Shaping the future Half Year Report 2023

Storing vital products with care

Forward-looking statements

Any statement, presentation or other information contained herein that relates to future events, goals or conditions is, or should be considered, a forward-looking statement.

Although Vopak believes these forward-looking statements are reasonable, based on the information available to Vopak on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on these forward-looking statements. Vopak's outlook does not represent a forecast or any expectation of future results or financial performance. The actual future results, timing and scope of a forward-looking statement may vary subject to (amongst others) changes in laws and regulations including international treaties, political and foreign exchange developments, technical and/or operational capabilities and developments, environmental and physical risks, (energy) resources reasonably available for our operations, developments regarding the potential capital raising, exceptional income and expense items, changes in the overall economy and market in which we operate, including actions of competitors, preferences of customers, society and/or the overall mixture of services we provide and products we store and handle.

Vopak does not undertake to publicly update or revise any of these forward-looking statements.

Financial calendar

25 October 2023
1 November 2023
14 February 2024
24 April 2024

25 October 2023 Publication of 2023 third-quarter interim update 1 November 2023 Analyst & Investor day 14 February 2024 Publication of 2023 annual results 24 April 2024 Publication of 2024 first-quarter interim update

About Royal Vopak

Royal Vopak is the world's leading independent tank storage company. We store vital products with care. Products for everyday life. The energy that allows people to cook, heat or cool their homes and for transportation. The chemicals that enable companies to manufacture millions of useful products. The edible oils to prepare food. We take pride in improving access to cleaner energy and feedstocks for a growing world population, ensuring safe, clean and efficient storage and handling of bulk liquid products and gases at strategic locations around the world. We are excited to help shape a sustainable future by developing infrastructure solutions for new vital products, focusing on zero- and low-carbon hydrogen, ammonia, CO 2, long duration energy storage and sustainable feedstocks. We have a track record of over 400 years in navigating change and are continuously investing in innovation. On sustainability, we are ambitious and performance driven, with a balanced roadmap that reflects key topics that matter most to our stakeholders and where we can have a positive impact for people, planet and profit and the United Nations Sustainable Development Goals. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit www.vopak.com

For more information please contact:

Vopak Press: Liesbeth Lans - Manager External Communication, e-mail: [email protected]

Vopak Analysts and Investors: Fatjona Topciu - Head of Investor Relations, e-mail: [email protected]

The analysts' presentation will be held via an on-demand audio webcast on Vopak's corporate website www.vopak.com, starting at 10:00 am CEST on 28 July 2023. This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.

Interim Management Report

Key highlights HY1 2023
Shaping the future

Key performance figures
Financial review
Risks and risk management
Product market developments
Sustainability review
Terminal portfolio and storage capacity developments
Results HY1 2023 by division
Statement by the Executive Board

Key highlights HY1 2023

Rotterdam, the Netherlands, 28 July 2023

Q2 2023	Q1 2023		Q2 2022 In EUR millions	HY1 2023	HY1 2022
359.0	361.8	338.0	Revenues	720.8	662.1
			Results -excluding exceptional items
245.2	249.0	219.4	Group operating profit / (loss) before depreciation and amortization (EBITDA)	494.2	432.5
163.5	168.6	130.9	Group operating profit / (loss) (EBIT)	332.1	256.7
103.5	103.1	53.5	Net profit / (loss) attributable to holders of ordinary shares	206.6	128.2
0.83	0.82	0.42	Earnings per ordinary share (in EUR)	1.65	1.02
			Results -including exceptional items
291.4	249.0	-245.0	Group operating profit / (loss) before depreciation and amortization (EBITDA)	540.4	- 31.9
209.7	168.6	-333.5	Group operating profit / (loss) (EBIT)	378.3	- 207.7
121.0	103.1	-410.5	Net profit / (loss) attributable to holders of ordinary shares	224.1	- 335.8
0.97	0.82	-3.28	Earnings per ordinary share (in EUR)	1.79	-2.68

220.2	219.7	214.0	Cash flows from operating activities (gross excluding derivatives)	439.9	383.1
250.8	227.0	189.4	Cash flows from operating activities (gross)	477.8	339.6
77.1	-103.1	-176.0	Cash flows from investing activities (including derivatives)	- 26.0	- 270.8
			Additional performance measures
292.2	294.1	267.1	Proportional EBITDA -excluding exceptional items-	586.3	520.8
22.0	22.1	22.3	Proportional capacity end of period (in million cbm)	22.0	22.3
91%	92%	87%	Proportional occupancy rate	91%	86%
36.4	36.6	36.7	Storage capacity end of period (in million cbm)	36.4	36.7
91%	92%	87%	Subsidiary occupancy rate	91%	85%

13.7%	15.4%	11.1%	Proportional operating cash return	14.6%	11.4%
12.6%	12.6%	9.3%	Return on capital employed (ROCE)	12.6%	9.2%
5,095.9	5,223.0	5,538.7	Average capital employed	5,157.7	5,474.8
2,852.8	2,946.5	3,211.4	Net interest-bearing debt	2,852.8	3,211.4
2.27	2.49	2.86	Senior net debt : EBITDA	2.27	2.86
2.46	2.69	3.06	Total net debt : EBITDA	2.46	3.06

Proportional operating cash return is defined as proportional operating cash flow over average proportional capital employed and reflects the increased importance of free cash flow and joint ventures in our portfolio. Proportional operating cash flow is defined as proportional EBITDA minus IFRS 16 lessee minus proportional operating capex, which is defined as sustaining and service capex plus IT capex. Proportional operating cash flow is pre-tax, excludes growth capex and derivative and working capital movements. Proportional capital employed is defined as proportional total assets excluding assets and current liabilities not related to operational activities, excluding IFRS 16 lessee. As of Q4 2022, Operating Cash Return includes the cash flow from lessor accounting (gross customer receipts minus interest income). Note: All financial metrics in key highlight section exclude exceptional items

Key highlights HY1 2023

Improve:

EBITDA in HY1 2023 of EUR 494 million. FY 2023 outlook confirmed.
Repurposing part of capacity into vegetable oil storage in Deer Park terminal, Houston.
Completed divestment of Savannah terminal, Colombian chemical terminals classified as held for sale, strategic review of Vopak's three chemical terminals in the Port of Rotterdam is in progress.

Grow:

Solidifying our leading industrial terminal position in Singapore with additional pipeline connections.
Established 50/50 partnership with AltaGas to study a large-scale LPG export facility in West Canada.
Strengthening Vopak's leading position in India through four expansions in LPG and liquid products.
Developing LNG infrastructure in the Netherlands to increase gas supply security in Europe.

Accelerate:

Commissioned new infrastructure in the port of Rotterdam related to waste-based feedstocks.
Successfully completed the acquisition of a prime location in the Port of Antwerp for new energies and sustainable feedstocks.

Royal Vopak Chief Executive Officer Dick Richelle, said:

"During the first half year of 2023 the demand for our services was strong, reflected by an occupancy of 91%. EBITDA increased 14% compared with last year, mainly driven by organic growth across most of the divisions. We continued to make good progress on our strategy to improve our financial and sustainability performance, to grow our base in industrial and gas terminals, and to accelerate towards new energies and sustainable feedstocks. Our well diversified portfolio combined with our new simplified organizational structure, positions us well to continue to execute this strategy. We confirm FY 2023 outlook, as we remain

focused on long-term value creation through disciplined and balanced capital allocation."

Financial Highlights for HY1 2023 - excluding exceptional items

Revenues increased to EUR 721 million (HY1 2022: EUR 662 million) despite a divestment impact of EUR 25 million and unfavorable currency translation effects of EUR 2 million.

Proportional revenues increased to EUR 967 million (HY1 2022: EUR 886 million). During HY1 2023 the oil markets were dominated by volatility, rebalancing of trade flows and supply security concerns which supported overall storage demand. Growth in global industrial production continued to slow down, impacting global chemical production. In Europe, this led to an increased need for chemical imports. A slower than expected recovery related to China's reopening has resulted in a bearish sentiment in the industry for the second half of 2023. Throughput levels in our industrial terminals remain stable and we foresee limited impact due to our established and well diversified industrial portfolio in China. Gas markets (LNG) normalized in 2023 after the disruption of the Russia Ukraine war. In addition growth projects contribution further supported revenue.

Proportional occupancy rate at Q2 2023 was 91% (Q1 2023: 92%). Occupancy in the Europe & Africa division and the Asia & Middle East division remained strong.

Costs increased by EUR 10 million to EUR 350 million (HY1 2022: EUR 340 million) mainly due to increased energy costs, personnel expenses and higher operating expenses, including the cost of growth projects. The increase was partially offset by a positive divestment impact. Compared to Q1 2023 (EUR 175 million), costs were broadly flat as the increase in personnel expenses was offset by a decrease in energy costs.

EBITDA increased by EUR 61 million (14% year-on-year) to EUR 494 million (HY1 2022: EUR 433 million) driven by organic growth across most of the divisions, growth project contribution (EUR 10 million) partially offset by higher costs and divestment impact (EUR 8 million) and negative currency translation effects (EUR 2 million).

Proportional EBITDA increased to EUR 586 million (HY1 2022: EUR 521 million).

Proportional EBITDA margin in HY1 2023 was at 57.4% (HY1 2022: 55.5%) an improvement reflecting good business conditions and our commercial ability to seize and capitalize on the various market opportunities despite the high inflationary and cost environment.

EBIT of EUR 332 million (HY1 2022: EUR 257 million), increased by EUR 75 million mainly due to EBITDA performance and lower depreciation compared to HY1 2022 mainly as a result of impairment charges accounted for in HY1 2022.

Growth investments in HY1 2023 were EUR 149 million excluding any net cash compensation received (HY1 2022: EUR 240 million). Growth investments in 2022 include Vopak investment in Aegis-Vopak partnership in India. Proportional growth investments in HY1 2023 were EUR 184 million (HY1 2022: EUR 249 million).

Operating capex, which includes sustaining and IT capex, in HY1 2023 was EUR 120 million (HY1 2022: EUR 117 million) while proportional operating capex was EUR 138 million (HY1 2022: EUR 126 million) in line with Vopak's ambition to have a maximum spend of EUR 300 million in FY 2023.

Cash flow from operating activities increased by EUR 138 million to EUR 478 million compared to HY1 2022 EUR 340 million. The increase was related mainly to positive business performance (EUR 53 million), working capital movements (EUR 63 million) and derivatives as financial instruments adjustments (EUR 81 million) partially offset by the lower dividend receipts from joint ventures and associates (EUR 59 million) due to one-off dividends received last year from PT2SB and Fujairah joint ventures.

Proportional operating cash flow in HY1 2023 increased by EUR 68 million (20% year-on-year) to EUR 415 million (HY1 2022 EUR 347 million) driven mainly by improved proportional EBITDA performance and partly offset by a negative currency translation impact of EUR 4 million. Proportional operating cash return in HY1 2023 was 14.6% compared to 11.4% in HY1 2022. Proportional operating cash return in

Q2 2023 was at 13.7% compared to Q1 2023 at 15.4% due to seasonal lower operating capex in Q1 2023. Proportional operating cash return from FY 2022 includes lessor accounting. The change in the methodology of calculating proportional operating cash return provides better insight into the cash generation of the business.

Net profit attributable to holders of ordinary shares was EUR 207 million (HY1 2022: EUR 128 million).

The total net debt: EBITDA ratio is 2.46x at the end of Q2 2023 (Q2 2022 : 3.06x) in line with our ambition to keep net debt to EBITDA at the lower end of the range of around 2.5-3.0x. Total net debt includes the senior net debt (EUR 1,960 million) and subordinated debt (EUR 166 million).

Exceptional items in HY1 2023 consist of:

A gain of EUR 21 million, net of tax charge of EUR 29 million, was recognized upon completion of the divestment of 100% shareholding in Vopak Terminals Savannah Inc.
Organizational restructuring charges incurred for EUR 3 million for changes in management structure in line with Vopak's strategic goals. Vopak expects to incur organizational restructuring charges in the remainder of the year of approximately EUR 10 million in total.
Adjustment of receivable for Vopak Terminal Hamburg divestment (2019) resulted in a charge of EUR 1 million.

These items have no impact on the leverage ratio and covenants level.

Strategic update

The deployment of growth capex towards our strategic goals is going well with growth in industrial and gas and an acceleration towards new energies. A summary of the progress during 2022 and HY1 2023:

Projects that Vopak has taken a Final Investment Decision on since June 2022
Name, Country	Share (%)	Capacity	COD 1	Equity Investment (EUR million)
Improve financial and sustainability performance
Eurotank, Belgium	100%	41k cbm	Q4 2024	70
Deer Park, United States	100%	75k cbm	HY1 2024/Q1 2026	58
Total				128
Grow the base in industrial and gas terminals
Aegis Vopak Terminals, India 2	49%	1.3m cbm	Q2 2022	174
Caojing, China	50%	110k cbm	Q1 2025	-
Aegis Vopak Terminals, India	49%	349k cbm	2025	95
Banyan Terminals, Singapore	70%	NA	HY1 2025	15
Total				284
Accelerate towards new energies and sustainable feedstocks
Los Angeles, United States	100%	148k cbm	Q2/Q3 2023	30
Antwerp, Belgium	100%	NA	TBC	-
Total				30

The investment amount in EUR is excluding capitalized interest.

1 Commercial Operation Date.

2 Vopak announced its intention to form a joint venture with Aegis in June 2021, and the completion of this transaction was in May 2022.

Vopak uses the following methodology in defining the operating cash return; the operating cash return is "in line" with company operating cash return target if the project return is around 12%; "accretive" to company operating cash return target if the return is between 12% and 15% and "attractive" if the return is above 15%.

Improve

In the United States, Vopak has taken a Final Investment Decision (FID) to repurpose and build ~75k cbm vegetable oil storage in Deer Park terminal.

The total investment is approximately EUR 58 million and is underpinned by a long-term commercial agreement. The new capacity is expected to be commissioned in phases with the first phase ready in HY1 2024 and the second phase by Q1 2026. The new capacity will provide attractive operating cash return upon completion.

In the United States, Vopak has completed the divestments of its terminal in Savannah. The cash and debt free enterprise value of the transaction amounts to EUR 101 million and the cash proceeds net of transaction costs are EUR 96 million. Vopak reported an exceptional gain in the first half year of 2023 of EUR 21 million. FY 2022 EBITDA of Savannah terminal was approximately EUR 9 million. The impact of this divestment is not material for Vopak's 2023 outlook.

In Colombia, Vopak received offers for the divestment of 100% of the shares in Vopak Colombia S.A. Vopak has the intention to divest the Barranquilla and Cartagena chemical terminal. The two terminals were identified as held for sale as per 30 June 2023.

The divestment of Savannah and Colombian chemical terminals is in line with Vopak's strategic goals to actively manage the portfolio towards infrastructure investments that support the long-term cash flow profile and return ambitions of the company.

In the Netherlands, the strategic review of Vopak's three chemical terminals in the Port of Rotterdam is in progress.

In China, our joint venture in Caojing (Vopak Shanghai Logistics) has successfully finalized a non-recourse project financing related to the expansion of Caojing terminal with 110k cbm (as previously announced) on competitive terms. The facility is approximately EUR 73 million and has a tenure of 14 years.

In Malaysia, our joint venture PITSB has successfully refinanced the maturing project financing of our terminal in Pengerang, Malaysia. The new facility is sustainability linked and approximately SGD 330 million (~EUR 225 million). The refinancing eliminates the shareholder guarantee, creates more dividend upstreaming opportunities and contains better financing terms and conditions. Following the successful refinancing Vopak has received a dividend amount of approximately EUR 47 million in Q2 2023 out of the total of EUR 56 million in 2023. The remaining balance was received in July 2023.

In Singapore, Vopak has successfully completed the refinancing of its maturing debt on 7 July 2023. The new SGD 225 million (~EUR 151 million) financing which has replaced the maturing debt is sustainability linked and consists of a Term Loan and a Revolving Credit Facility.

Vopak has finalized the agreement for a new debt issuance for a total amount of USD 225 million and EUR 193 million as announced on 24 April 2023. The proceeds of this US Private Placement were received in June and have been used to repay outstanding US Private Placement notes matured in June 2023 and drawings under the EUR 1 billion Revolving Credit Facility (RCF). The program will further align the well spread debt maturity profile of Vopak's outstanding debt and it provides maximum flexibility under the current RCF which was fully available as per half-year end. The first extension option of one year has been successfully exercised and as a result the RCF is available for the next 5 years up to June 2028.

Vopak has successfully reached an agreement to amend and align all existing Private Placement Note programs resulting in an increase of our senior net debt to EBITDA covenant from 3.75x to 4.0x.

Grow in industrial and gas

In Singapore, Vopak has taken a Final Investment Decision (FID) to create a long-term industrial integration between Banyan terminal and an existing customer in their new industrial plant. The total investment is around EUR 15 million underpinned by a long-term commercial contract.

Vopak will invest in new and repurposing existing industrial pipeline connections, adjusting some of the existing storage capacity as well as a new trucking facility. The investment is expected to be commissioned in the HY1 2025.

In Canada, Vopak announced in April 2023 that it has formed a new 50/50 partnership to evaluate a large-scale liquefied petroleum gas (LPG) and bulk liquids export facility in Prince Rupert.

In India, Vopak announced in April 2023 that it is strengthening its leading position through expansions in LPG and liquid products with 4 growth projects in existing locations in Haldia, Mangalore and Pipavav.

In India, Aegis Vopak joint venture has commissioned 51k cbm of liquid storage in Haldia. This capacity is related to the investment decision taken in April 2023 and is in line with the joint venture ambition to be a leader in gas and chemicals storage in India.

In the Netherlands, Vopak announced in April 2023 that it is developing LNG infrastructure to enhance gas supply security in Europe.

Vopak and Gasunie entered into a principle agreement whereby Vopak will acquire 50% of the shares in EemsEnergyTerminal B.V. Vopak expects to reach completion of this transaction by the end of 2023.

Gate terminal successfully closed the open season for the 4th LNG tank. Gate will continue to develop this project, including financing with the aim to reach FID by September 2023.

In Hong Kong, Vopak announced on 11 April 2023 that it would no longer make use of the share rights of 49.99% of FSRU in Hong Kong.

Accelerate towards new energies & sustainable feedstocks

In the Netherlands, in May 2023 Vopak commissioned new infrastructure (64K cbm) designed to store waste-based feedstocks for the production of biodiesel and sustainable aviation fuel, which will help to meet the rising demand for energy from renewable sources in Europe.

Vopak Vlaardingen has a long-term commercial agreement with Shell to store the feedstocks for Shell's new biorefinery in Rotterdam. Shell's biorefinery will be one of Europe's largest Sustainable Aviation Fuel (SAF) production facilities, producing SAF and renewable diesel from waste materials such as used cooking oil, waste animal fat, and other residual products.

In 2021, Vopak started repurposing part of the terminal for waste-based feedstocks that supports the energy transition. Vopak has invested approximately EUR 90 million in new infrastructure which further diversifies the Vlaardingen portfolio with state-of-the-art assets.

In Belgium, Vopak has successfully completed the acquisition of the shares of Vopak Energy Park Antwerp N.V. giving it access to a prime location in Europe's leading petrochemical cluster entailing a large industrial plot of 105 hectares which offers deep sea water access and river, road, rail and pipeline connectivity into Northwest Europe.

Vopak will reconfigure the concession with the primary aim of making a positive contribution to the decarbonization of the industrial cluster on the Antwerp port platform. Where required, soil remediation will take place in close consultation with internal and external experts and authorities.

Furthermore, the Port of Antwerp-Bruges and Vopak will continue their discussions to structure their common strategic ambition which is to jointly develop a new green energy hub. The short-term impact on our operating cash return is neutral.

In the Netherlands, Vopak and Hydrogenious LOHC Technologies announced in January 2023 an agreement for hydrogen storage, transport and supply, based on Hydrogenious Liquid Organic Hydrogen Carrier (LOHC) technology.

Outlook

Vopak confirms its outlook for FY 2023 as summarized below:

	Outlook	Timeframe
EBITDA (excl. exceptional items)	above EUR 950 million	FY 2023
Consolidated growth capex	around EUR 300 million	FY 2023
Consolidated operating capex	max EUR 300 million	FY 2023
Proportional operating cash return	above 12%	FY 2023 and beyond

EBITDA (excluding exceptional items) outlook for FY 2023 is expected to be above EUR 950 million. The storage demand indicators in oil markets are expected to remain favorable through 2023 and are expected to support EBITDA development. The storage demand indicators in chemical and gas markets are expected to remain broadly stable for the remainder of the year. The outlook factors in volatility in energy prices, inflation and pressure from labor costs are expected for the remainder of the year.

The FY 2023 EBITDA outlook of above 950 million is equivalent to an expected FY 2023 Proportional EBITDA outlook of above EUR 1,140 million. Vopak's assumptions for EUR/USD is 1.093 and for EUR/SGD 1.447 based on the closing rates of 30 June 2023.

Consolidated growth investments outlook for FY 2023 is expected to be around EUR 300 million subject to currency exchange movements, additional discretionary decisions, policy changes and regulatory environment. This outlook is in line with Vopak's long-term commitment to invest EUR 1 billion in industrial and gas terminals by 2030 and EUR 1 billion in new energies and sustainable feedstocks. The allocation of these investments will be through existing committed and new business development projects.

Consolidated operating capex outlook for FY 2023 which includes sustaining and IT capex is expected to be a maximum of EUR 300 million subject to currency exchange movements, additional discretionary decisions, policy changes and the regulatory environment.

Proportional operating cash return is expected to be above 12% in 2023. The outlook is subject to market conditions and currency exchange movements. Going forward, Vopak expects to maintain an operating cash return of above 12%.

Vopak will host its Analyst & Investor Day on 1 November 2023 in Rotterdam, the Netherlands. The Executive Board will provide a comprehensive update on the progress of strategy execution followed by a site visit to Vopak's recently commissioned capacity for waste-based feedstocks at our Vlaardingen terminal.

Advanced registration for the in-person event is required. Analysts and institutional investors interested in attending should contact Vopak investor relations to register at [email protected].

Further details will follow soon. We look forward to welcoming you!

Organization and reporting structure

In line with Vopak's Improve, Grow, Accelerate strategic priorities, Vopak has simplified its organizational structure with the aim of enhancing execution capabilities throughout the organization and improving efficiency. The division management layer will be removed, resulting in a net reduction of approximately 50 FTEs. Vopak will be organized in 9 Business Units in addition to global functions and corporate activities.

Reflecting Vopak's new organizational structure the 7 reportable segments will be as per the following business units:

USA & Canada
Singapore
Asia & Middle East
China & North Asia
Netherlands
All other Business Units
Brazil
North Latin America
South Africa
Belgium
Business activities that cannot be allocated are reported under Global functions and corporate activities

During Q3 2023, the organization will undergo a transition to the new organizational and reporting structure, with the finalization date set for 1 September 2023. Vopak expects to record additional exceptional costs regarding restructuring costs in Q3 2023. Vopak will provide segment information in the new structure for information purposes during Q3 2023.

Shaping the future

Vopak Half year report 2023 | 12

Disciplined capital framework

Key performance figures

	HY1 2023	HY1 2022
Sustainability performance
Total Injury Rate (TIR), own employees and contractors
(per 200,000 hours worked)	0.15	0.34
Lost-time Injury Rate (LTIR), own employees and contractors (per 200,000 hours worked)	0.08	0.14
Process Safety Event Rate (PSER), own employees and contractors (per 200,000 hours worked)	0.14	0.11
Total GHG emissions - Scope 1 & 2 (metric tons)	225.2	258.1
Percentage women in senior management positions	20.4%	18.4%
Financial performance (in EUR millions)
Revenues	720.8	662.1
Group operating profit / (loss) before depreciation and amortization
(EBITDA)	540.4	- 31.9
Group operating profit / (loss) before depreciation and amortization (EBITDA) -excluding exceptional items-	494.2	432.5
Group operating profit / (loss) (EBIT)	378.3	- 207.7
Group operating profit / (loss) (EBIT) -excluding exceptional items-	332.1	256.7
Net profit / (loss) attributable to holders of ordinary shares	224.1	- 335.8
Net profit / (loss) attributable to holders of ordinary shares
-excluding exceptional items-	206.6	128.2
Cash flows from operating activities (gross)	477.8	339.6
Cash flows from investing activities (including derivatives)	- 26.0	- 270.8
Average capital employed	5,157.7	5,474.8
Return on capital employed (ROCE)	12.6%	9.2%
Return on equity (ROE)	13.3%	8.3%
EBITDA margin excluding result joint ventures and associates	52.8%	50.2%
Capital and financing (in EUR millions)
Equity attributable to owners of parent	3,001.5	2,829.0
Net interest-bearing debt	2,852.8	3,211.4
Senior net debt : EBITDA	2.27	2.86
Total net debt : EBITDA	2.46	3.06
Interest cover (EBITDA : net finance costs)	8.0	9.1

	HY1 2023	HY1 2022
Key figures per ordinary share (in EUR)
Basic earnings	1.79	-2.68
Basic earnings -excluding exceptional items-	1.65	1.02
Diluted earnings	1.79	-2.67
Diluted earnings -excluding exceptional items-	1.65	1.02
Basic weighted average number of ordinary shares 1	125,375,118	125,375,020
Total number of ordinary shares outstanding	125,740,586	125,740,586
Business performance
Storage capacity end of period (in million cbm)	36.4	36.7
- subsidiaries	17.4	17.6
- joint ventures and associates	15.1	15.2
- operatorships	3.9	3.9
Occupancy rate subsidiaries	91%	85%
Total number of employees end of period (in FTE)	5,826	5,775
Information on proportional basis
Group operating profit / (loss) before depreciation and amortization
(EBITDA) -excluding exceptional items-	586.3	520.8
Proportional capacity end of period (in million cbm)	22.0	22.3
Occupancy rate subsidiaries, joint ventures and associates	91%	86%
Net interest-bearing debt	4,047.8	4,462.7
Sustaining, service improvement and IT capex	138.0	126.6
Proportional operating cash return	14.6%	11.4%
Exchange rates (per EUR 1.00)
US dollar average	1.08	1.09
US dollar end of period	1.09	1.04
Singapore dollar average	1.44	1.49
Singapore dollar end of period	1.47	1.46

1 Excluding treasury shares.

Financial review

Operating results

Revenues

In the first half year of 2023, Vopak generated revenues of EUR 720.8 million, compared to EUR 662.1 million in the first half year of 2022. Excluding the negative currency translation effects of EUR 2.2 million, the increase amounted to EUR 60.9 million (9.2%). The positive performance was driven by favorable storage demand in oil, chemical and gas markets, despite a divestment impact of EUR 25.1 million.

No exceptional items were reported in both years on the revenue line.

The average occupancy rate for Vopak's subsidiaries (i.e. excluding joint ventures and associates) for the first half year of 2023 was 91% compared to 85% in the first half year of 2022.

Vopak's worldwide storage capacity decreased by 0.2 million cbm from 36.6 million cbm per the end of December 2022 to 36.4 million cbm per the end of June 2023 mainly reflecting the effect of the divestment of Savannah.

Other operating income

Other operating income -excluding exceptional items- amounted EUR 20.1 million compared to EUR 19.5 million in the first half year of 2022. Excluding the negative currency translation effects of EUR 0.3 million, the increase amounted to EUR 0.9 million (4.6%).

An exceptional gain of EUR 48.7 million was recorded in the first half of 2023 resulting from Vopak's divestment of its US terminal Savannah (EUR 49.7 million) partially offset by revision of a receivable originating from the divestment of Vopak Terminal Hamburg in 2019 (EUR 1.0 million). In the first half of 2022 an exceptional gain of EUR 5.7 million was recorded resulting from Vopak's divestment of its Eastern Canadian terminals.

Other operating income -including exceptional items- amounted to EUR 68.8 million in the first half of 2023 against EUR 25.2 million in the first half of 2022.

Expenses

Operating expenses -excluding exceptional items- increased by EUR 9.9 million (2.9%) to EUR 349.5 million (HY1 2022: EUR 339.6 million). Excluding positive currency translation effects of EUR 0.9 million, operating expenses increased with EUR 10.8 million. The increase is mainly related to increased personnel expenses (EUR 13.9 million) and energy costs (EUR 4.5 million) and higher operating expenses, including the cost of growth projects. The cost increase was partially offset by a positive divestment impact (EUR 17.4 million).

An exceptional loss for a restructuring provision of EUR 2.5 million was recorded following the announced change in management and governance structure to align with the Shaping the Future strategy. Including exceptional items, total expenses in the first half of 2023 amounted to EUR 352.0 million compared to EUR 345.6 million in the first half of 2022.

Result joint ventures and associates

In the first half of 2023, the result of joint ventures and associates -excluding exceptional items- amounted to EUR 102.8 million, an increase of EUR 12.3 million (13.6%) compared to EUR 90.5 million in the first half of 2022. Excluding by negative currency translation effects of EUR 0.8 million, results increased with EUR 13.1 million (14.5%). The increase is mainly driven by contribution from growth projects (EUR 6.7 million), autonomous performance improvement of EUR 4.8 million largely driven by increased terminal occupancy.

Exceptional results were recorded in the first half year 2022 result of joint ventures and associates with a total negative impact of EUR 32.4 million. The exceptional results consisted of an exceptional loss of EUR 36.2 million in the SPEC LNG terminal in Colombia offset by a partial impairment reversal of EUR 3.8 million as a result of the divestment of our participation in the German LNG project. Note 4 of the Interim Consolidated Financial Statements further explains the reasons behind the impairment (reversal). No exceptional items were recorded in the same period this year.

The Group's result of joint ventures and associates -including exceptional items- for the first half of 2023 amounted to EUR 102.8 million compared to EUR 58.1 million the same period in prior year.

Impairments

There were no (reversal of) impairments recorded in the first half year of 2023.

In the first half year of 2022, impairments were recognized for an amount of EUR 431.7 million, including an amount of EUR 240.0 million (cash-generating unit Europoort in the Netherlands), EUR 190.0 million (cash-generating unit Botlek in the Netherlands) and EUR 1.7 million (business development project in Belgium).

By accelerating into new energies and repurposing some of its assets, Europoort will reduce its capacity by 2030 and will use the available land for new energy investments. Over time, this will reduce Vopak's exposure in oil assets in line with our ambition to increase the relative exposure of industrials, gas and new energies. Transition in the energy markets is expected to impact the long-term revenue prospects of Europoort, in addition to current dynamics related to inflation pressure, utility prices, labor and material cost, this has led to an impairment recorded in the first half year of 2022. For the Botlek terminals the results are below Vopak's minimum return levels which is driven by lower revenue projections in addition to challenging conditions related to among others inflation pressure, utility prices and labor costs.

For more details on these impairments reference is made to note 4 of the Interim Consolidated Financial Statements.

Group operating profit / (loss) before depreciation and amortization

Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- and including the net result of joint ventures and associates, increased by EUR 61.7 million (14.3%) to EUR 494.2 million (HY1 2022: EUR 432.5 million). Excluding negative currency translation effects of EUR 2.3 million, the increase amounted to EUR 64.0 million.

Including exceptional items, in the first half of 2023 a Group operating profit before depreciation and amortization (EBITDA) of EUR 540.4 million compared to a loss of EUR 31.9 million in HY1 2022 was reported.

Depreciation and amortization

Depreciation and amortization charges amounted to EUR 162.1 million, which was EUR 13.7 million (7.8%) lower than the first half year of 2022 (HY1 2022: EUR 175.8 million). Excluding the positive currency translation effects of EUR 0.9 million, the decrease amounted to EUR 12.8 million. The decrease is largely driven by lower carrying amounts of the Botlek and Europoort terminals which were impaired in HY1 2022.

Group operating profit / (loss)

Group operating profit (EBIT) -excluding exceptional items- amounted to EUR 332.1 million, an increase of EUR 75.4 million (29.4%) compared to EUR 256.7 million in the same period of 2022. Excluding the negative translation effects of EUR 1.5 million, Group operating profit increased by EUR 76.9 million.

Including exceptional items, for HY1 2023 a Group operating profit of EUR 378.3 million was recorded compared to a Group operating loss of EUR -207.7 million in HY1 2022.

ROCE -excluding exceptional items- in HY1 2023 was 12.6% compared to 9.2% in the first half year of 2022.

Proportional operating cash flow in HY1 2023 increased by EUR 68.8 million (19.8%) to EUR 415.4 million (HY1 2022 EUR 346.6 million) driven mainly by improved proportional EBITDA performance and negative currency translation impact of EUR 4.0 million. Proportional operating cash return in HY1 2023 was 14.6% compared to 11.4% in HY1 2022. Proportional operating cash return from FY 2022 includes lessor accounting. The change in the methodology of calculating proportional operating cash return provides better insight into the cash generation of the business.

Cash flows from operating activities and working capital

Cash flows from operating activities (gross) amounted to EUR 477.8 million in the first half of 2023 (HY1 2022: EUR 339.6 million). The increase was related mainly to positive business performance (EUR 53 million), working capital movements (EUR 63 million) and derivatives as financial instruments adjustment (EUR 81 million), which offset the lower dividend receipts from joint ventures and associates (EUR 59 million) due to one-off dividend received last year from PT2SB and Fujairah joint ventures.

Strategic investments and divestments Cash flows from investing activities

Total cash flows from investing activities (including derivatives) for the first half year of 2023 amounted to a net cash outflow of EUR 26.0 million (HY1 2022: net cash outflow of EUR 270.8 million).

Total investments amounted to EUR 236.8 million (HY1 2022: EUR 358.1 million). An amount totaling to EUR 193.2 million was invested in property, plant and equipment (HY1 2022: EUR 156.9 million). Investments in joint ventures and associates as well as other equity investments amounted to EUR 17.5 million (HY1 2022: EUR 16.2 million).

PITSB repaid EUR 46.7 million of share capital. For the purpose of debt covenants this redemption is considered as a dividend.

Payments for acquisitions amounted to EUR 17.6 million (HY1 2022: EUR 174.2 million acquisition of the Indian terminals) relating to earn out payments for acquisitions in previous years.

Vopak continued to invest in the growth of its global terminal portfolio and growth investments in HY1 2023 were EUR 110 million (HY1 2022: EUR 240 million), including growth projects in Vlaardingen in the Netherlands, Alemoa in Brazil and the transformation of Eurotank in Belgium, offset with net cash acquired from the acquisition of a subsidiary.

Consolidated growth investments outlook for FY 2023 is expected to be around EUR 300 million subject to currency exchange movements, additional discretionary decisions, policy changes and regulatory environment. This outlook is in line with Vopak's long-term commitment to invest EUR 1 billion in industrial and gas terminals by 2030 and EUR 1 billion in new energies and sustainable feedstocks. The allocation of these investments will be through existing committed and new business development projects.

Capital Structure Equity

The equity attributable to holders of ordinary shares increased by EUR 16.8 million to EUR 3,001.5 million (31 December 2022: EUR 2,984.7 million). The increase mainly resulted from the net profit of EUR 224.1 million and from the ordinary shareholder dividend payments in cash of EUR 163.1 million (EUR 1.30 per ordinary share with a nominal value of EUR 0.50).

Debt

The Group's total interest-bearing debt (including lease liabilities) position at 30 June 2023 amounted to EUR 2,852.8 million (31 December 2022: EUR 3,050.8 million). On 15 June 2023, Vopak received the proceeds of a new debt issuance of EUR 401 million equivalent in the US Private Placement Market. On 19 June 2023, Vopak repaid certain USPP series from 2012 for an amount of EUR 274 million. Furthermore, Vopak fully repaid its RCFs partially with amounts drawn of EUR 300 million under its short-term borrowing facilities, including recently entered into committed Money Market lines.

The Senior net debt: EBITDA ratio decreased to 2.27 compared to 2.65 per year-end 2022, which is below the maximum agreed ratios in the covenants with the lenders.

Net finance costs

In the first half of 2023, the Group's net finance costs amounted to EUR 66.3 million (HY1 2022: EUR 56.9 million). The increase is mainly resulting from lower interest capitalization on qualifying projects and higher interest expenses as a result of increased interest rates. The average interest rate over the reporting period, excluding lease liabilities and including the effect of hedge accounting, was 4.1% (HY1 2022: 2.7%).

Cash flows from financing activities

The cash outflow from financing activities amounted to EUR 374.7 million (HY1 2022: outflow of EUR 56.8 million). This amount consisted of net repayments of interest-bearing loans and short-term financing of EUR 138.9 million and dividend payments of EUR 163.1 million to ordinary shareholders, dividend payments of EUR 16.3 million to non-controlling interests, finance costs payments of EUR 63.7 million, lease payments of EUR 30.3 million offset with receipts from derivative financial instruments of EUR 37.6 million.

Income taxes

Income tax expense -excluding exceptional items- for the first half year of 2023 amounted to EUR 39.9 million, compared to EUR 57.0 million in the first half of 2022. The effective tax rate -excluding exceptional items- for the first half year of 2023 was 15.0% compared to 28.5% in HY1 2022. This decrease is mainly caused by the write off of a deferred tax asset position in the Dutch fiscal unity as a result of updated long-term outlooks on future taxable profits which was recorded in HY1 2022 and for which no corporate income tax charges have been recorded in the first half-year of 2023.

The effective tax rate -including exceptional items- for the first half year of 2023 amounted to 22.0% compared to -21.4% in HY1 2022. This resulted from the fact that a tax charge of EUR 28.7 million was reported on the divestment of Savannah which is subject to state and federal taxes. In the first half-year of 2023, the exceptional loss on the receivable relating to the divestment of Hamburg terminals and the exceptional restructuring charges did not lead to recognition of deferred tax assets.

Net profit / (loss) attributable to holders of ordinary shares

In the first six-month period of 2023 the net profit attributable to holders of ordinary shares -excluding exceptional items- increased by EUR 78.4 million (61.2%) to EUR 206.6 million from EUR 128.2 million in the same period of 2022.

Including exceptional items, a net profit attributable to holders of ordinary shares is recorded of EUR 224.1 million, an increase of EUR 559.9 million compared to a net loss attributable to holders of ordinary shares of EUR 335.8 million in the first half of 2022.

Earnings per ordinary share -excluding exceptional items- increased by 61.8% to EUR 1.65 (HY1 2022: EUR 1.02). The weighted average number of outstanding ordinary shares was 125,375,118 for HY1 2023 (HY1 2022: 125,375,020). Including exceptional items, the earnings per ordinary share increased to EUR 1.79 (HY1 2022: EUR -2.68).

Joint ventures and associates

Joint ventures and associates are an important part of the Group for which equity accounting is applied. In Enclosure 1 in this first half year report the effects of non-IFRS proportional consolidation on the interim statements of financial position and income of the Group are presented.

Risks and risk management

Vopak's enterprise risk management program, which is coordinated by the Global Risk Committee, provides the Executive Board with a periodic and comprehensive understanding of the Group's principal risks and uncertainties, their development and the actions taken by management to mitigate these risks and uncertainties.

As part of the company's regular periodic risk management assessment, the Global Risk Committee has coordinated and monitored the risk management process during the first half of 2023. The outcome and conclusions of this process have been reported to and discussed with the Executive Board and subsequently discussed with the Audit Committee of the Supervisory Board.

Vopak recognizes strategic, operational, financial and compliance / regulatory risk categories. Our principal risks and uncertainties have not changed as compared to those disclosed within the 2022 Annual Report.

Reference is made to the Annual Report 2022, which describes in detail our risk management framework and the main risks per pillar of the Group's strategy that could adversely affect the achievement of the company's strategic objectives and our (future) operating results, cash flows and financial position.

Product market developments

Introduction

The first half of 2023 was characterized with persistent inflation and elevated interest rates which influenced the growth projections for 2023 and 2024. Demand for oil storage remained strong due to uncertainty in the energy market and rebalancing of trade flows following the sanctions regime on Russian oil and oil products. The start of the driving season, increasing air traffic and potential growth in Chinese demand are expected to support the momentum in the oil markets in the second half of the year.

Manufacturing markets are faced with additional supply, pressure on demand and increased cost of production. Growth in global industrial production continued to slow down, impacting global chemical production. High imports support European chemical storage demand.

Growing LPG supply and exports from the US and the Middle East continue to keep the market well supplied, putting downward pressure on LPG prices as the market heads into the off-season demand. Cheap LPG is supporting feedstock interest from steam crackers and also flipping PDH margins into positive territory. However, residential LPG prices in India remain elevated relative to prior years which continues to put pressure on domestic residential demand growth.

The global shortage of LNG has eased further in the second quarter as LNG market normalized from the disruption in the second half of 2022. Momentum for hydrogen continues to accelerate as progress is being made on the development of global sustainable hydrogen trade flows.

Manufacturing

Growth in global industrial production continued to slow down, impacting global chemical production. In Europe, this led to an increased need for chemical imports. A slower than expected recovery related to China's reopening has resulted in a bearish sentiment in the industry for the second half of 2023. The throughput levels in our industrial terminals remain stable and we foresee limited impact due to our established and well diversified industrial portfolio in China.

The additional supply in the chemical markets is causing margin pressure for producers globally as China shifts from a net importer to a net exporter of many petrochemical products. Meanwhile, the market is also faced with healthy US exports as shipping constraints ease while it continues to benefit from cost competitive ethane-based production. Europe's market was also seen remaining under pressure from weak demand and oversupply in the second half of 2023 as buying appetite remained subdued. Its high cost position and sanctions on Russia continue to see Europe importing steadily to meet its demand.

For Vopak industrial terminals, the overcapacity situation in the petrochemicals markets will continue to put downward pressure on customers' margins and operating rates which might impact throughput and variable revenues. Chemical terminals performance continues to be backed by steady trade flows and strong storage demand in the key hub locations in the Amsterdam-Rotterdam-Antwerp region (ARA), Houston and Singapore.

Energy

The energy markets continued to experience volatility in HY1 2023 resulting from the flow changes after the implementation of additional sanctions on Russian oil products, the reopening of China as well as announcements of production cuts by OPEC+. As Q2 progressed, supply-demand balances narrowed due to increasing demand combined with the OPEC+ cuts.

According to the International Energy Agency (IEA), world oil demand will defy the challenging macroeconomic climate. This growth is primarily driven by non-OECD countries with all-time high demand levels expected in China.

On the supply side, 2023 is seeing record levels of production as non-OPEC output rises, mainly in the US and Brazil, counterbalancing lower OPEC+ output.

The rebalancing of oil and oil product flows resulting from the sanctions of Russia continues to lead to longer haul trade requiring additional storage capacity in the key hub locations where Vopak is present, supporting storage requirement and high level of occupancy while the fuels distribution locations are supported by the stable to growing demand in non-OECD countries.

Gas

LPG markets swung drastically in the first half of 2023 with prices rising sharply in Q1 2023, due to shipping constraints and re-opening of China, before declining during Q2 2023 as seasonal heating demand subsided while exports grew strongly from both the US and Middle East. The decision by OPEC+ to cut crude production and in turn reduce LPG supply from the Middle East, had limited impact as high US inventories and growing exports are expected to cover for any supply shortfall. With propane prices falling back down to multi-year lows, Chinese PDH margins have moved from deep negatives back into slight positive territory in Q2 2023. This was also supported by the delayed start-ups of new PDHs, which helped to ease the oversupply situation.

Feedstock switching to LPG at steam crackers is expected to remain attractive for the rest of 2023, as it is priced at a discount to naphtha, the main steam cracker feedstock in Europe and Asia. In India, LPG imports continue to grow at about 5% on the year. However, high residential retail LPG prices have been slowing down demand growth. The government's decision to extend a LPG subsidy for low-income households in April for a year remains the key measure in supporting LPG consumption.

For Vopak LPG terminals steady performance is expected across most terminals as Chinese PDH margins remain narrow and India's high residential retail prices might impact demand growth.

The global shortage of LNG has eased further in the second quarter as the LNG market normalized from the disruption in the second half of 2022 particularly in Europe. Likewise, much of Asia also has full inventories, due to milder winter weather than expected.

In 2022 European LNG imports increased by 50 MMt to 127.5 MMt (+65%). Projected 2023 European LNG imports are expected to be the same as in 2022. In the first half year of 2023 spot prices have come down considerably allowing some Asian countries like India to source spot cargoes again but still at a premium compared to long term averages. In recent months additional demand from China resulted in higher Asian prices compared to Europe diverting spot cargoes to Asian markets.

New energies & sustainable feedstocks Sustainable Feedstocks

There is a growing demand for renewable feedstocks such as renewable or bio-naphtha. It is expected that chemical recycling of plastics will ramp up its role as a sustainable feedstock.

The demand for low carbon fuels such as biodiesel, renewable diesel and Sustainable Aviation Fuel (SAF) increases the need to secure waste feedstocks such as Used Cooking Oil (UCO) or animal fats to be consolidated in sourcing regions or close to the processing units and consuming areas, both matching the locations of Vopak extensive network.

Hydrogen

Momentum for hydrogen continues to accelerate as progress is being made on the development of global sustainable hydrogen trade flows. Upscaling of other carriers are still under development supported by Vopak projects in the Netherlands for importing liquefied hydrogen (LH2) (H2Sines) and liquid organic hydrogen carriers (LOHC) (pilot Europoort).

CO2 infrastructure

The need for CO2 infrastructure is gaining momentum in 2023 as more companies are committed to decarbonization and governments are showing increasing policy support. Recently the first international CO2 chain has been established in Europe with CO2 injection in the North Sea.

Long Duration Energy Storage

Long duration energy systems are expected to be used to balance out fluctuating electricity production from intermittent renewable plants, solar- and wind parks. In the power sector, batteries are essential to enhance grid flexibility, as they can store renewable electricity and serve at peak demand hours, especially in markets with high renewable penetration. Global installed battery capacity is projected by the IEA to grow between tenfold and sixteen-fold by 2030.

From a technology provider point of view the US Inflation Reduction Act (IRA) has sparked a rapid growth in the expansion plans of companies across the battery value chain. There is currently a strong trend of battery facilities being shifted to the United States, with companies halting existing facilities in other countries to focus on the United States.

Gas

Canada: RIPET US: MODA Colombia: SPEC Mexico: LNG Altamira India: Aegis Vopak Terminals Ltd (7 terminals), Hindustan Aegis LPG Ltd (1 terminal) China: Tianjin Storage Lingang Netherlands: Gate, Vlissingen Pakistan: Engro Elengy

HY1 2023 performance1

Number of terminals

Proportional EBITDA

132

in EUR million 110

Proportional Operating Capex in EUR million 12

Proportional Revenue in EUR million

Proportional operating Cash Flow in EUR million

We are expanding our gas storage to contribute to energy security in Europe and elsewhere, as well as meeting increased demand for gas as a cleaner conventional fuel. We provide vital infrastructure for this rising gas trade, where demand is growing especially from the power, residential and petrochemical sectors. We own and operate LNG facilities in the Netherlands, Colombia, Mexico, and Pakistan. We own and operate LPG and chemical gases terminals in the Netherlands, China, India, US, and Canada.

LNG terminal strengthening supply security Gate terminal in the Netherlands

Industrial

US: Freeport, Plaquemine, St. Charles, Corpus Christi Malaysia: Kertih, PT2SB Singapore: Sakra Thailand: Thai Tank Saudi Arabia: Chemtank, Sabtank (Al Jubail), Sabtank (Yanbu) Pakistan: Engro China: Caojing, Haiteng Gulei, Qinzhou Spain: Terquimsa Tarragona, Terquimsa Barcelona Netherlands: Chemiehaven

HY1 2023 performance1

Number of terminals

Proportional Proportional

EBITDA in EUR million 114

179

Revenue in EUR million

Proportional Operating Capex in EUR million

Proportional operating Cash Flow in EUR million

103

Petrochemical clusters are growing in scale. Clusters are also looking for new infrastructure solutions as they are exploring decarbonization options. This makes logistics integration even more crucial. Many petrochemical clusters adopt the 'industrial terminal' model. An industrial terminal (ITL) typically has a single terminal operator serving multiple plants, providing storage for both feedstocks and rundown products, with an optimized terminal infrastructure and logistics. The business segment is stable with long term dedicated infrastructure to serve manufacturing in industrial clusters around the world. Today, Vopak operates industrial terminals in the US, Europe, Middle East, Southeast Asia and China.

Industrial terminal integrated with petrochemical complex Vopak Sakra terminal in Singapore

Chemicals US: Deer Park, Long Beach

Brazil: Alemoa, Aratu Colombia: Barranquilla, Cartagena Mexico: Altamira, Coatzacoalcos India: Konkan (1 terminal), CRL Terminals Pvt Ltd. (2 terminals) Indonesia: Merak Singapore: Penjuru South Korea: Ulsan China: Ningbo, Lanshan, Zhangjiagang Vietnam: Vopak Vietnam Belgium: ACS, Eurotank, Linkeroever Netherlands: Botlek, TTR, Vlaardingen Venezuela: Vopak Venezuela

HY1 2023 performance1

Number of terminals

Proportional Revenue in EUR million

Proportional EBITDA in EUR million

328

170

Proportional Operating Capex in EUR million

Proportional operating Cash Flow in EUR million

111

Vopak operates a global network of chemical terminals; we have a strong presence in key hub locations, including Houston, Antwerp, Rotterdam and Singapore. These terminals serve petrochemical producers and traders by facilitating exports and imports as well as make-bulk and break-bulk of various types of chemicals (from bulk to specialty chemicals) that go into products used in our everyday lives.

Chemicals distribution terminal Vopak ACS terminal in Antwerp Belgium

Interim Management Report Interim Financial Statements Enclosures

US: Los Angeles Mexico: Veracruz Panama: Vopak Panama, Bahia Las Minas Indonesia: Jakarta Australia: Darwin, Sydney site B Malaysia: Pengerang Singapore: Banyan, Sebarok, Banyan Cavern UAE: Fujairah Netherlands: Europoort, Laurenshaven, Maasvlakte, Eemshaven South Africa: Durban, Lesedi

HY1 2023 performance1

Number of terminals

Proportional in EUR million

EBITDA in EUR million 217

Proportional

324

Revenue

Proportional Operating Capex in EUR million

Proportional operating Cash Flow in EUR million

144

Vopak operates oil hub terminals located strategically along major shipping routes, where suppliers, customers and traders are active. These include Rotterdam, Fujairah and the Singapore Straits. We also play an important role in ensuring countries with structural oil supply deficits have adequate access to energy imports. These include countries such as Mexico, South Africa, Indonesia and Australia.

Oil hub terminal Vopak Sebarok terminal in Singapore

Sustainability review

We store products that are vital for everyday life. The energy that allows people to turn on the lights, heat or cool their homes and for transportation. The chemicals that enable companies to manufacture millions of useful products. The edible oils to prepare food. Our long-term success relies on our ability to innovate and adapt to the evolving societal and market demands amidst the profound transformation of energy and feedstocks.

Sustainability means meeting present needs for future generations. We strive to enable future generations by facilitating the introduction of essential and vital future products, thereby contributing to a sustainable economy. At the same time, we are committed to being a responsible member of society and the communities where we operate. We are mindful of the potential impact of our business activities on people's safety, health and well-being and on the environment. Through our care for people, planet and profit, we aim to create value for all our stakeholders, including customers, investors, employees, authorities, local communities and society at large. Our choices today should thus contribute to our long-term relevance for society and the well-being and development of current and future generations.

As such, Vopak is developing new infrastructure solutions that contribute to the global energy and feedstocks transition, ensuring businesses are provided with the storage and infrastructure they need. Today, we store chemicals, oil, gases, biofuels and edible oils. For the future, we are working towards the infrastructure solutions for new vital products such as zero and low-carbon hydrogen, ammonia, CO2 , biofuels and recycled chemicals as well as batteries. By 2030, we will have invested EUR 1 billion to grow our base in industrial and gas terminals and another EUR 1 billion to accelerate towards new energies and sustainable feedstocks.

Our Sustainability Roadmap

On sustainability, we are ambitious and performance driven with a balanced roadmap focusing on care for people, planet and profit. The approach and programs to achieve this are integrated into our business decision making.

People Care for our societal impact

• Safety & occupational health • Inclusion & diversity • Human rights & decent work
• Being a good neighbor & community engagement

Planet

Care for our environment & climate

• Becoming net-zero
• VOC and other emissions to air
• Spills to soil and water
• Waste & wastewater
• Preserving biodiversity

Profit Care for our economic impact

• Switch to cleaner conventional fuels and feedstocks
• New energies & feedstocks
• Climate impact on assets and operations

Care for our societal impact (People)

Our care starts with the people who work for our company and extends to the communities in which we operate and society at large.

Safety

	Total Injury Rate		Lost Time Injury Rate		Process Safety Event Rate
	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022
Americas	0.18	0.08	0.09	–	0.09	0.24
Asia & Middle East	0.04	0.05	–	–	0.04	0.10
China & North Asia	0.04	0.21	–	–	–	–
Europe & Africa	0.42	1.10	0.25	0.67	0.42	0.17
LNG	0.49	1.01	0.49	0.25	0.24	–
Global HQ	–	–	–	–	0.39	–
Total Vopak	0.15	0.34	0.08	0.14	0.14	0.11

During the first half of 2023, there were improvements in the Total Injury Rate (TIR) and the Lost Time Injury Rate (LTIR), reflecting improved safety measures.

Vopak's TIR, which serves as the primary safety metric, demonstrated a significant improvement in HY1 2023, recording a rate of 0.15, notably lower than the previous year's figure of 0.34. Similarly, Vopak's LTIR improved to 0.08 compared to 0.14 in the previous first half of 2022.

There was a negative shift in Vopak's Process Safety Event Rate (PSER) during HY1 2023, rising to 0.14 from 0.11 in HY1 2022. The year-to-date PSER for 2023 is higher than the reported rates in 2022 and 2021, and remains consistent with the figures reported in 2019 and 2020.

Investigations into the root causes of losses of primary contaminants (LOPCs) have been completed at the locations where these incidents occurred. Additionally, as part of the mid-year performance analysis, all Vopak locations have been requested to conduct an in-depth assessment to identify areas for improvement and enhance overall safety measures.

Inclusion & diversity

We strive for a workforce that is diverse and includes people from many different cultures, nationalities and backgrounds. In HY1 2023, 82% of senior management in divisions and operating companies were of local origin. We aim to have at least 75% local employees in senior management in divisions and operating companies. The percentage of women in senior management positions is 20.4% (HY1 2022: 18.4). Encouraged by this success we are aiming to increase the proportion of women in senior roles to 25% by 2025.

Care for environment & climate (Planet)

As global citizens, we share concerns about meeting the world's energy and product needs while minimizing pollution and greenhouse gas emissions. Our aim is to make a meaningful contribution to the dual objective of mitigating climate change in line with the Paris Agreement and SDG13, and simultaneously ensuring access to affordable, acceptable and sustainable energy and feedstocks for all, in line with other UN Sustainable Development Goals (SDGs 7, 8 and 9).

This is why we adopted three lines of parallel action:

First, we develop infrastructure solutions to accelerate a switch to cleaner conventional fuels and feedstocks for all;
Second, we develop infrastructure solutions for zero- and low-carbon new energies and sustainable feedstocks like renewable hydrogen and ammonia;
Third, we reduce our own environmental and carbon footprint.

Our strategy is to grow our base in industrial and gas terminals and to accelerate towards new energies and sustainable feedstocks. This helps our customers to reduce their environmental and carbon footprint and contributes to the energy and feedstocks transition around the world as described in action line 1 and 2.

As part of our sustainability journey, Vopak has set the ambition to achieve climate neutrality by 2050 (scope 1 and 2). In 2021, we defined and started to effectively implement the necessary measures and steps to enable us to reach that goal. Although we have gained an understanding of how we can lower our CO2 emissions while transforming and growing our company, we maintain an iterative approach

and continuously enhance our decarbonization plans as we make progress.

Vopak has made a firm commitment to an interim target to achieve a 30% reduction in our CO2 emissions by 2030 (compared to 2021 levels, encompassing scope 1 and 2 emissions). This target translates to a GHG reduction of 45%-60% for our existing business by 2030.

GHG emissions

	Direct GHG emission (scope 1)		emission (scope 2)	Indirect GHG	Total GHG emissions
In metric tons of CO2 equivalents	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022
Carbon dioxide (CO2)	166,860	158,798	58,109	99,118	224,969	257,916
Nitrous oxide (N2O)	100	93	–	–	100	93
Methane (CH4)	91	85	–	–	91	85
Total GHG emissions	167,051 158,976		58,109	99,118	225,160	258,094

In the first six months of 2023, we managed to reduce our scope 1 and scope 2 GHG emissions by 13% compared to the first half year of 2022. This reduction was achieved through energy efficiency measures and the purchase of renewable electricity at numerous locations.

Information on VOC and other emissions to air, spills to soil and water, waste & wastewater and preserving biodiversity, can be found in the Annual Report 2022.

Our economic impact (Profit)

As an infrastructure and service provider, Vopak actively supports the energy transition and feedstock transitions around the world. We facilitate access to energy, help introduce cleaner conventional fuels to improve air quality and advance solutions to lower carbon emissions. In the first half of 2023, we have continued the shift of our portfolio towards industrial and gas terminals, while stepping up our efforts in new energies and sustainable feedstocks.

We will keep storing vital products with care to make a meaningful contribution to a more sustainable society, enabled by our financial performance. The comprehensive annual sustainability disclosures including the progress made with our sustainability roadmap will be reported in our 2023 Annual Report.

Terminal portfolio and storage capacity developments

In million cbm	End HY1 2022	Net expansion HY2 2022	End 2022	Net change HY1 2023	Divestment HY1 2023	End HY1 2023
Subsidiaries	17.6	–	17.6	0.1	- 0.3	17.4
Joint ventures and associates	15.2	- 0.1	15.1	–	–	15.1
Operatorships	3.9	–	3.9	–	–	3.9
Total capacity	36.7	- 0.1	36.6	0.1	- 0.3	36.4

Storage capacity development

Country	Terminal	Vopak's ownership	Products	Capacity (cbm)	Commissioned
Storage capacity per 31 December 2022					36.6 million cbm
New and existing terminals
Netherlands	Vlaardingen	100%	Renewable feedstocks	64,000	Q2 2023
Divestments
United States	Vopak Terminal Savannah	100%	Chemicals	- 251,000	Q2 2023
Net change for the period as per 30 June 2023					- 0.2 million cbm
Total Storage capacity per 30 June 2023					36.4 million cbm

Announced storage capacity developments

Country	Terminal	Vopak's ownership Products		Capacity (cbm)	2021	2026
Existing terminals
United States	Los Angeles	100%	Renewable fuels	148,000
Belgium	Antwerp	100%	Chemicals	41,000
Brazil	Alemoa	100%	Chemicals	20,000
China	Caojing	50%	Industrial terminal	110,000
India	Aegis terminals	49%	LPG & Liquid products	349,000
United States	Deer Park	100%	Vegetable oils	75,000
New terminals						47.000
China	Huizhou	30%	Industrial terminal	560,000
Netherlands & Germany	Hydrogenious	50%	LOHC	–
Net change for the period up to and including 2026					1.3 million cbm
Net storage capacity up to and including 2026					37.7 million cbm

start construction

expected to be commissioned

Results HY1 2023 by division

Americas

In EUR millions	HY1 2023	HY1 2022
Revenues	195.2	191.1
Results -excluding exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	121.9	113.2
Group operating profit / (loss) (EBIT)	90.5	81.7
Results -including exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	171.6	118.9
Group operating profit / (loss) (EBIT)	140.2	87.4
Proportional EBITDA -excluding exceptional items-	134.2	124.0
Proportional occupancy rate	93%	93%
Storage capacity end of period (in million cbm)	4.5	4.7
Subsidiary occupancy rate	93%	93%
Average capital employed	1,153.3	1,254.0

Asia & Middle East

In EUR millions	HY1 2023	HY1 2022
Revenues	182.1	157.0
Results -excluding exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	171.6	149.8
Group operating profit / (loss) (EBIT)	133.2	112.8
Results -including exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	171.6	143.8
Group operating profit / (loss) (EBIT)	133.2	106.8
Proportional EBITDA -excluding exceptional items-	188.3	168.0
Proportional occupancy rate	93%	84%
Storage capacity end of period (in million cbm)	16.7	16.9
Subsidiary occupancy rate	95%	83%
Average capital employed	1,528.5	1,413.6

In the Americas division, the revenues in the first half year of 2023 of EUR 195.2 million were EUR 4.1 million (2.1%) higher than the revenues of the same period prior year (HY1 2022: EUR 191.1 million). Excluding positive currency translation effects of EUR 1.5 million, revenues increased by EUR 2.6 million. This increase is mainly related to improved chemical performance for our terminals in the US, Brazil and Mexico, notwithstanding the divestment impact of the Savannah terminals.

Group operating profit -excluding exceptional items- increased by EUR 8.8 million (10.8%) to EUR 90.5 million (HY1 2022: EUR 81.7 million). Excluding positive currency translation effects of EUR 0.4 million, the increase amounted to EUR 8.4 million. The largest part of this increase results from better performance of the US and Brazil terminals benefiting from favorable chemical storage conditions. Additional capacity of 0.2 million cbm in total is currently under construction.

Revenues of the Asia & Middle East division increased by EUR 25.1 million (16.0%) to EUR 182.1 million (HY1 2022 EUR 157.0 million). Excluding positive currency translation effects of EUR 2.3 million, the revenues increased by EUR 22.8 million resulting mainly from improved market conditions for oil and chemical storage in our Singapore terminals.

Group operating profit -excluding exceptional items- increased by EUR 20.4 million (18.1%) to EUR 133.2 million (HY1 2022: EUR 112.8 million). Excluding positive currency translation effects of EUR 1.3 million, the increase amounted to EUR 19.1 million. The increase is mainly attributable to the Singapore terminals. Additional capacity of 0.3 million cbm in total is currently under construction.

China & North Asia

In EUR millions	HY1 2023	HY1 2022
Revenues	23.4	26.3
Results -excluding exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	36.3	38.1
Group operating profit / (loss) (EBIT)	29.7	31.8
Results -including exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	36.3	38.1
Group operating profit / (loss) (EBIT)	29.7	31.8
Proportional EBITDA -excluding exceptional items-	52.4	51.0
Proportional occupancy rate	84%	86%
Storage capacity end of period (in million cbm)	3.2	3.2
Subsidiary occupancy rate	69%	75%
Average capital employed	456.2	458.1

In the China & North Asia division, the revenues for the first half year of 2023 of EUR 23.4 million were EUR 2.9 million lower (11.0%) compared to the same period of prior year (HY1 2022: EUR 26.3 million). Excluding the negative currency translation effects of EUR 1.3 million, revenues decreased by EUR 1.6 million.

Group operating profit -excluding exceptional items- decreased by EUR 2.1 million (6.6%) to EUR 29.7 million (HY1 2022: EUR 31.8 million). Excluding the negative currency translation effects of EUR 1.5 million, the decrease amounted to EUR 0.6 million. Additional capacity of 0.7 million cbm in total is currently under construction.

Europe & Africa

In EUR millions	HY1 2023	HY1 2022
Revenues	316.6	283.7
Results -excluding exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	166.0	137.2
Group operating profit / (loss) (EBIT)	90.7	45.5
Results -including exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	166.0	-294.5
Group operating profit / (loss) (EBIT)	90.7	-386.2
Proportional EBITDA -excluding exceptional items-	161.6	133.9
Proportional occupancy rate	90%	83%
Storage capacity end of period (in million cbm)	10.7	10.6
Subsidiary occupancy rate	91%	83%
Average capital employed	1,505.9	1,843.0

Revenues of the Europe & Africa division amounted to EUR 316.6 million for the first half year of 2023, an increase of EUR 32.9 million (11.6%) compared to the same period prior year (EUR 283.7 million). The negative currency translation effects amounted to EUR 4.6 million.

Group operating profit -excluding exceptional items- increased by EUR 45.2 million (99.3%) to EUR 90.7 million (HY1 2022: EUR 45.5 million). The negative currency translation effects were EUR 1.8 million. The increase was caused by favorable market conditions in chemical and oil storage, which has been supportive for Vopak's terminal performance. Additional capacity of 0.1 million cbm in total is currently under construction.

New Energy & LNG

In EUR millions	HY1 2023	HY1 2022
Results -excluding exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	23.6	19.1
Group operating profit / (loss) (EBIT)	23.6	19.1
Results -including exceptional items
Group operating profit / (loss) before depreciation and amortization (EBITDA)	23.6	-13.3
Group operating profit / (loss) (EBIT)	23.6	-13.3
Proportional EBITDA -excluding exceptional items-	74.8	68.8
Proportional occupancy rate	100%	96%
Storage capacity end of period (in million cbm)	1.2	1.2
Average capital employed	439.9	443.8

The New Energy & LNG division only comprises joint venture and associate terminals and therefore has no revenues recognized at subsidiaries.

Group operating profit -excluding exceptional items- from global New Energy & LNG activities amounted to EUR 23.6 million, which is EUR 4.5 million (23.6%) higher compared to prior half year (HY1 2022: EUR 19.1 million). The increase is mainly driven by contribution from growth projects (EUR 6.7 million), autonomous performance improvement of EUR 4.8 million largely driven by increased terminal occupancy. There is currently no additional capacity under construction.

Global functions and corporate activities

The global operating costs -excluding exceptional items- increased by EUR 1.4 million (4.1%) to EUR 35.6 million (HY1 2022: EUR 34.2 million). The increase is mainly the result of higher depreciation and amortization expenses.

The global operating costs increased by EUR 4.9 million (14.3%) to EUR 39.1 million (HY1 2022: EUR 34.2 million). An exceptional loss for a restructuring provision of EUR 2.5 million was recorded following the announced change in management and governance structure to align with the Shaping the Future strategy. In addition, an exceptional loss of EUR 1.0 million relating to the revision of a receivable originating from the divestment of Vopak Terminal Hamburg in 2019 was reported.

Statement by the Executive Board

In accordance with the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht), section 5:25d, paragraph 2 sub c, the Executive Board confirms that, to the best of its knowledge:

the interim consolidated financial statements for the six months ended 30 June 2023 have been prepared in accordance with IAS 34 (Interim Financial Reporting) as adopted by the European Union and give a true and fair view of the assets, liabilities, financial position and income of Koninklijke Vopak N.V. and its consolidated companies (jointly referred to as the 'Group'); and
the interim management report for the six months ended 30 June 2023 gives a true and fair view of the information required pursuant to section 5:25d, subsections 8 and 9 of the Dutch Financial Markets Supervision Act.

Rotterdam, 27 July 2023

The Executive Board

Dick Richelle (Chairman of the Executive Board and CEO) Frits Eulderink (Member of the Executive Board and COO) Michiel Gilsing (Member of the Executive Board and CFO)

Auditor's involvement

The content of this report has not been audited or reviewed by an external auditor.

Interim Consolidated Financial Statements

36 Interim Consolidated Financial Statements
-------------------------------------------------	--	--

36 Consolidated Statement of Income
36 Consolidated Statement of Comprehensive Income
37 Consolidated Statement of Financial Position
38 Consolidated Statement of Changes in Equity
39 Consolidated Statement of Cash Flows
40 Segmentation

Notes to the Interim Consolidated Financial Statements
1.	General	41
2.	Acquisitions, divestments and newly established entities	42
3.	Financial risk management	43
4.	Exceptional items	45
5.	Revenues	47
6.	Intangible assets, property, plant & equipment and financial assets	48
	7. Leases	49
8.	Joint ventures and associates	49
9.	Issued capital, share premium and treasury shares	54
10.	Borrowings	55
11.	Contingent assets and liabilities	57
12.	Related party disclosures	57
13.	Subsequent events	57

Interim Consolidated Financial Statements

Consolidated Statement of Income

In EUR millions	Note	HY1 2023	HY1 2022
Revenues	5	720.8	662.1
Other operating income		68.8	25.2
Total operating income		789.6	687.3
Personnel expenses		185.8	180.9
Depreciation and amortization	6, 7	162.1	175.8
Impairment		–	431.7
Other operating expenses		166.2	164.7
Total operating expenses		514.1	953.1
Operating profit / (loss)		275.5	- 265.8
Result joint ventures and associates	8, 1	102.8	58.1
Group operating profit / (loss) (EBIT)		378.3	- 207.7
Interest and dividend income		4.3	3.3
Finance costs		- 70.6	- 60.2
Net finance costs		- 66.3	- 56.9
Profit / (loss) before income tax		312.0	- 264.6
Income tax		- 68.6	- 56.6
Net profit / (loss)		243.4	- 321.2
Attributable to:
Holders of ordinary shares		224.1	- 335.8
Non-controlling interests		19.3	14.6
Net profit / (loss)		243.4	- 321.2

Basic earnings per ordinary share (in EUR)		1.79	-2.68
Diluted earnings per ordinary share (in EUR)		1.79	-2.67

Consolidated Statement of Comprehensive Income

In EUR millions	HY1 2023	HY1 2022
Net profit / (loss)	243.4	- 321.2
Exchange differences on translation of foreign operations	- 81.6	158.1
Net investment hedges	27.5	- 60.2
Use of exchange rate differences on translation of foreign operations and use of net investment hedges	- 0.2	- 0.4
Effective portion of changes in fair value of cash flow hedges	- 3.3	- 15.0
Use of effective portion of cash flow hedges to statement of income	- 0.7	- 1.2
Share in other comprehensive income of joint ventures and associates	1.5	48.8
Other comprehensive income / (loss) that may be reclassified to statement of income in subsequent periods	- 56.8	130.1
Fair value change other investments	0.5	1.2
Remeasurement of defined benefit plans	3.0	15.1
Other comprehensive income that will not be reclassified to statement of income in subsequent periods	3.5	16.3
Other comprehensive income / (loss), net of tax	- 53.3	146.4

Total comprehensive income / (loss)	190.1	- 174.8
Attributable to:
Holders of ordinary shares	178.2	- 197.6
Non-controlling interests	11.9	22.8
Total comprehensive income / (loss)	190.1	- 174.8

Note: All amounts are net of tax.

Consolidated Statement of Financial Position

In EUR millions	Note	30-Jun-23	31-Dec-22
ASSETS
Intangible assets	6	107.3	109.7
Property, plant & equipment - owned assets	6	3,479.9	3,546.6
Property, plant & equipment - right-of-use assets	7	667.8	648.6
- Joint ventures and associates	8	1,800.8	1,877.8
- Finance lease receivable		120.1	126.1
- Loans granted		77.0	43.8
- Other financial assets		102.0	94.0
Total financial assets	6	2,099.9	2,141.7
Deferred taxes		11.0	8.7
Derivative financial instruments		11.5	15.1
Other non-current assets		12.6	8.1
Total non-current assets		6,390.0	6,478.5
Trade and other receivables		282.4	318.5
Financial assets	6	6.4	7.7
Prepayments		35.2	37.1
Derivative financial instruments		26.4	58.3
Cash and cash equivalents	10	74.6	33.8
Assets held for sale		20.5	65.2
Total current assets		445.5	520.6

Total assets 6,835.5 6,999.1

In EUR millions	Note	30-Jun-23	31-Dec-22
EQUITY
- Issued capital		62.9	62.9
- Share premium		194.4	194.4
- Treasury shares		- 10.1	- 12.9
- Other reserves		- 76.2	- 30.9
- Retained earnings		2,830.5	2,771.2
Equity attributable to owners of parent	9	3,001.5	2,984.7
Non-controlling interests		157.2	161.6
Total equity		3,158.7	3,146.3
LIABILITIES
Interest-bearing loans	10	1,686.2	1,662.7
Lease liabilities	7, 10	706.9	688.8
Derivative financial instruments		2.0	1.7
Pensions and other employee benefits		4.4	7.9
Deferred taxes		245.9	251.5
Provisions		77.1	26.6
Other non-current liabilities		35.7	50.8
Total non-current liabilities		2,758.2	2,690.0
Bank overdrafts and short-term borrowings	10	321.9	277.9
Interest-bearing loans	10	177.8	419.0
Lease liabilities	7, 10	34.6	36.2
Derivative financial instruments		21.3	4.3
Trade and other payables		266.7	317.4
Taxes payable		60.8	51.4
Pensions and other employee benefits		0.2	0.2
Provisions		29.7	18.2
Liabilities related to assets held for sale		5.6	38.2
Total current liabilities		918.6	1,162.8
Total liabilities		3,676.8	3,852.8
Total equity and liabilities		6,835.5	6,999.1

Consolidated Statement of Changes in Equity

		Equity attributable to owners of parent
In EUR millions	Issued capital	Share premium	Treasury shares	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
Balance at 31 December 2021	62.9	194.4	- 15.7	- 157.0	3,104.1	3,188.7	156.9	3,345.6
Net profit / (loss)	–	–	–	–	- 335.8	- 335.8	14.6	- 321.2
Other comprehensive income / (loss), net of tax	–	–	–	138.2	–	138.2	8.2	146.4
Total comprehensive income / (loss)	–	–	–	138.2	- 335.8	- 197.6	22.8	- 174.8
Dividend paid in cash	–	–	–	–	- 156.8	- 156.8	- 14.9	- 171.7
Measurement of equity-settled share-based payment arrangements	–	–	–	–	2.4	2.4	–	2.4
Vested shares under equity-settled share-based payment arrangements	–	–	2.8	–	- 4.7	- 1.9	–	- 1.9
Other	–	–	–	–	- 5.8	- 5.8	–	- 5.8
Total transactions with owners	–	–	2.8	–	- 164.9	- 162.1	- 14.9	- 177.0
Balance at 30 June 2022	62.9	194.4	- 12.9	- 18.8	2,603.4	2,829.0	164.8	2,993.8

Equity attributable to owners of parent

In EUR millions	Issued capital	Share premium	Treasury shares	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
Balance at 31 December 2022	62.9	194.4	- 12.9	- 30.9	2,771.2	2,984.7	161.6	3,146.3
Net profit / (loss)	–	–	–	–	224.1	224.1	19.3	243.4
Other comprehensive income / (loss), net of tax	–	–	–	- 45.9	–	- 45.9	- 7.4	- 53.3
Total comprehensive income / (loss)	–	–	–	- 45.9	224.1	178.2	11.9	190.1
Dividend paid in cash	–	–	–	–	- 163.1	- 163.1	- 16.3	- 179.4
Measurement of equity-settled share-based payment arrangements	–	–	–	–	4.2	4.2	–	4.2
Vested shares under equity-settled share-based payment arrangements	–	–	2.8	–	- 5.9	- 3.1	–	- 3.1
Other	–	–	–	0.6	–	0.6	–	0.6
Total transactions with owners	–	–	2.8	0.6	- 164.8	- 161.4	- 16.3	- 177.7
Balance at 30 June 2023	62.9	194.4	- 10.1	- 76.2	2,830.5	3,001.5	157.2	3,158.7

Consolidated Statement of Cash Flows

In EUR millions	HY1 2023	HY1 2022
Cash flows from operating activities (gross)	477.8	339.6
Interest received	3.5	2.4
Income tax paid	- 45.9	- 22.9
Cash flows from operating activities (net)	435.4	319.1
Investments:
Intangible assets	- 9.4	- 7.9
Property, plant and equipment - growth capex	- 82.3	- 49.5
Property, plant and equipment - sustaining, service improvement and IT capex	- 110.9	- 107.4
Joint ventures and associates	- 8.3	- 12.2
Other equity investments	- 9.2	- 4.0
Loans granted	- 38.3	- 2.6
Other non-current assets	- 0.3	- 0.3
Acquisitions of subsidiaries, net of cash acquired	28.5	–
Acquisitions of joint ventures and associates	- 6.6	- 174.2
Total investments	- 236.8	- 358.1
Disposals and repayments:
Property, plant and equipment	0.4	2.6
Joint ventures, associates and other equity investments	47.0	–
Loans granted	3.3	2.2
Finance lease receivable	6.7	7.0
Assets held for sale/divestments	153.7	84.5
Total disposals and repayments	211.1	96.3
Cash flows from investing activities (excluding derivatives)	- 25.7	- 261.8
Settlement of derivatives (net investment hedges)	- 0.3	- 9.0
Cash flows from investing activities (including derivatives)	- 26.0	- 270.8

In EUR millions	HY1 2023	HY1 2022
Financing:
Repayment of interest-bearing loans	- 574.2	- 517.7
Proceeds from interest-bearing loans	399.1	838.9
Repayment of lease liabilities	- 18.5	- 18.6
Interest expenses paid on lease liabilities	- 11.8	- 11.6
Finance expenses paid	- 63.7	- 23.5
Settlement of derivative financial instruments	37.6	3.1
Dividend paid in cash	- 163.1	- 156.8
Dividend paid to non-controlling interests	- 16.3	- 14.9
Proceeds and repayments in short-term financing	36.2	- 155.7
Cash flows from financing activities	- 374.7	- 56.8
Net cash flows	34.7	- 8.5
Exchange rate differences	- 1.4	2.9
Net change in cash and cash equivalents due to assets held for sale	- 0.3	0.3
Net change in cash and cash equivalents (including bank overdrafts)	33.0	- 5.3
Net cash and cash equivalents (including bank overdrafts) at 1 January	32.7	70.8
Net cash and cash equivalents (including bank overdrafts) at 30 June	65.7	65.5

Segmentation

Statement of income

	Americas		of which United States		Asia & Middle East		Singapore	of which	China & North Asia		Europe & Africa		of which Netherlands		New Energy & LNG		Global functions and corporate activities		Total
In EUR millions															HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023				HY1 2022 HY1 2023 HY1 2022
Revenues	195.2	191.1	118.2	108.9	182.1	157.0	144.6	118.2	23.4	26.3	316.6	283.7	230.8	205.4	–	–	3.5	4.0	720.8	662.1
Other operating income	2.5	3.6	2.5	3.4	7.0	9.3	1.4	2.2	4.1	3.6	4.5	1.4	4.5	1.2	2.0	1.6	–	–	20.1	19.5
Operating expenses	- 84.2	- 89.8	- 56.4	- 54.8	- 58.2	- 54.1	- 43.7	- 37.8	- 13.6				- 11.8 - 156.7 - 149.0 - 118.3 - 109.3		- 8.7	- 6.5	- 28.1		- 28.4 - 349.5 - 339.6
Result joint ventures and associates	8.4	8.3	1.9	3.2	40.7	37.6	0.6	0.3	22.4	20.0	1.6	1.1	0.5	0.4	30.3	24.0	- 0.6	- 0.5	102.8	90.5
EBITDA	121.9	113.2	66.2	60.7	171.6	149.8	102.9	82.9	36.3	38.1	166.0	137.2	117.5	97.7	23.6	19.1	- 25.2	- 24.9	494.2	432.5
Depreciation and amortization	- 31.4	- 31.5	- 19.4	- 18.8	- 38.4	- 37.0	- 28.9	- 27.3	- 6.6	- 6.3	- 75.3	- 91.7	- 50.0	- 65.9	–	–	- 10.4		- 9.3 - 162.1 - 175.8
EBIT excluding exceptional items	90.5	81.7	46.8	41.9	133.2	112.8	74.0	55.6	29.7	31.8	90.7	45.5	67.5	31.8	23.6	19.1	- 35.6	- 34.2	332.1	256.7
Exceptional items	49.7	5.7			–	- 6.0			–	–		– - 431.7			–	- 32.4	- 3.5	–		46.2 - 464.4
EBIT including exceptional items	140.2	87.4			133.2	106.8			29.7	31.8		90.7 - 386.2				23.6 - 13.3	- 39.1	- 34.2		378.3 - 207.7
Reconciliation consolidated net profit / (loss)
Net finance costs																			- 66.3	- 56.9
Profit / (loss) before income tax																				312.0 - 264.6
Income tax																			- 68.6	- 56.6
Net profit / (loss)																				243.4 - 321.2
Non-controlling interests																			- 19.3	- 14.6
Net profit / (loss) holders of ordinary shares																				224.1 - 335.8
Occupancy rate subsidiaries	93%	93%			95%	83%			69%	75%	91%	83%							91%	85%

Statement of financial position

Total liabilities	203.6	261.9	137.1	135.9	676.0	711.8	505.7	531.0	23.4	23.6	630.5	532.9	414.4	398.1	7.1		5.4 2,136.2 2,317.2 3,676.8 3,852.8
Total assets	1,370.6 1,458.7		807.0		863.3 1,901.7 1,986.3		859.6	890.1	538.9		575.6 2,241.2 2,152.3 1,479.8 1,401.9				453.7	439.8	329.4	386.4 6,835.5 6,999.1
Joint ventures and associates	334.0	325.6	231.3	239.3	652.8	728.8	1.1	1.3	345.6	367.0	20.5	19.1	2.0	1.7	447.0	437.1	0.9	0.2 1,800.8 1,877.8
Assets of subsidiaries	1,036.6 1,133.1		575.7		624.0 1,248.9 1,257.5		858.5	888.8	193.3		208.6 2,220.7 2,133.2 1,477.8 1,400.2				6.7	2.7	328.5	386.2 5,034.7 5,121.3
In EUR millions																	30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22
	Americas		of which United States		Middle East	Asia &	Singapore	of which	North Asia	China &	Europe & Africa		of which Netherlands		New Energy & LNG		Global functions and corporate activities	Total

Notes to the Interim Consolidated Financial Statements

1. General

Koninklijke Vopak N.V. ('Vopak') is a listed company registered in the Netherlands with activities in 23 countries. These interim consolidated financial statements for the first half year of 2023 contain the figures of the company and its subsidiaries (jointly referred to as the 'Group'), as well as the interests of the Group in joint ventures and associates.

The Executive Board approved these interim consolidated financial statements on 27 July 2023.

1.1 Basis of preparation

These interim consolidated financial statements for the six months period ended 30 June 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not contain all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the audited consolidated financial statements included in the Annual Report 2022, which have been prepared in accordance with IFRS as adopted by the European Union.

1.2 New standards, interpretations and amendments adopted by the Group

The Group has adopted International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure from 31 December 2023. The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2022 in any jurisdiction in which the Group operates and no related deferred taxes were recognized at that reporting date, the retrospective application has no impact on the Group's interim consolidated financial statements. The relief will also be reflected in the Group's consolidated financial statements as at and for the year ending 31 December 2023.

Except for the adoption of International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12, the applied accounting principles adopted in the preparation of the interim consolidated financial statements are consistent with those described in Vopak's 2022 Annual Report.

1.3. New standards not yet adopted by the Group

There are no new standards, amendments to existing standards or new IFRIC interpretations that are not yet effective that are expected to have a material impact on the Group.

1.4. Critical accounting estimates and judgments

The preparation of the interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these interim consolidated financial statements, the significant estimates and judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2022, except for the following:

(a) Changes in judgments and estimates with regards to legal cases and other provisions

There were no material changes in the facts and circumstances after year-end 2022 regarding certain legal cases and other provisions, other than disclosed in note 11.

(b) Non-current assets held for sale / disposal groups

Vopak received offers for the divestment of 100% of the shares in Vopak Colombia S.A. Vopak has the intention to divest the Barranquilla and Cartagena chemical Terminal. The two terminals were identified as held for sale as per 30 June 2023.

2. Acquisitions, divestments and newly established entities

During the first half of 2023, the following earlier announced changes to the composition of the Vopak Group occurred:

Divestment of Vopak Terminals Savannah

On 31 May 2023, Vopak completed the earlier announced divestment of its 100% shareholding in Vopak Terminals Savannah Inc. As a result, an exceptional gain of EUR 21.0 million, net of exceptional tax charge of EUR 28.7 million, was recognized.

Acquisition of Vopak Energy Park Antwerp

On 10 May 2023, Vopak acquired 100% of shares of Vopak Energy Park Antwerp N.V. ("VEPA"), giving Vopak access to the concession in the Antwerp port area. Vopak is committed to sustainably redeveloping the site. In the absence of critical processes and outputs acquired, the acquisition has been accounted for as an assets/liability transaction and therefore does not give rise to goodwill. Total consideration transferred amounted to EUR 2.1 million. The consideration is expected to be settled in August 2023. Recognized amounts of identifiable assets acquired and liabilities assumed:

In EUR millions	10-May-23

ASSETS
Intangible Assets	0.5
Property, plant & equipment - owned assets	6.8
Property, plant & equipment - right-of-use assets	14.1
Other non-current assets	4.6
Total non-current assets	26.0
Cash and cash equivalents	39.5
Other current assets	11.1
Total current assets	50.6
Total assets	76.6

EQUITY
Equity attributable to owners of parent	2.1
Total equity	2.1

LIABILITIES
Lease liabilities	9.4
Pensions and other employee benefits	0.8
Provisions	60.5
Other payables	3.8
Total liabilities	74.5
Total equity and liabilities	76.6

Ridley Island Energy Export Facility LP Inc (REEF) - incorporation of a partnership in Canada

On 4 April 2023, Vopak and AltaGas formed a limited partnership to evaluate a large-scale liquefied petroleum gas (LPG) and bulk liquids export facility in Prince Rupert. On the completion date of the partnership all assets and liabilities previously classified as held for sale were transferred to the newly incorporated legal entity, 50% carrying value of which was reimbursed to Vopak.

AltaGas has executed a long-term commercial agreement with the joint venture for 100% of the capacity for the first phase of LPG volumes, subject to a positive Final Investment Decision (FID). As such AltaGas is exposed to, and has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Vopak classified the arrangement as an associate in which it has significant influence.

The transaction includes certain consideration components contingent upon future events. These components will be accounted for if and when the uncertainties have been resolved.

Aegis Vopak Terminals Ltd. and Hindustan Aegis LPG Ltd. - purchase price allocation After completion of the purchase price allocation for the Aegis Vopak Terminals Ltd. joint venture and Hindustan Aegis LPG Ltd. associate in the second quarter of 2023, the confirmed goodwill balances amount to EUR 111.9 million (2022: EUR 93.5 million (provisional)) and EUR 5.8 million (2022: EUR 6.1 million (provisional) respectively)).

3. Financial risk management

The Group's financial risk management objectives and policies remain unchanged from those disclosed in Section 6 Financial risk management of the 2022 Annual Report.

The interim consolidated financial statements do not contain all financial risk management information and disclosures required in the annual consolidated financial statements.

3.1. Financial instruments

Set out in the following table is an overview of carrying amounts and fair values of financial instruments held by the Group as at 30 June 2023.

		HY1 2023
In EUR millions	Carrying amount	Fair value
Currency derivatives	19.2	19.2
Interest rate derivatives	- 4.6	- 4.6
Other financial assets	102.0	102.0
Financial instruments at fair value	116.6	116.6
Loans granted	77.0	77.0
Finance lease receivable	120.1	120.1
Trade and other receivables	282.4	282.4
Cash and cash equivalents	74.6	74.6
Loans and receivables	554.1	554.1
US Private Placements	- 1,600.7	- 1,646.8
JPY Private Placement	- 127.2	- 163.8
Bank loans	- 136.1	- 135.8
Lease liabilities	- 741.5	- 741.5
Bank overdrafts and short-term borrowings	- 321.9	- 321.9
Trade creditors	- 55.7	- 55.7
Other creditors	- 32.9	- 32.9
Other financial liabilities	- 3,016.0	- 3,098.4
Net at amortized cost	- 2,461.9	- 2,544.3
Standby credit facility		1,267.8
Standby bank facility		127.0
Unrecognized financial instruments		1,394.8

Where available, fair value measurements are derived from quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). In the absence of such information, other observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices), are used to estimate fair values (level 2). Level 3 is based on valuation techniques for which the lowest input that is significant to the fair value measurement is unobservable.

During the six-month period ended 30 June 2023, almost all fair values of financial instruments measured at fair value in the statement of financial position are level 2 fair values. There are no material level 1 or level 3 financial instruments. Therefore, there were no material transfers between level 1 and level 2 fair value measurements and no material transfers into or out of level 3 fair value measurement.

The disclosed fair value of the Private Placements, revolving credit facility and other long-term bank loans are measured by discounting the future cash flows using observable market interest information (level 2) as no similar instrument is available due to the specific profile of the instruments.

The fair value of interest rate swaps, cross currency interest rate swaps and forward exchange contracts are determined by discounting the future cash flows using the applicable period-end yield curve (level 2).

There were no changes in valuation techniques used during the periods.

3.2 Liquidity risk

The Group's total net interest-bearing debt (including lease liabilities) position at 30 June 2023 amounted to EUR 2,852.8 million (31 December 2022: EUR 3,050.8 million). The Senior net debt : EBITDA ratio decreased to 2.27 compared to 2.65 per year-end 2022, which is below the maximum agreed ratios in the covenants with the lenders.

The available credit facilities of the group are listed in the table below:

	30-Jun-2023			31-Dec-2022
In EUR millions	Maturity	Total facility 1	Used	Unused	Total facility 1	Used	Unused
Royal Vopak - Revolving credit facility	< 3 years	1,000.0	–	1,000.0	1,000.0	300.0	700.0
Royal Vopak - Bank loan facilities	< 2 years	200.0	–	200.0	–	–	–
VTS - Revolving credit facility	< 1 year	67.8	–	67.8	69.8	–	69.8
Total committed facilities		1,267.8	–	1,267.8	1,069.8	300.0	769.8
Royal Vopak - Bank loan facilities	< 1 year	440.0	313.0	127.0	465.0	276.0	189.0
Total uncommitted facilities		440.0	313.0	127.0	465.0	276.0	189.0
Total facilities		1,707.8	313.0	1,394.8	1,534.8	576.0	958.8

1 At nominal value.

4. Exceptional items

In EUR millions	HY1 2023	HY1 2022
Divestment Canadian terminals	–	5.7
Divestment CRL terminal India	–	- 6.0
Reversal impairment German LNG terminal	–	3.8
Impairment Europoort The Netherlands	–	- 240.0
Impairment Botlek The Netherlands	–	- 190.0
Impairment SPEC LNG terminal Colombia	–	- 36.2
Impairment BD project Belgium	–	- 1.7
Divestment Vopak Terminals Savannah	49.7	–
Divestment Vopak Terminal Hamburg	- 1.0	–
Restructuring provision	- 2.5	–
Total before income tax	46.2	- 464.4
Income tax	- 28.7	0.4
Total effect on net profit / (loss)	17.5	- 464.0

The items in the statement of income include items related to events that are exceptional by nature from a management perspective. For the definition of exceptional items applied by the company, reference is made to the Glossary. The material exceptional items are disclosed separately in the notes when relevant in order to increase transparency.

First half year 2023

Divestment Vopak Terminals Savannah

On 31 May 2023, Vopak completed the earlier announced divestment of its 100% shareholding in Vopak Terminals Savannah Inc. Proceeds net of transaction costs of EUR 95.8 million were received upon closing. As a result, an exceptional gain of EUR 21.0 million, net of exceptional tax charge of EUR 28.7 million, was recognized.

Divestment Vopak Terminal Hamburg

Vopak revised a receivable originating from the divestment of Vopak Terminal Hamburg in 2019. An exceptional loss of EUR 1.0 million has been reported following certain receipts no longer being likely to occur.

Restructuring provision

During the second quarter of 2023, exceptional restructuring charges were incurred for EUR 2.5 million for changes in management structure in line with Vopak's Shaping the Future strategy. The change in the management structure is expected to be completed by October 2023. In the first half year, Vopak recognized exceptional charges of EUR 2.5 million. The full costs associated with the restructuring in 2023 are estimated to exceed the Exceptional Item threshold of EUR 10 million.

First half year 2022

In the first half year of 2022 multiple exceptional items for an amount of EUR 464.0 million were recorded. This consisted of:

Divestment Canadian terminals

In May 2022, Vopak completed the earlier announced divestment of its 100% shareholding in Vopak Terminals of Canada Inc. and Vopak Terminals of Eastern Canada Inc. The total agreed transaction value including deferred consideration amounted to EUR 124 million (CAD 168 million). The sale generated net cash proceeds of EUR 57.4 million in the first half of 2022. In June 2023, the remaining consideration of EUR 57.9 million (CAD 84 million) was received. The recognized exceptional gain was EUR 5.7 million.

Divestment CRL terminal India

As a result of the loss of control of Vopak's CRL terminal in Kandla India in May 2022, a divestment loss of EUR 6.0 million was recorded. The purchase consideration including deferred and contingent components amounted to approximately EUR 40 million, with net cash proceeds in the first half of 2022 of EUR 23.3 million.

(Partial) reversal impairment German LNG Terminal

As a result of Vopak's divestment of its 33.3% shareholding in the German LNG Terminal GmbH, in the first half of 2022 an impairment reversal of EUR 3.8 million was recorded. This reversal partially offsets the impairment of EUR 10.8 million recognized in the third quarter of 2021. The divestment generated a cash inflow of EUR 3.8 million.

This impairment reversal is recorded as part of the Result of joint ventures and associates.

Impairment Europoort terminals in the Netherlands

For the cash-generating unit Europoort an impairment of EUR 240.0 million was recognized in the first half of 2022. By accelerating into new energies and repurposing some of its assets, the terminal will reduce its capacity by 2030 and will use the available land for new energy investments. Over time, this will reduce Vopak's exposure in oil assets in line with our ambition to increase the relative exposure of industrials, gas and new energies. Transition in the energy markets is expected to impact the long-term revenue prospects of Europoort, in addition to current dynamics related to inflation pressure, utility prices, labor and material costs. The combined impact of these items, caused the CGU's carrying amount to exceed its recoverable amount leading to an impairment.

Impairment Botlek terminals in the Netherlands

In the first half of 2022, an impairment of EUR 190.0 million was recorded for the cash-generating unit Botlek. The Botlek terminals are performing below Vopak's minimum return levels which is driven by lower revenue projections in addition to challenging conditions related to among others inflation pressure, utility prices and labor costs.

Impairment SPEC LNG terminal in Colombia - Impairment as part of result joint ventures and associates

In the second quarter of 2022 an impairment was recognized for the SPEC LNG terminal in Colombia for an amount of EUR 36.2 million. Mainly due to unusual weather conditions in recent years which have brought a significant amount of rain in Colombia, hydropower has been available as the main source of power, which resulted in a reduced utilization of the FSRU. In addition, the tight FSRU market associated with the Russia - Ukraine war is leading to the opportunity to reduce FSRU costs becoming remote. As a result of the above there is a decrease in dividend expectations.

This impairment is recorded as part of the Result of joint ventures and associates.

Impairment business development project Belgium

A business development project for the Belgium terminal Eurotank has been impaired in the first half of 2022 following Vopak's decision to discontinue the project. The impairment for this project amounted to EUR 1.7 million or EUR 1.3 million including taxes.

Reconciliation of IFRS figures to income statement -excluding exceptional items-

		HY1 2023		HY1 2022
In EUR millions	IFRS figures	Exceptional items	Excluding exceptional items	Excluding exceptional items
Revenues	720.8	–	720.8	662.1
Other operating income	68.8	48.7	20.1	19.5
Total operating income	789.6	48.7	740.9	681.6
Personnel expenses	- 185.8	- 1.2	- 184.6	- 180.9
Other operating expenses	- 166.2	- 1.3	- 164.9	- 158.7
Result joint ventures and associates	102.8	–	102.8	90.5
Group operating profit / (loss) before depreciation and amortization (EBITDA)	540.4	46.2	494.2	432.5
Depreciation and amortization	- 162.1	–	- 162.1	- 175.8
Group operating profit / (loss)	378.3	46.2	332.1	256.7
Interest and dividend income	4.3	–	4.3	3.3
Finance costs	- 70.6	–	- 70.6	- 60.2
Net finance costs	- 66.3	–	- 66.3	- 56.9
Profit / (loss) before income tax	312.0	46.2	265.8	199.8
Income tax	- 68.6	- 28.7	- 39.9	- 57.0
Net profit / (loss)	243.4	17.5	225.9	142.8
Attributable to:
Holders of ordinary shares	224.1	17.5	206.6	128.2
Non-controlling interests	19.3	–	19.3	14.6
Net profit / (loss)	243.4	17.5	225.9	142.8
Basic earnings per ordinary share (in EUR) Diluted earnings per ordinary share (in EUR)	1.79 1.79		1.65 1.65	1.02 1.02

5. Revenues

The table below provides an overview of the revenue per type of service that the Group provides to its customers.

In EUR millions	HY1 2023	HY1 2022
Storage services	579.6	530.5
Product movements	50.9	51.5
Storage and handling related services	82.1	54.2
Other services	8.2	25.9
Revenues	720.8	662.1

The table below provides an overview of the revenues per product type per reportable segment (product-market combinations).

		Americas		Asia & Middle East	China & North Asia			Europe & Africa		Other		Total
In EUR millions	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022
Chemical products	97.2	89.8	78.8	69.7	21.5	26.1	120.0	103.3	–	–	317.5	288.9
Oil products	61.8	74.5	99.8	77.9	0.4	0.2	135.9	120.5	–	–	297.9	273.1
Vegoils & biofuels	31.9	22.7	0.1	1.0	1.4	–	41.8	33.2	–	–	75.2	56.9
Gas products	–	–	3.1	1.1	–	–	19.0	18.5	–	–	22.1	19.6
Others	4.3	4.1	0.3	7.3	0.1	–	- 0.1	8.2	3.5	4.0	8.1	23.6
Revenues	195.2	191.1	182.1	157.0	23.4	26.3	316.6	283.7	3.5	4.0	720.8	662.1

6. Intangible assets, property, plant & equipment and financial assets

		Property, plant and equipment
In EUR millions	Intangible assets	owned assets	Financial assets
Carrying amount at 31 December 2022	109.7	3,546.6	2,149.4
Acquisitions	0.5	6.8	–
Additions	9.4	184.9	23.8
Disposals	–	- 0.4	- 1.0
Transfer to held for sale	- 0.7	- 60.9	–
Reclassifications	- 0.1	0.1	–
Depreciation and amortization	- 10.7	- 130.7	–
Share in result joint ventures and associates	–	–	102.8
Dividends received	–	–	- 107.4
Loans granted	–	–	48.9
Finance lease interest income	–	–	4.0
Repayments	–	–	- 10.0
Redemption share capital	–	–	- 46.7
Other comprehensive income	–	–	2.2
Exchange rate differences	- 0.8	- 66.5	- 59.7
Carrying amount at 30 June 2023	107.3	3,479.9	2,106.3

Total investments in property, plant and equipment (including capitalized interest) during the first half year of 2023 were EUR 184.9 million (HY1 2022: EUR 148.3 million).

7. Leases

Set out below, are the carrying amounts of the Group's leased (right of use) assets and lease liabilities and the movements during the period.

In EUR millions	Land	Buildings	Tankstorage terminals	Machinery & equipment	Total leased assets	Lease liabilities
Carrying amount at 31 December 2022	597.6	33.4	3.9	13.7	648.6	- 725.0
Additions	0.5	0.4	2.3	1.3	4.5	- 4.5
Acquisitions	14.0	–	–	–	14.0	- 9.3
Depreciation	- 17.7	- 1.9	- 0.4	- 0.8	- 20.8	–
Remeasurement	35.1	1.1	0.2	- 0.9	35.5	- 35.5
Unwinding interest	–	–	–	–	–	- 11.8
Lease payments	–	–	–	–	–	30.4
Divestments / reclassification to assets held for sale	- 1.1	–	–	- 1.3	- 2.4	2.5
Exchange rate differences	- 11.5	- 0.1	–	–	- 11.6	11.7
Carrying amount at 30 June 2023	616.9	32.9	6.0	12.0	667.8	- 741.5

The total cash outflows for leases, including short-term and low-value leases, amounted to EUR 32.2 million (HY1 2022: EUR 32.6 million). The weighted average incremental borrowing rate applied to the lease liabilities (including those classified as held for sale) recognized at the end of the first half year of 2023 was 3.1% (HY1 2022: 3.2%). The remaining weighted average lease term was 24.2 years at 30 June 2022 (HY1 2022: 24.7 years).

8. Joint ventures and associates

Vopak holds interests in 27 (31 December 2022: 27) unlisted joint ventures and 11 (31 December 2022: 10) unlisted associates. Although the Group conducts a large part of its activities by means of these joint ventures and associates, none of these entities are currently individually material for the Group.

Set out below are the amounts recognized in the income statement during the period:

In EUR millions	HY1 2023	HY1 2022
Depreciation expenses of leased assets	20.8	20.6
Interest expenses on lease liabilities	11.8	11.6
Lease expenses - low value assets lease	0.5	0.6
Lease expenses - short-term leases	0.9	1.3
Lease expenses - variable lease payments	0.4	0.5
Total	34.4	34.6

Lease payments associated with short-term leases and low-value leases are recognized as an expense on a straight-line basis over the lease term.

8.1 Movements in Vopak's share of total comprehensive income and the carrying amount of joint ventures and associates

Vopak's share in the total comprehensive income and the net assets of our joint ventures and associates is as follows:

	Joint ventures		Associates		Total
In EUR millions	2023	2022	2023	2022	2023	2022
Vopak's share in net assets	1,273.1	1,098.2	424.3	406.9	1,697.4	1,505.1
Goodwill on acquisition	163.4	67.3	17.0	10.9	180.4	78.2
Carrying amount at 1 January	1,436.5	1,165.5	441.3	417.8	1,877.8	1,583.3
Share in profit or loss	75.3	64.7	27.5	25.8	102.8	90.5
Impairments	–	–	–	- 36.2	–	- 36.2
Reversal of impairments	–	3.8	–	–	–	3.8
Net profit / (loss)	75.3	68.5	27.5	- 10.4	102.8	58.1
Other comprehensive income	1.4	33.4	1.0	15.8	2.4	49.2
Total comprehensive income	76.7	101.9	28.5	5.4	105.2	107.3
Dividends received	- 82.2	- 111.8	- 25.2	- 52.2	- 107.4	- 164.0
Investments	8.3	12.2	15.5	–	23.8	12.2
Acquisitions	–	186.1	–	40.2	–	226.3
Redemption share capital	- 46.7	–	–	- 5.0	- 46.7	- 5.0
Divestment	–	- 3.8	–	–	–	- 3.8
Exchange differences	- 40.5	54.1	- 11.4	27.0	- 51.9	81.1
Carrying amount at 30 June	1,352.1	1,404.2	448.7	433.2	1,800.8	1,837.4
Vopak's share in net assets	1,180.7	1,269.0	432.9	405.0	1,613.6	1,674.0
Goodwill on acquisition	171.4	135.2	15.8	28.2	187.2	163.4
Carrying amount at 30 June	1,352.1	1,404.2	448.7	433.2	1,800.8	1,837.4

Ridley Island Energy Export Facility LP Inc (REEF) - Incorporation of a partnership in Canada

The transaction includes certain consideration components contingent upon future events. These components will be accounted for if and when the uncertainties have been resolved.

For PT2SB in March 2020, a fire incident took place in the adjacent RAPID facility, leading to a subsequent closure of the facility. One of PT2SB's anchor customers has since been out of operation. The refinery successfully resumed operations in the first half of 2023. The refinery closure weakened its liquidity position which may impact PT2SB's financial performance in 2023. As at 30 June 2023, PT2SB, classified as an associate, has reported net accounts receivable balances for contractually delivered services of around EUR 220 million (31 December 2022: EUR 173 million) (on a 100% basis). Mitigating the situation is a priority for PT2SB and its shareholders.

PITSB - Redemption of share capital

In June 2023, PITSB repaid EUR 46.7 million of share capital. In the consolidated statement of cash flow this cash inflow is reported as cash flow from investing activities. For the purpose of our debt covenants this redemption is considered as a dividend.

8.2 Other arrangements in respect of joint ventures and associates

The Group has the following commitments and contingencies with regards to its joint ventures and associates:

	Joint ventures		Associates		Total
In EUR millions	30-Jun 23	31-Dec 22	30-Jun 23	31-Dec 22	30-Jun 23	31-Dec 22
Commitments to provide debt or equity funding	87.7	20.8	–	–	87.7	20.8
Guarantees and securities provided	16.4	105.1	–	7.0	16.4	112.1

The notional amount of guarantees and securities provided on behalf of participating interests in joint ventures and associates, included in the calculation of the bank covenant ratios, was nil at 30 June 2023 (31 December 2022: EUR 89.4 million). In both years there were no amounts recognized in the statement of financial position.

8.3 Summarized statement of financial position of joint ventures and associates on a 100% basis

		Americas	Middle East	Asia &		China & North Asia		New Energy Europe & Africa & LNG		Others			Total joint ventures and associates		Of which joint ventures		Of which associates
In EUR millions											30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22 30-Jun-23 31-Dec-22
Non-current assets			1,242.4 1,205.0 3,466.8 3,555.8 1,047.7 1,101.9				201.9		205.4 1,797.9 1,858.2		2.1					0.5 7,758.8 7,926.8 4,499.3 4,683.2 3,259.5 3,243.6
Cash and cash equivalents	17.8	17.2	327.3	388.0	137.5	191.9	13.1	10.7	185.4	163.4	1.4	0.5	682.5	771.7	359.1	366.7	323.4	405.0
Other current assets	57.8	57.9	259.1	194.9	79.3	48.9	8.4	10.0	85.0	85.2	0.6	0.6	490.2	397.5	217.9	194.1	272.3	203.4
Total assets			1,318.0 1,280.1 4,053.2 4,138.7 1,264.5 1,342.7				223.4		226.1 2,068.3 2,106.8		4.1					1.6 8,931.5 9,096.0 5,076.3 5,244.0 3,855.2 3,852.0

Financial non-current liabilities	397.5		386.7 1,730.6 1,539.4		337.4	322.2	133.4	136.0	856.2	922.3	–					– 3,455.1 3,306.6 1,761.6 1,583.1 1,693.5 1,723.5
Other non-current liabilities	1.3	2.3	116.0	108.5	26.2	28.6	13.1	12.7	174.9	183.0	–	–	331.5	335.1	127.6	136.7	203.9	198.4
Financial current liabilities	27.6	14.2	352.8	484.4	29.8	31.8	19.1	15.6	142.6	138.6	–	–	571.9	684.6	388.8	461.3	183.1	223.3
Other current liabilities	46.4	46.5	225.5	213.4	100.1	139.1	12.8	20.5	87.2	75.7	2.2	1.0	474.2	496.2	246.3	277.7	227.9	218.5
Total liabilities	472.8		449.7 2,424.9 2,345.7		493.5	521.7	178.4		184.8 1,260.9 1,319.6		2.2					1.0 4,832.7 4,822.5 2,524.3 2,458.8 2,308.4 2,363.7
Net assets	845.2		830.4 1,628.3 1,793.0		771.0	821.0	45.0	41.3	807.4	787.2	1.9					0.6 4,098.8 4,273.5 2,552.0 2,785.2 1,546.8 1,488.3

Vopak's share of net assets	298.2	289.0	539.3	623.4	339.3	360.3	20.5	19.1	415.4	405.4	0.9				0.2 1,613.6 1,697.4 1,180.7 1,273.1		432.9	424.3
Goodwill on acquisition	35.8	36.6	113.5	105.4	6.3	6.7	–	–	31.6	31.7	–	–	187.2	180.4	171.4	163.4	15.8	17.0
Vopak's carrying amount of net assets	334.0	325.6	652.8	728.8	345.6	367.0	20.5	19.1	447.0	437.1	0.9				0.2 1,800.8 1,877.8 1,352.1 1,436.5		448.7	441.3

8.4 Summarized statement of total comprehensive income of joint ventures and associates on a 100% basis

		Americas		Asia & Middle East				China & North Asia		Europe & Africa				New Energy & LNG
In EUR millions														HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022
Revenues	94.4	92.7	372.6	336.7	121.6	102.4	26.5	24.6	165.7	144.9	0.2	0.3	781.0	701.6	486.3	410.4	294.7	291.2
Other income	23.4	19.4	2.4	2.3	6.4	11.3	0.1	0.1	55.5	53.7	–	–	87.8	86.8	28.1	28.8	59.7	58.0
Operating expenses	- 69.5	- 66.8	- 95.4	- 82.1	- 34.5	- 34.7	- 10.2	- 9.3		- 57.5 - 132.0	- 1.3			- 1.3 - 268.4 - 326.2 - 164.5 - 132.9 - 103.9 - 193.3
EBITDA	48.3	45.3	279.6	256.9	93.5	79.0	16.4	15.4	163.7	66.6	- 1.1	- 1.0	600.4	462.2	349.9	306.3	250.5	155.9
Depreciation and amortization	- 14.3	- 14.3	- 90.3	- 88.0	- 23.6	- 17.3	- 6.5	- 7.0	- 38.5	- 40.9	- 0.1		– - 173.3	- 167.5	- 93.7	- 86.4	- 79.6	- 81.1
Operating profit / (loss) (EBIT)	34.0	31.0	189.3	168.9	69.9	61.7	9.9	8.4	125.2	25.7	- 1.2	- 1.0	427.1	294.7	256.2	219.9	170.9	74.8
Net finance costs	- 8.9	- 7.7	- 45.3	- 30.3	- 3.5	- 4.8	- 4.5	- 4.9	- 36.6	- 35.3	–	–	- 98.8	- 83.0	- 48.3	- 32.6	- 50.5	- 50.4
Income tax	- 1.6	0.1	- 20.5	- 22.6	- 14.5	- 12.8	- 0.6	- 0.5	- 29.5	- 6.9	–	–	- 66.7	- 42.7	- 41.7	- 36.7	- 25.0	- 6.0
Net profit / (loss)	23.5	23.4	123.5	116.0	51.9	44.1	4.8	3.0	59.1	- 16.5	- 1.2	- 1.0	261.6	169.0	166.2	150.6	95.4	18.4
Other comprehensive income	- 1.1	35.6	3.0	62.8	–	–	–	–	3.7	28.0	–	–	5.6	126.4	1.8	66.6	3.8	59.8
Total comprehensive income	22.4	59.0	126.5	178.8	51.9	44.1	4.8	3.0	62.8	11.5	- 1.2	- 1.0	267.2	295.4	168.0	217.2	99.2	78.2
Vopak's share of net profit / (loss)	8.4	8.3	40.7	37.6	22.4	20.0	1.6	1.1	30.3	- 8.4	- 0.6	- 0.5	102.8	58.1	75.3	68.6	27.5	- 10.5
Vopak's share of other comprehensive income	- 0.1	17.8	0.6	17.4	–	–	–	–	1.9	14.0	–	–	2.4	49.2	1.4	33.3	1.0	15.9
Vopak's share of total comprehensive income	8.3	26.1	41.3	55.0	22.4	20.0	1.6	1.1	32.2	5.6	- 0.6	- 0.5	105.2	107.3	76.7	101.9	28.5	5.4

The information above reflects the amounts present in the financial statements of the joint ventures and associates adjusted for differences in accounting policies between the group and the joint ventures and associates and, when applicable, the effects of the purchase price allocation performed by the Group with regards to the acquisition of the joint venture or associate.

9. Issued capital, share premium and treasury shares

Movements in the number of shares, the issued capital and the share premium were as follows:

	Numbers				Amounts in EUR millions
	Issued ordinary shares	Financing preference shares	Total shares	Treasury shares	Issued capital	Share premium	Treasury shares
Balance at 31 December 2021	125,740,586	–	125,740,586	- 392,016	62.9	194.4	- 15.7
Vested under equity-settled share-based payment arrangement	–	–	–	67,429	–	–	2.8
Balance at 30 June 2022	125,740,586	–	125,740,586	- 324,587	62.9	194.4	- 12.9
Balance at 31 December 2022	125,740,586	–	125,740,586	- 324,587	62.9	194.4	- 12.9
Vested shares under equity-settled share-based payment arrangements	–	–	–	67,679	–	–	2.8
Balance at 30 June 2023	125,740,586	–	125,740,586	- 256,908	62.9	194.4	- 10.1

On 28 April 2023, a dividend of EUR 1.30 per ordinary share (HY1 2022: EUR 1.25 per ordinary share) with a nominal value of EUR 0.50, or EUR 163.1 million in total (HY1 2022: EUR 156.8 million), was paid in cash.

Share-based payments arrangements

During the first half year of 2023, 67,679 (2022: 67,429) shares were transferred to employees in relation to the settlement of Long-Term Incentive Plans. In 2023 a new Long-Term Incentive Plan, for the period 2023-2025, was granted to the Executive Board and senior management.

10. Borrowings

10.1 Net debt reconciliation

The movements in the net interest-bearing debt were as follows:

In EUR millions	Cash and cash equivalents	Short-term borrowings	Interest bearing loans	Net interest bearing debt	Interest-bearing loans - lease liabilities	Total interest bearing debt
Carrying amount at 31 December 2021	70.8	- 462.0	- 1,822.6	- 2,213.8	- 711.3	- 2,925.1
Cash flows	- 8.5	155.7	- 321.2	- 174.0	30.2	- 143.8
Other non-cash movements	0.3	–	- 0.4	- 0.1	- 28.4	- 28.5
Exchange rate differences	2.9	–	- 97.5	- 94.6	- 19.4	- 114.0
Carrying amount at 30 June 2022	65.5	- 306.3	- 2,241.7	- 2,482.5	- 728.9	- 3,211.4
Carrying amount at 31 December 2022	32.7	- 276.8	- 2,081.7	- 2,325.8	- 725.0	- 3,050.8
Cash flows	- 4.8	- 36.2	175.1	134.1	30.4	164.5
Other non-cash movements	39.2	–	- 0.6	38.6	- 58.7	- 20.1
Exchange rate differences	- 1.4	–	43.2	41.8	11.8	53.6
Carrying amount at 30 June 2023	65.7	- 313.0	- 1,864.0	- 2,111.3	- 741.5	- 2,852.8
Current assets	74.6	–	–	74.6	–	74.6
Non-current liabilities	–	–	- 1,686.2	- 1,686.2	- 706.9	- 2,393.1
Current liabilities	- 8.9	- 313.0	- 177.8	- 499.7	- 34.6	- 534.3
Carrying amount at 30 June 2023	65.7	- 313.0	- 1,864.0	- 2,111.3	- 741.5	- 2,852.8

10.2 Debt overview

			Interest-bearing loans
In EUR millions	USPPs	Asian PPs	VTS bank loan	RCFs	Other	Bank loans	Total	Interest-bearing loans - lease liabilities	Total interest bearing loans
Non-current	1,221.7	141.0	–	300.0	–	–	1,662.7	688.8	2,351.5
Current	278.7	–	139.6	–	1.5	276.0	695.8	36.2	732.0
Carrying amount at 31 December 2022	1,500.4	141.0	139.6	300.0	1.5	276.0	2,358.5	725.0	3,083.5
Average remaining terms (in years)	4.1	18.0	0.6	4.4	0.2	–	4.3	24.6
Non-current	1,559.0	127.2	–	–	–	–	1,686.2	706.9	2,393.1
Current	41.7	–	135.7	–	0.4	313.0	490.8	34.6	525.4
Carrying amount at 30 June 2023	1,600.7	127.2	135.7	–	0.4	313.0	2,177.0	741.5	2,918.5
Average remaining terms (in years)	5.2	17.5	0.1	5.0	0.2	0.2	4.9	24.2
Required ratios
Total (senior) net debt : EBITDA (maximum)	4.0	4.0	4.0	4.0	4.0	4.0
Interest cover (minimum)1	3.5	3.5	3.5	3.5	3.5	3.5

Interest cover is the ratio of the EBITDA and the net finance costs.

On 15 June 2023, Vopak received the proceeds of a new debt issuance of EUR 401 million equivalent in the US Private Placement Market. On 19 June 2023, Vopak repaid certain USPP series from 2012 for an amount of EUR 274 million. Furthermore, Vopak fully repaid its RCFs partially with amounts drawn of EUR 300 million under its short-term borrowing facilities, including recently entered into committed Money Market lines.

10.3 Financial ratios reconciliation

In EUR millions	HY1 2023	HY1 2022
EBITDA past 12 months	996.4	376.0
-/- Result joint ventures and associates	207.0	190.3
+ Gross dividend received from joint ventures and associates	193.8	226.6
-/- IFRS 16 adjustment in operating expenses for former operating leases	62.5	55.2
-/- Exceptional items	47.5	- 479.9
-/- Divestments full year adjustment	8.7	12.5
EBITDA for ratio calculation	864.5	824.5

Total interest-bearing debt	- 2,852.8	- 3,211.4
-/- IFRS 16 adjustment in lease liabilities for former operating leases	- 731.7	- 719.1
+ Derivative financial instruments (currency)	- 5.1	62.9
+ Credit replacement guarantees	–	- 88.0
-/- Subordinated loans	- 166.3	- 166.3
+ Restricted Cash	–	- 9.0
Senior net debt for ratio calculation	- 1,959.9	- 2,360.1

Financial ratios
Senior net debt : EBITDA	2.27	2.86
Interest cover 1	8.0	9.1

1 Interest cover is the ratio of the EBITDA and the net finance costs.

11. Contingent assets and liabilities

The investment commitments undertaken for subsidiaries amounted to EUR 103.1 million at 30 June 2023 (31 December 2022: EUR 113.7 million). For more information, reference is made to the 'Terminal portfolio and storage capacity developments' section.

For an overview of the commitments to provide debt or equity funding for joint ventures and associates, and for guarantees and securities provided on behalf of participating interests in joint ventures and associates, we refer to note 8.2.

There are no other significant changes in the contingent assets and liabilities per the end of June 2023 compared to the contingent liabilities disclosed in note 9.8 in the 2022 Annual report.

12. Related party disclosures

For the details on the nature of the Group's related parties, reference is made to section 7.3 in our 2022 Annual Report. No significant changes have occurred in the nature of our related party transactions.

There were no changes in arrangements with major shareholders in addition to the ones disclosed in the 2022 Annual Report. Besides the dividend distribution, no related party transactions have been entered into with the major shareholders during the first half of this year.

No related party transactions, which might reasonably affect any decisions of the users of these interim consolidated financial statements, were entered into during the first half year of 2023.

13. Subsequent events

In Singapore, Vopak has successfully completed the refinancing of its maturing debt on 7 July 2023. The new SGD 225.0 million (~EUR 151 million) financing which has replaced the maturing debt is sustainability linked and consists of a Term Loan and a Revolving Credit Facility. No other subsequent events have occurred after the reporting date.

Enclosures

59 Non-IFRS proportional financial information
63 Key results second quarter
66 Glossary

Enclosure 1. Non-IFRS proportional financial information

Basis of preparation

Non-IFRS proportional financial information

Vopak provides non-IFRS proportional financial information -excluding exceptional items- in response to requests by multiple investors to provide additional operational performance insights on a comparable basis for subsidiaries, joint ventures and associates. In this disclosure, the joint ventures and associates and the subsidiaries with non-controlling interests are consolidated based on the economic ownership interests of the Group in these entities.

In the tables in this section, we provide the proportional financial information for the statement of income, the statement of financial position, and the segment information for each of our reportable segments. Where applicable, we show a reconciliation with our IFRS figures in order to create comparability with the proportional information. Other information is based on the same principles as applied for the proportional financial information.

Proportional information Statement of income

	HY1 2023			HY1 2022
In EUR millions	IFRS figures	Exclusion exceptional items	Effects proportional consolidation	Proportional consolidated	IFRS figures	Exclusion exceptional items	Effects proportional consolidation	Proportional consolidated
Revenues	720.8	–	246.1	966.9	662.1	–	223.5	885.6
Other operating income	68.8	48.7	33.9	54.0	25.2	5.7	32.3	51.8
Operating expenses	- 352.0	- 2.5	- 85.1	- 434.6	- 345.6	- 6.0	- 77.0	- 416.6
Result joint ventures and associates	102.8	–	- 102.8	–	58.1	- 32.4	- 90.5	–
Impairment	–	–	–	–	- 431.7	- 431.7	–	–
Group operating profit / (loss) before depreciation and amortization (EBITDA)	540.4	46.2	92.1	586.3	- 31.9	- 464.4	88.3	520.8
Depreciation and amortization	- 162.1	–	- 53.6	- 215.7	- 175.8	–	- 52.1	- 227.9
Group operating profit / (loss) (EBIT)	378.3	46.2	38.5	370.6	- 207.7	- 464.4	36.2	292.9
Net finance costs	- 66.3	–	- 33.8	- 100.1	- 56.9	–	- 28.0	- 84.9
Income tax	- 68.6	- 28.7	- 24.0	- 63.9	- 56.6	0.4	- 22.8	- 79.8
Net profit / (loss)	243.4	17.5	- 19.3	206.6	- 321.2	- 464.0	- 14.6	128.2
Non-controlling interests	- 19.3	–	19.3	–	- 14.6	–	14.6	–
Net profit / (loss) owners of parent	224.1	17.5	–	206.6	- 335.8	- 464.0	–	128.2

Statement of financial position

		31-Dec-2022
In EUR millions	IFRS figures	Effects proportional consolidation	Proportional consolidated	IFRS figures	Effects proportional consolidation	Proportional consolidated
Non-current assets (excl. joint ventures and associates)	4,589.2	2,920.7	7,509.9	4,600.7	2,979.5	7,580.2
Joint ventures and associates	1,800.8	- 1,800.8	–	1,877.8	- 1,877.8	–
Current assets	445.5	433.1	878.6	520.6	442.2	962.8
Total assets	6,835.5	1,553.0	8,388.5	6,999.1	1,543.9	8,543.0
Non-current liabilities	2,758.2	1,352.2	4,110.4	2,690.0	1,291.1	3,981.1
Current liabilities	918.6	358.0	1,276.6	1,162.8	414.4	1,577.2
Total liabilities	3,676.8	1,710.2	5,387.0	3,852.8	1,705.5	5,558.3
Equity attributable to owners of parent	3,001.5	–	3,001.5	2,984.7	–	2,984.7
Non-controlling interests	157.2	- 157.2	–	161.6	- 161.6	–
Total equity	3,158.7	- 157.2	3,001.5	3,146.3	- 161.6	2,984.7

Net interest-bearing debt

In EUR millions	30-Jun-23	31-Dec-22
Non-current portion of interest-bearing loans	3,640.0	3,552.2
Current portion of interest-bearing loans	374.1	656.3
Total interest-bearing loans	4,014.1	4,208.5
Short-term borrowings	345.3	312.9
Bank overdrafts	8.9	1.1
Cash and cash equivalents	- 320.5	- 313.8
Net interest-bearing debt	4,047.8	4,208.7

Other information

	HY1 2023	HY1 2022
EBITDA margin excluding exceptional items	57.4%	55.5%
Proportional occupancy rate	91%	86%
Sustaining, service improvement and IT capex (in EUR millions)	138.0	126.6

Statement of income

	of which Americas United States		Asia & Middle East		of which Singapore		China & North Asia		Europe & Africa		of which Netherlands		New Energy & LNG		activities	Global functions and corporate	Total
In EUR millions																			HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022 HY1 2023 HY1 2022
Revenues	238.2	233.4	154.7	144.9	255.5	227.4	101.7	83.6	73.2	67.4	315.3	282.6	232.2	206.9	81.1	70.8	3.6	4.0	966.9	885.6
Other operating income	10.1	9.1	2.0	3.1	5.4	6.5	0.1	0.4	3.7	5.6	4.1	1.1	4.1	0.8	30.7	29.5	–	–	54.0	51.8
Operating expenses		- 114.1 - 118.5	- 79.0	- 76.7	- 72.6	- 65.9	- 30.2	- 26.1	- 24.5			- 22.0 - 157.8 - 149.8 - 118.0 - 109.2			- 37.0	- 31.5	- 28.6	- 28.9	- 434.6	- 416.6
EBITDA	134.2	124.0	77.7	71.3	188.3	168.0	71.6	57.9	52.4	51.0	161.6	133.9	118.3	98.5	74.8	68.8	- 25.0	- 24.9	586.3	520.8
Depreciation and amortization	- 38.4	- 38.5	- 26.3	- 25.5	- 57.7	- 56.9	- 19.9	- 18.8	- 15.7	- 12.5	- 74.9	- 91.1	- 50.4	- 66.3	- 18.4	- 19.6	- 10.6	- 9.3	- 215.7	- 227.9
EBIT excluding exceptional items	95.8	85.5	51.4	45.8	130.6	111.1	51.7	39.1	36.7	38.5	86.7	42.8	67.9	32.2	56.4	49.2	- 35.6	- 34.2	370.6	292.9
Exceptional items	49.7	5.7			–	- 6.0			–	–		– - 431.7			–	- 41.5	- 3.5	–	46.2	- 473.5
EBIT including exceptional items	145.5	91.2			130.6	105.1			36.7	38.5		86.7 - 388.9			56.4	7.7	- 39.1	- 34.2		416.8 - 180.6
Occupancy rate Net interest-bearing debt	93%	93%			93%	84%			84%	86%	90%	83%			100%	96%			91%	86% 4,047.8 4,462.7

	Americas		Asia & Middle East		China & North Asia		Europe & Africa		New Energy & LNG		Global functions and corporate activities		Total
In EUR millions	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022	HY1 2023	HY1 2022
Chemical products	132.5	124.9	104.3	95.9	60.9	56.5	124.8	107.4	–	–	–	–	422.5	384.7
Oil products	61.7	74.6	130.7	112.4	0.5	0.4	128.0	113.4	–	–	–	–	320.9	300.8
Vegoils & biofuels	32.0	22.7	1.5	1.3	0.7	–	42.2	33.6	–	–	–	–	76.4	57.6
Gas products	7.7	7.2	14.2	7.5	10.8	10.2	19.0	18.4	81.0	70.7	–	–	132.7	114.0
Others	4.3	4.0	4.8	10.3	0.3	0.3	1.3	9.8	0.1	0.1	3.6	4.0	14.4	28.5
Revenues	238.2	233.4	255.5	227.4	73.2	67.4	315.3	282.6	81.1	70.8	3.6	4.0	966.9	885.6

Proportional operating cash flow

In EUR millions	HY1 2023	HY1 2022
Proportional operating cash flow
Reported EBITDA	494.2	432.5
Effects proportional consolidation	92.1	88.3
Proportional EBITDA	586.3	520.8
Proportional operating capex	-138.0	-126.6
IFRS 16 lessee	-32.9	-47.6
Proportional operating cash flow	415.4	346.6
Proportional operating cash return
Proportional operating cash flow	415.4	346.6
Average proportional capital employed	5,700.7	6,084.6
Proportional operating Cash Return	14.6%	11.4%
Average proportional capital employed
Proportional total assets	8,388.5	8,557.2
Proportional current liabilities	-1,276.6	-1,385.2
Proportional right-of-use assets	-1,056.2	-968.6
Proportional assets under construction	-528.7	-492.2
Other	130.8	283.2
(Half)Year-end proportional capital employed	5,657.8	5,994.4
Average proportional capital employed	5,700.7	6,084.6

Enclosure 2. Key results second quarter

Segmentation Statement of income Q2 2023 versus Q1 2023

Key results second quarter

	Americas		of which United States		Asia & Middle East		of which Singapore		China & North Asia		Europe & Africa		of which Netherlands		New Energy & LNG		Global functions and corporate activities		Total
In EUR millions											Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023
Revenues	98.0	97.2	57.2	61.0	91.1	91.0	72.8	71.8	11.2	12.2	156.9	159.7	115.4	115.4	–	–	1.8	1.7	359.0	361.8
Other operating income	1.2	1.3	1.1	1.4	4.1	2.9	0.7	0.7	1.4	2.7	3.1	1.4	3.1	1.4	1.0	1.0	–	–	10.8	9.3
Operating expenses	- 41.4	- 42.8	- 28.1	- 28.3	- 30.4	- 27.8	- 22.3	- 21.4	- 7.0	- 6.6	- 77.8	- 78.9	- 58.7	- 59.6	- 4.4	- 4.3	- 13.4		- 14.7 - 174.4 - 175.1
Result joint ventures and associates	5.4	3.0	1.4	0.5	16.9	23.8	0.3	0.3	10.9	11.5	0.9	0.7	0.2	0.3	16.0	14.3	- 0.3	- 0.3	49.8	53.0
EBITDA	63.2	58.7	31.6	34.6	81.7	89.9	51.5	51.4	16.5	19.8	83.1	82.9	60.0	57.5	12.6	11.0	- 11.9	- 13.3	245.2	249.0
Depreciation and amortization	- 15.4	- 16.0	- 9.5	- 9.9	- 19.0	- 19.4	- 14.3	- 14.6	- 3.3	- 3.3	- 38.9	- 36.4	- 26.3	- 23.7	–	–	- 5.1	- 5.3	- 81.7	- 80.4
EBIT excluding exceptional items	47.8	42.7	22.1	24.7	62.7	70.5	37.2	36.8	13.2	16.5	44.2	46.5	33.7	33.8	12.6	11.0	- 17.0	- 18.6	163.5	168.6
Exceptional items	49.7	–			–	–			–	–	–	–			–	–	- 3.5	–	46.2	–
EBIT including exceptional items	97.5	42.7			62.7	70.5			13.2	16.5	44.2	46.5			12.6	11.0	- 20.5	- 18.6	209.7	168.6
Reconciliation consolidated net profit / (loss)
Net finance costs																			- 32.1	- 34.2
Profit / (loss) before income tax																			177.6	134.4
Income tax																			- 46.9	- 21.7
Net profit / (loss)																			130.7	112.7
Non-controlling interests																			- 9.7	- 9.6
Net profit / (loss) holders of ordinary shares																			121.0	103.1
Occupancy rate subsidiaries	92%	95%			96%	95%			67%	71%	91%	91%							91%	92%

Segmentation Statement of income Q2 2023 versus Q2 2022

	Americas		of which United States		Asia & Middle East		of which Singapore		China & North Asia		Europe & Africa		of which Netherlands		New Energy & LNG		Global functions and corporate activities		Total
In EUR millions												Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022
Revenues	98.0	96.3	57.2	55.3	91.1	78.8	72.8	59.9	11.2	13.3	156.9	147.0	115.4	106.8	–	–	1.8	2.6	359.0	338.0
Other operating income	1.2	2.1	1.1	1.9	4.1	6.3	0.7	1.8	1.4	1.9	3.1	1.1	3.1	1.0	1.0	0.8	–	–	10.8	12.2
Operating expenses	- 41.4	- 47.7	- 28.1	- 30.0	- 30.4	- 27.1	- 22.3	- 20.1	- 7.0	- 6.4	- 77.8	- 74.3	- 58.7	- 53.1	- 4.4	- 3.2	- 13.4		- 15.5 - 174.4 - 174.2
Result joint ventures and associates	5.4	3.8	1.4	1.3	16.9	18.4	0.3	–	10.9	9.8	0.9	0.6	0.2	0.2	16.0	11.2	- 0.3	- 0.4	49.8	43.4
EBITDA	63.2	54.5	31.6	28.5	81.7	76.4	51.5	41.6	16.5	18.6	83.1	74.4	60.0	54.9	12.6	8.8	- 11.9	- 13.3	245.2	219.4
Depreciation and amortization	- 15.4	- 16.2	- 9.5	- 9.5	- 19.0	- 18.9	- 14.3	- 13.8	- 3.3	- 3.1	- 38.9	- 45.6	- 26.3	- 32.6	–	–	- 5.1	- 4.7	- 81.7	- 88.5
EBIT excluding exceptional items	47.8	38.3	22.1	19.0	62.7	57.5	37.2	27.8	13.2	15.5	44.2	28.8	33.7	22.3	12.6	8.8	- 17.0	- 18.0	163.5	130.9
Exceptional items	49.7	5.7			–	- 6.0			–	–		– - 431.7			–	- 32.4	- 3.5	–		46.2 - 464.4
EBIT including exceptional items	97.5	44.0			62.7	51.5			13.2	15.5		44.2 - 402.9			12.6	- 23.6	- 20.5	- 18.0		209.7 - 333.5
Reconciliation consolidated net profit / (loss)
Net finance costs																			- 32.1	- 28.6
Profit / (loss) before income tax																				177.6 - 362.1
Income tax																			- 46.9	- 41.2
Net profit / (loss)																				130.7 - 403.3

Non-controlling interests										- 9.7	- 7.2
Net profit / (loss) holders of ordinary shares
Occupancy rate subsidiaries	92%	93%	96%	82%		67% 77%	91%	87%		91%	87%

Non-IFRS proportional Q2 2023 versus Q1 2023

	Americas		of which United States		Asia & Middle East		of which Singapore		China & North Asia		Europe & Africa		of which Netherlands		LNG		Global functions and corporate activities		Total
In EUR millions											Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023 Q2 2023 Q1 2023						Q2 2023		Q1 2023 Q2 2023 Q1 2023
Revenues	119.6	118.6	75.5	79.2	126.1	129.4	51.1	50.6	34.7	38.5	156.5	158.8	116.0	116.2	41.9	39.2	2.0	1.6	480.8	486.1
Other operating income	6.3	3.8	0.9	1.1	3.1	2.3	- 0.1	0.2	1.7	2.0	2.9	1.2	2.9	1.2	15.2	15.5	–	–	29.2	24.8
Operating expenses	- 56.3	- 57.8	- 39.1	- 39.9	- 37.7	- 34.9	- 15.2	- 15.0	- 12.7	- 11.8	- 78.3	- 79.5	- 58.5	- 59.5	- 19.2	- 17.8	- 13.6		- 15.0 - 217.8 - 216.8
EBITDA	69.6	64.6	37.3	40.4	91.5	96.8	35.8	35.8	23.7	28.7	81.1	80.5	60.4	57.9	37.9	36.9	- 11.6	- 13.4	292.2	294.1
Depreciation and amortization	- 18.8	- 19.6	- 12.9	- 13.4	- 29.8	- 27.9	- 9.9	- 10.0	- 7.7	- 8.0	- 38.8	- 36.1	- 26.5	- 23.9	- 9.1	- 9.3	- 5.5		- 5.1 - 109.7 - 106.0
EBIT excluding exceptional items	50.8	45.0	24.4	27.0	61.7	68.9	25.9	25.8	16.0	20.7	42.3	44.4	33.9	34.0	28.8	27.6	- 17.1	- 18.5	182.5	188.1
Exceptional items	49.7	–			–	–			–	–	–	–			–	–	- 3.5		46.2	–
EBIT including exceptional items	100.5	45.0			61.7	68.9			16.0	20.7	42.3	44.4			28.8	27.6	- 20.6	- 18.5	228.7	188.1
Occupancy rate	92%	94%			93%	93%			82%	85%	90%	90%			100%	100%			91%	92%
Net interest-bearing debt																				4,047.8 4,066.6

Q2 2023 versus Q2 2022

	Americas		of which United States		Asia & Middle East		of which Singapore		China & North Asia		Europe & Africa		of which Netherlands		LNG		Global functions and corporate activities		Total
In EUR millions											Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022						Q2 2023		Q2 2022 Q2 2023 Q2 2022
Revenues	119.6	118.0	75.5	73.7	126.1	116.5	51.1	42.4	34.7	35.3	156.5	146.4	116.0	107.6	41.9	36.2	2.0	2.5	480.8	454.9
Other operating income	6.3	4.9	0.9	1.8	3.1	4.4	- 0.1	0.4	1.7	2.0	2.9	1.0	2.9	0.8	15.2	15.2	–	–	29.2	27.5
Operating expenses	- 56.3	- 62.6	- 39.1	- 41.5	- 37.7	- 34.0	- 15.2	- 13.7	- 12.7	- 11.8	- 78.3	- 74.6	- 58.5	- 53.0	- 19.2	- 16.5	- 13.6		- 15.8 - 217.8 - 215.3
EBITDA	69.6	60.3	37.3	34.0	91.5	86.9	35.8	29.1	23.7	25.5	81.1	72.8	60.4	55.4	37.9	34.9	- 11.6	- 13.3	292.2	267.1
Depreciation and amortization	- 18.8	- 20.0	- 12.9	- 13.0	- 29.8	- 29.6	- 9.9	- 9.5	- 7.7	- 7.3	- 38.8	- 45.3	- 26.5	- 32.9	- 9.1	- 10.0	- 5.5		- 4.7 - 109.7 - 116.9
EBIT excluding exceptional items	50.8	40.3	24.4	21.0	61.7	57.3	25.9	19.6	16.0	18.2	42.3	27.5	33.9	22.5	28.8	24.9	- 17.1	- 18.0	182.5	150.2
Exceptional items	49.7	5.7			–	- 6.0			–	–		– - 431.7			–	- 41.5	- 3.5	–		46.2 - 473.5
EBIT including exceptional items	100.5	46.0			61.7	51.3			16.0	18.2		42.3 - 404.2				28.8 - 16.6	- 20.6	- 18.0		228.7 - 323.3
Occupancy rate	92%	93%			93%	84%			82%	87%	90%	87%			100%	96%			91%	87%
Net interest-bearing debt																				4,047.8 4,462.7

Enclosure 3. Glossary

Glossary

EBIT - Earnings Before Interest and Tax

Net income, before income taxes, and before net finance costs. This performance measure is used by the company to evaluate the operating performance of its operating entities.

EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization

Net income, before income taxes, before net finance cost, and before amortization and depreciation expenses. EBITDA is a rough accounting approximate of gross cash flows generated. This measure is used by the company to evaluate the financial performance of its operating entities.

Exceptional items

Exceptional items are non-recurring gains and losses resulting from incidental events, which are not representative of the underlying business activities and operating performance of the Vopak group, and are resulting from:

Events for which no threshold is applied:

Acquisitions and (partial) divestments, as well as any post-transaction results related to these events (including related hedge results, results caused by changes of the accounting classification of investments in other entities, results from classification as 'held for sale' or 'discontinued operation', contingent and deferred considerations, and related transaction costs);
Impairments and reversal of impairments on individual Cash Generating Units (CGU), a Group of Assets (not being one CGU), Business Development Projects and/or Goodwill.

Events for which a threshold of EUR 10 million is applied:

Legal, insurance, damage, anti-trust, and environmental cases, including related reimbursements;
Financial liabilities in relation to financial guarantees provided;
Restructurings and integrations of businesses;
Impairments and reversals of impairments at the individual asset-level.

Proportional Operating Cash Return

Proportional Operating Cash Return is defined as proportional operating cash flow divided by average proportional capital employed.

Proportional operating cash flow is defined as proportional EBITDA minus IFRS 16 lessee (depreciation/interest) minus proportional operating capex. From 2022, onwards IFRS 16 lessor (gross customer receipts minus interest income) has been adjusted;
Proportional operating capex is defined as sustaining and service capex plus IT capex
Proportional operating cash flow is pre-tax, excludes growth capex, derivative movements and working capital movements;
Proportional capital employed is defined as proportional total assets excluding assets and current liabilities not related to operational activities and excluding IFRS 16 lessee (gross lease payment).

ROCE - Return On Capital Employed Before Interest and Tax

EBIT - excluding exceptional items - as a percentage of the average capital employed. This performance measure is used by the company to assess the profitability and the efficiency of its operations in relation to the capital employed.

ROE - Return On Equity After Interest and Tax

Net income - excluding exceptional items - as a percentage of the average equity employed. This performance measure is used by the company to assess the return that the company generates with the equity funds provided by its shareholders.

AI Terminal

Koninklijke Vopak N.V.

3897_ir_2023-07-28-130459_eaa2216a-0536-45a7-850c-c58085a255a3.pdf

Shaping the future Half Year Report 2023

Contents

Interim Management Report

Interim Consolidated Financial Statements

Enclosures

Forward-looking statements

Financial calendar

About Royal Vopak

For more information please contact:

Interim Management Report

Key highlights HY1 2023

Rotterdam, the Netherlands, 28 July 2023

Key highlights HY1 2023

Improve:

Grow:

Accelerate:

Royal Vopak Chief Executive Officer Dick Richelle, said:

Financial Highlights for HY1 2023 - excluding exceptional items

Exceptional items in HY1 2023 consist of:

Strategic update

Improve

Grow in industrial and gas

Accelerate towards new energies & sustainable feedstocks

Outlook

Organization and reporting structure

Shaping the future

Key performance figures

Financial review

Operating results

Revenues

Other operating income

Expenses

Result joint ventures and associates

Impairments

Group operating profit / (loss) before depreciation and amortization

Depreciation and amortization

Group operating profit / (loss)

Cash flows from operating activities and working capital

Strategic investments and divestments Cash flows from investing activities

Capital Structure Equity

Debt

Net finance costs

Cash flows from financing activities

Income taxes

Net profit / (loss) attributable to holders of ordinary shares

Joint ventures and associates

Risks and risk management

Product market developments

Introduction

Manufacturing

Energy

Gas

New energies & sustainable feedstocks Sustainable Feedstocks

Hydrogen

CO2 infrastructure

Long Duration Energy Storage

Gas

HY1 2023 performance1

LNG terminal strengthening supply security Gate terminal in the Netherlands

Industrial

HY1 2023 performance1

Industrial terminal integrated with petrochemical complex Vopak Sakra terminal in Singapore

Chemicals US: Deer Park, Long Beach

HY1 2023 performance1

Chemicals distribution terminal Vopak ACS terminal in Antwerp Belgium

HY1 2023 performance1

Sustainability review

Our Sustainability Roadmap

Planet

Care for our environment & climate

Profit Care for our economic impact

Care for our societal impact (People)

Safety

Inclusion & diversity

Care for environment & climate (Planet)

GHG emissions

Our economic impact (Profit)