professionals in liquid bulk logistics...northeast: low increase due to sugar driven production and...

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Professionals in liquid bulk logistics

www.vopak.com

Semi Annual Results 2007

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▢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

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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

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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

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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.”

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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

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▢Outlook

Agenda

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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…

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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

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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

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Vopak’s presence in Brazil

Center South

Center NorthNorth East

Suape

Alemoa

Uniao/Vopak

Ilha Barnabe

Aratu

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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

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Ethanol: opportunity for Vopak

Vopak well positioned to facilitate the storageof ethanol

+future

demand growth

Alemoa Botlek pit 19 Teesside

EXAMPLES:

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▢Outlook

Agenda

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Net Revenues / EBIT 1H 2007

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• 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

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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%

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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


45%

73%73%


EBITNet Profit*EPS (EUR)


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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

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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

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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

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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

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CAPEX

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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

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Division: AsiaStart of operations: Q3 2008Capacity: expansion 320.000 cbmProduct focus: gasoline, biofuels

Vopak Singapore – Banyan Terminal

Expansion of Banyan Terminal

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Division: AsiaStart of operations: Q3 2008Capacity: expansion 22.000 cbmProduct focus: chemical products

Vopak Singapore – Penjuru Terminal

Expansion of Penjuru Terminal

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AP Petrochemical Vietnam

Division: AsiaStart of operations: Q1 2008Capacity: expansion 40.000 cbmProduct focus: chemical products

Expansion of Vietnam Terminal

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Expansion of Zhangjiagang Terminal

Vopak China – Zhangjiagang Terminal

Division: AsiaStart of operations: Q2 2008Capacity: expansion 72.400 cbmProduct focus: methanol

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Division: CEMEAStart of operations: Q3 2008Capacity: expansion 40.000 cbmProduct focus: ethanol

Vopak Teesside Terminal

Expansion of Teesside Terminal

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Net Profit

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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


45%

73%


EBIT

Net Profit*


Finance Income & ExpensesEffective Tax RateMinority Interests

-21.0 9%-27.6 45%-8.3 19%

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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

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-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 %

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Strategic Finance

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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

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Revolving Credit Facilityevent after the balance sheet date

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Performance Divisions

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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%

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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”


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”


14% 0.1%

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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”


7% 54%

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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”


8%6%

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Events after the balance sheet date

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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:

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▢Outlook

Agenda

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19

20

21

22

23

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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

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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.

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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

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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

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Thank you for your attention!

professionals in liquid bulk logistics...northeast: low increase due to sugar driven production and...

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