Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — H1 2017 Earnings Presentation
28 slides from Compania Sud Americana De Vapores's earnings presentation, Sep 5, 2017
Slide 1: Investor Presentation H1 2017 Results
Investor Presentation H1 2017 Results September 5, 2017
Slide 2: Agenda
Agenda 1. Highlights 2. Market Situation 3. H1 2017 Results 4. Balance Sheet & Cash Flows 5. Outlook
Slide 3: 1. Highlights
1. Highlights EICSAV
Slide 4: Highlights
Highlights H1 2017 Results The loss of US$ 201.4 M in H1 2017 is mainly explained by a dilution accounting loss of US$ 167.2 M registered in CSAV as a one-off effect due to the merger of Hapag-Lloyd AG (“HLAG”) and United Arab Shipping Company ("UASC"), successfully completed in May. Excluding this
Slide 5: Highlights: Hapag-Lloyd / UASC Merger
Highlights Hapag-Lloyd / UASC Merger 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 liner shipping company in the world. The merger is expected to generate
Slide 6: 2. Market Situation
2. Market Situation EIICSAV
Slide 7: Market Evolution: adjusting supply
Market Evolution: adjusting supply Source: Clarksons (July 2017), Drewry, Alphaliner (July 2017) Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 7
Slide 8: Market Evolution: adjusting supply
Market Evolution: adjusting supply Source: Alphaliner weekly (July 2017) Clarksons (2Q 2017), Drewry (Forecast 2017) Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 8
Slide 9: Market Evolution: demand growth
Market Evolution: demand growth Source: Clarksons (July 2017), IFM (July 2017), SCFI (25 August 2017), Rotterdam Plats (3 August 2017) Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 9
Slide 10: Market Evolution: more stable freight rates from Asia
Market Evolution: more stable freight rates from Asia SCFI vs Rotterdam Platts (August 2017) Margen SCFI - RTM (1) Rotterdam Platts SCFI (2) 1.400 1.200 1.000 800 Avg. Margin Avg. Margin 2013 = 480 2014 = 536 600 Avg. Margin Avg. Margin H1 2016 = 573 2015 = 468 Avg. Margin 400 2016 = 436 200 0 Sep-1
Slide 11: Market Evolution: consolidation trend
Market Evolution: consolidation trend Note: Diagram assuming that all currently announced mergers (NYK & MOL & K-Line, Maersk & Hamburg Süd, COSCO & OOCL) will receive regulatory approvals and are executed as announced. Simple sum of stand-alone operating capacity as of June 30, 2017. Source: Drewry
Slide 12: Hapag-Lloyd / UASC Merger Successfully Completed
Hapag-Lloyd / UASC Merger Successfully Completed 1) Combined entity as of 24 May 2017 2) sum of services pre THE Alliance 3) ) Combined entity as of 30 June 2017 Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 12
Slide 13: Hapag-Lloyd / UASC Merger: balanced trade portfolio
Hapag-Lloyd / UASC Merger: balanced trade portfolio 1) Allocation of UASC volumen according to Hapag-Lloyd trade definition, not necessarily final. Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 13
Slide 14: Hapag-Lloyd / UASC Merger: modern, young and competitive fleet
Hapag-Lloyd / UASC Merger: modern, young and competitive fleet Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 14
Slide 15: 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 H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 15
Slide 16: Hapag-Lloyd & UASC: a seamless and quick integration
Hapag-Lloyd & UASC: a seamless and quick integration Extracted from HLAG´s Investor Presentation H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 16
Slide 17: 3. H1 2017 Results
4. H1 2017 Results EICSAV
Slide 18: CSAV Results H1 2017
CSAV Results H1 2017 H1 2017 Q2 2017 Q1 2017 YoY QoQ H1 2016 Q2 2016 Q1 2016 M US$ M US$ M US$ M US$ M US$ M US$ M US$ M US$ Operating revenue 58.8 32.8 26.0 1.2 2.7 57.6 30.1 27.5 Operating cost (54.5) (31.1) (23.4) 6.1 (3.8) (60.6) (27.3) (33.3) Gross margin 4.3 1.7 2.6 7.3 (1.1) (3.0) 2.8 (5.8) S
Slide 19: Reporting Segments Results
Reporting Segments Results Other transport services H1 2017 Q2 2017 Q1 2017 YoY QoQ H1 2016 Q2 2016 Q1 2016 M US$ M US$ M US$ M US$ M US$ M US$ M US$ M US$ Operating revenue 58.8 32.8 26.0 1.2 2.7 57.6 30.1 27.5 Operating cost (54.5) (31.1) (23.4) 6.1 (3.8) (60.6) (27.3) (33.3) Gross margin 4.3 1.7
Slide 20: HLAG Q2 2017: a profit, but a H1 loss
HLAG Q2 2017: a profit of US$ 18 M, but a H1 loss of US$ 49 M 1) Mixed bunker price (MFO/MDO) Extracted from HLAG´s Investor Presentation H1 2017, available in 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 H1 2017, available in https://www.hapag-lloyd.com/en/ir.html 21
Slide 22: 4. Balance Sheet & Cash Flows
4. Balance Sheet & Cash Flows EICSAV
Slide 23: Balance Sheet Position
Balance Sheet Position (Figures in USD million) Assets June 2017 December 2016 Var Cash & cash equivalents 50.5 54.6 (4.1) Accounts receivables 22.3 20.9 1.4 Inventories 3.1 4.3 (1.2) Other current assets 3.3 4.4 (1.1) Total current assets 79.2 84.2 (5.0) Equity accounted investees 1.602.8 1.771.7 (
Slide 24: Cash Position
Cash Position (Figures in USD million) (7.7) 4.3 0.7 54,6 -8.7 Non recurring outflows (provisions and accruals) 50,5 +1.0 Operation related outflows +1,6 Adj. EBITDA(*) -0,6 WkC & others 31.12.16 Operational Cash Flow Investing Cash Flow Financing Cash Flow 30.06.17 (*) EBITDA excluding non operatin
Slide 25: 5. Outlook
5. Outlook EICSAV
Slide 26: Hapag-Lloyd Outlook
Hapag-Lloyd Outlook: HLAG key benchmark figures for the 2017 outlook Global economic growth (IMF) + 3.5% Increase in global trade (IMF) + 4.0% Increase in global container transport volume (IHS) + 4.6% Transport volume, Hapag-Lloyd Group Increasing clearly Average bunker consumption price, Hapag-Llo
Slide 27: Other Transport Services Outlook
Other Transport Services Outlook: Car Carrier business: • Demand • Retail light vehicle sales in CSAV’s local markets growing in H1 2017 in comparison to 2016, first year of sales recovery since 2014, and should continue to show this trend during 2017. • High and heavy vehicle sales (trucks, buses a
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
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