First Half Year 2011 Results - Vopak · Closure of both projects expected in HY2 2011 Bahia las...

First Half Year 2011 Results24 August 2011

HY1 2011 results 24 August 20112

Agenda

Achievements and Business environment

Growth Projects

Business Performance

Financing

Outlook


Vopak on track in transition year

• Healthy demand for storage

and handling of oil products and chemicals

• 3.5 million cbm of additional growth projects

announced in HY1 2011

• Divested BORCO (3.4 million cbm)

• Uncertainties in the biofuel market

• Restricted rail car handling Deer Park, Houston

• Volatility in currencies and financial markets


Solid results in HY1 2011

Storage Capacity

In mln cbm

Occupancy Rate

93%94% 92%95%96%94%92%

EBITDAIn EUR mln, -excluding exceptional items-

297.3 295.3

200

225

250

275

300

325

HY1 2010 HY1 2011

33.0

2014

21.2 21.8

27.128.3

2009200820072006

+0.6 +5.3 +1.2

2010

+0.5

20.4

2005

+0.8

28.8

25.5

-3.3

HY1 2011

31.7

2013

+6.2 +1.3


8863

0

25

50

75

100

125

150

HY1 2010 HY1 2011

3.7

2.8

0

1

2

3

4

HY1 2010 HY1 2011

Safety requires constant attention

Total Injury Rate

Rate of accidents per million hours worked

Process Incidents


Agenda


Growth Projects


Financing

Outlook


Strategy overview

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


Pengerang, Malaysia

1.3 million cbm

Oil and chemical products

Vopak 44%

To be completed in 2014

Partners: Dialog Group and

State of Johor


Hainan, China

1.35 million cbm

Oil products

Vopak 49%

To be completed by end 2013

Partner: SDIC


Further growth in Asia

Tianjin Lingang, China

240.000 cbm for LPG, Vopak 50%

To be completed Q2 2013

Partner: Bohai Group

Kandla, India

261.000 cbm for chemicals and vegoils, Vopak 100%

Acquisition


Working on projects in Panama and AltamiraClosure of both projects expected in HY2 2011

Bahia las Minas, Panama

655.000 cbm for oil products, Vopak 100%

To be completed HY1 2013

Altamira, Mexico

300.000 cbm for LNG, Vopak 60% with joint control

Acquisition

Partner: Enagas


Projects under construction on track

Gate terminal, Rotterdam, Netherlands

540.000 cbm for LNG, Vopak 42.5%

To be completed Q3 2011

Partner: Gasunie and customers

Amsterdam Westpoort, Netherlands

1.2 million cbm for oil products, Vopak 100%

Phase 1 of 620,000 cbm to be completed Q3 2011


Vopak on track in transition year

“Based on the healthy demand for tank storage, capacity expansion projects and our

growth strategy we remain well positioned to realize an EBITDA between EUR 600 - 640

million in 2011, growing to an EBITDA between EUR 725 - 800 million in 2013.”


Agenda


Growth Projects


Financing

Outlook


Robust demand continues

Storage Capacity

In mln cbm

Occupancy Rate

93%94% 92%95%96%94%92%

EPSin EUR, -excluding exceptional items-

0.971.04

EBITDAin mln EUR, -excluding exceptional items-

295.3297.3

HY1 10 HY1 11

HY1 10 HY1 11

0.92

245.9

HY1 09

HY1 09

7%13%

1%21%

21.2 21.8

27.128.3

2009200820072006

+0.6 +5.3 +1.2

2010

+0.5

20.4

2005

+0.8

28.8

25.5

-3.3

HY1 2011


Solid EBITDA developmentsIn EUR mln, excluding exceptional items

598.2

513.4

245.9

429.3

369.5

314.1

262.5295.3297.3

0

100

200

300

400

500

600

700

2005 2006 2007 2008 HY1 2009 2009 HY1 2010 2010 HY1 2011


Solid financial results in transition year

Net Profit

Net Revenues EBIT

Earnings per share

In EUR mln

HY1 10 HY1 11

561.1

543.9

HY1 09

492.1

3%

217.9223.0184.2

2%

0.971.040.92

7%

123.5132.4114.9

7%

15%

15%

11% 21%

In EUR mln In EUR

In EUR mln

HY1 10 HY1 11HY1 09 HY1 10 HY1 11HY1 09

HY1 10 HY1 11HY1 09

13%

1.88*

*Including exceptional items

Figures excluding exceptional items


-5.0

3.6

Significant positive contribution from exceptional items

117.5

6.0

HY1 2011

223.0

-0.1

HY1 2010

Other

EBIT

-0.1

1.88 1.04EPS -including exceptional items-

111.5Sale BORCO(Result Joint Ventures)

In EUR mln, - excl. exceptional items -

Net finance costs

Tax

116.1 -0.6Net Profit

-0.5

0.97 1.04EPS -excluding exceptional items-


Revenue development per division

CEMEA

Asia

Latin America

OEMEANorth America

18%

127.3150.3139.1 137.3

69.0 65.9

43.5 46.5

HY1 2010 HY1 2011

In EUR mln, excluding exceptional items

4% 1%

7%

163.1 159.0

HY1 2010 HY1 2011

HY1 2010 HY1 2011 HY1 2010 HY1 2011

HY1 2010 HY1 2011

3%


Including exceptional items, EBIT increased by 50%

-2223.0217.9EBIT excl. exceptional items

324 39.4167.2Net result JV & Associates

50222.9335.4EBIT incl. exceptional items

EBITDA excl. exceptional items

Exceptional gain

Operating profit

0.1-117.5

-1297.3295.3

-8183.5168.2

%HY1 2010HY1 2011

In EUR mln


EBIT development per division

CEMEA

Asia

Latin America

OEMEANorth America

22%

76.8 93.677.3 72.4

25.316.9

14.4 13.7

HY1 2010 HY1 2011

In EUR mln, excluding exceptional items

33% 6%

49.941.5

HY1 2010 HY1 2011

HY1 2010 HY1 2011 HY1 2010 HY1 2011

HY1 2010 HY1 2011

17%5%


- 33.9

123.5

- 38.5

217.9

HY1 2011

223.0

132.4

-2%

-7%

HY1 2010 ∆

EBIT

Net Profit attributable to holders of ordinary shares

Net finance costs

Tax

- 30.1

- 42.0

0.97 1.04EPS -7%

561.1Revenues 543.9 3%

In EUR mln, - excl. exceptional items -

Net Profit -excluding exceptional items- decreased by 7%


- 30.1

HY1 2010HY1 2011

2.7Interest and dividend income

Net finance costs

Finance costs - 32.8

4.8

- 48.3*

- 43.5

Net-interest bearing debt Average interest rate

Net finance costs increased Due to negative currency effect on current accounts and hedges as well as the issuance of new senior unsecured notes in Asia in HY2 2010

In EUR million

412 426

562

997 1018

1431

1298

0

250

500

750

1000

1250

1500

2005 2006 2007 2008 2009 2010 HY1 2011

0.0%

2.5%

5.0%

7.5%

10.0%

2005 2006 2007 2008 2009 2010 HY1 2011

* Includes exceptional item of EUR -5.0 mln


30.3* 42.5**

HY1 2010

Tax Expense (in EUR mln)

HY1 2011

Lower effective tax rate Due to exceptional items, slightly lower Group operating profit and lower average statutory rate

10% 22%Effective Tax Rate

* Includes exceptional item of EUR 3.6 mln

** Includes exceptional item of EUR - 0.5 mln


Historical figures adjusted for 1:2 share split effectuated May 17, 2010

In EUR, excluding exceptional items

EPS -excluding exceptional items- 7% lower

0.971.04

2.08

0.81

0.98

1.92

0.92

1.62

1.31

0.00

0.50

1.00

1.50

2.00

2.50

2005 2006 2007 2008 HY1 2009 2009 HY1 2010 2010 HY1 2011


Sources and uses of cash

147.8

226.9

280.6

186.2

281.32.2

Net cash at 1 Jan 2011 Net cash 30 June 2011

FinancingDisposals

Net operating cash flow

Investments

Other

3.2


Results per division


CEMEAEncouraging demand for storage of chemicals. Although some signs of improvements have been noticed, uncertainties remain in the biofuel market.

Revenue

163.1 159.0

HY1 2010 HY1 2011

EBIT

Storage Capacity

Occupancy rate

3%

90% 89%

HY1 2010 HY1 2011

1pp

4.3 4.2

HY1 2010 HY1 2011

0.1

25.3 24.6

22.3

18.420.1

21.4

Q1 Q2 Q3 Q4

In EUR mln

In EUR mln As % of available storage capacity

In mln cbm


37.639.7

42.0

37.135.8 36.6

Q1 Q2 Q3 Q4

OEMEARobust demand for oil storage

Revenue

139.1 137.3

HY1 2010 HY1 2011

EBIT

Storage Capacity

Occupancy rate

1%

95% 93%

HY1 2010 HY1 2011

2pp

11.0 11.2

HY1 2010 HY1 2011

+0.2

In EUR mln


In mln cbm


36.7

40.142.7

46.247.4 46.2

Q1 Q2 Q3 Q4

AsiaGrowth driven by strong market developments in both oil and chemicals

Revenue

127.3 150.3

HY1 2010 HY1 2011

EBIT

Storage Capacity

Occupancy rate

18%

92% 95%

HY1 2010 HY1 2011

3pp

6.7 6.8

HY1 2010 HY1 2011

+0.1

In EUR mln


In mln cbm


North AmericaResults impacted by rail car handling restrictions (Deer Park)and divestment of BORCO

Revenue

69.0 65.9

HY1 2010 HY1 2011

EBIT

Storage Capacity

Occupancy rate

4%

96% 91%

HY1 2010 HY1 2011

5pp

5.7 2.3

HY1 2010 HY1 2011

3.4

13.312.0

10.110.6

9.8

7.1

Q1 Q2 Q3 Q4

In EUR mln


In mln cbm


Latin AmericaContinuing steady performance

Revenue

43.5 46.5

HY1 2010 HY1 2011

EBIT

Storage Capacity

Occupancy rate

91% 92%

HY1 2010 HY1 2011

0.9 1.0

HY1 2010 HY1 2011

+0.1

1pp

+7%

7.3 7.16.6

4.7

7.3

6.4

Q1 Q2 Q3 Q4

In EUR mln


In mln cbm


Agenda


Growth Projects


Investments & Financing

Outlook


Net senior debt : EBITDA ratio decreasedCreating additional financial headroom supporting Vopak’s growth strategy

2.35

2.63

2.42

2.20

1.76

1.61

1.71

2.54

2.23

0 0.5 1 1.5 2 2.5 3 3.5 4

2003*

2004

2005

2006

2007

2008

2009

2010

HY1 2011

Maximum Ratio under current US PP programs

Maximum Ratio under other PP programs and syndicated revolving credit facility

* Based on Dutch GAAP


Total investments

Group companies and joint ventures

Around EUR 0.5 bln

Around

EUR 2.7 bln

Yearly Sustaining Capex +/- EUR 125-150 mln

Remaining Vopak

share in Capex*Total Capex projects*

Total investments up to HY1 2011 Total investments for current 7.5 mln cbm under construction up to and including 2014*

*Including acquisition of CRL Terminals (India)

188

268

446

800

535565

281

2005 2006 2007 2008 2009 2010 HY1

2011


Agenda


Growth Projects


Investments & Financing

Outlook


Outlook assumptions

Oil

~ 60.0% of EBIT

Biofuels and vegoils~ 7.5 – 10%

of EBIT

Chemicals

~ 17.5 – 20.0%

of EBIT

Industrial terminals

~ 12.5% of EBIT

Healthy demand for storage capacity

Contract renewals

+

Some new storage capacity commissioned

SOLIDROBUST ENCOURAGINGMIXED


Outlook

• Storage capacity expansions will add 7.5 million cbm of storage capacity in the years up to and including 2014

• Some significant expansion projects, like Amsterdam Westpoort phase 1 and Gate terminal (both in the

Netherlands) are scheduled to be completed, in time and within budget, at the end of Q3 2011 and will positively

contribute to the EBITDA development in HY2 2011

• For 2011 Vopak continues to expect a EBITDA -excluding exceptional items- between

EUR 600 – 640 million assuming no material changes of the Euro against other applicable currencies (2010:

EUR 598 million)

• The EPS -excluding exceptional items- in HY2 2011 are expected to be higher than in HY1 2011, taking

into account the 2011 EBITDA outlook and the expected lower finance costs in HY2 2011

• Vopak remains well positioned to realize an EBITDA between EUR 725 – 800 million in 2013


600-640

445.3

220.9

272.9

2006 2007 2009

EBIT

369.5EBITDA

314.1

2008

179.7

262.5

2005

Guidance/Outlook

429.3

320.4

513.4

385.3

Long-term guidance ROCE of 16%

Bearing in mind substantial investments in green field projects/ expansions

Long-term guidance ROCE of 16%

Bearing in mind substantial investments in green field projects/ expansions

In EUR mln, excluding exceptional items, including net result from Joint Ventures

20132010

598.2

725-800

2011

HY1

295.3

2013 Outlook in the 725-800 range


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.

Royal Vopak

Westerlaan 10 Tel: +31 10 4002911

3016 CK Rotterdam Fax: +31 10 4139829

The Netherlands www.vopak.com

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First Half Year 2011 Results - Vopak · Closure of both projects expected in HY2 2011 Bahia las...

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