Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Non-Deal Roadshow (2013)
78 slides from Royal Vopak Nv's roadshow presentation, 2013
Slide 1: Roadshow presentation Q1 2013
Roadshow presentation Q1 2013
Slide 2: Forward-looking statements
Forward-looking statements This document 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 fut
Slide 3: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 3 Roadshow presentation Q1 2013
Slide 4: Vopak and storage since 1616
Vopak and storage since 1616 Almost four centuries of history First ever dedicated oil Merger Van Ommeren and First Vopak storage container Pakhoed resulting in Royal LNG terminal 1860 Vopak 2011 1999 Vopak’s oldest terminal (Vlaardingen) was founded Pakhuismeesteren 1929 1818 1616 Blauwhoed 1996 Fu
Slide 5: The world of Vopak
The world of Vopak 5 Roadshow presentation Q1 2013
Slide 6: 85 Terminals in 31 countries
85 Terminals in 31 countries And a number of terminals under construction. 6 Roadshow presentation Q1 2013
Slide 7: Vopak key figures
Vopak key figures 7 Roadshow presentation Q1 2013
Slide 8: Vopak's role in the supply chain
Vopak’s role in the supply chain Feedstock Feedstock Independent Products Production & Products Independent Mid-Stream Production Gathering Storage & Transmission Refining Transmission Storage & & End-user Transshipment Transshipment Distribution Energy and Chemical supply chain 8 Roadshow presentat
Slide 9: Requirement for independent storage
Requirement for independent storage Rationale for our clients Non-core activity Economies of scale Flexibility ▪ Our clients focus their ▪ Economies of scale make ▪ Independent storage capital on their core storage at Vopak gives flexibility activities attractive Our clients select suppliers with th
Slide 10: Vopak business model
Vopak business model Products Clients Oil (derivatives) Oil/chemical companies Chemicals Biofuel/vegoil companies Vegetable oils National oil companies Biofuels Governments LNG Trading companies LPG Energy companies Chemical gasses Downstream consumers Services Supply and transport Storage Vessels B
Slide 11: Strategic logistic functions of tank terminals
Strategic logistic functions of tank terminals Three types of terminals Logistics Hub Import / Export Industrial ▪ Vital link for incoming and ▪ Storage of products that ▪ Complete integration in an outgoing flows of oil and are exported or industrial park and in the chemicals transferred to end use
Slide 12: Vopak's business model
Vopak’s business model Blending Weighing Break / make bulk Monthly invoicing in arrears Additional throughputs Loading & discharging Heating / cooling Share of revenues Fixed rental fees for capacity Fixed number of throughputs per year Vopak does not own the product Monthly invoicing in advance Not
Slide 13: Duration of over 80% of contract portfolio exceeds 1 year
Duration of over 80% of contract portfolio exceeds 1 year period Contract position 2011 Contract position 2012 In percent of revenues In percent of revenues < 1 year < 1 year > 3 year 19% > 3 year 18% 44% 52% 30% 37% 1-3 year 1-3 year Note: Based on original contract duration; excluding joint ventur
Slide 14: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 14 Roadshow presentation Q1 2013
Slide 15: Vopak: the global market leader
Vopak: the global market leader Storage capacity as per January 2013 In mln cbm Vopak Oiltanking Kindermorgan Nustar Magellan Buckeye VTTI CLH IMTT Sunoco CIM Horizon Odfjell LBC Titan 0 5 10 15 20 25 30 Note: Including inland capacity and joint ventures and associates. Source: Vopak; company websit
Slide 16: Vopak competitive environment
Vopak competitive environment Market share definition: non-captive marine tank storage for liquid oil and chemical products Primary competition Secondary competition Captive storage Independent competition Partly using their Producers & traders renting only to third capacity for storing own only usi
Slide 17: Market share according to definition
Market share according to definition Oil storage market Non oil storage market* Total storage market In mln cbm In mln cbm In mln cbm Primary competition 125.6 36.3 161.9 Secondary competition 83.0 10.0 93.0 Vopak 17.4 11.7 29.1 Total 226.0 58.0 284.0 Vopak share As a % of world market 8% 20% 10% As
Slide 18: Solid long-term trends
Solid long-term trends Growing energy demand and supply and demand imbalances Growing energy demand Growing imbalances ▪ Growing energy demand by over one-third ▪ Growing supply and demand imbalances to 2035, mainly from non-OECD countries require additional tank storage infrastructure Source: IEA W
Slide 19: Growing energy demand by over one-third to 2035
Growing energy demand by over one-third to 2035, mainly from non-OECD countries Share of global energy demand Rest of non-OECD In Mtoe Middle East 16,730 India China OECD 12,380 6,030 Natural gas nearly overtakes coal in the primary energy supply mix by 2035 1975 2010 2035 Source: IEA WEO 2012. 19 R
Slide 20: Energy and chemical product trends drive growth projects
Energy and chemical product trends Drive Vopak’s worldwide growth projects Oil products LNG Chemical products Biofuels & Vegoils • Global crude and • A globalizing natural • Uncertainty in • Greenhouse gas refined oil products gas market with new Europe emission reduction trade is increasing busines
Slide 21: Questions arising on the business
Questions arising on the business US oil and gas LNG as Shale gas in European refining Renewables Energy role of export scenarios transport fuel China & petrochemical scenarios Africa 21 Roadshow presentation Q1 2013
Slide 22: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 22 Roadshow presentation Q1 2013
Slide 23: Vopak's strategy
Vopak’s strategy Disciplined execution existing business and new projects Growth Leadership Operational Excellence Customer Leadership Our ability to find or Our ability to construct, Our ability to create long- identify the right location own, operate and maintain term sustainable for our terminals
Slide 24: Disciplined capital investments
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Disciplined capital investments A Different concepts for different purposes Type of investment Different concepts for Full potential different purposes evaluation matrix ▪ Greenfield ▪ Launching Customers ▪ Local WACC ▪
Slide 25: Capacity growth under construction
Capacity growth under construction Several additional expansion opportunities currently under study to continue Vopak’s capital-disciplined growth strategy Capacity developments under construction In mln cbm +5.3 0.4 35.2 3.5 Other Other Jubail Europoort Pengerang Hainan 1.4 Other Algeciras 2.1 Tham
Slide 26: Projects commissioned in 2012
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Projects commissioned in 2012 A Storage capacity increased by 2.1 million cbm A’dam Westpoort 2 (100%) Gothenburg (100%) Tianjin Lingang (50%) 582,000 cbm; oil products 60,000 cbm; oil products 95,300 cbm; chemicals Eem
Slide 27: Projects commissioned in Q1 2013
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Projects commissioned in Q1 2013 A Storage capacity increased by 0.4 million cbm Banyan (69.5%) 50,000 cbm; chemicals Algeciras (80%) 403,000 cbm; oil products (X%) = Ownership % Note: 100% of the storage capacity is in
Slide 28: Various projects under construction
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Various projects under construction A 4.9 million cbm total storage capacity under construction Europoort (100%) Thames Oilport (33.3%) Hainan (49%) 400,000 cbm; oil products 500,000 cbm; oil products 1,350,000 cbm; oil
Slide 29: New projects announced in 2013
Growth Leadership Operational Excellence Customer Leadership Customer Leadership New projects announced in 2013 A Storage capacity announced: 0.2 million cbm Gothenburg (100%)* 100,000 cbm; oil products Vlissingen (100%) 36,800 cbm; LPG/chemical gases Zhangjiagang (100%) 46,800 cbm; chemicals Under
Slide 30: Capacity under construction (1)
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Capacity under construction (1) A Note: For the joint ventures and associates 100% of the storage capacity is included. 30 Roadshow presentation Q1 2013
Slide 31: Capacity under construction (2)
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Capacity under construction (2) A Note: For the joint ventures and associates 100% of the storage capacity is included. 31 Roadshow presentation Q1 2013
Slide 32: Strengthening competitive position of services to our customers
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Strengthening competitive position B of services to our customers Safety Efficiency 32 Roadshow presentation Q1 2013
Slide 33: Roadmap Terminal Master Plan
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Roadmap Terminal Master Plan B Disciplined capital investments for existing business Business Terminal and market requirements outlook Positioning Blue print & Strategic terminal and options organization Current Financi
Slide 34: Serving markets from a product perspective
Growth Leadership Operational Excellence Customer Leadership Serving markets from a product C perspective Product strategy Understand basic technology Understand imbalances Understand trade flow dynamics Winning clients and ports Account Management Portfolio of Terminals Customer segmentatio
Slide 35: Vopak's commercial organization
Growth Leadership Operational Excellence Customer Leadership Vopak’s commercial organization C Global, regional and local Global Regional Local Global sales & marketing Division Operating company ▪ Global Network Account ▪ Business developers ▪ Commercial manager Directors ▪ Commercial directors ▪ S
Slide 36: Global, regional and local clients
Growth Leadership Operational Excellence Customer Leadership Global, regional and local clients C Each client segment represents about 1/3 of Vopak’s revenue Global clients Regional clients Local clients ▪ Active at multiple Vopak ▪ Active in more than one ▪ Active in one Vopak locations around the
Slide 37: Sustainability
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Sustainability The core of every decision Environmental Excellent people Safety and Health Environmental Partner care Responsible partner Have the best people Provide a healthy Be energy and water Be a responsible and c
Slide 38: Safety
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Safety We improved our process and own employee safety results 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 e
Slide 39: Ambition to realize an EBITDA of EUR 1 billion in 2016
It is Vopak’s ambition to realize an EBITDA of EUR 1 billion in 2016 Focused strategy and Long-term trends Aligned organization disciplined execution 39 Roadshow presentation Q1 2013
Slide 40: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 40 Roadshow presentation Q1 2013
Slide 41: Key drivers for EBITDA growth
Key drivers for EBITDA growth Expansion projects main driver for further EBITDA growth Past Near Past Present Future 2003-06 2007-09 2010-2011 2012 2013 2014 > Occupancy improvements Playing field between 90 - 95% Operational efficiency gains Capacity expansion 41 Roadshow presentation Q1 2013
Slide 42: Healthy occupancy rates
Healthy occupancy rates Decreased occupancy rate mainly due to current market conditions for crude and gasoil storage in the Netherlands division Occupancy rate In percent 90-95% 96 95 95 95 92 94 93 93 93 93 92 92 92 93 93 94 93 90 91 90 89 84 ’04 ’05 ’06 ’07 ‘08 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 43: 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 2012 Continued focus on logistic efficiency improvements for our clients has led to increased EBIT(DA) margins * EBIT(DA) divid
Slide 44: Strategic alliances support Vopak's growth strategy
Strategic alliances support Vopak’s growth strategy Several additional expansion opportunities currently under study to continue Vopak’s capital-disciplined growth strategy Subsidiaries Storage capacity Joint Ventures In mln cbm +5.3 +2.1 34.8 35.2 +7.6 31.3 28.8 29.9 27.1 28.3 27.8 13.1 13.4 9.6 10
Slide 45: Q1 2013 Summary
Q1 2013 Summary EBIT(DA) in line with Q1 2012 EBITDA* EBIT* In million EUR In million EUR 187.4 188.9 +1% 139.2 138.4 -1% Q1 2012 Q1 2013 Q1 2012 Q1 2013 Occupancy rate** Storage capacity*** In percent In mln cbm 93.0 89.0 28.3 30.3 -4pp +7% Q1 2012 Q1 2013 Q1 2012 Q1 2013 * Excluding exceptional it
Slide 46: Q1 2013 EBIT in line with Q1 2012
Q1 2013 EBIT in line with Q1 2012 North America Netherlands Asia +7% -10% 53.6 57.1 46.5 EBIT -12% 41.8 11.0 9.7 -1% 139.2 138.4 Q1 2012* Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Latin America EMEA Global LNG +6% Q1 2012 Q1 2013 -30% 24.1 25.6 +48% 7.4 7.4 5.2 5.0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2
Slide 47: 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 +5.3 +2.8 34.8 35.2 29.9 31.3 28.3 28.8 27.8 27.1 13.1 13.4 9.6 10.3 9.6 10.2 10.5 8.1 30.2 26.0 +16% 19.7 20.3 21.0 21.7 21.8 17.5 18.1 18.3 2008
Slide 48: Net result of joint ventures rose by 16%
The net result of joint ventures rose by 16%, mainly due to Asia and Global LNG North America Netherlands Asia +32% Net result from JVs +100% 9.6 +16% 7.3 0.3 0.6 30.2 0.0 0.0 26.0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Latin America EMEA Global LNG -8% +34% Q1 2012 Q1 2013 11.8 10.9 0% 8.7
Slide 49: IFRS equity accounting versus proportionate consolidation
IFRS equity accounting versus proportionate consolidation IFRS equity accounting Proportionate consolidation* EBITDA EBITDA Subsidiaries and net result from joint ventures and associates 217.7 217.1 187.4 188.9 0% +1% Q1 2012 Q1 2013 Q1 2012 Q1 2013 EBIT EBIT Subsidiaries and net result from joint v
Slide 50: Netherlands
Netherlands - Higher pension costs and lower occupancy rates in crude and gasoil storage - Robust storage demand for other oil products/specialty chemicals EBIT* In EUR million -10% 41.9 46.2 46.5 48.9 51.4 48.5 41.8 33.5 34.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 O
Slide 51: EMEA
EMEA - New oil terminal in Algeciras (Spain) was opened - Lower results in Estonia - Higher throughputs in the UK EBIT* In EUR million +6% 22.4 23.3 23.9 23.3 24.1 28.2 22.4 22.2 25.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 Occupancy rate** Storage capacity*** In perc
Slide 52: Asia
Asia - Additional chemical storage capacity in Banyan - Better performance in India - Currency translation gain of EUR 0.4 million in EBIT EBIT* In EUR million +7% 47.4 46.2 45.0 46.7 53.6 53.6 56.6 53.2 57.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 Occupancy rate** St
Slide 53: North America and Latin America divisions merged into Americas
North America and Latin America divisions will be merged into the Americas division As of 1 May 2013 North America Motivated by a desire division Americas division to further simplify the divisional structure Combining the capabilities to Latin America capture growth opportunities in the region di
Slide 54: North America
North America - Q1 2012 results include the settlement of an insurance claim of EUR 1.2 million - Reduced activities at the terminal in Los Angeles, partly compensated by higher activities at the Gulf Coast terminals EBIT* In EUR million -12% 9.8 8.9 11.0 9.6 8.9 9.0 9.7 7.1 8.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 55: Latin America
Latin America - Currency translation loss of EUR 0.7 million - Reduced activity in Brazil EBIT* In EUR million -30% 7.3 6.4 7.0 7.5 7.4 7.3 7.6 5.3 5.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013 Occupancy rate** Storage capacity*** In percent In mln cbm -5pp 91 92 90 89
Slide 56: Exceptional items Q1 2013
Exceptional items Q1 2013 EBIT In March 2013, we made major Including exceptional items progress to sell our minority share 139.2 140.7 in the joint venture Xiamen Paktank +1% Company Ltd. (China). As a result, our interest in the joint venture has been reclassified from Joint ventures and associa
Slide 57: Contents
Contents Achievements 2012 Business environment Growth projects Business performance Capital disciplined growth Outlook 57 Roadshow presentation Q1 2013
Slide 58: Capital disciplined growth: stable solvency ratio
Capital disciplined growth Stable solvency ratio Total equity and liabilities In EUR mln 4,386 4,152 3,649 2,947 Net 56% 60% 2,585 liabilities* 58% 1,997 55% 1,703 61% 56% 57% 44% 40% Equity 45% 42% 43% 44% 39% 2006 2007 2008 2009 2010 2011 2012 restated * Cash and cash equivalents are subtracted fr
Slide 59: Capital disciplined growth: total investments
Capital disciplined growth Total investments Total Investments 2007-2015 Expansion Capex** In EUR mln In EUR mln; 100% = EUR 1.9 billion 1,919 1,781 ▪ Remaining Vopak share in Capex (Group ~1,140-1,325 ~500 Capex and equity share in JVs) ~640-825 Other Capex* ~1,400 Expansion ~500 Capex** ▪ Group Ca
Slide 60: Capital disciplined growth: balanced leverage
Capital disciplined growth Balanced leverage provides financial headroom to complete the storage capacity expansions currently under construction and to support the identification of new growth opportunities Access to Capital Markets** Net senior debt : EBITDA ratio 5 US Private Placements 3.75 (U
Slide 61: 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 yea
Slide 62: Balanced debt repayment schedule
Balanced debt repayment schedule Average remaining maturity 10 years; average interest rate 4.4% Debt repayment schedule* In EUR mln RCF flexibility New US PP 2012 Asian PP New US PP 2012 (subordinated) Current US PP Other 1,200 1,100 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 63: Net finance costs aligned with growth
Net Finance costs aligned with growth The long-term financing activities completed in 2012 are expected to weigh on 2013 EPS development due to higher net financing costs Net finance costs 2011* Net finance costs 2012 In EUR mln In EUR mln Interest and dividend income 7.3 3.8 Finance costs 85.9 87.3
Slide 64: Capital disciplined growth: balanced dividend policy
Capital disciplined growth A balanced dividend policy Long-term funding Disciplined investment Balanced dividend policy decisions Capital disciplined growth Effective working capital Working Capital management 64 Roadshow presentation Q1 2013
Slide 65: 2012 dividend: EUR 0.88 per ordinary share
2012 dividend: EUR 0.88 per ordinary share (2011: EUR 0.80) EPS Dividend and EPS 2006-2012** Cash dividend In EUR 2.70 2.16 +25% 2.08 1.92 1.62 1.31 0.98 +10% 0.70 0.80 0.88 0.475 0.55 0.625 0.375 2006 2007 2008 2009 2010 2011 2012 Dividend policy: “Barring exceptional circumstances, the intention i
Slide 66: Impact IAS 19 changes and lower discount rate
Impact IAS 19 changes and lower discount rate Higher pension charges for 2013 in addition to effect on equity Total effect on equity In EUR mln Actuarial gains and losses 107.4 Removal 10% corridor approach at 1 January 2012 (higher volatility in net pension Adjusted administration costs and taxes
Slide 67: Various other topics in 2012
Various other topics in 2012 I “Effective tax rate 2012: 17.9%*.” “Vopak’s III Pensions.” II “Sources and uses of cash in 2012.” See appendix for further details * Excluding exceptional items. 67 Roadshow presentation Q1 2013
Slide 68: Contents
Contents Achievements 2012 Business environment Growth projects Business performance Capital disciplined growth Outlook 68 Roadshow presentation Q1 2013
Slide 69: Outlook assumptions 2013
Outlook assumptions 2013 No material changes in product outlook assumptions ~x% Share of EBIT Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2012 ~60% ~17.5-20% ~10-12.5% ~7.5-10% ~2.5-5% Robust Mixed Solid Mixed Solid ~60-65% ~17.5-20% ~7.5-10% ~5-7.5% ~2.5-5% 2013 Robust* Stead
Slide 70: FX translation effect 2013
FX translation effect 2013 Negative foreign exchange developments year to date EBIT transactional currencies Average FX rates 2012 FX translation-effect on Q1 2012 EBIT* In percent; 2012 Per EUR 1.00 In mln EUR Other FX translation-effect on 2012 EBIT: EUR 24% US dollar 1.29 Netherlands EUR 22 milli
Slide 71: Vopak expects EBITDA of EUR 760-800 million in 2013
Vopak expects to realize an EBITDA at constant currencies of between EUR 760-800 million in 2013 EBITDA development and outlook 2013 Historical results Outlook In EUR mln EBITDA outlook 2013 760-800 20% EBITDA growth in 2012 763.6 768.4 Modest capacity expansions 636.0 coming on stream in 2013 5
Slide 72: Ambition to realize an EBITDA of EUR 1 billion in 2016
It is Vopak’s ambition to realize an EBITDA of EUR 1 billion in 2016 Historical results Outlook Ambition EBITDA development, outlook 2013* and ambition 2016 Ambition 2016 In EUR mln In order to achieve this ambition, among other 1,000 factors, the identification, approval and successful and 763.6
Slide 73: Other themes in 2013
Other themes in 2013 Satisfactory resolution Update on equity-like Expansion Vopak lawsuit Deer Park alternatives Vlissingen In April 2013, Vopak reached a As communicated in its FY On 23 April 2013, Vopak satisfactory resolution of its lawsuit 2012 results release of decided to expand its sto
Slide 74: 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 75: Effective tax rate 2012
I Effective tax rate 2012 Tax In mln EUR 77.2 85.5 +11% 2011 2012 Effective Tax Rate In percent In 2011, EUR 108.5 million of book gain on 19.5 17.9 the sale of our 20% equity stake in BORCO 5.4 -8% (Bahamas) was exempted for tax purposes Excluding exceptional items, the effective 14.1 tax rate
Slide 76: Sources and uses of cash in 2012
II Sources and uses of cash in 2012 Consolidated Statement of Cash Flows In EUR mln 67.6 0.5 435.7 44.1 659.3 643.0 683.6 34.0 -67.0 9.9 110.1 Net Cash Gross Net finance Tax paid Invest- Disposals Derivatives Dividend Other FX Net Cash position operating costs paid ments settlement paid in financing
Slide 77: Vopak's Pensions in 2012
III Vopak’s Pensions in 2012 Vopak’s Pension obligations Dutch Pension Fund In percent Highlights Dutch 83% Cover ratio ultimo 2012 Other 17% is 112% (2011: 106%) Return was 16% in 2012 Other (2011: 5%) Pension contribution to 17% 83% remain at the same, maximum level of 30% Dutch 77 Roadshow
Slide 78: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com