EARNINGS 2Q2016 RELEASE. August 30, 2016

Transcription

1 EARNINGS RELEASE 2Q2016 August 30, 2016

2 RELEVANT CORPORATE EVENTS 2Q2016 MULTIPLAZA LA FELICIDAD BOGOTÁ - CUNDINAMARCA

3 RELEVANT CORPORATE EVENTS New market maker with Credicorp: a value adding tool for investors Starting on August 17, 2016 Constructora Conconcreto implemented a market maker with the stockbroker Credicorp Capital Colombia, with the purpose of continuously buying and selling shares of the Company. With this initiative the Constructora Conconcreto share will generate more liquidity and will allow a proper formation of the price. Maintenance on the COLCAP index, is another benefit to which Conconcreto bets with the execution of this initiative. 3

4 RELEVANT CORPORATE EVENTS We are present in the construction of one of the most important infrastructure projects of the country: Third lane of the Bogotá Girardot road, Cundinamarca. The project is located in one of Colombia s most important corridors, connecting the Pacific Coast (the largest export/import port) with Bogotá (the primary consumption and production center). The project includes eight existing segments with different specifications, plus the construction of the new road: Soacha Bogotá Total Length: 142 km; 2 lanes in each direction. Construction of 65 km for the third lane plus rehabilitation. CUNDINAMARCA Granada This Project is a PPP - private iniciative. The construction investment is COP $1,71 trillion. Estructura Plural Vías a Girardot will be the consortium who is going to lead this Project, formed by Constructora Conconcreto and Industrial Conconcreto. Girardot Melgar Fusagasugá 4

5 RELEVANT CORPORATE EVENTS Signing of Concession contract and Work Initiation Act The consortium Enlace Pacífico, structurer and originator of the project, signed the concession contract with la ANI on July 6 and the work initiation act on August 19 of the present year. Buenaventura Calima Buga For January 1st, 2017, it is expected to have received the concession that today operates there, for its future operation and maintenance in charge of the consortium. It is estimated that in the next weeks the contract between the EPC (Constructor) and the Concessioner will be signed. The execution would begin the second half of Dagua Loboguerrero Mulaló Yumbo Palmira This construction contract will increase the Backlog of Conconcreto in approximately COP million, which will be executed by 20% in year 1, 40% in year 2 and the rest in year 3. CALI 5

6 RELEVANT CORPORATE EVENTS Private Iniciative PPP El Santuario - Doradal Works scope: Construction of a double-lane road from: El Santuario La Granja Doradal 1 st stage: 5 years of const. 2 nd stage: 5 years of const. Distance with Project: 37.4 Km Viaduct 7.4 Km Roads 30 Km Distance with project: 59 Km Viaduct 9.8 Km Tunnels 1.9 Km Roads 47.3 Km including Doradal highway (2,6 Km) Estimated Capex: COP 2,34 trillion. In mar-2018, the collection from the tolls between Santuario and Caño Alegre will remunerate the execution of the Works of the 1st stage and the O&M of the section Santuario Caño Alegre. In Jan-2027 will become part of the Concession the tolls of las Palmas and Guarne, which will remunerate the works of the 2nd stage and the O&M of the Malla Vial de Oriente and the section Medellín - El Santuario. Medellín El Santuario La Granja Doradal Caño Alegre Malla Vial de Oriente Guarne ADT: Cocorná ADT: Nuevo Peaje (Aragones) Palmas ADT: Puerto Triunfo ADT:

7 RELEVANT CORPORATE EVENTS Private Iniciative PPP Palmas El Tablazo Scope: To build and operate an alternative double-lane road between las Palmas and El Tablazo. Medellín Proposed route track - APP Length: 13,78 Km CAPEX: COP mill Term: 25 years Roads belonging to the concession current of Devimed Improves traveling times to JMC airport and areas with important development like Llanogrande, El Tablazo and Rionegro. Sancho Paisa Variante Aeropuerto Roundabout Airport Devimed submitted the pre-feasibility studies to Antioquia's Government and an approval is expected within three months. Feasibility studies will begin afterwards. to Envigado Palmas New Tolls Tablazo to Rionegro Llanogrande 7

8 RELEVANT CORPORATE EVENTS June-2016 COP mill Consolidated Income from Ordinary Activities Construction Revenues COP mill Construction 73% Equipment 2% Building 45% Eng. & Design 0,2% Infrastructure 53% Eliminations -1% Corporate 0,5% Housing 18% Investment 7% Housing Fund 1% Subsidiaries 0,14% Industrial CC 84% Investment Revenues COP mill Concessions 14% Income-earning assets 1% 8

9 HECHOS RELEVANTES CORPORATIVOS Construction 49% June-2016 COP mill Corporate -12% Housing 9% Consolidated EBITDA Investment 30% Industrial CC 19% Equipment 13% Building 22% Subsidiaries 4,4% PACTIA and other assets 40% Construction EBITDA COP mill Investment EBITDA COP mill Eng. & Design -2,6% Infrastructure 62% Housing Fund 0,04% Concessions 37% 9

10 HOTEL ESTELAR CARTAGENA - BOLÍVAR RELEVANT OPERATIONAL EVENTS 2Q2016

11 CONSTRUCTION SERVICES RELEVANT EVENTS Historic Backlog Backlog COP Thousands of Millions $1.300 $1.100 $800 $2.551 $2.000 $2.076* $1.900 $1.900 $707 $723 Backlog Execution $339 $252 $37 $ jun-16 Jul- Dec % 27% 22% Infrastructure Building Housing Infrastructure COP $ Millions Building COP $ Millions Housing COP $ Millions $ $ $ $ $ $ $ $ $ $ $ Q2016 Contracted Performed 2Q2016 1Q2016 Contracted Performed 2Q2016 1Q2016 Contracted Performed 2Q

12 CONCESSIONS RELEVANT EVENTS Concesiones en operación: Medellín Caño Alegre and Malla Vial de Oriente Bogotá Los Alpes Starting date: Finishing date: % Conconcreto participation: Starting date: Finishing date: % Conconcreto Participation: June, 1996 December, ,85% June, 1995 March, % Toll I 2016-II Cocorna Puerto Triunfo Guarne Palmas Devimed COP Millones Operational Income Average daily traffic: Financials: Q Q EBITDA Average daily traffic: Toll I 2016-II Corzo Río Bogotá Financials: CCFC COP Millones T T-2016 Operational Income EBITDA

13 13 REGIOTRAM FACA AND SOACHA Faca Line Cra. 10A Soacha Line Scope Construction Operation Maintenance AIRPORT Funza 43.9KM Plotting total (Including branch to the airport) Madrid Mosquera STATION DE LA SABANA 18.1KM Plotting total El Corzo Facatativá STATION FACATATIVÁ - CLL 9 DNP is currently auditing the traffic demand study presented by the originator. STATION SOACHA The project is still in study and feasibility stage.

14 14 DARIÉN INTERNATIONAL PORT, Necoclí - Golfo de Urabá, Antioquia Scope Construction Operation Maintenance Project under study stage. The environmental license has been filed and it is in process to obtain the port concession.

15 15 SMALL HYDROELECTRIC POWER PLANT PATICO, CAUCA Scope Construction Operation Maintenance It is estimated to reach a formalization of agreements during the 4th quarter of the present year with the purpose of continuing with the construction.

16 REAL ESTATE PORTFOLIO RELEVANT EVENTS Gross Income* Operating Costs (Opex) Net Operating Income Consolidated EBITDA Net Profit *There is a non-recurring income from the sale of non-strategic assets worth Mill COP. ** Cap rate of stabilized productive assets: 8,6%. 2Q ,00% 80,00% 60,00% 40,00% 20,00% 0,00% Acumulated participation in Pactia trust (%) 38,91% 61,09% 39,11% 60,89% 40,03% 59,97% 2015 mar-2016 jun-2016 CC Participation GA Participation GLA Jun m 2 in operation Offices 12% Industry 40% Hotels 3% 4% Self-storage Commerce 41% NOI Jun-2016 COP mill Hotels 3% Offices 11% Industry 19% Self-storage 3% Commerce 64% 16

17 HOUSING RELEVANT EVENTS Projects under construction 8 Projects in pre-sales. Units for sale, which are expected to be sold in a period of 17 months beginning on this date. Launched units for selling and estimated time to market ,67 During the first semester of 2016, we registered 331 units. 88 7,29 4, Projects in feasibility studies representing units. VIS* medium high Number of Units *Low-income housing Time (months) Located in the cities of Bogotá, Medellín and Barranquilla 17

18 CONSOLIDATED FINANCIAL RESULTS 2Q2016

19 CONSOLIDATED FINANCIAL RESULTS 2Q2016 CONSOLIDATED STATEMENT OF RESULTS COP millions jun-16 jun-15 Var $ Var % Income from ordinary activities % Cost of sales ( ) ( ) % Gross Profit (11.706) -11% Other income (4.172) -38% Admin. and sales expenses (23.835) (20.443) % Employee benefit expenses (26.840) (24.743) % Other expenses (3.559) (3.158) % Other earnings (losses) (15.052) -100% Operating Profit (36.818) -42% Exchange difference (2.374) (2.258) (116) 5% Financial income % Financial expenses (39.865) (51.471) (11.606) -23% Equity method % Before Tax Profit % Current tax expenses (9.776) (5.089) % Adjustment for deferred taxes (7.985) (14.597) (6.612) -45% Minority interest (376) (1.725) (1.350) -78% Net Profit % EBITDA (5.231) -5% Margins jun-16 jun-15 Gross 14,4% 20,3% Operating 7,5% 16,3% Before-Tax 8,4% 9,2% Net 5,8% 5,3% EBITDA 16,1% 21,3% 19

20 CONSOLIDATED FINANCIAL RESULTS 2Q2016 STATEMENT OF CONSOLIDATED FINANCIAL POSITION COP millions jun-16 dec-15 Var $ Var % Current Assets (44.986) -2,8% Non-current Assets ,6% Total Assets (6.618) -0,2% Current Liabilities ,9% Non-current Liabilities (58.610) -7,4% Total Liabilities (10.042) -0,6% Total Equity ,3% Total Equity and Liabilities (6.618) -0,2% Financial Liabilities $ mill $ mill ,00% 10,00% 8,00% 6,00% 4,00% 8,13% 4,52% 3,66% Cost of Debt 9,25% 6,77% 5,79% 10,93% 8,60% 7,51% ,00% 0.00 dec-15 jun-16 0,00% jun-16 Construction Investment Housing Consortia Subsidiaries Corporate CPI IBR Average Cost of Debt CC 20

21 CONSOLIDATED FINANCIAL RESULTS 2Q2016 Covenants: Net financial debt/ebitda EBITDA/Financial Expenses 4,50 4,00 3,50 3,00 Objective: Lower than 4x 4,00 3,50 3,00 Objective: Higher than 3,6x 2,90 2,93 3,26 2,50 2,50 2,00 1,50 1,00 0,98 1,09 1,43 2,00 1,50 1,00 0,50 0,50 0,00 dec-15 mar-16 jun-16 0,00 dec-15 mar-16 jun-16 Net Financial Debt/EBITDA Goal EBITDA/Financial Expenses Goal 21

22 QUESTION AND ANSWER SESSION

23 THANK YOU