International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — Q3 2015 Earnings Presentation
21 slides from International Container Terminal Services's earnings presentation, Nov 3, 2015
Slide 1: 3Q 2015 Investor Briefing Presentation
3Q 2015 Investor Briefing Presentation November 3, 2015
Slide 2: Agenda
AGENDA 1 Recent Financial Performance 2 Liquidity and Capital Resources 3 Other Matters 4 Questions and Answers
Slide 3: Recent Financial Performance
1 Recent Financial Performance
Slide 4: Volume
Volume 9M Volume (in TEU) 3Q Volume (in TEU) 1,601,112 1,844,200 1,880,118 4,628,117 5,410,224 5,768,248 +2% +15% 233,887 227,025 12% 13% 203,362 13% +7% 672,711 664,005 419,295 36% 35% +17% 26% 688,969 670,841 12% 12% 978,455 937,602 989,088 595,977 61% 51% 53% 13% 2,080,728 2,010,268 36% 1,219,116
Slide 5: Revenues
Revenues 9M Revenues (in US$ ‘000 ) 3Q Revenues (in US$ ‘000 ) 210,988 268,923 239,928 624,700 779,208 792,035 +27% 25,246 -11% 9% 26,256 11% 21,607 10% 106,919 40% 86,088 73,434 36% 35% +2% +25% 115,947 136,758 127,584 77,170 78,011 55% 51% 53% 9% 10% 3Q 2013 3Q 2014 3Q 2015 66,924 ASIA AMERICAS EM
Slide 6: Consolidated P&L Highlights (9M)
Consolidated P&L Highlights (9M) (in US$’000, except Volume & EPS) 9M 2014 9M 2015 % change Volume up 7% due to ramp-up at CMSA & OPC; new shipping line contracts and services at PICT; increased demand for services at SBITC; favorable Volume (in TEU) 5,410,224 5,768,248 7% impact of consolidation at
Slide 7: Consolidated P&L Highlights (3Q)
Consolidated P&L Highlights (3Q) (in US$’000, except Volume & EPS) 3Q 2014 3Q 2015 % change Volume up 2% due to new shipping lines and services, continuous growth Volume (in TEU) and ramp up at CMSA & OPC, favorable impact of consolidation at YICT, 1,844,200 1,880,118 2% and contribution of ICTSI Ir
Slide 8: Recurring 9M Net Income
Recurring 9M Net Income (in US$’000) 9M 2014 9M 2015 Net Income Attributable to 135,746 136,194 Equity Holders % change 0.3% Less: Non-recurring income (48,423) (323) Gain on sale of CICTI (13,150) Gain on termination of management contract in ICTSI India ( 1,946) Gain on settlement of insurance cla
Slide 9: Recurring 3Q Net Income
Recurring 3Q Net Income (in US$’000) 3Q 2014 3Q 2015 Net Income Attributable to 34,060 35,785 Equity Holders % change 5% Less: Gain on sale of YRDICTL (31,847) - Add: Non-recurring charges 39,012 - Write-down of TECPLATA intangibles 38,148 BCT insurance claim 864 Net Income Attributable to 41,225 35
Slide 10: 3Q 2015 Yield/TEU Analysis
3Q 2015 Yield/TEU Analysis 2014 2015 % Change Volume ('000) 1,844 1,880 2% Revenue (US$ million) 269 240 -11% Yield/TEU (US$) 146 128 -12% EBITDA (US$ million) 114 102 -11% EBITDA Margin 42% 43% 9 FX : Translation of BRL, EURO, PHP, MXN revenues 18 Product Mix, Lower 9 Storage, IOI 10
Slide 11: 9M 2015 Revenue Profile By Currency
9M 2015 Revenue Profile By Currency Revenue Currency by Subsidiary Revenue Breakdown by Currency Subsidiaries USD/EUR Local Currency RMB Others MICT 35% USD 65% PHP EUR 9% 3% 4% BCT 67% USD; 2% EUR 31% PLN BRL TSSA 100% BRL 6% USD PHP 51% MICTSL 100% EUR 27% PTMTS 100% IDR YICT 100% RMB CGSA 100% US
Slide 12: 9M 2015 Expense Profile By Currency
9M 2015 Expense Profile By Currency Expense Currency by Subsidiary Expense Breakdown by Currency Subsidiaries USD/EUR Local Currency Others: MICT 55% USD 45% PHP 9% HNL BCT 84% USD; 2% EUR 14% PLN PKR 4% 5% TSSA 100% BRL MXN 6% USD MICTSL 2% USD; 41% EUR 57% MGA BRL 53% PTMTS 100% IDR 7% YICT 100% R
Slide 13: FX Movement since January 2014
FX Movement since January 2014 1/1/14 3/1/14 5/1/14 7/1/14 9/1/14 11/1/14 1/1/15 3/1/15 5/1/15 7/1/15 9/1/15 90 100 110 120 130 140 Third Quarter 150 Summary Ave 2014 Ave 2015 Growth (%) CNY 6.17 6.30 (2.25) 160 PKR 100.46 102.85 (2.38) PHP 43.79 46.06 (5.20) EUR 1.32 1.11 (16.03) 170 MXN 13.12 16.4
Slide 14: Financing Charges & Other Expenses
Financing Charges & Other Expenses (in US$’000) 9M 2014 9M 2015 % change Financing charges & other expenses 38,382 48,594 27% Interest Expense on Loans/Bonds 58,780 61,718 5% Interest expense higher due to higher debt level Capitalized borrowing cost (17,588) (23,897) 36% Capitalized borrowing cost
Slide 15: Liquidity and Capital Resources
2 Liquidity and Capital Resources
Slide 16: Balance Sheet Summary
Balance Sheet Summary (in US$ million) 2012 2013 2014 9M 2015 Intangible and Property and equipment - net 1,815.4 2,410.3 2,705.0 2,854.2 Cash and cash equivalents 186.8 242.2 194.3 425.5 Other current and noncurrent assets 330.8 435.2 501.5 582.2 Total Assets 2,333.0 3,087.6 3,400.8 3,861.8 Total S
Slide 17: Principal Redemption Profile
Principal Redemption Profile as of September 30, 2015 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Cash level ST Loans RCF Perp LT Loans Capital structure is well positioned to match the long-term nature of port concession contracts Capital structure supports growth strategy with Debt
Slide 18: Other Matters
3 Other Matters
Slide 19: Recent Developments
Recent Developments Executed a settlement agreement with Batumi Sea Port Ltd. in October 2015 Signed a US$260 million Project Finance Facility in October 2015 Issued US$450M of Senior Perpetual Capital Securities in August 2015 19
Slide 20: Questions & Answers
4 Questions & Answers
Slide 21: International Container Terminal Services, Inc.
International _ Container Terminal Services, Inc. EXCELLENCE UNCONTAINED
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