SM SAAM
Relevant Information
As of December 31, 2022
- Quiñenco's interest: 60.0%
- Book value of investment: Ch$452,831 million
- Investment since: 2012
- Employees: 8,392
Address
- Av. Apoquindo 4800, Tower II, 18th floor, Las Condes, Santiago - Chile
- Telephone: (56) 22731 8240
- www.smsaam.cl
Sociedad Matriz SAAM S.A. (SM SAAM), in which Quiñenco has a 60.0% stake as of December 31, 2022, is a multinational company based in Chile. With presence in 14 countries in America and over 90 ports from Canada to the Patagonia, SM SAAM provides services to international trade through three main business areas: Port Terminals, Tug boats and Logistics services.
In the Tug Boat area, SAAM has consolidated its leadership in America. Services include support to docking and undocking of vessels, assistance, salvage, towage and ferries, both onshore and offshore at the main ports of Chile, Mexico, Brazil, Uruguay, Ecuador, Guatemala, Costa Rica, Canada, Panama, Colombia, El Salvador, Honduras and Peru. During 2019, it strengthened its presence after acquiring Boskalis' stakes in the joint tug boat ventures in Brazil, Mexico, Canada and Panama. In 2021, SM SAAM acquired 70% of Intertug, a towage company with operations in Colombia, Mexico and Central America. During 2022, SM SAAM acquired 100% of the tugboat operations of Standard Towing and Davies Tugboats in Canada, and Ian Taylor in Peru, along with signing an agreement to acquire Starnav-operated tug boats in Brazil.
Through its subsidiary SAAM Ports, the company manages and operates five terminals in Chile (Iquique, Antofagasta, San Antonio, San Vicente and Corral); and the ports of Guayaquil (Ecuador); Caldera (Costa Rica); Mazatlan (Mexico); Port Everglades, (United States) and Cartagena de Indias (Colombia). These terminals conduct various kinds of cargo transfer operations (containers, bulk, loose and project cargo), storage, services for empty containers, and supplementary logistics services.
In the Logistics business, the company provides transport and bonded warehousing in Chile, and airport services in Chile, Colombia, and Ecuador through its subsidiary Aerosan. During 2020 SM SAAM acquired an additional 50% stake in Aerosan, thus reaching 100% ownership. In 2022, the subsidiary SAAM Logistics S.A. was divided. Into three companies, leaving SAAM Logistics S.A. as the legal successor of the logistics business and two new companies were created: SAAM Inmobiliaria S.A., to which the real estate business was assigned, and SAAM Aéreo S.A., in charge of the air cargo logistics business.
Until February 2012, SAAM was a subsidiary of Compañía Sud Americana de Vapores, CSAV. The spin-off of SAAM gave rise to SM SAAM, owner of 99.99% of SAAM’s shares. SM SAAM’s shares are traded on the Chilean stock exchanges since March 1, 2012.
On October 19, 2022, at the Extraordinary Shareholders' Meeting of SM SAAM, the sale of all the shares of SAAM Ports S.A. and SAAM Logistics S.A. was approved, in addition to certain associated properties, to the shipping company Hapag-Lloyd. The materialization of this transaction is subject to regulatory authorizations, among other conditions usual for this type of operation. Given the above, all the operations of Port Terminals and Logistics have been classified as discontinued activities for the periods of 2022 and 2021. The total value of the transaction is estimated at US$1 billion, and would generate an after-tax gain of US$400 million for SM SAAM S.A.
In the Tug Boat area, SAAM has consolidated its leadership in America. Services include support to docking and undocking of vessels, assistance, salvage, towage and ferries, both onshore and offshore at the main ports of Chile, Mexico, Brazil, Uruguay, Ecuador, Guatemala, Costa Rica, Canada, Panama, Colombia, El Salvador, Honduras and Peru. During 2019, it strengthened its presence after acquiring Boskalis' stakes in the joint tug boat ventures in Brazil, Mexico, Canada and Panama. In 2021, SM SAAM acquired 70% of Intertug, a towage company with operations in Colombia, Mexico and Central America. During 2022, SM SAAM acquired 100% of the tugboat operations of Standard Towing and Davies Tugboats in Canada, and Ian Taylor in Peru, along with signing an agreement to acquire Starnav-operated tug boats in Brazil.
Through its subsidiary SAAM Ports, the company manages and operates five terminals in Chile (Iquique, Antofagasta, San Antonio, San Vicente and Corral); and the ports of Guayaquil (Ecuador); Caldera (Costa Rica); Mazatlan (Mexico); Port Everglades, (United States) and Cartagena de Indias (Colombia). These terminals conduct various kinds of cargo transfer operations (containers, bulk, loose and project cargo), storage, services for empty containers, and supplementary logistics services.
In the Logistics business, the company provides transport and bonded warehousing in Chile, and airport services in Chile, Colombia, and Ecuador through its subsidiary Aerosan. During 2020 SM SAAM acquired an additional 50% stake in Aerosan, thus reaching 100% ownership. In 2022, the subsidiary SAAM Logistics S.A. was divided. Into three companies, leaving SAAM Logistics S.A. as the legal successor of the logistics business and two new companies were created: SAAM Inmobiliaria S.A., to which the real estate business was assigned, and SAAM Aéreo S.A., in charge of the air cargo logistics business.
Until February 2012, SAAM was a subsidiary of Compañía Sud Americana de Vapores, CSAV. The spin-off of SAAM gave rise to SM SAAM, owner of 99.99% of SAAM’s shares. SM SAAM’s shares are traded on the Chilean stock exchanges since March 1, 2012.
On October 19, 2022, at the Extraordinary Shareholders' Meeting of SM SAAM, the sale of all the shares of SAAM Ports S.A. and SAAM Logistics S.A. was approved, in addition to certain associated properties, to the shipping company Hapag-Lloyd. The materialization of this transaction is subject to regulatory authorizations, among other conditions usual for this type of operation. Given the above, all the operations of Port Terminals and Logistics have been classified as discontinued activities for the periods of 2022 and 2021. The total value of the transaction is estimated at US$1 billion, and would generate an after-tax gain of US$400 million for SM SAAM S.A.
Highlights
in thousands of US dollars as of December 31 of each year| 2021 | 2022 | |
|---|---|---|
| Sales | 407,660 | 461,835 |
| Operating income | 80,615 | 74,679 |
| Net gain from discontinued activities | 51,872 | 27,651 |
| Net income attributable to owners of the controller | 78,604 | 48,176 |
| Total assets | 1,839,222 | 1,890,064 |
| Total liabilities | 983,011 | 1,013,698 |
| Shareholder's equity attributable to owners of the controller | 802,686 | 822,381 |