Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — FY2023 Earnings Presentation
27 slides from Compania Sud Americana De Vapores's earnings presentation, March 2024
Slide 1: CSAV 2023 Results
CSAV 2023 Results March 2024
Slide 2: Opening Remarks
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS OPENING REMARKS Hapag-Lloyd, CSAV’s main investment CSAV + Third-best result in the company’s history, though group • 2023 – US$258 mn in net income driven by the profits decreased to US$ 3.2 bn. participation on the resu
Slide 3: Hecho Esencial informado hoy 22.03.2024
ANNEXES HECHO ESENCIAL INFORMADO HOY 22.03.2024 Se propone repartir como dividendo un monto total de USD 860 millones (div. 328, 329 y 330), más un monto total de EUR 265 millones (div. 331), distribuido como sigue: Utilidad 2023 (USD) 258.098.619,41 TC USD/EUR Cierre 2023 1,10595 Utilidad 2023 (EUR
Slide 4: Red Sea security issues and Panama Canal restrictions continue to cause disruptions
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS RED SEA SECURITY ISSUES AND PANAMA CANAL DRAFT RESTRICTIONS CONTINUE TO CAUSE DISRUPTIONS, RESULTING IN SHORT-TERM CAPACITY SHORTAGE 4
Slide 5: Demand Evolution 2020-2023
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND EVOLUTION 2020-2023 CHALLENGING MARKET ENVIRONMENT Global Demand Growth (%YoY) Suez Canal 25,0 Port of Yiantian, 2023 demand was 0.4% up vs 2022 Blockage Covid /Lockdowns in China China operating at & 1.5% up vs 20
Slide 6: Volatile freight rates in the last 3 months
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY VOLATILE FREIGHT RATES ON THE LAST 3 MONTHS. DURING PART OF 2023, UNSUSTAINABLE LEVELS IN MANY TRADELANES Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC A
Slide 7: Lower bunker costs in 2023 compared to 2022
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY LOWER BUNKER COSTS IN 2023 COMPARED TO 2022 Bunker Price Development (US$/Ton) 1.200 HSFO VLSFO 980 VLSFO Average 1.000 2023 HLAG 2020: US$ 328 81% Consumption* 2021: US$ 506 2022: US$ 729 800 2023: US$ 570 600 5
Slide 8: Supply evolution throughout the years
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY SUPPLY EVOLUTION THROUGHOUT THE YEARS Orderbook to Fleet (%) + 8.2% of deliveries in 2023 32 70% Nov7 61,3% + Decreasing Orderbook to Fleet 28 60% + New capacity will likely exceed 24 50% demand in the next quart
Slide 9: Zoom to the supply/demand balance
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY ZOOM TO THE SUPPLY/DEMAND BALANCE Supply & Demand Balance Considerations Fleet Average Age in 2010 10.0 years Fleet Average Age today: 14.2 years Scrapping 2019-today 2.0% Average Speed (knots) 14,60 -3% 14,40 En
Slide 10: Freight rates account for most of the decline
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS FREIGHT RATES ACCOUNT FOR MOST OF THE DECLINE, PARTLY OFFSET BY BUNKER AND HANDLING AND HAULAGE COSTS 2022 EBIT vs 2023 EBIT MMUS$ 272 -85% +63 TTEU (17,708) 2022 US$/TEU 2,863 Liner Shipping EBIT: 2023 US$
Slide 11: Unit cost decreased in 2023
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS UNIT COST DECREASED IN 2023 DUE TO DISSIPATION OF CONGESTION AND COST REDUCTION MEASURES -15% Note: Hapag-Lloyd Investor Report 1H23 11
Slide 12: 4Q 2022 vs 4Q 2023 transport costs per TEU
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS 4Q 2022 vs 4Q 2023 TRANSPORT COSTS PER TEU -15% Note: Hapag-Lloyd Investor Report 1H23 12
Slide 13: Launch of a new cabotage joint venture in Brazil
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS LAUNCH OF A NEW CABOTAGE JOINT VENTURE IN BRAZIL NORCOAST – 50-50 JV WITH NORSUL STARTING IN 2024 MMUS$ Note: Hapag-Lloyd Investor Presentation 2023 13
Slide 14: Launch of a new cabotage joint venture in Brazil
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS LAUNCH OF A NEW CABOTAGE JOINT VENTURE IN BRAZIL NORCOAST – 50-50 JV WITH NORSUL STARTING IN 2024 MMUS$ Note: Hapag-Lloyd Investor Presentation 2023 14
Slide 15: Outlook for the full year 2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG OUTLOOK FOR THE FULL YEAR 2024 SOLID START OF THE YEAR BUT GEOPOLITICAL RISKS WEIGH ON FY 2024 EARNINGS FY 2023 Updated Original Guidance Guidance FY 2023 FY 2023 (*) (*) Transport volume 11,907 TTEU Increasing sligh
Slide 16: CSAV's Results: Net Income 2022 vs 2023
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS 2022 vs 2023 Net Income 2022 vs 2023 5.563 (4.431) 2023 tax expense US$ 677mn: Deferred Tax Assets: -496.9 Deferred Tax on withhold income: -71.0 Tax Provision Expenses in CSAV Germany -41.4 Tax Provision E
Slide 17: Retentions Balance 2023
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS RETENTIONS BALANCE 2023 Current Tax Assets MMUS$ as of Dec 31st, 2022 as of Dec 31st, 2023 Remaining VAT tax credit 1.1 1.7 Income tax to recover 512.7 1,207.0 Credits for taxes paid abroad - 317,8 Total cu
Slide 18: Retentions Balance
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS RETENTIONS BALANCE Estimated Retentions Balance as of May, 2024 Dividend Payment Dividend Retention Rate Retention Refund Entity Date [EUR mn] [%] [EUR mn] Entity RECEIVED Hapag-Lloyd May 8, 2023 3,322 26.3
Slide 19: Balance Sheet 2023 vs 2022
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS Main reasons in MMUS$ BALANCE SHEET 2023 vs 2022 + 26,375% Retention Paid (EUR +876 mn): +949 mn As of December 31, As of December 31, + 26,375% Retention Received (EUR +487 mn): -513.8 mn ASSETS Change + 1
Slide 20: Cash Flow 2023 vs 2022
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSINGANNEXES REMARKS CSAV’s RESULTS Main reasons in MMUS$ CASH FLOW 2023 vs 2022 + In 2023: + 15,825% WHT paid (Tax Credit): -386 mn + 10,550% Retention paid: -257 mn As of December 31, Statements of Cash Flow Change + Income Tax paid
Slide 21: ESG Strategy
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG STRATEGY Responsible and Maintain an open transparent channel with investments Investors Open Dialogue Promote global trade E S WE ARE AN ACTOR IN THE SUSTAINABLE DEVELOPMENT Promote Strengthen the OF GLOBAL TRAD
Slide 22: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS Summer camp in San Antonio 22
Slide 23: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS We are renovating a sports facility in a public school in San Antonio 23
Slide 24: Closing Remarks
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CLOSING REMARKS CSAV • Efficient vehicle to invest in Hapag-Lloyd • Solid balance sheet • Results mostly explained by HLAG’s results & tax provisions for 2023 • US$ 1.5 bn in current tax assets as of Dec23 Hapag-Lloyd, CS
Slide 25: Annexes
ANNEXES
Slide 26: HLAG's Results 23
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS ANNEXES HLAG’S RESULTS 2023 CHALLENGING MARKET ENVIRONMENT: EBITDA 73% DOWN Capacity Financial Results 2023 2022 ∆% Transported volume 266 (TTEU) 11,907 11,843 1% Total Average freight rate vessels 1,500 2,863 -48% (USD/T
Slide 27: CSAV's Results 2023 vs 2022
ANNEXES CSAV’s RESULTS 2023 vs 2022 Figures in USD million Result 2023 2022 Y-o-Y Equity-accounted investees 947.0 5,378.3 (4,431.3) SG&A and Other Op. Income (15.3) (38.4) 29.6 Operational Result (with equity-accounted investees) 931.7 5,339.9 (4,408.1) Financial result & ex. rate diff. (3.8) (25.8
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