Annual Report 2020

Storing vital products with care

We store products that are vital for everyday life. The energy that allows people to cook, heat or cool their homes and commute to work. The chemicals that enable companies to manufacture millions of useful products. The edible oils to prepare food. Vopak is the world's leading independent tank storage company and we take pride in storing vital products with care, for a growing world population.

Cover page

energy to charge laptops

The symbols used on the cover represent just some of the end-uses of the products we handle: polymers in clothes, energy to heat houses and charge laptops, cosmetics, chemicals and coatings used in headsets and computer screens.

energy to heat houses

polymers in clothes

In this report

  • 2 Introduction

    • 2 Vopak at a glance

    • 4 CEO statement

  • 7 Purpose & strategy

    • 8 Our purpose

    • 9 Our strategy

    • 14 Our value creation

    • 16 Our responsible business conduct

21 Business & market

  • 22 Letter of the Executive Board

  • 24 Our business environment

  • 27 Our business

31 Performance & Outlook

  • 32 Our performance

  • 33 Financial performance

  • 36 Leading assets in leading locations

  • 38 Operational leadership

  • 40 Service leadership

  • 42 Technology leadership

  • 44 People leadership

  • 48 Key developments by division

  • 48 Americas

  • 49 Asia & Middle East

  • 50 China & North Asia

  • 51 Europe & Africa

  • 52 LNG

  • 53 Outlook

54 Sustainability

  • 56 Introduction to sustainability

  • 58 Governance and basis of preparation

  • 63 Consolidated Sustainability Performance

  • 64 Care for our societal impact (people)

  • 74 Care for our environmental & climate impact (planet)

84

Care for our economic impact (profit)

92 Governance, risk & compliance

93 Supervisory Board report

97 Supervisory Board members

98 Executive Board members

99 Remuneration report

108 Corporate Governance

112 Corporate Governance statement

115 Risk management & internal control

128 Shareholder information

131 Financial Statements

133 Consolidated Financial Statements

207 Company Financial Statements

212 Executive Board declaration

213 External auditor's reports

222 Additional information

223 Non-IFRS proportional financial information

(unaudited)

226 Profit Appropriation

227 Stichting Vopak (Vopak Foundation)

228 Five-year consolidated summary

229 Glossary

231 Contact details

Disclaimer PDF print - this document is only a 'printed version' and is not the original annual financial reporting including the audited financial statements pursuant to article 361 of Book 2 of the Dutch Civil Code. These original annual financial reporting, including the audited financial statements and the auditor's report thereto are included in the single report package which can be found athttps://www.vopak.com/investors/reports-and-presentations/company-reports. In any case of discrepancies between this 'printed version' and the report package, the single report package prevails.

Vopak at a glance

2

Vopak at a glance

at year-end 2020

Royal Vopak is the world's leading independent tank storage company. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to the economy and the daily lives of people across the globe, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions to facilitate the transition of the world's changing energy and feedstock systems. At the same time, we invest in digitalization and innovation to improve our performance and our service to our customers. Vopak is listed on Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands.

1 For a reconciliation between the IFRS numbers and the amounts excluding exceptional items, reference is made to note 2.2 of the financial statements.

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Royal Vopak NV published this content on 17 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2021 06:06:09 UTC.