Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Investor Day (August 2013)
22 slides from Compania Sud Americana De Vapores's investor day presentation, Aug 8, 2013
Slide 1: MILA Analyst Day
MILA Analyst Day August 2013 EICSAV
Slide 2: Agenda
Agenda 1. CSAV Profile and Recent History 2. Restructuring Process 2011-12 3. Market Situation 4. Second Quarter 2013 Results 5. Industry & Company Outlook
Slide 3: 1. CSAV Profile and Recent History
1. CSAV Profile and Recent History
Slide 4: CSAV Profile
CSAV Profile Founded in 1872 and publicly traded since 1893. More than 140 years of history and one of the oldest shipping companies in the world Other Shipping Container Shipping Services Largest container shipping line in LatAm, by a factor of 7x with a capacity of 249,000 TEUs(1) 30 51 1. Refrige
Slide 5: Strong Sponsorship from the Luksic Group
Strong Sponsorship from the Luksic Group Luksic Group Luksic Luksic 32nd in Forbes list, the Luksic Group Group is one of the most relevant LatAm conglomerates. Market Cap. of controlled companies accounts for ~US$33 bn 65% Group 81% Other Market Cap(1): US$12.3 bn Market Cap (1) : US$3.7 bn Real Es
Slide 6: Recent History
Recent History March - April 2011 Quiñenco (83% owned by the Luksic Group) acquires a 18% stake in CSAV from Marinsa (the Claro Group) Four new board members appointed, including Guillermo Luksic as Chairman of the Board May 2011 Board of Directors approves a turnaround plan and appoints a new CEO f
Slide 7: 2. Restructuring Process 2011-12
2. Restructuring Process 2011-12
Slide 8: CSAV Restructuring Process
CSAV Restructuring Process Operational & Corporate-Financial Restructuring Objectives: • Reorganization of the container shipping business, transforming it into an efficient, controllable and profitable operation • Provide all the necessary liquidity (equity) to complete the restructuring process Op
Slide 9: CSAV Operational Restructuring Process
CSAV Operational Restructuring Process Successful Turnaround Plan Implemented 1 TEUs Transported ('000) -38% Route Optimization 2,894 3,128 1,790 1,933 Suspension of less strategic routes Refocus in LatAm (imports and exports from the region increased from ~50% in 2Q11 to ~74% in 2Q13) 2009 2010 201
Slide 10: Restructuring Process Result
Restructuring Process Result Graph 1 : Main Financial Figures (USD Million) 2,500 3,000.0 -20.1% -38.7% 2,000 2,000.0 1,500 1,000.0 -1,560.9 1,000 -2,546.1 2,170.3 0.0 1,733.9 500 -7.2% -1,000.0 0 -127.3 45.7 -2,000.0 -500 -137.1 -512.9 -1,000 -3,000.0 H2-11 H2-12 H2-11 H2-12 H2-11 H2-12 H2-11 H2-12
Slide 11: 3. Market Situation
BICSAV 3. Market Situation EICSAV
Slide 12: Containership Fleet
Containership Fleet Graph 2: Idle Fleet: 439,000 TEU or 2.6% (July 2013) 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% 600 6% 400 4% 2.6% 200 2% 0 0% Jun/09 Jun/10 Jun/11 Jun/12 Jun/13 Dec/11 Dec/08 Dec/09 Dec/10 Dec/12 Oct/08 O
Slide 13: Market Evolution
Market Evolution Ex-bunker freight rates below historical levels in most trades Graph 4: SCFI vs Rotterdam Platts o During the first quarter of 2012, freight rates SCFI -RTM Margin Rotterdam Platts SCFI Average Margin were deeply affected in most markets, Average Margin 2010 = 918 Average Margin 201
Slide 14: 4. Second Quarter 2013 Results
4. Second Quarter 2013 Results
Slide 15: Second Quarter 2013 Results
Second Quarter 2013 Results Graph 5: Main Financial Figures (USD Million) *Operating Revenue and Cost of Sales excluding degree of completion. ** Difference with previous report is due to a reclassification with no impact in net profit. *** Admin. Expenses & Others and Operating Revenue excluding pr
Slide 16: Cash Position
Cash Position Graph 6: Cash Position (USD million) 198.8 19.0 38.9 184.7 -16.0 -21.4 -4.4 -30.2 Cash 31-mar-13 EBITDA** Working Restructuring* Net Capex Net Debt Interest Cash 30-jun-13 Capital and Others * Restructuring Cash Flow includes all the contracts signed and the provisions recognized in re
Slide 17: 5. Industry & Company Outlook
5. Industry & Company Outlook
Slide 18: Industry Outlook
Industry Outlook Outlook Graph 7: SCFI vs Rotterdam Platts SCFI -RTM Margin Rotterdam Platts SCFI 1,800 Average Margin 2010 = 918 Average Margin 2011 = 392 Average Margin 2012 = 605 Average Margin 2013 1,600 = 505 1,400 1,200 1,000 800 600 400 200 0 Mar-10 Jul-10 Mar-11 Jul-11 Mar-12 Jul-12 Mar-13 J
Slide 19: Company Outlook
Company Outlook Outlook The operational and commercial activity of the second quarter of 2013, which will explain to an important extent the results of the third quarter, have shown ex-bunker freight rates below those of the same quarter last year. Part of this negative effect might be compensated w
Slide 20: Company Outlook
Company Outlook Outlook The forecast for deliveries of new container vessels in 2013 is of around 10% of the total existing fleet. This unfavorably compares to a forecasted global volumes/demand growth of 3% to 7%, depending on different analysts. Due to this, during 2013 the conditions for the indu
Slide 21: Company Outlook
Company Outlook Outlook Despite all the industry’s rationalization efforts, the ex-bunker freight rate continues to be positioned below the historical levels in most trades and below the level that the industry should consider as a sustainable equilibrium. This situation has not allowed the industry
Slide 22: 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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