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1
Professionals in liquid bulk logistics
www.vopak.com
Semi Annual Results 2007
2
▢Strategy & Achievements
▢Ethanol: Important Business Driver
▢Business Performance 1H 2007
▢Outlook
Agenda
3
Excellent track record in Safety and Environment
Robust financialperformance
Global presence
Global market leader
Preferred partner of many Multinational
Petro-chemicalcompanies
Solid financing
Trustworthy partner
400 years of history
Know-how
Strong foundations for the future
4
Highlights 1H 2007EBIT
100110120130140150
1H 06 1H 07
Net Revenues
350375400425450
1H 06 1H 07
Commissioned projects in 1H 2007 (248.100 cbm)
Confirmed projects in 1H 2007
5
Process Safety & Quality Performance
0123456
02 03 04 05 06 1H 07
0
20
40
60
80
100
120
Terminal Health Assessment
Spills
04 05 1H 0706
LTIR
0%
25%
50%
75%
100%
04 05 06 1H 07
6
Cost Efficient Operations
Customer Leadership
Strategic Focus Vopak
Growth Leadership
Pursue and strengthen leadership in key locations
Invest in partnerships with strategic customers
Attain service excellence across the network
Become preferred provider for strategic accounts
Attain low cost position compared to key
competitors
Develop superior ability to withstand all economic
conditions
Leadership EnablersAlign structure with strategy and improve supply of human capital
ExcellenceSet new standards in commercial operational and financial excellence
7
Optimising existing capacity
Expansion at existing terminals
Acquisitions, mergers and joint ventures
New terminals at new locations
Development of concepts fornew productsGrowth Maintenance & SHE CAPEX
GROWTH leadership Pursue and strengthen leadership in key locations
Invest in partnerships with strategic customers
8
Europoort
Antwerp
Construction
Sydney
Fujairah
Announced investigation
Amsterdam
Banyan
LNG (R’dam)
Sebarok
Banyan Biodiesel
CaojingAltamira
Venezuela
London
Rotterdam Biodiesel
Botlek pit 11
Penjuru
Commissioned in 1H 2007
VietnamSuape
Teesside
Zhangjiagang
Projects’ overview
Vlaardingen Lanshan
Korea
Thailand
Houston
DarwinAlemoa
Botlek pit 19
9
Sydney site B Ulsan
Vlaardingen Lanshan
Commissioned projects 1H 2007
Zhangjiagang
10
PenjuruBanyan
Vietnam
Terminal in Suape, Brazil – due diligence
Confirmed projects 1H 2007
Teesside
Zhangjiagang
Alemoa Botlek pit 19
11
250275300325350375400425450
1H 2H 1H 2H 1H 2H 1H
2004 2005 2006 2007
Average occupancy rates
Income from rendering of services (core activities)
In m
lnEU
R
80%
85%
90%
95%
100%
2004 2005 2006 1H 2007
CUSTOMER leadershipAttain service excellence
across the network
Become preferred provider for strategic accounts
“Vopak has an excellent quality and, compared to competitors, they have a common standard around the world, which is unique.”
12
Attain low cost position compared to key competitors
Develop superior ability to withstand all economic
conditions
OPERATIONAL leadership
Portfolio Business Rationalisation
Sale Joint Venture VOTG Tanktainer GmbH
Sale Westwego
Sale tank cleaning stations in Sweden
Sale Hemiksem
13
▢Strategy & Achievements
▢Ethanol: Important Business Driver
▢Business Performance 1H 2007
▢Outlook
Agenda
14
Demand for fuel ethanol
Source: IEA
New technology…
CO2 concerns…
Strong political backing…
High oil prices and limited reserves…
Production capacity…Dependency on the MiddleEast…
15
Fuel ethanol intercontinental trade2007 vs 2010+
?
?
ImportExport
European imports grow rapidly. Brazilian exports increase. North America – probably balanced.Asia – importing or balanced.
Major import market
Major export market
16
Brazil: steep increase in production fornational demand & export growth
MILLION TONS BRAZIL2002 3202006 420FC 2012 700
1.000 M³ BRAZIL2002 12,52006 17FC 2012 30-35
1.000 M³ BRAZIL2002 0,82006 3,4FC 2012 7
Sugar Cane production
Ethanol Production
Ethanol Exports
Center South: to stay main production & exports region.
Northeast: low increase due to sugar driven production and no available land for productive expansion.
Center North: potential growth in the long term.
Source: Única and Market information
Ethanol Exports
Center South Other Brazil
17
Vopak’s presence in Brazil
Center South
Center NorthNorth East
Suape
Alemoa
Uniao/Vopak
Ilha Barnabe
Aratu
18
Import Europe 2010(mln cbm)
0,4
0,7
3,4
Rotterdam import
Rotterdam inter region
Other EU harbours
► Fuel demand major cause for increased ethanol imports.► Significant growth expected in coming years.► Important driver for CEMEA occupancy & revenue.
(Fuel) Ethanol Revenues Rotterdam
2004 2005 2006 EST 2007
Total Fuel Ethanol Total Ethanol
Rotterdam – most important EU import harbour
By 2010 about 4.1 mln cbm fuel ethanol to be imported through the Port of Rotterdam
19
Ethanol: opportunity for Vopak
Vopak well positioned to facilitate the storageof ethanol
+future
demand growth
Alemoa Botlek pit 19 Teesside
EXAMPLES:
20
▢Strategy & Achievements
▢Ethanol: Important Business Driver
▢Business Performance 1H 2007
▢Outlook
Agenda
21
Net Revenues / EBIT 1H 2007
22
• Product differentiation• Geographical imbalances
between demand and supply• Liberalisation of new markets
• Increasing demand for storage• New petrochemical complexes
in Asia and the Middle East
Oil: Chemicals:
LNG:
• More focus on LNG solutions as energy source
• LNG growth rates since 2000: >6% per annum
Bio fuels:
• Strong political backing• Subsidies and incentives for
the producers• Different views on bio fuels’
impact on CO2
Emerging economies in China and India
Summary of market developments
23
106.855.30.89
382.8
1H 06
1.32
139.482.3
EBIT excl. exceptionals increased by 31%
All figures are excluding exceptional items
* attributable to holders of ordinary shares
31%
49%48%
1H 07 ∆%In EUR millions
EBITNet Profit*EPS (EUR)
423.7Net Revenues 11%
24
103.3
52.90.85
382.8
1H 06
1.47
149.391.5
EBIT incl. exceptionals increased by 45%
All figures are including exceptional items
* attributable to holders of ordinary shares
45%
73%73%
1H 07 ∆%In EUR millions
EBITNet Profit*EPS (EUR)
423.7Net Revenues 11%
25
Exceptional items: 1H 2007
6.6Result Sale Joint Venture VOTG Tanktainer GmbH- Non-core activities -
9.9Exceptional items
2.8Result Sale Assets Westwego- North America -
1.4Result Sale Tank cleaning stations in Sweden- OEMEA -
-0.9 Impairment Assets Hemiksem- CEMEA -
In EUR millions
26
CEMEA
Asia
Latin America
North America OEMEA
161.2145.9
78.9 95.966.065.2
31.2
59.3 67.1
31.3
1% 22%
0.3%
13%
10%
1H 06 1H 07 1H 06 1H 07
1H 06 1H 07
1H 06 1H 071H 06 1H 07
All divisions contributed to 11% increase in Net Revenues
27
1H 2007: 32.5 mln increase in EBIT*
CEMEA
Asia
Latin America
North America
OEMEA
27.4
44.4
31.741.9
15.512.1
10.4 10.5
36.9 39.0
*EBIT excluding exceptional items and discontinued operations
-11.7 -12.0
Other
28% 32%
6%
1% 62%
3%
1H 06 1H 07 1H 06 1H 07
1H 06 1H 07
1H 06 1H 071H 06 1H 07 1H 06 1H 07
28
Sources and Uses of Cash
29
050
100150200250300350400450
Sources Uses Sources Uses
Sources and Uses of Cash
Operations OperationsInvestmentsDivestments
Investments
DivestmentsFinancing
Financing
Dividends
Dividends
1H 06 1H 07-87.4 +56.0
EUR (mln)
Net Cash Flow
Proceeds frominterest-bearing
loansProceeds frominterest-bearing
loans
30
0
25
50
75
100
1H 2006 1H 2007
Operational Net Cash Flow1H 2007: increased by 69%
EUR (mln)
69%
Cash Source
56.8
96.1
Sources Uses
31
0
40
80
120
160
200
1H 2006 1H 2007
Investments*1H 2007: increased by 50%
EUR (mln)
* including Maintenance and SHE CAPEX
50%
109.5
164.1
Cash Use
Sources Uses
32
CAPEX
33
2002* 2003* 2004 2005 2006 2007
CAPEX 2002 – 2006 & Outlook 2007**
* based on Dutch GAAP**including Maintenance and SHE CAPEX
(In)Tangible fixed assets
97 106.5 124.9 160.3232.7
450 - 550
34
Division: AsiaStart of operations: Q3 2008Capacity: expansion 320.000 cbmProduct focus: gasoline, biofuels
Vopak Singapore – Banyan Terminal
Expansion of Banyan Terminal
35
Division: AsiaStart of operations: Q3 2008Capacity: expansion 22.000 cbmProduct focus: chemical products
Vopak Singapore – Penjuru Terminal
Expansion of Penjuru Terminal
36
AP Petrochemical Vietnam
Division: AsiaStart of operations: Q1 2008Capacity: expansion 40.000 cbmProduct focus: chemical products
Expansion of Vietnam Terminal
37
Expansion of Zhangjiagang Terminal
Vopak China – Zhangjiagang Terminal
Division: AsiaStart of operations: Q2 2008Capacity: expansion 72.400 cbmProduct focus: methanol
38
Division: CEMEAStart of operations: Q3 2008Capacity: expansion 40.000 cbmProduct focus: ethanol
Vopak Teesside Terminal
Expansion of Teesside Terminal
39
Net Profit
40
52.9-7.0
-19.0-23.2 103.3382.8
1H 06
149.3
91.5
Net Profit 1H 2007 increased by 73%
All figures are including exceptional items
* attributable to holders of ordinary shares
45%
73%
1H 07 ∆%In EUR millions
EBIT
Net Profit*
423.7Net Revenues 11%
Finance Income & ExpensesEffective Tax RateMinority Interests
-21.0 9%-27.6 45%-8.3 19%
41
Finance Income & Expense1H 2007: 9% decrease in Financing charges
-23.2
1H 06 1H 07In EUR millions
-20.4Interest Income and Expenses
Finance Income & Expenses
FX Differences -2.8-20.1-0.9
-21.0
42
-30.63.0
-27.6 21.5% 23.7%
€1H 07 1H 06 %In EUR millions
23.8%Tax (ex one-off) 23.7%
Effective Tax Rate 1H 2007
Effective Tax Rate
Effective Tax Rate
One-off
1H 07 %
43
Strategic Finance
44
2,49
2,42
2,20
1,76
1,61
1,83
0 0,5 1 1,5 2 2,5 3 3,5 4
2002*
2003*
2004
2005
2006
1H 2007
3,75
Strategic Finance: Sufficient Flexibility
* based on Dutch GAAP
Total Net Senior Debt : EBITDA ratio
Maximum Ratio
׀
4,25
45
3.5x
Up to 4.25
3.75x
US PP 2007
> 3.75Additional headroomWhen financed withsubordinated debt
4.0x
3.75x
US PP 2001
3.5xEBITDA / Net Interest Payable
3.75xMaximum Net Debt / EBITDA
New RCFCovenant/Term
Overview of US PP terms and RCF
USD 375 mln
USD396 mln
EUR 1 bln
Amount
46
Revolving Credit Facilityevent after the balance sheet date
47
Performance Divisions
48
15,717,614,313,1 20,9 23,5
0
5
10
15
20
25
Q1 Q2 Q3 Q4
20062007
EBIT* (mln)
Division: Chemicals EMEA
“Ongoing active response to new market developments”
* excluding exceptional items
60% 64%
49
13,217,815,416,3 21,3 20,6
0
5
10
15
20
25
Q1 Q2 Q3 Q4
20062007
EBIT* (mln)
Division: Oil EMEA
“Effective response to increasing market demand”
* excluding exceptional items
31% 34%
50
16,9 20,0 18,8 19,219,819,2
0
5
10
15
20
25
Q1 Q2 Q3 Q4
20062007
EBIT* (mln)
Division: Asia
“Continuing growth with good results”
* excluding exceptional items
14% 0.1%
51
6,7 5,4 6,2 7,27,2 8,3
0
5
10
15
20
25
Q1 Q2 Q3 Q4
20062007
EBIT* (mln)
Division: North America
“Focus on improving results is bearing fruit”
* excluding exceptional items
7% 54%
52
5,44,15,05,4 5,45,1
0
5
10
15
20
25
Q1 Q2 Q3 Q4
20062007
EBIT * (mln)
Division: Latin America
“Continuing steady performance”
* excluding exceptional items
8%6%
53
Events after the balance sheet date
54
Events after the balance sheet date
EUR 59 mlnTo be received on January 2, 2008
EUR 15 mlnTo be received on January 2, 2009
EUR 27 mlnReceived on August 15, 2007
EUR 101 mlnCompensation for Vopak
Integrating Vopak Dupeg Tank Terminal with Vopak Terminal Hamburg:
55
▢Strategy & Achievements
▢Ethanol: Important Business Driver
▢Business Performance 1H 2007
▢Outlook
Agenda
56
19
20
21
22
23
24
2005 2006 2007 2008 2009
Addition
Capacity
? ?
Full Focus on GrowthAdding 2.3 mln cbm in 2007 & 2008
• Successful improvement steps on road to excellence• Further growth continues worldwide• Pipeline well-filled with potential and ongoing projects
?
X 1,
000,
000
cbm
57
Outlook EBIT 2007
August 31, 2007
Short-term outlook
Barring unforeseen circumstances and taking into account the cost of implementing strategic initiatives, Vopak expects Group operating profit excluding exceptional items to rise by about 20% in 2007 (2006: EUR 220.9 million)
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.
58
179.7
160.3 232.7
220.9
Outlook Summary
* EBITDA includes joint ventures & associates results **excluding exceptional items
475-550
FY 2005 FY 20065 year plan
(2011)EUR (mln)
EBIT**
CAPEX
309.8EBITDA* 253.5
ROCE 19.4%16.5% Around 16%
OutlookFY 2007
about20%higher
450-550
Long-term
Bearing in mindsubstantial investmentsin greenfield projects/
expansions
Bearing in mindsubstantial investmentsin greenfield projects/
expansions
Guidance
59
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 30 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 could lead to actual results being materially different from those expected.
Forward-looking statement
60
Thank you for your attention!