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Roadshow presentation
Q3 2012 Trading update
Forward-looking statement
This presentation contains statements of a forward-looking nature, based on currently available plans
and forecasts. Given the dynamics of the markets and the environments of the 31 countries in which
Vopak provides logistics services, the company cannot guarantee the accuracy and completeness of
such statements.
Unforeseen circumstances include, but are not limited to, exceptional income and expense items,
unexpected economic, political and foreign exchange developments, and possible changes to IFRS
reporting rules.
Statements of a forward-looking nature issued by the company must always be assessed in the
context of the events, risks and uncertainties of the markets and environments in which Vopak
operates. These factors could lead to actual results being materially different from those expected.
2 Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
3 Roadshow presentation Q3 2012
Vopak and storage since 1616Almost four centuries of history
Discharge of
oil barrels at
Charlois site
Rotterdam 1900
Porter early
1600
First barrels of oil in Rotterdam 1862
4 Roadshow presentation Q3 2012
84 Terminals in 31 countries
And a number of terminals under construction.
5 Roadshow presentation Q3 2012
Key figures and some of our customers
Employees
Terminals
Countries
Capacity**
Net Revenues ‘11
EBIT* ‘11
Market capitalization**
5,901 (incl. JVs)
84
31
29.9 Million cbm
€ 1,172 Million
€ 469 Million
€ 6.6 Billion
* Excluding exceptional items.** 30 September 2012.
6 Roadshow presentation Q3 2012
Tank terminalKey role in oil and chemical supply chain
Customers
Oil, Gas and
Chemicals companies
Governments
Trading companies
Services
Storage
Blending
Break bulk
Make bulk
Drumming
Heating / cooling
Weighing
Products
Oil (derivatives)
Chemicals
Vegetable oils
Biofuels
Supply and transport
Vessels
Barges
Pipelines
Tank trucks
Rail wagons
Drums
LNG
LPG
Chemical
gases
7 Roadshow presentation Q3 2012
Vopak’s role in the supply chain
Feedstock Production
FeedstockGathering
Production &Refining
ProductsTransmission
Independent Storage &Transshipment
Mid-Stream& End-userDistribution
Oil, Gas and Chemical supply chain
8 Roadshow presentation Q3 2012
Strategic logistic functions of tank terminals
Vital link for incoming and outgoing
flows of oil and chemicals
Example
Rotterdam Europoort
Storage of products that are
exported or transferred to end users
Example
Vopak Terminal London
Complete integration with the
production process
Example
Sakra Terminal in Singapore
9 Roadshow presentation Q3 2012
Logistics hub terminal
Example fuel oil Where large flows of products merge - logistics crossroad
Houston, Rotterdam/Antwerp, Singapore and Fujairah
10 Roadshow presentation Q3 2012
Import/Export terminal
� Break or make bulk
� Local distribution
11 Roadshow presentation Q3 2012
Industrial terminalStorage facilities integrated at chemical park
Vopak Terminals Singapore - Sakra Terminal
Exxon Mobil
Perstorp
Sumitomo Chemical
Mitsui Chemicals
Air Products
Chevron
Asahi Kasei Chemicals
SembCorp Utilities
Celanese
Kuraray
Dupont
12 Roadshow presentation Q3 2012
Global mega trends drive Vopak’s markets
� GDP growth in
non-OECD� Increasing need
transport and
mobility
� Increasing
(sustainable)
energy need
� Population
growth, mainly
non-OECD
13 Roadshow presentation Q3 2012
Non-OECD economies drive energy consumption growth,fossil fuels will remain the dominant energy provider until 2035
OECD China Rest of world
World primary energy demand by region in IEA New Policies ScenarioIn Mtoe
Source: IEA WEO 2010
World primary energy demand by fuel in IEA New Policies ScenarioIn Mtoe
14 Roadshow presentation Q3 2012
Strengthening Vopak’s competitive position in a period of worldwide challenges
� Socio-economic unrests
(e.g. ‘Arab-spring’) � Geopolitical challenges� Financial turmoil and
economic uncertainties
15 Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
16 Roadshow presentation Q3 2012
Customer LeadershipOperational Excellence
Our Sustainability Foundation
• Excellent People
• Health and Safety
Our ability to construct,
operate and maintain
our terminals to
deliver our service at
competitive costs
Our ability to create
a relationship
with our customers
Our ability to find or
identify the right location
for our terminals
Growth Leadership
• Environment Care
• Responsible Partner
A B C
17
Focused strategy and disciplined execution
Roadshow presentation Q3 2012
Sustainability themes within Vopak
Excellent People Health and Safety Environmental Care Responsible Partner
�Have the best
people and create
an agile and
solution driven
culture
�Provide a healthy
and safe workplace
for our employees
and contractors
�Be energy and
water efficient and
reduce emissions
and waste
�Be a responsible
partner for our
stakeholders
18 Roadshow presentation Q3 2012
Personal and process safety
-50%
HY1 2012
0.6
HY1 2011
1.2
HY1 2010
1.8
The lost time injury rate (LTIR) Total injuries leading to lost time per million hours worked
by own employees and contractors
-11%
HY1 2012
2.5
HY1 2011
2.8
HY1 2010
3.7
Process Incidents
Number of incidents
Total Injury RateTotal injuries per million hours worked by own employees
-25%
HY1 2012
66
HY1 2011
88
HY1 2010
63
19 Roadshow presentation Q3 2012
Various projects completed in HY2 2011Storage capacity increased by 2.3 million cbm
Acquired
(Joint Venture)
A’dam Westpoort 1 (100%) 620,000 cbm; oil products
Kandla (100%)
261,600 cbm; chemicals
Altamira
Altamira LNG terminal (60%)
300,000 cbm; LNG
Gate terminal (45%) 540,000 cbm; LNG
Note: Above examples not representative of all projects completed in HY2 2011.
A
20
Commissioned
Acquired
Commissioned
(Joint Venture)
Roadshow presentation Q3 2012
A’dam Westpoort 2 (100%)
582,000 cbm; oil products
Tianjin Lingang (50%)
95,300 cbm; chemicals
Note: Above examples not representative of all projects completed in YTD 2012.
Zhangjiagang (100%)
55,600 cbm; chemicals
Gothenburg (100%)
60,000 cbm; oil products
Commissioned
Acquired
Fujairah (33.3%)
611,000 cbm; oil products
Projects commissioned YTD 2012Storage capacity increased by 2.1 million cbm
Commissioned
(Joint Venture)
A
21
Eemshaven (50%)
660,000 cbm; oil products
Roadshow presentation Q3 2012
Strengthening competitive position of services to our customers
Sa
fety
Eff
icie
nc
y
22
B
Roadshow presentation Q3 2012
Serving markets from a product perspective
� Customer segmentation
� Access to the right people
� Understand customer’s strategy
Account Management
� Port attractiveness
� Relevance for network
� Pro-active approach
Portfolio of Terminals
� Understand basic technology
� Understand imbalances
� Understand trade flow dynamics
Product strategy
Winning
clients and
ports
23
C
Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
24 Roadshow presentation Q3 2012
Global product trends drive Vopak’s markets
Oil products Chemical products Biofuels & VegoilsLNG
� Global crude oil
trade business
� Europe’s gasoline
surplus and deficit
for middle distillates
� Closures of some
less competitive
refineries in the
Atlantic Basin
� Increasing demand
in Asia and lower
demand in Europe
� Feedstock
advantage in Middle
East
� Gulf re-emerges due
to shale gas
� Flows between US-
Brazil-Europe-Asia
� Market is expected to
grow
� Impact of annual
harvest and
regulatory
uncertainties
� A globalizing natural
gas market with new
business models
� LNG growth due to
imbalances, security
of supply and
environmental push
Assets Coryton Houston VlaardingenSmall scale LNG
Example of growth project
25 Roadshow presentation Q3 2012
Vopak market definition
Vopak’s competitive environment is defined as non-captive
marine tank storage for liquid oil and chemical products
Definition
Primary competition Independent competition renting only to third parties
Secondary competition Partly using the capacity for storing own products
(Some traders, distributors, producers, state-owned companies)
Captive competition Producers & traders using their capacity for storing only
their own products
26 Roadshow presentation Q3 2012
Market share according to the definition
Storage market (cbm) Oil Chemicals* Total
World Market 226 mln 57 mln 283 mln cbm
Primary Competition 146 mln 49 mln 195 mln cbm
Secondary Competition 80 mln 8 mln 88 mln cbm
Vopak Market Share
As % of total market 7% 20% 10.0%
As % of primary competition 12% 24% 14.6%
Vopak 16.8 mln 11.6 mln 28.4 mln cbm
* Chemicals include chemicals, vegoils, biofuels and gasses. Note: In mln cbm per July 2012; excluding storage market for LNG.
27 Roadshow presentation Q3 2012
Demand growth in storage marketto support international trade flows
Additional Worldwide Storage Capacity* Total
World Market, incl. Vopak 32.4 mln cbm
Growth % 11.4 %
Vopak 5.3 mln cbm**
Growth as % of Vopak capacity 18.7%***
* Based on disclosed projects per July 2012.** Including the acquisition of the assets of the former Coryton refinery (UK) by means of a strategic consortium. *** Based on current storage capacity of 28.4 million cbm per July 2012 (excluding storage capacity for LNG).
28 Roadshow presentation Q3 2012
Vopak: the global market leader
Note: Including inland capacity and Joint Ventures.Source: Vopak; company websites.
29
0 5 10 15 20 25 30
Dalian Port
Odfjell
SUMED
CIM
Sunoco
Horizon
IMTT
Vitol
CLH
Buckeye
Magellan
NuStar
Kinder Morgan
Oiltanking
Vopak
Storage capacity as per July 2012
In mln cbm
Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
30 Roadshow presentation Q3 2012
Capacity developments
In mln cbm
* Including net change at various terminals (including decommissioning).** Including the acquisition of the assets of the former Coryton refinery (UK) by means of a strategic consortium.
0,5
0,10.8
1.2
31-12-
2011
27.8
+4.7**
+2.1
31-12-2014
Expansions* AcquisitionNew terminals
3.2
Expansions
34.6
30-09-2012
29.9
AcquisitionNew terminals
1.0
31
Capacity growth under construction
Roadshow presentation Q3 2012
32
Under construction
Pengerang (44%)
1,284,000 cbm; oil products
Europoort (100%)
400,000 cbm; oil products
Hainan (49%)
1,350,000 cbm; oil products
Algeciras (80%)
403,000 cbm; oil products
Note: Above examples not representative of all projects under construction.
Thames Oil Port (33.3%)
500,000 cbm; oil products
Acquired (Joint Venture)
Various projects under constructionTotal storage capacity under construction 4.7 million cbm
Under construction
(Joint Venture)
Roadshow presentation Q3 2012
Storage capacity under construction (1)
Location Ownership Product cbm 2010 2011 2012 2013 2014
China, Coajing 50% C 16,000
Spain, Algeciras 80% O 403,000
Netherlands,
Rotterdam100% C 20,000
Singapore,
Banyan69.5% C 100,200
UK, assets former
Coryton refinery*33.3% O 500,000
China, Tianjin 50% LPG 240,000
China, Lanshan 41.7% C 40,000
Australia, Sydney 100% Bitumen 21,000
* Acquisition of the assets of the former Coryton refinery (UK) by means of a strategic consortium.
33 Roadshow presentation Q3 2012
Storage capacity under construction (2)
Location Ownership Product cbm 2010 2011 2012 2013 2014
Brazil, Aratu 100% C 15,300
Netherlands,
Vlaardingen100% V/B 140,000
China,
Dongguan50% C 153,000
Spain, Barcelona
Terquimsa50% C 18,800
China, Hainan 49% O 1,350,000
Malaysia,
Pengerang44% O 1,284,000
Netherlands,
Europoort100% O 400,000
Total additional storage capacity (in million cbm) 2.1 1.4* 3.3
Accumulated storage capacity (in million cbm) 27.8 29.9 31.3* 34.6*
* Including the acquisition of the assets of the former Coryton refinery (UK) by means of a strategic consortium.
34 Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
35 Roadshow presentation Q3 2012
Financial performance is fuelled by different value drivers
Occupancy improvements
2003-06 2007-09 2010-2011 2012 >
Operational efficiency gains
Capacity expansion
PresentNear PastPastPresent/
Future
Playing field between 90 - 95%
36 Roadshow presentation Q3 2012
37
Q3
91
Q2
90
Q1
93
Q4
94
Q3
93
Q2
93
Q1
92
Q4
92
Q3
92
Q2
93
Q1
93
Q4
93
Q3
93
Q2
95
Q1
95
Q4
95
Q3
94
Q2
95
Q1
96
’07
96
’06
94
’05
92
’04
84
Occupancy rate
In percent
90-95%
Healthy occupancy rates between 90-95%
2008 2009 2010 2011 2012
Roadshow presentation Q3 2012
Vopak is well positioned to maintain healthy EBIT(DA) margins
38
EBIT(DA) Margin*
In percent
Focus on logistic efficiency improvements for our clients
has led to increased EBIT(DA) margins
* Excluding exceptional items; excluding net result from Joint Ventures.
EBIT Margin
EBITDA Margin
0
10
20
30
40
50
2004 2005 2006 2007 2008 2009 2010 2011 2012HY1 2012
Roadshow presentation Q3 2012
Development of storage capacity
Storage capacity
In mln cbm
Subsidiaries
Joint Ventures
* Including the acquisition of the assets of the former Coryton refinery (UK) by means of a strategic consortium.
Note: for the Joint Ventures 100% of the storage capacity is included.39
27.1
17.5
9.6
2007
21.8
16.7
5.1
+6.0
+6.8
2014
34.6
21.5
13.1
2013
21.0
10.3
2012
29.9
9.6
2011
27.8
19.7
8.1
2010
28.8
18.3
10.5
2009
28.3
18.1
10.2
2008
20.3
31.3
Roadshow presentation Q3 2012
Contract duration portfolio did not change significantly since 2008
Contract position 2008
In percent of revenues
Contract position 2011
In percent of revenues
> 3 year 44%
1-3 year
37%
< 1 year
19%
> 3 year39%
1-3 year
41%
< 1 year
20%
40 Roadshow presentation Q3 2012
Q3 2012 Summary
41
EBITDA*
In million EUR
144.0+19%
Q3 2012Q3 2011
121.3
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.
195.1163.5 +19%
Q3 2012Q3 2011
Storage capacity
In mln cbm
-2pp93.0 91.0
Q3 2012Q3 2011
Occupancy rate
In percent
+10%27.2 29.9
Q3 2012Q3 2011
Roadshow presentation Q3 2012
EBIT(DA) and net result of Joint Venture developments
42
EB
ITD
A*
EB
IT*
* Including net result from Joint Ventures.Note: in EUR million; excluding exceptional items.
+19%
144.0121.3
+19%
195.1163.5
+7%
Q3 2012
26.4
Q3 2011
24.7
Re
su
lt
JV
s
+25%
572.8458.8
+25%
423.9339.2
+24%
YTD 2012
83.0
YTD 2011
66.9
Roadshow presentation Q3 2012
Except from EMEA, all regions contribute to the 19% EBIT increase
+6%
Q3 2012
8.5
Q3 2011
8.0
North America
+21%
Q3 2012
50.8
Q3 2011
41.9
Netherlands
+26%
Q3 2012
56.6
Q3 2011
45.0
Asia
+4%
Q3 2012
7.3
Q3 2011
7.0
Latin America
-6%
Q3 2012
22.4
Q3 2011
23.9
EMEA
+19%
Q3 2012
144.0
Q3 2011
121.3
EBIT
Global LNG
+100%
Q3 2012
5.6
Q3 2011
2.8
Note: EBIT in EUR million; excluding exceptional items; including net result from Joint Ventures43 Roadshow presentation Q3 2012
Strategic alliances support Vopak’s growth strategy
44
* For the Joint Ventures 100% of the storage capacity is included; including projects under constructions for the period Q4 2012-2014.
** Excluding exceptional items.
Net result from Joint Ventures**
In mln EURStorage capacity*
In mln cbm
Subsidiaries
Joint Ventures
26.4+7%
Q3 2012Q3 2011
24.7
34.6
21.5
13.1
2013
31.3
21.0
10.3
2012
29.9
20.3
9.6
2011
27.8
19.7
8.1
2014
28.8
18.3
10.5
2009
28.3
18.1
10.2
2008
27.1
17.5
9.6
2007
21.8
16.7
5.1
2010
Roadshow presentation Q3 2012
EBITDA
195.1+19%
Q3 2012Q3 2011
163.5
EBITDA Subsidiaries and net result from Joint Ventures
226.7
+27%
Q3 2012Q3 2011
178.8
EBITEBITSubsidiaries and net result from Joint Ventures
* Vopak consolidated including proportional consolidation of joint ventures in tank storage activities.Note: In million EUR; Excluding exceptional items.
144.0+19%
Q3 2012Q3 2011
121.3
159.6
+26%
Q3 2012Q3 2011
126.5
IFRS equity accounting Proportionate consolidation*
45 Roadshow presentation Q3 2012
Net Finance costs aligned with expansion program
-43.5Net finance costs
4.8
48.3Finance costs
Interest and
dividend income
Net finance costs HY1 2011*
In EUR mln
43.5
-41.3
2.2
4.4
HY1 2012
2011
4.7
2010
5.2
2009
5.4
2008
5.4
2007
6.3
2006
7.0
Average interest rate
In percent
1,431.4
2010
1,605.6
20112009
1,017.7
2008
996.7
2007
561.9
2006
425.7
HY1 2012
1,793.4
Net interest bearing debt
In EUR mln
Net finance costs HY1 2012
In EUR mln
* The increase was mainly attributable to the exceptional loss of EUR 5.0 million related to the sale of Vopak’s 20% equity stake in BORCO (Bahamas).46 Roadshow presentation Q3 2012
Effective tax rate HY1 2012
Effective Tax Rate
In percent
+49%30.3
45.2
HY1 2012HY1 2011
TaxIn EUR mln
0.018.9 18.9
HY1 2012HY1 2011
8.9
10.0
� In 2011, EUR 108.5 million of book
gain on the sale of our 20% equity
stake in BORCO (Bahamas) was
exempted for tax purposes
� Excluding exceptional items, the
effective tax rate for HY1 2011
amounted to 18.9%
47 Roadshow presentation Q3 2012
Sources and uses of cash in HY1 2012
Net Cash position
30/06/2012*
-9.7
FX
1.3
Other
financing
activities
210.9
Dividend
paid in
cash**
110.1
Derivatives
settlement
9.9
Disposals
19.2
Invest-
ments
296.6
Tax paid
20.9
Net finance
costs paid
34.7
Gross
operating
cash flow
298.1
Net Cash position 1/1/2012*
-67.0
Consolidated Statement of Cash Flows
In EUR mln
* Including bank overdrafts.** Including dividend paid in cash on financing preference shares.
48 Roadshow presentation Q3 2012
FX translation-effect on EBIT
Total 2.3
Non allocated 0.0
Latin America 0.2
North America 1.6
Asia 2.2
EMEA (1.7)
2009In EUR mln
25.9
(0.8)
3.2
2.6
17.4
3.5
2010In EUR mln
2.6
0.1
(0.7)
(1.6)
5.4
(0.6)
2011In EUR mln
10.0
(0.3)
0.1
1.1
8.2
0.9
HY1 2012In EUR mln
49 Roadshow presentation Q3 2012
Consequences IAS 19 Employee BenefitsEffect on comparative figures 2012 as a result of application amendment in 2013
Total effect on Equity attributableto owners of parent at 30 June 2012 -167.0
Net result recognized through
statement of income in HY1 20121.5
Total recognized directly in equitythrough Other comprehensive income -168.5
Income tax 31.7
Actuarial gains and losses
in HY1 2012123.9
Income tax 31.1
Actuarial gains and losses
at 1 January 2012107.4
Total effect on equityIn EUR mln
� Removal 10% corridor approach
(higher volatility in net pension
liability)
� Weighted average discount rate
reduced from 4.68% to 4.26%*
� Only service and net finance
cost in P&L (rest of changes in
other comprehensive income)
� Change of discount rate for the
expected returns on plan assets
(generally lower rate than used
under current IAS 19)* From 31 December 2011 to 30 June 2012.
50 Roadshow presentation Q3 2012
50,848,345,946,241,934,733,5
+21%
Q3 2012Q2 2012Q1 2012Q4 2011Q3 2011Q2 2011Q1 2011
EBIT*
In EUR million
* Including net result from Joint Ventures; excluding exceptional items.
Storage capacity
In mln cbm
Occupancy rate
In percent
Netherlands- New oil storage capacity on stream in Eemshaven- Lower occupancy rates in crude and gasoil storage
95
Q3 2011
95
Q2 2011
93
Q1 2011
92 89
Q3 2012
-6pp
87
Q1 2012
93
Q4 2011 Q2 2012
9,57,6 +25%
Q3 2012Q3 2011
51 Roadshow presentation Q3 2012
* Including net result from Joint Ventures; excluding exceptional items.
EMEA- Lower net result joint ventures and lower result in Sweden- Higher throughputs in the UK
52
22,428,224,123,323,923,322,4
-6%
Q3 2012Q2 2012Q1 2012Q4 2011Q3 2011Q2 2011Q1 2011
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent-4pp
Q3 2012
87
Q2 2012
87
Q1 2012
89
Q4 2011
91
Q3 2011
91
Q2 2011
90
Q1 2011
89
9,08,4+7%
Q3 2012Q3 2011
Roadshow presentation Q3 2012
* Including net result from Joint Ventures; excluding exceptional items.
Asia- Strong storage demand for the hub terminals- Currency translation gain of EUR 5.3 million on EBIT
53
+26%
Q3 2012
56.6
Q2 2012
53.6
Q1 2012
53.6
Q4 2011
46.7
Q3 2011
45.0
Q2 2011
46.2
Q1 2011
47.4
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent +2pp
Q3 2012
94
Q2 2012
95
Q1 2012
95
Q4 2011
95
92
Q1 2011 Q2 2011 Q3 2011
9594 7.3+3%
Q3 2012Q3 2011
7.1
Roadshow presentation Q3 2012
North America- Higher occupancy rates- Relatively higher operating costs
* Including net result from Joint Ventures; excluding exceptional items.
54
+6%
Q3 2012
8.5
Q2 2012
9.2
Q1 2012
10.6
Q4 2011
8.9
Q3 2011
8.0
Q2 2011
7.1
Q1 2011
9.8
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent +3pp
Q3 2012
96
Q2 2012
95
Q1 2012
97
Q4 2011
96
Q3 2011
93
Q2 2011
92
Q1 2011
91 2.30%
Q3 2012Q3 2011
2.3
Roadshow presentation Q3 2012
* Including net result from Joint Ventures; excluding exceptional items.
Latin America- Higher occupancy rates- Ceased operation of the terminal in Ilha Barnabé in Brazil
55
7,35,3
7,47,57,06,47,3
+4%
Q3 2012Q2 2012Q1 2012Q4 2011Q3 2011Q2 2011Q1 2011
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent +3pp
Q3 2012
88
Q2 2012
86
Q1 2012
90
Q4 2011
89
Q3 2011
85
Q2 2011
92
Q1 2011
91
1,01,1
Q3 2011
-9%
Q3 2012
Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
56 Roadshow presentation Q3 2012
Capital disciplined growth
4,240
20112010
3,831
2009
3,136
2008
2,634
2007
2,133
59%62%
58%
60%57%
41% 38% 42% 40% 43%
Total equity and liabilities
In mln EUR
Liabilities
Equity
57 Roadshow presentation Q3 2012
Capital disciplined growth: Total investments
Q4 2012-
2014
~900-1,100
~400
2009-
HY1 2012
2,108
2006-2008
1,514
Total Investments 2006-2014
In million EUR
Other Capex*
* Sustaining and Improvement Capex.** Including remaining equity share in Joint Ventures; excluding our part of Capex related to the upgrading of
the assets of the former Coryton refinery into Thames Oil Port (UK).Note: Total Capex related to 4.2 mln cbm under construction is ~EUR 1.5 bln.
Expansion Capex**
~500-700297
711
565535
800
446
268
HY1
2012
201120102009200820072006
Total investments 2006-HY1 2012
In million EUR
58 Roadshow presentation Q3 2012
A new US PP Notes Program of USD 1 billion - Reconfirmation of Vopak’s access to capital markets- 37 Institutional investors, of which 10 new investors- Repay outstanding debt and for other general corporate purposes
59
A senior tranche of ~USD 900 million*
� Maturities ranging from 10.5 to 14.5 years
� An average annual interest rate of 3.94%
A subordinated tranche of ~USD 100 million*
� Maturity of 7 years
� An average annual interest rate of 4.99%
* The majority of the Notes is denominated in USD.Note: The proceeds of the new US PP will be made available towards the end of 2012.Roadshow presentation Q3 2012
Balanced debt repayment schedule- New US PP will further align the maturity profile of the outstanding debt- Syndicated Revolving Credit Facility provides flexibility in financing
Debt repayment schedule*In mln EUR
020402029202820272026202520242023202220212020201920182017
1,300
2015
1,200
200
100
2016201420132012
* As of 30 September 2012, including new US PP. Note: The proceeds of the new US PP will be made available towards the end of 2012.
60
Other
Asian PP
Current US PP
New US PP 2012
New US PP 2012 (subordinated)
RCF (will be repaid with proceeds new US PP)
RCF flexibility
Roadshow presentation Q3 2012
Capital disciplined growth: Strategic finance
61
0
1
2
3
4
5
2011
2.65
2010
3.75
2.63
2009
2.23
2008
2.54
2007
1.71
2006
1.61
2005
1.76
2004
2.20
2003*
2.42
Q3 2012
2.55
Net senior debt : EBITDA ratio
* Based on Dutch GAAP.
Maximum Ratio under current US PP program
Maximum Ratio under other PP programs and syndicated revolving credit facility
Roadshow presentation Q3 2012
2011 Dividend amounts to EUR 0.80 per ordinary share
2.16+4%
+14%
2011
0.80
2010
2.08
0.70
2009
1.92
0.625
2008
1.62
0.55
2007
1.31
0.475
2006
0.98
0.375
2003 2004 2005
0.64 0.630.81
0.25 0.25 0.30
Dividend and EPS 2003-2011**In EUR
* Excluding exceptional items; attributable to holders of ordinary shares.** Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated May 17, 2010.
Cash Dividend
Dividend policy: “Barring exceptional circumstances, the intention is to
pay an annual cash dividend of 25-40% of the net profit*”
62 Roadshow presentation Q3 2012
Contents
General Introduction
Strategy update
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
63 Roadshow presentation Q3 2012
Outlook assumptions
Note: width of the boxes do not represent actual percentages.
~x% Share of EBIT
Solid
Oil products Chemicals Biofuels & Vegoils LNG
Robust
~60%
Mixed Solid
<1%
Mixed
~17.5-20%
Industrial terminals
~12.5% ~7.5-10%
2011
~60% ~2.5-5%~17.5-20% ~10% ~7.5%
2012
64 Roadshow presentation Q3 2012
Vopak remains on track to achieve its 2013 outlook of EUR 725-800 million EBITDA in 2012
65
636,0598,2
513,4429,3
369,5314,1
262,5231,8
2016
1,000
2012
725-800
572.8
20112010200920082007200620052004
EBITDA Development and outlookIn EUR mln
Note: Excluding exceptional items; including net result from Joint Ventures.
Historical results
Outlook
� It is Vopak’s
ambition to
realize an
EBITDA of
EUR 1 billion
in 2016
Ambition
Roadshow presentation Q3 2012
It is Vopak’s ambition to realize an EBITDA of
EUR 1 billion in 2016The year of 400 years of
entrepreneurship
Royal Vopak
Westerlaan 10 Tel: +31 10 4002911
3016 CK Rotterdam Fax: +31 10 4139829
The Netherlands www.vopak.com
The world of Vopak
68 Roadshow presentation Q3 2012
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