Vopak reports on Q1 2023 results

Rotterdam, the Netherlands, 26 April 2023

Vopak reports strong Q1 2023 results and increases FY 2023 outlook 

Key highlights Q1 2023


  • Started the year with Q1 2023 EBITDA of EUR 249 million and increased our EBITDA outlook for FY 2023 to above EUR 950 million. 
  • Signed an agreement for a new debt issuance of EUR 400 million equivalent in the US Private Placement Market.


  • Established a 50/50 joint venture with AltaGas for a large-scale LPG export facility in West Canada. 
  • Strengthening Vopak’s leading position in India through four expansions in LPG and liquid products. 
  • Developing LNG infrastructure in the Netherlands to enhance gas supply security in Europe.


  • After signing the acquisition of a prime location in the Port of Antwerp for new energies and sustainable feedstocks we are progressing towards closing.
  • Investing in hydrogen logistics in Europe together with Hydrogenious.


In EUR millions Q1 2023 Q4 2022 Q1 2022
Revenues 361.8 355.3 324.1
Results -excluding exceptional items-      
Group operating profit / (loss) before depreciation and amortization (EBITDA) 249.0 227.8 213.1
Group operating profit / (loss) (EBIT) 168.6 150.3 125.8
Net profit / (loss) attributable to holders of ordinary shares 103.1 88.5 74.7
Earnings per ordinary share (in EUR) 0.82 0.71 0.60
Results -including exceptional items-      
Group operating profit / (loss) before depreciation and amortization (EBITDA) 249.0 226.2 213.1
Group operating profit (loss) (EBIT) 168.6 148.7 125.8
Net profit / (loss) attributable to holders of ordinary shares 103.1 86.9 74.7
Earnings per ordinary share (in EUR) 0.82 0.70 0.60
Cash flows from operating activities (gross excluding derivatives) 219.7 316.9 169.1
Cash flows from operating activities (gross) 227.0 341.2 150.2
Cash flows from investing activities (including derivatives) -103.1  -100.7 -94.8
Additional performance measures      
Proportional EBITDA -excluding exceptional items- 294.1 269.6 253.7
Proportional capacity end of period (in million cbm) 22.1 22.1 22.6
Proportional occupancy rate 92% 90% 84%
Storage capacity end of period (in million cbm) 36.6 36.6 36.2
Subsidiary occupancy rate 92% 90% 83%
Proportional operating cash return 15.4% 9.3% 11.7%
Return on Capital Employed (ROCE) 12.6% 10.6% 9.1%
Average capital employed 5,223.0 5,319.4 5,418.2
Net interest-bearing debt 2,946.5 3,050.8 2,908.9
Senior net debt : EBITDA  2.49 2.65 2.70
Total net debt : EBITDA  2.69 2.85 2.92


Royal Vopak chief Executive Officer Dick Richelle, comments on the Q1 2023 results

“We continue to make good progress on 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 sustainable feedstocks. The start to the year demonstrates the strength of our organization and diversity of our infrastructure portfolio across geographies, energy and manufacturing markets and customers. I am pleased to increase our outlook for the year 2023, supported by favorable storage demand and cost management. We will continue to deliver on our strategic goals while at the same time keeping our disciplined approach towards capital allocation.”

Financial highlights for Q1 2023 - excluding exceptional items

  • Revenues increased to EUR 362 million (Q1 2022: EUR 324 million) despite a divestment impact of EUR 13 million. The positive performance was driven by favorable storage demand, particularly a steady recovery in oil markets, contribution from growth projects and currency translation effects.
  • Proportional occupancy rate at Q1 2023 was 92% (4Q 2022: 90%) driven mainly by higher occupancy in the Europe & Africa division and the Asia & Middle East division.
  • Costs increased by EUR 10 million to EUR 175 million (Q1 2022: EUR 165 million) mainly due to increased energy costs and personnel expenses (EUR 9 million), currency translation effects (EUR 2 million) and higher operating expenses, including the cost of growth projects and business development (EUR 7 million). The cost increase was partially offset by a positive divestment impact (EUR 9 million). Compared to Q4 2022 (EUR 191 million), costs decreased by EUR 16 million mainly due to non-recurring costs recorded in Q4 2022 (EUR 12 million), divestments (EUR 4 million), lower operating expenses (EUR 8 million) and currency translation effects (EUR 3 million) which were partly offset by higher energy and personnel expenses (EUR 11 million).
  • EBITDA increased by 17% to EUR 249 million (Q1 2022: EUR 213 million) driven by organic growth across all divisions and currency translation effects (EUR 4 million) partially offset by higher costs and divestment impact. 
  • EBIT was EUR 169 million (Q1 2022: EUR 126 million), an increase of EUR 43 million mainly due to EBITDA performance and lower depreciation compared to Q1 2022.  
  • Growth investments in Q1 2023 were EUR 54 million (Q1 2022: EUR 42 million), including the growth projects in Vlaardingen in the Netherlands, Alemoa in Brazil and the  transformation of Eurotank in Belgium. Proportional growth investments in Q1 2023 were EUR 64 million (Q1 2022: EUR 63 million). 
  • Operating capex, which includes sustaining and IT capex, in Q1 2023 was EUR 50 million (Q1 2022: EUR 51 million) while proportional operating capex was EUR 55 million (Q1 2022: EUR 55 million) in line with the prior year spend. 
  • Cash flow from operating activities increased by EUR 77 million to EUR 227 million compared to Q1 2022 EUR 150 million.  The increase was related mainly to positive business performance (EUR 31 million), working capital movement and derivatives (EUR 67 million) offset by lower dividend receipts from joint ventures (EUR 21 million). 
  • Proportional operating cash flow in Q1 2023 increased by 26% to EUR 222 million (Q1 2022 EUR 176 million) driven mainly by improved proportional EBITDA performance. Proportional operating cash return in Q1 2023 was 15.4% compared to 11.7% in Q1 2022. Proportional operating cash return from FY 2022 includes lessor accounting, excluding the impact of lessor accounting (0.6 percentage points), the increase in operating cash return was 3.1 percentage points. The change in the methodology of calculating proportional operating cash return provides better insight into the cash generation of the business. 
  • Net profit attributable to holders of ordinary shares was EUR 103 million (Q1 2022: EUR 75 million).
  • The senior net debt : EBITDA ratio is 2.49x at the end of Q1 2023 (Q1 2022: 2.70x), in line with the low end of our ambition to keep senior net debt to EBITDA ratio in the range of around 2.5-3.0x. Total net debt : EBITDA is at 2.69x at the end of Q1 2023 (Q1 2022: 2.92x).

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 video webcast on Vopak’s corporate website, starting at 08:45 AM CEST on 26 April 2023.

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.

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


  • Vopak reports on Q1 2023
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