Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — H1 2004 Earnings Presentation
18 slides from Royal Vopak NV's earnings presentation, Aug 19, 2004
Slide 1: Presentation semi-annual results 2004
Presentation semi-annual results 2004 August 19, 2004
Slide 2: Profile
Profile Professionals in liquid bulk logistics • Storage and handling of oil and chemical products • Related logistic services (supporting the Tankterminal activities) • Worldwide network • Five regional divisions • Chemicals Europe, Middle East & Africa • Oil Europe, Middle East & Africa • Asia • N
Slide 3: The world of Vopak
The world of Vopak Different terminal concepts for different purposes 13.4 mln cbm 2.4 mln cbm 3.4 mln cbm 0.8 mln cbm 71 terminals – 20 mln cbm – 29 countries – 3,473 employees * * Ultimo June 2004 and excluding employees at participations. 3
Slide 4: Financial developments first half 2004
Financial developments first half 2004 Results H1 2004 Results H1 2003 Variance EUR millions Net turnover 318.9 371.1 - Currency EBITDA 113.6 126.6 - Divestments EBIT Core activities 72.7 68.1 + Growth core activities Net Profit 34.0 31.3 EPS 0.58 0.54 ROCE 13.0% 11.4% 4
Slide 5: Growth in turnover masked by currency effects
Growth in turnover masked by currency effects Development turnover core activities EUR (mln) 400 371.1 - 57.2 360 14 318.9 313.9 -9 320 280 240 200 H1 2003 Divestments H1 2003 Excl. F-X effect Growth Core H1 2004 Divestments activities 5
Slide 6: Positive EBIT development for three divisions
Positive EBIT development for three divisions +11%* 30 +26%* 27.5 20 26.5 F-X effect 21.6 EBIT H1 2004 17.5 +55%* EBIT H1 2003 10 9.2 6.4 0 OIL ASIA Latin EMEA America * In local currency 6
Slide 7: Chemicals EMEA and North America face difficult market conditions
Chemicals EMEA and North America face difficult market conditions 30 -11%* 20 F-X effect 19.2 -23%* EBIT H1 2004 EBIT H1 2003 16.9 10 11.5 7.7 0 Chemicals North EMEA America * In local currency 7
Slide 8: Development net debt
Development net debt EUR (mln) 1000 800 Target 600 783 609 400 517 200 0 2002 2003 H1 2004 Net Debt remains well below EUR 700 mln target 8
Slide 9: Positive development key ratio's
Positive development key ratio’s EUR 5.57 5.56 2.42 558 Mln 2.28 EUR 521 Mln Interest cover Net Debt : EBITDA level Net Worth 31-12-2003 First half 2004 9
Slide 10: Choice of shareholders contributed to increase Net-Worth
Choice of shareholders contributed to increase Net-Worth • 86% of shareholders opted for stock dividend Issuance new shares: 1,083,335 Treasury stock used: 805,889 ______ + Total stock dividend: 1,889,224 • Choice results in increase of cash with: EUR 25 mln 10
Slide 11: Tank-Terminal Plus strengthened world-wide
Tank-Terminal Plus strengthened world-wide • Capital Expenditure first half 2004: EUR 73.5 mln • Several important additions to the Vopak Network: “Greenfield” Acquisitions Expansion • Darwin (AUS) • Tallinn • Europoort • Banyan (SING) • Sweden • Thailand • Shanghai (China) 11
Slide 12: Developments per division: Chemicals EMEA
Developments per division: Chemicals EMEA EUR millions Results H1 2004 Results H1 2003 % change Net turnover 120.2 122.5 -1.9 EBITDA 31.2 35.0 -10.9 EBIT 16.9 19.2 -12.0 (Excl. exceptionals) • Positive developments in Antwerp, Flushing and South-Africa • Difficult situation in Rotterdam Chemicals ma
Slide 13: Positioning Rotterdam Terminals
Positioning Rotterdam Terminals Size Market focus • Botlek 630,000 cbm Commodity storage • Chemiehaven 200,000 cbm Industrial Terminal concept • TTR 325,000 cbm Intermediates 13
Slide 14: Developments per division: Oil EMEA
Developments per division: Oil EMEA EUR millions Results H1 2004 Results H1 2003 % change Net turnover 62.6 56.6 10.6 EBITDA 27.6 23.6 16.9 EBIT 21.6 17.5 23.4 (Excl. exceptionals) • Strong earnings recovery first half • Growth in throughput and storage demand for Rotterdam (Fuel Oil) and Tallinn (C
Slide 15: Developments per division: Asia
Developments per division: Asia EUR millions Results H1 2004 Results H1 2003 % change Net turnover 45.4 45.7 -0.7 EBITDA 39.6 34.8 13.8 EBIT 27.5 26.5 3.8 (Excl. exceptionals) • Asian region continues to grow nicely • Positive developments in especially Singapore, Thailand and Malaysia 15
Slide 16: Developments per division: North America
Developments per division: North America EUR millions Results H1 2004 Results H1 2003 % change Net turnover 48.3 51.6 -6.4 EBITDA 13.5 17.2 -21.5 EBIT 7.7 11.5 -33.0 (Excl. exceptionals) • Turnover has increased in local currency for the first half of 2004 • Due to increase in costs, considerable de
Slide 17: Developments per division: Latin America
Developments per division: Latin America EUR millions Results H1 2004 Results H1 2003 % change Net turnover 22.7 17.5 29.7 EBITDA 11.1 8.1 37.0 EBIT 9.2 6.4 43.8 (Excl. exceptionals) • Terminals acquired in 2003 contributed considerably to the increase in earnings • Autonomous growth at existing ter
Slide 18: Outlook 2004
Outlook 2004 “Barring unforeseen circumstances Vopak expects to achieve an operating profit on core activities excluding exceptional items for the full year approximately equal to that for 2003” 18