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FY 2014 ROADSHOW PRESENTATION – Vopak

Vopak · Feb 27, 2015 · 73 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. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 1
    FY 2014 ROADSHOW PRESENTATION The world of Vopak
  2. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 2
    General Market Company strategy Business Looking introduction trends and execution performance ahead General introduction
  3. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 3
    General Market Company strategy Business Looking introduction trends and execution performance ahead Vopak at a glance Building on an impressive Listed at the NYSE Euronext history of almost 400 years Market cap of EUR 6.2…
  4. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 4
    General Market Company strategy Business Looking introduction trends and execution performance ahead Financial development and indicators EBITDA development Cash flow from operating activities (net) In EUR million In EUR million…
  5. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 5
    General Market Company strategy Business Looking introduction trends and execution performance ahead Investment thesis Increasing global flows require storage infrastructure Diversified portfolio with presence at prime…
  6. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 6
    General Market Company strategy Business Looking introduction trends and execution performance ahead Priorities for cash 1 Debt servicing EUR 2.0 billion, remaining maturity 8.9 years, average interest 4.0% 2 Dividend EUR 0.7b…
  7. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 7
    General Market Company strategy Business Looking introduction trends and execution performance ahead Business challenges Strategic Operational Increasing competition People with the right skills Changing flows Expansion…
  8. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 8
    General Market Company strategy Business Looking introduction trends and execution performance ahead Discussions from investor meetings Market dynamics Projects Overcapacity and pricing Projects under development pressure…
  9. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 9
    General Market Company strategy Business Looking introduction trends and execution performance ahead Market trends 10
  10. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 10
    General Market Company strategy Business Looking introduction trends and 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…
  11. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 11
    HUBGeneral DEMAND Market NETWORK Company strategy QUESTIONS AND Business Looking introduction DYNAMICS DRIVERS trends ALIGNMENT and execution performance ahead ANSWERS Imbalances continue to develop 2014 2020 2014 2020 2014…
  12. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 12
    HUBGeneral DEMAND Market NETWORK Company strategy QUESTIONS AND Business Looking introduction DYNAMICS DRIVERS trends ALIGNMENT and execution performance ahead ANSWERS Imbalances continue to develop Source: ATEC / ICIS…
  13. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 13
    General Market Company strategy Business Looking introduction trends and execution performance ahead Product developments 2014 Oil production exceeds Chemicals: North Biofuels demand is LNG trade grew with demand resulting in…
  14. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 14
    General Market Company strategy Business Looking introduction trends and execution performance ahead Strategy execution 15
  15. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 15
    General Market Company strategy Business Looking introduction trends and execution performance ahead Vopaks ambition Presence Safety and Strong link Value Our at prime service supply creation values locations chain Solid…
  16. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 16
    General Market Company strategy Business Looking introduction trends and execution performance ahead Our strategic framework Growth Operational Customer leadership leadership leadership Our Sustainability Foundation Excellent…
  17. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 17
    General Market Company strategy Business Looking introduction trends and execution performance ahead Strategy execution Strategic Divestment Reduce * Reduce * Growth Program Capex Cost base 4 15 100 30 categories terminals EUR…
  18. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 18
    General Market Company strategy Business Looking introduction trends and execution performance ahead Selective capital discipline growth 19
  19. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 19
    General Market Company strategy Business Looking introduction trends and execution performance ahead Global presence Hamburg Gothenburg Malmo Sodertalje Gavle Kotka Hamina Tallinn Rotterdam Antwerp Shanghai Ningbo London Lanshan…
  20. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 20
    General Market Company strategy Business Looking introduction trends and execution performance ahead Return requirements for investment Footprint in Optimization growth emerging markets opportunities I II First-mover Option…
  21. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 21
    General Market Company strategy Business Looking introduction trends and execution performance ahead Investments and divestments Oil Haiteng Chemicals (Industrial terminal) Industrial 890,000 cbm Gasses Banyan rock…
  22. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 22
    General Market Company strategy Business Looking introduction trends and execution performance ahead Storage capacity developments Storage capacity developments In million cbm; commissioned and under development +5.9 39.7…
  23. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 23
    General Market Company strategy Business Looking introduction trends and execution performance ahead Selective growth opportunities Storage capacity In million cbm +5.9 +13.9 39.7 36.6 37.6 37.6 36.7 33.8 29.9 30.5 28.3 28.8…
  24. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 24
    General Market Company strategy Business Looking introduction trends and execution performance ahead Storage capacity under construction Vopak's Capacity Country Terminal ownership Products (cbm) 2013 2014 2015 2016 2017 2017 2017…
  25. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 25
    General Market Company strategy Business Looking introduction trends and execution performance ahead Storage capacity under construction Vopak's Capacity Country Terminal ownership Products (cbm) 2013 2014 2015 2016 2017 2018 2019…
  26. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 26
    General Market Company strategy Business Looking introduction trends and execution performance ahead Selective capital disciplined growth Total investments 2005-2019 Expansion capex** In EUR million In EUR million; 100% = EUR 3,300…
  27. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 27
    General Market Company strategy Business Looking introduction trends and execution performance ahead Selective capital disciplined growth Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated 5…
  28. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 28
    General Market Company strategy Business Looking introduction trends and execution performance ahead Vopaks capital structure Syndicated Ordinary shares Private placement Equity(-like)* revolving program* credit facility*…
  29. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 29
    General Market Company strategy Business Looking introduction trends and execution performance ahead Debt repayment schedule Debt repayment schedule In EUR million RCF flexibility US PP RCF drawn Asian PP Subordinated US PP…
  30. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 30
    General Market Company strategy Business Looking introduction trends and execution performance ahead Net finance costs Net finance costs 2013 Net finance costs 2014 In EUR million In EUR million Interest and dividend income…
  31. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 31
    General Market Company strategy Business Looking introduction trends and execution performance ahead Solvency ratio Total equity and liabilities In EUR million 5,226 4,644 4,386 4,152 3,649 Net 64% liabilities* 2,947 60%…
  32. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 32
    General Market Company strategy Business Looking introduction trends and execution performance ahead Proposed 2014 dividend Dividend and EPS 2006-2014** In EUR 2.73 2.45 2.31 Dividend policy: 2.08 2.16 1.92 1.62 Barring…
  33. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 33
    General Market Company strategy Business Looking introduction trends and execution performance ahead Customer leadership 34
  34. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 34
    General Market Company strategy Business Looking introduction trends and execution performance ahead Global, regional and local clients Global clients Regional clients Local clients Active at multiple Vopak Active in more than…
  35. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 35
    General Market Company strategy Business Looking introduction trends and execution performance ahead Market share according to definition Oil storage market Non oil storage market* Total storage market In million cbm In million cbm…
  36. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 36
    General Market Company strategy Business Looking introduction trends and execution performance ahead Original contract duration Contract position 2012 Contract position 2013 Contract position 2014 In percent of revenues In percent…
  37. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 37
    General Market Company strategy Business Looking introduction trends and execution performance ahead EBIT(DA) margin development EBIT(DA) margin In percent 55 50 45 EBITDA margin 40 35 30 EBIT margin 25 20 15…
  38. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 38
    General Market Company strategy Business Looking introduction trends and execution performance ahead Operational excellence 39
  39. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 39
    General Market Company strategy Business Looking introduction trends and execution performance ahead Sustainability Excellent people Safety and Health Environmental care Responsible partner Have the right people Provide a…
  40. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 40
    General Market Company strategy Business Looking introduction trends and execution performance ahead Safety performance Total injury rate (TIR) Lost time injury rate (LTIR) Total injuries per 200,000 hours worked by own Total…
  41. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 41
    General Market Company strategy Business Looking introduction trends and execution performance ahead Service improvements Jetty upgrades New rail loading spots Sebarok, Singapore Savannah, US Manifold Port pipeline expansion…
  42. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 42
    General Market Company strategy Business Looking introduction trends and execution performance ahead Efficiency enhancements Sustaining & Organizational Leverage on improvement productivity standards and capex enhancements…
  43. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 43
    General Market Company strategy Business Looking introduction trends and execution performance ahead Business performance 44
  44. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 44
    General Market Company strategy Business Looking introduction trends and execution performance ahead Topics influencing 2014 results Capacity Geopolitics Oil price Currency expansions and regulation volatility effects 45…
  45. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 45
    General Market Company strategy Business Looking introduction trends and execution performance ahead Results 2014 Terminal EBITDA Network * Excl. ex items *** 33.8 763 In million cbm In EUR million Occupancy Cash flows Rate **…
  46. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 46
    General Market Company strategy Business Looking introduction trends and execution performance ahead EBITDA development Alignment network and competitive position Comprehensive scenario planning Full potential excellence…
  47. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 47
    General Market Company strategy Business Looking introduction trends and execution performance ahead EBITDA development EBITDA development In EUR million 202 196 196 194 193 192 187 189 187 185 183 180 Q1 Q2 Q3 Q4 Q1 Q2…
  48. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 48
    General Market Company strategy Business Looking introduction trends and execution performance ahead Q4 2014 summary EBITDA* EBIT* In EUR million In EUR million -5% +6% -10% +5% 192.0 183.0 194.4 138.2 124.2 130.8 Q4 2012…
  49. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 49
    General Market Company strategy Business Looking introduction trends and execution performance ahead 2014 summary Revenues EBITDA* EBIT* In EUR million In EUR million In EUR million -1% +2% -2% +1% 1,314 1,295 1,323 -5% -2% 768…
  50. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 50
    General Market Company strategy Business Looking introduction trends and execution performance ahead 2014 EBITDA analysis 17.2 10.9 18.8 762.8 2.4 12.3 1.3 753.1 746.2 6.9 1.3 Americas Netherlands Other Asia…
  51. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 51
    General Market Company strategy Business Looking introduction trends and execution performance ahead 2014 EBIT 2013 2014 In EUR million In EUR million Group operating profit 411.1 394.0 Net result joint ventures 122.7 74.5…
  52. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 52
    General Market Company strategy Business Looking introduction trends and execution performance ahead Occupancy rate developments Occupancy rate In percent Full potential playing field 90-95% Current playing field 85-90% 94…
  53. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 53
    General Market Company strategy Business Looking introduction trends and execution performance ahead Occupancy rate per division Netherlands EMEA -6pp +4pp 0pp -4pp 89% 83% 87% 88% 88% 84% Occupancy rate -3pp 0pp 91% 88% 88%…
  54. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 54
    General Market Company strategy Business Looking introduction trends and execution performance ahead Original contract duration Contract position 2012 Contract position 2013 Contract position 2014 In percent of revenues In percent…
  55. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 55
    General Market Company strategy Business Looking introduction trends and execution performance ahead EBIT(DA) margin development EBIT(DA) margin In percent 55 50 45 EBITDA margin 40 35 30 EBIT margin 25 20 15…
  56. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 56
    General Market Company strategy Business Looking introduction trends and execution performance ahead Cash flow developments Cash flow from operating activities (net) In EUR million 703 660 619 449 475 416 358 308 264…
  57. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 57
    General Market Company strategy Business Looking introduction trends and execution performance ahead Financial ratios 2014 Non-IFRS ROCE* ROE** Proportional information In % In % CFROGA*** 21.9% In % 18.8% 18.1% 16.7%…
  58. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 58
    General Market Company strategy Business Looking introduction trends and execution performance ahead Non-IFRS proportional information Proportionate EBITDA* In EUR million 836 817 824 617 660 537 2009 2010 2011 2012 2013…
  59. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 59
    General Market Company strategy Business Looking introduction trends and execution performance ahead Divisional results 60
  60. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 60
    General Market Company strategy Business Looking introduction trends and execution performance ahead 2014 Revenues per division Netherlands EMEA -3% 0% Revenues 457.6 +5% +4% 442.5 442.1 235.9 248.2 257.6 -1% +2% 1,314…
  61. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 61
    General Market Company strategy Business Looking introduction trends and execution performance ahead 2014 EBITDA per division Netherlands EMEA -9% +4% EBITDA* 267.3 +2% -13% 242.6 252.7 132.3 135.6 118.3 -2% +1% 768.4 753.1…
  62. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 62
    General Market Company strategy Business Looking introduction trends and execution performance ahead 2014 net result of joint ventures Netherlands EMEA -23% -50% 46.6 Net result of +26% +4% 35.9 joint ventures 2.4 2.5 17.9 1.9…
  63. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 63
    General Market Company strategy Business Looking introduction trends and execution performance ahead Netherlands EBITDA* In EUR million 59.8 59.5 61.3 62.0 60.9 62.8 68.0 61.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2013 2013 2013…
  64. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 64
    General Market Company strategy Business Looking introduction trends and execution performance ahead EMEA EBITDA* In EUR million 34.7 33.6 33.1 34.2 28.9 30.4 30.9 28.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2013 2013 2013 2014…
  65. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 65
    General Market Company strategy Business Looking introduction trends and execution performance ahead Asia EBITDA* In EUR million 70.7 73.2 70.6 68.0 66.4 70.0 76.9 77.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2013 2013 2013 2014 2014…
  66. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 66
    General Market Company strategy Business Looking introduction trends and execution performance ahead Americas EBITDA* In EUR million 28.0 25.9 26.3 29.5 24.0 22.1 21.2 23.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2013 2013 2013 2014…
  67. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 67
    General Market Company strategy Business Looking introduction trends and execution performance ahead Looking ahead 68
  68. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 68
    General Market Company strategy Business Looking introduction trends and execution performance ahead Outlook assumptions x% Share of EBITDA* Industrial terminals Biofuels & LNG Oil products Chemicals & other pipeline vegoils…
  69. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 69
    General Market Company strategy Business Looking introduction trends and execution performance ahead Outlook elements 2014 Expansions Divestments Productivity and Fx and Uncertainties incl. 2015 and organisations pension costs…
  70. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 70
    General Market Company strategy Business Looking introduction trends and execution performance ahead Other topics 71
  71. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 71
    General Market Company strategy Business Looking introduction trends and execution performance ahead FX translation effects 2014 EBITDA transactional currencies FX translation-effect on 2013 EBITDA In percent In EUR million USD…
  72. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 72
    General Market Company strategy Business Looking introduction trends and execution performance ahead Other topics Effective tax rate* In percent 18.0 20.9 17.1 2012 2013 2014 * Excluding exceptional items. Pension cover…
  73. FY 2014 ROADSHOW PRESENTATION – Vopak – slide 73
    General Market Company strategy Business Looking introduction trends and execution We have built performance ahead our company over 400 years on trust and reliability Vopak Royal I Westerlaan 10 I 3016 CK…

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