Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Q1 2020 Earnings Presentation
23 slides from Royal Vopak NV's earnings presentation, Apr 21, 2020
Slide 1: Storing vital products with care
Storing vital products with care 21 April 2020 Vopak Interim Update Q1 2020 – 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: COVID-19 update
COVID-19 update We are in control and our governance structures are functioning well. We continuously monitor the developments and remain alert. We will manage this crisis to our best ability to ensure we protect our people and support society by storing vital products with care. Business-contin
Slide 4: Q1 2020 Key messages
Q1 2020 Key messages Prudent COVID-19 response by taking good care of people working at our terminals and supporting society by storing vital products with care - all 66 terminals are operational Good financial performance with robust balance sheet and strong liquidity position Focus on short-
Slide 5: Q1 2020 vs Q1 2019 EBITDA
Q1 2020 vs Q1 2019 EBITDA EBITDA - post divestments - increased by EUR 3 million 214.6 0.1 2.7 0.2 17.2 1.5 4.1 9.5 3.7 200.2 197.5 Q1 2019 FX-effect Divested Adjusted Americas LNG Europe & China & Asia & Global Q1 2020 terminals Q1 2019 Africa North Asia Middle East functions, corporate activities
Slide 6: Divisional segmentation
Divisional segmentation Americas and LNG reflect growth projects; Asia & Middle East and China benefit from increased occupancy rates; Europe & Africa maintenance and divestments Americas Asia & Middle East China & North Asia 92 92 87 83 79 89 91 90 88 80 82 73 74 71 64 43.2 47.6 81.9 71.4 70.8 85.0
Slide 7: Q1 2020 vs Q4 2019 EBITDA
Q1 2020 vs Q4 2019 EBITDA Resilient performance of the portfolio including growth project performance compensation one-off items and divestments 0.8 4.2 6.1 204.8 200.9 4.9 1.2 2.7 6.7 200.2 2.2 Q4 2019 FX-effect Divestments Adjusted Americas LNG Europe & Asia & China & Global Q1 2020 Q4 2019 Africa
Slide 8: Occupancy rate developments
Occupancy rate developments Planned inspection and maintenance out-of-service capacity, mainly in Rotterdam (Europoort & Botlek) and Singapore Subsidiary occupancy rate and out-of-service capacity Subsidiary planned out-of-service In percent, in million cbm, illustrative Regular inspection and mai
Slide 9: Cash flow overview
Cash flow overview Cash momentum driven by divestment and capital repayment Q1 2020 Q1 2019 In EUR million In EUR million 171 143 141 135 132 159 154 2 84 5 57 53 84 101 121 6 -26 CFFO Tax & other CFFO Sustaining, FCF Divestments Growth Other Free Cash CFFO Tax & other CFFO Sustaining, FCF Growth Ot
Slide 10: Strong liquidity position
Strong liquidity position Availability of EUR 175 million cash and cash equivalents and EUR 770 million flexibility under committed revolving credit facility Senior net debt : EBITDA ratio Debt repayment schedule for debt covenant In EUR million RCF flexibility RCF drawn 3.75 Other Asian PP 2.5-3.0
Slide 11: Investment phasing
Investment phasing Balanced approach for growth, sustaining, service improvement and IT investments Investments Investments In EUR million For 2020, growth investment could amount to EUR 300-500 million New projects* In the period 2020-2022, Vopak may invest EUR 750-850 million in sustaining and
Slide 12: Growth investments
Growth investments Growth program of 1.5 million cbm Laurenshaven Botlek Qinzhou Corpus Christi Deer Park Thin-film Powerfoil 63,000 cbm Caojing Vlissingen 290,000 cbm 130,000 cbm 33,000 cbm German LNG 65,000 cbm Altamira Vopak Moda 9,200 cbm Open season completed Vietnam PITSB Antwerp 40,000 cbm 46
Slide 13: Non-IFRS proportional information
Non-IFRS proportional information Proportional consolidated information provides transparency considering increase joint venture contribution relative to subsidiaries EBITDA Occupancy rate Q1 2020 occupancy per division In EUR million In percent – subsidiaries only In percent – subsidiaries only IFR
Slide 14: Q1 2020 Key messages
Q1 2020 Key messages Prudent COVID-19 response by taking good care of people working at our terminals and supporting society by storing vital products with care - all 66 terminals are operational Good financial performance with robust balance sheet and strong liquidity position Focus on short-
Slide 15: Looking ahead
Looking ahead We reiterate our aim to grow EBITDA over time with new contributions from growth projects and IMO 2020 converted capacity and replace the EBITDA from divested terminals, subject to general market conditions and currency exchange movements. The effect of contango oil markets and the e
Slide 16: Questions & Answers
Storing vital products with care Vopak Q1 2020 Questions & interim update Answers
Slide 17: Vopak Q1 2020 interim update
For more information please contact: Upcoming events: Investor Relations contact: Annual General Meeting Laurens de Graaf, Head of Investor Relations 21 April 2020 Telephone: +31 (0)10 400 2776 e-mail: investor.relations@vopak.com Ex-dividend quotation 23 April 2020 Media contact: Dividend record da
Slide 18: Americas developments
Americas developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2020 89 91 92 90 88 84.0 79.3 81.8 0.2 0.5 4.5 million cbm 75.6 77.0 Subsidiaries 3.8 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 20
Slide 19: Asia & Middle East developments
Asia & Middle East developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2020 92 84.5 3.3 80 82 87 76.5 74.9 4.2 15.3 million cbm 70.6 73.4 71 Subsidiaries Joint ventures & associates 7.8 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2
Slide 20: China & North Asia developments
China & North Asia developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2020 83 79 73 74 0.8 2.8 million cbm 64 10.5 9.8 9.7 9.8 8.9 2.0 Subsidiaries Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020
Slide 21: Europe & Africa developments
Europe & Africa developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2020 82 83 84 84 83 153.8 151.9 152.7 1.3 10.4 million cbm 131.9 126.8 Subsidiaries 9.1 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 201
Slide 22: JVs & associates developments
JVs & associates developments Net result JVs and associates* Americas* Asia & Middle East* In EUR million In EUR million In EUR million 53.4 50.9 46.2 39.7 37.2 24.8 24.8 22.5 19.3 15.5 2.9 3.1 2.4 1.8 0.3 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 2019 2019 2019 2019 2020
Slide 23: Project timelines
Project timelines Vopak’s Capacity Country Terminal ownership Products (cbm) 2017 2018 2019 2020 2021 2022 Growth projects Existing terminals Indonesia Jakarta 49% Oil products 100,000 Indonesia Merak 95% Chemicals 50,000 Netherlands Vlissingen 100% LPG & Chemical gases 9,200 South Africa Durban 70%