Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Merger or Acquisition (February 2006)
10 slides from Royal Vopak NV's merger presentation, Feb 16, 2006
Slide 1: Explanatory Note Press Release February 15: Mitsui USA and Vopak merge in Vopak ITC
Explanatory Note Press Release February 15: Mitsui USA and Vopak will Merge North American Tank Terminal Activities in Vopak ITC February 16, 2006
Slide 2: Announcement of intention to merge Vopak North America and ITC
Explanatory Note Press Release February 15: Mitsui USA and Vopak will Merge North American Tank Terminal Activities in Vopak ITC Announcement of intention to merge Vopak North America and ITC Vopak ITC February 16, 2006
Slide 3: Introduction
Introduction • This presentation is an explanation to the joint press release of Mitsui USA and Vopak in which they express their intention to merge their respective North America Tank Terminal activities (press release dated 15 Feb 2006) • The transaction is subject to clearance by: – The Federal T
Slide 4: Contents
Contents • Transaction Process • Current Position in North America • Vopak Terminal Deer Park and ITC Houston Terminal • Houston: Two complementary sites • Impact on Vopak Financial Reporting (after close) 4
Slide 5: Transaction Process
Transaction Process • Mutual due diligence • Regulatory approvals Announce Close intention Transaction 15 February 2006 Target mid 2006 • North American Strategy • Finance Joint Venture • Start Integration Process 5
Slide 6: Current Positions in North America
Current Positions in North America Canada Montreal, Que Hamilton, Ont ITC Houston Terminal West Coast Los Angeles, CA Long Beach, CA Southeast Coast Wilmington, NC Gulf Coast Savannah, GA Deer Park, TX Galena Park, TX Westwego, LA 6
Slide 7: Vopak Terminal Deer Park and ITC Houston Terminal - 2.4 million cbm
Vopak Terminal Deer Park and ITC Houston Terminal - 2.4 million cbm 7
Slide 8: Houston: Two complementary sites
Houston: Two complementary sites Vopak Terminal Deer Park ITC Houston Terminal Products Chemical products Bulk chemicals Petrochemicals Petrochemicals Liquefied chemical gasses Petroleum products Infrastructure Tanksizes Small - Medium Medium - Large Access Vopak ITC will operate 8 ship docks Vopak
Slide 9: Impact on Vopak Financial Reporting (1)
Impact on Vopak Financial Reporting (1) (after close) • Vopak North America is currently consolidated in Vopak P&L and Balance Sheet • Under IFRS, the merger will have to be accounted for as a “sale” of 50% of the Impact Vopak’s North American operations, resulting in a book gain, with a simultaneou
Slide 10: Impact on Vopak Financial Reporting (2)
Impact on Vopak Financial Reporting (2) (after close) Profit & Loss Balance Sheet Revenues • Transition from “line by line” to • Income from rendering services Joint Ventures and associated will decrease (2004: EUR 101.8 companies using Net Equity million) method EBIT • Results of associated compani