Q1 Trading update. 23 April Business Performance Strategy execution and results. Q Trading update. Capital disciplined growth

Transcription

1 Strategy execution and Performance Trading update 2014 Trading update 23 April 2014 Looking ahead

2 Forward-looking statements This presentation contains forward-looking statements, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Vopak cannot guarantee the accuracy and completeness of forward-looking statements. These risks and uncertainties include, but are not limited to, factors affecting the realization of ambitions and financial expectations, developments regarding the potential capital raising, exceptional income and expense items, operational developments and trading conditions, economic, political and foreign exchange developments and changes to IFRS reporting rules. Vopak s EBITDA ambition does not represent a forecast or any expectation of future or financial. 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 s in which Vopak operates. These factors could lead to actual being materially different from those expected, and Vopak does not undertake to publicly update or revise any of these forward-looking statements. 2 Trading update 23 April 2014

3 3 3 Pengerang terminal phase 1a consisting of 25 tanks with a total storage capacity of 432,000 cbm for clean petroleum products

4 2014 summary EBIT(DA) affected by adverse currency effects and continuous challenging market circumstances, mainly in the EMEA region EBITDA* In EUR million +1% -5% EBIT* In EUR million -1% -11% Storage capacity In million cbm Occupancy rate** In percent % 89% 88% * Excluding exceptional items; including net result from joint ventures and associates; Due to the retrospective application of the Revised IAS 19, EBIT(DA) figures have been restated; ** Subsidiaries only. 4 Trading update April Februari 2014

5 EBITDA Adverse currency effects in Asia and Americas combined with challenging market circumstances, mainly in the EMEA region Netherlands EMEA EBITDA* % +2% % -17% % -5% Asia Americas +5% -6% % % Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates; Due to the retrospective application of the Revised IAS 19, EBITDA figures have been restated. 5 Trading update April 2014

6 Net result of joint ventures Difficult business in Estonia Netherlands EMEA Joint venture divestments Net result of joint ventures +16% -27% % 0% Asia % -42% Americas Mejillones Terminal, Chile 19 December Terminal San Antonio, Chile 19 December Terminal Guayaguil, Ecuador 19 December Xiamen, China 11 July Global LNG % % % % % -23% Note: Amounts in EUR million; including associates; excluding exceptional items Trading update April 2014

7 FX translation effects Adverse translation effects of EUR 7.6 million in 2014 EBITDA transactional currencies In percent FX translation-effect on 2014 EBITDA In EUR million USD SGD EUR Other 25% Netherlands EMEA -0,3 33% 14% Asia Americas -1,6-5,6 Non allocated -0,1 28% Total -7,6 Note: Excluding exceptional items. 7 Trading update April 2014

8 Occupancy rate developments Higher rate compared to but lower than Occupancy rate In percent Full potential playing field Current playing field 90-95% 85-90% Note: Subsidiaries only. 8 Trading update April 2014

9 Occupancy rate Asia and Americas stable, EMEA region challenging Netherlands EMEA -8pp +3pp 0pp -9pp Occupancy rate 93% 85% 88% 89% 89% 80% -4pp -1pp 93% 89% 88% Asia Americas pp 0pp 95% 95% 95% -4pp 0pp 95% 91% 91% Note: Subsidiaries only Trading update April 2014

10 10 10 An operator at the Banyan terminal (Singapore)

11 Netherlands Challenges remain EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 93% 87% 89% 87% 85% 84% 82% 83% 88% Note: Due to the retrospective application of the Revised IAS 19, EBIT for has been restated; * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 11 Trading update April 2014

12 EMEA Challenging business circumstances EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 89% 87% 87% 87% 89% 90% 88% 85% 80% Note: Due to the retrospective application of the Revised IAS 19, EBIT for has been restated; * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 12 Trading update April 2014

13 Asia Steady offset by adverse currency effects EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 95% 95% 94% 93% 95% 95% 94% 94% 95% Note: Due to the retrospective application of the Revised IAS 19, EBIT for has been restated; * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 13 Trading update April 2014

14 Americas Steady offset by adverse currency effects EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 95% 93% 94% 93% 91% 89% 89% 89% 91% *** Note: Due to the retrospective application of the Revised IAS 19, EBIT for has been restated; * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only; *** 2014 includes the recently acquired Canterm terminals at 27 March Trading update April 2014

15 15 Construction of ammonia tank at Banyan terminal (Singapore) 15 Annual Results 28 February 2014

16 Brownfield Acquisition Various Brownfield Greenfield Acquisition Storage capacity developments Split by brownfield, greenfield, acquisition, and divestment Storage capacity developments In million cbm; commissioned and under development Note: Including only projects under development estimated to be commissioned for the period Trading update April Februari 2014

17 Further alignment of Vopak s terminal network With markets dynamics Haiteng Announced Acquired Commissioned Brownfield under construction Vlaardingen Penjuru Phase 2 Caojing Montreal Jurong Rock Caverns Quebec Banyan Europoort 17 Note: This is only a selection of projects. Trading update April 2014

18 Vopak s growth strategy New strategic alliances and expansions at existing locations Storage capacity In million cbm Terminals as per 2014 In # FY Subsidiaries Joint ventures and associates Only acting as operator Terminals as per 2017 In # Note: Including only announced projects under development estimated to be commissioned for the period The number of terminals for 2017 is indicative and based on these announced projects under current circumstances. 18 Trading update April 2014

19 Total investments and approved expansion capex as per Total investments In EUR million Expansion capex** In EUR million; 100% = EUR 1,700 million 1,899 2,012 Forecasted capex ~900-1,200 ~400 Remaining Vopak share in capex (Group capex and equity share in JV s) ~ Other capex* ~1, ~ Expansion capex** Group capex spent Contributed Vopak equity share in JV s Total partner s equity share in JV s Total non recourse finance in JV s Note: Total approved expansion capex related to 7.5 million cbm under development is ~EUR 1,700 million; * Forecasted Sustaining and Improvement Capex; ** Total approved expansion capex related to 7.5 million cbm under development in the years 2014 up to and including Trading update April 2014

20 Vopak retains a solid capital structure Senior net debt : EBITDA ratio 5 Maximum ratio under other PP programs and syndicated revolving credit facility Maximum ratio under current US PP programs * (restated) 2014 Note: due to the retrospective application of the Revised IAS 19, EBITDA for has been restated. For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA; * Based on Dutch GAAP Trading update April 2014

21 Vopak s capital structure Vopak continues to explore various equity-like alternatives Ordinary shares* Private placement Programs* Syndicated revolving credit facility* Equity(-like) Listed on Euronext Market capitalization: EUR 5.2 billion USD: 2.0 billion SGD: 435 million and JPY: 20 billion Average remaining duration ~ 9 years EUR 1.0 billion 15 banks participating Duration until 2 February 2018 No drawdowns outstanding Preference shares* Preference Shares 2009 Not listed EUR 44 million Subordinated loans* Subordinated USPP loans: USD million * As per 31 March Trading update April 2014

22 22 22 Removal of old tanks Roadshow at Vlaardingen presentation HY1 terminal 2014 (Netherlands)

23 Outlook assumptions Overall business climate unchanged except in oil products Oil products Chemicals Industrial terminals Biofuels & vegoils LNG ~60-65% ~ % ~7.5-10% ~5-7.5% ~2.5-5% Robust Steady Solid Mixed Solid 2014 Steady Steady Solid Mixed Solid Note: Width of the boxes does not represent actual percentages; company estimates; * Excluding exceptional items ;including net result from joint ventures and associates. 23 Trading update April 2014

24 EBITDA outlook and ambition Assuming similar challenging business circumstances as we experienced in, 2014 EBITDA is expected to be 5% to 10% lower than. review of the of our current terminals and exploring their potential for adding value to our global terminal portfolio. focus on optimizing net cash flows from operations and disciplined capital allocation. We will provide an update on our longer-term EBITDA ambition in the second half year of Trading update April 2014

25 Achievements Strategy execution Looking ahead We have built our company over 400 years on trust and reliability Royal Vopak I Westerlaan 10 I 3016 CK Rotterdam I The Netherlands I Tel: I Fax: I