Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — H1 2009 Earnings Presentation
85 slides from Royal Vopak NV's earnings presentation, Aug 28, 2009
Slide 1: Roadshow presentation 2009
_ Roadshow presentation 2009 First half 2009 results – – –
Slide 2: The world of Vopak
The world of Vopak – – – HY1 results 2009 28 August 2009 2
Slide 3: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 4: Vopak transformation process
Vopak transformation process "This is an infrastructure play; the company is benefitting from the outsourcing of this service b y oil and chemical producers, which form the bulk of its customers. It is an under-recognized industry leader." Canadian Investor July 2002 2003 2004 2005/2006 2007/2008/20
Slide 5: Tank terminal: key role in oil and chemical supply chain
Tank terminal: key role in oil and chemical supply chain Vopak Terminal Europoort – Rotterdam, the Netherlands – – – HY1 results 2009 28 August 2009 5
Slide 6: Vopak's challenge
Vopak’s challenge The challenge is to facilitate the current and future product flows: – – – HY1 results 2009 28 August 2009 6
Slide 7: Strategic position tank terminals
Strategic position tank terminals Outgoing Logistics Downstream Chemicals – – – HY1 results 2009 28 August 2009 7
Slide 8: Logistic hub terminal
Logistic hub terminal Where large flows of products merge – logistics crossroad Houston, Rotterdam / Antwerp, Singapore and Fujairah Example fuel oil – – – HY1 results 2009 28 August 2009 8
Slide 9: Import / Export terminal
Import / Export terminal - Break or make bulk - Local distribution – – – HY1 results 2009 28 August 2009 9
Slide 10: Industrial terminal
Industrial terminal Vopak Singapore – Sakra Terminal – – – HY1 results 2009 28 August 2009 10
Slide 11: Vopak core businesses
Vopak core businesses Existing market Oil Chemicals New products in existing market Biofuels New market LNG – – – HY1 results 2009 28 August 2009 11
Slide 12: Growing demand for Vopak's services by the oil industry
Growing demand for Vopak’s services by the oil industry - Increasing product differentiation - Increasing geographical imbalances - Liberalization of new markets - New giant oil players Annual growth rate = 5,1% Annual growth rate = Annual growth rate = 2,9% 0,5% – – – HY1 results 2009 28 August 200
Slide 13: Growing demand for Vopak's services by the chemicals industry
Growing demand for Vopak’s services by the chemicals industry - Increasing demand for storage - Robust growth in developing markets - Construction of new petrochemical complexes in Asia and Middle East – – – HY1 results 2009 28 August 2009 13
Slide 14: Increased interest in biofuels leading to growing storage demands
Increased interest in biofuels leading to growing storage demands - Interest in biofuels is soaring - Biofuels an answer to energy security and climate change - Increased interest in biofuels from producers due to subsidies and governmental requirements – – – HY1 results 2009 28 August 2009 14
Slide 15: Worldwide LNG demand drives need for independent import terminals
Worldwide LNG demand drives need for independent import terminals – – – HY1 results 2009 28 August 2009 15
Slide 16: Vopak market definition
Vopak market definition Definition Vopak’s competitive environment is defined as non-captive marine tank storage for liquid oil and chemical products. Primary competition Independent competition renting only to third parties Secondary competition Partly using the capacity for storing own products (S
Slide 17: Market share according to the definition
Market share according to the definition In mln cbm Storage market Oil Chemicals Total World Market 185 mln 46 mln 231 mln CBM Primary Competition 118 mln 41 mln 159 mln CBM Secondary Competition 67 mln 5 mln 72 mln CBM Vopak 18.4 mln 9.5 mln 27.9 mln CBM Vopak Market Share: As % of total market 10
Slide 18: Demand growth in storage market to support international trade flows
Demand growth in storage market to support international trade flows Terminal capacity under construction Additional Worldwide Total Storage Capacity World Market, incl. Vopak 18 Million CBM Growth % 7.7% Vopak 2.8 Million CBM Growth as % of Vopak capacity 10% – – – HY1 results 2009 28 August 2009 1
Slide 19: Vopak - the global market leader
Vopak - the global market leader In mln CBM Source: company websites, including inland capacity and Joint Ventures Vopak V opak Oiltanking Kinder Mor gan NuStar CLH IMTT CIM SUMED V itol Sinochem Horizon EA PC STS Odf jell LBC Dalian Port Magellan Sunoco Universal SPSE -0 5 10 15 20 25 30 – – – HY1
Slide 20: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 21: Drivers of structural growth in demand
Drivers of structural growth in demand Countries setting individual specifications for products Liberalization of previously closed economies Increasing geographical imbalances Growing demand for environmentally friendlier fuels – – – HY1 results 2009 28 August 2009 21
Slide 22: Accelerated Strategy Execution
Accelerated Strategy Execution Based on Reliability and Efficiency EXCELLENT EXCELLENT CUSTOMER CUSTOMER MAXIMUM MAXIMUM OPERATIONAL OPERATIONAL SERVICE SERVICE EFFICIENCY EFFICIENCY •• Operational Operational Efficiency Efficiency Improvement Improvement •• Key Key Account Account Management Manage
Slide 23: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 24: HY1 2009: Solid achievements
HY1 2009: Solid achievements Added 0.8 mln cbm storage capacity Continuous focus on safety Spills T IR 70 10 7.8 50 58 5 6.7 44 30 0 HY1 2008 HY1 2009 HY 1 2 008 HY 1 20 09 And 2.8 mln cbm under construction Process safety Personal safety High occupancy rate Strong business performance EBIT In EUR m
Slide 25: Company growth
Company growth 27.9 27.1 Under construction: Bahamas 21.8 21.2 20.2 20.4 +0.2 +0.8 +0.6 +5.3 +0.8 2004 2005 2006 2007 2008 HY1 2009 Storage capacity per end of period in mln cbm Expansion: Vopak E.O.S., Estonia Expansion: Bany an, Singapore Expansion: Left Bank, Belgium – – – HY1 results 2009 28 Aug
Slide 26: Growth continues
Growth continues Tallinn, Estonia Gothenburg, Sweden Teesside, UK Product: Oil Product: Oil Product: Chemicals Capacity: 111,000 cbm Capacity: 54,000 cbm Capacity: 40,000 cbm In mln cbm YE 2008 Capacity 27.1 mln Total net capacity increase in HY1 2009 0.8 mln HY1 2009 YTD Capacity 27.9 mln Remaining
Slide 27: Strong demand for storage capacity
Strong demand for storage capacity Occupancy rate 2004 2005 2006 2007 2008 HY1 2009 85% 92% 94% 96% 95% 95% Capacity (in mln cbm) 20.2 20.4 21.2 21.8 27.1 27.9 – – – HY1 results 2009 28 August 2009 27
Slide 28: Process Safety & Quality Performance
Process Safety & Quality Performance TIR * Spills 8 120 100 7 80 6 60 5 40 4 20 2006 2007 2008 HY1 2009 2 004 2005 2006 2007 2008 HY1 2009 * Number of accidents relative to the number of hours worked – – – HY1 results 2009 28 August 2009 28
Slide 29: Ongoing improvement in financial performance
Ongoing improvement in financial performance Net Revenues - e x cludi ng e xc eptional s - In EUR mln 600 400 200 0 EBIT - excluding exceptionals - HY1 HY2 HY1 HY2 HY1 HY2 HY1 HY2 HY1 HY2 HY1 In EUR mln 2004 2005 2006 2007 2008 2009 200 175 +17.5% EPS - excluding exceptionals - In EUR 150 2 125 +15%
Slide 30: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 31: Reliability and efficiency
Reliability and efficiency “Crucial throughout the supply chain” The oil and chemical supply chain Vopak core processes – – – HY1 results 2009 28 August 2009 31
Slide 32: Aligning maintenance with 24/7 operations
Aligning maintenance with 24/7 operations Best practice maintenance and inspection planning ensure safe operations – – – HY1 results 2009 28 August 2009 32
Slide 33: Sharing the networks' knowledge
Sharing the networks’ knowledge Standardization: Further roll out of “The Vopak Way” – – – HY1 results 2009 28 August 2009 33
Slide 34: Focus on safety awareness of employees
Focus on safety awareness of employees Safety improvement requires constant management focus – – – HY1 results 2009 28 August 2009 34
Slide 35: Improving ship and truck turn around times
Improving ship and truck turn around times Contributing to the efficiency of customer key processes – – – HY1 results 2009 28 August 2009 35
Slide 36: Best practice terminal design supports expansion
Best practice terminal design supports expansion Greenfield Vopak Terminal Leftbank (Belgium) commissioned in 2008 and expanded with 20,000 cbm in HY1 2009 Greenf ield: Left Bank, Antwerp – – – HY1 results 2009 28 August 2009 36
Slide 37: Continuously improving relations with customers
Continuously improving relations with customers Constant dialogue with customers (Key) account management Improving customer service Profound planning Digital connections Customer KPI’s Monitoring customer satisfaction – – – HY1 results 2009 28 August 2009 37
Slide 38: Resulting in robust performance
Resulting in robust performance Robust occupancy rates Strong connection with customers 100% < 1yr 75% 92% 94% 96% 95% 95% 1yr < > 3yr 85% 50% 25% > 3yr 2004 2005 2006 2007 2008 HY1 2009 0% 2007 2008 Increasing storage capacity Storage capacity per end of period in ml n c bm 30.7 27.9 27.1 21.8 20.4
Slide 39: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 40: Banyan and Penjuru, Singapore
Banyan and Penjuru, Singapore Brownfield capacity additions at Banyan and Penjuru (Singapore): 417,000 cbm commissioned – – – HY1 results 2009 28 August 2009 40
Slide 41: Vopak Jakarta Terminal, Indonesia
Vopak Jakarta Terminal, Indonesia Jetty Undersea pipelines Tankterminal Division: Asia Start of operations: HY2 2009 Capacity: 250,000 cbm Product focus: oil ‘Artist impression of Vopak Jakarta Terminal’ – – – HY1 results 2009 28 August 2009 41
Slide 42: Vopak Terminal Bahamas
Vopak Terminal Bahamas 370,000 cbm under construction – – – HY1 results 2009 28 August 2009 42
Slide 43: Gate terminal progressing well
Gate terminal progressing well All 3 roofs air lifted Launching customers: Division: LNG Start operations: HY2 2011 Capacity: 540,000 cbm Product: LNG – – – HY1 results 2009 28 August 2009 43
Slide 44: Amsterdam Westpoort (Phase1)
Amsterdam Westpoort (Phase1) • Phase 1: 620,000 cbm, potential total storage capacity of 1.1 mln cbm • 20 above-ground storage tanks, 11 x 40,000 cbm & 9 x 20,000 cbm • A facility for blending (mixing) products and components • Seven berths at two finger piers and a quay wall Artist impression of th
Slide 45: Newly announced projects add another 622,000 cbm
Newly announced projects add another 622,000 cbm New announcements bring the total storage capacity under construction to 2.8 mln cbm MOT, Rotterdam (Netherlands) Vopak increase in entitlement Zhangjigang with 360,000 cbm (China) additional 102,000 cbm Europoort, Rotterdam (NL) phase 8: 160,000 cbm
Slide 46: The growth of Vopak: Projects in progress
The growth of Vopak: Projects in progress – – – HY1 results 2009 28 August 2009 46
Slide 47: Confidence in the future!
“Confidence in the future!” – – – HY1 results 2009 28 August 2009 47
Slide 48: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 49: HY1 2009: Robust demand for storage services
HY1 2009: Robust demand for storage services STABLE STABLE CUSTOMER CUSTOMER FOCUSED FOCUSED OCCUPANCY OCCUPANCY RATES RATES GROWTH GROWTH Storage capacity per end of period in mln cbm 27.9 27.1 92% 94% 96% 95% 95% 21.8 85% 20.2 20.4 21.2 +0.2 +0.8 +0.6 +5.3 +0.8 2004 2005 2006 2007 2008 HY1 2009 20
Slide 50: HY1 2009 EBIT excl. exceptional items: up 17.5% to EUR 184.2 mln
HY1 2009 EBIT excl. exceptional items: up 17.5% to EUR 184.2 mln Net Revenues EBIT In EUR mln In EUR mln 184.2 156.8 453.9 492.1 +17.5% HY1 08 +8% HY1 09 HY1 08 HY1 09 Net Profit Earnings per share In EUR mln In EUR 114.9 1.83 98.9 1.59 +16% +15% HY1 08 HY1 09 HY1 08 HY1 09 – – – All HY1 figures exc
Slide 51: Revenue developments supported by robust demand for storage capacity
Revenue developments supported by robust demand for storage capacity Storage Capacity In mln cbm 30.7 27.9 27.1 21.8 20.4 21.2 20.2 +0.2 +0.8 +0.6 +5.3 +0.8 +2.8 2004 2005 2006 2007 2008 HY1 2009 2011 Occupancy Rate 85% 92% 94% 96% 95% 95% – – – HY1 results 2009 28 August 2009 51
Slide 52: Adjusted for divestments, all divisions contribute to the revenue growth
Adjusted for divestments, all divisions contribute to the revenue growth In EUR mln North America OEMEA Asia 126.0 132.8 100.2 56.0 68.1 77.6 HY1 08 22% HY1 09 HY1 08 5% HY1 09 HY1 08 29% HY1 09 Latin America CEMEA 152.0 Adjustment for divestments: 159.5 -/- EUR 13.8 mln 33.4 37.4 HY1 08 12% HY1 09
Slide 53: EBIT - excluding exceptional items - increased by 17.5%
EBIT - excluding exceptional items - increased by 17.5% In EUR mln HY1 2009 HY1 2008 % Operating profit 155.7 145.2 10 Net result JV & Associates 28.6 21.3 34 Exceptional gain -0.1 -9.7 EBIT excl. exceptional items 184.2 156.8 17.5 – – – HY1 results 2009 28 August 2009 53
Slide 54: Except for CEMEA, all divisions contribute to the EBIT increase of 17,5%
Except for CEMEA, all divisions contribute to the EBIT increase of 17,5% In EUR mln, - excl. exceptional items - North America OEMEA Asia 51.1 65.1 46.3 64.5 16.8 22.6 HY1 08 35% HY1 09 HY1 08 27% HY1 09 HY1 08 39% HY1 09 Latin America CEMEA Other 44.8 40.3 10.4 11.9 -12.6 -20.2 HY1 08 14% HY1 09 HY
Slide 55: Net Result from JV's and Associates supported by strategic alliances
Net Result from JV’s and Associates supported by strategic alliances In EUR mln, - excl. exceptional items - 34.4 24.6 21.3 17.6 18.4 17.7 16.1 HY1 HY2 HY1 HY2 HY1 HY2 HY1 2006 2007 2008 2009 HY1 2009 Net result f rom JV's and Ass - excluding exceptionals - 34.4 Excepti onal items (non-cash impairme
Slide 56: Net result from Joint Ventures and Associates increases with 62%
Net result from Joint Ventures and Associates increases with 62% In EUR mln, - excl. exceptional items - North America OEMEA Asia 5.0 15.9 14.0 15.5 1.1 2.1 HY1 08 91% HY1 09 HY1 08 218% HY1 09 HY1 08 11% HY 1 09 Latin America CEMEA Other 0.9 0.8 0.6 0.5 -0.3 -0.4 HY1 08 17% HY1 09 HY1 08 11% HY1 09
Slide 57: Vopak E.O.S.
Vopak E.O.S. Review of financial implications Pakterminal Before Vopak E.O.S. (50% ) transaction date E.O.S. (35% > 50% ) (100% ) YE 2007 23 April 2008 Joint ventures Joint ventures Balance Sheet 100% consolidated and associates and associates Result of jv Result of jv Profit & Loss 100% consolidate
Slide 58: Stable EBIT(DA) margins
Stable EBIT(DA) margins 60% 50% EBITDA margin* 40% EBIT margin* 30% 20% 10% 0% * Excluding exceptional items, 2004 2005 2006 2007 2008 HY1 including net result of JV’s 2009 – – – HY1 results 2009 28 August 2009 58
Slide 59: Net Profit - excluding exceptional items - increased by 16%
Net Profit - excluding exceptional items - increased by 16% In EUR mln, - excl. exceptional items - HY1 09 HY1 08 ∆% Net Revenues 492.1 453.9 8% Net Result JV & Ass. 34.4 21.3 62% EBIT 184.2 156.8 18% Net finance costs -22.5 -19.4 -16% Tax* -34.1 -31.4 -11% Non-controlling Interests -13.3 - 8.2 -62%
Slide 60: Net Finance Costs aligned with expansion program
Net Finance Costs aligned with expansion program In EUR mln HY1 09 HY1 08 Interest and dividend income 4.0 3.2 Finance costs -26.5 -22.6 Net finance costs -22.5 -19.4 Net-interest bearing debt Average interest rate 1,086.3 996.7 10% 8% 561.9 6% 505.0 411.7 425.7 4% 2% 0% 2004 2005 2006 2007 2008 HY1
Slide 61: Stable effective tax rate HY1 2009
Stable effective tax rate HY1 2009 In EUR mln Effective Tax Rate HY1 09 HY1 09 % HY1 08 % Tax -34.1 21.1% 21.4% – – – HY1 results 2009 28 August 2009 61
Slide 62: Pensions
Pensions Vopak defined Pension obligations Impact of Dutch Pension obligations Reported year end 2008 • Year end cover ratio around 97% Other Cash 18% • One-off contribution of EUR 10 mln • Increased pension contribution IFRS • Estimated 2009 impact EUR 13.8 mln Dutch 82% Current situation • Recover
Slide 63: Sources and uses of cash
Sources and uses of cash In EUR mln Gross operating cash flow Investments 200 150 3.7 45.9 100 170.4 50 219.7 0 -24.6 -25.6 -50 53.1 -100 37.4 -150 Cash position Interest, Finance Div estments Financing cash Cash position 1 Jan 2009 div idend costs, tax f lows, FX and 30 June 2009 receiv ed paid (de
Slide 64: Business performance
Vopak Terminal Europoort Vopak Horizon Fujairah Business performance EBIT per Division Vopak Houston Vopak Singapore Deer Park Terminal Sebarok Terminal – – – HY1 results 2009 28 August 2009 64
Slide 65: Chemicals EMEA
Chemicals EMEA “Too early to draw positive conclusions as to the structural recovery of the chemicals market” EBIT in EUR mln 23.1 22.6 22.8 21.7 22.1 17.7 4% 23% Vopak Terminal Botlek Zuid, Rotterdam Q1 Q2 Q3 Q4 – 2008 2009 – – HY1 results 2009 28 August 2009 65
Slide 66: Oil EMEA
Oil EMEA “Robust demand for tank storage” EBIT in EUR mln 31.5 33.6 29.1 27.9 26.0 25.1 21% 34% Vopak Terminal Europoort, Rotterdam Q1 Q2 Q3 Q4 2008 2009 – – – HY1 results 2009 28 August 2009 66
Slide 67: Asia
Asia “Continued EBIT growth by expanding capacity and efficiency improvements” EBIT in EUR mln 30.6 33.9 24.2 25.0 23.4 22.9 31% 48% Q1 Q2 Q3 Q4 Vopak Terminal Sakra, Singapore 2008 2009 – – – HY1 results 2009 28 August 2009 67
Slide 68: North America
North America “Growth through acquisitions and rationalizations” EBIT in EUR mln 11.4 11.2 9.3 9.2 8.4 7.5 52% 20% Vopak Terminal Deerpark, Houston Q1 Q2 Q3 Q4 2008 2009 – – – HY1 results 2009 28 August 2009 68
Slide 69: Latin America
Latin America “Continuing steady performance” EBIT in EUR mln 6.4 5.8 5.8 5.5 5.3 5.1 21% 8% Vopak Terminal Cartagena, Colo mbia Q1 Q2 Q3 Q4 2008 2009 – – – HY1 results 2009 28 August 2009 69
Slide 70: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 71: Investing in growth
Investing in growth Total investments 2009 - 2011 Investments in HY1 2009 EUR 220 mln EUR 220 mln, including ½ year sustaining Capex Annual Sustaining Capex EUR 250 – 325 mln EUR 100-125 mln per full year Remaining Expansion Capex HY2 2009 - 2011 Group companies and Vopak’s remaining j oint ventures
Slide 72: Total investments
Total investments In EUR mln > 800 800 30.7 27.9 446 HY1 2009 +2.8 2011 268 HY1 2009 188 147 220 2003* 2004 2005 2006 2007 2008 2009-2011 – – – HY1 results 2009 28 August 2009 72
Slide 73: Construction of expansion projects progressing well
Construction of expansion projects progressing well Vopak Term inal Westpoort, Netherlands Gate Terminal, Netherlands 620,000 cbm 540,000 cbm Vopak Term inal Baham as 370,000 cbm Vopak Term inal Jakarta, Indonesia 250,000 cbm – – – HY1 results 2009 28 August 2009 73
Slide 74: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 75: Sufficient headroom to continue growth strategy
Sufficient headroom to continue growth strategy Debt repayment schedule (in EUR mln) • Total financing program around EUR 1.5 bln • No major debt refinancing 406.3 319.7 until 2011 181.9 80.8 46.8 23.2 2.0 2009 2010 2011 2012 2013 2014 > 2014 Ample financing sources of recent date Facility Maturity
Slide 76: Strategic finance
Strategic finance Net debt : EBITDA ratio HY1 2009 2.55 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 4 Maximum Ratio under US PP Maximum Ratio under other loans and syndicated rev olving credit facility * Based on Dutch GAAP – – – HY1 results 2009 2
Slide 77: Preference Shares Program supports growth Strategy
Preference Shares Program supports growth Strategy The Preference Shares continue to qualify as equity under the current financing programs and IFRS standards EUR 110 mln Dividend percentage 7.45% + EUR 84 mln growth capital Remaining: EUR 26 mln Dividend percentage 4.73% Current program New program
Slide 78: Pro forma: Net debt: EBITDA ratio decreases
Pro forma: Net debt: EBITDA ratio decreases Creating more headroom for growth investments 2.55 Preference Shares 2.36 HY1 2009 Pro forma – – – HY1 results 2009 28 August 2009 78
Slide 79: Agenda
Agenda Introduction Strategy HY1 Achievements Reliability and Efficiency Growth projects Business performance Investments Financing Outlook Details and definitions used in this presentation are derived from the HY1 2009 press release and half year report, which are leading. – – – HY1 results 2009 28
Slide 80: Outlook
Outlook Full year 2008 and Q1 2009 Previous Outlook: “For 2009, Vopak expects a group operating profit before depreciation and amortization (EBITDA) (EBITDA) ofof atat least least EUR EUR 450 450 million.” million”. HY1 2009 Current Outlook: “For 2009, Vopak expects a group operating profit before d
Slide 81: Outlook Assumptions
Outlook Assumptions Oil Biofuels and Industrial Chemicals vegoils terminals ~ 20% of EBIT ~ 50% of EBIT ~ 15% of EBIT ~ 15% of EBIT ROBUST STABLE MIXED Healthy demand for storage capacity Contract renewals + New storage capacity commissioned – – – HY1 results 2009 28 August 2009 81
Slide 82: Reconciling HY1 with FY09 outlook
Reconciling HY1 with FY09 outlook * - excl. exceptional items - Actual HY1 2009 EBITDA* EUR 245.9 mln + -/- * expansions * tanks out of operation * margin management * pre-operating expenses * contract renewals * start-up results * operational efficiency improvements * uncertainty chemical storage (
Slide 83: Outlook 2009: in the EUR 475-550 mln range
Outlook 2009: in the EUR 475-550 mln range Outlook In EUR mln Guidance 2004 2005 2006 2007 2008 2009 Around 495 429.3 369.5 314.1 262.5 HY1 245.9 231.8 EBITDA** 320.4 272.9 220.9 HY1 184.2 179.7 EBIT 151.0 Long-term Long-termguidance guidanceROCE ROCEofof1616%% Bearing * Excluding exceptional items
Slide 84: 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 32 countries in which Vopak provides logistics services, the company cannot guarantee the accur
Slide 85: www.vopak.com
– – – – HY1 results 2009 28 August 2009 85 www.vopak.com