Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Non-Deal Roadshow (2013)
91 slides from Royal Vopak NV's roadshow presentation, 2013
Slide 1: Roadshow presentation Annual Results 2012
Roadshow presentation Annual Results 2012
Slide 2: 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 31 countries in which Vopak provides logistics services, the company cannot guarantee the accur
Slide 3: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 3 Roadshow presentation FY 2012
Slide 4: Vopak and storage since 1616
Vopak and storage since 1616 Almost four centuries of history First ever dedicated oil Merger Van Ommeren and First Vopak storage container Pakhoed resulting in Royal LNG terminal 1860 Vopak 2011 1999 Vopak’s oldest terminal (Vlaardingen) was founded Pakhuismeesteren 1929 1818 1616 Blauwhoed 1996 Vo
Slide 5: The world of Vopak
The world of Vopak 5 Roadshow presentation FY 2012
Slide 6: 84 Terminals in 31 countries
84 Terminals in 31 countries And a number of terminals under construction. 6 Roadshow presentation FY 2012
Slide 7: Vopak key figures
Vopak key figures 7 Roadshow presentation FY 2012
Slide 8: Vopak's role in the supply chain
Vopak’s role in the supply chain Feedstock Feedstock Independent Products Production & Products Independent Mid-Stream Production Gathering Storage & Transmission Refining Transmission Storage & & End-user Transshipment Transshipment Distribution Energy and Chemical supply chain 8 Roadshow presentat
Slide 9: Requirement for independent storage
Requirement for independent storage Rationale for our clients Non-core activity Economies of scale Flexibility ▪ Our clients focus their ▪ Economies of scale make ▪ Independent storage capital on their core storage at Vopak gives flexibility activities attractive Our clients select suppliers with th
Slide 10: Vopak business model
Vopak business model Products Clients Oil (derivatives) Oil/chemical companies Chemicals Biofuel/vegoil companies Vegetable oils National oil companies Biofuels Governments LNG Trading companies LPG Energy companies Chemical gasses Downstream consumers Services Supply and transport Storage Vessels B
Slide 11: Strategic logistic functions of tank terminals
Strategic logistic functions of tank terminals Three types of terminals Logistics Hub Import / Export Industrial ▪ Vital link for incoming and ▪ Storage of products that ▪ Complete integration in an outgoing flows of oil and are exported or industrial park and in the chemicals transferred to end use
Slide 12: Vopak's business model
Vopak’s business model Blending Weighing Break / make bulk Monthly invoicing in arrears Additional throughputs Loading & discharging Heating / cooling Share of revenues Fixed rental fees for capacity Fixed number of throughputs per year Vopak does not own the product Monthly invoicing in advance Not
Slide 13: Duration of over 80% of contract portfolio exceeds 1 year
Duration of over 80% of contract portfolio exceeds 1 year period Contract position 2011 Contract position 2012 In percent of revenues In percent of revenues < 1 year < 1 year > 3 year 19% > 3 year 18% 44% 52% 30% 37% 1-3 year 1-3 year Note: Based on original contract duration. 13 Roadshow presentati
Slide 14: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 14 Roadshow presentation FY 2012
Slide 15: Vopak: the global market leader
Vopak: the global market leader Storage capacity as per January 2013 In mln cbm Vopak Oiltanking Kindermorgan Nustar Magellan Buckeye VTTI CLH IMTT Sunoco CIM Horizon Odfjell LBC Titan 0 5 10 15 20 25 30 Note: Including inland capacity and Joint Ventures. Source: Vopak; company websites. 15 Roadshow
Slide 16: Vopak competitive environment
Vopak competitive environment Market share definition: non-captive marine tank storage for liquid oil and chemical products Primary competition Secondary competition Captive storage Independent competition Partly using their Producers & traders renting only to third capacity for storing own only usi
Slide 17: Market share according to definition
Market share according to definition Oil storage market Non oil storage market* Total storage market In mln cbm In mln cbm In mln cbm Primary competition 125.6 36.3 161.9 Secondary competition 83.0 10.0 93.0 Vopak 17.4 11.7 29.1 Total 226.0 58.0 284.0 Vopak share As a % of world market 8% 20% 10% As
Slide 18: Future capacity expansions
Future capacity expansions Total storage market* Primary and secondary competition Vopak capacity** Subsidiaries In mln cbm Vopak In mln cbm Joint Ventures +17% Current total 34.6 35.1 254.9 29.1 capacity 31.2 29.9 13.2 13.5 9.6 10.4 Announced 32.9 5.2 +13% total expansion 20.3 20.8 21.4 21.6 Future
Slide 19: Solid long-term trends
Solid long-term trends Growing energy demand and supply and demand imbalances Growing energy demand Growing imbalances ▪ Growing energy demand by over one-third ▪ Growing supply and demand imbalances to 2035, mainly from non-OECD countries require additional tank storage infrastructure 19 Roadshow p
Slide 20: Growing energy demand by over one-third to 2035
Growing energy demand by over one-third to 2035, mainly from non-OECD countries Share of global energy demand Rest of non-OECD In Mtoe Middle East 16,730 India China OECD 12,380 6,030 Natural gas nearly overtakes coal in the primary energy supply mix by 2035 1975 2010 2035 Source: IEA WEO 2012. 20 R
Slide 21: Energy and chemical product trends
Energy and chemical product trends Drive Vopak’s worldwide growth projects Oil products LNG Chemical products Biofuels & Vegoils • Global crude and • A globalizing natural • Uncertainty in • Greenhouse gas refined oil products gas market with new Europe emission reduction trade is increasing busines
Slide 22: Topics 2012
Topics 2012 Capacity Economic turmoil Iraq and tight oil Renewables Regulation expansion 22 Roadshow presentation FY 2012
Slide 23: Questions arising on the business
Questions arising on the business US oil and gas LNG as Shale gas in European refining Biofuel Energy role of export scenarios transport fuel China & petrochemical scenarios Africa 23 Roadshow presentation FY 2012
Slide 24: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 24 Roadshow presentation FY 2012
Slide 25: Vopak's strategy
Vopak’s strategy Disciplined execution existing business and new projects A B C Growth Leadership Operational Excellence Customer Leadership Our ability to find or Our ability to construct, Our ability to create identify the right location operate and maintain a relationship for our terminals our te
Slide 26: Disciplined capital investments
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Disciplined capital investments A Different concepts for different purposes Type of investment Different concepts for Full potential different purposes evaluation matrix ▪ Greenfield ▪ Launching Customers ▪ Local WACC ▪
Slide 27: Capacity growth under construction
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Capacity growth under construction A Capacity developments In mln cbm +5.2 35.1 0.5 3.5 +2.1 29.9 1.2 0.8 0.1 27.8 1.2 31-12- Expansions* New Acquisition 31-12- Expansions New Acquisition 31-12- 2011 terminals 2012 term
Slide 28: Projects commissioned in 2012
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Projects commissioned in 2012 A Storage capacity increased by 2.1 million cbm A’dam Westpoort 2 (100%) Gothenburg (100%) Tianjin Lingang (50%) 582,000 cbm; oil products 60,000 cbm; oil products 95,300 cbm; chemicals Eem
Slide 29: Various projects under construction
Various projects under construction Total storage capacity under construction 5.2 million cbm Europoort (100%) Thames Oilport (33.3%) Hainan (49%) 400,000 cbm; oil products 500,000 cbm; oil products 1,350,000 cbm; oil products Algeciras (80%) Jubail (25%) Pengerang (44%) 403,000 cbm; oil products 25
Slide 30: Capacity under construction (1)
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Capacity under construction (1) A 30 Roadshow presentation FY 2012
Slide 31: Capacity under construction (2)
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Capacity under construction (2) A 31 Roadshow presentation FY 2012
Slide 32: Strengthening competitive position of services to customers
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Strengthening competitive position B of services to our customers Safety Efficiency 32 Roadshow presentation FY 2012
Slide 33: Roadmap Terminal Master Plan
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Roadmap Terminal Master Plan B Disciplined capital investments for existing business Business Terminal and market requirements outlook Positioning Blue print & Strategic terminal and options organization Current Financi
Slide 34: Serving markets from a product perspective
Growth Leadership Operational Excellence Customer Leadership Serving markets from a product C perspective Product strategy Understand basic technology Understand imbalances Understand trade flow dynamics Winning clients and ports Account Management Portfolio of Terminals Customer segmentatio
Slide 35: Vopak's commercial organization
Growth Leadership Operational Excellence Customer Leadership Vopak’s commercial organization C Global, regional and local Global Regional Local Global sales & marketing Division Operating company ▪ Global Network Account ▪ Business developers ▪ Commercial manager Directors ▪ Commercial directors ▪ S
Slide 36: Global, regional and local clients
Growth Leadership Operational Excellence Customer Leadership Global, regional and regional clients C Each client segment represents about 1/3 of Vopak’s revenue Global clients Regional clients Local clients ▪ Active at multiple Vopak ▪ Active in more than one ▪ Active in one Vopak locations around t
Slide 37: Sustainability
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Sustainability The core of every decision Environmental Excellent people Safety and Health Environmental Partner care Responsible partner Have the best people Provide a healthy Be energy and water Be a responsible and c
Slide 38: Sustainability
Growth Leadership Operational Excellence Customer Leadership Customer Leadership Sustainability We improved our process and own employee safety results The lost time injury rate (LTIR) Total Injury Rate Total injuries leading to lost time per million hours worked Total injuries per million hours wor
Slide 39: Vopak's ambition: EBITDA of EUR 1 billion in 2016
It is Vopak’s ambition to realize an EBITDA of EUR 1 billion in 2016 Focused strategy and Long-term trends Aligned organization disciplined execution 39 Roadshow presentation FY 2012
Slide 40: Contents
Contents General introduction Business environment Strategy update and growth projects Business performance Capital disciplined growth Outlook 40 Roadshow presentation FY 2012
Slide 41: Robust results in 2012
Robust results in 2012 Achieved 2013 EBITDA outlook of EUR 725-800 million in 2012 Storage capacity Occupancy rate In mln cbm In percent +2.1 90-95% 94.0 96.0 95.0 94.0 93.0 93.0 91.0 27.1 28.3 28.8 27.8 29.9 21.2 21.8 2006 2007 2008 2009 2010 2011* 2012 2006 2007 2008 2009 2010 2011 2012 EBITDA Dev
Slide 42: 2012 Financial overview
2012 Financial overview 20% EBITDA growth 19% EBIT growth 25% EPS growth Proposed cash dividend of EUR 0.88 per share (+10%) Solid funding of growth strategy secured Note: Excluding exceptional items; including net result from Joint Ventures. 42 Roadshow presentation FY 2012
Slide 43: Healthy occupancy rates and EBIT margins
Healthy occupancy rates and EBIT margins Expansion projects main value driver for further EBITDA growth Past Near Past Present Future 2003-06 2007-09 2010-2011 2012 2013 2014 > Occupancy improvements Playing field between 90 - 95% Operational efficiency gains Capacity expansion 43 Roadshow presentat
Slide 44: Healthy occupancy rates between 90-95%
Healthy occupancy rates between 90-95% Occupancy rate In percent 90-95% 96 96 95 94 95 95 95 92 94 93 93 93 93 92 92 92 93 93 94 93 90 91 90 84 ’04 ’05 ’06 ’07 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 2012 44 Roadshow presentation FY 2012
Slide 45: Healthy EBIT(DA) margins
Vopak is well positioned to maintain healthy EBIT(DA) margins EBIT(DA) Margin* In percent 50 EBITDA Margin 40 30 EBIT Margin 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Continued focus on logistic efficiency improvements for our clients has led to increased EBIT(DA) margins * Excluding exce
Slide 46: Strategic alliances support Vopak's growth strategy
Strategic alliances support Vopak’s growth strategy Subsidiaries Storage capacity Joint Ventures In mln cbm +5.2 +2.1 34.7 35.1 +7.6 31.3 28.8 29.9 27.1 28.3 27.8 13.2 13.5 9.6 10.4 20.4 21.2 21.8 10.2 10.5 8.1 20.2 9.6 4.9 5.4 5.1 5.1 19.7 20.3 20.9 21.5 21.6 15.5 15.8 16.7 17.5 18.1 18.3 15.1 2004
Slide 47: Solid financial performance
Solid financial performance Revenues EBIT* In million EUR In million EUR 1,313.9 469.4 560.9 1,171.9 +12% +19% 2011 2012 2011 2012 Net Profit** Earnings per share** In EUR million In EUR 343.6 2.70 275.4 +25% 2.16 +25% 2011 2012 2011 2012 * Including net result from Joint Ventures. ** Attributable t
Slide 48: All regions contribute to the 12% revenue increase
All regions contribute to the 12% revenue increase North America Netherlands Asia +14% 457.6 +15% +15% 400.8 Revenues 355.4 308.7 137.7 158.4 +12% 1,313.9 1,171.9 2011 2012 2011 2012 2011 2012 Latin America EMEA 2011 2012 +4% +8% 226.6 235.9 93.6 100.9 2011 2012 2011 2012 Note: Revenues in EUR milli
Slide 49: EBIT excluding exceptional items increased by 19%
EBIT excluding exceptional items increased by 19% to EUR 560.9 million 2011 2012 Delta In EUR mln In EUR mln In percent Operating profit 365.1 438.8 20% Net result Joint Ventures 220.4 97.1 -56% EBIT incl. exceptional items 585.5 535.9 -8% Exceptional gain (loss) 116.1 (25.0) EBIT excl. exceptional
Slide 50: EBIT by region
Except for Latin America, all regions contribute to the 19% EBIT increase North America Netherlands Asia +23% 192.9 +17% EBIT +9% 156.3 217.0 185.3 33.8 37.0 +19% 560.9 469.4 2011 2012 2011 2012 2011 2012 Latin America EMEA Global LNG 2011 2012 +4% -2% +368% 92.9 96.8 28.2 27.6 20.6 4.4 2011 2012 20
Slide 51: 63% of EBIT generated in non-euro currencies
63% of EBIT generated in non-euro currencies 2012 EBIT transactional currencies FX translation-effect on 2012 EBIT In percent In mln EUR USD Netherlands 0.0 Other 12% 24% EMEA 2.6 27% SGD Asia 17.7 North America 2.5 37% EUR Latin America 0.0 Transactional currency exchange risks are Non allocated
Slide 52: Net result of Joint Ventures increases with 17%
Net result of Joint Ventures increases with 17%, mainly due to Global LNG North America Netherlands Asia Net result of JVs +11% -100%* +27% 29.6 33.0 +17% 1.2 1.5 1.9 107.2 0.0 91.7 2011 2012 2011 2012 2011 2012 Latin America EMEA Global LNG 2011 2012 -4% +156% 48.7 46.6 0% 25.3 9.9 0.8 0.8 2011 201
Slide 53: IFRS equity accounting versus Proportionate consolidation
IFRS equity accounting versus Proportionate consolidation IFRS equity accounting Proportionate consolidation* Revenues Revenues Subsidiaries 1,676.9 1,313.9 1,171.9 +12% 1,452.0 +15% 2011 2012 2011 2012 EBITDA EBITDA Subsidiaries and net result from Joint Ventures 888.1 763.6 636.0 +20% 701.4 +27% 2
Slide 54: Quarterly EBIT development
Quarterly EBIT development Robust year-on-year growth EBIT 2010 EBIT 2011 EBIT development per Quarter* EBIT 2012 In mln EUR +26% +31% +19% +5% 138.0 141.9 144.0 130.2 137.0 109.7 109.5 113.3 108.4 114.8 121.3 107.5 Q1 Q2 Q3 Q4 * Excluding exceptional items; including net result from Joint Ventures.
Slide 55: Netherlands
Netherlands - Additional oil storage capacity - Lower occupancy rates in crude and gasoil storage EBIT* In EUR million +23% +4% 157.2 156.3 192.9 36.5 46.2 47.9 2010 2011 2012 Q4 2010 Q4 2011 Q4 2012 Occupancy rate Storage capacity In percent In mln cbm -5pp -8pp 8.3 9.5 +14% 95 94 89 93 95 87 2010
Slide 56: EMEA
EMEA - Additional oil storage capacity in Fujairah (UAE) - Lower net result joint ventures and lower result in Sweden and Belgium - Higher throughputs in the UK and Hamburg EBIT* In EUR million +4% 96.8 -5% 89.8 92.9 19.0 23.3 22.1 2010 2011 2012 Q4 2010 Q4 2011 Q4 2012 Occupancy rate Storage capaci
Slide 57: Asia
Asia - Additional chemical storage capacity - Strong storage demand in key locations - Currency translation gain of EUR 17.7 million on EBIT EBIT* In EUR million +17% 217.0 +14% 165.7 185.3 46.2 46.7 53.2 2010 2011 2012 Q4 2010 Q4 2011 Q4 2012 Occupancy rate Storage capacity In percent In mln cbm 0p
Slide 58: North America
North America - Higher occupancy rates - Positive market circumstances at the Gulf Coast terminals EBIT* In EUR million +9% 46.0 -2% 33.8 37.0 10.6 8.9 8.7 2010 2011 2012 Q4 2010 Q4 2011 Q4 2012 Occupancy rate Storage capacity In percent In mln cbm +3pp -1pp 94 93 96 92 96 95 2.3 2.3 0% 2010 2011 20
Slide 59: Latin America
Latin America - Indexation offset by higher costs - Expiration of concession resulted in ceased operation of the terminal in Ilha Barnabé in Brazil EBIT* In EUR million -2% 28.2 27.6 +1% 25.7 4.7 7.5 7.6 2010 2011 2012 Q4 2010 Q4 2011 Q4 2012 Occupancy rate Storage capacity In percent In mln cbm -1p
Slide 60: Q4 2012 Summary
Q4 2012 Summary EBITDA* EBIT* In million EUR In million EUR 177.2 190.8 +8% 130.2 137.0 +5% Q4 2011 Q4 2012 Q4 2011 Q4 2012 Occupancy rate Storage capacity In percent In mln cbm 94.0 90.0 27.8 29.9 -4pp +8% Q4 2011 Q4 2012 Q4 2011 Q4 2012 * Excluding exceptional items; including net result from Join
Slide 61: HY2 2012 Summary
HY2 2012 Summary Revenues EBIT* In million EUR In million EUR 665.8 251.5 281.0 610.8 +9% +12% HY2 2011 HY2 2012 HY2 2011 HY2 2012 Net Profit** Earnings per share** In EUR million In EUR 174.1 1.37 151.9 +15% 1.19 +15% HY2 2011 HY2 2012 HY2 2011 HY2 2012 * Including net result from Joint Ventures. *
Slide 62: Contents
Contents Achievements 2012 Business environment Growth projects Business performance Capital disciplined growth Outlook 62 Roadshow presentation FY 2012
Slide 63: Capital disciplined consideration
Capital disciplined consideration Stable solvency ratio Total equity and liabilities In EUR mln 4,570 4,152 3,649 Net 2,947 57% 2,585 56% liabilities* 58% 1,997 55% 1,703 61% 56% 57% Equity 44% 43% 45% 42% 43% 44% 39% 2006 2007 2008 2009 2010 2011 2012 * Cash and cash equivalents are subtracted from
Slide 64: Capital disciplined growth
Capital disciplined growth Total investments Total Investments 2007-2015 Expansion Capex** In EUR mln In EUR mln; 100% = EUR 2.1 billion 1,919 1,781 ▪ Remaining Vopak share in ~1,300-1,500 Capex (Group ~600 Capex and equity share in JVs) ~700-900 Other Capex* ~1,500 Expansion ~600 Capex** ▪ Group Ca
Slide 65: Capital Disciplined Growth
Capital Disciplined Growth Strategic Finance Access to Capital Markets Net senior debt : EBITDA ratio** 5 US Private Placements 3.75 4 (USD 2.1 billion) 3 SGD and JPY Private Placements 2 (SGD 435 million and 2.42 2.20 2.54 2.23 2.63 2.65 2.39 JPY 20 billion) 1 1.76 1.61 1.71 Syndicated Revol-
Slide 66: A new US PP Notes Program of ~USD 1 billion
A new US PP Notes Program of ~USD 1 billion - Reconfirmation of Vopak’s access to capital markets - 37 Institutional investors, of which 10 new investors - Repay outstanding debt and for other general corporate purposes A senior tranche of ~USD 900 million* Maturities ranging from 10.5 to 14.5 yea
Slide 67: Balanced debt repayment schedule
Balanced debt repayment schedule Average remaining maturity 10 years; average interest rate 4.4% Debt repayment schedule* In EUR mln RCF flexibility New US PP 2012 Asian PP New US PP 2012 (subordinated) Current US PP Other 1,200 1,100 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 68: Net Finance costs aligned with growth
Net Finance costs aligned with growth The long-term financing activities completed in 2012 will weigh on 2013 EPS development due to higher net financing costs Net finance costs 2011* Net finance costs 2012 In EUR mln In EUR mln Interest and dividend income 7.3 3.8 Finance costs 85.9 87.3 Net financ
Slide 69: Proposed 2012 dividend EUR 0.88 per share
Proposed 2012 dividend amounts to EUR 0.88 per ordinary share (pay-out ratio: 33%) Dividend and EPS 2006-2012** Cash Dividend In EUR 2.70 2.16 +25% 2.08 1.92 1.62 1.31 0.98 +10% 0.70 0.80 0.88 0.475 0.55 0.625 0.375 2006 2007 2008 2009 2010 2011 2012 Dividend policy: “Barring exceptional circumstanc
Slide 70: Vopak's solid capital structure
Vopak’s solid capital structure - Vopak is currently reviewing additional fit for purpose equity(-like) alternatives to support the continued effective and efficient financing of the future growth we aim for - The alternatives include, amongst others, (listed) fixed yield equity, equity-like and oth
Slide 71: Various other topics
Various other topics I “Effective tax rate 2012: 17.9%*.” “Vopak’s III Pensions.” II “Sources and uses of cash in 2012.” See appendix for further details * Excluding exceptional items. 71 Roadshow presentation FY 2012
Slide 72: Contents
Contents Achievements 2012 Business environment Growth projects Business performance Capital disciplined growth Outlook 72 Roadshow presentation FY 2012
Slide 73: Outlook assumptions 2013
Outlook assumptions 2013 No material changes in product outlook assumptions ~x% Share of EBIT Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2012 ~60% ~17.5-20% ~10-12.5% ~7.5-10% ~2.5-5% Robust Mixed Solid Mixed Solid ~60-65% ~17.5-20% ~7.5-10% ~5-7.5% ~2.5-5% 2013 Robust* Stead
Slide 74: Capacity growth under construction
Capacity growth under construction Modest planned capacity expansions in 2013 Capacity developments In mln cbm +5.2 0.4 35.1 3.4 Other Other Jubail Europoort Pengerang Hainan 1.4 Other Algeciras 2.1 Thames Oilport Other Westpoort Fujairah 27.8 Eemshaven FY 2011 2012 2013 2014 2015 FY 2015 27.8 29.9
Slide 75: FX translation effect 2013
FX translation effect 2013 Negative foreign exchange developments year to date EBIT transactional currencies Average FX rates 2012 FX translation-effect on 2012 EBIT In percent Per EUR 1.00 In mln EUR US dollar 1.29 Netherlands EMEA Singapore dollar 1.61 Asia North America Chinese yuan 8.11 Latin Am
Slide 76: Impact IAS 19 changes and lower discount rate
Impact IAS 19 changes and lower discount rate Higher pension charges for 2013 in addition to effect on equity Total effect on equity In EUR mln Actuarial gains and losses 107.4 Removal 10% corridor approach at 1 January 2012 (higher volatility in net pension Adjusted administration costs and taxes
Slide 77: EBITDA Ambition 2016: EUR 1 billion
EBITDA Ambition 2016: EUR 1 billion We expect a relatively limited EBITDA growth for 2013 Historical results Ambition EBITDA Development and ambition* In EUR mln CAGR +7% We expect relatively limited EBITDA growth for 2013: 1,000 20% EBITDA growth in 2012 CAGR +16% Modest planned capacity 763.6
Slide 78: Vopak's ambition: EBITDA of EUR 1 billion in 2016
It is Vopak’s ambition to realize an EBITDA of EUR 1 billion in 2016 The year of 400 years of entrepreneurship
Slide 79: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com
Slide 80: Effective tax rate 2012
I Effective tax rate 2012 Tax In mln EUR 82.9 71.3 +16% 2011 2012 Effective Tax Rate In percent In 2011, EUR 108.5 million of book gain on 19.5 17.9 the sale of our 20% equity stake in BORCO 5.4 -8% (Bahamas) was exempted for tax purposes Excluding exceptional items, the effective 14.1 tax rate
Slide 81: Sources and uses of cash in 2012
II Sources and uses of cash in 2012 Consolidated Statement of Cash Flows In EUR mln 67.6 0.5 435.7 44.1 659.3 643.0 671.6 37.8 -67.0 9.9 101.9 Net Cash Gross Net finance Tax paid Invest- Disposals Derivatives Dividend Other FX Net Cash position operating costs paid ments settlement paid in financing
Slide 82: Vopak's Pensions
III Vopak’s Pensions Vopak’s Pension obligations Dutch Pension Fund In percent Highlights Dutch 83% Cover ratio ultimo 2012 Other 17% is 112% (2011: 106%) Return was 16% in 2012 Other (2011: 5%) Pension contribution to 17% 83% remain at the same, maximum level of 30% Dutch 82 Roadshow presenta
Slide 83: Vopak's storage capacity development
Vopak’s storage capacity development 2007-2012 Storage capacity 2007-2012 In mln cbm +8.1 0.5 2.1 29.9 1.2 -1.0 21.8 5.3 31-12-2007 2008 2009 2010 2011 2012 31-12-2012 Note: For the joint ventures, 100% of the storage capacity is included. 83 Roadshow presentation FY 2012
Slide 84: Total Vopak's storage capacity development
Total Vopak’s storage capacity development 2007-2012 Storage capacity Subsidiaries In mln cbm Joint ventures +8.1 28.8 29.9 27.1 28.3 27.8 21.8 9.6 10.2 10.5 8.1 9.6 5.1 18.1 18.3 19.7 20.3 16.7 17.5 2007 2008 2009 2010 2011 2012 Note: For the joint ventures, 100% of the storage capacity is included
Slide 85: Total Vopak capacity development per division
Total Vopak capacity development Per division 2007-2012 LNG Asia North America Latin America Netherlands Storage capacity EMEA In mln cbm 29.9 28.3 28.8 27.8 27.1 0.8 0.8 6.3 6.8 7.3 5.8 7.1 21.8 2.3 4.7 5.7 5.7 2.3 1.0 5.3 1.0 2.3 0.9 0.9 1.0 0.8 9.5 7.1 7.1 8.3 6.9 6.7 8.2 8.3 8.2 8.3 9.0 7.3 2007
Slide 86: Energy and chemical product trends: Europe
Energy and chemical product trends Europe Oil products LNG Chemical products Biofuels & Vegoils • FSU crude exports • Import and • Rationalization • Key producer, diversification needs consumer and • Closure of refineries • Increased importer of biofuels • Break bulk activities competition for • Con
Slide 87: Energy and chemical product trends: Middle East and Africa
Energy and chemical product trends Middle East and Africa Oil products LNG Chemical products Biofuels & Vegoils • Important exporter of • Large LNG export • Feedstock • Biofuels on small crude oil advantage in ME scale • Potential new LNG • Growing population • Regional imbalances exports • New petr
Slide 88: Energy and chemical product trends: Asia
Energy and chemical product trends Asia Oil products LNG Chemical products Biofuels & Vegoils • Increased crude oil • Increased import • Significant • Southeast Asia is and other oil needs expansions over expected to expand products demand last 5 years its vegoils exports • Dominance of Qatar • Larg
Slide 89: Energy and chemical product trends: North America
Energy and chemical product trends North America Oil products LNG Chemical products Biofuels & Vegoils • Unconventional oil • Shale gas (with • After ME, North • Largest Ethanol potential exports of America is the market • Substantial LNG) lowest cost investments in producer of gas • Exports to EU a
Slide 90: Energy and chemical product trends: Latin America
Energy and chemical product trends Latin America Oil products LNG Chemical products Biofuels & Vegoils • New discoveries of • New growth markets • Green Ethylene • Key region for oil in Brazil serviced through ethanol and biodiesel floating regasification • Demand growth in flows • Increased demand
Slide 91: Royal Vopak contact details
Royal Vopak Westerlaan 10 Tel: +31 10 4002911 3016 CK Rotterdam Fax: +31 10 4139829 The Netherlands www.vopak.com