Difference between revisions of "Vopak"

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Revision as of 13:38, 23 March 2022

Koninklijke Vopak N.V.
Bedrijf Logo
Quick Facts
TypePublic
sectorStorage
Headquarters (Benelux Organization)Amsterdam, Netherlands
Year of Origin1999
Emissions (All Scopes)Unknown
Total Revenue1.25 billion EUR (2020)
Stock ExchangeEuronext Amsterdam
Key People
  • Eelco Hoekstra, CEO
  • Gerard Paulides, CFO
  • Frits Eulderink, COO
Number of Employees5637
Subsidiaries
  • 27 joint ventures
  • 8 associates [1]
  • Over 50 subsidiaries [2]

Koninklijke Vopak N.V., stylized as Vopak, was founded in 1999 by merger of Pakhoed and Van Ommeren to Vopak. Vopak’s precursors have existed since 1616. Originally focusing on colonial goods like spices and tea. [3] Vopak is currently the world’s leading independent tank storage company. Vopak has 70 terminals, is active in 23 countries and employs 5637 people. [4] Vopak stores and handles Chemicals, Gas, Oil products and vegoils and biofuels. [5] As service provider, Vopak does not own the products it stores. Vopak is headquartered in Amsterdam. Vopak shares are listed on the Amsterdam Stock Exchange. [6] Vopak’s operating income was 1.25 billion euro’s. [7] Vopak’s net profit was 330.5 million euro. [8] Vopak’s effective tax rate was 17.3%. [9] Vopak’s balance sheet value is 6.5 billion euro. [10]

Company Structure

Vopak is headquartered in Amsterdam. Vopak shares are listed on the Amsterdam Stock Exchange. [11] Vopak is originally a Dutch company and therefore headquartered in the Netherlands. Vopak has 27 joint ventures and 8 associates. [12] Vopak has over 50 subsidiaries. [13] Vopak employs a two-tier structure where the Executive board leads the global divisions and is overseen by a supervisory board. [14]

Board of Directors

Executive Board [15]
Name Function Remuneration x1000 EUR
Eelco Hoekstra Chief Executive Officer 2220
Gerard Paulides Chief Finanacial Officer 1574
Frits Eulderink Chief Operations Officer 1461

Global team of directors

Global team of directors [16]
Name Function
Patrick van der Voort President Europe & Africa
Michiel Gilsing President Asia & Middle East
Yan Chen President China & North Asia
Chris Robblee President Americas
Kees van Seventer President LNG

Supervisory Board

Supervisory Board [17]
Name Function Remuneration x1000 EUR
Ben Nooteboom Chairman 111.5
Mel Groot Vice-chairman 78.5
Nicoletta Giadrossi Member 77
Ben van der Veer Member 80
Lucrere Foufopoulos - De Ridder Member 80.5
Rien Zwitserloot Member 75

Accountant

Vopak’s external accountant is Deloitte. [18]

Main Activities

Vopak is currently the world’s leading independent tank storage company. [19] Vopak stores and handles Chemicals, Gas, Oil products and vegoils and biofuels [20] As service provider, Vopak never owns the products it stores. [21]

Government

To what extent can the government influence company policy? (shareholder, licensing authority, client etc.) Has company received NOW support or royal status?

Vopak’s precursors VOC and Pakhoed received royal status in respectively 1989 and 1991. Although it was uncommon for merger companies to keep their royal status, Vopak was allowed to keep it after 1999. [22] Vopak has not received NOW support during corona times. [23] There is no evidence of a direct (financial) relationship between the Dutch state and Vopak. However the GATE terminal in Rotterdam is exploited by a joint cooperation of Vopak and Gasunie, and also came to existance through an investment of both companies and was opened by Queen Beatrix in 2008. Gasunie is fully owned by the Dutch state. [24] The Dutch government does have the possibility to influence Vopak through the environmental laws in place. For specific locations, Vopak makes public whenever a breach or incident regarding environmental laws has occured [25]

Paris Agreement to Today

Since the climate accord of 2015, no progression has been booked in total emissions nor in emission intensity. [26]

Financial Results since 2015

As this table indicates, Vopak is a very rendable company with plenty or resources for sustainability efforts.

Financial situation
Year Revenue Profit (group operating profit, EBIT) Net Profit attributable to shareholders Dividend paid in cash
2015 [27] 1,386 billion EUR 549,2 million EUR 282,2 million EUR 118,1 million EUR
2016 [28] 1,346 billion EUR 759,3 million EUR 534 million EUR 127,5 million EUR
2017 [29] 1,3059 billion EUR 422,5 million EUR 235,4 million EUR 133,9 million EUR
2018 [30] 1,2545 billion EUR 481,7 million EUR 254,5 million EUR 134 million EUR
2019 [31] 1,2526 billion EUR 747,8 million EUR 571 million EUR 140,5 million EUR
2020 [32] 1,190 billion EUR 489,9 million EUR 300,9 million EUR 146,1 million EUR
2021 [33] 1227,9 billion EUR 409,7 million EUR 214,2 million EUR 150,5 million EUR

Current Policies and Emissions

Description of the emissions per scope. Critical analysis of (missing) information based on GHG protocol (probably most relevant for scope 3). Describe current climate policies of companies and possible reduction trends.

Vopak’s ambition is to be the sustainability leader in our industry and live up to its purpose: storing vital products with care. [34]

Vopak claims to go beyond legally required minimum standards in many occasions. Vopak uses the American Petroleum Institute’s recommended practice for the refinery and petrochemical industries as their environmental management process. [35] Vopak has the ambition to be climate neutral by 2050. [36]

In 2020, according to its own rapportations Vopak’s scope 1 and 2 greenhouse gas emissions totaled 444,150 metric tons (0,444 mton), up 9% from 2019 due to the changes in the portfolio. Both emission intensity per storage capacity as well as per revenu has gone up as well. [37] Vopak has the ambition to be climate neutral by 2050. [38] There is no reports for the scope 3 emission. Vopak plans to include scope 3 emissions from construction sites in their reports by 2021. [39]

Total emissions of CO2 (in megatonnes)
Year Scope 1 Scope 2 Scope 3
2015 [40] 0.19 0.26 No report
2016 [41] 0.19 0.24 No report
2017 [42] 0.17 0.24 No report
2018 [43] 0.17 0.25 No report
2019 [44] 0.15 0.25 No report
2020 [45] 0.2 0.24 No report
2021 [46] 0.35 0.23 No report

Climate Plans

Description of the climate plans of the company, with special focus on the goals for 2030 and 2050. Make sure to include the baseyear for their targets. Do the goals take the entire company and all scopes into account?

Vopak's ambition is to be climate neutral by 2050 and to remain the industry leader in sustainability in the period up to 2030 and 2050. Increase energy efficiency and seek opportunities for renewables. [47]

Vopak has defined seven lines of action to play its role in the energy transition:

  • Switching to cleaner and/or renewable fuels
  • Energy efficiency through smarter process operations
  • Minimize commercial incentives to increase our carbon footprint
  • Develop and use renewable energy
  • For new terminals, heating and vapor treatment equipment should be based on carbon neutral technology where possible
  • Introduce internal carbon pricing in investment proposals
  • Carbon capture, storage and reuse of Scope 1 emissions

Vopak plans to develop its business in support of the Paris climate goals. [48] In the annual report over 2021 for the first time Vopak has defined a climate goal for 2030. Vopak's target for 2030 is to reduce emissions by 30% in comparison to 2021. The ambition for 2050 is climate neutrality [49] However, plans to back up these targets are not found in the annual report or on the website.

Due Diligence

Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.

Scandals and controversies

Any dirt on the companies can be added here.

Conclusion

Vopak is a leading player in its field and its active worldwide. It has a strategic position on the enrgy market. Vopak has ambitious ambitions with regard to sustainability, but in the years since the Paris Agreement hasn’t made progress on these ambititons. This reduces credibility. Vopak strives to be climate neutral in 2050. Vopak defined seven lines of actions to get there, but no foundation to these lines of action are provided. Since 2021, Vopak has the ambition to reduce emissions in 2030 by 30% in comparison to 2021. There are no plans (yet) to back up this ambition. Vopak currently does not report its scope 3 emissions. There is a lot to gain for Vopak to get in line with the Paris Agreement of 2015.

References

  1. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 158
  2. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf
  3. ↑ https://www.vopak.nl/onze-historie?language_content_entity=nl
  4. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 4
  5. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
  6. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
  7. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 135
  8. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 136
  9. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 37
  10. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 136
  11. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
  12. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 158
  13. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 206
  14. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
  15. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 108
  16. ↑ https://www.vopak.com/who-we-are/global-directors
  17. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 109
  18. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 223
  19. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 4
  20. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
  21. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
  22. ↑ https://www.vopak.nl/onze-historie?language_content_entity=nl
  23. ↑ https://www.uwv.nl/overuwv/Images/uwv-register-now-vijfde-aanvraagperiode.pdf
  24. ↑ https://www.vopak.com/newsroom/news/gasunie-and-vopak-set-gate-terminal-bv?language_content_entity=en
  25. ↑ https://www.vopak.nl/rest-van-nederland-bedrijfsmeldingen?language_content_entity=nl
  26. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 78
  27. ↑ https://www.vopak.com/system/files/royal_vopak_ar_2015_ipdfb_0.pdf p. 9
  28. ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2016.pdf p. 7
  29. ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2017.pdfp. 7
  30. ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2018_1.pdf p. 7
  31. ↑ https://www.vopak.com/system/files/vopak_annual_report_2019.pdf p. 28
  32. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 34
  33. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202021.pdf p. 35
  34. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 19
  35. ↑ https://www.vopak.com/sustainability
  36. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 32
  37. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 79
  38. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 32
  39. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 79
  40. ↑ https://www.vopak.com/system/files/royal_vopak_ar_2015_ipdfb_0.pdf p. 71
  41. ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2016.pdf p. 76
  42. ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2017.pdf
  43. ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2018_1.pdf p. 64
  44. ↑ https://www.vopak.com/system/files/vopak_annual_report_2019.pdf p. 58
  45. ↑ https://www.vopak.com/system/files/Vopak Annual Report 2020_0.pdf p. 65
  46. ↑ https://www.vopak.com/system/files/Vopak Annual Report 2021.pdf p. 85
  47. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 65
  48. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 89
  49. ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202021.pdf p. 85
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