Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — FY2024 Earnings Presentation
39 slides from Royal Vopak Nv's earnings presentation, Feb 19, 2025
Slide 1: FY 2024 Analyst presentation
FY 2024 Analyst presentation 19 February 2025
Slide 2: Forward-looking statement
Forward-looking statement Any statement, presentation or other information contained herein that relates to future events, goals or conditions is, or should be considered, a forward-looking statement. Although Vopak believes these forward-looking statements are reasonable, based on the information a
Slide 3: Vopak FY 2024 Results - CEO Dick Richelle
Vopak FY 2024 Results CEO - Dick Richelle Vopak FY 2024 Analyst presentation 3
Slide 4: Delivering on our strategy
Delivering on our strategy >12% EUR 1 billion EUR 1 billion Operating cash return Growth capex by 2030 Growth capex by 2030 Improve Grow Accelerate performance of our base in industrial towards new energies & our portfolio & gas terminals sustainable feedstocks Proportional EBITDA increased to EUR 1
Slide 5: Market dynamics
Solid market demand for our services Gas New energies & Energy Manufacturing sustainable feedstocks Increased LNG demand in Asian markets Oversupply of conventional low-carbon Market fundamentals remain healthy, Chemical markets facing ongoing Market dynamics met by US LNG exports while Europe fuels
Slide 6: Improved portfolio performance
Improved portfolio performance Proportional EBITDA In million EUR Proportional EBITDA margin Grow Improve +21 EUR million Proportional EBITDA to record levels Excluding exceptional items 56% 57% • Healthy proportional occupancy rate of 93% driven by favorable demand 28 28 1,170 across different prod
Slide 7: Delivering on our sustainability goals
Delivering on our sustainability goals Safety performance Emissions Diversity Personal & process safety Scope 1 & 2 CO2 in 1,000 mt Women in senior management TIR PSER -43% 0.25 368 22% 20% 20% 0.21 0.16 254 209 0.11 0.09 0.08 2022 2023 2024 2021 2023 2024 2022 2023 2024 • Personal safety performanc
Slide 8: Executing strategy, expanding capacity
Executing strategy, expanding capacity In the Netherlands, strong progress on LNG capacity In Saudi Arabia, expanding expansion and open industrial capacity by 44K cbm season announced In West- Canada, In China, constructing a expanding large-scale LPG industrial export facility capacity by 96K cbm
Slide 9: Poised for future growth while delivering shareholder returns
Poised for future growth while delivering shareholder returns Market fundamentals Funding opportunities Total shareholder return Growing markets Cash generation Shareholder distribution Demand for energy and manufacturing Operating cash return of 15.1% in 2024, supported Executed EUR 300 million sha
Slide 10: Positioned for the future of energy
Positioned for the future of energy Vopak is capturing the opportunities in the energy transition today and tomorrow Proven track record of execution • Proportional EBITDA of EUR 1,170 million at record level • Strong strategy execution capturing market opportunities and expanding capacity Well-dive
Slide 11: Vopak FY 2024 Results - CFO Michiel Gilsing
Vopak FY 2024 Results CFO – Michiel Gilsing Vopak FY 2024 Analyst presentation 11
Slide 12: Delivering on our Shaping the future strategy
Delivering on our Shaping the future strategy Improve The performance of our portfolio Improved performance delivering on >12% operating cash return full year guidance Grow Strong cash flows supporting our base in industrial & gas terminals shareholder return EUR 1 billion growth capex by 2030 Well-
Slide 13: Q4 2024 key messages
Q4 2024 key messages Prop. Occupancy – Q4 2024 Revenues – Q4 2024 In % In EUR million 93% 337 +1 p.p. vs. Q3 2024 +3.7% vs. Q3 2024 Continued strong energy markets Higher occupancy rate and higher led to high demand for storage throughputs supported revenue infrastructure growth Operating expenses –
Slide 14: Delivering on performance improvement
Delivering on performance improvement Proportional EBITDA Proportional Operating Excluding exceptional items EBITDA occupancy rate Cash Return Excluding exceptional items 1,170 1,154 +2 p.p. 964 935 93% 75 +8% 76 +5% 91% +1.1 p.p. 15.1% 1,079 888 14.0% FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024
Slide 15: Delivering on performance improvement
Delivering on performance improvement Proportional EBITDA In EUR million Proportional EBITDA performance Excluding exceptional items • Strong contribution from growth 4 projects, fully offsetting 11 9 5 1,170 divestment impact 9 2 7 1,154 9 • Healthy demand for our services across main business unit
Slide 16: Market developments influencing performance
Market developments influencing performance Shifting markets fundamentals in Capturing growth opportunities in Vopak Colombia and Mexico the Netherlands Ventures • SPEC LNG terminal in Colombia is benefiting from • Repurposing capacity for waste-based feedstocks at • Portfolio of 19 investments in c
Slide 17: Strong business performance leading to improved returns
Strong business performance leading to improved returns Proportional EBITDA FY 2024 in EUR million % change vs FY 2023 – adjusted for divestment impact +6% +8% 1,170 +3% 476 125 -3% 293 +33% 224 302 Gas Industrial Chemicals Oil Other Total • Gas terminals showed • Increasing throughput • Stable dema
Slide 18: Strong cash flow generation supporting capital allocation policy
Strong cash flow generation supporting capital allocation policy Cashflow FY2024 in EUR million Cash flow performance % of CFFO gross +5% 23% 900 948 • EBITDA growth when 24% adjusted for divestments 219 729 supported cash flow 24% 701 232 726 • Higher dividend upstreaming 32% from joint ventures su
Slide 19: Improving performance per share
Improving performance per share Proportional free operating cash Earnings per share (EPS) Dividend per share (DPS) flow per share Excluding exceptional items +52% +40% +28% 6.69 3.29 3.34 1.60 6.34 1.50 5.46 1.25 1.30 2.38 2.35 4.41 FY 2021 FY 2022 FY 2023 FY 2024 FY 2021 FY 2022 FY 2023 FY 2024 FY
Slide 20: Leverage ratio provides ample headroom to fund attractive growth
Leverage ratio provides ample headroom to fund attractive growth Total net debt to EBITDA Proportional leverage End of period End of period -17% 3.16 3.20 3.16 3.0 2.85 2.67 2.35 2.45 2.5 1.99 2021 2022 2023 2024 2021 2022 2023 2024 • Total Net Debt to EBITDA increased, while below our ambition of 2
Slide 21: Returning value to shareholders
Returning value to shareholders Dividends paid Repurchase of shares Dividend payout ratio 51% 53% 55% 46% 48% 484 300 289 246 100 100 151 157 163 184 189 146 2020 2021 2022 2023 2024 2025 • Proven track record of delivering consistent and growing dividends • Share buyback program to return extra val
Slide 22: Full year 2025 outlook
Full year 2025 outlook Market indicators Outlook FY 2025 FY 2024 results Firm demand for storage infrastructure Business performance Proportional EBITDA EUR 1,150 – 1,200 EUR 1,170million Continue the momentum in improving financial and sustainability performance (excluding exceptional items) millio
Slide 23: Capital Markets Day 2025
Capital Markets Day 2025 Vopak will host its Capital Markets Day on 13 March 2025 Registration for the in-person event is required. Analysts and institutional investors interested in attending should contact Vopak investor relations to register at investor.relations@vopak.com. Vopak FY 2024 Analyst
Slide 24: Strong long-term fundamentals
Strong long-term fundamentals Vopak is well-positioned to capture growth opportunities driven by its strong financial position Resilient financial performance • A network that generates strong, stable, and long-term cash flows • Strong balance sheet which allows for growth investments Well-diversifi
Slide 25: Vopak FY 2024 Results Appendix
Vopak FY 2024 Results Appendix Vopak FY 2024 Analyst presentation 25
Slide 26: Well-diversified infrastructure portfolio Business Units
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 90 93 94 95 96 92 91 91 91 91 87 83 83 81 82 69.3 46.5 57.5 56.3 58.3 54.5 32.8 33.3 39.3 29.2 17.5 18.1 17.7 14.6 14.2 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 202
Slide 27: Asia & Middle East developments
Asia & Middle East developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million 0.8 Q4 2024 1.8 92 91 91 91 91 19.6 19.6 19.9 19.4 19.2 12.4 million cbm Subsidiaries Joint ventures & associates Operatorships 9.8 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024
Slide 28: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q4 2024 83 87 83 82 0.7 81 3.6 million cbm 12.8 11.7 11.3 11.7 9.6 Subsidiaries Joint ventures & associates 2.9 Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2
Slide 29: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q4 2024 96 108.9 1.4 90 93 94 95 82.6 81.9 84.5 84.6 7.8 million cbm Subsidiaries Joint ventures & associates 6.4 Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2
Slide 30: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q4 2024 93 93 95 93 94 70.4 72.0 73.0 72.7 74.2 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024
Slide 31: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q4 2024 95 95 95 97 97 63.7 0.8 2.7 million cbm 57.9 58.0 58.0 57.6 Subsidiaries 1.9 Joint ventures & associates Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2
Slide 32: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q4 2024 93 81.4 0.5 92 90 91 91 81.0 79.1 78.7 80.9 3.3 million cbm 0.5 Subsidiaries 2.3 Joint ventures & associates Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2023 2024
Slide 33: JVs & associates developments
JVs & associates developments Result JVs and associates Result JVs & Associates Result JVs & Associates Result JVs & Associates In EUR million Asia & Middle East China & North Asia Netherlands In EUR million In EUR million In EUR million 67.7 55.3 60.1 12.0 54.2 33.7 12.3 11.3 10.6 41.1 11.2 11.1 10
Slide 34: Stable cash flow generation across the portfolio
Stable cash flow generation across the portfolio Proportional EBITDA Proportional Operating Cash Flow JV dividend upstream In EUR million In EUR million As % of JV & Associates net income 110% 1,154 1,170 795 806 1,068 107% 961 1,000 684 42% 186 42% 47% 558 553 52% 55% 166 42% 42% 57% 82% 60% 65% 22
Slide 35: Project timelines of new capacity
Project timelines of new capacity Vopak’s Capacity Country Terminal ownership Products (cbm) 2020 2021 2022 2023 2024 2025 2026 2027 Growth projects Existing terminals Belgium Antwerp 100% Chemicals 41,000 Brazil Alemoa 100% Chemicals 30,000 China Caojing 50% Industrial terminal 110,000 India Aegis
Slide 36: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 800 700 700 600 500 400 300 300 141 200 280 265 75 100 174 163 72 120 121 98 75 123 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2040 RCF headroom RCF VTS Subordinated loans Asian PP US PP Vopak FY
Slide 37: Alternative performance measures
Alternative performance measures To supplement Vopak’s financial information presented in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), management periodically uses certain alternative performance measures (APMs), as such term is define
Slide 38: Glossary (I)
Glossary (I) Average proportional capital employed • Acquisition of investment in subsidiaries including goodwill, joint Events for which a threshold of EUR 10 million is applied: Is defined as proportional total assets excluding assets and current ventures and associates and other equity investment
Slide 39: Glossary (II)
Glossary (II) Proportional Divided by 12-month rolling proportional EBITDA, excluding: Storage capacity Proportional is defined as the economic interest Vopak has in a joint • IFRS 16 adjustments in operating expenses for former operating Storage capacity at the end of the period consists of 100% ca