Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q3 2014 Earnings Presentation
29 slides from Royal Vopak Nv's earnings presentation, Nov 11, 2014
Slide 1: Q3 2014 Trading update
Q3 2014 11 NOVEMBER 2014 ANALYST PRESENTATION Q3 Trading update
Slide 2: Forward-looking Statement
Business performance Divisional results Selective capital Looking ahead disciplined growth 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
Slide 3: Business performance
Business performance Divisional results Selective capital Looking ahead disciplined growth Business performance 3 Analyst presentation Q3 2014 Vopak staff at the recently acquired Haiteng terminal
Slide 4: Highlights Q3 2014 trading update
Business performance Divisional results Selective capital Looking ahead disciplined growth Highlights Q3 2014 trading update Actions business review, 2 July, in progress • Divestment program • Capex reduction plans • Sharpen business development plans • Organizational efficiency • Actions resulted i
Slide 5: Outlook
Business performance Divisional results Selective capital Looking ahead disciplined growth Outlook 2014 EBITDA -excluding exceptional items- outlook In EUR million 753 -5% >740 >700 Spot Difficult Currency contracts business effects climate Europe -10% Whilst we expect our Q4 result to be lower 2013
Slide 6: Q3 2014 summary
Business performance Divisional results Selective capital Looking ahead disciplined growth Q3 2014 summary EBITDA* EBIT* On 2 July 2014, Vopak In EUR million In EUR million published the outcome of the business review. Vopak has -5% +9% updated its terminal portfolio -9% +7% criteria for existing te
Slide 7: Q3 YTD 2014 summary
Business performance Divisional results Selective capital Looking ahead disciplined growth Q3 YTD 2014 summary EBITDA* EBIT* In EUR million In EUR million -1% 0% -4% -5% 576.4 570.1 568.4 427.5 412.1 392.8 Q3 YTD 2012 Q3 YTD 2013 Q3 YTD 2014 Q3 YTD 2012 Q3 YTD 2013 Q3 YTD 2014 Net profit** Occupancy
Slide 8: Q3 YTD 2014 EBITDA analysis
Business performance Divisional results Selective capital Looking ahead disciplined growth Q3 YTD 2014 EBITDA analysis 12.1 11.8 570.1 568.4 15.3 0.7 4.5 557.1 13.0 1.1 Netherlands Asia Americas LNG FX-effect Q3 YTD 2013 against FX 2014 Q3 YTD 2014 EMEA Q3 YTD 2013 /Divestments /Greenfields Acquisit
Slide 9: Q3 YTD 2014 net result of joint ventures
Business performance Divisional results Selective capital Looking ahead disciplined growth Q3 YTD 2014 net result of joint ventures Netherlands EMEA -22% -53% 36.2 Net result of +64% +11% 28.3 joint ventures 1.8 2.0 13.3 1.1 -2% -21% Q3 YTD Q3 YTD Q3 YTD Q3 YTD Q3 YTD Q3 YTD 83.0 81.7 2012 2013 2014
Slide 10: Q3 YTD 2014 EBIT
Business performance Divisional results Selective capital Looking ahead disciplined growth Q3 YTD 2014 EBIT Q3 YTD 2013 Q3 YTD 2014 Delta In EUR million In EUR million In EUR million Group operating profit 318.2 296.5 - 21.7 Net result joint ventures 92.5 48.4 - 44.1 incl. exceptional items EBIT inc
Slide 11: Occupancy rate developments
Business performance Divisional results Selective capital Looking ahead disciplined growth Occupancy rate developments Occupancy rate In percent Full potential playing field 90-95% Current playing field 85-90% 94 96 95 94 92 93 93 91 93 91 88 90 90 89 88 87 87 88 88 89 84 ’04 ’05 ’06 ’07 ’08 ’09 ’10
Slide 12: Non-IFRS proportionate information
Business performance Divisional results Selective capital Looking ahead disciplined growth Non-IFRS proportionate information Proportionate Q3 EBITDA* Proportionate Q3 YTD EBITDA* In EUR million In EUR million -4% +5% -1% -1% 213 216 626 619 612 205 Q3 2012 Q3 2013 Q3 2014 Q3 2012 Q3 2013 Q3 2014 Ca
Slide 13: Divisional results
Business performance Divisional results Selective capital Looking ahead disciplined growth Divisional results 13 Analyst presentation Q3 2014 New tankpit Midex at Europoort terminal
Slide 14: Netherlands
Business performance Divisional results Selective capital Looking ahead disciplined growth Netherlands EBITDA* In EUR million 63.3 66.2 69.6 68.2 59.8 61.2 62.0 60.9 62.8 68.0 59.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 Occupancy rate** Storage capaci
Slide 15: EMEA
Business performance Divisional results Selective capital Looking ahead disciplined growth EMEA EBITDA* In EUR million 32.3 36.7 31.8 31.5 34.7 33.6 33.0 34.2 30.4 28.9 28.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 Occupancy rate** Storage capacity In p
Slide 16: Asia
Business performance Divisional results Selective capital Looking ahead disciplined growth Asia EBITDA* In EUR million 67.3 67.3 71.0 67.5 70.7 73.2 70.6 68.0 66.4 70.0 76.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 Occupancy rate** Storage capacity In p
Slide 17: Americas
Business performance Divisional results Selective capital Looking ahead disciplined growth Americas EBITDA* In EUR million 27.3 24.4 24.9 25.6 24.0 28.0 23.3 25.9 26.3 22.1 21.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 Occupancy rate** Storage capacity
Slide 18: Selective capital disciplined growth
Business performance Divisional results Selective capital Looking ahead disciplined growth Selective capital disciplined growth 18 Analyst presentation Q3 2014 New LPG storage bullets for Vlissingen terminal
Slide 19: Investments and divestments
Business performance Divisional results Selective capital Looking ahead disciplined growth Investments and divestments Oil Haiteng Chemicals Industrial 890,000 cbm Gasses Banyan rock Divestments cavern 480,000 cbm Canterm Penjuru (phase 2) 509,000 cbm 47,000 cbm Peru* Midex 180,000 cbm 400,000 cbm N
Slide 20: Storage capacity developments
Business performance Divisional results Selective capital Looking ahead disciplined growth Storage capacity developments Storage capacity developments In million cbm; commissioned and under development +5.0 38.0 * 3.6 +2.5 1.4 33.0 1.4 0.9 0.2 30.5 0.4 Greenfield Greenfield Desinvestment Brownfield
Slide 21: Vopak's selective growth opportunities
Business performance Divisional results Selective capital Looking ahead disciplined growth Vopak’s selective growth opportunities Storage capacity In million cbm +5.0 +13.1 36.2 37.0 38.0 33.0 34.0 29.9 30.5 28.3 28.8 27.8 27.1 22.2 22.2 21.9 21.2 21.8 21.7 19.9 20.2 20.4 21.3 18.1 18.3 20.3 20.8 17
Slide 22: Selective capital disciplined growth
Business performance Divisional results Selective capital Looking ahead disciplined growth Selective capital disciplined growth Total investments 2008-2016 Expansion capex** In EUR million In EUR million; 100% = EUR 1,700 million 2,012 ~200 Remaining 1,899 Vopak share Forecasted capex in capex (Grou
Slide 23: Selective capital disciplined growth
Business performance Divisional results Selective capital Looking ahead disciplined growth Selective capital disciplined growth Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated 5 revolving credit facility Maximum ratio under 4 3.75 current US PP programs 3.0 3 2.75
Slide 24: Looking ahead
Business performance Divisional results Selective capital Looking ahead disciplined growth Looking ahead 24 Analyst presentation Q3 2014 Preparations for the phase VII 478,000 cbm expansion in Fujairah
Slide 25: Outlook assumptions
Business performance Divisional results Selective capital Looking ahead disciplined growth Outlook assumptions ~x% Share of EBITDA* Industrial terminals Biofuels & Oil products Chemicals & other pipeline LNG connected infra vegoils ~50% ~20% 15% - 20% 7.5% - 10% 2.5% - 5% 2013 Robust Steady Solid Mi
Slide 26: Outlook
Business performance Divisional results Selective capital Looking ahead disciplined growth Outlook 2014 EBITDA -excluding exceptional items- outlook In EUR million 753 -5% >740 >700 Spot Difficult Currency contracts business effects climate Europe -10% Whilst we expect our Q4 result to be lower 2013
Slide 27: Financial update 2016
Business performance Divisional results Selective capital Looking ahead disciplined growth Financial update 2016 Bar size for illustration purposes only Q3 2014 Expansions Divestments Productivity and FX and Uncertainties 2016 and organizational pension costs incl. phased- acquisitions efficiency bu
Slide 28: Questions & answers
Business performance Divisional results Selective capital Looking ahead disciplined growth Questions & answers Analyst presentation Q3 2014 28 Tanks under construction at Hainan terminal
Slide 29: We have built our company over 400 years on trust and reliability
Business performance Divisional results Selective capital Looking ahead disciplined growth We have built our company over 400 years on trust and reliability • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• •• •