Vopak has received a non-binding offer from an unnamed company on all of its UK assets. Based on this interest, the Dutch group said exploratory meetings were taking place, but as the outcome was unknown, no further details were disclosed.
Meanwhile, following the acquisition of the former Coryton refinery, Vopak and its partners have concluded that 403 acres of land will not be required by the joint venture and have put it up for sale.
As a result, Vopak has reviewed the carrying value of its equity participation in the joint venture, resulting in an impairment of €40-45 million.
The impairment will be treated as an exceptional loss in its first half 2015 results (Q1 2015: exceptional gain €26 million related to the divestment of three terminals and a plot of land in the United States).
The options for an import and distribution terminal on the remaining land continue to be under review.
A substantial part of this impairment relates to the anticipated demolition of the assets on the land for sale, which were not in use and accordingly did not contribute to earnings. The HY1 2015 figures will be published on 21 August 2015.
