Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — 9M 2020 Earnings Presentation
12 slides from Compania Sud Americana De Vapores's earnings presentation, November 2020
Slide 1: Investor Presentation 9M 2020 Result
Investor Presentation 9M 2020 Result November, 2020
Slide 2: Highlights
Highlights CSAV Mainly from its stake in the container shipping business through Hapag-Lloyd The funds will be used to pay back loans taken out by CSAV to obtain a 30% stake in HLAG in January After ending its last remaining direct shipping operations in July 2020 Hapag-Lloyd, CSAV’s main investment
Slide 3: CSAV 2020 Capital Increase: US$350 million raised
CSAV ǀ 2020 Capital Increase US$ 350 mn (Offering of 14,523,000,000 new Deal size shares, at a subscription price of USD 0.0241 per share) Shares’ subscription Key Events Result 0.07% August 21st: Ending of (I) Preemptive Rights Period shareholder registration Subscribed shares 14,265.792,397 98.2
Slide 4: Supply evolution throughout the years
Industry Supply evolution throughout the years Record low orderbook 28 70% Average 2005-2008 24 55% 60% Orderbook-to-fleet (%) 20 50% 16 40% TEU mn 12 Oct-2020 30% 8.0% 8 20% 4 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Orderbook (TEU mn) World fleet (TE
Slide 5: Effective measures to mitigate COVID impact
Industry Effective measures to mitigate COVID impact Capacity in major trades –adjusted in 2020 due to lower activity– increased in second semester (YoY %) Far East Transpacific 17% 12% 13% 7% 3% (0%) (0%) (0%) (2%) (5%) (4%) (5%) (5%) (8%) (10%) (11%) (14%) (13%) (15%) (16%) (17%) (21%) Jan-20 Feb-
Slide 6: Evolution of ex-bunker freight rate
Industry Evolution of ex-bunker freight rate SCFI¹ SFCI - Bunker Margin² 2017-2019 Avg. margin HSFO (3.5%)³ VLSFO (0.5%)³ 2000 $1,820 1800 $1,702 1600 1400 US$/TEU 1200 1000 800 600 2017-2019 Avg. margin $693 400 200 0 01/2010 01/2011 01/2012 01/2013 01/2014 01/2015 01/2016 01/2017 01/2018 01/2019 0
Slide 7: CSAV's Net Income 9M 2019 vs 9M 2020
CSAV’s results 9M 2020 CSAV’s Net Income 9M 2019 vs 9M 2020 Figures in USD million Net Income Share of Effect of PPA Financial Deferred Discontinued Net Income 9M 2019 HLAG's Result on Results Badwill result taxes operations 9M 2020 91.2 -5.9 -4.5 -14.3 -36.9 -0.5 Equity-accounted investees (HLAG) 1
Slide 8: CSAV's results 9M 2020
CSAV’s results 9M 2020 Figures in USD million Result 9M 2020 9M 2019 Var. SG&A -5.5 -6.5 1.0 Other incomes 0.9 1.9 -1.0 Operating income (loss) -4.6 -4.6 0.0 EBITDA (w/o equity-accounted investees) -4.5 -4.5 0.0 Equity-accounted investees 174.9 94.1 80.8 Financial result & ex. rate diff. -20.9 -6.6
Slide 9: CSAV's financial position
CSAV’s financial position 9M 2020 Figures in USD million Net debt (Sep-Q282020) Leverage Covenant: < 1.3 539.5 394.0 145.5 0.21 0.13 Financial debt Cash & cash Net debt equivalent Sep-20 Dec-19 Total assets Free asset ratio 3,232 10.1 2,517 Covenant: > 1.615 5.4 Covenant: > 1.3 Sep-20 Dec-19 Sep-20
Slide 10: Hapag Lloyd's results
Hapag Lloyd’s results 9M 2020 9M 2020 Capacity Financial result 9M 2020 2020 9M 2019 9M ∆% 2019 FY Transported volume 8,696 9,011 (3.5%) 12,037 1,709 TTEU (TTEU) Vessels’ aggregate Average freight rate capacity 1,097 1,075 2.0% 1,072 (USD/TEU) Revenue (USD mm) 10,525 10,654 (1.2%) 14,115 Transport e
Slide 11: Outlook: HLAG's 2020 guidance
Outlook HLAG’s 2020 guidance: Updated in October 2020 Initial Updated 2019 Guidance 2020 Guidance 2020 Transport volume 12,037 TTEU Increasing slightly Decreasing slightly Average freight rate 1,072 USD/mt Increasing slightly Increasing slightly Increasing clearly Decreasing Average bunker price 416
Slide 12: Outlook
Outlook CSAV mantains an exclusive focus on its stake in Hapag-Lloyd after the orderly closure of its direct operation (Car Carrier), focusing on being clean pass-through vehicle to obtain exposure to Hapag- Lloyd In terms of the industry, the offer keeps showing positive signs of having reached
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