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Terminal operator Royal Vopak has announced that net profit attributable to owners of ordinary shares decreased by 15% to EUR 138.3 million during the first six months of 2014, down from EUR 162.5 million during the corresponding period in 2013.

Net profit attributable to owners of parent, excluding exceptional items, decreased by EUR 25.4 million or 15% to EUR 139.9 million from EUR 165.3 million in the same period of 2013. Of this net profit, EUR 1.6 million was attributable to the holders of financing preference shares compared with EUR 2.8 million in the first six-month period of 2013.

Earnings per ordinary share (EPS) - excluding exceptional items - decreased by 16% to EUR 1.08 (HY1 2013: EUR 1.28). Including exceptional items, the earnings per ordinary share decreased by 22% to EUR 0.99 (HY1 2013: EUR 1.27).

Group operating profit before depreciation and amortization (EBITDA) - excluding exceptional items - and including the net result of joint ventures and associates, decreased by EUR 18.0 million or 5% to EUR 366.5 million from EUR 384.5 million in HY1 2013. Adjusted for adverse currency translation effects of EUR 14.4 million and a number of non-recurring items recognized in HY1 2013 (EUR 11.5 million of which EUR 5.6 million recognized as net result of joint ventures and associates), the EBITDA - excluding exceptional items - increased by EUR 7.9 million.

Group operating profit (EBIT) - excluding exceptional items - amounted to EUR 251.3 million; a decrease of EUR 29.0 million, or 10% compared to EUR 280.3 million in the same period of 2013. This decrease included a negative currency translation effect of EUR 11.2 million.

Vopak’s revenues in the first six months of 2014 amounted to EUR 647.2 million, which was in line with the first six months of 2013 (EUR 648.8 million). The positive contribution of expansion projects commissioned in HY2 2013 and HY1 2014, and the acquisition of Canterm at the end of Q1 2014 were offset by a negative currency translation effect of EUR 20.9 million, and the effect of divestments in the course of 2013 (EUR 6.8 million), Vopak said. The average occupancy rate for Vopak’s subsidiaries (i.e. excluding joint ventures and associates) in HY1 2014 (88%) remained unchanged compared to the same period last year.

During the first half of this year, Vopak's worldwide capacity increased by 1.6 million cubic metres (cbm) to a total of 32.1 million cbm. New capacity was commissioned at, amongst others, Vlaardingen (Netherlands) and Caojing, Zhangjiagang, and Lanshan (all in China). In Pengerang (Malaysia) the first phase of a new terminal was commissioned, dedicated to the storage of oil products. The joint service company Banyan Cavern Storage Services started the operation of 480,000 cbm for the storage of oil products. The acquisition of Montreal East and Quebec terminals in Canada was completed on 27 March 2014.

Commenting on the results, Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak, said: "The first half year of 2014 was characterized by stable demand for our storage services throughout our terminal network in North America, Asia and the Middle East, and continued uncertain market circumstances for some product market combinations in Europe. We worked hard to deliver projects under development, safely and within time and budget. We are excited about the commissioning of the first phase of the new greenfield Pengerang terminal in Malaysia in June. This terminal fits Vopak’s long-term strategic orientation, is fully aligned with future market requirements and offers Vopak excellent opportunities for growth going forward. In July, we announced the investment in Netherlands’ first small scale LNG distribution facilities at the Gate terminal in Rotterdam, together with our partner Gasunie, the Port of Rotterdam and the launching customer Shell.

"We conducted a diligent business review defining the course for our future, of which the results were announced in July. Vopak reiterated its strategic orientation, yet embarked on an alignment of the strategy execution with the current challenges and opportunities. We updated our terminal portfolio criteria for existing terminals and business development activities to enhance capital and organizational efficiencies. We are confident on the roadmap set out and are on track with the step-by-step implementation towards realizing our objectives.

"We expect no material changes in our business climate during the second half of the year and as a result we anticipate our EBITDA - excluding exceptional items - for the year 2014 will exceed EUR 700 million, versus the earlier indicated decline of 5% to 10% of the 2013 EBITDA (EUR 753 million).

"We are proud of our company and continue to strive for the high quality of our daily operations and our customers’ satisfaction, with an ongoing strong focus on service and safety. Following our business review and defined course we will create more value from our core assets and core capabilities and generate long-term robust free cash flow against a balanced risk-return profile for all our stakeholders."