Cosco Shipping Ports Limited · HKEX:1199
Cosco Shipping Ports — COSCO Pacific — H1 2014 Earnings Presentation
10 slides from Cosco Shipping Ports's earnings presentation, Aug 26, 2014
Slide 1: 2014 Interim Results Press Conference
Better Operations 2014 Interim Results for a Brighter Future Press conference 26 August 2014 COSCO PACIFIC LIMITED Stock Code: 1199.HK
Slide 2: Financial Review
Financial Review Solid Group’s revenues growth driven by strong terminals subsidiary revenues growth Margin squeeze of leasing division led a decline in Group’s gross profit Terminals non-subsidiary recorded solid profit growth Terminals profit growth offset by a decrease in leasing division
Slide 3: Stable Dividend Policy
Stable Dividend Policy Payout ratio: maintaining at 40% 30/6/2014 Change 30/6/2013 Basic earnings per share from US5.04 cents -2.3% US5.16 cents continuing operations Note Basic earnings per share Note US5.04 cents -74.9% US20.11 cents US2.016 cents -15.9% US2.396 cents Interim dividend per share
Slide 4: Terminals Business Review
Terminals Business Review Terminals division 1H2014 YoY 1H2013 Divisional revenues (US$ m) 258.08 +18.9% 217.07 % of total revenues 58.6% +3.7pp 54.9% Divisional profit (US$ m) 109.09 +17.5% 92.83 % of total recurring core profit 67.2% +12.3pp 54.9% Total throughput (TEU) 32,481,568 +10.1% 29,494,35
Slide 5: Terminal Acquisition (completed)
Terminal Acquisition (completed) ACT (40%) • Consideration of US$212,335,000 and started to book throughput and profit on 14 Mar 2014 • Operating terminal in mature market: contributing profit immediately • ACT and COSCO-HIT: creating a more competitive platform, providing more efficient services
Slide 6: Terminal Portfolio
Terminal Portfolio • 29 container terminal operations • 106 container berths • 64.35m TEU of annual handling capacity • 13 break-bulk berths • 46.05m tons of annual handling capacity P. 6
Slide 7: Leasing Business Review
Leasing Business Review Container leasing division 1H2014 YoY 1H2013 Divisional revenue (US$ m) 184.11 +2.1% 180.23 % of total revenues 41.4% -3.7pp 45.1% Divisional profit (US$ m) 53.29 -30.2% 76.29 % of total recurring core profit 32.8% -12.3pp 45.1% Average utilisation rate 94.8% +0.3pp 94.5% Con
Slide 8: Terminals Business Outlook
Terminals Business Outlook Container throughput: maintain satisfactory growth • Continue to benefit from the economic recovery in the U.S. and Europe Terminal investment strategy • Explore and assess opportunities of investing in terminal projects in China and overseas • Market: both mature and
Slide 9: Leasing Business Outlook
Leasing Business Outlook Leasing market: • Demand improving since 2Q 2014 and continuing in 3Q 2014 • Lease rates may remain at low levels in 2H 2014 Disposal of returned container: decline in disposal income and increase in cost • Revenue: decline due to the consolidation of sale prices • Cost:
Slide 10: Q&A
Q&A P. 10