Annual Results 2012 – Analyst presentation 1 March 2013
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.
2 Annual Results 2012 1 March 2013
It is Vopak’s ambition to realize an EBITDA of EUR 1 billion in 2016
3 Annual Results 2012 1 March 2013
Aligned organization Long-term trends Focused strategy and
disciplined execution
Topics 2012
4 Annual Results 2012 1 March 2013
Economic turmoil Iraq and tight oil Renewables Capacity
expansion Regulation
5 Annual Results 2012 1 March 2013
LNG as
transport fuel Shale gas in
China
European refining
& petrochemical
Questions arising on the business
Biofuel
scenarios
Energy role of
Africa
US oil and gas
export scenarios
Contents
6
Achievements 2012
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
Annual Results 2012 1 March 2013
Robust results in 2012
7 Annual Results 2012 1 March 2013
* Excluding exceptional items; including net result from Joint Ventures.
EBITDA*
Occupancy rate Storage capacity
Storage capacity
increased 8% to
29.9 million cbm
The occupancy rate
was 91% EBITDA increased 20%
to EUR 763.6 million
Vopak achieved its
2013 outlook of
EUR 725-800 million
EBITDA already in
2012
Have the best people
and create an agile
and solution driven
culture
Provide a healthy
and safe workplace
for our employees
and contractors
Environmental
Partner
Be a responsible
partner for our
stakeholders
Excellent people
Safety and Health Environmental care
Responsible partner
Be energy and water
efficient and reduce
emissions and waste
Sustainability The core of every decision
8 Annual Results 2012 1 March 2013
Sustainability We improved our process and own employee safety results
9 Annual Results 2012 1 March 2013
-36%
2012
0.7
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
-30%
2012
2.1
2011
3.0
2010
3.2
2009
6.5
2008
5.8
2007
6.2
2006
7.1
Process Incidents
# incidents
Total Injury Rate
Total injuries per million hours worked by own employees
-18%
2012
127
2011
154
2010
133
2009
141
Vopak’s strategy Disciplined execution existing business and new projects
10 Annual Results 2012 1 March 2013
Customer Leadership
Operational Excellence
Our Sustainability Foundation
Excellent People
Safety and Health
Our ability to construct,
operate and maintain
our terminals to
deliver our service at
competitive costs
Our ability to create a
sustainable relationship
with our customers
Our ability to find or
identify the right location
for our terminals
Growth Leadership
Environmental Care
Responsible Partner
Contents
11
Achievements 2012
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
Annual Results 2012 1 March 2013
Energy and chemical product trends Drive Vopak’s worldwide growth projects
Oil products
Chemical products Biofuels & Vegoils LNG
• Non-OECD oil
demand will
overtake OECD
demand in 2014
• Consolidation and
restructuring of the
refinery landscape in
the Atlantic Basin
• Uncertainty in
Europe
• North America more
competitive due to
abundant shale gas
• Biofuel flows between
US-Brazil-Europe-Asia
• Vegoils driven by
population and GDP
growth in non-OECD
• A globalizing natural
gas market with new
business models
• LNG growth due to
imbalances, security
of supply and
environmental push
12 Annual Results 2012 1 March 2013
Contents
13
Achievements 2012
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
Annual Results 2012 1 March 2013
Capacity growth under construction
14 Annual Results 2012 1 March 2013
Capacity developments
In mln cbm
* Including net change at various terminals (including decommissioning). Note: For the joint ventures, 100% of the storage capacity is included.
+5.2
+2.1
31-12-
2015
35.1
Acquisition
0.5
New
terminals
3.5
Expansions
1.2
31-12-
2012
29.9
Acquisition
0.1
New
terminals
0.8
Expansions*
1.2
31-12-
2011
27.8
Projects commissioned in 2012 Storage capacity increased by 2.1 million cbm
15 Annual Results 2012 1 March 2013
A’dam Westpoort 2 (100%)
582,000 cbm; oil products
Tianjin Lingang (50%)
95,300 cbm; chemicals
Note: Above examples not representative of all projects completed in 2012.
Zhangjiagang (100%)
55,600 cbm; chemicals
Gothenburg (100%)
60,000 cbm; oil products
Commissioned
Acquired
Fujairah (33.3%)
611,000 cbm; oil products
Commissioned
(Joint Venture)
Eemshaven (50%)
660,000 cbm; oil products
Various projects under construction Total storage capacity under construction 5.2 million cbm
16 Annual Results 2012 1 March 2013
Under construction
Pengerang (44%)
1,284,000 cbm; oil products
Europoort (100%)
400,000 cbm; oil products
Hainan (49%)
1,350,000 cbm; oil products
Algeciras (80%)
403,000 cbm; oil products
Note: Above examples not representative of all projects under construction.
Thames Oilport (33.3%)
500,000 cbm; oil products
Acquired
(Joint Venture)
Under construction
(Joint Venture)
Jubail (25%)
250,000 cbm; chemicals
It is Vopak’s ambition
to realize an EBITDA of
EUR 1 billion in 2016 The year of 400 years of
entrepreneurship
Contents
18
Achievements 2012
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
Annual Results 2012 1 March 2013
Robust results in 2012 Achieved 2013 EBITDA outlook of EUR 725-800 million in 2012
19 Annual Results 2012 1 March 2013
2011
93.0
2010
93.0
2009
94.0
2008
95.0
2007
96.0
2006
94.0
2012
91.0
Occupancy rate
In percent
90-95% +2.1
2011
27.8
2010
28.8
2009
28.3
2008
27.1
2007
21.8
2006
21.2
2012
29.9
Storage capacity
In mln cbm
+20%
2011
636.0
2010
598.2
2009
513.4
2008
429.3
2007
369.5
2006
314.1
2012
763.6
EBITDA Development*
In mln EUR
* Excluding exceptional items; including net result from Joint Ventures.
2012 Financial overview
20 Annual Results 2012 1 March 2013
20% EBITDA growth
19% EBIT growth
25% EPS growth
Proposed cash dividend of EUR 0.88 per share (+10%)
Solid funding of growth strategy secured
Note: Excluding exceptional items; including net result from Joint Ventures.
2014 >
Future
2013
Present
21 Annual Results 2012 1 March 2013
Occupancy improvements
2003-06 2007-09 2010-2011 2012
Operational efficiency gains
Capacity expansion
Near Past Past
Playing field between 90 - 95%
Healthy occupancy rates and EBIT margins Expansion projects main value driver for further EBITDA growth
Healthy occupancy rates between 90-95%
22 Annual Results 2012 1 March 2013
Q1
95
Q4 ’07
95
Q3
94
Q2
95
Q1
96 96
’06
94
’05
92
’04
84
Q3
92
Q2
93
Q1
93
Q4
93
Q3
93
Q2
95
Q2
90
Q1
93
Q4
94
Q3
93
Q2
93
Q1
92
Q4
92 90
Q4 Q3
91
Occupancy rate
In percent
90-95%
2008 2009 2010 2011 2012
Vopak is well positioned to maintain healthy EBIT(DA) margins
EBIT(DA) Margin*
In percent
Continued focus on logistic efficiency improvements for
our clients has led to increased EBIT(DA) margins
EBIT Margin
EBITDA Margin
0
10
20
30
40
50
2004 2005 2006 2007 2008 2009 2010 2011 2012
* Excluding exceptional items; excluding net result from Joint Ventures.
23 Annual Results 2012 1 March 2013
Strategic alliances support Vopak’s growth strategy
24 Annual Results 2012 1 March 2013
+5.2 +2.1
+7.6
2015
35.1
21.6
13.5
2014
34.7
21.5
13.2
2013
31.3
20.9
10.4
2012
29.9
20.3
9.6
2011
27.8
19.7
8.1
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
2005
20.4
15.5
4.9
2004
20.2
15.1
5.1
Storage capacity
In mln cbm
Subsidiaries
Joint Ventures
Note: for the Joint Ventures 100% of the storage capacity is included.
Duration of over 80% of contract portfolio exceeds 1 year period
25 Annual Results 2012 1 March 2013
Contract position 2011
In percent of revenues
Contract position 2012
In percent of revenues
> 3 year
44%
1-3 year
37%
< 1 year
19%
Note: Based on original contract duration.
> 3 year
52%
1-3 year 30%
< 1 year
18%
Solid financial performance
26 Annual Results 2012 1 March 2013
EBIT*
In million EUR
Revenues
In million EUR
1,313.9
+12%
2012 2011
1,171.9
Earnings per share**
In EUR
343.6
+25%
2012 2011
275.4
Net Profit**
In EUR million
2.70
+25%
2012 2011
2.16
560.9 +19%
2012 2011
469.4
* Including net result from Joint Ventures. ** Attributable to holders of ordinary shares; including net result from Joint Ventures. Note: Excluding exceptional items.
All regions contribute to the 12% revenue increase
27 Annual Results 2012 1 March 2013
+15%
2012
158.4
2011
137.7
North America
Note: Revenues in EUR millions.
+14%
2012
457.6
2011
400.8
Netherlands
+15%
2012
355.4
2011
308.7
Asia
+8%
2012
100.9
2011
93.6
Latin America
+4%
2012
235.9
2011
226.6
EMEA
+12%
2012
1,313.9
2011
1,171.9
Revenues
EBIT excluding exceptional items increased by 19% to EUR 560.9 million
28 Annual Results 2012 1 March 2013
EBIT excl. exceptional items 469.4
Exceptional gain (loss) 116.1
EBIT incl. exceptional items 585.5
Net result Joint Ventures 220.4
Operating profit 365.1
560.9
(25.0)
535.9
97.1
438.8
2011
In EUR mln
2012
In EUR mln
Delta
In percent
20%
-56%
-8%
19%
Net profit excl. exceptional items* 275.4 343.6 25%
* Attributable to holders of ordinary shares.
Except for Latin America, all regions contribute to the 19% EBIT increase
29 Annual Results 2012 1 March 2013
+9%
2012
37.0
2011
33.8
North America
+23%
2012
192.9
2011
156.3
Netherlands
+17%
2012
217.0
2011
185.3
-2%
2012
27.6
2011
28.2
Latin America
+4%
2012
96.8
2011
92.9
EMEA
+19%
2012
560.9
2011
469.4
EBIT
Note: EBIT in EUR million; excluding exceptional items; including net result from Joint Ventures.
Asia
Global LNG
+368%
2012
20.6
2011
4.4
63% of EBIT generated in non-euro currencies
30 Annual Results 2012 1 March 2013
Total 22.0
Non allocated (0.8)
Latin America 0.0
North America 2.5
Asia 17.7
EMEA 2.6
Netherlands 0.0
FX translation-effect on 2012 EBIT In mln EUR
2012 EBIT transactional currencies In percent
Other
24%
EUR 37%
SGD 27%
USD
12%
Transactional currency exchange risks are
limited
As a rule revenues, costs and financing are
denominated in the same currency
Note: Excluding exceptional items.
Net result of Joint Ventures increases with 17%, mainly due to Global LNG
31 Annual Results 2012 1 March 2013
-100%*
2012
0.0
2011
1.2
North America
+27%
2012
1.9
2011
1.5
Netherlands
+11%
2012
33.0
2011
29.6
Asia
0%
2012
0.8
2011
0.8
Latin America
-4%
2012
46.6
2011
48.7
EMEA
+17%
2012
107.2
2011
91.7
Net result of JVs
Global LNG
* Due to the sale of Vopak’s 20% equity stake in BORCO (Bahamas). Note: Net result Joint Ventures in EUR million; Excluding exceptional items.
+156%
2012
25.3
2011
9.9
IFRS equity accounting versus Proportionate consolidation
32 Annual Results 2012 1 March 2013
Revenues
1,313.9
+12%
2012 2011
1,171.9
Revenues Subsidiaries
1,676.9
+15%
2012 2011
1,452.0
EBITDA
EBITDA Subsidiaries and net result from Joint Ventures
* Vopak consolidated including proportional consolidation of joint ventures in tank storage activities. Note: In million EUR; Excluding exceptional items.
763.6
+20%
2012 2011
636.0
888.1
+27%
2012 2011
701.4
IFRS equity accounting Proportionate consolidation*
Quarterly EBIT development Robust year-on-year growth
33 Annual Results 2012 1 March 2013
EBIT development per Quarter*
In mln EUR
+5% +19% +31% +26%
Q4
137.0 130.2
107.5
Q3
144.0
121.3 114.8
Q2
141.9
108.4 113.3
Q1
138.0
109.5 109.7
EBIT 2012
EBIT 2011
EBIT 2010
* Excluding exceptional items; including net result from Joint Ventures.
Netherlands - Additional oil storage capacity - Lower occupancy rates in crude and gasoil storage
34 Annual Results 2012 1 March 2013
+23%
2012
192.9
2011
156.3
2010
157.2
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent 9.5
+14%
2012 2011
8.3
+4%
Q4 2012
47.9
Q4 2011
46.2
Q4 2010
36.5
899495
-5pp
2012 2011 2010
879593
-8pp
Q4 2012 Q4 2011 Q4 2010
* Excluding exceptional items; including net result from Joint Ventures.
EMEA - Additional oil storage capacity in Fujairah (UAE) - Lower net result joint ventures and lower result in Sweden and Belgium - Higher throughputs in the UK and Hamburg
35 Annual Results 2012 1 March 2013
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent
9.0 +8%
2012 2011
8.3
+4%
2012
96.8
2011
92.9
2010
89.8 -5%
Q4 2012
22.1
Q4 2011
23.3
Q4 2010
19.0
889089
-2pp
2012 2011 2010
879189
-4pp
Q4 2012 Q4 2011 Q4 2010
* Excluding exceptional items; including net result from Joint Ventures.
Asia - Additional chemical storage capacity - Strong storage demand in key locations - Currency translation gain of EUR 17.7 million on EBIT
36 Annual Results 2012 1 March 2013
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent
7.3 +3%
2012 2011
7.1
+17%
2012
217.0
2011
185.3
2010
165.7 +14%
Q4 2012
53.2
Q4 2011
46.7
Q4 2010
46.2
949492
0pp
2012 2011 2010
939593
-2pp
Q4 2012 Q4 2011 Q4 2010
* Excluding exceptional items; including net result from Joint Ventures.
37 Annual Results 2012 1 March 2013
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent
2.3 0%
2012 2011
2.3
North America - Higher occupancy rates - Positive market circumstances at the Gulf Coast terminals
+9%
2012
37.0
2011
33.8
2010
46.0 -2%
Q4 2012
8.7
Q4 2011
8.9
Q4 2010
10.6
969394
+3pp
2012 2011 2010
959692
-1pp
Q4 2012 Q4 2011 Q4 2010
* Excluding exceptional items; including net result from Joint Ventures.
Latin America - Indexation offset by higher costs - Expiration of concession resulted in ceased operation of the terminal in Ilha Barnabé in Brazil
38 Annual Results 2012 1 March 2013
EBIT*
In EUR million
Storage capacity
In mln cbm
Occupancy rate
In percent
1.0 0%
2012 2011
1.0
-2%
2012
27.6
2011
28.2
2010
25.7 +1%
Q4 2012
7.6
Q4 2011
7.5
Q4 2010
4.7
888990
-1pp
2012 2011 2010
888990
-1pp
Q4 2012 Q4 2011 Q4 2010
* Excluding exceptional items; including net result from Joint Ventures.
Q4 2012 Summary
39 Annual Results 2012 1 March 2013
EBIT*
In million EUR
EBITDA*
In million EUR
190.8 +8%
Q4 2012 Q4 2011
177.2
Storage capacity
In mln cbm
90.0 -4pp
Q4 2012 Q4 2011
94.0
Occupancy rate
In percent
29.9 +8%
Q4 2012 Q4 2011
27.8
Q4 2011
130.2 137.0 +5%
Q4 2012
* Excluding exceptional items; including net result from Joint Ventures.
HY2 2012 Summary
40 Annual Results 2012 1 March 2013
EBIT*
In million EUR
Revenues
In million EUR
665.8
+9%
HY2 2012 HY2 2011
610.8
Earnings per share**
In EUR
174.1
+15%
HY2 2012 HY2 2011
151.9
Net Profit**
In EUR million
1.37 +15%
HY2 2012 HY2 2011
1.19
281.0 +12%
HY2 2012 HY2 2011
251.5
* Including net result from Joint Ventures. ** Attributable to holders of ordinary shares; including net result from Joint Ventures. Note: Excluding exceptional items.
Contents
41
Achievements 2012
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
Annual Results 2012 1 March 2013
Capital disciplined consideration Stable solvency ratio
Total equity and liabilities
In EUR mln
Net
liabilities*
Equity
2012
4,570
43%
57%
2011
4,152
44%
56%
2010
3,649
42%
58%
2009
2,947
45%
55%
2008
2,585
39%
61%
2007
1,997
44%
56%
2006
1,703
57%
43%
42 Annual Results 2012 1 March 2013
* Cash and cash equivalents are subtracted from Liabilities.
Capital disciplined growth Total investments
2013-2015
~1,300-1,500
~600
2010-2012
1,919
2007-2009
1,781
Total Investments 2007-2015
In EUR mln
Other Capex*
* Sustaining and Improvement Capex. ** Total Capex related to 5.2 mln cbm under construction.
Expansion
Capex**
~700-900
Expansion Capex**
In EUR mln; 100% = EUR 2.1 billion
~1,500
~600
▪ Group Capex spend
▪ Contributed Vopak equity share in JVs
▪ Total partners’ equity share in JVs
▪ Total non recourse financing in JVs
▪ Remaining
Vopak share in
Capex (Group
Capex and
equity share in
JVs)
43 Annual Results 2012 1 March 2013
0
1
2
3
4
5
2012
2.39
2011
2.65
2010
3.75
2.63
2009
2.23
2008
2.54
2007
1.71
2006
1.61
2005
1.76
2004
2.20
2003*
2.42
Net senior debt : EBITDA ratio**
* Based on Dutch GAAP. ** Total net debt : EBITDA ratio is 2.50 (2011: 2.65).
Maximum Ratio under current US PP program
Maximum Ratio under other PP programs and
syndicated revolving credit facility
Access to Capital Markets
Syndicated Revol-
ving Credit Facility (EUR 1.0 billion)
SGD and JPY
Private Placements (SGD 435 million and
JPY 20 billion)
US Private
Placements (USD 2.1 billion)
Capital Disciplined Growth Strategic Finance
44 Annual Results 2012 1 March 2013
A new US PP Notes Program of ~USD 1 billion - Reconfirmation of Vopak’s access to capital markets - 37 Institutional investors, of which 10 new investors - Repay outstanding debt and for other general corporate purposes
45 Annual Results 2012 1 March 2013
A senior tranche of ~USD 900 million*
Maturities ranging from 10.5 to 14.5 years
An average annual interest rate of 3.94%
A subordinated tranche of ~USD 100 million*
Maturity of 7 years
An average annual interest rate of 4.99%
* The majority of the Notes is denominated in USD. Note: The proceeds of the new US PP have been made available by the end of 2012.
Balanced debt repayment schedule Average remaining maturity 10 years; average interest rate 4.4%
* As of 31 December 2012, including new US PP.
Debt repayment schedule*
In EUR mln
1,200
1,100
200
100
0 2040 2029 2028 2027 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Other
Asian PP
Current US PP
New US PP 2012
New US PP 2012 (subordinated)
RCF flexibility
46 Annual Results 2012 1 March 2013
Net Finance costs aligned with growth The long-term financing activities completed in 2012 will weigh on 2013 EPS development due to higher net financing costs
47 Annual Results 2012 1 March 2013
Net finance costs -78.6
Finance costs 85.9
Interest and
dividend income 7.3
Net finance costs 2011*
In EUR mln
-83.5
87.3
3.8
2012
4.4
2011
4.7
2010
5.2
2009
5.4
2008
5.4
2007
6.3
2006
7.0
Average interest rate
In percent
2012
1,747.5
2011
1,605.6
2010
1,431.4
2009
1,017.7
2008
996.7
2007
561.9
2006
425.7
Net interest bearing debt
In EUR mln
Net finance costs 2012
In EUR mln
* Including an exceptional loss of EUR 5.0 million related to the sale of Vopak’s 20% equity stake in BORCO (Bahamas).
Proposed 2012 dividend amounts to EUR 0.88 per ordinary share (pay-out ratio: 33%)
2007
1.31
0.475
+10%
2.70
+25%
0.88 0.80
2012 2011
2.16
2010
2.08
0.70
2009
1.92
0.625
2008
1.62
0.55
2006
0.98
0.375
Dividend and EPS 2006-2012**
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.
Cash Dividend
48 Annual Results 2012 1 March 2013
Dividend policy: “Barring exceptional circumstances, the intention is
to pay an annual cash dividend of 25-40% of the net profit*”
Vopak’s solid capital structure - Vopak is currently reviewing additional fit for purpose equity(-like) alternatives to support
the continued effective and efficient financing of the future growth we aim for
- The alternatives include, amongst others, (listed) fixed yield equity, equity-like and other (debt) capital instruments
- The long-term objective is to maintain a solid capital structure, while providing sufficient flexible access to the capital markets to fund the growth strategy
49 Annual Results 2012 1 March 2013
Various other topics
50 Annual Results 2012 1 March 2013
“Effective tax
rate 2012:
17.9%*.”
“Sources and
uses of cash
in 2012.”
I
III II
“Vopak’s
Pensions.”
See appendix for
further details
* Excluding exceptional items.
Contents
51
Achievements 2012
Business environment
Growth projects
Business performance
Capital disciplined growth
Outlook
Annual Results 2012 1 March 2013
Outlook assumptions 2013 No material changes in product outlook assumptions
Note: width of the boxes do not represent actual percentages.
~x% Share of EBIT
Solid
Oil products
Chemicals Biofuels & Vegoils LNG
Robust*
~60%
Steady*
Solid
~2.5-5%
Mixed
~17.5-20%
Industrial terminals
~10-12.5% ~7.5-10%
2012
~60-65% ~2.5-5% ~17.5-20% ~7.5-10% ~5-7.5%
2013
52 Annual Results 2012 1 March 2013
* Except for Europe, where we have a variety of experiences in certain product-market combinations.
Solid
Robust
Mixed
Mixed
Solid
Capacity developments
In mln cbm
35.1
Capacity growth under construction Modest planned capacity expansions in 2013
35.1
2015
0.4
Jubail
+5.2
FY 2015
Other
2014
3.4
Hainan
Pengerang
Europoort Other
2013
1.4
Thames Oilport
Algeciras
Other
2012
2.1
Eemshaven
Fujairah
Westpoort Other
FY 2011
27.8
34.7 31.3 29.9 27.8
Note: For the joint ventures, 100% of the storage capacity is included.
53 Annual Results 2012 1 March 2013
FX translation effect 2013 Negative foreign exchange developments year to date
Total
Non allocated
22.0
Latin America
North America
Asia
EMEA
Netherlands
FX translation-effect on 2012 EBIT In mln EUR
EBIT transactional currencies In percent
EUR
SGD
Other
USD
* Up to and including 22 February 2013. Note: Excluding exceptional items.
Average FX rates 2012 Per EUR 1.00
Average FX rates 2013* Per EUR 1.00
FX translation-effect on 2013 EBIT In mln EUR
Chinese yuan
1.29
1.61
2.51
Singapore dollar
Brazilian real
8.11
US dollar
Singapore dollar
US dollar
Chinese yuan
Brazilian real
1.33
1.64
8.31
2.68
54 Annual Results 2012 1 March 2013
??
Total effect on Equity attributable to
owners of parent at 31 December 2012 -215.8
Net result recognized through
statement of income in 2012 3.4
Total recognized directly in equity
through Other comprehensive income -219.2
Income tax 2012 50.5
Actuarial gains and losses
in 2012 199.5
Adjusted administration costs and taxes
payable by the plan / income tax 37.2
Actuarial gains and losses
at 1 January 2012 107.4
Total effect on equity In EUR mln
Removal 10% corridor approach
(higher volatility in net pension
liability)
Weighted average discount rate
reduced from 5.33% to 3.37%*
Only service and net finance
cost in P&L (rest of changes in
other comprehensive income)
Change of discount rate for the
expected returns on plan assets
(generally lower rate than used
under current IAS 19)
* From 31 December 2011 to 31 December 2012. Note: The pension charge from defined benefit plans is expected to increase from EUR 13.3 million in 2012 to approximately EUR 24.7 million in 2013.
Impact IAS 19 changes and lower discount rate Higher pension charges for 2013 in addition to effect on equity
55 Annual Results 2012 1 March 2013
EBITDA Ambition 2016: EUR 1 billion We expect a relatively limited EBITDA growth for 2013
56 Annual Results 2012 1 March 2013
2016
1,000
2012
763.6
2011
636.0
2010
598.2
2009
513.4
2008
429.3
2007
369.5
2006
314.1
2005
262.5
2004
231.8
EBITDA Development and ambition* In EUR mln
* In order to achieve ambition 2016, the approval and successful execution of additional profitable expansion projects are required. Note: Excluding exceptional items; including net result from Joint Ventures.
Historical results
20% EBITDA growth in 2012
Modest planned capacity
expansions in 2013
No material changes in product
outlook assumptions resulting
in an expected average
occupancy rate of around 90%
Higher pension charges
The negative foreign exchange
developments year to date
Ambition
We expect relatively limited
EBITDA growth for 2013:
2012 Financial overview
57 Annual Results 2012 1 March 2013
20% EBITDA growth
19% EBIT growth
25% EPS growth
Proposed cash dividend of EUR 0.88 per share (+10%)
Solid funding of growth strategy secured
Note: Excluding exceptional items; including net result from Joint Ventures.
Royal Vopak
Westerlaan 10 Tel: +31 10 4002911
3016 CK Rotterdam Fax: +31 10 4139829
The Netherlands www.vopak.com
Effective tax rate 2012
59 Annual Results 2012 1 March 2013
Effective Tax Rate
In percent
85.5 +11%
2012 2011
77.2
Tax
In mln EUR
17.9 -8%
2012 2011
19.5
14.1
5.4
In 2011, EUR 108.5 million of book gain on
the sale of our 20% equity stake in BORCO
(Bahamas) was exempted for tax purposes
Excluding exceptional items, the effective
tax rate for 2011 amounted to 19.5%
I
Note: Excluding exceptional items.
Sources and uses of cash in 2012
60 Annual Results 2012 1 March 2013
Net Cash
position
1/1/2012*
683.6
Net Cash
position
31/12/2012*
435.7
FX
0.5
-67.0
Other
financing
activities
Dividend
paid in
cash**
110.1
Derivatives
settlement
9.9
Disposals
34.0
Invest-
ments
643.0
Net finance
costs paid
Tax paid
44.1 67.6
Gross
operating
cash flow
659.3
Consolidated Statement of Cash Flows
In EUR mln
* Including bank overdrafts. ** Including dividend paid in cash on financing preference shares.
II
Vopak’s Pensions
61 Annual Results 2012 1 March 2013
Dutch 83%
Other 17%
Cover ratio ultimo 2012
is 112% (2011: 106%)
Return was 16% in 2012
(2011: 5%)
Pension contribution to
remain at the same,
maximum level of 30%
Vopak’s Pension obligations
In percent
Dutch Pension Fund
Highlights
Other
17%
Dutch
83%
III