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Roadshow PresentationPreemptive Rights Offering
October 2017
2
Disclaimer
The information hereby contained is a brief description of the characteristics of the issuance and of Compaa 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 Capital S.A. Corredores de Bolsa offices, Banchile Corredores de Bolsa S.A. offices and BTG Pactual Chile S.A. Corredores de Bolsa offices (the Placement Agents) and at Superintendencia de Valores y Seguros, as well as in our website www.csav.com.
Dear investor:
Before making an investment, you should be fully informed about the financial condition of CSAV and evaluate the convenience of acquiring these securities. The Placement Agents shall provide the investors with the information contained in the Prospecto filed in the Registro de Valores of the Superintendencia de Valores y Seguros, before you make your investment.
This offer is only registered in Chile under the laws and regulations of Chile and it shall not be deemed made in any other jurisdictionthan Chile.
3
The offer: summary of offering terms
Issuer Compaa Sud Americana de Vapores S.A. (CSAV)
Symbol / listing Vapores / Santiago Stock Exchange
Subscription rights period
Subscription price of CLP 30.55 per share Two subscription periods:
30-day preemptive rights period Subject to the boards decision, potential 6-day second subscription period and potential subsequent 6-day
subscription periods and/or private placement of shares on the Santiago Stock Exchange(2)
Use of proceeds Subscription of HLAGs EUR 352 million(3) (USD 414 million(4)) primary follow-on offering and eventual acquisition of
HLAG shares to reach at least a 25% stake in HLAG
Roadshow Local roadshow
Global syndicate
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))
____________________(1) Considers CLP/USD 633.32 as of October 10th, 2017(2) If any, before or after the 6-day second subscription period(3) Subscription price of EUR 30 per share(4) Considers EURUSD 1.1786 as of September 28th, 2017
4
Timetable
____________________(1) In a sequence to be defined by CSAVs board as indicated in the communication to shareholders on September 29th, 2017
October 10th: beginning of CSAVs preemptive rights period (30 days)
After rights expiration date, subject to CSAVs board decision(1):
Potential 6-day second subscription period and potential subsequent 6-day subscription periods and/or private placement of shares on the Santiago Stock Exchange
October 16th: end of HLAGs preemptive rights period
November 8th: end of CSAVs preemptive rights period
M T W T F2 3 4 5 69 10 11 12 13
16 17 18 19 2023 24 25 26 2730 31
M T W T F1 2 3
6 7 8 9 1013 14 15 16 1720 21 22 23 2427 28 29 30
M T W T F1
4 5 6 7 811 12 13 14 1518 19 20 21 2225 26 27 28 29
October
November
December
5
Presenters
scar Hasbn MartnezCEOCSAV since 2011Member of the Supervisory Board of Hapag-LloydChairman of SM SAAM S.A
Toms Tafra RiojaCFOCSAV since 2010
____________________Source: CSAV
Introduction to CSAV1
7
CSAV at a glance
____________________Source: CSAV public offering prospectus, HLAG public offering prospectus, HLAG investor presentation.(1) Consistent with HLAG investor report as of June 2017.(2) Proforma figures as of December 2016, considering full year effect of merger with UASC.(3) RT: measure unit used for car-carriers, equivalent to the size of a 1966 Toyota Corolla.
Total assetsUSD 1,968 m
Total liabilities USD 157 m
Total equityUSD 1,811 m
Vessel capacity(1)1.6 TEU m
Operating vessels(1)219
Revenues(2)USD 10,985 m
Transported volume(2)10.7 TEU m
Employees(1)12,585
EBITDA(2)USD 769 m
EBITDAUSD 7.4 m
Capacity37,800 RT(3)
Financial figures(1)
Hapag-Lloyd + UASC figures
CSAVs main business line through its 22.6% share in HLAG. CSAV is the largest shareholder in HLAG and co-controller via a 10-year shareholders agreement
Fifth largest carrier globally, operating a fleet of 219 vessels with a capacity of 1.6 m TEU
Diversified and balanced network across all the main trade routes and one of the most modern, young and efficient fleets in the industry
Largest member of THE Alliance, one of the three global alliances that concentrate over ~93% of the east-west trades capacity
Container shipping
Business lines
Other business lines: car carrier & freight forwarder
Car carrier: maritime vehicle transportation using specialized vessels from Asia, Europe, USA and South Americas east coast to South Americas west coast
Air, sea, and land freight services and value-added solutions provided by Norgistics
2016 CSAV retained business
RevenuesUSD 127 m
Operating vessels6
June 20172016
8
New alliances
THE Alliance
Shipping industry overview
____________________Source: HLAG public offering prospectus, IMF, HIS Global Insight, Alphaliner.(1) Number of vessels, capacity, market share and % chartered-in consider the services included in the slot purchase agreements with HMM and Hamburg Sd.(2) As of July 2017.(3) As of April 2017.
Ocean Alliance
Members
2M(1)
5.7 TEU m3.6 TEU m 7.3 TEU mCapacity(2)
39%27% 22%
Market share(2) (capacity)
Transpacific
Atlantic
Far East
33%
25%
15%
35%
43%
29%
Chartered-in(2) (%) 59.3%51.6% 56.6%
9578 76Port coverage(3)
4032 25Services(3)
Average vessel size(2) 6,417 TEU 5,401 TEU 5,642 TEU
9
CSAVs history: key milestones
____________________Source: CSAV annual report and CSAV public offering prospectus.(1) As a result of the merger, CSAV becomes a shareholder of HLAG with 30% stake, which increased to 34% after subscribing 70% of HLAGs follow-on.
2015
2017
CSAVs Foundation Merger of Compaa
Chilena de Vapores with Compaa Nacional de Vapores
18722011
Quienco entered the shipping industry by acquiring a 20.6% stake in CSAV
2012
SAAM spin-off as a consequence of CSAVs restructuring plan CSAV remained in the
shipping business while SAAM continued to operate the port and tug boat businesses
Follow-on to execute the restructuring plan
Quienco increased its stake in CSAV to 46.0%
2013
CSAV-HLAG merger CSAV became the largest
shareholder of HLAG with a 34% stake(1)
Follow-on to complete CSAV-HLAG merger
HLAG-UASC merger HLAG acquired 100% of
United Arab Shipping Company (UASC) shares in exchange for a 28.0% stake in HLAG
HLAG became the fifth largest shipping company in the world
HLAGs IPO in Frankfurt Stock Exchange and Hamburg Stock Exchange CSAV reduces its stake in
HLAG to 31.4%
2014
New capital increase CSAVs follow-on to reach
at least 25% of HLAG
CSAVs restructuring plan Focus on Latin America
Simplification of organizational structure
Worldwide operational alliances
Investments in own fleet
Follow-on to continue expanding CSAVs own fleet and prepay liabilities
Shareholders agreement between CSAV, Khne and the City of Hamburg
Key investment highlights2
11
Key investment highlights
____________________Source: HLAG Listing prospectus (July, 2017), IMF April 2017, CSAV.
Industry with attractive growth prospects in the midst of a solid recovery and strong consolidation
Container transport volume is expected to grow at a 5.2% CAGR for the period 16-18E, while ship scrapping has remained at high levels and vessel construction rate at its lowest levels
New alliances and recent M&A activity have been reshaping the competitive landscape of the industry.
Significant shift in the composition of the world fleet ownership
Leading company in the industry
Fifth largest carrier globally with a balanced presence in global routes, diversified customer base, and solid presence in niche businesses
Proven track record consolidating the industry, achieving positive operating income and becoming one of the most profitable operators in the 2015 2016 period
Positioned to capture growth opportunities while increasing profitability and cash flow
USD 435 million per annum in cost synergies from the merger with UASC coupled with an improved fleet ownership structure shall boost profitability going forward
Young and efficient fleet aimed to maximize free cash flow generation and rapid deleverage
1 2
3
1 Industry with attractive growth prospects in the midst of a solid recovery and a strong consolidation
13
0
200
400
600
800
1,000
1,200
Jan-
15Fe
b-15
Mar
-15
Apr-1
5M
ay-1
5Ju
n-15
Jul-1
5Au
g-15
Sep-
15O
ct-1
5N
ov-1
5D
ec-1
5Ja
n-16
Feb-
16M
ar-1
6Ap
r-16
May
-16
Jun-
16Ju
l-16
Aug-
16Se
p-16
Oct
-16
Nov
-16
Dec
-16
Jan-
17Fe
b-17
Mar
-17
Apr-1
7M
ay-1
7Ju
n-17
Jul-1
7Au
g-17
SCFI -RTM Margin Rotterdam Platts SCFI
713724630Average Margin 456599
0%
20%
40%
60%
80%
0
5
10
15
20
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Orderbook / FleetTEU th
Fleet Orderbook Orderbook to Fleet Ratio
Attractive growth prospects with strong fundamentals
Shipping industry key growth drivers
High ship scrapping levels
____________________Source: HLAG annual report, IMF July 2017, Clarkson Research, Shanghai Shipping Exchange and Platts.(1) Compound annual growth rate.(2) Average price of half a ton of IFO 380 bunker in Rotterdam.(3) Shanghai Containerized Freight Index.
321
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2013 2014 2015 2016 2017E 2018E
Global economic growth World trading volume Container transport volume
Low vessel construction rate (as of Oct-17)
CAGR(1) 16-18E: 3.5% CAGR(1) 16-18E: 3.8% CAGR (1) 16-18E: 5.2%
Ex-bunker rates recovery since 2016
15
18
21
24
27
30
0100200300400500600700
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Jul 1
7 Y
TDYearsTEU th
Worldwide ship scrapping (primary axis) Average ship age (secondary axis) (2) (3)
H1 2016
2015 H2 2016
Q1 2017
Q2 2017USD
Orderbook to fleet ratio of 13.8% as of Oct-17
14
THE Alliance33%
Ocean15%
2M43%
Others9%
3.83.0
2.3 2.31.6 1.4 1.1
0.6 0.4 0.3 0.3
MaerskHamburg
Sud
MSC CMA CGMAPL
COSCOCSCL OOCL
HLAGCSAVUASC
MOLNYK
K-Line
Evergreen Yang Ming PIL Hyundai ZIM
2.5 2.3
1.50.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3
Maersk MSC CMACGM
Evergreen
COSCOHapagLloyd
Hanjin APL CSCL MOL NYK Hamburg Sud
OOCL Yang Ming
PIL K-Line ZIM Hyundai UASC CSAV
THE Alliance27%
Ocean39%
2M22%
Others12%
Industry consolidation has been reshaping the competitive landscape
____________________Source: HLAG investor presentations and company reports.(1) Companies with mergers implemented or announced since 2013.
14% 8%
Consolidation wave
13% 4% 4%
Carrier capacity (TEU m) Global capacity share (%)
2013
321
June 2017
44% market share
Transpacific
Atlantic
Far East
THE Alliance
Ocean Alliance
2M
Others
Alliances concentrate over ~93% of the capacity on east-west trades
4% 4% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% 1%
17% market share
19% 12%15% 12% 8%
Carrier capacity (TEU m) Global capacity share (%)
65% market share
7% 5% 2% 2% 2%
19% market share
61% market share
84% market share
2nd
2nd
3rd(1)(1) (1) (1)(1)
THE Alliance25%
Ocean35%
2M39%
Others1%
2 Leading company in the industry
16
3.8
3.02.3 2.3
1.6
____________________Source: HLAG investor presentations, HLAG annual report, Drewry.(1) Transport capacity by carrier as of June 2017.(2) Number of full containers on the non-dominant leg per ten full containers on the dominant leg (the higher the rate, the lower the imbalance in the respective trade).(3) HLAG standalone, prior to merger with UASC.(4) Transport volume by trade. Allocation of UASC volume according to Hapag-Lloyd trade definition, not necessarily final.
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)
321
Balanced presence in global routes
46%
65%
42%
76%
62%
62%
HLAG Industry
Used capacity in non dominant leg over used capacity in dominant leg(3)
Transpacific
Transatlantic
Europe-Far East
Worlds transported volume imbalance
7,100
2,400 6,400
13,700 4,000 14,200
Atlantic
Transpacific
Far East
19% 20% 11%
8%6%
29%
6%
12% 3% 32%
16%2%
3%
32%
18% 15% 18%
10%5%
21%
14%
HLAG UASC(4) Combined entity(4)
17
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
0 5,000 10,000 15,000 20,000 25,000
EBIT
-M
g (%
)
Revenue (USD m)
Strong track record generating synergies, enhancing its competitive position
Strong track record successfully capitalizing synergies (USD m)
____________________Source: HLAG investor presentations, HLAG public offering prospectus (2015, 2017), Clarksons.(1) EBIT margin considers a 24-month period between January 2015 and December 2016. Revenue axis shows the average revenue between years 2015 and 2016(2) Transport expenses excluding fuel related expenses (excl. expenses for raw materials and supplies).(3) 2014 figures are pro forma HLAG + CSAV (CCS). 2015 to 2016 correspond to the actual HLAG (combined) consolidated figures.
2005
2014
Positive carrier EBIT margin compared with the industry(1)
Significant savings in ex-bunker transport expenses (USD/TEU)(2)
180 218
Initial estimate Final realization
300400
Initial estimate Final realization
21%
33%
321
(Avg. 2015 & 2016)
1,044928
825
2014 2015 2016
- 21%(pro forma) (3)
3 Positioned to capture growth opportunities while increasing profitability and cash flow
19
Young and efficient fleet with no further investment needed
____________________Source: HLAG investor presentations and company report(1) Assumes that all announced mergers (NYK & MOL & K-Line; Maersk & Hamburg Sd; COSCO & OOCL) will receive regulatory approvals and are executed as announced. Simple sum of stand-alone operating capacity.(2) Weighted by carrier capacity
321
7.1
7.5
7.6
8
8.4
8.5
7,110
6,168
6,055
5,371
5,271
5,160
35%
44%
49%
52%
61%
68%
65%
56%
51%
48%
39%
32%
Current owned fleet Current chartered fleet
Fleet ownership(1) (%)
Average vessel size(1)(TEU)
Average fleet age(1) (years)
Vessel fleet as of June 2017
TOP 15(2) TOP 15(2)
TOP 15(2)
1st 1st
1st > 14,000 TEU TEU 254,157 - 254,157Vessels 15 - 15
10,000-14,000 TEU TEU 305,876 61,087 366,963Vessels 24 6 30
8,000-10,000 TEU TEU 243,613 142,175 385,789Vessels 28 16 44
6,000-8,000 TEU TEU 108,327 71,779 180,106Vessels 15 11 26
4,000-6,000 TEU TEU 109,164 118,318 227,482Vessels 25 23 48
2,300-4,000 TEU TEU 33,800 82,930 116,730Vessels 11 28 39
< 2,300 TEU TEU 3,918 21,868 25,786Vessels 2 15 17TEU 1,058,855 498,157 1,557,013Vessels 120 99 219Capacity
Vessels Owned Chartered Current Fleet
Slide 19
Fuente: HLAG Investor Presentation
NavesPropiaArrendadaFlota actual
> 14,000 TEUTEU254,157-254,157
Naves15-15
10,000-14,000 TEUTEU305,87661,087366,963
Naves24630
8,000-10,000 TEUTEU243,613142,175385,789
Naves281644
6,000-8,000 TEUTEU108,32771,779180,106
Naves151126
4,000-6,000 TEUTEU109,164118,318227,482
Naves252348
2,300-4,000 TEUTEU33,80082,930116,730
Naves112839
< 2,300 TEUTEU3,91821,86825,786
Naves21517
CapacidadTEU1,058,855498,1571,557,013
Naves12099219
VesselsOwnedCharteredCurrent Fleet
> 14,000 TEUTEU254,157-254,157
Vessels15-15
10,000-14,000 TEUTEU305,87661,087366,963
Vessels24630
8,000-10,000 TEUTEU243,613142,175385,789
Vessels281644
6,000-8,000 TEUTEU108,32771,779180,106
Vessels151126
4,000-6,000 TEUTEU109,164118,318227,482
Vessels252348
2,300-4,000 TEUTEU33,80082,930116,730
Vessels112839
< 2,300 TEUTEU3,91821,86825,786
Vessels21517
CapacityTEU1,058,855498,1571,557,013
Vessels12099219
20
Cost synergies focused on generating sustainable profits
____________________Source: HLAG investor presentations and annual report(1) Estimated by HLAG, on top of the already accrued costs as of 30 June 2017(2) Excluding the one-off costs UASC registered in its accounts, before closing date
Expected synergies of USD 435 million per annum from 2019 onwards
Lower container handling rates per vendor/location Imbalance reduction & optimization of inland haulage
250
100
85 435
Network Overhead Other Expectedsynergies
Network
Overhead
Other
Figures in USD m
321
H1 2017 results include one-off costs estimated at USD 130 m due to consolidation and integration of UASC
Optimized new vessel deployment & network(From HLAGs 118 services & UASCs 45 services, to 129 combined services)
Efficient use of new fleet Slot cost advantages
Consolidation of headquarters and country organizations Other overhead reductions (e.g. marketing, consultancy)
20
73 -52
Transaction &integration related
one-off costs
Badwill Total one-off effect H1 2017
17
73130
2016 H1 2017 H2 2017 2018 Total
Transaction & integration related one-off costs H1 2017 (USD m) Total transaction & integration related one-off costs (USD m)
In H1 2017 first time consolidation with UASC generated a one-off profit of USD 52.3 m (badwill) and restructuring costs of USD 73 m
Net one-off effect on H1 2017 EBIT of ~USD 20 m
Estimated total transaction and integration related one-off costs: ~USD 130 m(2)
~USD 40 m(1)
~
~
Financial overview3
22
USD m Dec-2016 Jun-2017AssetsGoodwill 1,755 1,755Other intangible assets 1,416 2,195Property plant and equipment 6,669 10,857Investments in equity-accounted investees 344 364Other non current assets 84 274Non-current assets 10,267 15,443Inventories 132 219Trade accounts receivable 716 1,075Other current assets 249 427Cash and cash equivalents 602 860Current assets 1,698 2,580Total assets 11,965 18,024
USD m Dec-2016 Jun-2017Equity and liabilitiesCapital and reserves 1,758 3,197Retained earnings 3,912 3,861Cumulative other equity -332 -305Equity attributable to shareholders of Hapag-Lloyd AG 5,338 6,752Non-controlling interests 4 11Equity 5,342 6,763Provisions for pensions and similar obligations 251 289Other provisions 120 115Financial debt 3,448 7,274Other non-current liabilities 17 34Non-current liabilities 3,837 7,712Provisions for pensions and similar obligations 7 69Other provisions 223 339Financial debt 967 1,065Trade accounts payable 1,353 1,830Other current liabilities 237 245Current liabilities 2,787 3,548Total equity and liabilities 11,965 18,024
Hapag-Lloyds balance sheet highlights
____________________Source: HLAG investor reports, HLAG investor presentations and HLAG public offering prospectus (2017).
Total financial debt of USD 8,339 m, of which:
Secured debt: USD 6,178 m
Vessels: USD 4,435 m
Container: USD 1,382 m
Others: USD 362 m
Unsecured debt: USD 2,161 m
Total PP&E of USD 10,857 m, of which:
Vessels: USD 8,579 m
120 own vessels (avg. 8,824 TEU)
1,059 Th. TEU own capacity
Book value of 8,101 USD/TEU
Containers: USD 1,894 m
1,532 Th. TEU own capacity
Book value of 1,236 USD/TEU
Others: USD 384 m
Equity ratio: 37.5%
23
____________________Source: HLAG investor report and HLAG investor presentation(1) Mixed bunker price (MFO / MDO)
Hapag-Lloyds P&L highlights
Transport volume [TTEU]
Freight rate [USD/TEU]
Bunker price [USD/t](1)
Exchange rate [USD/EUR]
Revenue [USD m]
EBITDA [USD m]
EBITDA margin
EBIT [USD m]
EBIT margin
Group profit / loss [USD m]
Q1 2017
1.07
2,271
140
6.2%
4
0.2%
-66
Q2 2017
2,287
1,064
311
1.08
2,629
253
9.6%
93
3.5%
18
H1 2017
4,221
1,056
312
1.08
4,900
393
8.0%
97
1.9%
-49
H1 2016
3,703
1,042
198
1.11
4,212
219
5.2%
-44
-1.0%
-158
YoY
14%
1%
58%
-3%
16%
80%
2.8ppt
n.m.
3.0ppt
n.m.
Transport volume [TTEU] 1,934
1,047
313
USD +84 m USD +109 m
Operating result and net income above previous years level
Improvingresults
24
CSAVs balance sheet and income statement
USD m 2013 2014 2015 2016 Jun-17 LTM
Balance sheet Cash and cash equivalents 202 46 52 55 51Other current assets 396 48 28 30 29Investment in HLAG 13 1,765 1,793 1,772 1,603Other non current assets 1,767 352 353 312 285
Total assets 2,377 2,211 2,226 2,168 1,968Financial debt 692 176 51 94 96Current non financial liabilities 651 133 58 55 51Non current non financial liabilities 7 1 66 13 10
Total liabilities 1,350 311 175 162 157Equity 1,027 1,900 2,051 2,006 1,811
Income statement Revenues 401 235 167 127 128
YoY% growth -41.3% -29.0% -23.9%EBITDA -174 757 -8 7 4
EBITDA margin -43.5% 321.7% -5.0% 5.8% 3.4%Earnings before taxes 3 748 -20(2) -4 -146(1)
Net profit -168 389 -15(2) -22 -165(1)
Net profit excluding dilution loss -168 389 69 -22 2Net margin (ex. dilution loss) -41.8% 165.4% 41.3% -17.5% 1.6%
____________________Source: SVS, CSAV financial statements.(1) Includes USD 167 million dilution loss related to the merger between HLAG & UASC, explained in note 40 of the companys financial statements as of 30 June 30 2017.(2) Includes USD 84 million dilution loss related to HLAGs IPO, explained in note 15 of the companys financial statements as of 31 December 2015.
Appendix4
26
Hapag-Lloyds balance sheet and income statement
USD m 2013 2014 2015 2016 Jun-17 LTM
Balance sheetCash and cash equivalents 640 869 625 606 860Other current assets 1,095 1,311 1,080 1,077 1,721Non current assets 7,833 10,091 10,364 10,178 15,443
Total assets 9,568 12,271 12,068 11,861 18,024Financial debt 4,041 4,518 4,256 4,376 8,339Current non financial liabilities 1,243 2,169 1,949 1,805 2,483Non current non financial liabilities 271 515 367 385 438
Total liabilities 5,555 7,203 6,572 6,566 11,261Equity 4,013 5,068 5,497 5,295 6,763
Income statement Revenues 8,717 9,041 9,809 8,557 9,234
YoY% growth 3.7% 8.5% -12.8%EBITDA 389 131 922 646 845
EBITDA margin 5.9% 1.5% 9.4% 7.5% 9.2%Net profit -98 -803 124 -107 6
Net margin -1.5% -8.9% 1.3% -1.2% 0,1%
____________________Source: HLAG investor reports, HLAG financial reports.
27
____________________Source: HLAG investor presentations and HLAG public offering prospectus (2017)(1) Includes trade routes Chile-Brazil, intra-Chile and intra-Peru
High-quality service provider among container shipping companies Consistent diversity of goods shipped
2016 2015
18%
14%
12%10%10%
8%
7%
6%5%
4% 6%
Commercial strategy: customer satisfaction and exposure to niche businesses
Food Chemical Plastic Paper and wood Mechanical engineering
Raw materials Textiles Automotive parts Electronic Furniture Others
Top clients attended by the Global Account Management team and visited by key account managers
Long-standing contractual arrangements with direct customers
Well balanced customer base and diversity of goods shipped that minimize effects of economic cycles
Balanced customer portfolio
As for the three months ended March 31, 2017, no customer had a share of more than 4% of total revenue
Strong presence in attractive niche businesses
Reefer services
Special cargo
Dangerous cargo
New market niches
Temperature-sensitive and high value reefer cargo Largest and state-of-the-art container fleet
One-stop-shop service (all services the costumer needs in one stop)
Fleet of special containers
Specialized software and other risk mitigation measures
Certified to carry U.S. governmental cargo (5 vessels allowed to sail under U.S. flag)
Strong position in flag-protected cabotage services(1)
17%
14%
11%
11%10%
8%
7%
6%
5%5% 6%
26%9%
65%
Top 25 customers Top 26-50 customers Other 14,650 customers
Roadshow PresentationPreemptive Rights OfferingDisclaimerThe offer: summary of offering termsTimetablePresentersIntroduction to CSAVCSAV at a glanceShipping industry overviewCSAVs history: key milestones Key investment highlightsKey investment highlightsSlide Number 12Attractive growth prospects with strong fundamentalsIndustry consolidation has been reshaping the competitive landscape Slide Number 15Among largest global carriers with balanced presence in global routesStrong track record generating synergies, enhancing its competitive positionSlide Number 18Young and efficient fleet with no further investment neededCost synergies focused on generating sustainable profitsFinancial overviewHapag-Lloyds balance sheet highlightsHapag-Lloyds P&L highlightsCSAVs balance sheet and income statementAppendixHapag-Lloyds balance sheet and income statementCommercial strategy: customer satisfaction and exposure to niche businesses
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