Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q1 2024 Earnings Presentation
25 slides from Compania Sud Americana De Vapores's earnings presentation, Jun 6, 2024
Slide 1: CSAV 1Q24 Results
EICSAV CSAV 1Q24 Results May 2024
Slide 2: Opening Remarks
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS OPENING REMARKS Hapag-Lloyd, CSAV’s main investment CSAV + Good start to the year 2024 with an upturn in demand. • 1Q24 – US$159.1 mn loss driven mostly by tax expenses -Security situation in the Red Sea continues. provis
Slide 3: Red Sea security issues continue to cause disruptions
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS RED SEA SECURITY ISSUES CONTINUE TO CAUSE DISRUPTIONS, RESULTING IN SHORT-TERM CAPACITY SHORTAGE 3
Slide 4: Demand Evolution 2020-2024
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND EVOLUTION 2020-2024 MARKET ENVIRONMENT BETTER THAN EXPECTED WITH HIGHER VOLUMES Global Demand Growth (%YoY) Suez Canal 25,0 2023 demand was 0.4% up vs 2022 Blockage 20,0 1Q24/1Q23 + 9,1% 15,0 Covid started 10,0 Dem
Slide 5: Freight rates up since December 2023 due to Red Sea situation
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES UP SINCE DECEMBER 2023 AS A CONSEQUENCE OF THE RED SEA SITUATION Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 12.000 Average SCFI
Slide 6: Lower bunker costs, compensated with emission charges and rerouting
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY LOWER BUNKER COSTS, BUT COMPENSATED WITH EMISSION CHARGES AND REROUTING Bunker Price Development (US$/Ton) 1.200 HSFO VLSFO VLSFO Average 2020: US$ 328 1.000 980 2021: US$ 506 2023 HLAG 2022: US$ 729 81% Consumpt
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 (%) + 3,6% of deliveries in 1Q24 32 70% Nov7 61,3% + Decreasing Orderbook to Fleet 28 60% + New capacity may likely exceed 24 50% demand in the next quarte
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 2.0% Average Speed (knots) 14,60 -3,5% 2021 v
Slide 9: HLAG's Results
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS 1Q24 vs 4Q23 / 1Q23 Note: Hapag-Lloyd Investor Report 1H23 9
Slide 10: Freight rates account for most of the decline, partly offset by more volume
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 MORE VOLUME Liner Shipping: 1T23 EBIT vs 1T24 EBIT MMUS$ -80% +195 TTEU +7% Liner Shipping: Op. Costs per TEU yoy: -5,2% -US$68/TEU 1Q23 US$/T
Slide 11: Unit cost decreased, though affected by Red Sea rerouting
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG’S RESULTS UNIT COST DECREASED, THOUGH AFFECTED BY THE RED SEA REROUTING (+BUNKER + H&H) -15% Note: Hapag-Lloyd Investor Report 1Q24 11
Slide 12: Results by Segment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS RESULTS BY SEGMENT PROFITS IN BOTH SEGMENTS MMUS$ Note: Hapag-Lloyd Investor Presentation 1Q24 12
Slide 13: Strategy 2030
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS STRATEGY 2030 BECOMING THE NUMBER 1 FOR QUALITY MMUS$ Note: Hapag-Lloyd Investor Presentation 2023 13
Slide 14: Outlook for full year 2024 narrowed to upper half of previous range
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS HLAG OUTLOOK FOR THE FULL YEAR 2024 NARROWED TO UPPER HALF OF PREVIOUS RANGE MMUS$ Note: Hapag-Lloyd Investor Presentation 1Q24 14
Slide 15: CSAV's Results 1Q23 vs 1Q24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS 1Q23 vs 1Q24 Net Income 1Q23 vs 1Q24 1Q24 tax expense US$ 231 mn 1Q23 tax profit US$ 1,3 mn 598 (513) During the quarter a retention in Germany was received (EUR 876), of which EUR 820 mn were distributed t
Slide 16: Retentions Balance 1Q24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS RETENTIONS BALANCE 1Q24 Current Tax Assets MMUS$ as of March 31st, 2024 as of Dec 31st, 2023 Remaining VAT tax credit 1.6 1.7 Income tax to recover 348.7 1,207.0 Credits for taxes paid abroad 251.6 317,8 To
Slide 17: Retentions Balance
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS RETENTIONS BALANCE Retentions Balance as of May, 2024 Dividend Payment Dividend Retention Rate Retention Refund Entity Date [EUR mn] [%] [EUR mn] Entity CSAV Germany May 8, 2023 1,732 10.550% 183 CSAV Chile
Slide 18: Balance Sheet 1Q24 vs 4Q23
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS BALANCE SHEET 1Q24 vs 4Q23 Assets main changes 4Q23 vs 1Q24 8.115 Dividend received HLAG Result: US$94mn from CSAV Germany Others: US$ -7mn Income Tax to recover: EUR 604 US$-858mn Credits for taxes paid ab
Slide 19: Cash Flow 1Q23 vs 1Q24
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV’s RESULTS CASH FLOW 1Q23 vs 1Q24 Cashflow main inflows/outflows 4Q23 vs 1Q24 Retention received: US$ 951.7 mn 963 -WHT & Retentions: EUR 820*26.375% -Other taxes and expenses: US$ 35.8 19
Slide 20: 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 21: ESG – Recent Events
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS CSAV ESG – RECENT EVENTS We are renovating a sports facility in a public school in San Antonio 21
Slide 22: 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$ 0.6 bn in current tax assets as of March 2024 Hapag-Lloyd, CSAV’s m
Slide 23: Annexes
ANNEXES
Slide 24: HLAG's Results: 1Q24 challenging market environment
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS ANNEXES HLAG’S RESULTS 1Q24 CHALLENGING MARKET ENVIRONMENT Capacity Financial Results 1Q24 1Q23 ∆% Transported volume 280 (TTEU) 3,037 2,842 7% Total Average freight rate vessels 1,359 1,999 -32% (USD/TEU) Revenue (USD mn
Slide 25: CSAV's Results 1Q24 vs 4Q23
ANNEXES CSAV’s RESULTS 1Q24 vs 4Q23 Figures in USD million Result 1Q24 4Q23 Y-o-Y Equity-accounted investees 93.8 607.1 (513.3) SG&A and Other Op. Income (3.0) (4.8) 1.9 Operational Result (with equity-accounted investees) 90.8 602.3 (511.4) Financial result 4.7 (4.1) 8.8 Exchange rate difference (2
Compañía Sud Americana de Vapores S.A. (CSAV) — Q1 2024 Earnings Presentation on 6ix