Cementos Argos

Cementos Argos
March 2012
Ownership structure
Grupo de Inversiones
Suramericana
17.0%
Pension
Funds
4.6%
Foreign
Funds
30.2%
Others
35.8%
48.2%
51.8%
12.4%
Grupo Nutresa
Pension
Funds
19.4%
Foreign
Funds
3.5%
Others
15.7%
38.6%
61.4%
GRUPO ARGOS
50,1%
49.9%
34.6%
Pension
Funds
0.7%
Foreign
Funds
14.6%
Others
BVC listed: INVARGOS
Cement
Energy
CEMENTOS
ARGOS
CELSIA
BVC listed: CEMARGOS
ADR Level 1 – CMTOY.PK
BVC listed: COLINVERS
At Mar. 31st, 2012
2
Cementos Argos: over 76 years in the market focused on the
cement, ready mix concrete and aggregates business
Colombian leader in Cement, Ready Mix and Aggregates since 1934
5th cement producer in LATAM
4th concrete producer in the US
Market Cap.: US$7.2 billion*
Revenues 2011: US$2.0 billion
EBITDA 2011: US$369 million
Investment Portfolio: US$2.6 billion*
Net Debt: US$1.6 billion*
Exports to 40 countries
~11.000 employees
*Data as of Mar. 31st 2012 and before spin-off – Exchange Rate: COP$1.792 / US$
Panoramic view – Cartagena Plant
3
Investment opportunity
 Leader in its markets
 24% EBITDA CAGR 2005 – 1Q2012
 Solid growth projections:
– Infrastructure / residential development in Colombia
– U.S. economic recovery
– Infrastructure and commercial investments in Panama and the Caribbean
 Transparency, highest standards of Corporate Governance
 Committed management with sustainable development
 Asset divestiture (portfolio investments), strong source for growth potential
 Recognized issuer in Colombian capital market
4
2003 – 2011: Argos’ management M&A / Divestiture Track-Record
2003 – 2005
2006
M&A
2007
M&A

Southern Star Concrete

Concrete Express

Port in Houston

Merger of 8 existing
cement companies
US$272
million
M&A

RMCC


US$435
million

2 port facilities
(Savannah & Wilmington)
Merger of 3 existing concrete
companies

Cementos Andino and
Concrecem for US$192
million
Acquisition of other
independent concrete
companies for US$70 million
DIVESTITURE
DIVESTITURE


Sale of coal mine La Jagua
to Glencore for US$110
million
2008
M&A

2009 - 2010
M&A
Inversiones Argos acquires
24% of Colinversiones

Merilectrica to Colinversiones
for US$112 million
Coal assets El Hatillo y Cerro
Largo to Vale for US$373
million
2011
M&A

Acquisition of Holcim’s stake in
Caribbean operations for
US$157 million

Inversiones Argos acquires an
additional 23% stake in
Colinversiones
DIVESTITURE

Preferred shares of
Bancolombia, Tablemac
among other for US$70
million

JV with Kersten Group in
Surinam and Janssen de Jong in
Curazao, both for US$6 million

Inversiones Argos completes
majority in Colinversiones (final
stake: 50.1%)

Acquisition of 2 cement plants,
1 grinding station, 79 readymix plants and 347 trucks in
the Southeast US for US$760
million

Cementos Argos announces
spin-off of non-core assets
and contribution into
Inversiones Argos. These
assets include:
–
–
–
Investment portfolio
Real Estate
Ports / Coal
5
Corporate Structure
Chief Executive Officer
•
•
•
•
Colombia
Caribbean
USA
Region
Region
Region
Production
Logistics
Marketing
Sales
Responsible for each region’s results
and have full autonomy
Corporate
Affairs
• Legal
• Environmental
• Sustainable
Development
Corporate
Finance
(CFO)
• Capital
Structure
• M&A
• Real Estate
• Financial
Reporting
•
•
•
•
Human
Talent
Strategic
Resources
Recruiting
Training
IT
Corporate
Culture
• R&D
• Green/Brown
Fields
• Technical
Assistance
Oversee all regions and businesses to
ensure consistency and maximize
synergies
Innovation
• R&D
• Lime
Responsible for strategic resources
and new business development,
focusing on profitable and sustainable
growth
6
Cementos Argos is the fifth-largest cement company in LATAM and
a leader in the western hemisphere…
Geographic Coverage
The United States
Cement
 Second largest producer of the Southeast3
 Installed capacity: 3.2mm TPA
 Plants: 2
 Grinding stations: 1
 Ports: 4
Ready-mix
 Fourth largest producer in the US
 Installed capacity: 9.8mm m3
 Plants: 224
 Mixers: 1,453
 Avg. Daily Traded Volume1: US$3mm
 Top 5 largest publicly-traded
company in Colombia
 More than 6.000 shareholders
Colombia
Cement
 ~50% market share
 Installed capacity: 10.0 mm TPA
 Plants: 9
 Grinding stations: 1
 Ports: 4
Ready-mix
 Installed capacity: 3.5mm m3
 Plants: 53
 Mixers: 424
1LTM
The Caribbean
Cement plant
Ready-mix area
Grinding facilities
Port
to Mar. 2012. 2Ready-mix operations in Panama. Source: Argos, BVC.
3Based
on PCA data on grinding capacity in Alabama, Georgia, North Carolina and South Carolina.
 Operations in Panama, Haiti, Dominican
Republic, Surinam, St. Marteen, St. Thomas,
Antigua, Dominica and Curacao
Cement
 34% market share of the cement trading
throughout the region
 Installed capacity: 2.8mm TPA
 Grinding stations: 4
 Ports: 8
Ready-mix2
 Installed capacity: 0.5mm m3
 Plants:7
 Mixers: 89
7
…competing with major international players
Installed Capacity in LatAm – Million TPA
Installed Capacity in Southeast US – Million TPA**
Cemex
43.0
Holcim*
3.8
36.3
Votorantim
33.0
Camargo Correa
17.8
Argos*
12.8
Lafarge*
9.7
Nassau
9.4
Cruz Azul
Holcim
8.0
C. Lima
7.0
Cimpor
6.2
20.7%
Argos
National15.6%
Cement of
Alabama
1.9
1.8
73.8%
Cemex
77.8%
Giant
Cement
Lehigh Cement
3.2
1.2
0.7
Source: Cementos Argos; Estimates based on companies fillings
* Does not include installed capacity in Venezuela
** Based on PCA data on grinding capacity in Alabama, Georgia, North Carolina and South Carolina.
8
Argos is the leader in Colombia, a market that presents
significant growth potential
Cement Plants/Grinding stations in Colombia
Company
Installed
Capacity
(mm TPA)
Installed
Capacity
Share
Production
(mm MT)
Market
Share
10.0
60%
5.1*
50%
4.2
25%
n.a
n.a
2.1
13%
n.a
n.a
Other
0.3
2%
n.a
n.a
TOTAL
16.6
100%
10.1
100%
*Does not include exports for 1.4 million tons
Argos’ Avg. Cement Price Evolution
(1)
2008
2009
2010
2011
LTM-1Q2012
266.434
297.016
291.975
302.901
316.260
135
138
154
156
176
TRM COP$ / US$
1.967
2.153
1.899
1.943
1.792
Var.
-5,3%
9,5%
-11,8%
2,3%
-7,8%
COP$ / Ton
US$ / Ton
Source: Cementos Argos and DANE. Market share figures for FY2011
(1) Prices of Cementos Argos include commercial and financial discounts adjustments by type and mix of product, exclude VAT.
9
Colombia plans to invest US$ 55 billion in infrastructure
during the period 2012 - 2021
The 9-yr investment plan represents 19% of Colombia GDP, the highest proportion ever devoted
for infrastructure development
USD Bill.
2012-2021 Infrastructure
Plan
Works committed
2012-2014
Roads
10.6
Railroad
Works started in 2011
Total Ministry of
Transport
18.1
31.1
0.83
10.9
11.1
River navigation
0.94
0.8
1.7
Ports
1.59
0.1
1.7
Airports
Massive transportation
Total
2.3
To be
awarded
0.5
0.1
0.5
1.1
3.97
0.8
3.1
7.8
18.5
3.2
33.5
55.2
Source: Colombia Ministry of Transport, INCO, DNP
10
Colombian government objectives – National
Infrastructure Agency
For 2014




Increase constructed double line roads by 100%
Increase Railway length by 50%
Increase Ports capacity by 50%
Increase Airports capacity by 35%
For 2018




To quadruple constructed double line roads
To triple the Railway length
Increase Ports capacity by 100%
Increase Airports capacity by 50%
Source: Agencia Nacional de Infraestructura
11
Colombia needs to catch up in infrastructure
LatAm Infrastructure Index 2011
Haiti
Paraguay
Venezuela
Nicaragua
Bolivia
Ecuador
Dominican Republic
Honduras
Peru
Colombia
Costa Rica
Argentina
Guatemala
Mexico
El Salvador
Brazil
Uruguay
Chile
Panama
World rank: 85 / 142
Source: The Global Competitiveness Index 2011 – 2012. World Economic Forum
12
Argos’ ready-mix concrete volumes sold in February and
March 2012 have reached the highest levels ever recorded
Argos is taking advantage of the positive momentum of both the residential and public works
sectors in Colombia
Argos’ Monthly READY-MIX CONCRETE Sales in Colombia (2008– 1Q2012)
300.000
Cubic meters
250.000
200.000
150.000
100.000
50.000
1Q2012 vs. 1Q2011: +23%
mar-12
jan-12
nov-11
sep-11
jul-11
may-11
mar-11
jan-11
nov-10
sep-10
jul-10
may-10
mar-10
jan-10
nov-09
sep-09
jul-09
may-09
mar-09
jan-09
nov-08
sep-08
jul-08
may-08
mar-08
jan-08
0
13
Argos’ cement sales in Colombia
Argos’ Monthly CEMENT Sales in Colombia (2008 – 1Q2012)
500.000
Tons
450.000
400.000
350.000
300.000
250.000
200.000
150.000
100.000
50.000
1Q2012 vs. 1Q2011: +8%
mar-12
jan-12
nov-11
sep-11
jul-11
may-11
mar-11
jan-11
nov-10
sep-10
jul-10
may-10
mar-10
jan-10
nov-09
sep-09
jul-09
may-09
mar-09
jan-09
nov-08
sep-08
jul-08
may-08
mar-08
jan-08
0
14
Building permits in Colombia
Sq. Meters Approved for Construction
LTM at Feb. 12 vs. LTM at Feb. 11: +23%
Annual var.
140,0%
127,6%
120,0%
91,9%
100,0%
78,9%
80,0%
67,4%
60,0%
63,4%
55,1%
40,0%
28,4%
45,4%
13,6%
20,0%
23,5%
-26,4%
-40,0%
feb-12
jan-12
dec-11
nov-11
oct-11
sep-11
jul-11
jun-11
may-11
apr-11
mar-11
feb-11
jan-11
dec-10
nov-10
oct-10
sep-10
aug-10
jul-10
jun-10
may-10
apr-10
mar-10
feb-10
jan-10
dec-09
nov-09
oct-09
sep-09
aug-09
jul-09
jun-09
may-09
apr-09
mar-09
feb-09
jan-09
aug-11
9,6%
0,0%
-20,0%
4,9%
-15,0%
-60,0%
Y-Y Var.
LTM: Last Twelve Months
Source: DANE – Colombian Statistics Bureau
15
Approval of housing units
Number of housing units approved
Number of housing units (000)
All-time high
30
29
25
24
22
19
20
19
18
17
15
13
12
10
8
7
jan-09
feb-09
10
8
9
8
10
9
11
10
7
7
12 12
12
15
15 15 15
14 14
14 13
13
13
11
10
10
8
5
Low income
Standard
Source: DANE – Colombian Statistics Bureau
16
feb-12
jan-12
dec-11
nov-11
oct-11
sep-11
aug-11
jul-11
jun-11
may-11
apr-11
mar-11
feb-11
jan-11
dec-10
nov-10
oct-10
sep-10
aug-10
jul-10
jun-10
may-10
apr-10
mar-10
feb-10
jan-10
dec-09
nov-09
oct-09
sep-09
aug-09
jul-09
jun-09
may-09
apr-09
mar-09
0
2011: the year of Argos’ vertical integration in the US

In 2005-2006 Argos acquired ready-mix concrete operations in the south-central and southeast US areas

Vertical integration was a move that needed to be done considering Argos’ long term strategy in the country

In May 2011, Argos acquired from Lafarge cement and ready-mix assets in the southeast US for US$760 million
The “NEW” Argos footprint in the US




Existing Assets
Assets acquired from Lafarge
Ready Mix (145)
Cement plants (2)
Cement terminals (3)
Grinding units (1)
Cement terminals (6)
Ready Mix (79)


Roberta
Calera, AL
Capacity: 1.6 Mt/yr
Harleyville
Harleyville, SC
Capacity: 1.1 Mt/yr
Atlanta
Atlanta, GA
Capacity: 0.5 Mt/yr
Regions
Roads
Cities
17
Despite the impact, performance during historical cycles
indicate a potential recovery
U.S. cement industry is forecast to deliver an average annual growth of 9% over the next five years, exhibiting the
growth potential similar to that of an emerging economy.
U.S. cement demand
(in million tons)
140
120
100
80
60
40
20
2016P
2015P
2014P
2013P
2012P
2011P
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
0
Source: PCA Spring 2012 forecast
18
Clear industry leadership in one of the most attractive
regions of US
This region’s expected 12% CAGR outperforms the US average cement demand growth of 9%
Highlights
Population growth and demographic profile

Second largest cement player in the Southeast(1)
Age breakdown(2)

#1 / #2 position in most of the RMX areas served

Argos becomes the fourth largest RMX producer in the US

Prominent position in three of the main cities of the U.S. (Atlanta,
Dallas and Houston)

Population: 29 million (9% of
total U.S.)
60+
18%
0-29
41%
Source: USGS and PCA
30-59
41%
Cement demand profile: similar to that of an emerging market
(in million tons)
11.2
Population growth
1.5%
Southeast states(2) CAGR 2011 – 2016: 12% vs.
9% for the U.S.
5.2
5.2
5.2
5.8
7.1
8.4
1.4%
1.3%
9.2
1.2%
1.1%
1.0%
0.9%
0.8%
2006
2010
2011
AL
2012E 2013E 2014E 2015E 2016E
GA
SC
NC
Source: PCA, summer 2011 reports.
(1)
(2)
2010E
2011F
2012F
(2)
Southeast U.S. states
2013F
2014F
2015F
U.S. total
Source: U.S. Census Bureau and Global Insights.
Based on PCA data on grinding capacity in Alabama, Georgia, North Carolina and South Carolina.
Includes Georgia, South Carolina, North Carolina and Alabama.
19
Interesting perspectives of private and public investment
in the Caribbean
Cement Capacity in the Caribbean
Market Overview
2.8 million of TPA
Clinker Grinding Stations
5%

Panama Canal expansion
Panama
–
18%
In 2011 Cementos Argos started to deliver
cement and aggregates to the Panama Canal
Haiti
expansion project
56%
21%
Dominican
Republic

Surinam
Panama 2010 – 2014: public and private investments
for approx. US$ 14 billion
–
EBITDA Generation 1Q2012

9%
2% -1%
Dominican
Republic
Haiti
Haiti’s new president committed to the country’s
reconstruction
Panama
11%
Infrastructure as one of its main drivers

Recovery in tourism and commercial investments in
Dominican Republic
Surinam
77%
(1)
Caricement (1)
Refers to Argos’ operations in St. Marteen, St. Thomas, Antigua and Dominica
20
Panama: Infrastructure as the key sub-sector
Ready mix concrete demand mix*
100%
90%
4%
5%
10%
11%
20%
7%
80%
9%
8%
5%
10%
10%
17%
7%
18%
20%
23%
70%
60%
7%
6%
20%
36%
28%
39%
44%
48%
50%
40%
30%
20%
60%
48%
67%
61%
48%
43%
34%
10%
27%
0%
2004
2005
Others
2006
Commercial
Source: Market Intelligence - Cemento Panama
2007
2008
2009
Infrastructure
2010
2011
Residential
* Does not include the Panama Canal expansion project
21
Economic growth perspectives in the Caribbean
GDP annual var. (%) Panama
GDP annual var. (%) Dominican Republic
10.7
12.1
9.3
10.1
8.5
7.8
8.5
7.5
7.5
7.2
7.4
7.2
5.5
5.3
4.5
3.5
3.2
1.3
04
05
06
07
08
09
10
11E
12E
04
05
06
07
08
09
10
11E
12E
GDP annual var. (%) Haiti
7.5
6.1
3.3
1.8
2.9
2.2
0.8
04
05
06
07
08
09
10
11E
12E
-3.5
-5.4
Source: IMF – 2011
22
Argos’ market share
Colombia
Caribbean
70%
80%
60%
50%
50%
76%
70%
50%
60%
40%
50%
30%
48%
47%
37%
40%
20%
28%
30%
10%
20%
0%
10%
10%
Grey cement
RMC
0%
Panama
Source: (YTD at Mar. 2012)
Grey cement: DANE and Argos
Ready mix concrete: Argos
Dominican
Republic
Haiti
Caricement
Vensur
Concreto
Panama
Source: Argos
United States
CEMENT
RMC
35%
18%
30%
30%
28%
25%
25%
16%
16%
15%
14%
12%
20%
18%
10%
14%
15%
13%
9%
8%
10%
10%
TX
South
Central
8%
6%
6%
10%
4%
5%
2%
2%
0%
0%
AL
GA
NC
Source: PCA; Estimates Argos
SC
MS
Southeast
AL
Southeast includes: AL,FL,GA,MS,NC,SC,TN
GA
NC
SC
Southeast
AK
Source: Estimates Argos
23
Argos’ market mix
1%
Colombia
Note: Argos’ cement/RMC industrial business
United States (RMC)
24%
South Central
Southeast
1%
1%
18%
24%
32%
49%
51%
46%
49%
31%
26%
26%
21%
Residential
Infrastructure
Commercial
Others
Caribbean (cement)
Panama
Dominican Republic
Haiti
5%
11%
8%
2%
17%
13%
21%
58%
87%
78%
Source: Estimates Argos
24
Argos has an excellent track record of revenue growth as well
as geographic diversification
Revenues Evolution
EBITDA Evolution
CAGR 2005 – 1Q2012: 15%
CAGR 2005 – 1Q2012: 24%
3.936
4.000
18,7
800
737
11,7
600
3.000
404
2.151
2.000
400
1.648
194
200
710
1.000
83
0
0
2005
US$ mm
1Q2012
2005
US$ mm
1Q2012
COP$ mmm
EBITDA Mgn (%)
COP$ mmm
Revenues breakdown by Region 1Q2012
EBITDA breakdown by Region 1Q2012
1%
0%
20%
20%
COL
USA
54%
25%
COL
-6%
USA
Caribbean
Caribbean
Other
86%
Other
mm: million / mmm: thousand million
25
Argos in 2015
Revenues
6.000
EBITDA
5.487
EBITDA margin: 21%
1.400
5.000
1.179
1.200
4.000
1.000
3.209
800
3.000
689
600
2.000
400
1.000
200
0
Thousand Million COP$
Million US$
The
Caribbean
19%
0
Thousand Million COP$
Million US$
The
Caribbean
23%
Colombia
50%
Colombia
59%
USA
31%
USA
18%
Exchange rate: COP$ 1.710 / source: Argos
26
1Q2012 Consolidated Results
1Q
Thousand million COP$
2012
2011
Var. (% )
Var. (% )
Q1 2012 / Q4 2011
Revenues
1.055
787
34
(5)
Costs & SG&A
956
740
29
(6)
Operating Profit
99
48
107
1
EBITDA
194
139
40
(1)
18,4
17,6
Revenues
587
419
40
2
Costs & SG&A
532
394
35
1
Operating Profit
55
25
118
8
EBITDA
108
74
47
6
EBITDA Margin (%)
Million US$
27
Debt Profile at Mar. 2012
Short Term: US$ 770 million
Million US$
350
300
80
250
200
150
100
244
167
50
68
97
0
apr-12
may-12
jun-12
jul-12
15
2
aug-12
sep-12
oct-12
Bank Loans
45
16
8
20
3
5
nov-12
dec-12
jan-13
feb-13
mar-13
Bonds
Long Term: US$ 936 million
Million US$
300
150
256
195
16
72
0
2013
128
26
45
21
45
64
2014
2015
2016
2017
16
8
39
2018
2019
Bonds
0
2020
2021
2022
2023
2024
2025
Bank Loans
28
Debt Profile at Mar. 2012 (cont’d)
Short Term vs. Long Term
COP vs. USD
26%
COP
Long Term
45%
55%
USD
Short Term
74%
Consolidated Cost of Debt (%)
Consolidated Ratios
COP
mar-12
feb-12
jan-12
dec-11
nov-11
oct-11
sep-11
= 25,4%
aug-11
Net Debt
Equity
jul-11
= 3.83
jun-11
EBITDA
Financial Expense
may-11
2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,2 2,3 2,3 2,3
apr-11
Net Debt
= 3,77
EBITDA + Dividends
mar-11
7,1 7,2 7,3 7,3 7,4
6,4 6,4 6,5 6,6 6,7 6,7 6,6 6,7
USD
29
Debt Profile at Mar. 2012 after 167 MM corporate bond issuance
Short Term: US$ 559 million
180
160
140
120
100
80
60
40
20
0
Million US$
80
45
apr-12
169
may-12
45
81
68
jun-12
jul-12
15
2
aug-12
sep-12
Bank Loans
oct-12
16
8
20
nov-12
dec-12
jan-13
3
5
feb-13
mar-13
Bonds
Long Term: US$ 1.671 million (includes short term)
Million US$
600
450
300
407
150
125
0
2012
113
43
2013
26
21
107
107
2014
2015
16
252
195
64
2016
2017
16
39
2018
2019
Bonds
128
0
2020
2021
2022
2023
2024
2025
Bank Loans
30
Cash Flow
Cash flow Dec.11 – Mar2012
US$ million
300
+108
250
+107
200
(60)
150
149
(30)
(21)
119
(25)
100
(97)
(12)
50
0
Cash at
Dec. 11
EBITDA
WK
CAPEX
Taxes
Financial
Expense
Dividends, net
Other nonoperating
Financing
Operations
Cash at
Mar. 12
31
Argos’ Strategic Reorganization
Current Structure
Post-Transaction Structure
SPIN-OFF AND
CONTRIBUTION INTO I.A.
Minority
shareholders
Minority
shareholders
GRUPO ARGOS
38,6%
61,4%
CEMENTOS ARGOS
50,05%
ENERGY
38,6%
Ports
Coal assets
Portfolio investments
61,4%
CEMENTOS ARGOS
Portfolio
investments
Real estate
Cement
subsidiaries
New
preferred
shares
Cement
subsidiaries
GRUPO ARGOS
100%
SPUN-OFF
ASSETS
50,05%
ENERGY
Real estate
Ports
Coal assets
Portfolio
investments
To be done during 2Q2012
32
Overview of the assets to be spun-off by Cementos Argos and
contributed into Inversiones Argos
Asset
Description
Investment
portfolio

Stakes in publicly traded entities such as Grupo Sura (14.7%), Grupo Nutresa (5.4%) and Bancolombia
(2.0%)
Real estate
assets

5,400 hectares land bank located mostly in Northern Colombia, with potential residential, touristic and
commercial use

A significant portion is located in Barranquilla and Barú, and it has development plans in place

9 mining titles located mainly in Departments of Córdoba and Antioquia
Preliminary Company estimates of 873mm tons of Resources and 156mm tons of Reserves, mainly
thermal
Coal assets

Logistics-Ports
assets


3 port facilities located in the Caribbean Sea in Barranquilla and Tolú (Colombia), and the Pacific Ocean in
Buenaventura (Colombia)
Traditionally used to ship cement, coal and related materials
33
Real Estate Assets to be spun-off
Barranquilla
Barú Island
 1,200 Ha
 1,150 Ha
 2,850 Ha


22 Km of beach front

To develop in the rest of the country

Beaches, swamps and cliffs

Potential for:

Near Cartagena, city declared Historical
and Cultural Heritage of Humanity by the
United Nations

Tourism

Housing


Services
High potential for international tourism
and world class 2nd home projects

Others

Currently developing a Master Plan
with EDSA, a US-based international
project development consultant

Value: US$529 million*

Area with the highest projected
growth in Barranquilla and Puerto
Colombia
Potential for:

High-income housing

Commercial

Services

Light Industry

765 Ha in Master Plan phase for
Riomar project

Value: US$845 million*
Other

Value: US$126 million*
*Valuations made by Colliers International in 2011
34
Cementos Argos’ portfolio investments
Company
Grupo Suramericana
% Stake
Price per Share
(COP)
Value
(COP$ million)*
Value
(US$ million)*
20,7%
31.540
3.065.173
1.710
12%
0%
Grupo Sura
Bancolombia
6,7%
28.160
957.661
534
Bancolombia
21%
Grupo Nutresa
5,4%
21.400
533.730
298
Cartón Colombia
2,1%
7.960
18.379
10
4.574.943
2.553
Total
Grupo Nutresa
67%
Cartón Colombia
To be Spun-off:
► 14.7% stake in Grupo Sura
► 5.4% stake in Grupo
Nutresa
► 2.0% stake in Bancolombia
Jan-12
Dec-11
Aug-11
Apr-11
(common shares)
* At March 31st, 2012
35
Important Disclaimer
This presentation contains certain forward-looking statements and information respecting CEMENTOS ARGOS S.A.
(“ARGOS”) that are based on its experience of present facts, expectations and projections, circumstances and
assumptions about future events. Many factors could cause the actual results, performance or achievements of ARGOS
to be materially different from any future results, performance or achievements that may be expressed or implied by such
forward-looking statements. Should one or more uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or
targeted. Forward-looking statements are made as of the date hereof and ARGOS does not intend, nor is it obligated to
update these forward-looking statements, whether as a result of new information, future events or otherwise.
Copyright Cementos Argos S.A.
36
Contact Information
www.argos.com.co/cemargos
@Cementos_Argos
Cementos Argos
Ricardo Sierra
CFO
e-mail: rsierra@argos.com.co
Medellín, Colombia
Nicolás Valencia
Investor Relations
Tel.: (574) 319.87.12
e-mail: nvalenciap@argos.com.co
Medellín, Colombia
37