Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — H1 2019 Earnings Presentation
15 slides from Compania Sud Americana De Vapores's earnings presentation, Nov 1, 2019
Slide 1: Investor Presentation H1 2019 Results
Investor Presentation H1 2019 Results
Slide 2: Agenda
Agenda 1. Highlights 2. Market Overview 3. H1 2019 Results 4. Outlook
Slide 3: Highlights
Highlights CSAV reported net income of US$ 38.7 M in H1 2019 (YoY: ∆ US$ +70.8 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$ 39.0 M in H1 2019, an improvement of US$ 71.6 M compared
Slide 4: Market Overview: Real GDP Growth vs. Global Container Volume Growth
Market Overview Real GDP Growth vs. Global Container Volume Growth [%] GDP multiplier 0.5x 1.1x 1.4x 1.1x 5.2% 2019e-2020e demand reflects Clarksons data 4.2% 3.8% 3.4% 3.8% 3.4% 3.6% 3.5% 3.2% 1.8% 2016 2017 2018 2019e 2020e Real GDP growth Container volume growth 6 Source: IHS Markit (May 2019), I
Slide 5: Market Overview: Orderbook-to-Fleet and Supply/Demand Balance
Market Overview Orderbook-to-Fleet [TEUm, %] 28% Supply / demand balance 21% 21% 18% 19% 2019e-2020e demand reflects 16% Clarksons data 4.3 13% 3.8 12% 9 8.0% 3.6 10% 8.0% 3.4 3.3 8 3.2 2.8 7 6.1% 6.3% 2.5 5.5% 5.3% 5.7% 2.4 6 5 4.2% 3.8% 4 5.9% 5.2% 3.4% 2.4% 1.8% 3 3.7% 2 2.5% 3.8% 3.3% 0.6% 1 1.2
Slide 6: Market Overview: SCFI vs Bunker Consumption
Market Overview SCFI vs Bunker Consumption (July 2019) (2) (1) SCFI -RTM Margin (3) Rotterdam Platts X Consumption factor SCFI 1.200 1.000 800 Avg. Margin 2014 = 854 600 Avg. Margin Avg. Margin Avg. Margin 2017 = 706 2018 = 674 2018 = 663 400 Avg. Margin Avg. Margin 2015 = 625 2016 = 564 200 0 Mar-1
Slide 7: H1 2019 Results: CSAV Net Income H1 2018 vs H1 2019
H1 2019 Results: CSAV CSAV Net Income (Loss) H1 2018 vs H1 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 H1 2018 Result Results & GAE Services H1 201
Slide 8: H1 2019 Results: CSAV
H1 2019 Results: CSAV Figures in USD million H1 2019 H1 2018 YoY Q2 2019 Q2 2018 QoQ Operating revenue 46.2 44.6 1.6 24.0 24.6 (0.6) Operating expenses (45.4) (41.5) (3.9) (23.2) (23.6) 0.4 SG&A and others (3.2) (4.1) 0.9 (1.1) (2.3) 1.2 Operating income (loss) (2.4) (1.0) (1.4) (0.3) (1.3) 1.0 EBIT
Slide 9: H1 2019 Results: CSAV Segment Results
H1 2019 Results: CSAV Segment Results Figures in USD million Container transport services H1 2019 H1 2018 YoY Q2 2019 Q2 2018 QoQ SG&A (2.1) (1.7) (0.4) (1.1) (0.9) (0.2) Equity-accounted investees 47.2 (31.9) (79.1) 14.9 (20.6) 35.5 Financial result & Ex. rate diff (3.7) (3.2) (0.5) (2.2) (2.0) (0.
Slide 10: H1 2019 Results: Hapag-Lloyd Revenue, Transport Expenses and Net Income
H1 2019 Results: Hapag-Lloyd Evolution of Revenue, Transport Expenses and Group Net Income +7% +1% ∆ USD +287 m Revenue Transport expenses Group net income USD 7,047 m 1,021 USD/TEU USD 165 m +5% +11% +61.5%* Freight rate Bunker price EBITDA 1,071 USD/TEU 429 USD/mt USD 835 m* -0.4% +286%* +2% Other
Slide 11: HLAG H1 2019: Improved results, EBITDA and EBIT compared to 2018
HLAG H1 2019: Improved results, EBITDA and EBIT compared to 2018 Operational KPIs H1 2019 H1 2018 YoY Transport volume [TTEU] 5,966 5,848 +2% Freight rate [USD/TEU] 1,071 1,020 +5% Bunker [USD/mt] 429 385 +11% Exchange rate1) [USD/EUR] 1.13 1.21 n.m. Overview of IFRS 16 Effects on P&L Accounts [USD
Slide 12: Financial Position: CSAV
Financial Position: CSAV New private corporate bond successfully placed for USD 100 million, fully complying with all covenants. (Figures in USD million) Net Debt (Jun 2019) Leverage 211.2 20.6 IFRS 16 150.0 Covenant: <1.3 190.6 61.2 0.13 0.06 Financial debt Cash and cash Net debt Jun 2019 Dec 2018
Slide 13: Outlook: HLAG's Guidance 2019
Outlook HLAG’s Guidance 2019 Extracted from HLAG’s Investor Report H1 2019, available at https://www.hapag-lloyd.com/en/ir.html 13
Slide 14: Outlook
Outlook 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 customers, improving its performance and profitability in upcoming years, making it number one in quality. HLAG will continue with deleverage over next years, reduc
Slide 15: 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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