Annual results March 2010

Transcription

1 _ Annual results March 2010

2 A worldwide network strategy Vopak Houston Deer Park Terminal Vopak Horizon Fujairah Vopak Terminal Europoort Vopak Terminal Bahamas Vopak Singapore Sebarok Terminal 2

3 Agenda Achievements 2009 Business environment Growth projects Business performance Financing Outlook Details and definitions used in this presentation are derived from the FY 2009 press release and Annual Report, which are leading. 3

4 Robust results in 2009 Added 1.2 mln cbm storage capacity Robust occupancy rate % 92% 94% 96% 95% 94% Strong business performance EBITDA excl. exceptionals +20% EUR mln

5 Personnel & Process Safety 8 TIR* * 120 Total number of Spills * Number of accidents own personnel relative to the number of hours worked LTIR** * Number of accidents leading to lost time for own personnel and contractors relative to the number of hours worked 5

6 Strategic highlights: Customer Service Key Account Management Focus on service and quality Annual world wide customer survey to further improve our customer service 6

7 Strategic highlights: Operational Efficiency Operational improvements based on Lean Preparing infrastructure for the future Global procurement Vopak Terminal Deer Park - Ship Dock project 7

8 Strategic highlights: Company growth Prioritizing new investments Financing programs in place Strategic partnerships Vopak Terminal Botlek 156,000 cbm Sabtank (Yanbu) Vopak E.O.S. Vopak Terminal Leftbank 125,000 cbm 111,000 cbm 40,000 cbm 8

9 Vopak Terminal Bahamas Acquired in 2008 and expanded with 412,900 cbm in 2009 Strategic partnership between Vopak (20%) and First Reserve Capital (80%) 9

10 Banyan and Penjuru, Singapore Brownfield capacity additions at Banyan and Penjuru (Singapore): 457,000 cbm commissioned 10

11 Agenda Achievements 2009 Business environment Growth projects Business performance Financing Outlook Details and definitions used in this presentation are derived from the FY 2009 press release and Annual Report, which are leading. 11

12 Stable performance in 2009 Important differences with previous cycles Biofuel storage Industrial terminals Increased contract durations Changed customer base and role in supply chain 100% < 1yr 75% 50% 1yr < > 3yr 25% 0% > 3yr Industrial terminals 12

13 Current business environment Oil - Increasing geographical imbalance between demand and supply leads to robust demand - Possible permanent closure/divestments of less efficient refineries - IOC s focussing on upstream business Chemicals - Redesign of supply chain and production facilities - Industrial terminal: stable/robust - Remainder of chemical business: - China - robust - Asia - encouraging - America s - stable - Europe - volatile LNG - More focus on LNG solutions as energy source Biofuels - Supply-side in development - Government requirements - Developing toward structural flows 13

14 Drivers of structural growth in demand remain Countries setting individual specifications for products Liberalization of previously closed economies Increasing geographical imbalances Growing demand for environmentally friendlier fuels 14

15 Accelerated Strategy Execution Based on Reliability and Efficiency EXCELLENT CUSTOMER SERVICE Key Account Management Focus on service and quality MAXIMUM OPERATIONAL EFFICIENCY Operational Efficiency Improvement Enhancing maintenance plans Preparing infrastructure for the future Global procurement Scenario planning COMPANY GROWTH Prioritizing new investments Financing and partnerships Toolbox 15

16 Agenda Achievements 2009 Business environment Growth projects Business performance Financing Outlook Details and definitions used in this presentation are derived from the FY 2009 press release and Annual Report, which are leading. 16

17 Company growth supported by healthy demand for storage capacity Storage Capacity In mln cbm Occupancy Rate 85% 92% 94% 96% 95% 94% 17

18 Amsterdam Westpoort Total storage capacity of 1,190,000 cbm 41 storage tanks: 7 x 50,000 cbm, 11x 40,000 cbm, 17 x 20,000 cbm and 6 x 10,000 cbm A facility for blending (mixing) products and components Ten berths at two finger piers and two quay walls Aerial photo of the Vopak Westpoort Terminal (Netherlands) under construction 18

19 Various projects under construction Total storage capacity under construction 3.0 mln cbm MOT, Rotterdam (Netherlands) increase in entitlement with 360,000 cbm Vopak Zhangjigang (China) 177,300 cbm Jakarta, Indonesia, 250,000 cbm 19

20 Gate terminal progressing well All 3 roofs air lifted Launching customers: Division: LNG Start operations: HY Capacity: 540,000 cbm Product: LNG 20

21 Vopak s growth based on healthy demand 21

22 Confidence in the future! 22

23 Agenda Achievements 2009 Business environment Growth projects Business performance Financing Outlook Details and definitions used in this presentation are derived from the full year 2009 press release and Annual Report, which are leading. 23

24 2009: Another robust year for Vopak ROBUST OCCUPANCY RATES CUSTOMER FOCUSED GROWTH % 92% 94% 96% 95% 94% Strong business performance In EUR mln, -excluding exceptional items- EBITDA 50% HEALTHY MARGINS * Excluding exceptional items and excluding Net result of JV s % 30% 20% 10% EBITDA margin* EBIT margin* 0%

25 2009 Financial overview 20% EBITDA* growth 19% EPS* growth Proposed Cash-Dividend of EUR 1.25 per share Adequate funding of growth strategy secured * Excluding exceptional items 25

26 Strategic (growth, customer and operational efficiency) leadership delivers results In EUR mln, - excl. exceptional items - EBITDA improvements by: Higher occupancy rates Improved revenue per cbm Effective cost management Storage capacity growth Benefits from economies of scale EBITDA EBITDA Divestments Supported by a robust contract portfolio 100% < 1yr 75% 50% 1yr < > 3yr 25% > 3yr %

27 2009 EBIT excl. exceptional items: up 20% to EUR mln Net Revenues EBIT In EUR mln ,001.1 In EUR mln % 2009 Net Profit % 2009 Earnings per share In EUR mln In EUR % % 2009 All Annual figures results excluding March exceptional items

28 Revenue developments supported by robust demand for storage capacity Storage Capacity In mln cbm JV s and Associates Group Companies Occupancy Rate 85% 92% 94% 96% 95% 94% 28

29 Adjusted for divestments, all divisions contribute to the revenue growth In EUR mln North America OEMEA Asia % % % 2009 Latin America CEMEA % % Adjustment for divestments

30 EBIT - excluding exceptional items - increased by 20% In EUR mln % Operating profit Net result JV & Associates EBIT incl. exceptional items Exceptional gain EBIT excl. exceptional items

31 66% of EBIT generated in non-euro currencies Transactional currency exchange risks are limited. As a rule revenues, costs and financing are denominated in the same currency. Other USD USD 21% SGD 21% EUR 34% EUR SGD Other 24% 31

32 All divisions contribute to the EBIT increase of 20% In EUR mln, - excl. exceptional items - North America OEMEA Asia % % % 2009 Latin America CEMEA Other % %

33 Net result from Joint Ventures and Associates increases with 44% In EUR mln, - excl. exceptional items - North America OEMEA Asia % 141% % 2009 Latin America CEMEA Other % %

34 Healthy EBIT(DA) margins Supported by robust occupancy rates, improved revenue per cbm, effective cost management and economies of scale 50% 40% 30% EBITDA margin* EBIT margin* 20% 10% 0% * Excluding exceptional items, excluding net result of JV s 34

35 Net Profit - excluding exceptional items - increased by 20% In EUR mln, - excl. exceptional items % Net Revenues 1, % EBIT Net finance costs Tax* % % % Net Profit attributable to holders of ordinary shares % EPS % * Includes exceptional items 35

36 Net Finance Costs aligned with expansion program In EUR mln Interest and dividend income Finance costs Net finance costs Net-interest bearing debt Average interest rate % 8% 6% % 2% 0 0%

37 Stable effective tax rate 2009 In EUR mln Effective Tax Rate % 2008 % Tax % 19.3% 37

38 Solid improvements in EPS 4.00 In EUR Proposed: Share split 1: % 22% 34% 24% 19%

39 Dividend: Increase with 14% Proposed 2009 dividend amounts to EUR 1.25 per ordinary share Proposed dividend +14%

40 Sources and uses of cash In EUR mln Gross operating cash flow Investments Cash position 1 Jan 2009 Net financing costs Tax paid Divestments Financing activities 40 Cash position 31 Dec 2009

41 Vopak Terminal Europoort Vopak Horizon Fujairah Business performance EBIT per Division Vopak Houston Deer Park Terminal Vopak Singapore Sebarok Terminal 41

42 Chemicals EMEA Despite drop in demand of chemical products a stable operating profit was realized. In EUR mln, - excl. exceptional items * % 4% 16% 11% Vopak Terminal Botlek Zuid, Rotterdam Q1 Q2 Q3 Q * CEMEA Q result includes a positive one-off of EUR 2.6 mln 42

43 Oil EMEA Increasing geographical imbalances drive demand for tank storage. In EUR mln, - excl. exceptional items % 34% 29% 18% Vopak Terminal Europoort, Rotterdam Q1 Q2 Q3 Q

44 Asia Increasing consumption in Asia offers Vopak a splendid perspective. In EUR mln, - excl. exceptional items % 48% 31% 26% Q1 Q2 Q3 Q4 Vopak Terminal Sakra, Singapore

45 North America Good results realized in turbulent year. In EUR mln, - excl. exceptional items % 20% 55% 14% Vopak Terminal Deerpark, Houston Q1 Q2 Q3 Q

46 Latin America The chemicals market is growing again and we are anticipating to this. In EUR mln, - excl. exceptional items % 8% 7% 7% Q1 Q2 Q3 Q4 Vopak Terminal Cartagena, Colombia

47 Vopak Terminal Westpoort Gate terminal Investments Vopak Terminal Bahamas Vopak Singapore Penjuru Terminal 47

48 Growth continues 2009 storage capacity increased with 1.2 mln cbm Vlaardingen, Netherlands Product: Biofuels and vegoils Capacity addition: 75,000 cbm YE 2008 Capacity Ho Chi Minh City, Vietnam Product: Chemicals Capacity addition: 40,000 cbm Barcelona, Spain Product: Chemicals Capacity addition: 5,000 cbm In cbm 27.1 mln Total net capacity increase 2009 YE 2009 Capacity 2010, 2011 and 2012 (incl. LNG) Total ultimo mln 28.3 mln 3.0 mln 31.3 mln 48

49 Expansion projects progressing well Vopak Terminal Westpoort 1,190,000 cbm Vopak Terminal Barcelona 155,200 cbm Vopak Terminal Zhangjiagang 177,300 cbm Vopak Terminal Jakarta 250,000 cbm 49

50 Total investments 800 In EUR mln Remaining Vopak Share Approved & Under Construction Projects EUR 0.4 bln YE

51 Investing in growth Group companies and joint ventures Around EUR 0.4 bln Around EUR 1.6 bln Total CAPEX projects 2010, 2011 and 2012 Approved & Under Construction Projects Remaining Vopak share in CAPEX Spent 2010, 2011 and 2012 Approved & Under Construction Projects Yearly Sustaining Capex +/- EUR mln 51

52 Agenda Achievements 2009 Business environment Growth projects Business performance Financing Outlook Details and definitions used in this presentation are derived from the full year 2009 press release and Annual Report, which are leading. 52

53 Maturity of debt funding further enhanced Total program around EUR 2.0 bln Term Covenant US PP 2001 US PP 2007 RCF EUR 1 bln Asian PP US PP 2009 Maximum Net Senior Debt/ EBITDA Additional headroom When financed with subordinated debt Up to 4.25 > 3.75 > 3.75 > 3.75 Minimum EBITDA / Net Interest Payable Amount outstanding USD 331 mln USD 375 mln - SGD 210 mln USD 680 mln Redemption payment US PP = US Private Placement RCF = Revolving Credit Facility 53

54 Strategic finance Net debt : EBITDA ratio * 2002* Maximum Ratio under US PP Maximum Ratio under other loans and syndicated revolving credit facility * Based on Dutch GAAP 54

55 Balanced debt repayment schedule Revolving Credit Facility of EUR 1.0 billion fully available In EUR mln

56 Agenda Achievements 2009 Business environment Growth projects Business performance Financing Outlook Details and definitions used in this presentation are derived from the full year 2009 press release and Annual Report, which are leading. 56

57 Outlook 2010 For 2010 Vopak expects Group operating profit before depreciation and amortization (EBITDA) to growth between 5-10% Based on our growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) between EUR million in

58 Outlook Assumptions Oil ~ 55% of EBIT Industrial terminals ~ 15% of EBIT Biofuels and vegoils ~ 12.5% of EBIT Chemicals ~ 17.5% of EBIT ROBUST ROBUST/STABLE STABLE MIXED Healthy demand for storage capacity Contract renewals + Some new storage capacity commissioned 58

59 EBITDA Outlook 2012: in the EUR mln range In EUR mln Outlook Guidance % EBITDA* EBIT* * Excluding exceptional items, including net result from Joint Ventures & associates Long-term Long-term guidance guidance ROCE ROCE of of 16% 16% Bearing Bearing in in mind mind substantial substantial investments investments in in green green field field projects/ projects/ expansions expansions 59

60 Summary Vopak has realized a 20% EBITDA growth in 2009 (2009 EUR 513 mln: 2008 EUR 429 mln) Vopak has realized a 19% EPS growth in 2009 (2009 EUR 3.84: 2008 EUR 3.24) Vopak proposes a EUR 1.25 Cash-Dividend per share (2008: EUR 1.10) Vopak continues its expansion strategy based on positive market development and a robust global terminal network Vopak secured adequate funding of its growth strategy Vopak expects a 5-10% EBITDA growth in 2010 and is well positioned to realize a 2012 EBITDA between EUR mln 60

61 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 accuracy and completeness of forward-looking statements. Unforeseen circumstances include, but are not limited to, exceptional income and expense items, unexpected economic, political and foreign exchange developments, and possible changes to IFRS reporting rules. Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which Vopak operates. These factors could lead to actual results being materially different from those expected. 61

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