Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2019 Earnings Presentation
21 slides from Royal Vopak Nv's earnings presentation, Apr 17, 2019
Slide 1: Storing vital products with care
Storing vital products with care 17 April 2019 Vopak Interim Update Q1 2019 Results – Analyst Presentation Gerard Paulides - CFO of Royal Vopak
Slide 2: Forward-looking statement
Forward-looking statement This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the
Slide 3: Key messages
Key messages strategic direction Q1 2019 key messages Capture ‘Strong financial performance in Q1, growth next step taken in delivery of Vopak’s strategy’ Spend EUR 750m Pro forma Q1 EBITDA of EUR 202 million is EUR 12 million higher than on sustaining and prior year as a result of currency effect
Slide 4: Development key figures
Development key figures Strong financial performance in Q1 2019 Occupancy rate* EBITDA** In percent In EUR million 202 215 190 181 183 181 87 85 86 85 86 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 pro forma Q1 2018 2018 2018 2018 2019 2018 2018 2018 2018 Q1 2019 2019 ROCE** Net profit*** In percent In EUR million 7
Slide 5: Q1 2019 vs Q1 2018 EBITDA
Q1 2019 vs Q1 2018 EBITDA Pro forma EBITDA increased by EUR 12 million, mainly from contributions from joint ventures 214.6 2.2 1.0 12.2 5.0 202.4 5.9 194.8 190.2 4.6 6.7 10.2 Q1 2018 FX-effect Adjusted Europe & Asia & China & Americas LNG Global pro forma IFRS 16 Q1 2019 Q1 2018 Africa Middle East
Slide 6: Q1 2019 vs Q4 2018 EBITDA
Q1 2019 vs Q4 2018 EBITDA Strong performance in Asia & Middle East and Americas supported pro forma EBITDA improvement 214.6 4.1 202.4 12.2 3.5 7.3 180.7 1.6 182.3 9.9 4.2 0.5 Q4 2018 FX-effect Adjusted China & LNG Asia & Americas Europe & Global pro forma IFRS 16 Q1 2019 Q4 2018 North Asia Middle E
Slide 7: Divisional segmentation
Divisional segmentation Europe & Africa executes strategy and Asia & Middle East set for growth Europe & Africa Asia & Middle East Americas 86 86 85 89 86 85 85 92 83 82 90 90 89 89 89 80.8 74.5 77.2 70.3 73.6 64.0 66.5 65.9 77.5 59.6 32.2 34.9 33.4 28.5 35.9 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q
Slide 8: EUR 1 billion growth investments
EUR 1 billion growth investments Shift towards industrial terminals, chemical and gas terminals Vlissingen Deer Park German LNG 9,200 cbm RIPET Vietnam 138,000 cbm* Open season completed Botlek 96,000 cbm Veracruz ETPL 20,000 cbm 63,000 cbm PT2SB 110,000 cbm 151,000 cbm* Panama Sebarok Richards Bay
Slide 9: Portfolio transformation
Portfolio transformation Divestments Tallinn On 3 April 2019, Vopak divested its 50% ownership 1,026,000 cbm in Vopak E.O.S. in Tallinn, Estonia Hamburg Realized gain of EUR 16.8 million 669,000 cbm On 5 April 2019, Vopak reached agreement on the sale of its terminals in Algeciras, Amsterdam a
Slide 10: Non-IFRS proportionate information
Non-IFRS proportionate information EBITDA Occupancy rate In EUR million In percent IFRS BASED 202 215 190 87 86 Non-IFRS proportionate information Q1 2018 Pro forma Q1 2019 Q1 2018 Q1 2019 Q1 2019 provides transparency in Vopak’s EBITDA Occupancy rate* underlying performance and free PROPORTIONATE I
Slide 11: Key messages
Key messages strategic direction Q1 2019 key messages Capture ‘Strong financial performance in Q1, growth next step taken in delivery of Vopak’s strategy’ Spend EUR 750m Pro forma Q1 EBITDA of EUR 202 million is EUR 12 million higher than on sustaining and prior year as a result of currency effect
Slide 12: Looking ahead
Looking ahead Vopak’s expansion program will add 3.2 million cbm in 2018 and 2019. At the end of Q1 2019, 1.9 million cbm was commissioned and 1.3 million cbm is expected to be delivered in the remainder of 2019 The sale of Algeciras, Amsterdam and Hamburg, with a combined capacity of 2.3 millio
Slide 13: Questions & Answers
Storing vital products with care Vopak Q1 2019 Questions & interim update Answers
Slide 14: Vopak Q1 2019 interim update
For more information please contact: Upcoming events: Investor Relations contact: Ex-dividend quotation Laurens de Graaf, Head of Investor Relations 23 April 2019 Telephone: +31 (0)10 400 2776 e-mail: investor.relations@vopak.com Dividend record date 24 April 2019 Media contact: Liesbeth Lans, Manag
Slide 15: Europe & Africa developments
Europe & Africa developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2019 86 83 86 85 82 158.9 155.8 158.2 2.3 153.2 153.8 13.7 million cbm Subsidiaries 11.4 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 201
Slide 16: Asia & Middle East developments
Asia & Middle East developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2019 89 92 80.2 84.5 3.3 86 85 85 76.4 77.2 79.1 4.2 14.9 million cbm Subsidiaries Joint ventures & associates 7.4 Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 20
Slide 17: China & North Asia developments
China & North Asia developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2019 79 83 0.8 77 73 73 4.2 million cbm 10.5 8.4 8.6 7.9 8.3 Subsidiaries 3.4 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2
Slide 18: Americas developments
Americas developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2019 90 90 89 89 89 75.6 0.1 0.5 4.0 million cbm 71.5 70.3 71.1 68.4 Subsidiaries 3.4 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 201
Slide 19: JVs & associates developments
JVs & associates developments Net result JVs and associates* Europe & Africa* Asia & Middle East* In EUR million In EUR million In EUR million 40.3 36.6 19.8 25.4 25.0 26.9 0.9 9.6 10.7 0.6 0.7 0.6 7.7 6.6 0.5 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2018 2018 2018 2018
Slide 20: Project timelines
Project timelines Vopak’s Capacity Country Terminal ownership Products (cbm) 2013 2014 2015 2016 2017 2018 2019 2020 Growth projects per 5 November 2018 Existing terminals Malaysia Pengerang Independent 44.1% Oil products 430,000 Terminals (PITSB) Brazil Alemoa 100% Chemicals 106,000 Singapore Sebar
Slide 21: IFRS 16 Leases
IFRS 16 Leases IFRS 16 Leases Impact Vopak No commercial impact Key figures In EUR million EBITDA 40 – 50 Accounting change only, no net cash impact Net profit 0 – (10) No economic impact on the business and how we IFRS 16 Lease liabilities ~675 manage it reported on Return on Capital Employed