Vopak
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 coutnries and employs 5637 people. [4] Vopak stores and handles Chemicals, Gas, Oil products and vegoils and biofuels. [5] As service provider, Vopak never owns 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
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
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
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
This tabel is meant to indicate that the companies have plenty of money to make their company more sustainable. Clearly distinguish between Dutch data and international data.
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]
Year | Scope 1 | Scope 2 | Scope 3 |
---|---|---|---|
2015 | 189,3 kilotonnes of CO2 | 260 kilotonnes of CO2 | No report |
2016 | 186,1 kilotonnes of CO2 | 240,4 kilotonnes of CO2 | No report |
2017 | 166,9 kilotonnes of CO2 | 235,4 kilotonnes of CO2 | No report |
2018 | 165,7 kilotonnes of CO2 | 251,7 kilotonnes of CO2 | No report |
2019 | 154,8 kilotonnes of CO2 | 253,7 kilotonnes of CO2 | No report |
2020 | 207 kilotonnes of CO2 | 237 kilotonnes of CO2 | No report |
2021 | 349,3 kilotonnes of CO2 | 227,8 kilotonnes of CO2 | 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. [40]
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. [41] There are no plans for 2030 in the annual report or on the website and no calculations or foundations to the seven lines of actions to become climate neutral in 2050.
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
Recap of the position and influence of the company. Are the climate plans of the company enough to be in line with goals of the Paris Agreement? Is the company doing enough? Are the companies targets realistic?
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. There are no concrete targets for 2030. 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
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 158
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf
- ↑ https://www.vopak.nl/onze-historie?language_content_entity=nl
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 4
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 135
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 136
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 37
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 136
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 158
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 206
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 108
- ↑ https://www.vopak.com/who-we-are/global-directors
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 109
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 223
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 4
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 29
- ↑ https://www.vopak.nl/onze-historie?language_content_entity=nl
- ↑ https://www.uwv.nl/overuwv/Images/uwv-register-now-vijfde-aanvraagperiode.pdf
- ↑ https://www.vopak.com/newsroom/news/gasunie-and-vopak-set-gate-terminal-bv?language_content_entity=en
- ↑ https://www.vopak.nl/rest-van-nederland-bedrijfsmeldingen?language_content_entity=nl
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 78
- ↑ https://www.vopak.com/system/files/royal_vopak_ar_2015_ipdfb_0.pdf p. 9
- ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2016.pdf p. 7
- ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2017.pdfp. 7
- ↑ https://www.vopak.com/system/files/royal_vopak_annual_report_2018_1.pdf p. 7
- ↑ https://www.vopak.com/system/files/vopak_annual_report_2019.pdf p. 28
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 34
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202021.pdf p. 35
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 19
- ↑ https://www.vopak.com/sustainability
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 32
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 79
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 32
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 79
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 65
- ↑ https://www.vopak.com/system/files/Vopak%20Annual%20Report%202020_0.pdf p. 89