Sociedad Matriz Saam S.A. · BCS:SMSAAM
Sociedad Matriz Saam — Q1 2015 Earnings Presentation
34 slides from Sociedad Matriz Saam's earnings presentation, May 12, 2015
Slide 1: Presentation of Results for 1st Quarter 2015
Presentation of Results for 1st Quarter 2015 May 12, 2015 1
Slide 2: Disclaimer
Disclaimer This presentation provides general information about Sociedad Matriz SAAM S.A. (“SMSAAM”) and related companies. It consists of summarized information and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. No representation or warrantie
Slide 3: Agenda
Agenda Executive Summary Industry Overview Results 1st Quarter 2015 Investment Plan 3
Slide 4: Leader in Latin America
Leader in Latin America Port Tugboats Logistics Terminals 10 189 (1) +350 ha. (2) Port Terminals Tugboats Warehouses and Support Areas (1) Considers Tugboats’ JV with SMIT and 10 Tugboats under construction (2) Does not consider 354 hectares of Fundo La Virgen in San Antonio 4
Slide 5: Leader in Latin America
Leader in Latin America Leading Port Operator in South America Fourth Global Tugboat Operator 5
Slide 6: Recent Events
Recent Events Corporate : • Operational continuity in Chilean Port Terminals. • Progress in the Diagnosis stage of the Shared Services Project. Tugboats: • Substantial progress in capturing synergies in SST Brazil. • In Mexico, obtained renewal of significant port contract. Port Terminals: • Operati
Slide 7: SM SAAM Shareholders as of March 31, 2015
SM SAAM Shareholders as of March 31, 2015 Total: 3,513 Shareholders Market Cap (1) MUS$870 Other (retail) 18% Total Shares (2) 9,736,791,983 Quiñenco Foreign (Luksic Group) 7% Free Float 45.1% 42% Dividend yield 2013 2.8% Other institutional Dividend yield 2014 4.4% 11% Dividend yield 2015 4,0% 11 D
Slide 8: SMSAAM Share Information
aisaam SMSAAM Share Information YTD 2015 Cumulative Total Return (Gross Dividends) ———SMSAAM (USD) —— |PSA (USD) —— MCI Latin America (USD) ——MSCI Latin America Small Cap (USD) 120 115 110 105 100 95 90 85 02/01 09/01 16/01 23/01 30/01 06/02 13/02 20/02 27/02 06/03 13/03 20/03 27/03 06/04 13/04 20/0
Slide 9: Agenda
Agenda Executive Summary Industry Overview Results 1st Quarter 2015 Investment Plan 9
Slide 10: External Factors
External Factors • The drop in the price of commodities caused uncertainty and a slowdown in the markets and industries associated to oil, mining, coal and steel in general. As of the first quarter of 2015, there was a decrease of 7% and 13.9% in total exports and imports, respectively, with respect
Slide 11: Agenda
Agenda Executive Summary Industry Overview Results 1st Quarter 2015 Investment Plan 11
Slide 12: SMSAAM Results First Quarter
SMSAAM Results First Quarter REVENUES US$ Million EBITDA US$ Million 450,0 140,0 28% 30% 400,0 120,0 22% 25% 350,0 100,0 300,0 20% 250,0 80,0 181,5 192,3 15% 200,0 60,0 54,2 150,0 59,5 6% 75,7 40,0 10% 40,0 25,9 100,0 13,5 35% 122,1 20,0 5% 50,0 116,6 26,5 28,2 0,0 0,0 0% 1Q2014 1Q2015 1Q2014 1Q2015
Slide 13: SMSAAM Consolidated Results for First Quarter 2015
SMSAAM Consolidated Results for First Quarter 2015 Income Statement -- SM SAAM -- Quarterly Income Statements mar-15 mar-14 D% MUS$ MUS$ Operating revenues 116.585 122.064 -4% Cost of sales (85.347) (94.056) -9% Gross margin 31.238 28.008 12% Administrative expenses (15.392) (13.925) 11% Operating r
Slide 14: SMSAAM Consolidated Results for First Quarter 2015 - Explanation
SMSAAM Consolidated Results for First Quarter 2015 Explanation Operating Income (US$15.8 million; +13%YoY) • Improved performance of Port Terminals in Iquique and Guayaquil • Entry to Panama and Canada markets in Tugboats through J.V. with Boskalis as from July 1, 2014. Non-Operating Income (US$5.1
Slide 15: Business Diversification
Business Diversification DISTRIBUTION OF SALES 1Q2015 (MUS$192) EBITDA DISTRIBUTION 1Q2015 (MUS$54) Logistics Ports 17% Ports Logistics 32% 37% 31% Remolcador Tugboats es 46% 37% DISTRIBUTION OF SALES 1Q2014 (MUS$182) EBITDA DISTRIBUTION 1Q2014 (MUS$40) Ports Ports Logistics 29% 26% Logistics 27% 37
Slide 16: Leverage
Leverage NET FINANCIAL DEBT (MUS$ March 2015) Consolidated Basis March 2015 Dec 2014 500 ROE 9,1% 8,8% 400 341 ROA (2) 6,4% 6,1% 300 154 223 200 Leverage Consolidated Basis 118 84 March 2015 Dec 2014 100 186 71 139 Financial Debt / EBITDA 1,70 1,76 47 0 Financial Debt Cash Net Financial Debt Net Fin
Slide 17: Port Terminals
Port Terminals Foreign FIT TMAZ Florida International Terminal Marítimo Buenavista Port S.A. Guayaquil Port Terminal, USA Mazatlán, México Colombia Terminal, Ecuador PBV National TPG TPA ITI Arica Port Terminal Iquique Antofagasta ATI S.A. International International STI Terminal S.A. Terminal S.A.
Slide 18: Port Terminals: Primary Operator in South America
Port Terminals: Primary Operator in South America Total TEUs Transferred Ranking %SMSAAM Principal Port Terminals (thousands) 1 SAAM 2.491 San Antonio, San Vicente, Iquique, Antofagasta 2 DP World 2.155 Callao, Buenos Aires, Suriname, Santos 3 Grupo Ultramar 2.047 Valparaíso, Mejillones, Coronel, Co
Slide 19: Port Terminals Results
Port Terminals Results REVENUES US$ Million EBITDA US$ Million 120,0 60,0 40% 32% 35% 100,0 50,0 30% 80,0 40,0 62,3 25% 20% 60,0 52,9 30,0 20% 18% 28,8 88% 19,8 15% 40,0 25,4 20,0 10,6 10,8 10% 20,0 33,5 10,0 27,5 5,2 5% 5,3 9,0 0,0 0,0 0% 1Q2014 1Q2015 1Q2014 1Q2015 Consolidated Affiliates Consolid
Slide 20: Port Terminals – Results for 1Q2015
Port Terminals – Results for 1Q2015 Revenues (US$62.3 million; +18%YoY) EBITDA (US$19.8 million; +88%YoY) Port Terminals Consolidated Companies Revenues (US$33.5 million; +22% YoY) EBITDA (US$9 million; +69%YoY) • Guayaquil: New service since mid-2014. • Iquique: Greater volumes due to the closing o
Slide 21: Tugboats
\ 1b aa a Sue Vers -’ Cre te 4: ~S santana Yu sontaren @ o's Recife @ Salvador de B
Slide 22: Royal Boskalis
Royal Boskalis Results 2014 Sales: EUR 3.2 billion (+1%) EBITDA: EUR 946 million (+25%) Net Income: EUR 490 million (+34%) 22
Slide 23: SAAM SMIT TOWAGE
aisaam SAAM SMIT TOWAGE PP” SAAM SMIT TOWAGE
Slide 24: Tugboats Results
Tugboats Results REVENUES US$ Million EBITDA US$ Million 140,0 70,0 35% 40% 120,0 60,0 31% 35% 100,0 50,0 30% 71,1 25% 80,0 40,0 61,2 20% 60,0 7,7 16% 22,4 30,0 25,0 18,8 15% 40,0 20,0 2,1 9,1 10% 53,5 48,7 33% 20,0 10,0 16,7 15,9 5% 0,0 0,0 0% 1Q2014 1Q2015 1Q2014 1Q2015 Consolidated Affiliates Con
Slide 25: Results - Tugboats
Results - Tugboats Revenues (US$71.1 million; +16%YoY) EBITDA (US$24.9 million; +33%YoY) Tugboats – Consolidated Companies Revenues (US$48.7 million; -9%YoY) EBITDA (US$15.9 million; -5%YoY) • Lower sales due to Brazil changing from a subsidiary (100% ownership by SAAM) in 1Q2014, to an affiliate (5
Slide 26: Logistics
eyyceems aiayye
Slide 27: Contract Logistics
Contract Logistics Contract Logistics is defined as the integration of the national Logistics chain of the importer or exporter, which includes transportation network, warehousing, value added services and local-level distribution. Airport/port Within country of destination Sales Point / End Client
Slide 28: Logistics Results
Logistics Results REVENUES US$ Million EBITDA US$ Million 120,0 30,0 20% 16% 16% 100,0 25,0 15% 80,0 67,3 20,0 58,9 60,0 15,0 10% 26,3 -13% 10,7 24,6 9,4 40,0 10,0 6,2 -12% 5% 6,1 20,0 41,0 34,3 5,0 4,4 3,3 0,0 0,0 0% 1Q2014 1Q2015 1Q2014 1Q2015 Consolidated Affiliates Consolidated Affiliates EBITDA
Slide 29: Logistics – Results
Logistics – Results Revenues (US$58.9 million; -13%YoY) EBITDA (US$9.4 million; -12%YoY) Logistics – Consolidated Companies Revenues (US$34.3 million; -16%YoY) EBITDA (US$3.3 million; -25%YoY) • Chile: Reduction in operations in container depots and warehousing, and end of the document agency servic
Slide 30: Agenda
Agenda Executive Summary Industry Overview Results 1st Quarter 2015 Investment Plan 30
Slide 31: Strategic Guidelines
Strategic Guidelines Strengthen our leadership in Latin America through our three business segments • Capture growth opportunities in new businesses and markets • Strengthen our current businesses • Improve our Efficiency and Operational Excellence levels • Implement Shared Services Center • Innovat
Slide 32: Capex 2015
Capex 2015 Business Division Projected Principal Investments Investments for 2015 (consolidated + PV) Port Terminals ThUS 44,419 • Equipment renovation on Iquique • Dock extension and purchase of equipment for Terminal Portuario Guayaquil • Extension and reconstruction of dock in San Vicente Termina
Slide 33: Contact
Contact Paula Raventós Head of Investor Relations Sociedad Matriz SAAM S.A. Hendaya 60, floor 9th, Santiago, Chile (56-2) 2731-8240 praventos@saamsa.com www.smsaam.com 33
Slide 34: Presentation of Results for 1st Quarter 2015
Presentation of Results for 1st Quarter 2015 May 12, 2015 34