Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — 9M 2018 Earnings Presentation
19 slides from Compania Sud Americana De Vapores's earnings presentation, Nov 30, 2018
Slide 1: Investor Presentation 9M 2018 Results
Investor Presentation 9M 2018 Results November 30, 2018
Slide 2: 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
Slide 3: Agenda
Agenda 1. Highlights 2. Market Overview 3. 9M 2018 Results 4. Outlook
Slide 4: Highlights
Highlights CSAV reported a net income of US$ 5.4 M for 9M 2018, mainly explained by the result of its associate Hapag‐Lloyd AG (“HLAG”), which significantly improved during Q3 2018. In this quarter, HLAG obtained profits for US$ 137 M (US$ 15 M for 9M 2018), mainly explained by more activity, a re
Slide 5: Market Overview
Market Overview Source: MDS Transmodal (Oct 2018), Drewry (3Q & Forecaster 3Q18), Alphaliner Weekly (Issue 41), IHS (Oct 2018), Transmodal (Oct 2018). 1) Slippage to following year has been subtracted from scheduled deliveries 2) Estimation; not yet reflected in global orderbook Extracted from HLAG´
Slide 6: Market Overview: SCFI vs Rotterdam Platts
Market Overview SCFI vs Rotterdam Platts (Nov 2018) (1) (2) SCFI ‐RTM Margin Rotterdam Platts SCFI 1.200 1.000 Avg. Margin 800 2014 = 536 600 Avg. Margin Avg. Margin Avg. Margin 2017 = 522 2018 = 427 2015 = 468 Avg. Margin 400 2016 = 436 200 0 Jan‐14 Jul‐14 Sep‐14 Nov‐14 Jan‐15 Jul‐15 Sep‐15 Nov‐15
Slide 7: 9M 2018 Results: CSAV Net Income 9M 2017 vs 9M 2018
9M 2018 Results: CSAV CSAV Net Income 9M 2017 vs 9M 2018 Figures in USD million Container Transport Segment CSAV Net Other Share of Effect of Badwill Dilution Loss Deferred GAE & CSAV Net Income Transport HLAG's PPA on Taxes Others Income 9M 2017 Services Result Results 9M 2018 Segment 40.4 5.4 167.
Slide 8: 9M 2018 Results: CSAV
9M 2018 Results: CSAV Figures in USD million 9M Q3 Q2 Q1 9M Q3 Q2 Q1 YoY QoQ 2018 2018 2018 2018 2017 2017 2017 2017 Operating revenue 69.0 24.4 24.6 20.0 (13.1) (6.6) 82.1 31.0 28.5 22.6 Operating cost (65.1) (23.6) (23.6) (17.9) 11.0 4.1 (76.1) (27.7) (27.6) (20.8) Gross margin 3.9 0.8 1.0 2.1 (2.
Slide 9: 9M 2018 Results: CSAV Segments Results
9M 2018 Results: CSAV Segments Results Figures in USD million 9M Q3 Q2 Q1 9M Q3 Q2 Q1 Other transport services YoY QoQ 2018 2018 2018 2018 2017 2017 2017 2017 Operating revenue 69.0 24.4 24.6 20.0 (13.1) (6.6) 82.1 31.0 28.5 22.6 Operating cost (65.1) (23.6) (23.6) (17.9) 11.0 4.1 (76.1) (27.7) (27.
Slide 10: 9M 2018 Results: Hapag-Lloyd
9M 2018 Results: Hapag‐Lloyd EBITDA Margin, EBIT Margin, Transport Volume and Net income trends 9.9% 9.7% 3.7% 3.6% 9M 2017 9M 2018 9M 2017 9M 2018 EBITDA Margin EBIT Margin Transport Volume Group profit / loss 9M 2017 9M 2018 9M 2017 9M 2018 Pro‐forma +5.5% +69% 8,900 15 8,436 9 Figures in thousand
Slide 11: HLAG 9M 2018: Improved results, EBITDA and EBIT compared to 9M 2017
HLAG 9M 2018: Improved results, EBITDA and EBIT compared to 9M 2017 Note: UASC’s Ltd. and its subsidiaries have been included in the figures from the date control was transferred on 24 May 2017. The key figures used are therefore only comparable with the previous year to a limited extent. USD figure
Slide 12: Balance Sheet Position
Balance Sheet Position (Figures in USD million) Assets September 2018 December 2017 Var Cash & cash equivalents 20.7 42.4 (21.7) Accounts receivables 27.6 20.0 7.6 Inventories 4.8 3.2 1.6 Other current assets 3.0 3.2 (0.2) Total current assets 56.1 68.8 (12.7) Equity accounted investees 1,939.9 1,93
Slide 13: Cash Position
Cash Position (Figures in USD million) Cash flow 9M 2018 Initial cash position 42.4 Operating cash flow (20.1) Investing cash flow 2.8 Equity‐accounted investees (28.4) Non‐controlling interests & subsidiaries 0.5 Interest received 0.5 Dividends received 30.2 Financing cash flow (3.8) Bridge loan re
Slide 14: Outlook
Outlook HLAG’s expected synergies for US$ 435 M p/a will be reached up to 90% at the end of 2018 (100% in 2019). Additionally, digital transformation programs (systems, customers and products) are being implemented to maintain high performance. Clear target of HLAG to maximize EBITDA over next y
Slide 15: Annexes
Annexes EICSAV
Slide 16: Hapag-Lloyd and IMO 2020: The three-option compliance plan
Hapag‐Lloyd and IMO 2020: The three‐option compliance plan. Low‐ sulphur fuel oil considered key solution in the short term. Source: Alphaliner weekly Extracted from HLAG´s Capital Markets Day Presentation, available at https://www.hapag‐lloyd.com/en/ir.html 16
Slide 17: Hapag-Lloyd and IMO 2020: The three-option compliance plan
Hapag‐Lloyd and IMO 2020: The three‐option compliance plan. Low‐ sulphur fuel oil considered key solution in the short term. Source: Alphaliner weekly Extracted from HLAG´s Capital Markets Day Presentation, available at https://www.hapag‐lloyd.com/en/ir.html 17
Slide 18: Hapag-Lloyd and the Geopolitical Risk
Hapag‐Lloyd and the Geopolitical Risk 1) according to 8-digit HTSUS codes 2) Source: PIERS market data with 4-digit HS codes + internal data; Status: October 2018 Note: All numbers are based on estimates. Tangible effetcs cannot exactly be calculated at this point in time. Extracted from HLAG´s Inve
Slide 19: Hapag-Lloyd / UASC Merger: Synergies progressing in 9M 2018 as planned
Hapag‐Lloyd / UASC Merger: Synergies progressing in 9M 2018 as planned Approximately 90% of full run rate expected to be realized in 2018 Visibility of synergies in P&L in 9M 2018 is limited due to counter effects in other cost items Extracted from HLAG´s Investor Presentation 9M 2018, available
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