Jack de Kreij Member of the Executive Board and Chief Financial Officer. Analyst Meeting 3 July 2009

Transcription

1 _ Jack de Kreij Member of the Executive Board and Chief Financial Officer Analyst Meeting 3 July 2009

2 Sustainable Value Growth Introduction Sustainable Value Growth Status July 2009 Financing Outlook 2

3 Results of Vopak Transformation Process In EUR mln Outlook Guidance EBITDA** > 450 Q EBIT * Excluding exceptional items ** EBITDA includes joint ventures & associates results 3

4 Vopak s challenge The challenge is to facilitate the current and future product flows: Wide variety in required handling, level of throughput and operational automation 4

5 Sustainable Value Growth Introduction Sustainable Value Growth Status July 2009 Financing Outlook 5

6 The excellence mindset 1. Maintaining the right balance between growth and flawless execution 2. Identifying and multiplying talent 3. Closely monitoring and measuring business performance 4. Recognizing standardization and technology as a strategic asset 5. Emphasizing continuous renewal 6

7 Focus on: Sustainable Value Growth Corporate Objective Stakeholder Value Added (SVA) Stakeholder Interests a.o. Safety Client Satisfaction Financial return Employee Engagement Sustainability Valuation Components Cash Flow Operations Discount Rate Debt Value Drivers Value Growth Sales Growth Operating Profit Margin Income Tax Rate Working Capital management Maintenance/ SHE CAPEX Cost of Capital Safety Client Satisfaction Employee Engagement Sustainability Management Decisions Strategic Direction Operating Investment Financing 7

8 Sustainable Value Growth: Status July 2009 EBITDA > EUR 450 mln ROCE > 16% Value growth Sales growth Operating profit Margin Income tax rate Working capital investment Maintenance/ SHE capex Cost of capital Excellence Continuous improvement Toolbox Leadership Learning organisation Benchmarking Sharing knowledge 8

9 The growth of storage capacity continues Storage Capacity In mln CBM Q

10 Characteristics of remaining 2.8 mln cbm projects under construction Year of commission Per region 2011 OEMEA 21% Asia 32% mln cbm 1.5 mln cbm North America 16% mln cbm Per product LNG 19% Biofuels/Vegoils 3% Chemicals 12% Chemicals/ Biofuels 6% LNG 19% CEMEA 10% Latin America 2% Oil/ Chemicals 14% Oil 46% 10

11 Robust sales growth and stable occupancy rates In EUR mln 2008 EUR mln 1, % 92% 94% 96% 95% 95% Occupancy rate Net revenues Q

12 Stable EBIT(DA) margins 50% 40% EBITDA margin* 30% EBIT margin* 20% 10% 0% * Excluding exceptionals, including net result of JV s 12

13 Meeting different challenges 70% EBITDA Margins (excluding Joint Ventures and Associates) 60% Asia 50% 40% 30% OEMEA CEMEA Latin America North America 20% 10% 0%

14 Strong focus on: Working Capital management In EUR mln 1, In days DSO: From around 60 in 2002 to around 30 in * * Income from rendering of services DSO * Based on Dutch GAAP

15 Average interest rate decreased Average interest rate 10% 8% 6% 4% 2% 0%

16 Average Capital Employed increasing In EUR mln 2,500 Average capital employed Return On Capital Employed (ROCE) 30% 2,000 25% 20% 1,500 15% 1,000 10% 500 5% EST % 16

17 EBITDA developments In EUR mln EBITDA Development Results of joint ventures & associates using the equity method Operating profit consolidated companies > EUR 450 mln

18 Sustainable strategic alliances < 5 yrs GATE Eemshaven LNG Vopak EOS Vopak Terminal Bahamas PT Jakarta Tank Terminal 5 10 yrs Vopak Terminal Tianjin Shandong Lanshan Vopak Ecuador Vopak Shanghai Nippon Vopak Kertih Terminals yrs Terquimsa Vopak Horizon Sabtank Xiamen Paktank Terminal Ningbo Thai Tank Terminal Engro Vopak Vopak Terminals Korea Uniao - Vopak Brasterminais > 25 yrs Maasvlakte Olie Terminal Vopak Terminal Singapore 18

19 Sustainable Value Growth Introduction Sustainable Value Growth Status July 2009 Financing Outlook 19

20 Total investments In EUR mln 800 > * * Based on Dutch GAAP 20

21 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 21

22 Sufficient headroom to continue growth strategy Total financing program around EUR 1.5 bln No major debt refinancing until 2012 Debt repayment schedule (in EUR mln) > 2014 Ample financing sources of recent date Facility Maturity In use YE 2008 Closed USPP 2001 Majority 10 years EUR mln March 2007 (amended) USPP /10/12/15 years EUR mln May 2007 RCF 5 years EUR mln (total facility EUR 1.0 bln) July/August /2008/2009 Various joint ventures project financing 2007 / 2008 /

23 Sustainable Value Growth Introduction Sustainable Value Growth Status July 2009 Financing Outlook 23

24 Outlook Different treatment of net result from JV s and Associates In EUR mln Bloomberg consensus Vopak Guidance 24

25 Reconciling Q1 with FY09 outlook Actual Q EBITDA EUR mln * expansions + * margin management * contract renewals * operational efficiency improvements -/- * tanks out of operation * pre-operating expenses * start-up results * uncertainty chemical storage (especially in Europe) Outlook 2009 EBITDA > EUR 450 mln 25

26 Outlook Assumptions Oil ~ 50% of EBIT Biofuels and vegoils ~ 15% of EBIT Industrial terminals ~ 15% of EBIT Chemicals ~ 20% of EBIT ROBUST STABLE MIXED Healthy demand for storage capacity Contract renewals + New storage capacity commissioned 26

27 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 renders logistics services, the company cannot guarantee the accuracy and completeness of such 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. 27

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