INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. (ICT)
-is an international operator of common user container terminals serving the global container shipping industry.
-Its business is the acquisition, development, operation and management of container terminals focusing on facilities with total annual throughputs ranging from 50,000 to 1,500,000 twenty-foot equivalent units (TEUs).
-It also handles break bulk cargoes (BBC) and provides a number of ancillary services such as storage, container packing and unpacking, inspection, weighing and services for refrigerated containers or reefers.
The Group(wholly and majority owned subsidiaries) operates principally in one industry segment which is cargo handling and related services. ICTSI has organized its business into three geographical segments:
- EMEA – Europe, Middle East and Africa
The Group(wholly & majority-owned subsidiaries ) relies heavily on concessions and other key contracts to operate its business. ICTSI and subsidiaries only obtain the right, subject to certain conditions, to operate, manage and develop terminals for a set period of time.
Comparison of Operating Results for the 9 Months Ended September 30, 2011 with the same period in 2010.
INCOME STATEMENT ANALYSIS – YEARLY
THE BIG 6 OF ICT
- MICT – Manila
- CGSA – Ecuador
- TSSA – Brazil
- MICTSL – Madagascar
- BCT – Poland
- YRDICTL – China
BALANCE SHEET ANALYSIS
Property and equipment rose 9.9 percent to US$378.8 million as of September 30, 2011 due to capital expenditures and construction-in-progress at TSSA, CMSA, SPIA and MICT’s Berth 6.
Intangibles, net of amortization, increased by US$67.4 million, or by 10.0 percent mainly due to the acquisitions of port and other equipment at MICT, MICTSL, CGSA and Tecplata and initial goodwill pertaining to AGCT.
The Group relies heavily on concessions and other key contracts to operate its business. ICTSI and subsidiaries only obtain the right, subject to certain conditions, to operate, manage and develop terminals for a set period of time
2011 in Balance sheet = for the Nine Months Ended Sept 30, 2011
Cash and cash equivalents increased by 36.9 percent to US$472.8 million as of September 30, 2011. The net increase amounting to US$127.4 million mainly resulted from
- the net changes in the debt capital of the Group as well as its operating and investing activities, which include proceeds from the US$200.0 million perpetual capital securities,
- proceeds from the US$7.5 million loan of CGSA and its subsequent repayment amounting to US $4.7 million,
- full settlement of TSSA’s US$8.0 million long-term loan,
- quarterly payment of the Parent’s long-term loans to DBP/LBP (P=750.0 million) and HSBC (P=6.0 million) totaling US $26.0 million,
- settlement of BCT’s loans amounting to US$1.3 million,
- payment for interest on the US$450.0 million bonds of US$41.5 million,
- dividend payments amounting to US$23.6 million,
- payment for the 51.0 percent stake at Rijeka with net cash outflow of US $17.9 million,
- proceeds from the sale of IWI shares amounting to US$43.5 million,
- proceeds from the sale of shares in Portek amounting to US$29.5 million and the net cash flows generated from operations of US$191.7 million
Treasury shares decreased by US$0.5 million, or by 10.3 percent, mainly due to the issuance of stock awards.
Retained earningsincreased by 22.5 percent as a result of the net income generated for the first nine months of 2011 amounting to US$101.4 million, reduced by dividends declared by the Parent Company amounting to US$22.4 million.The US$200.0 million subordinated perpetual capital securites issued on May 5, 2011 was treated as equity and presented as part of equity attributable to equity holders of the Parent in the consolidated financial statements of the Group because nothing in the terms and conditions of the securities gives
Long-term debt decreased by 4.6 percent due to the full settlement of TSSA’s loans amounting to US$8.0 million, repayment of BCT’s loans amounting to US$1.3 million, additional loan availed by CGSA totaling US$7.5 million, US$4.7 million of which was partially repaid during the period, and partial payment of the Parent’s loans totaling US$26.0 million.