International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — Q3 2024 Earnings Presentation
23 slides from International Container Terminal Services's earnings presentation, Nov 5, 2024
Slide 1: 3Q 2024 Investors' Briefing
3Q 2024 Investors’ Briefing November 5, 2024
Slide 2: Consolidated Financial & Operational Highlights
Consolidated Financial & Operational Highlights 3Q 2024 +4% +12% +16% +19% +24% +24% 65% +27% VOLUME YIELD (1) REVENUE EBITDA NET INCOME (2) RECURRING NI (3) EBITDA MARGIN DILUTED 9M 2024 +2% +13% +14% +19% +31% +24% 65% +33% ▪ Resilient consolidated international and O&D portfolio boost 9M24 perfor
Slide 3: Yearly and Quarterly Results
Yearly and Quarterly Results 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2020 FY2021 FY2022 FY2023 (In US$ million except Volume, 2023 2023 2023 2023 2024 2024 2024 Yield & EBITDA margin) Volume (in TEU ‘000) 10,194 11,163 12,216 12,749 3,102 3,174 3,176 3,297 3,090 3,222 3,292 Gross Revenues 1,506 1,865 2,243 2,388 572
Slide 4: Agenda
Agenda Recent Financial Performance Liquidity and Capital Resources Questions and Answers Appendix
Slide 5: Recent Financial Performance
Recent Financial Performance
Slide 6: Consolidated P&L Highlights
Consolidated P&L Highlights 9M 2023 9M 2024 % Change (In US$ 000, 3Q 2023 3Q 2024 % Change except Volume and EPS) 9,451,912 9,604,127 +2% Volume (in TEU) 3,176,076 3,291,964 +4% Gross Revenues from 1,759,850 2,013,370 +14% 594,878 691,697 +16% Port Operations 489,143 529,268 +8% Cash Operating Expen
Slide 7: Recurring Net Income
Recurring Net Income 9M 2023 9M 2024 % Change (In US$ ‘000) Net Income Attributable to Equity Holders 484,536 632,583 +31% Non-recurring items: Less: Income from the settlement of legal claims by ICTSI Oregon - (20,500) Add: Impact of the sale of PT PBM Olah Jasa Andal (OJA) - 1,640 Add: Loss on imp
Slide 8: Consolidated Volume
Consolidated Volume Nine Months Third Quarter (in ‘000 TEUs) (in ‘000 TEUs) 8,856 9,452 9,604 3,104 3,176 3,292 +2% +4% +2% 673 +7% 659 622 20% 20% +8% 21% -6% -5% 1,835 -4% 1,922 858 19% 2,003 20% 854 951 26% 23% 28% +11% 30% -10% 2,546 2,694 -6% 27% 2,554 +5% 29% 29% +1% +10% 1,591 1,603 1,760 53%
Slide 9: Consolidated Revenues
Consolidated Revenues Nine Months Third Quarter (in US$ millions) (in US$ ‘millions) 1,640 1,760 2,013 577 595 692 +16% +14% +3% 136 20% 123 +10% +7% +4% 381 117 19% 20% +5% 21% +6% 368 264 345 21% 194 225 +17% 38% 21% 34% +16% 38% +31% 804 613 40% 561 +9% 35% 34% -7% +18% 292 266 247 46% 42% 42% +6
Slide 10: Revenue / TEU Analysis
Revenue / TEU Analysis 9M 9M % 3Q 3Q % 2023 2024 change 2023 2024 change 9,452 9,604 +2% Volume 3,176 3,292 +4% (TEUs ‘000) 1,710,195 1,958,348 +15% Revenues 579,782 672,869 +16% (US$ ‘000) 181 204 +13% Revenue / TEU 183 204 +12% (US$) 181 +22 +4 -3 204 183 +28 +2 -8 204 Revenue/TEU, Organic New and
Slide 11: Revenue / Ton Analysis
Revenue / Ton Analysis 9M 9M % 3Q 3Q % 2023 2024 change 2023 2024 change 6,613 7,581 +15% Volume 2,014 2,761 +37% (Tons ‘000) 49,655 55,021 +11% Revenues 15,096 18,827 +25% (US$ ‘000) 7.51 7.26 -3% Revenue / Ton 7.50 6.82 -9% (US$) 7.51 -0.13 -0.12 7.26 7.50 -0.60 -0.07 6.82 Revenue/Ton, Organic For
Slide 12: Capital Expenditure
Capital Expenditure 2024 Budget 9M 2024 Actual $55m 2024B CAPEX mainly for 12% $25m facility expansions at: 8% New ▪ CMSA New $42m $64m 14% ▪ MICT 14% ▪ IDRC US$450m US$299m Ongoing 66% Ongoing $171m ▪ MICTSL Carry-forward $271m Carry-forward 60% $60m 57% ▪ EJMT 20% $60m ▪ VCT 13% ▪ ICTSI Rio Expans
Slide 13: Liquidity and Capital Resources
Liquidity and Capital Resources
Slide 14: Balance Sheet Summary
Balance Sheet Summary Strong balance sheet with functional and reporting currency in USD Balance Sheet Highlights Debt Ratios (In US$ million) Dec 31, 2023 Sept 30, 2024 Dec 31, 2023 Sept 30, 2024 Total Assets 7,245 7,515 Gearing: Debt/SHE 1.14 1.55 Current Ratio: Total Liabilities 5,340 5,797 1.69
Slide 15: Principal Redemption Profile
Principal Redemption Profile As of September 30, 2024 (In US$ million) Relationship Banks Bonds Perp Perp NC26* 298 644 400 400 300 274 110 111 50 20 21 22 22 11 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Note: *Callable in 2026 with rate reset and 250–bp step–up in 2026 15
Slide 16: Cost of External Funding
Cost of External Funding 9M 2023 9M 2024 % Change (In US$’ 000) Financing Charges 131,356 134,425 +2% ▪ Interest Expense on Loans/Bonds 86,931 99,194 +14% ▪ Perpetual Securities distribution 21,770 16,080 -26% ▪ Amortization of Debt Issue Cost 11,738 10,021 -15% ▪ DST/WHT 10,917 9,130 -16% FY 2023 9
Slide 17: Summary
Summary Consolidated volume growth continues to improve Revenue and Yield rise remained at healthy levels supported by yield enhancing initiatives across our international portfolio EBITDA and Net Income set new highs Balance Sheet and cash generation strengthen further Growth outlook remains promis
Slide 18: Questions and Answers
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Slide 19: Appendices
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Slide 20: Proactive FX Risk Management
Proactive FX Risk Management Revenue Currency by Subsidiary% Cash Expense Currency by Subsidiary Revenues from Port Operations ICTSI’s revenue and cash USD EUR Local Currency Subsidiaries Local Currency EUR USD (9M 2024 Revenue Breakdown by Currency) expenses are favourably 49% 51% PHP MICT 90% PHP
Slide 21: Yield per TEU and EBITDA Margin Evolution
Yield per TEU and EBITDA Margin Evolution Yield per TEU Evolution* In US$ 180.94 +21.91 +4.38 -3.32 203.91 Revenue/TEU, Organic New and Discontinued terminals Forex Revenue/TEU, Sept 2023 (9M) Sept 2024 (9M) Note: Revenue per Ton excluding predominantly non-containerized terminals [MMT, KMT, BIPI, a
Slide 22: 2024 Sustainability Updates
2024 Sustainability Updates ENVIRONMENT ECONOMY SOCIETY GOVERNANCE • Disaster Risk Management. ICTSI • Terminal capacities. ICTSI terminals ▪ Supplier Engagement. ICTSI Global ▪ ICTSI was recognized as one of the best demonstrated its commitment yet again to continue to show their capacities as they
Slide 23: Thank you!
~ Thank you! ——
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