Compañía Sud Americana de Vapores (VAPORES) Q1 2023 earnings summary

Executive summary

• Q1 net income was ThUS$597,977, down from ThUS$1,401,347 YoY, chiefly reflecting a lower share of earnings from Hapag-Lloyd AG; the investment remained the dominant asset.

• Total assets reached ThUS$10,898,640 at March 31, 2023, including ThUS$9,775,070 in equity-accounted investments.

Financial highlights

• Net income was ThUS$597,977 vs. ThUS$1,401,347 in Q1 2022; net income before tax was ThUS$596,659 vs. ThUS$1,393,877.

• Share of net income from associates and joint ventures was ThUS$607,082 vs. ThUS$1,402,257 YoY.

• Finance costs were ThUS$5,028 vs. ThUS$4,660; finance income was ThUS$881 vs. ThUS$10.

• Net cash used in operating activities was ThUS$9,055 vs. ThUS$3,812; cash and cash equivalents ended at ThUS$84,044, down from ThUS$97,197 at year-end 2022.

• Basic EPS was US$0.0117 vs. US$0.0273; total comprehensive income was ThUS$596,301 vs. ThUS$1,420,834.

Segment performance

• Container Shipping was the sole operating segment, represented primarily by the equity-method investment in Hapag-Lloyd AG and related assets and liabilities.

• Segment net income was ThUS$597,977 vs. ThUS$1,401,347 YoY, with the share of associate and joint venture earnings contributing ThUS$607,082.