Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — 9M 2019 Earnings Presentation
17 slides from Compania Sud Americana De Vapores's earnings presentation, Nov 25, 2019
Slide 1: Investor Presentation 9M 2019 Results
Investor Presentation 9M 2019 Results
Slide 2: Agenda
Agenda 1. Highlights 2. Market Overview 3. 9M 2019 Results 4. Outlook
Slide 3: Highlights
Highlights CSAV reported net income of US$ 91.5 M in 9M 2019 (YoY: ∆ US$ +86.1 M), mainly explained by the result of its associate Hapag-Lloyd AG (“HLAG”). Container transport services segment: For CSAV, this segment reported net income of US$ 92.2 M in 9M 2019 (YoY: ∆ US$ +93.0 M), mainly explained
Slide 4: Market Overview: Real GDP Growth vs. Global Container Volume Growth
Market Overview Real GDP Growth vs. Global Container Volume Growth [%] GDP multiplier 1.4x 1.5x 1.2x 0.8x – 0.9x 5.8% 4.6% 4.3% 3.4% 3.4% 3.8% 3.6% 3.0% 3.2% 2.2% 2016 2017 2018 2019e 2020e Real GDP growth Container volume growth Source: IMF WEO (October 2019), Clarksons (October 2019) Extracted fro
Slide 5: Market Overview: Orderbook-to-fleet
Market Overview Orderbook-to-fleet [TEU m, %] Scheduled vessel deliveries 61% [TEUm] Vessels ordered after 30 September 2019 1.7 50% 6.5 Orderbook 1.3 1.2 38% 1.2 1.1 Vessels > 13,999 TEU 1.0 6.0 0.9 Share of world fleet 5.0 27% 28% 21% 21% 18% 19% 16% 2019e 2020e 2021e 3.9 4.3 13% 12% 11% 3.6 3.8 3
Slide 6: Market Overview: SCFI vs Bunker Consumption
Market Overview SCFI vs Bunker Consumption (Nov 2019) (3) (2) (1) SCFI -RTM Margin Rotterdam Platts X Consumption factor SCFI 1.200 1.000 800 600 Avg. Margin Avg. Margin Avg. Margin Avg. Margin 2017 = 706 2018 = 674 2018 = 663 400 2015 = 625 Avg. Margin 2016 = 564 200 0 Mar-15 May-15 Sep-15 Nov-15 M
Slide 7: 9M 2019 Results: CSAV Net Income 9M 2018 vs 9M 2019
9M 2019 Results: CSAV CSAV Net Income 9M 2018 vs 9M 2019 Figures in USD million Container Transport Segment CSAV Net Share of Effect of Badwill Deferred Exchange rate diff. Other CSAV Net Income HLAG's PPA on Taxes Financial result Transport Income 9M 2018 Result Results & GAE Services 9M 2019 Segme
Slide 8: 9M 2019 Results: CSAV
9M 2019 Results: CSAV Figures in USD million 9M 2019 9M 2018 YoY Q3 2019 Q3 2018 QoQ Operating revenue 67.2 69.0 (1.8) 21.0 24.4 (3.4) Operating expenses (65.5) (65.1) (0.4) (20.1) (23.6) 3.5 SG&A (7.5) (7.5) 0.0 (2.6) (2.6) 0.0 Others incomes 1.9 9.0 (7.1) 0.2 8.2 (8.0) Operating income (loss) (3.9
Slide 9: 9M 2019 Results: CSAV Segment Results
9M 2019 Results: CSAV Segment Results Figures in USD million Container transport services 9M 2019 9M 2018 YoY Q3 2019 Q3 2018 QoQ Equity-accounted investees 94.1 3.7 90.4 46.9 35.6 11.3 SG&A (3.3) (3.1) (0.2) (1.2) (1.4) 0.2 Financial result & Ex. rate diff (7.0) (4.9) (2.1) (3.3) (1.7) (1.6) Taxes
Slide 10: 9M 2019 Results: Hapag-Lloyd
9M 2019 Results: Hapag-Lloyd Evolution of Revenue, Transport Expenses and Group Net Income ∆ +5% ∆ +0.2% ∆ USD +318 m Revenue Transport expenses Group net income USD 10,654 m 1,021 USD/TEU USD 333 m +4% +5% +35.5%* Freight rate Bunker price EBITDA 1,075 USD/TEU 425 USD/mt USD 1,314 m* -0.4% +95.0%*
Slide 11: HLAG 9M 2019: Improved results, EBITDA and EBIT compared to 2018
HLAG 9M 2019: Improved results, EBITDA and EBIT compared to 2018 Operational KPIs 9M 2019 9M 2018 YoY Transport volume [TTEU] 9,011 8,900 +1% Freight rate [USD/TEU] 1,075 1,032 +4% Bunker [USD/mt] 425 406 +5% Exchange rate1) [USD/EUR] 1.12 1.20 n.m. Overview of IFRS 16 Effects on P&L Accounts [USD m
Slide 12: HLAG 9M 2019: Clearly improved financial results compared to previous year
HLAG 9M 2019: Clearly improved financial results compared to previous Transport volume [TEU m] Freight rate [USD/TEU] Revenue [USD m] +1.2% +4.2% +5.1% 1,075 8.9 9.0 10.1 10.7 1,032 9M 2018 9M 2019 9M 9M 9M 2018 9M 2019 2018 2019 EBIT [USD m] EAT [USD m] Operating CF [USD m] +102.2% +USD 318 m +98.1
Slide 13: HLAG 9M 2019: One of the industry's highest EBIT-margins
HLAG 9M 2019: Hapag-Lloyd has consistently achieved one of the industry’s highest EBIT-margin 7.8% 9M 2019 7.0% 6.1% 6.9% Hapag-Lloyd 6.8% 5.1% 5.4% 4.6% COSCO 4.9% 3.5% Maersk1) 4.7% 3.4% 5.0% 2.9% 2.1% Wan Hai 3.7% 1.9% 1.8% 1.3% 1.3% Evergreen 2.6% 0.4% 2.7% 0.2% 0.6% Yang Ming -0.8% 1.4% 2) HMM
Slide 14: Financial Position: CSAV
Financial Position: CSAV A new private corporate bond successfully placed for USD 100 million, fully complying with all covenants, and an upgraded corporate and bond rating, from BBB- to BBB/Stable. (Figures in USD million) Net Debt (Sep 2019) Leverage 202.7 178.2 15.9 IFRS 16 Covenant: <1.3 186.8 2
Slide 15: Outlook: HLAG's Guidance 2019
Outlook HLAG’s Guidance 2019 FY 2018 Outlook 2019 Sensitivities for 20191) (incl. IFRS 16) Transport volume 11,874 TTEU On previous years level +/- 300 TTEU +/- USD ~0.2 bn Average freight rate 1,044 USD/TEU Slightly increasing +/- 50 USD/TEU +/- USD ~0.6 bn Average bunker price 421 USD/mt On previo
Slide 16: Outlook
Outlook Earnings outlook for HLAG 2019: EBITDA and EBIT now expected to be in the upper part of the guided ranges (EBITDA: EUR 1.6 – 2.0 bn; EBIT: EUR 0.5 – 0.9 bn). HLAG’s new cost management program and strategy will give run-rate savings of US$ 350-400 M p.a. and will create more value for custom
Slide 17: Disclaimer
Disclaimer This presentation provides general information about Compañía Sud Americana de Vapores S.A. (“CSAV”). It consists of summary information and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. No representations or warranties, express or
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