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–– –
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2008Roadshow Presentation 2008 1
Roadshow Presentation 2008
–– –2008Roadshow Presentation 2008 22
The world of Vopak
–– –2008Roadshow Presentation 2008 33
Agenda
Introduction
Strategy
Business Performance
Growth continues
Outlook
–– –2008Roadshow Presentation 2008 4
Vopak transformation process
“Vopak in 5 years has transformed from being a non-focussed slow
growth industrial conglomerate into a pure – well focussed – high growth
terminal operator. “
Analyst
–– –2008Roadshow Presentation 2008 5
Tank terminal: key role in oil and chemical supply chain
Vopak Terminal Europoort – Rotterdam, the Netherlands
–– –2008Roadshow Presentation 2008 66
Downstream Chemicals
Outgoing Logistics
Strategic position tank terminals
–– –2008Roadshow Presentation 2008 77
Logistic hub terminalWhere large flows of products merge – logistics crossroad Houston, Rotterdam / Antwerp, Singapore and Fujairah
Example fuel oil
–– –2008Roadshow Presentation 2008 88
Import / Export terminal
- Break or make bulk- Local distribution
–– –2008Roadshow Presentation 2008 9
Industrial terminal
Vopak Singapore – Sakra Terminal
–– –2008Roadshow Presentation 2008 10
Vopak core businesses
Existing market
Oil
Chemicals
New products inexisting market
Biofuels
New market
LNG
–– –2008Roadshow Presentation 2008 1111
Growing demand for Vopak’s services by the oil industry
- Increasing product differentiation- Increasing geographical imbalances- Liberalization of new markets- New giant oil players
Annual growth rate =
0,5%
Annual growth rate =
2,9%
Annual growth rate =
5,1%
–– –2008Roadshow Presentation 2008 1212
Growing demand for Vopak’s services by the chemicals industry
- Increasing demand for storage- Robust growth in developing markets- Construction of new petrochemical complexes in Asia and
Middle East
–– –2008Roadshow Presentation 2008 1313
Increased interest in biofuels leading to growing storage demands
- Interest in biofuels is soaring
- Biofuels an answer to energy security and climate change
- Increased interest in biofuels from producers due to subsidies and governmental requirements
–– –2008Roadshow Presentation 2008 1414
Worldwide LNG demand drives need for independent import terminals
–– –2008Roadshow Presentation 2008 1515
Vopak’s challengeThe challenge is to facilitate the current and future product flows:
–– –2008Roadshow Presentation 2008 16
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
–– –2008Roadshow Presentation 2008 17
Market share according to the definition
10 %15 %
16 mln
60 mln
105 mln
165 mln
Oil
24 %27 %
10.6 mln
5 mln
40 mln
45 mln
Chemicals
26.6 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)
–– –2008Roadshow Presentation 2008 18
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
–– –2008Roadshow Presentation 2008 1919
Vopak - the global market leader
Vopak
in Million m³
_
–– –2008Roadshow Presentation 2008 2020
Agenda
Introduction
Strategy
Business Performance
Growth continues
Outlook
–– –2008Roadshow Presentation 2008 2121
Strategic focus Vopak
LEADERSHIP ENABLERSAlign structure with strategy and improve supply of human capital
LEADERSHIP ENABLERSAlign structure with strategy and improve supply of human capital
EXCELLENT CUSTOMER
SERVICE
EXCELLENT CUSTOMER
SERVICE
MAXIMUM OPERATIONAL
EFFICIENCY
MAXIMUM OPERATIONAL
EFFICIENCY
ACCELERATED COMPANY GROWTH
ACCELERATED COMPANY GROWTH
Pursue and strengthen leadership in key
locations
Invest in partnerships with strategic
customers
EXCELLENCESet new standards in commercial, operational and financial excellence
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
–– –2008Roadshow Presentation 2008 22
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
_
–– –2008Roadshow Presentation 2008 2323
Agenda
Introduction
Strategy
Business Performance
Growth continues
Outlook
–– –2008Roadshow Presentation 2008 24
Business PerformanceYTD 2008
–– –2008Roadshow Presentation 2008 25
EBIT excl. exceptionals
220.9
272.9
EBIT
Minimum of 310
179.7151.0
2006 2007 200820052004
–– –2008Roadshow Presentation 2008 26
Vopak has now completed a successful ‘shrink to grow’ revitalization
0
1
2
3
4
5
6
1999 2000 2001 2002 2003 2004 2005 2006 20070%
10%
20%
30%
40%
50%
Revenues EBITDA margin EBIT margin ROCE
Revenues in billion EUR; all figures are excl. exceptional items and incl. joint ventures
–– –2008Roadshow Presentation 2008 27
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
–– –2008Roadshow Presentation 2008 28
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
–– –2008Roadshow Presentation 2008 29
Exceptional Items in 1H 2008
4.5Vopak Barging9.7Exceptional Items
5.2Merger Vopak E.O.S.
In EUR millions
–– –2008Roadshow Presentation 2008 30
-31.4 21.3% 21.5%
€1H08 1H07 %In EUR millions
Effective tax rate
Tax
Effective Tax Rate
1H08 %
0%
5%
10%
15%
20%
25%
2003 2004 2005 2006 2007 1H08
–– –2008Roadshow Presentation 2008 31
-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%
–– –2008Roadshow Presentation 2008 32
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
–– –2008Roadshow Presentation 2008 33
0
0,2
0,4
0,6
0,8
1
2003 2004 2005 2006 2007
Dividendsdividend policy: 25 - 40%
0.50 0.500.60
0.75
0.95
* *
* optional in cash or ordinary shares
In EUR
–– –2008Roadshow Presentation 2008 34
Business PerformanceQ3 2008
–– –2008Roadshow Presentation 2008 35
All Divisions contributed to the 18% Q3 EBIT* improvement
CEMEA
Asia
Latin America
OEMEA
Other
21.7 22.8
5%
North America
22%39%
19.924.220.1
27.9
7.7 8.4
5.5 5.8
Q3 07 Q3 08
Q3 07 Q3 08 Q3 07 Q3 08Q3 07 Q3 08
Q3 07 Q3 08Q3 07 Q3 08
22%
5%
9%
€ mln
*EBIT excl. exceptionals -6.5 -7.9
–– –2008Roadshow Presentation 2008 36
20,323,1 22,2 21,7 21,7
22,8 21,8
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Chemicals EMEAAntwerp transition completedContinued high demand for biofuels storage
14% 2% 5%
€ mln
EBIT excl. exceptionals
–– –2008Roadshow Presentation 2008 37
21,9
26,0
21,925,1
20,1
27,9
19,1
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Oil EMEAUtilizing capacity additions
19% 15% 39%
€ mln
EBIT excl. exceptionals
–– –2008Roadshow Presentation 2008 38
19,2
23,419,8
23,119,9
24,2
19,9
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: AsiaContinued growth by expanding capacityStrong emerging markets growth potential
22% 17% 22%
€ mln
EBIT excl. exceptionals
–– –2008Roadshow Presentation 2008 39
7,2 7,5 8,3 9,37,7 8,4 7,9
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: North AmericaFocus on improving results is bearing fruit
4% 12% 9%
€ mln
EBIT excl. exceptionals
–– –2008Roadshow Presentation 2008 40
5,1 5,3 5,4 5,1 5,5 5,8 5,1
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
20072008
Division: Latin AmericaContinuing steady performance
4% 6%
€ mln
5%
EBIT excl. exceptionals
–– –2008Roadshow Presentation 2008 41
All Divisions contributed to the 14% YTD EBIT* improvement
Asia
5%
20%
YTD 07 YTD 08
€ mln
16.2
YTD 07 YTD 081%
Latin America
16.0
North America
23.2 25.2
YTD 07 YTD 089%CEMEA
OEMEA
64.2 67.6
24%
58.970.563.9
79.0
YTD 07 YTD 08YTD 07 YTD 08
Other
-18.5 -20.5
YTD 07 YTD 08
11%
EBIT excl. exceptionals
_
–– –2008Roadshow Presentation 2008 4242
Agenda
Introduction
Strategy
Business Performance
Growth continues
Outlook
–– –2008Roadshow Presentation 2008 4343
The growth of Vopak – projects in progress
–– –2008Roadshow Presentation 2008 44
Strong demand for storage capacity
85% 94%
2004 Q308 YTD
Occupancy rate
92% 96% 95%
2005 2006 2007
Capacity (in cbm)
26.6M21.8M21.2M20.4M20.2M
–– –2008Roadshow Presentation 2008 45
Projects completed in 1H 2008
Chemicals
Chemicals
Oil
Oil
Chemicals
Oil
Oil
Oil
Product
100,000Greenfield100%Linkeroever
Location Ownership Type Consolidated JVs & Associates
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
Tallinn 50% Merger 435,000
Pasir Gudang 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
–– –2008Roadshow Presentation 2008 46
Projects completed in Q3 2008
Chemicals
Chemicals
Chemicals
Chemicals
Chemicals
Chemicals
Chemicals
Chemicals
Oil/Chemicals
Product
49,760Acquisition100%South Wilmington
Location Ownership Type Consolidated JV & Associates
Banyan 69.5% Expansion 80,600
Penjuru 69.5% Expansion 22,000
Galena Park 100% Expansion 9,500
Columbia 100% Expansion 6,500
Merak 95% Acquisition 76,900
Moji 40% Acquisition 46,400
Nagoya 40% Acquisition 37,300
Hemiksem transfer 100% Transfer -103,000
Total added capacity Q3 2008 142,260 83,700
Total added capacity Q3 2008 >0.2M cbm
Additional CBM
–– –2008Roadshow Presentation 2008 47
Gate terminal
Clients
Throughput
Jetties
Tanks
16 bcm12 bcm9 bcm
221
?43
433
?Q3 2008Q4 2007Launching customers:
- Gate terminal project: well progressing- E.ON Ruhrgas - fourth customer- Financing of EUR 745 mln concluded
–– –2008Roadshow Presentation 2008 48
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
–– –2008Roadshow Presentation 2008 49
Strategic Financing
–– –2008Roadshow Presentation 2008 50
2003* 2004 2005 2006 2007 2008
Total investments
146 151 188
446268
1H 2008:375
?
1H08 2011
Remaining Vopak ShareApproved & Under Construction Projects
* Based on Dutch GAAP
EUR 400 mln
€ mln
–– –2008Roadshow Presentation 2008 51
Financing sources
USPP 2001:Amendmentfinalized
Majority: 10 years
March 2007
Various joint ventures project financing
Gate:EUR 745M senior project financing agreement
20 years
RCF:EUR 1B Option to increaseto EUR 1.2B
5 years +1+1
USPP 2007:New Notes forUSD 375M
8/ 10/ 12/ 15 years
2007 / 2008July 2008July/Aug 2007May 2007
Effective Access to Financing Sources
–– –2008Roadshow Presentation 2008 52
2.22
1.71
1.61
1.76
2.20
2.42
2.49
2.34
0 0,5 1 1,5 2 2,5 3 3,5 4
2002*
2003*
2004
2005
2006
2007
1H 2008
Q3 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
–– –2008Roadshow Presentation 2008 53
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
_
–– –2008Roadshow Presentation 2008 5454
Agenda
Introduction
Strategy
Business Performance
Growth continues
Outlook
–– –2008Roadshow Presentation 2008 55
Actual Q3 08 YTD EBIT:
€ 237.6M
+* expansions* margin management
Outlook 2008
Minimum € 310M EBIT
-/-* tanks out of operation* one-off revenues* pre-operating expenses* depreciation* start-up results* IFRS 3 * timing differences
Reconciling Q3 2008 YTD EBIT* toOutlook 2008 requires an eye for detail…
*EBIT excl. exceptionals
–– –2008Roadshow Presentation 2008 56
220.9272.9
Outlook*
* Excluding exceptional items
** EBITDA includes joint ventures & associates results
475 - 550
2006 2007 2009 / 2010EUR (mln)
EBIT
369.6
EBITDA**314.1
Outlook
Minimum of 310
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
2008
179.7
262.4
151.0
231.9
20052004Guidance
–– –2008Roadshow Presentation 2008 57
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 32 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
–– –2008Roadshow Presentation 2008 58
–
www.vopak.com