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H1 2011 Earnings Call – Royal Vopak

Royal Vopak · Aug 24, 2011 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H1 2011 Earnings Call – Royal Vopak – slide 1
    First Half Year 2011 Results 24 August 2011
  2. H1 2011 Earnings Call – Royal Vopak – slide 2
    Agenda Achievements and Business environment Growth Projects Business Performance Financing Outlook 2 HY1 2011 results 24 August 2011
  3. H1 2011 Earnings Call – Royal Vopak – slide 3
    Vopak on track in transition year Healthy demand for storage and handling of oil products and chemicals 3.5 million cbm of additional growth projects announced in HY1 2011 Divested BORCO (3.4 million cbm) Uncertainties in the…
  4. H1 2011 Earnings Call – Royal Vopak – slide 4
    Solid results in HY1 2011 Storage Capacity EBITDA In EUR mln, -excluding exceptional items- In mln cbm 325 300 28.8 33.0 28.3 31.7 27.1 275 25.5 250 297.3 295.3 21.2 21.8 20.4 225 +0.8 +0.6 +5.3 +1.2 +0.5 -3.3 +6.2…
  5. H1 2011 Earnings Call – Royal Vopak – slide 5
    Safety requires constant attention Total Injury Rate Rate of accidents per million hours worked 4 3.7 3 2.8 2 1 0 HY1 2010 HY1 2011 Process Incidents 150 125 100 75 50 88 63 25 0 HY1 2010 HY1 2011 5 HY1 2011…
  6. H1 2011 Earnings Call – Royal Vopak – slide 6
    Agenda Achievements and Business environment Growth Projects Business Performance Financing Outlook 6 HY1 2011 results 24 August 2011
  7. H1 2011 Earnings Call – Royal Vopak – slide 7
    Strategy overview Growth Leadership Operational Excellence Customer Leadership Our ability to find or Our ability to construct, Our ability to create identify the right location operate and maintain a relationship for our terminals…
  8. H1 2011 Earnings Call – Royal Vopak – slide 8
    Pengerang, Malaysia 1.3 million cbm Oil and chemical products Vopak 44% To be completed in 2014 Partners: Dialog Group and State of Johor 8 HY1 2011 results 24 August 2011
  9. H1 2011 Earnings Call – Royal Vopak – slide 9
    Hainan, China 1.35 million cbm Oil products Vopak 49% To be completed by end 2013 Partner: SDIC 9 HY1 2011 results 24 August 2011
  10. H1 2011 Earnings Call – Royal Vopak – slide 10
    Further growth in Asia Tianjin Lingang, China Kandla, India 240.000 cbm for LPG, Vopak 50% 261.000 cbm for chemicals and vegoils, Vopak 100% To be completed Q2 2013 Acquisition Partner: Bohai Group 10 HY1 2011 results 24 August 2011
  11. H1 2011 Earnings Call – Royal Vopak – slide 11
    Working on projects in Panama and Altamira Closure of both projects expected in HY2 2011 Bahia las Minas, Panama Altamira, Mexico 655.000 cbm for oil products, Vopak 100% 300.000 cbm for LNG, Vopak 60% with joint control To be…
  12. H1 2011 Earnings Call – Royal Vopak – slide 12
    Projects under construction on track Gate terminal, Rotterdam, Netherlands Amsterdam Westpoort, Netherlands 540.000 cbm for LNG, Vopak 42.5% 1.2 million cbm for oil products, Vopak 100% To be completed Q3 2011 Phase 1 of 620,000 cbm…
  13. H1 2011 Earnings Call – Royal Vopak – slide 13
    Vopak on track in transition year Based on the healthy demand for tank storage, capacity expansion projects and our growth strategy we remain well positioned to realize an EBITDA between EUR 600 - 640 million in 2011, growing to an…
  14. H1 2011 Earnings Call – Royal Vopak – slide 14
    Agenda Achievements and Business environment Growth Projects Business Performance Financing Outlook 14 HY1 2011 results 24 August 2011
  15. H1 2011 Earnings Call – Royal Vopak – slide 15
    Robust demand continues Storage Capacity EBITDA in mln EUR, -excluding exceptional items- In mln cbm 297.3 295.3 245.9 28.3 28.8 27.1 25.5 21% 1% HY1 09 HY1 10 HY1 11 21.2 21.8 20.4 +0.8 +0.6 +5.3 +1.2 +0.5 -3.3 EPS in EUR,…
  16. H1 2011 Earnings Call – Royal Vopak – slide 16
    Solid EBITDA developments In EUR mln, excluding exceptional items 700 600 598.2 500 513.4 400 429.3 369.5 300 314.1 297.3 295.3 262.5 245.9 200 100 0 2005 2006 2007 2008 HY1 2009 2009 HY1 2010 2010 HY1 2011…
  17. H1 2011 Earnings Call – Royal Vopak – slide 17
    Solid financial results in transition year Figures excluding exceptional items Net Revenues EBIT In EUR mln In EUR mln 561.1 543.9 492.1 223.0 217.9 184.2 11% 3% 21% 2% HY1 09 HY1 10 HY1 11 HY1 09 HY1 10 HY1 11 Net Profit…
  18. H1 2011 Earnings Call – Royal Vopak – slide 18
    Significant positive contribution from exceptional items In EUR mln, - excl. exceptional items - HY1 2011 HY1 2010 Sale BORCO 111.5 (Result Joint Ventures) Other 6.0 223.0-0.1 EBIT 117.5 -0.1 Net finance costs -5.0 Tax 3.6…
  19. H1 2011 Earnings Call – Royal Vopak – slide 19
    Revenue development per division In EUR mln, excluding exceptional items North America OEMEA Asia 139.1 137.3 150.3 127.3 69.0 65.9 HY1 2010 4% HY1 2011 HY1 2010 1% HY1 2011 HY1 2010 18% HY1 2011 Latin America CEMEA…
  20. H1 2011 Earnings Call – Royal Vopak – slide 20
    Including exceptional items, EBIT increased by 50% In EUR mln HY1 2011 HY1 2010 % Operating profit 168.2 183.5 -8 Net result JV & Associates 167.2 39.4 324 EBIT incl. exceptional items 335.4 222.9 50 Exceptional gain -117.5…
  21. H1 2011 Earnings Call – Royal Vopak – slide 21
    EBIT development per division In EUR mln, excluding exceptional items North America OEMEA Asia 77.3 76.8 93.6 72.4 25.3 16.9 HY1 2010 33% HY1 2011 HY1 2010 6% HY1 2011 HY1 2010 22% HY1 2011 Latin America CEMEA 49.9…
  22. H1 2011 Earnings Call – Royal Vopak – slide 22
    Net Profit -excluding exceptional items- decreased by 7% In EUR mln, - excl. exceptional items - HY1 2011 HY1 2010 Revenues 561.1 543.9 3% EBIT 217.9 223.0 -2% Net finance costs - 38.5 - 30.1 Tax - 33.9 - 42.0 Net Profit…
  23. H1 2011 Earnings Call – Royal Vopak – slide 23
    Net finance costs increased Due to negative currency effect on current accounts and hedges as well as the issuance of new senior unsecured notes in Asia in HY2 2010 In EUR million HY1 2011 HY1 2010 Interest and dividend income 4.8…
  24. H1 2011 Earnings Call – Royal Vopak – slide 24
    Lower effective tax rate Due to exceptional items, slightly lower Group operating profit and lower average statutory rate HY1 2011 HY1 2010 Tax Expense (in EUR mln) 30.3* 42.5** Effective Tax Rate 10% 22% * Includes exceptional…
  25. H1 2011 Earnings Call – Royal Vopak – slide 25
    EPS -excluding exceptional items- 7% lower Historical figures adjusted for 1:2 share split effectuated May 17, 2010 In EUR, excluding exceptional items 2.50 2.00 2.08 1.92 1.50 1.62 1.31 1.00 0.98 1.04 0.92 0.97 0.81 0.50…
  26. H1 2011 Earnings Call – Royal Vopak – slide 26
    Sources and uses of cash Investments Net operating cash flow 226.9 Disposals Financing 186.2 147.8 280.6 Other 281.3 3.2 2.2 Net cash at 1 Jan 2011 Net cash 30 June 2011 26 HY1 2011 results 24 August 2011
  27. H1 2011 Earnings Call – Royal Vopak – slide 27
    Results per division 27 HY1 2011 results 24 August 2011
  28. H1 2011 Earnings Call – Royal Vopak – slide 28
    CEMEA Encouraging demand for storage of chemicals. Although some signs of improvements have been noticed, uncertainties remain in the biofuel market. Revenue Storage Capacity In EUR mln In mln cbm 163.1 159.0 4.3 4.2 3% 0.1 HY1…
  29. H1 2011 Earnings Call – Royal Vopak – slide 29
    OEMEA Robust demand for oil storage Revenue Storage Capacity In EUR mln In mln cbm 139.1 137.3 11.0 11.2 1% +0.2 HY1 2010 HY1 2011 HY1 2010 HY1 2011 EBIT Occupancy rate 42.0 In EUR mln 39.7 As % of available storage capacity…
  30. H1 2011 Earnings Call – Royal Vopak – slide 30
    Asia Growth driven by strong market developments in both oil and chemicals Revenue Storage Capacity In EUR mln In mln cbm 127.3 150.3 6.7 6.8 18% +0.1 HY1 2010 HY1 2011 HY1 2010 HY1 2011 EBIT Occupancy rate In EUR mln As % of…
  31. H1 2011 Earnings Call – Royal Vopak – slide 31
    North America Results impacted by rail car handling restrictions (Deer Park) and divestment of BORCO Revenue Storage Capacity In EUR mln In mln cbm 69.0 65.9 5.7 2.3 4% 3.4 HY1 2010 HY1 2011 HY1 2010 HY1 2011 EBIT Occupancy rate…
  32. H1 2011 Earnings Call – Royal Vopak – slide 32
    Latin America Continuing steady performance Revenue Storage Capacity In EUR mln In mln cbm 43.5 46.5 0.9 1.0 +7% +0.1 HY1 2010 HY1 2011 HY1 2010 HY1 2011 EBIT Occupancy rate In EUR mln As % of available storage capacity 7.3…
  33. H1 2011 Earnings Call – Royal Vopak – slide 33
    Agenda Achievements and Business environment Growth Projects Business Performance Investments & Financing Outlook 33 HY1 2011 results 24 August 2011
  34. H1 2011 Earnings Call – Royal Vopak – slide 34
    Net senior debt : EBITDA ratio decreased Creating additional financial headroom supporting Vopaks growth strategy HY1 2011 2.35 2010 2.63 2009 2.23 2008 2.54 2007 1.71 2006 1.61 2005 1.76 2004 2.20 2003* 2.42 0 0.5 1…
  35. H1 2011 Earnings Call – Royal Vopak – slide 35
    Total investments Total investments up to HY1 2011 Total investments for current 7.5 mln cbm under construction up to and including 2014* Group companies and 800 joint ventures Around EUR 0.5 bln 565 535 446 Around EUR 2.7…
  36. H1 2011 Earnings Call – Royal Vopak – slide 36
    Agenda Achievements and Business environment Growth Projects Business Performance Investments & Financing Outlook 36 HY1 2011 results 24 August 2011
  37. H1 2011 Earnings Call – Royal Vopak – slide 37
    Outlook assumptions Oil Industrial Biofuels and Chemicals 60.0% of EBIT terminals vegoils 17.5 20.0% 12.5% of EBIT 7.5 10% of EBIT of EBIT ROBUST SOLID MIXED ENCOURAGING Healthy demand for storage capacity Contract…
  38. H1 2011 Earnings Call – Royal Vopak – slide 38
    Outlook Storage capacity expansions will add 7.5 million cbm of storage capacity in the years up to and including 2014 Some significant expansion projects, like Amsterdam Westpoort phase 1 and Gate terminal (both in the Netherlands)…
  39. H1 2011 Earnings Call – Royal Vopak – slide 39
    2013 Outlook in the 725-800 range Guidance/Outlook 2005 2006 2007 2008 2009 2010 2011 2013 In EUR mln, excluding exceptional items, including net result from Joint Ventures 725-800 600-640 598.2 513.4 429.3 EBITDA 369.5 314.1…
  40. H1 2011 Earnings Call – Royal Vopak – slide 40
    Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com

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