presentación resultados 3q2016 - odinsa · 1 increase in construction revenues by ~ ∆+13.5k...

Financial

ResultsMarch 31st 2019

1. Odinsa Consolidated Results

2.Concessions Results

AGENDA

1. Odinsa

Consolidated

Results

1.1

Consolidated

Results

20.14525.195

46.118

2018 2019 Ppto

124.755141.802

155.683

2018 2019 Ppto

183.889199.240

229.964

2018 2019 Ppto

5Consolidated Results – March 2019

32%

COP 1.33

Relevant Numbers – Consolidated Income Statement

COP Millions

Revenues

EBITDA

Net Income

8%

14%

25%

1

2

3

Revenue increase mainly due to the excellent performance of

Highway Concessions, specially ADN and BTA.

All the segments make an important contribuition to revenues

comparing year to year.

EBITDA increase mainly due to the excellent performance of

Highway Concessions and higher revenues from subordinated

debt interests of Pacífico II.

Result from previous explanations.

Positive variation in Deferred Tax mainly due to AKF and

Odinsa SA plus negative contribuition in ADN and BTA

Negative variation in Income Tax mainly due to ADN.

3

2

1

1.6

Revenues, EBITDA

and Net Income

Contribuition

Revenues – Segment’s Contribuition2

01

8 V

s. R

EA

L2

01

9 1

Increase in Highway Concessions revenues by ~ ∆+ 13.9k M,

mainly due to:

✓ ∆+ 9,4k M ADN

✓ ∆+ 3,3k M BTA

✓ ∆+ 2,3k M AKF

✓ ∆+ 1,8k M Pacífico II

✓ ∆- 1,1k M MVM

✓ ∆- 1,8k M CIC

1Increase in Construction revenues by ~ ∆+ 13.5k M, mainly due to :

✓ ∆+ 15,4k M Farallones

✓ ∆+ 2,0k M CND

✓ ∆+ 0,8k M Confase

✓ ∆- 0,8k M JV ADN

✓ ∆- 1,5k M Chambablou

✓ ∆- 2,0k M Grupo Constructor AKF

3

2 Increase in Airport Concessions revenues by ~ ∆+ 1.2k M, mainly

due to :

✓ ∆+ 0,1k M Opain

✓ ∆+ 1,1k M Quiport

4 Increase in Others revenues by ~ ∆+ 0.4k M, mainly due to :

✓ ∆+ 1,0k M Odinsa Holding

✓ ∆+ 0.3k M Others

✓ ∆- 0.3k M Odinsa SA

✓ ∆- 0.6k M Odinsa PI

2 3 4

7

Mar. 2018Highway

Concessions

Airport

ConcessionsConstruction Others

Accounting

EliminationsMar. 2019

Accounting Eliminations

includes the adjustments due to

construction execution advance

from Farallones.

Net Income base to MPP

calculation is higher than

numbers reported by the

consortium.

COP Millions

EBITDA – Segment’s Contribuition

12 3

4

Increase in Highway Concessions EBITDA by ~ ∆+ 7.6k M, mainly

due to :

✓ ∆+ 10,9k M ADN

✓ ∆+ 3,7k M BTA


✓ ∆- 1,5k M CIC

✓ ∆- 7,1k M AKF

1 Increase in Construction EBITDA by ~ ∆+ 18.6k M, mainly due to :


✓ ∆+ 3,0k M Chambablou

✓ ∆+ 2,0k M CND

✓ ∆- 0,5k M JV ADN

✓ ∆- 0,5k M JV BTA


3

2 Increase in Airport Concessions EBITDA by ~ ∆+ 0.9k M, mainly

due to :



✓ ∆- 0,2k M Black-Red Coral

4

Increase in Others EBITDA by ~ ∆+ 9.5k M, mainly due to :

✓ ∆+ 8.4k M Odinsa SA

✓ ∆+ 0,6k M Marjoram

✓ ∆+ 0,5k M Odinsa Holding


✓ ∆- 0,4k M Odinsa PI

20

18

Vs. R

EA

L2

01

9

8

Mar. 2018Highway

Concessions

Airport


Accounting


COP Millions

Net Income – Segment’s Contribuition

1

2 3

4

Increase in Highway Concessions Net Income by ~ ∆+ 6.4k M, mainly

due to :

✓ ∆+ 2,0k M ADN


✓ ∆+ 1,8k M AKF

✓ ∆+ 0,8k M BTA

✓ ∆- 0,1k M CIC

1 Increase in Construction Net Income by ~ ∆+ 18.8k M, mainly due to :


✓ ∆+ 2,8k M Chambablou

✓ ∆+ 2,0k M CND

✓ ∆- 0,2k M Confase


✓ ∆- 0,6k M JV ADN/BTA

3

2 4 Decrease in Others Net Income by ~ ∆- 1.5k M, mainly due to :

✓ ∆+ 2,6k M Odinsa SA


✓ ∆- 0,2k M Odinsa PI

✓ ∆- 1,5k M Odinsa Holding

✓ ∆- 2,7k M Marjoram

20

18

Vs. R

EA

L2

01

9

Increase in Airport Concessions Net Income by ~ ∆+ 0.9k M, mainly

due to :



✓ ∆- 0,2k M Black-Red Coral

9

Mar. 2018Highway

Concessions

Airport


Accounting


COP Millions

2.Concessions

Results

2.1

Airport

Concessions

5,30 5,19

2,68 2,87

2018 2019

0,65 0,66

0,57 0,59

2018 2019

12Airport Concession’s Traffic

* Domestic Passengers

* International Passengers

OPAIN Quiport

Millon passengers – Accumulated data, March

2%

7%

1%

2%

8.077.97

1.251.22

2%

2%

2018 includes seasonal effect due to Holidays (Easter); this fact will impact 2019 from April onwards.

4.8755.158

4.116

2018 2019 Ppto

13OPAIN

REVENUES

COP millons

EBITDA

COP millons

NET INCOME

COP millons

Revenues increase +18% mainly due to:

• Higher regulated revenues by ~ ∆+ COP

14.7k M.

• Higher non regulated revenues by ~ ∆+ COP

7.4k M.

• Revenues returned registered in 2018 by ~

∆- COP 12k M.

• Construction revenues increase by ~ ∆+

COP 5.1k M.

EBITDA increase +14%, mainly due to:

• ∆+ COP 39.4k M total revenues

• Higher costs and expenses by ~ ∆+ COP

30.8k M mainly due to:

✓ Construction ~ ∆+ COP 21.5k M.

✓ Fees ~ ∆+ COP 2.8k M.

✓ Maintenance ~ ∆+ COP 4.5k M.

• Other revenues increase mainly due to

recoveries ~ ∆+ COP 1.8k M.

Net Income increase +6%, mainly due to:

• ∆+ COP 10.3k M EBITDA

• Higher D&A ~ ∆+ COP 7.5k M.

• Interest expenses increase by ~ ∆+ COP 3.0k M

• Lower foreign Exchange balance variation, net ~ ∆-

COP 1.7k M

• Deferred Tax increase by ~ ∆+ COP 1.3k M

223.654

263.135 262.412

2018 2019 Ppto

72.133

82.454 79.016

2018 2019 Ppto

18% 14% 6%

14Quiport

REVENUES

USD millons

EBITDA

USD millones

NET INCOME

USD millons

Variation in total revenues ∆+ 4%, mainly

due to:

• Higher regulated revenues ~ ∆+ USD 1.0

M

• Higher non regulated revenues ~ ∆+

USD 0.5 M

+7% Increase in EBITDA, mainly due to:

• ∆+ USD 1.5 M, total revenues

• Lower direct expenses ~ ∆- USD 0.6 M, mainly

due to:

✓ ∆- USD 0.2 M, personnel.

✓ ∆- USD 0.3 M, profesional services

✓ ∆- USD 0.1 M, marketing and sales

• Increase in indirect expenses by ~ ∆+ USD 0.2 M,

(legal 0.1 and O&M 0.1)

+16% increase in Net Income, mainly due to:

• Increase in EBITDA ~ ∆+ USD 1.8 M

• Higher D&A ~ ∆+ USD 0.2 M

• Higher interest expense ~ ∆+ USD 1.1 M

mainly due to Senior Debt.

• Decrease by ~ ∆- USD 1.6 M legal reserves

40,7 42,2 44,0

2018 2019 Ppto

27,229,0 29,6

2018 2019 Ppto

13,8

16,0

18,3

2018 2019 Ppto

4%7% 16%

2.2

Highway

Concessions

3,00 3,09

2018 2019

1,061,20

2018 2019

0,42 0,45

2018 2019

1,66 1,73

2018 2019

Highway Concessions’ Traffic

AKF ADN BTA

MVM La Pintada

Million vehicles – Accumulated data, March

16

3% 13% 7%

5% 0,63 0,64

2018 2019

2%

2018 includes seasonal effect due to Holidays (Easter); this fact will impact 2019 from April onwards.

44.02546.366 45.738

2018 2019 Ppto

26.293

19.107

14.174

2018 2019 Ppto

11.401

14.531

11.127

2018 2019 Ppto

AKF + Grupo constructor AKF (aggregate)

REVENUES

COP millons

EBITDA

COP millones

NET INCOME

COP millons

∆+ 13% Net Income variation, mainly due to:

• Decrease in EBITDA ~ ∆- COP 7.1k M

• Variation in Total Tax by ~ ∆- COP 10.3k M

(current ∆- COP 0.8k M and deferred ∆- COP

9.4k M).

∆+ 1% variation in total revenues, mainly

due to:

• Higher toll collection and operative

revenues ~ ∆+ COP 3.4 k M.

• Variation in construction revenues ~ ∆-

COP 1.0k M

∆- 23% EBITDA variation, mainly due to:

• ∆+ COP 0.6k M gross profit mainly due to higher

revenues (∆+ COP 2.4k M) and higher costs

associated to maintenance and other contracts (∆+

COP 1.8k M).

• Higher administrative expenses ~ ∆+ COP 6.7k M

mainly due to fees.

• Variation in other revenues, net ~ ∆- COP 1.5k M.

17

1%23% 13%

56.16556.487 60.148

34.536

26.629

23.095

19.316

21.792

19.766

18ADN

REVENUES

USD millons

EBITDA

USD millons

NET INCOME

USD millons

Increase in revenues +15%, mainly due to:

• Higher toll collection ~ ∆+ USD 1.7 M.

• Higher financial revenues ~ ∆+ USD 0.2 M.

Increase in EBITDA +25%, mainly due to:

• Increase in revenues ~ ∆+ USD 1.9 M

• Higher operating costs ~ ∆+ USD 0.6k M

• Higher administration expenses ~ ∆+ USD 0.2

M, mainly due to insurances.

• Higher other revenues ~ ∆+ USD 1.5 M

Increase in Net Income +15%, mainly due to:

• Increase in EBITDA ~ ∆+ USD 2.6k M

• Lower interest expenses ~ ∆- USD 0.3 M.

• Taxes registered in 2019 ~ ∆+ COP 2.1k M.

12,6

14,5 14,3

2018 2019 Ppto

10,1

12,711,8

2018 2019 Ppto

4,2

4,8

3,8

2018 2019 Ppto

15% 25%15%

19BTA

REVENUES

USD millons

EBITDA

USD millons

NET INCOME

USD millons

Variation ∆+ 0.1% in total revenues, mainly

due to:

• Higher toll collection ~ ∆+ USD 0.4 M

• Lower financial revenues ~ ∆- USD 0.3k M

Variation ∆+ 5% in EBITDA, mainly due to:

• ∆+ USD 0.4 M administration expenses by

insurances and operating costs.

• Variation in other revenues ~ ∆+ USD 0.8 M

Increase +4% in Net Income, mainly due to:

• Increase in EBITDA ~ ∆+ USD 0.5 M

• Lower interest expenses, net ~ ∆- USD 0.2 M.

• Variation in Tax (deferred) ~ ∆ USD 0.5 M.

11,2 11,3 11,4

2018 2019 Ppto

8,6 9,1 8,8

2018 2019 Ppto

3,4

3,5

3,6

2018 2019 Ppto

0.1% 5% 4%

20Pacífico II

REVENUES

COP millons

EBITDA

COP millons

NET INCOME

COP millons

Variation in Revenues ∆- 8%, mainly due to:

• Lower Construction revenues ~ ∆+ COP

11.9k M

Increase in EBITDA ~ ∆+ 25.2k M, mainly

due to:

• Increase in gross profit ~ ∆+ COP 24.8k M

due to revenues ~ ∆- COP 11.9k M and

costs ∆- COP 37k M

• Higher other revenues, net ~ ∆+ COP 0.3k M

Increase in Net Income ~ ∆+ COP 2.3k M, mainly due

to:

• Increase in EBITDA ~ ∆+ COP 25.3k M

• Variation in interest expenses ~ ∆+ COP 10.1k M

• Variation in financial revenues ~ ∆- COP 3.9k M

• Variation in foreign Exchange balance ~ ∆- COP 3.8k

M

• Tax variation ~ ∆+ COP 4.9k M. Deferred tax due to

hedge accounting.

128% 26% 415% 99%

336% 193%141.924

129.947

194.736

2018 2019 Ppto

12.657

37.800

67.960

2018 2019 Ppto

9.36511.617

36.776

2018 2019 Ppto

8% 199% 24%

10.6439.498

14.363

2018 2019 Ppto

-333 -404

-3.142

-443-723

-3.309

21Malla vial del Meta

REVENUES

COP millons

EBITDA

COP millons

NET INCOME

COP millons

Decrease in EBITDA 21%, mainly due to:

• Lower revenues ~ ∆- COP 1.1k M.

• Lower Construction costs ~ ∆- COP 1.5k M.

Decrease in total revenues 11%, mainly due to:

• Lower construction revenues ~ ∆- COP 1.5k M.

• Higher toll collection ~ ∆- COP 0.4k M.

Decrease in Net Income 63%, mainly due to:

• Decrease in EBITDA ~ ∆- COP 0.1k M

• Variation in Tax ~ ∆+ COP 0.2k M

21% 63%

11%

22Green Corridor

REVENUES

USD millons

EBITDA

USD millones

NET INCOME

USD millons

Variation ~ ∆- USD 0.1 M in Net Income,

mainly due to:

• Decrease in EBITDA ~ ∆- USD 0.6 M

• Lower interest expenses ~ ∆- COP 0.1k M

• Lower Tax ~ ∆- COP 0.4k M

Variation ∆- 30% in total revenues, mainly

due to:

• Lower construction revenues ~ ∆- USD 1.3 M

• Higher financial revenues ~ ∆+ USD 0.5 M.

Variation ~ ∆- USD 0.6 M in EBITDA, mainly

due to:

• Lower gross profit ~ ∆- USD 0.1 M due to

revenues ~ ∆- USD 0.8 M and costs ∆- USD

0.7 M

• Higher administration expenses ~ ∆+ USD

0.3 M fees.

• Lower other revenues ~ ∆- USD 0.2 M

2,7

1,91,8

2018 2019 Ppto

1,8

1,2 1,2

2018 2019 Ppto

0,7

0,6

0,2

2018 2019 Ppto

30% 35%15%

presentación resultados 3q2016 - odinsa · 1 increase in construction revenues by ~ ∆+13.5k...

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