Half Year 2024 Koninklijke Vopak NV Earnings Call Transcript
Key Points
- Koninklijke Vopak NV (VOPKF) reported a strong demand for its services, achieving a proportional occupancy rate of 92%.
- The company saw a 10% increase in proportional EBITDA, reaching EUR599 million, when adjusted for divestment impacts.
- Operating cash return improved from 14.6% last year to 16.7%, driven by lower average capital employed and positive contributions from growth projects.
- Significant investments were made, including a large-scale LPG export facility in Canada and expansions in industrial complexes in Saudi Arabia and China.
- The company recorded a 15% decrease in Scope 1 and 2 emissions year-on-year, mainly by purchasing green electricity and further electrifying operations.
- Chemical markets continue to be oversupplied, impacting the demand for storage infrastructure.
- The company's personal safety performance was slightly below the same period last year.
- Proportional occupancy decreased slightly in the second quarter compared to the first quarter, particularly in China and the Netherlands.
- Corporate costs increased in Q2 due to higher personnel and insurance costs.
- The market for low carbon fuels like renewable diesel is in oversupply, affecting short-term economics despite long-term demand being robust.
Good morning everyone and welcome to our half year 2024 results analyst call. My name is Fatjona Topciu, Head of IR. Today, our CEO, Dick Richelle; and CFO, Michiel Gilsing, will guide you through our latest results. We will refer to first half 2024 analyst presentation, which you can follow on screen and download from our website. After the presentation, we will have the opportunity for the Q&A. A replay of the webcast will be made available on our website as well.
Before we start, I would like to refer to the disclaimer content on the forward-looking statements, which we are familiar with. I would like to remind you that we may make forward-looking statements during the presentation, which involves certain risks and uncertainties. Accordingly, this is applicable to the entire call, including the answers provided to questions during the Q&A part. And with that, I would like to hand over the call to Dick.
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