Vopak reports on Q3 2023 results


Rotterdam, the Netherlands, 25 October 2023

Vopak reports strong third quarter 2023 results and increases its EBITDA outlook for FY 2023

Key highlights Q3 2023


  • EBITDA in Q3 2023 of EUR 241 million. FY 2023 EBITDA outlook increased to around EUR 970 million.
  • Reached an agreement on the sale of chemical terminals in Rotterdam, the Netherlands.


  • Gate terminal starts the construction of the 4th LNG tank at the port of Rotterdam, the Netherlands.
  • Solidifying our leading industrial terminal position in Singapore with additional pipeline connections.


  • Collaborating for the development of a large-scale, low-carbon ammonia production and export project on the Houston Ship Channel.
  • Commissioned repurposed infrastructure in the port of Los Angeles, United States to store low-carbon fuels.


Q3 2023 Q2 2023 Q3 2022   in EUR millions YTD Q3 2023 YTD Q3 2022
352.0 359.0 349.6   Revenues      1,072.8      1,011.7
        Results -excluding exceptional items-    
240.5 245.2 226.9   Group operating profit / (loss) before depreciation and amortization (EBITDA)         734.7         659.4
158.2 163.5 140.3   Group operating profit / (loss) (EBIT)         490.3         397.0
97.3 103.5 77.7   Net profit / (loss) attributable to holders of ordinary shares         303.9         205.9
0.77 0.83 0.62   Earnings per ordinary share (in EUR)           2.42           1.64
        Results -including exceptional items-    
286.5 291.4 229.7   Group operating profit / (loss) before depreciation and amortization (EBITDA)         826.9         197.8
204.2 209.7 143.1   Group operating profit / (loss) (EBIT)         582.5         - 64.6
144.2 121.0 80.5   Net profit / (loss) attributable to holders of ordinary shares         368.3       - 255.3
1.15 0.97 0.64   Earnings per ordinary share (in EUR) 2.94 -2.04
240.2 220.2 197.9   Cash flows from operating activities (gross excluding derivatives) 680.1 581.0
245.6 250.8 191.3   Cash flows from operating activities (gross)         723.4         530.9
-111.8 77.1 -117.9   Cash flows from investing activities (including derivatives)       - 137.8       - 388.7
        Additional performance measures    
285.4 292.2 277.4   Proportional EBITDA -excluding exceptional items-         871.7         798.2
22.0 22.0 22.2   Proportional capacity end of period (in million cbm)           22.0           22.2
92% 91% 89%   Proportional occupancy rate 91% 87%
36.4 36.4 36.6   Storage capacity end of period (in million cbm) 36.4 36.6
91% 91% 88%   Subsidiary occupancy rate 91% 86%
14.1% 13.7% 11.2%   Proportional operating cash return 14.4% 11.3%
12.2% 12.6% 10.4%   Return on capital employed (ROCE) 12.5% 9.6%
5,068.5 5,095.9 5,344.3   Average capital employed 5,128.9 5,443.4
2,698.8 2,852.8 3,278.7   Net interest-bearing debt 2,698.8 3,278.7
2.09 2.27 2.82   Senior net debt : EBITDA 2.09 2.82
2.27 2.46 3.02   Total net debt : EBITDA 2.27 3.02

Royal Vopak Chief Executive Officer Dick Richelle, said: 

“The demand for our services remained strong, reflected by an improved proportional occupancy of 92%. EBITDA increased by 12% compared with last year, mainly driven by organic growth across most of the business units. We continued 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. Our well diversified portfolio combined with our new streamlined organizational structure, positions us well to continue executing this strategy. We are pleased to increase the FY 2023 outlook, as we remain focused on the long-term value creation through disciplined and balanced capital allocation.”

Financial Highlights for YTD Q3 2023 - excluding exceptional items - 

  • Revenue increased to EUR 1,073 million (YTD Q3 2022: EUR 1,012 million) despite a divestment impact of EUR 34 million and unfavorable currency translation effects of EUR 17 million. Compared to Q3 2023 (EUR 352 million) revenue was slightly lower than  Q2 2023 (EUR 359 million) mainly due to divestment impact and unfavorable currency translation impact in a broadly stable quarter on quarter business environment. In addition growth projects contribution further supported revenue.
  • Proportional revenue increased to EUR 1,448 million (YTD Q3 2022: EUR 1,366 million).
  • During the first nine months of 2023 the oil markets were dominated by volatility, rebalancing of trade flows and supply security concerns which supported overall storage demand in the main hub locations. Chemicals markets are characterized by oversupply, suppressed China consumption as well as declining margins and operating rates. The products from feedstock and energy favored regions are being pushed into the global markets, as a result the demand for storage is supported and remains stable. Throughput levels in our global industrial terminals remain firm. Gas markets (LNG) normalized in 2023 after the disruption caused by the Russia - Ukraine war.
  • Subsidiary occupancy rate at Q3 2023 was 91% (Q2 2023: 91%).
  • Proportional occupancy rate at Q3 2023 increased to 92% (Q2 2023: 91%) mainly due to improved occupancy in Asia & Middle East and the Netherlands business units.
  • Costs increased by EUR 7 million to EUR 529 million (YTD Q3 2022: EUR 522 million)  mainly due to increased personnel expenses and higher operating expenses, including the cost of growth projects. The increase was partially offset by a positive divestment impact, cost control measures and favorable currency translation impact.
  • Proportional costs increased by EUR 11 million to EUR 669 million (YTD Q3 2022: EUR 658 million)
  • EBITDA increased by EUR 76 million (12% year-on-year) to EUR 735 million (YTD Q3 2022: EUR 659 million) driven by organic growth partially offset by higher costs, divestment impact (EUR 11 million) and negative currency translation effects (EUR 15 million). Compared to Q2 2023 (EUR 245 million) EBITDA (Q3 2023: EUR 241 million) decreased due to additional project development costs (EUR 4 million) and divestment impact of Savannah terminal of  EUR 3 million, offset by positive business developments.
  • Proportional EBITDA increased to EUR 872 million (YTD Q3 2022: EUR 798 million).
  • Proportional EBITDA margin in YTD Q3 2023 was at 57% (YTD Q3 2022: 55%) an improvement reflecting good business conditions and our commercial ability to  pass on inflationary and exceptional energy costs during the year.
  • EBIT of EUR 490 million (YTD Q3 2022: EUR  397 million), increased by EUR 93 million mainly due to EBITDA performance and lower depreciation compared to YTD Q3 2022 mainly as a result of impairment charges accounted for in HY1 2022. 
  • Growth investments in YTD Q3 2023 were EUR 188 million excluding any net cash received (YTD Q3 2022: EUR 270 million). Growth investments in 2022 included Vopak investment in Aegis-Vopak partnership in India. Proportional growth investments in YTD Q3 2023 were EUR 245 million (YTD Q3 2022: EUR 299 million).
  • Operating capex, which includes sustaining and IT capex, YTD Q3 2023 was EUR 186 million (YTD Q3 2022: EUR 196 million) in line with Vopak’s projections to have a spend of maximum EUR 280 million in FY 2023. Proportional operating capex was EUR 210 million (YTD Q3 2022: EUR 211 million)
  • Cash flow from operating activities increased by EUR 192 million to EUR 723 million compared to YTD Q3 2022 EUR 531 million (36% year-on-year).  The increase was related mainly to positive business performance (EUR 60 million), working capital movements (EUR 62 million) and settlement of derivatives (EUR 93 million). This was partially offset by lower dividend receipts from joint ventures and associates (EUR 23 million).
  • Proportional operating cash flow in YTD Q3 2023 increased by EUR 101 million (20% year-on-year) to EUR 615 million (YTD Q3 2022 EUR 514 million) driven mainly by improved proportional EBITDA performance and partly offset by a negative currency translation impact of EUR 11 million. Proportional operating cash return in YTD Q3 2023 was 14.4% compared to 11.3% in YTD Q3 2022. The increase was due to lessor accounting (0.7%), higher EBITDA contribution and lower average capital employed compared to last year. Proportional operating cash return in Q3 2023 was at 14.1% compared to Q2 2023 at 13.7% mainly due to lower operating capex in YTD 2023.
  • Net profit attributable to holders of ordinary shares -excluding exceptional items- was EUR 304 million (YTD Q3 2022: EUR  206  million). Q3 2023 Earnings per share -excluding exceptional items- continued to improve, Q3 2023 EPS was EUR 2.42 (47% year-on-year) compared to EUR 1.64 in Q3 2022.
  • The total net debt : EBITDA ratio is 2.27x at the end of Q3 2023 compared to Q3 2022: 3.02x and Q2 2023: 2.46x below our ambition to keep net debt to EBITDA in the range of around 2.5-3.0x. 

Exceptional items in YTD Q3 2023 consist of:

  • Partial reversal of impairment charges recorded in 2022, related to the chemical terminal assets in Rotterdam, for an amount of EUR 54.2 million, immediately before classification of these assets as held for sale.
  • Organizational restructuring charges of EUR 10.7 million YTD Q3 2023 (YTD Q2 2023: EUR 2.5 million) for changes in management structure in line with Vopak’s strategic goals mainly include employee termination benefits and advisor costs.
  • A gain of EUR 49.7 million with a tax charge of EUR 28.7 million recognized in Q2 upon completion of the divestment of 100% shareholding in Vopak Terminals Savannah Inc.
  • Adjustment of receivable for Vopak Terminal Hamburg divestment (2019) resulting in a charge of EUR 1.0 million in Q2.


For more information please contact:

Vopak Press: Liesbeth Lans - Manager External Communication,e-mail: global.communication@vopak.comVopak 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 9:30 AM CEST on 25 October 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 Q3 2023 results
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