Presentación Resultados 3Q2016 · ∆+1.5k M JV ADN ∆- 2.0k M Farallons ∆- 1.9k M CMO and...
Transcript of Presentación Resultados 3Q2016 · ∆+1.5k M JV ADN ∆- 2.0k M Farallons ∆- 1.9k M CMO and...
Results 1Q2018
Aeropuerto Mariscal Sucre
2
Consolidated results - March 2018
Relevant numbers– Consolidated Income Statement
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2
Mar
2017
Mar
2018
Var.
2017 vs 2018
Revenues 182.844 183.888 +1%
Costs, expenses, and other
revenues61.885 70.799 +13%
Operating profit 120.959 113.089 -6%
EBITDA 134.923 124.755 -7%
EBITDA margin 74% 68% ∆- 6 p.p
Deferred tax 5.525 18.615 +237%
Current tax 10.910 15.320 +40%
Net income 67.060 33.808 -51%
Gain/Loss for the parent
company53.996 20.144 -62%
Net margin 30% 11% ∆- 19 p.p
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EBITDA decrease by ~ ∆ 10k M, mainly due to:
✓ ∆ -9.5k M, other revenues compared to the last year.
Income comming from the sale of shares in the
Farallones consrtium stake.
Net income decrease by ~ ∆ 33k M, mainly due to:
✓ ∆ -10k M EBITDA variation
✓ ∆ +17k M, variation in taxes
✓ ∆ +10k M in Odinsa stand-alone, relating to tax reform,
Law 1819 (taxation of overseas investments’ incomes)
✓ AKF ∆ +7.3k M, tax increase, due to tax reform
implementation, article 290
✓ ∆ +7k M, interest expenses variation
✓ ∆ +1k M, foreign exchange balance variation
Concessions results
Aeropuerto Mariscal Sucre
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Airport concessions’ traffic
OPAIN Quiport
Passengers – Accumulated data, March
7.612.3897.941.018
2017 2018
1.168.068 1.218.057
2017 2018
4.32%
2.491.813
* Domestic passengers
* International passengers
5.120.576
2.658.065
5.282.953
4.28%
510.004
658.064
577.431
640.626
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16.1% increase of EBITDA, mainly due
to:
• + COP 14k M gross profit, due to
adjustments by returns (+COP 10k M),
and costs (+13%).
• Administration expenses increase ~ ∆
COP 5k M, mainly personnel, payment of
fees, and accounts receivable
impairment.
• Other revenues increase ~ ∆ COP 0.5k
M
Opain
REVENUES
COP millions
EBITDA
COP millions
NET INCOME
COP millions
13.8%
16.1%
13.8% increase of tatal revenues, mainly
due to:
• Higher construction revenues ~ ∆ COP
16k M (+27%)
• Higher operating revenues ~ ∆ COP 22k
M (+16%)
• Income adjustments by returns ~ ∆ COP
10k M
36% decrease in net income, aminly due
to:
• ∆+ COP 10k M of EBITDA
• Depreciations and amortizations increase
~ ∆ COP 13k M
62.143
36%
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Quiport
REVENUES
USD millions
EBITDA
USD millions
NET INCOME
USD millions6.3% variation of total revenues, mainly
due to:
• Higher regulated revenues ~ ∆ USD 2.4
M
• Higher nonregulated revenues: ~ ∆ USD
0.6 M
4.9% increase of EBITDA, mainly due to:
• Direct expenses increase ~ ∆ USD 1 M,
mainly due to:
✓ ∆+ USD 388k, professional
services, marketing, and
advertisement.
✓ ∆+ USD 300k, other services
and supplies
✓ ∆+ USD 143k, profit distribution
to the employees
12.8% increase in net income, mainly due to:
• EBITDA increase ~ ∆ USD 1 M
• Amortization increase ~ ∆ USD 0.6k M
• Interests expenses decrease ~ ∆ USD 1 M
basically in senior debt.
• Increase of ~ ∆ USD 0.1k M in legal reserves
12.8%4.9%6.3%
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3.175.517 3.000.750
2017 2018
Highway concessions
AKF ADN BTA
MVM La Pintada
Vehicles – Accumulated data, March
972.5011.062.221
2017 2018
347.424
422.382
2017 2018
1.674.284 1.656.825
2017 2018
631.479 630.859
2017 2018
5.50% 9.22% 21.6%
1.04% 0.1%
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-28.8% variation in net income, mainly due
to:
• EBITDA increase ~ ∆+ COP 4k M
• Higher deferred taxes ~ ∆ COP 7.3k M.
AKF
REVENUES
COP millions
EBITDA
COP millions
NET INCOME
COP millions
3.6% 16.75% 28.8%
3.6% variation of total revenues, mainly
due to:
• Higher toll collection ~ ∆ COP 0.7 k M.
• Higher financial revenues: ~ ∆ COP 1k
M.
16.75% variation in EBITDA, mainly due to:
• Costs increase in a higher proportion than
revenues do (2% vs 4%).
• Lower administration expenses, fees, and
others: ~ ∆ COP 0.9k M.
• Other revenues increase: ~ ∆ COP 1.5k M.
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ADN
28.44% 28.8% 231.8%
INGRESOS
COP millions
EBITDA
COP millions
NET INCOME
COP millions28.44% increase in total revenues, mainly
due to:
• Higher financial revenues: ~ ∆+ COP 10k
M.
• Lower toll collection: ~ ∆- COP 1.3k M.
28.8% increase of EBITDA, mainly due
to:
• Revenues increase ~ ∆+ COP 8k M
• Higher costs of services (contracts) ~ ∆
COP 3.3k M
• Lower construction costs ~ ∆ COP 1.3k
M
• Lower administration expenses
(personnel, fess, and services) ~ ∆ COP
0.5k M
231.8% increase in net income, mainly due
to:
• EBITDA increase ~ ∆+ COP 6k M
• Amortization decrease ~ ∆ COP 0.8k M.
• Interest expenses decrease in 2018 ~ ∆ COP
1.1k M.
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16.4% variation of EBITDA, mainly due
to:
• Revenues decrease ~ ∆ COP 1.3k M
• Higher costs of services (contracts) ~ ∆
COP 2.5k M.
• Higher administration expenses (fees) ~
∆ COP 0.6k M.
• Lower administration expenses (services
and personnel) ~ ∆ COP 0.3k M.
• Other revenues decrease ~ ∆ COP 0.25k
M.
REVENUES
COP millions
EBITDA
COP millions
NET INCOME
COP millions
BTA
4.19%16.4%
41.8%
4.19% variation of revenues, mainly due
to:
• Lower toll collection revenues: ~ ∆ COP
0.2k M
• Lower financial revenues: ~ ∆ COP 1.1k
M
41.8% decrease in net income, mainly due to:
• EBITDA decrease ~ ∆ COP 5k M
• Lower (net) financial expenses ~ ∆ COP 0.6k
M.
• Deferred tax ~ ∆ COP 2.7k M
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Pacífico II
552%
43.9%
173.9%
REVENUES
COP millions
EBITDA
COP millions
NET INCOME
COP millions
173.9% variation of revenues, mainly due
to:
• Higher operating revenues ~ ∆+ COP 90k M
~ ∆+ 4k M variation of EBITDA, mainly due
to:
• Higher operating revenues ~ ∆+ COP 90k M
• Higher construction costs ~ ∆+ COP 86k M
~ ∆+ COP 11k M variation in net income, mainly
due to:
• EBITDA variation: ~ ∆+ COP 4k M
• Foreign exchange balance variation: ~ ∆+ COP
17k M
• Financial revenues variation: ~ ∆+ COP 3.4k M
• Interests expenses variation: ~ ∆- COP 3.7k M
• Taxes variation: ~ ∆- COP 9k M. deferred tax
due to hedge accounting
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150.9% decrease in EBITDA, mainly due to:
• Tolls collection revenues decrease ~ ∆ COP
0.5k M.
• Administration expenses increase ∆ COP
0.2k M (fees, leases, and maintenance).
• Other expenses increase ∆ COP 0.4k M.
16% decrease in revenues, mainly due to:
• Higher construction revenues: ∆ COP 1.5k M.
• Tolls collection revenues decrease ~ ∆ COP
0.5k M.
144.3% decrease in net income, mainly due to:
• EBITDA decrease COP 1k M.
• Financial revenues decrease ~ ∆ COP 1.6k M
• Tax variation ~ ∆+ COP 1.2k M (1.0k M current
tax, and 0.2k M deferred tax).
Malla vial del Meta
REVENUES
COP millions
EBITDA
COP millions
NET INCOME
COP millions
91%
150.9%
144.3%
16%
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~ ∆+ COP 1.3k M variation of net income,
mainly due to:
• EBITDA increase ~ ∆ COP 4.9k M
• Interests expense increase ~ ∆ COP 0.3k M
• Financial revenues decrease ~ ∆ COP 3.1k M.
• Taxes~ ∆ COP 0.1k M.
Green Corridor
REVENUES
COP millions
EBITDA
COP millions
NET INCOME
COP millions
47.4%
189%
47.4% variation of revenues, mainly due to:
• Lower construction revenues: ~ ∆ COP 10k
M
• Financial revenue ~ ∆ COP 3.3k M.
1738% variation of EBITDA, mainly due to:
• Financial revenue ~ ∆ COP 3.3k M.
• Fees expenses decrease ~ ∆ COP 0.3k M.
• Other operating revenues increase ~ ∆ COP
1k M.
1738%
Revenues, EBITDA, and Net Income Contribution
Recaudo de peajes
15
182,842 183,889
7,211
15,129
2,448 5,752 12,270
Ingresos 2017 Concesionesviales
Construcción Concesionesaeroportuarias
Otros Eliminaciones Ingresos 2018
Construction revenues decrease~ ∆ 15k M, mainly due to:
✓ ∆- 0.5k M Grupo constructor AKF
✓ ∆- 3.0 k M Consorcio APP Llanos
✓ ∆- 10.7k M Chambablou
✓ ∆+ 1.5k M JV ADN
✓ ∆- 2.0k M Farallons
✓ ∆- 1.9k M CMO and Nuevo Dorado
REAL2017 Vs. REAL2018
COP Millions
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1
Revenues – Segment’s Contribution
Revenues 2017Highway
concessions ConstructionAirport
concessionsOther Consolidation
EliminationsRevenues 2018
16 COP Millions
134,923 124,755
18,182
12,308
2,448
22,279
3,790
Ebitda 2017 Concesiones viales Construcción Concesionesaeroportuarias
Otros Eliminaciones Ebitda 2018
Construction EBITDA decrease~ ∆ 12k M, mainly
due to:
✓ ∆+ 1.5k M Grupo constructor AKF
✓ ∆- 0.3 k M Consorcio APP Llanos
✓ ∆- 7.9k M Chambablou
✓ ∆+ 1.9k M JV ADN
✓ ∆- 2.0k M Farallons
✓ ∆- 1.9k M CMO y Nuevo Dorado
✓ ∆- 5.7k M Confase
Others EBITDA decrease~ ∆ 22k M, mainly due to:
✓ ∆- 20k M Odinsa Stand-alone
✓ ∆- 0.3 k M Odinsa Holding
✓ ∆- 1k M Others (Odinsa PI, Odinsa S,
Marjoram stand-alone)
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2
2
REAL2017 Vs. REAL2018
EBITDA – Segment’s Contribution
Revenues 2017Highway
concessions ConstructionAirport
concessionsOther
Consolidation
Eliminations Revenues 2018
17 COP Millions
Eliminaciones (***)Otros Directos
53,996
20,145
4,299
9,792
2,448
39,087
8,282
Utilidad neta 2017 Concesiones viales Construcción Concesionesaeroportuarias
Otros Eliminaciones Utilidad neta 2018
Construction net income decrease ~ ∆ 9k M, mainly due to:
✓ ∆+ 4.2k M Grupo constructor AKF
✓ ∆- 0.1k M Consorcio APP Llanos
✓ ∆- 7.8k M Chambablou
✓ ∆+ 1.0k M JV ADN
✓ ∆- 2.0k M Farallons
✓ ∆- 1.9k M CMO and Nuevo Dorado
✓ ∆- 1.0k M Confase
Others net income decrease~ ∆ 39k M, mainly due
to:
✓ ∆- 37k M Odinsa Stand-alone
✓ ∆-+0.3 k M Odinsa Holding
✓ ∆- 1.5k M Others (Odinsa PI, Odinsa
S, Marjoram Stand-alone)
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1
22
REAL2017 Vs. REAL2018
Net Income – Segment’s Contribution
Revenues 2017Highway
concessionsConstruction
Airport
concessionsOther
Consolidation
Eliminations Revenues 2018