Sociedad Matriz Saam S.A. · BCS:SMSAAM
Sociedad Matriz Saam — Q1 2014 Earnings Presentation
33 slides from Sociedad Matriz Saam's earnings presentation, May 27, 2014
Slide 1: Presentation of Results for 1Q2014
Presentation of Results for 1Q2014 SMSAAM May 27, 2014 1 1
Slide 2: Agenda
Agenda Executive Summary Results 1Q 2014 Projections 2 2
Slide 3: Leader in Latin America
Leader in Latin America The Company provides integral cargo transfer services for clients in the export and import business, and to the shipping and airline companies present in all Latin American markets. Port Terminals Tugboats Logistics MEXICO USA GUATEMALA 10 Port Terminals 132 Tugboats +300 ha.
Slide 4: Recent Events
Recent Events o Reorganization into three business segments: Port Terminals, Tugboats and Logistics o Agreement with SMIT for joint operation in Brazil, Mexico, Canada and Panama. o Incorporation to IPSA, in its first year of transactions o Extension of concessions in Iquique Terminal Internacional
Slide 5: SM SAAM Shareholders as of March 31, 2014
SM SAAM Shareholders as of March 31, 2014 Total: 3.528 shareholders Market Cap* MUS$836 Others (retail) Free Float 45.1% 16.2% Foreign Dividend yield 2013 2.8% Quiñenco 9.4% (Luksic Group) Dividend yield 2014 4.4% 42.4% Other - 11 Directors institutional Auditing Committee 9.6% Shares with equal rig
Slide 6: Agenda
Agenda Executive Summary Results 1Q2014 Projections 6 6
Slide 7: SMSAAM – Results 1Q2014
SMSAAM – Results 1Q2014 Revenues (US$ millions) EBITDA (US$ millions) 182.6 181.5 60,0 23.2% 22.1% -1% 50,0 20,0% 61.8 59.5 42.4 40 40,0 -6% 15,0% 30,0 16.2 13.5 10,0% 120.8 122.1 20,0 10,0 26.2 26.5 5,0% 0,0 0,0% 1Q2013 1Q2014 1Q2013 1Q2014 Consolidated Affiliated Consolidated Affiliated EBITDA Mg
Slide 8: SMSAAM Results 1Q2014
SMSAAM Results 1Q2014 Revenues (US$ millions) EBITDA (US$ millions) 183 43 181 40 82 92 23 27 Abroad Abroad Chile Chile 101 89 20 13 1Q2013 1Q2014 1Q2013 1Q2014 8 Note: Affiliates’ values are proportional (wqeighted by share in ownership
Slide 9: Port Workers' Strikes in Latin America and the Caribbean 2010-2014
Port Workers’ Strikes in Latin America and the Caribbean 2010-2014 Distribution of strike-days by country Distribution strike-days by motive 2010-2014 Source: USI ECLAC, based on journalists’ publications analyzed. Source: USI, ECLAC, based on journalists’ publications analyzed Left to Right: Agains
Slide 10: Effects of Port Stoppage in Chile during January 2014
Effects of Port Stoppage in Chile during January 2014 o Affected all of SMSAAM port terminals in Chile, during 22 days in January, generating two significant impacts: 1. Deterioration of activities in Chile during January, affecting the results of the three business segments: • San Antonio (STI): 29
Slide 11: Leverage Capacity
Leverage Capacity NET FINANCIAL DEBT (March 2014) 2014 2013 302 Net Debt / EBITDA 1.66 1.51 242 Net Debt / Equity 0.24 0.21 110 84 192 60 157 25 35 Financial Debt Cash Net Financial Debt Consolidated Affiliated 11 11
Slide 12: Port Terminals
Port Terminals Abroad Florida International Terminal, USA Terminal Marítimo Mazatlán, Mexico FIT TMAZ Puerto Buenavista S.A., Colombia PBV Terminal Portuario de Guayaquil, Ecuador Chile TPG Terminal Puerto Arica S.A. Iquique Terminal Internacional S.A. TPA ITI ATI Antofagasta Terminal Internacional
Slide 13: Port Terminals
Port Terminals Volume Transferred 2013 (millions of tons) Ownership % Concession Extension option Chile San Antonio Terminal Internacional 50% 2024 Extended 5 años Option +5 San Vicente Terminal Internacional 50% 2029 Extended Terminal Puerto Arica 15% 2034 Extended Antofagasta Terminal Internaciona
Slide 14: Port Terminals: Major operator in South America
Port Terminals: Major operator in South America Total Traffic 2012 Ranking Owner ('000 TEUs) Main Port Terminal 1 SAAM 2,480 San Antonio 2 DP World 1,900 Callao 3 SSA Marine 1,804 San Antonio 4 Grupo Ultramar 1,791 Valparaíso 5 Santos Brasil 1,775 Santos 6 Soc. Portuaria de Cartagena 1,470 Cartagena
Slide 15: Port Terminals - Results 1Q2014
Port Terminals - Results 1Q2014 Revenues (US$ million) EBITDA (US$ million) 20 24.4% 54.3 24,0% 52.9 22,0% -2% 15 13.3 19.9% 20,0% 28.9 25.4 10.5 18,0% 10 -20% 8.3 5.2 16,0% 5 14,0% 25.4 27.5 5.0 5.3 12,0% 0 10,0% 1Q2013 1Q2014 1T2013 1T2014 Consolidated Affiliated Ebitda Mg Consolidated Affiliated
Slide 16: Port Terminals - Results 1Q2014
Port Terminals - Results 1Q2014 Revenues (US$ million) EBITDA (US$ million) 54 53 13 18 3 11 20 5 Abroad Abroad Chile Chile 10 36 33 6 1Q2013 1Q2014 1Q2013 1Q2014 o PV Bonus Cost US$4.56 million o EBITDA without effect bonus payment: US$15.1 million +9% with respect to 1Q2013 Note: Affiliates’ value
Slide 17: Tugboats
Tugboats MEXICO GUATEMALA HONDURAS COSTA RICA COLOMBIA ECUADOR PERU BRAZIL CHILE URUGUAY o Fleet of 132 tugboats ARGENTINA o Operations in 11 countries o Leaders in operations in Latin America Country Total RAMs Conventional ASD Brazil 31 9 22 Mexico 27 4 23 o Fourth operator at world level Chile 24
Slide 18: Tugboats: Agreement with SMIT
Tugboats: Agreement with SMIT Transaction progress Initial authorizations agreed to in Framework Agreement (FA). The binding Framework Agreement signed on September 2013 establishes that certain financial institutions, antitrust entities and other contracts entered into with third parties must provi
Slide 19: Tugboats: Agreement with SMIT
Tugboats: Agreement with SMIT Executive Summary Figures as of December 2013 SMIT – Canada TOTALS AS OF DECEMBER 2013 Tugboats 21 SAAM SMIT TOTAL REVENUES 130.8 121.6 252.4 (US$ B) TUGBOATS 51 54 105 SAAM – Mexico Tugboats 27 SAAM – Brazil Tugboats 24 Market Share 12% SMIT – Panama Tugboats 10 Market
Slide 20: Tugboats - Results 1Q2014
Tugboats - Results 1Q2014 Revenues (US$ million) EBITDA (US$ million) 35,0% 24 32.7% 56.8 +8% 61.2 7.7 22 30.7% 30,0% 7.9 20 18.8 18.6 +1% 18 2.2 2.1 25,0% 16 48.9 53.5 14 20,0% 16.4 16.7 12 10 15,0% 1Q2013 1Q2014 1Q2013 1Q2014 Consolidated Affiliated Consolidated Affiliated Ebitda Mg 20 20
Slide 21: Tugboats - Results 1Q2014
Tugboats - Results 1Q2014 Revenues (US$ million) EBITDA (US$ million) 19 19 61 57 15 17 49 Abroad Abroad 43 Chile Chile 14 12 4 2 1Q2013 1Q2014 1Q2013 1Q2014 21 21
Slide 22: Logistics Serves Shipping Companies / Airlines
Logistics Serves to Shipping Companies / Airlines Services to Importers / Exporters Special Services 22
Slide 23: Logistics Services
Logistics Services Services to Vessels / Aircrafts Agency Services Services to Aircrafts & Passengers Ports Stevedoring (1) Container Depots Distribution of Revenues Services to Exporters / Importers 1Q2014 Warehousing, Storage & Refrigeration Containers (De)consolidation Special Services Bulk & Bre
Slide 24: Logistics - Results 1Q2014
Logistics - Results 1Q2014 Sales (US$ million) EBITDA (US$ million) 15.9% 14 15,0% 14.8% 71 67 12 10.7 10.6 13,0% +6% 10 25.1 26.3 11,0% 8 5.8 6.2 9,0% 6 46.5 41.0 7,0% 4 4.9 4.4 2 5,0% 1Q2013 1Q2014 1Q2013 1Q2014 Consolidated Affiliated Consolidated Affiliated Ebitda Mg 24 24
Slide 25: Logistics - Results 1Q2014
Logistics - Results 1Q2014 Revenues (US$ million) EBITDA (US$ million) 71 11 68 10 20 24 5 4 Abroad Abroad Chile Chile 51 44 6 6 1Q2013 1Q2014 1Q2013 1Q2014 o PV Bonus Cost: US$0.5 million o Recovery EBITDA margin with respect to 4Q2013 6.6% to 15.9% in 1Q2014 25 25
Slide 26: Agenda
Agenda Executive Summary Results 1Q2014 Projections 26 26
Slide 27: Outlook of the port conflict in Chile
Outlook of the port conflict in Chile o Clarification of working conditions: wages and safety. o Governmental task force to solve conflict of port workers. o Strengthening of the Maritime Chamber. o The soon to be enacted “Ley Corta” (Short Law) that solves the ‘half hour lunch’ issue. o Round table
Slide 28: SMSAAM present in regions with greatest projected growth
SMSAAM present in regions with greatest projected growth o Compound Annual Growth of Cargo Movement in Ports (2011-2017) o Central America/Caribbean and South America are projected to be two of the three regions with the greatest growth in cargo movement in the world. Far East Central Am/ South Amer
Slide 29: CAPEX 2014
CAPEX 2014 Division of Business 2014 Projected Major Investments into Segments Investments (consolidated + PV) (Proportional Value) Port Terminals ThUS 46,440 • Extension and reconstruction - San Vicente Terminal Internacional (27F) • Dock extension and purchase of equipment - San Antonio Terminal I
Slide 30: Growth Plan for 2014
Growth Plan for 2014 Port Terminals : o Participation in port terminals privatization and/or tender processes in Latin America o SMSAAM- Carioca Engenharia-GP Investimentos Consortium to explore the Brazilian port business. A work team was made up including the CEO + one representative of every comp
Slide 31: Disclaimer
Disclaimer This presentation provides general information about Sociedad Matriz SAAM S.A. (“SM SAAM”) and related companies. It is summarized information and does not claim, in any way, to be complete. It is not intended to be considered as an advice to potential investors. No representations or war
Slide 32: Contact
Contact Paula Raventós Head of Investor Relations Sociedad Matriz SAAM S.A. Hendaya 60, 8th Floor, Santiago, Chile (56-2) 2731-8240 praventos@saamsa.com www.smsaam.com 32
Slide 33: Presentation of Results for 1Q2014
Presentation of Results for 1Q2014 May 27, 2014 33 33