3Q2015 Results Presentation

Transcription

1 3Q2015 Results Presentation 1

2 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 cause actual results to differ from those expressed herein. Argos assumes no obligation to update or correct the information contained in this presentation. 2

3 Highlights Acquisition of a controling stake in Odinsa (54.8%) Divestment of a 5.3% stake in Cementos Argos Fitch confirmed AA+ rating with stable outlook 15% cement and 7% ready mix concrete increase in volumes during 3Q Results were negatively affected by El Niño and fuel prices APM Terminals and Compas signed JV to operate the Cartagena terminal 88% of the assets have been transferred to Pactia 3

4 Consolidated Results 3Q Jan. - Sep. Billion COP$ Var. (%) Var. (%) Revenues Costs & SG&A Operating Profit EBITDA EBITDA Margin (%) 21,1 20,4 24,1 27,9 Million US$ Revenues Costs & SG&A Operating Profit EBITDA EBITDA Margin (%) 21,1 20,5 24,2 27,9 4

5 Consolidated Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion % % Q 2Q 3Q 1Q 2Q 3Q 3Q 2Q 1Q 5

6 Consolidated Results- Revenues Revenues September 2014 Cement Energy Coal Real Estate Corporative Divestment Dividends Equity Method Revenues September

7 Consolidated Results - EBITDA EBITDA September 2014 Cement Energy Coal Real Estate Corporative Divestment Dividends Equity Method EBITDA September

8 Consolidated Results Net Income Net Income September 2014 Cement Energy Coal Real Estate Corporative Divestment Dividends Equity Method Net Income September

9 Business Results Elim. Consolidated Operating Revenues (1) Gross Profit (1) Gross Margin 22,9% 20,0% 71,9% 38,5% 71,5% 31,1% 26,3% Operating Profit (1) Operating Margin 12,0% 15,3% 16,3% 26,2% 67,3% 17,7% 16,6% EBITDA (1) EBITDA Margin 19,3% 25,0% 17,0% 37,3% 67,5% 20,9% 24,1% Net Income - Controlling Interest (2) Margin 5,5% -3,9% 13,8% 0,2% 60,9% 0,9% 4,3% Revenues EBITDA (1) Eliminates Equity Method of the holding, intercompany, excludes Compas (2) Eliminates Equity Method of the holding, intercompany, excludes Compas, Celsia s minority interest, CemArgos minority interest, EPSA stake and other minority (3) Includes Equity Method from the consolidated and excludes real estate business. 25% 1% 0% 13% 1% Cement 60% Energy Real Estate Ports Coal Holding 0% 2% 1% 32% 43% 23% 9

10 COP$ billion COP$ billion Consolidated Balance Sheet Sep September 2015 Assets Short Term 40,1 17,8 22,3 13% 14% 23% Permanent Investments PP&E Assets Liab. & Equity Assets Equity Liabilities 50% Other Long Term December 2014 Liabilities Financial Oblig. Short Term 14,1 15% 16% Other Short Term 34,7 20,7 Assets Liab. & Equity Assets Equity Liabilities 25% 26% 18% Bonds and commercial papers Financial Oblig. Long Term Other Long Term 10

11 Non-Consolidated Results 3Q Jan. - Sep. Billion COP$ Var. (%) Var. (%) Revenues Costs & SG&A Operating Profit EBITDA EBITDA Margin (%) Million US$ Revenues Costs & SG&A Operating Profit EBITDA EBITDA Margin (%)

12 COP$ billion COP$ billion Non-Consolidated Balance Sheet Sep September 2015 Assets 16,5 2,1 14,3 14% 0% 5% Short Term Permanent Investments PP&E Assets Liab. & Equity Assets Equity Liabilities 81% Other Long Term December 2014 Liabilities 1,4 8% 6% 13% Financial Oblig. Short Term Other Short Term 15,2 13,8 26% Bonds 47% Financial Oblig. Long Term Assets Liab. & Equity Other Long Term Assets Equity Liabilities 12

13 Cement Business 13

14 Highlights Colombia Regional Division reported a 14% increase in cement volumes vs. 7.5% market average Increased participation in the import market in the US through the Houston and Mobile terminals 14

15 Jan Sep Volumes Cement Cement sales Colombia % 23% 43% Caribbean & CA Export +14% +19% -13% +21% +15% 28% USA - Southeast 2014 Colombia Caribbean & CA Export USA - Southeast 2015 Ready mix concrete Concrete sales % % % +9% % 27% 37% 32% 4% Colombia Caribbean & CA USA - Southeast USA - South Central 2014 Colombia Caribbean & CA USA - Southeast USA - South Central

16 Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion % % , Q 2Q 3Q 1Q 2Q 3Q 3Q 2Q 1Q 16

17 Energy Business 17

18 Highlights El Niño, fuel prices and variable market conditions negatively affected the results Cucuana hydro plant (55 MW) started commercial operations 18

19 Jan. Sep.Volumes Gx and Dx Generated Energy in GWh % +7% -22% +14% 2014 Celsia Zona Franca Celsia Energy end-user sales in GWh EPSA Central America 2015 Generation by technology type 4% % 45% Hydro Termo Wind +7% 2014 EPSA

20 Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion % % Q 2Q 3Q 1Q 2Q 3Q 3Q 2Q 1Q * The difference between the EBITDA presented on slide 9 and the one presented on slide 18 corresponds to different accounting treatments of the wealth tax and dividends. 20

21 Real Estate Business 21

22 Highlights Pactia Land Development 88% of the assets have been transferred to Pactia (Trust) Situm reported record sales during the quarter, 62,300 mts2 were sold 22

23 Operations Accumulated revenues Real Estate business 12% Progress of the assets transfer to the new Trust 88% Land development Rental properties Month Conconcreto Grupo Argos August 96% 4% September 71% 29% October 66% 34% November* 70% 30% *Estimated Stake of the Pactia Trust Accumulated (%) Advancement of the assets transfer process 88% 12% Pending Completed 23

24 Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion 80 77, , , % , % Q 2Q 3Q 1Q 2Q 3Q 3Q 2Q 1Q 24

25 Ports Business 25

26 Highlights APM Terminals and Compas signed a JV to jointly operate and manage the Cartagena terminal Buenaventura terminal reported a 56% increase in bulk cargo 26

27 Miles Operational Results Containers throughput # of containers Imp & Exp Bulk General cargo in tons % % +7% Q 2Q 3Q Q 2Q 3Q Q 2Q 3Q 382 # of ships moved Cartagena Buenaventura Barranquilla Tolú

28 Financial Results Revenues EBITDA EBITDA margin (%) COP$ Billion COP$ Billion % % Q 2Q 3Q 1Q 2Q 3Q 3Q 2Q 1Q 28

29 Debt Profile COP 1,68 trillion (USD 562 million) * Convertible bonds Final balance 519,305 million BOCEAS Equivalent to 24,407,335 preferred shares Synthetic Credit LT Credit Ordinary Bond Cost of debt (%)** 7,50% 7,45% 7,47% 7,30% 7,10% 6,90% 7,44% 7,42% 7,37% 7,32% 7,18% 7,15% 6,99% January February March April May June July August September *In billion COP, FX 2935 COP/USD **Excludes BOCEAS 29

30 Portfolio September 2014 September 2015 Food 6% Ports 2% Food 5% Concessions 8% Financial Services 28% COP$21,3 Billion Cement 35% Financial Services 27% COP$18,6 Billion Cement 32% Coal 2% Real Estate 14% Energy 13% Coal 2% Real Estate 16% Energy 9% *The value of each investment for the companies that are on the exchange market are calculated base on the share price at September 30th 2015 and the other assets are calculated base on the spin-off valuation. Concessions represents the sum of our stakes in Odinsa and Compas. -13% 30

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