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ANNUAL REPORT 2014 Connecting fl O W S Vopak | Annual Report 2014 | Contents ANNUAL REPORT 2014 Connecting fl o w s Vopak | Annual Report 2014 | Contents At a glance 2 Case study 4 Domino Foundation 76 Key figures 3 Risks and opportunities related Letter from the Chairman 4 to climate change 78 Profile, mission and strategy 6 Sustainability reporting scope 81 Case study 1 Customer leadership 10 Case study 5 Stakeholder management Rozenburg 84 Executive Board report 12 Governance and compliance 86 Introduction Executive Board 13 Aligning our strategy with Supervisory Board members 87 new market dynamics 14 Supervisory Board report 89 Serving our customers 17 Remuneration report 92 Our business environment 2014 18 Corporate Governance 96 Aligning our terminal network 22 Risks and risk management 101 Operational leadership 26 Shareholder information 109 Human capital 30 Financial performance 33 Case study 6 Operational leadership 112 Looking ahead 37 Case study 2 Selective growth Haiteng 38 Financial Statements 114 Consolidated Financial Statements 117 Key developments per division 40 Company Financial Statements 189 Other relevant documents 195 Asia 41 Executive Board declaration 195 Netherlands 44 Independent auditor’s report 196 Europe, Middle East & Africa 46 Independent assurance report 202 Americas 48 Global LNG 50 Additional information 205 Case study 3 Alignment of our organization 52 Non-IFRS proportionate financial information 206 Profit Appropriation 208 Sustainability 54 Stichting Vopak 209 Stchting Administratiekantoor Sustainability at the core of every decision 55 Financieringpreferente Aandelen 210 Stakeholder engagement 57 Principal company officers Our sustainability strategy 61 at 26 February 2015 211 Health and safety 62 Five-year consolidated summary 213 Environmental care 65 Glossary 214 Responsible partner 70 Contact us 218 Excellent people 73 1 | At a glance Vopak | Annual Report 2014 | At a glance Revenues in EUR millions EBITDA in EUR millions Cash flows from operating activities (net) in EUR millions 1,322.5 762.8 702.8 Compared to 2013 Compared to 2013 Compared to 2013 +2% +1% +6% Market capitalization Number of employees Total Injury Rate (TIR) In EUR billions at year-end 2014 31 December 2014 In 200,000 hours worked own personnel and contractors 5.5 6,092 0.36 0.39 0.39 15% 2013 2014 85% Storage capacity Number of terminals Number of countries In million cbm at 31 December 33.8 30.5 80 28 2013 2014 2 | Key figures Vopak | Annual Report 2014 | Key figures 2014 2013 Sustainability data Total Injury Rate (TIR) per 200,000 hours worked own personnel and contractors 0.39 0.36 Lost Time Injury Rate (LTIR) per 200,000 hours worked own personnel and contractors 0.13 0.12 Process Safety Events Rate (PSER) 0.20 0.35 Results (in EUR millions) Revenues 1,322.5 1,295.2 Group operating profit before depreciation and amortization (EBITDA) 707.7 750.6 Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- 762.8 753.1 Group operating profit (EBIT) 468.5 533.8 Group operating profit (EBIT) -excluding exceptional items- 523.6 536.3 Net profit attributable to owners of parent 250.4 318.5 Net profit attributable to owners of parent -excluding exceptional items- 297.5 317.7 Net profit attributable to holders of ordinary shares 247.1 312.7 Net profit attributable to holders of ordinary shares -excluding exceptional items- 294.2 311.9 Cash flows from operating activities (net) 702.8 660.3 Capital employed (in EUR millions) Total investments 705.6 658.1 Average gross capital employed 5,935.0 5,465.5 Average capital employed 3,593.5 3,286.6 Capital and financing (in EUR millions) Equity attributable to owners of parent 1,758.2 1,809.5 Net interest-bearing debt 2,266.3 1,824.7 Ratios (excluding exceptional items) EBITDA margin excluding result of joint ventures and associates 49.9% 49.3% Cash Flow Return On Gross Assets (CFROGA) 10.9% 11.7% Return On Capital Employed (ROCE) 14.6% 16.3% Return On Equity (ROE) 16.7% 18.8% Senior net debt : EBITDA 2.83 2.53 Interest cover (EBITDA : net finance costs) 8.9 7. 4 Key figures per ordinary share (in EUR) (Diluted) earnings 1.94 2.45 (Diluted) earnings -excluding exceptional items- 2.31 2.45 (Proposed) dividend 0.90 0.90 Company data Number of employees end of period subsidiaries 3,860 4,010 Number of employees end of period joint ventures and associates 2,232 2,164 Storage capacity end of period subsidiaries (in million cbm) 21.7 20.8 Storage capacity end of period joint ventures and associates (in million cbm) 9.9 8.1 Storage capacity end of period operatorships (in million cbm) 2.2 1.6 Occupancy rate subsidiaries (average rented storage capacity in %) 88% 88% Estimated market share global independent tank storage at year-end 11.1% 10.5% Contracts > 3 years (in % of revenues) 53% 52% Contracts > 1 year (in % of revenues) 79% 80% Information on proportionate basis Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- 823.6 817.2 Cash Flow Return On Gross Assets (CFROGA) 10.3% 10.9% Occupancy rate subsidiaries, joint ventures and associates 88% 88% Number of shares outstanding (Diluted) weighted average 127,515,368 127,423,536 Total including treasury shares 127,835,430 127,835,430 Treasury shares 210,000 402,400 Financing preference shares - 41,400,000 3 | Letter from the Chairman Vopak | Annual Report 2014 | Letter from the Chairman Eelco Hoekstra Strategic Chairman of the Executive Board and update 2014 CEO of Royal Vopak was another dynamic year “2014 was another dynamic year in a challenging economic environment. Our strategy was updated; new capacity was commissioned and acquired; a good safety record was delivered and our financial performance was solid. I am proud of the results that we collectively achieved this year.” Dear stakeholder In 2014 we saw a continuation of growing imbalances of liquid products resulting in increasing global and regional flows and changes in the refinery landscape. These developments are positive for our company in the long term. In the second half of the year, we experienced positive developments in short-term business opportunities and foreign exchange rate movements which had a positive impact compared to our initial estimates of the first half of the year. We focus and adapt ourselves to changes that we expect to be structural, such as a growing world population, increasing demand for energy products, increased capacity in certain product-market combinations, uncertain geopolitical situations and stricter regulations. 4 | Vopak | Annual Report 2014 | Strategic update Engagement The strategic update published on 2 July 2014 On behalf of the Executive Board, I would like provides a clear roadmap for our future, both internally to thank our engaged employees who work with as well as externally. Our strategic focus is on four enthusiasm for our company, our loyal customers market categories for independent terminals. who value our services, the local communities in We have started optimizing capex programs to which we operate and who value our open dialogue support capital efficiency and align the organization and sustainability efforts, our long-term shareholders to become more agile. We recognize that, among the and all our stakeholders who continue to support us people who have left our company, there are many and believe in our business model. who have contributed to our successes in the past, for which we are grateful. 2015 and beyond Looking ahead towards 2015 and beyond, we will Service and sustainability continue to execute the strategy we updated in 2014 We successfully managed stench issues at Europoort by further aligning our global terminal portfolio and by terminal in Rotterdam and improved the efficiency improving our competitive position. We are determined performance at Westpoort terminal in Amsterdam. and energized to achieve these long-term goals, Our sustainability reporting has matured further. safely, diligently and with discipline. In recognition of the fact that sustainability is a core element of our strategy and operations, we have combined our sustainability report with Eelco Hoekstra the annual report. Chairman of the Executive Board and CEO of Royal Vopak Operational achievements Our worldwide network and dedicated staff delivered solid financial results under challenging market circumstances. We acquired terminal infrastructure assets in our focus markets, such as the Haiteng industrial terminal in China and the Canterm import terminals in Canada. We safely commissioned several greenfield and brownfield expansion projects, including the Pengerang project in Malaysia and the middle distillates capacity expansion in Rotterdam. These projects were executed alongside our efficiency improvement projects to enhance service levels and to reduce operational costs. 5 | Profile, mission and strategy Vopak | Annual Report 2014 | Profile, mission and strategy Globally Almost well positioned years400 of experience The world’s number one Royal Vopak is the world’s leading independent tank storage provider for the oil and chemical industry. Operating strategically located terminals all over the world, we offer safe, reliable and efficient storage and handling of liquid bulk and gaseous products. Vopak is listed on the Amsterdam NYSE Euronext. Including our joint ventures, we employ an international workforce of more than 6,000 people. The Vopak group has an annual turnover of more than EUR 1.3 billion. Our past, our future Vopak’s history goes back to 1616. In its earliest form, Vopak’s employees make the true difference. All over our company offered storage and related services the world, customers can count on the talent and the to trading companies such as the Dutch East Indies service commitment of our staff. Company, facilitating the rapid growth of the Dutch economy. Today, tapping into almost 400 years of We invest in lasting relationships with customers, experience in storage and transshipment, we are business partners, governments, shareholders, committed to providing the best service to our financial partners and employees.
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