Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Q3 2009 Earnings Presentation
32 slides from Royal Vopak NV's earnings presentation, Nov 12, 2009
Slide 1: Q3 2009 Trading update
_ Q3 2009 Trading update 12 November 2009 – – –
Slide 2: Vopak's growth based on healthy demand
Vopak’s growth based on healthy demand – – – Q3 2009 Trading update 12/11/2009 2
Slide 3: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook Details and definitions used in this presentation are derived from the Q3 2009 press release, which is leading. – – – Q3 2009 Trading update 12/11/2009 3
Slide 4: Q3 2009 Summary
Q3 2009 Summary Q3 2009 EBIT excl. exceptional items up 29% to EUR 104.2 mln (Q3 2008 EUR 80.8 mln) YTD 2009 EBIT excl. exceptional items increased by 21% to EUR 288.4 mln (YTD 2008 EUR 237.6 mln) Further Q3 2009 highlights: - New business development opportunities announced - Renewed cumulative fin
Slide 5: Q3 2009 EBIT excl. exceptional items up 29% to EUR 104 mln
Q3 2009 EBIT excl. exceptional items up 29% to EUR 104 mln In EUR mln Q3 09 Q3 08 Δ EBIT incl. exceptionals 104.3 81.8 +28% EBIT excl. exceptionals 104.2 80.8 +29% EBITDA excl. exceptionals 137.1 107.6 +27% Occupancy rate 93% 94% Storage capacity (in mln cbm) 28.0 26.6 – – – Q3 2009 Trading update 1
Slide 6: YTD 2009 EBIT excl. exceptional items up 21% to EUR 288 mln
YTD 2009 EBIT excl. exceptional items up 21% to EUR 288 mln In EUR mln YTD 09 YTD 08 Δ EBIT incl. exceptionals 288.6 248.3 +16% EBIT excl. exceptionals 288.4 237.6 +21% EBITDA excl. exceptionals 382.9 316.7 +21% – – – Q3 2009 Trading update 12/11/2009 6
Slide 7: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook Details and definitions used in this presentation are derived from the Q3 2009 press release, which is leading. – – – Q3 2009 Trading update 12/11/2009 7
Slide 8: All divisions contributed to the Q3 EBIT increase of 29%
All divisions contributed to the Q3 EBIT increase of 29% In EUR mln, - excl. exceptional items - North America OEMEA Asia 27.9 35.9 24.2 31.6 8.4 13.0 Q3 08 55% Q3 09 Q3 08 29% Q3 09 Q3 08 31% Q3 09 Latin America CEMEA Other 22.8 26.4* 5.8 6.2 -8.3 -8.9 Q3 08 7% Q3 09 Q3 08 16% Q3 09 Q3 08 Q3 09 * C
Slide 9: Chemicals EMEA
Chemicals EMEA “We consider it too early, especially for Europe, to conclude whether the recovery of the chemicals market is sustainable or not.” In EUR mln, - excl. exceptional items - 26.4 * 23.1 22.6 22.8 21.7 22.1 17.7 23% 4% 16% Vopak Terminal Botlek Zuid, Rotterdam Q1 Q2 Q3 Q4 2008 2009 * CEME
Slide 10: Oil EMEA
Oil EMEA “Robust demand for tank storage continues” In EUR mln, - excl. exceptional items - 35.9 33.6 31.5 29.1 27.9 26.0 25.1 Vopak Terminal Europoort, Rotterdam 21% 34% 29% Q1 Q2 Q3 Q4 2008 2009 – – – Q3 2009 Trading update 12/11/2009 10
Slide 11: Asia
Asia “Continued EBIT growth by expanding capacity and efficiency improvements” In EUR mln, - excl. exceptional items - 33.9 30.6 31.6 24.2 25.0 23.4 22.9 31% 48% 31% Vopak Terminal Sakra, Singapore Q1 Q2 Q3 Q4 2008 2009 – – – Q3 2009 Trading update 12/11/2009 11
Slide 12: North America
North America “Growth through acquisitions, effective cost management and rationalizations” In EUR mln, - excl. exceptional items - 13.0 11.4 11.2 9.3 9.2 8.4 7.5 52% 20% 55% Vopak Terminal Deerpark, Houston Q1 Q2 Q3 Q4 2008 2009 – – – Q3 2009 Trading update 12/11/2009 12
Slide 13: Latin America
Latin America “Continuing steady performance” In EUR mln, - excl. exceptional items - 6.4 6.2 5.5 5.8 5.8 5.3 5.1 21% 8% 7% Vopak Terminal Cartagena, Colombia Q1 Q2 Q3 Q4 – 2008 2009 – – Q3 2009 Trading update 12/11/2009 13
Slide 14: Except for CEMEA, all divisions contributed to the YTD EBIT increase of 21%
Except for CEMEA, all divisions contributed to the YTD EBIT increase of 21% In EUR mln, - excl. exceptional items - North America OEMEA Asia 79.0 101.0 70.5 96.1 25.2 35.6 YTD 08 41% YTD 09 YTD 08 28% YTD 09 YTD 08 36% YTD 09 Latin America CEMEA Other 67.6 66.7 16.2 18.1 -20.9 -29.1 YTD 08 12% YTD 0
Slide 15: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook Details and definitions used in this presentation are derived from the Q3 2009 press release, which is leading. – – – Q3 2009 Trading update 12/11/2009 15
Slide 16: Company growth supported by healthy demand for storage capacity
Company growth supported by healthy demand for storage capacity Storage Capacity In mln cbm 30.9 28.0 27.1 21.8 20.4 21.2 20.2 +0.2 +0.8 +0.6 +5.3 +0.9 +2.9 2004 2005 2006 2007 2008 YTD Q3 2009 2011 Occupancy Rate 85% 92% 94% 96% 95% 94% – – – Q3 2009 Trading update 12/11/2009 16
Slide 17: Growth continues: Q3 2009 storage capacity increased with 0.1 mln cbm
Growth continues: Q3 2009 storage capacity increased with 0.1 mln cbm Vlaardingen, Netherlands Ho Chi Minh City, Vietnam Barcelona, Spain Product: Biofuels and vegoils Product: Chemicals Product: Chemicals Capacity addition: 54,000 cbm Capacity addition: 40,000 cbm Capacity addition: 5,000 cbm In cb
Slide 18: Under construction: 2.9 mln cbm
Under construction: 2.9 mln cbm Grand Bahamas, Bahamas Alemoa, Brazil Jakarta, Indonesia Penjuru, Singapore Tarragona, Spain Lanshan, China 443,000 cbm 37,000 cbm 250,000 cbm 40,000 cbm 14,000 cbm 4,000 cbm Banyan, Singapore Sydney, Australia Zhangjiagang, China Caojin, China Barcelona, Spain 7,000
Slide 19: Announced feasibility studies
Announced feasibility studies 30 September 2009 Gasunie and Vopak jointly investigate the feasibility for developing a distribution hub for handling and temporary storage of CO2 (CCS) CO2 production 20 July 2009 Vopak and Dialog Group sign Memorandum of Understanding to develop storage terminal for
Slide 20: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook Details and definitions used in this presentation are derived from the Q3 2009 press release, which is leading. – – – Q3 2009 Trading update 12/11/2009 20
Slide 21: Strategic finance
Strategic finance Net debt : EBITDA ratio Q3 2009 2.11 2008 2.54 2007 1.71 2006 1.61 2005 1.76 2004 2.20 2003* 2.42 2002* 2.49 0 0.5 1 1.5 2 2.5 3 3.5 4 Maximum Ratio under US PP Maximum Ratio under other loans and syndicated revolving credit facility * Based on Dutch GAAP – – – Q3 2009 Trading upda
Slide 22: Effective access to financing sources
Effective access to financing sources After 30 September 2009 – – – Q3 2009 Trading update 12/11/2009 22
Slide 23: Maturity of debt funding further enhanced
Maturity of debt funding further enhanced Total program around EUR 2.0 bln As of December 2009 Covenant RCF US PP 2001 US PP 2007 Asian PP US PP 2009 Term EUR 1 bln Maximum Net Senior Debt/ 3.75 3.75 3.75 3.75 3.75 EBITDA Additional headroom When financed with Up to 4.25 > 3.75 > 3.75 > 3.75 subordi
Slide 24: Agenda
Agenda Highlights Business performance Growth projects Financing Outlook Details and definitions used in this presentation are derived from the Q3 2009 press release, which is leading. – – – Q3 2009 Trading update 12/11/2009 24
Slide 25: EBITDA outlook 2009
EBITDA outlook 2009 Q1 2009 Previous Outlook Q1 2009: “For 2009, Vopak expects a group operating profit before depreciation and amortization (EBITDA)ofofatatleast (EBITDA) leastEUR EUR450 450million.” million”. HY1 2009 Previous Outlook HY1 2009: “For 2009, Vopak expects a group operating profit bef
Slide 26: Outlook Assumptions
Outlook Assumptions Oil Industrial Biofuels and Chemicals terminals vegoils ~ 20% of EBIT ~ 50% of EBIT ~ 15% of EBIT ~ 15% of EBIT ROBUST STABLE MIXED Healthy demand for storage capacity Contract renewals + New storage capacity commissioned – – – Q3 2009 Trading update 12/11/2009 26
Slide 27: Outlook 2009: in the EUR 475-550 mln range
Outlook 2009: in the EUR 475-550 mln range Outlook In EUR mln Guidance 2004 2005 2006 2007 2008 2009 At least 510 429.3 Q3 YTD 382.9 369.5 314.1 262.5 231.8 EBITDA* 320.4 Q3 YTD 288.4 272.9 220.9 EBIT* 179.7 151.0 Long-term guidance ROCE of 16% Long-term guidance ROCE of 16% Bearing in mind substant
Slide 28: "Confidence in the future!"
“Confidence in the future!” – – – Q3 2009 Trading update 12/11/2009 28
Slide 29: 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 30: www.vopak.com
– – – – Q3 2009 Trading update 12/11/2009 30 www.vopak.com
Slide 31: Many projects under construction
Many projects under construction * O = Oil products, C = Chemicals, B = Biofuels, V = Vegetable oils, LNG = Liquefied Natural Gas Location Ownership Product* cbm 2009 2010 2011 Bahamas, Grand Bahamas 20% O 443,000 Brazil, Alemoa 100% O/C 37,000 Indonesia, Jakarta 49% C 250,000 Singapore, Penjuru 69.
Slide 32: Many projects under construction (II)
Many projects under construction (II) * O = Oil products, C = Chemicals, B = Biofuels, V = Vegetable oils, LNG = Liquefied Natural Gas Location Ownership Product* cbm 2009 2010 2011 Spain, Tarragona 50% C 14,000 Gothenburg, Sweden 100% O 20,000 Netherlands, MOT 16% O 360,000 Netherlands, Gate 40% LN