Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Corporate Update (December 2007)
26 slides from Royal Vopak NV's corporate update, Dec 18, 2007
Slide 1: Gate terminal: Gas Access To Europe
Gate terminal Gas Access To Europe 1
Slide 2: Analyst Conference Call
Gate terminal builds first Dutch LNG terminal Analyst Conference Call 18 December 2007 @ 13.30 hour (CET) Jack de Kreij CFO and Member of the Executive Board 2
Slide 3: Agenda
Agenda Press release summary Market demand for Dutch LNG terminal Gate terminal Launching customers Financial matters of attention Future developments 3
Slide 4: Press release summary
Press release summary | www.vopak.com 4
Slide 5: Press release 18 December 2007
Press release 18 December 2007 • Vopak and Gasunie have taken final investment decision to build first Dutch LNG terminal with an annual throughput capacity of 9 bcm • Estimated all inclusive project cost of around EUR 800 million • First phase capacity of 9 bcm gas throughput, 1 jetty, 3 storage ta
Slide 6: Market demand for Dutch LNG terminal
Market demand for Dutch LNG terminal 6
Slide 7: LNG demand worldwide
LNG demand worldwide Source: CWC LNG Summit Presentation, Rome Dec. 2007 7
Slide 8: European gas market
European gas market LNG under construction New pipelines Existing import contracts 1000 European production 900 240 Demand 50 120 800 700 billion m3 600 500 400 300 200 100 0 1995 2000 2005 2010 2015 2020 2025 Source: Gasunie 8
Slide 9: European gas market
European gas market New imports from more distant fields • Pipelines from Russia, Iran and/or Norway • Liquid natural gas from: Algeria, Egypt, Nigeria, Qatar, Australia and Iran • Diversification of sources is the best way to guarantee the security of supplies 9
Slide 10: European LNG receiving terminals
European LNG receiving terminals 1980 – 1998: 8 operational terminals in Europe; 1999 – 2006: 5 new terminals commissioned, 7 in construction and expansion existing terminals; growth rate > 6% per annum Status 2005: Operational LNG terminal LNG terminal under development Source: AIChE LNG Challenge
Slide 11: The Netherlands – Excellent entry point
The Netherlands – Excellent entry point 11
Slide 12: Gate terminal
Gate terminal www.vopak.com 12
Slide 13: Gate terminal ready for operations in 2011
Gate terminal ready for operations in 2011 Terminal’s four functions The receipt of The storage of The regasification The almost LNG from special LNG as a buffer of LNG into natural continuous delivery of natural LNG carriers in the between the gas gas to the national port receipt and gas transmissi
Slide 14: The LNG/Natural Gas chain
The LNG/Natural Gas chain The LNG / natural gas chain requires large investments and is built on long-term supply, transport, and terminal contracts Typical component capital investment cost (for 9 BCM): 1 x € 4.0B + 4 x € 0.2B + 1 x € 0.8B 14
Slide 15: The LNG receiving terminal
The LNG receiving terminal Vent or torch Roof Nozzles Only Reinforced Concrete Roof Sustended Ceiling with Thermal Insulation Re-condensor 9% Ni Inner Tank Pump Columns Annular Space With Perlite Thermal Insulation Pre - Stressed Concrete Wall Foam-Glass Reinforced Concrete r Bottom Insulation Base
Slide 16: Gate terminal: the location
Gate terminal: the location 16
Slide 17: Launching customers
Launching customers | www.vopak.com 17
Slide 18: The launching customers
The launching customers DONG Energy, Denmark 3 bcm 5% equity stake EconGas, Austria 3 bcm OMV Gas International 5 % equity stake Essent 3 bcm 5% equity stake 18
Slide 19: Customer contract structure
Customer contract structure • Long term contracts: 20 - 25 years • 100% fixed tariff: take or pay • Tariffs are indexed (CBS) • First customers are minority shareholders 19
Slide 20: Partnership: Vopak/Gasunie/Clients/GATE
Partnership: Vopak/Gasunie/Clients/GATE Customer Shareholders Majority Shareholders Essent OMV GAS DONG INTERNATIONAL Energy Vopak Gasunie 5% 5% 5% 42.5% 42.5% Limited Partnership Gate terminal 20
Slide 21: Financial matters of attention
Financial matters of attention 21
Slide 22: Gate terminal project financing
Gate terminal project financing • Project financing to be obtained by Gate terminal in 2008 • Initial project costs around EUR 800 million • Initial Vopak share in equity EUR 50-80 million • Equity return aligned with market for new greenfield infrastructure projects in Europe 22
Slide 23: Gate's impact on Vopak Financial Statement
Gate’s impact on Vopak Financial Statement Project Phase Operations 2007-2011 beyond 2011 Joint ventures Joint Jointventures ventures Balance sheet and associates and associates and associates Result of jv based Profit & Loss Only pre-OPEX on equity method Equity Dividend Cash Flow contribution rece
Slide 24: Future developments
Future developments | www.vopak.com 24
Slide 25: Future developments
Future developments • 2008+ Increase number of customers in GATE terminal Rotterdam and expand the throughput capacity from 9 to 16 bcm • Feasibility study second location in the Netherlands: Eemshaven – Partners Gasunie and Essent • Ongoing feasibility study for regional terminal in Rostock, German
Slide 26: Questions?
Questions? Vopak 26