Slide 1: Royal Vopak Half Year 2017 Results
Royal Vopak Half Year 2017 18 August 2017 Analyst presentation Results
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: Eelco Hoekstra, CEO
Chairman of the Executive Board and CEO of Royal Vopak Eelco Hoekstra
Slide 4: Key figures HY1 2017
Key figures HY1 2017 Terminal network Revenues* In million cbm In EUR million +7% vs. HY1 16 -2% vs. HY1 16 35.9 669 Occupancy rate* EBITDA** In percent In EUR million -3pp vs. HY1 16 -6% vs. HY1 16 91 394 *Revenue and occupancy figures include subsidiaries only ** Including net result from joint ve
Slide 5: Product-market developments HY1 2017
Product-market developments HY1 2017 Different developments per geographic region Crude oil Structural flows crude oil Vegoils Positive vegoils market in & oil products & biofuels the Netherlands and Americas Healthy demand gasoline and middle distillates Legislation and trade policies on bi
Slide 6: Events and topics in HY1
Events and topics in HY1 Growth Cost projects competitiveness Successful FID new projects In line with the 2017-2019 and announcement of strategic direction we want to feasibility study strengthen our competitive position Total capacity announced new growth projects H1Y: Capital investments, 387
Slide 7: Safety performance
Safety performance Total Injury Rate (TIR) Lost Time Injury Rate (LTIR) Total injuries per 200,000 hours worked by Total injuries leading to lost time per 200,000 hours own employees and contractors worked by own employees and contractors 1.5 0.3 1.0 0.2 0.12 0.40 0.5 0.1 0.0 0.0 2009 2010 2011 2012
Slide 8: Summary key messages
Summary key messages Results in the Netherlands are below expectations, results for EMEA, Asia and LNG are in line with outlook, while the Americas results are above PERFORMANCE expectations HY1 2017 EBITDA -excl. exceptional items- amounts to EUR 394.1 million, adjusted for the divestments earl
Slide 9: Jack De Kreij, CFO
Vice-Chairman of the Executive Board and CFO Jack of Royal Vopak De Kreij
Slide 10: HY1 2017 Key figures
HY1 2017 Key figures Revenues* EBITDA** Terminal network In EUR million In EUR million In million cbm -2% -6% +2.3 408.4 420.9 648.8 647.2 700.7 679.9 669.3 384.5 366.5 394.1 35.9 30.4 32.1 32.7 33.6 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 EBIT** Net profit*** Occu
Slide 11: HY1 2017 EBITDA analysis
HY1 2017 EBITDA analysis 420.9 7.3 1.8 3.9 414.7 0.4 6.2 10.1 2.2 394.1 25.3 EMEA Other LNG Asia Americas Divestments FX-effect HY1 2016 HY1 2017 Adj. HY1 2016 Netherlands EBITDA -excluding exceptional items- decreased to EUR 394.1 million, adjusted for the divestments early 2016, the pro forma EBIT
Slide 12: HY1 2017 Segmented EBITDA
HY1 2017 Segmented EBITDA Netherlands EMEA Results in the Netherlands are In EUR million In EUR million below expectations, the results 148.0 68.4 65.1 62.7 119.4 123.7 137.2 122.4 57.0 55.0 for EMEA, Asia and LNG are in line with outlook, while the Americas results are above 2013 2014 2015 2016 201
Slide 13: EBIT to Net profit analysis
EBIT to Net profit analysis HY1 2017 HY1 2016 EBITDA 394.1 420.9 Depreciation and amortization 136.0 129.9 EBIT 258.1 291.0 Profit before income tax 52.3 55.9 Income tax 33.8 38.7 Income tax HY1 2017: Lower compared to the Non-controlling interests 21.6 22.5 previous year as a result of different mi
Slide 14: Financial flexibility
Financial flexibility The solid operational cash flow generation, strong balance sheet and sufficient financial flexibility, provides an excellent platform to continue our long-term focused capital disciplined growth journey Senior net debt : EBITDA ratio 3.75 3.00 2.75 2.83 2.73 2.20 Maximum ratio
Slide 15: Storage capacity developments
Storage capacity developments The timely completion of the current projects under construction, of which, most are backed by commercial storage contracts will contribute to the aimed for EBITDA growth and positive EPS development in the 2017-2019 period Storage capacity developments In million cbm F
Slide 16: Capital commitments
Capital commitments Total investments 2005-2019 Expansion capex*** In EUR million In EUR million; 100% = EUR ~2,500 million Forecasted capex 2,012 1,899 Remaining 1,729 ? New projects* ~700 Vopak share in capex (Group capex and equity ~1,800 850 share in JV’s) 901 Other capex** 700 Expansion capex**
Slide 17: Margin development
Margin development Efficiency program to reduce Vopak’s future cost base with at least EUR 25 million by 2019 is well underway 60 EBITDA margin 50 EBIT margin 40 30 20 10 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 HY1 2017 *EBIT(DA) margins excluding exceptional items and exclu
Slide 18: HY1 2017 Non-IFRS proportionate information
HY1 2017 Non-IFRS proportionate information IFRS BASED NON-IFRS PROPORTIONATE Occupancy rate Occupancy rate In percent 91 94 91 In percent 90 94 91 2015 2016 2017 2015 2016 2017 EBITDA* EBITDA* In EUR million 408.4 420.9 394.1 In EUR million 451.7 466.1 440.9 2015 2016 2017 2015 2016 2017 Note: In t
Slide 19: Non-IFRS Proportionate Free Cash Flow
Non-IFRS Proportionate Free Cash Flow HY1 HY1 Proportionate consolidated 2017 2016 EBITDA 440.9 466.1 Service, maintenance, -100.3 -113.1 compliance and IT capex Finance costs -70.4 -75.4 Income tax -48.0 -51.3 Free Cash Flow 222.2 226.3 -excluding expansion capex- Proportionate Free Cash Flow -excl
Slide 20: Looking ahead
Looking ahead ‘Supported by solid operational cash flow generation, a strong balance sheet and sufficient financial flexibility, Vopak will continue its capital disciplined long-term growth journey, while maintaining on average a Cash Flow Return On Gross Assets after tax (CFROGA) between 9-11% for
Slide 21: Outlook 2017
Outlook 2017 For 2017, we expect to realize an average occupancy rate of around 90% (2016: 93%). Taking into account the lower occupancy rates, additional costs related to investments in growth and technology, the missing contribution from the divested terminals early 2016 and the foreign exchange d
Slide 22: Questions & answers
The world’s leading independent tank storage company building Questions on an impressive history of more & answers • than 400 years
Slide 23: Half year 2017 analyst presentation appendix
Royal Vopak 18 August 2017 Half year 2017 Analyst presentation appendix
Slide 24: Q2 2017 EBITDA analysis
Q2 2017 EBITDA analysis 203.1 200.6 2.5 3.8 0.1 4.2 1.3 191.0 2.7 0.1 FX-effect Asia Q1 2017 Q2 2017 Adjusted Q1 2017 Other EMEA LNG Netherlands Americas Note: Figures in EUR million, excluding exceptional items; including net result from joint ventures and associates. 24 24
Slide 25: Segmented information
Segmented information Netherlands Asia Occupancy rate* 91 91 91 EBITDA** 75 96 100 80 92 94 90 70 94 75 90 92 95 88 65 90 70 88 72.5 70.7 75.6 75.4 67.8 90 74.0 72.5 60 63.1 65 70.3 86 59.3 55 85 60 84 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 EMEA Americas 92 4
Slide 26: HY1 Netherlands developments
HY1 Netherlands developments Occupancy rate* Revenues* In percent In EUR million 87 93 96 91 237.4 251.9 235.4 84 219.2 220.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Storage capacity EBITDA** EBIT** In million cbm In EUR million In EUR million 9.4 9.5 9.9 10.0 10.0 137.2 148.0 90.1 95.5 11
Slide 27: HY1 EMEA developments
HY1 EMEA developments Occupancy rate* Revenues* In percent In EUR million 89 91 95 92 126.9 135.1 81 119.8 101.5 89.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Storage capacity EBITDA** EBIT** In million cbm In EUR million In EUR million 9.5 9.6 68.4 65.1 48.1 8.5 8.7 57.0 62.7 41.6 43.2 7.9
Slide 28: HY1 Asia developments
HY1 Asia developments Occupancy rate* Revenues* In percent In EUR million 95 95 88 92 90 182.3 177.6 193.0 191.9 194.1 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Storage capacity EBITDA** EBIT** In million cbm In EUR million In EUR million 11.5 12.5 143.9 148.7 150.2 145.7 116.4 109.6 116.1 1
Slide 29: HY1 Americas developments
HY1 Americas developments Occupancy rate* Revenues* In percent In EUR million 90 91 90 92 90 149.9 124.3 134.4 134.1 119.4 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Storage capacity EBITDA** EBIT** In million cbm In EUR million In EUR million 3.7 3.9 68.8 44.9 3.3 3.3 3.4 59.4 61.9 38.0 40.4
Slide 30: HY1 JVs and associates developments
HY1 JVs and associates developments Net result JVs and associates* Netherlands* EMEA* In EUR million In EUR million In EUR million 62.7 61.4 1.3 1.2 1.3 20.2 18.7 56.9 55.4 17.6 42.4 0.8 0.9 9.6 11.3 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Asia* Americas* LNG* In E
Slide 31: Half year 2017 results
Royal Vopak 18 August 2017 Half year 2017 Analyst presentation results
Slide 32: For more information please contact
For more information please contact: Media contact: Liesbeth Lans, Manager External Communications Telephone: +31 (0)10 400 2777, e-mail: global.communication@vopak.com Investor Relations contact: Anil Acardag, Manager Investor Relations Telephone: +31 (0)10 400 2770, e-mail: investor.relations@vopa