Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — IPO Roadshow (October 2017)
27 slides from Compania Sud Americana De Vapores's IPO roadshow presentation, October 2017
Slide 1: Roadshow Presentation: Preemptive Rights Offering
Roadshow Presentation Preemptive Rights Offering October 2017
Slide 2: Disclaimer
Disclaimer The information hereby contained is a brief description of the characteristics of the issuance and of Compañía Sud Americana de Valores S.A. (“CSAV”), not comprising all necessary information to make an investment decision. More information is available at CSAV headquarters, Credicorp Cap
Slide 3: The offer: summary of offering terms
The offer: summary of offering terms Issuer Compañía Sud Americana de Vapores S.A. (“CSAV”) Symbol / listing Vapores / Santiago Stock Exchange Offering type 100% preemptive rights offering of common shares Base offering type Rights offering of 6,100,000,000 shares (approx. USD 294 million(1)
Slide 4: Timetable
Timetable October M T W T F 2 3 4 5 6 9 10 11 12 13 October 10th: beginning of CSAV’s preemptive rights period 16 17 18 19 20 (30 days) 23 24 25 26 27 October 16th: end of HLAG’s preemptive rights period 30 31 November M T W T F 1 2 3 6 7 8 9 10 November 8th: end of CSAV´s preemptive rights period 1
Slide 5: Presenters
Presenters Óscar Hasbún Martínez Tomás Tafra Rioja CEO CFO CSAV since 2011 CSAV since 2010 Member of the Supervisory Board of Hapag-Lloyd Chairman of SM SAAM S.A ____________________ Source: CSAV 5
Slide 6: Introduction to CSAV
Introduction to CSAV oyd
Slide 7: CSAV at a glance
CSAV at a glance Financial Total assets Total liabilities Total equity figures(1) USD 1,968 m USD 157 m USD 1,811 m Business lines Container shipping Hapag-Lloyd + UASC figures CSAV’s main business line through its 22.6% share in HLAG. CSAV is the largest 2016 June 2017 shareholder in HLAG and co-
Slide 8: Shipping industry overview
Shipping industry overview New alliances THE Alliance Ocean Alliance 2M(1) Members Capacity(2) 3.6 TEU m 5.7 TEU m 7.3 TEU m Average vessel size(2) 6,417 TEU 5,401 TEU 5,642 TEU Transpacific 27% 39% 22% Market share(2) Atlantic 33% 15% 43% (capacity) Far East 25% 35% 29% Chartered-in(2) (%) 51.6% 59
Slide 9: CSAV's history: key milestones
CSAV’s history: key milestones Quiñenco entered the Quiñenco increased its HLAG’s IPO in Frankfurt New capital increase shipping industry by stake in CSAV to 46.0% Stock Exchange and CSAV’s follow-on to reach acquiring a 20.6% stake in Hamburg Stock Exchange at least 25% of HLAG CSAV Follow-on to
Slide 10: Key investment highlights
2 | Key investment highlights
Slide 11: Key investment highlights
Key investment highlights Industry with attractive growth prospects in the Leading company in the industry midst of a solid recovery and strong consolidation Container transport volume is expected to grow Fifth largest carrier globally with a balanced at a 5.2% CAGR for the period ’16-’18E, whil
Slide 12: Industry with attractive growth prospects in the midst of a solid recovery and a strong consolidation
Industry with attractive growth prospects in the 1 midst of a solid recovery and a strong consolidation
Slide 13: Attractive growth prospects with strong fundamentals
1 2 3 Attractive growth prospects with strong fundamentals Shipping industry key growth drivers Low vessel construction rate (as of Oct-17) Fleet Orderbook Orderbook to Fleet Ratio Global economic growth World trading volume Container transport volume TEU th Orderbook / (1) ’16-’18E: 3.5% CAGR(1) ’1
Slide 14: Industry consolidation has been reshaping the competitive landscape
1 2 3 Industry consolidation has been reshaping the competitive landscape Consolidation wave Alliances concentrate over ~93% of the capacity on east-west trades 2013 THE Alliance 2M Carrier capacity (TEU m) Global capacity share (%) Ocean Alliance Others 44% market share 17% market share 14% 13% 8%
Slide 15: Leading company in the industry
2 Leading company in the industry
Slide 16: Among largest global carriers with balanced presence in global routes
1 2 3 Among largest global carriers with balanced presence in global routes 5th largest players in terms of capacity(1) (TEU m) More efficient routes than industry average in 2016(2) World’s transported volume imbalance Used capacity in non dominant leg over used capacity in 3.8 dominant leg(3) 2,40
Slide 17: Strong track record generating synergies, enhancing its competitive position
1 2 3 Strong track record generating synergies, enhancing its competitive position Strong track record successfully capitalizing synergies (USD m) Positive carrier EBIT margin compared with the industry(1) 6% (Avg. 2015 & 2016) 21% 218 180 4% 2005 Initial estimate Final realization 2% 33% 400 0% 300
Slide 18: Positioned to capture growth opportunities while increasing profitability and cash flow
Positioned to capture growth opportunities while 3 increasing profitability and cash flow
Slide 19: Young and efficient fleet with no further investment needed
1 2 3 Young and efficient fleet with no further investment needed Average fleet age(1) (years) Fleet ownership(1) (%) Current owned fleet Current chartered fleet 7.1 1st 68% 32% 1st 7.5 61% 39% 7.6 52% 48% TOP 15(2) 8 TOP 15(2) 49% 51% 8.4 44% 56% 35% 65% 8.5 Average vessel size(1)(TEU) Vessel fleet
Slide 20: Cost synergies focused on generating sustainable profits
1 2 3 Cost synergies focused on generating sustainable profits Expected synergies of USD 435 million per annum from 2019 onwards Optimized new vessel deployment & network Figures in USD m (From HLAG’s 118 services & UASC’s 45 services, to 129 combined services) Network 85 435 Efficient use of ne
Slide 21: Financial overview
Ei Financial overview EXICSAV
Slide 22: Hapag-Lloyd's balance sheet highlights
Hapag-Lloyd’s balance sheet highlights USD m Dec-2016 Jun-2017 Assets Total PP&E of USD 10,857 m, of which: Goodwill 1,755 1,755 Vessels: USD 8,579 m Other intangible assets 1,416 2,195 Property plant and equipment 6,669 10,857 120 own vessels (avg. 8,824 TEU) Investments in equity-accounted i
Slide 23: Hapag-Lloyd's P&L highlights
Hapag-Lloyd’s P&L highlights Operating result and net income above previous year’s level Q1 2017 Q2 2017 H1 2017 H1 2016 YoY Transport volume Transport volume [TTEU] [TTEU] 1,934 2,287 4,221 3,703 14% Freight rate [USD/TEU] 1,047 1,064 1,056 1,042 1% Bunker price [USD/t](1) 313 311 312 198 58% Excha
Slide 24: CSAV's balance sheet and income statement
CSAV’s balance sheet and income statement USD m 2013 2014 2015 2016 Jun-17 LTM Balance sheet Cash and cash equivalents 202 46 52 55 51 Other current assets 396 48 28 30 29 Investment in HLAG 13 1,765 1,793 1,772 1,603 Other non current assets 1,767 352 353 312 285 Total assets 2,377 2,211 2,226 2,16
Slide 25: Appendix
VALPARAISO Expp-. 4 | Appendix EXICSAV
Slide 26: Hapag-Lloyd's balance sheet and income statement
Hapag-Lloyd’s balance sheet and income statement USD m 2013 2014 2015 2016 Jun-17 LTM Balance sheet Cash and cash equivalents 640 869 625 606 860 Other current assets 1,095 1,311 1,080 1,077 1,721 Non current assets 7,833 10,091 10,364 10,178 15,443 Total assets 9,568 12,271 12,068 11,861 18,024 Fin
Slide 27: Commercial strategy: customer satisfaction and exposure to niche businesses
Commercial strategy: customer satisfaction and exposure to niche businesses High-quality service provider among container shipping companies Consistent diversity of goods shipped 2016 2015 Top clients attended by the Global Account Management team and Food Chemical Plastic Paper and wood Mechanica
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