International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — Q1 2021 Earnings Presentation
26 slides from International Container Terminal Services's earnings presentation, May 6, 2021
Slide 1: 1Q 2021 Investors' Briefing
1Q 2021 Investors’ Briefing May 6, 2021
Slide 2: Highlights: Financial and Operational Performance
Highlights Financial and Operational Performance Net income attributable to Volume Revenues EBITDA equity holders +8% +16% +25% +51% EBITDA Margin 61% ▪ Rapid management actions during the last year protected financial resilience ▪ Strong operational performance across Asia, the Americas and EMEA ▪
Slide 3: Agenda
Agenda 01 Recent Financial Performance 02 Liquidity and Capital Resources 03 Other Matters 04 Questions and Answers
Slide 4: Recent Financial Performance
01 Recent Financial Performance
Slide 5: Volume and Revenue
Volume and Revenue Volume Revenue (in TEUs) (in US$ ‘000) 2,478,672 2,508,986 2,707,791 383,784 375,776 435,586 -2% 16% 1% 8% 100,955 (23%) 650,012 (24%) +0.2% +13% +7% 574,633 (23%) 613,936 (24%) +6% 89,022 (23%) 89,186 (24%) +8% +23% 148,106 (34%) +6% +11% 872,762 (32%) 745,615 (30%) 112,015 (29%)
Slide 6: Consolidated P&L Highlights
Consolidated P&L Highlights (In US$ 000, except Volume and EPS) 1Q 2020 1Q 2021 % Change Volume higher by 8% primarily due to improvement in trade activities as economies recover from the impact of the Volume (in TEU) 2,508,986 2,707, 791 +8% pandemic; and new shipping lines and services at the Comp
Slide 7: MNHPI (Northport) – Manila, Philippines
MNHPI (Northport) – Manila, Philippines Location North Harbor, Manila, Philippines Capacity 2,200,000 TEUs MNHPI, a 50%-owned joint venture of ICTSI acquired in October 2017 and April 2019, has a concession contract with the PPA for the development, Concession Period management, operation and mainte
Slide 8: VICT – Melbourne, Australia
VICT – Melbourne, Australia Location Melbourne, Australia Capacity 1,000,000 TEUs VICT signed a contract with the Port of Melbourne Corporation on May 2014 for a period of 26 years or Concession Period until June 2040 VICT started commercial operation in 2Q 2017. The terminal has a berth of 660m and
Slide 9: Financing Charges & Other Expenses
Financing Charges & Other Expenses 1Q 2020 1Q 2021 % Change (In US$’ 000) Financing Charges & Other Expenses 33,182 34,025 +3% Increased primarily due to the issuance of 10yr US$400M senior notes in June 2020. ▪ Interest Expense on Loans/Bonds 24,711 26,602 +8% ▪ Capitalized Borrowing Cost - (167) -
Slide 10: Proactive FX Risk Management
Proactive FX Risk Management ICTSI’s revenue and cash expenses are favourably matched, which provides a natural currency hedge that mitigates against volatility attributable to FX movements Revenue Currency by Subsidiary Cash Expense Currency by Subsidiary US$ Revenues from Port Operations (1Q 2021
Slide 11: FX Movement
FX Movement May-18 May-19 May-20 Dec-19 Aug-18 Sep-18 Nov-18 Dec-18 Aug-19 Sep-19 Nov-19 Aug-20 Sep-20 Nov-20 Dec-20 Feb-18 Mar-18 Feb-19 Mar-19 Feb-20 Mar-20 Feb-21 Mar-21 Jan-18 Jun-18 Jan-19 Jun-19 Jan-20 Jun-20 Jan-21 Oct-18 Apr-18 Apr-19 Oct-19 Apr-20 Oct-20 Jul-20 Jul-18 Jul-19 90 110 130 150
Slide 12: Yield/TEU and EBITDA Margin
Yield/TEU and EBITDA Margin Yield/TEU Evolution 170 160 2.75 0.10 10.32 150 140 160.86 147.69 130 120 Yield/TEU Organic New Terminals Forex Yield/TEU Dec 2020 Mar 2021 EBITDA Margin Evolution 62% 0.34% 0.21% 60% 2.68% 58% 60.79% 58.24% 56% EBITDA Margin % Organic New Terminals Forex EBITDA Margin %
Slide 13: Yield/TEU Analysis
Yield/TEU Analysis % 1Q 2020 1Q 2021 change Volume (TEU ‘000) 2,509 2,708 +8% Revenues (US$ million) 376 436 +16% Yield/TEU (US$) 150 161 +7% EBITDA (US$ millions) 212 265 +25% EBITDA Margin 56% 61% FX due to favorable foreign exchange effect of +2 AUD, PHP and EUR partially tapered by unfavorable f
Slide 14: Liquidity and Capital Resources
02 Liquidity and Capital Resources
Slide 15: Balance Sheet Summary
Balance Sheet Summary Financial Ratios (In US$ millions) Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Intangible and Property and Equipment 3,457 3,401 Gearing: Debt/SHE 0.95 1.19 Current Ratio: Rights-of-use assets 612 592 Current Assets/Current Liabilities 1.98 1.35 Cash and Cash Equivalent
Slide 16: Principal Redemption Profile
Principal Redemption Profile As of March 31, 2021 (US$ millions) Perp NC26 (4) Perp NC22 (3) 300 Perp NC24 (2) 400 394 375 400 Perp NC21 (1) 400 290 198 87 104 26 29 22 7 6 4 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Relationship Banks Bonds Perp Notes: (1) Callable in 2021 with rate reset a
Slide 17: Capital Expenditures
Capital Expenditures (In US$ millions) 2020B 2020A 2021B $7m $54m 3% $1m $35m $57m 20% $23m 1% 18% 23% 14% $24m US$270m US$160m 12% US$199m US$250m $139m $210m 70% 77% $136m $193m 85% 77% ORIGINAL REVISED 2020B CAPEX mainly for: 2021 CAPEX mainly for: EXPANSIONARY: Manila, Mexico, Ecuador & DR Congo
Slide 18: Other Matters
03 Other Matters
Slide 19: Recent Events
Recent Events ICTSI declared a regular cash dividend in the amount of Php2.37 per share which was paid on April 12, 2021 2021 March ICTSI signs Lease Agreement with the Nigerian Port Authority for the development and operation of a multipurpose terminal in the Port of Onne in Rivers State, Nigeria N
Slide 20: ICTSI NL – Onne, Nigeria
ICTSI NL – Onne, Nigeria Location Onne Port, Eastern Nigeria Capacity 350,000 TEUs ; 1.5 million tons (Full built-out capacity) ICTSI subsidiary, International Container Terminal Services Nigeria Ltd. (ICTSNL), signed a Lease Agreement with the Nigerian Port Authority for the Concession Period devel
Slide 21: ESG Initiatives
ESG Initiatives • In the Philippines, ICTSI and Bloomberry spearheads in what is, to date, the largest combined National Government, Local Government, and private sector vaccination procurement program for the Moderna mRNA vaccines, deliveries of which will begin in June this year. This effort will
Slide 22: ICTSI Sustainability Reports
ICTSI Sustainability Reports OUR SUSTAINABILITY REPORTING JOURNEY Edition Covered 2017 2018 2019 2020 Published 2018 2019 2020 2021 • Selected metrics: Group-wide Coverage: • Selected metrics: Group-wide • Selected metrics: Group-wide • Selected metrics: Group-wide • For performance in Environment,
Slide 23: Conclusion and Outlook
Conclusion and Outlook ▪ Strong start to the financial year ▪ Positive momentum across our international portfolio, as economies slowly recover from the impact of the pandemic ▪ Global vaccination programmes contributing to an improving backdrop for investment and continued strong trading ▪ Well-pos
Slide 24: Conclusion and Outlook: Reaping the benefits of cost optimization measures
Conclusion and Outlook Reaping the benefits of cost optimization measures Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (In US$ million except Volume, Yield per TEU & EBITDA margin) 2018* 2018* 2018* 2018* 2019 2019 2019 2019 2020 2020 2020 2020 2021 Volume (in TEU ‘000) 2,326 2,389 2,438 2,584 2,479 2,563
Slide 25: Questions and Answers
04 Questions and Answers
Slide 26: Thank you!
International Container Terminal Services, Inc. wom J thank you!
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