TRADING UPDATE YTD Q RESULTS ROYAL VOPAK 6 NOVEMBER 2015 ANALYST PRESENTATION

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1 TRADING UPDATE YTD Q3 RESULTS ROYAL VOPAK 6 NOVEMBER ANALYST PRESENTATION

2 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

3 JACK DE KREIJ VICE-CHAIRMAN & CFO ROYAL VOPAK 6 NOVEMBER ANALYST PRESENTATION

4 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event 6. Outlook & closing summary 7. Questions & answers 4

5 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth Construction new tanks in Fujairah (UAE) 5. Subsequent event 6. Outlook & closing summary 7. Questions & answers 5

6 STRATEGIC PRIORITIES & FINANCIAL UPDATE 2 JULY Strategic priorities for 2016 Status YTD Q3 Free Cash Flow focus EUR million (: million)* Divestment program & de-risking 9 terminals (1.7 million cbm) 2 plots of land EUR 297 million** total net cash proceeds Reducing the sustaining and improvement capex On track in reducing from EUR 800 million to approximately EUR 700 million for the period HY Cost base emphasis Cost base reduction supporting the steady EBIT(DA) margin development EBITDA*** exceeding EUR 768 million We expect to realize this in *Cash flows from operating activities (gross); **Excluding cash outflows for tax; ***EBITDA excluding exceptional items 6

7 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event Manifold of Terminal Westpoort (Netherlands) 6. Outlook & closing summary 7. Questions & answers 7

8 PERFORMANCE UPDATE Our performance is aligned with the expected business developments for the second half of and the outlook as disclosed in our HY1 reporting. Vopak succeeded to improve its commercial occupancy reflecting a healthy demand for storage, even though we faced continued challenging economic and business developments at specific terminals in China and Singapore. 8

9 YTD Q3 BUSINESS HIGHLIGHTS Occupancy rate (in percent) +3pp Revenues (in EUR million) +5% ,036 EBITDA* & Net Profit** (in EUR million) +5% Cash flow*** (in EUR million) +6% -1% EBITDA Net profit *Excluding exceptional items; including net result from joint ventures and associates; ** Net profit attributable to holders of ordinary shares -excluding exceptional items- ***Cash flows from operating activities (gross). 9

10 YTD Q3 REVENUES BY GEOGRAPHY EUR 1,036 million (+5%) Netherlands 28% 35% EMEA Americas Asia % 1, % 18% Favourable foreign currency effect due to our well-diversified, global portfolio Driven by a higher average occupancy rate as a result of a healthy demand for storage, supported by the positive market sentiment for oil products 10

11 OCCUPANCY RATE DEVELOPMENTS 92% commercial occupancy (+3pp) Full potential playing field 90-95% 85-90% YTD YTD Q3 Q3 Q3 Q4 Q1 Q2 Q3 Healthy demand for storage in the majority of our terminals in all divisions even though faced with continued challenging economic and business developments in China and Singapore Note: Subsidiaries only. Effectively managing changes of flows in certain product-market combinations 11

12 OCCUPANCY RATE DEVELOPMENTS PER DIVISION Q3 Q4 Q1 Q2 Q3 Netherlands and EMEA operate in the full potential playing field Netherlands 88% 85% 92% 95% 95% Americas continue to show stable performance Improved occupancy rate Asia 85% 89% 91% 91% 94% EMEA 95% 93% 90% 85% 89% Asia 89% 89% 89% 91% 90% Americas Note: occupancy rates in percentages and include subsidiaries only. 12

13 YTD Q3 EBITDA DEVELOPMENT EUR 602 million (+6%) +6% 27 joint ventures & 3 associates (11.7 million cbm = 34% of total capacity) Net result (EUR 77 million) by division: 32% 21% Netherlands EMEA Asia LNG % EBITDA* Net result JVs Aligned with the expected business developments Characterized by continuous slow growth in advanced economies and persisting contango while dynamics in emerging-markets further weakened *Group operating profit before depreciation and amortization (EBITDA) excluding exceptional items excluding net result joint ventures 13

14 EBIT(DA) MARGIN DEVELOPMENT EBITDA EBIT YTD Q3 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. 14

15 Acquisitions/ Greenfields, Divestments, Pre-OPEX YTD Q3 EBITDA ANALYSIS YTD Q3 FX-effect YTD Q3 against FX Netherlands EMEA Americas LNG Asia Other YTD Q3 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 Note: EBITDA in EUR million, excluding exceptional items; including net result from joint ventures and associates. 15

16 YTD Q3 NON-IFRS PROPORTIONAL INFORMATION Proportionate EBITDA* In EUR million % 670 Large greenfields commissioned Balanced risk-return profile CFROGA (after tax) exceeding 10% Cash Flow Return on Gross Assets** In percent -0.2pp 11.7% 11.9% 11.0% 10.4% 10.2% Occupancy rate In percent +3pp 92% 90% 88% 88% 91% * 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).

17 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event Loading arms & gangway jetty Hainan (China) 6. Outlook & closing summary 7. Questions & answers 17

18 Q3 KEY FIGURES Occupancy rate (in percent) pp 93 EBITDA* (in EUR million) -4% EBIT (in EUR million) % 131 Excluding exceptional items; including net result from joint ventures and associates; ** Net profit attributable to holders of ordinary shares -excluding exceptional items- ; 18

19 ASIA DYNAMICS IN PERSPECTIVE Improved occupancy rate, from 85% in Q2 to 89% in Q3, in * Oil products solid drivers in an uncertain world o o o High utilization rates refineries and increased crude demand for strategic storage and teapot refiners Diesel surplus in Asian markets 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 o Additional capacity by competition results in more options 19 * Asia division accounting for Subsidiaries only for customers

20 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event 6. Outlook & closing summary 7. Questions & answers New LPG bullet in Vlissingen (Netherlands) 20

21 SELECTIVE GROWTH OPPORTUNITIES Storage capacity developments In million cbm End Brownfield Greenfield Divestments Q3 Brownfield Greenfield 2019 Effective and sound strategic orientation supported by disciplined capital allocation Note: Including only projects under development estimated to be commissioned for the period FY

22 SELECTIVE GROWTH OPPORTUNITIES Storage capacity developments In million cbm YTD Q3 FY Subsidiaries JVs and associates Only acting as operator Note: Including only announced projects under development estimated to be commissioned for the period Q and the announced divestment. 22

23 REALIZED INVESTMENTS AND DIVESTMENTS IN Galena park (170,000 cbm) Wilmington (130,700 cbm) Sweden Finland (1,260,700 cbm) (175,400 cbm) Oil Chemicals Industrial Gasses Divestments Vlissingen 36,800 cbm Pengerang 413,000 cbm Hainan 1,350,000 cbm 23 Note: This is only a selection of projects realized YTD.

24 PROJECTS UNDER CONSTRUCTION Country Terminal Vopak's ownership Products Capacity (cbm) Existing terminals South Africa Durban 70% Oil products Belgium Antw erp (Eurotank) 100% Chemicals Germany Hamburg 100% Oil products Singapore Banyan 55.6% LPG UAE Fujairah 33.3% Oil products South Africa Durban 70% Oil products Brazil Alemoa 100% Chemicals Various Small expansions at Various various terminals New terminals China Dongguan 50% Chemicals Saudi Arabia Jubail 1a 25% Chemicals Saudi Arabia Jubail 1b 25% Chemicals Singapore Banyan Cavern n.a.1 Oil products Storage Services Malaysia (PT2SB) Pengerang 25% Chemicals/oil products/lpg UK Thames Oilport 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 Q

25 SELECTIVE CAPITAL DISCIPLINED GROWTH Senior net debt : EBITDA ratio 5 4 Maximum ratio under other PP programs and syndicated revolving credit facility Maximum ratio under current US PP programs * Q3 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. 25

26 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event SabTank, Al Jubail (Saudi Arabia) 6. Outlook & closing summary 7. Questions & answers 26

27 INVESTMENT PCQ2 FULLY ALIGNED TO STRATEGY New industrial terminal for world scale chemical complex in Saudi Arabia Hub terminals Distribution terminals Industrial terminals Gas markets As per 30 November USD 470 million total investment cbm capacity* 25% Ownership Storage agreement for 20 years *In addition to the cbm currently under construction, expected to be commissioned in Q

28 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event 6. Outlook & closing summary Jetty infrastructure of Pengerang 7. Questions & answers 28

29 OUTLOOK ASSUMPTIONS Oil products Chemical products Industrial & pipeline connected Vegoils & biofuels Gas products Share of EBITDA* 45-50% 20-25% 20-25% 5-7.5% 2.5-5% Contract duration ~0-5 years ~1-5 years ~5-15 years ~0-3 years ~10-20 years Different demand drivers Steady Solid Mixed Solid Different demand drivers Steady Solid Mixed Solid 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. 29

30 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) 30

31 CLOSING SUMMARY Q3 performance fully aligned with HY1 reporting o Characterized by continued slow growth in advanced economies while dynamics in emerging-markets further weakened and contango in the oil markets persisted. Ability to absorb swing factors and market developments o o Healthy demand for storage in the majority of our terminals in all divisions Continued challenging economic and business developments at specific terminals in China and Singapore Continued focus on increasing free cash flow generation o o o On track with the strategic priorities Stable margin developments and positive financial indicators Majority of the projects under construction significantly pre-contracted Outlook o o Financial effects of the realized divestments and the initial negative contribution from the start up of new terminals Cautious on the supply and demand scenarios for specific terminals supporting the Chinese distribution market 31

32 KEY TOPICS 1. Update strategic priorities 2. Business highlights year-to-date 3. Key figures third quarter 4. Selective growth 5. Subsequent event 6. Outlook & closing summary 7. Questions & answers 32

33 TRADING UPDATE YTD Q3 RESULTS ROYAL VOPAK 6 NOVEMBER ANALYST PRESENTATION

34 APPENDIX DIVISIONAL RESULTS

35 YTD Q3 NETHERLANDS DEVELOPMENT EBITDA* In EUR million Occupancy rate** In percent 94% 90% 83% 87% 94% Storage capacity In million cbm High demand for storage in oil market Commissioning bullets Vlissingen * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only..

36 YTD Q3 EMEA DEVELOPMENT EBITDA* In EUR million Occupancy rate** In percent 90% 88% 89% 83% 92% Storage capacity In million cbm Increased activity level in all products Divestments fully reflected * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only..

37 YTD Q3 ASIA DEVELOPMENT EBITDA* In EUR million Occupancy rate** In percent 94% 95% 95% 95% 88% Storage capacity In million cbm Positive FX effects Start-up costs fully reflected Demand and supply impact occupancy 37 * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only..

38 YTD Q3 AMERICAS DEVELOPMENT EBITDA* In EUR million Occupancy rate** In percent 91% 94% 90% 90% 90% Storage capacity In million cbm High activity level in North Americas Brazil market continued to be volatile Divestments fully reflected 38 * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only..

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