Cosco Shipping Ports Limited · HKEX:1199
Cosco Shipping Ports — COSCO Pacific — FY2009 Earnings Presentation
12 slides from Cosco Shipping Ports's earnings presentation, Mar 30, 2010
Slide 1: 2009 Final Results Press Conference
2009 Final Results Press Conference 30 March 2010 COSCO Pacific Limited 1
Slide 2: Financial review: Reported profit in turbulent times
Financial review Reported profit in turbulent times FY2009 P&L YoY US$ million Turnover 349.4 +3.4% Gross profit 149.3 -13.5% Administrative expenses (62.9) (+25.5%) Finance costs (39.8) (-24.5%) Profit from JCE & associates 123.2 -20.6% Profit attributable to equity holders 172.5 -37.2% 2
Slide 3: Financial review: Terminals – the largest profit contributor
Financial review Terminals – the largest profit contributor FY 2009 Division Divisional performance of core profit Note1 No.5 global port operator Throughput outperform Global and China markets Terminals 39.5% Container throughput : 43.55m TEU -5.1% Global market share : 6.1% +0.6pp Net profit
Slide 4: Financial review: Strategic disposal for future growth opportunities
Financial review Strategic disposal for future growth opportunities Sales Proceed Disposal gain Disposal of interests Reason of disposal US$ million US$ million Focused resources for terminals 49% 85.0 COSCO Logistics 292.7 Net of tax & Sold to China COSCO direct expenses Completion: 1Q2010
Slide 5: Financial review: Prudent financial policy
Financial review Prudent financial policy COSCO Pacific has steered its businesses in response to the difficult market conditions in 2009 by constraining capital expenditure, strengthening cost control and mitigating risk factors so as to preserve a healthy financial position amid the economic dow
Slide 6: Terminal: Fifth largest global container terminal operator
Business review – Terminal Fifth largest global container terminal operator Rank Terminal operator Market share Outperform Global and China Market 2008 (2007) 2008 (2007) Throughput (TEU) 1 (1) HPH 13.0% (13.3%) FY 2009 2 (2) APM Terminals 12.3% (12.1%) 3 (3) PSA 11.4% (11.0%) Global -11.5% to 464m
Slide 7: Terminal: Resilient business model with strong presence in China
Business review – Terminal Resilient business model with strong presence in China YoY change FY2009 total throughput: -5.1% to 43.55 million TEU Million TEUs 2.8% Qingdao Qianwan 8.96 -11.4% Yantian 8.58 -19.1% Shanghai 2.98 6.0% Dalian Port Container Co 2.91 Throughput % of total 11.2% Suez Canal 2
Slide 8: Terminal: Strengthened global terminal portfolio
Business review – Terminal Strengthened global terminal portfolio Increase controlling rights in terminal Six terminal subsidiaries: Piraeus, Zhangjiagang Win Hanverky, Yangzhou Yuanyang, CONTROL Quan Zhou Pacific, Jinjiang Pacific and Xiamen Ocean Gate Terminals. Terminal revenue increased by 4
Slide 9: Container leasing: Second largest global container leasing company
Business review – Container leasing Second largest global container leasing company Top 10 Capacity Market share Utilisation outperformed industry average Container leasing company (TEUs) Textainer Group 2,305,000 21.1% COSCO Pacific (Florens) Note 1,582,614 14.3% FY 2009 Capacity Utilisation Triton
Slide 10: Container leasing: Resilient business model with well balanced fleet mix
Business review – Container leasing Resilient business model with well balanced fleet mix As at 31 December 2009 Leasing 93.2% of leasing revenue Customers Fleet Capacity containers under long-term leases Of leasing revenue (FY2009: US$198m) SALE & 118,094 TEU 1,621,222 1,582,614 COSCON 14.7% TEUs
Slide 11: Outlook: Economic and market recovery in 2010
Outlook Economic and market recovery in 2010 CHINA Global GDP : + 3.9% China GDP : +10.0% Key player in China import : +11% (Jan – Feb: +63.6%) world economic development China export : + 6% (Jan – Feb: +31.4% ) Global container throughput : +3.7% Sustainable China container throughput : +8.4% (Jan
Slide 12: Outlook: Well positioned to capture growth opportunities
Outlook Well positioned to capture growth opportunities Resilient business model benefiting from market recovery Improving Strong throughput growth of terminals in China business Shortening ramp-up period of newly operating terminal outlook Improving container fleet utilisation and rental yiel