Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Non-Deal Roadshow (2013)
78 slides from Royal Vopak Nv's roadshow presentation, 2013
Slide 1: Roadshow presentation HY1 2013
Roadshow presentation HY1 2013
Slide 2: Forward-looking statements
Forward-looking statements 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: Contents
Contents General introduction Business environment Strategy and growth projects Business performance Capital disciplined growth Looking ahead 3 Roadshow presentation HY1 2013
Slide 4: Vopak and storage since 1616
Vopak and storage since 1616 Almost four centuries of history First ever dedicated oil Merger Van Ommeren and First Vopak storage container Pakhoed resulting in Royal LNG terminal 1860 Vopak 2011 1999 Vopak’s oldest terminal (Vlaardingen) was founded Pakhuismeesteren 1929 1818 1616 Blauwhoed 1996 Fu
Slide 5: The world of Vopak
The world of Vopak 5 Roadshow presentation HY1 2013
Slide 6: 84 Terminals in 31 countries
84 Terminals in 31 countries And a number of terminals under construction. Note: As of 30 June 2013. 6 Roadshow presentation HY1 2013
Slide 7: Vopak key figures
Vopak key figures Note: ‘Storage Capacity’ is defined as the total available capacity of storage of the Group offered to the market at the end of the reporting period, being storage capacity for subsidiaries, joint ventures, associates (with the exception of Maasvlakte Olie Terminal in the Netherlan
Slide 8: Vopak's role in the supply chain
Vopak’s role in the supply chain Feedstock Feedstock Independent Products Production & Products Independent Mid-Stream Production Gathering Storage & Transmission Refining Transmission Storage & & End-user Transshipment Transshipment Distribution Energy and Chemical supply chain 8 Roadshow presentat
Slide 9: Requirement for independent storage
Requirement for independent storage Rationale for our clients Non-core activity Economies of scale Flexibility ▪ Our clients focus their ▪ Economies of scale make ▪ Independent storage capital on their core storage at Vopak gives flexibility activities attractive 9 Roadshow presentation HY1 2013
Slide 10: Vopak business model
Vopak business model Products Clients Crude oil International oil/chemical companies Oil products National oil/chemical companies Liquid and gaseous chemicals Governments Vegetable oils Downstream consumers Biofuels Utility providers LNG Trading companies LPG Biofuel/vegoil companies Services Transp
Slide 11: Strategic logistic functions of tank terminals
Strategic logistic functions of tank terminals Three types of terminals Hub Import / Export Industrial ▪ Vital link for incoming and ▪ Storage of products that ▪ Complete integration in an outgoing flows of oil and are exported or industrial park and in the chemicals transferred to end users product
Slide 12: Vopak's business model: share of revenues
Vopak’s business model Blending Excess throughput fees Adding nitrogen Monthly invoicing in arrears Heating / cooling Loading / unloading of ships / railcars / trucks Share of revenues Fixed rental fees for capacity Fixed number of throughputs per year Vopak does not own the product Monthly invoicin
Slide 13: Original duration of over 80% of contract portfolio exceeds 1 year
Original duration of over 80% of contract portfolio exceeds a 1 year period Contract position 2011 Contract position 2012 In percent of revenues In percent of revenues < 1 year < 1 year > 3 year 19% > 3 year 18% 44% 52% 30% 37% 1-3 year 1-3 year Note: Based on original contract duration; subsidaries
Slide 14: Contents
Contents General introduction Business environment Strategy and growth projects Business performance Capital disciplined growth Looking ahead 14 Roadshow presentation HY1 2013
Slide 15: Vopak: Global market leader
Vopak: Global market leader Storage Capacity as per 30 June 2013 In mln cbm Vopak Oiltanking Kindermorgan Nustar Magellan Buckeye VTTI Petro Titan CLH IMTT Sunoco CIM Horizon Odfjell Rubis 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 Note: Including inland capacity. Source: Vopak; company websites.
Slide 16: Vopak competitive environment
Vopak competitive environment Market share definition: non-captive marine tank storage for liquid oil and chemical products Primary competition Secondary competition Captive storage* Independent competition Partly using their Producers & traders renting only to third capacity for storing own only us
Slide 17: Market share according to definition
Market share according to definition Oil storage market Non-oil storage market* Total storage market In mln cbm In mln cbm In mln cbm Primary competition 125.4 36.0 161.4 Secondary competition 81.0 10.0 91.0 Vopak 17.6 12.0 29.6 Total 224.0 58.0 282.0 Vopak share As a % of world market 8% 21% 11% As
Slide 18: Solid long-term trends
Solid long-term trends Growing energy demand and supply and demand imbalances Growing energy demand Growing imbalances ▪ Growing energy demand by over one-third ▪ Growing supply and demand imbalances to 2035, mainly from non-OECD countries require additional tank storage infrastructure Source: IEA W
Slide 19: Growing energy demand by over one-third to 2035
Growing energy demand by over one-third to 2035, mainly from non-OECD countries Share of global energy demand Rest of non-OECD In Mtoe Middle East 16,730 India China OECD 12,380 6,030 Natural gas nearly overtakes coal in the primary energy supply mix by 2035 1975 2010 2035 Source: IEA World Energy O
Slide 20: Energy and chemical product trends
Energy and chemical product trends Drivers Vopak’s worldwide growth projects Oil products LNG Chemical products Biofuels & Vegoils • In 2013 global oil • LNG trade constrained by • Steady chemicals storage • Global biofuels market demand expected to lack of liquefaction demand across the growing fur
Slide 21: Questions arising on the business
Questions arising on the business US oil and gas LNG as Shale gas in European refining Renewables Energy role of export scenarios transport fuel China & petrochemical scenarios Africa 21 Roadshow presentation HY1 2013
Slide 22: Contents
Contents General introduction Business environment Strategy and growth projects Business performance Capital disciplined growth Looking ahead 22 Roadshow presentation HY1 2013
Slide 23: Vopak's strategy
Vopak’s strategy Disciplined execution existing business and new projects Growth Leadership Operational Excellence Customer Leadership Our ability to find or Our ability to construct, Our ability to create long- identify the right location own, operate and maintain term sustainable for our terminals
Slide 24: Execution of strategy: Growth Leadership
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Execution of strategy A Further align Vopak’s terminal network with energy markets dynamics Thames Oilport Petroleumhaven Zhangjiagang Acquired Commissioned Divestment Brownfield under construction Algeciras Vlaardingen
Slide 25: Disciplined capital investments
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Disciplined capital investments A Different concepts for different purposes Type of investment Different concepts for Full potential different purposes evaluation matrix ▪ Greenfield ▪ Launching Customers ▪ Local WACC ▪
Slide 26: Capacity growth under construction
Growth Leadership Operational Excellence Customer Leadership Customer Leadership A Capacity growth under construction Several additional expansion opportunities currently under study to continue Vopak’s capital-disciplined growth strategy Storage Capacity developments under construction In mln cbm +
Slide 27: Projects commissioned in 2012
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Projects commissioned in 2012 A Storage Capacity increased by 2.1 million cbm A’dam Westpoort 2 (100%) Gothenburg (100%) Tianjin Lingang (50%) 582,000 cbm; oil products 60,000 cbm; oil products 95,300 cbm; chemicals Eem
Slide 28: Capacity changes in HY1 2013
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Capacity changes in HY1 2013 A Storage Capacity increased by 0.5 million cbm Gothenburg (100%) Petroleumhaven (100%) Banyan (69.5%) 100,000 cbm; oil products 75,000 cbm; oil products 102,000 cbm; chemicals (X%) = Owners
Slide 29: Various projects under construction
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Various projects under construction A 4.6 million cbm total Storage Capacity under construction Europoort (100%) Thames Oilport (33.3%) Hainan (49%) 400,000 cbm; oil products 500,000 cbm; oil products 1,350,000 cbm; oil
Slide 30: New projects announced in 2013
Growth Leadership Operational Excellence Customer Leadership Customer Leadership New projects announced in 2013 A Storage Capacity announced: 0.2 million cbm Gothenburg (100%)* 100,000 cbm; oil products Vlissingen (100%) 36,800 cbm; LPG/chemical gases Zhangjiagang (100%) 46,800 cbm; chemicals Under
Slide 31: Storage Capacity under construction (1)
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Storage Capacity under construction (1) A 31 Roadshow presentation HY1 2013
Slide 32: Storage Capacity under construction (2)
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Storage Capacity under construction (2) A 32 Roadshow presentation HY1 2013
Slide 33: Execution of strategy: Operational Excellence
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Execution of strategy B Improving our frontline execution and our competitive position Safety Sustainability Efficiency Service Focus on Frontline Execution 33 Roadshow presentation HY1 2013
Slide 34: Roadmap Terminal Master Plan
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Roadmap Terminal Master Plan B Disciplined capital investments for existing business Business Terminal and market requirements outlook Positioning Blue print & Strategic terminal and options organization Current Financi
Slide 35: Serving markets from a product perspective
Growth Leadership Operational Excellence Customer Leadership Serving markets from a product C perspective Product strategy Understand basic technology Understand imbalances Understand trade flow dynamics Winning clients and ports Account Management Portfolio of Terminals Customer segmentatio
Slide 36: Vopak's commercial organization
Growth Leadership Operational Excellence Customer Leadership Vopak’s commercial organization C Global, regional and local Global Regional Local Global sales & marketing Division Operating company ▪ Global Network Account ▪ Business developers ▪ Commercial manager Directors ▪ Commercial directors ▪ S
Slide 37: Global, regional and local clients
Growth Leadership Operational Excellence Customer Leadership Global, regional and local clients C Each client segment represents about 1/3 of Vopak’s revenue Global clients Regional clients Local clients ▪ Active at multiple Vopak ▪ Active in more than one ▪ Active in one Vopak locations around the
Slide 38: Sustainability
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Sustainability The core of every decision Environmental Excellent people Safety and Health Environmental Partner care Responsible partner Have the right people Provide a healthy Be energy and water Be a responsible and
Slide 39: Safety and Health
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Safety and Health We improved our process and personal safety results The Lost Time Injury Rate (LTIR) Total Injury Rate Total injuries leading to lost time per million hours worked Total injuries per million hours work
Slide 40: FY 2013 EBITDA outlook
FY 2013 EBITDA outlook Updated from EUR 760-800 million to EUR 730-780 million Start-up delay Crude and gasoil Non-renewal major fuel Uncertainty biofuel Algeciras (Spain) storage in Rotterdam oil contract in L.A. (U.S.) markets (Vlaardingen) Main reasons for updated FY 2013 EBITDA outlook Note: EBI
Slide 41: Vopak's ambition to realize an EBITDA of EUR 1 billion in 2016
It is Vopak’s ambition to realize an EBITDA of EUR 1 billion in 2016 Focused strategy and Long-term trends Aligned organization disciplined execution Note 1: Excluding exceptional items; including net result from joint ventures and associates, at constant currencies. Note 2: In order to achieve this
Slide 42: Contents
Contents General introduction Business environment Strategy and growth projects Business performance Capital disciplined growth Looking ahead 42 Roadshow presentation HY1 2013
Slide 43: HY1 2013 EBITDA in line with HY1 2012
HY1 2013 EBITDA in line with HY1 2012 2013 EBITDA outlook updated from EUR 760-800 million to EUR 730-780 million EBITDA development* In EUR mln 768.4 730-780 598.2 636.0 513.4 369.5 429.3 314.1 +1% 380.1 384.5 2006 2007 2008 2009 2010 2011 2012 HY1 2013 Occupancy rate** Storage Capacity In percent
Slide 44: Revenue, EBIT and Net profit developments
Revenue, EBIT and Net profit developments Revenues 1,313.9 1,106.3 1,171.9 923.5 1,001.1 778.1 853.0 648.1 683.6 648.8 0% 648.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 HY1 2013 EBIT* 565.7 445.3 469.4 320.4 385.3 220.9 272.9 280.3 151.0 179.7 -1% 282.3 2004 2005 2006 2007 2008 2009 2010 2011 20
Slide 45: Energy and chemical product markets
Energy and chemical product markets Current outlook assumptions and future trends ~x% Share of EBIT* Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG Current (2013) ~60-65% ~17.5-20% ~7.5-10% ~5-7.5% ~2.5-5% Robust ** Steady Solid Mixed** Solid • Non-OECD will be more • North Ameri
Slide 46: Key drivers for EBITDA growth
Key drivers for EBITDA growth Expansion projects main driver for further EBITDA growth Past Near Past Present Future 2003-06 2007-09 2010-2011 2012 2013 2014 > Occupancy improvements Well Full potential playing field between 90 - 95% 85-90 % positioned Operational efficiency gains Capacity expansion
Slide 47: Occupancy rate development
Occupancy rate development Decreased occupancy rate mainly due to challenging crude oil and gasoil storage in Rotterdam (Netherlands) Occupancy rate In percent 90-95% 94 96 95 94 92 93 93 93 91 84 90 90 89 88 ’04 ’05 ’06 ’07 ‘08 ‘09 ‘10 ‘11 Q1 Q2 Q3 Q4 Q1 Q2 2012 2013 Note: Subsidiaries only. 47 Roa
Slide 48: Healthy EBIT(DA) margins
Vopak is well positioned to maintain healthy EBIT(DA) margins EBIT(DA) margin* In percent 60 50 EBITDA margin 40 30 EBIT margin 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 HY1 2013 Continued focus on logistic efficiency improvements for our clients supports healthy EBIT(DA) margins * EBIT(D
Slide 49: Development of Storage Capacity
Development of Storage Capacity Storage Capacity Subsidiaries In mln cbm Joint Ventures +4.6 +0.5 +10.0 34.8 35.0 30.4 31.2 28.3 28.8 27.8 29.9 27.1 13.2 13.3 9.6 9.6 10.3 21.2 21.8 10.2 10.5 8.1 19.9 20.2 20.4 9.6 5.1 4.8 5.1 4.9 5.4 17.5 18.1 18.3 19.7 20.3 20.8 20.9 21.6 21.7 15.1 15.1 15.5 15.8
Slide 50: EBIT HY1 2013 in line with HY1 2012
EBIT HY1 2013 in line with HY1 2012 Q4 2012: Approximately USD 1.0 billion U.S. PP completed Revenues EBIT* In EUR million In EUR million 648.1 648.8 282.3 280.3 0% -1% HY1 2012 HY1 2013 HY1 2012 HY1 2013 Net profit** Earnings per share** In EUR million In EUR 1.34 1.28 171.1 162.5 -4% -5% HY1 2012
Slide 51: Revenue developments
Revenue developments The lower revenue contributions from the Netherlands and Americas were largely offset by revenue growth in Asia and EMEA Americas Netherlands Asia -2% 223.6 219.2 +5% Revenues -4% 174.1 182.3 130.1 124.3 0% 648.1 648.8 HY1 2012 HY1 2013 HY1 2012 HY1 2013 HY1 2012 HY1 2013 EMEA H
Slide 52: EBIT decreased by 1% to EUR 280.3 million
EBIT* decreased by 1% to EUR 280.3 million HY1 2012 HY1 2013 Delta In EUR mln In EUR mln In percent Operating profit 225.7 211.0 -7% Net result joint ventures 56.6 67.8 20% EBIT incl. exceptional items 282.3 278.8 -1% Exceptional gain (loss) 0.0 (1.5) EBIT excl. exceptional items 282.3 280.3 -1% Net
Slide 53: EBIT HY1 2013 in line with HY1 2012
EBIT HY1 2013 in line with HY1 2012 Americas Netherlands Asia +9% -13% 107.2 116.4 95.4 EBIT +1% 82.9 33.3 33.6 -1% 282.3 280.3 HY1 2012 HY1 2013 HY1 2012 HY1 2013 HY1 2012 HY1 2013 EMEA Global LNG HY1 2012 HY1 2013 -8% 52.3 48.1 +17% 10.7 12.5 HY1 2012 HY1 2013 HY1 2012 HY1 2013 Note: EBIT in EUR m
Slide 54: Net result of joint ventures increased by 1%
Net result of joint ventures increased by 1% Increase from Asia and Global LNG, decrease from EMEA Americas Netherlands Asia Net result of JVs +23% +20% +117% 19.4 15.8 +1% 0.5 0.6 0.6 1.3 56.6 56.9 HY1 2012 HY1 2013 HY1 2012 HY1 2013 HY1 2012 HY1 2013 EMEA Global LNG -23% HY1 2012 HY1 2013 +13% 26.
Slide 55: IFRS equity accounting versus proportionate consolidation
IFRS equity accounting versus proportionate consolidation IFRS equity accounting Proportionate consolidation* Revenues Revenues Subsidiaries 830.1 828.5 648.1 648.8 0% 0% HY1 2012 HY1 2013 HY1 2012 HY1 2013 EBITDA EBITDA Subsidiaries and net result from joint ventures and associates 440.6 445.5 380.
Slide 56: Net finance costs aligned with funding of growth
Net finance costs aligned with funding of growth Q4 2012: Approximately USD 1.0 billion U.S. PP completed Net finance costs HY1 2012 Net finance costs HY1 2013 In EUR mln In EUR mln Interest and dividend income 2.2 1.8 Finance costs -43.5 -54.7 Net finance costs -41.3 -52.9 Net interest bearing debt
Slide 57: Effective tax rate HY1 2013
Effective tax rate HY1 2013 Income tax expense In EUR mln 46.0 41.5 -10% HY1 2012 HY1 2013 Effective tax rate In percent 19.1 18.2 -0.9pp HY1 2012 HY1 2013 Note: Excluding exceptional items. 57 Roadshow presentation HY1 2013
Slide 58: Sources and uses of cash in HY1 2013
Sources and uses of cash in HY1 2013 Consolidated Statement of Cash Flows In EUR mln Net Cash position 1/1/2013* 435.7 Gross operating cash flow 361.0 Net finance costs paid 44.2 Tax paid 27.1 Investments 322.6 Dividend paid in cash** 120.3 Other financing activities 83.4 Various 7.3 Net Cash positi
Slide 59: FX translation-effect on EBIT
FX translation-effect on EBIT Negative currency translation effect 2010 2011 HY1 2012 2012 HY1 2013 In EUR mln In EUR mln In EUR mln In EUR mln In EUR mln EMEA 3.5 (0.6) 0.9 2.6 (0.6) Asia 17.4 5.4 8.2 17.7 Americas 5.8 (2.3) 1.2 2.5 (1.1) Non allocated (0.8) 0.1 (0.3) (0.8) 0.1 Total 25.9 2.6 10.0
Slide 60: Netherlands
Netherlands - Higher pension costs and lower occupancy rates in crude, gasoil and biofuel storage - New storage capacity for oil products in Amsterdam Westpoort and Eemshaven EBIT* In EUR million -13% 46.2 46.5 48.9 51.4 48.5 33.5 34.7 41.9 41.8 41.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2011
Slide 61: EMEA
EMEA - New oil terminal in Algeciras (Spain) was opened - Lower results in Estonia - Higher throughputs in the UK EBIT* In EUR million -8% 22.4 23.3 23.9 23.3 24.1 28.2 22.4 25.6 22.5 22.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 Revenues Occupancy rate** Stora
Slide 62: Asia
Asia - Additional chemical storage capacity in Banyan - Stable occupancy rate EBIT* In EUR million +9% 47.4 53.6 53.6 56.6 53.2 57.1 59.3 46.2 45.0 46.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 Revenues Occupancy rate** Storage Capacity In EUR million In percen
Slide 63: Americas
Americas - Lower revenues due to Los Angeles and Ilha Barnabé - Higher activities at the Gulf Coast terminals - Negative currency translation effect of EUR 1.1 million in EBIT EBIT* In EUR million +1% 17.1 15.0 16.4 18.4 16.2 16.6 18.7 13.5 14.9 14.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2011
Slide 64: Contents
Contents General introduction Business environment Strategy and growth projects Business performance Capital disciplined growth Looking ahead 64 Roadshow presentation HY1 2013
Slide 65: Capital disciplined growth: Stable solvency ratio
Capital disciplined growth Stable solvency ratio Total equity and liabilities In EUR mln 4,386 4,152 3,649 2,947 Net 56% 60% 2,585 liabilities* 58% 1,997 55% 1,703 61% 56% 57% 44% 40% Equity 45% 42% 43% 44% 39% 2006 2007 2008 2009 2010 2011 2012 restated * Cash and cash equivalents are subtracted fr
Slide 66: Capital disciplined growth
Capital disciplined growth - Vopak announced 19 July 2013 that it has completed its review of various potential equity-like capital raising alternatives to support its future growth plans. - Vopak proposes that its shareholders, on an EGM on 17 September 2013, vote on the issuance of a new class of
Slide 67: Vopak's capital structure
Vopak’s capital structure Enabling flexible access to capital markets Private Placement Syndicated Revolving Ordinary Shares* Preference Shares* Programs* Credit Facility* Listed on Euronext Preference Shares 2009 USD: 2.1 billion EUR 1.0 billion Market cap: Not listed SGD: 435 million
Slide 68: Capital disciplined growth: Total investments
Capital disciplined growth Total investments Total investments 2006-HY1 2013 In million EUR 800 711 643 535 565 446 ~625-860 323 268 2006 2007 2008 2009 2010 2011 2012 HY1 2013 68 Roadshow presentation HY1 2013
Slide 69: Capital disciplined growth: Total investments 2007-2015
Capital disciplined growth Total investments Total Investments 2007-2015 Expansion Capex** In billion EUR In billion EUR mln; 100% = EUR 1.7 billion 1.9 1.8 ▪ Remaining ~1.0-1.2 Vopak share in ~1.3 ~0.4 Capex (Group Capex and Other Capex* equity share in ~0.6-0.8 JVs) 0.3 Expansion 0.4 Capex** ▪ Gro
Slide 70: Capital disciplined growth: balanced leverage
Capital disciplined growth Balanced leverage provides financial headroom to complete the storage capacity expansions currently under construction and to support the identification of new growth opportunities Access to Capital Markets Net senior debt : EBITDA ratio 5 US Private Placements 3.75 4 3.
Slide 71: Balanced debt repayment schedule
Balanced debt repayment schedule Average remaining maturity of approximately 10 years; average interest rate 4.2%* Debt repayment schedule* In EUR mln RCF flexibility** New US PP 2012 Asian PP New US PP 2012 (subordinated) Current US PP Other 1,200 1,100 200 100 0 2013 2014 2015 2016 2017 2018 2019
Slide 72: 2012 dividend: EUR 0.88 per ordinary share
2012 dividend: EUR 0.88 per ordinary share (2011: EUR 0.80) EPS Dividend and EPS 2006-2012** Cash dividend In EUR 2.70 2.16 +25% 2.08 1.92 1.62 1.31 0.98 +10% 0.70 0.80 0.88 0.475 0.55 0.625 0.375 2006 2007 2008 2009 2010 2011 2012 Dividend policy: “Barring exceptional circumstances, the intention i
Slide 73: Contents
Contents General introduction Business environment Strategy and growth projects Business performance Capital disciplined growth Looking ahead 73 Roadshow presentation HY1 2013
Slide 74: 2013 EBITDA outlook
2013 EBITDA outlook From a historical perspective 2013 EBITDA outlook Historical EBITDA development In EUR million In EUR million Q4 2010 725-800 768.4 until Q1 2012 636.0 598.2 513.4 429.3 Q1 2013 760-800 369.5 314.1 Q2 2013 730-780 2006 2007 2008 2009 2010 2011 2012* * With an EBITDA of EUR 768.4
Slide 75: Outlook assumptions 2013
Outlook assumptions 2013 Healthy demand for our storage services ~x% Share of EBIT* Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2012 ~60% ~17.5-20% ~10-12.5% ~7.5-10% ~2.5-5% Robust Mixed Solid Mixed Solid ~60-65% ~17.5-20% ~7.5-10% ~5-7.5% ~2.5-5% 2013 Robust ** Steady Solid
Slide 76: 2013 EBITDA outlook: EUR 730-780 million
2013 EBITDA* outlook: EUR 730-780 million in 2013 For the remainder of 2013, Vopak expects similar market circumstances as in the first half year of 2013 EBITDA* development and outlook 2013 Historical results In EUR mln Outlook 768.4 730-780 636.0 598.2 513.4 429.3 369.5 314.1 262.5 231.8 384.5 200
Slide 77: Ambition 2016
Ambition 2016 Capacity expansions main driver of EBITDA* growth ambition EBITDA* ambition 2016 In EUR mln +7% CAGR 1,000 768.4 2012 Capacity Changes FX impact Pension impact Approval and 2016 (IAS 19 restated) commissioned occupancy rates execution of / under / tariffs / costs additional constructio
Slide 78: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com