COVER SHEET I N T E R N A T I O N A L C O N T A I N E R T E R M I N A L S E R V I C E S, I N C. A N D S U B S I D I A R I E S. (Company s Full Name)

Size: px

Start display at page:

Download "COVER SHEET I N T E R N A T I O N A L C O N T A I N E R T E R M I N A L S E R V I C E S, I N C. A N D S U B S I D I A R I E S. (Company s Full Name)"

Melvyn Austin
6 years ago
Views:

1 P Thursday COVER SHEET SEC Registration Number I N T E R N A T I O N A L C O N T A I N E R T E R M I N A L S E R V I C E S, I N C. A N D S U B S I D I A R I E S (Company s Full Name) I C T S I A d m i n i s t r a t i o n B u i l d i n g M I C T S o u t h A c c e s s R o a d, M a n i l a A (Business Address: No. Street City/Town/Province) Jose Joel M. Sebastian (+632) (Contact Person) (Company Telephone Number) S E C 17 C 0 4 Every 3P rd Month Day (Form Type) Month Day (Fiscal Year) (Annual Meeting) N/A (Secondary License Type, If Applicable) Dept. Requiring this Doc. N/A Amended Articles Number/Section 1,581 as of June 30, 2012 Total Amount of Borrowings (as of June 30, 2012) US$99.8M US$515.7M Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes.

2 Securities and Exchange Commission Current Report Under Section 17 of the Securities Regulation Code ( SRC ) and SRC Rule 17.2 (c) Thereunder SEC FORM 17-C August 2012 Date of Report 2. SEC Identification Number: BIR Tax Identification No.: International Container Terminal Services, Inc. Name of issuer as specified in the charter 5. Philippines Country of Incorporation 7. ICTSI Administration Building, MICT South Access Road, Manila 1012 Address of Principal Office 8. +(632) Registrant s Telephone Number 9. Not Applicable Former name or former address 6. (SEC Use Only) Industry Classification Code: 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Titles of Each Class Number of Shares Outstanding and Amount of Debt Outstanding Common shares 1,942,297,860 (Reported by the stock transfer agent as of June 30, 2012) 11. Item number reported herein: Item 9 - Other Events ICTSI 1H 2012 Net Income Up 17% to US$70.3 million International Container Terminal Services, Inc. (ICTSI) reported consolidated unaudited financial results for the six months ended June 30, 2012 posting first half revenues from port operations of US$345.0 million, eight percent higher than the US$319.1 million reported last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$149.1 million, four percent more than the US$143.3 million generated in 2011, and first half net income attributable to equity holders of US$70.3 million, up 17 percent over the US$60.0 million earned last year. The higher net income attributable to equity holders for the first semester was mainly due to the modest growth in volume and revenues in all three geographic segments, and lower financing charges. Earnings per share for the period was slightly lower at US$0.030 from US$0.031 in 2011 due to the effect of the distributions on the additional US$150.0 million and the initial US$200.0 million subordinated perpetual capital securities issued in January 2012 and May 2011, respectively.

3 For the quarter ending June 30, 2012, revenue from port operations increased four percent from US$164.2 million to US$171.2 million. EBITDA was flat at US$72.3 million from US$72.1 million and net income attributable to equity holders grew 11 percent from US$31.5 million to US$34.9 million. Earnings per share for the quarter declined from US$0.016 in 2011 to US$0.015 due to the effect of the distributions on the additional US$150.0 million and the initial US$200.0 million subordinated perpetual capital securities issued in January 2012 and May 2011, respectively. ICTSI handled consolidated volume of 2,697,735 twenty-foot equivalent units (TEUs) in the first half of 2012, nine percent more than the 2,483,977 handled in the same period in The increase in volume was mainly due to the continued growth in international trade where the Group s terminals are located, new shipping line routes and customers, continuous containerization of break bulk cargoes, and the full period contribution of the Company s new container terminals in Portland, Oregon, USA and Rijeka, Croatia. Excluding the volume from the two latest container terminal acquisitions, organic volume growth was at seven percent. Volume from the Group s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 percent of the Group s consolidated volume for the first half of 2012, increased nine percent from 1,840,887 TEUs to 2,002,780 TEUs. For the quarter ending June 30, 2012, total consolidated throughput was four percent higher at 1,359,419 TEUs compared to 1,312,008 TEUs in Gross revenues from port operations for the first six months of 2012 increased eight percent to US$345.0 million from the US$319.1 million reported in the same period in The increase in revenues for the first half of 2012 was mainly due to the volume growth on all geographic segments, higher storage revenues and ancillary services, favorable volume mix, tariff increases at key terminals and the full period contributions of the terminals in Portland, Oregon USA and Rijeka, Croatia. Excluding the revenues from the newly acquired terminals, organic revenue growth was at six percent. Revenue contribution from the Group s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 84 percent of the Group s consolidated revenues for the first half of 2012, increased six percent from US$274.0 million to US$290.4 million. For the quarter ending June 30, 2012, revenues were at US$171.2 million, four percent greater than the US$164.2 million generated in Total consolidated cash operating expenses for the first six months of 2012 grew 11 percent to US$149.1 million from US$134.2 million in the same period in The increase was mainly driven by higher volume-related expenses (i.e. fuel, power and repairs and maintenance), governmentmandated and contracted salary rate increases in certain terminals, higher concession fees in the Company s operations in Recife, Brazil, and the consolidation of full period expenses of the terminals

4 in Portland, Oregon and Rijeka, Croatia. Excluding the cash operating expenses of the new terminals, total cash operating expenses would have increased by only seven percent. Consolidated EBITDA for the first half of 2012 increased four percent to US$149.1 million from US$143.3 million in 2011 mainly due to the higher volume, stronger revenues from storage and ancillary services and tariff rate increases in some key terminals. Consolidated EBITDA margin, however, declined in the first half of 2012 by two percentage points to 43 percent from 45 percent in the same period in 2011 mainly due to the government mandated and contracted salary rate increases in certain terminals, higher concession fees in the operations in Recife, Brazil, and the drag from the new terminals in Portland, Oregon and Rijeka, Croatia. For the first six months of 2012, consolidated financing charges and other expenses declined by 32 percent to US$16.2 million compared to the previous year¹s US$24.0 million. The lower consolidated financing charges and other expenses was primarily a result of higher capitalized borrowing cost as the Company continued to expand existing terminals in Manila and Ecuador as well as develop new projects in Mexico and Argentina. ICTSI s capital expenditure in the first six months of 2012 amounted to US$191.0 million against a full year capital expenditure budget of US$550 million. The capital expenditure in the first semester was mainly attributed to the construction of a new berth, additional yard space and acquisition of major cargo handling equipment in the Company s container terminal in Manila, capacity expansions in its operations in Ecuador and Brazil, and development of new container terminals in Argentina and Mexico. ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range. ICTSI has an experience record that spans four continents and continues to pursue container terminal opportunities around the world.

COVER SHEET I N T E R N A T I O N A L C O N T A I N E R T E R M I N A L S E R V I C E S, I N C. A N D S U B S I D I A R I E S. (Company s Full Name)

COVER SHEET I N T E R N A T I O N A L C O N T A I N E R T E R M I N A L S E R V I C E S, I N C. A N D S U B S I D I A R I E S. (Company s Full Name) P Thursday COVER SHEET 1 4 7 2 1 2 SEC Registration Number I N T E R N A T I O N A L C O N T A I N E R T E R M I N A L S E R V I C E S, I N C. A N D S U B S I D I A R I E S (Company s Full Name) I C T