Vopak warns of 2016 EBITDA target

Dec 10, 2013 - Dutch oil storage firm Royal Vopak (AMS:VPK) said Tuesday at its Capital Markets Day it was unlikely to achieve the targeted EUR 1 billion (USD 1.4bn) in earnings before interest, tax, depreciation and amortisation (EBITDA), excluding one-offs, by 2016.

The company explained the profit warning with the uncertain timing of new profitable expansion projects, saying more details would be available in the second half of 2014.

The oil storage firm further stated its EBITDA, excluding exceptional items, would amount to EUR 750 million this year, which was in line with the previously announced range of EUR 730 million to EUR 780 million.

The challenging market conditions will, however, prevent it from reaching next year the record EUR-768-million EBITDA from 2012.

Vopak reiterated today that fourth-quarter EBITDA, excluding one-offs, was unlikely to exceed the level achieved in the third quarter of 2013. The figure then stood at EUR 185.6 million.

(EUR 1.0 = USD 1.375)

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