BRIEF-Koninklijke Vopak Announces Capital Markets Update

  • Reuters
  • Stock Market News
BRIEF-Koninklijke Vopak Announces Capital Markets Update
Credit: © Reuters.

Nov 27 (Reuters) - KONINKLIJKE VOPAK NV VOPA.AS :

* 2017-2019 STRATEGY EXECUTION, SET TOWARDS FURTHER GROWTH AND PERFORMANCE DELIVERY IS WELL ON TRACK

* COMMISSIONING OF NEW CHEMICAL CAPACITY IN DEER PARK, HOUSTON, THE UNITED STATES, STARTS THIS WEEK

* VOPAK IS CONFIDENT THAT IT WILL DELIVER SHORT-TERM PERFORMANCE

* VOPAK WILL UPDATE ITS DIVIDEND POLICY

* IN THE 2017-2019 PERIOD, WILL INVEST MINIMUM OF EUR 950 MILLION IN GROWING ITS WELL-DIVERSIFIED PORTFOLIO AND NEW INVESTMENT DECISIONS MAY ADD TO THIS NUMBER

* MAJOR EXPANSION PROJECTS ARE CURRENTLY UNDER DEVELOPMENT IN MALAYSIA, CANADA, BRAZIL, AND SOUTH AFRICA

* VOPAK AIMS TO DELIVER STRONG CASH FLOW GENERATION AND IS COMMITTED TO A DISCIPLINED CAPITAL ALLOCATION

* FOCUS ON CAPITAL EFFICIENCY RESULTS IN AN EXPECTED RETURN ON CAPITAL EMPLOYED (ROCE) BETWEEN 10% AND 15%

* TARGETS A ROBUST BALANCE SHEET WITH SUFFICIENT FINANCIAL FLEXIBILITY WITHIN A LEVERAGE RANGE OF 2.5 TO 3.0 TIMES NET DEBT TO EBITDA AND CAN FOR A PERIOD BE OUTSIDE THIS RANGE DEPENDING ON CAPITAL ALLOCATION CHOICES

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