Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — HY1 2015 Earnings Presentation
43 slides from Royal Vopak Nv's earnings presentation, Aug 21, 2015
Slide 1: HY1 2015 results
21 AUGUST 2015 – ANALYST PRESENTATION HY1 2015 results
Slide 2: Forward-looking statements
Forward-looking statements This presentation 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
Slide 3: Highlights HY1 2015
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Highlights HY1 2015 Analyst presentation HY1 2015 21 August 2015
Slide 4: Results HY1 2015
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Results HY1 2015 Terminal Network * EBITDA *** 32.7 408 In million cbm In EUR million Occupancy Cash flows Rate ** Operating **** 91% 363 Average In EUR million * Terminal network i
Slide 5: Topics influencing HY1 2015 results
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Topics influencing HY1 2015 results Geographical differences Currency effects 5 Analyst presentation HY1 2015 21 August 2015
Slide 6: Product developments HY1 2015
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Product developments HY1 2015 Oil Chemicals Biofuels LNG Structural imbalances, An encouraging Biofuels demand coming Increase in supply product price volatility and chemicals indus
Slide 7: Topics influencing HY2 2015 results
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Topics influencing HY2 2015 results Asian Commissioning Impact market new capacity divestments 7 Analyst presentation HY1 2015 21 August 2015
Slide 8: Strategy execution
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Strategy execution Analyst presentation HY1 2015 21 August 2015
Slide 9: Our strategic framework
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Our strategic framework Growth Operational Customer leadership leadership leadership Our Sustainability Foundation Excellent People I Environmental Care I Health and Safety I Respon
Slide 10: Strategy execution
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Strategy execution Strategic Divestment Growth Program 4 15 categories terminals Reduce * Reduce * Capex Cost base 100 30 EUR million EUR million * Up to and including 2016 10 Analy
Slide 11: Investments and divestments
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Investments and divestments Finland terminals (175,400 cbm) Sweden terminals (1,260,700 cbm) Pengerang (Phase 1C) 413,000 cbm Galena park terminal (170,000 cbm) Vlissingen Wilmingto
Slide 12: Storage capacity developments
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Storage capacity developments Storage capacity developments In million cbm; commissioned and under development +5.6 4.8 38.3* 0.2 -1.1 0.4 33.8 0.1 1.0 32.7 1.6 Greenfield Greenfiel
Slide 13: Execution of the business
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Execution of the business Safety Efficiency Service improvement Committed to improving our Continuous focus on cost Always working on service personal and process safety management
Slide 14: Safety performance
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Safety performance Total injury rate (TIR) Lost time injury rate (LTIR) Total injuries per 200,000 hours worked by own Total injuries leading to lost time per 200,000 hours employee
Slide 15: Business performance
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Business performance 15 Analyst presentation HY1 2015 21 August 2015
Slide 16: HY1 2015 summary
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers HY1 2015 summary Revenues EBITDA* In EUR million In EUR million 0% +8% +11% -5% 649 647 701 408 385 367 HY1 2013 HY1 2014 HY1 2015 HY1 2013 HY1 2014 HY1 2015 Net profit** Occupancy
Slide 17: EBITDA development
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers EBITDA development EBITDA development In EUR million 206 202 202 196 194 189 187 185 183 180 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2015 Vopak reconfirms its outlook for 2015 to re
Slide 18: EBITDA per division
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers EBITDA per division EBITDA* Netherlands EMEA +11% +4% +14% 137.2 -17% 119.4 123.7 +11% 68.4 65.1 -5% 57.0 408.4 384.5 366.5 HY1 2013 HY1 2014 HY1 2015 HY1 2013 HY1 2014 HY1 2015 Asi
Slide 19: EBITDA analysis
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers EBITDA analysis +3% 3.9 1.0 9.3 13.5 408.4 10.5 4.9 29.1 395.6 0.5 366.5 /Divestments Netherlands Americas Other Asia LNG FX-effect EMEA HY1 2014 HY1 2014 HY1 2015 /Greenfields Acqu
Slide 20: HY1 2015 net result of joint ventures
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers HY1 2015 net result of joint ventures EBITDA* Netherlands EMEA -8% +8% 1.3 1.3 -52% +18% -25% +31% 1.2 20.2 56.9 55.4 9.6 11.3 42.4 HY1 2013 HY1 2014 HY1 2015 HY1 2013 HY1 2014 HY1
Slide 21: HY1 2015 EBIT
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers HY1 2015 EBIT HY1 2015 HY1 2014 Delta In EUR million In EUR million In EUR million Group operating profit 229.3 193.6 + 35.7 (18%) Net result joint ventures 42.4 55.4 + 13.0 (31%) I
Slide 22: Occupancy rate developments
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Occupancy rate developments Occupancy rate In percent Full potential playing field 90-95% 85-90% 96 95 94 92 94 93 93 91 88 88 91 89 88 87 87 88 88 89 88 91 91 84 ’04 ’05 ’06 ’07 ’0
Slide 23: Occupancy rate per division
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Occupancy rate per division Occupancy rate Netherlands EMEA +10pp +3pp +6pp -8pp 87% 93% 89% 91% 84% 81% 0pp +3pp 88% 88% 91% HY1 2013 HY1 2014 HY1 2015 HY1 2013 HY1 2014 HY1 2015 A
Slide 24: Cash flow developments
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Cash flow developments Cash flow from operating activities (gross) In EUR million 751 713 659 496 451 455 387 335 -1% 286 361 367 363 2006 2007 2008 2009 2010 2011 2012 2013 2014 HY
Slide 25: Financial ratios HY1 2015
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Financial ratio’s HY1 2015 CFROGA* ROCE** ROE*** In % In % In % 19.5% 17.3% 17.1% 14.6% 15.2% 13.8% 12.0% 11.0% 10.5% HY1 2013 HY1 2014 HY1 2015 HY1 2013 HY1 2014 HY1 2015 HY1 2013
Slide 26: Non-IFRS proportional information
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Non-IFRS proportional information Proportionate EBITDA In EUR million 836 817 824 617 660 403 428 +14% 414 396 452 2010 2011 2012 2013 2014 HY1 2015 Cash Flow Return on Gross Assets
Slide 27: Selective growth
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Selective growth 27 Analyst presentation HY1 2015 21 August 2015
Slide 28: Selective growth opportunities
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Selective growth opportunities Storage capacity In million cbm Divestments Galena park terminal +5.6 +12.8 38.3 35.1 36.2 36.2 (170,000 cbm) 33.8 34.3 32.7 30.5 Wilmington 20.3 term
Slide 29: Realized divestments 2015
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Realized divestments 2015 Number of Number of terminals plots of land 9 2 Total net cash Storage proceeds capacity 299 * 1.8 EUR million million cbm The proceeds from divestments wi
Slide 30: Selective capital disciplined growth
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Selective capital disciplined growth Total investments 2005-2019 Expansion capex** In EUR million In EUR million; 100% = EUR 3,300 million 3,284 ~400 Remaining Vopak share in capex
Slide 31: Selective capital disciplined growth
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Selective capital disciplined growth Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated 5 revolving credit facility 3.75 Maximum ratio under 4 curre
Slide 32: Looking ahead
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Looking ahead Analyst presentation HY1 2015 21 August 2015
Slide 33: Outlook assumptions
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Outlook assumptions ~x% Share of EBITDA* Industrial terminals Biofuels & LNG Oil products Chemicals & other pipeline vegoils connected infra 45-50% 20-25% 20-25% 5-7.5% 2.5% - 5% Co
Slide 34: Outlook elements
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Outlook elements 2014 Expansions Divestments Productivity and Fx and Uncertainties incl. 2015 and organisations pension costs phased build-up acquisitions efficiency new capacity en
Slide 35: Questions & answers
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Questions & answers Analyst presentation HY1 2014 21 August 2015
Slide 36: We have built our company over 400 years on trust and reliability
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead We have built answers our company over 400 years on trust and reliability • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Slide 37: Appendix
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Appendix Analyst presentation HY1 2015 21 August 2015
Slide 38: Divisional results: Netherlands
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Divisional results: Netherlands EBITDA* In EUR million 59.8 59.5 61.3 62.0 60.9 62.8 68.0 61.0 68.2 69.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013 2014 2014 2014 2014 2015 2
Slide 39: Divisional results: EMEA
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Divisional results: EMEA EBITDA* In EUR million 34.7 33.6 33.1 34.2 28.9 30.4 30.9 34.0 31.1 28.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 Occ
Slide 40: Divisional results: Asia
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Divisional results: Asia EBITDA* In EUR million 70.7 73.2 70.6 68.0 66.4 70.0 76.9 77.9 75.4 73.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 Occ
Slide 41: Divisional results: Americas
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Divisional results: Americas EBITDA* In EUR million 28.0 25.9 26.3 29.6 29.4 30.0 24.0 22.1 21.2 23.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015
Slide 42: Vopak's capital structure
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Vopak’s capital structure Syndicated Ordinary shares Private placement Equity(-like)* revolving program* credit facility* Listed on Euronext USD: 2.0 billion EUR 1.0 billion Subordi
Slide 43: Debt repayment schedule
Highlights Strategy Business Selective Looking Question & Appendix HY1 2015 execution performance growth ahead answers Debt repayment schedule Debt repayment schedule In EUR million RCF flexibility US PP RCF drawn Asian PP Subordinated US PP Other 1,200 1,000 600 400 200 0 2015 2016 2017 2018 2019 2