SECOND QUARTER 2015 RESULTS Medellin, Colombia August 5, 2015

Transcription

1 SECOND QUARTER 2015 RESULTS Medellin, Colombia August 5, 2015 The IR Recognition granted by the Colombian Securities Exchange (Bolsa de Valores de Colombia S.A) is not a certification of the registered securities or the solvency of the issuer

2 DISCLAIMER ISA SECOND QUARTER 2015 FINANCIAL RESULTS Certain statements contained in this report constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of These forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Also, these forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to disclose material information as required by federal securities laws, we do not intend to update you concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this report. The unaudited figures are expressed in millions of Colombian pesos (COP). Amounts expressed in US dollars are for information purposes only, and do not reflect accounting conversion techniques usually applied. As of March 31, 2014, the exchange rate was of USD 1.00= COP 2.576,05 (Source: Banco de la República). 2

3 AGENDA Highlights Investments 2Q15 Financial Results Q&A 3

4 HIGHLIGHTS Appointment of ISA s CEO On April 30, ISA s Board of Directors unanimously appointed Mr. Bernardo Vargas Gibsone as new CEOt for the Company. He took office on July 13. New Corporate Auditor Mr. Carlos Ignacio Mesa joined the Company as ISA s Corporate Auditor. Credit Rating Fitch affirmed in AAA (col) and F1+(col) the ratings for ISA s Securities Program and BBB international rating in foreign and local currency to ISA. The outlook was stable. Issue of Bonds On May 7, ISA placed bonds in the local market for COP 500 billion, demand was 2,3 times. The funds from this placement process will be used to finance the company s cash flow and investments. Series Term Amount Amount Amount Offered Demanded Awarded Cut-off Rate C10 10 años $ $ IPC + 3,80% E.A. C15 15 años $ $ $ IPC + 4,14% E.A. C20 20 años $ $ IPC + 4,34% E.A. 4

5 SUBSEQUENT EVENTS Injunction to suspend the administrative process for Transfer of Other Transmission Facilities DIT- Technical Note from ANEEL with the value of SE assets for BRL 3,74 billion. In Lima, ISA won a new public bid for the design, financing, construction, operation and maintenance of the Carapongo substation and connection links to existing lines. The project will generate approximate annual revenues for USD 6.57 million to the Company. On July 28, ISA s shareholders received the second dividends payment of COP 67 per share. 5

6 AGENDA Highlights Investments 2Q15 Financial Results Q&A 6

7 LONG-TERM INVESTMENT PLAN Projections: July 2015 Long-term investment plan ensures ongoing growth COLOMBIA PERU BRAZIL CHILE OTHERS COP million USD million TRM Breakdown COP billions by country COP % Colombia ,9 Peru ,5 Brazil ,3 Chile ,2 Others 12 0,1 by business COP % Energy ,7 Toll Roads 167 1,7 Telecommunications 392 4,0 SMRTS 159 1,6 7

8 INVESTMENT OPPORTUNITIES Significant short-term investment opportunities in the energy transmission business Colombia, UPME Expansion Plan. Investment: USD 260 million reference value for Virginia - Nueva Esperanza Cuestecitas Copey Fundación Porvenir Palenque San Antonio Conexión Cartago Conexión La Enea Peru, Proinversión projects. Estimated investments: USD 25 million for 2015 Montalvo Los Héroes line Brazil, reinforcement projects for an average of USD 245 million annually. Colombia-Panama Interconnection. USD 500 million Chile, CDEC-SIC & SING. Investment: USD 185 million reference value for Line 2x500 kv Pichirropulli - Puerto Montt Substation Nueva Charrúa New Substation Crucero Encuentro 8

9 INVESTMENT OPPORTUNITIES Road concession opportunities focused on Colombia and Chile. Colombia ANI projects - 4G: Nueva Girardot, COP million, 2015 Tercera Ola, km in total. Investments: COP trillions. Pasto Popayan Ocaña Cúcuta Cúcuta Pamplona Pamplona Bucaramanga Bogotá Barbosa Barbosa Bucaramanga Manizalez Honda Villeta Duitama Pamplona* Pore Arauca* Chiquinquitá Puerto Boyacá* Sogamoso Aguazul* *contracts for rehabilitation of roads and critical points CHILE COLOMBIA In Chile MOP projects. Estimated value USD 515 million Third lanes Connectivity and pedestrian safety rules: Maule, Bosque, Araucanía and Ríos. 9

10 AGENDA Highlights Investments 2Q15 Financial Results Q&A 10

11 CONSIDERATIONS Accumulated financial results totaled COP 308 billion, 2Q15 results reached COP 162 billion. The results of the quarter incorporate the following highlights: 1. The 2014 results are restated according to IFRS for effects of comparison with 2Q15 results. 2. The devaluation of the Colombian Peso vs. U.S. Dollar and the Chilean Peso, generating a net result increase for the quarter of COP million. EXCHANGE RATES 2Q15 prom 2Q14 prom Var % June 2015 close 2014 close Var % COP / DOLLAR USD 2.482, ,99 26,59% 2.585, ,46 8,05% COP / REAL 836,42 853,79-2,03% 833,21 900,71-7,49% COP/ CLP 4,00 3,55 12,62% 4,07 3,94 3,39% REAL / DOLLAR USD 2,97 2,3 29,03% 3,10 2,66 16,64% CLP / DOLLAR USD 620,89 553,06 12,26% 634,58 606,75 4,59% 11

12 business country COP billions CONSOLIDATED FINANCIAL RESULTS - IFRS REVENUES Exchange Rate USD 1 = COP 2.585,11 17,1% 12,8% Q14 2Q15 1S14 1S15 Total 2Q15 operating revenues reached COP million or USD438 million Telecommuni cations 5,8% SMRTS 2,4% 2Q15 Breakdown PERU 16,9% OTHERS 1,9% Roads 23,5% Energy 68,4% SMRTS: Smart Management of Real Time Systems BRAZIL 21,3% CHILE 23,7% COLOMBIA 36,2% 12

13 business country COP billions CONSOLIDATED FINANCIAL RESULTS - IFRS COSTS AND OPERATING EXPENSES Exchange Rate USD 1 = COP 2.585,11 15,5% 7,4% COP billion Q14 2Q15 1S14 1S15 2Q14 2Q15 Change Change COP % AOM Costs and Expenses ,3% Depreciation ,8% Amortization ,5% Provisions ,8% Total ,4% Telecommu nications 9,1% SMRTS 3,9% 2Q15 Breakdown PERU 17,6% OTHERS 1,8% Roads 13,2% Energy 73,8% BRAZIL 28,3% CHILE 14,0% COLOMBIA 38,3% 13

14 business country COP billions CONSOLIDATED FINANCIAL RESULTS IFRS EBITDA Exchange Rate USD 1 = COP 2.585,11 18,4% 22,8% EBITDA Margen (NIIF) ,9 55,5 53,6 58,6 56,1 57,2 2Q14 2Q15 1S14 1S15 1Q14 2Q14 1S14 1Q15 2Q15 1S15 EBITDA reached COP million / USD 257 million in 2Q15. Telecommu nications 3,6% SMRTS 0,6% 2Q15 Breakdown PERU 18,7% OTHERS 2,0% Roads 28,5% Energy 67,2% BRAZIL 14,5% CHILE 28,4% COLOMBIA 36,4% 14

15 COP billions CONSOLIDATED FINANCIAL RESULTS - IFRS FINANCIAL EXPENSES Exchange Rate USD 1 = COP 2.585,11 2Q14 2Q15 1S14 1S The total 2Q15 financial expenses were COP million / USD 96 million. 32,1% ,9% Q15 Breakdown COP billions -101 Energy -43 BRAZIL Roads Telecommunications CHILE COLOMBIA PERU 0 SMRTS -2 OTHERS 15

16 COP billions CONSOLIDATED FINANCIAL RESULTS - IFRS NET INCOME Exchange Rate USD 1 = COP 2.585,11-4,9% 0,8% Net Margen (NIIF) ,0 15,6 12,6 14,4 13,4 14,1 2Q14 2Q15 1S14 1S15 1Q14 2Q14 1S14 1Q15 2Q15 1S15 Net Income for 2Q15 reached COP million / USD 63 million 2Q15 Breakdown million by business COP Energy Transmission Road Concessions Telecommunications Transport SMRTS 71 by country COP Colombia Chile Brazil Peru Others

17 COP billions 2Q15 Breakdown by assets CONSOLIDATED FINANCIAL RESULTS - IFRS BALANCE SHEET Exchange Rate USD 1 = COP 2.585,11 Assets ,4% 26,299 business 4,3% Telecommu nications 3,1% SMRTS 0,4% Roads 30,0% Energy 66,5% ,0% country ,0% Q15 Liabilities Minority interest Equity PERU 16,0% OTHERS 0,8% COLOMBIA 28,1% Assets in 2Q15 totaled COP million / USD million BRAZIL 23,9% CHILE 31,2% 17

18 CONSOLIDATED FINANCIAL DEBT IFRS (It includes preferred shares with a repurchase option) Exchange Rate USD 1 = COP 2.585,11 COP million Q15 change % 2Q15 USD CHILE ,9% COLOMBIA ,4% 811 PERU ,5% 864 BRAZIL ,4% 666 BOLIVIA ,0% 19 ARGENTINA ,1% 2 TOTAL ,4% ,5 3,6 3,7 4,3 4,2 4,2 4,5 4,4 4,3 4,3 3,9 4,0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Debt / EBITDA EBITDA / Interest 2Q15 Breakdown rate UF 36,2% DTF 1,5% Libor TAB 4,4% 6,2% Other 0,5% TJLP 2,8% Fixed 20,3% ICP 17,4% CDI 10,8% source Banks 29,8% Other 0,7% Capital Market 69,6% currency UF + CLP 42,4% Otras 0,1% USD 23,5% COP 18,9% BRL 15,2% 18

19 AGENDA Highlights Investments 2Q15 Financial Results Q&A 19

20 INVESTOR RELATIONS CONTACT Website Telephone /ISAAvanza Interconexión Eléctrica ISA /CanalISAAvanza 20

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