Cosco Shipping Ports Limited · HKEX:1199
Cosco Shipping Ports — H1 2017 Earnings Presentation
18 slides from Cosco Shipping Ports's earnings presentation, Aug 29, 2017
Slide 1: COSCO SHIPPING Ports 1H2017 Results
COSCO SHIPPING Ports 1H2017 Results 1
Slide 2: 1H 2017 Results Highlights
1H 2017 Results Highlights 1H2017 1H2016 Total container throughput (TEU) 41.8mn 37.4mn + 11.8% • Excluded 2mths throughput of QPI in 1H17 and throughput of QQCT in 1H16 on a comparable basis Equity container throughput (TEU) 14.1mn 13.0mn +8.5% US$ mn Revenue 275.8 275.0 +0.3% • PCT’s cost of sales
Slide 3: Healthy Financial Position
Healthy Financial Position As of 30 Jun 2017 As of 31 Dec 2016 Debt (US$mn) Within 1 to 3 years 276.8 19.5% 515.4 34.3% Within 4 years or above 1,142.7 80.5% 987.6 65.7% 1,419.5 100% 1,503.0 100% Average cost of debt 3.24% 3.37% • Decrease in average cost of bank borrowings Cash on hand US$332.9mn U
Slide 4: Capex Plan
Capex Plan • With the 5- year target set, the Group will deploy its resources carefully to bring better returns for shareholders • The Group will continue to strengthen its leading position in the Greater China region, extend its global footprint and market share, optimize its terminal portfolio and
Slide 5: Operations Review – Equity Throughput by region
Operations Review – Equity Throughput by region • Pearl River Delta region achieved 11.5% growth in throughput backed by recovery of 4,000 3,799 1H2016 1H2017 international trade, and made up 26.9% in 1H17 vs 26.2% last year 3,439 3,500 • Throughput of Guangzhou South China 3,407 Oceangate and COSCO
Slide 6: Operations Review – performance vs the regions
Operations Review – performance vs the regions • Our growth in Bohai Rim and Southeast Coast & others in 1H2017 outperformed the major ports in the regions in terms of total throughput Total throughput 000’TEU COSCO SHIPPING Ports Total throughout of the region 1H2017 Change 1H2016 1H2017 Change% 1H
Slide 7: Operations Review – Terminals Net Profit by region
Operations Review – Terminals Net Profit by region • Profit from Pearl River Delta region dropped 1.1% as 45,000 1H2016 1H2017 Yantian’s 50% tax exemption expired in 2016. Profit 39,95639,506 from the region made up 34.9% of the total 40,000 (1H16:37.3%) 35,005 35,000 • Yangtze River Delta region ac
Slide 8: Progressing Towards 5-year Target - Total Assets
Progressing Towards 5-year Target - Total Assets Total Assets to grow 50% by 2021 • Total asset posted an increase of 9.9% as of 30 Jun 17 mainly driven by acquisitions • acquisition of 51% equity interest in Noatum, scheduled to complete in Oct 2017 will further strengthen assets values of the Grou
Slide 9: Progressing Towards 5-year Target - Equity Throughput
Progressing Towards 5-year Target - Equity Throughput Equity throughput to increase 60% by 2021 • Total equity throughput up 8.5% in 1H17, of which equity throughput achieved 5.0% organic growth in 1H17 • Added 5.1mn TEU throughput capacity in 1H17 by acquisitions, set a solid foundation for future
Slide 10: Overseas Portfolio – Globalization
Overseas Portfolio – Globalization Zeebrugge Terminal Euromax Terminal • 24% holding • 35% holding • Designed annual capacity: 1mn TEU • Designed annual capacity: 3.2mn TEU Vado Terminal Antwerp Terminal • 40% holding • 20% holding • Designed annual capacity: 1.2mn TEU • Designed annual capacity: 3.
Slide 11: Continue to Benefit from Ports Consolidation in China
Continue to benefit from Ports Consolidation in China • There will have more port consolidations in China to promote healthy competitions among ports and unlock hidden values, • Holds 19% of DCT after merger of DCT, DPCT, DICT • elevate investments in port level to capture growth potential • Enhance
Slide 12: Progressing Towards 5-year Target - Net Profit
Progressing Towards 5-year Target -Net Profit Net profit to grow 100% by 2021 • 1H17 adjusted profit increased by 6.9% to US$86m, after stripped off PAT from one-off gain from QPI, 2mths share profits from QPI in 1H17, and profits in relation to discontinued businesses and share profits from QQCT in
Slide 13: 2017 Guidance
2017 Guidance Industry Outlook • IMF expected global trade volume of goods and services would record a year-on-year growth of 4.0% in 2017, up 1.7 percentage points from 2016’s 2.3% Business Outlook • 2H17 will better reflect the synergies with the Group’s parent company and OCEAN Alliance • Oversea
Slide 14: Disclaimer
Disclaimer THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO AND DOES NOT CONSTITUTE ANY OFFER OR INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT OF ANY OFFER FOR SUBSCRIPTION, PURHCASE OR SALE OF ANY SECURITIES, NOR SHALL ANY PART OF THIS DOCUMENT FORM THE BASIS OF OR BE RE
Slide 15: Appendix 1: Total throughput by region
Appendix 1: Total throughput by region 000 TEU 1H2016 % of total 1H2017 % of total YoY Bohai Rim 7,432 19.9% 7,630 18.2% 2.7% Dalian Port 1,225 3.3% 1,486 3.6% 21.4% Dalian International 1,661 4.4% 1,651 4.0% -0.6% Dalian Dagang 8 0.0% 11 0.0% 40.2% Tianjin Port Euroasia 1,126 3.0% 1,200 2.9% 6.6% T
Slide 16: Appendix 2: Equity throughput by region
Appendix 2: Equity throughput by region 000 TEU 1H2016 % of total 1H2017 % of total YoY Bohai Rim 2,539 19.5% 2,556 18.1% 0.7% Dalian Port 245 1.9% 297 2.1% 21.4% Dalian International 664 5.1% 660 4.7% -0.6% Dalian Dagang 3 0.0% 4 0.0% 40.1% Tianjin Port Euroasia 338 2.6% 360 2.5% 6.6% Tianjin Five
Slide 17: Top 10 Profit Contributors
Top 10 Profit Contributors US$' 000 1H2016 % of total 1H2017 % of total YoY 1 Yantian International 22,173 20.7% 20,995 18.5% -5.3% 2 Shanghai Pudong 10,245 9.6% 11,265 10.0% 10.0% 3 *Piraeus Container Terminal 17,903 16.7% 10,845 9.6% -39.4% 4 Shanghai Mingdong 9,386 8.8% 10,125 8.9% 7.9% 5 *GZ Sou
Slide 18: Thank You
THANK YOU 謝謝 全球港口運營商 © COSCO SHIPPING PORTS 2017 股份代碼：1199 HK 18