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).
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