Post on 22-Aug-2020
transcript
Results Presentation 2Q2016August 22 2016
Mariscal Sucre Airport
1. Highlights 1.1 Road Concessions
1.2 Airport Concessions
1.3 Transparency Line
2. Consolidated Results as of June 20162.1 Against June 2015
2.2 Revenues per Business Line
2.3 Consolidated Balance Sheet
2.4 Debt
El Dorado Airport2
Agenda
1. Highlights
Concession Pacífico 2
32.714
33.563
1S2015
1S2016
Average Daily Traffic
+ 849 Daily vehicles or 2,6%
76.334
83.361
1S2015
1S2016
Collections Cop$
+ 9,21% in collections, due to higher traffic
Highlights
National Road Concessions - Autopistas de Café 61.92%
In 1S2016, collections increased by 9.21% vs the same period in 2015.
On May 17 the ANI filed an arbitration claim at the Chamber of Commerce of Bogota against Autopistas del Café.
On June 22 an amendment to the concession agreement was signed to modify the clause to designate threearbitrators by mutual agreement.
Currently, we are awaiting the acceptance of the arbitrators and the arbitration panel installation.
4
National Road Concessions - Vías de los Llanos - 51,0%
On July 6 the amendment No. 3 to the Concession Agreement was signed. It extends the term of the financialclosure from 365 to 540 days. It is expected to achieve the financial closure in December 2016.
On August 11, ANI ordered the increase in toll rates, according to resolution 1130. However, the surroundingcommunity has marched expressing their disagreement with the significant increase in tariffs.
18.538
22.661
Real 1S2016
Presupuesto
Average Daily Traffic
- 4,123 daily vehicles or -8,19%, due
to minor oil activities.
42.014
71.733
Real 1S2016
Presupuesto
Collections Cop$
- 41,43% in collection, due to the drop in
heavy vehicle traffic.
5
Highlights
All environmental licenses and PAGAs(Adaptation Plans of EnvironmentalGuide) have been obtained.
The rehabilitation of Unit 5, betweenLa Pintada and Primavera, hasadvanced by 70,4%. Delivery isschedule for October 2016.
Progress in land acquisition in Units 1,2, 3 and 4, stands at 96%, 71%, 100%and 31%, respectively.
During 2015 the concession´s trafficpresented a 4,76% result higher tanbudgeted. Likewise, for 2016 an equallypositive increase is expected.
National Road Concessions - Conexión Pacífico 2 - 25,0%
In order to increase the participation in Pacífico 2, Odinsa begannegotiations to divest in some of the company´s projects
6
Odinsa S.A.
25%
Termotecnica
Coindustrial
S.A.S.
13,50%El Cóndor
S.A.
21,15%
ICEIN S.A.S.
9,20%
Mincivil S.A.
21,15%
Mota Engil e
Construcao S.A.
10%
Odinsa S.A.
69,65%
El Cóndor S.A.
21,15%
ICEIN S.A.S.
9,20%
Highlights
International Road Concessions - Auto. del Nordeste (ADN) - 67.5%
42,5%
32,5%
25,0%
ODINSA REMIX GRODCO
67,5%
32,5%
ODINSA REMIX
9.612
10.606
2Q2015
2Q2016
Average Daily Traffic
+10,3% daily vehicles
5.899
6.399
2Q2015
2Q2016
Collections US$
The increase in traffic collection
represented an additional 8.5%
7
Highlights
On May 10, the sales transaction was completed toincrease participation in the road concession projectsAutopistas del Nordeste and Tourist AtlanticBoulevard, located in the Dominican Republic.
International Road Concessions - Blvd. Turístico del Atlántico (BTA)- 67.5%
On May 10, the sales transaction was completed toincrease participation in the road concession projectsAutopistas del Nordeste and Tourist AtlanticBoulevard, located in the Dominican Republic.
42,5%
32,5%
25,0%
ODINSA REMIX GRODCO
67,5%
32,5%
ODINSA REMIX
8
3.897
3.725
2Q2015
2Q2016
Average Daily Traffic
1.269.532
1.413.867
2Q2015
2Q2016
Collections USD
Collections increased by 11,37%,
- 4,39%
Highlights
Airport Concessions - Opain - 35%
On 13 July 2016 the Act of Settlement was signed between AVIANCA and OPAIN in the Superintendencia deSociedades on the operation of certain areas, including the Terminal Puente Aéreo.
Fulfilled the agreement the lease agreement will be terminated between the Aerocivil and Avianca, and it mustsubmit the common areas of the Terminal Puente Aéreo, the commercial premises and the parking lot.
9
4.119.646 4.257.171
1.602.726 1.697.568
-
2.000.000
4.000.000
6.000.000
8.000.000
2015-2 2016-2
No. de Pasajeros que Pagan Tasa
Aeroportuaria
Nacionales Internacionales
14.224.775
14.854.153
2015-2
2016-2
Pasajeros que pasan por aeropuerto
+4,42% en número total
de pasajeros.
+4,06%
Highlights
Airport Concessions - Mariscal Sucre, Quito - 50%
National and international traffic have decreased by 12,89% and 7,18% respectively, affected by the macroeconomic situation in Ecuador, the earthquake in April, the operational failure in Cuenca´s Airport and Tame´s cancelled routes.
After the support given to Manta airport since the earthquakein Ecuador, Quiport has also helped Mariscal Lamar Airport inCuenca due to the incident in its runway by lending its staffand equipment to make measurements of the frictioncoefficient of the runway.
10
1.515.135 1.319.890
1.113.9001.033.973
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
2015-2 2016-2
Domestic and International Passengers
Doméstico Internacional
-10,47%
Highlights
Transparency Line
On August 8, Odinsa´s Transparency was enabledin compliance with Chapter IV of the Code ofBusiness Conduct.
This channel is used to report anonymously andconfidentially wrongdoings, concerns, complaints,or possible violations of the Code of BusinessConduct.
Good practices of Corporate Governance are ourcommitment in Odinsa.
11
Highlights
2. Consolidated Results as of June 2016
El Dorado Airport
Consolidated Results as of June 2016
Against June 2015
13
Concesión Vial de los Llanos
32
4.9
37
47
3.5
02
Real Jun2015 Real Jun2016
Operational Income
+ MPP
+46%
14
9.3
55
25
3.6
37
Real Jun2015 Real Jun2016
EBITDA
+70%
59
.91
9
10
0.2
22
Real Jun2015 Real Jun2016
Utilidad Neta
+67%
58
3.5
12
2.4
51
.40
0
Real Jun2015 Real Jun2016
Deuda Financiera
>+200%
• In 2Q2016, Odinsa reports a solid financial performance. Its income, EBITDA and Net Profit increased by 46%,70% and 67%, respectively
• Its strong performance is attributable to the results of the concessions, major construction activity, better resultsin Opain, the consolidation of ADN and BTA in may and the inclusion of Quiport sin December 2015.
Revenues per Business Line
14
Concesión Vial de los Llanos
CONCESIONES
VIALES CONSTRUCCION
CONCESIONES DE
AEROPUERTOS ENERGIA
Otras op.
Int (* )
Otros
directos
Odinsa (* * )
Eliminaciones
(* * * ) Total
Ingreso Operacional 215.373 76.617 2.982 152.612 28.828 11.313 -69.540 418.184
Ingresos por Método de Participación -833 2.060 56.943 0 0 0 -2.984 55.319
Ingreso Operacional+MPP 214.539 78.677 59.924 152.612 28.828 11.313 -72.525 473.502
Utilidad Bruta 105.198 48.720 59.924 77.697 28.828 9.331 -15.139 314.693
EBITDA 77.240 43.392 59.739 69.474 27.378 -9.572 -14.149 253.637
Margen EBITDA 36% 55% 100% 46% 95% -85% 20% 54%
Utilidad Operacional 75.092 42.933 59.739 61.103 27.378 -11.362 -14.149 240.868
Utilidad o Pérdida en la matriz 23.519 31.265 38.244 21.057 20.188 -31.379 -2.672 100.222
Deuda Financiera 943.613 945 563.279 146.446 432.135 364.981 0 2.451.400
Deuda Financiera de CP 35.278 0 2.704 62.382 286.328 134.806 0 521.498
Disponible 560.042 35.767 0 44.775 29.035 19.400 34 689.052
PRINCIPALES DATOS FINANCIEROS Jun2016*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).
***Eliminación de operaciones entre empresas del grupo
42%
16%12%
30%
Operational Income + MPP
31%
17%24%
28%
EBITDA
21%
27%34%
18%
Profit or Loss at the Parent Company CONCESIONESVIALES CONSTRUCCION
CONCESIONES DEAEROPUERTOS ENERGIA
Consolidated Results as of June 2016
Consolidated Results as of June 2016
Road Concessions
15
Concesión Vial de los Llanos
In the first semester, Autopistas del Café contributes greatly to the improvement in EBITDA having increased by21%, also ADN and BTA registered an EBITDA of Cop$28,000 millions which began consolidating sin may 2016. Thelower net income is attributable to revisions of taxes registered in 2015.
56
.45
3
94
3.6
13
2015 2016
Financial Debt
28
.22
6
23
.51
9
2015 2016
Net Profit
53
.19
0
77
.24
0
2015 2016
EBITDA
13
2.7
78
21
4.5
39
2015 2016
Operational Income +
MPP
+62% +45% -17% >+200%
Consolidated Results as of June 2016
Construction
16
Concesión Vial de los Llanos
In the first half of 2016, the success of this segment are the revenues generated by the liquidation of works by theGrupo Constructor Autopistas del Café, related to the amendment No. 3. This improved the consortium´s EBITDA inCop $14,000 millions compared to the same period in 2015.
The new concession projects Llanos and Green Corridor contributed Cop $3.800 and $ 9.800 million respectively,however in the first half of 2015 these projects did not report any activity.
22
.75
6
43
.39
2
2015 2016
EBITDA
29
.70
4
78
.67
7
2015 2016
Operational Income +
MPP
+165%
15
.05
1 31
.26
5
2015 2016
Net Profit
20
.74
1
35
.76
7
2015 2016
Cash
+72%+91%
+108%
Consolidated Results as of June 2016
Airport Concessions
17
Concesión Vial de los Llanos
Quiport acquisition in late 2015, allows the inclusion of income in the first half of 2016 under the equity method forCop $47,462 million. This includes 50% of profits from the airport and a "Management Fee" of 5% associated withthe concession. Similarly Opain´s income grew in the first half of 2015 and reach $ 12,463 million.
Quiport acquisition also resulted in an increase in debt for Odinsa.
0
56
3.2
79
2015 2016
Financial Debt
>-200%
-1.9
18 3
8.2
44
2015 2016
Net Profit
-1.9
18 5
9.7
39
2015 2016
EBITDA
-1.9
16 5
9.9
24
2015 2016
Operational Income + MPP
>-200% >-200% >-200%
2.983
2.009
260
714
Activo Pasivo, interes minoritario &patrimonio
Balance Sheet December 2015
Consolidated Balance Sheet
18
Consolidated Results as of June 2016
Between December 2015 and June 2016, Odinsa liabilities increased by $ 1.2 billion, as a result of the debtconsolidation in Autopistas del Nordeste and Boulevard Turistico del Atlantico, increasing the its participation from42.5% to 67.5%. Additionally, disbursements were made to Caribbean Infrastructure Company (Aruba) for the workson the construction of the road, and to GenPac, to complete the photovoltaic project in Copiapo.
4,325
3,230
261
834
Activo Pasivo, interes minoritario &patrimonio
Balance Sheet June 2016
19
Indebtedness Ratios
Consolidated Results as of June 2016
Indicadores de EndeudamientoDeuda /
EBITDA
Deuda Neta/
EBITDA
Deuda Actual / EBITDA 12 meses 6,65x 4,78x
Proforma 1 - Incluyendo EBITDA Quiport 12 meses 5,94x 4,27x
Proforma 2 - Incluyendo EBITDA Quiport, ADN y BTA 12 meses 4,61x 3,32x
Odinsa S.A. - Consolidado - Cop$Millones
Deuda Total 2.451.400$
Disponible Total 689.052$
EBITDA últimos 12 meses 368.509$
Ajuste de 6 meses en EBITDA de Quiport 44.142$
Ajuste de 10 meses en EBITDA de ADN+BTA 118.630$
Thank YouAugust 22 2016
Confase