Dutch Vopak confirms targets ahead of capital markets days

Dec 10, 2014 - Dutch Vopak (AMS:VPK) is still sticking to its previously announced plans and targets for the coming period, the oil storage firm said Tuesday ahead of its capital markets days in the United Arab Emirates this week.

The announced divestment programme of about 15 mainly smaller terminals has already started. Vopak has decided to focus on large hubs in key markets with a structural shortage of storage capacity, and in global gas markets.

The company expects, based on current developments, that its earnings before interest, tax, depreciation and amortisation (EBITDA), excluding extraordinary items, will exceed the EUR-768-million (USD 951.7m) level of 2012 in 2016 at the latest.

Vopak further expects to have structurally reduced its annual costs by about EUR 30 million as of 2016 through productivity and organisational efficiency enhancements. Until then the company will invest some EUR 700 million instead of the initially planned up to EUR 800 million.

(EUR 1.0 = USD 1.239)

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