International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — FY2023 Earnings Presentation
24 slides from International Container Terminal Services's earnings presentation, Mar 1, 2024
Slide 1: FY 2023 Investors' Briefing
FY 2023 Investors’ Briefing 01 March 2024
Slide 2: Year in Review
Year in Review VICT (Australia) expansion completed (December) BCT (Poland) start of Durban Container Terminal 2 IDRC (Congo) expansion Announced decarbonization VCT (Philippines) declared renewed concession (June) declared preferred bidder (July) completed (December) commitment (January) preferred
Slide 3: Sustainability Updates
Sustainability Updates Our commitment to climate change 2030 2050 Net 26% Zero Reduction in Scopes C02 emissions 1 and 2 emissions per move (baseline year 2021) 2023 Sustainability Report ICTSI 2023 Sustainability Report theme, The Logistics of Transformation, exemplifies the company’s focus on brin
Slide 4: Consolidated Financial & Operational Highlights
Consolidated Financial & Operational Highlights VOLUME YIELD (1) REVENUE EBITDA NET INCOME(2) RECURRING NET INCOME(3) +4% +1% +6% +7% -17% +7% EBITDA margin Diluted EPS 63% -17% ▪ Volumes grew across our diversified portfolio despite flat global trade ▪ Yield continued its upward trajectory and rema
Slide 5: Yearly and Quarterly Results
Yearly and Quarterly Results (In US$ million except Volume, 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Yield per TEU & EBITDA margin) FY2020 FY2021 FY2022 FY2023 2022 2022 2022 2022 2023 2023 2023 2023 Volume (in TEU ‘000) 10,194 11,163 12,216 12,749 2,833 2,920 3,104 3,360 3,102 3,174 3,176 3,297 Gross Revenues 1,506
Slide 6: Agenda
Agenda Recent Financial Performance Liquidity and Capital Resources Questions and Answers Appendix
Slide 7: Recent Financial Performance
Recent Financial Performance
Slide 8: Consolidated P&L Highlights
Consolidated P&L Highlights (In US$ ‘000, except Volume and EPS) 2022 2023 % Change Volume (in TEU) 12,216,190 12,749,214 +4% Gross Revenues from Port Operations 2,242,992 2,388,326 +6% Cash Operating Expenses 612,115 662,704 +8% EBITDA 1,409,273 1,505,614 +7% EBITDA Margin 63% 63% Financing Charges
Slide 9: Recurring Net Income
Recurring Net Income (In US$ ‘000) 2022 2023 % Change Net Income Attributable to Equity Holders 618,465 511,530 -17% Non-recurring items: Add: Impairment of other non-financial assets 16,013 154,689 Add: Impairment of goodwill attributed to PICT - 10,615 Recurring Net Income attributable to Equity H
Slide 10: Volume and Revenue
Volume and Revenue Volume Gross Revenues (in ‘000 TEUs) (in US$ millions) 11,163 12,216 12,749 1,865 2,243 2,388 +4% +9% 2,525 +6% 2,657 -5% 20% +20% -0.01% 22% 2,658 490 468 +5% 20% 24% +10% 21% 3,654 3,429 +7% 29% 426 +2% 28% 23% 3,377 856 30% 760 36% 34% +13% 603 +26% 32% +7% +20% 6,571 6,130 5,1
Slide 11: Yield / TEU Analysis
Yield / TEU Analysis 2022 2023 % change Volume 12,216 12,749 +4% (TEUs ‘000) Revenues 2,193,155 2,322,856 +6% (US$ ‘000) Revenue / TEU 180 182 +1% (US$) 180 +10 -8 +1 182 Yield/TEU, Dec Organic and MNHPI Forex Yield/TEU, Dec 2022 Discontinued 2023 terminals Note: Yield per Ton excluding predominantl
Slide 12: Yield / Ton Analysis
Yield / Ton Analysis 2022 2023 % change Volume 8,201 9,028 +10% (Tons ‘000) Revenues 49,836 65,470 +31% (US$ ‘000) Revenue / Ton 6.1 7.3 +19% (US$) 6.1 +1.4 -0.2 7.3 Yield/Ton, Dec 2022 Organic Forex Yield/Ton, Dec 2023 Note: Yield per Ton includes predominantly non-containerized terminals [MHCPSI,
Slide 13: EBITDA and Free Cash Flow
EBITDA and Free Cash Flow EBITDA & EBITDA Margin Free Cash Flow (in US$ millions) (in US$ millions) 964 1,506 +8% +7% 1,409 889 63% 63% 2022 2023 2022 2023 13
Slide 14: Financing Charges
Financing Charges (In US$’ 000) 2022 2023 % Change Financing Charges 158,355 169,203 +7% ▪ Interest Expense on Loans/Bonds 104,138 116,733 +12% ▪ Perpetual Securities distribution 33,438 29,027 -13% ▪ Amortization of Debt Issue Cost 9,945 11,250 +13% ▪ Other expenses 10,834 12,192 +13% Average Outst
Slide 15: Capital Expenditure
Capital Expenditure 2023 Budget 2023 Actual 2024 Budget $52m $55m 13% $51m 12% 15% New $64m 14% US$400m US$336m US$450m Ongoing Carry-forward $271m 60% $60m $285m 13% $348m 85% 87% Expansionary Maintenance 2023A CAPEX mainly for: 2024B CAPEX mainly for: EXPANSIONARY: VICT, MICT, CMSA, ICTSNL, MICTSL
Slide 16: Liquidity and Capital Resources
Liquidity and Capital Resources
Slide 17: Balance Sheet Summary
Balance Sheet Summary Strong balance sheet with functional and reporting currency in USD Balance Sheet Highlights Debt Ratios (In US$ million) Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Total Assets 7,054 7,245 Gearing: Debt/SHE 1.43 1.14 Current Ratio: Total Liabilities 5,327 5,340 1.00 1.
Slide 18: Principal Redemption Profile
Principal Redemption Profile (In US$ million) As of December 31, 2023 Perp NC26 (2) 298 Perp NC24 (1) 400 400 290 300 274 264 48 38 65 66 20 21 21 22 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Relationship Banks Bonds Perp Proforma February 29, 2024 Perp NC26 (2) 298 624 Perp NC24 (1) 400 400
Slide 19: Summary
Summary Fundamental strategies continued to support strong financial performance and ensured business resilience Yield sustained above US$180 and hits all-time high US$186 in 4Q2023 EBITDA margin maintained above 60%; EBITDA hit record high for both the full year at US$1.51B and US$399M in 4Q2023 Ba
Slide 20: Questions and Answers
Questions and Answers
Slide 21: Appendix
Appendix
Slide 22: EESG: Year-in Highlights
EESG: Year-in Highlights ENVIRONMENT ECONOMY SOCIETY GOVERNANCE • ICTSI published its commitment towards • Economic contributions. ICTSI terminals • Sports. ICTSI has been backing athletes • Digital Governance. Digitization has been one of decarbonization, as it targets a 26% reduction in boost nati
Slide 23: 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 (2023 Revenue Breakdown by Currency) expenses are favourably 46% 54% PHP MICT 90% PHP 1% 9
Slide 24: Thank you!
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International Container Terminal Services — FY2023 Earnings Presentation on 6ix