Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — 9M 2017 Earnings Presentation
28 slides from Compania Sud Americana De Vapores's earnings presentation, Nov 29, 2017
Slide 1: Investor Presentation 9M 2017 Results
Investor Presentation 9M 2017 Results November 29, 2017
Slide 2: Agenda
Agenda 1. Business Overview 2. 9M 2017 Results 3. Balance Sheet & Cash Flows 4. Outlook
Slide 3: 1. Business Overview
1. Business Overview EICSAV
Slide 4: Business Overview: Highlights
Business Overview: Highlights The merger between HLAG and UASC was successfully completed on May 24, 2017. – CSAV diluted its share in HLAG from 31.4% to 22.6% – The dilution generated an accounting loss for CSAV of US$ 167.2 M (non-recurring), as synergies were not included in the valuation under a
Slide 5: Business Overview: Market trends
Business Overview: Market trends Extracted from HLAG´s Investor Presentation 9M 2017, available at https://www.hapag-lloyd.com/en/ir.html 5
Slide 6: Business Overview: Market trends SCFI vs Rotterdam Platts
Business Overview: Market trends SCFI vs Rotterdam Platts (October 2017) (1) (2) Margen SCFI - RTM Rotterdam Platts SCFI 1.400 1.200 1.000 Avg. Margin 800 Avg. Margin 2014 = 536 2013 = 480 600 Avg. Margin Avg. Margin Avg. Margin H1 2016 = 547 400 2015 = 468 2016 = 436 200 0 Sep-13 Sep-14 Sep-15 Sep-
Slide 7: Business Overview: Industry landscape
Business Overview: Industry landscape Extracted from HLAG´s Investor Presentation 9M 2017, available at https://www.hapag-lloyd.com/en/ir.html 7
Slide 8: Business Overview: CSAV Results
Business Overview: CSAV Results Figures in USD million CSAV Net Income before Tax 9M 2016 vs 9M 2017 (excluding dilution accounting loss effect) Container transport segment CSAV Net Income Other Transport Equity-Accounted GAE & Others CSAV Net Income before Tax Services Segment Investees (HLAG) befo
Slide 9: Business Overview: Hapag Lloyd Results
Business Overview: Hapag Lloyd Results EBITDA Margin, EBIT Margin and Net income trends 12.7% 9.9% 9.6% 6.7% 6.2% 3.7% 3.4% 0.5% 9M 2016 9M 2017 Q3 2016 Q3 2017 9M 2016 9M 2017 Q3 2016 Q3 2017 EBITDA Margin EBIT Margin Group profit / loss 9M 2016 9M 2017 Q3 2016 Q3 2017 56 8 9 Figures in USD million
Slide 10: Business Overview: Outlook
Business Overview: Outlook UASC integration well on track with sizeable initial optimization measures already implemented in the areas of network and shipping systems. Main focus of HLAG’s management has been to quickly integrate the UASC business and further optimize costs, enabling about 90% syner
Slide 11: 2. 9M 2017 Results
2. 9M 2017 Results EICSAV
Slide 12: CSAV Results 9M 2017
CSAV Results 9M 2017 The loss of US$ 199.4 M for 9M 2017 is mainly explained by a dilution accounting loss of US$ 167.2 M registered by CSAV during the second quarter as a one-off effect due to the merger of Hapag-Lloyd AG (“HLAG”) and United Arab Shipping Company ("UASC"), successfully completed in
Slide 13: CSAV Results 9M 2017
CSAV Results 9M 2017 Figures in USD million 9M 2017 Q3 2017 Q2 2017 Q1 2017 YoY QoQ 9M 2016 Q3 2016 M US$ M US$ M US$ M US$ M US$ M US$ M US$ M US$ Operating revenue 94.2 35.4 32.8 26.0 1.1 (0.1) 93.1 35.5 Operating cost (85.8) (31.3) (31.1) (23.4) 4.6 (1.5) (90.4) (29.8) Gross margin 8.4 4.1 1.7 2.
Slide 14: Reporting Segments Results
Reporting Segments Results Figures in USD million Other transport services 9M 2017 Q3 2017 Q2 2017 Q1 2017 YoY QoQ 9M 2016 Q3 2016 M US$ M US$ M US$ M US$ M US$ M US$ M US$ M US$ Operating revenue 94.2 35.4 32.8 26.0 1.1 (0.1) 93.1 35.5 Operating cost (85.8) (31.3) (31.1) (23.4) 4.6 (1.5) (90.4) (29
Slide 15: HLAG 9M 2017: Profit of US$ 8 M, reverting H1 loss
HLAG 9M 2017: Profit of US$ 8 M, reverting H1 loss. Note: USD Figures as stated in Investor Report 9M 2017 1) Mixed bunker price (MFO/MDO) Extracted from HLAG´s Investor Presentation 9M 2017, available in https://www.hapag-lloyd.com/en/ir.html 15
Slide 16: Hapag-Lloyd / UASC Merger & Capital Increase Events
Hapag-Lloyd / UASC Merger & Capital Increase Events On May 24, 2017, HLAG announced the closing of its merger with UASC. Currently, with 219 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest shipping liner in the world. The merger is expected to g
Slide 17: Hapag-Lloyd's New Shareholder Structure
Hapag-Lloyd’s New Shareholder Structure 1) CSAV Germany Container Holding GmbH 2) Kühne Maritime GmbH 3)Qatar Holding Germany GmbH 4) The Public Investment Fund of the Kingdom of Saudi Arabia Extracted from HLAG´s Investor Presentation 9M 2017, available at https://www.hapag-lloyd.com/en/ir.html 17
Slide 18: Hapag-Lloyd / UASC Merger Successfully Completed
Hapag-Lloyd / UASC Merger Successfully Completed 1) Hapag Lloyd stand-alone 2) As of 31 March 2017 3) ) Combined entity as of 30 June 2017 Extracted from HLAG´s Investor Presentation 9M 2017, available at https://www.hapag-lloyd.com/en/ir.html 18
Slide 19: Hapag-Lloyd / UASC Merger: Expected Synergies
Hapag-Lloyd / UASC Merger: Expected Synergies 1) Including UASC as of date of first-time consolidation Extracted from HLAG´s Investor Presentation 9M 2017, available iat https://www.hapag-lloyd.com/en/ir.html 19
Slide 20: Hapag-Lloyd / UASC Merger: Next Steps
Hapag-Lloyd / UASC Merger: Next Steps Extracted from HLAG´s Investor Presentation 9M 2017, available at https://www.hapag-lloyd.com/en/ir.html 20
Slide 21: Hapag-Lloyd reports and information
Hapag-Lloyd reports and information For more details on HLAG´s results please visit IR Section of HLAG website – https://www.hapag-lloyd.com/en/ir.html Extracted from HLAG´s Investor Presentation 9M 2017, available at https://www.hapag-lloyd.com/en/ir.html 21
Slide 22: 3. Balance Sheet & Cash Flows
3. Balance Sheet & Cash Flows EICSAV
Slide 23: Balance Sheet Position
Balance Sheet Position (Figures in USD million) Assets September 2017 December 2016 Var Cash & cash equivalents 43.3 54.6 (11.3) Accounts receivables 25.0 20.9 4.1 Inventories 3.3 4.3 (1.0) Other current assets 3.7 4.4 (0.7) Total current assets 75.3 84.2 (8.9) Equity accounted investees 1,619.2 1,7
Slide 24: Cash Position
Cash Position (Figures in USD million) (12.9) 4.7 (3.1) 54.6 (12.5) Non-recurring outflows (provisions and accruals) (0.4) Operation-related outflows 43.3 2.6 Adj. EBITDA(*) (3.0) WkC & others 31.12.16 Operational Cash Flow Investing Cash Flow Financing Cash Flow 30.09.17 (*) EBITDA excluding non op
Slide 25: 4. Outlook
4. Outlook EICSAV
Slide 26: Hapag-Lloyd Outlook
Hapag-Lloyd Outlook Key benchmark figures for the 2017 outlook Global economic growth (IMF) 3.6% Increase in global trade (IMF) 4.2% Increase in global container transport volume (IHS) 4.8% Transport volume, Hapag-Lloyd Group Increasing clearly Average bunker consumption price, Hapag-Lloyd Group Inc
Slide 27: Other Transport Services Outlook
Other Transport Services Outlook Car Carrier business: • Demand • Retail light vehicle sales in CSAV’s local markets continue growing in 9M 2017, increasing 15% in comparison to 2016, first year of sales recovery since 2014, and should continue to show this trend at year- end 2017. • High and heavy
Slide 28: 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
Compañía Sud Americana de Vapores — 9M 2017 Earnings Presentation on 6ix