DOCSLIB.ORG

Annual Report 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2018 Annual Report 2018 SOCIEDAD MATRIZ SAAM S.A. 2 2018 ANNUAL REPORT Index 3 Contents Contents Introduction 04 Key Figures 06 2018 Corporate Milestones 08 Letter from the Chairman 10 Board of Directors 14 Management 18 SAAM’s Hallmark 20 History 28 Activities and Businesses 30 Annual The Industry 32 Financial Performance Trends 34 Report Towage Division 36 Port Terminals Division 48 Logistics Division 70 2018 Investment and Growth 80 Sustainability 88 Our People 92 Occupational Health and Safety 99 Training and Development 102 Ethics at the Core of our Management 104 Environment and Community 105 Corporate Information 110 Company Incorporation 112 Shareholders 115 Directors' Committee 122 Material or Essential Events 128 Main Properties 130 Final Structure 134 Consolidated Financial Statements as of 190 December 31, 2018 Statement of Responsibility 390 4 5 Contents Company INTRODUCTION Information Name: Sociedad Matriz SAAM S.A. Chilean Tax ID: 76.196.718-5 Legal Address: Av. Avenida Apoquindo 4800, Torre II, piso 18, Las Condes, Santiago. Type of Entity: Publicly traded corporation. SVS Registration Number: 1091 Ticker: SMSAAM Corporate Purpose: Acquiring and selling shares in public listed companies, shares or voting rights in other companies, bonds, debentures, commercial paper and other tangible securities; managing, transferring and benefiting from them, gaining from their sale; financing related companies; and providing services and advice. Shareholder Registry: Stock Exchanges: DCV Registros S.A. Santiago Exchange Huérfanos 770 piso 22, Santiago, Chile. Valparaíso Stock Exchange Telephone: (56-2) 2393-9003 Chilean Electronic Stock Exchange E-mail: [email protected] Independent Auditors: Investor Relations: PricewaterhouseCoopers Consultores Contact: Paula Raventós Auditores SpA (PwC) E-mail: [email protected] Address: Avenida Apoquindo 4800, Torre Contact Information: II, piso 18, Las Condes, Santiago. Headquarters: Telephone: (56 2) 2731 8213 Avenida Apoquindo 4800, Torre II, piso 18, E-mail: [email protected] Las Condes, Santiago. Website: www.saam.com Telephone: +56 2 2731 8215 Fax: +56 2 2731 8250 Terminal Portuario Guayaquil, Ecuador 6 2018 ANNUAL REPORT Introduction 7 Contents Key Figures 2018 EBITDA(1) OPERATING IN US$ 146 MILLION 13 COUNTRIES IN THE AMERICAS REVENUE(1) TOTAL TOWAGE MANEUVERS (2) US$ 516 MILLION 107 THOUSAND NET INCOME(1) MILLION TEUS US$ 49.6 3.4 TRANSFERRED (2) MILLION PP&E(1) MILLION TONS (2) US$ 711 39.4 TRANSFERRED MILLION EBITDA 28% MARGIN(1) 7,772 EMPLOYEES (2) (1) Includes SM SAAM consolidated fi gures (2) Includes full volume of subsidiaries and associates 8 2018 ANNUAL REPORT Introduction 9 Contents 2018 Corporate Milestones The year 2018 contained several important milestones: Implemented a New Achieved record cargo Modernized Florida Operating Model. transfers at our port terminals International Terminal, in Guayaquil, Caldera, San doubling its cargo Antonio and Corral. receiving capacity. Florida International Terminal (FIT) Signed a Memorandum of Understanding with AutoMobile International Terminal to develop a Awarded the first regional Ro-Ro Terminal at the contract and closed a twelve- Port of Mobile, U.S.A. year agreement in Canada for the Towage Division. Signed a Memorandum with AutoMobile International Terminal Acquired the remaining 50% interest in Transaereo. Commissioned new reefer Reduced the rate of container yard and loading occupational accidents by 71% equipment at Puerto Caldera. over the past six years. Included in the Dow Jones Sustainability Index for Puerto Caldera the third consecutive year and for the first time in the Integrated Latin American Market Sustainability Strengthened the SAAM Index (DJSI MILA). SMIT Towage fleet in Brazil and Canada with four new azimuth tugs. Towage Canadá Aerosan 10 2018 ANNUAL REPORT Introduction 11 Contents Dear Shareholders: when faced with a demanding and 310,151 TEUs, respectively. situation where the effects of It is my pleasure to present consolidation among shipping San Antonio Terminal the SM SAAM Annual Report, companies are still being felt. Internacional (STI) in Chile which describes the company’s Terminals outside Chile performed surpassed one million TEUs performance in 2018. Last year we exceptionally well. They achieved transferred for the seventh Óscar implemented a series of initiatives higher volumes and in some consecutive year by reaching 1.2 Hasbún M. to streamline our structure and cases beat their transfer records. million, which is 9% more than in Chairman costs in order to improve returns They also introduced important 2017. It also diversified its portfolio and, at the same time, we took infrastructure initiatives to by servicing car carriers and bulk major steps to strengthen our improve their capacity. freight vessels. position in the markets where we do business. The goal of these The towage service faced heavy Iquique Terminal Internacional (ITI) changes was to build a more competition. However, we recorded a 32% historic increase modern, competitive organization continue to enjoy an important in Bolivian cargo in transit, and lay a strong foundation for market position. In particular, we which reached 459,000 tons and the future. won our first regional contract and formed part of their total transfers incorporated four new tugs, giving of 2.3 million tons. Portuaria On the domestic front, we finished us a fleet of 153 vessels operating Corral, a terminal in southern what I referred to a year ago: in 10 countries in the Americas by Chile that serves the forestry We reviewed our structure and the end of 2018. industry, exceeded 1.1 million tons LETTER our business divisions and we transferred. simplified them, in order to create We have made significant a more robust central corporate progress in consolidating a new Milestones achieved by the office and generate synergies in operating model, and our financial Port Terminals Division are also FROM operational processes that use performance for 2018 reflects this included in projects. For example, the company’s assets. As a result, achievement. The year closed in October we completed a project we are consolidating a more with net income of US$49.6 to modernize Florida International THE flexible, modern management million, which is equivalent to an Terminal (FIT), which doubled model with a lighter structure and increase of 91% over net income its cargo receiving capacity standardized processes within a for the previous year, excluding with an investment of US$5 CHAIRMAN new operating model. This has led extraordinary gains and non- million. Another US$5 million was to greater productivity, optimized recurring costs such as the sale invested to upgrade equipment. costs and improved control over of our interest in Tramarsa in our assets. 2017, dividends from TPA and the Puerto Caldera (Costa Rica) also costs of implementing the new opened a new reefer container The business division that has operating model in 2018. yard in October, and added new most clearly demonstrated these loading equipment with the results is logistics. It undertook Port terminals achieved aim of continuing to improve its a major restructuring, and was significant growth in throughput, efficiency. With an investment consequently able to intensify with particularly strong of around US$ 9.5 million, these businesses where we have performances from Terminal improvements are expected to competitive advantages. Portuario Guayaquil (TPG, increase output by 30%. Ecuador) and Puerto Caldera Port services achieved good (Costa Rica). Both finished the Meanwhile, AutoMobile performance in 2018, even year with record transfers: 825,170 International Terminal—a joint 12 ANNUAL REPORT 2018 Introduction 13 Contents venture of SAAM Puertos S.A. and which involved investing US$10 remaining interest in our joint export terminal using three tugs in and professionalism drive us Terminal Zárate S.A.—signed a million in infrastructure as part venture in Brazil, Mexico, Panama the port in Prince Rupert, Canada. as a company and enable us to memorandum of understanding in of the New International Terminal and Canada. This transaction provide excellent services to every April to develop a Ro-Ro terminal 2020 project. We also acquired is valued at US$201 million and We will make progress on the customer, strengthening our with capacity for up to 210,000 the remaining 50% interest must be approved by regulatory Puerto de Caldera expansion leadership and contributing to the vehicles per year at the port of in Transaereo. This company authorities. It will enable us project, submitted to Costa development of our country, the Mobile, in the state of Alabama, provides a wide range of airport to move forward towards our Rican authorities in December Americas and all its inhabitants. USA. This agreement calls for services at airports in Bogotá, vision of becoming a significant, 2018. During the year, we will My thanks go to them, which I operations to start at the end of Medellín, San Andrés, Barranquilla, active participant in further collaborate on a technical working also extend to our shareholders, 2019 and continue for up to 30 Cartagena and Pereira. consolidation within this industry. group to conclude the proposal, customers, strategic partners and years. which is linked to extending the contractors for their trust in us. With these achievements, the Our financial performance is concession, in order to make an Therefore, the Port Terminals Logistics Division reported presented from a framework of important
Load more

Recommended publications
  • CSAV's Subsidiary Companies
    IDENTIFICATION OF THE COMPANY • Name Compañía Sud Americana de Vapores S.A. • Ticker code Vapores • Tax Number 90.160.000 - 7 • Type of Entity Stock listed company • Securities Register Number 76 • Legal Address Valparaíso, Chile CONSTITUTION DOCUMENTS Compañía Sud Americana de Vapores was incorporated by public deed dated October 4, 1872 before the Valparaíso notary Julio César Escala. Its existence was authorized by Supreme Decree 2,347 of October 9, 1872. These documents were registered on page 486 ff, No.147 and page 497 ff, No.148 respectively in the Valparaíso Registrar of Commerce on October 15, 1872. OFFICES Valparaíso Plaza Sotomayor 50, Valparaíso Postal Code 2360171 PO Box 49-V Telephone: (56-32) 220 3000 Telefax: (56-32) 220 3333 Santiago Hendaya 60, floors 10 to 14, Las Condes Postal Code 6760399 PO Box 186 – Correo 34 Telephone: (56-2) 2330 7000 Telefax: (56-2) 2330 7700 WEB SITE www.csav.com SHAREHOLDER SERVICES DCV Registros S.A. Huérfanos 770 Piso 22 Santiago, Chile Telephone: (56-2) 2393 9003 [email protected] INVESTOR RELATIONS Vivien Swett Senior Vice President, Investor Relations Telephone: (56-32) 220 3296 [email protected] Founded in 1872 CSAV in 2013 Consolidated Financial Statements 2 Chairman’s statement 18 Results analysis 76 Consolidated Statement of Financial Position 4 Board of directors 22 CSAV’s services 78 Consolidated Statement of Comprehensive Income 6 Management 26 Other activities 80 Statement of Changes in Net Equity 81 Consolidated Statement of Cash Flows Activities and businesses General information
    [Show full text]
  • Banchile – Informe Final
    Banchile Asesoría Financiera S.A. 3 de noviembre de 2017 Informe al Directorio de Enel Generación Chile S.A. Proyecto Elqui Información Importante El presente documento ha sido preparado por Banchile Asesoría Financiera S.A. (“Banchile”) a solicitud del Directorio de Enel Generación Chile S.A. (el “Directorio de EGC” o el “Cliente”) para actuar como su evaluador independiente en los términos del artículo 147 de la Ley 18.046 en conexión con la reorganización corporativa propuesta (la “Transacción” o “Elqui”). Las recomendaciones y conclusiones aquí contenidas constituyen el mejor parecer u opinión de Banchile respecto de la evaluación de la Transacción al tiempo de elaboración de este documento, considerando la metodología de trabajo utilizada y la información disponible. Sin embargo, las conclusiones contenidas en el presente informe podrían variar si se dispusieran de otros antecedentes o información o se utilizaren otros criterios de valorización no considerados en el desarrollo del presente informe. Banchile no tendrá obligación alguna de comunicar dichas variaciones como así tampoco cuando las opiniones o información contenidas en el documento, o los supuestos sobre los cuales se elaboró el presente informe, se modificaren. Este informe fue preparado para ser usado exclusivamente para efectos de la Transacción y consideración de Enel Generación Chile S.A. (“EGC” o “la Compañía”) y, por tanto, debe ser utilizado exclusivamente en dicho contexto, no pudiendo ser utilizado para otro propósito sin el consentimiento previo y por escrito de Banchile. En la elaboración del informe se ha utilizado únicamente información pública e información proporcionada por la Compañía, respecto de la cual Banchile ha asumido, sin realizar una verificación independiente, su completa y total veracidad, integridad, exactitud, suficiencia, consistencia y razonabilidad.
    [Show full text]
  • Gobierno Corporativo: Ranking De Empresas Chilenas Con Mayor Transacción En La Bolsa De Valores1 Revista Lasallista De Investigación, Vol
    Revista Lasallista de Investigación ISSN: 1794-4449 Corporación Universitaria Lasallista Severino-González, Pedro; Acuña-Moraga, Omar Gobierno corporativo: ranking de empresas chilenas con mayor transacción en la bolsa de valores1 Revista Lasallista de Investigación, vol. 16, núm. 1, 2019, pp. 103-114 Corporación Universitaria Lasallista DOI: 10.22507/rli.v16n1a3 Disponible en: http://www.redalyc.org/articulo.oa?id=69563162007 Cómo citar el artículo Número completo Sistema de Información Científica Redalyc Más información del artículo Red de Revistas Científicas de América Latina y el Caribe, España y Portugal Página de la revista en redalyc.org Proyecto académico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto Artículo original / Original article / Artigo original DOI: 10.22507/rli.v16n1a3 Gobierno corporativo: ranking de empresas chilenas con mayor transacción en la bolsa de valores1 Pedro Severino-González2, Omar Acuña-Moraga3 Resumen se puede mencionar el cambio significativo en la posición de AntarChile S. A. y Introducción. Debido a los conflictos de SalfaCorp S. A. Conclusión. El bajo interés, problemas de agencia, prácticas desempeño generalizado es debido a la deshonestas y falta a la responsabilidad rigurosidad de la nueva norma, provocando social, en todo el mundo se han diseñado una disminución de 72% a 39% de normas, estándares y reglamentos que cumplimiento. pretenden resguardar los intereses de cada stakeholders, como consecuencia de una Palabras clave: gobierno corporativo, situación crítica que afecta la relación entre norma, gestión, economía de la empresa, el principal y el agente. Objetivo. Esta Responsabilidad Social Empresarial. investigación tiene como objetivo analizar las prácticas de gobierno corporativo de empresas chilenas que forman parte del Corporate governance: ranking IPSA4.
    [Show full text]
  • Compañía Sud Americana De Vapores Sa (Csav)
    Clasificadora de Riesgo HUMPHREYS LTDA. An affiliate of MOODY´S INVESTORS SERVICE COMPAÑÍA SUD AMERICANA DE VAPORES S.A. (CSAV) Noviembre 2004 Categoría de Riesgo y Contacto1 Tipo de Instrumento Categoría Contactos Títulos Accionarios Primera Clase Nivel 2 Socio Responsable Alejandro Sierra M. Tendencia Favorable Gerente a Cargo Aldo Reyes D. Analista Margarita Andrade P. Otros Títulos: Teléfono 56-2-204 7293 Bonos A+ Fax 56-2-223 4937 Tendencia En Observación Correo Electrónico [email protected] Sitio Web www.moodyschile.cl EEFF base 30 junio 2004 Tipo de Reseña Clasificación de Acciones Número y Fecha de Inscripción de Instrumentos Bono Series A1 y A2 N° 274 de 12.10.01 Estado de Resultados Consolidados (MUS$ de cada Año) Junio Año Año Año Año Año 2004 2003 2002 2001 2000 1999 Ingresos Operacionales 1.204.482 2.135.539 1.674.948 1.735.112 1.743.761 1.079.760 Resultados Operacionales 33.818 66.531 34.691 19.094 41.104 35.862 Resultados No Operacionales 42.990 15.048 16.522 16.815 6.891 (414) Resultados Finales 71.132 72.323 36.778 26.081 43.083 30.940 Balance General Consolidado (MUS$ de cada Año) Junio Año Año Año Año Año 2004 2003 2002 2001 2000 1999 Activo Circulante 716.600 564.584 518.009 480.734 430.601 338.938 Activo Fijo 267.884 272.109 262.307 264.338 283.727 332.448 Otros Activos 454.093 441.295 299.150 310.400 368.093 206.261 Pasivo Circulante 462.892 341.866 374.784 274.831 209.728 139.465 Pasivo Largo Plazo 341.001 345.399 179.627 281.756 363.823 265.315 Interés Minoritario 20.648 22.081 22.584 16.247 26.552 13.417 Patrimonio 614.036 568.642 502.471 482.638 482.318 459.450 Total Activos/Pasivos 1.438.577 1.277.988 1.079.466 1.055.472 1.082.421 877.647 1 Moody’s Investors Service, Inc.
    [Show full text]
  • 2005 Annual Report 2005 23 23 Administrative and Selling Expenses Were USD 364 Our Pessimism About 2006 Has Also Been Confirmed Million, 43% More Than in 2004
    Founded in 1872 Annual Report 2005 Germany Hamburg USA New Jersey Brazil Sao Paulo Valparaiso Chile Santiago Annual Report 2005 2 Annual Report 4 Chairman’s Letter to the Shareholders 7 Board of Directors 8 Management 11 Historical Summary: India A Regional Company Going Global New Delhi China 5 CSAV and the Community Hong Kong 9 Description of the Company and the Industry 2 The CSAV Group in 2005 26 CSAV Services 2 Services of Norasia Container Lines Ltd. 4 Services of Companhia Libra de Navegaçao and Montemar Marítima S.A. 6 Other Activities of the Year 48 General Information 52 Material Information 55 Subsidiary Companies of CSAV 68 Other Subsidiaries and Associate Companies 84 Summarized Ownership Structure of Subsidiaries 88 Investments as a Percentage of the Total Assets 9 Financial Statements 206 Statement of Liability Regional offices CSAV Annual Report 2005 Chairman’s Letter to the Shareholders Dear Shareholder, I am writing to inform you about the Company’s activities during 2005. CSAV obtained a net income of USD 2,0,67, the second highest in its history, despite incurring losses in the last quarter for reasons which we will explain later. CSAV again increased its group sales, from USD 2,685,886,778 to USD ,894,960,977, which represents a growth of 45%. The volume of containers carried by the Company increased by 29.9%, enabling us to become the 4th shipping company in this business. This improvement was due to the favourable development of the global economy which grew by 4,5% (our forecast was 4,2%) and also the satisfactory growth of the Chilean economy which, using a new method of calculation, rose by 6.% (our forecast was 5.8% using the old system).
    [Show full text]
  • 2006 Annual Report 189 2006 190 Annual Report 2006 Management Analysis
    Founded in 1872 Annual Report 1 6 200 2 Annual Report 6 200 AAnnual Report and Financial Statements 2006 4 Chairman’s Letter to the Shareholders 6 Board of Directors 8 Management 11 Historical Summary: A Regional Company Going Global 15 Description of the Company and the Industry Sector 19 The CSAV Group in 2006 22 CSAV Services 28 Services of Norasia Container Lines Ltd. 30 Services of Companhia Libra de Navegaçao and Compañía Libra de Navegación (Uruguay) S.A. 32 Other Activities in the Year 44 General Information 48 Material Information 51 CSAV Subsidiary Companies 65 Other Subsidiary and Associate Companies 82 Summary of Ownership of Subsidiaries 86 Investments as Proportion of Total Assets 91 Financial Statements 204 Declaration of Responsibility Annual Report 3 6 200 CChairman’s Letter to the Shareholders Dear Shareholder, I should like to comment on the Company’s business during 2006. CSAV last year produced a loss of US$58,241,000. In my letter to shareholders published in the previous AnnualAnnual Report,Report, II hadhad forecastedforecasted 2006 by saying that “it will be a very bad year from the point of view of thethe freightfreight inin thethe containership business”. I made the same forecast at the shareholders meeting held on April 19, 2006. In the letter mentioned above, I added: “The problem for containerships has already been explained to shareholdersshareholders inin thethe financial statements of September and December 2005. It is very simple: there is anan imbalanceimbalance between supply and demand in this freight market. Capacity has risen and continues toto riserise because practically all shipowners, seeing the good results and tariff increases of thethe yearsyears 2004 and most of 2005, ordered the building of new ships, many of which with largerlarger capacitycapacity than existing ones.
    [Show full text]
  • Inversionistas Chilenos En Argentina
    MINISTERIO DE RELACIONES EXTERIORES - CHILE Dirección General de Relaciones Económicas Internacionales Dirección de Asuntos Económicos Bilaterales Departamento de Inversiones en el Extranjero EMPRESAS CHILENAS CON INVERSIONES EN EL EXTERIOR, SEGUN PAGINAS WEB DE CADA EMPRESA INVERSIONISTA EMPRESAS CHILENAS CON INVERSIONES DIRECTAS EN : ARGENTINA NOMBRE EMPRESA DIRECCION PÁGINA WEB 1 AGENCIAS UNIVERSALES S.A. (AGUNSA) http://www.agunsa.com/index.php?option=com_content&task=view&id=45&Itemid=46&pais=true 2 ANASAC http://www.anasac.cl/anasac/empresa/filiales 3 AGROBERRIES http://www.agroberries.cl/company.html 4 ALUSA S.A. http://www.alusa.cl/inicio.html 5 ATENTUS S.A http://www.atentus.com/ 6 AQB S.A. http://www.aqbargentina.com.ar/historia.php 7 CELULOSA ARAUCO Y CONSTITUCION (CELCO) http://www.arauco.cl/default.asp 8 CEM (EX INDUGAS) http://www.cembrass.com.ar/esp/main.html 9 CENCOSUD S.A. http://www.cencosud.cl/unidades_easy_argentina.htm 10 CESMEC http://www.cesmec.cl/nueva/acerca/index.act 11 CHILE FILMS http://www.cinecolor.com.ar/ 12 CIA. GENERAL DE ELECTRICIDAD - CGE http://www.cge.cl/sectorelectrico/Paginas/SectorElectrico.aspx 13 CIA. SUDAMERICANA DE VAPORES http://www.csav.com/csav/abusoffices.nsf/frmfilter?OpenForm&Seq=4#a1 14 CIDEF http://www.cidef.com.ar/ 15 COLCHONES ROSEN http://www.rosenthestore.com/home.html 16 COASIN http://www.coasin.com/fileadmin/Template/img/Principal/Minternacional.swf 17 CORESA S.A. http://www.coresa.com.ar/ 18 CORPORA TRES MONTES S.A. http://www.tmluc.cl/ 19 EMBOTELLADORA ANDINA S.A. http://www.cocacola-edasa.com.ar/edasa/ 20 EMBOTELLADORA COCA-COLA POLAR S.A.
    [Show full text]
  • Sr./Sra Nombre Apellido Empresa E.Mail Sra. Mónica Aguirre Hotel San Martin - Viña Del Mar [email protected] Sr
    Sr./Sra Nombre Apellido Empresa E.Mail Sra. Mónica Aguirre Hotel San Martin - Viña del Mar [email protected] Sr. Gustavo Alcázar Moly-Cop Chile S.A. [email protected] Sr. Luis F. Antúnez B. Quiñenco S.A. [email protected] Sr. Luis Aranda Teradata Chile [email protected] Sr. Mauricio Aravena IBM de Chile S.A.C. [email protected] Sr. Fortunato Arriagada GTD Teleductos [email protected] Sr. Juan Francisco Astete Cariola Diez Pérez-Cotapos & Cía. Ltda. [email protected] Sr. Alejandro Barra Travel Security S.A. [email protected] Sr. Manuel Barrientos Komatsu Cummins Chile [email protected] Sr. Sixto Basulto Lexmark International de Chile Ltda. [email protected] Sr. Dirk Beier Brenntag Chile Comercial e Industrial Ltda. [email protected] Sr. José Ignacio Bengoa Ultramar Agencia Marítima [email protected] Sr. Hugo Berlingeri Johnson & Johnson de Chile S.A. [email protected] Sr. Jorge Berríos Hiller Inversiones Ltda. [email protected] Sr. Luis Besa Cocha [email protected] Sra. Catalina Bobenrieth Universidad Adolfo Ibáñez [email protected] Sr. Mario Bravo Mina Asociación Chilena de Seguridad (ACHS) [email protected] Sr. Mauricio Bruna A. OxyChile [email protected] Sr. Pablo Burchard Mutual de Seguridad de la Cámara Chilena de la Construcción [email protected] Sr. Héctor Cabezas McCann-Erickson S.A. de Publicidad [email protected] Sr. Luis Cabezas Montes S.A. [email protected] Sr. Mauel Cáceres Laboratorio Arensburg S.A.I.C. [email protected] Sr. Marcelo Cahn C. Herbalife Chile Ltda. [email protected] Sra. Verónica Campos ACE Seguros S.A.
    [Show full text]
  • Columbia FDI Profiles
    Columbia FDI Profiles Country profiles of inward and outward foreign direct investment issued by the Vale Columbia Center on Sustainable International Investment March 12, 2010 Editor-in-Chief: Karl P. Sauvant Editor: Thomas Jost Managing Editors: Zehra Gulay Kavame and Ana-Maria Poveda-Garces Chile’s outward FDI and its policy context by ∗ Carlos Razo and Álvaro Calderón Despite the recent financial and economic crisis, Chile’s outward foreign direct investment (OFDI) in 2009 surpassed the record level of 2008, reflecting the strength of Chilean firms and the country’s continuous commitment to integrate into the world economy. Two decades ago, Chile was an unlikely foreign direct investor. Today, even with no explicit policies to promote outward investment or the creation of national champions, Chile stands out as the third biggest investor of Latin America in absolute terms and as the first one in proportion to its GDP, even outperforming other emerging economies of similar size in other regions of the world. Trends and developments In the middle of the 1980s, Chile underwent important market reforms that reshaped its private sector. At the time, the country ranked seventh as a foreign direct investor of Latin America and the Caribbean, based on its stock of assets held abroad. However, privatization, deregulation and trade and financial liberalization increased competition in local markets and pushed local firms to raise efficiency. The increased competitiveness of some domestic firms at the beginning of the 1990s led to the emergence of Chilean firms as global players. 1 Today, Chile is the third largest foreign direct investor of the region, only behind Brazil and Mexico.
    [Show full text]
  • Monthly Andean Strategy Update Envisioning a Better Second Half in Chile
    Equity Research May 13th, 2019 Monthly Andean Strategy Update Envisioning a better second half in Chile In April, the Andean region performed below LatAm markets (+0.1% in USD CREDICORP CAPITAL RESEARCH terms), with Colombia, Chile and Peru posting negative performance (-2.3%, - 1.0% and -0.7% in USD terms, respectively). The Andean region performed poorly compared to other EM markets, including Asia, Brazil and Mexico. Daniel Velandia, CFA We are moving our position in Chile to an Overweight on the back of a +(571) 3394400 ext. 1505 more favorable balance of risks relative to Colombia and Peru, but [email protected] earnings and macro dynamics have not changed. • Although we revised our 2019E GDP growth for Chile from 3.3% to 3.0%, Carolina Ratto we still expect it to grow above potential in 2H19. +(562) 2446 1768 • Market dynamics have not changed, with low activity from local and foreign [email protected] investors. The market has suffered from some overhang due to two large capital market events: Enel Am’s capital raise and Cencosud’s real estate Tomás Sanhueza IPO. This will continue until June when both operations take place. +(562) 2446 1751 • Although the short term looks soft, we see a higher downside risk in Peru [email protected] and profit-taking in Colombia, which sets a more enabling context for changing our position in Chile to an Overweight. In particular, we expect a Sebastián Gallego, CFA stronger 2H19 for Chile in earnings and macro figures. +(571) 3394400 ext. 1594 • Valuations are still discounted, even when stressing earnings growth of [email protected] relevant sectors such as Pulp, Retail and Banks.
    [Show full text]
  • Financiero Social Ambiental
    INFORME INTEGRADO FINANCIERO SOCIAL AMBIENTAL MEMORIA ANUAL 2011 ÍNDICE Alcance 6 - Políticas y procedimientos 63 - Prácticas y Políticas de Gobernabilidad Mensaje del Presidente 10 y Transparencia 64 - Gestión de Riesgos 65 Mensaje del Gerente General - Política de Sostenibilidad de MASISA 67 Corporativo 12 - Principales Accionistas 69 - Estructura Societaria 72 1.0 VISIÓN Y MODELO DE NEGOCIO 3.0 DESEMPEÑO FINANCIERO, SOCIAL Y AMBIENTAL - Visión 18 - Misión 18 3.1 DESEMPEÑO FINANCIERO - Unidad de Negocio Industrial 18 - Mercados 76 - Unidad de Negocio Forestal 24 - Ventas 78 - Contexto de operación, - Costo de Ventas 81 oportunidades y riesgos. 28 - Variación de activos biológicos neto 82 - Objetivos y estrategias corporativas 38 - Gastos de Administración y costo de - Mayor cercanía al cliente 40 distribución 83 - Innovación Efectiva 47 - EBITDA 83 - Máxima Eficiencia 48 - Otros gastos por función 84 - Sinergias Industrial / Forestal 50 - Costos Financieros 84 - Diferencia de cambio/unidades de reajuste 84 - Ganancia atribuible a los propietarios de 2.0 GOBIERNO CORPORATIVO la controladora 84 - Balance 85 - Directorio 56 - Principales indicadores financieros 87 - Administración 58 - Actividades de financiamiento 88 - Principios Empresariales 59 - Estrategia de Triple Resultado 63 4 memoria masisa 2011 3.2 DESEMPEÑO SOCIAL - Gestión del Capital Humano 92 - Gestión de la Salud y Seguridad 93 - Desarrollo de Talentos 96 - Educación y Desarrollo 100 - Negocios Inclusivos 103 - Comunidades Vecinas 108 3.3 DESEMPEÑO AMBIENTAL - Casos de Ecoeficiencia 122 - Energía y Emisiones Atmosféricas 122 - Desechos a Disposición Final 125 - Agua 127 - Control de Origen de la Fibra 129 - Gestión Ambiental Forestal 129 4.0 PROYECCIONES FUTURAS Compromisos estratégicos de sostenibilidad al 2025 146 5.0 ANTECEDENTES GENERALES - Compromisos anteriores Memoria 2010 150 - Reseña Histórica 152 - Antecedentes Generales 158 - Sociedades Relacionadas y Coligadas 189 - Declaración de Responsabilidad.
    [Show full text]
  • MAIORES E MENORES ESTRUTURAS DE FINANCIAMENTO DE EMPRESAS BRASILEIRAS E CHILENAS DE 2008 a 2013 Taciana Rodrigues De Souza1 Tarcísio Pedro Da Silva2
    MAIORES E MENORES ESTRUTURAS DE FINANCIAMENTO DE EMPRESAS BRASILEIRAS E CHILENAS DE 2008 A 2013 Taciana Rodrigues de Souza1 Tarcísio Pedro da Silva2 ▪ Artigo recebido em: 15/09/2015 ▪▪ Artigo aceito em: 05/03/2018 ▪▪▪ Segunda versão aceita em: 16/03/2018 RESUMO O objetivo da pesquisa foi analisar as maiores e as menores estruturas de financiamento de empresas brasileiras e chilenas de 2008 a 2013. Deste modo, a pesquisa caracteriza-se como descritiva, documental e quantitativa. A amostra é composta por 63 empresas de capital aberto, sendo 34 brasileiras pertencentes ao índice Brasil 50 (IBrX-50) listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (B3) e 29 chilenas pertencentes ao índice Chile 40 (IPSA-40) listadas na Bolsa de Valores de Santiago. Ressalta-se que as variáveis utilizadas neste estudo foram: estrutura dos ativos (EA), outros benefícios fiscais que não o endividamento (OBF), singularidade (SG), tamanho (TM), endividamento de curto prazo (ECP) e endividamento de longo prazo (ELP). Os resultados mostram que quanto a EA, a Telef Brasil foi a maior de 2008 a 2010 e a Chilena Entel de 2011 a 2013. Já a menor EA do período analisado foi a Sonda. Além disso, percebe-se que a Cosan Ltda apresentou a maior SG e quanto ao tamanho a Petrobrás é a maior e a Forus, a menor. Quanto ao ECP verifica-se que as empresas brasileiras apresentam maiores endividamentos comparadas com as chilenas, com exceção de 2011 que a Csav teve o maior ECP. No que se refere ao ELP observa-se que as empresas brasileiras apresentaram maiores endividamento de longo prazo.
    [Show full text]