Docstoc

3Q 2009 Investor Presentation -

Document Sample
3Q 2009 Investor Presentation - Powered By Docstoc
					Investor Presentation
   3Q 2009 Results
    November 2009
AGENDA



         Company and Industry Overview

         Recent Financial Performance

         Liquidity and Capital Resources

         Outlook

         Questions & Answers

         Appendices
Company and Industry Overview
Company Overview

   Founded in 1987 to acquire the Manila International Container Terminal
   (MICT) from the Philippine government in a competitive privatization
   tender

   Unique strategy focused on acquiring underperforming small and mid-
   sized terminals, mostly in government privatizations

   Highly successful international expansion and acquisition strategy
      ICTSI now manages / operates 18 terminals in 13 countries
      Majority of earnings from outside the Philippines


   Founder (Enrique K. Razon, Jr.) retains 51% stake and actively manages
   the company


                                                                            4
Ownership Structure

                                                                             ICTSI Warehousing,
                             Other directors and
                                                                                 Inc., 1.74%
                               officers, 1.22%




                                                                                                  Public (net),
                                                                                                   46.30%



    Enrique Razon Jr.,
         50.74%




                                                                           Number of Outstanding S hares          =   1,923,935,360
                                                                           Number of Listed S hares               =   1,992,066,860
                                                                           Number of Foreign-Owned S hares        =    713,705,561
                                                                           Foreign Ownership Lev el (%)           =         35.83%
                                                                           Foreign Ownership Limit (%)            =         40.00%
 Note: Estimates as of Sept. 30, 2009. Based on total outstanding shares

                                                                                                                                      5
ICTSI Milestones

                                                                                                                                                                                  Secondary Offering



                                                                                                                                                                          Syria        Subic-NCT        Misamis Oriental

                          50
                                                                                                                                                                         Davao              China            Argentina
                                                                                                                                   Sale of IIHC
                                                       PSE Listing
ICTSI share price (PhP)




                          43                                                                                                                                            Indonesia          Ecuador


                                                                                                                     Subic-NSD            Brazil                         Japan         Colombia
                          36

                                                                                                               South Cotabato                                     Madagascar               Georgia
                          29
                                   Manila                                                                   Batangas                                     Poland                                                 Brunei

                          22

                                                                                  Mexico        Saudi Arabia                  Tanzania
                          15
                                                                      Argentina            Pakistan         Mexico           Thailand
                           8


                           0

                                 '88    '89   90     '91   '92       '93   '94       '95      '96     '97      '98     '99      '00      '01       '02    '03     '04       '05      '06      '07      '08     '09

                                                                                                          Asian                          EDSA II                                                      Global
                                                                                                        Financial                                                                                    Financial
                                                                                                                                        Tech bubble
                                                                                                          Crisis                           burst                                                       Crisis


                               Source: Bloomberg (ICTSI Stock Price)
                                                                                                                                                                                                                         6
Diversified Global Operations




             SPIA
     Buenaventura, Colombia




                                 TECPLATA
                              La Plata, Argentina




                                                    7
Terminal Details


                                                   Major terminals

     MICT
     MICT                 TSSA
                          TSSA                 BCT
                                               BCT                  MICTSL
                                                                    MICTSL                 YRDICT
                                                                                           YRDICT                    CGSA
                                                                                                                     CGSA
Manila, Philippines
Manila, Philippines     Suape, Brazil
                        Suape, Brazil      Gdynia, Poland
                                           Gdynia, Poland      Toamasina, Madagascar
                                                               Toamasina, Madagascar      Yantai, China
                                                                                          Yantai, China        Guayaquil, Ecuador
                                                                                                               Guayaquil, Ecuador
  100% owned
  100% owned            100% owned
                         100% owned         100% owned
                                            100% owned             100% owned
                                                                   100% owned              60% owned
                                                                                           60% owned              100% owned
                                                                                                                  100% owned




                      Other terminals                                                  New terminals

   Other Philippine operations:                   MTS
                                                  MTS                  TICT
                                                                       TICT                 BICT
                                                                                            BICT                 NMCTS
                                                                                                                 NMCTS
   Other Philippine operations:
                                            Makassar, Indonesia
                                            Makassar, Indonesia     Tartous, Syria      Batumi, Georgia
                                                                                        Batumi, Georgia        Muara, Brunei
                                                                    Tartous, Syria                             Muara, Brunei
 DIPSSCOR -- Davao (97% owned)
 DIPSSCOR Davao (97% owned)                    95% owned
                                                95% owned            100% owned
                                                                     100% owned          100% owned
                                                                                          100% owned           100% owned
                                                                                                                100% owned
 SBITC -- Subic Bay (71% owned)
 SBITC Subic Bay (71% owned)
 BIPI -- Batangas (60% owned)
 BIPI Batangas (60% owned)
                                                 NICTI
                                                 NICTI
 SCIPSI -- General Santos (50% owned)
 SCIPSI General Santos (50% owned)                                                   Under Development
                                              Okinawa, Japan
                                              Okinawa, Japan
 MICTSI -- Misamis Oriental (100% owned)
 MICTSI Misamis Oriental (100% owned)          60% owned
                                                60% owned

                                                                                SPIA
                                                                                SPIA                TECPLATA
                                                                                                    TECPLATA
                                                                       Buenaventura, Colombia
                                                                       Buenaventura, Colombia      La Plata, Argentina
                                                                                                   La Plata, Argentina




                                                                                                                                8
Evolution of Capacity

   Handling Capacity (in TEUs)


                                    2004              2005    2006        2007        2008       2009E       2010E
  MICT (Philippines)              1,600,000      1,600,000   1,600,000   1,600,000   1,600,000   1,900,000   2,400,000
  TSSA (Brazil)                     200,000        200,000     400,000     400,000     400,000     400,000     600,000
  BCT (Poland)                      400,000        400,000     700,000     700,000     700,000     700,000     700,000
  MICTSL (Madagascar)                    -         120,000     120,000     180,000     220,000     220,000     220,000
  PTMTS (Indonesia)                      -              -      200,000     200,000     200,000     250,000     250,000
  YRDICTL (China)                        -              -           -    1,000,000   1,000,000   1,000,000   1,000,000
  CGSA (Ecuador)                         -              -           -      600,000     600,000     900,000     900,000
  TICT (Syria)                           -              -           -      150,000     200,000     250,000     250,000
  BICT (Georgia)                         -              -           -           -      150,000     150,000     150,000
  NMCTS (Brunei)                         -              -           -           -           -      250,000     250,000
  SPIA (Colombia)*                       -              -           -           -           -           -           -
  TECPLATA (Argentina)*                  -              -           -           -           -           -           -

                                  2,200,000      2,320,000   3,020,000   4,830,000   5,070,000   6,020,000   6,720,000


   Note: * SPIA and TECPLATA are under development.

                                                                                                                         9
Global Customer Base

   ICTSI’s International Carrier Customers

                       MICT         TSSA        BCT        MICTSL         CGSA
   Shipping Lines     (Manila)     (Brazil)   (Poland)   (Madagascar)   (Ecuador)




                                                                                    10
Business Strategy


  To develop, acquire, own and operate common user container terminals
  in the 50,000 – 1,500,000 TEU range in markets with superior growth and
  profit potential.


       1   Maintain leadership position in existing markets
           Maintain leadership position in existing markets



       2   Pursue new opportunities for expansion
           Pursue new opportunities for expansion



       3   Diversify geographically
           Diversify geographically




                                                                            11
Numerous Potential Targets


  Large number of international and government-operated ports available in ICTSI’s
  acquisition space, including 185 state-run ports

                                                                                            No. of ports where                      % of total
        Port size                             Total no. of                                 container handling is                     no. of
    (TEU throughput)                             ports                        %            exclusively state run*                    ports
 < 100K TEU                                          312                    48.3%                            117                        37.5%
 100K < 250K TEU                                     123                    19.0%                              43                       35.0%
 250K < 500K TEU                                      74                    11.5%                              25                       33.8%
 500K < 1 million TEU                                 55                      8.5%                             17                       30.9%
 > 1 million TEU                                      82                    12.7%                              14                       17.1%
 Total                                               646                  100.0%                             216
 * Excluding state-owned global operators, but including ports where the state has majority control and/or ownership of terminals
  Source: Drewry Publications (2005)



                                                                                                                                                 12
Recent Industry Consolidation

                                    Industry Transactions

        Buyer              Target                      Year     Geography
        Dubai Ports        CSX                         2004      Global
        Dubai Ports        P&O                         2006      Global
        PSA                Hutchison Ports (20%)       2006      Global



                              Financial Investor Transactions

        Buyer              Target                      Year     Geography
        Babcock & Brown    PD Ports                    2006        UK
        Goldman Sachs      ABP                         2006        UK
        Deutsche Bank      49% of Peel Port Holdings   2006        UK
        Macquarie          Halterm                     2006      Canada
        AIG                US Ports of Dubai           2006        USA
        Ontario Teachers   OOCL Terminals              2006     USA/Canada
        Macquarie          Fraser Surrey Docks         2007       Canada
        Morgan Stanley     Montreal Gateway            2007       Canada
        Deutsche Bank      Maher Terminals             2007     USA/Canada

                                                                             13
Strategy Drives Yields

 Consolidated yield / TEU (in US$)                   Comparison with PSA (in US$)




                                              120                                                             120
                                114                                               114
                                       108                         103                          108
                       103
  88         91                                      91

                                                          57
                                                                         49             44               45         45




 2003       2004       2005     2006   2007   2008    2004           2005           2006          2007         2008



              ICTSI                                                       ICTSI                   PSA

  Source: Company information                             Source: PSA audited financials, UBS Research


                                                                                                                         14
Key Volume Drivers
                         Consumer Goods, Electronics (raw materials),                           Electronic components, Commodities, Fur
   MICT (Philippines)    Construction Material                                                             niture, Housing Fixtures, Paper


                        Paper, Agriculture (wheat flour, rice, meat),                             Aluminum, Steel, Cement, Consumer Goods,
       TSSA (Brazil)    Refractory Material, Heavy Equipment, Tereflatic Acid          Poly- ethylene, Textiles, Ceramic, Granite, Fruits, Sugar



                         Electronics, Textiles,                                                           Paper, Steel, Consumers Goods,
       BCT (Poland)      Consumer Goods                                                                                       Electronics


                         Construction Materials (cement), Chemicals, Cars                      Agriculture (vanilla, lychee, coffee, wood),
MICTSL (Madagascar)      & Equipment, Oil, Sugar, Rice, Consumer Goods                        Textiles/Garments, Commodities (chromite)


                        Construction Material, Consumer Goods,                                                          Agriculture (cacao)
  PTMTS (Indonesia)     Processed Foods, Appliances, Housing Fixtures


                        Machinery, Textiles,                                          Agriculture, Electronics, Textiles, Processed Foods,
    YRDICTL (China)     IT Hardware                                                                  Construction Materials (tiles, stones)


                        Consumer Goods, Paper, Cars, Home Appliances,                                 Bananas, Wood, Broccoli, Shrimp,
    CGSA (Ecuador)      Chemicals, Machinery                                                        Metal Scrap, Cans, Home Appliances


                        Construction Material, Commodities
         TICT (Syria)   (sunflower oil - mostly for Turkey and Iraq), Vehicles
                                                                                                         Commodities (sulfur), Vehicles



                        Construction Materials (tiles), Agriculture (coffee, sugar),
      BICT (Georgia)    Vehicles (second-hand cars), Liquor

                                                                                                                                                   15
                                                                                50%
                                                  Import                                                    Export
Impressive Financial Performance

 Revenues (in US$’000)                     EBITDA & EBITDA Margin                      Net income (in US$’000)


               2%                                         4%                                            %
             =4                                         =4                                         = 28
         R                                          R                                          R
    C AG                                       C AG                        44.5%          C AG
                                                                 44.6%


                                                                 42.4%
                                           40.9%
                       463,118                          39.9%                                      71,258
                                                                                                            64,282
                                                                194,347

             324,933
                                                    129,675                            39,031
                                                                            -
  230,861              352,253             94,402
                                 299,254                                                                    52,391
                                                                154,926   129,058                                    37,174




   2006       2007     2008      2009      2006      2007        2008     2009         2006        2007     2008     2009

                                             Full Year data         Nine Months data
                                                                                                                        16
Recent Financial Performance
Accounting Changes


  Shift from PhP to US$ functional and reporting currency beginning
  January 1, 2009 in accordance with PAS 21 – “The Effects of Change
  in Foreign Exchange Rates”

  Regrouping of geographic segments from Domestic and Foreign to
  Asia, EMEA, and Americas in line with PFRS 8 – “Operating Segments”

        Asia                   EMEA                          Americas
  All Philippine ports      Poland (BCT)                    Brazil (TSSA)
  China (YRDICTL)        Madagascar (MICTSL)               Ecuador (CGSA)
 Indonesia (PTMTS)           Syria (TICT)         Colombia (SPIA) - under development
    Japan (NICTI)          Georgia (BICTL)     Argentina (TECPLATA) - under development
   Brunei (NMCTS)



                                                                                          18
Revenue Profile By Currency

  Revenue Currency by Subsidiary             Revenue Breakdown by Currency


  Subsidiaries   USD/EUR    Local Currency                     RMB   Others (PLN,
                                                                1%    JPY,IDR)
  MICT           47% USD      53% PHP                    EUR             3%
                                                         7%
  BCT            92% USD       8% PLN        BRL                                    USD
                                             12%                                    50%
  TSSA                        100% BRL
  MICTSL         100% EUR
  PTMTS                       100% IDR
  YRDICTL                    100% RMB
  CGSA           100% USD                          PHP
  BICTL          100% USD                          27%

  TICT           100% USD
  SPIA***        100% USD
  NICTI                       100% JPY



                                                                                      19
3Q09 Volume down 8% YoY

 Volume by port            (in TEU)                                                 Volume by segment
                                                                                                              20%
                                                                                                   59%                      3Q 2007
                                                                                                                    21%


          811,049               1,021,499               943,805
                                                                                                               18%
                                                                                                                            3Q 2008
                                                                                                    59%              23%

                                                 - 8%
                                      189,436
                                                                                                             12%
                                                         202,482                                                      25%   3Q 2009
                                                                                                   63%
              98,939                  148,213

              98,962                  32,746             161,665
                                      34,486
              27,626
              28,482                  89,675             46,747
              67,814                                     37,820                           A s ia         A m e ric a s      EM EA
                                      126,156            70,934
              135,106
                                                         59,869

                                                                           ASIA terminals generated 63% of total volume in 3Q2009
              354,120                 400,787            364,288          vs 59% in 3Q2008; ASIA volume flattish

                                                                           3Q2009 TEU volume from “BIG 5” ports - Manila, Brazil,
                                                                          Poland, Madagascar, and Ecuador - down 13%; Accounted
              3Q 2007                 3Q 2008            3Q 2009
                                                                          for 74% of consolidated volume
     MICT (Manila)              BCT (Poland)             TSSA (Brazil)
     MICTSL (Madagascar)        YRDICT (China)           CGSA (Ecuador)   China volume up 43%; Syria volume up 46%
     Others
                                                                                                                                      20
9M09 Volume down 9% YoY

 Volume by port           (in TEU)                                                     Volume by segment
                                                                                                                21%
                                                                                                      65%                13%    9M 2007
     2,095,798                2,776,973               2,533,951

                                                -9%
                                445,187                                                                        18%
                                                                                                       59%            23%       9M 2008
                                                        543,012
                                435,668
        275,170
                                 91563                                                                         12%
         98,962                 102,423                 452,679                                                          25%
         99,366                                                                                        63%                      9M 2009
         75,588                 211,721
                                                        111863
        182,978
                                                        92,622
                                344,749
                                                        173,731
        366,857
                                                        163,056
                                                                                             A s ia      A m e ric a s         EM EA

                                                                            ASIA terminals generated 63% of total volume in 9M2009 compared
                               1,145,662                                   to 59% in 9M2008; ASIA volume slightly down 1% YTD
        996,877                                         996,988
                                                                           9M2009 TEU volume from “BIG 5” ports - Manila, Brazil, Poland,
                                                                           Madagascar, and Ecuador - down 16%; Accounted for 74% of
                                                                           consolidated volume
        9M 2007                 9M 2008                 9M 2009

    MICT (Manila)              BCT (Poland)               TSSA (Brazil)    China volume up 22% YTD; Syria volume up 45% YTD
    MICTSL (Madagascar)        YRDICT (China)             CGSA (Ecuador)
                                                                                                                                            21
    Others
3Q09 Revenues 12% lower YoY

 Revenues by port          (in US$ ’000)
                                                                                   Average revenue yield/TEU


                                                                                                       120     123
                                                                                          114                                117
                                                                                    103         108                   115
         91,020               125,080                   110,469               91


                                                - 12%
                                  8,822
                                                                             2004 2005 2006 2007 2008          1Q   2Q   3Q
                                 19,447                  10,576                                               2009 2009 2009
                                 1,373
              3,812              8,812                   23,265
          10,953
                                 18,986                   1,624            Consolidated 3Q2009 average revenue yield per
              6,356                                       8,569
                                                                           TEU higher at US$117 vs US$115 in 2Q2009
          15,146                 16,827                  14,876
                                                                            AMERICAS terminals generated 35% of revenues in
                                                          5,638
          14,467
                                                                           3Q2009 vs 31% in 3Q2008; AMERICAS revenues
                                                                           slightly down 0.8%
                                 50,814
                                                         45,921
          39,368                                                           “BIG 5” ports - Manila, Brazil, Poland, Madagascar,
                                                                           and Ecuador - revenues down 14%; Accounted for
                                                                           89% of revenues in 3Q2009
         3Q 2007                3Q 2008                 3Q 2009
                                                                            Ecuador terminal ranked second in revenue
     MICT (Manila)             BCT (Poland)               TSSA (Brazil)    contribution at 21% in 3Q2009
     MICTSL (Madagascar)       YRDICT (China)             CGSA (Ecuador)
     Others                                                                                                                        22
9M09 Revenues 15% lower YoY

 Revenues by port          (in US$ ’000)                                             Average revenue yield/TEU

                                                                                                              120
                                                                                                                       118
                                                                                            114
        225,160                 352,253            299,254                          103             108
                                                                            91

                                  20,462        -15%
                                  58,194

                                                        25,471             2004    2005    2006    2007     2008     9M
                                   3,610
                                                                                                                    2009
                                  27,236
                                                        68,138
          10,461
          10,953                  49,199
          1,847                                          4,166          Consolidated 9M2009 average revenue yield per
          16,601                                        21,262
                                  45,078
                                                                        TEU slightly lower at US$118 vs US$120 in YE2008
          35,892                                        36,253
                                                                         AMERICAS terminals generated 35% of gross
                                                        17,193
          39,077                                                        revenue in 9M2009 vs 30% in 9M2008; AMERICAS
                                                                        revenues down 2.8% YTD
                                  148,475
                                                       126,770          BIG 5” ports - Manila, Brazil, Poland, Madagascar,
          110,329
                                                                        and Ecuador - revenues down 18%; Accounted for
                                                                        90% of revenues in 9M2009

         9M 2007                 9M 2008               9M 2009          Ecuador terminal ranked second in revenue
     MICT (Manila)             BCT (Poland)            TSSA (Brazil)    contribution at 23% in 9M2009
     MICTSL (Madagascar)       YRDICT (China)          CGSA (Ecuador)
     Others                                                                                                                  23
Organic Volume from Port Operations


                                                             2,776,973              2,533,951
                                                                             -13%
                                                                                     110,805


        1,021,499              943,805                       2,240,223

                                                                            -16%
                                                                                    1,879,076
                      -8%
                                   -
          799,317
                    -13%        694,576


        3Q 2008               3Q 2009                        9M 2008                9M 2009
                            Existing         New Terminals          Big 5


      Volume from existing terminals down 8% in 3Q2009; 13% lower in 9M2009
      “BIG 5” ports - Manila, Brazil, Poland, Madagascar and Ecuador - volume down 13% in 3Q2009
       and 16% in 9M2009
                                                                                                   24
Organic Revenue from Port Operations
                                                                   352,253                 299,254

                                                                                    -17%

                                                                                            6,112


          125,080                   110,469                         328,182
                                                                                  -18%
                                                                                            269,617

                         -13%
                                          1,726
           114,885
                        -15%              98,269



         3Q 2008                    3Q 2009                        9M 2008                 9M 2009
                               Existing            New Terminals          Big 5


       Revenues from existing terminals down by 13% in 3Q2009; 17% lower in 9M2009
       “BIG 5” ports - Manila, Brazil, Poland, Madagascar and Ecuador - revenues down 15% in 3Q2009
        and 18% in 9M2009
                                                                                                      25
3Q09 Consolidated P&L Highlights (in US$’000, except EPS)

                               3Q 2008   3Q 2009   % change
                                                              Revenues down 12% due to lower
 Gross Revenues from
                               125,080
                               125,080   110,469
                                         110,469      - 12%   volume and US$ appreciation against
 Port Operations                                              emerging market currencies

                                                              Cash opex down 13% due mainly to lower
 Cash Operating Expenses       52,607
                               52,607     45,612
                                          45,612      - 13%   levels of variable expenses associated with
                                                              contraction in volume and the Group’s cost
                                                              containment measures across its terminals

  EBITDA                       55,838
                               55,838     49,185
                                          49,185      - 12%   EBITDA down 12% due mainly to volume
                                                              contraction and US$ appreciation against
                                                              emerging market currencies
                               43,548     34,106      - 22%
  EBIT                         43,548     34,106
                                                              Financing charges and other expenses
  Financing charges and        30,261     15,107       -50%   down 50% mainly due to lower forex-related
                               30,261     15,107
  other expenses                                              charges


  Net Income                   13,637     13,507       - 1%
                               13,637     13,507

                                                              Net income down 5% due to the reduction in
  Net Income Attributable to
                               14,700
                               14,700     14,012       - 5%   provision for income tax and effective
  Equity Holders                          14,012              management of forex-related exposure.


  Fully Diluted EPS            0.0074     0.0072       -4%
                               0.0074     0.0072

                                                                                                         26
9M09 Consolidated P&L Highlights (in US$’000, except EPS)

                               9M 2008   9M 2009   % change
                                                              Revenues down 15% due to lower
 Gross Revenues from
                               352,253
                               352,253   299,254
                                         299,254      - 15%   volume and US$ appreciation against
 Port Operations                                              emerging market currencies

                                                              Cash opex down 15% due mainly to lower levels
 Cash Operating Expenses       150,482
                               150,482   128,409
                                         128,409      - 15%   of variable expenses associated with contraction
                                                              in volume and the Group’s cost containment
                                                              measures across its terminals

  EBITDA                       154,926
                               154,926   129,058
                                         129,058      - 17%   EBITDA down 17% due mainly to volume
                                                              contraction and US$ appreciation against
                                                              emerging market currencies
                               115,112    86,748      - 25%
  EBIT                         115,112    86,748
                                                              Financing charges and other expenses
  Financing charges and        76,305     52,374       -31%   down 31% mainly due to lower forex-related
                               76,305     52,374
  other expenses                                              charges


  Net Income                   49,246     35,264      - 28%
                               49,246     35,264
                                                              Net income down 29% due mainly to volume
  Net Income Attributable to                                  contraction, higher interest expense due to
                               52,391
                               52,391     37,174      - 29%
  Equity Holders                          37,174              higher debt level and US$ appreciation
                                                              against emerging market currencies.

  Fully Diluted EPS            0.0265     0.0190      - 28%
                               0.0265     0.0190

                                                                                                           27
Improving Q-o-Q Performance
In US$’000 except Volume, Yield/TEU, and EBITDA Margin

                                         1Q 2009                2Q 2009         3Q 2009

                                         755,958         10%    834,188   12%
 Volume                                  755,958                834,188         943,805
                                                                                943,805

 Consolidated                               123          6%       115     2%
                                            123                   115             117
                                                                                  117
 Yield/TEU

 Revenues                                 92,797
                                          92,797         3%     95,988
                                                                95,988    15%   110,469
                                                                                110,469

 Cash Opex                                41,918         2%      40,878   12%    45,612
                                          41,918                 40,878          45,612


 EBITDA                                   38,381
                                          38,381         8%      41,493
                                                                 41,493   19%    49,185
                                                                                 49,185


 EBITDA Margin                             41.4%
                                           41.4%         0.4%    43.2%
                                                                 43.2%    3%     44.5%
                                                                                 44.5%

Net Income attributable                   11,005
                                          11,005         10%     12,157   15%    14,012
                                                                 12,157          14,012
to Equity Holders

                                                                                          28
Liquidity and Capital Resources
Consolidated Balance Sheets
      International Container Terminal Services, Inc. and Subsidiaries
      September 30, 2009
                                                         September 30, 2009                December 2008
                                                             In USD '000         In USD '000        In Php '000
      ASSETS
      Noncurrent Assets
      Property and equipment - net                                     305,555       274,146             13,027,414
      Intangibles - net                                                601,833       562,547             26,732,230
      Other noncurrent assets                                          116,360       115,039              5,466,672
                  Total noncurrent assets                            1,023,748       951,732             45,226,316

      Current Assets
      Cash and cash equivalents                                       131,702        222,825             10,588,660
      Other Current assets                                             79,507         67,620              3,213,260
                 Total Current assets                                 211,209        290,445             13,801,920

      Total Assets                                                   1,234,957     1,242,177             59,028,236

      STOCKHOLDERS' EQUITY AND LIABILITIES
      Stockholders' equity
      Equity Attributable to Equity Holders of the Parent             432,426        398,694             18,930,666
      Equity Attributable to Minority Interests                        47,434         49,430              2,364,166
                  Total stockholders' equity                          479,860        448,124             21,294,832

      Noncurrent Liabilities
      Long-term debt - net of current portion                         391,128        421,100             20,010,668
      Concession rights payable - net of current portion              189,298        204,667              9,725,778
      Other noncurrent liabilities                                     37,766         34,130              1,621,822
                 Total noncurrent liabilities                         618,192        659,897             31,358,268

      Current Liabilities
      Loans payable and current portion of long-term debt              38,854         36,944              1,755,566
      Current portion of concession rights payable                     17,414         19,585                930,662
      Other current liabilities                                        80,637         77,627              3,688,908
                 Total current liabilities                            136,905        134,156              6,375,136
                                                                                                                      30
      Total Stockholders' equity and liabilities                     1,234,957     1,242,177             59,028,236
 Debt Maturity Profile


                                  as of Dec 31, 2008                                                       as of Sept 30, 2009
(in US$ million)                                                      (in US$ million)
           300                                                                      300
           250                                                                      250
           200                                                                      200
           150                                                                      150
           100                                                                      100
              50                                                                         50
                   0                                                                     0
   CASH
                       2009 2010 2011 2012 2013 2014 2015 2016              CASH              2009 2010 2011 2012 2013 2014 2015 2016
                              LT Loans   ST Loans   Cash level                                      LT Loans   ST Loans   Cash level




                         US$250M December 2010 Refinancing Risk eliminated
                              US$150M loan facility drawn June 2009 to complete refinancing requirement
                              Paid down US$174M outstanding from US$150M loan refinancing and cash holdings

                         No substantial debt repayment due until 2011
                         Principal payment profile can be covered by projected operating cash flow
                                                                                                                                        31
Group Debt Profile (as of September 30, 2009)

                    Breakdown by Tenor                                                                        Breakdown by Currency
                                                                                              11%
  100%                                                                               8%

                                                    92.6%
   80%


   60%


   40%                                                                                                           81%

   20%                                                                                         US$   PhP   RMB
                       7.4%
    0%
                  Short Term                      Long Term


                                                                                                             Breakdown by Entity
         Long term debt comprises 92.6% of total debt; average life of 4.10 years         11%
                                                                                     3%
         US$ debt comprises 81% of consolidated debt                                2%
         PhP debt comprises 8% of consolidated debt
         RMB debt comprises 11% of consolidated debt
         Parent level debt currently comprises 84% of total liabilities

                                                                                                                  84%


                                                                                     Parent     TSSA   BCT     YRDICTL

                                                                                                                                      32
Financial Highlights - Key Ratios


                                                                             9M2009   YE2008
   Yield per TEU (US$)                                                         118      120

   Profitability Ratios
  Reported EBITDA Margin                                                       43%      42%
  Net Profit Margin                                                            12%      14%

   Leverage Ratios
  Debt/Equity                                                                  0.90     1.02
  Debt Cover Ratio: Debt*/EBITDA                                               2.69     2.66

   Liquidity Ratios
  Current Ratio: Current Asset/Current Liability                               1.54     2.16
  DSCR: EBITDA/(Interest + Finance Charges + Scheduled Principal Payments)     1.80     1.81

  *Debt as defined in existing loan agreements.




                                                                                               33
2009 Capital Expenditure Plans


      FY 2009 Capex estimated at PhP7.2B (US$147M)
         only US$77M (52%) disbursed as of end-September 2009
             MICT Berth 6 estimated at PhP2.5B (US$51M)
                  only US$17M (33%) disbursed as of end-September 2009
             CGSA rehabilitation & new equipment estimated at PhP2.7B (US$55M)
                  on-track at US$45M (82%) disbursed as of end-September 2009


      100% of Capex fully funded through existing cash and internally
      generated funds
             Cash balance 3Q2009 of US$132M – same as 2Q2009
             Total loans of US$430M
             Fully compliant with all loan covenants

      Build-outs in Colombia and Argentina delayed


                                                                                 34
Outlook
Outlook


          Notable improvement in 3Q2009 performance relative to
          1Q2009 and 2Q2009

          Yield per TEU slightly decreased to US$118 in 9M2009 from
          average of US$120 in 2008

          EBITDA Margins stable due to cost cutting
                3Q2009 EBITDA Margin = 44.5% vs 44.6% in 3Q2008
                9M2009 EBITDA Margin = 43.1% vs 44.0% in 9M2008

          October 2009 performance continues to improve




                                                                      36
Questions & Answers
Appendices

Terminal Summaries
MICT - Manila, Philippines

Manila International Container Terminal

  Annual capacity of 1.9 million TEUs. Berth 6
  expansion will increase annual capacity to 2.4 million
  TEUs
  MICT has a 65% market share for international
  containers in the Port of Manila
  Exclusively handles "end destination" cargo
  Concession period until May 2038 (renewed in 2007
  for another 25 years)
  Fixed fee of US$313,756,000 payable over 100
  quarterly installments (escalating schedule) and
  variable fee of 12% of gross revenues from 1988 to
  1990, 15% from 1991 to 1993, 17.5% from 1994 to
  1996, and 20% from 1997 until the end of the                      Container throughput
  concession.                                                              (TEUs)
                                                                                             1,513,543
  Tariff regulated                                                               1,372,251
                                                           1,213,109 1,198,875
9M 2009 YoY Update
                                                                                                           -
  Volume down 13% YoY from 1,145,662 TEUs to
  996,988 TEUs. Accounted for 39% of Total Volume
                                                                                             1,145,662
  in 9M2009.                                                                                             996,988

  Revenues decreased 15% from US$148.5M to
  US$126.8M. Accounted for 42% of Total Revenue in
  9M2009.                                                   2005      2006        2007        2008       2009
                                                                                                               39
TSSA - Suape, Brazil
Tecon Suape S.A.

   Annual capacity of 400,000 TEUs
   3-phase development plan
       Take over Recife volumes
       Become “relay hub” for Northeast Brazil
       International trans-shipment
   Concession period until April 2031
   Fixed fee of BRL 8.2M adjusted yearly based on
   IGPM (General Index of Market Prices) published
   by Fundacao Getulio Vargas
   Variable fee schedule per container type (in BRL)
         Year          Full   Empty   Transhipment
         1-10          50      15         30                 Container throughput
         10-20         100     30         60                        (TEUs)
         21-30         200     60         120

                                                                                     294,383
Tariff not regulated
                                                                           241,757
9M 2009 YoY Update                                     179,473
                                                                 197,296

   Volume down 18% YoY from 211,721 TEUs to                                                      -

   173,731 TEUs. Accounted for 7% of Total Volume                                    211,721
                                                                                               173,731
   in 9M2009.
   Revenues decreased 26% from US$49.2M to
   US$36.3M. Accounted for 12% of Total Revenue in     2005       2006      2007     2008      2009
   9M2009.                                                                                           40
BCT - Gdynia, Poland
Baltic Container Terminal Ltd.

  Annual capacity of 700,000 TEUs
  Largest container terminal in Poland
  Exclusive focus on "end destination" cargo
  Containerization rate in Poland well below
  European average
  Concession period until May 2023
  EUR20M investment commitment over the first 8
  years (already fulfilled)
  Monthly lease rental of US$624,941; not subject
  to inflation escalation, with no variable fees
  Tariff not regulated                                  Container throughput
                                                               (TEUs)

9M 2009 YoY Update
                                                                        493,860
                                                                                  440,591
  Volume down 53% YoY from 344,749 TEUs to          395,757
                                                              401,466
  163,056 TEUs. Accounted for 6% of Total Volume
  in 9M2009.
  Revenues decreased 62% from US$45.1M to                                         344,749     -
  US$17.2M. Accounted for 6% of Total Revenue in                                            163,056
  9M2009.
                                                    2005      2006       2007     2008      2009
                                                                                                  41
MICTSL - Toamasina, Madagascar
Madagascar International Container
Terminal Services Ltd.
  Annual capacity of 220,000 TEUs
  Commenced operations in October 2005
  90% market share in Madagascar container market
  Concession period until June 2025
  Fixed fee schedule:
         2005-2007       1.0M Euros
         2008-2010       1.5M Euros
         2011-2015       2.0M Euros
         2016-2024       2.5M Euros

  Variable fee of EUR 36.8 per TEU paid monthly.
  Discount of 20% if 200K TEU is reached for the                 Container throughput
  month                                                                 (TEUs)

  Tariff regulated; adjusted annually based on Euro                                 143,371
  and Madagascar transport inflation escalators                           112,427
                                                                 92,496
9M 2009 YoY Update                                                                             -

  Volume down 10% YoY from 102,423 TEUs to
                                                                                    102,423   92,622
  92,622. Accounted for 4% of Total Volume in           18,874
  9M2009.
  Revenues decreased 22% from US$27.2M to               2005      2006     2007     2008      2009
  US$21.2M. Accounted for 7% of Total Revenue in
  9M2009.                                             Note: MICTSL started operations in October 2005
                                                                                                     42
YRDICT - Yantai, China
Yantai Rising Dragon International
Container Terminals Ltd.

  Annual capacity of 1,000,000 TEUs.
  Acquired in March 2007 a 60% stake for PhP2,439
  million (US$50.5 million); 40% partners are SDIC
  Communications Co. and Yantai Port Group Co. Ltd.
  Commenced operations in April 2007
  Yantai port is one of the major coastal ports and ranks
  13th in terms of port traffic and 11th in terms of container
  traffic in China.

  2 berths of total 730m length, depth of 14m, 6 Post-
  Panamax quay cranes and 12 RTGs
  Concession period until 2037                                         Container throughput
  No port fees                                                                (TEUs)

  Tariff regulated by Ministry of Transport                           133,139
                                                                                   130,193
9M 2009 YoY Update
  Volume up 22% YoY from 91,563 TEUs to 111,863
  TEUs. Accounted for 4% of Total Volume in 9M2009.                                              111,863
                                                                                    91,563
  Revenues increased 15% from US$3.6M to US$4.1M.
  Accounted for 1% of Total Revenue in 9M2009.
                                                                        2007         2008         2009

                                                                 Note: YRDICT started operations in April 2007
                                                                                                           43
CGSA - Guayaquil, Ecuador
Contecon Guayaquil S.A.

  Annual capacity of 900,000 TEUs.
  Commenced operations on August 1, 2007
  20-year concession of the Container and Multipurpose
  Terminal at the Port of Guayaquil
  Concession period until 2027, renewable for another
  20 years
  Fixed fee of US$2.1M quarterly
  Variable fee of US$10.4 per TEU and US$0.50 per ton
  paid monthly
  Tariff regulated                                                 Container throughput
                                                                          (TEUs)

9M 2009 YoY Update
                                                                              590,213
  Volume up 4% YoY from 435,668 TEUs to 452,679
  TEUs. Accounted for 18% of Total Volume in 9M2009.            262,155
  Revenues increased 17% from US$58.2M to                                      435,668       452,679
  US$68.1M. Accounted for 23% of Total Revenue in
  9M2009.
                                                                 2007          2008           2009

                                                         Note: CGSA started operations in August 1, 2007

                                                                                                     44
TICT - Tartous, Syria
Tartous International Container Terminal , JSC

  Annual capacity of 250,000 TEUs.
  Commenced commercial operations on October 28,
  2007
  One of two international ports in Syria
  First port in Syria to introduce foreign expertise
  ICTSI plans to invest US$39 million on the
  development of the container terminal over its lifetime
  Concession period until November 2016, extendable
  to 2021
  Fixed fee of US$3.008M annually
                                                                Container throughput
  Variable fee of US$11.48 per full TEU and US$5.74                    (TEUs)
  per empty TEU
  Tariff regulated                                                            40,607



9M 2009 YoY Update
                                                                                             40,550
  Volume up 45% YoY from 28,002 TEUs to 40,550                 5,525
                                                                              28,002
  TEUs. Accounted for 2% of Total Volume in 9M2009.
  Revenues increased 53% from US$2.1M to US$3.1M.
                                                                2007           2008          2009
  Accounted for 1% of Total Revenue in 9M2009.
                                                            Note: TICT started operations in October 2007
                                                                                                      45
BICTL - Batumi, Georgia

Batumi International Container Terminal LLC .

  Annual capacity of 150,000 TEUs
  48-year lease agreement to develop and operate two
  container berths and one ferry terminal
  Commenced commercial operations on Nov 2, 2007
  The Port of Batumi is considered one of the main
  transportation trade points in the Black Sea basin.
  Batumi is Georgia’s main port city.
  Infrastructure includes a container terminal, rail ferry
  terminal and a 181-meter general cargo berth
  Fixed rental fee schedule:                                         Container throughput
       2007-2008          US$106,000                                        (TEUs)
       2008-2009          US$205,000
       2009-2010          US$494,000
                                                                      44,197
       2011-til expiry    US$779,000

  No variable fees
  Tariff not regulated
                                                                      29,732
9M 2009 YoY Update
                                                                                            6,526
  Volume down 78% from 29,732 TEUs to 6,526 TEUs.
  Accounted for 0.3% of Total Volume in 9M2009.                        2008                 2009
                                                             Note: BICTL started operations in November 2007
  Revenue decreased 57% from US$3.8M to US$1.7M.
  Accounted for 1% of Total Revenue in 9M2009.                                                       46
SPIA - Buenaventura, Colombia

 Sociedad Puerto Industrial Aguadulce , S.A.


   Concluded agreements to commence development of a
   new container terminal at the Port of Buenaventura,
   Colombia in July 2007
   Port of Buenaventura is located on the Pacific coast of
   Colombia
   Estimated annual capacity is 700,000 TEUs; Phase 1
   capacity estimated at 500,000 TEUs
   Concession period until 2037, renewable for another 30
   years
   Private terminal with no concession fees but with a $1.0M
   per annum license fee
   Tariff regulated




                                                               47
TECPLATA – La Plata, Argentina

TECPLATA S.A.


  Geographical advantage – TECPLATA will be located at
  the head waters of the River Santiago Este in the Port of
  La Plata, which serves the Buenos Aires market
  Strategic partner – have joined Loginter S.A. (Ricardo
  Roman), who have valuable experience regarding the
  port industry
  Planned initial annual capacity of 400,000 TEUs
  Capitalizes on expiration of existing concession in Puerto
  Nuevo area




                                                               48
Appendices

IFRICs 4 & 12 Summaries
What are IFRIC 12 and IFRIC 4?


    IFRIC 12 - Accounting for Service Concession Agreements
       Do assets revert to port authority at end of concession?
       Is the price of the services subject to regulation?

    If “yes” to both, then IFRIC 12 applies

    Otherwise, IFRIC 4 - Determining whether an Arrangement Contains a
    Lease
       Requires levelization of fixed concession fees for Income Statement purpose
       Reclassification of fixed concession fees on Income Statement




                                                                                     50
IFRIC 4 vs IFRIC 12 at ICTSI’s Major Terminals

      IFRIC 4                                IFRIC 12

                            No FX Exposure                      Others

       BCT (Poland)         CGSA (Ecuador)                  MICT (Manila)

       TSSA (Brazil)         SBITC (Subic)            MICTSL (Madagascar)

      BICTL (Georgia)                                        TICT (Syria)

      SPIA (Colombia)

     MICTSI (Misamis)

    DIPSSCOR (Davao)

    SCIPSI (Gen. Santos)
                                                 Note : YRDICT – out of scope of IFRIC 4 & 12




                                                                                                51
Summary Impact of IFRIC 12
   Balance Sheet:
      PPE reclassified to Intangible Assets
      Present Value of future fixed concession fees capitalized as Intangible Assets
      Present Value of future fixed concession fees also capitalized as a liability –
      “Concession Rights Payable”

   Income Statement:
      Fixed concession fees reclassified from “Port Authorities share in Gross
      Revenues” to:
             • Amortization
             • Accretion of Fixed Fees
      Depreciation of PPE reclassified to Amortization expense
      “EBITDA” increases due to reclassification of fixed concession fees from a
      cash operating expense to Amortization and Accretion
      Unrealized FX gains/losses can arise due to differences between local
      reporting currency and currency of fixed fee payment


                                                                                        52
Appendices

Others
Revenues & Net Income by Segment (3Q)

  Revenues (in US$‘000)                                 Net income (in US$’000)

    91,020            125,080              110,469          15,618           14,700     14,013

                                                                                  10%
                                                              17%
     29%                   31%               35%
                                                                                  30%
                                                                                         53%
                                                              37%
     23%                   22%               15%




                                                                                  60%
     48%                   47%               51%              46%                        55%




                                                                                         -8%

    3Q 2007               3Q 2008          3Q 2009          3Q 2007          3Q 2008    3Q 2009



                                    ASIA             EMEA             AMERICAS                    54
Revenues & Net Income by Segment (9M)

  Revenues (in US$‘000)                             Net income (in US$’000)

  225,160            352,253       299,254             43,000             52,391    37,174

                                                         15%
     21%                                                                      25%
                          30%
                                       35%

                                                                                     51%
     25%                                                 38%
                          22%          14%                                    32%




     54%                               51%
                          47%                            46%                         62%
                                                                              43%




                                                                                     -13%

   9M 2007           9M 2008       9M 2009             9M 2007           9M 2008    9M 2009


                                ASIA         EMEA              AMERICAS                       55
1Q Traditionally the Weakest
   VOLUME
     40%
                                                                                                26%                                26%
     35%

     30%
                     23%                                 25%
     25%

     20%

     15%

     10%     21%    24%    24%    23%    24%    25%    26%    24%    24%    25%    27%    25%    25%    26%    26%    26%    25%    27%    27%    25%
      5%

      0%
                           Q1                                 Q2                                 Q3                                 Q4




                                                                                                                                                           2004
  REVENUE
      40%

      35%
                                                              25%                                 26%                                     26%              2005
      30%             23%
      25%

      20%

      15%
                                                                                                                                                           2006
      10%     21%    23%    23%    23%    22%    24%    26%    24%    24%    25%    26%    26%    25%    27%    27%    27%    26%    28%    26%    26%
       5%

       0%                                                                                                                                                  2007
                           Q1                                 Q2                                  Q3                                 Q4




                                                                                                                                                           2008
                                                                                                                                                         Quarter Average
    EBITDA                                                                                                                          26%
      40%                                                                                        28%
      35%
                                                             25%
      30%             21%
      25%

      20%

      15%

      10%     21%    21%   19%     23%   22%    27%     27%   21%    24%     25%    30%    27%    24%    29%    29%    22%    25%    37%    25%    23%
       5%

       0%
                           Q1                                 Q2                                 Q3                                  Q4



                                                                                                                                                                    56
Container Volumes Reflect GDP Growth Trends


    16%

    14%

                                                                                                                                                               Avg. Container
    12&
                                                                                                                                                               Growth = 9.1%

    10%

     8%

                                                                                                                                                                           Avg. World GDP
     6%
                                                                                                                                                                           Growth = 2.8%

     4%

     2%

     0%




                                                                                                                                                      2001



                                                                                                                                                                    2003
                                                                                                                                                             2002
                                                                                              1993

                                                                                                     1994
                                                                                       1992




                                                                                                                                               2000
          1981



                        1983

                               1984

                                      1985

                                             1986
                                                    1987

                                                           1988

                                                                  1989

                                                                         1990
                 1982




                                                                                                                                        1999
                                                                                                                          1997
                                                                                1991




                                                                                                                                 1998
                                                                                                            1995

                                                                                                                   1996
                                                Container growth (%)                                    World GDP growth (%)


  Source: CSFB, Drewry Shipping Consultants
                                                                                                                                                                                      57
New Opportunities


   1   Buenaventura, Colombia (SPIA) – Under Development
       Buenaventura, Colombia (SPIA) – Under Development


   2   La Plata, Argentina (TECPLATA) - Under Development
       La Plata, Argentina (TECPLATA) - Under Development



   3   Sydney, Australia - Bid Submitted
       Sydney, Australia - Bid Submitted



   4   Manzanillo, Mexico - Bid in Process
       Manzanillo, Mexico - Bid in Process



   5   African Opportunities
       African Opportunities
              Mombasa, Kenya
              Mombasa, Kenya
              Monrovia, Liberia
              Monrovia, Liberia
              Lagos/Tincan, Nigeria
              Lagos/Tincan, Nigeria
              Freetown, Sierra Leone
              Freetown, Sierra Leone
                                                            58

				
DOCUMENT INFO