Roadshow presentation. Q Trading Update

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1 Roadshow presentation Q Trading Update

2 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 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. 2

3 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 3

4 Vopak and storage since 1616 Almost four centuries of history Porter early 1600 Discharge of oil barrels at Charlois site Rotterdam 1900 First barrels of oil in Rotterdam

5 84 Terminals in 31 countries And a number of terminals under construction. 5

6 Key figures and some of our customers Employees Terminals Countries Capacity Net Revenues 11 EBIT* 11 Market capitalization** 5,901 (incl. JVs) Million cbm 1,172 Million 469 Million 5.2 Billion * Excluding exceptional items. ** At year-end

7 Tank terminal Key role in oil and chemical supply chain Customers Oil, Gas and Chemicals companies Governments Trading companies Products Oil (derivatives) Chemicals Vegetable oils Biofuels LNG LPG Chemical gases Services Storage Blending Break bulk Make bulk Drumming Heating / cooling Weighing Supply and transport Vessels Barges Pipelines Tank trucks Rail wagons Drums 7

8 Vopak s role in the supply chain Feedstock Production Feedstock Gathering Production & Refining Products Transmission Independent Storage & Transshipment Mid-Stream & End-user Distribution Oil, Gas and Chemical supply chain 8

9 Strategic logistic functions of tank terminals Vital link for incoming and outgoing flows of oil and chemicals Storage of products that are exported or transferred to end users Complete integration with the production process Example Rotterdam Europoort Example Vopak Terminal London Example Sakra Terminal in Singapore 9

10 Logistics hub terminal Example fuel oil Where large flows of products merge - logistics crossroad Houston, Rotterdam/Antwerp, Singapore and Fujairah 10

11 Import/Export terminal Break or make bulk Local distribution 11

12 Industrial terminal Storage facilities integrated at chemical park Exxon Mobil Perstorp Sumitomo Chemical Mitsui Chemicals Air Products Chevron Asahi Kasei Chemicals SembCorp Utilities Celanese Kuraray Dupont Vopak Terminals Singapore - Sakra Terminal 12

13 Global mega trends drive Vopak s markets Population growth, mainly GDP growth in non-oecd Increasing (sustainable) Increasing need transport and non-oecd energy need mobility 13

14 Non-OECD economies drive energy consumption growth, fossil fuels will remain the dominant energy provider until 2035 World primary energy demand by region in IEA New Policies Scenario In Mtoe World primary energy demand by fuel in IEA New Policies Scenario In Mtoe OECD China Rest of world Source: IEA WEO

15 Strengthening Vopak s competitive position in a period of worldwide challenges Financial turmoil and economic uncertainties Socio-economic unrests (e.g. Arab-spring ) Geopolitical challenges 15

16 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 16

17 Focused strategy to execute A B C Growth Leadership Operational Excellence Customer Leadership Our ability to find or identify the right location for our terminals Our ability to construct, operate and maintain our terminals to deliver our service at competitive costs Our ability to create a relationship with our customers Our Sustainability Foundation Excellent People Environment Care Health and Safety Responsible Partner 17

18 Sustainability themes within Vopak Excellent People Health and Safety Environmental Care Responsible Partner Have the best people and create an agile and solution driven culture Provide a healthy and safe workplace for our employees and contractors Be energy and water efficient and reduce emissions and waste Be a responsible partner for our stakeholders 18

19 Personal and process safety Total Injury Rate Total injuries per million hours worked by own employees The lost time injury rate (LTIR) Total injuries leading to lost time per million hours worked by own employees and contractors -15% % Process Incidents # incidents +16%

20 A Various projects completed in 2011 Storage capacity decreases by 1.0 million cbm Commissioned Acquired Divestment Terminal Bahamas 3,400,000 cbm; oil products Amsterdam Westpoort (1) 620,000 cbm; oil products Kandla 261,600 cbm; chemicals Altamira Altamira LNG terminal 300,000 cbm; LNG Gate terminal 540,000 cbm; LNG 20 Note: Above examples not representative of all projects completed in 2011.

21 A Projects commissioned Q Storage capacity increases by 0.5 million cbm Tianjin Lingang 95,300 cbm; chemicals Amsterdam Westpoort (2a) 220,000 cbm; oil products Gothenburg 60,000 cbm; oil products Commissioned Acquired Map Ta Phut 15,000 cbm; chemicals Zhangjiagang 55,600 cbm; chemicals 21 Note: Above examples not representative of all projects completed in Q

22 B Strengthening competitive position: improve safety performance and efficiency Safety Efficiency Improving safety performance Reinforce our Vopak Fundamentals on Safety Operational efficiency improvements Focus on master plans 22

23 C Serving markets from a product perspective Product strategy Understand basic technology Understand imbalances Understand trade flow dynamics Account Management Customer segmentation Access to the right people Understand customer s strategy Winning clients and ports Portfolio of Terminals Port Attractiveness Relevance for Network Pro-active approach 23

24 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 24

25 Global energy product trends drive Vopak s market Oil products Chemical products Biofuels & Vegoils LNG Global Crude oil trade business Europe s gasoline surplus Europe s deficit for middle distillates Asia s deficit for Fuel Oil Feedstock advantage in ME Renewed Gulf re-emerges due to shale gas Rationalization in Europe Politics, annual harvest and demand growth will lead to increased flows between US- Brazil-Europe-Asia A globalizing natural gas market with new business models LNG growth due to imbalances, security of supply and environmental push 25

26 Vopak market definition Definition Primary competition Vopak s competitive environment is defined as non-captive marine tank storage for liquid oil and chemical products Independent competition renting only to third parties Secondary competition Captive competition Partly using the capacity for storing own products (Some traders, distributors, producers, state-owned companies) Producers & traders using their capacity for storing only their own products 26

27 Market share according to the definition Storage market (cbm) Oil Chemicals Total World Market 211 mln 53 mln 263 mln cbm Primary Competition 132 mln 46 mln 178 mln cbm Secondary Competition 79 mln 7 mln 86 mln cbm Vopak 15.7 mln 10.9 mln 26.9 mln cbm Vopak Market Share As % of total market 7% 21% 10.2% As % of primary competition 12% 24% 15.1% Note: In mln cbm per February 2012; excluding storage market for LNG. 27

28 Demand growth in storage market to support international trade flows Additional Worldwide Storage Capacity World Market, incl. Vopak Total 28.2 mln cbm Growth % 10.7 % Vopak 5.6 mln cbm Growth as % of Vopak capacity 19.8 %* * Based on storage capacity of 28.3 million cbm. 28

29 Vopak: the global market leader Storage capacity as per February 2012 In mln cbm Vopak Oiltanking Kinder Morgan NuStar Buckeye CLH IMTT Vitol CIM Magellan SUMED terminal Odfjell Dalian Port Horizon Sunoco Note: Including inland capacity and Joint Ventures. Source: Vopak; company websites. 29

30 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 30

31 Capacity growth under construction Capacity developments In mln cbm Expansions New terminals Acquisition Expansions New terminals Note: Including net change at various terminals (including decommissioning). 31

32 Various projects under construction Total storage capacity under construction 5.6 million cbm Under construction Eemshaven 660,000 cbm; oil products Amsterdam Westpoort (2b) 350,000 cbm; oil products Hainan 1,350,000 cbm; oil products Algeciras 403,000 cbm; oil products Europoort 400,000 cbm; oil products Fujairah 606,000 cbm; oil products Pengerang 1,278,000 cbm; oil products 32 Note: Above examples not representative of all projects under construction.

33 Storage capacity under construction (1) Location Ownership Product cbm Netherlands, Westpoort (2b) 100% O 350,000 Mexico, Altamira 100% C 15,800 China, Tianjin (2) 50% LPG 240,000 UAE, Fujairah 33.3% O 606,000 China, Coajing 50% C 16,000 Netherlands, Eemshaven 50% O 660,000 Spain, Algeciras 80% O 403,000 33

34 Storage capacity under construction (2) Location Ownership Product cbm Netherlands, Rotterdam China, Dongguan Singapore, Banyan 100% C 20,000 50% C 153, % C 100,200 China, Hainan 49% O 1,350,000 Malaysia, Pengerang Netherlands, Europoort 44% O 1,278, % O 400,000 Total additional storage capacity (in million cbm) Accumulated storage capacity (in million cbm)

35 Various projects under study Under study Perth Amboy Oil products Fos-sur-Mer LNG Bahia Las Minas Oil products Bioko Island Oil products West-Java LPG 35

36 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 36

37 Financial performance is fuelled by different value drivers Past Present Present Future > Occupancy improvements Playing field between 90-95% Operational efficiency gains Capacity expansion 37

38 Healthy occupancy rates between 90-95% Occupancy rate In percent 90-95% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q

39 Vopak is well positioned to maintain healthy EBIT(DA) margins EBIT(DA) Margin* In percent EBITDA Margin EBIT Margin Focus on logistic efficiency improvements for our clients has led to increased EBIT(DA) margins * Excluding exceptional items; excluding Net result from Joint Ventures. 39

40 Development of storage capacity Storage capacity In mln cbm Subsidiaries Joint Ventures Note: for the Joint Ventures 100% of the storage capacity is included. 40

41 Contract duration portfolio did not change significantly since 2008 Contract position 2008 In percent of revenues Contract position 2011 In percent of revenues 20% < 1 year 19% < 1 year > 3 year 39% > 3 year 44% 41% 1-3 year 37% 1-3 year 41

42 Q Summary EBIT* In million EUR % EBITDA* In million EUR % Q Q Q Q Occupancy rate In percent Storage capacity In mln cbm pp % Q Q Q Q * Including net result from Joint Ventures; excluding exceptional items. 42

43 26% EBIT increase mainly driven by capacity expansions in Netherlands, Asia and LNG North America Netherlands Asia % % % Q Q Q Q Q Q Latin America EMEA Global LNG % % Q Q Q Q Q Q Note: EBIT in million EUR; Excluding exceptional items; including net result from Joint Ventures 43

44 Joint Ventures are of importance in Vopak s growth strategy Storage capacity* In mln cbm Subsidiaries Joint ventures Net result from Joint Ventures** In mln EUR % Q Q * For the Joint Ventures 100% of the storage capacity is included. ** Excluding exceptional items. 44

45 Q1 2012: IFRS equity accounting versus proportionate consolidation EBITDA* Subsidiaries (Equity method) % EBITDA Incl. proportionate consolidation JVs tank storage % Q Q EBIT* Subsidiaries (Equity method) Q Q EBIT Incl. proportionate consolidation JVs tank storage % +26% Q Q * Including Net result from Joint Ventures. Note: In million EUR; Excluding exceptional items. 45 Q Q1 2012

46 Netherlands - New storage capacity came on stream - Higher occupancy rates EBIT* In million EUR % Q Q Q Q Q Occupancy rate In percent pp Storage capacity In mln cbm % Q Q Q Q * Including net result from Joint Ventures; excluding exceptional items. 46

47 EMEA - Healthy demand for storage services EBIT* In million EUR % Q Q Q Q Q Occupancy rate In percent pp Storage capacity In mln cbm % Q Q Q Q * Including net result from Joint Ventures; excluding exceptional items. 47

48 Asia - Continuous growth in Asia - Currency translation gain of EUR 3.0 million EBIT* In million EUR % Q Q Q Q Q Occupancy rate In percent pp Storage capacity In mln cbm % Q Q Q Q * Including net result from Joint Ventures; excluding exceptional items. 48

49 North America - Higher occupancy rates - Improvements in markets for biofuels and chemicals EBIT* In million EUR %** Q Q Q Q Q Occupancy rate In percent pp Storage capacity In mln cbm % Q Q Q Q * Including net result from Joint Ventures; excluding exceptional items. ** Excluding positive result of our 20% equity stake in BORCO, Bahamas, (EUR 1.2 million) until divestment date, EBIT increased by 23%. 49

50 Latin America - Steady results EBIT* In million EUR % Q Q Q Q Q Occupancy rate In percent Storage capacity In mln cbm pp % Q Q Q Q * Including net result from Joint Ventures; excluding exceptional items. 50

51 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 51

52 Capital disciplined growth Total equity and liabilities In mln EUR 3,831 4,240 2,634 2,133 59% 62% 41% 38% 3,136 60% 58% 57% 42% 40% 43% Liabilities Equity

53 Capital disciplined growth: Total investments Total Investments In mln EUR 1,811 1,514 ~950-1,100 ~ Sustaining Capex ~500 Expansion Capex* * Including remaining equity share in Joint Venture; in the first quarter of 2012 EUR 100 mln has been spent. Note: Total Capex related to 5.6 mln cbm under construction is ~EUR 1.6 bln.

54 Capital disciplined growth: Strategic finance Access to Capital Markets Net senior debt : EBITDA ratio Syndicated Revolving Credit Facility Asian and JPY Private Placements US Private Placement * Maximum Ratio under current US PP program Q Maximum Ratio under other PP programs and syndicated revolving credit facility * Based on Dutch GAAP. 54

55 2011 Dividend amounts to EUR 0.80 per ordinary share Dividend and EPS ** In EUR Cash Dividend % +14% Dividend policy: Barring exceptional circumstances, the intention is to pay an annual cash dividend of 25-40% of the net profit* 55 * Excluding exceptional items; attributable to holders of ordinary shares. ** Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated May 17, 2010.

56 Contents General Introduction Strategy update Business environment Growth projects Business performance Capital disciplined growth Outlook 56

57 Contribution of Vopak value drivers in the future Past Present Present Future > Occupancy improvements Playing field between 90-95% Operational efficiency gains Capacity expansion 57

58 Outlook assumptions ~x% Share of EBIT Oil products Chemicals Industrial terminals Biofuels & Vegoils LNG 2011 ~60% ~ % ~12.5% ~7.5-10% <1% Robust Encouraging Solid Mixed Solid 2013 ~60-65% ~ % ~7.5-10% ~5-7.5% ~2.5-5% 58 Note: width of the boxes do not represent actual percentages.

59 Vopak expects to realize an EBITDA of between EUR million in 2013 EBITDA Development and outlook In EUR mln Historical results Outlook The possibility that Vopak reaches the lower end of the 2013 outlook range in 2012 cannot be excluded 59 Note: Excluding exceptional items; including Net result from Joint Ventures

60 Royal Vopak Westerlaan 10 Tel: CK Rotterdam Fax: The Netherlands

61 The world of Vopak Roadshow presentation FY Q Trading Update