Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q3 2024 Earnings Presentation
25 slides from Compania Sud Americana De Vapores's earnings presentation, November 2024
Slide 1: CSAV 3Q24 Results
CSAV 3Q24 Results New "Hamburg Express" Sets Sail Nov 2024 Under the German flag, the "Hamburg Express“ (23,660 TEU) is part of a series of twelve ultra-modern vessels designed to enhance the efficiency, sustainability and future viability of Hapag-Lloyd’s fleet.
Slide 2: Opening Remarks: Hapag-Lloyd, CSAV's main investment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS OPENING REMARKS Hapag-Lloyd, CSAV’s main investment CSAV + 9M24 with a strong demand. • 3Q24: US$325.0 mn profit driven by the good result of HLAG The security situation in the Red Sea continues (US$ 310.4mn) and a positi
Slide 3: Demand & Idle Fleet Evolution 2020-2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND & IDLE FLEET EVOLUTION 2020-2024 MARKET ENVIRONMENT WITH HIGHER VOLUMES DURING 9M24 Global Demand Growth (%YoY) Suez Canal 25,0 2023 demand was 0.4% up vs 2022 Blockage 20,0 9M24/9M23 + 7,0% 15,0 3Q24/3Q23 + 5,6% C
Slide 4: Freight rates up since December 2023 due to Red Sea situation
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES UP SINCE DECEMBER 2023 DUE TO THE RED SEA SITUATION & HIGH DEMAND Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 12.000 Average SCFI
Slide 5: Emission charges and rerouting increasing overall fuel costs
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY EMISSION CHARGES AND REROUTING ARE INCREASING OVERALL FUEL COSTS Bunker Price Development (US$/Ton) 1200,0 HSFO VLSFO VLSFO Average 2020: US$ 328 1000,0 2021: US$ 506 980 2022: US$ 729 2023: US$ 570 800,0 9M24: U
Slide 6: Supply evolution throughout the years
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY SUPPLY EVOLUTION THROUGHOUT THE YEARS Orderbook to Fleet (%) + YTD 7,7% of deliveries 32 70% Nov7 61,3% + YTD 0.3% Scrapping 28 24 60% + YTD 2,4% Idle Fleet 50% + New orders scheduled for Orderbook to Global Flee
Slide 7: Increased orders explained by growth, renewal of vessels & regulations
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY INCREASED ORDERS EXPLAINED BY GROWTH, RENEWAL OF VESSELS & REGULATIONS Source: Clarksons Research (Nov 2024), Alphaliner Oct24, Hapag-Lloyd Investor Presentation 3Q24 7
Slide 8: Market growth in TEU-miles have been very strong
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY MARKET GROWTH IN TEU- MILES HAVE BEEN VERY STRONG Source: Clarksons Research (Nov 2024), Alphaliner Oct24, Hapag-Lloyd Investor Presentation 3Q24 8
Slide 9: HLAG's Results: 2Q24 vs 3Q24 / 9M23 vs 9M24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS 2Q24 vs 3Q24 / 9M23 vs 9M24 Note: Hapag-Lloyd Investor Report 9M24 9
Slide 10: Freight rates account for most of the decline, partly offset by volume
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS FREIGHT RATES ACCOUNT FOR MOST OF THE DECLINE, PARTLY OFFSET BY MORE VOLUME Liner Shipping: 9M23 EBIT vs 9M24 EBIT MMUS$ 4.000 -69% 3.500 684 Liner Shipping: Op. Costs per TEU yoy: 2,3% US$29/TEU (926) 3.00
Slide 11: Unit cost affected by the Red Sea rerouting
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS UNIT COST AFFECTED BY THE RED SEA REROUTING (+BUNKER +CHARTER +TRANSHIPMENTS) Note: Hapag-Lloyd Investor Report 3Q24 11
Slide 12: Results by Segment: Profits by Segment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS RESULTS BY SEGMENT PROFITS BY SEGMENT MMUS$ Note: Hapag-Lloyd Investor Presentation 3Q24 12
Slide 13: Gemini Cooperation
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS GEMINI COOPERATION NETWORK WILL GO AROUND THE COGH - BOOKINGS TO START IN DECEMBER MMUS$ Note: Hapag-Lloyd Investor Presentation 3Q24 13
Slide 14: New order of 24 state-of-the-art dual fuel vessels
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS NEW ORDER OF 24 STATE-OF-THE-ART DUAL FUEL VESSELS IMPROVE COMPETITIVENESS & REDUCE EMISSIONS MMUS$ Note: Hapag-Lloyd Investor Presentation 3Q24 14
Slide 15: HLAG raised its earnings outlook again for full year 2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG RISED ITS EARNINGS OUTLOOK AGAIN FOR THE FULL YEAR 2024 DUE TO STRONG DEMAND AND INCREASED SHORT TERM RATE MMUS$ Note: Hapag-Lloyd Investor Presentation 3Q24 15
Slide 16: CSAV's Results 9M24/9M23
ANNEXES CSAV’s RESULTS 9M24/9M23 Figures in USD million Result 9M24 9M23 Var Acc Equity-accounted investees 540.6 1,019.9 (479.3) SG&A and Other Op. Income (10.8) (9.8) (1.0) Operational Result (with equity- 529.8 1,010.2 (480.3) accounted investees) Financial result 13.3 (1.2) 14.5 Exchange rate di
Slide 17: CSAV's Results 9M23 vs 9M24 net income
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS 9M23 vs 9M24 Net Income 9M23 vs 9M24 300,0 2 ,0 3 , 194,6 200,0 00,0 0,0 00,0 , (497) 200,0 , ,3 ,0 300,0 Share of HLAG s inan ial Result Tax Expenses 23 ro t SG A Ex hange Rate if. 2 ro t 17
Slide 18: Retentions Balance 3Q24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS RETENTIONS BALANCE 3Q24 Current Tax Assets MMUS$ as of Sep 30th, 2024 as of Dec 31st, 2023 Remaining VAT tax credit 2.1 1.7 Income tax to recover 546.6 1,207.0 Credits for taxes paid abroad 220.3 317,8 Tota
Slide 19: Balance Sheet Dec23 vs Sep24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS BALANCE SHEET Dec23 vs Sep24 Assets main changes Assets Dec23 vs Sep24 main Changes .26 0 7,341 +Dividend received from CSAV Germany Income Tax to recover: HLAG Result: +US$541mn US$-660mn -dividend paid US
Slide 20: Cash Flow 9M24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS CASH FLOW 9M24 CashflowAssets main inflows/outflows main Changes in 9M24 Retention received: 1,338 3 -1,154 US$ 813 mn Dividends Received from HLAG: US$ 525mn 2 -375 93 4 3 aym. per. a vi es iv. re eived ot
Slide 21: ESG Strategy
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG STRATEGY Responsible and Maintain an open transparent channel with investments Investors Open Dialogue Promote global trade E S WE ARE AN ACTOR IN THE SUSTAINABLE DEVELOPMENT Promote Strengthen the OF GLOBAL TRAD
Slide 22: Closing Remarks
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CLOSING REMARKS CSAV • Efficient vehicle to invest in Hapag-Lloyd & solid balance sheet • Results mostly explained by HLAG’s results & tax expenses • US$ 0.8 bn in current tax assets as of September 2024 Hapag-Lloyd, CSAV
Slide 23: Annexes
ANNEXES
Slide 24: HLAG's Results: 9M24 challenging market environment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS ANNEXES HLAG’S RESULTS 9M24 CHALLENGING MARKET ENVIRONMENT Capacity Financial Results 9M24 9M23 ∆% Transported volume 292 (TTEU) 9,323 8,916 5% Total Average freight rate vessels 1,467 1,604 -9% (USD/TEU) Revenue (USD mn)
Slide 25: CSAV's Results QoQ / YoY / Acc
ANNEXES CSAV’s RESULTS QoQ / YoY / Acc Figures in USD million Result 1Q24 2Q24 3Q24 Q-o-Q 3Q23 Y-o-Y 9M24 9M23 Var Acc Equity-accounted investees 93.8 136.4 310.4 174.0 84.5 225.9 540.6 1,019.9 (479.3) SG&A and Other Op. Income (3.0) (4.1) (3.8) 0.3 (3.0) (0.8) (10.8) (9.8) (1.0) Operational Result
Compañía Sud Americana de Vapores S.A. (CSAV) — Q3 2024 Earnings Presentation on 6ix