presentación 2t2017 v1 ingles · $2.072.781 $1.970.909 $185.471 $287.343 2016 contracted executed...
TRANSCRIPT
August 9, 2017
1S2017
EARNINGSRELEASE
Less wasteof materials
Prints:
FacadesPre-fabricated pieces
Urban FurnitureHouses
Lower impact tothe environment
P R I N T E RLARGE FORMAT
8
20171S
DRONES
virtualR e a l i d a d
FOLIUMb i t á c o r a d i g i t a l
New
ServicesInnovation
We developed 3 Applications that: Increase productivity. Enhance BIM advantages. Help manage project’s information. These technologies are:
Digital topography with Drones
Folium (Construction Digital Logbook)
Commercial and technical virtual reality
Importantplayers in road
concessions
3
20171SCONCESSIONS
Operating Concessions:
Medellín – Caño Alegre and Malla Vial de Oriente
June, , 1996
Startingdate:
Finishingdate:
December, 2026
% ConconcretoParticipation:
24,85%
CCFC: Bogotá – Los Alpes
Starting date:
Finishing date:
% Conconcreto Participation
June, 1995 March, 2024 24%
* Figures under IFRS
Average Daily Traffic
2016 2017-I 2017-II
4.161 4.414 4.406 3.734 3.855 3.808 18.605 13.932 16.448 9.085 9.674 9.456
Toll
Cocorná
Puerto Triunfo
Guarne
Palmas
Total 35.585 31.874 35.585
2016 2017-I 2017-II
178.584 32.252 74.282
63.410 16.002 43.016
Accumulated Financial Results
(COP Millon)
Operational Income EBITDA*
Average Daily TrafficToll
CorzoRío Bogotá
TOTAL
2016 2017-I 7.136 7.374
17.656 17.530 24.792 24.904
2017-II7.354 17.86525.218
(COP Million)
Operational IncomeEBITDA *
Accumulated Financial Results2016 2017-I
143.990 29.851
47.679 12.681
2017-II
63.039
25.343
* Figures under IFRS
4
20171S
BUENAVENTURA
LOBOGUERRERO
Calima: TPD 5,500 (2016 F*)
Cisneros:TPD 6,500 (2016 F*)
CALI
DAGUA
YUMBO
MULALÓ
PALMIRA
BUGA
COP1,2billion
Investment
Vía Buga-Buenaventura
PPP Vía Pacífico (Buga - Buenaventura)
Progress on the pre-construction activities.
Amendment signed with the ANI.
CONCESSIONS
5
20171S
MELGAR
TPD 23,320 (2015)
FUSAGASUGÁ
GRANADA
BOGOTÁ
SOACHA
SIBATÉ
GIRARDOT
RICAURTECOP1,7
billion
InvestmentVía Bogotá-Girardot
CONCESSIONS
In April the measurement of the compliance indicators began. A score of 100% was obtained, therefore Conconcreto received full payment of the Functional Unit 0.
PPP Vía 40 Express (Bogotá – Girardot)
6
20171S
Palmas – El TablazoOriente, Antioquia
Private initiative presented by Devimed S.A.
COP Thousand474Million
Investment
Feasibility studies are expected to be delivered by the end of August.
DARIÉN INTERNATIONAL PORTNecoclí - Golfo de Urabá, Antioquia
Project under study. Progress in the environmental license procedures to subsequently obtain the port concession.
CONCESSIONS
7
20171S
Currently in the final stage of the previous consultation, it is expected in the next months to successfully close
negotiations with the Cabildos.
PCH PATICO (Cauca)
CONCESSIONS
9
BACKLOG
20171SCONSTRUCTION SERVICES
Historic Backlog
Backlog Execution
%
%
%
Infrastructure
Building
Housing
70
15
15$1.100 $1.300
$1.900 $2.000 $1.900 $2.551
$3.133
$628 $862 $564 $287 $269 $1922010 2011 2012 2013 2014 2015 2016 Jun-17 Jul-Dic
2017 2018 2019 2020 2021 2022
COP
Thou
sand
s of
Mill
ions $2.802
NOTE: Includes COP $112.000 mill of Túnel de la Línea project, awarded on July 4th.
InfrastructureCOP Million
$2.072.781 $1.970.909 $185.471 $287.343
2016 Contracted Executed 1S2017
BuildingCOP Million
$605.401
$420.796
$61.719 $246.324
2016 Contracted Executed 1S2017
HousingCOP Million
$455.403 $412.313
$173.919 $217.009
2016 Contracted Executed 1S2017
HOUSING
Concentrated in Bogotá, Medellín, Barranquilla and Panama City.
Projects underconstruction
Projects inpre-sales14
925
5
4units for sale, which are expected to be sold in a period of 15,1 months
Projects under feasibility study
which represent
During the 1S2017, units were
units that are notarized out of the
4.626 units
2491.195
Launched units for sellingand estimated time to market
10
20171SHOUSING
expected to be notarized in 2017
139
759
27
9,1110,92
16,15
VIS*Number of Units
middle
*Low-income housing
highTime (months)
11
20171S
Real-Estate portfolio
56% 51%
44% 40%
10%
dic-16 Jun-17
Conconcreto Grupo Argos Protección
Participation in the real-estate Pactia PEF* (%)
RELEVANT EVENTS
Consolidation of the internationalization strategy in the U.S.
Acquisition of 100% of the Antares Shopping Center in Soacha.
The value of the assets portfolio increased 8% during the second quarter.
GLA Jun-2017
516.695 m2 in operation
Commerce
41% Industry
39%
Offices
13% Hotels
3% Self - storage
4%
Jun-17 Jun-16 Var. %
Gross Income
103.462 91.322 13% Operating Expenses (Opex) 32.469 27.413 18% Net Operating Income 70.994 63.908 11% Consolidated EBITDA*
50.883 56.729 -10% Net Profit 66.023 29.569 123%
*Non-comparable figures because in January 20, the Private Equity Fund was created.* Private Equity Fund
NOI Jun-2017
COP 70.994 mill
Commerce
56%
Industry
21%
Offices
15% Hotels
5% Self - storage
3%
RESULTS1S2017
CONSOLIDATEDFINANCIAL
Hidroeléctrica Ituango (Obra construida en consorcio para EPM) Ituango, Antioquia.
13
20171S
Corporate Consolidated Income from Ordinary Activities
COP 670.946 millJune-2017
COP 686.750 millJune-2016
-2%
Eliminations
$(16.972)
Housing
Investment
Corporate
$517.093
$99.068 $67.599
$4.157
Construction
$127.089 Housing $50.753
Investment $3.356
$(7.160)
Corporate
Eliminations
Construction
$512.712
+1%
COP 517.093 mill
Engineering & Design
Equipment
Infrastructure
Building
$282.677
$221.818 $8.518
$4.081
COP 512.712 mill
Engineering & Design
Equipment
Infrastructure
Building
$271.324
$231.571 $8.961 $856
+33%
COP 67.599 mill
Concessions
SubsidiariesHousing Fund
$5.102 $24.428
$37.054 $114 $901 Industrial CC
Other Real-Estate Assets
COP 50.753 millHousing FundSubsidiaries
$7.425 $136
$42.782
$73 $337
Concessions
Industrial CC
Other Real-EstateAssets
Investment RevenuesConstruction Revenues
14
20171SCorporate
Consolidated EBITDA
COP 94.478 millJune -2017
COP 110.319 millJune-2016
-14%Housing
Corporate
Construction
Investment
$54.190
$3.076 $49.709
$(12.497) Corporate
Housing
Construction
Investment
$71.726
$12.210 $43.615
$(17.232)
COP 54.190 mill COP 71.726 mill
-24%
Equipment
Engineering & DesignBuilding
Infrastructure
$53.358
(2.924)
$4.359
$(603)
Equipment
$17.299 $9.879
$(1.955)
Infrastructure
$46.503
Building
Engineering & Design
COP 49.709 mill COP 43.615 mill
+14%
$10.531
$6.085
$(156)
$529 Housing Fund
SubsidiariesConcessions
Industrial CC
PACTIA
$32.720
Industrial CC Subsidiaries
Housing Fund
$8.540 $1.938
$(67) Concessions
PACTIA
$15.957 $17.247
Construction EBITDA Investment EBITDA
1S2017 CONSOLIDATED FINANCIAL RESULTS
15
20171S
Jun-16 Variation
$686.750 -2,3%Ordinary Income
Increase in other Income
EBITDA Margin
Net debt/EBITDA ratio
Financial Liabilities
MILLION
16,1% -200 pbs
Backlog Increase $2,0 40%BILLION
Growth in other Earnings $0 100%MILLION
$853.647 9%MILLION
1,43x 59%
Jun-17
$670.946MILLION
14,1%
$2,8 BILLION
$33.381MILLION
$6.894 174,1%MILLION
$18.895MILLION
$929.234MILLION
2,27x
FINANCIAL INDICATORS AS OF JUN-17
1S2017 CONSOLIDATED FINANCIAL RESULTS
16
20171S
Var$ Var%CONSOLIDATED STATEMENT OF RESULTSCOP Million jun-17 jun-16
jun-17 jun-16
Income from ordinary activities 670.946 686.750 (15.805) -2,3%Cost of sales (609.811) (588.000) 21.811 3,7%
Gross Profit 61.135 98.750 (37.615) -38,1%Other income 18.895 6.894 12.001 174,1%Administration and sales expenses (21.081) (23.835) (2.754) -11,6%Employee benefit expenses (30.104) (26.840) 3.265 12,2%Other expenses (5.576) (3.559) 2.017 56,7%Other earnings (losses) 33.381 - 33.381
Operating Profit 56.650 51.411 5.240 10,2%Exchange difference 2.872 (2.374) 5.246 -221,0%Financial Income 8.659 14.424 (5.765) -40,0%Financial Expenses (46.529) (39.865) 6.664 16,7%Equity method 12.360 34.300 (21.940) -64,0%
Before - Tax Profit 34.012 57.896 (23.884) -41,3%Current tax expenses (9.048) (9.776) (728) -7,4%Adjustment for deferred taxes (2.004) (7.985) (5.981) -74,9%Minority interest 170 (376) (546) -145,3%
Net Profit 23.130 39.759 (16.629) -41,8%
EBITDA 94.478 110.319 (15.841) -14,4%
MarginsGross 9,1% 14,4%Operating 8,4% 7,5%Before-Tax 5,1% 8,4%Net 3,4% 5,8%EBITDA 14,1% 16,1%
1S2017 CONSOLIDATED FINANCIAL RESULTS
17
20171S
Financial Liabilities
-1%
3%
8%
-7%
-46%
239.793 257.236
479.008 463.525
201.870 186.450
8.562 15.924
Jun-17 Dec-16
$929.234 mill $923.136 mill
6,77%
5,75% 3,99%
5,79%
7,51% 5,76%
9,25% 10,96% 9,65%
2015 2016 Jun-17 CPI IBR
Cost of debt
ESTADOS DE SITUACIÓN FINANCIERA CONSOLIDADOCOP Million Jun-17 Dec-16 Var$ Var%
Current Assets 1.565.396 1.664.521 (99.125) -6,0%
Non-current Assets 1.632.778 1.588.971 43.807 2,8%
Total Assets 3.198.174 3.253.492 (55.318) -1,7%
Current Liabilities 1.177.347 1.263.420 (86.073) -6,8%
Non-current Liabilities 667.538 643.549 23.989 3,7%
Total Liabilities 1.844.885 1.906.969 (62.084) -3,3%
Total Equity 1.353.289 1.346.523 6.766 0,5%
Construction Construction
Investment Investment
Housing Housing
Corporate Corporate
Average Cost of Debt CC
18
20171S
Covenants* Administrative covenants for monitoring and control.
Net Financial Debt/EBITDA
Objective: Lower than 4x
0,98 1,65
2,27
dec-15 dec-16 jun-17
Goal
EBITDA/Net Financial Expenses*
*Net financial expenses = financial expenses – financial income.
Objective: Higher than 3,6x
2,90 2,65 3,02
dec-15 dec-16 jun-17
EBITDA/Net Financial Expenses GoalNet Financial Debt/EBITDA
Question and Answer Session