Results Presentation Odinsa

Transcription

1 Results Presentation 2015 Odinsa

2 1. Change in Management 2. Strategic Strengths 3. Highlights 4. Consolidated Results as of December

3 Change in Management Mauricio Ossa Echeverri Odinsa s president since February 1st 2016 Mauricio holds a Business Degree from Eafit University, with advanced studies in international marketing. He graduated from Universidad de la Sabana s Inalde Business School Advanced Management Program, and from the CEO s Management Program at Kellogg s Management School in Illinois. Mauricio has taught in several postgraduate courses in the following universities: EAFIT, Pontificia Bolivariana, Javeriana, Universidad de Los Andes and Universidad del Rosario. He has been involved with Grupo Argos since he s internship, 22 years ago; where he has held important positions such as Industrial Business Manager and National Marketing Manager. His last position in Cementos Argos was the VP for the Caribbean Region and Legal Representative. 3

4 Strategic Strengths Diversification Fuente: Valoración de Activos KPMG 4

5 Strategic Strengths Results 2015 In 2015, Odinsa reported its best outcome for the past years, with a net income of Cop $ 133,190 million. This was achieved with a consolidated income of Cop$ million and EBITDA of Cop$ As shown in previous presentations, 84% of the revenues and EBITDA are originated from road concessions, airports and Energy Generation Plants. Likewise, Odinsa s operative income and EBITDA are diversified geographically, allowing the company to benefit from current devaluation of the Colombian Peso. More than the 44% of Odinsa s Operative Income and 49% of its EBITDA are produced outside Colombia. 5

6 Colombia Road Concessions - Autopistas de Café % Overview Project Location First generation concession with guaranteed minimum income (GMI). Initiation and termination of activities : January January ,2 Km on single carriageway in Quindío, Risaralda and Norte del Valle. 7 toll booth stations, 3 costumer service centers, 1 operational control centers and 1 weighing station. Shareholding Participation 6

7 Colombia Road Concessions - Autopistas de Café % Highlights: Additional works: Circasia 1½, Intersección Calle 52 and Tramo Calarcá La Española (execution 80%). Adaptation Fund works: Talud La Chila, Mitigation in the intersection Chinchiná and protection of the Cenicafé bridge. Maintenance: Horizontal and vertical signage and installation of studs. 7

8 Colombia Road Concessions - Vías de los Llanos - Malla Vial del Meta - 51,0% Overview Project Location PPP of private initiative (without government resources). Awarded on April , signing of the contract May 5th and of the initiation document June 9th Object of the Contract: i). Corredor Granada Villavicencio Puerto López Puerto Gaitán Puente Arimena. ii). Villavicencio Beltway and city access Malla Vial del Meta. Tollbooth stations: 6, 1 new and 5 in existence. 354 Kilometers. Shareholding Participation 8

9 Colombia Road Concessions - Vías de los Llanos - Malla Vial del Meta - 51,0% Highlights: Award date: April ; Contract Signing: May ; of operation open day: June Priority Intervention in corredor Puerto López Puerto Gaitán and in segments by the INVIAS. Delivery of the layout studies and geometric designs for the entire project. Currently, they are reviewed by the auditors. Sponsor s equity contributions in 2015: Cop$ Millions. 9

10 Colombia Road Concessions - Conexión Pacífico 2-25,0% Overview Project Localization PPP of private initiative (4G with future budget allocations & Guaranteed traffic revenues). Milestones of the contract: awarded on May 22, Project start-up: November 11, year contract. 98Km ; Construction: La Pintada Bolombolo (44 Km) and maintenance: La Pintada Primavera (54 km). Shareholding Participation 10

11 Concesiones Viales Nacionales - Conexión Pacífico 2-25,0% Collections 2015: Cop$17,938 Millions. Sponsors Equity Contributions 2015: Cop$49,215 Millions. Awarded: May Contract Signing : September Operation Initiation : November 11, Highlights: On November 6, 2015 the pre-construction stage is concluded, with the beginning of the construction phase. The rehabilitation of Unit 5, between La Pintada and Primavera, has begun. The existing roads La Pintada-Peñalisa and La Pintada-Primavera, are under operation and maintenance preserving quality indicators. Average daily traffic of 5,630 vehicles per day. 11

12 Hechos destacados Colombian Road Concessions - Vias del Nus- 22,2% 30 year concession Capex $1,1 Billions. Project Start-up: January 25 th Shareholding Participation 12

13 Hechos destacados Concesiones Viales Internacionales - Auto. del Nordeste (R. Dominicana) % Contract Law, approved by the Legislative Chambers and ratified by the President. Guaranteed Minimum Income. Overview Awarded in July 18, Works where completed in June year contract, 107km, 3 toll stations. Issued US $162mm under the 144-A Regulation in EU. Project Localization Shareholding Participation 13

14 International Road Concessions- Auto. del Nordeste (R. Dominicana) % Highlights: Grupo Odinsa its under negotiations for a possible increase in its participation in ADN and BTA. Despite de concession depends largely on the Guaranteed Minimum Income, in 2015, the traffic of vehicles paying toll increased by 5.79%, reaching vehicles. Collections in 2015 grew as a result of higher traffic and adjustment on toll fees due to inflation. In January 22, 2016, Fitch Ratings rated bonds with B+ positive. 14

15 International Road Concessions - Auto. del Nordeste (R. Dominicana) % Overview Project Localization Contract Law, approved by the Legislative Chambers and ratified by the President. Guaranteed Minimum Income. Awarded in Likewise, in 2009 its second stage was approved; starting construction in 2007 and ending in It is funded by multilaterals (BID, BEI, CAF, Proparco) for US$151.1 Millions for 15 years. 1 toll station and 124Km (24Km new roads) Shareholding Participation 15

16 International Road Concessions - Blvd. Turístico del Atlántico (R. Dom.) % Highlights Grupo Odinsa its under negotiations for a possible increase in its participation in ADN and BTA. During 2015, total traffic increased by 6.5% ( vehicles), due to the economic recovery of Dominican Republic. Only 14% of the vehicles are charged, amounting 188,792 vehicles. 16

17 Airport Concessions- Opain - 35% The concession contract was signed on September 12, 2006, for the management, operation, commercial exploitation, maintenance, modernization and expansion of the El Dorado International Airport in Bogotá. Ingresos Totales Accumulated 2015 $ Accumulated 2016 $ Inicio Concesión 17

18 Airport Concessions - Opain - 35% Highlights: In 2015, 30MM de passengers were mobilized (arrivals- departures) in el Dorado Airport. Where, 9.4MM are International and 20MM national. In 2015, the airport reported a 6,01% growth in air operations; reaching Between November, 2014 and October, 2015, tons of cargo where dispatched. In 2015, KLM (Netherlands), AVIOR (Venezuela) and TAM (Brazil), initiated operation. Tree new routes were opened: Amsterdam, Valencia and Barbados s. In May 2015, Opain s debt with multilaterals was refinanced by Bancolombia, BNP, HSBC and Sumitomo. Their main condition was the elimination of the "Sponsor Support Agreement". 18

19 Airport Concessions - Mariscal Sucre, Quito - 50% Overview Only airport in Quito, Ecuador One of the two airport s in Ecuador for international passengers and cargo. 5.5 million passengers Cargo: 216,000 tons It is Located 35km from the center of the city. Fully compliant with ICAO standards; one of the few in Latin America Operational Benefits Mariscal Sucre International Airport (UIO) initiated operations on February 20, Strong local travel market with 98% Origin- Destination Quito. 12 airlines currently operate at the airport. Designed with the expansion of the runway platform, terminal facilities and loading allocations, allowing its growth. 19

20 Airport Concessions - Mariscal Sucre, Quito - 50% Former Airport vs. Nuevo Airport 45,000 20

21 Airport Concessions- Mariscal Sucre, Quito - 50% International Passengers Passengers Passenger Terminal sqm Cargo Terminal sqm. 9,166,197 30,235, ,000 56,200 1,760,055 5,508,880 45,000 42,000 Estimated Cargo (Ton) EBITDA 2015 (US$ Millions) 630, ,

22 Airport Concessions- Mariscal Sucre, Quito - 50% Highlights: The agreement for the acquisition of the 50% of the company who owned the 93% of economic rights of the Airport Concession was signed on December 10, Concession until In 2015, the airport attended air operations, a 5,45% less than In 2015 it received the World Travel Award for being a leading airport in South America and a 4 star rating by Skytrax. The Final Completion for the construction was achieved. Debt was reduced by US$31,25 Millions, reaching US$222 Millions. 22

23 Consolidated Results as of December 2015 Income Statement (Millions) COP $ Miles de Millones Var% Ingresos Totales % Costos de ventas y gastos de administración % Ganancia por actividades de operación % EBITDA % Margen EBITDA (%) 32% 25% Ganancia atribuible a los propietarios de la controladora % Margen Neto (%) 15% 11% USD $ Millones Ingresos Totales % Costos de ventas y gastos de administración % Ganancia por actividades de operación % EBITDA % Margen EBITDA (%) 32% 25% Ganancia atribuible a los propietarios de la controladora % Margen Neto (%) 15% 11% 23

24 Consolidated Results as of December 2015 Key Results as of December 2015 (Millions) 1. Gross Profit + Income from Equity-Accounted Method - Costs Structure 2. Operating Income + Depreciation and Amortization 3. Operating Income - Financial Expenses Odinsa Group S.A. 24

25 Consolidated Results as of December 2015 Key Results as of December 2015 (Millions) Nacional(55%) Internacional(45%) Nacional(51%) Internacional(49%) 25

26 Consolidated Results as of December 2015 Income Variation Per Business (Million) 26

27 Consolidated Results as of December 2015 EBITDA Variation per business (Million) 27

28 Consolidated Results as of December 2015 Net Income Variation per business (Million) 28

29 Resultados Consolidados a diciembre de 2015 Balance Sheet (COP) +98% 29