Q APRIL 2015 ANALYST PRESENTATION Q Trading update

Transcription

1 22 APRIL ANALYST PRESENTATION Trading update

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 outlook 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 environments 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 Analyst presentation 22 April

3 Business Analyst presentation 22 April

4 Key topics In, we delivered improved financial against a background of a competitive and dynamic business environment In line with our previous outlook and based on current market insights, Vopak expects to realize an EBITDA -excluding exceptional items- in excess of EUR 768 million in We are on track in executing our updated strategy as announced on July 2 nd 4 Analyst presentation 22 April

5 summary EBITDA* In EUR million EBIT* In EUR million % +15% % +16% Net profit** In EUR million Occupancy rate*** In percent % % % 88% 91% * Excluding exceptional items; including net result from joint ventures and associates; ** Net profit attributable to holders of ordinary shares -excluding exceptional items- ; *** Subsidiaries only. 5 Analyst presentation 22 April

6 Cash flow developments Cash flow from operating activities (gross) In EUR million Increasing free cash flow I Improving capital efficiency I Enhancing risk-return profile 6 Analyst presentation 22 April

7 EBITDA development EBITDA development In EUR million While expanding our worldwide storage capacity we were able to increase the overall occupancy rates Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates. 7 Analyst presentation 22 April

8 FX-effect against FX Acquisitions /Greenfields /Divestments /Pre-opex Americas Netherlands Asia EMEA LNG Other Business EBITDA analysis Analyst presentation 22 April

9 EBITDA per division Netherlands EMEA EBITDA* % % % +2% % -17% Asia Americas Non-allocated % % % % Note: EBITDA in EUR million excluding exceptional items and including net result of joint ventures and associates. 9 Analyst presentation 22 April

10 net result of joint ventures Netherlands EMEA -42% Net result of joint ventures 0.7 0% 0.7 0% % % +31% Asia Americas Global LNG +65% -14% % -100% % % 8.0 Note: Amounts in EUR million; including associates; excluding exceptional items. 10 Analyst presentation 22 April

11 Occupancy rate developments Occupancy rate In percent Full potential playing field Current playing field 90-95% 85-90% Challenging competitive and dynamic business environment remains Note: Subsidiaries only. 11 Analyst presentation 22 April

12 Occupancy rate per division Occupancy rate Netherlands +3pp +4pp 85% 88% 92% EMEA +11pp -9pp 89% 91% 80% -1pp +3pp 89% 88% 91% Asia Americas 95% 0pp 95% -5pp 90% 91% 0pp 91% -2pp 89% Note: Subsidiaries only. 12 Analyst presentation 22 April

13 Non-IFRS proportional information Proportionate EBITDA* In EUR million Cash Flow Return on Gross Assets In percent 227 Occupancy rate subsidiaries and joint ventures In percent 12.3% 12.2% 11.6% 11.8% 10.9% 10.4% 10.3% 94% 92% 92% 90% 88% 88% 90% * EBITDA in EUR million excluding exceptional items Analyst presentation 22 April

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15 Netherlands EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 85% 84% 82% 83% 88% 86% 88% 85% 92% * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 15 Analyst presentation 22 April

16 EMEA EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 89% 90% 88% 85% 80% 83% 85% 89% 91% * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 16 Analyst presentation 22 April

17 Asia EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 95% 95% 94% 94% 95% 95% 95% 93% 90% * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 17 Analyst presentation 22 April

18 Americas EBITDA* In EUR million Occupancy rate** In percent Storage capacity In million cbm 91% 89% 89% 89% 91% 90% 89% 89% 89% * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only. 18 Analyst presentation 22 April

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20 Brownfield Greenfield Divestments Brownfield Greenfield Business Storage capacity developments Storage capacity developments In million cbm; commissioned and under development Note: Including only projects under development estimated to be commissioned for the period FY and excluding the to be realized divestments as announced in the business review. 20 Analyst presentation 22 April

21 Investments and divestments Oil Chemicals Industrial Gasses Divestments Pengerang (Industrial terminal) Galena park 2,100,000 cbm Pengerang (Hub location) (170,000 cbm) Wilmington terminals 413,000 cbm Europoort (Hub location) (130,700 cbm) Note: This is only a selection of projects. 400,000 cbm 21 Analyst presentation 22 April

22 opportunities Storage capacity In million cbm FY Subsidiaries Joint ventures and associates Only acting as operator Vopak well positioned to further improve risk-return profile Note: Including only announced projects under development estimated to be commissioned for the period and excluding the to be realized divestments as announced in the business review. 22 Analyst presentation 22 April

23 capital disciplined Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated revolving credit facility Maximum ratio under current US PP programs * For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA; * Based on Dutch GAAP. 23 Analyst presentation 22 April

24 Vopak s capital structure Ordinary shares Private placement program* Syndicated revolving credit facility* Equity(-like)* Listed on Euronext Market capitalization: EUR 6.6 billion as per April USD: 2.0 billion SGD: 225 million and JPY: 20 billion Average remaining duration ~ 8 years EUR 1.0 billion 15 banks participating Duration until 2 February 2018 Eur 250 million drawn Subordinated loans Subordinated USPP loans: USD million Preference shares Cancelled as per 1 January EUR 44 million * As per 31 March 24 Analyst presentation 22 April

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26 Subsequent events On 1 April, Vopak increased its share in the LNG joint venture Gate Terminal, the Netherlands, from 47.6% to 50.0%. On 6 April, the main customer of our associate, Vopak Terminal Haiteng in China, experienced an incident at their production facility. This incident may affect the business of the terminal, however the nature and extent of this is currently unknown. On 7 April, Vopak received an ultimatum from the labor unions in the Netherlands. Following Vopak s response, the unions have suspended actions in anticipation of consulting their members. 26 Analyst presentation 22 April

27 Outlook assumptions ~x% Share of EBITDA* Oil products Chemicals Industrial terminals & other pipeline connected infra Biofuels & vegoils LNG Contract duration ~50% ~20% 15% - 20% 7.5% - 10% 2.5% - 5% ~0-5 years ~1-5 years ~5-15 years ~0-3 years ~10-20 years Different demand drivers Steady Solid Mixed Solid Different demand drivers Steady Solid Mixed Solid Major Hubs supporting intercontinental product flows Import/distr. in major markets with structural deficits Other infra Note: Width of the boxes does not represent actual percentages; company estimates; * Excluding exceptional items ;including net result from joint ventures and associates. 27 Analyst presentation 22 April

28 Outlook elements Expansions and acquisitions Divestments Productivity and organisations efficiency enhancements Fx and pension costs Uncertainties incl. phased build-up In line with our previous outlook and based on current market insights, Vopak expects to realize an EBITDA -excluding exceptional items- in excess of EUR 768 million. 28 Analyst presentation 22 April

29 Questions 29 Analyst presentation 22 April

30 We have built our company over 400 years on trust and reliability Analyst presentation 22 April Royal Vopak I Westerlaan 10 I 3016 CK Rotterdam I The Netherlands I Tel: I Fax: I