Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2015 Earnings Presentation
30 slides from Royal Vopak Nv's earnings presentation, Apr 22, 2015
Slide 1: Q1 2015 Trading update
Q1 2015 22 APRIL 2015 ANALYST PRESENTATION Q1 2015 Trading update
Slide 2: Forward-looking Statements
Business Divisional Selective Looking Questions & performance results growth ahead answers Forward-looking Statements This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties
Slide 3: Business performance
Business Divisional Selective Looking Questions & performance results growth ahead answers Business performance Analyst presentation Q1 2015 22 April 2015
Slide 4: Key topics
Business Divisional Selective Looking Questions & performance results growth ahead answers Key topics • In Q1 2015, we delivered improved financial results against a background of a competitive and dynamic business environment • In line with our previous outlook and based on current market insights,
Slide 5: Q1 2015 summary
Business Divisional Selective Looking Questions & performance results growth ahead answers Q1 2015 summary EBITDA* EBIT* In EUR million In EUR million -5% +15% -11% +16% 188.9 179.6 206.2 138.4 123.8 143.3 Q1 2013 Q1 2014 Q1 2015 Q1 2013 Q1 2014 Q1 2015 Net profit** Occupancy rate*** In EUR million
Slide 6: Cash flow developments
Business Divisional Selective Looking Questions & performance results growth ahead answers Cash flow developments Cash flow from operating activities (gross) In EUR million 751 713 659 496 454 455 387 335 286 188 185 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Increasing free cash flow I Impro
Slide 7: EBITDA development
Business Divisional Selective Looking Questions & performance results growth ahead answers EBITDA development EBITDA development In EUR million 206 202 196 194 189 187 185 183 180 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 While expanding our worldwide storage capacity we were able to increase the ov
Slide 8: Q1 2015 EBITDA analysis
Business Divisional Selective Looking Questions & performance results growth ahead answers Q1 2015 EBITDA analysis 4.4 0.5 7.4 206.2 2.5 3.1 4.4 1.3 14.2 193.8 179.6 Americas Netherlands Other Q1 2014 Asia LNG Q1 2015 FX-effect Q1 2014 against FX Q1 2015 EMEA /Divestments /Greenfields Acquisitions /
Slide 9: Q1 2015 EBITDA per division
Business Divisional Selective Looking Questions & performance results growth ahead answers Q1 2015 EBITDA per division Netherlands EMEA +12% +2% +18% EBITDA* 68.2 -17% 59.8 60.9 34.7 28.9 34.0 +15% -5% 206.2 188.9 179.6 Q1 2013 Q1 2014 Q1 2015 Q1 2013 Q1 2014 Q1 2015 Asia Americas Non-allocated +14%
Slide 10: Q1 2015 net result of joint ventures
Business Divisional Selective Looking Questions & performance results growth ahead answers Q1 2015 net result of joint ventures Netherlands EMEA -42% 10.9 +3% Net result of 0% 0% 6.3 6.5 joint ventures 0.7 0.7 0.7 -27% +31% Q1 2013 Q1 2014 Q1 2015 Q1 2013 Q1 2014 Q1 2015 30.2 28.9 22.0 Asia Americas
Slide 11: Occupancy rate developments
Business Divisional Selective Looking Questions & performance results growth ahead answers Occupancy rate developments Occupancy rate In percent Full potential playing field 90-95% Current playing field 85-90% 96 95 94 92 94 93 93 91 88 88 89 88 87 87 88 88 89 88 91 84 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’1
Slide 12: Occupancy rate per division
Business Divisional Selective Looking Questions & performance results growth ahead answers Occupancy rate per division Netherlands EMEA +4pp +11pp +3pp -9pp 85% 88% 92% 89% 91% Occupancy rate 80% -1pp +3pp 89% 88% 91% Q1 2013 Q1 2014 Q1 2015 Q1 2013 Q1 2014 Q1 2015 Asia Americas Q1 2013 Q1 2014 Q1 2
Slide 13: Non-IFRS proportional information
Business Divisional Selective Looking Questions & performance results growth ahead answers Non-IFRS proportional information Proportionate EBITDA* In EUR million 836 817 824 617 660 537 196 227 2009 2010 2011 2012 2013 2014 2015 Occupancy rate subsidiaries Cash Flow Return on Gross Assets and joint
Slide 14: Divisional results
Business Divisional Selective Looking Questions & performance results growth ahead answers Divisional results 14 Analyst presentation Q1 2015 22 April 2015
Slide 15: Netherlands
Business Divisional Selective Looking Questions & performance results growth ahead answers Netherlands EBITDA* In EUR million 59.8 59.5 61.3 62.0 60.9 62.8 68.0 61.0 68.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2013 2013 2013 2014 2014 2014 2014 2015 Occupancy rate** Storage capacity In percent In million c
Slide 16: EMEA
Business Divisional Selective Looking Questions & performance results growth ahead answers EMEA EBITDA* In EUR million 34.7 33.6 33.1 34.2 28.9 30.4 30.9 34.0 28.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2013 2013 2013 2014 2014 2014 2014 2015 Occupancy rate** Storage capacity In percent In million cbm 89%
Slide 17: Asia
Business Divisional Selective Looking Questions & performance results growth ahead answers Asia EBITDA* In EUR million 70.7 73.2 70.6 68.0 66.4 70.0 76.9 77.9 75.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2013 2013 2013 2014 2014 2014 2014 2015 Occupancy rate** Storage capacity In percent In million cbm 95%
Slide 18: Americas
Business Divisional Selective Looking Questions & performance results growth ahead answers Americas EBITDA* In EUR million 28.0 25.9 26.3 29.5 29.4 24.0 22.1 21.2 23.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2013 2013 2013 2014 2014 2014 2014 2015 Occupancy rate** Storage capacity In percent In million cbm
Slide 19: Selective growth
Business Divisional Selective Looking Questions & performance results growth ahead answers Selective growth 19 Analyst presentation Q1 2015 22 April 2015
Slide 20: Storage capacity developments
Business Divisional Selective Looking Questions & performance results growth ahead answers Storage capacity developments Storage capacity developments In million cbm; commissioned and under development +5.8 39.8 4.8 +0.2 1.0 0.1 0.4 34.0 33.8 0.3 Greenfield Greenfield Brownfield Brownfield Divestmen
Slide 21: Investments and divestments
Business Divisional Selective Looking Questions & performance results growth ahead answers Investments and divestments Oil Chemicals Industrial Gasses Pengerang (Industrial terminal) Divestments Galena park 2,100,000 cbm Pengerang (Hub location) (170,000 cbm) 413,000 cbm Wilmington terminals Europoo
Slide 22: Selective growth opportunities
Business Divisional Selective Looking Questions & performance results growth ahead answers Selective growth opportunities Storage capacity In million cbm +5.8 +14.2 37.7 37.7 39.8 36.1 36.7 33.8 34.1 29.9 30.5 28.3 28.8 27.8 27.1 21.8 21.8 21.8 21.8 21.8 21.7 20.2 20.4 21.2 21.7 21.4 19.9 18.1 18.3
Slide 23: Selective capital disciplined growth
Business Divisional Selective Looking Questions & performance results growth ahead answers Selective capital disciplined growth Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated 5 revolving credit facility 3.75 Maximum ratio under 4 current US PP programs 3.0 3 2.75
Slide 24: Vopak's capital structure
Business Divisional Selective Looking Questions & performance results growth ahead answers Vopak’s capital structure Syndicated Ordinary shares Private placement Equity(-like)* revolving program* credit facility* Listed on Euronext USD: 2.0 billion EUR 1.0 billion Subordinated loans Market capitaliz
Slide 25: Looking ahead
Business Divisional Selective Looking Questions & performance results growth ahead answers Looking ahead 25 Analyst presentation Q1 2015 22 April 2015
Slide 26: Subsequent events
Business Divisional Selective Looking Questions & performance results growth ahead answers Subsequent events • On 1 April 2015, Vopak increased its share in the LNG joint venture Gate Terminal, the Netherlands, from 47.6% to 50.0%. • On 6 April 2015, the main customer of our associate, Vopak Termina
Slide 27: Outlook assumptions
Business Divisional Selective Looking Questions & performance results growth ahead answers Outlook assumptions ~x% Share of EBITDA* Industrial terminals Biofuels & LNG Oil products Chemicals & other pipeline vegoils connected infra ~50% ~20% 15% - 20% 7.5% - 10% 2.5% - 5% Contract duration ~0 - 5 ye
Slide 28: Outlook elements
Business Divisional Selective Looking Questions & performance results growth ahead answers Outlook elements 2014 Expansions Divestments Productivity and Fx and Uncertainties incl. 2015 and organisations pension costs phased build-up acquisitions efficiency enhancements In line with our previous outl
Slide 29: Questions
Business Divisional Selective Looking Questions & performance results growth ahead answers Questions answers Analyst presentation Q1 2015 22 April 2015 29
Slide 30: We have built our company over 400 years on trust and reliability
Business Divisional Selective Looking Questions & performance results growth ahead We have built answers our company over 400 years on trust and reliability • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• •• •