Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Q4 2023 Earnings Presentation
39 slides from Grupo Argos's earnings presentation, March 2024
Slide 1: Results Presentation Fourth Quarter 2023
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Results Presentation Fourth Quarter 2023 March 2024 1 Marzo 2024
Slide 2: Disclaimer
PRESENTACIÓN Resultados DE RESULTADOS Primer Trimestre TRIMESTRALES del 2019 QUARTERLY RESULTS PRESENTATION Disclaimer This presentation contains certain forward-looking representations and information related to GRUPO ARGOS and its subsidiaries based on currently known facts, expectations and forec
Slide 3: Sound separated results for Grupo Argos
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Sound separated results for Grupo Argos Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn +32% +83% +99% +14% +13% +128% 1,427 945 789 779 476 346 4T2022 Dec22 4T2023 Dec23 4T2022 4T2023 4T2022 4T2023 De
Slide 4: Consolidated results grow compared to the previous year
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Consolidated results grow compared to the previous year Net income controlling Revenue EBITDA Net Income interest Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn +32% +6% +14% +5% +13% +1% +4% 22.6 5.5 1,440 1
Slide 5: 2023 Strategic Milestones
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 2023 Strategic Milestones February May June August September Buyback program Divestment by Celsia of Framework Agreement Celsia announces entry into Cementos Argos announced Central American assets Signed Peru with 218 MW wind Gx ann
Slide 6: Operating Results – Grupo Argos Businesses
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Operating Results – Grupo Argos Businesses Cement Infra Portfolio 6 Marzo 2024
Slide 7: CemArgos: Strategic, profitability and deleveraging milestones
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 CemArgos: Strategic, profitability and deleveraging milestones Cement Infra Portfolio Outstanding operating results • Revenues reached COP 12.7 trillion, representing 9% growth, while EBITDA was COP 2.6 trillion, growing 22% compared
Slide 8: CemArgos: EBITDA Margin reaches 22%
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 CemArgos: EBIDTA Margin reaches 22% Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn 4Q2023 vs 4Q2022 -7% 4Q2023 vs 4Q2022 +5% (YOY) (YOY) Cemento RMC 6 6.000 -2% 722 3,382 3,332 3,138 662 3,087 629 5 5.000 2,917 601 5
Slide 9: Celsia: EBITDA including investments platforms reaches COP 2.3 tn
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Celsia: EBITDA including investments platforms reaches COP 2.3 tn Cement Infra Portfolio Divestment in Gx assets in Panama and Costa Rica concluded • Shares in these companies were sold for close to USD 400M • This divestment resulte
Slide 10: Celsia: EBITDA margin reached 27%
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Celsia: EBITDA margin reached 27%. Cumulative EBITDA grew 4% in 2023. Cement Infra Portfolio Operational Revenue COP bn EBITDA1 COP bn 4Q2023 vs 4Q2022 -6% 4Q2023 vs 4Q2022 +0% Generación Comercialización (YOY) (A/A) EBITDA plataform
Slide 11: Odinsa: Concluded the airport vertical together with good traffic dynamics
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Odinsa: Concluded the airport vertical together with good traffic dynamics Cement Infra Portfolio Strong and flexible capital structure • In 2023, it paid off the bonds it issued in 2020 for COP 280 billion, reducing its debt and imp
Slide 12: Odinsa: ADT slightly reduced by traffic affected on AKF
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Odinsa: ADT slightly recued by traffic affected on AKF Cement Infra Portfolio Average daily traffic (ADT) - thousands of vehicles 4Q2023 vs 4Q2022 IRR (E) -6% +6% -0% -3% 11% 40.9 40.3 38.6 39.0 24.8 24.7 22% 7.2 7.6 15% AKF P2 MVM C
Slide 13: Odinsa: airport traffic grows 16% a/a
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Odinsa: airport traffic grows 16% a/a Cement Infra Portfolio Passengers - Millions IRR (E) 17% 11.5 9.8 12% 1.2 1.3 OPAIN Quiport dic-22 dic-23 12.8 million PAX +16% YOY 13 Marzo 2024
Slide 14: Pactia: revenue up 7% with stable GLA
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Pactia: revenue up 7% with stable GLA Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn GLA 1,400 4Q2023 vs 4Q2022 +6% 4Q2023 vs 4Q2022 +16% (YOY) (YOY) 1,200 61 59 60 113 116 109 110 111 52 52 1,000 812 GLA ('000) 800
Slide 15: Real Estate Business: Cash revenue and cumulative P&L up
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Real Estate Business: Cash revenue and cumulative P&L +16% YOY and +30% YOY respectivelyCement Infra Portfolio Real Estate Business Cash flow1 Dec-2023 Dec- 2022 Var (%) Revenue 259 224 16% Net cash flow 105 99 5% • The year ends wit
Slide 16: Consolidated and separated financial results
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Consolidated and separated financial results 16 Octubre2023
Slide 17: Revenues up 6% and EBITDA up 5% year-to-date
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Revenues up 6% and EBITDA up 5% year-to-date Summary P&L Quarterly Results Cumulative Results YTD COP bn 4Q - 2023 4Q - 2022 Var.(%) Dec-23 Dec-22 Var.(%) Revenue Costs, expenses, and other revenue 5,611 4,842 5,740 4,765 -2% 2% 22,5
Slide 18: EBITDA grows 12% when adjusting for one-time events
PRESENTACIÓN DE RESULTADOS TRIMESTRALES RESULTADOS GRUPO ARGOS 4T2023 EBITDA grows 12% when adjusting for one-time events Like for Like EBITDA 4Q2023 vs 4Q2022 2022 2023 COP miles de mm 4Q 4Q 1,317 1,172 Toll Roads Platforms Transaction Px adjustments 20 Divestment of Celsia Central America´s asstes
Slide 19: Changes in Grupo Argos financial statements for 2024
PRESENTACIÓN DE RESULTADOS TRIMESTRALES RESULTADOS GRUPO ARGOS 4T2023 Changes in Grupo Argos financal statements for 2024 2023 2024 Inversión en Argos USA Método de participación Consolidación → 31% Summit Argos LatAm Consolidación Consolidación Celsia – Servicios de energía Colombia Consolidación C
Slide 20: Increased expenditure associated with improved operational dynamics and inflation
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Increased expenditure associated with improved operational dynamics and inflation Consolidated Expenditure Cementos Argos Expenditure Celsia Expenditure Odinsa Expenditure -4% +27% +22% -59% 369 Odinsa 593 138 567 291 113 51 21 4Q202
Slide 21: Grupo Argos sound equity structure supported by a AAA rating
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Grupo Argos sound equity structure supported by a AAA rating Consolidated debt COP bn Net debt1 COP bn Net financial expenses COP bn 12,859 449 14,934 13,466 1,127 1,380 271 10,831 27 390 13 631 672 10 4 1,613 123 268 5,459 5,661 4,3
Slide 22: Separated EBITDA grows 99% YOY
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Separated EBITDA grows 99% YOY Summary P&L Quarterly Results Cumulative Results YTD COP bn 4Q - 2023 4Q - 2022 Var.(%) Dec-23 Dec-22 Var.(%) Revenue 173 156 11% 1,427 779 83% Costs and other expenditures GA Expenses 117 42 58 60 102%
Slide 23: Separated revenue was COP 173 billion during 4Q2023
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Separated revenue was COP 173 billion during 4Q2023 Revenue distribution 4Q2023 COP bn % Variation (YOY) -31% n/a -213% +176% -113% +109% +11% +999000% +499000% -1000% 173 -32 8 -4 14 120 68 Real Estate Negocio Business Inmobiliario
Slide 24: The treasury generated COP 113 billion in cash returns
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 The treasury generated COP 113 billion in cash returns, equivalent to 49% of financial expenditures Cash flow Notes COP million COP million 1. Div. received: 978,204. Div. Paid: 482,297 1 Dividendos netos 495,907 2. 275,906 from sale
Slide 25: Grupo Argos begins 2024 with debt maturities covered
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Grupo Argos begins 2024 with debt maturities covered by credit renegotiation and Term Deposit portfolio Indebtedness1 COP bn Maturity profile (capital) COP bn Cost of debt and half-life Net Debt = 0.7 tn (-37% YOY) 0% 0% 21% 32% 0% 3
Slide 26: Sustainability as a priority for Grupo Empresarial Argos
PRESENTACIÓN DE RESULTADOS TRIMESTRALES REAL ESTATE BUSINESS Sustainability as a priority for Grupo Empresarial Argos • On December 8, S&P Global reaffirmed the leadership Grupo Empresarial Argos companies have maintained on the Dow Jones Sustainability Index over the last 12 years. On this occasion
Slide 27: Grupo Argos reports results that exceed revenue guidance for 2023
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Grupo Argos reports results that exceed revenue guidance for 2023 COP 22.6 COP 5.5 2023 Revenue 2023 EBITDA 22.0 - 22.5 5.2 - 5.5 COP trillion COP trillion 2023e Revenue 2023e EBITDA Guidance for 2023 Consolidated Grupo Argos results
Slide 28: Annexes
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Annexes 28 Octubre2023
Slide 29: Cement Business
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Cement Business 29 Octubre2023
Slide 30: Cement volumes end the quarter at 3.8 million tons shipped
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Cement volumes end the quarter at 3.8 million tons shipped Cement Volumes millions of tons Concrete Volumes millions of m3 1 USA COL C y CA USA COL C y CA 1.8 0.1 3.9 0.0 3.8 0.1 1.5 0.1 0.0 0.1 0.9 0.8 0.7 0.6 1.5 1.5 -2% -13% 1.0 0
Slide 31: The company's net income grows 259% YOY
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 The company’s net income grows 259% YOY Revenue COP bn Ebitda COP bn Net income to the controlling COP bn interest 250 3,138 47 2,917 60 26 -104 251 601 46 629 200 -141 -378 150 57 100 50 0 -1% +24% -50 -100 -68 4Q - USA COL CC & CA
Slide 32: Energy Business
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Energy Business 32 Marzo 2024
Slide 33: Generation for the quarter dropped compared to the same period the previous year
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Generation for the quarter dropped compared to the same period the previous year Generation (GWh) Energy Sales (GWh) Commercialization (GWh) COL C.A COL C.A No Regulado Unregulated Regulado Regulated 1,620 992 128 1,922 920 1 71 -238
Slide 34: Revenue at Celsia growing by double digits
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Revenue at Celsia growing by double digits Net Revenue COP bn Ebitda COP bn COP mil mn Income 1,767 444 440 -36 1,657 23 5 -10 14 145 -74 71 66 421 426 1,622 1,587 -6% 0% 13 4Q4Q - 2022 COL COL C.A C.A. 4Q4Q - 2023 4Q -4Q 2022 COL CO
Slide 35: Concessions Business
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Concessions Business 35 Marzo 2024
Slide 36: Roadways: Stable TPD on Túnel and Pacífico
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Roadways: Stable TPD on Túnel and Pacífico, slightly lower TPD on AKF due to collapse of El Alambrado bridge in April Autopistas del Café ADT per month and YTD (thousands of vehicles) Túnel de Oriente ADT per month and YTD (thousands
Slide 37: Airports: Double-digit passenger traffic growth
PRESENTACIÓN DE RESULTADOS TRIMESTRALES GRUPO ARGOS RESULTS 4Q2023 Airports: Double-digit passenger traffic growth. Both airports above 2019 levels Opain: Monthly passengers Millions of Quiport: Monthly passengers Thousands of PAX PAX +9% +11% +7% +5% +21% +25% +11% +27% +19% +21% +11% +13% +11% +26
Slide 38: www.grupoargos.com
PRESENTACIÓN DE RESULTADOS TRIMESTRALES CEO CFO Jorge Mario Velasquez Alejandro Piedrahita Chief Officer for IR Director Senior Lead Corporate Affairs Carolina Arango David González Juan Esteban Mejia 315 8400 315 8400 (574) 315 8400 carangoz@grupoargos.com dgonzalez@grupoargos.com jemejia@grupoargo
Slide 39: PRESENTACIÓN DE RESULTADOS TRIMESTRALES Marzo 2024
PRESENTACIÓN DE RESULTADOS TRIMESTRALES 39 Marzo 2024