Annual Results 2011 – Analyst presentation29 February 2012
2
Forward-looking statement
This document 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 renders 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.
Annual Results 2011 29 Februari 2012
Global mega trends drive Vopak’s markets
3
� GDP growth in
non-OECD� Increasing need
transport and
mobility
� Increasing
(sustainable)
energy need
� Population
growth, mainly
non-OECD
Annual Results 2011 29 Februari 2012
Strengthening Vopak’s competitive position in a period of worldwide challenges
4
� Socio-economic unrests
(e.g. ‘Arab-spring’) � Geopolitical challenges� Financial turmoil and
economic uncertainties
Annual Results 2011 29 Februari 2012
Annual Results 2011 29 Februari 2012 5
Contents
Achievements 2011
Business environment
Growth projects
Business performance
Financing
Outlook
Robust results in 2011
6
2011
93.0
2010
93.0
2009
94.0
2008
95.0
2007
96.0
2006
94.0
Occupancy rate
In percent
Annual Results 2011 29 Februari 2012
90-95%-1.0
2011
27.8
2010
28.8
2009
28.3
2008
27.1
2007
21.8
2006
21.2
Storage capacity
In mln cbm
+6%
2011
636.0
2010
598.2
2009
513.4
2008
429.3
2007
369.5
2006
314.1
EBITDA Development*
In mln EUR
* Excluding exceptional items; including net result from Joint Ventures
Personal and process safety
7
-15%
2011
1.1
2010
1.3
2009
1.4
2008
1.7
2007
1.4
2006
1.9
The lost time injury rate (LTIR) Total injuries leading to lost time per million hours worked
by own employees and contractors
Annual Results 2011 29 Februari 2012
-6%
2011
3.0
2010
3.2
2009
6.5
2008
5.8
2007
6.2
2006
7.1
Process Incidents
# incidents
Total Injury RateTotal injuries per million hours worked by own employees
+16%
2011
154.0
2010
133.0
2009
141.0
Focused strategy to execute
8
Customer LeadershipOperational Excellence
Our Foundation
• Safety, Health and Environment
• Our People
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 ability to find or
identify the right location
for our terminals
Growth Leadership
Annual Results 2011 29 Februari 2012
A B C
9
Various projects completed in 2011Storage capacity decreases by 1.0 million cbm
Annual Results 2011 29 Februari 2012
ACommissioned
Acquired
Divestment
Amsterdam Westpoort (1)
620,000 cbm; oil products
Kandla
261,600 cbm; chemicals
Altamira
Altamira LNG terminal 300,000 cbm; LNG
Terminal Bahamas 3,400,000 cbm; oil products
Gate terminal 540,000 cbm; LNG
Note: Above examples not representative of all projects completed in 2011.
Strengthening competitive position: improve safety performance and efficiency
� Operational efficiency improvements
� Focus on master plans
10
EfficiencySafety
� Improving safety performance
� Reinforce our Vopak Fundamentals
on Safety
Annual Results 2011 29 Februari 2012
B
Serving markets from a product perspective
11 Annual Results 2011 29 Februari 2012
C
� Customer segmentation
� Access to the right people
� Understand customer’s strategy
Account Management
� Port Attractiveness
� Relevance for Network
� Pro-active approach
Portfolio of Terminals
� Understand basic technology
� Understand imbalances
� Understand trade flow dynamics
Product strategy
Winning
clients and
ports
Annual Results 2011 29 Februari 2012 12
Contents
Achievements 2011
Business environment
Growth projects
Business performance
Financing
Outlook
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
Annual Results 2011 29 Februari 2012 13
Annual Results 2011 29 Februari 2012 14
Contents
Achievements 2011
Business environment
Growth projects
Business performance
Financing
Outlook
15 Annual Results 2011 29 Februari 2012
Capacity developments 2010-2014
In mln cbm
Global products trends resulting in company growth through healthy demand for storage capacity
2011
93.0
2010
93.0
2009
94.0
2008
95.0
2007
96.0
2006
94.0
Occupancy rate
In percent
90-95%
+6.0
-1.0
31-12-2014
33.8
New terminals
4.2
Expansions
1.8
31-12-2011
27.8
New terminals
1.7
Expansions
0.8
Divest-ments
3.5
31-12-2010
28.8
16
Various projects under constructionTotal storage capacity under construction 6.0 million cbm
Annual Results 2011 29 Februari 2012
Under construction
Amsterdam Westpoort (2)
570,000 cbm; oil products
Pengerang
1,278,000 cbm; oil products
Fujairah
606,000 cbm; oil products
Europoort
400,000 cbm; oil products
Eemshaven
660,000 cbm; oil products
Hainan
1,350,000 cbm; oil products
Algeciras
403,000 cbm; oil products
Note: Above examples not representative of all projects under construction.
17
Vopak expects to realize an EBITDA between EUR 725-800 million in 2013
Annual Results 2011 29 Februari 2012
Annual Results 2011 29 Februari 2012 18
Contents
Achievements 2011
Business environment
Growth projects
Business performance
Financing
Outlook
2011 Results in line with outlook
19
2011
93.0
2010
93.0
2009
94.0
2008
95.0
2007
96.0
2006
94.0
Occupancy rate
In percent
Annual Results 2011 29 Februari 2012
90-95%-1.0
2011
27.8
2010
28.8
2009
28.3
2008
27.1
2007
21.8
2006
21.2
Storage capacity
In mln cbm
+6%
2011
636.0
2010
598.2
2009
513.4
2008
429.3
2007
369.5
2006
314.1
EBITDA Development*
In mln EUR
* Excluding exceptional items; including net result from Joint Ventures
20
2011 Financial overview
Annual Results 2011 29 Februari 2012
6% EBITDA growth
5% EBIT growth
4% EPS growth
Proposal cash dividend of EUR 0.80 per share (+14%)
Adequate funding of growth strategy secured
Note: Excluding exceptional items; including net result from Joint Ventures
Global mega trends resulting in a robust demand for tank terminal services
21
� GDP growth in
non-OECD� Increasing need
transport and
mobility
� Increasing
(sustainable)
energy need
� Population
growth, mainly
non-OECD
Annual Results 2011 29 Februari 2012
Contribution of Vopak value drivers in the past and present
22
Occupancy improvements
2003-06 2007-09 2010-2011 2012 >
Operational efficiency gains
Capacity expansion
PresentPresentPast Future
Annual Results 2011 29 Februari 2012
Playing field between 90 - 95%
Focused strategy delivers results
Annual Results 2011 29 Februari 2012 23
EBITDA Development 2006-2011*
In mln EUR
* Excluding exceptional items; including net result from Joint Ventures
+102%
2011
636.0
EBITDA
improvements
FX resultDivestments2006
314.1
� Healthy occupancy rate
� Improved revenue per cubic
meter
� Effective cost management
� Storage capacity growth
Contract duration portfolio did not change significantly since 2008
Annual Results 2011 29 Februari 2012 24
Contract position 2008
In percent of revenues
Contract position 2011
In percent of revenues
> 3 year 44%
1-3 year
37%
< 1 year
19%
> 3 year39%
1-3 year
41%
< 1 year
20%
Transition year 2011 in line with outlook
25
EBIT*
In million EUR
Annual Results 2011 29 Februari 2012
1,171.9
+6%
20112010
1,106.3
Revenues
In million EUR
* Including net result from Joint Ventures.Note: Excluding exceptional items.
469.4
+5%
20112010
445.3
Earnings per share*
In EUR275.4
+4%
20112010
264.8
Net profit*
In million EUR2.16
+4%
20112010
2.08
26 Annual Results 2011 29 Februari 2012
+6.0
-1.0+7.6
2014
33.8
21.2
12.6
2013
32.1
11.3
2011
27.8
19.6
8.2
20.8
2010
28.8
18.3
10.5
2009
28.3
18.1
10.2
2008
27.1
17.5
9.6
2007
21.8
16.7
5.1
2006
21.2
15.8
5.4
2012
29.9
9.6
20.3
Storage capacityIn mln cbm
Revenue developments supported by robust demand for storage capacity
Subsidiaries
Joint ventures
Healthy occupancy rates between 90-95%
Annual Results 2011 29 Februari 2012 27
95
Q4
2008
95
Q3
2008
94
Q2
2008
95
Q1
2008
96
Q4
2011
94
Q3
2011
93
Q2
2011
93
Q1
2011
92
Q4
2010
92
Q3
2010
92
Q2
2010
93
Q1
2010
93
Q4
2009
93
Q3
2009
93
Q2
2009
95
Q1
2009
Occupancy rate
In percent
90-95%
Except from North America, all divisions contribute to 6% revenue growth
28 Annual Results 2011 29 Februari 2012
137.70%
20112010
138.3
North America
Note: Revenues in million EUR.
298.5+7%
20112010
278.1
OEMEA
308.7+13%
20112010
272.5
Asia
93.6+6%
20112010
88.2
Latin America
328.9+1%
20112010
325.1
CEMEA
EBIT excluding exceptional items increased by 5% to EUR 469.4 million
Annual Results 2011 29 Februari 2012 29
445.3EBIT excl. exceptional items
442.0
Operating profit
Net result Joint Ventures
(3.3)
358.6
83.4
Exceptional gain (loss)
EBIT incl. exceptional items
220.4
585.5
365.1
469.4
116.1
2010
In mln EUR
2011
In mln EUR
Delta
In percent
2%
164%
32%
5%
Net profit 264.8 275.4 4%
63% of EBIT generated in non-euro currencies
Annual Results 2011 29 Februari 2012 30
Total 2.6
Non allocated 0.1
Latin America 0.7
North America 1.6
Asia 5.4
CEMEA 0.4
OEMEA 0.2
FX translation-effect on EBITIn mln EUR
EBIT transactional currenciesIn percent
Other
24%
EUR37%
SGD28%
USD
11%
� Transactional currency exchange risks are
limited
� As a rule revenues, costs and financing are
denominated in the same currency
Note: Excluding exceptional items.
5% EBIT increase mainly driven by Asia, Global LNG, OEMEA, and Latin America
31 Annual Results 2011 29 Februari 2012
33.8 -27%
20112010
46.0
North America
Note: EBIT in million EUR; Excluding exceptional items; including net result from Joint Ventures
161.4+3%
20112010
156.4
OEMEA
185.3+12%
20112010
165.7
Asia
28.2+10%
20112010
25.7
Latin America
87.8-3%
20112010
90.6
CEMEA Global LNG
2011
4.4
2010
-5.9
32 Annual Results 2011 29 Februari 2012
1.2 -86%*
20112010
8.6
48.1+4%
20112010
46.129.6
0%
20112010
29.7
0.8
20112010
1.1-27%
2.1
2011
+40%
2010
1.5
2011
9.9
2010
-2,0
Net result from Joint Ventures increases with 8%
North America OEMEA Asia
Latin America CEMEA Global LNG
* Due to the sale of Vopak’s 20% equity stake in BORCO (Bahamas).Note: Results JVs in million EUR; Excluding exceptional items.
33
Revenues Incl. proportionate consolidation JVs tank storage
Annual Results 2011 29 Februari 2012
1,171.9
+6%
20112010
1,106.3
Revenues
Subsidiaries (Equity method)1,452.0
+6%
20112010
1,365.3
EBITDAIncl. proportionate consolidation JVs tank storage
EBITDA
Subsidiaries* (Equity method)
IFRS equity accounting versus proportionate consolidation
* Including net result from Joint Ventures.Note: In million EUR; Excluding exceptional items.
636.0+6%
20112010
598.2701.4
+5%
20112010
665.2
34
Former situation
CE
ME
A
Th
e N
eth
erl
an
ds
OE
ME
ACurrent situation
� The former divisions Vopak Chemicals
EMEA and Vopak Oil EMEA
� The current divisions Vopak Netherlands
and Vopak EMEA as of 1 January 2012
Further optimizing the organization structure
Annual Results 2011 29 Februari 2012
EM
EA
‘Pro forma’ results new division structure Netherlands and EMEA
35 Annual Results 2011 29 Februari 2012
400.8+4%
20112010
386.4
Revenues Netherlands
* Including net result from Joint Ventures.Note: In million EUR; Excluding exceptional items.
156.3-1%
20112010
157.2
EBIT Netherlands*
1.5-35%
20112010
2.3
Results JVs Netherlands
226.6+5%
20112010
216.8
Revenues EMEA
92.9+3%
20112010
89.8
EBIT EMEA* Results JVs EMEA
2011
48.7+8%
2010
45.3
Vopak is well positioned to maintain healthy EBIT(DA) margins
36
EBIT(DA) Margin*
In percent
0
10
20
30
40
50
2004 2005 2006 2007 2008 2009 2010 2011
Focus on logistic efficiency improvements for our clients
has led to increased EBIT(DA) margins
* Excluding exceptional items; excluding Net result from Joint Ventures.
EBIT Margin
EBITDA Margin
Annual Results 2011 29 Februari 2012
Proposed 2011 dividend amounts to EUR 0.80 per ordinary share
37
+4%
1.62
0.55
2.16
2007
+14%
2011
1.31
0.80
2010
0.475
2.08
0.70
2006 2009
1.92
0.98
0.625
2008
0.375
Dividend share of EPS 2006-2011**In EUR
* Excluding exceptional items; attributable to holders of ordinary shares.** Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated May 17, 2010.
Dividend share of EPS
Dividend policy: “Barring exceptional circumstances, the intention is to
pay an annual cash dividend of 25-40% of the net profit*”
Annual Results 2011 29 Februari 2012
Various other topics
Annual Results 2011 29 Februari 2012 38
“Net Finance costs aligned with expansion program.”
“Effective tax rate 2011.”
“Accounting consequences:
IAS 19 Employee Benefits
effective for 2013.”
“Sources and uses of cash in
2011.”
II
I
III
III
V
“Vopak’s Pensions.”
See appendix for further details
Quarterly EBIT development“Solid year-on-year growth”
39
EBIT development per Quarter*
In mln EUR
108.4113.398.6
Q1
109.5
+21%+6%
-4%0%
Q4
130.0
107.596.9
Q3
121.3114.8
104.2
Q2
109.7
85.6
EBIT 2011
EBIT 2010
EBIT 2009
* Excluding exceptional items.
Annual Results 2011 29 Februari 2012
Chemicals EMEA“Encouraging demand for chemical storage services”
40
EBIT development per Quarter*
In mln EUR
20.1
25.3
+8%
22.222.3
Q1
+21%-13%-21%
Q4
18.4
Q3
24.1
Q2
21.424.6
EBIT 2011
EBIT 2010
* Excluding exceptional items.
Capacity developmentsIn mln cbm
End 2011
4.33
Exp.End 2010
0.174.22
Div.
0.06
Annual Results 2011 29 Februari 2012
89% 90%
Occupancy rate FY 2010 FY 2011
Oil EMEA“Robust market conditions in the storage and handling of oil products”
41
EBIT development per Quarter*
In mln EUR
+27%
-1%-8%-5%
Q4
47.3
37.1
Q3
41.742.0
Q2
36.639.7
Q1
35.837.6
EBIT 2011
EBIT 2010
* Excluding exceptional items.
Annual Results 2011 29 Februari 2012
Capacity developmentsIn mln cbm
End 2011
12.28
Exp.
1.16
Div.
0.00
End 2010
11.12
95% 94%
Occupancy rate FY 2010 FY 2011
Asia“Continuous growth in Asia”
42
EBIT development per Quarter*
In mln EUR
+1%+5%+15%+29%
Q4
46.746.2
Q3
45.042.7
Q2
46.2
40.1
Q1
47.4
36.7
EBIT 2011
EBIT 2010
* Excluding exceptional items.
Annual Results 2011 29 Februari 2012
Capacity developmentsIn mln cbm
End 2011
7.09
Exp.
0.31
Div.
0.00
End 2010
6.78
92% 94%
Occupancy rate FY 2010 FY 2011
North America“Encouraging finish in a transition year”
43
EBIT development per Quarter*
In mln EUR
-26%
Q4
8.910.6
Q3
8.010.1
Q2
7.1
12.0
Q1
9.8
13.3-16%-21%
-41%
EBIT 2011
EBIT 2010
* Excluding exceptional items.
Annual Results 2011 29 Februari 2012
Capacity developmentsIn mln cbm
End 2011
2.32
Exp.
0.00
Div.
3.41
End 2010
5.73
94% 93%
Occupancy rate FY 2010 FY 2011
Latin America“Healthy demand for chemicals and palm oil”
44
EBIT development per Quarter*
In mln EUR
+60%+6%-10%0%
Q4
7.5
4.7
Q3
7.06.6
Q2
6.47.1
Q1
7.37.3
EBIT 2011
EBIT 2010
* Excluding exceptional items.
Annual Results 2011 29 Februari 2012
Capacity developmentsIn mln cbm
End 2011
0.99
Exp.
0.02
Div.
0.00
End 2010
0.97
90% 89%
Occupancy rate FY 2010 FY 2011
Results in HY2 2011 fuelled by expansions
45 Annual Results 2011 29 Februari 2012
610.8
+9%
HY2 2011HY2 2010
562.4
251.5
222.3 +13%
HY2 2011HY2 2010
HY2 2010
151.9
HY2 2011
+15%132.4 +14%
HY2 2011HY2 2010
1.041.19
* Including net result from Joint Ventures.Note: Excluding exceptional items.
EBIT*
In million EUR
Revenues
In million EUR
Earnings per share*
In EUR
Net profit*
In million EUR
Capacity growth will continue in the future
46
Capacity developments
In mln cbm
* Including net change at various terminals (including decommissioning).
Annual Results 2011 29 Februari 2012
-1.0
31-12-2014
33.8
New terminals
4.2
Expansions
1.8
31-12-2011
28.8
31-12-2010
3.5
Divest-ments*
0.8
Expansions
1.7
New terminals
27.8
+6.0
47
Various projects completed in 2011On time and within budget
Commissioned
Acquired
Divestment
Annual Results 2011 29 Februari 2012
Amsterdam Westpoort (1)
620,000 cbm; oil products
Kandla
261,600 cbm; chemicals
Altamira LNG terminal 300,000 cbm; LNG
Terminal Bahamas 3,400,000 cbm; oil products
Gate terminal 540,000 cbm; LNG
Note: Above examples not representative of all projects completed in 2011.
48
Expansion projects progressing wellTotal storage capacity under construction 6.0 million cbm
Under construction
Annual Results 2011 29 Februari 2012
Amsterdam Westpoort (2)
570,000 cbm; oil products
Pengerang
1,278,000 cbm; oil products
Fujairah
606,000 cbm; oil products
Europoort
400,000 cbm; oil products
Eemshaven
660,000 cbm; oil products
Hainan
1,350,000 cbm; oil products
Algeciras
403,000 cbm; oil products
Note: Above examples not representative of all projects under construction.
49
Various projects under study
Annual Results 2011 29 Februari 2012
Under study
Fos-sur-Mer
LNG
West-Java
LPG
Bioko Island
Oil products
Bahia Las Minas
Oil products
Perth Amboy
Oil products
Total investments
50
565535
800
446
268
711
201120102009200820072006
Total investments 2006-2011
In mln EUR
Total expansion CAPEX Group companies and JVs
In mln EUR
~1400
~500
Average yearly Sustaining Capex ~EUR150-200 mln
Annual Results 2011 29 Februari 2012
Total Capex(6.0 mln cbm under construction)
~1,900
Other Capex* ~1,400
Remaining Vopak share in Capex(Group Capex / equity share in JVs)
~500
* Group Capex spend; contributed Vopak equity share in JVs; total partners’ equity share in JVs; total non recourse financing in JVs.
51
Contents
Achievements 2011
Business environment
Growth projects
Business performance
Financing
Outlook
Annual Results 2011 29 Februari 2012
Strategic finance
52
0
1
2
3
4
5
2.63
2009
2.23
2008
2.54
2007
1.71
2006
1.61
2005
1.76
2004
2.20
2003*
2.42
3.75
2010
2.65
2011
Net senior debt : EBITDA ratio
* Based on Dutch GAAP.
Maximum Ratio under current US PP program
Maximum Ratio under other PP programs and syndicated revolving credit facility
Annual Results 2011 29 Februari 2012
Various other financing topics
Annual Results 2011 29 Februari 2012 53
“Debt funding program further strengthened during 2011.” “Maturity of debt
funding further enhanced.”
“Balanced debt
repayment schedule.”
VII
VI
VIII
See appendix for
further details
54
Contents
Achievements 2011
Business environment
Growth projects
Business performance
Financing
Outlook
Annual Results 2011 29 Februari 2012
Contribution of Vopak value drivers in the future
55
Occupancy improvements
2003-06 2007-09 2010-2011 2012 >
Operational efficiency gains
Capacity expansion
PresentPresentPast Future
Annual Results 2011 29 Februari 2012
Playing field between 90 - 95%
Solid
Outlook assumptions
Oil products Chemicals Biofuels & Vegoils LNG
Robust
~60%
Encouraging Solid
<1%
Mixed
~17.5-20%
Industrial terminals
~12.5% ~7.5-10%
2011
~60-65% 2.5-5%~17.5-20% ~7.5-10% ~5-7.5%
2013
Note: width of the boxes do not represent actual percentages.56
~x% Share of EBIT
Annual Results 2011 29 Februari 2012
Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013
57
262.5
2004
231.8
2013
725-800
2011
636.0
2010
598.2
2009
513.4
2008
429.3
2007
369.5
2006
314.1
2005
EBITDA Development and guidanceIn EUR mln
Note: Excluding exceptional items; including Net result from Joint Ventures
Historical results
Guidance/Outlook
� Long-term
guidance
ROCE
average 16%
Annual Results 2011 29 Februari 2012
58
Note: Excluding exceptional items; including net result from Joint Ventures
Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013
Annual Results 2011 29 Februari 2012
6% EBITDA growth
5% EBIT growth
4% EPS growth
Proposal cash dividend of EUR 0.80 per share (+14%)
Adequate funding of growth strategy secured
59
Forward-looking statement
This document 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 renders 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.
Annual Results 2011 29 Februari 2012
Royal Vopak
Westerlaan 10 Tel: +31 10 4002911
3016 CK Rotterdam Fax: +31 10 4139829
The Netherlands www.vopak.com
Net Finance costs aligned with expansion program
61
Net finance costs -68.4
Finance costs 73.0
Interest and
dividend income 4.6
Net finance costs 2010
In mln EUR
-78.6
85.9
7.3
2006
7.0
2011
4.7
2010
5.2
2009
5.4
2008
5.4
2007
6.3
Average interest rate
In percent
1,017.7
2008
996.7
2007
561.9
2006
425.7
2011
1,605.6
2010
1,431.4
2009
Net interest bearing debt
In mln EUR
Net finance costs 2011*
In mln EUR
Annual Results 2011 29 Februari 2012
* The increase is mainly attributable to the exceptional loss of EUR 5.0 million related to the sale of Vopak’s 20% equity stake in BORCO (Bahamas).
I
Effective tax rate 2011
62
Effective Tax Rate
In percent
-2%72.8 71.3
20112010
TaxIn mln EUR
0.05.4
19.5
2010
19.5
2011
14.1
Annual Results 2011 29 Februari 2012
� EUR 108.5 million of book gain on the
sale of our 20% equity stake in BORCO
(Bahamas) is exempted for tax purposes
� Excluding exceptional items, the effective
tax rate for 2011 amounted to 19.5%
II
Sources and uses of cash in 2011
63
Net Cash position
31/12/2011*
13.1
Divest-
ments
281.3
Invest-
ments
710.9
Tax paid
28.1
Net finance
costs
61.3
Gross
operating
cash flow
495.8
Net Cash position 1/1/2011*
147.8
FX /
(de)con-
solidation
2.9
-67.0
Financing
activities
181.4
Derivative
Settlement
Consolidated Statement of Cash Flows
In mln EUR
* Including bank overdrafts.
Annual Results 2011 29 Februari 2012
III
Vopak’s Pensions
64
Dutch 83%
Other 17%
� Cover ratio ultimo 2011
is 106%
� Return was 5% in 2011
� Pension contribution to
remain at the same,
maximum level of 30%
� An additional contribution
of EUR 50 million in 2011
Vopak’s Pension obligations
In percentDutch Pension Fund
Highlights
Other
20%
Dutch
80%
Annual Results 2011 29 Februari 2012
IV
Accounting consequences: IAS 19 Employee Benefits effective for 2013
Annual Results 2011 29 Februari 2012 65
� Higher volatility in net pension liabilityRemoval
10% corridor
approach
Only service
and net finance
cost in P&L
� Rest of changes (i.e. remeasurements)
in other comprehensive income,
including the first time recognition of the
10% corridor (EUR 107.4 million)
Discount rate
expected return
plan assets
� The discount rate used to measure the defined benefit obligation will
also be used for the expected returns on plan assets, which
generally is a lower rate than used under current IAS 19
� Immediate recognition of
the unrecognized actuarial
gains and losses through
equity, which amounted to
EUR 107.4 million at
1 January 2012 for the
financial statements 2013
(comparable figures 2012)*
V
* See page 90 Annual Report 2011.Note: Effectively at 1 January 2012
Renewal RCF – 2 February 2012EUR 1.1 bln revolving credit facility (RCF)
Maturity 5 + 1 years
Debt funding program further strengthened during 2011
66
Renewal RCF – 2 February 2011EUR 1.2 bln revolving credit facility (RCF)
Maturity 5 + 1 + 1 years
Annual Results 2011 29 Februari 2012
Extension with 1 year
VI
Maturity of debt funding further enhanced
67
Maximum
Net Senior Debt/
EBITDA
3.75 3.75 3.75
Additional headroom
when financed with
subordinated debt
> 3.75 > 3.75
Minimum EBITDA /
Net Interest Payable3.5 3.5
Amount outstanding
Redemption
payment
- Up to 4.25 > 3.75
Term
Asian PPUS PP RCFCovenant
2001 2007 2009 SGD2009 SGD2010 JPY PP EUR 1.2 bln
4.0 3.5 3.5
65 mln 375 mln 674 mln
USD USD USD
2011-2016 2015-2022 2017-2029
210 mln 225 mln 20 bln
SGD SGD JPY
2014 2018 2040 2016*
Annual Results 2011 29 Februari 2012
* On 2 February 2012, extension of the facility with one additional year (EUR 1.1 billion).Note: PP = Private Placement and RCF = Revolving Credit Facility
EUR
100 mln
VII
Balanced debt repayment schedule2011 Overall weighted average interest rate 4.7%
68
Debt repayment schedule
In mln EUR
Annual Results 2011 29 Februari 2012
0
50
100
150
200
250
20132012 2022 2024 2029 2040202320202019 2021201820172016*20152014
* On 2 February 2012, revolving credit facility extension with one additional year (EUR 1.1 billion).
VIII