SANTOS BRASIL PARTICIPAÇÕES S.A. EARNINGS PRESENTATION
4Q23
LEGAL DISCLAIMER
Forward-looking statements in this document concerning business prospects and growth of
Santos Brasil Participações S.A. and its controlled companies are merely projections, exclusively based on expectations essentially dependent on future market conditions, globally and in Brazil, and should not be regarded as binding upon the Company. Therefore, should not be regarded as a recommendation for any investment, being necessary that investors analyze and evaluate before any decision.
The words believe, may, will, estimate, continue, anticipate, intend, expectand similarwords are intended to identify estimates and forward-looking statements, that speak only as of the date they were made. The Company does not undertake the obligation to update or to review any estimate and/or forward-looking statement because of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance.
Santos Brasil
2
ESG INITIATIVES
RESPECT FOR THE ENVIRONMENT, OPERATIONAL SAFETY AND HUMAN DEVELOPMENT
New electrical equipment at
Tecon Santos
In 4Q23, Tecon Santos received 2
new STS cranes and 8 electric
RTGs, aligned with the concept of a low carbon economy and the
Company's goal of becoming Net
Zero by 2040.
Voice of the Oceans Festival
Santos Brasil is a sponsor of the
Voice of the Oceans and participated of its Festival, which showcased the results of environmental education initiatives through presentations and workshops.
Santos Brasil spread joy to 5 | Diversity and Inclusion as a |
thousand children! | compromise |
At Christmas, the Company carried | The Company held the 2nd |
out the projects "Ação do Bem" e | Diversity and Inclusion Journey, |
"Contêiner do Bem", which | announced the extension of the |
collected toys and personal | maternity leave to 6 months and |
hygiene items for children in the | opened new breastfeeding rooms. |
regions with operations. |
Santos Brasil | 3 |
OPERATIONAL INDICATORS
OPERATIONAL INDICATORS
DEMAND RECOVERY AT TECON SANTOS AND EXTRA VOLUMES IN VILA DO CONDE AND IMBITUBA
Container throughput (thousand containers)
Tecon Vila do Conde | Consolidated | |
Tecon Santos
Tecon Santos:
+13% YoY
296 335
4Q22 4Q23
-6% YoY | |
1.299 | 1.219 |
2022 | 2023 |
+11% YoY
260 288
4Q22 4Q23
-7% YoY | |
1.145 | 1.066 |
2022 | 2023 |
- +12% YoY in Long-Haul and +3% YoY in Cabotage.
- +29% YoY in imports: widespread recovery in cargo segments, especially electronics, and in volumes from China.
- +3% in exports: greater shipments of sugar and paper & pulp.
- Market share: 36.9% (vs. 36.6% no 4Q22).
Tecon Vila do Conde | ||||
-1% YoY | ||||
Tecon Santos | 101 | 100 | ||
+34% YoY | ||||
Tecon Imbituba | 23 | 31 | ||
4Q22 | 4Q23 | 2022 | 2023 |
Tecon Imbituba
0% YoY | |||
+21% YoY | 53 | 53 | |
13 | 16 | ||
4Q22 | 4Q23 | 2022 | 2023 |
Tecon Vila do Conde:
- Operation of volumes originated or destined to Manaus due to the drought in the Amazon Basin.
- Operation of 44 barges = 6,976 containers.
Tecon Imbituba:
- Operation of ten Long-Haul ships deviated from Itajaí/Navegantes complex due to the heavy rains in Santa Catarina.
Santos Brasil
5
OPERATIONAL INDICATORS
DYNAMIC OF THE AUTOMOTIVE SECTOR IMPACTING BUSINESS UNITS
Vehicle handled (000 vehicles) and general cargo (tons)
Vehicle Terminal (TEV) | TCG Imbituba |
TEV:
-25% YoY | |||
281 | |||
211 | |||
-25% YoY | |||
65 | 49 | ||
4Q22 | 4Q23 | 2022 | 2023 |
-27% YoY | |||
-22% YoY | 122 | 89 | |
23 | 18 | ||
4Q22 | 4Q23 | 2022 | 2023 |
- -26%YoY in exports, as result of lower shipments to South America.
- -17%YoY in imports, still due to domestic consumption slowdown.
TCG Imbituba:
- Lower volume capture due to the high level of occupancy with containers in the terminal.
Santos Brasil Logística (thousand containers and thousand pallets)
Bonded Warehouses |
Distribution Centers
Bonded Warehouses:
TEV | -15% YoY | ||||||||||||||
73 | |||||||||||||||
CLIAs¹ Santos AND Guarujá | 62 | ||||||||||||||
CDs SBC AND Imigrantes | -8% YoY | ||||||||||||||
TCG Imbituba | 17 | 16 | |||||||||||||
4Q22 | 4Q23 | 2022 | 2023 |
-31% YoY
293 203
4Q22 4Q23
-16% YoY | |
1.120 | 940 |
2022 | 2023 |
- Decrease of capture in CLIA Santos as a result of the volumes' migration to the left bank
(Tecon Santos)
Distribution Centers:
- Performance explained by lower demand in automotive sector.
Santos Brasil ¹ Bonded Warehouses.
6
FINANCIAL INDICATORS
CONSOLITED PERMORMANCE
GROWING RESULTS DRIVEN BY GREATER VOLUMES AT THE CONTAINER TERMINALS
Financial highlights (R$ million)
+41% | Gross Revenue | ||||
YoY | |||||
760 | |||||
540 | 577 | 603 | |||
489 | |||||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
+42% | Net Revenue |
YoY | |
667 | ||||
469 | 427 | 507 | 534 | |
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
+85% EBITDA and EBITDA Margin
YoY
55% | ||||
42% | 44% | 48% | ||
36% | 367 | |||
198 | 153 | 222 | 258 | |
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
+66% | Net Income |
YoY | |
136 | 139 | 225 | ||
46 | 94 | |||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
Highlights:
- In 4Q23, Santos Brasil's result was mainly driven by Container and General Cargo Terminals, as a result of (i) increased volumes at Tecon Santos, Tecon Imbituba, which operated Long-Haul volumes diverted from Itajaí/Navegantes, and Tecon Vila do Conde, which operated volumes to/from Manaus with barges and ships, due to the drought in the Amazon Basin, and (ii) higher average ticket, as a reflection of the better mix operated and contractual renegotiations with shipowners.
- The Liquid Bulk Terminals completed their first year of operations (brownfield terminals), being the high level of service recognized by the Port of Itaqui customers. In 4Q23, contributed with R$ 11.3 million in Net Revenue and R$ 5.2 million in EBITDA (EBITDA margin of 46.2%).
- Despite lower volumes operated, Santos Brasil Logistica recorded EBITDA growth, due to more efficient costs and expenses management. Finally, TEV continued to be impacted by the slowdown in the automotive sector.
Santos Brasil
8
CAPITAL ALLOCATION
FOCUS ON THE STRATEGRY: MAXIMIZE VALUE GENERATION OF CURRENT ASSETS AND TO SHAREHOLDERS
Capex (R$ million)
631 | |
406 | ▪ 1Q23: R$ 86 million |
▪ 2Q23: R$ 126 million | |
▪ 3Q23: R$ 113 million | |
▪ 4Q23: R$ 306 million | |
2022 | 2023 |
Tecon Santos:
- 4Q23: R$ 161 million | 2023: R$ 302 million
- Payments related to the acquisition of two STS cranes, eight electric RTGs and terminal tractors
- Dredge works to level the draught of the berths (14.5 meters)
- Expansion of the reefer platform
- Adaptation of electrical and data network + technology projects
Liquid Bulk Terminals:
- 4Q23: R$ 127 million | 2023: R$ 236 million
- Expansion of brownfield terminals (TGL 01 and TGL 03): +59,000 m³ by the end of 2024
- Continuity of works at the greenfield terminal (TGL 02): +81,000 m³ by the end of 2025
Earnings (R$ million) | Debt (R$ million) | |||||||||||||||||||
569 | 479 | |||||||||||||||||||
0.07x | ||||||||||||||||||||
143 | ||||||||||||||||||||
56 | ||||||||||||||||||||
142 | -0.43x | Debt | ||||||||||||||||||
224 | IOC | |||||||||||||||||||
Net Debt/EBITDA LTM | ||||||||||||||||||||
426 | Dividends | |||||||||||||||||||
97 | 337 | |||||||||||||||||||
127 | ||||||||||||||||||||
-280 | ||||||||||||||||||||
2022 | 2023 | |||||||||||||||||||
2021 | 2022 | 2023 |
Santos Brasil
9
THANK YOU!
CONTACT THE IR TEAM
dri@santosbrasil.com.br
ri.santosbrasil.com.br (11) 3279-3279
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Disclaimer
Santos-Brasil Participações SA published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 12:30:27 UTC.
