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2013 Earnings Call – Royal Vopak

Royal Vopak · Feb 28, 2014 · 58 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. 2013 Earnings Call – Royal Vopak – slide 1
    Achievements Strategy Business Capital Looking ANALYST PRESENTATION 2013 2013 execution performance disciplined growth ahead Annual Results 1
  2. 2013 Earnings Call – Royal Vopak – slide 2
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Achievements 2013 3 Construction of ammonia tank at Banyan terminal (Singapore)
  3. 2013 Earnings Call – Royal Vopak – slide 3
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Results in 2013 Storage capacity* Occupancy rate** EBITDA*** Storage capacity grew to The occupancy rate was 88% EBITDA amounts…
  4. 2013 Earnings Call – Royal Vopak – slide 4
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Topics influencing results 2013 Capacity Regulations Currency effects expansions and pensions 5 Annual results 2013 28…
  5. 2013 Earnings Call – Royal Vopak – slide 5
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Product developments in 2013 Oil products LNG Chemical products Biofuels & vegoils The activities at hubs are LNG trade…
  6. 2013 Earnings Call – Royal Vopak – slide 6
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Strategy execution 7 LPG tanks at Vopak terminal Vlissingen (Netherlands). Currently constructing 36,800 cbm additional capacity
  7. 2013 Earnings Call – Royal Vopak – slide 7
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Vopaks strategy Disciplined execution at existing terminals and in new projects Growth Leadership Operational Excellence Customer…
  8. 2013 Earnings Call – Royal Vopak – slide 8
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Further alignment of Vopaks terminal network With markets dynamics Thames Oilport Algeciras Acquired Commissioned Divestment…
  9. 2013 Earnings Call – Royal Vopak – slide 9
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Storage capacity developments Split by brownfield, greenfield, acquisition, and divestment Storage capacity developments In million…
  10. 2013 Earnings Call – Royal Vopak – slide 10
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Frontline execution and competitive position Operational excellence is core to Vopaks customer service offering Safety Cost…
  11. 2013 Earnings Call – Royal Vopak – slide 11
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Safety We improved our processes and employees safety Total injury rate (TIR) The lost time injury rate (LTIR) Total injuries per…
  12. 2013 Earnings Call – Royal Vopak – slide 12
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Cost efficiency We managed our cost base without compromising safety and service Group operational expenses per cbm per year Index…
  13. 2013 Earnings Call – Royal Vopak – slide 13
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Service improvements We invested in infrastructure that add value to our customers Upgrading jetty infrastructure Debottlenecking &…
  14. 2013 Earnings Call – Royal Vopak – slide 14
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Vopaks focus in 2014 Alignment network Competitive position Terminal portfolio management Safety Effective strategic alliances…
  15. 2013 Earnings Call – Royal Vopak – slide 15
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Business performance 2013 16 Inside view of new ammonia tank at Banyan terminal (Singapore)
  16. 2013 Earnings Call – Royal Vopak – slide 16
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Outlook and result 2013 Vopak EBITDA of 753 million in line with outlook 2013 EBITDA outlook In EUR million 760-800 725-800 753…
  17. 2013 Earnings Call – Royal Vopak – slide 17
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Financial performance 2013 EBITDA slightly lower compared to 2012 Revenues EBITDA* EBITDA (adjusted for FX)* In EUR million In EUR…
  18. 2013 Earnings Call – Royal Vopak – slide 18
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Financial performance 2013 Higher depreciation and finance cost weighed on EPS EBIT Net profit* Earnings per share* In EUR million…
  19. 2013 Earnings Call – Royal Vopak – slide 19
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Strategic value creation Value creation through capital disciplined growth and strong cash flow focus Alignment network and…
  20. 2013 Earnings Call – Royal Vopak – slide 20
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Future financial performance Occupancy rates and capacity expansion remain critical drivers Past Present Near future Post 2016 2006…
  21. 2013 Earnings Call – Royal Vopak – slide 21
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Occupancy rate developments 2013 below 2012 and Q4 2013 in line with Q3 2013 Occupancy rate In percent 90-95% Full potential…
  22. 2013 Earnings Call – Royal Vopak – slide 22
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Original contract duration Robust contract portfolio with 80% contracts exceeding 1 year period Contract position 2011 Contract…
  23. 2013 Earnings Call – Royal Vopak – slide 23
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EBIT(DA) margin development Capital disciplined growth strategy requires strong focus on margins EBIT(DA) margin In percent 70 60…
  24. 2013 Earnings Call – Royal Vopak – slide 24
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Vopaks growth strategy New strategic alliances and expansions at existing locations Storage capacity Terminals as per 2013 In million…
  25. 2013 Earnings Call – Royal Vopak – slide 25
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Revenues Slightly lower compared to 2012 Revenues Netherlands EMEA +12% -1% 1,314 1,295 +14% -3% 1,172 +4% +5% 400.8 457.6 442.5…
  26. 2013 Earnings Call – Royal Vopak – slide 26
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Occupancy rate 2013 below 2012; EMEA and Asia stable Netherlands EMEA -5pp -6pp -2pp 0pp 94% 89% 90% 88% 88% 83% Occupancy rate…
  27. 2013 Earnings Call – Royal Vopak – slide 27
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EBITDA Slightly lower compared to 2012 Netherlands EMEA +26% -9% 267.3 +8% +2% 211.9 242.6 EBITDA 122.9 132.3 135.6 +21% -2%…
  28. 2013 Earnings Call – Royal Vopak – slide 28
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Net result of joint ventures Increasing results offset by market challenges in Estonia Netherlands EMEA -4% -23% Net result of…
  29. 2013 Earnings Call – Royal Vopak – slide 29
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EBIT Higher depreciation charges weighed in EBIT development 2012 2013 Delta In EUR million In EUR million In percent…
  30. 2013 Earnings Call – Royal Vopak – slide 30
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead FX translation effects Adverse translation effects of EUR 15.2 million in 2013 2013 EBIT transactional currencies FX…
  31. 2013 Earnings Call – Royal Vopak – slide 31
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EBITDA development Value creation through capital disciplined growth and strong cash flow focus EBITDA development Proportionate…
  32. 2013 Earnings Call – Royal Vopak – slide 32
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Cash flow Capital disciplined growth results in steady increase of cash flows Cash flow from operating activities (gross) In EUR…
  33. 2013 Earnings Call – Royal Vopak – slide 33
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Strong focus on cash flow Operating cash flow important source for growth strategy Consolidated statement of cash flows In EUR…
  34. 2013 Earnings Call – Royal Vopak – slide 34
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Q4 2013 results 35 Lifting dome roof for Midex project at Europoort terminal (Netherlands)
  35. 2013 Earnings Call – Royal Vopak – slide 35
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Quarterly EBITDA development Despite challenges Vopak maintained solid earnings profile EBITDA per quarter 2011 2012 2013 In EUR…
  36. 2013 Earnings Call – Royal Vopak – slide 36
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Q4 2013 summary EBIT(DA) affected by lower occupancy rate EBITDA* EBIT* Main events in Q4 2013 In EUR million In EUR million Vopak…
  37. 2013 Earnings Call – Royal Vopak – slide 37
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Q4 2013 EBITDA EBITDA affected by lower occupancy rate Netherlands EMEA +8% -9% 68.3 +3% +9% 63.3 62.0 EBITDA 30.8 31.6 34.3…
  38. 2013 Earnings Call – Royal Vopak – slide 38
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Occupancy rate Q4 2013 below Q4 2012 Netherlands EMEA -8pp -4pp -4pp -2pp 95% 87% 91% 87% 83% 85% Occupancy rate -4pp -3pp 94%…
  39. 2013 Earnings Call – Royal Vopak – slide 39
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Capital disciplined growth 40 The Pengerang project has 1.3 million cbm under development (Malaysia)
  40. 2013 Earnings Call – Royal Vopak – slide 40
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Capital disciplined consideration Balanced global terminal network management Investment and Risk-return profile Balanced…
  41. 2013 Earnings Call – Royal Vopak – slide 41
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Capital disciplined consideration Stable solvency ratio Total equity and liabilities In EUR million 4,644 4,386 4,152 3,649…
  42. 2013 Earnings Call – Royal Vopak – slide 42
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Capital disciplined growth Total investments and approved expansion capex Total investments 2008-2016 Expansion capex** In EUR…
  43. 2013 Earnings Call – Royal Vopak – slide 43
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Capital disciplined growth Vopak aims to retain a solid capital structure Senior net debt : EBITDA ratio 5 Maximum ratio under…
  44. 2013 Earnings Call – Royal Vopak – slide 44
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Balanced debt repayment schedule Average remaining maturity 9 years; average interest rate 4.5% Debt repayment schedule* In EUR…
  45. 2013 Earnings Call – Royal Vopak – slide 45
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Net Finance costs aligned with growth Higher net financing costs weighed on 2013 EPS Net finance costs 2012 Net finance costs 2013 In…
  46. 2013 Earnings Call – Royal Vopak – slide 46
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Proposed 2013 dividend EUR 0.90 per ordinary share (pay-out ratio: 37%) Dividend and EPS 2006-2013** In EUR 2.73 2.45 -10%…
  47. 2013 Earnings Call – Royal Vopak – slide 47
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Vopaks capital structure Enabling flexible access to capital markets Ordinary shares* Private placement Syndicated revolving…
  48. 2013 Earnings Call – Royal Vopak – slide 48
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Vopaks capital structure Vopak continues to review various equity(-like) alternatives Equity(-like) C-shares Mandate to issue…
  49. 2013 Earnings Call – Royal Vopak – slide 49
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Looking ahead 50 Manifold of Vopak Horizon Fujiarah terminal (UAE) connected to the port with new pipelines
  50. 2013 Earnings Call – Royal Vopak – slide 50
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EBITDA development Looking back EBITDA development 2004-2013* In EUR million +12.5% CAGR 768 753 636 598 513 429 370 314…
  51. 2013 Earnings Call – Royal Vopak – slide 51
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Outlook assumptions Overall healthy demand for our storage services Industrial Biofuels & Oil products Chemicals LNG terminals…
  52. 2013 Earnings Call – Royal Vopak – slide 52
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EBITDA outlook and ambition No changes since Capital Markets Day December 2013 Year Outlook Capital Markets Day Also for 2014,…
  53. 2013 Earnings Call – Royal Vopak – slide 53
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth We have built ahead our company over 400 years on trust and reliability. Vopak Royal I Westerlaan 10 I 3016 CK Rotterdam…
  54. 2013 Earnings Call – Royal Vopak – slide 54
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Netherlands Challenging market circumstances for certain products EBIT* In EUR million +25% -15% 195.3 +5% -16% 156.3 165.8…
  55. 2013 Earnings Call – Royal Vopak – slide 55
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead EMEA Opening of new storage capacity in Algeciras (Spain) EBIT* In EUR million +4% -6% 96.9 -5% -4% 92.9 91.0 23.3 22.2…
  56. 2013 Earnings Call – Royal Vopak – slide 56
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Asia Continuous growth EBIT* In EUR million +17% +5% 227.5 +14% +2% 185.3 217.0 46.7 53.2 54.0 2011 2012 2013 Q4 2011 Q4…
  57. 2013 Earnings Call – Royal Vopak – slide 57
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Americas Positive developments at US Gulf Coast with downside in Los Angeles (US) and Brazil EBIT* In EUR million +7% -11% 66.1…
  58. 2013 Earnings Call – Royal Vopak – slide 58
    Achievements Strategy Business Capital Looking 2013 execution performance disciplined growth ahead Other topics Effective tax rate* In percent 19.5 18.0 17.1 2011 2012 2013 * Excluding exceptional items. Pension cover…

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