Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Q1 2010 Earnings Presentation
27 slides from Royal Vopak NV's earnings presentation, Apr 27, 2010
Slide 1: Q1 2010 Trading update
_ Q1 2010 Trading update 27 April 2010 – – –
Slide 2: Vopak's growth based on healthy demand
Vopak’s growth based on healthy demand – – – Q1 2010 Trading update 27/04/2010 2
Slide 3: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook Details and definitions used in this presentation are derived from the Q1 2010 press release, which is leading. – – – Q1 2010 Trading update 27/04/2010 3
Slide 4: Q1 2010 Summary
Q1 2010 Summary Q1 2010 EBIT excl. exceptional items up 28% to EUR 109.7 mln (Q1 2009 EUR 85.6 mln) Q1 2010 EBITDA excl. exceptional items increased by 26% to EUR 145.4 mln (Q1 2009 EUR 115.6 mln) Further Q1 2010 highlights: - Additional expansion of terminal under construction Amsterdam Westpoort w
Slide 5: Q1 2010 EBIT excl. exceptional items up 28% to EUR 109.7 mln
Q1 2010 EBIT excl. exceptional items up 28% to EUR 109.7 mln In EUR mln Q1 10 Q1 09 ∆ EBIT incl. exceptionals 109.6 91.2 +20% EBIT excl. exceptionals 109.7 85.6 +28% EBITDA excl. exceptionals 145.4 115.6 +26% Occupancy rate 93% 95% Storage capacity (in mln cbm) 28.4 27.4 – – – Q1 2010 Trading update
Slide 6: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook – – – Q1 2010 Trading update 27/04/2010 6
Slide 7: Focus on strategic leadership delivers results
Focus on strategic (growth, customer and operational efficiency) leadership delivers results In EUR mln, - excl. exceptional items - EBITDA improvements by: 145.4 • Improved revenue per cbm EBITDA • Effective cost management • Storage capacity growth • Benefits from economies of scale 115.6 Occupanc
Slide 8: All divisions contributed to the Q1 2010 EBIT increase of 28%
All divisions contributed to the Q1 2010 EBIT increase of 28% In EUR mln, - excl. exceptional items - North America OEMEA Asia 31.5 36.6 30.6 37.7 11.4 13.3 Q1 09 17% Q1 10 Q1 09 16% Q1 10 Q1 09 23% Q1 10 Latin America CEMEA Other 17.7 25.3 6.4 7.3 -12.0 -10.5 Q1 09 Q1 10 Q1 09 43% Q1 10 Q1 09 Q1 10
Slide 9: Chemicals EMEA
Chemicals EMEA “We notice the first signs of structural recovery in the European chemicals segment” EBIT in EUR mln, - excl. exceptional items - 26.4 25.3 24.5 22.6 17.7 43% Vopak Terminal Botlek Zuid, Rotterdam Q1 Q2 Q3 Q4 2009 2010 – – – Q1 2010 Trading update 27/04/2010 9
Slide 10: Oil EMEA
Oil EMEA “Robust demand for tank storage continues” EBIT in EUR mln, - excl. exceptional items - 36.6 35.9 33.6 34.3 31.5 Vopak Terminal Europoort, Rotterdam 16% Q1 Q2 Q3 Q4 2009 2010 – – – Q1 2010 Trading update 27/04/2010 10
Slide 11: Asia
Asia “Continued EBIT growth by expanding capacity and efficiency improvements” EBIT in EUR mln, - excl. exceptional items - 37.7 33.9 31.6 31.4 30.6 23% Vopak Terminal Sakra, Singapore Q1 Q2 Q3 Q4 2009 2010 – – – Q1 2010 Trading update 27/04/2010 11
Slide 12: North America
North America “Growth through acquisitions, effective cost management and rationalizations” EBIT in EUR mln, - excl. exceptional items - 13.3 13.0 11.4 11.2 10.5 17% Vopak Terminal Deer Park, Houston Q1 Q2 Q3 Q4 2009 2010 – – – Q1 2010 Trading update 27/04/2010 12
Slide 13: Latin America
Latin America “Continuing steady performance” EBIT in EUR mln, - excl. exceptional items - 7.3 6.4 6.2 6.2 5.5 14% Vopak Terminal Cartagena, Colombia Q1 Q2 Q3 Q4 2009 2010 – – – Q1 2010 Trading update 27/04/2010 13
Slide 14: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook – – – Q1 2010 Trading update 27/04/2010 14
Slide 15: Company growth supported by healthy demand for storage capacity
Company growth supported by healthy demand for storage capacity Storage Capacity In mln cbm 32.0 28.3 28.4 27.1 21.8 20.4 21.2 20.2 +0.2 +0.8 +0.6 +5.3 +1.2 +0.1 +3.6 2004 2005 2006 2007 2008 2009 Q1 2010 2012 Occupancy Rate 85% 92% 94% 96% 95% 94% 93% – – – Q1 2010 Trading update 27/04/2010 15
Slide 16: Growth continues: Q1 2010 storage capacity increased with 0.1 mln cbm
Growth continues: Q1 2010 storage capacity increased with 0.1 mln cbm Lanshan, China Alemoa Zhangjiagang, China Product: Chemicals Product: Chemicals Product: Chemicals Capacity addition: 3,700 cbm Capacity addition: 32,700 cbm Capacity addition: 74,500 cbm In cbm YE 2009 Capacity 28.3 mln Total net
Slide 17: Amsterdam Westpoort
Amsterdam Westpoort • Total storage capacity of 1,190,000 cbm • 41 storage tanks: 7 x 50,000 cbm, 11x 40,000 cbm, 17 x 20,000 cbm and 6 x 10,000 cbm • A facility for blending (mixing) products and components • Ten berths at two finger piers and two quay walls Aerial photo of the Vopak Westpoort Term
Slide 18: Various projects under construction
Various projects under construction Total storage capacity under construction per Q1 2010: 3.6 mln cbm Jakarta (Indonesia) 250,800 cbm Fujairah (U.A.E.) Officially opened 12 April 2010 606,000 cbm Gate terminal (Netherlands) 540,000 cbm MOT, Rotterdam (Netherlands) increase in entitlement with 360,0
Slide 19: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook – – – Q1 2010 Trading update 27/04/2010 19
Slide 20: Strategic finance
Strategic finance Net debt : EBITDA ratio Q1 2010 2.19 2009 2.23 2008 2.54 2007 1.71 2006 1.61 2005 1.76 2004 2.20 2003* 2.42 2002* 2.49 0 0.5 1 1.5 2 2.5 3 3.5 3.75 4 Maximum Ratio under US PP Maximum Ratio under other loans and syndicated revolving credit facility * Based on Dutch GAAP – – – Q1 20
Slide 21: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook – – – Q1 2010 Trading update 27/04/2010 21
Slide 22: Outlook
Outlook 2010 “For 2010 Vopak expects Group operating profit before depreciation and amortization (EBITDA) of at least EUR 560 million.” 2012 “Based on our growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) between EUR 625 – 700
Slide 23: Outlook Assumptions
Outlook Assumptions Oil Industrial Biofuels and Chemicals terminals vegoils ~ 17.5% of EBIT ~ 55% of EBIT ~ 15% of EBIT ~ 12.5% of EBIT ROBUST STABLE MIXED Healthy demand for storage capacity Contract renewals + New storage capacity commissioned – – – Q1 2010 Trading update 27/04/2010 23
Slide 24: EBITDA Outlook 2012: in the EUR 625-700 mln range
EBITDA Outlook 2012: in the EUR 625-700 mln range Outlook Guidance In EUR mln 2004 2005 2006 2007 2008 2009 2010 2012 625-700 >560 513.4 429.3 EBITDA* 369.5 314.1 262.5 231.8 Q1 145.4 385.3 320.4 272.9 220.9 179.7 Long-term EBIT* 151.0 Long-termguidance guidanceROCE ROCEofof16% 16% Bearing Bearingin
Slide 25: Confidence in the future!
“Confidence in the future!” Prioritizing new investments Financing programs in place Strategic partnerships – – – Q1 2010 Trading update 27/04/2010 25
Slide 26: Forward-looking statement
Forward-looking statement This presentation contains statements of a forward-looking nature, based on currently available plans and forecasts. Given the dynamics of the markets and the environments of the 31 countries in which Vopak provides logistics services, the company cannot guarantee the accur
Slide 27: www.vopak.com
– – – – Q1 2010 Trading update 27/04/2010 27 www.vopak.com