Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q4 2024 Earnings Presentation
24 slides from Compania Sud Americana De Vapores's earnings presentation, March 2025
Slide 1: CSAV 4Q24 Results
CSAV 4Q24 Results New "Hamburg Express" Sets Sail Mar 2025 Under the German flag, the "Hamburg Express“ (23,660 TEU) is part of a series of twelve ultra-modern vessels designed to enhance the efficiency, sustainability and future viability of Hapag-Lloyd’s fleet.
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 + 2024 with a strong demand. • 2024: US$388.3 mn profit driven by the good result of HLAG (US$ 765.5mn) and lower tax expenses compared to 2023. The security situat
Slide 3: Demand & Idle Fleet Evolution 2020-2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND & IDLE FLEET EVOLUTION 2020-2024 MARKET ENVIRONMENT WITH HIGHER VOLUMES DURING 2024 Global Demand Growth (%YoY) Suez Canal 25,0 Demand growth 2024: Blockage Per TEU: 6,2% 20,0 Per TEU-mile: 18,4% 15,0 Covid started
Slide 4: Freight Rates Show a Downward Trend in 2025
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES SHOW A DOWNWARD TREND IN 2025 Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 12.000 Average SCFI Index 2022: 3,410 Average SCFI Inde
Slide 5: Emission Charges and Rerouting Are Increasing Overall Fuel Costs
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY EMISSION CHARGES AND REROUTING ARE INCREASING OVERALL FUEL COSTS Bunker Price Development (US$/Ton) 1200,0 HSFO VLSFO VLSFO Average 2020: US$ 328 1000,0 2021: US$ 506 2022: US$ 729 2023: US$ 570 800,0 2024: US$ 5
Slide 6: Increased Orders Explained by Growth, Renewal of Vessels & Regulations
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY INCREASED ORDERS EXPLAINED BY GROWTH, RENEWAL OF VESSELS & REGULATIONS Source: Clarksons Research (Mar2025), Alphaliner Feb25, Hapag-Lloyd Investor Presentation 4Q24 6
Slide 7: Container Volume Growth Projected to Normalize in 2025
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY CONTAINER VOLUME GROWTH IS PROJECTED TO NORMALIZE IN 2025 – IDLE FLEET REMAINS LOW Source: Clarksons Research (Mar 2025), Alphaliner Feb25, Hapag-Lloyd Investor Presentation 4Q24 7
Slide 8: HLAG's Results 4Q23 vs 4Q24 / 2023 vs 2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS 4Q23 vs 4Q24 / 2023 vs 2024 Note: Hapag-Lloyd Investor Report 2024 8
Slide 9: Higher Volume, Offset Mainly by Higher Costs
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS HIGHER VOLUME, OFFSET MAINLY BY HIGHER COSTS Liner Shipping: 2023 EBIT vs 2024 EBIT (MMUS$) 4.500 0% Liner Shipping: Op. Costs per TEU yoy: 2% US$28/TEU 2023 US$/TEU 1,255 4.000 2024 US$/TEU 1,283 (128) 3.5
Slide 10: Results by Segment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS RESULTS BY SEGMENT PROFITS BY SEGMENT MMUS$ Note: Hapag-Lloyd Investor Presentation 4Q24 10
Slide 11: Gemini Cooperation Successfully Launched in February
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS GEMINI COOPERATION SUCCESSFULLY LAUNCHED IN FEBRUARY MMUS$ Note: Hapag-Lloyd Investor Presentation 4Q24 11
Slide 12: New Order of State-of-the-Art Dual Fuel Vessels
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS NEW ORDER OF 24 STATE-OF-THE-ART DUAL FUEL VESSELS IMPROVE COMPETITIVENESS & REDUCE EMISSIONS MMUS$ Note: Hapag-Lloyd Investor Presentation 4Q24 12
Slide 13: Hanseatic Global Terminals
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HANSEATIC GLOBAL TERMINALS MMUS$ Note: Hapag-Lloyd Investor Presentation 4Q24 13
Slide 14: Proposed Dividend of EUR 8.2 per Share to the AGM
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS THE SUPERVISORY BOARD AND THE EXECUTIVE COMMITTEE ARE PROPOSING A DIVIDEND OF EUR 8,2 PER SHARE TO THE AGM MMUS$ Note: Hapag-Lloyd Investor Presentation 4Q24 14
Slide 15: HLAG Solid Start Expected; Tariffs and Red Sea Uncertain
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG SOLID START TO THE YEAR EXPECTED, BUT THE IMPACT OF TARIFFS AND THE RETURN TO THE RED SEA ON FY 2025 PERFORMANCE IS DIFFICULT TO ASSESS MMUS$ Note: Hapag-Lloyd Investor Presentation 3Q24 15
Slide 16: CSAV's Results
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSINGANNEXES REMARKS CSAV’s RESULTS 2024/2023 Figures in USD million Result 2024 2023 Var % Var # Equity-accounted investees 765.5 947.0 (19%) (181.5) SG&A and Other Op. Income (14.7) (15.3) (4%) 0.6 Operational Result (with equity-acc
Slide 17: CSAV's Results 2023 vs 24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS 2023 vs 2024 Net Income 2023 vs 2024 450,0 400,0 346,3 388,3 350,0 300,0 258,1 250,0 200,0 150,0 100,0 11,6 (497) 0,6 -181,5 50,0 -46,8 0,0 Share of HLAG's Financial Result Tax Expenses 2023 Profit Result S
Slide 18: CSAV's Retentions & Tax Credits Balance 4Q24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RETENTIONS & TAX CREDITS BALANCE 4Q24 as of Dec 31st as of Dec 31st Current Tax Assets MMUS$ Change 2024 2023 Remaining VAT tax credit 2,0 1,7 17% 0,3 Income tax to recover 382,7 1.207,0 (68%) (824,3) Credits for t
Slide 19: CSAV's Results: Balance Sheet Dec23 vs Dec24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS BALANCE SHEET Dec23 vs Dec24 Assets main changes Assets Dec23 vs Dec24 main Changes 8.269 219 7,506 -194 -1 -787 +Dividend received from CSAV Germany Income Tax to recover: HLAG Result: +US$766mn US$-695mn
Slide 20: CSAV's Results: Cash Flow 2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS CASH FLOW 2024 CashflowAssets main inflows/outflows main Changes in 2024 -Retention received: 1,338 -1,154 14 US$ 813 mn -Dividends Received from HLAG: US$ 525mn 278 -378 84 -16 1 -378 Paym. Oper. activitie
Slide 21: 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 22: ESG - Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS We organized a fun summer camp for 100 children, featuring both educational and recreational activities. 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 • Results mostly explained by HLAG’s results & tax expenses • US$ 0.5 bn in tax assets as of December 2024 Hapag-Lloyd, CSAV’s main i
Slide 24: Annexes
ANNEXES
Compañía Sud Americana de Vapores S.A. (CSAV) — Q4 2024 Earnings Presentation on 6ix