21 AUGUST 2015 ANALYST PRESENTATION. HY results

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1 21 AUGUST ANALYST PRESENTATION results

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. 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 Analyst presentation 21 August

3 Highlights Analyst presentation 21 August

4 Results Terminal Network * 32.7 In million cbm EBITDA *** 408 In EUR million Occupancy Rate ** 91% Average Cash flows Operating **** 363 In EUR million * Terminal network is defined as the total available storage capacity (jointly) operated by the Group at the end of the reporting period, being storage capacity for subsidiaries, joint ventures, associates (with the exception of Maasvlakte Olie Terminal in the Netherlands which is based on the attributable capacity, being 1,085,786 cbm), and other (equity) interests, and including currently out of service capacity due to maintenance and inspection programs ; ** Subsidiaries only; *** EBITDA (Earnings Before Interest Depreciation and Amortization) excludes exceptionals and includes net result of joint ventures and associates. **** Cash flow from operating activities on a gross basis 4 Analyst presentation 21 August

5 Topics influencing results Geographical differences Currency effects 5 Analyst presentation 21 August

6 Product developments Oil Chemicals Biofuels LNG Structural imbalances, product price volatility and the current contango market supported an attractive trading environment. This development resulted in a robust demand for storage capacity at hubs and deficit markets on a global level. An encouraging chemicals industry, with feedstock flexibility playing a major role in market sentiment. Overall healthy demand for chemicals driven by, impacted by the economic slowdown in Asia and China. Biofuels demand coming purely from mandates as low crude oil prices removed incentive for discretionary blending. Vegoils Growth in the vegoils market slowed down due to lower supply in palm oil and rapeseed / sunflower oil. Increase in supply capacity put pressure on LNG prices in both the Atlantic and Pacific. Significant increase in global LNG production capacity is under construction and about to come online in the next 5 to 7 years. 6 Analyst presentation 21 August

7 Topics influencing HY2 results Asian market Commissioning new capacity Impact divestments 7 Analyst presentation 21 August

8 Analyst presentation 21 August

9 Our strategic framework Growth leadership Operational leadership Customer leadership Our Sustainability Foundation Excellent People I Environmental Care I Health and Safety I Responsible Partner 9 Analyst presentation 21 August

10 Strategic Growth 4 categories Reduce * Capex 100 EUR million Divestment Program 15 terminals Reduce * Cost base 30 EUR million * Up to and including Analyst presentation 21 August

11 Investments and divestments Finland terminals (175,400 cbm) Sweden terminals (1,260,700 cbm) Pengerang (Phase 1C) Galena park terminal 413,000 cbm (170,000 cbm) Wilmington terminals Vlissingen terminal (130,700 cbm) Note: This is only a selection of projects. 36,800 cbm Oil Chemicals Industrial Gasses Divestments 11 Analyst presentation 21 August

12 Brownfield Greenfield Divestments Brownfield Greenfield Divestments Highlights Storage capacity developments Storage capacity developments In million cbm; commissioned and under development * Year end 2019 Note: Including only projects under development estimated to be commissioned in the period up to and including * Includes the announced divestment. 12 Analyst presentation 21 August

13 Execution of the business Safety Committed to improving our personal and process safety Efficiency Continuous focus on cost management and capital efficiency Service improvement Always working on service improvements for our customers Operational excellence is core to Vopak s customer service offering 13 Analyst presentation 21 August

14 Safety Total injury rate (TIR) Total injuries per 200,000 hours worked by own employees and contractors Lost time injury rate (LTIR) Total injuries leading to lost time per 200,000 hours worked by own employees and contractors HY1 HY HY1 HY1 Process incidents # incidents Process safety event rate (PSER) Tier 1 and Tier 2 incidents per 200,000 hours worked by own employees and contractors (excluding greenfield projects) HY HY HY1 HY1 HY1 HY1 14 Analyst presentation 21 August

15 15 Analyst presentation 21 August

16 summary Revenues In EUR million EBITDA* In EUR million 649 0% +8% % +11% HY1 HY1 HY1 HY1 Net profit** In EUR million Occupancy rate*** In percent % % % 0pp 88% +3pp 91% HY1 HY1 HY1 HY1 * Excluding exceptional items; including net result from joint ventures and associates; ** Net profit attributable to holders of ordinary shares -excluding exceptional items- ; *** Subsidiaries only. 16 Analyst presentation 21 August

17 EBITDA development EBITDA development In EUR million Q3 Q4 Q3 Q4 Vopak reconfirms its outlook for to realize an EBITDA -excluding exceptional 2012 items- that exceeds the full year result (EUR 763 million) Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates 17 Analyst presentation 21 August

18 EBITDA per division EBITDA* Netherlands EMEA % % % +4% % -17% HY1 HY1 HY1 HY1 Asia Americas Non-allocated HY1 HY1-5% +9% % % HY1 HY1 HY1 HY1 HY1 HY1 Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates 18 Analyst presentation 21 August

19 FX-effect Acquisitions /Greenfields /Divestments /Pre-opex Netherlands Americas EMEA LNG Asia Other Highlights EBITDA analysis % HY1 HY1 Against FX Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates 19 Analyst presentation 21 August

20 net result of joint ventures EBITDA* Netherlands EMEA -25% +31% % +8% HY1 HY1-52% +18% HY1 HY1 Asia Americas Global LNG HY1 HY1 +49% -11% -67% % % % 16.9 HY1 HY1 HY1 HY1 HY1 HY1 Note: Amounts in EUR million; based on IFRS equity accounting *Excluding exceptional items 20 Analyst presentation 21 August

21 EBIT In EUR million HY1 In EUR million Delta In EUR million Group operating profit (18%) Net result joint ventures Incl. exceptional items (31%) EBIT incl. exceptional items (21%) Exceptional gain/loss EBIT excl. exceptional items (12%) Net profit excl. exceptional items* Earnings per share excl. exceptional items (18%) * Net profit attributable to holders of ordinary shares. 21 Analyst presentation 21 August

22 Occupancy rate developments Occupancy rate In percent Full potential playing field 90-95% 85-90% HY1 Q3 Q4 Q3 Q4 Overall healthy demand for our services Note: Subsidiaries only. 22 Analyst presentation 21 August

23 Occupancy rate per division Occupancy rate Netherlands EMEA +3pp 84% 87% +6pp 93% 89% -8pp 81% +10pp 91% 0pp +3pp 88% 88% 91% HY1 HY1 HY1 HY1 Asia Americas HY1 HY1 95% 0pp 95% -7pp 88% +1pp 90% 91% -1pp 90% HY1 HY1 HY1 HY1 Note: Subsidiaries only. 23 Analyst presentation 21 August

24 Cash flow developments Cash flow from operating activities (gross) In EUR million % HY1 Undiminished focus on free cash flow generation 24 Analyst presentation 21 August

25 Financial ratio s CFROGA* In % ROCE** In % ROE*** In % 19.5% 12.0% 11.0% 10.5% 17.3% 14.6% 13.8% 15.2% 17.1% HY1 HY1 HY1 HY1 HY1 HY1 * CFROGA is defined as the EBITDA -excl. exceptional items- minus the statutory income tax charge on EBIT divided by the average historical investment (gross assets). ** ROCE is defined as EBIT excluding exceptionals as percentage of the capital employed. *** ROE is defined as Net Profit excluding exceptionals as percentage of the Equity excluding financing preference shares and Non-controlling Interest. 25 Analyst presentation 21 August

26 Non-IFRS proportional information Proportionate EBITDA In EUR million % Cash Flow Return on Gross Assets In % Occupancy rate subsidiaries and joint ventures In % 12.2% 11.6% 11.8% 10.9% 10.3% 10.3% 92% 92% 90% 88% 88% 90% HY1 * EBITDA in EUR million excluding exceptional items 26 Analyst presentation 21 August

27 27 Analyst presentation 21 August

28 opportunities Storage capacity In million cbm Divestments Galena park terminal (170,000 cbm) Wilmington terminals (130,700 cbm) Finland terminals (175,400 cbm) 2003 FY Sweden terminals Subsidiaries Joint ventures and associates Only acting as operator Note: Including only announced projects under development estimated to be commissioned for the period 2019 and the announced divestment. (1,260,700 cbm) 28 Analyst presentation 21 August

29 Realized divestments Number of terminals 9 Number of plots of land 2 Total net cash proceeds 299 * EUR million Storage capacity 1.8 million cbm The proceeds from divestments will be used for selective opportunities and to support a consistent continuation of our dividend policy Note: including the divestment of Finland as per July. *Excluding cash outflows for tax 29 Analyst presentation 21 August

30 capital disciplined Total investments In EUR million Expansion capex** In EUR million; 100% = EUR 3,300 million 2,235 3,284 Forecasted capex ~2,900 ~400 Remaining Vopak share in capex (Group capex and equity share in JV s) ~ TBD Other capex* Expansion capex** HY 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 5.8 million cbm under development is ~EUR 3,300 million; * Forecasted Sustaining and Improvement Capex up to and including 2016 ** Total approved expansion capex related to 5.8 million cbm under development in the period up to and including Analyst presentation 21 August

31 capital disciplined Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated revolving credit facility Maximum ratio under current US PP programs * HY1 Note: For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA; * Based on Dutch GAAP. 31 Analyst presentation 21 August

32 Analyst presentation 21 August

33 Outlook assumptions ~x% Share of EBITDA* Oil products Chemicals Industrial terminals & other pipeline connected infra Biofuels & vegoils LNG Contract duration 45-50% 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 Different demand drivers Steady Solid Mixed Solid Different demand drivers Steady Solid Mixed Solid Major Hubs supporting intercontinental product flows Import/distr. in major markets with structural deficits Other infra Note: Width of the boxes does not represent actual percentages; company estimates; * Excluding exceptional items, including net result from joint ventures and associates. 33 Analyst presentation 21 August

34 Outlook elements Expansions and acquisitions Divestments Productivity and organisations efficiency enhancements Fx and pension costs Uncertainties incl. phased build-up new capacity Vopak reconfirms its outlook for to realize an EBITDA -excluding exceptional items- that exceeds the full year result (EUR 763 million), whereby we currently expect that the EBITDA -excluding exceptional items- of the second half of the year will not be higher than the EBITDA of the first six months of due to the impact of divestments and the more challenging business circumstances in Asia. 34 Analyst presentation 21 August

35 Questions & Analyst presentation HY1 21 August

36 We have built our company over 400 years on trust and reliability Analyst presentation HY1 21 August Royal Vopak I Westerlaan 10 I 3016 CK Rotterdam I The Netherlands I Tel: I Fax: I

37 Analyst presentation 21 August

38 Divisional results: Netherlands EBITDA* In EUR million Q3 Q4 Q3 Q4 Occupancy rate** In percent Storage capacity In million cbm 85% 84% 82% 83% 88% 86% 88% 85% 92% 95% Q3 Q4 Q3 Q4 HY1 HY1 HY * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 38 Analyst presentation 21 August

39 Divisional results: EMEA EBITDA* In EUR million Q3 Q4 Q3 Q4 Occupancy rate** In percent Storage capacity In million cbm 89% 90% 88% 85% 80% 83% 85% 89% 91% 91% Q3 Q4 Q3 Q4 HY1 HY1 * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 39 Analyst presentation 21 August

40 Divisional results: Asia EBITDA* In EUR million Q3 Q4 Q3 Q4 Occupancy rate** In percent Storage capacity In million cbm 95% 95% 94% 94% 95% 95% 95% 93% 90% 85% Q3 Q4 Q3 Q4 HY1 HY1 * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.. 40 Analyst presentation 21 August

41 Divisional results: Americas EBITDA* In EUR million Q3 Q4 Q3 Q4 Occupancy rate** In percent Storage capacity In million cbm 91% 89% 89% 89% 91% 90% 89% 89% 89% 91% Q3 Q4 Q3 Q4 HY1 HY1 * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only. 41 Analyst presentation 21 August

42 Vopak s capital structure Ordinary shares Private placement program* Syndicated revolving credit facility* Equity(-like)* Listed on Euronext Market capitalization: EUR 6.1 billion as per 3 August,. USD: 2.0 billion SGD: 225 million and JPY: 20 billion Average remaining duration ~ 8 years EUR 1.0 billion 15 banks participating Duration until February 2018 EUR 150 million drawn Subordinated loans Subordinated USPP loans: USD million Preference shares Cancelled as per January (EUR 44 million) 42 Analyst presentation 21 August

43 Debt repayment schedule Debt repayment schedule In EUR million RCF flexibility RCF drawn Subordinated US PP US PP Asian PP Other 1,200 1, Analyst presentation 21 August

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