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H1 2013 Earnings Call – Royal Vopak

Royal Vopak · Aug 23, 2013 · 50 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 2013 Earnings Call – Royal Vopak – slide 1
    HY1 2013 results analyst presentation 23 August 2013
  2. H1 2013 Earnings Call – Royal Vopak – slide 2
    Contents Highlights HY1 2013 Business environment and strategy execution Business performance Results per division Capital disciplined growth Looking ahead 3 HY1 2013 results 23 August 2013
  3. H1 2013 Earnings Call – Royal Vopak – slide 3
    HY1 2013 EBITDA in line with HY1 2012 Storage Capacity* Occupancy rate** EBITDA*** Since the end of The occupancy rate EBITDA -excluding December 2012, was 88% in HY1 2013 exceptional items- Vopaks worldwide versus 91% in HY1…
  4. H1 2013 Earnings Call – Royal Vopak – slide 4
    Safety and Health We improved our process and personal safety results The Lost Time Injury Rate (LTIR) Total Injury Rate Total injuries leading to lost time per million hours worked Total injuries per million hours worked by own…
  5. H1 2013 Earnings Call – Royal Vopak – slide 5
    FY 2013 EBITDA outlook Updated from EUR 760-800 million to EUR 730-780 million Start-up delay Crude and gasoil Non-renewal major fuel Uncertainty biofuel Algeciras (Spain) storage in Rotterdam oil contract in L.A. (U.S.) markets…
  6. H1 2013 Earnings Call – Royal Vopak – slide 6
    Contents Highlights HY1 2013 Business environment and strategy execution Business performance Results per division Capital disciplined growth Looking ahead 7 HY1 2013 results 23 August 2013
  7. H1 2013 Earnings Call – Royal Vopak – slide 7
    Energy and chemical product trends Drivers Vopaks worldwide growth projects Oil products LNG Chemical products Biofuels & Vegoils In 2013 global oil LNG trade constrained by Steady chemicals storage Global biofuels market demand…
  8. H1 2013 Earnings Call – Royal Vopak – slide 8
    Vopaks strategy Disciplined execution existing business and new projects Growth Leadership Operational Excellence Customer Leadership Our ability to find or Our ability to construct, Our ability to create long- identify the right…
  9. H1 2013 Earnings Call – Royal Vopak – slide 9
    Execution of strategy Improving our frontline execution and our competitive position Safety Sustainability Efficiency Service Focus on Frontline Execution 10 HY1 2013 results 23 August 2013
  10. H1 2013 Earnings Call – Royal Vopak – slide 10
    Execution of strategy Further align Vopaks terminal network with energy markets dynamics Thames Oilport Petroleumhaven Zhangjiagang Acquired Commissioned Divestment Brownfield under construction Algeciras Vlaardingen…
  11. H1 2013 Earnings Call – Royal Vopak – slide 11
    Storage Capacity growth under construction Several additional expansion opportunities currently under study to continue Vopaks capital-disciplined growth strategy Storage Capacity developments under construction In mln cbm +5.1 0.2…
  12. H1 2013 Earnings Call – Royal Vopak – slide 12
    It is Vopaks ambition to realize an EBITDA of EUR 1 billion in 2016 The year of 400 years of entrepreneurship Note 1: Excluding exceptional items; including net result from joint ventures and associates, at constant currencies.…
  13. H1 2013 Earnings Call – Royal Vopak – slide 13
    Contents Highlights HY1 2013 Business environment and strategy execution Business performance Results per division Capital disciplined growth Looking ahead 14 HY1 2013 results 23 August 2013
  14. H1 2013 Earnings Call – Royal Vopak – slide 14
    HY1 2013 EBITDA in line with HY1 2012 2013 EBITDA outlook updated from EUR 760-800 million to EUR 730-780 million EBITDA development* In EUR mln 768.4 730-780 598.2 636.0 513.4 369.5 429.3 314.1 +1% 380.1 384.5 2006 2007 2008…
  15. H1 2013 Earnings Call – Royal Vopak – slide 15
    Revenue, EBIT and Net profit developments Revenues 1,313.9 1,106.3 1,171.9 923.5 1,001.1 778.1 853.0 648.1 683.6 648.8 0% 648.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 HY1 2013 EBIT* 565.7 445.3 469.4 320.4 385.3…
  16. H1 2013 Earnings Call – Royal Vopak – slide 16
    Energy and chemical product markets Current outlook assumptions and future trends x% Share of EBIT* Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG Current (2013) 60-65% 17.5-20% 7.5-10% 5-7.5% 2.5-5% Robust…
  17. H1 2013 Earnings Call – Royal Vopak – slide 17
    Key drivers for EBITDA growth Expansion projects main driver for further EBITDA growth Past Near Past Present Future 2003-06 2007-09 2010-2011 2012 2013 2014 Occupancy improvements Well Full potential playing field between 90 -…
  18. H1 2013 Earnings Call – Royal Vopak – slide 18
    Occupancy rate development Decreased occupancy rate mainly due to challenging crude oil and gasoil storage in Rotterdam (Netherlands) Occupancy rate In percent 90-95% 94 96 95 94 92 93 93 93 91 84 90 90 89 88 04 05 06…
  19. H1 2013 Earnings Call – Royal Vopak – slide 19
    Vopak is well positioned to maintain healthy EBIT(DA) margins EBIT(DA) margin* In percent 60 50 EBITDA margin 40 30 EBIT margin 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 HY1 2013 Continued focus on logistic…
  20. H1 2013 Earnings Call – Royal Vopak – slide 20
    Development of Storage Capacity Storage Capacity Subsidiaries In mln cbm Joint Ventures +4.6 +0.5 +10.0 34.8 35.0 30.4 31.2 28.3 28.8 27.8 29.9 27.1 13.2 13.3 9.6 9.6 10.3 21.2 21.8 10.2 10.5 8.1 19.9 20.2 20.4 9.6 5.1…
  21. H1 2013 Earnings Call – Royal Vopak – slide 21
    EBIT HY1 2013 in line with HY1 2012 Q4 2012: Approximately USD 1.0 billion U.S. PP completed Revenues EBIT* In EUR million In EUR million 648.1 648.8 282.3 280.3 0% -1% HY1 2012 HY1 2013 HY1 2012 HY1 2013 Net profit** Earnings…
  22. H1 2013 Earnings Call – Royal Vopak – slide 22
    Revenue developments The lower revenue contributions from the Netherlands and Americas were largely offset by revenue growth in Asia and EMEA Americas Netherlands Asia -2% 223.6 219.2 +5% Revenues -4% 174.1 182.3 130.1 124.3 0%…
  23. H1 2013 Earnings Call – Royal Vopak – slide 23
    EBIT* decreased by 1% to EUR 280.3 million HY1 2012 HY1 2013 Delta In EUR mln In EUR mln In percent Operating profit 225.7 211.0 -7% Net result joint ventures 56.6 67.8 20% EBIT incl. exceptional items 282.3 278.8 -1%…
  24. H1 2013 Earnings Call – Royal Vopak – slide 24
    EBIT HY1 2013 in line with HY1 2012 Americas Netherlands Asia +9% -13% 107.2 116.4 95.4 EBIT +1% 82.9 33.3 33.6 -1% 282.3 280.3 HY1 2012 HY1 2013 HY1 2012 HY1 2013 HY1 2012 HY1 2013 EMEA Global LNG HY1 2012 HY1 2013 -8% 52.3…
  25. H1 2013 Earnings Call – Royal Vopak – slide 25
    Net result of joint ventures increased by 1% Increase from Asia and Global LNG, decrease from EMEA Americas Netherlands Asia Net result of JVs +23% +20% +117% 19.4 15.8 +1% 0.5 0.6 0.6 1.3 56.6 56.9 HY1 2012 HY1 2013 HY1 2012…
  26. H1 2013 Earnings Call – Royal Vopak – slide 26
    IFRS equity accounting versus proportionate consolidation IFRS equity accounting Proportionate consolidation* Revenues Revenues Subsidiaries 830.1 828.5 648.1 648.8 0% 0% HY1 2012 HY1 2013 HY1 2012 HY1 2013 EBITDA EBITDA…
  27. H1 2013 Earnings Call – Royal Vopak – slide 27
    Net finance costs aligned with funding of growth Q4 2012: Approximately USD 1.0 billion U.S. PP completed Net finance costs HY1 2012 Net finance costs HY1 2013 In EUR mln In EUR mln Interest and dividend income 2.2 1.8 Finance…
  28. H1 2013 Earnings Call – Royal Vopak – slide 28
    Effective tax rate HY1 2013 Income tax expense In EUR mln 46.0 41.5 -10% HY1 2012 HY1 2013 Effective tax rate In percent 19.1 18.2 -0.9pp HY1 2012 HY1 2013 Note: Excluding exceptional items. 29 HY1 2013 results 23…
  29. H1 2013 Earnings Call – Royal Vopak – slide 29
    Sources and uses of cash in HY1 2013 Consolidated Statement of Cash Flows In EUR mln Net Cash position 1/1/2013* 435.7 Gross operating cash flow 361.0 Net finance costs paid 44.2 Tax paid 27.1 Investments 322.6 Dividend…
  30. H1 2013 Earnings Call – Royal Vopak – slide 30
    FX translation-effect on EBIT Negative currency translation effect 2010 2011 HY1 2012 2012 HY1 2013 In EUR mln In EUR mln In EUR mln In EUR mln In EUR mln EMEA 3.5 (0.6) 0.9 2.6 (0.6) Asia 17.4 5.4 8.2 17.7 Americas 5.8…
  31. H1 2013 Earnings Call – Royal Vopak – slide 31
    Contents Highlights HY1 2013 Business environment and strategy execution Business performance Results per division Investments and financing Outlook 32 HY1 2013 results 23 August 2013
  32. H1 2013 Earnings Call – Royal Vopak – slide 32
    Netherlands - Higher pension costs and lower occupancy rates in crude, gasoil and biofuel storage - New storage capacity for oil products in Amsterdam Westpoort and Eemshaven EBIT* In EUR million -13% 46.2 46.5 48.9 51.4 48.5…
  33. H1 2013 Earnings Call – Royal Vopak – slide 33
    EMEA - New oil terminal in Algeciras (Spain) was opened - Lower results in Estonia - Higher throughputs in the UK EBIT* In EUR million -8% 22.4 23.3 23.9 23.3 24.1 28.2 22.4 25.6 22.5 22.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011…
  34. H1 2013 Earnings Call – Royal Vopak – slide 34
    Asia - Additional chemical storage capacity in Banyan - Stable occupancy rate EBIT* In EUR million +9% 47.4 53.6 53.6 56.6 53.2 57.1 59.3 46.2 45.0 46.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2011 2012 2012 2012 2012…
  35. H1 2013 Earnings Call – Royal Vopak – slide 35
    Americas - Lower revenues due to Los Angeles and Ilha Barnab - Higher activities at the Gulf Coast terminals - Negative currency translation effect of EUR 1.1 million in EBIT EBIT* In EUR million +1% 17.1 15.0 16.4 18.4 16.2 16.6…
  36. H1 2013 Earnings Call – Royal Vopak – slide 36
    Contents Highlights HY1 2013 Business environment and strategy execution Business performance Results per division Capital disciplined growth Looking ahead 37 HY1 2013 results 23 August 2013
  37. H1 2013 Earnings Call – Royal Vopak – slide 37
    Capital disciplined growth - Vopak announced 19 July 2013 that it has completed its review of various potential equity-like capital raising alternatives to support its future growth plans. - Vopak proposes that its shareholders, on…
  38. H1 2013 Earnings Call – Royal Vopak – slide 38
    Vopaks capital structure Enabling flexible access to capital markets Private Placement Syndicated Revolving Ordinary Shares* Preference Shares* Programs* Credit Facility* Listed on Euronext Preference Shares 2009 USD: 2.1…
  39. H1 2013 Earnings Call – Royal Vopak – slide 39
    Capital disciplined growth Total investments Total investments 2006-HY1 2013 In million EUR 800 711 643 535 565 446 625-860 323 268 2006 2007 2008 2009 2010 2011 2012 HY1 2013 40 HY1 2013 results 23 August 2013
  40. H1 2013 Earnings Call – Royal Vopak – slide 40
    Capital disciplined growth Total investments Total Investments 2007-2015 Expansion Capex** In billion EUR In billion EUR mln; 100% = EUR 1.7 billion 1.9 1.8 Remaining 1.0-1.2 Vopak share in 1.3 0.4 Capex (Group Capex and Other…
  41. H1 2013 Earnings Call – Royal Vopak – slide 41
    Capital disciplined growth Balanced leverage provides financial headroom to complete the storage capacity expansions currently under construction and to support the identification of new growth opportunities Access to Capital Markets…
  42. H1 2013 Earnings Call – Royal Vopak – slide 42
    Contents Highlights HY1 2013 Business environment and strategy execution Business performance Results per division Capital disciplined growth Looking ahead 43 HY1 2013 results 23 August 2013
  43. H1 2013 Earnings Call – Royal Vopak – slide 43
    2013 EBITDA outlook From a historical perspective 2013 EBITDA outlook Historical EBITDA development In EUR million In EUR million Q4 2010 725-800 768.4 until Q1 2012 636.0 598.2 513.4 429.3 Q1 2013 760-800 369.5 314.1 Q2…
  44. H1 2013 Earnings Call – Royal Vopak – slide 44
    Outlook assumptions 2013 Healthy demand for our storage services x% Share of EBIT* Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2012 60% 17.5-20% 10-12.5% 7.5-10% 2.5-5% Robust Mixed Solid Mixed Solid…
  45. H1 2013 Earnings Call – Royal Vopak – slide 45
    2013 EBITDA* outlook: EUR 730-780 million in 2013 For the remainder of 2013, Vopak expects similar market circumstances as in the first half year of 2013 EBITDA* development and outlook 2013 Historical results In EUR mln Outlook…
  46. H1 2013 Earnings Call – Royal Vopak – slide 46
    Ambition 2016 Capacity expansions main driver of EBITDA* growth ambition EBITDA* ambition 2016 In EUR mln +7% CAGR 1,000 768.4 2012 Capacity Changes FX impact Pension impact Approval and 2016 (IAS 19 restated)…
  47. H1 2013 Earnings Call – Royal Vopak – slide 47
    Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com
  48. H1 2013 Earnings Call – Royal Vopak – slide 48
    Storage Capacity changes in HY1 2013 Storage Capacity increased by 0.5 million cbm Gothenburg (100%) Petroleumhaven (100%) Banyan (69.5%) 100,000 cbm; oil products 75,000 cbm; oil products 102,000 cbm; chemicals (X%) = Ownership…
  49. H1 2013 Earnings Call – Royal Vopak – slide 49
    Various projects under construction 4.6 million cbm total Storage Capacity under construction Europoort (100%) Thames Oilport (33.3%) Hainan (49%) 400,000 cbm; oil products 500,000 cbm; oil products 1,350,000 cbm; oil products…
  50. H1 2013 Earnings Call – Royal Vopak – slide 50
    Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com

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