ROADSHOW 1H 2008...Roadshow Presentation 2008 372008 Net Financing Costs-21.0 In EUR millions 1H07...

–– –

_

2008Roadshow Presentation 2008 1

Roadshow Presentation 2008

_

–– –2008Roadshow Presentation 2008 2

The world of Vopak

_


Agenda

StrategyAchievements 1H08Business Performance 1H08Outlook

Introduction

_


Vopak transformation process

Growth, Customer,Cost Leadership

“Vopak in 5 years has transformed from being a non-focused slow growth industrial conglomerate into a pure –well focused – high growth tank terminal operator.” Analyst

New strategy

1999: Merger Vopak (Pakhoed & Van Ommeren)

_


Tank terminal: key role in oil and chemical supply chain

Vopak Terminal Europoort – Rotterdam, the Netherlands

_


Strategic position tank terminals

Industrial

Complete integration with the production process

Example: Sakra Terminal

Downstream Chemicals

Raw MaterialsChemicals

Textile

Import / Export

Storage of products that are exported or transferred to end users

Plastics

Electronics

Logistic hub

Key link for incomingand outgoing flows of oil and chemicals

Example: Rotterdam Europoort

Outgoing Logistics

Incoming Logistics

_


Logistic hub terminal

Where large flows of products merge Houston, Rotterdam / Antwerp, Singapore and Fujairah

_


Alemoa

Import / Export terminal

Break or make bulkLocal distribution

Export terminal

Import terminal

Ningbo

_


Industrial terminal

Vopak Singapore – Sakra Terminal

_


Vopak core businesses

Existing market

Oil

Chemicals

New products inexisting market

Biofuels

New market

LNG

_

–– –2008Source: WoodMackenzie 11

0

2 5 0

5 0 0

7 5 0

1 0 0 0

19901991199219931994199519961997199819992000200120022003200420052006

Mill

ion

tonn

es

L P G N a p h th a G as o lin e Je t /k e ro G a s /d ie s e l H F O O th e r

CAGR=2.9%

CAGR=5.1%

CAGR=0.5%

Product differentiationIncreasing geographical imbalances

Liberalization of new marketsHigh oil price – high feedstock costs

New giant oil players

World gross trade in major oil productshas risen strongly over the last years

_

–– –2008Source: CMAI 12

0

10000

20000

30000

40000

50000

60000

1990 1992 1994 1996 1998 2000 2002 2004 2006

World Trade in M ajor L iqu id Petrochem ica ls

M ixed Xy lenes Paraxy lene Benzene Cum ene Pheno l S ty rene M EG M ethano l

Thousand M etric Tons

World trade in major liquid petrochemicalshas risen strongly over the last years

Increasing demand for storageRobust growth in developing markets

Build-up of new petrochemical complexes in Asia and the Middle East

_


Growth in biofuels will continue to grow

Government requirements

Increased producers’ interest in biofuels due to subsidies and incentives

_


LNG demand worldwide will continue to grow…

More focus on LNG solutions as energy source

_


LOCATION

•Hinterland connections•Deep water access•Permit structure•Land availability•Port importance/

speciality•Competitive situation

Vopak’s challenge

INFRASTRUCTURE

•Tanks sizes•Jetty capacity•Truck/rail loading

stations•Capacity to blend•Automation level

MEETINGDIFFERENT CLIENT NEEDS

•Flexibility•Speedy ship

turnaround•High SHE standards•Availability of

services: blending, heating, etc.

•Hinterland connections:river, road, rail

The challenge is facilitating the product flows:

_


Vopak market definition

Definition

Vopak’s competitive environment is defined as non-captivemarine tank storage for liquid oil and chemical products.

Primary competition

Independent competition renting only to third parties

Secondary competition

Partly using the capacity for storing own products(Some traders, distributors, producers, state-owned companies)

Captive competition

Producers & traders using their capacity for storing only theirown products

_


Market share according to the definition

10 %15 %

16 mln

60 mln

105 mln

165 mln

Oil

23 %26 %

10.4 mln

5 mln

40 mln

45 mln

Chemicals

26.4 mln CBMVopak

65 mln CBMSecondary Competition

13 %18 %

Vopak Market Share:As % of total marketAs % of primary competition

145 mln CBMPrimary Competition

210 mln CBMWorld Market

TotalStorage market (in cbm)

_


Terminal capacity growth from 2008 up to 2011 Announced projects

7%Annual Growth RateAs % of Vopak capacity

7 Million CBMVopak (incl. E.O.S.)

6%Annual Growth Rate

48 Million CBMWorld Market, incl. Vopak

TotalAdditional Worldwide Storage Capacity

*Baseline: January 2008

Demand growth in storage marketto support international trade flows

_


Worldwide competition: Top 20

*Source: Company websites; including: inland capacity, Joint Ventures and asphalt

0 5 10 15 20 25 30

Scandinavian Tank StorageUniversal

LBCDalian Port

EAPCOdfjell

SinochemMagellan

TransmontaigneHorizonSunocoSUMED

CIM S.N.C.VitolIMTT

C.L.H.Kinder Morgan

OiltankingNuStarVopak

_


Agenda


Introduction

_


Executing and embedding the strategy

LEADERSHIPENABLERSLEADERSHIPENABLERS

• Organization• Leadership Resourcing• ICT Realignment

• Support Tools• Business Intelligence• Communication & Branding

EXCELLENT CUSTOMER

SERVICE

• KAM • Customer Metrics• CRM

EXCELLENT CUSTOMER

SERVICE

• KAM • Customer Metrics• CRM

MAXIMUM OPERATIONAL

EFFICIENCY

• Operational Efficiency Improvements

• Terminal of the Future

MAXIMUM OPERATIONAL

EFFICIENCY

• Operational Efficiency Improvements

• Terminal of the Future

ACCELERATED COMPANY GROWTH

• Growth Opportunities

• Blueprint Automation

• Repeatable Formula

ACCELERATED COMPANY GROWTH

• Growth Opportunities

• Blueprint Automation

• Repeatable Formula

EXCELLENCE• SHE• Portfolio Rationalization• Vopak Way

_


Strategic initiatives delivering results

Key Account Management:increased revenue with KAM clients

Business Intelligence:improved market knowledge

Operational Efficiency Improvement:program will be started at 10 terminals

Branding:new visual identity to support one company brand

Repeatable Formula:standard designs result in shorter engineering time for new projects

_


The world of Vopak

This slide is meant for showing a picture in your presentation and can randomly be placed in your presentation.

To show the picture, delete this text and insert the picture you want to show. If you’re showing text (with or without small pictures), use the slides 3 till 11.

R’dam biodiesel

LNG Rotterdam

Spain

Botlek Pit19

Vlaardingen

Korea

Zhangijagang

Houston

Altamira

Venezuela

Suape

Alemoa

San Antonio

Europoort

Amsterdam

Sydney

Sebarok

Penjuru

Jakarta

Banyan

Malaysia

FujairahVietnam

Thailand

Hainan

Caojing

Japan

LNG Eemshaven

Pakistan

Gothenburg

Teesside

Underconstruction

CommissionedYTD 08

Announcedinvestigation

Commissioned &Construction

London

LNG Rostock

Tallinn

Bahamas

Linkeroever

_


Many projects in the pipeline

Potentialopportunities

Projectsunder study

Announcedprojects

_


Agenda


Introduction

_


Process Safety & Quality Performance

LTIR

0

0,5

1

1,5

2

2,5

3

2004 2005 2006 2007 1H 2008

Spills

020406080

100120140160

2004 2005 2006 2007 1H 2008

_


Ongoing improvement in financial performance

EPS excl. exceptionals

1

1,5

2

1H 07 1H08

EBIT excl. exceptionals

130

140

150

160

1H 07 1H08

Net Revenues

0

100

200

300

400

500

1H 2H 1H 2H 1H 2H 1H 2H 1H

2004 2005 2006 2007 2008

_


Growth continuesOccupancy rates

0%

25%

50%

75%

100%

2004 2005 2006 2007 1H 2008

15

17

19

21

23

25

27

2005 2006 2007 2008

Capacity (in mln cbm)

Existing capacity New capacity

?

_


Step into the LNG terminal business -Operational in 2011

The launching customers:

_


Vopak Terminal Bahamas

_


Vopak Terminal Linkeroever

_


Agenda


Introduction

_

–– –2008All figures are excluding

exceptionals33

1H08 EBIT excl. exceptional items: up 12% to EUR 156.8 mln

Net Revenuesin mln EUR

EBITin mln EUR

Net Profit*in mln EUR

EPSin EUR

1H 07 1H 08 1H 07 1H 08 1H 07 1H 08 1H 07 1H 08

1.591.3298.982.3156.8139.4453.9423.7

+12%

+7%

+20%

+20%

_


Pro forma EBIT 1H 08 vs 1H07:increased by 20%

-3.4Divestments

Pro forma EBIT

FX translation effects

EBIT excl. exceptionals

Exceptionals

EBIT incl. exceptionals

12139.4156.8

-9.9-9.7

20130.7156.8

-5.3

12149.3166.5

%1H 20071H 2008

_


Exceptional Items in 1H 2008

4.5Vopak Barging9.7Exceptional Items

5.2Merger Vopak E.O.S.

In EUR millions

_


EBIT(DA) margins excl. exceptionals

_


Net Financing Costs

-21.0

1H07 1H08In EUR millions

3.2Interest and dividend income

Net financing costs

Financing costs -24.23.2

-22.6-19.4

Effective Access to Financing Sources

Gate:EUR 745M senior project financingagreement

VTS:Increase to SGD 200M

RCF:Increase to EUR 1B and extend with 4 years. Option toincrease to EUR 1.2B

USPP 2007:New Notes forUSD 375M

July 2008Aug / Sep 2007July/Aug 2007May 2007

_


-31.4 21.3% 21.5%

€1H08 1H07 %In EUR millions

Effective tax rate 1H 2008

Tax

Effective Tax Rate

1H08 %

_


-8.391.5

-27.6-21.0 149.3423.7

1H07

166.5

106.9

Net Profit 1H 2008 increased by 17%

All figures are including exceptional items

12%

17%

1H08 ∆%In EUR millions

EBIT

Net Profit

453.9Net Revenues 7%

Finance Income & ExpensesTaxMinority Interests

-19.4 8%-31.4 14%- 8.2 1%

1.47 1.71EPS 16%

_


Business Performance per Division

_


Strong demand for storage capacity

85% 94%

2004 1H 2008

Occupancy rate

92% 96% 95%

2005 2006 2007

Capacity (in cbm)

26,396,22121,834,20021,224,30020,441,00020,191,481

_


Growth continues- increase by more than 7M cbm (2008-2011)

2.7M cbmRemaining 2008 till 2011 (incl. LNG)

21.8M cbmTotal 2007 Capacity

26.4M cbmTotal 1H 2008 Capacity

4.6M cbmTotal net capacity increase in 1H 2008

>28.0M cbmTotal

_


Net Revenues1H08: increase by 7%

CEMEA

1H 07 1H 083%

North America

15.2%

66.0 56.0

1H 07 1H 08

Latin America

6.7%

31.3 33.4

1H 07 1H 08

Asia

15.6%

67.1 77.6

1H 07 1H 08

OEMEA

23.3%

102.2126.0

1H 07 1H 08

154.9 159.5

_


EBIT excl. exceptional items1H08: increase by 12%

CEMEA

Asia

Latin America

OEMEA

Other

42.5 44.8

5.4%

North America

18.7%16.7%

8.4%

1%

39.046.343.8

51.1

15.5 16.8

10.5 10.4

-12.0 -12.6

1H 07 1H 08

1H 07 1H 08 1H 07 1H 081H 07 1H 08

1H 07 1H 081H 07 1H 08

5%

_


20,323,1 22,2 21,7 21,8 21,8

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

20072008

Division: Chemicals EMEA“Sound results taking into account divestments”

14% 2%

_


21,9

26,0

21,925,1

20,0 19,1

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

20072008

Division: Oil EMEA“Effective response to market demand”

19% 15%

_


19,2

23,419,8

22,919,9 19,9

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

20072008

Division: Asia“Maintaining growth with continuinggood results”

22% 16%

_


7,2 7,5 8,3 9,37,7 7,9

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

20072008

Division: North America“Focus on improving results is bearing fruit”

4% 12%

_


5,1 5,3 5,4 5,1 5,5 5,1

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

20072008

Division: Latin America“Continuing steady performance affected by negative FX differences”

4% 6%

_


Sources and Uses of Cash

_


0

100

200

300

400

500

600

Sources Uses Sources Uses

Sources and uses of cash

Operations Operations

InvestmentsDivestments

Investments

Divestments

FinancingFinancing

Dividends

Dividends

1H07 1H0856.0 -138.4

EUR (mln)

Net Cash Flow

Proceeds frominterest-bearing

loansProceeds frominterest-bearing

loans

390.1 -334.1 433.0 -571.4

_


2003* 2004 2005 2006 2007 2008

Total investments

146 151 188

446268

1H 2008:375

?

_


Projects completed in YTD 2008

Chemicals

Chemicals

Oil

Oil

Chemicals

Oil

Oil

Oil

Product

100,000Greenfield100%Linkeroever

Location Ownership Type Consolidated Joint venture

Rotterdam 100% Expansion 200,000

Fujairah 30% Expansion 380,000

Sebarok 69.5% Expansion 223,000

Zhangjiagang 100% Expansion 84,900

Bahamas 20% Acquisition 3,000,000

Vopak EOS 50% Merger 435,000

Malaysia 100% Acquisition 20,600

Other 106,000 60,000

Total added capacity 1H 2008 734,500 3,875,000

Total added capacity 1H 2008 >4.6M cbm

Additional CBM

_


Gate terminal

Clients

Throughput

Jetties

Tanks

16 bcm12 bcm9 bcm

221

?43

433

?Q3 2008Q4 2007

_


Expansion in progressBanyan Terminal (Singapore)

2006 2007 2008 2009

371,800 cbm 165,000 cbm 320,000 cbm 397,500 cbm1.25 M

_


Expansion in progressVopak Jakarta Terminal (Indonesia)

Tankfarm

Jetty

‘Artist impression of Vopak Jakarta Terminal’

Underseapipelines

Division: Asia Start of operations: 2009Capacity: 250,000 cbmProduct focus: oil

_


Strategic Financing

_


Investing in growth

Total investments 2008-2011Approved & Under Construction Projects

Remaining Vopak share 2008-2011 Approved & Under Construction Projects

Group companiesand

joint ventures

€ 1.7B

Around€ 400M

Yearly Sustaining Capex

+/-€ 100M

_


2.22

1.71

1.61

1.76

2.20

2.42

2.49

0 0,5 1 1,5 2 2,5 3 3,5 4

2002*

2003*

2004

2005

2006

2007

1H 2008

Strategic financeNet debt : EBITDA ratio

Maximum Ratio under US PP

Maximum Ratio under other loans and syndicated revolving credit facility

* Based on Dutch GAAP

_


Covenant/Term US PP 2001 US PP 2007 New RCFMaximum Net Debt / EBITDA 3.75 3.75 3.75

Additional headroomWhen financed withsubordinated debt

Up to 4.25 > 3.75

EBITDA / Net Interest Payable

> 4.0 > 3.5 > 3.5

Overview of US PP terms and RCF

Amount USD396 mln

USD 375 mln

EUR 1 bln

+ EUR 200 mln

_


Financial Reporting Implications

_


Balance Sheet

Gate terminal –financial implications

Joint venturesand associates

Profit & Loss Result of jv basedon equity method

Cash Flow

Off Balance Sheet guarantees

Project Phase2007-2011

Operationsbeyond 2011



Only pre-OPEX

Equitycontribution

Dividend

Equity: 40% Capacity: 0.5M cbm

_


Vopak E.O.S.

Pakterminal till YE 2007

304,900Vopak50%Pakterminal

Pakterminal till 23 April 2008

Vopak100%Pakterminal

Vopak E.O.S. 23 April 2008 till August

Vopak35%

Vopak E.O.S.

304,900

740,000

Vopak E.O.S. from August 2008

Vopak50%

Vopak E.O.S. 740,000 940,000in 2009

_


Balance Sheet

Vopak E.O.S. financial impliations

Profit & Loss Result of jv(equity method)

Cash Flow

Pakterminal(50%)

Vopak E.O.S.(50%)

Joint venturesand associates100% consolidated

100% consolidated

100% consolidated Acquisition priceDividend

Result of jv(equity method)


Dividend

Beforetransaction date E.O.S.

(100%)

_


Vopak Terminal Bahamas

Agreementbetween FirstReserve andVopak

AcquisitionBORCO, April 2008

FirstReserve 80%, Vopak 20%

Capacity: 3M cbm

Possibleexpansion upto 5M cbm

2008

_


Balance Sheet

Vopak Terminal Bahamas financial implications

Profit & Loss

Cash Flow


Result of jv(equity method) +Management fee

Acquisition priceDividend

Equity: 20% Capacity: 3M cbm

_


Events After the Balance Sheet Date

_


Events after the balance sheet date

20 July

Financing agreement Gate terminal BV

30 July

Vopak increases shareholding in joint venture Vopak E.O.S. to 50%

1 August

Nippon Vopak acquires 2 terminals in Japan

5 August

Gate terminal signs agreement with E.ON Ruhrgas AG

_


Agenda


Introduction

_


220.9 272.9

Outlook 1H 2008

* EBITDA includes joint ventures & associates results **excluding exceptional items

475-550

FY 2006 FY 20075 year plan

(2011)EUR (mln)

EBIT**

369.6EBITDA* 314.1

ROCE 25.1%19.4% Around 16%

OutlookFY 2008

a minimum increase of10%

Long-term

Bearing in mindsubstantial investmentsin greenfield projects/

expansions

Bearing in mindsubstantial investmentsin greenfield projects/

expansions

Guidance

Updated to2009 / 2010

_


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 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 couldlead to actual results being materially different from those expected.

Forward-looking statement

_


–

www.vopak.com

Date post:	06-Oct-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

ROADSHOW 1H 2008...Roadshow Presentation 2008 372008 Net Financing Costs-21.0 In EUR millions 1H07...

Documents