Consolidated Results June 2012

Transcription

1 Consolidated Results June

2 Financial Statements June 2012 This document contains a discussion of consolidated and individual results of the major companies of the Andino Group. These results have been prepared under IFRS and constitute Interim Financial Statements.

3 We are a peruvian Holding leading to serve the Logistic Chain for Foreign Trade for over 40 years, and provide Port and Airport infrastructure. AIH is the only company from the Logistics Sector to be listed on the BVL.

4 Our Vision is to become the best option in integrated logistic solutions for our customers. To innovate and grow proactively and sustainable, developing new businesses and new investment opportunities. 4

5 AIH NAUTILIUS / CRECIMIENTO INMOBILIARIO 50% TRITON MARITIME SERVICES SVITZER ANDINO 50% PENTA TANKS TERMINALS AEROPUERTOS ANDINOS DEL PERU 50% ANDINO SERVICIOS COMPARTIDOS TERMINALES PORTUARIOS EUROANDINOS 50% COSMOS AGENCIA MARÍTIMA NEPTUNIA 83% AUGUSTO FARFAN OPERADORA PORTUARIA FILE SERVICE MULTITAINER TRITON TRANSPORTS ALMAFIN INVERSIONES PORTUARIAS 75% INMOBILIARIA TERRANO 5

6 Andino Investment Holding in Q2012: IPO issued in February Aeropuertos Andinos del Perú commencement of works. 2Q2012: Terminales Portuarios Euroandinos Paita commencement of works. Penta Tanks Terminals starts operations. 4Q2012: Inmobiliaria Terrano commencement of works. 6

7 Terminales Portuarios Euroandinos Investments: US$150MM in 24 months. US$ 130MM mandatory investments. US$ 14MM additional investments. April 2012: Issuance of US$ 110MM Bond 25 years term %. Investors: 40% non-peruvian institutions. Expected improvements: TEU handling capability will be duplicate from 12 to 25 units per hour. Higher capactity Vessels to call port. Existing Infrastructure Projected Infrastructure 7

8 Terminales Portuarios Euroandinos Commencement of Works Earthmoving started June 12. Dredging started August 15. 8

9 Aeropuertos Andinos del Perú Mandatory Investments: US$ 47MM in 24 months. Works 100% co-financed by the Peruvian Government. Focused on rapid-impact works. 159 EDIs (Engineering Studies) approved for US$ 16MM. 32 EDIs to be approved for US$ 31MM. The first milestone, worth 4% of the completed works, will be finished in August. Additional Investments: Approved US$ 50MM in Arequipa. Approved US$ 40MM in Juliaca. 9

10 Aeropuertos Andinos del Perú Progress of Works Access Gates Parking Lots 10

11 Penta Tanks Terminals The Company: Located in Paita 5km from Terminales Portuarios Euroandinos. 20 year contract with Maple Ethanol. Facility ready to dispatch ethanol as from August Operations started: First tank received on June 20. First shipment of 5,909m3 accomplisehd August 11. Second shipment scheduled for August 28. Total volume received by August m3. 11

12 Penta Tanks Terminals First Ethanol Shipment Buoy mooring maneuver DWT Tanker 12

13 Penta Tanks Terminals First Ethanol Shipment Connection of Hose to Manifold Hose lifting 13

14 Inmobiliaria Terrano Commercial Name: LimaHub. Projected Investment: US$ 24m on first stage with the occupancy of 3 hectares from the 14 available. Hotels Franchise to be annouced. GHL operator, who manages 40 hotel in Latam. Corporate Center Up to 6 Corporate Buildings to be built. Logistics Center to serve air cargo. 14

15 AIH Consolidated Balance Sheet As to March 2012 Equity increased S/ MM due to funds raised in the IPO. Long Term Liabilities have diminished due to US$ 8.5MM amortization of Goldman Sachs Syndicated Loan. Main transaction during 2Q is the capital contribution to TPE for US$ 26.5M. Funds managed by the TPE Trust for the Port Construction. Andino Investm ent Holding y Subsidiarias Balance Sheet In Thousand S/. Dic-11 Jun-12 Current Assets 137, ,865 Non Current Assets 740, ,744 Total Assets 877, ,609 Current Liabilities 124, ,383 Non Current Liabilities 388, ,138 Total Liabilities 512, ,521 Total Equity 365, ,088 Total Liabilities and Equity 877, ,609 15

16 AIH Consolidated P&L Profit & Loss Statement S/.000 Jun-11 Jun-12 Var S/.000 1Q2012 2Q2012 Acum 2012 Total Operational Incom es 229, ,265 10, , , ,265 Operational Expenses -211, ,042-17, , , ,042 Operating Profit 18,280 11,223-7,057 5,300 5,923 11,223 EBITDA 29,743 22,249-7,494 11,045 11,204 22,249 Net Profit 1,973 1, ,822 1,279 Differences between June P&L and Proforma are: Not registered Income (S/. 3.6MM) and expenses (S/. -2.7MM) from Multitainer have been included. IPO structuring fees and expenses have been excluded (S/. 3MM). Deferred taxes related to capital gains on TPE have been excluded (S/. 0.6MM). Profit & Loss Statement Proforma S/.000 Jun-11 Jun-12 Var S/.000 1Q2012 2Q2012 Acum 2012 Total Operational Incom es 229, ,894 14, , , ,894 Operational Expenses -211, ,706-20, , , ,706 Operating Profit 18,280 12,188-6,092 5,872 6,316 12,188 EBITDA 29,743 23,234-6,509 11,617 11,617 23,234 Net Profit 1,973 5,907 3,934 4,153 1,754 5,907 16

17 Andino Investment Holding Income by Subsidiary Proforma Ventas Principales Empresa - Proforma (En millones de S/.) Neptunia Cosmos TT Multitainer File Service TPE AAP 4 Jun-11 Jun-12 Notes: (1) Non operating incomes are excluded. 17

18 Andino Investment Holding Income by Subsidiary Proforma Ventas Proforma vs Presupuesto a Jun-12 (En millones de S/.) Neptunia Cosmos TT TPE MTT FS AAP Total Real PPTO Notes: (1) Non operating incomes are excluded. (2) Attributable income from TPE and AAP concessions included. (3) Additional income from Multitainer included. 18

19 AIH Consolidated Operating Expenses Services provided by third parties: New contracts with related capital goods costs. Fixed costs structure. Staff costs: Number of workers increase of 15%, mainly at Cosmos. Operating Expenses S/.000 Jun-11 Jun-12 Services provided by third parties 133, ,806 Staff expenses 43,826 50,063 Various expenses 13,627 12,301 Taxes 2,647 2,690 Depreciation 11,222 10,664 Amortization Supply consumption 6,041 7,156 Total 211, ,042 Margins 15.00% Ene-11 Ene % 10.00% 5.00% 0.00% 8.30% 0.90% 9.59% 4.84% 0.55% Operating Mg EBITDA Net Profit 19

20 Andino Investment Holding EBITDA by Subsidiary Proforma EBITDA Main Companies with Concessions Attributable Parts (In Millions S/.) S/ S/ S/ S/ S/ jun-11 jun-12 Notes: (1) Attributable EBITDA from TPE and AAP concessions included. (2) Additional EBITDA from Multitainer included. 20

21 AIH Consolidated Direct Indebtedness Direct Indebtedness 2Q 2011 vs 2Q 2012 (In millons S/.) S/ S/ S/ S/ S/ mar-11 mar-12 * TT and FS increased their debt due to IFRS migration. Operating leasings are now considered in the balance sheet. 21

22 AIH Consolidated Goldman Sachs Syndicated Loan Covenants Compliance with the covenants established on GS Syndicated Loan : Interest Cover Ratio: June 2012: 2.08 Required: 2.00 minimum Leverage Ratio: June 2012: 3.24 Required: 4.00 maximum 22

23 Subsidiaries: Neptunia S.A. Income difference due to: Balance Sheet S/.000 Dec-11 Mar-12 Current Assets 69,768 77,499 Non Current Assets 437, ,381 Less volume of agricultural exports as well as a delay on the fishing campaign. Exporting containers diminished by 600 per month. An 25% increase against budget on Import Services, Neptumovil and Mineral Deposit balance the decrease on the other business lines. Total Assets 507, ,880 Current Liabilities 71,991 84,358 Non Current Liabilities 204, ,014 Total Liabilities 276, ,372 Total Equity 231, ,508 Total Liabilities and Equity 507, ,880 Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 126, ,922 Operational Expenses -115, ,406 Operating Profit 11,455 4,516 EBITDA 14,769 11,438 Net Profit 4,289-3,381 23

24 Subsidiarias: Neptunia S.A. Accomplished restructuring: 13% staff reduction. Commercial area restructured. Operations restructured. Expenses decrease for aprox. US$ 750k / month. Results Evolution (In Thousand S/.) 4,000 3,000 2,000 1,000 1,359 1,738 2, ,482 2,858 3,461 2,135 2, ,000-2,000-3, ,000-5,000-3,786 Operative Profit EBITDA Net Profit April May June July 24

25 Neptunia S.A.: Income and Expenses by Business Line Income by Business Line (in Thousands S/.) jun-11 Part % jun-12 Part % Variation Export and Import 104, % 100, % -4.3% Empty Containers Storage 31, % 23, % -24.5% Port Logistics 60, % 64, % 5.1% Others 12, % 12, % 1.2% Logistics Solutions and Projects 21, % 24, % 12.4% Logistics Business 15, % 14, % -1.7% Projects 3, % 4, % 35.3% Mineral Deposit 3, % 4, % 53.7% TOTAL 126, % 124, % -1.4% Expenses by Business Line (in Thousands S/.) jun-11 Part % jun-12 Part % Variación Export and Import 84, % 89, % 5.5% Empty Containers Storage 20, % 18, % -12.3% Port Logistics 54, % 59, % 9.4% Others 9, % 11, % 22.4% Logistics Solutions and Projects 19, % 21, % 10.7% Logistics Business 14, % 13, % -3.8% Projects 2, % 3, % 31.5% Mineral Deposit 2, % 4, % 71.0% TOTAL 104, % 110, % 6.5% 25

26 Neptunia S.A.: Margins by Business Line and Operating Expenses 40.0% 35.0% 33.6% Margins by Business Line 33.4% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 23.5% 31.5% 22.9% 18.9% 19.0% 10.6% 10.3% 13.0% 7.7% 9.9% 6.6% 7.6% 11.7% 5.7% Exp.e Imp. Empty Port Log. Others Sol. Log. Log. Bus. Projects Min. Dep. jun-11 jun-12 Operative Expenses (in Thousand S/.) jun-11 Part % jun-12 Part % Variation Services provided by third parties 83, % 87, % 5.3% Staff expenses 15, % 16, % 6.2% Taxes 1, % 1, % -3.8% Various expenses management 11, % 8, % -23.1% Depreciation 3, % 6, % 115.4% Amortization % % 7.5% TOTAL 115, % 121, % 5.4% 26

27 Subsidiaries: Cosmos Agencia Marítima SAC Cosmos is compromised in developing new businesses with Oil clients to sustain growth. Income increase: Maritime agency: volume and tariff increase. Fleet and Special Operations: New contracts with Relapasa and other services for Oil clients. Various contracts: customers like Southern Perú in Ilo, Relapasa y river operations in the amazon basin. Balance Sheet S/.000 Dec-11 Jun-12 Current Assets 42,515 35,045 Non Current Assets 293, ,087 Total Assets 336, ,132 Current Liabilities 36,016 31,244 Non Current Liabilities 147, ,833 Total Liabilities 183, ,077 Total Equity 153, ,055 Total Liabilities and Equity 336, ,132 Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 72,418 87,646 Operational Expenses -69,099-83,909 Operating Profit 3,319 3,737 EBITDA 4,969 5,567 Net Profit -4,

28 Cosmos Agencia Marítima SAC Operating Income Incom e by bussines line (in thousands S/.) jun-11 Part % jun-12 Part % Variation Brokerage 36, % 57, % 59.6% Fleet and Special Ops 12, % 14, % 16.7% Loading / Unloading 10, % 7, % -32.6% Other Contracts 7, % 4, % -41.0% TOTAL 67, % 84, % 25.1% Operational Expenses (in thousands S/.) jun-11 Part % jun-12 Part % Variation Services provided by third parties 49, % 61, % 24.9% Staff expenses 15, % 17, % 15.5% Taxes 1, % % -18.8% Various expenses management 1, % 1, % 6.2% Depreciation 1, % 1, % 9.4% Amortization % % 49.2% TOTAL 69, % 83, % 21.2% 28

29 Subsidiaries: Triton Transports S.A. Non Current Assets and Equity increase due to Asset revaluation, according to IFRS adjustment. Balance Sheet S/.000 Jun-11 Jun-12 Current Assets 10,048 11,322 Non Current Assets 9,077 16,897 Total Assets 19,125 28,219 Current Liabilities 8,729 10,216 Non Current Liabilities 5,207 6,163 Total Liabilities 13,936 16,379 Total Equity 5,189 11,840 Total Liabilities and Equity 19,125 28,219 Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 15,737 16,236 Operational Expenses -14,548-14,717 Operating Profit 1,189 1,519 EBITDA 3,367 3,279 Net Profit

30 Tritón Transports S.A.: Operating Income and Margins Sales increase 3.2% to June 2012 supported on the growth of clients outside the Group. (63% up to June 2012). Sales volume has increased on more profitable customers and routes. As to June 2012 TT has a 94 trucks fleet with a 90% occupancy. 16,500 16,000 15,500 15,000 Operating Income In Thousands S/. Jun-11 15,737 16,236 Jun-12 Operating Revenues 25.0% Margins by Business Lines (Only 2Q) In Thousands S/. 22.1% Operating Income by Business Line (Only 2Q) En miles de S/. 20.0% 15.0% 10.0% 16.2% 10.9% 10.3% 10,000 5,000 6,005 2,098 5,894 2, % 0 0.0% Apr-Jun 11 Apr-Jun 12 Apr-Jun 11 Apr-Jun 12 Transport Fuel Station Transport Fuel Station 30

31 Other Subsidiaries Financial Statements File Service S.A. Balance Sheet S/.000 Dec-11 Jun-12 Current Assets 3,471 4,483 Non Current Assets 14,664 14,437 Total Assets 18,135 18,920 Current Liabilities 3,114 3,891 Non Current Liabilities 8,140 7,379 Total Liabilities 11,254 11,271 Total Equity 6,881 7,650 Total Liabilities and Equity 18,135 18,920 Multitainer S.A. Balance Sheet S/.000 Dec-11 Jun-12 Current Assets 12,293 17,359 Non Current Assets 2,466 2,989 Total Assets 14,759 20,348 Current Liabilities 10,723 16,170 Non Current Liabilities Total Liabilities 11,305 16,758 Total Equity 3,454 3,589 Total Liabilities and Equity 14,759 20,347 File Service S.A. Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 5,004 6,080 Operational Expenses -4,151-4,790 Operating Profit 853 1,290 EBITDA 1,151 1,598 Net Profit Multitainer S.A. Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 12,551 12,154 Operational Expenses -10,209-11,690 Operating Profit 2, EBITDA 2, Net Profit 1,

32 Subsidiaries: Multitainer SA Sales decreased 9.17% to June Nevertheless, the company is expected to close 2012 with an important sales raise supported by a S/.14.9MM backlog. Main customers at backlog: CIA Minera Coimolache, Minera La Zanja y Consorcio La Chira. 12,000 10,000 8,000 6,000 4,000 2,000 - Operating Income by Business Line S/ ,875 6,260 jun ,284 3,385 jun Pre fabricated Enabled Container Pre fabricated Operating Income by Economic Sector S/ ,000 5,000-8,114 4,100 2, jun-11 6,511 4,188 3, jun-12 Infrastructure Mining Oil Others 32

33 Terminales Portuarios Euroandinos Paita S.A. Aeropuertos Andinos del Perú S.A. (Non Consolidating Subsidiaries) Term inales Portuarios Euroandinos Paita S.A. Balance Sheet S/.000 Dec-11 Jun-12 Current Assets 21,232 81,257 Non Current Assets 14, ,749 Total Assets 35, ,006 Current Liabilities 11,309 9,741 Non Current Liabilities 0 282,934 Total Liabilities 11, ,675 Total Equity 24, ,334 Total Liabilities and Equity 35, ,009 Aeropuertos Andinos del Perú S.A. Balance Sheet S/.000 Jun-11 Jun-12 Current Assets 15,032 8,328 Non Current Assets 381 4,907 Total Assets 15,413 13,235 Current Liabilities 2,512 7,545 Non Current Liabilities Total Liabilities 2,512 7,545 Total Equity 12,900 5,690 Total Liabilities and Equity 15,412 13,235 Term inales Portuarios Euroandinos Paita S.A. Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 26,296 28,075 Operational Expenses -11,854-13,593 Operating Profit 14,442 14,482 EBITDA 14,701 14,765 Net Profit 1,226 1,597 Aeropuertos Andinos del Perú S.A. Profit and loss Statem ent S/.000 Jun-11 Jun-12 Total Operational Incom es 1,108 8,780 Operational Expenses -1,102-8,443 Operating Profit EBITDA Net Profit

34 Infraestructura Servicios Marítimos Servicios Logísticos Contacts: José Balta Del Río Corporate Chief Financial Officer (511) Susanne Noltenius Aurich Investor Relations (511)