Vopak EBITDA increased by 1 percent to €763 million for the year 2014, excluding exceptional items, (2013: €753 million). The group said the result was in line with the earlier indicated outlook of exceeding €740 million.
EBIT decreased by 2 percent to €524 million (2013: €536 million). Net profit attributable to holders of ordinary shares also fell, by 6% to €294 million and earnings per ordinary share (EPS) decreased by 6 percent to €2.31.
Worldwide storage capacity grew during 2014 by 3.3 million cbm to 33.8 million cbm.
During 2014, a net exceptional loss before interest and tax, of €55 million was recognised, due to impairments and other factors and “organisational alignments” as a result of a business review conducted during the first half of 2014.
Vopak now expects to realise an EBITDA (excluding exceptional items) in 2015 greater than the €768 million achieved in 2012. The group had previously stated that it did not expect to reach this goal until 2016.
Chairman Eelco Hoekstra, said last year remained challenging with additional storage capacity added by competitors in specific product-market combinations and continued geopolitical uncertainty. “However, in Q4 we noticed a continuation of some positive developments such as short-term business opportunities related to the developments in oil prices and favourable foreign exchange rate movements compared to our initial estimates made during the first half of the year 2014.