Il gruppo logistico Vopak chiude brillantemente il primo semestre

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)