International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — Q1 2024 Earnings Presentation
22 slides from International Container Terminal Services's earnings presentation, May 6, 2024
Slide 1: 1Q 2024 Investors' Briefing
1Q 2024 Investors’ Briefing May 6, 2024
Slide 2: 1Q 2024 Financial & Operational Highlights
1Q 2024 Financial & Operational Highlights VOLUME YIELD (1) REVENUE EBITDA NET INCOME(2) RECURRING NET INCOME(3) 0% +12% +11% +17% +36% +24% EBITDA margin Diluted EPS 65% +37% ▪ Consolidated volume marginally lower; Organic volume higher across all three geographic regions ▪ Revenue and Yield contin
Slide 3: Yearly and Quarterly Results
Yearly and Quarterly Results 1Q 2Q 3Q 4Q 1Q FY2020 FY2021 FY2022 FY2023 (In US$ million except Volume, 2023 2023 2023 2023 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 Gross Revenues 1,506 1,865 2,243 2,388 572 593 595 628 638 Yield* (in
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 1Q 2023 1Q 2024 % Change (In US$ ‘000, except Volume and EPS) Volume (in TEU) 3,102,105 3,090,118 0% Gross Revenues from Port Operations 572,246 637,648 +11% Cash Operating Expenses 163,135 172,479 +6% EBITDA 354,199 413,756 +17% EBITDA Margin 62% 65% Net Income Attributa
Slide 7: Recurring Net Income
Recurring Net Income 1Q 2023 1Q 2024 % Change (In US$ ‘000) Net Income Attributable to Equity Holders 154,609 209,880 +36% 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 Recurring Net In
Slide 8: Volume and Revenue
Volume and Revenue Volume Gross Revenues (in ‘000 TEUs) (in US$ millions) 2,833 3,102 3,090 528 572 638 0% +9% 647 554 +11% 116 -14% 18% +8% 18% -3% 21% 671 123 21% -5% 24% 115 22% +7% 835 858 +3% 28% 262 27% 831 +1% 175 41% +50% 29% 183 31% -4% 35% +4% +22% 1,620 1,678 54% -5% 1,332 52% +19% 274 25
Slide 9: Revenue / TEU Analysis
Revenue / TEU Analysis 1Q 2023 1Q 2024 % change Volume 3,102 3,090 0% (TEUs ‘000) Revenues 555,871 620,980 +12% (US$ ‘000) Revenue / TEU 179 201 +12% (US$) 179 +21 +1 201 Revenue/TEU, Organic and Forex Revenue/TEU, Mar 2023 Discontinued Mar 2024 terminals Note: Revenue per Ton excluding predominantl
Slide 10: Revenue / Ton Analysis
Revenue / Ton Analysis 1Q 2023 1Q 2024 % change Volume 2,195 2,232 +2% (Tons ‘000) Revenues 16,375 16,668 +2% (US$ ‘000) Revenue / Ton 7.46 7.47 0% (US$) 7.46 +0.10 -0.09 7.47 Revenue/Ton, Organic Forex Revenue/TEU, Mar 2023 Mar 2024 Note: Revenue per Ton includes predominantly non-containerized ter
Slide 11: EBITDA and Free Cash Flow
EBITDA EBITDA and and Free Cash Cash Flow Flow EBITDA & EBITDA Margin Free Cash Flow (in US$ millions) (in US$ millions) 358 414 +46% +17% 247 354 65% 62% 1Q 2023 1Q 2024 1Q2023 1Q2024 11
Slide 12: Capital Expenditure
Capital Expenditure 2024 Budget 1Q 2024 Actual $55m 2024B CAPEX mainly for 12% facility expansions at: $10m ▪ ICTSI Rio New New $64m $3m ▪ CMSA 14% Ongoing $31m ▪ MICT US$450m US$68m Ongoing 15% ▪ IDRC Carry- $271m Carry-forward 60% forward ▪ MICTSL $24m $60m ▪ EJMT 13% ▪ VCT Expansionary Maintenanc
Slide 13: Liquidity and Capital Resources
Liquidity and Capital Resources
Slide 14: Balance Sheet Summary
Balance Sheet Summary Strong balance sheet with functional and reporting currency in USD Balance Sheet Highlights Debt Ratios (In US$ million) Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Total Assets 7,245 7,522 Gearing: Debt*/SHE 1.14 2.03 Current Ratio: Total Liabilities 5,340 6,087 1.69 1
Slide 15: Principal Redemption Profile
Principal Redemption Profile (In US$ million) As of March 31, 2024 Perp NC26 (2) 298 623 Perp NC24 (1) 400 400 290 300 273 109 110 37 38 19 20 20 21 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Relationship Banks Bonds Perp Proforma May 6, 2024 Perp NC26 (2) 298 623 400 400 300 273 109 110 37 3
Slide 16: Cost of External Funding
Cost of External Funding 1Q 2023 1Q 2024 % Change (In US$’ 000) Financing Charges 44,599 47,141 +6% ▪ Interest Expense on Loans/Bonds 28,847 31,589 +10% ▪ Perpetual Securities distribution 7,257 7,257 - ▪ Amortization of Debt Issue Cost 3,273 4,020 +8% ▪ DST/WHT 4,773 4,275 -10% FY 2023 1Q 2023 1Q 2
Slide 17: Summary
Summary International portfolio and disciplined execution continued to drive strong financial performance Revenue and Yield continued its upward trajectory hitting all-time highs EBITDA and EBITDA margin continued to improve to record levels Well-positioned to invest and capitalize on growth opportu
Slide 18: Questions and Answers
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Slide 19: Appendices
Appendices ' wURERRn ee ee antegon Guiaye¢uil, Ecuador
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 (1Q 2024 Revenue Breakdown by Currency) expenses are favourably 50% 50% PHP MICT 88% PHP 1
Slide 21: EESG 1Q Updates
EESG 1Q Updates ENVIRONMENT ECONOMY SOCIETY GOVERNANCE ICTSI published its commitment towards ▪ Economic Expansion. ICTSI continues to ▪ Health & Safety. An updated ICTSI Health ▪ IT Governance. ICTSI’s Global IT Security decarbonization, as it targets a 26% solidify its position in Philippine port
Slide 22: Thank you!
~ Thank you! ——
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