Il gruppo logistico Vopak chiude brillantemente il primo semestre
Attesa una flessione nella seconda metà del 2001 determinata
dal perdurare del rallentamento dell'economia in Nord America
e in Europa
Nel primo semestre di quest'anno il gruppo olandese Vopak ha realizzato
un utile netto di 94,5 milioni di euro, con un incremento del
21% sullo stesso periodo del 2000. Al positivo risultato, annunciato
oggi, seguirà invece - secondo le previsioni della Vopak
- un secondo semestre in flessione, tanto che l'utile netto a
fine 2001 è stimato analogo a quello dello scorso anno
(160,1 milioni di euro). Secondo Vopak infatti, in base a recenti
dati, in Nord America e in Europa proseguirà il rallentamento
dell'economia e l'incertezza sulle previsioni di ripresa del settore
manifatturiero.
Nei primi sei mesi di quest'anno il fatturato netto è stato
di 3 miliardi di euro (+42%), mentre l'EBITA si è attestato
sui 199,6 milioni di euro (+29%).
Il gruppo ha registrato buoni risultati nel core business dello
stoccaggio e della logistica dei prodotti chimici ed ha proseguito
la dismissione delle attività marittime, che attualmente
rappresentano il 14% del giro d'affari del gruppo, contro il 20%
lo scorso anno. Vopak ha intenzione di portare questa percentuale
al di sotto del 10%.
| In EUR millions | 2001 H1
| 2000 H1 | % |
| Net sales | 3,004.1 | 2,108.2
| 42.5 |
| Group operating income before amortization of goodwill (EBITA)
| 199.6 | 154.7 | 29.0
|
| Net income for ordinary shareholders before amortization of goodwill*
| 94.5 | 78.2 | 20.8
|
| Earnings per ordinary share before amortization of goodwill*
| 1.87 | 1.49 | 25.5
|
| Earnings per ordinary share after amortization of goodwill*
| 1.68 | 1.49 | 13.0
|
* before extraordinary results
(Source: Vopak)
Consolidated income statement
| in EUR millions | First half year
|
| | 2001 | 2000
|
| | | |
| Net sales | 3,004.1 | 2,108.2
|
| Other operating income | 3.1
| -0.8 |
| Total operating income | 3,007.2
| 2,107.4 |
| | | |
| Cost of sales | -2,109.9 |
-1,407.4 |
| Gross margin | 897.3 | 700.0
|
| | | |
| Wages, salaries and social security charges
| 358.1 | 271.2 |
| Depreciation | 83.0 | 67.9
|
| Other operating expenses | 292.1
| 233.0 |
| Total operating expenses | 733.2
| 572.1 |
| | | |
| Operating income | 164.1 |
127.9 |
| | | |
| Income from equity participations | 35.5
| 26.8 |
| Group operating income before amortization of goodwill (EBITA)
| 199.6 | 154.7 |
| | | |
| Amortization of goodwill | -9.5
| - |
| Group operating income after amortization of goodwill (EBIT)
| 190.1 | 154.7 |
| | | |
| Net interest expense | -51.2
| -23.0 |
| Income from ordinary activities before income taxes
| 138.9 | 131.7 |
| | | |
| Income taxes | -45.5 | -42.9
|
| Income from ordinary activities after income taxes
| 93.4 | 88.8 |
| | | |
| Extraordinary income after taxes | 9.4
| - |
| Consolidated net income | 102.8
| 88.8 |
| | | |
| Third-party interest in consolidated net income
| -4.1 | -6.3 |
| Net income | 98.7 | 82.5
|
| | | |
| Dividend on cumulative financing preference shares
| -4.3 | -4.3 |
| | | |
| Net income for holders of common shares |
94.4 | 78.2 |
| | | |
| Earnings per share (before amortization of goodwill)*
| 1.87 | 1.49 |
| | | |
| Fully diluted earnings per share (before amortization of goodwill)*
| 1.87 | 1.48 |
| | | |
| Earnings per share (after amortization of goodwill)*
| 1.68 | 1.49 |
| | | |
| Fully diluted earnings per share (after amortization of goodwill)*
| 1.68 | 1.48 |
* before extraordinary results
(Source: Vopak)
Consolidated balance sheet
| in EUR millions | 30-06-2001
| 31-12-2000 | 30-06-2000
|
| | | | | | | |
| Intangible fixed assets | 391.2
| | - | | -
| |
| Tangible fixed assets | 1,851.5
| | 1,681.3 | | 1,597.1 | |
| Financial fixed assets | 438.9
| | 600.7 | |
467.0 | |
| Total fixed assets | | 2,681.6
| | 2,282.0 | | 2,064.1 |
| | | | | | | |
| Inventories | 512.4 | | 348.4 | | 350.4
| |
| Accounts receivable | 1,312.8
| | 865.8 | |
888.4 | |
| Prepaid expenses and accrued income | 89.5
| | 91.1 | |
96.9 | |
| Securities | 15.0 | | 15.5 | | 16.6
| |
| Cash and cash equivalents | 153.0
| | 115.9 | |
164.1 | |
| Total current assets | |
2,082.7 | | 1,436.7
| | 1,516.4 |
| | | | | | | |
| Amounts owed to banks | 202.2
| | 161.3 | |
203.2 | |
| Current portion of long-term debt | 138.7
| | 109.9 | |
174.8 | |
| Trade accounts and other accounts payable |
1,348.2 | | 955.1
| | 1,020.9 | |
| Dividends | 4.4 | | 74.2 | | 4.4
| |
| Total current liabilities | | 1,693.5 | | 1,300.5
| | 1,403.3 |
| | | | | | | |
| Current assets less current liabilities |
| 389.2 | | 136.2
| | 113.1 |
| | | | | | | |
| Total assets less current liabilities | | 3,070.8 | | 2,418.2
| | 2,177.2 |
| | | | | | | |
| Long-term debt | | 1,501.8
| | 1,095.8 | | 782.3 |
| | | | | | | |
| Provision for deferred tax liabilities |
166.7 | | 134.6 |
| 113.5 | |
| Provision for pensions | 38.8
| | 33.1 | |
29.9 | |
| Other provisions | 240.0 |
| 160.2 | | 205.4
| |
| Total Provisions | | 445.5
| | 327.9 | |
348.8 |
| | | | | | | |
| Third-party interests | 43.0
| | 37.2 | |
46.2 | |
| Stockholders' equity | 1,080.5
| | 957.3 | |
999.9 | |
| Group equity | | 1,123.5
| | 994.5 | |
1,046.1 |
| Total | | 3,070.8
| | 2,418.2 | | 2,177.2 |
| | | | | | | |
| Ratios | | | | | | |
| | | | | | | |
| Return on average capital employed | | 12.0% | | 12.6%
| | 12.8% |
| Current assets: current liabilities | | 1.2 | | 1.1 |
| 1.1 |
| Interest cover (EBITDA: net interest) | | 5.5 | | 8.5 |
| 9.7 |
| Solvency (including subordinated loans) |
| 24.6% | | 28.1%
| | 30.8% |
(Source: Vopak)
Consolidated statement of cash flows
| in EUR millions | First half year
|
| | 2001 |
2000 |
| | | | | |
| Net income | 98.7 | | 82.5 | |
| | | | | |
| Adjustments for: | | | | |
| Depreciation and amortization | 92.5
| | 67.9 | |
| Movements in provisions | 32.2
| | 0.3 | |
| Movements in third-party interests | 3.9
| | 4.4 | |
| Retained income from equity participations |
49.7 | | -12.8 |
|
Gain on sale of property, plant, equipment,
group companies and equity participations
| -37.1 | | 0.8
| |
Movements in working capital (excluding
cash and cash equivalents, short-term credit
and dividend)
| -33.0 | | -32.4
| |
| Net cash flow from operating activities |
| 206.9 | | 110.7
|
| | | | | |
| Net investment: | | | | |
| Property, plant and equipment | -85.1
| | -106.1 | |
| Financial fixed assets | 2.0
| | -10.0 | |
| Group companies (including goodwill) | -341.8
| | 66.2 | |
| Net cash flow from investing activities |
| -424.9 | | -49.9
|
| | | | | |
| Financing : | | | | |
| Net movements in long-term debt and short-term financing
| 274.5 | | 115.2
| |
| Repurchase of shares in own capital | -
| | -45.0 | |
| Issued to holders of option rights | 7.5
| | 2.1 | |
| Dividend distribution | -71.8
| | -69.4 | |
| Net cash flow from financing activities |
| 210.2 | | 2.9
|
| | | | | |
| Net cash flow | | -7.8
| | 63.7 |
| | | | | |
| Exchange and translation differences | | 4.2 | | 1.9 |
| Movements in cash and cash equivalents owing to consolidations and deconsolidations
| | 40.7 | |
-.02 |
| Increase in cash and cash equivalents | | 37.1 | | 65.4
|
(Source: Vopak)
Review of results in 2001 Half Year
Operating income by activity
Oil & Gas Logistics
| in EUR millions | 2001 H1 |
2000 H1 | 2000 |
| Net sales | 145.7 | 139.0
| 292.3 |
| EBITA (earnings before interest, tax and amortization of goodwill)
| 65.3 | 53.5 | 115.0
|
| Average capital employed incl. goodwill |
528.6 | 526.6 | 548.2
|
| Return on capital employed* | 24.7%
| 20.3% | 21.0% |
* including goodwill excluding amortization of goodwill
(Source: Vopak)
Chemicals Logistics
| in EUR millions | 2001 H1
| 2000 H1 | 2000
|
| Net sales | 249.9 | 229.4
| 468.2 |
| EBITA (earnings before interest, tax and amortization of goodwill)
| 66.7 | 53.0 | 111.3
|
| Average capital employed incl. goodwill |
1,045.3 | 955.3 | 973.2
|
| Return on capital employed* | 12.8%
| 11.1% | 11.4% |
* including goodwill excluding amortization of goodwill
(Source: Vopak)
Chemical Distribution North America
| in EUR millions | 2001 H1
| 2000 H1 | 2000 |
| Net sales | 1,712.1 | 1,188.7
| 2,301.2 |
| EBITA (earnings before interest, tax and amortization of goodwill)
| 48.8 | 36.3 | 71.7
|
| Average capital employed incl. goodwill |
1,085.7 | 542.9 | 586.5
|
| Return on capital employed* | 9.0%
| 13.4% | 12.2% |
* including goodwill excluding amortization of goodwill
(Source: Vopak)
Chemical Distribution Europe
| in EUR millions | 2001 H1
| 2000 H1 | 2000
|
| Net sales | 881.3 | 538.3
| 1,063.0 |
| EBITA (earnings before interest, tax and amortization of goodwill)
| 23.1 | 15.4 | 17.4
|
| Average capital employed incl. goodwill |
580.3 | 285.9 | 301.0
|
| Return on capital employed* | 7.9%
| 10.8% | 5.8% |
* including goodwill excluding amortization of goodwill
(Source: Vopak)
|
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