Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2018 Earnings Presentation
23 slides from Royal Vopak Nv's earnings presentation, Apr 18, 2018
Slide 1: Storing vital products with care
Storing vital products with care 18 April 2018 Vopak Interim Update Q1 2018 results – 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: Key messages
Key messages strategic direction Q1 2018 Performance 2017-2019 Capture EBITDA of EUR 190 million, adjusted for currency translation growth effects of EUR 13 million, EBITDA was comparable to last year Spend maximum Occupancy rate of 87% explained by lower rented capacity at EUR 750m on the oil h
Slide 4: Development key figures
Development key figures Solid financial performance in Q1 2018, although with lower occupancy Occupancy rate* Revenues* In percent In EUR million 342 328 312 325 316 91 90 89 89 87 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 2017 2017 2017 2017 2018 EBITDA** Net profit*** In EUR million I
Slide 5: Divisional segmentation
Divisional segmentation Europe & Africa stable, Asia & ME market weakness / FX, Americas also FX Europe & Africa Asia & Middle East China & North Asia 92 90 90 90 94 91 90 88 89 86 72 70 69 70 77 81.9 80.8 85.2 80.8 76.6 71.7 78.8 65.2 66.3 64.0 7.4 8.9 6.5 4.5 4.8 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q
Slide 6: Q1 2018 vs Q1 2017 EBITDA
Q1 2018 vs Q1 2017 EBITDA Adjusted for currency translation effects of EUR 13 million, EBITDA was comparable to Q1 of last year 203.1 1.1 12.6 191.6 3.9 190.2 7.5 2.2 0.1 0.7 0.8 Q1 2017 Pre- FX-effect Adjusted Asia & Europe & LNG Americas China & Others Q1 2018 operating Q1 2017 Middle East Africa
Slide 7: Q1 2018 vs Q4 2017 EBITDA
Q1 2018 vs Q4 2017 EBITDA Oil weakness continued with impact on the oil hub locations, good performance in the Americas and China & North Asia 0.9 192.7 2.2 191.4 4.1 3.8 190.2 4.4 3.1 1.9 1.7 Q4 2017 Pre- FX-effect Adjusted Europe & Asia & LNG Americas China & Others Q1 2018 operating Q4 2017 Afric
Slide 8: Cash flow overview
Cash flow overview CFFI momentum towards 2019 Full year 2017 Q1 2018 714 669 45 242 49 348 127 144 4 140 38 68 65 31 CFFO Tax & CFFO CFFI Investments Divestment Free Cash CFFO Tax & CFFO CFFI Investments Disposals, Free Cash (gross) non-gross (net) (excl growth, in growth Proceeds Flow (gross) non-g
Slide 9: Q1 2018 events
Q1 2018 events IAS 19 Defined contribution plan Growth projects Early 2018, Vopak reached agreement Vopak will expand its wholly-owned regarding a new pension plan, aimed to Botlek terminal, located in the Port of qualify as a defined contribution plan under Rotterdam, the Netherlands IAS 19, fo
Slide 10: Growth projects under development
Growth projects under development Momentum towards 2019 Botlek German LNG RIPET 63,000 cbm Open season Deer Park PT2SB 96,000 cbm 138,000 cbm Jubail 1,496,000 cbm 93,000 cbm Sebarok PITSB Panama 67,000 cbm 430,000 cbm 360,000 cbm Lesedi Jakarta Alemoa 100,000 cbm Durban Industrial 100,000 cbm 106,00
Slide 11: Fuel Oil and bunkering network
Fuel Oil and bunkering network Converting capacity to the desired flexibility and cubic meters to profitably serve the bunker market may be at capex levels less than EUR 40 million Rotterdam Estonia Hamburg Los Angeles Algeciras Fujairah Panama Singapore Fuel oil hub terminal Fuel oil bunker termina
Slide 12: IFRS 16 Leases
IFRS 16 Leases IFRS 16 Leases Impact for Vopak Applicable as from 1 January 2019 No changes in economics, Vopak has a portfolio of long-term land leases only changes in accounting and leases of other non-current assets Effects on Vopak’s key metrics* (a.o. jetties, buildings, trains, rail &
Slide 13: Key messages
Key messages strategic direction Q1 2018 Performance 2017-2019 Capture EBITDA of EUR 190 million, adjusted for currency translation growth effects of EUR 13 million, EBITDA was comparable to last year Spend maximum Occupancy rate of 87% explained by lower rented capacity at EUR 750m on the oil h
Slide 14: Looking ahead
Looking ahead • Financial performance in 2018 is expected to be influenced by currency exchange movements of primarily the USD and SGD, and the currently less favorable oil market structure, impacting occupancy rates and price levels in the hub locations • Given the current 3.1 million cbm expansion
Slide 15: Questions & answers
The world’s leading independent tank storage company building Questions on an impressive history of more & answers • than 400 years
Slide 16: Q1 2018 Interim update
For more information please contact: Media contact: Liesbeth Lans, Manager External Communications Telephone: +31 (0)10 400 2777, e-mail: global.communication@vopak.com Investor Relations contact: Laurens de Graaf, Head of Investor Relations Telephone: +31 (0)10 400 2776, e-mail: investor.relations@
Slide 17: Europe & Africa developments
Europe & Africa developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2018 92 90 90 90 86 163.8 160.6 157.7 165.8 158.9 2.3 13.7 million cbm Subsidiaries 11.4 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 201
Slide 18: Asia & Middle East developments
Asia & Middle East developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2018 94 91 90 88 89 91.6 86.8 3.3 13.4 million cbm 79.7 81.8 80.2 4.2 Subsidiaries 5.9 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 20
Slide 19: China & North Asia developments
China & North Asia developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q1 2018 72 77 0.7 70 69 70 4.1 million cbm 7.9 7.7 7.4 8.4 7.2 Subsidiaries 3.4 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 20
Slide 20: Americas developments
Americas developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million 0.1 0.5 Total Q1 2018 90 89 88 89 90 78.1 71.8 66.8 69.3 68.4 3.9 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorship Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 201
Slide 21: JVs & associates developments
JVs & associates developments Net result JVs and associates* Europe & Africa* Asia & Middle East* In EUR million In EUR million In EUR million 30.7 30.7 26.1 23.8 25.4 15.7 14.9 14.1 12.4 9.6 1.0 0.5 0.0 0.2 -0.1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 2017 2017 2017 20
Slide 22: EBITDA to Net profit overview
EBITDA to Net profit overview Q1 2018 Q4 2017 Q1 2017 EBITDA 190.2 192.7 203.1 Depreciation and amortization 67.3 69.7 67.7 EBIT 122.9 123.0 135.4 Net finance costs 21.2 23.0 25.8 Income tax 18.8 14.0 21.6 Non-controlling interests 9.9 9.8 11.5 Net profit to holders of ordinary shares 73.0 76.2 76.5
Slide 23: Well-balanced global portfolio
Well-balanced global portfolio Oil Chemical Industrial Vegoils Gas products products terminals & biofuels products Typical contract duration per product & terminal category 0-5 years 0-5 years 5-20 years 0-3 years 10-20 years Share of 2014 EBITDA* ~50% ~20% 15 - 20% 7.5 - 10% 2.5 - 5% Share of 2015