4% |
10.9% |
|
Return on Capital Employed (ROCE) |
10.2% |
11.4% |
5,150.2 |
4,783.4 |
4,167.2 |
|
Average capital employed |
4,755.1 |
4,159.4 |
2,925.1 |
2,979.4 |
2,589.4 |
|
Net interest-bearing debt |
2,925.1 |
2,589.4 |
2.93 |
2.93 |
2.58 |
|
Senior net debt : EBITDA |
2.93 |
2.58 |
3.16 |
3.16 |
2.81 |
|
Total net debt : EBITDA |
3.16 |
2.81 |
The prior periods related to financial year 2020
have been restated, due to mandatory full retrospective application
of a change in accounting policy for the IFRIC agenda decision made
in March 2021 on Cloud Computing Arrangements.
Highlights for FY 2021 and Q4 2021
-excluding exceptional items-:
- Full year 2021 EBITDA of EUR 827
million (FY 2020: EUR 780 million). Adjusted for EUR 6 million
negative currency translation effects, EBITDA increased by EUR 53
million (7%). Growth project contribution is driving positive
EBITDA performance (EUR 50 million) in soft business
conditions.
- Proportional occupancy rate of 88%
(FY 2020: 90%) reflecting soft market conditions in oil and
chemicals in the Netherlands and Singapore.
- Costs at EUR 611 million, including
the cost for growth projects and business development efforts and
after adjustment for currency movements (EUR 10 million) and
changes in accounting policy (EUR 7 million) in line with our
previously announced ambitions of managing costs below EUR 615
million. Reported costs amounted to EUR 628 million (2020: EUR 603
million).
- EBIT of EUR 495 million (FY 2020:
EUR 484 million) increased driven by EBITDA growth partly offset by
higher depreciation related to sustaining capex investments and new
capacity delivered.
- Return on capital employed (ROCE)
of 10.2% (FY 2020: 11.4%) reflects high capital investments.
- Net profit attributable to holders
of ordinary shares of EUR 298 million (FY 2020: EUR 300 million)
driven by higher EBIT and lower income tax, which was more than
offset by higher financing cost mainly due to less capitalized
interest.
- Cash Flow From Operations (CFFO)
(excluding derivatives) of EUR 786 million grew compared to last
year EUR 752 million (5% year-on-year) including contribution from
new growth projects. Excluding derivatives impact and working
capital movements, CFFO increased by EUR 42 million (6%
year-on-year).
- Earnings per ordinary share (EPS)
of EUR 2.38 (FY 2020: 2.37).
- A dividend of EUR 1.25 (2020: EUR
1.20) per ordinary share, payable in cash, an increase of 4%, will
be proposed during the Annual General Meeting on 20 April
2022.
- The Senior net debt: EBITDA ratio
is 2.93 at the end of FY 2021.
- Fourth quarter 2021 EBITDA amounted
to EUR 213 million (Q4 2020: EUR 186 million) including EUR 10
million reclass from withholding tax on undistributed reserves of
associates and joint ventures to the income tax line. Year-on-year
comparison was impacted among others by the one-off negative
accounting result of EUR 20 million recognized in Q4 2020 in our
associate industrial terminal in Malaysia (PT2SB) and higher energy
and utility costs in Q4 2021.
Portfolio items:
- Growth momentum continued with the
delivery of new capacity of 124,000 cbm during Q4 2021 at Sydney
and Deer Park.
- Vopak announced that it has reached
an agreement with MOL (Mitsui O.S.K. Lines Ltd) to jointly own and
operate the FSRU for the new LNG terminal in Hong Kong.
Exceptional items FY 2021:
- Total exceptional losses included
in net profit amounted to EUR 84 million (2020: exceptional losses
of EUR 5 million). This mainly consisted of impairment of our
Panama terminal. Other exceptional items were related to a
write-off of business development costs in our joint venture Vopak
Moda Houston and of our German LNG project, partial dilution of our
Chemtank share and a partial release of a tax provision in a joint
venture terminal within the Asia & Middle East division.
For a full overview of the exceptional items, reference is made
to Enclosure 4g.
Other developments:
- Vopak Ventures has made more than
10 investments in start-ups and scale ups over the past two years
in the field of operational excellence and asset management,
sustainability and new energy as well as digital and platforms.
This includes positions in hydrogen equipment and solar and plastic
recycling.
Looking ahead:
- Vopak is on track with the prior
announced target of EUR 110 million to EUR 125 million EBITDA
contribution in 2023 from growth projects.
- We expect to manage the 2022 cost
base including additional cost for new growth projects around EUR
645 million, subject to currency exchange and utilities price
movements.
- In 2022, growth investments are
expected to be below EUR 300 million. The allocation of these
investments will be through existing committed projects, new
business development and pre-FID (Final Investment Decision)
feasibility studies in new energies including hydrogen, the planned
Aegis Vopak transaction and the investment related to the new LNG
terminal in Hong Kong in 2022.
- For the period 2020-2022, Vopak
expects to be at the higher end of the range EUR 750 million to EUR
850 million for sustaining and service improvement capex, subject
to additional discretionary decisions, policy changes and
regulatory environment.
- As part of the strategic direction
for the period 2020-2022, Vopak indicated to invest annually up to
a maximum of EUR 45 million (updated to reflect changed accounting
for Cloud Computing Developments) in IT capex, to complete Vopak’s
digital terminal management system. We expect to complete the roll
out of our Vopak Terminal System to our terminal network and Joint
Ventures by the end of 2023 which now includes our new
terminals.
Royal Vopak Chief Executive Officer Dick
Richelle comments:
Performance driven“2021, like
2020, was an atypical year due to the pandemic -- with high
volatility and lower demand for storage across the industry due to
tight supplies. Vopak has again proven its resilience and ability
to continue delivering while adapting to change and further
improving our performance in safety and service to our best level
yet. We delivered close to record high EBITDA and continued the
delivery of the growth projects.
We realized good progress on our portfolio and
growth agenda by actively positioning ourselves towards the future.
We reached new milestones in industrial terminals, mainly on the US
Gulf Coast and China. We delivered new storage capacity and
infrastructure in main industrial clusters in Belgium, Mexico, USA,
the Netherlands, Australia.
Gate terminal, our successful joint venture with
Gasunie for LNG in Rotterdam, is making an important contribution
to the security of natural gas supplies in the Netherlands and
Northwest Europe supplying the equivalent of 25% of the
Netherlands’ gas needs. Gate terminal will add 12.5% additional
send out capacity to serve increased demand by the end of 2024. On
sustainability, we are ambitious and performance driven. We updated
our sustainability roadmap to navigate us in the coming years. Our
roadmap establishes a balanced approach with 12 key topics focusing
on care for people, planet and profit. On safety, the cornerstone
of our sustainability policy, we had no major incidents in 2021 and
continued to improve our performance versus previous years
recording our best year yet.
Future mindsetWe contribute to
a more sustainable world by actively innovating and investing in
infrastructure for the introduction of the new vital products of
the future.
We are working hard on the progress towards
starting up our new joint venture in India in 2022. As the Indian
government has earmarked LPG to provide cleaner and safe cooking
fuels for households, we are joining forces with Aegis to create
one of the largest independent tank storage companies for LPG and
chemicals in the country. We reached an agreement with Mitsui
O.S.K. Lines to jointly own and operate the floating storage and
regasification unit for the new offshore LNG terminal in Hong Kong
to support Hong Kong Special Administrative Region (HKSAR)
government’s target to improve air quality and environmental
conditions by increasing the percentage of power generation by
natural gas.
As the pace of change accelerates, we are
excited about our positioning towards the many opportunities ahead.
In 2021, we continued our progress of infrastructure solution
opportunities and resource allocation to hydrogen, ammonia, CO2,
flow batteries, biofuels and sustainable feedstocks.
Building on our experience in storing and
handling ammonia at five other locations around the world, we
commissioned ammonia operations in the new Vopak Moda Houston
terminal with VLGC (Very Large Gas Carriers) shipping capacity.
This positions us well to contribute to future flows of ammonia,
which can be used as a hydrogen carrier, a shipping fuel or a
feedstock. We also work with various partners on setting up new
hydrogen supply chains via various technologies -- liquid organic
hydrogen carriers to enable hydrogen imports from various potential
locations into Northern Europe, and liquefied hydrogen in the long
run, to, for instance, Singapore.
For 2022 and beyond, we will remain true to our
purpose: storing vital products with care. In doing so, supported
by our financial performance, we will continue to make a meaningful
contribution to our customers and to society."Link to video of CEO
and CFO commenting on Vopak's FY 2021 results
About Royal VopakRoyal 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 developing 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,e-mail:
global.communication@vopak.com
Vopak 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 audio webcast on Vopak’s corporate website, starting at
10:00 AM CET on 16 February 2022.
Auditor’s involvementThis press
release and enclosure 4 are based on the 2021 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.
- Press Release - Vopak reports on FY 2021
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