FINANCIAL STATEMENTS. 3rd Quarter

Transcription

1 FINANCIAL STATEMENTS 3rd Quarter 2014

2 Executive Summary Relevant News of COP $ million in, making for 26.8% growth over as a result of the increased execution of Building projects, the entry into operation of 94,588 additional square meters of GLA, and assets in the process of stabilization. The improved performance of the Equipment and Shares unit also played a part. Feasibility study for the RegioTram project (Bogota) delivered, with an approximate investment of COP $3.5 billion. Prefeasibility study for Buga-Buenaventura APP approved, with an approximate investment of COP $2.35 billion. from traffic guarantees in DEVIMED that were pending payment and were received during this period. Contract awarded for the construction of works related to La Línea Tunnel (Calarcá - Puerto Quindío Road), COP $ million. Higher debt levels taken on for the performance of the investment plan approved for the Real Estate Portfolio. Works for Gran Plaza Ipiales (Ipiales/Nariño) 95% done. Operations to commence soon. Backlog of COP $1.82 billion. Conconcreto Innovation Center Antioquia School of Engineering (EIA) 5 done with works. Works finished at Puerto Contecar (Cartagena/Bolívar), with an approximate investment of COP $ million. Quarterly COP $Million 17,5% ,8% 21, Q Q Q 4Q Line Net Profits Line Equipment and Shares Equipment and Shares 21,8% 4,1% Line Construction Services 31, Equipment and Shares 35,7% Investments 19,5% Construction Services 76,4% Investments 47,2% Investments 30, Notas: - Construction Services: Infrastructure Services and Buildings from Conconcreto Colombia. - Investments: Real Estate Portfolio and Concessions. - Equipment and Shares: Conconcreto Equipment Business and shares in Conconcreto Internacional, Industrial Conconcreto, Inmobiliaria Conconcreto, and Consalfa. 2 Construction Services 34,3%

3 Constructora Conconcreto S.A. Financial Statements : Conconcreto s income totaled COP $ million during, an increase of 26.8% over the same period in By business unit, this increase is rooted in the growth in income for Construction Services (20.8%), Investments (52.3%), and Equipment and Shares (45.7%). Gross Earnings: The gross earnings for the period came to COP $ million, a 46.2% increase over the previous period as a result of the greater performance of Building and Housing projects. This period includes income of COP $8.910 million from the DEVIMED concession for traffic guarantees. Likewise, the Conconcreto Industrial and Real Estate branches reported improved performance. The gross margin also grew from 20.4% in to 23.5% in. Non-Operating and Expenditures: The variation in non-operating income may be explained by recoveries in the sale of equipment by the Ituango (Ituango/Antioquia), Hidrocucuana (Roncesvalles/Tolima), and Loboguerrero (Loboguerrero/Valle Del Cauca) Consortiums. The increase in non-operating expenditures from one period to the next is due to the higher financial debt taken on for the performance of the investment plan. : In, the came to COP $ million, with a margin of 19.9%. The Investment Portfolio accounted for 47.2% of the generated during the period, due to a higher number of assets in operation and the extraordinary income from concessions. Debt: Over the course of this period, the financial debt rose by COP $ million. These resources were used to buy lots and perform projects included in the investment plan. This increase was also influenced by the activation of operating leases. Statement of Profits and Losses (COP $Millions) Non-operating Non-operating Profits before Taxes Taxes NET PROFITS R Net Margin Margin Financial Debt / ( ) (18.858) (5.437) (1.200) ,4% 8,7% 5,2% 13,5% 1, ( ) (18.801) (10.101) (4.372) ,5% 14,3% 9, 19,9% 3,0 Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Equity Total Equity Debt (COP $Millions) ,2% 93,8% 26,8% 21,9% 46,2% -0,3% 108,7% 254,4% 85,8% 137,4% 264,3% 119,3% 87,2% 67,7% General Balance Sheet (COP $Millions) Loans Leasing Revaluation Total Debt Short Term Long Term ,1% 79,9% 3

4 Construction Services : The income of the Construction Services unit totaled COP $ million, with a growth of 20.8% over due to the development of works for the Hidroituango project (Ituango/Antioquia) and the greater performance of Building projects by the Housing unit. Statement of Profits and Losses (COP $Millions) R Gross Earnings: The gross profit rose from COP $ million to COP $ million, making for an increase of 42. for, due to the results of Building projects, which reported profits that were COP $8.447 million, higher than the previous period. The gross margin jumped from 9.7% to 11.4%. $ Margin ( ) (9.818) ,4% 5,1% 8,1% $ ,5% $ ,5% 46,4% 51,5% Building Infraestructure 76,2% 30,5% Building Infraestructure Backlog: COP $1.82 billion (backlog/income for the last 12 months: 2.56 times) $820 Backlog Execution COP $ Thousand Million 58% 59% $ $150 76% 41% 42% 24% % 12% Infraestructura 4 20,8% 18,5% 42, 14,7% 101,4% 85,8% 85,8% 23,8% 53,6% $344 9,7% 3, 5,2% $ ( ) (8.562) Expenditures: The variation in expenditures was due to the opening of the Integrated Design and Engineering area, a unit that did not exist the previous year, which incurred in expenditures of COP $865 million in. This period also includes expenditures incurred by the Infrastructure unit to participate in 4G tender processes and projects, which were not an issue in $21 $ Building 2019

5 Construction Services (cut-off September 30, 2014) Composition - Backlog: Of the backlog, 68% corresponds to Infrastructure projects, while the remaining 32% is accounted for by Building projects. By sector, note should be made of the share of public procurement in Infrastructure, equivalent to 73%; while the share of the company s Own Projects now accounts for 44% of Buildings, reflecting the strategy of investing in real estate assets to generate long-term income in an attempt to counteract construction cycles. Infrastructure Backlog Private 27% per Sector Public 73% Third Parties 56% Building Backlog per Type Own Projects 44% Corpotate Solutions 12% 2% 2% Housing 84% Backlog Execution Infrastructure: In Infrastructure, performance was focused on the hydroelectric power plants: Hidroituango (Ituango/Antioquia), Cucuana (Roncesvalles/Tolima), and Bonyic (Panama). Progress was also made in the works for the Bi-National Bridge (Colombia/Venezuela). Contracts were awarded for new projects, such as the works related to the La Línea Tunnel (Calarcá - Puerto Quindío Road) for COP $ million. Backlog Excecution Building: In Building, progress was made in the construction of commercial projects such as the Acqua Power Center (Ibagué/Tolima), Buró 51 office building (Barranquilla/Atlántico), and Housing, with projects such as El Poblado (Bogotá D.C), Madeiro (Bogota D.C), and Finito (Medellin/Antioquia). A significant portion of the work for Shopping Centers was also executed, such as Gran Plaza Ipiales (Ipiales/Nariño) and Alcaraván 2 (Yopal/Casanare). $ $ $ $ Q 2014 Executed New $ Infrastructure COP $Millions $ Building COP $Millions $ Q 2014 Executed New 5

6 Real Estate Portfolio Investment : The income of the Real Estate Portfolio grew by 25.6% over. This growth was due to a 40.5% higher GLA and increased revenues from Buró 24 (Bogotá D.C), Hotel GHL Style (Neiva/Huila), and Hotel Sonesta (Valledupar/Cesar). The change in the business model had a positive impact on the results (see note), as well as the increase in income from Gran Plaza del Sol (Soledad/Atlántico) and San Pedro Plaza (Neiva/Huila). Gross Profit: Compared to, the gross profit fell by COP $487 million, due to the entry into operation of assets that have not yet stabilized, such as Buró 26 (Bogotá D.C) and U-Storage Crespo (Cartagena/Bolívar), financed through operating leases whose canon forms part of the costs. Statement of Profits and Losses (COP $Millions) R Margin 7% $ $ % 4% 69% -1% 58% 3Q2013 The R is presented for operating figures before operating leasing. GLA: GLA Portfolio Composition (m ) 2 4% 5% GLA Evolution (m2) 5% CAGR: 41,3% % 47% sep Notes: - The properties changed from being leased to an operator who subleased the mini-storage deposits, to being leased directly by Conconcreto. - GLA adjusted to share. 6 65% $ % 8 3Q2013 3% 23% 21% 20, 2,2% 22,4% 25% 27,6% 2,9% 21,6% 25,6% 38,8% -9, -9,7% -3,4% 30,1% 12,9% COP $Millions 1% 11% $ (19.655) (4.363) R 1% 6% (14.165) (4.831) COP $Millions 3% sep.-14

7 Concessions Investment : from Concessions came to COP $ million, growing 130.8% over as a result of income from traffic guarantees that totaled COP $8.910 million. In 2013, these guarantees were paid during the second quarter, while this year they were still pending. CFCC, Autopistas de los Llanos, and (see note) maintained a stable income level compared to the same period of Statement of Profits and Losses (COP $Millions) R (582) (142) Margin 7% 5% 46% $ % 75% CCFC CCFC Devimed Devimed $ Autopistas del Llano Autopistas del Llano 91,2% 89,1% 89,5% 88,2% 88,2% 89,4% CCFC 130,8% 210,1% 123,2% -93,3% 128,4% 130,3% 130,3% 6% $ % CCFC 55% 45% Devimed (1.806) (10) % 77% Devimed $5.478 Autopistas del Llano Autopistas del Llano 3Q2013 Notes: - : Sale of shares in ODINSA, Grupo Heroica, and CAS Mobiliario 7

8 Equipment and Shares : The income from Equipment and Shares come from the internal revenues of the Equipment unit, destined for Infrastructure projects, as well as the booking of the share methods in branches. The increase of 45.7% from one period to the next was due to the higher occupation of the machinery, the improved performance of Conconcreto Industrial (Agregados Del Norte) in its mining activity, and the improved results of Inmobiliaria Conconcreto. Gross Profit: The gross profit grew by 32.9% over the same period of the previous year, due to the abovementioned factors. Note should be made that the costs registered in Equipment are in fact income, due to the recovery of the costs incurred by the Construction unit when it provides internal rental services. Statement of Profits and Losses (COP $Millions) R (5.323) (4.610) Margin 154,5% 62,2% 82,9% 140,9% 86, 105,7% 45,7% 9,3% 32,9% -13,4% 101,6% 85,9% 85,9% Expenditures: The decrease in expenditures was influenced by the booking of profits for the period corresponding to Inmobiliaria Conconcreto. In, this unit registered losses that were booked as expenditures. 2% $ % CC Internacional 2% 23% CC Internacional $ % Inmobiliaria CC Inmobiliaria CC 14% 13% Industrial CC Industrial CC 46% 47% Equipment Equipment 45% $ CC Internacional -18% $ CC Internacional 26% Inmobiliaria CC Inmobiliaria CC 3% 4% Industrial CC Industrial CC 7 5 Equipment Equipment Notes: - : Share in Consalfa and Geofundaciones 8