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H1 2012 Earnings Call – Royal Vopak

Royal Vopak · Aug 24, 2012 · 45 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 2012 Earnings Call – Royal Vopak – slide 1
    First Half Year 2012 Results Analyst presentation 24 August 2012
  2. H1 2012 Earnings Call – Royal Vopak – slide 2
    Forward-looking statement This document 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 renders…
  3. H1 2012 Earnings Call – Royal Vopak – slide 3
    Contents Achievements Business environment and strategy update Business performance Results per division Investments and financing Outlook 3 HY1 2012 results 24 August 2012
  4. H1 2012 Earnings Call – Royal Vopak – slide 4
    Robust results in HY1 2012 Storage capacity Occupancy rate EBITDA Worldwide capacity The occupancy rate EBITDA -excluding increased by was 91%, within the exceptional items- 1.4 million cbm to 90-95% range aimed increased 28% to…
  5. H1 2012 Earnings Call – Royal Vopak – slide 5
    Personal and process safety 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 employees by own employees and contractors…
  6. H1 2012 Earnings Call – Royal Vopak – slide 6
    Contents Achievements Business environment and strategy update Business performance Results per division Investments and financing Outlook 6 HY1 2012 results 24 August 2012
  7. H1 2012 Earnings Call – Royal Vopak – slide 7
    Global product trends drive Vopaks markets Example of growth project Oil products LNG Chemical products Biofuels & Vegoils Global crude oil A globalizing natural Increasing demand Flows between US- trade business gas market with…
  8. H1 2012 Earnings Call – Royal Vopak – slide 8
    Focused strategy and disciplined execution 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…
  9. H1 2012 Earnings Call – Royal Vopak – slide 9
    Global products trends resulting in company growth through healthy demand for storage capacity Capacity developments In mln cbm +5.3** 34.5 0.5 3.8 +1.4 29.2 1.0 1.2 0.1 0.1 27.8 31-12- Expansions* New Acquisition 30-06-…
  10. H1 2012 Earnings Call – Royal Vopak – slide 10
    Projects commissioned HY1 2012 Tianjin Lingang (50%) Storage capacity increased by 1.4 million cbm 95,300 cbm; chemicals Adam Westpoort 2 (100%) Gothenburg (100%) 582,000 cbm; oil products 60,000 cbm; oil products Fujairah…
  11. H1 2012 Earnings Call – Royal Vopak – slide 11
    Under construction Various projects under construction Under construction (Joint Venture) Total storage capacity under construction 5.3 million cbm* Acquired (Joint Venture) Eemshaven (50%) Assets Coryton (33.3%) Hainan (49%)…
  12. H1 2012 Earnings Call – Royal Vopak – slide 12
    Strengthening competitive position of services to our customers Safety Efficiency 12 HY1 2012 results 24 August 2012
  13. H1 2012 Earnings Call – Royal Vopak – slide 13
    Vopak expects to achieve its 2013 outlook of EUR 725-800 million EBITDA in 2012
  14. H1 2012 Earnings Call – Royal Vopak – slide 14
    It is Vopaks ambition to realize an EBITDA of EUR 1 billion in 2016 The year of 400 years of entrepreneurship
  15. H1 2012 Earnings Call – Royal Vopak – slide 15
    Contents Achievements Business environment and strategy update Business performance Results per division Investments and financing Outlook 15 HY1 2012 results 24 August 2012
  16. H1 2012 Earnings Call – Royal Vopak – slide 16
    Robust results in HY1 2012 Storage capacity Occupancy rate In mln cbm In percent +3.7 90-95% 94 96 95 94 93 92 91 27.1 28.3 28.8 25.5 29.2 21.2 21.8 2006 2007 2008 2009 2010 HY1 HY1 2006 2007 2008 2009 2010 HY1 HY1 2011 2012…
  17. H1 2012 Earnings Call – Royal Vopak – slide 17
    Financial performance is fuelled by different value drivers Present Present/ Past Near Past Future 2003-06 2007-09 2010-2011 2012 Occupancy improvements Playing field between 90 - 95% Operational efficiency gains Capacity…
  18. H1 2012 Earnings Call – Royal Vopak – slide 18
    Healthy occupancy rates between 90-95% Occupancy rate In percent 90-95% 96 96 95 94 95 95 95 92 94 93 93 93 93 92 92 92 93 93 94 93 90 84 04 05 06 07 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010…
  19. H1 2012 Earnings Call – Royal Vopak – slide 19
    Vopak is well positioned to maintain healthy EBIT(DA) margins EBIT(DA) Margin* In percent 50 EBITDA Margin 40 30 EBIT Margin 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 HY1 2012 2012 Focus on logistic efficiency…
  20. H1 2012 Earnings Call – Royal Vopak – slide 20
    Development of storage capacity Subsidiaries Storage capacity Joint Ventures In mln cbm +5.3* +1.4 34.5 +7.9 32.7 28.8 29.2 30.0 27.1 28.3 27.8 11.8 13.1 21.8 8.8 9.6 20.4 21.2 10.2 10.5 8.1 19.9 20.2 9.6 4.9 5.4 5.1 4.8…
  21. H1 2012 Earnings Call – Royal Vopak – slide 21
    Solid financial performance Revenues EBIT* In EUR million In EUR million 648.1 279.9 561.1 +16% 217.9 +28% HY1 2011 HY1 2012 HY1 2011 HY1 2012 Net profit** Earnings per share** In EUR million In EUR 1.33 169.5 123.5 +37%…
  22. H1 2012 Earnings Call – Royal Vopak – slide 22
    All regions contribute to the 16% revenue increase North America Netherlands Asia +20% 223.6 +16% Revenues +19% 185.7 174.1 150.3 65.9 78.4 +16% 648.1 561.1 HY1 2011 HY1 2012 HY1 2011 HY1 2012 HY1 2011 HY1 2012 Latin…
  23. H1 2012 Earnings Call – Royal Vopak – slide 23
    EBIT excluding exceptional items increased by 28% to EUR 279.9 million HY1 2011 HY1 2012 Delta In EUR mln In EUR mln In percent Operating profit 168.2 223.3 33% Net result Joint Ventures 167.2 56.6 -66% EBIT incl. exceptional…
  24. H1 2012 Earnings Call – Royal Vopak – slide 24
    Except from Latin America, all regions contribute to the 28% EBIT increase North America Netherlands Asia +38% 94.2 +15% EBIT +17% 68.2 107.2 93.6 16.9 19.8 +28% 279.9 217.9 HY1 2011 HY1 2012 HY1 2011 HY1 2012 HY1 2011 HY1…
  25. H1 2012 Earnings Call – Royal Vopak – slide 25
    Net result of Joint Ventures increases with 34%, mainly due to Global LNG North America Netherlands Asia Net result of JVs +3% -100%* +20% 15.3 15.8 +34% 1.2 0.5 0.6 56.6 0.0 42.2 HY1 2011 HY1 2012 HY1 2011 HY1 2012 HY1 2011 HY1…
  26. H1 2012 Earnings Call – Royal Vopak – slide 26
    IFRS equity accounting Proportionate consolidation* Revenues Revenues Subsidiaries 830.1 648.1 561.1 +16% 685.9 +21% HY1 2011 HY1 2012 HY1 2011 HY1 2012 EBITDA EBITDA Subsidiaries and net result from Joint Ventures 438.2…
  27. H1 2012 Earnings Call – Royal Vopak – slide 27
    Net Finance costs aligned with expansion program Net finance costs HY1 2011* Net finance costs HY1 2012 In EUR mln In EUR mln Interest and dividend income 4.8 2.2 Finance costs 48.3 43.5 Net finance costs -43.5 -41.3 Net interest…
  28. H1 2012 Earnings Call – Royal Vopak – slide 28
    Effective tax rate HY1 2012 Tax In EUR mln 45.2 30.3 +49% HY1 2011 HY1 2012 Effective Tax Rate In 2011, EUR 108.5 million of book In percent gain on the sale of our 20% equity 18.9 18.9 stake in BORCO (Bahamas) was 0.0 8.9…
  29. H1 2012 Earnings Call – Royal Vopak – slide 29
    Sources and uses of cash in HY1 2012 Consolidated Statement of Cash Flows In EUR mln 34.7 20.9 298.1 296.6 1.3 -9.7 19.2 -67.0 210.9 9.9 110.1 Net Cash Gross Net finance Tax paid Invest- Disposals Derivatives Dividend Other…
  30. H1 2012 Earnings Call – Royal Vopak – slide 30
    FX translation-effect on EBIT 2009 2010 2011 HY1 2012 In EUR mln In EUR mln In EUR mln In EUR mln EMEA (1.7) 3.5 (0.6) 0.9 Asia 2.2 17.4 5.4 8.2 North America 1.6 2.6 (1.6) 1.1 Latin America 0.2 3.2 (0.7) 0.1 Non allocated…
  31. H1 2012 Earnings Call – Royal Vopak – slide 31
    Consequences IAS 19 Employee Benefits Effect on comparative figures 2012 as a result of application amendment in 2013 Total effect on equity In EUR mln Actuarial gains and losses 107.4 Removal 10% corridor approach at 1 January…
  32. H1 2012 Earnings Call – Royal Vopak – slide 32
    Contents Achievements Business environment and strategy update Business performance Results per division Investments and financing Outlook 32 HY1 2012 results 24 August 2012
  33. H1 2012 Earnings Call – Royal Vopak – slide 33
    Netherlands - New oil storage capacity came on stream in Amsterdam Westpoort - Lower occupancy rates in crude and gasoil storage EBIT* In EUR million +38% 41.9 46.2 45.9 48.3 33.5 34.7 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2…
  34. H1 2012 Earnings Call – Royal Vopak – slide 34
    EMEA - New oil storage capacity came on stream in Fujairah - Lower occupancy rates at chemical terminals in Belgium EBIT* In EUR million +14% 22.4 23.3 23.9 23.3 24.1 28.2 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012…
  35. H1 2012 Earnings Call – Royal Vopak – slide 35
    Asia - Continuous growth in Asia - Currency translation gain of EUR 8.2 million on EBIT EBIT* In EUR million +15% 47.4 46.2 45.0 46.7 53.6 53.6 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Revenues Occupancy rate Storage…
  36. H1 2012 Earnings Call – Royal Vopak – slide 36
    North America - Higher occupancy rates - Improvements in markets for biofuels and chemicals EBIT* In EUR million +17% 9.8 8.0 8.9 10.6 9.2 7.1 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Revenues Occupancy rate Storage…
  37. H1 2012 Earnings Call – Royal Vopak – slide 37
    Latin America - New chemical storage capacity came on stream in Mexico - Lower occupancy rates in Brazil EBIT* In EUR million -7% 7.3 6.4 7.0 7.5 7.4 5.3 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Revenues Occupancy…
  38. H1 2012 Earnings Call – Royal Vopak – slide 38
    Contents Achievements Business environment and strategy update Business performance Results per division Investments and financing Outlook 38 HY1 2012 results 24 August 2012
  39. H1 2012 Earnings Call – Royal Vopak – slide 39
    Capital disciplined growth: Total investments Total investments 2006-HY1 2012 Total Investments 2006-2014 In million EUR In million EUR 2,108 800 711 1,514 535 565 446 775-900 268 297 Sustaining 375-500 Capex** 400 Expansion…
  40. H1 2012 Earnings Call – Royal Vopak – slide 40
    Capital disciplined growth: Strategic finance Access to Capital Markets Net senior debt : EBITDA ratio 5 US Private Placements 3.75 4 (EUR 856.7 million) 3 SGD and JPY Private Placements 2 (SGD 435 million and 2.42 2.20 2.54…
  41. H1 2012 Earnings Call – Royal Vopak – slide 41
    Contents Achievements Business environment and strategy update Business performance Results per division Investments and financing Outlook 41 HY1 2012 results 24 August 2012
  42. H1 2012 Earnings Call – Royal Vopak – slide 42
    Outlook assumptions x% Share of EBIT Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2011 60% 17.5-20% 12.5%…
  43. H1 2012 Earnings Call – Royal Vopak – slide 43
    Vopak expects to achieve its 2013 outlook of EUR 725-800 million EBITDA in 2012 Historical results EBITDA Development and outlook Outlook In EUR million 725-800 725-800 598.2 636.0 513.4 429.3 369.5 314.1 231.8 262.5…
  44. H1 2012 Earnings Call – Royal Vopak – slide 44
    It is Vopaks ambition to realize an EBITDA of EUR 1 billion in 2016 The year of 400 years of entrepreneurship
  45. H1 2012 Earnings Call – Royal Vopak – slide 45
    Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com

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