Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Non-Deal Roadshow (2012)
79 slides from Royal Vopak Nv's roadshow presentation, 2012
Slide 1: Roadshow presentation Annual Results 2011
Roadshow presentation Annual Results 2011
Slide 2: 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 3: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 3 Roadshow presentation FY 2011
Slide 4: Vopak and storage since 1616
Vopak and storage since 1616 Almost four centuries of history Porter early 1600 Discharge of oil barrels at Charlois site Rotterdam 1900 First barrels of oil in Rotterdam 1862 4 Roadshow presentation FY 2011
Slide 5: 84 Terminals in 31 countries
84 Terminals in 31 countries And a number of terminals under construction. 5 Roadshow presentation FY 2011
Slide 6: Key figures and some of our customers
Key figures and some of our customers Employees 5,901 (incl. JVs) Terminals 84 Countries 31 Capacity 27.9 Million cbm Net Revenues ‘11 € 1,172 Million EBIT* ‘11 € 469 Million Market capitalization** € 5.2 Billion * Excluding exceptional items. ** At year-end 2011. 6 Roadshow presentation FY 2011
Slide 7: Tank terminal: key role in oil and chemical supply chain
Tank terminal Key role in oil and chemical supply chain Customers Products Oil, Gas and Oil (derivatives) LNG Chemicals companies Chemicals LPG Governments Vegetable oils Chemical Trading companies Biofuels gases Services Supply and transport Storage Vessels Blending Barges Break bulk Pipelines Make
Slide 8: Vopak's role in the supply chain
Vopak’s role in the supply chain Feedstock Feedstock Production & Products Independent Mid-Stream Production Gathering Refining Transmission Storage & & End-user Transshipment Distribution Oil, Gas and Chemical supply chain 8 Roadshow presentation FY 2011
Slide 9: Strategic logistic functions of tank terminals
Strategic logistic functions of tank terminals Vital link for incoming and outgoing Storage of products that are Complete integration with the flows of oil and chemicals exported or transferred to end users production process Example Example Example Rotterdam Europoort Vopak Terminal London Sakra Te
Slide 10: Logistics hub terminal
Logistics hub terminal Example fuel oil Where large flows of products merge - logistics crossroad Houston, Rotterdam/Antwerp, Singapore and Fujairah 10 Roadshow presentation FY 2011
Slide 11: Import/Export terminal
Import/Export terminal Break or make bulk Local distribution 11 Roadshow presentation FY 2011
Slide 12: Industrial terminal
Industrial terminal Storage facilities integrated at chemical park Exxon Mobil Perstorp Sumitomo Chemical Mitsui Chemicals Air Products Chevron Asahi Kasei Chemicals SembCorp Utilities Celanese Kuraray Dupont Vopak Terminals Singapore - Sakra Terminal 12 Roadshow presentation FY 2011
Slide 13: Global mega trends drive Vopak's markets
Global mega trends drive Vopak’s markets Population GDP growth in Increasing Increasing need growth, mainly non-OECD (sustainable) transport and non-OECD energy need mobility 13 Roadshow presentation FY 2011
Slide 14: Non-OECD economies drive energy consumption growth
Non-OECD economies drive energy consumption growth, fossil fuels will remain the dominant energy provider until 2035 World primary energy demand by region World primary energy demand by fuel in in IEA New Policies Scenario IEA New Policies Scenario In Mtoe In Mtoe OECD China Rest of world Source: IE
Slide 15: Strengthening Vopak's competitive position in a period of worldwide challenges
Strengthening Vopak’s competitive position in a period of worldwide challenges Financial turmoil and Socio-economic unrests Geopolitical challenges economic uncertainties (e.g. ‘Arab-spring’) 15 Roadshow presentation FY 2011
Slide 16: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 16 Roadshow presentation FY 2011
Slide 17: Robust results in 2011
Robust results in 2011 Storage capacity Occupancy rate In mln cbm In percent -1.0 90-95% 94.0 96.0 95.0 94.0 93.0 93.0 27.1 28.3 28.8 27.8 21.2 21.8 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 EBITDA Development* In mln EUR +6% 513.4 598.2 636.0 314.1 369.5 429.3 2006 2007 2008 2009
Slide 18: Personal and process safety
Personal and process safety The lost time injury rate (LTIR) Total Injury Rate Total injuries leading to lost time per million hours worked Total injuries per million hours worked by own employees by own employees and contractors -15% -6% 1.9 1.7 7.1 6.2 5.8 6.5 1.4 1.4 1.3 1.1 3.2 3.0 2006 2007 200
Slide 19: Focused strategy to execute
Focused strategy to execute A B C Growth Leadership Operational Excellence Customer Leadership Our ability to find or Our ability to construct, Our ability to create identify the right location operate and maintain a relationship for our terminals our terminals to with our customers deliver our serv
Slide 20: Various projects completed in 2011
Commissioned A Various projects completed in 2011 Acquired Storage capacity decreases by 1.0 million cbm Divestment Terminal Bahamas Amsterdam Westpoort (1) Kandla 3,400,000 cbm; oil products 620,000 cbm; oil products 261,600 cbm; chemicals Altamira Altamira LNG terminal Gate terminal 300,000 cbm; L
Slide 21: Strengthening competitive position: improve safety performance and efficiency
B Strengthening competitive position: improve safety performance and efficiency Safety Efficiency Improving safety performance Operational efficiency improvements Reinforce our Vopak Fundamentals Focus on master plans on Safety 21 Roadshow presentation FY 2011
Slide 22: Serving markets from a product perspective
C Serving markets from a product perspective Product strategy Understand basic technology Understand imbalances Understand trade flow dynamics Winning clients and ports Account Management Portfolio of Terminals Customer segmentation Port Attractiveness Access to the right people Relevance for Networ
Slide 23: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 23 Roadshow presentation FY 2011
Slide 24: Global energy product trends drive Vopak's market
Global energy product trends drive Vopak’s market Oil products Chemical products Biofuels & Vegoils LNG Global Crude oil Feedstock Politics, annual A globalizing trade business advantage in ME harvest and natural gas market Europe’s gasoline Renewed Gulf demand growth will with new business surplus
Slide 25: 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 (So
Slide 26: Market share according to the definition
Market share according to the definition Storage market (cbm) Oil Chemicals Total World Market 211 mln 53 mln 263 mln cbm Primary Competition 132 mln 46 mln 178 mln cbm Secondary Competition 79 mln 7 mln 86 mln cbm Vopak 15.7 mln 10.9 mln 26.9 mln cbm Vopak Market Share As % of total market 7% 21% 1
Slide 27: Demand growth in storage market to support international trade flows
Demand growth in storage market to support international trade flows Additional Worldwide Storage Capacity Total World Market, incl. Vopak 28.2 mln cbm Growth % 10.7 % Vopak 6.0 mln cbm Growth as % of Vopak capacity 21.6 %* * Based on current storage capacity of 27.8 million cbm. 27 Roadshow present
Slide 28: Vopak: the global market leader
Vopak: the global market leader Storage capacity as per February 2012 In mln cbm Vopak Oiltanking Kinder Morgan NuStar Buckeye CLH IMTT Vitol CIM Magellan SUMED terminal Odfjell Dalian Port Horizon Sunoco 0 5 10 15 20 25 30 Note: Including inland capacity and Joint Ventures. Source: Vopak; company w
Slide 29: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 29 Roadshow presentation FY 2011
Slide 30: Global products trends resulting in company growth through healthy demand
Global products trends resulting in company growth through healthy demand for storage capacity Capacity developments 2010-2014 In mln cbm +6.0 -1.0 33.8 28.8 4.2 27.8 1.8 3.5 0.8 1.7 31-12-2010 Divest- Expansions New 31-12-2011 Expansions New 31-12-2014 ments terminals terminals Occupancy rate In pe
Slide 31: Various projects under construction
Various projects under construction Under construction Total storage capacity under construction 6.0 million cbm Eemshaven Amsterdam Westpoort (2) Hainan 660,000 cbm; oil products 570,000 cbm; oil products 1,350,000 cbm; oil products Algeciras Europoort Fujairah Pengerang 403,000 cbm; oil products 4
Slide 32: Storage capacity under construction (1)
Storage capacity under construction (1) Location Ownership Product cbm 2010 2011 2012 2013 2014 Netherlands, 100% O 570,000 Westpoort (2) Mexico, Altamira 100% C 15,800 China, Tianjin (2) 50% LPG 240,000 China, 100% C 55,600 Zhangjiagang Thailand, 49% C 15,000 Map Ta Phut Belgium, Antwerp 100% C 7,5
Slide 33: Storage capacity under construction (2)
Storage capacity under construction (2) Location Ownership Product cbm 2010 2011 2012 2013 2014 Spain, Algeciras 80% O 403,000 Netherlands, 100% C 20,000 Rotterdam China, 50% C 153,000 Dongguan Singapore, 69.5% C 100,200 Banyan China, Hainan 49% O 1,350,000 Malaysia, 44% O 1,278,000 Pengerang Nether
Slide 34: Various projects under study
Various projects under study Under study Perth Amboy Fos-sur-Mer Oil products LNG Bahia Las Minas Bioko Island West-Java Oil products Oil products LPG 34 Roadshow presentation FY 2011
Slide 35: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 35 Roadshow presentation FY 2011
Slide 36: Contribution of Vopak value drivers in the past and present
Contribution of Vopak value drivers in the past and present Past Present Present Future 2003-06 2007-09 2010-2011 2012 > Occupancy improvements Playing field between 90 - 95% Operational efficiency gains Capacity expansion 36 Roadshow presentation FY 2011
Slide 37: Focused strategy delivers results
Focused strategy delivers results EBITDA Development 2006-2011* In mln EUR +102% Healthy occupancy rate 636.0 Improved revenue per cubic meter Effective cost management 314.1 Storage capacity growth 2006 Divestments FX result EBITDA 2011 improvements * Excluding exceptional items; including net resu
Slide 38: Contract duration portfolio did not change significantly since 2008
Contract duration portfolio did not change significantly since 2008 Contract position 2008 Contract position 2011 In percent of revenues In percent of revenues < 1 year < 1 year 20% 19% > 3 year 39% > 3 year 44% 37% 41% 1-3 year 1-3 year 38 Roadshow presentation FY 2011
Slide 39: Transition year 2011 in line with outlook
Transition year 2011 in line with outlook Revenues EBIT* In million EUR 1,171.9 In million EUR 469.4 1,106.3 +6% 445.3 +5% 2010 2011 2010 2011 Net profit* Earnings per share* In million EUR In EUR 275.4 2.16 264.8 +4% 2.08 +4% 2010 2011 2010 2011 * Including net result from Joint Ventures. Note: Exc
Slide 40: Revenue developments supported by robust demand for storage capacity
Revenue developments supported by robust demand for storage capacity Storage capacity Subsidiaries In mln cbm Joint ventures +6.0 +7.6 -1.0 33.8 32.1 28.8 29.9 27.1 28.3 27.8 11.3 12.6 9.6 21.2 21.8 10.2 10.5 8.2 9.6 5.4 5.1 19.6 20.3 20.8 21.2 16.7 17.5 18.1 18.3 15.8 2006 2007 2008 2009 2010 2011
Slide 41: Healthy occupancy rates between 90-95%
Healthy occupancy rates between 90-95% Occupancy rate In percent 90-95% 96 95 95 95 95 94 93 93 93 93 93 94 92 92 92 93 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 41 Roadshow presentation FY 2011
Slide 42: Except from North America, all divisions contribute to 6% revenue growth
Except from North America, all divisions contribute to 6% revenue growth North America OEMEA Asia 308.7 278.1 298.5 272.5 +13% 138.3 137.7 +7% 0% 2010 2011 2010 2011 2010 2011 Latin America CEMEA 325.1 328.9 +1% 88.2 93.6 +6% 2010 2011 2010 2011 Note: Revenues in million EUR. 42 Roadshow presentatio
Slide 43: EBIT excluding exceptional items increased by 5% to EUR 469.4 million
EBIT excluding exceptional items increased by 5% to EUR 469.4 million 2010 2011 Delta In mln EUR In mln EUR In percent Operating profit 358.6 365.1 2% Net result Joint Ventures 83.4 220.4 164% EBIT incl. exceptional items 442.0 585.5 32% Exceptional gain (loss) (3.3) 116.1 EBIT excl. exceptional ite
Slide 44: 63% of EBIT generated in non-euro currencies
63% of EBIT generated in non-euro currencies EBIT transactional currencies FX translation-effect on EBIT In percent In mln EUR USD OEMEA 0.2 Other 11% 24% CEMEA 0.4 28% SGD Asia 5.4 North America 1.6 37% EUR Latin America 0.7 Transactional currency exchange risks are Non allocated 0.1 limited As a r
Slide 45: 5% EBIT increase mainly driven by Asia, Global LNG, OEMEA, and Latin America
5% EBIT increase mainly driven by Asia, Global LNG, OEMEA, and Latin America North America OEMEA Asia 165.7 185.3 156.4 161.4 +12% +3% 46.0 33.8 -27% 2010 2011 2010 2011 2010 2011 Latin America CEMEA Global LNG 90.6 87.8 28.2 -3% 25.7 +10% -5.9 4.4 2010 2011 2010 2011 2010 2011 Note: EBIT in million
Slide 46: Net result from Joint Ventures increases
Net result from Joint Ventures increases with 8% North America OEMEA Asia 46.1 48.1 +4% 29.7 29.6 0% 8.6 1.2 -86%* 2010 2011 2010 2011 2010 2011 Latin America CEMEA Global LNG 9.9 1.1 0.8 1.5 2.1 -2,0 -27% +40% 2010 2011 2010 2011 2010 2011 * Due to the sale of Vopak’s 20% equity stake in BORCO (Bah
Slide 47: IFRS equity accounting versus proportionate consolidation
IFRS equity accounting versus proportionate consolidation Revenues Revenues Subsidiaries (Equity method) Incl. proportionate consolidation JVs tank storage 1,452.0 1,171.9 1,106.3 +6% 1,365.3 +6% 2010 2011 2010 2011 EBITDA EBITDA Subsidiaries* (Equity method) Incl. proportionate consolidation JVs ta
Slide 48: Further optimizing the organization structure
Further optimizing the organization structure Former situation Current situation The Netherlands OEMEA CEMEA EMEA The former divisions Vopak Chemicals The current divisions Vopak Netherlands EMEA and Vopak Oil EMEA and Vopak EMEA as of 1 January 2012 48 Roadshow presentation FY 2011
Slide 49: 'Pro forma' results new division structure Netherlands and EMEA
‘Pro forma’ results new division structure Netherlands and EMEA Revenues Netherlands EBIT Netherlands* Results JVs Netherlands 157.2 156.3 -1% 386.4 400.8 +4% 2.3 1.5 -35% 2010 2011 2010 2011 2010 2011 Revenues EMEA EBIT EMEA* Results JVs EMEA 89.8 92.9 226.6 +3% 48.7 216.8 45.3 +5% +8% 2010 2011 20
Slide 50: Vopak is well positioned to maintain healthy EBIT(DA) margins
Vopak is well positioned to maintain healthy EBIT(DA) margins EBIT(DA) Margin* In percent 50 EBITDA Margin 40 30 EBIT Margin 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 Focus on logistic efficiency improvements for our clients has led to increased EBIT(DA) margins * Excluding exceptional items;
Slide 51: Proposed 2011 dividend amounts to EUR 0.80 per ordinary share
Proposed 2011 dividend amounts to EUR 0.80 per ordinary share Dividend share of EPS 2006-2011** Dividend share of EPS In EUR 2.08 2.16 1.92 +4% 1.62 1.31 0.98 +14% 0.625 0.70 0.80 0.375 0.475 0.55 2006 2007 2008 2009 2010 2011 Dividend policy: “Barring exceptional circumstances, the intention is to
Slide 52: Various other topics
Various other topics II “Net Finance costs aligned “Effective tax with expansion program.” rate 2011.” I III “Sources and uses of cash in 2011.” “Vopak’s Pensions.” “Accounting consequences: III V IAS 19 Employee Benefits effective for 2013.” See appendix for further details 52 Roadshow presentation
Slide 53: Quarterly EBIT development
Quarterly EBIT development EBIT 2009 “Solid year-on-year growth” EBIT 2010 EBIT 2011 EBIT development per Quarter* In mln EUR +21% +6% -4% 0% 130.0 121.3 109.7 109.5 113.3 108.4 114.8 104.2 107.5 98.6 96.9 85.6 Q1 Q2 Q3 Q4 * Excluding exceptional items. 53 Roadshow presentation FY 2011
Slide 54: Chemicals EMEA
Capacity developments Chemicals EMEA In mln cbm 4.22 0.06 4.33 “Encouraging demand for chemical storage services” 0.17 End 2010 Div. Exp. End 2011 Occupancy rate EBIT development per Quarter* FY 2010 FY 2011 EBIT 2010 89% 90% In mln EUR EBIT 2011 -21% -13% +8% +21% 25.3 24.6 24.1 21.4 22.3 22.2 20.1
Slide 55: Oil EMEA
Capacity developments Oil EMEA In mln cbm 11.12 0.00 12.28 1.16 “Robust market conditions in the storage and handling of oil products” End 2010 Div. Exp. End 2011 Occupancy rate FY 2010 FY 2011 EBIT development per Quarter* EBIT 2010 95% 94% In mln EUR EBIT 2011 +27% -1% -5% -8% 47.3 39.7 42.0 41.7
Slide 56: Asia
Capacity developments Asia In mln cbm 6.78 0.00 0.31 7.09 “Continuous growth in Asia” End 2010 Div. Exp. End 2011 Occupancy rate FY 2010 FY 2011 EBIT development per Quarter* EBIT 2010 92% 94% In mln EUR EBIT 2011 +29% +15% +1% +5% 47.4 46.2 46.2 46.7 42.7 45.0 40.1 36.7 Q1 Q2 Q3 Q4 * Excluding exce
Slide 57: North America
Capacity developments North America In mln cbm 5.73 “Encouraging finish in a transition year” 3.41 0.00 2.32 End 2010 Div. Exp. End 2011 Occupancy rate FY 2010 FY 2011 EBIT development per Quarter* EBIT 2010 94% 93% In mln EUR EBIT 2011 -26% -41% -21% -16% 13.3 12.0 9.8 10.1 10.6 8.0 8.9 7.1 Q1 Q2 Q
Slide 58: Latin America
Capacity developments Latin America In mln cbm 0.97 0.00 0.02 0.99 “Healthy demand for chemicals and palm oil” End 2010 Div. Exp. End 2011 Occupancy rate EBIT development per Quarter* EBIT 2010 FY 2010 FY 2011 In mln EUR EBIT 2011 90% 89% -10% +6% +60% 0% 7.3 7.3 7.1 6.4 6.6 7.0 7.5 4.7 Q1 Q2 Q3 Q4
Slide 59: Results in HY2 2011 fuelled by expansions
Results in HY2 2011 fuelled by expansions Revenues EBIT* In million EUR 610.8 In million EUR 251.5 562.4 +9% 222.3 +13% HY2 2010 HY2 2011 HY2 2010 HY2 2011 Net profit* Earnings per share* In million EUR In EUR 151.9 1.19 132.4 1.04 +15% +14% HY2 2010 HY2 2011 HY2 2010 HY2 2011 * Including net result
Slide 60: Total investments
Total investments Total investments 2006-2011 Total expansion CAPEX Group companies and JVs In mln EUR In mln EUR 800 711 Remaining Vopak share in Capex ~500 (Group Capex / equity share in JVs) 535 565 ~1400 446 Other Capex* ~500 ~1,400 268 Total Capex ~1,900 (6.0 mln cbm under construction) Average
Slide 61: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 61 Roadshow presentation FY 2011
Slide 62: Strategic finance
Strategic finance Net senior debt : EBITDA ratio 5 3.75 4 3 2 2.42 2.54 2.63 2.65 1 2.20 2.23 1.76 1.61 1.71 0 2003* 2004 2005 2006 2007 2008 2009 2010 2011 Maximum Ratio under current US PP program Maximum Ratio under other PP programs and syndicated revolving credit facility * Based on Dutch GAAP.
Slide 63: Various other financing topics
Various other financing topics “Debt funding program further strengthened VII during 2011.” “Maturity of debt VI funding further enhanced.” VIII “Balanced debt See appendix for further details repayment schedule.” 63 Roadshow presentation FY 2011
Slide 64: Contents
Contents General Introduction Achievements 2011 Business environment Growth projects Business performance Financing Outlook 64 Roadshow presentation FY 2011
Slide 65: Contribution of Vopak value drivers in the future
Contribution of Vopak value drivers in the future Past Present Present Future 2003-06 2007-09 2010-2011 2012 > Occupancy improvements Playing field between 90 - 95% Operational efficiency gains Capacity expansion 65 Roadshow presentation FY 2011
Slide 66: 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% Robust Encouraging Solid Mixed Solid 2013 ~60-65% ~17.5-20% ~7.5-10% ~5-7.5% ~2.5-5% Note: width of the boxes do not represent actual percentages. 66 Roads
Slide 67: Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013
Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013 Historical results Guidance/Outlook EBITDA Development and guidance In EUR mln 725-800 636.0 598.2 513.4 429.3 369.5 314.1 262.5 Long-term 231.8 guidance ROCE average 16% 2004 2005 2006 2007 2008 2009 2010 2011 2013 Note: Excl
Slide 68: Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013
Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013 6% EBITDA growth 5% EBIT growth 4% EPS growth Proposal cash dividend of EUR 0.80 per share (+14%) Adequate funding of growth strategy secured Note: Excluding exceptional items; including net result from Joint Ventures 68 Roads
Slide 69: 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 70: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com
Slide 71: Net Finance costs aligned with expansion program
I Net Finance costs aligned with expansion program Net finance costs 2010 Net finance costs 2011* In mln EUR In mln EUR Interest and dividend income 4.6 7.3 Finance costs 73.0 85.9 Net finance costs -68.4 -78.6 Net interest bearing debt Average interest rate In mln EUR In percent 1,605.6 7.0 6.3 1,4
Slide 72: Effective tax rate 2011
II Effective tax rate 2011 Tax In mln EUR 72.8 71.3 -2% 2010 2011 Effective Tax Rate EUR 108.5 million of book gain on the In percent sale of our 20% equity stake in BORCO 19.5 19.5 0.0 (Bahamas) is exempted for tax purposes 5.4 Excluding exceptional items, the effective 14.1 tax rate for 2011 amoun
Slide 73: Sources and uses of cash in 2011
III Sources and uses of cash in 2011 Consolidated Statement of Cash Flows In mln EUR 61.3 28.1 495.8 147.8 710.9 13.1 181.4 281.3 2.9 -67.0 Net Cash Gross Net finance Tax paid Invest- Divest- Derivative Financing FX / Net Cash position operating costs ments ments Settlement activities (de)con- posit
Slide 74: Vopak's Pensions
IV Vopak’s Pensions Vopak’s Pension obligations Dutch Pension Fund In percent Highlights Dutch 83% Cover ratio ultimo 2011 Other 17% is 106% Return was 5% in 2011 Other Pension contribution to remain at the same, 20% 80% maximum level of 30% An additional contribution of EUR 50 million in 2011 Dutch
Slide 75: Accounting consequences: IAS 19 Employee Benefits effective for 2013
V Accounting consequences: IAS 19 Employee Benefits effective for 2013 Higher volatility in net pension liability Immediate recognition of Removal the unrecognized actuarial 10% corridor gains and losses through approach equity, which amounted to EUR 107.4 million at Rest of changes (i.e. remeasurem
Slide 76: Debt funding program further strengthened during 2011
VI Debt funding program further strengthened during 2011 Renewal RCF – 2 February 2011 EUR 1.2 bln revolving credit facility (RCF) Maturity 5 + 1 + 1 years Extension with 1 year Renewal RCF – 2 February 2012 EUR 1.1 bln revolving credit facility (RCF) Maturity 5 + 1 years 76 Roadshow presentation FY
Slide 77: Maturity of debt funding further enhanced
VII Maturity of debt funding further enhanced Covenant US PP Asian PP RCF Term 2001 2007 2009 SGD2009 SGD2010 JPY PP EUR 1.2 bln Maximum Net Senior Debt/ 3.75 3.75 3.75 EBITDA Additional headroom when financed with - Up to 4.25 > 3.75 > 3.75 > 3.75 subordinated debt Minimum EBITDA / 4.0 3.5 3.5 3.5
Slide 78: Balanced debt repayment schedule
VIII Balanced debt repayment schedule 2011 Overall weighted average interest rate 4.7% Debt repayment schedule In mln EUR 250 200 150 100 50 0 2012 2013 2014 2015 2016* 2017 2018 2019 2020 2021 2022 2023 2024 2029 2040 * On 2 February 2012, revolving credit facility extension with one additional yea
Slide 79: The world of Vopak
The world of Vopak 79 Roadshow presentation FY 2011