Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q1 2012 Earnings Presentation
17 slides from Compania Sud Americana De Vapores's earnings presentation, May 11, 2012
Slide 1: First Quarter 2012 Results
First Quarter 2012 Results May 11th, 2012
Slide 2: Agenda
Agenda 1. Market Situation 2. First 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: Orderbook/Fleet
Containership Fleet Graph 1: Idle Fleet: 621.500 TEU or 3.9% (April, 2012) Idle Capacity % of Total Fleet 1,600 16% 1,400 14% 1,200 % of Total Fleet 12% 3.9% 1,000 10% Th. Teus 800 8% 600 6% 400 4% 200 2% 0 0% Oct-08 Oct-09 Oct-10 Oct-11 Graph 2: Orderbook / Fleet: 24.7% (April, 2012) Fleet Orderboo
Slide 5: Market Evolution
Market Evolution Graph 3: SCFI vs Rotterdam Platts Difficult global economic situation SCFI -Rtm Margin Rotterdam Platts SCFI 1,800 Excess of supply in container industry Average Margin 2010 = 918 Average Margin 2011 = 392 Average Margin 1,600 2012 = 288 High fuel prices 1,400 1,200 1,000 => The abo
Slide 6: Competitors Results
Competitors Results Graph 4: Net Income (USD million) Hapag- Hyundai Evergreen Lloyd CMA-CGM NYK Mitsui Yang Ming Zim China Ship. K Line M.M. Hanjin NOL Maersk COSCO 0 (200) Net Income (MM USD) (400) (600) (800) (1,000) 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 Source: Company Reports and Alphaliner Visibl
Slide 7: 2. First Quarter 2012 Results
2. First Quarter 2012 Results
Slide 8: First Quarter 2012 Results
First Quarter 2012 Results Graph 5: Main Financial Figures (USD Million) 1,600 -39% -37% -42% 1,400 1,200 1,000 800 1,455 1,366 600 -1,581 400 832 -1,519 -959 200 -1,640 0 -197 -213 -175 -200 -71 -60 -49 * -19% -18% -400 Q1-11 Q1-11 ex- Q1-12 Q1-11 Q1-11 ex- Q1-12 Q1-11 Q1-11 ex- Q1-12 Q1-11 Q1-11 e
Slide 9: 3. Restructuring Costs
BICSAV 3. Restructuring Costs EICSAV
Slide 10: Restructuring Costs
Restructuring Costs Table 1: Restructuring Costs (USD Million) Provision Effective Costs Additional Provision Provision 31-Dec-11 Q1-12 Q1-12 31-Mar-11 Onerous Contracts 95.0 31.4 27.6 91.3 Container Overstock 25.5 19.1 2.9 9.3 Lay up (provision until 30-jun-12) 84.2 35.6 -0.2 48.3 Total 204.6 86.0
Slide 11: 4. Cash Position
BICSAV 4. Cash Position EICSAV
Slide 12: Cash Position
Cash Position Graph 6: Cash Position (USD million) 1,196.0 -43.8 -17.7 681.1 -353.5 -100.0 -202.9 523.1 -71.6 -56.4 173.0 Cash 31-Dec-11 Capital Increase SAAM Division SAAM Loan Shareholders Loan Bladex Loan Net Effect of Q1 Results Net Capex Others Cash 31-Mar-12 Capital Increase
Slide 13: 5. Outlook
BICSAV 5. Outlook EICSAV
Slide 14: Outlook
Outlook Graph 7: SCFI vs Rotterdam Platts SCFI -Rtm Margin Rotterdam Platts SCFI 1,800 Average Margin Average Margin 2010 = 918 Average Margin 2011 = 392 2012 = 455 1,600 1,400 1,200 1,000 800 600 400 200 0 ene-10 feb-10 mar-10 may-10 ago-10 sep-10 oct-10 ene-11 feb-11 mar-11 may-11 ago-11 sep-11 oc
Slide 15: Outlook
Outlook CSAV’s first quarter results were substantially better towards the end of the quarter, presenting a recovery trend due to increase in freight rates and other revenues towards March. CSAV has been gradually implementing freight rate increases during March and April, which have been reasonably
Slide 16: Outlook
Outlook Nevertheless, the shipping industry still faces a strong imbalance between supply and demand, in a scenario of great global economic instability, with a strong crisis in Europe and announcements of slowdown in Asia. In addition, we face a scenario of high volatility in oil prices, all which
Slide 17: 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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