Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q1 2019 Earnings Presentation
15 slides from Compania Sud Americana De Vapores's earnings presentation, Nov 1, 2019
Slide 1: Investor Presentation Q1 2019 Results
Investor Presentation Q1 2019 Results
Slide 2: Agenda
Agenda 1. Highlights 2. Market Overview 3. Q1 2019 Results 4. Outlook
Slide 3: Highlights
Highlights CSAV reported net income of US$ 32.5 M in Q1 2019 (QoQ: ∆ US$ +53.9 M), mainly explained by the result of its associate Hapag-Lloyd AG (“HLAG”). HLAG obtained net income of US$ 109.3 M (QoQ: ∆ US$ +151,5 M), explained by increased business and higher freight rates compared to prior Q1, al
Slide 4: Market Overview: Real GDP Growth vs. Global Container Trade Growth
Market Overview Real GDP Growth vs. Global Container Trade Growth[%] GDP multiplier 0.9x 1.5x 1.1x 1.2x 1.1x-1.2x 5.6% As IHS has not yet updated their estimates, 2019e-2020e reflects Clarksons’s data. No updated estimate for 2021e is available yet. 4.0% 4.0% 3.9% 3.8% 3.4% 3.6% 3.6% 3.6% 3.1% 3.3%
Slide 5: Market Overview: Supply and Demand Balance
Market Overview Scrapping [% of world fleet] 3.0% Orderbook-to-Fleet 2.0% 1.8% 1.9% [TEUm, %] 1.4% 1.1% 28% 0.5% 2015 2016 2017 2018 2019e 2020e 2021e 21% 21% 18% 19% 16% 4.3 13% 3.8 12% 11% Supply / Demand Balance 3.6 3.4 3.3 3.2 Demand Supply 2.8 2.5 2.5 As IHS has not yet updated their 8.0% estim
Slide 6: Market Overview: SCFI vs Bunker Consumption
Market Overview SCFI vs Bunker Consumption (May 2019) (1) SCFI -RTM Margin (3) Rotterdam Platts X Consumption factor (2) SCFI 1.200 1.000 800 Avg. Margin 600 2014 = 854 Avg. Margin Avg. Margin Avg. Margin 2017 = 706 2018 = 674 400 2015 = 625 Avg. Margin 2016 = 564 200 0 Mar-14 Sep-14 Mar-15 Sep-15 M
Slide 7: Q1 2019 Results: CSAV Net Income Q1 2018 vs Q1 2019
Q1 2019 Results: CSAV CSAV Net Income (Loss) Q1 2018 vs Q1 2019 Figures in USD million Container Transport Segment CSAV Net Other Share of Effect of Badwill Deferred Exchange rate diff. CSAV Net Income Transport HLAG's PPA on Taxes Financial result Income Q1 2018 Services Result Results & GAE Q1 201
Slide 8: Q1 2019 Results: CSAV
Q1 2019 Results: CSAV Figures in USD million Q1 2019 Q1 2018 QoQ Operating revenue 22.2 20.0 2.2 Operating expenses (22.2) (17.9) (4.3) SG&A and others (2.1) (1.8) (0.3) Operating income (loss) (2.1) 0.3 (2.4) EBITDA (w/o equity-accounted investees) 2.2 0.3 1.8 Equity-accounted investees 32.3 (11.3)
Slide 9: Q1 2019 Results: CSAV Segment Results
Q1 2019 Results: CSAV Segment Results Figures in USD million Container transport services Q1 2019 Q1 2018 QoQ SG&A (1.0) (0.8) (0.2) Equity-accounted investees 32.3 (11.3) (43.6) Financial result & Ex. rate diff (1.5) (1.2) (0.3) Taxes 3.5 (9.3) 12.8 Net income (loss) 33.3 (22.6) 55.9 Other transpor
Slide 10: Q1 2019 Results: Hapag-Lloyd Revenue, Transport Expenses and Net Income
Q1 2019 Results: Hapag-Lloyd Revenue, Transport Expenses and Group Net Income Evolution Analysis +8.0% +1.1% ∆ USD +151 m Revenue Transport expenses Group net income USD 3,478 m 1,015 USD/TEU USD 109 m +4.9% +14.2% +66.5%* Freight rate Bunker price EBITDA 1,079 USD/TEU 425 USD/mt USD 443 m* +0.0% +2
Slide 11: HLAG Q1 2019: Improved results, EBITDA and EBIT compared to 2018
HLAG Q1 2019: Improved results, EBITDA and EBIT compared to 2018 Operational KPIs Q1 2019 Q1 2018 YoY Transport volume [TTEU] 2,929 2,861 +2% Freight rate [USD/TEU] 1,079 1,029 +5% Bunker [USD/mt] 425 372 +14% Exchange rate1) [USD/EUR] 1.14 1.23 n.m. Overview of IFRS 16 Effects on P&L Accounts [USD
Slide 12: Financial Position: CSAV
Financial Position: CSAV International Credit Rating has upgraded corporate and bond ratings from BBB- to BBB/Stable (Figures in USD million) Net Debt (Mar 2019) Leverage 114.9 78.4 1,0 Covenant: <1.3 24.8 IFRS 16 36.5 0,5 90.1 0.08 0.06 - Financial debt Cash and cash Net debt Mar 2019 Dec 2018 equi
Slide 13: Outlook: HLAG's Guidance 2019
Outlook HLAG’s Guidance 2019 Extracted from HLAG’s Investor Report Q1 2019, available at https://www.hapag-lloyd.com/en/ir.html 13
Slide 14: Outlook
Outlook HLAG’s synergies of US$ 435 M p.a., fully visible in P&L since Q1 2019 onward, and the two new plans initiated in 2018, the new cost management program and the new “Strategy 2023”, will give HLAG run-rate savings of US$ 350-400 M p.a. by 2021 and create more value for customers, increasing i
Slide 15: 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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