Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — 9M 2023 Earnings Presentation
26 slides from Compania Sud Americana De Vapores's earnings presentation, November 2023
Slide 1: CSAV 9M 2023 Results
CSAV 9M 2023 Results November 2023
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 + Weaker results after an extraordinary 2022, there is a challenging • 9M23 – US$257 mn in net income driven by the results of market environment. Revenues decrease
Slide 3: Demand Evolution 2020-2023
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND EVOLUTION 2020-2023 CHALLENGING MARKET ENVIRONMENT Global Demand Growth (%YoY) Suez Canal 25,0 Port of Yiantian, 9M2023 demand was Blockage China operating at 0.9% up vs 2019 & 20,0 Covid started/Lockdowns in China
Slide 4: Inventory Stock Levels
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY INVENTORY STOCK LEVELS EU Inventory Variation QoQ (mn euros) 120.000 100.000 80.000 EU - destocking period 60.000 US – retail inventory / sales ratio 40.000 still below 2019, sign of still 20.000 - 2008-Q1 dynami
Slide 5: Freight Rates Relatively Stable, but Unsustainable Levels in Many Tradelanes
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES RELATIVELY STABLE, BUT UNSUSTAINABLE LEVELS IN MANY TRADELANES Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 12.000 Average SCFI In
Slide 6: Lower Bunker Costs in 9M23 Compared to 9M22
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY LOWER BUNKER COSTS IN 9M23 COMPARED TO 9M22 Bunker Price Development (US$/Ton) 1.200 HSFO VLSFO 1.000 980 9M23 HLAG 82% Consumption* 800 VLSFO Average 2022 US$729 VLSFO Average 2023 US$572 600 VLSFO Average 2021
Slide 7: Supply Evolution Throughout the Years
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY SUPPLY EVOLUTION THROUGHOUT THE YEARS Orderbook to Fleet (%) + Demand activity yet to be seen 32 70% Nov7 61,3% + New capacity will likely exceed 28 60% demand in the next quarters 24 50% + Scrapping, slippage an
Slide 8: Zoom to the Supply/Demand Balance
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY ZOOM TO THE SUPPLY/DEMAND BALANCE Supply & Demand Balance Considerations Fleet Average Age in 2010 10.0 years Fleet Average Age today: 14.2 years Scrapping 2019-today 1.9% Average Speed (knots) 14,60 14,50 14,53
Slide 9: Freight Rates Account for Most of the Decline
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS FREIGHT RATES ACCOUNT FOR MOST OF THE DECLINE, PARTLY OFFSET BY BUNKER AND HANDLING AND HAULAGE COSTS 9M22 EBIT vs 9M23 EBIT MMUS$ (225) -80% (12,913) 9M22 US$/TEU 2,938 Liner Shipping EBIT: -71 TTEU 9M23 U
Slide 10: HLAG's Results by Segment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS BY SEGMENT TERMINAL CONTRIBUTION CONSIDERED SINCE: SPINELLI AS OF 01/23, JM BAXI AS OF 04/23 SAAM AS OF 08/23 MMUS$ Dheeraj Bhatia Note: Hapag-Lloyd Investor Presentation 9M23 10
Slide 11: Launch of a New Cabotage Joint Venture in Brazil
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS LAUNCH OF A NEW CABOTAGE JOINT VENTURE IN BRAZIL NORCOAST – 50-50 JV WITH NORSUL STARTING IN 2024 MMUS$ Note: Hapag-Lloyd Investor Presentation 9M23 11
Slide 12: Outlook for Full Year 2023 Narrowed
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG OUTLOOK FOR THE FULL YEAR 2023 WAS NARROWED TO CONFIRM THE 9M23 AND CHALLENGING MARKET CONDITIONS FY 2022 Original Guidance Updated Guidance FY 2023 (*) FY 2023 (*) Transport volume 11,843 TTEU Increasing slightly In
Slide 13: CSAV's Results: Net Income 9M22 vs 9M23
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS 9M22 vs 9M23 Net Income 9M22 vs 9M23 4.337 (3.372) 9M22 vs 9M23 main differences: Deferred Tax Assets: -496.9 Tax Provision Expenses in Germany: -54.8 Tax Provision Expenses in Chile: -146.5 (497) 17 14 (47
Slide 14: Retentions Balance 3Q23
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS RETENTIONS BALANCE 3Q23 In August, CSAV Germany received a refund Current Tax Assets MMUS$ as of Sep 30th as of Dec 31st of MMEUR 487 associated with the Hapag- Lloyd dividend of the previous year. The net
Slide 15: Balance Sheet 3Q23 vs 4Q22
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS Main reasons in MMUS$ BALANCE SHEET 3Q23 vs 4Q22 + 26,375% Retention Paid (EUR +876 mn): +900 mn + 26,375% Retention Received (EUR +487 mn): -513.8 mn As of September 30, As of December 31, + 10,550% Retent
Slide 16: Cash Flow 3Q23 vs 4Q22
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSINGANNEXES REMARKS CSAV’s RESULTS CASH FLOW 3Q23 vs 4Q22 Main reasons in MMUS$ As of September 30, Statements of Cash Flow Change + 15,825% WHT paid (Tax Credit): -386 mn 2023 2022 + 10,550% Retention paid: -257 mn Cash and cash equi
Slide 17: KPIs 3Q23 vs 4Q22
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS KPI’s 3Q23 vs 4Q22 Net Debt (MMUS$) Leverage 395 Covenant < 1.3 100 0.30 Financial Debt Cash and Cash Net Debt 0.03 Equivalent 3Q2023 4Q2022 -295 Total Assets (MMUS$) Free Asset Ratio (%) 10,297 81.7 8,317
Slide 18: 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 19: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS 19
Slide 20: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS 20
Slide 21: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS 21
Slide 22: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS 22
Slide 23: 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 • Decreasing results due to market normalizing and tax provisions for 2023 • US$ 1.4 bn in current tax assets Hapag-Lloyd, CSAV’s mai
Slide 24: Annexes
ANNEXES
Slide 25: HLAG's Results: 9M23 Challenging Market Environment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS ANNEXES HLAG’S RESULTS 9M23 CHALLENGING MARKET ENVIRONMENT: EBITDA 73% DOWN Capacity Financial Results 9M23 9M22 ∆% Transported volume 264 (TTEU) 8,916 8,987 -1% Total Average freight rate vessels 1,604 2,938 -45% (USD/TE
Slide 26: CSAV's Results 9M23 vs 9M22
ANNEXES CSAV’s RESULTS 9M23 vs 9M22 Figures in USD million Result 9M23 9M22 Y-o-Y Equity-accounted investees 1,019.9 4,391.4 (3,371.5) SG&A and Other Op. Income (9.8) (26.6) (16.8) Operational Result (with equity-accounted investees) 1,010.2 4,364.8 (3,354.7) Financial result & ex. rate diff. (54.9)
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