Results Presentation 2Q2017. August 2017

Transcription

1 Results Presentation August 2017

2 Agenda 1. Highlights 1.1 Divestitures. 1.2 Aruba Green Corridor. 1.3 Fitch Ratings. 1.4 Investment Portfolio. 2. Consolidated Results 2.1 Vs. 2.2 Income per Business Line. 2.3 Debt Ratios Autopistas del Nordeste 2

3 1. Highlights Santa Marta - Paraguachón

4 Divestitures Generadora del Pacifico GENPAC Generadora del Atlántico GENA Santa Marta Paraguachón Sociedad Portuaria de Santa Marta SPSM Purpose Shares and subordinated debt with shareholders Shares General Information Energy Generation Chile 96 MW Thermic 14 MW Photovoltaic Energy Generation Panamá 150 MW Thermic First Generation Road Concession Colombia 284 Km Multipurpose Port Colombia Operation Value US$48 Millions US$45 Millions Cop$118,000 Millions COP 460k 501k MM Amount received US$12.6 Millions US$34.8 Millions Cop$42,000 Millions Cop$ Millions, con earn out hasta Cop$ Millions Reason for divestiture Strategic Approach Strategic Approach Attractive Offer Strategic Approach Closure Date 12/04/ /06/2017 8/06/ /11/2016 4

5 Consolidated Platform for growth in the concession business 3 Road concessions in operation 3 Road concessions in construction phase Divestitures in: Sociedad Portuaria de Santa Marta, GENA, GENPAC, Santa Marta Paraguachón, Vinus and Hatovial. Long term Road and airport concessions. It has a controlling position except in its airport concessions. 2 Airport concessions 6

6 Fitch Ratings Fitch Ratings, in its most recent review of the Odinsa s bond program improved the Rating Outlook to stable and Affirmed the Rating in AA- (Col.) The decision is fundamented on: Grupo Argos as the Parent Company (98,55%): the alignment of guidelines and policies with this holding company importance GA has assigned to Odinsa as a key pillar of its growth strategy and the expectation of a strengthening in the support of GA, which has publicly declared its willingness to make a very important capital injection. Odinsa's extensive experience in the development of infrastructure projects. Gradual strengthening of the flows received from the various concessions in which it participates. Its strategy to participate in long-term concessions with predictable revenues. 7

7 Autopistas del Café ANI filed an Arbitral Law Suit with the Chamber of Commerce, on May 17th, To date, the following steps have been taken with regards to this lawsuit: Installation and admission of the court in October Answer to the demand by Odinsa on January 19, Conciliation hearing on March 31, The first standard proceeding hearing on May 23, Currently the process is in the of stage collection of evidence. The works of Variante la Paz report an advance of 57%. It was established, by means of a certificate of completion, that it will be delivered on December 31, The progress of the project of the pedestrian bridge Bosque de la Acuarela is 55% and will be completed on November 30th, So far, the Road Maintenance Unit - UMV has executed 33% of the 2017 intervention budget of the concession. Average Daily Traffic Collections - Cop$ Millones EBITDA - Cop$ Millones Net Income- Cop$ Millones 2,53% ,70% ,0 25,87% ,0 11,07% , ,5 8

8 Pacífico 2 We are progressing per the established works schedule. The overall progress of the project is 20.04% To date, land movement, network transfer, stabilization of slopes, drainage works, adaptation of the industrial road leading to the entrance portal of the Mulatos Tunnel have been completed. Construction of the bridges over the Río Cartama and the foundation of some smaller bridges also began. The construction of Mulatos Tunnel (Estima and Latinco) and that of the five major bridges - Cauca and Marvalle (Pipeline Consortium) and Cartama, Piedras y Mulatos (Consorcio Concrearmado - VSL) was awarded. The civil works for the installation of the prefabricated concrete plant were started, the Argos concrete plant was started up in Cartama and operations were started to produce aggregates in the Peñalisa plant. Average Daily Traffic (2S) Collections - Cop$ Millones EBITDA - Cop$ Millones Net Income Neta- Cop$ Millones 14,63% ,60% ,99% , ,6-28,91% , ,0 9

9 Malla Vial del Meta - Concesión Vial de los Llanos On July 28th, a "Letter of Understanding" was signed between the ANI and Concesión Vial de los Llanos S.A.S. in which the new dates for the equity contributions were agreed, given the conciliation process parallel to the Arbitration Tribunal. While the negotiation is completed, the "Letter of Understanding" allowed the displacement of the equity contributions planned for May 2017 until an agreement is reached or until December 22, The current proposal contemplates the initial construction of functional units 1 to 8 and once the debt of these functional units has been repaid, the remaining 3 functional units are to be constructed. This confirms Odinsa's decision to bring this project to fruition under the highest responsibility with its stakeholders in the region, financial creditors and shareholders. Average Daily Traffic Collecttions - Cop$ Millones EBITDA - Cop$ Millones Net Income- Cop$ Millones ,22% 4,82% ,1-185,09% 247,30% 1.600, ,2 460,8 10

10 Green Corridor Highlights: DBFM type contract (Design, Build, Finance & Maintain). Ceiling value of the offer: AWG $ 130 Million. Scope: a 7km Second Lane, rehabilitation and / or reconstruction of 24km of existing roads, construction of 5km of new roads and construction of 13km of cycle routes. Capex: US $ 58.0 Million. Duration of the Work: 30 months. Maintenance: 18 years. Payment: Once the works are completed, the contracting Entity will make quarterly payments for 18 years. Payments amounted to 130 million guilders in January 2011 (US$73 Million). Project turnover stands 86%. The works are expected to be completed by mid-september The availability period is expected to start in November 2017, once documentation related to the project and some aspects of landscaping of the works are completed. The obligations of the concessionaire, under the contract of DBFM (Design, Built, Finance and Maintenance), once the availability period begins are: Maintenance of all the infrastructure, control of environmental conditions and air quality and monitoring off the quality standards of the works. 11

11 Autopistas del Nordeste y Boulevard Turístico del Atlántico Autopistas del Nordeste ADN: Average Daily Traffic Collections - US$ Millones EBITDA - US$ Millones Net Income - US$ Millones 1,37% ,40-1,72% 2,85% 16,14 2,85 36,88% 3, ,29 15,69 Boulevard Turístico del Atlántico BTA: Tráfico Promedio Diario - TPD Collections - US$ Millones EBITDA - US$ Millones Net Income- US$ Millones 8,34 22,40% 4,22% ,77% 1,42 13,59 16,63-346,15% (3,39) ,41 12

12 Aeropuerto El Dorado - Opain Passenger traffic increased by 3.84%, as a result of growth in international routes of 12%, mainly Madrid, Chile, Cancun and a decrease in national traffic of 0.08%. The fastest growing airlines were Vivacolombia and Avianca. Opain created The Customer Experience Management Office to ensure that travelers and visitors to the El Dorado Airport have a memorable experience at all points of contact and thus increase consumption of goods and services offered at the terminal. An initiative to generate electricity at the airport through a photovoltaic system is under way. About 22% of the energy demanded by the passenger terminal will be supplied. The solar panels will cover an area of approximately 24,715 m2. This initiative will result in a reduction in CO2 emissions of about 1,959 tons per year. El Dorado was recognized as the first airport in Colombia to be accredited with the Carbon Footprint by the International Airports Council. In the first half of 2017 six new contact positions for the central platform were inaugurated. Domestic and International Passengers EBITDA Utilidada Neta % ,08% ,24% ,68% ,4% Internacionales Domésticos

13 Aeropuerto Internacional Mariscal Sucre - Quiport In the second quarter of 2017, there is a change in the trend of the Quito airport resulting from the slowdown in Ecuador, due to the impact on the price of oil. Domestic traffic increased 3.41% in the second quarter due to improvements in Avianca's routes, due to the reduction of Tame s and Lan s capacity and a better performance of routes such as Galapagos and Manta. For the full half of the year, the reduction in the number of domestic passengers was only 0.35%. Similarly, in the second quarter, international traffic increased by 7.68% as TAME resumed its routes to New York and Lima, starting in March 2017 (New York: 7 weekly flights / A332, Lima: 7 weekly flights / A319). Also, Iberia initiated a new operation changing of 3 direct flights (A346) and 4 with scale through Guayaquil, to 6 direct flights (A346). Avianca and Copa also had a better performance with their route to Bogota, Panama and Mexico, respectively. International traffic for the semester registered a slight growth of 0.46%. Domestic and International Passengers ,02% EBITDA -3,08% Net Income + 4,98% ,46% ,49 51,85 25,16 26, ,35% Domésticos Internacionales

14 2. Consolidated Results Autopistas del Café

15 Accumulated Vs Operational Revenues + MPP +17% EBITDA +46% Net Income Finantial Debt +18% -5% Real Jun2016 Real Jun2017 Real Jun2016 Real Jun2017 Real Jun2016 Real Jun2017 Real Jun2016 Real Jun2017 Cash Consolidated Cash Individual Individual Financial Debt +23% +36% -1,1% 16 Real Jun2016 Real Jun2017 Real Jun2016 Real Jun2017 Real Jun2016 Real Jun2017

16 Vs Ingresos Operativos 376,471 17% 320, , ,316 53% 184,163 81,080 EBITDA 46% 66% 269, ,219 Utilidad Neta 18% 118, ,222 34,987 64,449 84% 188,575-8% 173, ,083 31% 135,194 65,235-17% 54,003 Q1 Q2 Q1 Q2 Q1 Q2 Deuda Financiera -5% Disponible 23% 2.451, , , ,068 17

17 Aaccumuated Vs Business Lines CONCESIONES VIALES PRINCIPALES DATOS FINANCIEROS Jun2017 CONSTRUCCION CONCESIONES DE AEROPUERTOS Otras op. Int (*) Otros directos Odinsa (**) Eliminacion es (***) Ingreso Operacional+MPP Utilidad Bruta EBITDA Utilidad Operacional Utilidad o Pérdida en la matriz Margen bruto 61% 45% 100% 100% 91% 19% 74% Margen EBITDA 53% 45% 105% 79% 205% 22% 72% Margen Operacional 52% 44% 105% -20% 192% 21% 66% Margen Utilidad 20% 34% 59% -100% 82% -5% 31% Deuda Financiera Deuda Financiera de CP Disponible Total *Negocios directos de O.Holding (financiamiento a filiales en el exterior, carga financiera e impuestos). **Negocios directos de Odinsa (Operación de Autopistas, Inmobiliarios, gasto corporativo, carga financiera e impuestos nacionales). 18

18 Accumulated Vs Road Concessions Ingresos Operativos 285,582 33% 214, , ,647 35% 99,724 31% 130,836 Q1 Q2 EBITDA 150,772 96% 76,799 77,072 85% 41,576 73,973 35, % Q1 Q2 Utilidad Neta 58, % 32,080 23,351 5, % 17,718 48% 26,251 Q1 Q2 Deuda Financiera Disponible 5% 29% 943, , , ,257 19

19 Accumulated Vs - Construction Ingresos Operativos 95,588 78,677 21% EBITDA 43,392-1% 42,965 9,968 45% 14,418 Utilidad Neta 31,265 3% 32,356 8,814 26% 11,114 31,209 75% 54,501 47,468-13% 41,087 33,424-15% 28,547 22,450-5% 21,243 Q1 Q2 Q1 Q2 Q1 Q2 Deuda Financiera Disponible 0,945-11% 0,843 14% 35,767 40,676 20

20 Accumulated Vs Airport Concessions Ingresos Operativos EBITDA Utilidad Neta 59,924 29,290-14% -8% 51,250 26,946 59,739 29,267-10% -8% 53,718 26,941 38,244 17,407-20% -18% 30,490 14,199 30,634-21% 24,304 30,472-12% 26,777 20,837-22% 16,292 Q1 Q2 Deuda Financiera Q1 Q2 Disponible Q1 Q2-2% 563, ,846 0, ,000

21 Debt Rations June 2017 Indicadores de Endeudamiento a 03/31/2017 Datos Cop$ Millones Deuda Total $2.336,354 Disponible $ Deuda Neta $ EBITDA Anualizado (1) $ Deuda / EBITDA 4,34x Deuda Neta / EBITDA 2,76x (1) Ebitda a Junio de 2017 Anualizado. 22

22 Autopistas del Café Gracias Agosto 2017