Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Q1 2021 Earnings Presentation
21 slides from Royal Vopak NV's earnings presentation, Apr 21, 2021
Slide 1: Storing vital products with care
Storing vital products with care Vopak Interim Update Q1 2021 – 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 Q1 2021
Key messages Q1 2021 Start of the year impacted by the Texas winter storm – full year growth project contribution improved to high end of the outlook range Cost efficiency measures are progressing well and tracking below our cost outlook of EUR 615 million for the year Strategy execution – goo
Slide 4: Q1 2021 vs Q4 2020 EBITDA
Q1 2021 vs Q4 2020 EBITDA Start of the year impacted by the Texas winter storm – full year growth project contribution improved to high end of the outlook range 0.1 0.4 1.6 4.5 200.4 16.5 1.7 190.5 188.8 Q4 2020 FX-effect Adjusted Asia & LNG China & Europe & Americas Global Q1 2021 Q4 2020 Middle Ea
Slide 5: Divisional performance
Divisional performance Americas impacted by Texas winter storm; Asia & ME normalized PT2SB performance; Europe & Africa less rented capacity; China and LNG resilient Americas Asia & Middle East China & North Asia 86 89 92 90 87 93 94 93 90 92 92 90 88 87 90 47.6 48.7 44.9 47.2 42.4 78.0 77.1 70.0 69
Slide 6: Investment phasing
Investment phasing Balanced approach for growth, sustaining, service improvement and IT investments Investments In EUR million ▪ For 2021, Vopak has the ambition to allocate some EUR 300-350 million to growth investments New ▪ In the period 2020-2022, Vopak may invest projects* EUR 750-850 million i
Slide 7: Continued portfolio positioning
Continued portfolio positioning Strategic transformation toward more sustainable forms of energy & feedstocks Majority of growth investments will be allocated Vopak growth capital allocation towards industrial, gas and new energies 10-15% 15-20% 25-30% infrastructures 20-25% 10-15% 35-40% Gas, new
Slide 8: Strategy execution
Strategy execution Good progress with greenfield industrial terminals construction Industrial terminal delivery Industrial terminal focus areas Significant new industrial terminal capacity delivery including acquisitions, greenfield and brownfield development Industrial terminal capacity deliver
Slide 9: Hydrogen bromine flow battery
Hydrogen bromine flow battery Joint development between Elestor and Vopak Hydrogen bromine flow battery Vopak terminal Vlissingen Joint ambition to scale up the electricity storage Vopak terminal Vlissingen, the Netherlands, brought capacity of Hydrogen bromine flow batteries from 9,200 cbm of p
Slide 10: Non-IFRS proportional information
Non-IFRS proportional information Proportional consolidated information provides transparency considering increase joint venture contribution relative to subsidiaries EBITDA Operating income Occupancy rate In EUR million In EUR million In percent – subsidiaries only IFRS BASED 200 202 200 189 200 30
Slide 11: Looking ahead
Looking ahead In 2021, EBITDA contributions from 2020 and 2021 growth projects are expected to be at the higher end of the EUR 30 million to EUR 50 million range, subject to market conditions and currency exchange movements. Cost management continues and we expect to manage the 2021 cost base in
Slide 12: Key messages Q1 2021
Key messages Q1 2021 Start of the year impacted by the Texas winter storm – full year growth project contribution improved to high end of the outlook range Cost efficiency measures are progressing well and tracking below our cost outlook of EUR 615 million for the year Strategy execution – goo
Slide 13: Questions & Answers
Storing vital products with care Vopak Q1 2021 Questions & interim update Answers
Slide 14: Vopak Q1 2021 interim update
For more information please contact: Upcoming events: Investor Relations contact: Laurens de Graaf, Head of Investor Relations Annual General Meeting Telephone: +31 (0)10 400 2776 21 April 2021 e-mail: investor.relations@vopak.com Ex-dividend quotation 23 April 2021 Media contact: Liesbeth Lans, Man
Slide 15: Americas developments
Americas developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million 0.5 Total Q1 2021 93 94 93 90 84.0 87 79.5 81.1 5.4 million cbm 78.3 77.6 1.0 3.9 Subsidiaries Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020 2020 2020
Slide 16: Asia & Middle East developments
Asia & Middle East developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Total Q1 2021 90 92 92 90 88 74.9 73.0 71.1 3.3 70.3 69.9 4.2 15.5 million cbm Subsidiaries Joint ventures & associates 8.0 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020
Slide 17: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Total Q1 2021 89 92 90 86 87 0.8 2.8 million cbm 10.4 10.6 11.2 10.7 9.8 2.0 Subsidiaries Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020 2020
Slide 18: Europe & Africa developments
Europe & Africa developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million 1.3 Total Q1 2021 88 91 91 88 136.2 141.8 140.8 82 126.8 128.1 10.7 million cbm Subsidiaries 9.4 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020 2
Slide 19: JVs & associates developments
JVs & associates developments Net result JVs and associates* Americas* Asia & Middle East* In EUR million In EUR million In EUR million 50.9 45.9 43.4 43.4 24.8 24.1 20.6 19.6 25.8 3.1 3.0 3.1 2.1 2.1 0.7 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020 2020 2020 2020 2021 2020 2020 2020 2020 2021
Slide 20: Cash flow overview
Cash flow overview Free cash flow before financing impacted by working capital movements and lack of cash flows from portfolio effects Q1 2021 Q1 2020 In EUR million In EUR million 171 143 141 124 2 84 108 57 16 84 65 43 132 135 71 3 -31 CFFO Tax & other CFFO Sustaining, FCF Growth Other Free Cash C
Slide 21: Project timelines
Project timelines Vopak’s Capacity Country Terminal ownership Products (cbm)* 2018 2019 2020 2021 2022 2023 Growth projects Existing terminals Mexico Veracruz 100% Oil products 18,000 United States Deer Park 100% Chemicals 33,000 Netherlands Rotterdam - Botlek 100% Chemicals 15,000 Australia Sydney