Cosco Shipping Ports Limited · HKEX:1199
Cosco Shipping Ports — COSCO Pacific — H1 2011 Earnings Presentation
13 slides from Cosco Shipping Ports's earnings presentation, Aug 24, 2011
Slide 1: 2011 Interim Results Press Conference
2011 Interim Results Press Conference 24 August 2011 COSCO Pacific Limited File: 2011_0824_Interim Results Press Conference 1
Slide 2: Forward looking Statements
Forward looking Statements This presentation may contain certain forward-looking statements relating to the business, financial condition, results of operations of the Company, its consolidated subsidiaries, jointly controlled entities, associates and/or the industries in which the Company operates.
Slide 3: Creating value for our shareholders
Creating value for our shareholders • Terminal: World No. 5 Net profit: US$96.66m (YoY +144.3%) Container Throughput: 24.25m TEU (YoY +19.7%) Equity container throughput: 6.54m TEU (YoY +31.0%) • Container leasing: World No. 3 Net profit: US$56.20m (YoY +17.1%) Container fleet capacity: 1.71m TEU (Y
Slide 4: Gross profit margin expansion
Gross profit margin expansion Achieving terminal turnaround and container leasing revenue increase • Turnover: US$278.67m (YoY +25.2%) – Terminal: US$149.50 m (YoY +44.8%) – Container Leasing: US$129.28m (YoY +8.3%) • Gross Profit: US$119.31m (YoY +71.0%) – Terminal: US$46.38m (YoY +329.6%) – Contai
Slide 5: Strong results performance
Strong results performance Delivering net profit growth from all of three segments 1H2011 1H2010 P&L YoY US$ million US$ million Turnover 278.67 +25.2% 222.66 Gross profit 119.31 +71.0% 69.77 Operating profit 87.50 +58.9% 55.05 Operating profit 63.08 +45.4% 43.37 after finance income & costs Share o
Slide 6: Stable dividend payout ratio
Stable dividend payout ratio DPS / EPS 1H2011 YoY 1H2010 Basic earnings per share (excluding non- US7.84cents + 90.3% US4.12cents recurring items) Note Basic earnings per share Note US8.74cents + 9.8% US7.96cents HK27.2 cents HK13.7 cents Interim dividend per share +98.5 % US3.496 cents US1.759 cent
Slide 7: Prudent financial policy
Prudent financial policy Maintaining healthy financial position • Cash on hand was increased to US$680m. • Comfortable net debt to total equity of 38.8% provides financial flexibility for future investment. Assets and Liabilities 30/06/2011 Change 31/12/2010 Net debt to total equity 38.8% +9.2pp 29.
Slide 8: Terminal as the largest profit contributor
Terminal as the largest profit contributor Accounting for about 40% of core profit Terminal generated 53.6% of total revenue (US$ million) 53.6% Terminal division 1H2011 YoY 1H2010 43.8% 34.2% Divisional revenue Note 149.50 +44.8% 103.27 25.3% (US$ million) 195.6 17.1% 149.5 % of total revenue 53.6%
Slide 9: Container terminal throughput league table
Container terminal throughput league table YoY change Total throughput growth by 19.7% to 24.25m TEU Million TEU 25.8% Qingdao Qianwan 6.27 3.0% Yantian 4.73 22.5% Guangzhou South China 1.69 10.0% Suez Canal 1.52 7.7% Shanghai Pudong 1.17 Bohai Rim outperformed among all regions 32.7% Ningbo Yuan Do
Slide 10: Focus on improving operating efficiency
Focus on improving operating efficiency Confirming terminal turnaround and investing for future market demand • Piraeus Terminal – Significant improvement of operating efficiency – Increasing confidence of international container liners to call Piraeus Terminal to lift substantial throughput growth
Slide 11: Solid container leasing growth
Solid container leasing growth Expanding container leasing fleet while achieving high utilisation Utilisation well above industry average Container leasing division 1H2011 YoY 1H2010 97.3% 96.8% 94.5% 94.6% Divisional revenue (US$ million) 129.28 +8.3% 119.39 90.6% 95.0% 95.5% - Leasing revenue 114.
Slide 12: Container fleet mix
Container fleet mix As at 30 June 2011 Leasing 93.2 % of leasing revenue Customers Fleet Capacity containers under long-term leases Of leasing revenue (1H 2011: US$114m) SALE & 229,283 TEU 1,713,872 1,597,779 COSCON 17.4% TEUs TEUs LEASEBACK 10 years long-term 309,113 TEU 7.4% 13.4% 31.4% 32.5
Slide 13: Business outlook in 2011
Business outlook in 2011 • Terminal – Strong growth – Throughput Æ outperformed – Tariff Æ increased – Turnarounds Æ confirmed • Leasing – Steady growth – Market Æ advanced booking for 2012 – Demand Æ 90% booking of new containers – Utilisation Æ remaining high File: 2011_0824_Interim Results Press