Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2013 Earnings Presentation
27 slides from Royal Vopak Nv's earnings presentation, Apr 24, 2013
Slide 1: Q1 2013 Trading update
Q1 2013 Trading update 24 April 2013
Slide 2: Forward-looking statements
Forward-looking statements This document 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 fut
Slide 3: Q1 2013 Summary
Q1 2013 Summary EBIT(DA) in line with Q1 2012 EBITDA* EBIT* In million EUR In million EUR 187.4 188.9 +1% 139.2 138.4 -1% Q1 2012 Q1 2013 Q1 2012 Q1 2013 Occupancy rate** Storage capacity*** In percent In mln cbm 93.0 89.0 28.3 30.3 -4pp +7% Q1 2012 Q1 2013 Q1 2012 Q1 2013 * Excluding exceptional it
Slide 4: Q1 2013 EBIT in line with Q1 2012
Q1 2013 EBIT in line with Q1 2012 North America Netherlands Asia +7% -10% 53.6 57.1 46.5 EBIT -12% 41.8 11.0 9.7 -1% 139.2 138.4 Q1 2012* Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Latin America EMEA Global LNG +6% Q1 2012 Q1 2013 -30% 24.1 25.6 +48% 7.4 7.4 5.2 5.0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2
Slide 5: Strategic alliances support Vopak's growth strategy
Strategic alliances support Vopak‟s growth strategy Storage capacity* Subsidiaries Net result from Joint Ventures** In mln cbm Joint Ventures In mln EUR +5.3 +2.8 34.8 35.2 29.9 31.3 28.3 28.8 27.8 27.1 13.1 13.4 9.6 10.3 9.6 10.2 10.5 8.1 30.2 26.0 +16% 19.7 20.3 21.0 21.7 21.8 17.5 18.1 18.3 2008
Slide 6: The net result of joint ventures rose by 16%, mainly due to Asia and Global LNG
The net result of joint ventures rose by 16%, mainly due to Asia and Global LNG North America Netherlands Asia +32% Net result from JVs +100% 9.6 +16% 7.3 0.3 0.6 30.2 0.0 0.0 26.0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Latin America EMEA Global LNG -8% +34% Q1 2012 Q1 2013 11.8 10.9 0% 8.7
Slide 7: IFRS equity accounting versus proportionate consolidation
IFRS equity accounting versus proportionate consolidation IFRS equity accounting Proportionate consolidation* EBITDA EBITDA Subsidiaries and net result from joint ventures and associates 217.7 217.1 187.4 188.9 0% +1% Q1 2012 Q1 2013 Q1 2012 Q1 2013 EBIT EBIT Subsidiaries and net result from joint v
Slide 8: Healthy occupancy rates
Healthy occupancy rates Decreased occupancy rate mainly due to current market conditions for crude and gasoil storage in the Netherlands division Occupancy rate In percent 90-95% 96 95 95 95 92 94 93 93 93 93 92 92 92 93 93 94 93 90 91 90 89 84 ‟04 ‟05 ‟06 ‟07 „08 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 9: Netherlands
Netherlands - Higher pension costs and lower occupancy rates in crude and gasoil storage - Robust storage demand for other oil products/specialty chemicals EBIT* In EUR million -10% 41.9 46.2 46.5 48.9 51.4 48.5 41.8 33.5 34.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 O
Slide 10: EMEA
EMEA - New oil terminal in Algeciras (Spain) was opened - Lower results in Estonia - Higher throughputs in the UK EBIT* In EUR million +6% 22.4 23.3 23.9 23.3 24.1 28.2 22.4 22.2 25.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 Occupancy rate** Storage capacity*** In perc
Slide 11: Asia
Asia - Additional chemical storage capacity in Banyan - Better performance in India - Currency translation gain of EUR 0.4 million in EBIT EBIT* In EUR million +7% 47.4 46.2 45.0 46.7 53.6 53.6 56.6 53.2 57.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 Occupancy rate** St
Slide 12: North America and Latin America divisions will be merged into the Americas division
North America and Latin America divisions will be merged into the Americas division As of 1 May 2013 North America Motivated by a desire division Americas division to further simplify the divisional structure Combining the capabilities to Latin America capture growth opportunities in the region di
Slide 13: North America
North America - Q1 2012 results include the settlement of an insurance claim of EUR 1.2 million - Reduced activities at the terminal in Los Angeles, partly compensated by higher activities at the Gulf Coast terminals EBIT* In EUR million -12% 9.8 8.9 11.0 9.6 8.9 9.0 9.7 7.1 8.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 14: Latin America
Latin America - Currency translation loss of EUR 0.7 million - Reduced activity in Brazil EBIT* In EUR million -30% 7.3 6.4 7.0 7.5 7.4 7.3 7.6 5.3 5.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 Occupancy rate** Storage capacity*** In percent In mln cbm -5pp 91 92 90 89
Slide 15: Exceptional items Q1 2013
Exceptional items Q1 2013 EBIT In March 2013, we made major Including exceptional items progress to sell our minority share 139.2 140.7 in the joint venture Xiamen Paktank +1% Company Ltd. (China). As a result, our interest in the joint venture has been reclassified from Joint ventures and associa
Slide 16: Capacity growth under construction
Capacity growth under construction Several additional expansion opportunities currently under study to continue Vopak‟s capital-disciplined growth strategy Capacity developments under construction In mln cbm +5.3 0.4 35.2 3.5 Other Other Jubail Europoort Pengerang Hainan 1.4 Other Algeciras 2.1 Tham
Slide 17: Projects commissioned in Q1 2013
Projects commissioned in Q1 2013 Storage capacity increased by 0.4 million cbm Banyan (69.5%) 50,000 cbm; chemicals Algeciras (80%) 403,000 cbm; oil products (X%) = Ownership % Note: 100% of the storage capacity is included. 17 Q1 Trading Update 24 April 2013
Slide 18: Various projects under construction
Various projects under construction 4.9 million cbm total storage capacity under construction Europoort (100%) Thames Oilport (33.3%) Hainan (49%) 400,000 cbm; oil products 500,000 cbm; oil products 1,350,000 cbm; oil products New projects announced in 2013: 0.2 million cbm Jubail (25%) Pengerang (4
Slide 19: New projects announced in 2013
New projects announced in 2013 Storage capacity announced: 0.2 million cbm Gothenburg (100%)* 100,000 cbm; oil products Vlissingen (100%) 36,800 cbm; LPG/chemical gases Zhangjiagang (100%) 46,800 cbm; chemicals Under construction Acquired (X%) = Ownership % * Acquisition of additional rock caverns i
Slide 20: Capital disciplined growth
Capital disciplined growth Total investments Total Investments 2007-2015 Expansion Capex** In EUR mln In EUR mln; 100% = EUR 1.9 billion 1,919 1,781 ▪ Remaining Vopak share in Capex (Group ~1,140-1,325 ~500 Capex and equity share in JVs) ~640-825 Other Capex* ~1,400 Expansion ~500 Capex** ▪ Group Ca
Slide 21: Capital disciplined growth
Capital disciplined growth Balanced leverage provides financial headroom to complete the storage capacity expansions currently under construction and to support the identification of new growth opportunities Access to Capital Markets** Net senior debt : EBITDA ratio 5 US Private Placements 3.75 (U
Slide 22: Outlook assumptions 2013
Outlook assumptions 2013 No material changes in product outlook assumptions ~x% Share of EBIT Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2012 ~60% ~17.5-20% ~10-12.5% ~7.5-10% ~2.5-5% Robust Mixed Solid Mixed Solid ~60-65% ~17.5-20% ~7.5-10% ~5-7.5% ~2.5-5% 2013 Robust* Stead
Slide 23: FX translation effect 2013
FX translation effect 2013 Negative foreign exchange developments year to date EBIT transactional currencies Average FX rates 2012 FX translation-effect on Q1 2012 EBIT* In percent; 2012 Per EUR 1.00 In mln EUR Other FX translation-effect on 2012 EBIT: EUR 24% US dollar 1.29 Netherlands EUR 22 milli
Slide 24: Vopak expects to realize an EBITDA at constant currencies of between EUR 760-800 million in 2013
Vopak expects to realize an EBITDA at constant currencies of between EUR 760-800 million in 2013 EBITDA development and outlook 2013 Historical results Outlook In EUR mln EBITDA outlook 2013 760-800 20% EBITDA growth in 2012 763.6 768.4 Modest capacity expansions 636.0 coming on stream in 2013 5
Slide 25: It is Vopak's ambition to realize an EBITDA of EUR 1 billion in 2016
It is Vopak‟s ambition to realize an EBITDA of EUR 1 billion in 2016 Historical results Outlook Ambition EBITDA development, outlook 2013* and ambition 2016 Ambition 2016 In EUR mln In order to achieve this ambition, among other 1,000 factors, the identification, approval and successful and 763.6
Slide 26: Other themes in 2013
Other themes in 2013 Satisfactory resolution Update on equity-like Expansion Vopak lawsuit Deer Park alternatives Vlissingen In April 2013, Vopak reached a As communicated in its FY On 23 April 2013, Vopak satisfactory resolution of its lawsuit 2012 results release of decided to expand its sto
Slide 27: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com