Sitc International Holdings Co., Ltd. · HKEX:1308
Sitc International — FY2023 Earnings Presentation
23 slides from Sitc International's earnings presentation, March 2024
Slide 1: SITC International Holdings Company Limited
SITC International Holdings Company Limited (Stock Code: HK1308) March 2024
Slide 2: Disclaimer
Disclaimer This document does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of SITC International Holdings Company Limited (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form
Slide 3: Agenda
Agenda 1 2023 Highlights 2 Operational Review 3 Financial Overview 4 Company Overview 3
Slide 4: 1. 2023 Highlights
SITC 1. 2023 Highlights
Slide 5: 2023 Highlights
2023 Highlights We continued to perform well in 2023 and recorded a net profit of US$536 million, which represented a YoY decrease of 72.5%. 2023 2022 Variance Container shipping volume (TEU) 3,224,498 3,261,939 -1.1% Revenue (US$ m) 2,429.0 4,113.0 -40.9% Gross profit (US$ m) 623.0 1,979.1 -68.5% N
Slide 6: Development of the Company in 2023
Development of the Company in 2023 Business development ： SITC continues to extend the regional routes in Asia. The Accolades： number of self-owned vessels reached 97, the operating fleet reached 103, the self-owned container fleet added 12 new ships, SITC receives multiple excellent ranking
Slide 7: 2. Operational Review
SITC 2. Operational Review
Slide 8: Operational Review
Operational Review Our revenue decreased by 40.9% in 2023 compared to 2022, and gross profit margin decreased from 48.1% in 2022 to 25.7% in 2023. Revenue Gross Profit and Gross Profit Margin (US$ Million) (US$ Million) GPM 48.1% 43.8% 4113 302.2 1979.1 25.7% 76.5 3012.4 308.6 1319.4 78.6 2429.0 231
Slide 9: Operational Review
Operational Review Container Shipping Volume and Avg. Freight Rate Revenue Container Shipping Vol. Average Freight Rate (US$ Million) Others Container shipping and supporting logistics ( TEU Million) (US$/TEU) 4113 1099.6 302.2 826.9 3012.4 623.3 308.6 2429 231.5 3,810.8 2,703.8 3.26 2,197.5 3.22 3.
Slide 10: Container Shipping and Logistics: Fleet
Container Shipping and Logistics: Fleet Capacity Vessel Quantity (Owned v.s. Chartered） (TEU) 162,701 162,851 108 103 143,115 7,138 96 103 vessels 26,519 24 6 39,452 28 Fleet Age： 7.9 years 136,182 155,713 97 Self-owned： 84 103,663 68 7.6 years 2021 2022 2023 2021 2022 2023 Owned Chartered Own
Slide 11: 3. Financial Overview
SITC 3. Financial Overview 11
Slide 12: Profitability Analysis
Profitability Analysis Revenue Net Profit and Net Profit Margin (US$ million) (US$ million) NPM 47.4% 38.7% 4,113.0 22.1% 3,012.4 1949.8 2,429.0 1167.2 536.2 2021 2022 2023 2021 2022 2023 12
Slide 13: Return Analysis
Return Analysis ROE ROA 105.9% 67.2% 86.1% 49.1% 26.2% 18.7% 2021 2022 2023 2021 2022 2023 13
Slide 14: Credit Overview
Credit Overview Interest-Bearing Bank Borrowings(1）/ EBITDA(1) Interest Coverage(1) (x) EBITDA / Interest Expense (x) 0.25 0.23 122.1 0.13 2021 2022 2023 85.0 Total Liabilities / Shareholders’ Equity(1) (x) 0.79 39.0 0.42 0.37 2021 2022 2023 2021 2022 2023 Note： (1) Extracted/calculated based on the
Slide 15: Cash Flow Overview
Cash Flow Overview Capex Trade Receivable Days (US$ Million) Vessels Logistics and Others (day) 488.2 47.4 348.9 13.4 13.1 11.8 79.9 189.1 440.8 17.6 269.0 171.5 2021 2022 2023 2021 2022 2023 Dividends and Payout Ratio Trade Payable Days (US$ Million) Payout (day) 95% Ratio 70% 70% 38.2 36.9 35.0 1,
Slide 16: Income Statement Summary
Income Statement Summary US$’000 2023 2022 Variance Revenue 2,428,905 4,112,955 -40.9% Cost of Sales (1,805,926) (2,133,873) -15.4% Gross Profit 623,034 1,979,082 -68.5% Other Income and Gains,net 69,465 160,319 -56.7% Administrative Expenses (136,047) (165,651) -18.0% Other Expenses,net (4,085) (5,
Slide 17: Balance Sheet Summary
Balance Sheet Summary US$’000 Dec 31, 2023 Jan 1, 2023 Variance Cash and cash equivalents 416,323 981,531 -57.6% Trade receivables 113,333 139,051 -18.5% Property, plant, equipment & their 1,732,685 1,508,369 14.9% prepayments Right of use asset 215,463 262,923 -18.1% Investment in JV and Associates
Slide 18: 4. Company Overview
SITC 4. Company Overview 18
Slide 19: Our Corporate Milestones
Our Corporate Milestones SITC gained its leading market position within a short period of 30 years since its establishment in 1991. 2022 Marched in India Market Opened new routes to West Malaysia and 2021 Myanmar 2020 Marched in Bangladesh Market 2015 Entered the Fortune 500 of China 2014
Slide 20: Our Business
Our Business We are a leading Intra-Asia shipping logistics company ,providing integrated transportation and logistics solutions Freight forwarding Ship agency Container shipping Depot and Warehousing Trucking 4th 13th Top 4 Container Ranked 13 among the global shipping Company in container shipping
Slide 21: Container Shipping and Logistics: Network
Container Shipping and Logistics: Network Our high-frequency, high-density business model and constantly expanding logistics network effectively meet our customer’s needs and positions us well to benefit from intra-Asia trade and volume growth Our Shipping and Logistics Network High Density – Own
Slide 22: Single-Typed, Flexible Fleet Drives Our Network Driven Model
Single-Typed, Flexible Fleet Drives Our Network Driven Model Uniformed fleet tailored for regional markets improves our flexibility and lowers the vessel costs, which is fundamental to our network driven model. 79 of 103 Vessels are smaller than 2,000 TEU Small vessel best suits our business model
Slide 23: Business Strategy
Business Strategy 1 Business Model Mainly focus on the Asia market and provide our clients with high efficiency and high quality logistic service, to become the preferred choice for clients. 2 Pattern of Development On the basis of self-operation and asset-light model, establishing logistic chan
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