Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Investor Day (July 2006)
19 slides from Royal Vopak NV's investor day presentation, Jul 4, 2006
Slide 1: Vopak's growth aspirations
Vopak’s growth aspirations IR Analyst day - July 4, 2006 Jack de Kreij, CFO 1
Slide 2: Today's program
Today’s program Opening 10.00 – 10.45 Jack de Kreij (CFO) Bio fuels and Vopak 10.45 – 12.30 Hans de Willigen (Commercial Manager CEMEA – Rotterdam) Hari Dattatreya (Director Sales & Marketing OEMEA) 12.30 – 13.30 Lunch Developments within division OEMEA 13.30 – 14.30 Rob Nijst (Division President OE
Slide 3: Today's agenda
Today’s agenda • Growth objective • Growth strategy • Growth plans • Outlook 3
Slide 4: Vopak's financial growth objective
Vopak’s financial growth objective EBITDA EBITDA 275 275-350 -350 EBITDA EBITDA EBITDA EBITDA 253.5 253.5 EBITDA 228.3 Excellence 228.3 and F-X Translation Growth EBIT EBIT EBIT 200 EBIT EBIT 170.7 170.7 Economy 147.5 147.5 2004 2005 Outlook 2006 4
Slide 5: Today's agenda
Today’s agenda • Growth objective • Growth strategy • Growth plans • Outlook 5
Slide 6: Vopak's growth strategy
Vopak’s growth strategy Value Driver Vopak’s Response Increasing imbalances • Expansion of existing strategic locations Economic growth resulting in more • Greenfield operations demand • Industrial Terminals Diversification of products • Offering additional blending services • Bio-fuel growth strate
Slide 7: Imbalances: Major oil trade flows
Imbalances: Major oil trade flows Source: BP, Statistical review of world energy 2006 7
Slide 8: World primary energy demand
World primary energy demand Source: World Energy outlook 2005 (reference scenario) 8
Slide 9: Today's agenda
Today’s agenda • Growth objective • Growth strategy • Growth plans • Outlook 9
Slide 10: Building for future growth
Building for future growth Amsterdam London Europoort Gävle Biodiesel (R’dam) LNG (Asia) LNG (R’dam) Zhangjiagang Antwerp Vopak ITC Spain Lanshan Biodiesel Qatar Caojing* Fujairah Biodiesel Banyan Indonesia Argentina Darwin Biodiesel Sydney Study Announced New products investigation Construction con
Slide 11: Growth through Greenfields, Expansions, Acquisitions
Growth through … Greenfields • Group companies vs joint ventures? • Industrial terminal vs hub terminal? Expansions • Region? • Market multiples Acquisitions between 7 -13 x EBITDA? 11
Slide 12: Summary of announced expansions
Summary of announced “expansions” 2006 2007 ≥2008 Group companies 406,500 840,000 - investments Group companies - - 820,000 announced plans Joint ventures & 172,000 360,000 - associates Total 578,500 1,200,000 820,000 LNG (Rotterdam) Throughput capacity 8 to 12 bcm Status: July 4, 2006 12
Slide 13: Overview current announced major projects (1)
Overview current announced major projects (1) cbm 2006 2007 ≥ 2008 Group companies “investments in progress” Banyan 69.5% 370,000 Zhangjiagang 100% 200,000 Sydney 100% 75,000 Europoort 100% 440,000 Banyan 69.5% 60,000 London 100% 45,000 Darwin 100% 36,500 Lanshan 60% 20,000 Subtotal 1,246,500 406,50
Slide 14: Overview current announced major projects (2)
Overview current announced major projects (2) cbm 2006 2007 ≥ 2008 Joint ventures and associates “investments in progress” Caojing 50% 172,000 Fujairah 30% 360,000 Total 172,000 360,000 Joint ventures and associates “plans under review” Rotterdam - LNG ≤50% 8 to 12 bcm* * Throughput capacity Oil Che
Slide 15: Today's agenda
Today’s agenda • Growth objective • Growth strategy • Growth plans • Outlook 15
Slide 16: 2005: € 28.7 mln increase in EBIT
2005: € 28.7 mln increase in EBIT 59.9 57.6 55.8 48.6 20.6 15.6 2004 2005 2004 2005 2004 2005 North America OEMEA Asia 44.6 Other 34.3 2004 2005 16.6 16.3 -19.9 -19.3 2004 2005 2004 2005 Latin America CEMEA EBIT excluding exceptional items 16
Slide 17: Summary outlook
Summary outlook 2005 2006 and beyond EBITDA (mln) 253.5 Growth to 275-350 EBIT* (mln) 179.7 Around 200 (2006) EPS 1.46 an improvement of around 10% per annum on average over the coming years CAPEX (mln) 160.3 ±250 (2006) ROCE 16.5% Around 16% * Excluding exceptional items 17
Slide 18: Illustration expansion impact
Illustration expansion impact 2005 For illustration purpose only EBIT Avg. EUR 170.7 m* capital employed ROCE EBIT Avg. Capital employed 1,250 16% 200 EUR 1,033.3m 1,500 16% 240 1,750 16% 280 ROCE 2,000 16% 320 16,5% * Including exceptional items 18
Slide 19: Forward-looking statement
Forward-looking statement This presentation contains forward-looking statements. These statements are based on currently available plans and projections. In view of the dynamics of the markets and environments of our service-oriented storage and handling activities in 29 countries we cannot give rep