Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2022 Earnings Presentation
27 slides from Royal Vopak Nv's earnings presentation, Apr 20, 2022
Slide 1: Storing vital products with care
Storing vital products with care Vopak Q1 2022 Interim Update - Analyst Presentation Dick Richelle – Chairman and CEO of Royal Vopak Michiel Gilsing – Incoming CFO of Royal Vopak
Slide 2: Forward-looking statement
Forward-looking statement Any statement, presentation or other information contained herein that relates to future events, goals or conditions is, or should be considered, a forward-looking statement. Although Vopak believes these forward-looking statements are reasonable, based on the information a
Slide 3: Storing vital products with care – Dick Richelle, Chairman and CEO
Storing vital products with care Chairman of the Executive Board Dick and CEO of Royal Vopak Richelle
Slide 4: Q1 2022 Key messages
Q1 2022 Key messages EBITDA of EUR 213 million increased year on year notwithstanding volatile market conditions EBITDA performance was driven by growth projects contribution and good performance in the Americas division that offset the impact of particularly challenging market conditions in Eur
Slide 5: Impact of the Russia – Ukraine war
Impact of the Russia – Ukraine war Russian invasion of Ukraine is a major humanitarian drama Vopak has no operations in Russia, Ukraine or any of the Baltic states Vopak is monitoring the situation closely and is fully committed to adhere to relevant sanctions laws and regulations The Russia
Slide 6: Business environment update
Business environment update Geopolitical tensions and inflationary pressures are impacting our markets Chemicals continues to recover Persisting softness in oil Industrial and distribution Oil products Pressure on storage demand in our Chemicals hub terminals terminals continue to perform well d
Slide 7: We continue to invest in growth and transform the portfolio
We continue to invest in growth and transform the portfolio Proportional revenue by product category Since 2014, we have divested more than 10 oil terminals located in the Netherlands, UK, Sweden, Germany, ~10% 10-15% ~15% Estonia, Spain, USA and China 15-20% 20-25% 25-30% 25-30% Gas terminals 25-
Slide 8: Q1 2022 Portfolio highlights
Q1 2022 Portfolio highlights Divestment in Canada and continued operations in Australia Divestment in Canada Continued operations in Australia Vopak has signed an agreement subject to customary closing Following the outcome of the previously announced strategic conditions for the divestment of 4
Slide 9: Storing vital products with care – Michiel Gilsing, Incoming CFO
Storing vital products with care Incoming Member of the Executive Michiel Board and CFO of Royal Vopak Gilsing
Slide 10: CFO succession
CFO succession Michiel Gilsing to succeed Gerard Paulides as Vopak CFO ▪ The Supervisory Board nominated Michiel Gilsing to become CFO and take over as per 20 April 2022 ▪ Over 25 years’ experience in general management, finance, commercial management and international business development ▪ Started
Slide 11: Financial highlights
Financial highlights EBITDA of EUR 213 million increased by EUR 5 million (2.5%) adjusted for positive currency translation effects in volatile market conditions EBITDA year on year improvement is driven by growth projects contribution and good performance in the Americas that offset the impact
Slide 12: Q1 2022 vs Q1 2021 EBITDA
Q1 2022 vs Q1 2021 EBITDA Positive currency exchange development, good performance in the Americas offsetting challenging market conditions in Europe 0.5 0.4 3.0 13.0 13.3 213.1 1.7 9.4 198.6 Q1 2021 FX-effect Americas China & Asia & LNG Europe & Global Q1 2022 North Asia Middle East Africa function
Slide 13: Divisional performance
Divisional performance Good performance in the Americas that offset the impact of particularly challenging market conditions in Europe Americas Asia & Middle East China & North Asia 88 88 87 86 87 85 85 90 89 90 91 93 84 84 84 48.2 54.4 58.7 73.4 22.0 41.8 45.6 69.4 68.0 70.9 72.5 15.1 15.7 15.6 19.
Slide 14: Non-IFRS proportional information
Non-IFRS proportional information EBITDA increased year on year despite lower occupancy EBITDA Occupancy rate In EUR million In percent – subsidiaries only IFRS BASED 199 205 211 213 213 88 87 87 86 83 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2021 2021 2021 2021 2022 EBITDA Occupancy r
Slide 15: Cash flow overview
Cash flow overview Cash flow from operations* increased by 21% YoY Q1 2022 Q1 2021 In EUR million In EUR million +21% YoY 169 CFFI: -95 CFFI: -137 19 150 4 140 18 122 51 16 42 64 51 2 71 2 -31 CFFO Derivatives CFFO Tax & Sustaining, Growth Other FCF CFFO Derivatives CFFO Tax & Sustaining, Growth Oth
Slide 16: Looking ahead
Looking ahead On track with the prior announced target of EUR 110-125 million EBITDA contribution in 2023 from growth projects We expect to manage the 2022 cost base including additional cost for new growth projects around EUR 645 million. In Q1 2022 there was upward pressure on currency exchang
Slide 17: Q1 2022 Key messages
Q1 2022 Key messages EBITDA of EUR 213 million increased year on year notwithstanding volatile market conditions EBITDA performance was driven by growth projects contribution and good performance in the Americas division that offset the impact of particularly challenging market conditions in Eur
Slide 18: Capital Markets Day
Capital Markets Day Vopak will host its 2022 Capital Markets Day on 12 May 2022 Members of Vopak’s Executive Board and senior management will provide an update on Vopak’s priorities for the years ahead For more information please contact: investor.relations@vopak.com Vopak Q1 2022 - Analyst Pr
Slide 19: Questions & Answers
Storing vital products with care Vopak Q1 2022 Interim Update Questions & Answers
Slide 20: Vopak Q1 2022
For more information please contact: Upcoming events: Investor Relations contact: Ex-dividend quotation Fatjona Topciu, Head of Investor Relations 22 April 2022 Telephone: +31 (0)10 400 2776 Dividend record date e-mail: investor.relations@vopak.com 25 April 2022 Dividend payment date Media contact:
Slide 21: Americas developments
Americas developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million 0.5 Q1 2022 90 89 90 91 93 94.8 5.5 million cbm 86.7 1.0 83.1 77.6 79.2 4.0 Subsidiaries Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2
Slide 22: Asia & Middle East developments
Asia & Middle East developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2022 88 88 84 84 84 74.6 78.2 3.3 69.9 70.7 68.9 4.3 15.6 million cbm Subsidiaries Joint ventures & associates 8.0 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021
Slide 23: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2022 87 86 87 85 85 0.8 3.1 million cbm 11.9 13.0 10.7 10.9 11.2 Subsidiaries 2.3 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 2021
Slide 24: Europe & Africa developments
Europe & Africa developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million 1.3 Q1 2022 88 87 88 86 140.8 141.2 142.7 141.3 136.7 79 10.7 million cbm Subsidiaries 9.4 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 20
Slide 25: JVs & associates developments
JVs & associates developments Net result JVs and associates* Americas* Asia & Middle East* In EUR million In EUR million In EUR million 57.6 47.1 43.4 42.5 42.2 23.2 22.1 19.6 19.0 19.2 4.0 4.4 4.5 2.1 1.5 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2021 2021 2021 2021 2022
Slide 26: Vopak's approach to sustainability
Vopak’s approach to sustainability We are ambitious and performance driven with a balanced roadmap focusing on care for people, planet and profit ESG benchmarks Sustainability roadmap MSCI Rating: AAA* (Scale: CCC to AAA) Safety is our first priority Positioned towards the future and ready to
Slide 27: Project timelines
Project timelines Vopak’s Capacity* Country Terminal ownership Products (cbm) 2018 2019 2020 2021 2022 2023 2024 Growth projects Existing terminals China Shanghai - Caojing Terminal 50% Industrial terminal 65,000 Netherlands Vlaardingen 100% Renewable feedstocks 64,000 Brazil Alemoa 100% Chemicals 2