Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Q4 2015 Earnings Presentation
35 slides from Grupo Argos's earnings presentation, 2016
Slide 1: 4Q 2015 Results Presentation
4Q 2015 Results Presentation 1
Slide 2: Disclaimer
DISCLAIMER This document contains forward-looking statements relating to GRUPO ARGOS and its subsidiaries based upon management projections. These projections reflect GRUPO ARGOS’ opinion on future events that may be subject to a number of risks, uncertainties and assumptions. Various factors may ca
Slide 3: Highlights
Highlights Conversion of remaining Changes in the Mandatory Convertible organizational structure Bonds (BOCEAS) During Q4 volumes Positive effect of the The acquisition of a stake in GLA 423.645 m2 as increased 14% for cement measures taken by the Quito´s airport was of December 2015 and 4% for read
Slide 4: Consolidated Results
Consolidated Results 4Q Jan. - Dec. Billion COP$ 2015 2014 Var. (%) 2015 2014 Var. (%) Revenues 3.877 2.075 87 12.580 9.147 38 Costs & SG&A 3.608 1.964 84 10.949 7.484 46 Operating Profit 270 111 143 1.631 1.663 -2 EBITDA 522 222 135 2.640 2.225 19 EBITDA Margin (%) 13,5 10,7 21,0 24,3 4
Slide 5: Consolidated Results
Consolidated Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 12.558 3.000 +19% 12.000 +38% 2.614 13 3.878 2.194 522 9.116 21 9.000 232 2015 2.000 27 2.085 456 678 25 3.213 6.000 2.232 726 11 1.000 763 2.848 2.549 20 3.000 2014 28 780 2.251 2.621 651 35 0 0 2014 2015 2014 2015 0 1
Slide 6: Consolidated Results - Revenues
Consolidated Results- Revenues + 61 + 294 + 1.102 + 22 12.580 - 14 - 147 - 16 - 91 + 2.229 9.147 Revenues Cement Energy Coal Real Estate Concessions Corporative Divestment Dividends Equity Method Revenues December December 2014 2015 6
Slide 7: Consolidated Results - EBITDA
Consolidated Results - EBITDA + 542 + 11 + 58 + 33 +7 + 25 - 16 2.640 - 91 - 144 2.224 EBITDA Cement Energy Coal Real Estate Concessions Corporative Divestment Dividends Equity Method EBITDA December December 2014 2015 7
Slide 8: Consolidated Results – Net Income
Consolidated Results – Net Income + 72 521 + 11 + 30 +8 + 11 - 190 - 55 - 16 301 - 91 Net Income Cement Energy Coal Real Estate Concession Corporative Divestment Dividends Equity Method Net Income December December 2014 2015 8
Slide 9: Business Results
Business Results (3) (4) Elim Consolidated Operating Revenue 7.912.003 3.691.698 131.290 159.995 1.319.985 75.721 294.360 -1.005.373 (1) 12.579.678 Gross profit 1.814.076 562.207 74.416 59.740 906.695 20.540 92.918 -581.959 (1) 2.948.632 Gross Margin 22,9% 15,2% 56,7% 37,3% 68,7% 27,1% 31,6% 23,4% O
Slide 10: Consolidated Balance Sheet Dec. 2015
Consolidated Balance Sheet Dec. 2015 December 2015 Assets Short Term COP$ billion 18,9 15% 14% Permanent 41,8 Investments 24% 22,9 PP&E 47% Assets Liab. & Equity Other Long Term Assets Equity Liabilities December 2014 Liabilities Financial Oblig. Short Term COP$ billion 14% 17% Other Short Term 13,9
Slide 11: Non-Consolidated Results
Non-Consolidated Results Q4 Jan. - Dec. Billion COP$ 2015 2014 Var. (%) 2015 2014 Var. (%) Revenues 105 74 42 1.097 636 72 Costs & SG&A 121 110 10 591 414 43 Operating Profit -16 -36 -55 505 222 128 EBITDA -15 -34 -55 518 225 131 EBITDA Margin (%) -15 -46 47 35 11
Slide 12: Non-Consolidated Balance Sheet Dec. 2015
Non-Consolidated Balance Sheet Dec. 2015 December 2015 Assets Short Term COP$ billion 2,0 0% 4% 12% Permanent 16,2 Investments 14,1 PP&E Assets Liab. & Equity 84% Other Long Term Assets Equity Liabilities December 2014 Liabilities Financial Oblig. 1,3 Short Term 7% 6% COP$ billion 11% Other Short Te
Slide 13: Cement Business
Cement Business wie | EL 2 i Ai See ESN wu 4 GRUPO ARGOS 13
Slide 14: Highlights
Highlights Participation in major infrastructure Colombia Regional Division reported a projects in the US: the Braves and the 9% increase in cement volumes vs. Falcons stadiums, the I-4 highway and 6.7% market average the Park District complex 14
Slide 15: Jan – Dec Volumes
Jan – Dec Volumes Cement Cement sales + 556 14.327 + 687 + 706 Colombia - 198 23% 12.576 Caribbean & 44% CA 5% Export +14% USA - +13% +21% -20% +20% 28% Southeast 2014 Colombia Caribbean & CA Export USA - 2015 Southeast Ready mix concrete Concrete sales + 464 11.542 Colombia + 249 11.051 - 132 - 90
Slide 16: Financial Results
Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 7.912 1.600 1.519 8.000 +40% +57% 409 19 2.165 1.200 19 6.000 5.668 2015 968 20 1.410 18,6 2.268 183 432 800 4.000 1.500 268 13 1.826 371 18 2.000 1.453 400 256 2014 18 1.653 307 20 1.305 261 0 0 2014 2015 2014 2015 0 10 2
Slide 17: Energy Business
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Slide 18: Highlights
Highlights Zona Franca Celsia, Barranquilla In November, the government took measures to ease the losses of thermal operators by setting a new reference for remuneration 18
Slide 19: Jan. – Dec. Volumes Gx and Dx
Jan. – Dec.Volumes Gx and Dx Generated Energy in GWh + 1.604 7.748 6.436 + 120 + 369 - 781 +22% +14% -23% +20% 2014 Celsia Zona Franca EPSA Central America 2015 Celsia Energy end-user sales in GWh Generation by technology type + 171 2.097 2% 32% Hydro Termo 1.926 Wind 66% +7% 2014 EPSA 2015 19
Slide 20: Financial Results
Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 4.000 1.000 3.692 905 +43% 155 -24% 9 800 3.000 1.339 19 683 2015 2.589 178 26 117 600 661 27 2.000 797 152 561 400 339 23 765 201 32 1.000 790 2014 200 43 791 233 213 577 40 0 0 2014 2015 2014 2015 0 20 40 1Q 2Q 3Q 4Q 1Q
Slide 21: Concessions Business
Concessions Business GRUPO ARGOS at
Slide 22: Highlights
Highlights Odinsa formalized an agreement to acquire a 50% stake of the company that owns 93% of the economic of the Mariscal Sucre airport in Quito, Ecuador. 18
Slide 23: Operational Results
Operational Results Annual Average Daily Traffic (Road Concessions) + 2.224 117.069 + 1.135 + 257 117.150 + 2.923 - 6.168 - 541 + 7% - 21% - 6% + 8% + 17% + 7% 2014 Autopistas del Malla Vial del Santa Marta Hatovial Auitopistas del Bulevar Turistico 2015 Café Meta / Llanos Paraguachón Nordeste (R.D.
Slide 24: Financial Results
Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 900 898 288 +10% 300 817 27% 2015 32 228 600 200 300 100 2014 28 0 0 2014 2015 2014 2015 24 27 30 33 2014 2015 2014 2015 * Grupo Argos only consolidated the results of the last quarter of 2015. 20
Slide 25: Real Estate Business
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Slide 26: Highlights
Highlights Pactia Land Development Q3 openings: Aventura and Mayorca shopping malls in Medellin, and Grupo Argos will absorb the land Movich Hotel in Barranquilla development business 22
Slide 27: Operational Results
Operational Results GLA 423.645 m2 Assets transfer schedule ** 5% 3% 10% Retail 14.005 44% Industrial 182.652 Offices 120.033 Self-storage 191.771 Hotels 300.624 38% 18.276 175.675 151.162 100.772 98.781 ago.-15 sep.-15 oct.-15 nov.-15 dic.-15 Net Operative Income Conconcreto Grupo Argos Retail 22.2
Slide 28: Financial Results
Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 140 60 131,3 45,9 +150% 50 61 +88% 105 54 27 40 2015 33 56 -75 70,0 30 18,4 70 19 47 20 14 73 7 13 35 15 55 10 4 2014 51 18 8 10 29 - -25 13 2014 2015 0 -9 2014 2015 -10 -7 -100 -50 0 50 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4Q 3Q 2
Slide 29: Ports Business
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Slide 30: Highlights
Highlights The Barranquilla terminal saw an increase Completed construction of two new in the volumes of liquid fuel cargo. This is docking positions at the Barranquilla explained by the effects of El Niño in the terminal energy industry 26
Slide 31: Operational Results
Operational Results Containers throughput # of containers Imp & Exp Bulk – General cargo in tons 4.000 3.793 100.000 96.208 20.000 18.275 17.767 +3% 3.342 +13% -33% 1.104 24.244 4.859 15.000 4.820 3.000 830 75.000 64.309 22.924 716 14.485 4.408 4.574 704 50.000 10.000 2.000 18.494 1.036 23.732 885 4
Slide 32: Financial Results
Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 160 60 +25% 60 150 38 128 44 17 +65% 39 2015 37 35 100 40 37 38 15 38 10 30 39 8 26 14 50 20 30 29 9 2014 29 39 15 31 31 10 0 0 2014 2015 2014 2015 0 20 40 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4Q 3Q 2Q 1Q 28
Slide 33: Debt Profile
Debt Profile COP 1,65 trillion (USD 523 million)* Debt / Ebitda 600 400 200 0 108 100 132 115 550 254 390 2,5x 2016 2017 2019 2020 2024 2029 ST Credit LT Credit Ordinary Bond Cost of debt (%)** 9,00% 8,69% 8,50% 8,38% 8,00% 7,91% 7,45% 7,50% 7,47% 7,43% 7,32% 7,44% 7,42% 7,18% 7,00% 6,99% 7,14% 6,50
Slide 34: Portfolio
Portfolio December 2014 December 2015 Food Concessions Food Ports 6% 7% 6% 2% Financial Cement Financial Services Services 34% 27% Cement 34% 29% COP$20,7 COP$18,4 Billion Billion Coal 2% Coal 2% Energy Energy Real Estate Real Estate 12% 8% 16% 14% -11% *The value of each investment for the companie
Slide 35: Thanks
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