Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Q1 2009 Earnings Presentation
19 slides from Royal Vopak NV's earnings presentation, Apr 21, 2009
Slide 1: Q1 2009 Trading Update
_ Q1 2009 Trading Update 21 April 2009 – – – Q1 2009 Trading Update 21 April 2009 1
Slide 2: Agenda
Agenda Financial Performance Developments YTD Financing Outlook Details and definitions used in this presentation are derived from the Q1 2009 press release, which is leading. – – – Q1 2009 Trading Update 21 April 2009 2
Slide 3: Q1 2009 Highlights
Q1 2009 Highlights EBIT excl. exceptional items up 8% to EUR 85.6 mln (Q1 2008 EUR 79.2 mln) EBITDA excl. exceptional items increased by 10% to EUR 115.6 mln (Q1 2008 EUR 105.5 mln) Increase in Vopak storage capacity by 0.3 mln cbm, total capacity of 27.4 mln cbm Gate terminal: Expansion project fin
Slide 4: Q1 2009 EBIT excl. exceptional items up 8% to EUR 85.6 mln
Q1 2009 EBIT excl. exceptional items up 8% to EUR 85.6 mln In EUR mln Q1 09 Q1 08 ∆ EBIT incl. exceptionals 91.2 79.2 +15% EBIT excl. exceptionals 85.6 79.2 +8% EBITDA 115.6 105.5 +10% Exceptional items Q1 2009 mainly relate to gains on divestments – – – Q1 2009 Trading Update 21 April 2009 4
Slide 5: Except for CEMEA, all divisions contribute to the EBIT increase of 8% in Q1 2009
Except for CEMEA, all divisions contribute to the EBIT* increase of 8% in Q1 2009 *EBIT in EUR mln, excl. exceptional items North America OEMEA Asia 26.0 31.5 23.4 30.6 7.5 11.4 Q1 08 52% Q1 09 Q1 08 21% Q1 09 Q1 08 31% Q1 09 Latin America CEMEA Other 23.1 17.7 5.3 6.4 -6.1 -12.0 Q1 08 21% Q1 09 Q1
Slide 6: Agenda
Agenda Financial Performance Development YTD 2009 Financing Outlook – – – Q1 2009 Trading Update 21 April 2009 6
Slide 7: Strong demand for storage capacity
Strong demand for storage capacity Occupancy rate 2005 2006 2007 2008 Q1 2009 Q1 2008 92% 94% 96% 96% 95% 95% 95% 96% 95% Capacity (in cbm) 20.4 mln 21.2 mln 21.8 mln 27.1 mln 27.4 mln 22.6 mln – – – Q1 2009 Trading Update 21 April 2009 7
Slide 8: Growth continues
Growth continues Tallinn, Estland Gothenburg, Sweden Teesside, UK Product: Oil Product: Oil Product: Chemicals Capacity: 111,000 cbm Capacity: 60,000 cbm Capacity: 40,000 cbm In cbm YE 2008 Capacity 27.1 mln Total net capacity increase in Q1 2009 0.3 mln Q1 2009 YTD Capacity 27.4 mln Remaining 2009
Slide 9: The growth of Vopak: Projects in progress
The growth of Vopak: Projects in progress – – – Q1 2009 Trading Update 21 April 2009 9
Slide 10: Agenda
Agenda Financial Performance Developments YTD 2009 Financing Outlook – – – Q1 2009 Trading Update 21 April 2009 10
Slide 11: Sufficient headroom to continue growth strategy
Sufficient headroom to continue growth strategy Debt repayment schedule (in EUR mln) • Total financing program around EUR 1.5 bln • No major debt refinancing until 2010 317.9 313.2 180.0 83.7 50.0 25.3 2009 2010 2011 2012 2013 2014 > 2014 Ample financing sources of recent date Facility Maturity In u
Slide 12: Gate Terminal: Project financing in place
Gate Terminal: Project financing in place July 2008 Gate (9 bcm): EUR 745 mln senior project financing agreement 20 years March 2009 Gate (12 bcm): Additional EUR 136 mln senior project financing agreement 20 years – – – Q1 2009 Trading Update 21 April 2009 12
Slide 13: Agenda
Agenda Division Performance Developments YTD 2009 Financing Outlook – – – Q1 2009 Trading Update 21 April 2009 13
Slide 14: Outlook
Outlook “For 2009, Vopak expects a group operating profit before depreciation and amortization (EBITDA) of at least EUR 450 million, in line with the earlier indicated outlook.” – – – Q1 2009 Trading Update 21 April 2009 14
Slide 15: Outlook
Outlook Outlook Guidance 2004 2005 2006 2007 2008 2009 In EUR mln > 450 429.3 369.5 314.1 262.5 EBITDA** 231.8 Q1 115.6 320.4 272.9 220.9 EBIT 179.7 151.0 Long-term Long-termguidance guidanceROCE ROCEofof16% 16% Bearing * Excluding exceptional items Bearingininmind mindsubstantial substantial invest
Slide 16: Forward-looking statement
Forward-looking statement This presentation contains statements of a forward-looking nature, based on currently available plans and forecasts. Given the dynamics of the markets and the environments of the 32 countries in which Vopak provides logistics services, the company cannot guarantee the accur
Slide 17: Details of storage capacity expansion
Details of storage capacity expansion – – – Q1 2009 Trading Update 21 April 2009 17
Slide 18: Projects completed in Q1 2009
Projects completed in Q1 2009 Additional cbm Location Ownership Type Product Consolidated JVs & Associates Tallinn 50% Expansion Oil 111,000 Gothenburg 100% Expansion Oil 60,000 Teesside 100% Expansion Chemicals 40,000 Banyan 69,5% Expansion Chemicals 30,300 Leftbank 100% Expansion Chemicals 20,000
Slide 19: www.vopak.com
– – – – Q1 2009 Trading Update 21 April 2009 19 www.vopak.com