Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q3 2012 Earnings Presentation
16 slides from Compania Sud Americana De Vapores's earnings presentation, Oct 31, 2012
Slide 1: Third Quarter 2012 Results
Third Quarter 2012 Results October 31st, 2012
Slide 2: Agenda
Agenda 1. Market Situation 2. Third Quarter 2012 Results 3. Restructuring Costs 4. Cash Position 5. Outlook
Slide 3: 1. Market Situation
BICSAV 1. Market Situation EICSAV
Slide 4: Containership Fleet
Containership Fleet Graph 1: Idle Fleet: 666,000 TEU or 4.1% (October 2012) Idle Fleet % of Total Fleet 1,600 16% 1,400 14% Idle Capacity in Th. Teus 1,200 12% % of Total Fleet 1,000 10% 800 8% 4.1% 600 6% 400 4% 200 2% 0 0% Oct/… Dec… Feb… Apr/… Jun/… Aug… Oct/… Dec… Feb… Apr/… Jun/… Aug… Oct/… Dec
Slide 5: Market Evolution
Market Evolution Graph 3: SCFI vs Rotterdam Platts SCFI -RTM Margin Rotterdam Platts SCFI During the first quarter of the year, freight 1,800 rates were deeply affected in most Average Margin 2010 = 918 Average Margin 2011 = 392 Average Margin 2012 = 1,600 620 markets, achieving historically low mar
Slide 6: 2. Third Quarter 2012 Results
2. Third Quarter 2012 Results
Slide 7: Third Quarter 2012 Results
Third Quarter 2012 Results Graph 4: Main Financial Figures (USD Million) 1,400 1,500.0 -25.2% -46.4% 1,200 1,000.0 1,000 7.2% -4.9% 500.0 800 600 1,174.2 -17.0% 0.0 818.7 877.9 -1,458.1 -781.7 400 -821.6 0.2% -500.0 200 -58.9 37.3 0 -58.8 -1,000.0 -200 -61.7 -71.0 -1,500.0 -400 -354.9 -600 -2,000.0
Slide 8: 3. Restructuring Costs
BICSAV 3. Restructuring Costs EICSAV
Slide 9: Restructuring Costs
Restructuring Costs Figures in US$ Million Q1-12 Q2-12 Q3-12 YTD 12 Onerous Contracts signed during the period (27,0) (42,3) (12,7) (82,0) Additional Provisions during the period (57,7)* (57,7) Reduction in costs from those provisioned (3,5) 22,7 4,1 23,3 Sub Total (30,5) (77,3) (8,6) (116,4) Taxes
Slide 10: 4. Cash Position
BICSAV 4. Cash Position EICSAV
Slide 11: Cash Position
Cash Position Graph 5: Cash Position (USD million) 47,5 53,0 301,0 26,4 282,1 -67,0 -63,7 -15,2 Cash 30-jun- EBITDA Working Restructuring Net Capex Net Debt Interest Cash 30-sep- 12 Capital and 12 Others* *Includes US$ 18 million of cash collateral recovery. 11
Slide 12: 5. Outlook
BICSAV 5. Outlook EICSAV
Slide 13: Outlook
Outlook Graph 6: SCFI vs Rotterdam Platts SCFI -RTM Margin Rotterdam Platts SCFI 1,800 Average Margin 2010 = 918 Average Margin 2011 = 392 Average Margin 1,600 2012 = 615 1,400 1,200 1,000 800 600 400 200 0 May-10 May-11 May-12 Jan-10 Mar-10 Apr-10 Jun-10 Oct-10 Nov-10 Dec-10 Jan-11 Mar-11 Apr-11 Ju
Slide 14: Outlook
Outlook CSAV has returned to profitability after 7 quarters of losses. The deep impact of the restructuring implemented by the company, followed by an improvement in freight rates, has allowed this important change to take place. The structure of operating costs has stabilized and the utilization ra
Slide 15: Outlook
Outlook We are approaching the low season now and the evolution of freight rates is highly volatile. However, the weak financial situation of the industry remains a strong force behind the measures announced by different large carriers in terms of reducing their deployment of vessels as well as diff
Slide 16: 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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