International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — 2Q 2024 Earnings Presentation
24 slides from International Container Terminal Services's earnings presentation, Aug 12, 2024
Slide 1: 2Q 2024 Investors' Briefing
2Q 2024 Investors’ Briefing August 12, 2024
Slide 2: Consolidated Financial & Operational Highlights
Consolidated Financial & Operational Highlights 2Q 2024 +2% +14% +15% +20% +32% +24% 66% +35% VOLUME YIELD (1) REVENUE EBITDA NET INCOME (2) RECURRING NI (3) EBITDA MARGIN DILUTED EPS 1H 2024 +1% +13% +13% +19% +34% +24% 65% +36% ▪ Strong first half performance, underpinned by international and O&D
Slide 3: Yearly and Quarterly Results
Yearly and Quarterly Results 1Q 2Q 3Q 4Q 1Q 2Q FY2020 FY2021 FY2022 FY2023 (In US$ million except Volume, 2023 2023 2023 2023 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 Gross Revenues 1,506 1,865 2,243 2,388 572 593 595 628 6
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 2Q 2023 2Q 2024 % Change (In US$ 000, 1H 2023 1H 2024 % Change except Volume and EPS) 3,173,732 3,222,044 +2% Volume (in TEU) 6,275,837 6,312,163 +1% Gross Revenues from 592,726 684,025 +15% 1,164,972 1,321,673 +13% Port Operations 162,716 176,956 +9% Cash Operating Expen
Slide 7: Recurring Net Income
Recurring Net Income 1H 2023 1H 2024 % Change (In US$ ‘000) Net Income Attributable to Equity Holders 313,797 420,551 +34% 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 First Half Second Quarter (in ‘000 TEUs) (in ‘000 TEUs) 5,753 6,276 6,312 2,920 3,174 3,222 +1% +9% +2% +9% 653 607 1,300 1,162 -7% 19% -11% 18% 674 -3% 21% -3% 21% 1,345 23% 23% 830 908 26% 1,688 869 +4% 29% -9% 1,743 27% 30% 28% -3% 1,700 +3% 30% +17% +11% 1,785 1,613 1,376 51%
Slide 9: Consolidated Revenues
Consolidated Revenues First Half Second Quarter (in US$ millions) (in US$ ‘millions) 1,063 1,165 1,322 535 593 684 +13% +15% 245 +11% 129 +10% 19% 19% +6% 0% 122 245 114 +7% 21% +7% 21% 229 21% 277 22% 41% 213 +30% 539 183 +16% 36% 388 +39% 41% 34% 367 33% +6% 34% +9% +7% 238 258 278 44% 41% 44% +1%
Slide 10: Revenue / TEU Analysis
Revenue / TEU Analysis 2Q 2Q % 1H 1H % 2023 2024 change 2023 2024 change 3,174 3,222 +2% Volume 6,276 6,312 +1% (TEUs ‘000) 574,542 664,499 +16% Revenues 1,130,413 1,285,479 +14% (US$ ‘000) 181 206 +14% Revenue / TEU 180 204 +13% (US$) 181 +29 -4 206 180 +25 -1 204 Revenue/TEU, Organic and Forex Rev
Slide 11: Revenue / Ton Analysis
Revenue / Ton Analysis 2Q 2Q % 1H 1H % 2023 2024 change 2023 2024 change 2,404 2,589 +8% Volume 4,599 4,820 +5% (Tons ‘000) 18,184 19,526 +7% Revenues 34,559 36,194 +5% (US$ ‘000) 7.56 7.54 -0.3% Revenue / Ton 7.51 7.51 - (US$) 7.56 +0.20 -0.22 7.54 7.51 +0.15 -0.15 7.51 Revenue/Ton, Organic Forex R
Slide 12: EBITDA and Free Cash Flow
EBITDA EBITDA and and Free Cash Cash Flow Flow EBITDA & EBITDA Margin Free Cash Flow (in US$ millions) (in US$ millions) +19% 865 729 65% +24% 602 63% 484 1H 2023 1H 2024 1H 2023 1H 2024 12
Slide 13: Capital Expenditure
Capital Expenditure 2024 Budget 1H 2024 Actual $55m 2024B CAPEX mainly for 12% facility expansions at: $21m 11% ▪ CMSA New $64m New ▪ MICT $26m Ongoing 14% 14% $78m ▪ IDRC US$450m US$186m 42% Ongoing 41% ▪ MICTSL $271m Carry-forward 60% Carry-forward ▪ EJMT $60m $60m 33% ▪ VCT 13% ▪ ICTSI Rio Expans
Slide 14: Liquidity and Capital Resources
Liquidity and Capital Resources
Slide 15: Balance Sheet Summary
Balance Sheet Summary Strong balance sheet with functional and reporting currency in USD Balance Sheet Highlights Debt Ratios (In US$ million) Dec 31, 2023 June 30, 2024 Dec 31, 2023 June 30, 2024 Total Assets 7,245 7,309 Gearing: Debt/SHE 1.14 1.70 Current Ratio: Total Liabilities 5,340 5,775 1.69
Slide 16: Principal Redemption Profile
Principal Redemption Profile As of June 30, 2024 (In US$ million) Relationship Banks Bonds Perp Perp NC26* 298 629 400 400 300 273 109 109 21 44 20 20 21 21 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Note: *Callable in 2026 with rate reset and 250–bp step–up in 2026 16
Slide 17: Cost of External Funding
Cost of External Funding 1H 2023 1H 2024 % Change (In US$’ 000) Financing Charges 88,031 91,965 +4% ▪ Interest Expense on Loans/Bonds 58,362 65,640 +12% ▪ Perpetual Securities distribution 14,436 12,355 -14% ▪ Amortization of Debt Issue Cost 7,535 7,335 -3% ▪ DST/WHT 7,698 6,635 -14% FY 2023 1H 2023
Slide 18: Summary
Summary Revenue and Yield at record levels supported by yield enhancing initiatives across our international portfolio EBITDA, EBITDA Margin and Net Income improved to new highs Balance Sheet and cash generation remain robust Confident in growth outlook 18
Slide 19: Questions and Answers
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Slide 20: Appendices
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Slide 21: Proactive FX Risk Management
Proactive FX Risk Management Revenue Currency by Subsidiary Cash Expense Currency by Subsidiary Revenues from Port Operations ICTSI’s revenue and cash USD EUR Local Currency Subsidiaries Local Currency EUR USD (1H 2024 Revenue Breakdown by Currency) expenses are favourably 50% 50% PHP MICT 89% PHP 1
Slide 22: Yield per TEU and EBITDA Margin Evolution
Yield per TEU and EBITDA Margin Evolution Yield per TEU Evolution* In US$ 180.12 +18.95 +5.72 -1.15 203.65 Revenue/TEU, Organic terminals New and Discontinued terminals Forex Revenue/TEU, June 2023 (1H) June 2024 (1H) Note: Revenue per Ton excluding predominantly non-containerized terminals [MMT, KM
Slide 23: 1H 2024 Sustainability Updates
1H 2024 Sustainability 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 Phi
Slide 24: Thank you!
~ Thank you! ——
International Container Terminal Services — 2Q 2024 Earnings Presentation on 6ix