Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q4 2013 Earnings Presentation
19 slides from Compania Sud Americana De Vapores's earnings presentation, February 2014
Slide 1: Fourth Quarter 2013 Results
Fourth Quarter 2013 Results February 2014
Slide 2: Agenda
Agenda 1. Transaction between CSAV and Hapag Lloyd 2. Market Situation 3. 2013 Results 4. Cash Position 5. Outlook
Slide 3: 1. Transaction between CSAV and Hapag Lloyd
1. Transaction between CSAV and Hapag Lloyd
Slide 4: Transaction
Transaction CSAV and Hapag Lloyd (“HL”) have signed a non binding Memorandum of Understanding on January 22, 2014, by which both companies agree in combining their container business. Transaction to be structured via CSAV contributing its Container Shipping Activities to Hapag- Lloyd, in exchange fo
Slide 5: Transaction
Transaction The transaction contemplates 2 capital increases in the CE for a total of MMUS$ 1,000 (MM€ 740) aimed at fleet modernization, financing integration costs and obtaining financial flexibility: – First capital increase of MMUS$ 500 (MM€ 370) within 120 days of closing of the transaction. CS
Slide 6: 2. Market Situation
BICSAV 2. Market Situation EICSAV
Slide 7: Containership Fleet
Containership Fleet Graph 1: Idle Fleet: 774,000 TEU or 4.5% (February 2014) Idle Fleet % of Total Fleet 1,600 16% 1,400 14% Idle Capacity in Th. Teus 1,200 12% % of Total Fleet 1,000 10% 800 8% 600 6% 4.5% 400 4% 200 2% 0 0% Oct/08 Jan/09 Mar/09 Jun/09 Aug/09 Nov/09 Jan/10 Apr/10 Jun/10 Aug/10 Nov/
Slide 8: Market Evolution
Market Evolution Graph 3: SCFI vs Rotterdam Platts o During the first quarter of 2012, freight rates were deeply affected in most SCFI -RTM Margin Rotterdam Platts SCFI markets, achieving historically low 1,800 Average Margin Average Margin Average Margin Average Margin margins, due to : 1,600 2010
Slide 9: 3. 2013 Results
BICSAV 3. 2013 Results EICSAV
Slide 10: 2013 Results
2013 Results Graph 4: Main Financial Figures (USD Million) 4,000 4,000.0 -4.9% -3.6% 3,500 3,000.0 3,000 2,000.0 2,500 1,000.0 2,000 0.0 3,423.7 -3,380.3 1,500 -3,259.2 3,254.8 -1,000.0 1,000 -2.7% -2,000.0 500 -240.1 -233.6 -196.8 -238.0 -3,000.0 0 -500 -4,000.0 2012 2013 2012 2013 2012 2013 2012 2
Slide 11: Fourth Quarter 2013 Results
Fourth Quarter 2013 Results Graph 5: Main Financial Figures (USD Million) 1,200 1,000.0 -12.4% 3.2% 800.0 1,000 -11.1% -2.9% 600.0 800 400.0 200.0 600 -767.9 0.0 400 844.6 -815.8 832.5 739.7 -792.3 -15.5% -200.0 -400.0 200 3.2% -69.5 -600.0 -56.9 7.3 -40.2 -111.4 0 -58.8 -800.0 -200 -1,000.0 Q4-12 Q
Slide 12: 4. Cash Position
BICSAV 4. Cash Position EICSAV
Slide 13: Cash Position
Cash Position Graph 6: Cash Position (USD million) 250.2 97.5 201.7 6.2 -2.6 -96.1 -14.5 -39.0 Cash 30-sep-13 EBITDA Working Capital Restructuring* Net Capex Net Debt Interest Cash 31-dic-13 and Others * Restructuring Cash Flow includes all the contracts signed and the provisions recognized in resul
Slide 14: 5. Outlook
BICSAV 5. Outlook EICSAV
Slide 15: Outlook
Outlook Graph 7: SCFI vs Rotterdam Platts Average Margin 2014 = 563 SCFI -RTM Margin Rotterdam Platts SCFI 1,800 Average Margin 2010 = 918 Average Margin 2011 = 392 Average Margin 2012 = 605 Average Margin 2013 = 480 1,600 1,400 1,200 1,000 800 600 400 200 0 Jan-10 Mar-10 May-10 Nov-10 Jan-11 Mar-11
Slide 16: Outlook
Outlook The operational and commercial activity of the last quarter of 2013, which will explain to an important extent the results of the first quarter 2014, have shown ex-bunker freight rates above those from the last quarter, therefore a relevant improvement is expected in the first quarter 2014,
Slide 17: Outlook
Outlook Our long term investment plan to be financed by the US$ 200 million capital increase which will take place during the first half of this year, will allow after the new vessels arrive, to show a significant improvement, coming from bunker and charter savings, during the second half of 2015. I
Slide 18: Outlook
Outlook Despite all the industry's rationalization efforts, the ex-bunker freight rate continues to be positioned below the historical levels in most trades and below the levels that the industry should consider as a sustainable equilibrium. This situation has not allowed the industry to enjoy norma
Slide 19: 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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