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Financial ResultsThird Quarter 2018November 8, 2018


ISA S.A. E.S.P. – FINANCIAL RESULTS 3Q182

1. Highlights

2. Financial Results

3. Q&A

2

Agenda



Financial Results Third Quarter 2018CONSOLIDATED INFORMATION

Operating Revenues

COP 1.944.955million

ISA continues growing with profitability.

EBITDA margin reached 71,7%.

Net Income

COP 413.028 million

Net margin 21,2%

Excluding construction 20,9%

EBITDA

COP 1.393.621 million

EBITDA margin 71,7%

Excluding construction 76,4%QU

AR

TE

R

Operating Revenues

COP 5.104.439million

EBITDA

COP 3.409.323 million

EBITDA margin 66,8%

Excluding construction 72,9%

Net Income

COP 942.858 million

Net margin 18,5%

Excluding construction 19,2%NIN

E M

ON

TH

S



Total Investments as of September 2018

COP 1.934 billion (USD 676 million)

Energy 91,4%

Roads5,2%

Telco2,1% MRTS

1,3%Colombia

37,8%

Chile32,4%

Brazil13,4%

Peru16,4%

Others0,0%

ProjectsKms of

circuit

Estimated Annual

revenues

(operation)

USD million

Reference

investment

2018 - 2022

USD million

COLOMBIA 9 1.596 76 710,5

CHILE 3 824 40,6 588,6

BRAZIL10 3.348 138,3 993,8

PERU4 782 50,5 501,8

TOTAL 26 6.550 305 2.795

Energy

Transmission

Projects that are in

different stages of

construction



New Road Projects

✓ Maipo

✓ Tracks extension to Third Tranche III

✓ Free Flow Project

✓ Bosque, Araucanía and Ríos

✓ Safety regulatory works

Agreements with MOP

USD 530 million



Financial Results Third Quarter 2018HIGHLIGHTS

Increased RBSE value (Basic Network of the Existing

System) in ISA CTEEP:

Increased net income by COP 85.269 million

Leveraged from the Special Tax Regularization

Program (PERT) in Brazil


Wealth tax recovery in Colombia


Property tax recovery in Brazil

Reduced costs by COP 7.281 million

Inflation rate update in Brazil


Changes in IENNE’s tax methodology


Conversion effect

Decreased net income by COP 59.444 million

2Q17

3Q17

2Q18

3Q18

Effects on ISA’s consolidated results



Energy 80,4%

Roads13,1%

Telco4,5%

MRTS2,1%

Revenues

Figures in COP billions

CONSOLIDATED INFORMATION

3Q18

Ope

ratin

g R

even

ues

❖ Start up of operations in new projects.

❖ Adjustments to inflation rate in Brazil.

❖ IESUL income consolidation.

❖ Conversion effect decreased revenues.

5,5%8,5%

3Q18

1.627 1.765 4.357 4.598

COP 1.796 COP 1.945

COP 5.288 COP 5.104

3Q17 3Q18 9M17 9M18

Total Construction RBSE & PERT Operation

Colombia25,3%

Chile16,6%

Brazil40,9%

Peru15,2%

Others2,0%



Energy 70,1%

Roads11,8%

Telco12,9%

MRTS5,6%

Operating Costs and Expenses



3Q18

Ope

ratin

g C

osts

and

Exp

ense

s

❖ Start up of operations in new projects.

❖ Higher conservation and maintenance costs in Road Concessions in

2018.

8,6%8,0%

Colombia38,9%

Chile14,2%

Brazil22,7%

Peru20,7%

Others3,5%

567 613

1.667 1.810COP 758 COP 748

COP 2.253 COP 2.257

3Q17 3Q18 9M17 9M18

Total Construction Operation

3Q18



1.212 1.394 3.149 3.409

COP 1.185 COP 1.394

COP 3.483 COP 3.409

3Q17 3Q18 9M17 9M18

Total RBSE & PERT Operation

EBITDA



3Q18

EB

ITD

A

EBITDA Margin

8,3%15,0%

Colombia27,9%

Chile43,8%

Brazil17,2%

Peru10,9%

Others0,2%

Energy 85,1%

Roads12,4%

Telco1,7%

MRTS0,9%

67,5%71,7%

63,9%66,8%

74,2%76,4% 72,0% 72,9%

3Q17 3Q18 9M17 9M18

Total Excluding RBSE, PERT and construction



Net Financial Expenses



3Q18

Fin

anci

al E

xpen

ses

❖ Higher expenses in Ruta del Maipo due to early redemption of

bonds (debt operation).

❖ Higher expenses due to FX fluctuations during the quarter.

❖ Lower financial expenses in ISA Capital do Brasil.

13,9%14,4%

-253 -288 -724 -828

-COP 143 -COP 288-COP 614 -COP 828

3Q17 3Q18 9M17 9M18


-COP 163

-COP 119

-COP 6

COP 0

Energy

Roads

Telco

MRTS3Q

18

Colombia27,9%

Chile43,8%

Brazil17,2%

Peru10,9%

Others0,2%



Net Income



3Q18

Net

Inco

me

Net Margin

30,2%

12,9%

❖ Excluding RBSE & PERT recognition

17,7%

21,2%

16,9%18,5%19,2% 20,9%

18,9% 19,2%

3Q17 3Q18 9M17 9M18

Total Excluding construction

Colombia22,5%

Chile16,0%

Brazil49,1%

Peru12,3%

Others0,1%

COP 382

COP 42

-COP 12

COP 2

Energy

Roads

Telco

MRTS

317 413 835 943

COP 566COP 413

COP 1.169COP 943

3Q17 3Q18 9M17 9M18




Balance Sheet and Cash FlowFigures in COP billions


3Q18

Ass

ets

0,3%

-14,2%

-4,7%

Cash Flow

❖ ISA’s closing balance was COP 315.607 million

-3,5%

Increase DecreaseEnergy 79,1%

Roads18,7%

Telco1,9%

MRTS0,4%

COP 1.529

COP 2.179 -COP 1.400-COP 363

COP 1.801-COP 144

43.408 41.898

24.985 25.058

7.466 6.403

10.957 10.437

2017 Sep. 2018Assets Equity Minority interest Liabilities

Colombia22,4%

Chile25,5%

Brazil36,8%

Peru14,9%

Others0,4%



DebtFigures in COP billionsCONSOLIDATED INFORMATION

❖ 3Q17 excludes RBSE recognition and PERT, and includes RBSE cash

Ratios

3Q18

Deb

t

Source

Currencies

Increase Decrease

COP 1.093

COP 16.016COP 150

COP 433COP 435 COP 89 -COP 14

-COP 673

COP 16.436

3,8 3,9 3,3 3,1 3,0

4,2 4,5 5,0 5,2 5,7

3Q17 4Q17 1Q18 2Q18 3Q18

Net Debt / EBITDA EBITDA / Interest

Capital Market59,2%

Banks40,7%

Other0,0%

UF+CLP30,6%

USD29,2%

COP24,0%

BRL16,2%



CAPEX 2018 - 2022Figures in COP billions


CA

PE

X 2

018

-20

22

Estimated investment for 2018 to 2022 is

COP 13.364 billion (USD 4.470 million)

COP 3.514COP 3.221

COP 3.664

COP 2.059

COP 906

2018 2019 2020 2021 2022

Colombia Peru Chile Brazil OthersEnergy 74,8%

Roads20,3%

Telco4,0%

MRTS0,9%

Last updated on October 2018

Colombia25,2%

Chile29,6%

Brazil24,3%

Peru20,8%

Others0,4%



Excellence is the result of constant effortRECOGNITIONS

ISA

Multilatin Companies

VIII Congreso Nacional de Concesiones Chile

ISA

Best CEO

Electric & Other Utilities

ISA Intervial

Social Responsibility, Innovation, Road

Safety

ISADow Jones Sustainability Index

DJSI MILA Pacific Alliance Index



Disclaimer

ISA has elaborated the following report for information purposes. The company is not responsiblefor any investment decision made from this report. The statements included therein reflect ourcurrent points of view in relation to future events; they are based on assumptions and subject torisks and factors that may cause results, performance and achievements of the company to changeat any moment. These factors include general changes in the energy sector, financial conditions,government policies (national and international), as well as variations in interest rates, inflation,volatility in exchange rates, and levels of taxes.

As a result of these risks and factors, current results may differ materially from estimates provided.The company does not accept responsibility for any change or information provided by officialsources. ISA doesn’t assume obligation to update these statements as a result of new information,future events or any other factor.

The user is solely responsible for the use of this information.

© ALL RIGHTS RESERVED BY INTERCONEXION ELECTRICA S.A. E.S.P© ALL RIGHTS RESERVED BY INTERCONEXION ELECTRICA S.A. E.S.P

www.isa.coINTERCONEXIÓNELÉCTRICA S.A E.S.P.NIT: 860.016.610 - 3

Calle 12 Sur 18 - 168 Medellín, ColombiaPhone: +57 4 3252270 | Fax: +57 4 3170848 A.A. 8915

John Bayron ArangoActing Chief Financial Officer

Gloria Cecilia Velásquez T.Investor Relations

[email protected]

Contacts

mailto:[email protected]

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