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

1

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

1

2

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

4

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

5

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%

6

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%

7

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%

8

-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.

9

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.

10

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

11

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

12

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%

13

~ ∆+ 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

1

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)

1

1

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)

1

1

22

REAL2017 Vs. REAL2018

Net Income – Segment’s Contribution

Revenues 2017Highway

concessionsConstruction

Airport

concessionsOther

Consolidation

Eliminations Revenues 2018