Red de Carreteras de Occidente, S.A.B. de C.V.
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- Annice Peters
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1 QUARTERLY REPORT 3Q2015
2 Red de Carreteras de Occidente, S.A.B. de C.V. Relevant events during the perid. During 3Q2015, ttal tll and ther cncessin revenues increased by 12.67% cmpared t 3Q2014. On August 26 th, 2015 COVIQSA fully prepaid the variable rate syndicated lan that it had with Banbras, Santander and Banrte with maturity n 2021, thrugh a new lan f MXN $1,048.8 millin granted by Banbras at a fixed annual rate f 8.08% and maturity n On September 1 st f 2015 COVIQSA received a syndicated lan fr a ttal amunt f MXN $1,751.2 millin granted by Santander and Banrte with maturity n This lan alng with the afrementined lan results in a ttal indebtedness f MXN $2,800.0 millin. Audited cnslidated Financial Infrmatin fr 3Q2015 and 3Q2014. Revenue, Incme frm peratins and EBITDA Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var Ttal tll and ther cncessin revenues 1 1, , % 4, , % Cnstructin revenues % (21.90%) Ttal revenues 1, , % 4, , % Csts and expenses (withut cnstructin csts) (12.53%) 1, ,667.3 (15.59%) Cnstructin csts % (21.90%) Ttal csts and expenses (5.24%) 1, ,885.6 (16.32%) Incme befre ther incme -net 1, % 3, , % Other incme -net (6.80%) (9.27%) Incme frm peratins 1, % 3, , % EBITDA 1, , % 3, , % Adjusted EBITDA 1, , % 4, , % Incme frm peratins margin 71.01% 62.61% 70.33% 60.74% EBITDA margin 83.06% 82.56% 83.04% 81.27% Adjusted EBITDA margin 88.79% 86.13% 89.02% 84.95% 1 Ttal tll and ther cncessin revenues exclude Cnstructin revenues. Page 1 f 31
3 RCO (FARAC I, COVIQSA and CONIPSA) Red de Carreteras de Occidente, S.A.B. de C.V. (indistinctly, RCO, the Cncessinaire r the Cmpany ), whse primary purpse is t perate, maintain and explit the highways and tll-free rads that are the subject matter f the FARAC I, COVIQSA and CONIPSA cncessin agreements, annunced its unaudited financial results as f September 30 th, The Cmpany s unaudited cnslidated cndensed financial statements as f September 30 th, 2015, have been prepared in accrdance with the current Internatinal Accunting Standard ( IAS ) 34 current Interim Financial Infrmatin. The accunting plicies are the same used in the latest audited cnslidated financial statements. Selected Financial Infrmatin and Key Indicatrs. Cumulative Key indicatrs 3Q2015 3Q2014 % Var % Var Revenue by rad (MXN millin) / Tll Revenues Guadalajara-Zaptlanej % % Maravatí-Zaptlanej % 1, , % FARAC I 1 Zaptlanej-Lags % 1, % León -Aguascalientes % % Ttal FARAC I 2 1, , % 3, , % COVIQSA Irapuat-Querétar % % CONIPSA Irapuat-La Piedad % % Average daily traffic (ADT) By rad stretch Guadalajara-Zaptlanej 34, , % 33, , % Maravatí-Zaptlanej 8, , % 8, , % Zaptlanej-Lags 13, , % 12, , % FARAC I León -Aguascalientes 11, , % 11, , % By type f vehicle Buses (2.01%) (1.74%) Trucks 3, , % 3, , % Cars 7, , % 6, , % Weighted average Ttal 3 11, , % 10, , % COVIQSA Irapuat-Querétar 39, , % 39, , % CONIPSA Irapuat-La Piedad 21, , % 21, , % Cnslidated results (MXN millin) Ttal tll and ther cncessin revenues 4 1, , % 4, , % Incme frm peratins 1, % 3, , % EBITDA 1, , % 3, , % Adjusted EBITDA 1, , % 4, , % Lng-term debt 5 37, , % Stckhlders' equity 5 17, ,089.2 (15.30%) 1 Des nt include: (i) ancillary revenues frm the use f Right f Way and (ii) Cnstructin revenues. 2 Data extracted frm daily peratins system, there is a difference in timing cmpared t the accunting recrds. 3 Accrding t each rad's kilmeters. 4 Ttal tll and ther cncessin revenues exclude Cnstructin revenues. 5 Cumulative figures fr 2015, crrespnd t the balance sheet as f the end f September Cumulative figures fr 2014, crrespnd t the balance sheet as f December Page 2 f 31
4 Revenues. Ttal tll and ther cncessin revenues fr 3Q2015 were MXN $1,616.0 millin, which represented a 12.67% increase frm MXN $1,434.3 millin in 3Q2014. Cnslidated ttal revenues are cmprised f: Tll revenues (FARAC I), which increased by 13.27% as cmpared t 3Q2014, t MXN $1,303.8 millin; this increase is mainly due t (i) an increase in tll rates based n inflatin and (ii) vehicle mix. Shadw tll payments frm the SCT (CONIPSA/COVIQSA), cmprised f the shadw tll payments frm the SCT fr tll-free rads Irapuat - La Piedad and Querétar - Irapuat, pursuant t PPS agreements. The registered amunt increased by MXN $9.6 millin t MXN $176.0 millin in 3Q2015 frm MXN $166.4 millin in 3Q2014. Availability Payments frm the SCT (CONIPSA/COVIQSA), cmprised f Availability Payments made by the SCT (financial asset) fr tll-free rads Irapuat - La Piedad and Querétar - Irapuat, pursuant t PPS agreements. The registered amunt increased by MXN $3.6 millin as cmpared t MXN $98.8 millin in 3Q2014, t MXN $102.4 millin in 3Q2015. Ancillary revenue frm the use f right f way and ther related revenues, increased by MXN $15.8 millin frm 3Q2014 t MXN $33.8 millin during 3Q2015. This increase was primarily a result f the pening f new restaurants and cnvenience stres. The amunt f cnstructin revenues and expenses are derived frm the Expansin Wrks executed in FARAC I. It shuld be nted that the amunt f revenues is equivalent t the incurred cst, which represents an increase t the value f intangible assets derived frm the cncessins; therefre have a zer net effect n the Cmpany s results. The amunts registered during 3Q2015 were MXN $89.9 millin as cmpared t MXN $52.8 millin in 3Q2014. Csts and expenses (excluding cnstructin csts). Ttal csts and expenses fr 3Q2015 were MXN $478.1 millin, a 12.53% decrease as cmpared t 3Q2014, cmprised f: Amrtizatin f assets derived frm the cncessins, which decreased by MXN $92.4 millin t MXN $193.3 millin as cmpared t 3Q2014. This variatin was mainly due t the recgnitin f the 4.5 years extensin f FARAC I Cncessin Agreement (derived frm the inclusin f the Expansin Wrk Jiquilpan- La Barca). Operatin and maintenance prvisins, which increased by MXN $45.8 millin during 3Q2015, mainly due t an increase n the Majr Maintenance Prvisin. Tll cllectin csts, which decreased t MXN $26.8 millin during 3Q2015, r MXN $4.6 millin cmpared t 3Q2014. General and administrative expenses, which decreased t MXN $92.9 millin during 3Q2015 frm MXN $111.6 millin during 3Q2014. Other incme net. Other incme fr 3Q2015 was MXN $9.6 millin, a decrease f MXN $0.7 millin cmpared t MXN $10.3 millin during 3Q2014. EBITDA. EBITDA increased by MXN $158.0 millin, t MXN $1,342.2 millin in 3Q2015 frm MXN $1,184.2 millin in 3Q2014. Adjusted EBITDA. Adjusted EBITDA increased by MXN $199.6 millin, t MXN $1,434.9 millin in 3Q2015 frm MXN $1,235.3 millin in 3Q Page 3 f 31
5 Net financing cst, incme taxes, and net lss fr the perid. Net financing cst, incme taxes and Cnslidated net incme (lss) fr the perid Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var Incme frm peratins 1, % 3, , % Net financing cst ,505.8 (39.03%) 2, ,392.7 (28.85%) Interest expense ,472.7 (37.92%) 2, ,337.0 (25.58%) denminated debt (30.68%) (67.17%) Interest incme (44.9) (37.3) (20.38%) (128.1) (122.0) (5.00%) Net freign exchange lss (incme) Incme (lss) befre incme taxes (607.8) % (859.7) % Incme taxes (benefit) (17.9) (171.3) 89.55% (353.1) % Cnslidated net incme (lss) fr the perid (436.5) % (506.6) % Net financing cst. During 3Q2015, the net financing cst decreased by MXN $587.7 millin cmpared t 3Q Interest expense, during 3Q2015 decreased by MXN $558.5 millin r 37.92% cmpared t 3Q2014, primarily as a result f: (i) during 3Q2015 there were n csts related t the cancellatin f certain derivative financial instruments as cmpared t 3Q2014 when there was a recgnitin f MXN $604.8 millin fllwing the Acquisitin Lan refinancing. (ii) a net increase f MXN $46.3 millin in ther interest expense items cmpared t 3Q2014 cmprised mainly f: (i) MXN $120.8 millin increase in premiums and interest n financing, (ii) MXN $3.1 millin increase in interest n majr maintenance, (iii) MXN $8.0 millin decrease in amrtizatin f premiums and debt expenses, (iv) MXN $22.6 millin decrease in effects f valuatin f derivative financial instruments, and (v) MXN $47.0 millin decrease in interest n derivative financial instruments. 2. Adjustments t principal amunt f UDI denminated debt, due t a variatin in UDI value as f 3Q2015 1, a lss f MXN $48.8 millin was registered during 3Q2015 cmpared t a lss f MXN $70.4 millin during 3Q2014; this variatin reflects the accumulated inflatin f 3Q2015 as cmpared t 3Q2014. This line item reflects the UDI value f the CBs RCO 12U. 3. Interest incme, which increased by MXN $7.6 millin, t MXN $44.9 millin during 3Q2015 frm MXN $37.3 millin in 3Q2014. Incme (lss) befre incme taxes. The cnslidated incme befre incme taxes increased by MXN $837.2 millin, t MXN $229.4 millin in 3Q2015 cmpared t the cnslidated lss befre taxes f MXN $607.8 millin in 3Q2014. Incme taxes (benefit). During 3Q2015 the incme taxes benefit was MXN $17.9 millin which decreased 89.55% r MXN $153.4 millin frm 3Q2014; primarily due t a decrease in bth, the deferred tax asset balance f RCO and incme taxes caused by COVIQSA and CONIPSA. 1 UDI value as f September 30 th, 2015 was cmpared t as f June 30 th, 2015; UDI value as f September 30, 2014 was cmpared t as f June 30, Page 4 f 31
6 Cnslidated net incme (lss) fr the perid. During 3Q2015 the Cmpany recrded a net incme f MXN $247.3 millin, a MXN $683.8 millin increase ver the net lss f MXN $436.5 millin in 3Q2014. CASH AND LONG-TERM DEBT Cash and cash equivalents. Fr 3Q2015 registered MXN $7,893.1 millin, which represented an increase f 26.79% cmpared t MXN $6,225.1 millin at the end f 2014, primarily due t the receipt f a syndicated lan granted by Santander and Banrte t Cviqsa. Lng-term debt. The lng-term debt is cmprised f the fllwing nine items, (i) FARAC I CBs RCO 12 and RCO12 U, (ii) FARAC I HSBC Capex Lan, (iii) FARAC I Senir Ntes, (iv) FARAC I Banbras Lan, (v) FARAC I Inbursa Lan, (vi) FARAC I CBs RCO 14, (vii) FARAC I Santander Capex Lan, (viii) COVIQSA Lan and (ix) CONIPSA Lan. In accrdance with IFRS, lng-term debt is presented net f fees and debt issuance csts. As f 3Q2015, lng-term debt increased by MXN $1,978.2 millin r 5.62%, t MXN $37,175.4 millin frm MXN $35,197.2 millin at the end f LIQUIDITY The liquidity rati (current assets/current liabilities) decreased t 1.94 as f 3Q2015 cmpared t 3.36 at the end f 2014, mainly due t an increase n the Accunts Payable t Related Parties derived frm the capital reductin t the variable prtin apprved (previus recmmendatin by its Bard f Directrs) by tw rdinary general meetings held first n February 9 th and secnd n May 12 th 2015, fr an amunt f MXN $1,350.0 millin and MXN $2,208.0 millin respectively. Page 5 f 31
7 FARAC I Pursuant t the FARAC I Cncessin Agreement, the Cmpany hlds the right t build, perate, explit, enhance and maintain (i) Guadalajara-Zaptlanej, (ii) Maravatí-Zaptlanej, (iii) Zaptlanej-Lags and (iv) León- Aguascalientes tll rads fr a perid f 34.5 years frm the date f award f the cncessin beginning Octber In additin, pursuant t the FARAC I Cncessin Agreement the Cmpany is required t build and maintain the Expansin Wrks. See FARAC I Expansin Wrks. Selected Financial Infrmatin and key indicatrs fr the perid. Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var Ttal tll and ther cncessin revenues 1, , % 3, , % Administrative service revenues (25.13%) % Csts and expenses (excluding cnstructin csts) (18.56%) 1, ,463.7 (18.92%) Incme frm peratins % 2, , % EBITDA 1, % 3, , % Adjusted EBITDA 1, % 3, , % Incme frm peratins margin 71.44% 59.81% 70.68% 58.47% EBITDA margin 83.18% 81.20% 83.21% 80.64% Adjusted EBITDA margin 88.01% 84.69% 88.29% 84.27% ADT by rad Guadalajara-Zaptlanej 34, , % 33, , % Maravatí-Zaptlanej 8, , % 8, , % Zaptlanej-Lags 13, , % 12, , % León -Aguascalientes 11, , % 11, , % ADT by type f vehicle Buses (2.01%) (1.74%) Trucks 3, , % 3, , % Cars 7, , % 6, , % Weighted average ADT Ttal FARAC I 1 11, , % 10, , % 1 Accrding t each rad's kilmeters. Weighted Average Daily Traffic (ADT), during 3Q2015 a 7.58% increase was recrded cmpared t the same perid f Ttal tll and ther cncessin revenues, ttal tll and cncessin revenues fr 3Q2015 were MXN $1,336.7 millin, an increase f MXN $168.5 millin cmpared t MXN $1,168.2 millin in 3Q2014. Ttal tll and ther cncessin revenues are cmprised f: Tll revenues, which increased by MXN $152.7 millin r 13.27%, t MXN $1,303.8 millin in 3Q2015 frm MXN $1,151.1 millin in 3Q2014, this increase is mainly due t (i) an increase in tll rates based n inflatin and (ii) vehicle mix. Ancillary revenue frm the use f right f way and ther related revenues, increased by MXN $15.8 millin t MXN $32.9 millin during 3Q2015 frm MXN $17.1 millin during 3Q2014, this increase was primarily a result f the pening f new restaurants and cnvenience stres. Administrative services revenues. During 3Q2015, administrative services revenues were MXN $14.9 millin. These revenues, which are eliminated in the cnslidatin prcess, represent the persnnel services rendered t COVIQSA and CONIPSA by the Cmpany s subsidiaries Prestadra de Servicis RCO and RCO Carreteras. Page 6 f 31
8 The amunt f cnstructin revenues and expenses are derived frm the Expansin Wrks executed in FARAC I. It shuld be nted that the amunt f revenues is equivalent t the incurred cst, which represents an increase t the value f intangible assets derived frm the cncessins; therefre have a zer net effect n the Cmpany s results. Thse amunts registered MXN $89.9 millin during 3Q2015 as cmpared t MXN $52.8 millin in 3Q2014. Csts and expenses (excluding cnstructin csts), ttal csts and expenses, were MXN $404.7 millin in 3Q2015 frm MXN $496.9 millin in 3Q2014, cmprised f: Amrtizatin f assets derived frm the cncessins, which decreased by MXN $93.7 millin, t MXN $155.8 millin in 3Q2015 frm MXN $249.5 millin in 3Q2014; this variatin was mainly due t the recgnitin f the 4.5 years extensin f FARAC I Cncessin Agreement (derived frm the inclusin f the Expansin Wrk Jiquilpan- La Barca). Operatin and maintenance prvisins, increased by MXN $21.6 millin during 3Q2015, mainly due t an increase n the Majr Maintenance Prvisin. Tll cllectin csts, which decreased by MXN $2.2 millin, t MXN $25.5 millin in 3Q2015 frm MXN $27.7 millin in 3Q2014. General and administrative expenses, which decreased t MXN $92.4 millin in 3Q2015 frm MXN $111.8 millin in 3Q2014. Other incme net. During 3Q2015, FARAC I recrded an incme f MXN $8.1 millin, an increase f MXN $0.6 millin frm MXN $7.5 millin during 3Q2014. Incme frm peratins. In 3Q2015, incme frm peratins was MXN $955.0 millin, an increase f MXN $256.3 millin cmpared t MXN $698.7 millin in 3Q2014, which represents an Incme frm Operatins Margin f 71.44% 2. EBITDA. EBITDA fr 3Q2015 increased by MXN $163.3 millin, t MXN $1,111.9 millin frm MXN $948.6 millin in 3Q2014, which represents an EBITDA Margin f 83.18% 3. Adjusted EBITDA. Adjusted EBITDA fr 3Q2015 was MXN $1,176.4 millin, an increase f MXN $187.0 millin cmpared t MXN $989.4 millin frm 3Q2014, which represents an Adjusted EBITDA Margin f 88.01% 4. Net financing cst. During 3Q2015, the net financing cst decreased by MXN $606.6 millin. This decrease was due t the fllwing: 1. Interest expense, decreased by MXN $576.3 millin primarily as a result f: (i) during 3Q2015 there were n csts related t the cancellatin f certain derivative financial instruments as cmpared t 3Q2014 when there was a recgnitin f MXN $604.8 millin fllwing the Acquisitin Lan refinancing. (ii) a net increase f MXN $28.5 millin in ther interest expense items cmpared t 3Q2014 cmprised mainly f: (i) MXN $114.7 millin increase in premiums and interest n financing, (ii) expenses MXN $3.4 millin increase in interest n majr maintenance, (iii) MXN $ Incme frm peratins / Ttal tll and ther cncessin revenues 3 EBITDA / Ttal tll and ther cncessin revenues 4 Adjusted EBITDA / Ttal tll and ther cncessin revenues Page 7 f 31
9 millin decrease in amrtizatin f premiums and debt, (iv) MXN $20.7 millin decrease in effects f valuatin f derivative financial instrument, and (v) MXN $47.0 millin decrease in interest n derivative financial instruments. 2. Adjustments t principal amunt f UDI denminated debt, due t a variatin in UDI value as f 3Q2015 5, a lss f MXN $48.8 millin was registered during 3Q2015, cmpared t a lss f MXN $70.4 millin during 3Q2014. This line item reflects the UDI value f the CBs RCO 12U. 3. Interest incme, which increased by MXN $8.7 millin, t MXN $39.5 millin during 3Q2015 frm MXN $30.8 millin during 3Q Dividends frm subsidiaries, during 3Q2015 and 3Q2014 there were n dividends frm subsidiaries. FARAC I Debt Service Cverage Rati. The Debt Service Cverage Rati (amunt available fr debt service purpses / Debt Service) increased by %, t 4.54 in 3Q2015 frm 2.22 in 3Q2014. FARAC I Debt Service Cverage Rati fr the perid. DSCR FARAC I Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var (+) Incme frm peratins % 2, , % (+) Amrtizatin f assets derived frm the cncessin (37.56%) (36.37%) (+) Depreciatin % % (+) Majr Maintenance Prvisin % % (=) Adjusted EBITDA 1, % 3, , % (-) Majr Maintenance Expenses (100.00%) (100.00%) (+) Available Cash 1,3 2, % % (+) Net Prepayment (100.00%) (100.00%) (=) Amunt Available fr Debt Service 3, , % 4, , % (/) Debt Service % 2, , % Debt Service Cverage Rati (DSCR) % (2.62%) 1 Cash and cash equivalents net f amunts held in the Expansin Trust and certain prject accunts that cannt be used t pay Ttal Debt Service. 2 Includes interest expense net f the csts f unwinding derivative financial instruments and certain nn-cash interest expense items; and principal amrtizatins. (Mre detail abut the items f this rati are in the definitin f Debt Service Cverage Rati). 3 Includes fr 3Q2015 MXN $1,680.6 milln received n September 1 st as excess cash frm COVIQSA. 5 UDI value as f June 30 th 2015 was cmpared t as f March 31 st 2015; UDI value as f September 30, 2014 was cmpared t as f June 30, Page 8 f 31
10 FARAC I Debt Maturity Prfile (MXN Millin) Bank Debt Debt Capital Markets Year Capex Capex CBs Pess CBs UDI CBs Pess Senir Banbras Inbursa HSBC Santander RCO12 RCO 12U¹ RCO 14 Ntes Ttal , , , , , , , , , , , , , , , , , Ttal , , , , , , ,153.5 Reserve ,469.6 Net ttal , , , , , , , UDI value as f September 30 th, 2015 f Cntractual cash reserve. FARAC I Expansin Wrks During 3Q2015, RCO cmpleted capital expenditures f MXN $84.3 millin in cnnectin with the Expansin Wrks. Since the inceptin f FARAC I Cncessin Agreement, RCO has invested a ttal f MXN $1,753.5 millin in cnnectin with the Expansin Wrks detailed in the fllwing table. The afrementined amunts d nt include taxes r payments in cnnectin with Right f Way. Page 9 f 31
11 FARAC I Expansin Wrks status PROJECT BEGINNING CLOSING DATE DATE STATUS Rehabilitatin f El Desperdici-Lags de Mren feeder Jun-09 Jan-10 Finished León - Aguascalientes rehabilitatin f segment Jun-09 Dec-09 Finished Zaptlanej - Guadalajara widening t six lanes between Tnalá and Guadalajara Km 21 t Km 26 May-10 Jun-11 Finished Zaptlanej - Guadalajara cnstructin f tll free lanes between Tnalá and Guadalajara Feb-11 Jun-12 Finished Zaptlanej - Guadalajara widening t three lanes carriageway A between El Vad and Tnalá Jun-12 Feb-13 Finished Zaptlanej - Guadalajara cnstructin f tw verpasses in El Vad Oct-12 Sep-13 Finished Zaptlanej - Guadalajara - reinfrcement Fernand Espinsa bridge Oct-12 Sep-13 Finished Zaptlanej - Guadalajara cnstructin f tll free lanes between Arry de Enmedi and Tnalá Dec-12 Jan-14 Finished León - Aguascalientes cnstructin f El Desperdici II - Encarnación de Díaz feeder Oct-12 Aug-14 Finished Zacapu / Maravatí - Zaptlanej Prcessing the cnstructin wrks certificate. *Estimated clsing date Jiquilpan-La Barca Oct-14 Dec - 17 * In prcess Page 10 f 31
12 COVIQSA COVIQSA hlds the cncessin t perate, preserve and maintain a 93-km federal tll-free rad lcated in the states f Querétar and Guanajuat, fr a 20-year perid beginning in June This tll-free rad cnstitutes a key segment f the Bají crridr by cnnecting the cities f Querétar and Irapuat in the East-West directin. The Querétar-Irapuat tll-free rad serves a number f carriers engaged in trade-related activities in the cities f Querétar, Irapuat and La Piedad, as well as in regins such as nrthern León, suthern Mrelia, western Guadalajara and eastern Mexic City. Selected Financial Infrmatin and key indicatrs fr the perid. Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var Ttal tll and ther cncessin revenues % % Incme frm peratins % % EBITDA % % Adjusted EBITDA % % Incme frm peratins margin 71.40% 71.52% 71.17% 69.20% EBITDA margin 85.91% 85.98% 85.70% 83.71% Adjusted EBITDA margin 93.88% 90.84% 93.68% 88.57% ADT fr the perid 39, , % 39, , % Ttal tll and ther cncessin revenues. COVIQSA ttal tll and ther cncessin revenues fr 3Q2015 increased by MXN $8.2 millin, t MXN $215.7 millin frm MXN $207.5 millin in 3Q2014. These revenues are cmprised f: Shadw tll payment frm the SCT, which increased by MXN $6.6 millin, t MXN $166.8 millin in 3Q2015 frm MXN $160.2 millin in 3Q2014. Availability Payment frm the SCT, which increased by MXN $1.8 millin, t MXN $48.2 millin in 3Q2015 frm MXN $46.4 millin in 3Q2014. Ancillary revenue frm the use f right f way and ther related revenues, which decreased by MXN $0.2 millin t MXN $0.7 millin during 3Q2015, frm MXN $0.9 millin during 3Q2014. Csts and expenses. Ttal csts and expenses fr 3Q2015 were MXN $62.9 millin, an increase f MXN $1.3 millin cmpared t MXN $61.6 millin fr 3Q2014. Csts and expenses are cmprised f: Amrtizatin f assets derived frm the cncessins, which increased by MXN $1.1 millin, t MXN $31.1 millin in 3Q2015 frm MXN $30.0 millin in 3Q2014. Operatin and maintenance prvisins, which increased by MXN $12.8 millin t MXN $21.8 millin during 3Q2015 as cmpared t MXN $9.0 millin during 3Q2014. Tll cllectin csts, which decreased by MXN $2.1 millin, t MXN $0.7 millin in 3Q2015 frm MXN $2.8 millin in 3Q2014. General and administrative expenses, which decreased t MXN $9.3 millin in 3Q2015 frm MXN $19.8 millin in 3Q2014. Other incme. In 3Q2015 ther incme recrded MXN $1.2 millin, a decrease f MXN $1.3 millin cmpared t an incme f MXN $2.5 millin in 3Q Page 11 f 31
13 Incme frm peratins. In 3Q2015, incme frm peratins was MXN $154.0 millin. During 3Q2014 registered MXN $148.4 millin, which represents an Incme frm Operatins Margin f 71.40% 6. EBITDA. EBITDA fr 3Q2015 was MXN $185.3 millin frm an EBITDA f MXN $178.4 millin in 3Q2014, which represents an EBITDA Margin f 85.91% 7. Adjusted EBITDA. Adjusted EBITDA fr 3Q2015 was MXN $202.5 millin cmpared t an Adjusted EBITDA f MXN $188.5 millin in 3Q2014, which represents an Adjusted EBITDA Margin f 93.88% 8. Net financing cst. During 3Q2015, the net financing cst increased by MXN $22.0 millin, t MXN $26.0 millin frm MXN $4.0 millin in 3Q2014. This increase was due t the fllwing: Interest expense, which increased by MXN $26.9 millin t MXN $54.3 millin cmpared t 3Q2014 due t: (i) an increase in premiums and interests n financing and, (ii) an increase in amrtizatin f premiums and debt expenses due t the syndicated lan refinancing and the new Cviqsa Lan. Interest incme, which increased by MXN $4.9 millin, t MXN $28.3 millin in 3Q2015 frm MXN $23.4 millin in 3Q2014. COVIQSA I Debt Service Cverage Rati fr the perid. The Debt Service Cverage Rati (amunt available fr debt service purpses / Debt Service) increased by 5.58% t during 3Q2015 frm in 3Q2014. COVIQSA Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var (+) Incme frm peratins % % (+) Amrtizatin f assets derived frm the cncessin % % (+) Depreciatin % % (+) Majr Maintenance Prvisin % % (=) Adjusted EBITDA % % (-) Incme Tax (35.55%) (42.08%) (-) Majr Maintenance Expense % % (+) Available Cash (14.00%) (69.10%) (=) Amunt Available fr Debt Service (7.40%) (11.36%) (/) Debt Service (12.36%) (26.07%) Debt Service Cverage Rati (DSCR) % % 1 Cash and cash equivalents net f amunts held in the Expansin Trust and certain prject accunts that cannt be used t pay Ttal Debt Service. 2 Includes interest expense net f the csts f unwinding derivative financial instruments and certain nn-cash interest expense items; and principal amrtizatins. (Mre detail abut the items f this rati are in the definitin f Debt Service Cverage Rati). The MXN $14.1 milln f interest expense f 3Q2015 were paid with Cviqsa Lan prceeds. 6 Incme frm peratins / Ttal tll and ther cncessin revenues 7 EBITDA / Ttal tll and ther cncessin revenues 8 Adjusted EBITDA / Ttal tll and ther cncessin revenues Page 12 f 31
14 COVIQSA s Debt Maturity Prfile (MXN Millin) Bank Debt Year Acquisitin Ttal 2,800.0 Reserve Net ttal 2, Cntractual cash reserve. Page 13 f 31
15 CONIPSA CONIPSA hlds the cncessin t perate, preserve and maintain a 73.5-km federal tll-free rad lcated in the states f Michacan and Guanajuat, fr a 20-year perid beginning in June This rad is part f the East- West highway crridr that links a number f cities in central Mexic s Bají regin with Guadalajara s western regin and Mexic City s eastern regin. Selected Financial Infrmatin and key indicatrs fr the perid. Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var Ttal tll and ther cncessin revenues % % Incme frm peratins (14.14%) (7.41%) EBITDA (13.35%) (6.77%) Adjusted EBITDA % % Incme frm peratins margin 67.87% 85.67% 68.08% 79.13% EBITDA margin 70.55% 88.23% 70.75% 81.67% Adjusted EBITDA margin 87.72% 88.74% 87.89% 82.18% ADT fr the perid 21, , % 21, , % Ttal tll and ther cncessin revenues. CONIPSA Ttal tll and ther cncessin revenues fr 3Q2015, increased by MXN $4.9 millin, t MXN $63.5 millin frm MXN $58.6 millin in 3Q2014. These revenues are cmprised f: Shadw tll payment frm the SCT, which increased by MXN $3.0 millin, t MXN $9.2 millin in 3Q2015 frm MXN $6.2 millin in 3Q2014. Availability Payment frm the SCT, which increased by MXN $1.8 millin, t MXN $54.2 millin in 3Q2015 frm MXN $52.4 millin in 3Q2014. Ancillary revenue frm the use f right f way and ther related revenues, which increased by 100% t MXN $0.1 in 3Q2015 as cmpared t 3Q2014. Csts and expenses. Ttal csts and expenses during 3Q2015 were MXN $20.7 millin, an increase f MXN $12.0 millin cmpared t MXN $8.7 millin in 3Q2014. CONIPSA s csts and expenses are cmprised f: Amrtizatin f assets derived frm the cncessins, which recrded MXN $1.5 millin in 3Q2015 and 3Q2014. Operatin and maintenance prvisins, increased by MXN $13.6 millin during 3Q2015 mainly due t an increase n the Majr Maintenance Prvisin. Tll cllectin csts, which recrded MXN $0.7 millin in 3Q2015, a decrease f MXN $0.2 millin cmpared t MXN $0.9 millin in 3Q2014. General and administrative expenses, which recrded MXN $3.1 millin in 3Q2015 cmpared t MXN $4.5 millin during 3Q2014. Other incme- net. During 3Q2015, ther incme was MXN $0.3 millin, with n changes as cmpared t 3Q Page 14 f 31
16 Incme frm peratins. Incme frm peratins during 3Q2015 was MXN $43.1 millin, a decrease f MXN $7.1 millin cmpared t 3Q2014, which represents an Incme frm Operatins Margin fr 3Q2015 f 67.87% 9. EBITDA. Fr 3Q2015 decreased by MXN $6.9 millin, t MXN $44.8 millin frm an EBITDA f MXN $51.7 millin in 3Q2014, which represents an EBITDA Margin f 70.55% 10. Adjusted EBITDA. Fr 3Q2015 was MXN $55.7 millin, an increase f MXN $3.7 millin cmpared t MXN $52.0 millin fr 3Q2014, which represents an Adjusted EBITDA Margin f 87.72% 11. Net financing cst. During 3Q2015, the net financing cst decreased by MXN $3.4 millin, t MXN $7.6 millin frm MXN $11.0 millin in 3Q2014. This decrease was due t the fllwing: Interest expense, which decreased by MXN $3.2 millin cmpared t 3Q2014, t MXN $9.8 millin in 3Q2015, cmprised f: (i) a MXN $0.6 millin decrease in the majr maintenance interest, and (ii) a MXN $2.0 millin decrease in premiums and interest n financing. Interest incme, registered MXN $2.2 millin in 3Q2015, an increase f MXN $0.2 millin cmpared t 3Q2014. CONIPSA I Debt Service Cverage Rati fr the perid. The Debt Service Cverage Rati (amunt available fr debt service purpses / Debt Service) increased by 31.46% t in 3Q2015 frm 8.45 in 3Q2014. CONIPSA Cumulative (MXN millin) 3Q2015 3Q2014 % Var % Var (+) Incme frm peratins (14.14%) (7.41%) (+) Amrtizatin f assets derived frm the cncessin % (+) Depreciatin % % (+) Majr Maintenance Prvisin ,533.33% ,533.33% (=) Adjusted EBITDA % % (-) Incme Tax % % (-) Majr Maintenance Expense % % (+) Available Cash % % (=) Amunt Available fr Debt Service % % (/) Debt Service (9.30%) (7.42%) Debt Service Cverage Rati (DSCR) % % 1 Cash and cash equivalents net f amunts held in the Expansin Trust and certain prject accunts that cannt be used t pay Ttal Debt Service. 2 Includes interest expense net f the csts f unwinding derivative financial instruments and certain nn-cash interest expense items; and principal amrtizatins. (Mre detail abut the items f this rati are in the definitin f Debt Service Cverage Rati). 9 Incme frm peratins / Ttal tll and ther cncessin revenues 10 EBITDA / Ttal tll and ther cncessin revenues 11 Adjusted EBITDA / Ttal tll and ther cncessin revenues Page 15 f 31
17 CONIPSA s Debt Maturity Prfile (MXN Millin) Bank Debt Year Acquisitin Ttal Reserve Net ttal Cntractual cash reserve. Page 16 f 31
18 RELEVANT EVENTS During the perid frm July 1 st, 2015 t September 30 th, 2015, the Cmpany disclsed the fllwing relevant events: RCO infrms that its subsidiary, Cncesinaria de Vías Irapuat Querétar, S.A. de C.V. ( Cviqsa ) has fully prepaid certain syndicated lan with maturity in 2021, btaining a new lan with maturity in Red de Carreteras de Occidente, S.A.B. de C.V. ( RCO ) infrms t its stakehlders that n August 20th, 2015, its subsidiary Cviqsa entered int a new lan f MXN$1, , (One billin frty eight millin seven hundred and eighty tw thusand ne hundred and ninety three 00/100 pess) granted by Banc Nacinal de Obras y Servicis Públics, Sciedad Nacinal de Crédit, Institución de Banca de Desarrll ( Banbras ) at a fixed annual rate f 8.08%, with maturity n May 27th, Prceeds received were used t fully prepay the syndicated lan at variable rate that Cviqsa, as brrwer, had with Banbras, Banc Santander (Méxic) S.A., Institución de Banca Múltple, Grup Financier Santander Méxic and Banc Mercantil del Nrte, S.A. Institución de Banca Múltiple, Grup Financier Banrte with maturity n August 27th, The prepayment ccurred last August 26th f RCO infrms the replacement f annex fr derivative financial instruments f secnd quarter Guadalajara, Jalisc n August 31 st, RCO re-sent the crrespnding annex regarding derivative financial instruments f the secnd quarter reprt 2015, as a requirement f the la Cmisión Nacinal Bancaria y de Valres. This ntice clarifies that the derivative financial instruments are cnsidered highly effective. The financial infrmatin reprted des nt suffer any changes. RCO infrms that its subsidiary Cncesinaria de Vías Irapuat Querétar, S.A. de C.V. ( Cviqsa ) entered int a lan fr a ttal amunt f $1, , (One billin seven hundred fifty ne millin tw hundred and seventeen thusand eight hundred and seven pess 00/100 M.N.) with maturity in Red de Carreteras de Occidente, S.A.B. de C.V. ( RCO ) infrms that n September 1 st f 2015 its subsidiary Cviqsa received a syndicated lan fr a ttal amunt f $1, , (One billin seven hundred fifty ne millin tw hundred and seventeen thusand eight hundred and seven pess 00/100 M.N.) granted by Banc Santander (Méxic), S.A., Institución de Banca Múltiple, Grup Financier Santander Méxic and Banc Mercantil del Nrte, S.A. Institución de Banca Múltiple, Grup Financier Banrte with maturity n May 27th f This lan in cnjunctin with the lan btained n August 20th, 2015 result in a ttal Cviqsa indebtedness f $2, , (Tw billin eight hundred millin pess 00/100 M.N.). Page 17 f 31
19 CONSOLIDATED FINANCIAL INFORMATION Red de Carreteras de Occidente, S.A.B. de C.V. and Subsidiaries COMPARATIVE CONSOLIDATED STATEMENTS OF PROFIT (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS) (MXN millin) Frm July 1 t September 30 f Cumulative Variatin % Variatin % TOTAL REVENUES 1, , , , Tll revenues 1, , , , Shadw tll payments frm the SCT Availability payments frm the SCT Ancillary revenues frm the use f right f way and ther related revenues Ttal tll and ther cncessin revenues 1, , , , Cnstructin revenues (47.8) (21.90) COSTS AND EXPENSES (31.4) (5.24) 1, ,885.6 (307.8) (16.32) Amrtizatin f assets derived frm the cncessins (92.4) (32.34) (267.5) (31.29) Operatin and maintenance prvisins (31.6) (6.74) Tll cllectin csts (4.6) (14.65) (14.7) (15.39) Cst f ancillary revenues frm the use f right f way and ther related revenues Cnstructin csts (47.8) (21.90) General and administrative expenses (18.7) (16.76) INCOME BEFORE OTHER INCOME NET 1, , , Other incme net (0.7) (6.80) (2.8) (9.27) INCOME FROM OPERATIONS 1, , , Net financing cst ,505.8 (587.7) (39.03) 2, ,392.7 (978.9) (28.85) Interest expense ,472.7 (558.5) (37.92) 2, ,337.0 (853.5) (25.58) Premiums and interests n financing , , Interest n derivative financial instruments (47.0) (54.15) (219.2) (65.63) Effects f valuatin f derivative financial instruments (22.6) (99.56) (210.6) 21.0 (231.6) (1,102.86) Unwind and restructure f derivative financial instruments (604.8) (100.00) (710.1) (100.00) Amrtizatin f premiums and debt expenses (8.0) (18.43) (14.4) (15.72) Majr maintenance interests Adjustments t principal amunt f UDI denminated debt (21.6) (30.68) (119.3) (67.17) Interest incme (44.9) (37.3) (7.6) (20.38) (128.1) (122.0) (6.1) (5.00) Net freign exchange lss (incme) INCOME (LOSS) BEFORE INCOME TAXES (607.8) (859.7) 1, INCOME TAXES (BENEFIT) (17.9) (171.3) (353.1) CONSOLIDATED NET INCOME (LOSS) FOR THE PERIOD (436.5) (506.6) 1, Other cmprehensive incme (lss) items Valuatin f derivative financial instruments (5.9) (789.7) (100.75) (202.5) (707.8) (140.08) Deferred incme taxes f derivative financial instruments 0.6 (228.9) (42.3) (145.3) COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (146.6) BASIC INCOME LOSS PER COMMON SHARE (pess ) 0.01 (0.02) (0.02) DILUTED INCOME LOSS PER SHARE (pess ) 0.01 (0.02) (0.02) Page 18 f 31
20 ASSETS Red de Carreteras de Occidente, S.A.B. de C.V. and Subsidiaries COMPARATIVE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF (MXN millin) September 2015 December 2014 Variatin % Current assets Cash and cash equivalents-current prtin 7, , , Trade accunts receivable (335.0) (79.31) Recverable taxes Financial asset-current prtin (100.4) (19.69) Other accunts receivable and prepaid expenses Ttal current assets 8, , , Nn-current assets Lng-term restricted cash Financial assets derived frm the cncessins - lng-term prtin Intangible assets derived frm the cncessins 43, ,693.6 (345.0) (0.79) Furniture and equipment and franchise rights - net (1.9) (12.10) Machinery and equipment - net Deferred incme tax asset 6, ,170.0 (8.6) (0.14) Other assets Ttal nn-current assets 50, ,822.2 (335.7) (0.66) TOTAL ASSETS 59, , , LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accunts payable t suppliers Interest payable (130.9) (19.35) Interest payable n derivative financial instruments Other current liabilities (1.7) (4.79) Prvisins Accunts payable t related parties 2, , Current prtin f lng-term debt Current prtin f lng-term emplyee benefits (48.4) (51.54) Accunts payable fr wrk executed, nt yet apprved Taxes ther than incme tax (33.9) (17.23) Incme taxes payable , Ttal current liabilities 4, , , Nn-current liabilities Lng-term debt 37, , , Prvisins fr majr maintenance (121.6) (54.09) Lng-term emplyee benefits (7.7) (19.85) Pst-emplyment benefits Other lng term liabilities (4.1) (48.24) Derivative financial instruments (12.2) (3.10) Ttal-nn current liabilities 37, , , TOTAL LIABILITIES 42, , , STOCKHOLDERS' EQUITY Capital stck 22, ,938.8 (3,558.0) (13.72) Accumulated deficit (5,042.0) (5,772.1) Other cmprehensive lss (322.3) (77.5) (244.8) (315.87) TOTAL STOCKHOLDERS' EQUITY 17, ,089.2 (3,072.7) (15.30) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 59, , , Page 19 f 31
21 Red de Carreteras de Occidente, S.A.B. de C.V. and Subsidiaries COMPARATIVE CONSOLIDATED STATEMENTS OF CASH FLOWS (Indirect methdlgy) Frm January 1 t September 30 f: (MXN millin) C n c e p t Frm January 1 t September 30 f: OPERATING ACTIVITIES Incme (lss) befre incme taxes (859.7) Adjustments fr: Depreciatin and amrtizatin Financing related activities: Interest expense 2, ,180.1 Valuatin effects f derivative financial instruments ,044.1 Ineffective prtin f derivative financial instruments (210.6) 21.0 Amrtizatin f cmmissins and debt issuance csts Adjustments t principal amunt f UDI denminated debt , , /- Decrease / (increase) in: Trade accunts receivable Recverable taxes 27.0 (92.6) Financial asset Other accunts receivable and ther prepaid expenses (30.7) (0.3) Other assets (0.2) (2.0) +/- Increase / (decrease) in: Accunts payable t suppliers Other current liabilities (5.8) 2.7 Prvisins (87.0) (117.3) Taxes ther than incme tax (34.0) (19.1) Incme taxes paid (176.7) (203.5) Emplyee prfit sharing (56.2) 73.4 Emplyee benefits Net cash prvided by perating activities 4, ,556.5 INVESTING ACTIVITIES Acquisitin f furtniture and equipment (0.6) (13.5) Franchise rights (10.5) - Intangible assets derived frm the cncessins (205.1) (194.1) Net cash (used in) prvided by investing activities (216.2) (207.6) FINANCING ACTIVITIES Prceeds frm lng-term debt 3, ,606.0 Payments f debt (1,184.0) (4,704.9) Interest paid (2,443.1) (1,949.6) Payments f derivative financial instruments (114.6) (1,056.1) Cmissins and debt issuance csts paid (50.6) (60.6) Decrease in capital stck (1,530.0) - Net cash used in financing activities (2,183.0) (3,165.2) +/- Increase in cash, cash equivalents and restricted cash 1, Cash, cash equivalents and restricted cash at the beginning f the perid 6, ,303.1 Cash, cash equivalents and restricted cash at the end f the perid 7, , Page 20 f 31
22 Red de Carreteras de Occidente, S.A.B. de C.V. and Subsidiaries CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY 2015 (MXN millin) Capital stck Acumulated deficit Other cmprehensive incme (lss) Ttal stckhlders' equity Balance as f January 1, ,938.8 (5,219.0) (778.0) 19,941.8 Capital stck decrease Cmprehensive lss: Valuatin f derivative financial instruments Deferred incme taxes f derivative instruments - - (145.3) (145.3) Net lss fr the perid - (506.5) - (506.5) Cmprehensive lss - (506.5) (146.5) Balance as f September 30, ,938.8 (5,725.5) (418.0) 19,795.3 Balance as f January 1, ,938.8 (5,772.1) (77.5) 20,089.2 Capital stck decrease 3, ,558.0 Cmprehensive incme: Valuatin f derivative financial instruments - - (202.5) (202.5) Deferred incme taxes f derivative instruments - - (42.3) (42.3) Net incme fr the perid Cmprehensive incme 3, (244.8) Balance as f September 30, ,380.8 (5,042.0) (322.3) 17, Page 21 f 31
23 FARAC I COMPARATIVE CONSOLIDATED STATEMENTS OF PROFIT (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS) Frm July 1 t September 30 f (MXN millin) Frm July 1 t September 30 f Cumulative Variatin % Variatin % TOTAL REVENUES 1, , , , Tll revenues 1, , , , Ancillary revenues frm the use f right f way and ther related revenues Ttal tll and ther cncessin revenues 1, , , , Administrative service revenues (5.0) (25.13) Cnstructin revenues (47.8) (21.90) COSTS AND EXPENSES (55.1) (10.02) 1, ,682.0 (324.7) (19.30) Amrtizatin f assets derived frm the cncessins (93.7) (37.56) (271.5) (36.37) Operatin and maintenance prvisins (51.6) (13.30) Tll cllectin csts (2.2) (7.94) (7.9) (9.39) Cst f ancillary revenues frm the use f right f way and ther related revenues Cnstructin csts (47.8) (21.90) General and administrative expenses (19.4) (17.35) INCOME BEFORE OTHER INCOME NET , , Other incme net (2.2) (9.21) INCOME FROM OPERATIONS , , Net financing cst ,490.8 (606.6) (40.69) 1, ,348.1 (1,444.1) (43.13) Interest expense ,451.2 (576.3) (39.71) 2, ,271.7 (864.2) (26.41) Premiums and interests n financing , , Interest n derivative financial instruments (47.0) (54.15) (219.1) (65.62) Effects f valuatin f derivative financial instruments (20.7) (100.00) (210.7) 20.9 (231.6) (1,108.13) Unwind and restructure f derivative financial instruments (604.8) (100.00) (710.1) (100.00) Amrtizatin f premiums and debt expenses (21.9) (51.05) (28.3) (31.44) Majr maintenance interests Adjustments t principal amunt f UDI denminated debt (21.6) (30.68) (119.3) (67.17) Interest incme (39.5) (30.8) (8.7) (28.25) (111.9) (101.3) (10.6) (10.46) Dividends frm subsidiaries (450.0) - (450.0) (100.00) Net freign exchange lss (incme) INCOME (LOSS) BEFORE INCOME TAXES 70.8 (792.1) (1,376.6) 2, INCOME TAXES (BENEFIT) (53.3) (222.4) (17.2) (495.0) CONSOLIDATED NET INCOME (LOSS) FOR THE PERIOD (569.7) (881.6) 1, Other cmprehensive incme (lss) items Valuatin f derivative financial instruments (760.8) (97.08) (173.7) (679.0) (134.38) Deferred incme taxes f derivative financial instruments (6.9) (228.9) (49.8) (145.3) COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (14.9) , (521.6) 1, BASIC INCOME LOSS PER COMMON SHARE (pess ) 0.00 (0.02) (0.03) DILUTED INCOME LOSS PER SHARE (pess ) 0.00 (0.02) (0.03) Page 22 f 31
24 ASSETS COMPARATIVE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF (MXN millin) September 2015 December 2014 Variatin % Current assets Cash and cash equivalents-current prtin 6, , , Trade accunts receivable Recverable taxes (7.3) (17.18) Accunts receivable t related parties (11.5) (47.33) Other accunts receivable and prepaid expenses Ttal current assets 7, , , Nn-current assets Intangible assets derived frm the cncessins 41, ,724.6 (232.5) (0.56) Furniture and euipment and franchise rights -net (0.7) (4.86) Machinery and equipment-net Investment in shares 1, , Deferred incme tax asset 6, ,413.9 (28.9) (0.45) Other assets Ttal nn-current assets 49, ,096.1 (256.4) (0.51) TOTAL ASSETS 56, , LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accunts payable t suppliers Interest payable (141.4) (21.14) Interest payable n derivative financial instruments Other current liabilities (1.7) (5.43) Prvisins Accunts payable t related parties 2, , , Current prtin f lng-term debt (0.1) (0.08) Current prtin f lng-term emplyee benefits (48.4) (51.54) Accunts payable fr wrk executed, nt yet apprved Taxes ther than incme tax (32.8) (37.27) Incme taxes payable Ttal current liabilities 3, , , Nn-current liabilities Lng-term debt 34, , Prvisins fr majr maintenance (101.5) (50.10) Lng-term emplyee benefits (7.8) (20.10) Pst-emplyment benefits Accunts payable t related parties - lng-term 2, , , Other lng term liabilities (2.4) (47.06) Derivative financial instruments (37.1) (9.42) Ttal-nn current liabilities 37, , , TOTAL LIABILITIES 40, , , STOCKHOLDERS' EQUITY Capital stck 22, ,938.8 (3,558.0) (13.72) Accumulated deficit (6,017.4) (6,824.5) Other cmprehensive lss (297.2) (73.7) (223.5) (303.26) TOTAL STOCKHOLDERS' EQUITY 16, ,040.6 (2,974.4) (15.62) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 56, , Page 23 f 31
25 COVIQSA COMPARATIVE STATEMENTS OF PROFIT (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS) Frm July 1 t September 30 f (MXN millin) Frm July 1 t September 30 f Cumulative Variatin % Variatin % TOTAL REVENUES Shadw tll payments frm the SCT Availability payments frm the SCT Ancillary revenues frm the use f right f way and ther related revenues (0.2) (22.22) Ttal tll and ther cncessin revenues COSTS AND EXPENSES (5.5) (2.80) Amrtizatin f assets derived frm the cncessins Operatin and maintenance prvisins Tll cllectin csts (2.1) (75.00) (5.3) (67.95) General and administrative expenses (10.5) (53.03) (6.9) (18.60) INCOME BEFORE OTHER INCOME NET Other incmenet (1.3) (52.00) (0.9) (17.31) INCOME FROM OPERATIONS Net financing cst Interest expense Premiums and interests n financing Effects f valuatin f derivative financial instruments (1.3) (100.00) (0.1) (100.00) Amrtizatin f premiums and debt expenses , Majr maintenance interests Interest incme (28.3) (23.4) (4.9) (20.94) (66.4) (64.4) (2.0) (3.11) INCOME BEFORE INCOME TAXES (16.4) (11.36) INCOME TAXES (4.9) (12.63) NET INCOME FOR THE PERIOD (11.5) (10.89) (0.3) (0.10) Other cmprehensive incme (lss) items Valuatin f derivative financial instruments (28.8) - (28.8) (100.00) (28.8) - (28.8) (100.00) Deferred incme taxes f derivative financial instruments COMPREHENSIVE INCOME FOR THE PERIOD (32.8) (31.06) (21.6) (7.17) Page 24 f 31
26 ASSETS COMPARATIVE STATEMENTS OF FINANCIAL POSITION AS OF (MXN millin) September 2015 December 2014 Variatin % Current assets Cash and cash equivalents-current prtin Trade accunts receivable (275.1) (100.00) Recverable taxes Accunts receivable t related parties Financial asset-current prtin (104.8) (35.88) Other accunts receivable and prepaid expenses Ttal current assets 1, Nn-current assets Lng-term restricted cash Accunts receivable t related parties- lng term prtin 2, , , Financial asset derived frm the cncessins - lng-term prtin Intangible assets derived frm the cncessins 1, ,642.0 (93.5) (5.69) Machinery and equipment- net Other assets Ttal nn-current assets 4, , , TOTAL ASSETS 5, , , LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accunts payable t suppliers Interest payable Interest payable n derivative financial instruments Other current liabilities (0.2) (10.00) Prvisins Accunts payable t related parties (9.5) (48.72) Current prtin f lng-term debt Taxes ther than incme tax (2.1) (2.15) Incme taxes payable Ttal current liabilities Nn-current liabilities Lng-term debt 2, , Prvisins fr majr maintenance (17.4) (99.43) Accunts payable t related parties- lng term Other lng term liabilities (0.8) (47.06) Derivative financial instruments Deferred incme tax liability (22.7) (19.86) Ttal nn-current liabilities 2, , , TOTAL LIABILITIES 3, , , STOCKHOLDERS' EQUITY Capital stck 1, , Accumulated results (149.0) (15.12) Other cmprehensive lss (21.3) - (21.3) (100.00) TOTAL STOCKHOLDERS' EQUITY 2, ,211.9 (170.3) (7.70) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 5, , , Page 25 f 31
27 CONIPSA COMPARATIVE STATEMENTS OF PROFIT (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS) (MXN millin) Cumulative Variatin % Variatin % Frm July 1 t September 30 f TOTAL REVENUES Shadw tll payments frm the SCT Availability payments frm the SCT Ancillary revenues frm the use f rights f way Ttal tll and ther cncessin revenues COSTS AND EXPENSES Amrtizatin f assets derived frm the cncessins Operatin and maintenance prvisins Tll cllectin csts (0.2) (22.22) (1.4) (40.00) General and administrative expenses (1.4) (31.11) INCOME BEFORE OTHER INCOME NET (7.1) (14.23) (10.7) (7.69) Other incme net INCOME FROM OPERATIONS (7.1) (14.14) (10.4) (7.41) Net financing cst (3.4) (30.91) (6.4) (21.55) Interest expense (3.2) (24.62) (6.4) (17.93) Premiums and interests n financing (2.0) (28.57) (4.7) (23.86) Majr maintenance interests (0.6) (11.32) (1.7) (10.69) Interest incme (2.2) (2.0) (0.2) (10.00) (6.0) (6.0) - - INCOME BEFORE INCOME TAXES (3.7) (9.44) (4.0) (3.62) INCOME TAXES (0.2) (2.04) NET INCOME FOR THE PERIOD (3.5) (11.90) (5.1) (6.31) Page 26 f 31
28 ASSETS COMPARATIVE STATEMENTS OF FINANCIAL POSITION AS OF (MXN millin) September 2015 December 2014 Variatin % Current assets Cash and cash equivalents-current prtin Trade accunts receivable (65.4) (99.85) Recverable taxes Accunts receivable t related parties Financial asset-current prtin Other accunts receivable and prepaid expenses Ttal current assets Nn-current assets Lng-term restricted cash Accunts receivable t related parties - lng-term prtin Financial assets derived frm the cncessins - lng-term prtin Intangible assets derived frm the cncessins (4.6) (6.39) Machinery and equipment- net Other assets Ttal nn-current assets TOTAL ASSETS 1, , LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accunts payable t suppliers , Interest payable (0.3) (15.79) Other current liabilities Prvisins Accunts payable t related parties (1.9) (40.43) Current prtin f lng-term debt Taxes ther than incme tax Incme taxes payable Ttal current liabilities Nn-current liabilities Lng-term debt (43.9) (16.45) Prvisins fr majr maintenance (2.6) (56.52) Other lng term liabilities (0.9) (52.94) Deferred incme tax liability Ttal nn-current liabilities (34.1) (10.67) TOTAL LIABILITIES (14.9) (3.15) STOCKHOLDERS' EQUITY Capital stck Accumulated results TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1, , Page 27 f 31
29 GLOSSARY Adjusted EBITDA means the sum f (a) EBITDA plus (b) the Majr Maintenance Prvisin. Adjusted EBITDA Margin means the rati between (a) Adjusted EBITDA and (b) ttal tll and ther cncessin revenues. ADT means Average Daily Traffic, r the rati between (a) traffic t (b) the number f days in a given perid f time. Traffic is the number f vehicle crssings in tll plazas r free tll rads in a given perid f time. Ancillary revenue frm the use f right f way and ther related revenues means the revenues generated by the businesses perated by the Cmpany alngside its tll rads, such as restaurants and cnvenience stres; the fees charged t vendrs fr the business they perate alngside the tll rads, such as cnvenience stres and gas statins; and the easement fees charged t ther third parties fr the installatin r cnstructin f water and gas pipelines, pwer lines and telecmmunicatins and ther infrastructure n land adjacent t the tll rads. Availability Payments frm the SCT means the amunts in cash payable by the SCT t each f CONIPSA and COVIQSA upn satisfactin f the requirements set frth in the relevant PPS Agreement. Banbras means Banc Nacinal de Obras y Servicis Públics S.N.C., the Mexican develpment bank respnsible fr prmting and financing infrastructure prjects and public services. Banbras Lan : new credit facility with Banbras dated n Octber 8 th 2013 fr a ttal amunt f MXN $7,135.5 millin due Banrte means Banc Mercantil del Nrte, S.A. Institución de Banca Múltiple, Grup Financier Banrte. BMV means the Mexican Stck Exchange (Blsa Mexicana de Valres S.A.B. de C.V.). Certificads Bursátiles r CBs means the lng-term debt securities (Certificads Bursátiles -CBs Pess-) issued by the Cmpany n September 12 th 2013 and December 5 th 2014, and the additinal, UDI-denminated (Certificads Bursátiles CBs UDI-) issued by the Cmpany n June 27 th 2013, whse principal terms are as fllws: Issuer Type Rating Guarantee Banbras first lsses partial guarantee ver 6.5% frm unpaid balance. "RCO 12" Nminal fixed Interest rate "RCO 12U" Real Interest rate Page 28 f 31 Withut partial guarantee "RCO 14" Nminal fixed Interest rate MXN $7.86 billin; MXN $2.84 billin Issuance amunt 1,481,044, UDI MXN $4.4 billin Denminatin Pess UDI Pess Type f Interest rate Fixed Fixed Fixed Cupn 9.00% 5.25% 9.05% Legal term 15 years 20 years 15 years Average term 11 years 14 years 12 years Amrtizatin schedule Year 7 t 15; 18 bi-annual cupns since February 10, 2019 using the principal amunt and percentage and in the dates established in the ffering dcuments. Red de Carreteras de Occidente S.A.B. de C.V. Lng-term Debt Securities mxaaa by S&P; AAA(mex) by Fitch. Debt Service Reserve fr CBs Year 7 t 20; 28 bi-annual cupns since February 10, 2019 using the principal amunt and percentage and in the dates established in the ffering dcuments. Year 7 t 15; 20 bi-annual cupns since February 10, 2021 using the principal amunt and percentage and in the dates established in the ffering dcuments.
30 CONIPSA means Cncesinaria Irapuat La Piedad, S.A. de C.V. CONIPSA Cncessin Agreement means the September 12 th, 2005 cncessin title (Títul de Cncesión) issued by the Federal Gvernment, thrugh the SCT, which entitles CONIPSA t (i) perate, preserve and maintain a km federal tll-free rad therwise knwn as the Irapuat-La Piedad highway, which extends frm the junctin between the Querétar-Irapuat and the Irapuat-La Piedad tll rads t the junctin with the La Piedad de Cabadas bypass at kilmeter in the State f Guanajuat, and (ii) expand and rehabilitate the Irapuat-La Piedad highway and enter int a PPS Agreement with the Mexican Federal Gvernment in respect theret, fr a 20 year perid beginning n the afrementined date. CONIPSA Lan means the MXN $580 millin lan granted t CONIPSA fr purpses f the cmpletin f the Expansin Wrks and the Rehabilitatin Wrks cntemplated by the CONIPSA Cncessin Agreement and the relevant PPS Agreement. Cst f ancillary revenues frm the use f Right f Way and ther related revenues means cst and expenses related with businesses perated by the Cmpany alngside its tll rads, such as restaurants and cnvenience stres. COVIQSA means Cncesinaria de Vías Irapuat Querétar S.A. de C.V. COVIQSA Cncessin Agreement means the June 21 st, 2006 cncessin title (Títul de Cncesión) issued by the Federal Gvernment, thrugh the SCT, which entitles COVIQSA t (i) perate, preserve and maintain a km federal tll-free rad lcated in the states f Querétar and Guanajuat and (ii) expand and rehabilitate Irapuat- Queretar highway, and enter int a PPS Agreement with the Mexican Federal Gvernment in respect theret, fr a 20 year perid beginning n the afrementined date. COVIQSA Lan means the MXN $2,800.0 millin lan cmprised by: (i) MXN $1,048.8 millin lan granted by Banbras and (ii) MXN $1,751.2 millin lan granted by Santander and Banrte. Debt Service Cverage Rati means DSCR, r the rati between (a) the amunt available fr debt service purpses and (b) the Debt Service, where: A. Amunt available fr debt service purpses is the sum f (a) the Adjusted EBITDA, (b) the available cash and (c) the net prepayment, divided by the amunt disbursed under the existing credit facilities. The available cash is equal t FARAC I s cash and cash equivalents as f the beginning f the relevant perid, net f the amunts held in the Expansin Prject Trust and the amunts that cannt be used t pay the adjusted interest expenses; and B. Debt Servie is FARAC I s Interest expense, net f the csts assciated with the cancellatin f derivative financial instruments and certain nn-cash interest expense items; and principal amrtizatins. EBITDA means the sum f (a) earnings befre interest and incme taxes, plus (b) depreciatin and amrtizatin; calculated fr RCO as incme frm peratins plus depreciatin and amrtizatin. EBITDA Margin means the rati between (a) EBITDA and (b) ttal tll and ther cncessin revenues. EMISNET means the data transmissin system perated by the BMV, thrugh which listed cmpanies relay, via the Internet, relevant news and financial reprts t the BMV s web page. EPS means earnings per share, r the rati between (a) cnslidated net incme and (b) the weighted average number f cmmn shares utstanding during a given year. Page 29 f 31
31 Expansin Prject Trust means Administratin Trust N. F/ (frmerly knwn as Trust N. F/882), pursuant t which the Cmpany cntributed MXN $1.5 billin as security fr the perfrmance f its bligatins under the FARAC I Cncessin Agreement, including its bligatin t carry ut the Expansin Wrks in accrdance with the terms and specificatins set frth in the relevant executive plan, subject t the delivery f the applicable Right f Way by the SCT. FARAC means the Mexican Natinal Infrastructure Fund (Fnd Nacinal de Infraestructura), frmerly knwn as the Cncessined Highways Rescue Trust (Fideicmis de Apy para el Rescate de Autpistas Cncesinadas). FARAC I means the first set f tll rads auctined ff by the FARAC, namely (i) the Guadalajara-Zaptlanej highway, (ii) the Maravatí-Zaptlanej highway, (iii) the Zaptlanej-Lags de Mren highway, and (iv) the León- Aguascalientes highway. FARAC I Acquisitin Lan means the MXN $31.0 billin lan granted t RCO fr purpses f the acquisitin f the FARAC I Cncessin Agreement. FARAC I Original Capex Lan means the riginal MXN $3.0 billin capex lan granted t RCO t finance the cst f the initial rad imprvements required by the SCT, and f majr maintenance expenses; and FARAC I HSBC Capex Lan means the 2013 MXN $500.0 millin capex lan granted t RCO by HSBC t finance the tll rads majr maintenance expenses. FARAC I Santander Capex Lan means the 2014 MXN $1,000.0 millin capex lan granted t RCO by Santander (Méxic) t finance the tll rads majr maintenance expenses. FARAC I Cncessin Agreement means the cncessin title (Títul de Cncesión) pursuant t which the Cmpany has the right and bligatin t build, perate, explit, enhance and maintain (i) the Guadalajara- Zaptlanej, (ii) the Maravatí-Zaptlanej, (iii) the Zaptlanej-Lags de Mren and (iv) the León-Aguascalientes tll rads, and t build and maintain the Expansin Wrks, fr a perid f 30 years beginning n the date f award f the cncessin. FARAC I Expansin Wrks r Expansin Wrks means the cnstructin wrks cntemplated by the FARAC I Cncessin Agreement. FARAC I Inbursa Lan : new credit facility with Banc Inbursa S.A. dated n August 8 th, 2014 fr a ttal amunt f MXN $4,596.0 millin due IFRS means Internatinal Financial Reprting Standards. Incme frm Operatins Margin means the rati between (a) incme frm peratins t (b) ttal tll and ther cncessin revenues. Indeval means S.D. Indeval Institución para el Depósit de Valres S.A. de C.V. Majr Maintenance Prvisin means the amunt recgnized by the Cmpany n accunt f the anticipated maintenance cst f the rads under cncessin, which affects the Cmpany s results frm the cmmencement f peratins f a highway. Amunts are prvisined thrugh the date the maintenance and/r repair wrk is perfrmed. Amunts fr maintenance are recgnized at present value ver five years, as required by IAS 37, Prvisins, Cntingent Liabilities and Cntingent Assets, and IFRIC 12. NCPI means the Mexican Natinal Cnsumer Price Index (Índice Nacinal de Precis al Cnsumidr). Page 30 f 31
32 Phase I f the Rehabilitatin Wrks means the cnstructin wrks required t achieve the tll-rad standards established by the SCT, taking int cnsideratin the initial rad cnditins. PPS Agreement means, as the case may be, the agreement between COVIQSA r CONIPSA and the Mexican Federal Gvernment, acting thrugh the SCT, pursuant t which the SCT has agreed t make availability payments in exchange fr the supply f highway capacity and peratin services t, and shadw tll payments based n the number f vehicles that use the Tll-Free Rads perated by COVIQSA r CONIPSA, as the case may be. RCO, the Cncessinaire r the Cmpany means Red de Carreteras de Occidente S.A.B. de C.V. Right f Way means the strip f land lcated alngside the Cmpany s highways, necessary t carry ut the Expansin Wrks pursuant t the FARAC I Cncessin Agreement, which must be secured and delivered t the Cmpany by the SCT. Santander means Banc Santander (Méxic), S.A., Institución de Banca Múltiple, Grup Financier Santander Méxic. SCT means the Mexican Ministry f Cmmunicatins and Transprtatin (Secretaría de Cmunicacines y Transprtes). Third Amendment t the PPS Agreement means the third amendment t the PPS Agreement fr the prvisin f lng- term highway capacity n the Querétar-Irapuat tll-free rad (COVIQSA), which amended the payment mechanism and financial mdel cntemplated by such PPS agreement. Senir Lan Agreement means the amended and restated lan agreement amng the issuer, the lenders and the administrative agent. Senir Ntes means the 9.00% preferred debt securities in the principal amunt f MXN $7.5 billin, due 2028, issued by the Cmpany n May 30 th, 2013 pursuant t Rule 144A and Regulatin S f the U.S. Securities Act f Interest n the Senir Ntes are payable semi-annually. Shadw tll payment frm the SCT means, as with respect t CONIPSA and/r COVIQSA, the traffic payments received frm the SCT in respect f the Irapuat-La Piedad and Querétar-Irapuat highways pursuant t the relevant PPS agreement. COVIQSA entered int an amendment agreement t the lng-term PPS, dated June 21 st, 2006 (subsequently amended n June 23 th, 2011) t calculate the payments under the agreement, establishing a maximum quarterly payment amunt f MXN $192.4 millin t be adjusted by inflatin. Tll revenues means the revenues derived frm the use f the tll rads. Tll-free Rads means the Querétar-Irapuat highway (COVIQSA) and the Irapuat-La Piedad highway (CONIPSA). Ttal tll and ther cncessin revenues means the sum f (a) the tll revenues, (b) the shadw tll payments frm the SCT, (c) the availability payments frm the SCT and (d) the ancillary revenue frm the use f Right f Way. UDIs means Mexican Investment Units (Unidades de Inversión), which are inflatin indexed currency units. Page 31 f 31
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