Grupo Argos
Transcription
Grupo Argos
Holding Company with SUSTAINABLE investments in infrastructure Basic sectors of the economy STRATEGY Investment Principles With Natural entry barriers Capital intensive Our investments in high-quality real assets generate stable, LONG-TERM CASH FLOWS AND PROVIDE AN INFLATION HEDGE With long business cycles 2 STAKE STRATEGIC In Infrastructure Our Investments Cement 55,3%* Energy 52,5% Concessions Roads and airports 54,7% Ports 50% STAKE Listed companies account for 82% of our holdings, giving us greater financial flexibility and high levels of transparency and corporate governance. * Cementos Argos 55.3% ordinary shares Grupo Sura 28.74% ordinary shares and 2.09% preferred shares Bancolombia 1.5% ordinary shares 3 PORTFOLIO Real Estate Real Estate Fund 50% Urban Development 100% Financial Services 30,8%* 1,5%* Food 9,8% History 1934 Founding of Compañía de Cementos Argos (currently Grupo Argos) Steady organic growth complemented by a track record of value-creating acquisitions 2005 2006 2007 2009 2011 Expansion in the United States through the acquisition of Lafarge’s assets 2013 2014 2015 Entry into concession business through the acquisition of a 54.7% stake in Odinsa Divestment of coal mines Acquisition of Holcim’s plants in Panama, the Dominican Republic, and Haiti Acquisition of assets in Florida, Acquisition of EPSA in Colombia Expansion of Colombia and United States plants Acquisition of a 16% stake in Colinversiones (currently Celsia) United States; and in French Guiana Acquisition of energy assets in Panama and Costa Rica Strategic alliance with Conconcreto Acquisition of Termoflores, a thermal plant in Barranquilla Acquisition of Lafarge’s assets in Honduras Cementos Argos expands acquires mixing plants in the United States and Colombia Eight cement-producing companies are merged under the name Cementos Argos Cementos Argos changes its corporate name to Inversiones Argos 4 2012 Spin-off of Cementos Argos’ non-cement assets and creation of three new businesses: Ports, urban development and coal Footprint 17 Countries of the Americas 12.670 Employees Sectoral and geographical diversification, which reduces the impact of the different stages of the economic cycle Cement Cementos Argos S.A. has a presence in Venezuela through its subsidiary Corporación de Cemento Andino C.A., which is currently a party to a legal proceeding regarding the expropriation by the Venezuelan government of its plant located in the state of Trujillo, Venezuela. Any compensation to which Cementos Argos S.A. or its subsidiary Compañía de Cemento Andino C.A. may be entitled to is subject to the decisions of the relevant courts in the Bolivarian Republic of Venezuela. Cementos Argos S.A. has written-down to zero its investment in the plant. 5 Concessions Energy Strengths SHAREHOLDERS BOARD OF DIRECTORS NAME ROLE Rosario Córdoba Independent Chairman of the Board 35,6% Mario Scarpetta GRUPO SURA Independent Ana Cristina Arango Independent Armando Montenegro Independent Jorge Uribe Independent David Bojanini Non – Independent* Carlos Gallego Non – Independent* 13,0% PENSION FUNDS COMMON STOCK 12,4% GRUPO NUTRESA 11,0% FOREIGN FUNDS 28,0% CEO *Major Shareholders 6 PREFFERED STOCK 5% FOREIGN FUNDS 28% OTHERS OTHERS Preferred shares do not carry voting rights Figures as of September 30, 2015 JOSÉ ALBERTO VELÉZ CADAVID 67% PENSION FUNDS RECOGNITIONS AFFILIATIONS Performance Grupo Argos’ Advantages as a Holding Company 190 170 150 Correlation among its businesses, enabling synergies 130 110 Access to better financing terms 90 70 Strategic alignment among subsidiaries 50 GRUPO ARGOS 7 CEMARGOS CELSIA IGBC ODINSA Optimal resource allocation Portfolio Growth 2015 BY ASSET VALUE* 50% Cement 2010 2005 24% Real Estate 76% COP 4,6 100% Cement Cement COP 10,6 billion billion 24% Energy COP 12,3 billion 12% Energy 11% ** Concessions 3% Other DIVIDEND GROWTH $234 $250 $267 $279 Cemento $ 177 Energia Grupo Sura Grupo Nutresa Bancolombia 2011 8 2012 * Doesn´t include stakes in Grupo Sura, Nutresa and Bancolombia ** Includes 54,7% stake in Odinsa and 50% stake in Compas 2013 2014 2015* Grupo Sura Preferencial Debt Profile COP COP COP 1,66 1,65 BILLONES BILLONES BILLION (USD 513 million)* 600 500 400 300 Synthetic credit 550 200 Long term credit 390 108 254 100 100 132 115 2016 2017 2019 Ordinary bond 0 figures in billion pesos 2020 2024 AAA 2029 Cost of Individual Debt (local rating) 7,44% 7,5% 7,45% 7,3% by BRC Standard & Poor´s 7,47% 7,37% 7,42% 7,32% 7,18% 7,1% 7,14% 6,99% 6,9% Enero Febrero *FX 3.121 COP/USD 9 Marzo Abril Mayo Junio Julio Agosto Septiembre Results REVENUES USD $ million 4472 4.082 3.717 4.000 2.899 3.000 2.000 1.495 1.837 2.020 25% 19% 12% 18% 876 883 899 2010 2011 2012 23% 1.023 1047 2013 2014 756 400 200 270 340 368 2007 2008 87 2006 2007 2008 2009 2010 2011 2012 2013 DIVIDEND 1,3% 1,9% 1,0% 1,3% 1,0% 1,2% 1,3% 1,1% 250 200 136 2014 COP $ 1,9% 300 146 160 173 184 200 212 230 248 1,3% 268 2005 2006 2009 MARKET CAP USD $ million 10.000 9.302 9.000 8.000 8.088 2013 2014 5.878 5.695 6.000 5.000 4.000 8.350 6.763 7.000 3.340 3.402 2005 2006 3.749 2.969 3.000 100 2.000 50 1.000 - 2005 10 28% 600 730 2005 150 18% 800 2.125 30% 24% 1.200 1.000 3.129 - 350 USD $ million 36% 1.400 5.000 1.000 EBITDA 2006 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 Cement BUSINESS COMMITMENT Provide our customers the best value proposition STRATEGIC FOCUS LOGISTICS Continually enhance our distribution channels and logistics network EFFICIENCY Improve operating efficiencies and reduce production costs EXPANSION Selectively pursue attractive acquisition opportunities EMPHASIS Maintain emphasis on innovation, our employees, and sustainable development 12 Footprint • • • • Logistical synergies due to our geographical location, port infrastructure, and maritime expertise Balance between developed and emerging economies Countries with potential for per-capita consumption growth Economies with different economic cycles History of Strategic Acquisitions 2006 Southern Star Concrete, United States (Texas) Concrete Express, United States (Georgia) RMCC, United States (North Carolina) Cemento Andino, Colombia Concrecem, Colombia 2009 Holcim’s cement plants in Panama, the Dominican Republic, and Haiti 2011 Lafarge’s cement plants in the southeastern United States (Alabama, South Carolina, Georgia, and Florida) Cement plants 2013 Lafarge Cementos Honduras, Honduras Ready-mix concrete plants 2014 Vulcan’s cement and concrete assets, United States (Florida) Cements Guyanais, French Guiana Clinker grinding facilities Ports/Terminals 13 2015 Wetvan Overseas’s cement terminal, Puerto Rico Competitive Advantages Well-Established Distribution Network 2 Competitive Advantages: Strategically located assets and broad distribution and logistics network enhances flexibility U.S. plants provide additional flexibility Low-Cost Cement and Export Potential • Efficient cement plants with access to distribution networks (sea and rail) • Potential to supply our Caribbean and Central American markets via exports from the Port of Mobile (Alabama) 23 Ports/Terminals 390 Concrete Plants 70 State-of-the Art Technology The Cartagena plant enhances our regional links • Efficient dry line with cement production capacity of 2.3 MTPA • Efficient access to low-cost limestone reserves and direct access to a dedicated port • Operations in a free zone with stable tax exemptions through 2028 Dispatch Facilities and Warehouses 13 Cement Plants 2.800 9 Enhanced flexibility and capacity to cover local and regional markets 14 Mixers Grinding Plants Results REVENUES USD $ million EBITDA USD $ million 19% 3.000 2.437 2.500 2.000 2.656 2.908 1.602 19% 20% 18% 524 534 2013 2014 440 450 369 1.594 303 304 2008 2009 300 1.500 18% 18% 16% 1.983 1.955 600 284 1.000 150 500 2008 2009 2010 2011 2012 2013 DIVIDEND COP $ 1,7% 1,1% 200 1,1% 1,2% 1,5% 154 150 112 2014 121 126 1,7% 166 1,7% 2010 2011 2012 MARKET CAP USD $ million 8.000 6.913 178 6.772 5.776 6.000 5.886 5.836 5.873 2012 2013 2014 132 4.000 3.923 100 2.000 50 - 2008 15 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 Energy Business REACH Focus on end customer. STRATEGIC FOCUS INNOVATION Adoption of state-of-the-art technologies and implementation of new business models. NON-CONVENTIONAL RENEWABLE ENERGIES Become a major player in large-scale, grid-connected non-conventional renewable energies. DISTRIBUTED ENERGY Small-scale, renewable energy generation for on-site use. REGIONAL EXPANSION Growth in Colombia and expansion into strategic areas of interest such as Central America, Chile, and Peru. 17 Presence Risk Diversification • • Presence in 3 countries: Colombia, Panama, and Costa Rica Electricity generating technologies: hydropower, thermal, and wind History of Strategic Acquisitions 2007 Acquisition of Termoflores (now Zona Franca Celsia), Colombia 2008 Acquisition of Meriléctrica, the Rio Piedras plant, and the Hidromontañitas Project, Colombia 2009 Acquisition of EPSA, Colombia 2014 Acquisition of GDF Suez’s assets in Panama and Costa Rica 49% hydropower 2,332 MW 48% thermal 2% wind 18 Results REVENUES USD $ million EBITDA 37% 1.400 1.276 1.200 916 1.000 1.001 1.294 800 100 2008 2009 2010 DIVIDEND 2011 2012 2013 2014 COP $ 2,4% 160 69 82 2008 2009 1,4% 1,4% 2,0% 112 82 30 2012 2013 2014 USD $ million 2,0% 90 2.169 120 2.000 100 1.000 41 2.161 2.233 2.234 2012 2013 2014 1.802 1.417 1.500 80 60 2011 MARKET CAP 2.500 0,8% 100 2010 1,9% 120 693 500 20 - 2008 19 386 447 - - 40 343 463 414 200 265 200 140 11% 35% 300 600 400 36% 26% 400 768 USD $ million 40% 600 500 1.024 39% 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 Concessions Roads & airports STRATEGIC FOCUS SUSTAINABLE GROWTH Selective pursue of projects. REGIONAL EXPANSION Expansion into strategic areas of interest as the countries in the Pacific Alliance. EFFICIENCY Improve operating efficiency. 21 Footprint History of successful projects in the region that provided entry to new markets History of International Projects 22 2000 Autopistas del Nordeste Project, Dominican Republic 2007 Boulevard Turístico del Atlántico Project, Dominican Republic 2008 Viadom Project, Dominican Republic Energy Sector: Generadora del Atlántico, Panama Energy Sector: Generadora del Pacífico, Chile 2013 Green Corridor Project, Aruba 2015 Mariscal Sucre Airport Concession, Ecuador (Quito) Operations Diverse business lines that guarantee stable revenue generation in the different stages of the economic cycle ROAD CONCESSIONS 4 existing road concessions in Colombia, 2 in the Dominican Republic, and 1 in Aruba 1 4G project awarded (Pacifico 2) - 98 Km 2 private initiative PPP awarded: Malla Vial del Meta (354 Km) and Vias del Nus (157 Km) 1 private initiative PPPs pending (Privilegio) AIRPORTS /PORTS 35% stake (Bogota’s El Dorado: South America’s busiest airport in terms of cargo traffic and second-busiest in terms of passenger traffic; 27.5 million passengers transported in 2014) Quito’s Mariscal Sucre: 50% stake; 5.6 million passengers transported in 2014. Sociedad Portuaria de Santa Marta: solid bulk, coal, general cargo, and cruise operations. TOLL COLLECTION Only national operator with toll-collection experience 44 toll stations - with 108 associated toll booths - in operation Odinsa will be a regional platform to expand our investments in roads and airports 23 ENERGY (THERMAL) 51% stake in GENPAC (Chile). 96 MW, 1.0% of system’s capacity 60% stake in GENA (Panama). 150 MW, 5.4% of system’s capacity O&M Operation and maintenance of infrastructure assets, including road projects Projects managed in nearly all infrastructure areas Results REVENUES USD $ million 468 500 372 400 460 EBITDA USD $ million 42% 41% 200 29% 392 166 27% 29% 300 162 148 150 109 217 200 121 100 148 50 100 0 2008 2009 2010 2011 DIVIDEND 5,9% 5,0% 600 6.1% 2012 2013 2014 COP $ 6.4% 500 525 302 59 42 0 2008 2009 2010 2011 2012 2013 MARKET CAP 816 752 550 2014 USD $ million 800 778 723 657 500 600 405 400 50 6.3% 5,0% 4,3% 500 300 35% 32% 483 320 400 200 402 200 100 0 0 2008 24 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 Potential in Colombia Infrastructure improvement is one of the government’s main objectives More than COP$ 45 trillion pesos* are being invested for that purpose Quality of roads rankings 4G Projects (public initiative) 0 20 31 40 52 • 30 new concessions • Investments totaling more than COP$ 30 trillion • 7,000 km of roads intervened 60 Private Initiatives 80 95 100 102 • 110 122 120 feasibility stage 126 127 Colombia Venezuela 140 Chile México *World Economic Forum and ANI 25 Bolivia Perú Argentina Brasil 3 projects awarded, 5 approved, and 16 in the • Investments totaling nearly COP$ 15 trillion Concessions Ports Ports 26 STRATEGIC FOCUS COMMITMENT Provide our clients with the best value proposal EMPHASIS Maintain emphasis in security, our employees and sustainable development. LOGISTICS Continually enhance our facilities. 27 Footprint Multi-purpose terminals in the Atlantic and the Pacific oceans allow Compas to serve different multi-purpose industries and markets 50 9 USD Terminals with Operating Agreements Terminals under Development Terminals in Operation 28 300 20% Accessible Countries Port Terminals US$ Million Invested Colombia’s Grain Import/Export Volume Portfolio Investment 29 REAL ESTATE Real Estate Fund Current GLA 440.000 mts2 4-year target GLA 700,000 mts2 Land Bank Barranquilla 1,200 ha Baru 1,300 ha Other 2,600 ha Portfolio Investments PORTFOLIO * 37% of the ordinary shares. Includes Cementos Argos and Celsia’s participation in Grupo Sura ** 1.5% stake of the ordinary shares 30 Financial Services 37% stake* US$ 2.7 billion Bancolombia 1,5% stake** US$ 59 million FOOD 9.8% stake US$ 450 million Real-Estate Fund Benefits of the Alliance FINANCIAL STRENGTH AND CAPACITY Investment portfolio valued at US$6.3 billion VERTICAL INTEGRATION Presence in construction-related activities 32 INTERNATIONAL PLATFORM Presence in more than 17 countries via its subsidiaries OPERATING EXPERIENCE 55 years in the market RECOGNITION 80 years in the market PROJECT DEVELOPMENT CAPABILITY Experience with different types of projects Footprint 16 Shopping Malls 8 Commercial Establishments 14 Industrial Complexes 5 Hotels 257,000 m2 of leasable space 263.300m2 of leasable space 9 Office Buildings 115.500m2 of leasable space 33 11,000 m2 of leasable space 697 guestrooms 8 Self-Storage Complexes 20,500 m2 of leasable space 34 ALEJANDRO PIEDRAHÍTA SEBASTIÁN VELÁSQUEZ CFO Grupo Argos Phone: (57) 4 3198450 apiedrahita@grupoargos.com Investors Relations Grupo Argos Phone: (57) 4 319 87 12 svelasquez@grupoargos.com
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