Vopak Roadshow presentation Q3 2015

THE WORLD OF VOPAK
COMPANY UPDATE
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
General
introduction
Market
trends
Strategy
execution
Business
performance
Looking
ahead
FORWARD LOOKING STATEMENTS
This presentation contains ‘forward-looking statements’, based on currently available plans and
forecasts. By their nature, forward-looking statements involve risks and uncertainties because they
relate to events and depend on circumstances that may or may not occur in the future, and Vopak
cannot guarantee the accuracy and completeness of forward-looking statements.
These risks and uncertainties include, but are not limited to, factors affecting the realization of
ambitions and financial expectations, developments regarding the potential capital raising, exceptional
income and expense items, operational developments and trading conditions, economic, political and
foreign exchange developments and changes to IFRS reporting rules.
Vopak’s EBITDA outlook does not represent a forecast or any expectation of future results or financial
performance.
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,
and Vopak does not undertake to publicly update or revise any of these forward-looking statements.
2
Roadshow presentation
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General
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GENERAL
INTRODUCTION
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
Looking
ahead
General
introduction
Market
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Strategy
execution
Business
performance
Looking
ahead
VOPAK AT A GLANCE
Building on an impressive
history of almost 400 years
World’s largest independent
tank terminal operator:
73 terminals in 26 countries
Share price from EUR 7.8 in
2004 to EUR 38.50 in 2015*
Listed at the Euronext AEX
Market cap of EUR 5.0 billion*
Track record developing
new terminals in new
markets
Thorough analysis of future
flows and imbalances
Market leader in independent storage of oil, chemicals and gas
with a capacity of 34.1* million cbm
* As per 6 November 2015
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FINANCIAL DEVELOPMENT
EBITDA development
Cash flow from operating activities (gross)
In EUR million
In EUR million
768
370
314
429
513
598
636
753
763
286
2006 2007 2008 2009 2010 2011 2012 2013 2014
0.55
0.63
0.70
0.80
0.88
0.90
0.90
2006 2007 2008 2009 2010 2011 2012 2013 2014
5
454
387
455
751
496
2006 2007 2008 2009 2010 2011 2012 2013 2014
In percent
In EUR
0.48
335
713
Occupancy rate
Dividend
0.38
659
94
96
95
94
93
93
91
88
88
2006 2007 2008 2009 2010 2011 2012 2013 2014
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INVESTMENT THESIS






Increasing global flows require storage infrastructure
Diversified portfolio with presence at prime locations
Stable margins and long-term take-or-pay contracts
Strong capital structure with balanced leverage
Disciplined capital allocation with strict investment criteria
Focus on cash flow generation
Unique combination of robust cash flow,
consistent dividend and growth opportunities
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VOPAK’S AMBITION
Presence
at prime
locations
Safety and
service
Strong link
supply
chain
Value
creation
Our
values
Solid leadership position in the global independent
tank storage market
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STRATEGIC FRAMEWORK
Growth
Operational
Customer
leadership
leadership
leadership
Our Sustainability Foundation
Health and safety I Environmental care I Responsible partner I Excellent people
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BUSINESS REVIEW
Strategic
Divestment
Growth
Program
4
15
categories
terminals
Reduce *
Reduce *
Capex
Cost base
100
30
EUR million
EUR million
* Up to and including 2016
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PRIORITIES FOR CASH
1
Debt servicing
EUR 2.3 billion, remaining maturity 8 years, average interest 4.2%
2
Dividend
EUR 0.8b paid to shareholders in the last 10 years
3
Disciplined growth
Network expanded from 20 to 34.1 million cbm*
4
Capital optimization
Create further flexibility for growth
* As per 6 November with 4.6 million cbm under construction up to and including 2019
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BUSINESS CHALLENGES
Strategic
Operational
Competitive environment
People with the right skills
Changing flows
Expansion projects
Geopolitics
Capital constraints
Legislation
Reputation
Compliance
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Financial
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DISCUSSIONS WITH INVESTORS
Market dynamics
Projects
• Asia market dynamics
• Projects under development
• Overcapacity and pricing
• Impact contango
• Ramp-up of new capacity
Governance
• Governing Joint Ventures
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Network alignment
• Divestment program
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MARKET
TRENDS
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
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MEGA TRENDS DRIVING STORAGE DEMAND
Population
GDP
15-35%
US oil and gas
export scenarios
LNG as
transport fuel
Energy demand
70-170%
Shale gas in
China
European refining
& petrochemical
15-55%
Biofuel
scenarios
Energy role of
Africa
Source: UN (2015); World bank (2013); IMF (2013); IEA (2014); Shell (2014) and various other sources. ‘Different growth scenarios projected for 2035 by different institutions”
’
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STRUCTURAL IMBALANCES
2014
2014
2020
2020
2014
2020
2014
2014
2020
2020
Refined petroleum accumulated deficits
Refined petroleum accumulated surpluses
2014
2020
2014
2020
Increasing trade expected to continue
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IMBALANCES CONTINUE TO DEVELOP
Source: ATEC / ICIS database and Vopak intelligence
US and Middle East export, Asia and Europe import
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PRODUCT DEVELOPMENTS
Oil
Chemicals
Biofuels
LNG
Structural imbalances,
product price volatility and
the current contango
market supported an
attractive trading
environment.
A encouraging chemicals
industry, with feedstock
flexibility playing a major
role in market sentiment.
Biofuels demand coming
purely from mandates as
low crude oil prices
removed incentive for
discretionary blending.
Increase in supply
capacity put pressure on
LNG prices in both the
Atlantic and Pacific.
Overall healthy demand
for chemicals driven by
growth, impacted by the
economic slowdown in
Asia and China.
Vegoils
Significant increase in
global LNG production
capacity is under
construction and about to
come online in the next
5 to 7 years.
This development resulted
in a robust demand for
storage capacity at hubs
and deficit markets on a
global level.
17
Growth in the vegoils
market slowed down due
to lower supply growth in
palm oil and rapeseed /
sunflower oil.
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STRATEGY EXECUTION
GROWTH LEADERSHIP
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
18
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performance
GLOBAL PRESENCE
London
Hamburg
Talinn
Amsterdam
Rotterdam*
Antwerp
Ningbo
Lanshan
Tianjin
Teesside
Zhangjiagang
Windmill
Ulsan
Tarragona
Karachi
Barcelona
Nagoya
Algeciras
Moji
Quebec
Yokohama
Hamilton
Kobe
Montreal
Kawasaki
Long Beach
Kandla
Los Angeles
Rayong
Houston*
Ho Chi Mihn City
Savanah
Kertih
Altamira
Pengerang
Vera Cruz
Coatzacoalcos
Barranquilla
Singapore*
Jakarta
Terminal
Merak
Terminal(s) at hub location
Cartagena
Sydney
Puerto Cabello
19
Paranaque
Alemoa
Rocio
Durban
Yanbu
Al Jubail
Fujairah*
Darwin
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RETURN REQUIREMENTS FOR INVESTMENTS
Footprint in
emerging markets
Optimization growth
opportunities
I
First-mover
advantage
Contribution from
key accounts
II
VI
III
Mitigating downward risks
Strategic
alliances
Growth along
with key accounts
V
Local WACC
Pay-back period
Project NPV / IRR
Equity IRR
20
Option
value
IV
Commercial coverage on projects
Contracted infrastructure
Launching Customers
MoUs/LoIs
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REALIZED INVESTMENTS AND DIVESTMENTS IN 2015
Galena park
(170,000 cbm)
Wilmington
(130,700 cbm)
Sweden
(1,260,700 cbm)
Finland
(175,400 cbm)
Oil
Chemicals
Industrial
Gasses
Divestments
Vlissingen
36,800 cbm
Pengerang
413,000 cbm
Hainan
1,350,000 cbm
Note: This is only a selection of projects realized YTD 2015.
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SELECTIVE GROWTH OPPORTUNITIES
+4.6
Storage capacity developments
In million cbm
3.8
38.7
Greenfield
2019
+0.3
1.8
0.8
33.8
End 2014
34.1
0.2
1.7
Brownfield
Greenfield
Divestments
Q3 2015
Brownfield
Effective and sound strategic orientation supported by disciplined capital allocation
Note: Including only projects under development estimated to be commissioned for the period FY 2014-2019
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SELECTIVE GROWTH OPPORTUNITIES
Storage capacity developments
In million cbm
+4.6
+14.2
33.8
38.7
34.1
34.7
35.6
36.6
36.6
20.4
20.4
12.9
12.9
30.5
20.4
19.9
21.7
20.1
20.3
20.4
11.7
12.1
12.9
20.8
15.1
8.1
9.9
15.0
3.7
1.1
1.6
2.2
2.3
2.3
2.3
3.3
3.3
3.3
2003
2013
2014
YTD Q3
2015
FY
2015
2016
2017
2018
2019
Subsidiaries
JVs and associates
Only acting as operator
Note: Including only announced projects under development estimated to be commissioned for the period Q3 2015 – 2019 and the announced divestment.
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REALIZED DIVESTMENTS 2015
Number of
Number of
terminals
plots of land
9
2
Total net cash
Storage
proceeds
capacity
297 *
1.7
EUR million
million cbm
* Up
*Excluding
to and including
cash outflows
2016 for tax
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PROJECTS UNDER CONSTRUCTION
Country
Terminal
Vopak's
ownership
Products
Capacity
(cbm)
2013
2014
2015
2016
2017
2018
2019
Existing terminals
South Africa
Durban
Oil products
30.000
Belgium
Antw erp (Eurotank)
100%
70%
Chemicals
40.000
Germany
Hamburg
100%
Oil products
65.000
Singapore
Banyan
55.6%
LPG
UAE
Fujairah
33.3%
Oil products
478.000
South Africa
Durban
70%
Oil products
60.200
Brazil
Various
Alemoa
100%
Chemicals
Various
51.000
19.600
Small expansions at
various terminals
75.800
New terminals
China
Dongguan
50%
Chemicals
153.000
Saudi Arabia
Jubail 1a
25%
Chemicals
348.000
Saudi Arabia
Singapore
Jubail 1b
Banyan Cavern
Storage Services
25%
n.a.1
Chemicals
Oil products
220.000
990.000
Malaysia
(PT2SB)
Pengerang
25%
Chemicals/oil
products/LPG
UK
Thames Oilport
2.100.000
100%
(Assets Oil
former
products
Coryton refinery)
Under review
Under construction in the period up to and including 2019: 4.6 million CBM
start construction
expected to be commissioned

Projects under construction significantly pre-contracted and contributing from the start

Balanced risk-return profile and return on investment focus
Note: Including only projects under development estimated to be commissioned for the period Q3 2015-2019
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General
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SELECTIVE CAPITAL DISCIPLINED GROWTH
Total investments 2005-2019
Expansion capex**
In EUR million
In EUR million; 100% = EUR 3,200 million
3,284
Remaining
Vopak share
in capex
(Group
capex and
equity share
in JV’s)
~300
2,235
~2,900
Forecasted capex
2005-2009
2010-2014
~≤450
350
TBD
Other capex*
100
200
Expansion
capex**
Q3 20152016
2017-2019
Group capex spent
Contributed Vopak equity share in JV’s
Total partner’s equity share in JV’s
Total non recourse finance in JV’s
Note: Total approved expansion capex related to 4.6 million cbm under development is ~EUR 3,200 million; * Forecasted Sustaining and Improvement Capex up to and including 2016
** Total approved expansion capex related to 4.6 million cbm under development in the period Q3 2015 up to and including 2019.
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SELECTIVE CAPITAL DISCIPLINED GROWTH
Senior net debt : EBITDA ratio
Maximum ratio under other
PP programs and syndicated
revolving credit facility
5
Maximum ratio under
current US PP programs
4
3.75
3
3.0
2.75
2
1
2.42
2.20
2.54
1.76
1.61
2.23
2.63
2.65
2.38
2.53
2.83
2.76
1.71
0
2003* 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Q3
2015
 Investment grade funding supported by a robust balance sheet
 Headroom provides flexibility to capture new opportunities
For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA; *Based on Dutch GAAP.
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CAPITAL STRUCTURE
Ordinary shares
Private placement
program*
Listed on Euronext
Market capitalization:
EUR 5.0 billion as per
6 November, 2015.
USD: 2.0 billion
SGD: 225 million and
JPY: 20 billion
Average remaining
duration ~ 8 years
28
Syndicated
revolving
credit facility*
Equity(-like)*
EUR 1.0 billion
15 banks participating
duration until
February 2018
EUR 100 million drawn
Subordinated loans
Subordinated USPP
loans: USD 92 million
Preference shares
Cancelled as per
January 2015
(EUR 44 million)
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DEBT REPAYMENT SCHEDULE
Debt repayment schedule
In EUR million
RCF flexibility
US PP
RCF drawn
Asian PP
Subordinated US PP
Other
1,200
1,000
600
400
200
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2040
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NET FINANCE COSTS
Net finance costs HY1 2014
Net finance costs HY1 2015
In EUR million
In EUR million
Interest and
dividend income
3.1
-50.6
Finance costs
Net finance costs
6.1
-53.7
-47.5
-47.6
Net interest bearing debt
Average interest rate
In EUR million
In percent
426
562
2006
2007
30
997
1,018
2008
2009
1,748 1,825
1,431 1,606
2010
2011
2012
2013
2,266 2,352
2014
HY1
2015
7.0%
2006
6.3%
2007
5.4%
5.4% 5.2%
4.7% 4.4%
4.5%
4.0% 4.2%
2008
2009
2013
2014
2010
2011
2012
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SOLVENCY RATIO
Total equity and liabilities
In EUR million
4,152
4,386
5,226
5,336
64%
62%
Net
Liabilities*
Equity
4,644
3,649
2,947
56%
60%
44%
40%
42%
36%
38%
45%
42%
2009
2010
2011
2012
2013
2014
HY1
2015
2,585
1,997
1,703
57%
58%
58%
55%
61%
56%
43%
44%
39%
2006
2007
2008
(restated)
* Cash and cash equivalents are subtracted from Liabilities; Note: Due to the retrospective application of the Revised IAS 19, Equity and Liabilities for 2012 have been restated.
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DIVIDEND GROWTH
Dividend and EPS 2006-2014**
In EUR
2.73
2.45
1.92
2.08
2.16
2.31
1.62
1.31
0.98
0.63
0.70
0.80
0.90
0.90
0.38
0.55
0.88
0.48
2006
2007
2008
2009
2010
2011
2012
2013
2014
Dividend policy:
Barring exceptional
circumstances, the
intention is to pay
an annual cash
dividend of 25-50%
of the net profit
Pay-out ratio 39%
Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated 17 May 2010.
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STRATEGY EXECUTION
OPERATIONAL LEADERSHIP
ROYAL VOPAK
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EXECUTION OF THE BUSINESS
Safety
Efficiency
Service improvement
Committed to improving our
personal and process safety
Continuous focus on cost
management and capital
efficiency
Always working on service
improvements for our
customers
Operational excellence is core to Vopak’s customer service offering
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SUSTAINABILITY
Health and safety
Provide a healthy
and safe workplace
for our employees
and contractors
35
Environmental care
Be energy and water
efficient and reduce
emissions and waste
Responsible partner
Excellent people
Be a responsible
partner for our
stakeholders
Have the right people
and create an agile
and solution driven
culture
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SAFETY PERFORMANCE
Total injury rate (TIR)
Lost time injury rate (LTIR)
Total injuries per 200,000 hours worked by own
employees and contractors
Total injuries leading to lost time per 200,000 hours
worked by own employees and contractors
0.63
2010
0.23
0.59
2011
0.41
0.36
2012
2013
0.31
0.39
0.37
HY1
2014
2014
HY1
2015
2010
0.22
2011
0.14
0.12
0.11
0.13
0.12
2012
2013
HY1
2014
2014
HY1
2015
Process incidents
Process safety event rate (PSER)
# incidents
Tier 1 and Tier 2 incidents per 200,000 hours worked by own
employees and contractors (excluding greenfield projects)
88
66
53
47
59
HY1 2011 HY1 2012 HY1 2013 HY1 2014 HY1 2015
36
0.40
HY1 2013
0.24
0.18
HY1 2014
HY1 2015
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STRATEGY EXECUTION
CUSTOMER LEADERSHIP
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BUSINNES MODEL
Blending nitrogen
Adding / cooling
Heating / unloading of ships / railcars / trucks
Loading
Excess througput fees
Monthly invoicing in arrears
Share of revenues
Services
Fixed rental fees for capacity
Fixed number of throughputs per year
Vopak does not own the product
Monthly invoicing in advance
Tank storage
Note: general overview of business model. Can vary per terminal.
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GLOBAL, REGIONAL AND LOCAL CLIENTS
Global clients
Active at multiple Vopak
locations around the world.
Current turnover and future
potential define Vopak’s
global network account
approach.
39
Regional clients
Active in more than one Vopak
location on a regional level.
Can be the largest clients at a
division.
Regional marketing
Local clients
Active in one Vopak location.
Can be largest clients at a
specific Vopak location
Local sales approach.
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MARKET SHARE ACCORDING TO DEFINITION
Oil storage market
In million cbm
Non oil storage market*
In million cbm
Total storage market
In million cbm
Primary competition
137.8
36.2
174.0
Secondary competition
90.0
10.8
100.8
Vopak
19.4
12.5
31.9
Total
247.2
59.5
306.7
Vopak share
As a % of world market
8%
21%
10%
As a % of primary
storage market**
12%
26%
16%
* Non-oil includes chemicals, vegoils, biofuels and gasses; ** Defined as the primary competition plus Vopak’s Storage Capacity. Note: In million cbm per
August 2015; excluding storage market for LNG. Source: Vopak own research.
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EBIT(DA) MARGIN DEVELOPMENT
50
45
40
EBITDA
35
30
25
EBIT
20
15
10
5
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD Q3
2015
 Strategic priorities are supporting the steady margin developments
 Vopak continues to be well-positioned in order to increase cash flow
generation and meet EPS improvement objectives
Note: Figures In percent, excluding exceptional items; excluding net result from joint ventures and associates.
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CONTRACT DURATION
Contract position 2012
Contract position 2013
Contract position 2014
In percent of revenues
In percent of revenues
In percent of revenues
18%
20%
52%
21%
52%
53%
30%
28%
< 1 year
1-3 year
26%
> 3 year
Balanced contract portfolio
Note: Based on original contract duration; Subsidiaries only.
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Selective
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Question &
answers
BUSINESS PERFORMANCE
Q3 2015 UPDATE
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
Analyst presentation HY1 2015
21 August 2015
Appendix
divisional results
General
introduction
Market
trends
Strategy
execution
Looking
ahead
Business
performance
YTD Q3 BUSINESS HIGHLIGHTS
Revenues
Occupancy rate
(in EUR million)
(in percent)
+5%
+3pp
968
985
1,036
88
89
92
2013
2014
2015
2013
2014
2015
EBITDA* & Net Profit**
Cash flow***
(in EUR million)
(in EUR million)
+5%
+6%
570
-1%
602
568
513
557
549
2014
2015
EBITDA
235
2013
221
2014
232
2015
Net profit
2013
*Excluding exceptional items; including net result from joint ventures and associates; ** Net profit attributable to holders of ordinary shares -excluding exceptional items-
44
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YTD Q3 REVENUES BY DIVISION
EUR 1,036 million (+5%)
+5%
Netherlands
EMEA
1,036
Americas
982
968
985
2012
2013
2014
Asia
28%
35%
854
19%
18%
2011
2015
 Favourable foreign currency effect thanks to our well-diversified, global portfolio
 Driven by a higher average occupancy rate as a result of a robust demand for
storage, supported by the positive market sentiment for oil products
 Continued challenging economic and business developments at specific terminals in
China and Singapore
45
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OCCUPANCY RATE DEVELOPMENTS
92% commercial occupancy (+3pp)
“Full potential
playing field”
90-95%
85-90%
92
94
96
’05
’06
’07
95
94
93
93
91
88
’08
’09
’10
’11
’12
‘13 YTD YTD
Q3 Q3
2014 2015
89
92
89
88
91
91
93
Q3
Q4
Q1
Q2
Q3
84
’04
2014
2015
 Robust demand even though facing continued challenges at specific locations
 Effectively managing changes to flows in certain product-market-combinations
2014
2015
Note: Subsidiaries only.
46
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OCCUPANCY RATE DEVELOPMENTS PER DIVISION
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015

Netherlands and EMEA operate in the
full potential playing field
88%
85%
92%
95%
95%

Americas continue to show stable
performance

Improved occupancy rate Asia
Netherlands
85%
89%
91%
91%
94%
95%
93%
90%
85%
89%
89%
89%
89%
91%
90%
EMEA
Asia
Americas
Note: occupancy rates in percentages and include subsidiaries only.
47
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YTD Q3 2015 EBITDA ANALYSIS
12.2
17.7
36.3
2.9
4.0
604.7
602.1
22.7
7.8
8.9
YTD Q3
2014
FX-effect
YTD Q3
2014
against
FX 2015
Acquisitions/
Greenfields,
Divestments,
Pre-OPEX
568.4
Netherlands
EMEA
Americas

Excluding FX, strong performance Netherlands, EMEA
and Americas balanced out by the lower contribution
from Asia

Financial effects of the realized divestments and initial
negative contribution from new projects

Other (operating) costs mainly increased due to higher
pension expenses
LNG
Asia
Other
YTD Q3
2015
Note: EBITDA in EUR million, excluding exceptional items; including net result from joint ventures and associates.
48
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YTD Q3 2015 EBITDA DEVELOPMENT
EUR 602 million (+6%)
27 joint ventures & 3 associates
(11.7 million cbm = 34% of total capacity)
+6%
576
570
568
602
Net result (EUR 77 million) by division:
Netherlands
459
21%
32%
493
488
504
525
EMEA
Asia
LNG
392
44%
67
83
82
64
77
2011
2012
2013
2014
2015
EBITDA*
Net result JVs
 Robust demand for storage in the majority of our terminals in all divisions
 Challenging economic and business developments at specific terminals in
China and Singapore
*Group operating profit before depreciation and amortization (EBITDA) –excluding exceptional items– excluding net result joint ventures
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YTD Q3 2015 NON-IFRS PROPORTIONAL INFORMATION
Proportionate EBITDA*
In EUR million
467
2011

Large greenfields commissioned

Balanced risk-return profile

CFROGA (after tax) exceeding 10%
+9%
626
2012
619
2013
670
612
2014
2015
Cash Flow Return on Gross Assets**
In percent
-0.2pp
11.7%
11.9%
11.0%
10.4%
10.2%
2011
2012
2013
2014
2015
Occupancy rate
+3pp
In percent
92%
2011
50
90%
2012
88%
2013
88%
2014
91%
2015
* EBITDA in EUR million excluding exceptional items; ** CFROGA is defined as
EBITDA minus the statutory income tax charge on EBIT divided by the average
historical investment (gross assets).
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Q3 ASIA DYNAMICS IN PERSPECTIVE

Improved occupancy rate, from 85% in Q2 to 89% in Q3, in
2015*

Oil products – solid drivers in an uncertain world
o High utilization rates refineries and increased crude demand for
strategic storage and teapot refiners
o Diesel surplus in Asian markets
o Additional capacity added in the greater Singapore region currently
absorbed by cyclical factors

Chemicals – shifting gears in the economic model
o Production volumes and imports still high due to lower feedstock
costs and internal consumption demand
o Production in North China substituting some growth of imports
affecting Singapore as well
* Asia division accounting for Subsidiaries only
51
o Additional capacity by competition results in more options for customers
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CASH FLOW DEVELOPMENT
Cash flow from operating activities (gross)
In EUR million
713
751
659
451
455
496
387
286
2006
335
2007
2008
2009
2010
2011
2012
513
557
549
2013
2014
Q3 2015
Undiminished focus on free cash flow generation
52
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BUSINESS PERFORMANCE
DIVISIONAL RESULTS
ROYAL VOPAK
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YTD Q3 2015 NETHERLANDS DEVELOPMENT
EBITDA*
In EUR million
147
2011
199
181
192
209
2012
2013
2014
2015
Occupancy rate**
In percent
94%
90%
83%
87%
94%
2011
2012
2013
2014
2015
Storage capacity

High demand for storage in oil market

Commissioning bullets Vlissingen
In million cbm
7.6
9.5
9.5
9.5
10.0
2011
2012
2013
2014
2015
54
Including net result from joint ventures and associates; excluding exceptional items;
** Subsidiaries only.
.
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YTD Q3 2015 EMEA DEVELOPMENT
EBITDA*
In EUR million
92
101
101
87
94
2011
2012
2013
2014
2015
Occupancy rate**
In percent
90%
88%
89%
83%
92%
2011
2012
2013
2014
2015
Storage capacity

Increased activity level in all products

Divestments fully reflected
In million cbm
8.4
9.0
9.6
9.7
8.3
2011
2012
2013
2014
2015
55
Including net result from joint ventures and associates; excluding exceptional items;
** Subsidiaries only.
.
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YTD Q3 2015 ASIA DEVELOPMENT
EBITDA*
In EUR million
175
206
214
213
215
2011
2012
2013
2014
2015
Occupancy rate**
In percent
94%
95%
95%
95%
88%
2011
2012
2013
2014
2015
Storage capacity
In million cbm
7.1
2011
56
7.3
2012
7.4
2013
9.4
2014
11.6
2015

Positive FX effects

Start-up costs fully reflected

Demand and supply impact occupancy
Including net result from joint ventures and associates; excluding exceptional items;
** Subsidiaries only.
.
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YTD Q3 2015 AMERICAS DEVELOPMENT
EBITDA*
In EUR million
67
77
74
76
87
2011
2012
2013
2014
2015
Occupancy rate**
In percent
91%
94%
90%
90%
90%
2011
2012
2013
2014
2015
Storage capacity
In million cbm
3.3
2011
57
3.3
2012
3.3
2013
3.6
2014
3.4
2015

High activity level in North Americas

Brazil market continued to be volatile

Divestments fully reflected
Including net result from joint ventures and associates; excluding exceptional items;
** Subsidiaries only.
.
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LOOKING
AHEAD
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
Analyst presentation HY1 2015
21 August 2015
Appendix
General
introduction
Market
trends
Strategy
execution
Looking
ahead
Business
performance
2015 OUTLOOK ASSUMPTIONS
Oil
Chemical
Industrial &
Vegoils &
Gas
products
products
pipeline connected
biofuels
products
20-25%
20-25%
5-7.5%
2.5-5%
~0 - 5 years
~1 - 5 years
~5 - 15 years
~0 - 3 years
~10 - 20 years
2014
Different
demand drivers
Steady
Solid
Mixed
Solid
2015
Different
demand drivers
Steady
Solid
Mixed
Solid
Share of EBITDA*
45-50%
Contract duration
 Robust demand for storage supported by imbalances, long-term contracts
and effective supply-chain positioning
Note: Width of the boxes does not represent actual percentages; company estimates; * Excluding exceptional items ;including net result from joint ventures and associates.
59
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2015 EBITDA OUTLOOK
The financial effects of the
realized divestments
The initial negative financial
contribution from the start up of
new terminals
Cautious on the supply and demand
scenarios for specific terminals
supporting the Chinese distribution
market
We expect Q4 EBITDA -excluding exceptional items- to be
in line with Q3 (EUR 194 million)
60
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Question &
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OTHER
TOPICS
ROYAL VOPAK
Q3 2015 – ROADSHOW PRESENTATION
Analyst presentation HY1 2015
21 August 2015
Appendix
General
introduction
Market
trends
Strategy
execution
Looking
ahead
Business
performance
FX TRANSLATION EFFECTS
YTD Q3 2015 EBITDA transactional currencies
FX translation-effect on YTD Q3 2015 EBITDA
In percent
In EUR million
USD
SGD
Netherlands
22%
EUR
Other
EMEA
5.4
Asia
39%
23%
62
27.0
16%
Americas
3.0
Non-allocated
0.9
Total
36.3
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OTHER TOPICS
Effective tax rate*
In percent
18.0
17.1
20.9
2012
2013
2014
* Excluding exceptional items.
Pension cover ratio
In percent
112
118
118
2012
2013
2014
63
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