Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q3 2012 Earnings Presentation
23 slides from Royal Vopak Nv's earnings presentation, Nov 12, 2012
Slide 1: Q3 2012 Trading update
Q3 2012 Trading update 12 November 2012
Slide 2: Forward-looking statement
Forward-looking statement This document 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 renders logistics services, the company cannot guarantee the accuracy a
Slide 3: Q3 2012 Summary
Q3 2012 Summary EBIT* EBITDA* In million EUR In million EUR 195.1 163.5 121.3 144.0 +19% +19% Q3 2011 Q3 2012 Q3 2011 Q3 2012 Occupancy rate Storage capacity In percent In mln cbm 93.0 91.0 27.2 29.9 -2pp +10% Q3 2011 Q3 2012 Q3 2011 Q3 2012 * Including net result from Joint Ventures; excluding exce
Slide 4: EBIT(DA) and net result of Joint Venture developments
EBIT(DA) and net result of Joint Venture developments +19% +25% EBIT* 423.9 121.3 144.0 339.2 +19% +25% EBITDA* 458.8 572.8 163.5 195.1 +24% Result +7% JVs 24.7 26.4 66.9 83.0 Q3 2011 Q3 2012 YTD 2011 YTD 2012 * Including net result from Joint Ventures. Note: in EUR million; excluding exceptional it
Slide 5: Except from EMEA, all regions contribute to the 19% EBIT increase
Except from EMEA, all regions contribute to the 19% EBIT increase North America Netherlands Asia +26% +21% 56.6 50.8 45.0 EBIT 41.9 +6% +19% 8.0 8.5 144.0 121.3 Q3 2011 Q3 2012 Q3 2011 Q3 2012 Q3 2011 Q3 2012 Latin America EMEA Global LNG Q3 2011 Q3 2012 -6% +4% 23.9 +100% 22.4 7.0 7.3 5.6 2.8 Q3 20
Slide 6: Strategic alliances support Vopak's growth strategy
Strategic alliances support Vopak’s growth strategy Storage capacity* Subsidiaries Net result from Joint Ventures** In mln cbm Joint Ventures In mln EUR 34.6 29.9 31.3 28.3 28.8 27.8 27.1 13.1 9.6 10.3 21.8 10.2 10.5 8.1 9.6 5.1 24.7 26.4 19.7 20.3 21.0 21.5 +7% 16.7 17.5 18.1 18.3 2007 2008 2009 20
Slide 7: IFRS equity accounting vs Proportionate consolidation
IFRS equity accounting Proportionate consolidation* EBITDA EBITDA Subsidiaries and net result from Joint Ventures 226.7 195.1 178.8 +27% 163.5 +19% Q3 2011 Q3 2012 Q3 2011 Q3 2012 EBIT EBIT Subsidiaries and net result from Joint Ventures 159.6 144.0 126.5 +26% 121.3 +19% Q3 2011 Q3 2012 Q3 2011 Q3 2
Slide 8: Healthy occupancy rates between 90-95%
Healthy occupancy rates between 90-95% Occupancy rate In percent 90-95% 96 96 95 94 95 95 95 92 94 93 93 93 93 92 92 92 93 93 94 93 90 91 84 ’04 ’05 ’06 ’07 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 2011 2012 8 Q3 Trading Update 12 November 2012
Slide 9: Netherlands
Netherlands - New oil storage capacity on stream in Eemshaven - Lower occupancy rates in crude and gasoil storage EBIT* In EUR million +21% 41.9 46.2 45.9 48.3 50.8 33.5 34.7 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Occupancy rate Storage capacity In percent -6pp In mln cbm 9.5 95 95
Slide 10: EMEA
EMEA - Lower net result joint ventures and lower result in Sweden - Higher throughputs in the UK EBIT* In EUR million -6% 22.4 23.3 23.9 23.3 24.1 28.2 22.4 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Occupancy rate Storage capacity In percent In mln cbm -4pp 9.0 8.4 90 91 91 +7% 89 89 8
Slide 11: Asia
Asia - Strong storage demand for the hub terminals - Currency translation gain of EUR 5.3 million on EBIT EBIT* In EUR million +26% 47.4 46.2 45.0 46.7 53.6 53.6 56.6 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Occupancy rate Storage capacity In percent +2pp In mln cbm 94 95 95 95 95 94
Slide 12: North America
North America - Higher occupancy rates - Relatively higher operating costs EBIT* In EUR million +6% 9.8 8.9 10.6 9.2 8.5 7.1 8.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Occupancy rate Storage capacity In percent +3pp In mln cbm 96 97 95 96 91 92 93 2.3 2.3 0% Q1 2011 Q2 2011 Q3 2011
Slide 13: Latin America
Latin America - Higher occupancy rates - Ceased operation of the terminal in Ilha Barnabé in Brazil EBIT* In EUR million +4% 7.3 6.4 7.0 7.5 7.4 7.3 5.3 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Occupancy rate Storage capacity In percent +3pp In mln cbm 91 92 90 89 88 85 86 1.1 1.0 -9%
Slide 14: Capacity growth under construction
Capacity growth under construction Capacity developments In mln cbm +4.7** 34.6 0.5 3.2 +2.1 29.9 1.0 0.8 0.1 27.8 1.2 31-12- Expansions* New Acquisition 30-09- Expansions New Acquisition 31-12- 2011 terminals 2012 terminals 2014 * Including net change at various terminals (including decommissioning
Slide 15: Projects commissioned Q3 2012
Projects commissioned Q3 2012 Storage capacity increases by 0.7 million cbm Eemshaven (50%) 660,000 cbm; oil products Commissioned in Joint Venture 15 Q3 Trading Update 12 November 2012
Slide 16: Various projects under construction
Under construction Various projects under construction Under construction (Joint Venture) Total storage capacity under construction 4.7 million cbm Acquired (Joint Venture) Thames Oil Port (33.3%) Hainan (49%) 500,000 cbm; oil products 1,350,000 cbm; oil products Algeciras (80%) Europoort (100%) Pen
Slide 17: Capital disciplined growth: Total investments
Capital disciplined growth: Total investments Total investments 2006-HY1 2012 Total Investments 2006-2014 In million EUR In million EUR 2,108 800 711 1,514 535 565 ~900-1,100 446 268 297 ~500-700 Other Capex* Expansion ~400 Capex** 2006 2007 2008 2009 2010 2011 HY1 2006-2008 2009- Q4 2012- 2012 HY1
Slide 18: A new US PP Notes Program of USD 1 billion
A new US PP Notes Program of USD 1 billion - Reconfirmation of Vopak’s access to capital markets - 37 Institutional investors, of which 10 new investors - Repay outstanding debt and for other general corporate purposes A senior tranche of ~USD 900 million* Maturities ranging from 10.5 to 14.5 years
Slide 19: Balanced debt repayment schedule
Balanced debt repayment schedule - New US PP will further align the maturity profile of the outstanding debt - Syndicated Revolving Credit Facility provides flexibility in financing Debt repayment schedule* In mln EUR RCF flexibility New US PP 2012 (subordinated) Current US PP Other RCF (will be rep
Slide 20: Capital disciplined growth: Strategic finance
Capital disciplined growth: Strategic finance Net senior debt : EBITDA ratio 5 3.75 4 3 2 2.42 2.54 2.63 2.65 2.55 1 2.20 2.23 1.76 1.61 1.71 0 2003* 2004 2005 2006 2007 2008 2009 2010 2011 Q3 2012 Maximum Ratio under current US PP program Maximum Ratio under other PP programs and syndicated revolvi
Slide 21: Outlook assumptions
Outlook assumptions ~x% Share of EBIT Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2011 ~60% ~17.5-20% ~12.5% ~7.5-10% <1% ~60% ~17.5-20% ~10% ~7.5% ~2.5-5% 2012 Robust Mixed Solid Mixed Solid Note: width of the boxes do not represent actual percentages. 21 Q3 Trading Update 12
Slide 22: Vopak remains on track to achieve its 2013 outlook of EUR 725-800 million EBITDA
Vopak remains on track to achieve its 2013 outlook of EUR 725-800 million EBITDA in 2012 Historical results Outlook EBITDA Development and outlook Ambition In EUR mln 1,000 725-800 598.2 636.0 513.4 It is Vopak’s 429.3 ambition to 369.5 314.1 realize an 231.8 262.5 572.8 EBITDA of EUR 1 billion in 2
Slide 23: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com