Vopak reports ‘improved’ results and asset impairment charges

Royal Vopak has reported “improving results in volatile energy markets and good progress on strategic priorities. Improving our financial performance across the portfolio, growing our footprint in gas and industrial in Asia and China and accelerating towards new energies and sustainable feedstocks in Europe.”

EBITDA of EUR 433 million, adjusted for EUR 25 million positive currency translation effects, EBITDA increased by EUR 5 million. Positive revenue developments were offset by higher costs related to surging energy and utility prices. Growth project contribution in the first half 2022 continued to support EBITDA development.

It filed costs of EUR 340 million due to surging energy prices (EUR 17 million), currency translation effect (EUR 13 million) and cost for growth projects and business development.

Royal Vopak CEO Dick Richelle said: “In the first half of 2022, we announced Vopak’s strategic priorities and financial framework on which we acted accordingly. These priorities are:

  • Improve the performance of our portfolio
  • Grow our base in industrial and gas terminals
  • Accelerate towards new energies and sustainable feedstocks

“We revised our assets value and booked asset impairment charges of EUR 468 million. This has no impact on the execution of our strategy, dividend policy or leverage ratio target. We are focused on executing and accelerating the energy transition by taking a proactive approach towards repurposing some of our existing assets.”

He added: “We are advancing well in growing our base in industrial and gas. The successful completion of the Indian joint venture with Aegis, positions us as the largest storage provider for LPG and chemicals in India. On LNG, our Gate terminal is fulfilling an important role in the energy security of Northwest Europe and we were able to increase its sendout capacity by 30 percent. In China we expanded again our industrial terminal capacity. In total we now have a global network of 15 industrial terminals.”

For more info visit www.vopak.com

(Source: Tank News Int., July 28-2022)

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