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HY1 2015 Roadshow Presentation – Royal Vopak

Royal Vopak · Aug 26, 2015 · 69 slides

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Slides

  1. HY1 2015 Roadshow Presentation – Royal Vopak – slide 1
    HY1 2015 ROADSHOW PRESENTATION The world of Vopak
  2. HY1 2015 Roadshow Presentation – Royal Vopak – slide 2
    General Market Strategy Business Looking introduction trends execution performance ahead General introduction
  3. HY1 2015 Roadshow Presentation – Royal Vopak – slide 3
    General Market Strategy Business Looking introduction trends execution performance ahead Vopak at a glance Building on an impressive Listed at the Euronext AEX history of almost 400 years Market cap of EUR 4.9 billion* Worlds…
  4. HY1 2015 Roadshow Presentation – Royal Vopak – slide 4
    General Market Strategy Business Looking introduction trends execution performance ahead Financial development EBITDA development Cash flow from operating activities (gross) In EUR million In EUR million 768 753 763 713 751 659…
  5. HY1 2015 Roadshow Presentation – Royal Vopak – slide 5
    General Market Strategy Business Looking introduction trends execution performance ahead Investment thesis Increasing global flows require storage infrastructure Diversified portfolio with presence at prime locations Stable…
  6. HY1 2015 Roadshow Presentation – Royal Vopak – slide 6
    General Market Strategy Business Looking introduction trends execution performance ahead Vopaks ambition Presence Safety and Strong link Value Our at prime service supply creation values locations chain Solid leadership…
  7. HY1 2015 Roadshow Presentation – Royal Vopak – slide 7
    General Market Strategy Business Looking introduction trends execution performance ahead Strategic Framework Growth Operational Customer leadership leadership leadership Our Sustainability Foundation Excellent People I…
  8. HY1 2015 Roadshow Presentation – Royal Vopak – slide 8
    General Market Strategy Business Looking introduction trends execution performance ahead Business review Strategic Divestment Growth Program 4 15 categories terminals Reduce * Reduce * Capex Cost base 100 30 EUR million EUR…
  9. HY1 2015 Roadshow Presentation – Royal Vopak – slide 9
    General Market Strategy Business Looking introduction trends execution performance ahead Priorities for cash 1 Debt servicing EUR 2.3 billion, remaining maturity 8 years, average interest 4.2% 2 Dividend EUR 0.8b paid to…
  10. HY1 2015 Roadshow Presentation – Royal Vopak – slide 10
    General Market Strategy Business Looking introduction trends execution performance ahead Business challenges Strategic Operational Competitive environment People with the right skills Changing flows Expansion projects…
  11. HY1 2015 Roadshow Presentation – Royal Vopak – slide 11
    General Market Strategy Business Looking introduction trends execution performance ahead Discussions with investors Market dynamics Projects Asia market dynamics Projects under development Overcapacity and pricing Ramp-up of…
  12. HY1 2015 Roadshow Presentation – Royal Vopak – slide 12
    General Market Strategy Business Looking introduction trends execution performance ahead Market trends
  13. HY1 2015 Roadshow Presentation – Royal Vopak – slide 13
    General Market Strategy Business Looking introduction trends execution performance ahead Trends driving storage demand Population GDP Energy demand 15-35% 70-170% 15-55% US oil and gas LNG as Shale gas in European…
  14. HY1 2015 Roadshow Presentation – Royal Vopak – slide 14
    General Market Strategy Business Looking introduction trends execution performance ahead Structural imbalances 2014 2020 2014 2020 2014 2020 2014 2020 2014 2020 Refined petroleum accumulated deficits 2014 2020…
  15. HY1 2015 Roadshow Presentation – Royal Vopak – slide 15
    General Market Strategy Business Looking introduction trends execution performance ahead Imbalances continue to develop Source: ATEC / ICIS database and Vopak intelligence US and Middle East export, Asia and Europe import…
  16. HY1 2015 Roadshow Presentation – Royal Vopak – slide 16
    General Market Strategy Business Looking introduction trends execution performance ahead Product developments Oil Chemicals Biofuels LNG Structural imbalances, A encouraging chemicals Biofuels demand coming Increase in supply…
  17. HY1 2015 Roadshow Presentation – Royal Vopak – slide 17
    General Market Strategy Business Looking introduction trends execution performance ahead Strategy execution Growth leadership 18
  18. HY1 2015 Roadshow Presentation – Royal Vopak – slide 18
    General Market Strategy Business Looking introduction trends execution performance ahead Global presence London Hamburg Talinn Amsterdam Rotterdam* Antwerp Ningbo Lanshan Tianjin Teesside Zhangjiagang Windmill Ulsan Tarragona…
  19. HY1 2015 Roadshow Presentation – Royal Vopak – slide 19
    General Market Strategy Business Looking introduction trends execution performance ahead Return requirements for investments Footprint in Optimization growth emerging markets opportunities I II First-mover Option advantage…
  20. HY1 2015 Roadshow Presentation – Royal Vopak – slide 20
    General Market Strategy Business Looking introduction trends execution performance ahead Investments and divestments Finland terminals (175,400 cbm) Sweden terminals (1,261,000 cbm) Pengerang (Phase 1C) 413,000…
  21. HY1 2015 Roadshow Presentation – Royal Vopak – slide 21
    General Market Strategy Business Looking introduction trends execution performance ahead Storage capacity developments Storage capacity developments In million cbm; commissioned and under development +5.6 4.8 38.3* 0.2 -1.1…
  22. HY1 2015 Roadshow Presentation – Royal Vopak – slide 22
    General Market Strategy Business Looking introduction trends execution performance ahead Selective growth opportunities Storage capacity In million cbm Divestments Galena park terminal +5.6 +12.8 38.3 35.1 36.2 36.2 (170,000…
  23. HY1 2015 Roadshow Presentation – Royal Vopak – slide 23
    General Market Strategy Business Looking introduction trends execution performance ahead Realized divestments 2015 Number of Number of terminals plots of land 9 2 Total net cash Storage proceeds capacity 299 * 1.8 EUR…
  24. HY1 2015 Roadshow Presentation – Royal Vopak – slide 24
    General Market Strategy Business Looking introduction trends execution performance ahead Storage capacity under development 25 Roadshow presentation HY1 2015
  25. HY1 2015 Roadshow Presentation – Royal Vopak – slide 25
    General Market Strategy Business Looking introduction trends execution performance ahead Storage capacity under development 26 Roadshow presentation HY1 2015
  26. HY1 2015 Roadshow Presentation – Royal Vopak – slide 26
    General Market Strategy Business Looking introduction trends execution performance ahead Selective capital disciplined growth Total investments 2005-2019 Expansion capex** In EUR million In EUR million; 100% = EUR 3,300…
  27. HY1 2015 Roadshow Presentation – Royal Vopak – slide 27
    General Market Strategy Business Looking introduction trends execution performance ahead Selective capital disciplined growth Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated 5 revolving credit…
  28. HY1 2015 Roadshow Presentation – Royal Vopak – slide 28
    General Market Strategy Business Looking introduction trends execution performance ahead Capital structure Syndicated Ordinary shares Private placement Equity(-like)* revolving program* credit facility* Listed on Euronext…
  29. HY1 2015 Roadshow Presentation – Royal Vopak – slide 29
    General Market Strategy Business Looking introduction trends execution performance ahead Debt repayment schedule Debt repayment schedule In EUR million RCF flexibility US PP RCF drawn Asian PP Subordinated US PP Other 1,200…
  30. HY1 2015 Roadshow Presentation – Royal Vopak – slide 30
    General Market Strategy Business Looking introduction trends execution performance ahead Net finance costs Net finance costs HY1 2014 Net finance costs HY1 2015 In EUR million In EUR million Interest and dividend income 3.1…
  31. HY1 2015 Roadshow Presentation – Royal Vopak – slide 31
    General Market Strategy Business Looking introduction trends execution performance ahead Solvency ratio Total equity and liabilities In EUR million 5,336 5,226 4,644 4,386 4,152 3,649 Net 64% 62% 58% Liabilities* 2,947 60%…
  32. HY1 2015 Roadshow Presentation – Royal Vopak – slide 32
    General Market Strategy Business Looking introduction trends execution performance ahead Dividend growth Dividend and EPS 2006-2014** In EUR 2.73 2.45 2.31 Dividend policy: 2.08 2.16 1.92 Barring exceptional 1.62…
  33. HY1 2015 Roadshow Presentation – Royal Vopak – slide 33
    General Market Strategy Business Looking introduction trends execution performance ahead Strategy execution Operational leadership
  34. HY1 2015 Roadshow Presentation – Royal Vopak – slide 34
    General Market Strategy Business Looking introduction trends execution performance ahead Execution of the business Safety Efficiency Service improvement Committed to improving our Continuous focus on cost Always working on…
  35. HY1 2015 Roadshow Presentation – Royal Vopak – slide 35
    General Market Strategy Business Looking introduction trends execution performance ahead Sustainability Excellent people Safety and Health Environmental care Responsible partner Have the right people Provide a healthy Be energy…
  36. HY1 2015 Roadshow Presentation – Royal Vopak – slide 36
    General Market Strategy Business Looking introduction trends execution performance ahead Safety performance Total injury rate (TIR) Lost time injury rate (LTIR) Total injuries per 200,000 hours worked by own Total injuries leading…
  37. HY1 2015 Roadshow Presentation – Royal Vopak – slide 37
    General Market Strategy Business Looking introduction trends execution performance ahead Strategy execution Customer leadership
  38. HY1 2015 Roadshow Presentation – Royal Vopak – slide 38
    General Market Strategy Business Looking introduction trends execution performance ahead Business model Blending nitrogen Adding / cooling Heating / unloading of ships / railcars / trucks Loading Excess througput fees Monthly…
  39. HY1 2015 Roadshow Presentation – Royal Vopak – slide 39
    General Market Strategy Business Looking introduction trends execution performance ahead Global, regional and local clients Global clients Regional clients Local clients Active at multiple Vopak Active in more than one Vopak…
  40. HY1 2015 Roadshow Presentation – Royal Vopak – slide 40
    General Market Strategy Business Looking introduction trends execution performance ahead Market share according to definition Oil storage market Non oil storage market* Total storage market In million cbm In million cbm In million…
  41. HY1 2015 Roadshow Presentation – Royal Vopak – slide 41
    General Market Strategy Business Looking introduction trends execution performance ahead EBIT(DA) margin development EBIT(DA) margin In percent 49.6% 50 EBITDA margin 40 31.8% 30 EBIT margin 20 10 0 2004 2005 2006…
  42. HY1 2015 Roadshow Presentation – Royal Vopak – slide 42
    General Market Strategy Business Looking introduction trends execution performance ahead Contract duration Contract position 2012 Contract position 2013 Contract position 2014 In percent of revenues In percent of revenues In…
  43. HY1 2015 Roadshow Presentation – Royal Vopak – slide 43
    Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers divisional results Business performance Analyst presentation HY1 2015 21 August 2015
  44. HY1 2015 Roadshow Presentation – Royal Vopak – slide 44
    General Market Strategy Business Looking introduction trends execution performance ahead Results HY1 2015 Terminal Network * EBITDA*** 32.7 408 In million cbm In EUR million Occupancy Cash flows Rate ** Operating ****…
  45. HY1 2015 Roadshow Presentation – Royal Vopak – slide 45
    General Market Strategy Business Looking introduction trends execution performance ahead Topics influencing HY1 2015 results Geographical differences Currency effects 46 Roadshow presentation HY1 2015
  46. HY1 2015 Roadshow Presentation – Royal Vopak – slide 46
    General Market Strategy Business Looking introduction trends execution performance ahead HY1 2015 summary Revenues EBITDA* In EUR million In EUR million 0% +8% +11% -5% 649 647 701 408 385 367 HY1 2013 HY1 2014 HY1 2015…
  47. HY1 2015 Roadshow Presentation – Royal Vopak – slide 47
    General Market Strategy Business Looking introduction trends execution performance ahead EBITDA development EBITDA development In EUR million 206 202 202 196 194 189 187 185 183 180 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013…
  48. HY1 2015 Roadshow Presentation – Royal Vopak – slide 48
    General Market Strategy Business Looking introduction trends execution performance ahead EBITDA per division EBITDA* Netherlands EMEA +11% +4% +14% 137.2 -17% 119.4 123.7 +11% 68.4 65.1 -5% 57.0 384.5 408.4 366.5 HY1 2013…
  49. HY1 2015 Roadshow Presentation – Royal Vopak – slide 49
    General Market Strategy Business Looking introduction trends execution performance ahead EBITDA analysis +3% 3.9 1.0 9.3 13.5 408.4 10.5 4.9 29.1 395.6 0.5 366.5 /Divestments Netherlands Asia Americas…
  50. HY1 2015 Roadshow Presentation – Royal Vopak – slide 50
    General Market Strategy Business Looking introduction trends execution performance ahead HY1 2015 net result of joint ventures EBITDA* Netherlands EMEA -8% +8% 1.3 1.3 -52% +18% -25% +31% 1.2 20.2 56.9 55.4 9.6 11.3 42.4…
  51. HY1 2015 Roadshow Presentation – Royal Vopak – slide 51
    General Market Strategy Business Looking introduction trends execution performance ahead HY1 2015 EBIT HY1 2015 HY1 2014 Delta In EUR million In EUR million In EUR million Group operating profit 229.3 193.6 + 35.7 (18%) Net…
  52. HY1 2015 Roadshow Presentation – Royal Vopak – slide 52
    General Market Strategy Business Looking introduction trends execution performance ahead Occupancy rate developments Occupancy rate In percent Full potential playing field 90-95% 85-90% 96 95 94 92 94 93 93 91 88 88 91…
  53. HY1 2015 Roadshow Presentation – Royal Vopak – slide 53
    General Market Strategy Business Looking introduction trends execution performance ahead Occupancy rate per division Occupancy rate Netherlands EMEA +10pp +3pp +6pp -8pp 87% 93% 89% 91% 84% 81% 0pp +3pp 88% 88% 91% HY1…
  54. HY1 2015 Roadshow Presentation – Royal Vopak – slide 54
    General Market Strategy Business Looking introduction trends execution performance ahead Cash flow developments Cash flow from operating activities (gross) In EUR million 751 713 659 496 451 455 387 335 -1% 286 361 367…
  55. HY1 2015 Roadshow Presentation – Royal Vopak – slide 55
    General Market Strategy Business Looking introduction trends execution performance ahead Financial ratios HY1 2015 CFROGA* ROCE** ROE*** In % In % In % 19.5% 17.3% 17.1% 14.6% 15.2% 13.8% 12.0% 11.0% 10.5% HY1 2013…
  56. HY1 2015 Roadshow Presentation – Royal Vopak – slide 56
    General Market Strategy Business Looking introduction trends execution performance ahead Non-IFRS proportional information Proportionate EBITDA In EUR million 836 817 824 617 660 403 428 +14% 414 396 452 2010 2011 2012…
  57. HY1 2015 Roadshow Presentation – Royal Vopak – slide 57
    General Market Strategy Business Looking introduction trends execution performance ahead Divisional results
  58. HY1 2015 Roadshow Presentation – Royal Vopak – slide 58
    General Market Strategy Business Looking introduction trends execution performance ahead Netherlands EBITDA* In EUR million 59.8 59.5 61.3 62.0 60.9 62.8 68.0 61.0 68.2 69.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013…
  59. HY1 2015 Roadshow Presentation – Royal Vopak – slide 59
    General Market Strategy Business Looking introduction trends execution performance ahead EMEA EBITDA* In EUR million 34.7 33.6 33.1 34.2 28.9 30.4 30.9 34.0 31.1 28.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013…
  60. HY1 2015 Roadshow Presentation – Royal Vopak – slide 60
    General Market Strategy Business Looking introduction trends execution performance ahead Asia EBITDA* In EUR million 70.7 73.2 70.6 68.0 66.4 70.0 76.9 77.9 75.4 73.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013 2014…
  61. HY1 2015 Roadshow Presentation – Royal Vopak – slide 61
    General Market Strategy Business Looking introduction trends execution performance ahead Americas EBITDA* In EUR million 28.0 25.9 26.3 29.6 29.4 30.0 24.0 22.1 21.2 23.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013…
  62. HY1 2015 Roadshow Presentation – Royal Vopak – slide 62
    Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Looking ahead Analyst presentation HY1 2015 21 August 2015
  63. HY1 2015 Roadshow Presentation – Royal Vopak – slide 63
    General Market Strategy Business Looking introduction trends execution performance ahead Topics influencing HY2 2015 Asian Commissioning Impact market new capacity divestments 64 Roadshow presentation HY1 2015
  64. HY1 2015 Roadshow Presentation – Royal Vopak – slide 64
    General Market Strategy Business Looking introduction trends execution performance ahead Outlook assumptions x% Share of EBITDA* Industrial terminals Biofuels & LNG Oil products Chemicals & other pipeline vegoils connected…
  65. HY1 2015 Roadshow Presentation – Royal Vopak – slide 65
    General Market Strategy Business Looking introduction trends execution performance ahead Outlook elements 2014 Expansions Divestments Productivity and Fx and Uncertainties incl. 2015 and organisations pension costs phased…
  66. HY1 2015 Roadshow Presentation – Royal Vopak – slide 66
    Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Other topics Analyst presentation HY1 2015 21 August 2015
  67. HY1 2015 Roadshow Presentation – Royal Vopak – slide 67
    General Market Strategy Business Looking introduction trends execution performance ahead FX translation effects HY1 2015 EBITDA transactional currencies FX translation-effect on HY1 2015 EBITDA In percent In EUR million USD…
  68. HY1 2015 Roadshow Presentation – Royal Vopak – slide 68
    General Market Strategy Business Looking introduction trends execution performance ahead Other topics Effective tax rate* In percent 18.0 20.9 17.1 2012 2013 2014 * Excluding exceptional items. Pension cover ratio In…
  69. HY1 2015 Roadshow Presentation – Royal Vopak – slide 69
    Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead We have built answers our company over 400 years on trust and reliability Analyst presentation HY1 2015…

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