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Report to March 2014 Consolidated Results March 2014 GROWING ALONG WITH PERU
Report to March 2014
Consolidated Results March 2014
GROWING ALONG WITH PERU
Report to March 2014
1. Highlights
Consolidated revenues reached S/. 154.7 millions during 1Q2014, which means a
growth of 12.8% to March 2013.
Operating profit was S/. 14.67 millions, 17.3% higher tan 1T2013.
EBITDA has been S/. 20.8 millions, 13.5% growth quarter on quarter.
Net profit was S/. 6 millions, a remarking improve to the loss of S/. 9 thousand
during 2013 first quarter. en el mismo trimestre 2013.
115,366
137,148
154,710
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
2012 2013 2014
Revenues 1Q
10,930
18,349
20,821
-
5,000
10,000
15,000
20,000
25,000
2012 2013 2014
EBITDA 1Q
Report to March 2014
2. Consolidated Balance Sheet
ANDINO INVESTMENT HOLDING S.A.A. and SUBSIDIARIES
March 2014 December 2013 March 2014 December 2013
CURRENT ASSETS CURRENT LIABILITIES
Cash and Cash equivalents 75,187 99,342 Short term borrowings 25,101 27,374
Trade receivables 92,671 84,923 Trade payables 47,365 56,105
Receivables from related parties 46,613 39,190 Payables to related parties 11,197 3,144
Recoverable taxes 12,005 5,447 Other payables 32,606 26,074
Other receivables 7,478 3,494 Current portion of long term borrowings 12,623 11,653
Inventories 12,268 11,611
Prepaid expenses 5,495 9,822
TOTAL CURRENT ASSETS 251,717 253,829 TOTAL CURRENT LIABILITIES 128,892 124,350
NON CURRENT ASSETS NON CURRENT LIABILITIES
Recoverable taxes 5,849 5,897 Payables to related parties 6,463
Investments in Joint Ventures 111,035 106,803 Long term borrowings 354,932 346,476
Property, Plant and Equipment 1,752,038 1,743,539 Deferred income tax liability 439,573 439,592
Other assets 23,458 23,368
TOTAL NON CURRENT ASSETS 1,892,380 1,879,607 TOTAL NON CURRENT LIABILITIES 794,505 792,531
EQUITY
Capital 134,469 134,469
Treasury shares -6,192 -4,274
Share premium 77,180 77,180
Revaluation surplus 726,928 726,928
Legal reserve 8,144 8,144
Retained earnings 233,765 245,056
Profit 5,992 -10,980
1,180,286 1,176,523
Non controlling interest 40,414 40,032
TOTAL EQUITY 1,220,700 1,216,555
TOTAL ASSETS 2,144,097 2,133,436 TOTAL LIABILITIES AND EQUITY 2,144,097 2,133,436
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At March 31, 2014
S/. 000
Report to March 2014
3. Profit and Loss Statement
ANDINO INVESTMENT HOLDING S.A.A. and SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
For the quarter ended
March 31,
2014 2013
S/.000 S/.000
Income from provision of services 154,710 137,148
Service provision cost (116,236) (101,279)
Gross Profit 38,474 35,869
Selling expenses (10,044) (8,681)
Administrative expenses (13,451) (14,189)
Other income 5,773 1,928
Other expenses (6,082) (2,422)
Total operating expenses (23,804) (23,364)
Operating profit 14,670 12,505
Finance income 961 2,090
Finance expenses (10,512) (11,196)
Profit attributable to interest
in Joint Ventures 4,010 2,560
Exchange difference, net (885) (4,942)
Profit (Loss) before income tax 8,244 1,017
Income tax (2,244) (1,026)
Profit (Loss) for the quarter 6,000 (9)
Report to March 2014
3.1. Income
Fort he three month period ended March 31, consolidated revenues reached S/. 154.71
millions, which means a 12.81% growth compared to 1Q2013. At March 31 2014, AIH consolidated revenues come 59.5% from Logistics Services, 39.2% from Maritime Services and 0.8% from Infrastructure.
Aproximately 90% of total revenues in our logistics services business segment were derived from Neptunia. Neptunia’s two big business units are Port Services and Logistic
Solutions, which account for the 88% and 12% of the company’s revenues, respectively. Fort he three month period ended March 31, Neptunia’s growth has been 16.33% quarter on quarter due to an increase in volumen in export services, specially fishmeal. Among
his Neptunia’s customers from the fishing sector are Tecnológica de Alimentos, Pesquera Exalmar, Austral Group and Pesquera Diamante. Also, there has been a higher volumen
in the northern región (specially grapes and mango), empty containers and forwarders service.
Triton Transports accounts for 6.2% of total sales in logistics services business segment. To March 2014 only 39.8% of revenues are generated from services provided to related companies, while 60.2% come from third parties, mainly mining sector.
In our maritime services business segment, Cosmos accounts for the 97% of total revenues, which are compunded by brokerage (53%), fleet and special operations (28%), stevedoring (6%) y other contracts (13%). Cosmos total revenues growth has
been 18.1% quarter on quarter, in brokerage and vessels, as well as offshore operations (operating, maintenance and repairing works in terminals and platforms). Fleet and
special operations the main unit. It registers offshore barges operations witn oil & gas companies. We must mention that in February 2014 Cosmos started rendering services
to Petroperu’s vessels in Talara (15 vessels per month).
Maritime Services Logistic Services Infrastructure
Report to March 2014
Consolidated revenues are compunded 0.8% from the infrastructure business segment,
where Penta Tanks is the largest company. In the first quarter 2014 16,438.395 m3 ethanol have been received, 44% more than the first quarter 2013.
3.2. Cost of services rendered
Cost of services rendered accounts for 75.1% of consolidated revenues to March 2014,
which means a slight increase against 2013 first quarter when it was 73.85%. Details as
follows (thousands of soles):
Main shifts have been:
Services provided by third parties: This is the main portion of the total costs.
Este ítem es el más representativo del costo de ventas. It includes cargo service,
brokerage, hire of equipment, transport, studies, fees and handling.
Staff costs: Increases 20.3% during 2014 first quarter compared to last year’s
same periodo, tu support Cosmos’ growth, where costs are man power intensive.
Supply consumption: Decreases more than 44% due to a more efficient control.
1Q2014 1Q2013
Services provided by third parties 80,277 67,515
Staff costs 23,381 19,438
Various management expenses 6,032 6,177
Depreciation 4,707 4,854
Taxes 77 98
Amortization 13 61
Supply consumption 1,749 3,136
116,236 101,279
Report to March 2014
3.3. Operating Expenses
Operating expenses include sales and administrative expenses. They decrease 5.7% for
the three month periodo ended March 2014 due to a better control in services provided
by third parties. Details as follows (thousands of soles):
Sales Expenses
1Q2014 1Q2013
Services provided by third parties 4,119 4,226
Staff costs 4,318 3,639
Various management expenses 473 391
Taxes 1,134 425
10,044 8,681
Administrative Expenses
1Q2014 1Q2013
Services provided by third parties 4,263 4,629
Staff costs 7,368 6,947
Various management expenses 536 686
Depreciation 761 855
Taxes 247 121
Amortization 198 808
Uncollectable accounts 50 67
Supply consumption 28 76
13,451 14,189
Report to March 2014
3.4. EBITDA
For the first three month period 2014 EBITDA is S/. 20.9 millions, 14.2% more tan in
2013 (S/. 18.3 millions).
3.5. Financial Expenses At March 2014 financial expenses slightly decrease 6% compared to 2013. Detail as
follows.
Maritime Services Logistic Services Infrastructure
1Q2014 1Q2013
Bank Loans interest 308 7,763
Commercial Papers and Bond interest 9,430 0
Leasing interest 381 605
Guarantee fees 66
other 327 2,828
10,512 11,196
Report to March 2014
3.6. Indebtedness
AIH consolidated debt is mainly explained by AIH Senior Notes due 2020 for $115
millions.
MATURITY
3% 7%
90%
Less than 1 year
1 to 5 years
More than 5 years
Report to March 2014
The following chart shows our debt service Schedule.
20142015
20162017
20182019
20202021
2.48 2.46 1.68
0.90 0.75 0.58
115.62
0.67
Maritime Services Logistic Services Infrastructure AIH
Report to March 2014
4. Subsidiaries
4.1. Neptunia S.A.
Balance Sheet
Thounsands S/. March 2013 March 2014
Current Assets 73,591 74,492
Non Current Assets 795,525 797,484
Total Assets 869,117 871,976
Current Liabilities 77,062 76,313
Non current Liabilities 294,252 314,214
Total Liabilities 371,314 390,527
Equity 497,802 481,450
Total Equity and Liabilities 869,117 871,976
Profit and Loss
Thousands S/. March 2013 March 2014
Total Revenues 72,539 84,389
Operating Expenses -65,695 -77,673
Operating Profit 6,844 6,716
Exchange difference -3,000 -350
EBITDA 9,827 10,059
Net Profit (Loss) 483 1,347
61,295 73,855
11,244 10,534
84%
88%
16% 12%
0%10%20%30%40%50%60%70%80%90%100%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Marzo 2013 Marzo 2014
Port Logistics
Neptunia : Revenues by B.U.
Report to March 2014
4. Subsidiaries
4.2. Cosmos Agencia Marítima S.A.C.
Balance Sheet
Thounsands S/. March 2013 March 2014
Current Assets 71,960 64,165
Non Current Assets 334,631 332,210
Total Assets 406,590 396,375
Current Liabilities 43,189 41,320
Non current Liabilities 117,681 118,290
Total Liabilities 160,870 159,609
Equity 245,720 236,766
Total Equity and Liabilities 406,590 396,375
Profit and Loss
Thousands S/. March 2013 March 2014
Total Revenues 53,009 62,604
Operating Expenses -50,125 -54,644
Operating Profit 2,884 7,960
Exchange difference -1,352 -457
EBITDA 3,669 8,604
Net Profit (Loss) -2,927 2,091
32,460 33,115
8,795
17,226
2,942 4,042
8,8128,221
61% 53%
17%
28%
6%6%
17% 13%
0%
10%
20%
30%
40%
50%
60%
70%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Marzo 2013 Marzo 2014Brokerage Fleet and Special Operations
Stevedoring Other Contracts
Cosmos: Revenues by B.U.
Report to March 2014
4. Subsidiaries
4.3. Triton Transports S.A.
Balance Sheet
Thounsands S/. March 2013 March 2014
Current Assets 11,013 15,114
Non Current Assets 15,428 22,797
Total Assets 26,442 37,910
Current Liabilities 8,392 8,224
Non current Liabilities 5,614 15,901
Total Liabilities 14,006 24,125
Equity 12,436 13,785
Total Equity and Liabilities 26,442 37,910
Profit and Loss
Thousands S/. March 2013 March 2014
Total Revenues 7,795 9,419
Operating Expenses -7,374 -8,578
Operating Profit 421 840
Exchange difference -50 88
EBITDA 1,233 1,623
Net Profit (Loss) 96 412
6,687 8,287
1,108 1,131
86%
88%
14%12%
0%10%20%30%40%50%60%70%80%90%100%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
March 2013 March 2014
Transport Gas station
Triton Transports : Revenues by B.U.
Report to March 2014
5. Concessions
5.1. Terminales Portuarios Euroandinos S.A. Paita
Balance Sheet
Thounsands S/. March 2013 March 2014
Current Assets 118,393 63,565
Non Current Assets 364,906 493,648
Total Assets 483,300 557,213
Current Liabilities 44,434 51,484
Non current Liabilities 275,487 306,365
Total Liabilities 319,921 357,848
Equity 163,378 199,365
Total Equity and Liabilities 483,299 557,213
Profit and Loss
Thousands S/. March 2013 March 2014
Total Revenues 64,802 74,732
Operating Expenses -55,556 -60,489
Operating Profit 9,246 14,243
Exchange difference -65 -21
EBITDA 9,493 14,189
Net Profit (Loss) 1,842 8,392
15,746
11.28
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
-
5,000
10,000
15,000
20,000
25,000
30,000
Mar-13 Abr-13 May-13 Jun-13 Jul-13 Ago-13 Sep-13 Oct-13 Nov-13 Dic-13 Ene-14 Feb-14 Mar-14
TEUS Moves per hour
Report to March 2014
5. Concessions
5.2. Aeropuertos Andinos del Perú S.A.
Balance Sheet
Thounsands S/. March 2013 March 2013
Current Assets 27,917 111,392
Non Current Assets 5,402 6,450
Total Assets 33,319 117,842
Current Liabilities 15,591 105,944
Non current Liabilities
Total Liabilities 15,591 105,944
Equity 17,728 11,898
Total Equity and Liabilities 33,319 117,842
Profit and Loss
Thousands S/. March 2013 March 2013
Total Revenues 4,762 5,195
Operating Expenses -4,326 -4,892
Operating Profit 437 303
Exchange difference -6 -329
EBITDA 557 436
Net Profit (Loss) 391 -2,127
3,158 3,786
696 815 731 853 240 235 499 548
59%
61%
13% 13%14%14%
4% 4%9% 9%
0%
10%
20%
30%
40%
50%
60%
70%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
March 2013 March 2014
Mill
ares
AREQUIPA TACNA JULIACA AYACUCHO P. MALDONADO
Aeropuertos Andinos: Revenues by City
DriverMarch
2013
March
2014
Take off and Landing Nº Operations 3,203 3,116
Domestic TUUA Nº Passengers 267,486 282,412
International TUUA Nº Passengers 2,116 992
Ramp service Cargo acces 3,044 3,022
Overtime charging Horas 426 244
Cargo service KG 1,289,194 1,404,270
Report to March 2014
Contacts
José Balta Del Río
Corporate Chief Financial Officer
(511) 7144444
Susanne Noltenius Aurich
Investor Relations
(511) 3154200
