Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — IPO Roadshow (December 2014)
26 slides from Compania Sud Americana De Vapores's IPO roadshow presentation, Dec 15, 2014
Slide 1: Roadshow Presentation
ROADSHOW PRESENTATION CONFIDENTIAL | December, 2014
Slide 2: Notificación relevante
Notificación relevante Este documento ha sido preparado por Compañía Sud Americana de Vapores S.A. (“CSAV” o el “Emisor”) en conjunto con Banco Itau Chile S.A. (“Banco Itau Chile”) y Santander S.A. Corredores de Bolsa (“Santander”), con el propósito de entregar antecedentes de carácter general acerc
Slide 3: Disclaimer
Disclaimer The material that follows is a presentation of general background information about Compañía Sud Americana de Vapores SA (the “Company”) as of the date of the presentation. The information contained herein has been prepared by the Company solely for meetings held with potential investors
Slide 4: Presenters
Presenters Óscar Hasbún Nicolás Burr Chief Executive Officer Chief Financial Officer CEO of CSAV since April 2012, after CFO of CSAV since May 2012 Quiñenco took Control, and CEO of Previous experience as CFO of CSAV’s Container Business from May Madeco, a company also controlled 2011 to March
Slide 5: Offering structure summary
Offering structure summary Issuer Compañía Sud Americana de Vapores S.A. (CSAV) Rights offering in Chile followed by a potential local and international offering, with sales pursuant to Offering Structure 4(a)(2), of any remaining unsubscribed shares(1) Bloomberg Ticker VAPORES CI Current Number of
Slide 6: Timetable and key dates
Timetable and key dates 9-Dec Record Date DECEMBER 2014 JANUARY 2015 M T W T F S S M T W T F S S 15-Dec Preemptive Rights Period Begins 1 2 3 4 5 6 7 1 2 3 4 8 9 10 11 12 13 14 5 6 7 8 9 10 11 15 16 17 18 19 20 21 12 13 14 15 16 17 18 13-Jan End of Preemptive Rights Period 22 23 24 25 26 27 28 19 20
Slide 7: Leading container shipping company in Latin America
Leading container shipping company in Latin America Founded in 1872 and publicly traded since 1893 More than 140 years of history and one of the oldest shipping companies in the world Specialized Shipping Services & Others Container Shipping Services 4th largest container shipping company in the w
Slide 8: Index
Index 1 INDUSTRY OVERVIEW 2 USE OF PROCEEDS 3 KEY INVESTMENT HIGHLIGHTS 8
Slide 9: Industry Overview
SECTION 1 INDUSTRY OVERVIEW
Slide 10: Recent industry dynamics
Recent industry dynamics Structural supply factors have had a relevant impact on the industry dynamics in recent years Increase in scrapping, mainly driven by the expansion of the Panama Canal and the delivery of larger vessels, could contribute to adjust the supply and demand imbalances Speculat
Slide 11: Changes in the container shipping industry
Changes in the container shipping industry Container shipping is a key industry in world trade Significant structural changes have taken place in the industry, moving towards greater joint operations between liners, a greater focus on operational efficiency and greater percentage of owned vessels
Slide 12: Global consolidation of the container shipping industry
Global consolidation of the container shipping industry CONSOLIDATION DRIVERS M&A Gain economies of scale Productivity increase Just two M&A since 2005 Unitary Cost Reduction Gain network economies (M&A only) — HL / CSAV Eliminate duplicate functions and facilities (M&A only) — Hamburg Sud / CCNI In
Slide 13: Why joining forces?
Why joining forces? DEAL RATIONALE “New” Hapag-Lloyd catches up to top 3 players Selective market leadership and economies of scale (esp. Latin America) A. Strategic rationale Creation of a global platform as a base for further consolidation and economies of scale Strategic fit – complementa
Slide 14: Use of Proceeds
SECTION 2 USE OF PROCEEDS
Slide 15: Use of proceeds
Use of proceeds MAIN USE OF PROCEEDS OTHER USES Subscribe the amount committed by CSAV in Finance differences related to closing Hapag-Lloyd’s first capital increase after the accounts business combination Finance business combination related costs – CSAV will subscribe EUR 259 mn of the total
Slide 16: Key Investment Highlights
SECTION 3 KEY INVESTMENT HIGHLIGHTS
Slide 17: Key investment highlights
Key investment highlights Leading container shipping company with a global footprint 1 Profitability improvement through synergies even in an adverse market scenario 2 Unique and efficient investment structure 3 17
Slide 18: Hapag-Lloyd is the 4th largest container shipping company with a global footprint
Hapag-Lloyd is the 4th largest container shipping company with a global footprint Strong global network allows the optimization of the company’s vessels HAPAG-LLOYD – TRADES BY TRANSPORT VOLUME(1) TOP 10 PLAYERS CAPACITY RANKING (MN TEUS)(3) Maersk 2,9 Trans-Pacific MSC 2,6 16% Trans-Atlantic Far
Slide 19: Hapag-Lloyd participates in one of the four strongest East-West alliances
Hapag-Lloyd participates in one of the four strongest East-West alliances EAST-WEST ALLIANCES CAPACITY BY ROUTE (%)(1) ADVANTAGES OF G6 ALLIANCE Trade I Far East II Trans- III Trans- Europe Pacific Atlantic Cost efficiencies ̶ Increased average vessel size G6 19.7% 32.9% 37.3% Use of capacity /
Slide 20: Long-standing and diversified customer base of blue-chip customers
Long-standing and diversified customer base of blue-chip customers Minimal overlapping between Hapag-Lloyd and CSAV customers reduces risk of losing market share and customers in the merger process Diversified by both geography and industry Strong and long-lasting customer relationship, with 8
Slide 21: Key investment highlights
Key investment highlights Leading container shipping company with a global footprint 1 Profitability improvement through synergies even in an adverse market scenario 2 Unique and efficient investment structure 3 21
Slide 22: Hapag-Lloyd will become a profitable player through the merger even in current adverse market conditions
Hapag-Lloyd will become a profitable player through the merger even in current adverse market conditions HIGHLIGHTS Synergies Volume growth comparable to the industry Cost reduction due to deployment of new own vessels, already financed Short-term improvement of cost efficiency through: – Pr
Slide 23: Hapag-Lloyd's projections show estimated synergies of nearly US$300 mn per year from 2017 onwards
Hapag-Lloyd’s projections show estimated synergies of nearly US$300 mn per year from 2017 onwards Despite adverse market conditions, Hapag-Lloyd’s expected synergies will have a strong positive impact on the financial performance of the company PROJECTED NET SYNERGY RAMP-UP (US$ MN) KEY SYNERGIES
Slide 24: Key investment highlights
Key investment highlights Leading container shipping company with a global footprint 1 Profitability improvement through synergies even in an adverse market scenario 2 Unique and efficient investment structure 3 24
Slide 25: Why invest in CSAV?
Why invest in CSAV? MAIN STRUCTURE HIGHLIGHTS CONTAINER SHIPPING SERVICES STRUCTURE Gain exposure to a global container shipping company ̶ Hapag-Lloyd: a unique asset for investors 100.0% ̶ Focused on shipping activities Transparent dividend pass-through structure ̶ 100% of the free cash flow re
Slide 26: Roadshow Presentation
ROADSHOW PRESENTATION CONFIDENTIAL | December, 2014
Compañía Sud Americana de Vapores — IPO Roadshow (December 2014) on 6ix