June 2016 MLP ENERGY CONFERENCE ORLANDO VTTI ENERGY PARTNERS LP INVESTOR PRESENTATION 1
VTTI INVESTMENT HIGHLIGHTS VTTI is a unique global terminal MLP, well differentiated from its peers Cash flow Long-term, take or pay contracts with no direct commodity price exposure stability Reflected in cash flow performance…
HISTORY OF VTTI B.V. VTTI B.V. has grown rapidly to become one of the largest global independent storage companies Created to own, operate, 40% CAGR develop and acquire refined 16.8 54.0 petroleum product and crude MMBbls MMBbls…
VTTI B.V. ASSET GROWTH 6 ACQUISITIONS VTTI Operating Assets ETT FTL 2 Seaport ETT 3 6 GREENFIELD Rotterdam, Fujairah, Canaveral Rotterdam, The Netherlands UAE Florida, USA The Netherlands 9 BROWNFIELD ETA FTL ETA 2 ETT…
VTTI GROUP ASSET SUMMARY Owner- Gross Capacity Wor ld: Eur ope Cent er ed Remaining ship Capa- in MLP ROFO VTTI Terminal Locations (2) Region / Location Interest city at 42.6% Capacity MLP Opco Europe / Amsterdam 100% 8.4 3.6…
VTTI EP TERMINALS Portfolio currently comprises six terminals Newly constructed/retrofitted and fully located in four major global energy market hubs automated infrastructure with extremely efficient operations Well interconnected…
SPONSORED BY THE WORLDS LARGEST INDEPENDENT ENERGY TRADER Vitol is the largest mover of physical oil in the world, for which VTTI provides critical infrastructure. Founded in Rotterdam, with primary operations in Houston, Geneva,…
VTTI IS CRITICAL TO THE GLOBAL ENERGY VALUE CHAIN Vitols Crude Oil & Oil Products Volumes (MMbpd) 6.0 5.1 5.2 5.3 5.1 5.0 4.4 4.4 4.0 4.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Public Filings 9
LONG-TERM TRENDS SUPPORTIVE OF INTERNATIONAL TERMINAL DEMAND 125% 37% 55% Source: BP Statistical Review Source: BP Statistical Review Source: IEA 55% increase in oil demand in ...whilst regional flows have Strong growth in…
REGIONAL IMBALANCES AND GROWING OVERALL DEMAND International oil trade flows have and continue to grow steadily, driving need for midstream infrastructure Ongoing refinery closures in OECD countries and new worldscale refineries in…
STRONG PERFORMANCE THROUGH COMMODITY PRICE CYCLES Contango Contango Brent 12m Contango Brent Spot Price Backwardation (1) Data shown is for VTTI B.V. as a whole, 2010 and 2011 utilization impacted by acquisition and…
STABLE FEE-BASED REVENUES Storage Fees Fixed monthly fee paid for storage or throughput Take-or-pay basis independent of actual usage, i.e. zero volume risk and no direct commodity price risk Ancillary Services Ancillary…
FINANCIAL PERFORMANCE SINCE IPO Average: c.50m per quarter Top quartile distribution growth Average c.1.15x vs Target 1.10x 14
VTTI GROUP TERMINAL CAPACITY (MMBbls) 60 54.0 50 18.5 40 30 20.4 20 15.1 12.8 2.3 10 0 Q2 2015 Dropdown Q3 2015 VTTI Operating VTTI BV Total 1. Numbers shown are on gross ownership basis 2. Includes greenfield…
GROWTH OPPORTUNITIES Multiple sources of significant growth Drop downs Organic growth Acquisitions ROFO on all current and future VTTI Continuously evaluating organic Highly fragmented international B.V. assets development…
Q1 2016 CORPORATE AND OPERATING REVIEW Annual Report on Form 20-F 2015 filed Shelf Registration Statement on Form F-3 filed, registering 500m of common Corporate units Update RCF was reduced from 359m to 300m in January…
Q1 2016 FINANCIAL AND DEVELOPMENT REVIEW Malaysia Phase 2 assets performing well since commissioning in 2015 (1) Fujairah expansion undergoing commissioning in Q2 2016 adding further Growth 2.7MMbls to drop down inventory - on…
Q1 2016 SUMMARY FINANCIALS Reconciliation of Adjusted EBITDA to Distributable Cash Flow (in US millions) Q1 2016 Q4 2015 Adjusted EBITDA 49.9 47.6 Cash interest expense (7.7) (4.9) Cash income tax expense 0.0 0.0 Maintenance…
BALANCE SHEET AND HEDGING UPDATE VTTI Energy Partners LP (in US millions) Actual March 31, 2015 Cash VIP Cash and cash equivalents(1) 39.3 Debt(2) 270mm RCF VTTI Operating Revolving Credit Facility 106.2 180mm undrawn VTTI…
OUTLOOK Regional product imbalances and product demand growth continue to drive fundamental requirement for storage Market Contango market in certain products boosting demand, although financial impact for VTTI limited due to…
VTTI ENERGY PARTNERS LP APPENDIX 23
FINANCIAL DETAIL Q1 2016 Income Statement (unaudited) (in US millions) Three Months Ended March 31, 2016 Revenues 76.6 Operating expenses (incl. D&A) 44.8 Other operating income Total operating income 31.8 Total other expense, net…
FINANCIAL DETAIL Q1 2016 Balance Sheet (unaudited) (in US millions) March 31, 2016 Cash and cash equivalents(1) 39.3 Property, plant & equipment 1,244.4 Other assets 263.2 Total assets 1546.9 Long-term Debt(2) 552.9 Other…
VTTI BV TOPCO ASSET OVERVIEW Region Europe South America Africa Location Ventspils, Latvia Kaliningrad, Russia (2) Vasiliko, Cyprus Buenos Aires, Argentina Mombasa, Kenya Lagos, Nigeria VTTI Ownership 49% (3) 100% 100% 100% 100%…
MISC-VITOL INVESTMENT PARTNERSHIP (VIP) TRANSACTION Vitol Contract Extensions (1) Terminal Country Omnibus Revised Capacity VIP, an investment vehicle sponsored by Vitol, has Guarantee Expiration acquired the MISC 50% stake in…
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