CSAV closes 2013 with a net loss of -167,6 million dollars



The board of directors of the shipowning society Chilean South American Compañía de Vapores (CSAV) has convened for next 21 March the extraordinary assembly of the shareholders called to express itself on the project of fusion with the German company Hapag-Lloyd ( on 23 January 2014) let alone on first of the two you increase of vital decided from the Board in order to finance with 200 million dollars the acquisition of seven new portacontainer from 9.300 teu and to put into effect itself in the first half of this year ( on 14 February 2014)

While CSAV has announced to have archived item the exercise anniversary 2013 with revenues for 3,20 billion dollars, with a bending of the -6,6% regarding 3,43 billion dollars in the exercise precedence. The operating result has been of sign negative for -221,2 million dollars respect to operating liabilities of -196,8 million dollars in 2012. The South American company has closed the 2013 with a net loss of -167,6 million dollars respect to a net loss of -309,5 million dollars in the year precedence.

"If the continuous field to be confronted with an instability scene - the managing director of CSAV, Oscar Hasb has commented ún - the improvement of the results has had to the modifications put into effect inside of the company mainly". Hasbún has emphasized, in particular, the importance of the huge investments realized from the company in order to upgrade the fleet that - it has found - will represent a determining factor for the results of the next years: "previously - it has explained - the company did not have assets and therefore it supported elevated costs for the chartering of the ships. Now this situation is changing thanks to the consisting realized injections of vital. Within the end of the 2015 we will have beyond 50% of the fleet of our property, fleet that will be also one of most modern and efficient of the field".

In the solo fourth trimester of the 2013 CSAV has totaled a net loss of about -62 million dollars on revenues for 738 million dollars respect to a net loss of -24 million dollars on revenues for 775 million dollars in the period October-December of 2012. The quarterly operating result has been of sign negative for -108 million dollars respect to an operating eight profit million dollars in the last trimester of 2012.

CSAV has communicated also to have agreed with the American authorities the payment of a fine of 8,9 million dollars in the within of the investigation in course that is got ahead by the Department of Justice of the United States in order to assess the development of anti-competitive practices in the market of the marine transport of car realized between 2000 and september 2012. "In September 2012, with the notification of start of the investigations - Hasbún has declared - the leadership and board of directors has come to acquaintance of the practical possibility that such sussistevano inside CSAV. Immediately, and with the unanimous agreement and the mandate of the board of directors, we have decided to collaborate, we have started an internal investigation, we have taken a series of measures in order to strengthen all the processes of internal control and have started the formation of the salesmen of the company all over the world. This has included the creation of the figure of Officer Patient compliance, whose main task is own the respect of the standards of the free competition all over the world. During the investigation and, against the policies of the society - it has admitted Hasbún - contrary behaviors to the free competition are found. Consequently it has been decided to reach an agreement with the American authority".