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Q1 2012 Trading update 25 April 2012
2
Forward-looking statement
This document 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 31 countries in which
Vopak renders logistics services, the company cannot guarantee the accuracy and completeness of
forward-looking 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.
Q1 Trading Update 25 April 2012
Q1 2012 Summary
3
EBITDA*
In million EUR
+26%109.5 138.0
Q1 2012Q1 2011
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.
+26%148.1186.2
Q1 2012Q1 2011
Storage capacity
In mln cbm
+1pp92.0 93.0
Q1 2012Q1 2011
Occupancy rate
In percent
+12%25.3 28.3
Q1 2012Q1 2011
Q1 Trading Update 25 April 2012
26% EBIT increase mainly driven by capacity expansions in Netherlands, Asia and LNG
10.6+8%
Q1 2012Q1 2011
9.8
North America
Note: EBIT in million EUR; Excluding exceptional items; including net result from Joint Ventures
Netherlands
53.6+13%
Q1 2012Q1 2011
47.4
Asia
7.4+1%
Q1 2012Q1 2011
7.3
Latin America EMEA Global LNG
4 Q1 Trading Update 25 April 2012
45.9
+37%
Q1 2012Q1 2011
33.5
Q1 2012
5.0
Q1 2011
22.4 24.1+8%
Q1 2012Q1 2011
-2.0
Joint Ventures are of importance in Vopak’s growth strategy
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* For the Joint Ventures 100% of the storage capacity is included.** Excluding exceptional items.
Net result from Joint Ventures**
In mln EURStorage capacity*
In mln cbm
Subsidiaries
Joint ventures
2011
27.8
19.6
8.2
2010
28.8
18.3
10.5
2009
28.3
18.1
10.2
2008
27.1
17.5
9.6
2007
21.8
16.7
5.1
2012
30.0
9.6
20.4
2013
32.2
11.3
20.9
2014
33.9
12.6
21.3
26.0+24%
Q1 2012Q1 2011
21.0
Q1 Trading Update 25 April 2012
6
EBITDAIncl. proportionate consolidation JVs tank storage
186.2+26%
Q1 2011 Q1 2012
148.1
EBITDA*
Subsidiaries (Equity method)
216.5
+31%
Q1 2012Q1 2011
164.9
EBITIncl. proportionate consolidation JVs tank storage
EBIT*
Subsidiaries (Equity method)
Q1 2012: IFRS equity accounting versus proportionate consolidation
* Including Net result from Joint Ventures.Note: In million EUR; Excluding exceptional items.
138.0+26%
Q1 2012Q1 2011
109.5 +32%
Q1 2012
153.8
Q1 2011
116.9
Q1 Trading Update 25 April 2012
7
45.9+37%
Q1 2012Q4 2011
46.2
Q3 2011
41.9
Q2 2011
34.7
Q1 2011
33.5
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.
Storage capacity
In mln cbm93.0
+1pp
Q1 2012Q1 2011
92.0
Occupancy rate
In percent
8.5+21%
Q1 2012Q1 2011
7.0
Q1 Trading Update 25 April 2012
Netherlands- New storage capacity came on stream- Higher occupancy rates
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24.1+8%
Q1 2012Q4 2011
23.3
Q3 2011
23.9
Q2 2011
23.3
Q1 2011
22.4
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.
Storage capacity
In mln cbm89.0
0pp
Q1 2012Q1 2011
89.0
Occupancy rate
In percent
8.4+2%
Q1 2012Q1 2011
8.2
Q1 Trading Update 25 April 2012
EMEA- Healthy demand for storage services
9
53.6+13%
Q1 2012Q4 2011
46.7
Q3 2011
45.0
Q2 2011
46.2
Q1 2011
47.4
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.
Storage capacity
In mln cbm95.0
+1pp
Q1 2012Q1 2011
94.0
Occupancy rate
In percent
7.3+7%
Q1 2012Q1 2011
6.8
Q1 Trading Update 25 April 2012
Asia- Continuous growth in Asia- Currency translation gain of EUR 3.0 million
10
10.6+8%**
Q1 2012Q4 2011
8.9
Q3 2011
8.0
Q2 2011
7.1
Q1 2011
9.8
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.** Excluding positive result of our 20% equity stake in BORCO, Bahamas, (EUR 1.2 million) until divestment date,
EBIT increased by 23%.
Storage capacity
In mln cbm97.0
+6pp
Q1 2012Q1 2011
91.0
Occupancy rate
In percent
2.30%
Q1 2012Q1 2011
2.3
Q1 Trading Update 25 April 2012
North America- Higher occupancy rates - Improvements in markets for biofuels and chemicals
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7.4+1%
Q1 2012Q4 2011
7.5
Q3 2011
7.0
Q2 2011
6.4
Q1 2011
7.3
EBIT*
In million EUR
* Including net result from Joint Ventures; excluding exceptional items.
Storage capacity
In mln cbm
90.0-1pp
Q1 2012Q1 2011
91.0
Occupancy rate
In percent
1.00%
Q1 2012Q1 2011
1.0
Q1 Trading Update 25 April 2012
Latin America- Steady results
12
Q2
93
Q1
92
Q4
92
Q3
92
Q2
93
Q1
93
Q4
93
Q3
93
Q2
95
Q1
95
Q4
95
Q3
94
Q2
95
Q1
96
’07
96
’06
94
’05
92
’04
84
Q1
93
Q4
94
Q3
93
Occupancy rate
In percent
90-95%
Healthy occupancy rates between 90-95%
2008 2009 2010 2011
Q1 Trading Update 25 April 2012
2012
Capacity growth under construction
13
Capacity developments
In mln cbm
* Including net change at various terminals (including decommissioning).
Q1 Trading Update 25 April 2012
New terminals
0.1
Expansions
27.8
31-12-2011
0.3
+5.6
+0.5
31-12-2014
33.9
New terminals
4.1
Expansions
1.5
31-3-2012
28.3
Acquisition
0.1
14
Projects commissioned Q1 2012Storage capacity increases by 0.5 million cbm
Q1 Trading Update 25 April 2012
Amsterdam Westpoort (2a)
220,000 cbm; oil products
Tianjin Lingang
95,300 cbm; chemicals
Note: Above examples not representative of all projects completed in Q1 2012.
Zhangjiagang
55,600 cbm; chemicals
Map Ta Phut
15,000 cbm; chemicals
Gothenburg
60,000 cbm; oil products
Commissioned
Acquired
15
Various projects under constructionTotal storage capacity under construction 5.6 million cbm
Q1 Trading Update 25 April 2012
Under construction
Amsterdam Westpoort (2b)
350,000 cbm; oil products
Pengerang
1,278,000 cbm; oil products
Fujairah
606,000 cbm; oil products
Europoort
400,000 cbm; oil products
Eemshaven
660,000 cbm; oil products
Hainan
1,350,000 cbm; oil products
Algeciras
403,000 cbm; oil products
Note: Above examples not representative of all projects under construction.
Strategic finance
16
0
1
2
3
4
5
2.43
2009
2.23
2008
2.54
2007
1.71
2006
1.61
2005
1.76
2004
2.20
2003*
2.42
Q1
2012
2011
2.65
2010
3.75
2.63
Net senior debt : EBITDA ratio
* Based on Dutch GAAP.Note: Net senior debt : EBITDA ratio including proportionate consolidation of joint ventures in tank storage activities is 2.55 in Q1 2012.
Maximum Ratio under current US PP program
Maximum Ratio under other PP programs and syndicated revolving credit facility
Q1 Trading Update 25 April 2012
Outlook assumptions
Note: width of the boxes do not represent actual percentages.17
~x% Share of EBIT
Q1 Trading Update 25 April 2012
Solid
Oil products Chemicals Biofuels & Vegoils LNG
Robust
~60%
Encouraging Solid
<1%
Mixed
~17.5-20%
Industrial terminals
~12.5% ~7.5-10%
2011
~60-65% ~2.5-5%~17.5-20% ~7.5-10% ~5-7.5%
2013
Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013
18
2013
725-800
2011
636.0
2010
598.2
2009
513.4
2008
429.3
2007
369.5
2006
314.1
2005
262.5
2004
231.8
EBITDA Development and outlookIn EUR mln
Note: Excluding exceptional items; including Net result from Joint Ventures
Historical results
Outlook
Q1 Trading Update 25 April 2012
� The possibility
that Vopak
reaches the
lower end of the
2013 outlook
range in 2012
cannot be
excluded
Royal Vopak
Westerlaan 10 Tel: +31 10 4002911
3016 CK Rotterdam Fax: +31 10 4139829
The Netherlands www.vopak.com
