business portfolio

Corporate Presentation
June 2016
1
1.
Infrastructure Sector
2.
Corporate information
3.
Strategic Considerations
4.
Business Portfolio
5.
Financial Considerations
2
1.
Infrastructure Sector
2.
Corporate information
3.
Strategic Considerations
4.
Business Portfolio
5.
Financial Considerations
3
INFRAESTRUCTURE SECTOR
In general terms,
infrastructure in Latin
America lags
significantly with respect
to that of industrialized
countries.
Colombia presents a
wider gap than most
other countries in the
region and places 110th
out of 144 countries.
Closing this gap is a
prerequisite to be
competitive in the
international context.
4
INFRAESTRUCTURE SECTOR
The Global Competitiveness Report of the World Economic Forum states that in order to create sustainable long-term
growth, the region must build resilience against external economic shocks. Infrastructure, skills, and innovation—
areas in which the region performs relatively poor—are among the fundamentals to be strengthened
Also, according to the World Economic Forum, emerging market economies must invest close to 6% of GDP in order
to close the gap and sustain high growth rates. Within this context, Latin America must invest close to 3% of GDP.
In Colombia public and private investments in infrastructure increased from 0.89% to 2.96% of its GDP between 2004
and 2014.
5
INFRAESTRUCTURE SECTOR
Advances of Colombia in Infrastructure
Over the past few years, Colombia has made important efforts to improve its infrastructure sector.
efforts we can highlight the following:
•
Master Transportation Plan for the next 20 years.
•
Fourth Generation Road Concession Program.
•
Institutional Strengthening:
• Vice-ministry of Infrastructure.
• National Infrastructure Agency (ANI).
•
Regulatory Strengthening:
• Public-Private Partnership Law.
• Infrastructure Law.
• Decree 2014 to expedite environmental licensing.
Among these
6
INFRAESTRUCTURE SECTOR
Mechanisms to Close the Infrastructure Gap
Source : ANI .
The ANI continues working on the fourth generation concessions. It is worth noting that PPPs of
Public Initiative require significant resources from the government, through subsidies (“Vigencias
Futuras”) and Minimum Revenue Guarantees (“Diferencias de Recaudo”), so the projects are
viable from a financial standpoint.
7
INFRAESTRUCTURE SECTOR
Mechanisms to Close the Infrastructure Gap
FIRST WAVE
Project
Capex
Km.
Perimetral Oriente
Cartagena - Barranquilla
Honda - P. Salgar - Girardot
Autopista Conexión Norte
Mulalo - Loboguerrero
$
$
$
$
$
1.741
1.806
1.548
1.373
1.677
153
159
190
145
32
Conexión Pacífico 2
$
1.373
Conexión Pacífico 1
Conexión Pacífico 3
Río Magdalena 2
Rio De Oro-Aguaclara-Gamarra
$
$
$
$
2.205
1.290
1.839
1.200
Project
Sisga - El Secreto
Villavicencio - Yopal
P. del Hierro - Cruz del Viso
Autopista al Mar 1
Barranca - Bucaramanga
Pasto - Rumichaca
S. de Quilichao - Popayán
Santa Ana - Mocoa
Autopista al Mar 2
Capex
$
$
$
$
$
$
$
$
$
Project
Bucaramanga - Pamplona
Pamplona - Cucuta
$
$
1.002
3.046
1.286
2.371
2.789
2.400
1.765
3.078
1.553
Awarded
Ending
Status
Award. 23/07/2014
2039
2039
2039
2039
2040
2039
2039
2039
2039
2035
Pre-construction
Construction
Pre-construction
Pre-construction
Pre-construction
Construction
Pre-construction
Construction
Pre-construction
Award. 02/07/2014
Award. 03/06/2014
Award. 17/10/2014
Award. 05/12/2014
98Award. 22/05/2014
49
Award. 03/06/2014
146 Award. 15/07/2014
144
Award. 22/10/2014
82
SECOND WAVE
Km.
Awarded
Ending
Status
137
Award. 25/05/2015
261
Award. 01/06/2015
175
Award. 19/05/2015
110
Award. 30/06/2015
144
Award. 06/07/2015
80
Award. 24/07/2015
76
Award. 16/06/2015
447
Award. 09/06/2015
246
Award. 25/11/2015
THIRD WAVE
2040
2040
2040
2040
2040
2040
2040
2040
2040
Pre-construction
Pre-construction
Pre-construction
Pre-construction
Pre-construction
Construction
Pre-construction
Pre-construction
Pre-construction
Ending
Status
Capex
Km.
Awarded
803
1.200
133
Award. 22/04/2016
62 To Awa rd. 22/04/2017
Up to now, the
government has awarded
nineteen projects, four
under the so-called "Early
victories“, five under the
so called “Vias de la
Prosteridad " and 10
under the "Second Wave“,
totaling Cop$25.2 Billion
(US$ 8.2 Billion Approx.)
The government released
the “Third Wave” in the
second half of 2015 and
these are expected to be
awarded over 2016.
2041 Pre-construction
2041 Appr. by Compes
8
INFRAESTRUCTURE SECTOR
Mechanisms to Close the Infrastructure Gap
Another mechanism that has become very relevant to close the
infrastructure gap are the PPPs of Private Initiative. Which have become
very relevant considering current fiscal environment.
The government has received a significant number of proposals, as
follows;
 61 proposals received in total.
 17 proposals in feasibility and prefeasibility stage.
 Of the 17 accepted, 9 have been awarded.
The projects that have been awarded are:
1.
Ibagué - Cajamarca (awarded on 01/16/2015) – Cop$1,02
Billion.
2.
Malla Vial del Meta (awarded to Odinsa on
04/06/2015) – Cop$1,26 Billion.
3.
Chirajara – Villavicencio (awarded on 04/20/2015) – Cop$1,9
Billion .
Conexión Cesar – Guajira (awarded on 05/12/2015) –
Cop$0,38 Billion
Cambao – Manizales (awarded on 05/19/2015) – Cop$1,3
Billion.
Antioquia - Bolivar (awarded on 06/03/2015) – Cop$1,13
Billones.
Neiva - Girardot (awarded on 07/11/2015) – Cop$0,8
Billones.
Carriles Adicionales Bogotá – Girardot (awarded on
07/25/2015) – Cop$1,6 Billones.
4.
5.
6.
7.
8.
9.
Vias del NUS – Magdalena 1 (awarded to Odinsa
on 01/12/2016) – Cop$961 Million.
9
INFRAESTRUCTURE SECTOR
Major Competitors
Odinsa faces competition from a number of local and international players, which meet the requirements for the
specifications in the tender documents. In the Fourth Generation Road Concession granting process, between
2014 and 2015, it was evidenced the large number of companies interested in participating in Colombia´s
concessions sector.
Empresa
Strabag
Obresca
China Gezhogua
China Harbour
ALCA
Benton
Colombiana Inversiones en Infra.
Conasfaltos
Concay
Concecol
Conconcreto
Construcciones e Inversiones Beta
Construcciones El Condor
Constructora Colpatria
Empresas Grupo Aval
EDL
Equipo Universal SA
Estyma
Fortress
Gaico Ingenieros
Grodco
Grupo Odinsa
País
Austria
Brasil
China
China
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Empresa
Grupo Solarte
HB Estructuras Metalicas
Icein
ICM Ingenieros
Industrias Asfalticas
Infracon
KMA
Latinco
Mario Huertas
MC Victorias Tempranas
Mincivil
Murcia y Mucia
Paviementar
Pavimento Universal
Pavimentos de Colombia
Profit Banca de Inversion
Sarugo y CIA
Sergio Torres Restrepo
Sonacol
SP Ingenieros
Termotecnica
Unica
País
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Empresa
País
Valorcon
Colombia
Constructora Meco
Costa Rica
Herdoiza Crespo Construcciones
Ecuador
Hidalgo e Hidalgo
Ecuador
Cintra Infraestructura
España
Concessia
España
Constructores Rubau
España
Ferrovial
España
Grupo ACS
España
Grupo Ortiz
España
Iridium
España
Obras Especiales
España
OHL
España
Sacyr Concesiones
España
Vinci
Francia
Ashmore
Inglaterra
Shikun & Binui
Israel
Controladora de Operaciones de Infra.Mexico
Empresas ICA
Mexico
Construccion y Administracion CASAPeru
Mota – Engil
Portugal
10
1.
Infrastructure Sector
2.
Corporate information
3.
Strategic Considerations
4.
Business Portfolio
5.
Financial Considerations
11
CORPORATE INFORMATION
Odinsa´s History
1992
Grupo Odinsa
was founded.
No revenue in
1992.
No toll road
concessions.
4 employees.
1994
1998
Awarded firsts
toll road
concessions:
1. Santa MartaRiohachaParaguachon
(1994).
2. Autopistas de
Los Llanos
(1994).
3. Autopistas del
Café (1997).
4. Hatovial
(1998).
2000
2001
Develops first
project
overseas:
Autopistas del
Nordeste, in
Dominican
Republic.
Awarded first
railway project:
Fenoco.
Develops first
real estate
project, La
Pastorita
2002
Places first,
AA+ rated,
US$20mm,
Bond issue in
Colombian
market.
Invests in first
low-income
housing project:,
Ciudadela
Primavera
Acquires 50%
stake in
Autopistas de
los Llanos and
Santa Marta
Paraguachón
from BBVA.
2003
2004
Develops first
project for
Bogota’s mass
transportation
system:
Transmilenio
Phase II.
Starts “Internet
por Colombia”
– providing
broadband
satellite internet
access to
remote areas of
the Country.
2005
Stock is listed
in the
Colombian
Stock
Exchange.
Begins 2nd
project of
broadband
satellite internet:
E-America
Completes
Phase II of
Transmilenio
and issues first
tranche of
US$60mm AAA
bonds.
.
12
CORPORATE INFORMATION
Odinsa´s History
2006
Awarded El
Dorado Airport
Concession.
Autopistas del
Nordeste issues
US$162 Million
144A bond in
the international
markets.
Divested from
Fenoco railway.
Increases stake
in Autopistas del
Café to 50.01%.
2007
Awarded
Boulevard
Turístico del
Atlántico (BTA),
toll road
concession in
Dominican
Republic.
2008
Enters power
sector, via
Termocolón
in Panama.
Expands power
business with
Generadora del
Pacifico in
Chile.
Awarded with
Transmilenio
Phase III project. Awarded with
the Viodom
Consolidates
project in the
leadership in
Dominican
satellite internet Republic
business with
new concession,
Internet por
América.
2009
2010
Santa Marta
Paraguachón
and Autopistas
del Café
concessions
were extended
under CONPES
3535.
BTA project
obtained
US$153 Million
financial closing
with multilateral
Banks
Awarded
Autopistas de
las Americas
(COP$1.2
Billion)
2011
Awarded
concession for
the operation
of toll plazas
nationwide.
Consolidates
51% stake in
Genpac– Chile.
Corporate
Strategy outline:
Management
Improvement
Plan.
2012
Acquires
10.7% stake in
Sociedad
Portuaria
Regional de
Santa Marta
S.A.
Financial
Closing for El
Dorado Airport
Concession with
Multilateral
Banks for
US$390 MM.
Increased in
equity stake in
Generadora del
Atlantico to
59,6%.
13
CORPORATE INFORMATION
Odinsa´s History
2013
Awarded Aruba
Green
Corridor,
marking
entrance into
Netherland
Antilles’
Market.
Acquires an
additional 12%
equity stake in
Autopistas del
Café.
2014
Awarded
Pacifico 2
Concession,
first
concession
under the
Colombian
Governments
4G program.
Modernization
Phase of the
El Dorado
Airport is
completed.
ANI proves the
feasibility of the
PPP of private
initiative Vías de
los Llanos.
2015
Completed
acquisition of 50%
stake in Mariscal
Sucre Airport in
Quito, Ecuador.
Approval is received
for the voluntary
expansion of the “El
Dorado” Airport,
with an investment
of US$200 Million.
The PPP of private
initiative Vías del
Nus was awarded
on December 1st.
The PPP of private
imitiative was
awarded on April 9.
14
CORPORATE INFORMATION
Corporate Governance
The Board of directors of the company is composed by:
Independent Members
Jorge Andres Botero
Sergio Restrepo
Non-Independent Members
Jorge Mario Velasquez
Alejandro Piedrahita
Luz Maria Correa
Samuel Rueda
Ricardo Mejía
After Grupo Argos became the main shareholder of Odinsa, on August 14, 2015, an Extraordinary General
Shareholders Meeting took place. In this Shareholders Meeting José Alberto Vélez and Alejandro Piedrahita were
appointed as board members.
On March 18 2016, at the Annual Shareholders Meeting, Jorge Mario Velasquez was appointed President of the
Board to replace José Alberto Vélez, who retired as CEO of Grupo Argos
15
CORPORATE INFORMATION
Organizational Structure
With the entrance of Grupo Argos, the company modified the organizational chart.
Previously, the company had a President and two Vice-presidencies: Financial and Human Talent VP and a
Technical and Concessions VP. However, with the new structure Odinsa now has a President and five vicepresidents.
On February 2016 Mauricio Ossa was appointed as the new president of the company. The technical and
Concessions VP was divided in two: in the Road Concessions VP, in charge of Gustavo Ordoñez, and second in
the Airport concessions VP, which is currently under selection through a head hunter firm. Also, three new vicepresidencies were created: Financial, Legal and Institutional Affairs and Human Resources and Administration
Management. These three Vice-presidencies were filled by executives from Grupo Argos, as can be seen in the
16
following summary of their resumes.
CORPORATE INFORMATION
Executive Committee Members
Mauricio Ossa Echeverri – President
Mauricio holds a Business Degree from Eafit University, with advanced studies in international marketing. He also
graduated from Universidad de la Sabana’s Inalde Business School Advanced Management Program, and from the CEO’s
Management Program at Kellogg’s Management School in Illinois. Mauricio has taught in several postgraduate courses in
the following universities: EAFIT, Pontificia Bolivariana, Javeriana, Universidad de Los Andes and Universidad del Rosario.
Pablo Arroyave Fernández – Financial Vice President
Administrative Engineer from the Escuela de Ingeniería de Antioquia with and MBA from New York University. Holds nine
years of experience in Grupo Argos and Cementos Argos, as Director of Mergers and Acquisitions, President Assistant in
Cementos Argos and head Grupo Argos’ Mergers and Acquisitions Team.
Eduardo Bettín Vallejo – Vice President of Legal Affairs
Lawyer from La Sabana University with advanced studies in Business Management Program PADE from Universidad de la
Sabana’s Inalde Business School and CEO Management Program from the ADEM Business School. He has an
extensive career at Group Argos, previously acting as Legal Director of Cementos Argos and President of Sator S.A.S.,
since 2012.
Gustavo Ordoñez Salazar – Concessions Vice President
Civil Engineer from Javeriana University, Specialist in Corporate Finance from the Colegio de Estudios Superiores de
Administración CESA. He was the coordinator of Business and Projects and alternate member of the board of directors in
CSS Constructores S.A. He also served as Design Engineer and Engineer Director in the company Luis Héctor Solarte
Solarte.
Carlos M. Alzate Toro – Vice President of Human Resources
Public Accountant from EAFIT University, with advanced studies in Business Management Program PADE, from
Universidad de la Sabana’s Inalde Business School. With 20 years of experience in Group Argos and its subsidiaries. He
previously held the positions of Administrative Manager in Cementos Argos, and Cementos El Cairo and Human Resource
17
and Administrative Manager in Sator, Grupo Argos’ coal business.
CORPORATE INFORMATION
Odinsa’s Share Behavior
Closing Price
Market Cap and Number of Outstanding Shares
Outstanding Shares
Market Cap
In 2014, the share price of Odinsa remained on average at CopP$7.861, with a maximum of Cop$8.710 and a
minimum of Cop$7.240 per share .
In 2015, the average share price of Odinsa remained at Cop$8.356, driven by the acquisition by Grupo Argos,
where a price of Cop$9.500 per share Cop was established. On Friday May 20th, the share price closed at
Cop$9.000.
Odinsa has 196,046,822 shares in circulation. Its Market capitalization has increased significantly in recent years
as a result of the issuance of new shares as dividend payments and a rising share price.
18
CORPORATE INFORMATION
Investor Relations
400
350
300
250
200
150
100
50
0
3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015
Llamada
0
0
0
0
0
0
0
0
0
0
0
0
0
Presenciales
5
9
12
13
17
30
15
16
14
16
13
17
17
24
Virtuales
17
16
23
12
24
25
16
12
65
118
186
186
55
338
Virtuales
Presenciales
16
Llamada
In 2012, Odinsa created the Investors Relations Office in order to deepen relations with this significant interest group.
Currently, we have performed a significant number of meetings with investors, with about 170 in 2013, 160 in 2014 and
206 in 2015.
As shown in the graph the interest in our Quarterly Results Presentations has increased significantly, especially since
we implemented live streaming in our meetings.
Likewise, one of the main objectives of the IR department is to meet the requirements established by the Colombian
Stock Market’s IR program. We were certified for the first time in 2013 and we have kept this recognition ever since.
19
1.
Infrastructure Sector
2.
Corporate information
3.
Strategic Considerations
4.
Business Portfolio
5.
Financial Considerations
20
STRATEGIC CONSIDERATIONS
9
Highways
2
Airports
1.346
Kilometers
1.9 Billion
Backlog
316.000 M2
In available areas
34 Million
vehicles/year
36 Million
Passengers per year
2 plants
246MW
1 Port
30.000M2
STRATEGIC CONSIDERATIONS
Long-term infrastructure concessions in two specific business segments, at any stage
of the value chain
Roads
Airports
Value Chain for the development of infrastructure
Studies and
Designs
Commercial and
Contractual
Management
Funding
Construction
Operation an
Maintenance
Development
22
STRATEGIC CONSIDERATIONS
Infrastructure Project Life Cycle
Milestone 0: New
New Initiative
Structuring
Milestone 4:
Reversion
Business
Development
and
Contractual
Management
Development /
Evolution
Milestone 1: Contract Award
Operation and
Maintenance
Financing
Construction
Milestone 3: Technical
Completion
Milestone 2: Financial Closimg
23
STRATEGIC CONSIDERATIONS
Milestone
0: New
Idea
Structuring and
commercial
management
Milestone1:
Contract
Award
Milestone 3:
Technical
completion
Milestone
2:
Financial
Closure
Financial Management
Milestone 4:
Reversion to
the
Government
Operation and
Maintenance
Construction
R.Privilegio
Evolution
AKF (63%)
La Pintada
Vías del Meta
ALlanos
ADN (50%)
BTA(36%)
Green Corridor
Hatovial (70%)
V.del Nus
SMRP (62%)
APP’s Pistas
Opain(45%)
APP’s Ampliaciones
Quiport (31%)
(% vida ejecutada)
STRATEGIC CONSIDERATIONS
In 2015, Odinsa reported its best results of the past years, with a net
income of Cop$133,190 Million. This was achieved with a consolidated
revenue of Cop$902.924 Million and an EBITDA of Cop$292.145
Million.
As shown below, 84% of the revenues and EBITDA are originated from
road concessions, airports and Energy Generation Plants. Likewise,
Odinsa´s Operating Revenue and EBITDA
are diversified
geographically, allowing the company to benefit from the current
devaluation of the Colombian Peso. More than the 44% of Odinsa´s
Operative Revenue and 49% of its EBITDA come subsidiaries outside
of Colombia.
25
STRATEGIC CONSIDERATIONS
Strategic Decisions
Odinsa will complete a strategic planning exercise in the coming months, which is expected to determine the path for growth
for the next 10 years.
In anticipation to this exercise, Odinsa has decided to concentrate its efforts in two strategic business segments; Road
Concessions and Airport Concessions. Consequently, Odinsa has decided to implement the following plan of action;
1)
Concentrate on the projects that have been already awarded to Odinsa. These projects will require the following equity
contributions (Amounts in Cop$ Million):
Concesión Vial del Meta:
Concesión Vías del Nus:
Concesión La Pintada:
Concesión Green Corridor:
Total
Cop$288,700
Cop$151,000
Cop$145,400
Cop$ 26,400
Cop$611,500
2)
Divest from the electricity generation and sea port businesses, by selling its shares in Genpac and Gena as well as the
investment in the Port of Santa Marta.
3)
Sell ​nonstrategic Fixed Assets (Real State Assets).
4)
Acquire an additional 25% in concessions in the Dominican Republic, Autopistas del Nordeste and Boulevard Turstico
del Atlántico. With this transaction, Odinsa will have a controlling stake of 67.5% in each of these concessions. This
transaction was completed over the past few weeks, for approximately US$46.7 Million.
5)
Complete a capital injection of nearly Cop$600,000 Million for Odinsa. These may occur through a direct investment of
Grupo Argos or through the entrance of a strategic partner.
26
1.
Infrastructure Sector
2.
Corporate information
3.
Strategic Considerations
4.
Business Portfolio
5.
Financial Considerations
27
BUSINESS PORTFOLIO
Roads under
Construction
Roads under
Operation
Consolidated
Autopistas del Café
Boulev. del Atlántico*
Not Controlled
Autop.Nordeste*
StMarta-Paraguachon
Hatovial
22%
40%
62%
68%
Green Corridor
68%
Vías del Meta
La Pintada
25%
100%
Viás del Nus
22%
51%
Airports
Quiport
Opaín
47%
35%
* Participation increased from 42.5% to 67.5% in May 2016.
28
BUSINESS PORTFOLIO
29
BUSINESS PORTFOLIO
30
BUSINESS PORTFOLIO
Value of the portfolio by strategic
sector
Roads
36%
Airports
64%
Average operating life of
the Concessions:
14.8 Years
Average life of the
Concessions under
construction:
30 years.
Value of the portfolio by project location
National
29%
International
71%
Source: KPMG Purchase Price Allocation
31
BUSINESS PORTFOLIO
Colombia Road Concessions - Autopistas de Café - 61.92%
Overview
Project Location
• First generation concession with guaranteed minimum income
(GMI).
• Initiation and termination of activities : January 1999 - January
2027.
• 270,2 Km on single carriageway in Quindío, Risaralda and Norte
del Valle.
• 7 toll booth stations, 3 costumer service centers, 1 operational
control centers and 1 weighing station
Equity Participation
32
BUSINESS PORTFOLIO
Colombia Road Concessions - Autopistas de Café - 61.92%
Highlights:
• Additional works: Circasia 1½, Intersección Calle 52 and Tramo
Calarcá – La Española (execution 80%).
• Adaptation Fund works: Talud La Chila, Mitigation in the intersection
Chinchiná and protection of the Cenicafé bridge.
• Maintenance: Horizontal and vertical signage and installation of studs
33
BUSINESS PORTFOLIO
Colombia Road Concessions - Vías de los Llanos - “Malla Vial del Meta” - 51,0%
Overview
Project Localization
• PPP of private initiative (without government resources).
• Awarded on April 9 2015, signing of the contract May 5th and of
the initiation document June 9th 2015.
• Object of the Contract: i). Corredor Granada – Villavicencio –
Puerto López – Puerto Gaitán – Puente Arimena. ii). Villavicencio
Beltway and city access – Malla Vial del Meta.”
• Tollbooth stations: 6, 1 new and 5 in existence .
• 354 Kilometers.
Shareholding Participation
34
BUSINESS PORTFOLIO
Colombia Road Concessions - Vías de los Llanos - “Malla Vial del Meta” - 51,0%
Highlights:
•
Award date: April 9 2015; Contract Signing: May 5 2015; Start of
operation: June 9 2015.
•
Priority Intervention in corredor Puerto López – Puerto Gaitán and
in segments by the INVIAS.
•
Delivery of the layout studies and geometric designs for the entire
project. Currently, they are reviewed by the auditors.
•
Sponsor´s equity contributions in 2015: Cop$115.834 Millions.
35
BUSINESS PORTFOLIO
Colombia Road Concessions - Conexión Pacífico 2 - 25,0%
Overview
Project Localization
• PPP of private initiative (4G – with future budget allocations &
Guaranteed traffic revenues).
• Milestones of the contract: awarded on May 22, 2014. Project
start-up: November 11, 2014.
• 25 – year contract.
• 98Km ; Construction: La Pintada – Bolombolo (44 Km) and
maintenance: La Pintada – Primavera (54 km).
Shareholding Participation
36
BUSINESS PORTFOLIO
Colombian Road Concessions - Conexión Pacífico 2 - 25,0%
Collections 2015: Cop$17,938 Millions.
Sponsors Equity Contributions 2015: Cop$49,215 Millions.
Awarded: May 22 2014.
Contract Signing : September 11 2014.
Operation Initiation : November 11, 2014.
Highlights:
• On November 6, 2015 the pre-construction stage is
concluded, with the beginning of the construction phase.
•
The rehabilitation of Unit 5, between La Pintada and
Primavera, has begun.
•
The existing roads La Pintada-Peñalisa and La PintadaPrimavera, are under operation and maintenance preserving
quality indicators.
•
Average daily traffic of 5,630 vehicles per day.
37
BUSINESS PORTFOLIO
Colombian Road Concessions - Vias del Nus- 22,2%
Shareholding Participation
•
30 –year concession
•
Capex $1,1 Billions.
•
Project Start-up: January 25th 2016
38
BUSINESS PORTFOLIO
International Road Concessions- Auto. del Nordeste (R. Dominicana) - 67.5%
Overview
Project Location
• Contract Law, approved by the Legislative Chambers and ratified
by the President.
• Guaranteed Minimum Income.
• Awarded in July 18, 2001. Works where completed in June 2008.
• 30 year contract, 107km, 3 toll stations.
• Issued US $162mm under the 144-A Regulation in EU.
Shareholding Participation
39
BUSINESS PORTFOLIO
International Road Concessions- Auto. del Nordeste (R. Dominicana) - 67.5%
Highlights:
•
Grupo Odinsa its under negotiations for a possible increase in its
participation in ADN and BTA.
•
Despite de concession depends largely on the Guaranteed
Minimum Income, in 2015, the traffic of vehicles paying toll
increased by 5.79%, reaching 3.426.827vehicles.
•
Collections in 2015 grew as a result of higher traffic and adjustment
on toll fees due to inflation.
•
In January 22, 2016, Fitch Ratings rated bonds with B+ “positive”.
40
BUSINESS PORTFOLIO
International Road Concessions – Bvrd. Turistico del Atlántico (R. Dominicana) - 67.5%
Overview
Project Location
• Contract Law, approved by the Legislative Chambers and
ratified by the President.
• Guaranteed Minimum Income.
• Awarded in 2001. Likewise, in 2009 its second stage was
approved; starting construction in 2007 and ending in 2011.
• It is funded by multilaterals (BID, BEI, CAF, Proparco) for
US$151.1 Millions for 15 years.
• 1 toll station and 124Km (24Km new roads)
Shareholding Structure
41
BUSINESS PORTFOLIO
International Road Concessions - Blvd. Turístico del Atlántico (R. Dom.) - 67.5%
Highlights
• Grupo Odinsa its under negotiations for a possible increase in its
participation in ADN and BTA.
• During 2015, total traffic increased by 6.5% (1.355.404 vehicles), due
to the economic recovery of Dominican Republic.
• Only 14% of the vehicles are charged, amounting 188,792 vehicles.
42
BUSINESS PORTFOLIO
Airport Concessions- Opain - 35%
•
The concession contract was signed on September 12, 2006, for
the management, operation, commercial exploitation, maintenance,
modernization and expansion of the El Dorado International Airport
in Bogotá.
43
BUSINESS PORTFOLIO
Airport Concessions - Opain - 35%
Highlights:
• In 2015, 30MM de passengers were mobilized (arrivals- departures)
in the El Dorado Airport. 9.4MM were International and 20MM were
national.
• In 2015, the airport reported a 6,01% growth in air operations;
reaching 61.159.
• Between November, 2014 and October, 2015, 631.730 tons of cargo
where dispatched.
• In 2015, KLM (Netherlands), AVIOR (Venezuela) and TAM (Brazil),
initiated operation. Tree new routes were opened: Amsterdam,
Valencia and Barbados s .
• In May 2015, Opain´s debt with multilaterals was refinanced by
Bancolombia, BNP, HSBC and Sumitomo. The main condition
improvement was the elimination of
the "Sponsor Support
44
Agreement".
BUSINESS PORTFOLIO
Airport Concessions - Mariscal Sucre, Quito - 50%
Overview
• Only airport in Quito, Ecuador
• One of the two airport s in Ecuador for
international passengers and cargo.
• 5.5 million passengers
• Cargo: 216,000 tons
• It is Located 35km from the center of the city.
• Fully compliant with ICAO standards; one of the
few in Latin America
Operational Benefits
• Mariscal Sucre International Airport (UIO) initiated
operations on February 20, 2013.
• Strong local travel market with 98% OriginDestination Quito.
• 12 airlines currently operate at the airport.
• Designed with the expansion of the runway
platform,
terminal
facilities
and
loading
allocations, allowing its growth.
45
BUSINESS PORTFOLIO
Airport Concessions- Mariscal Sucre, Quito - 50%
Former Airport
vs. New Airport
45,000
46
BUSINESS PORTFOLIO
Airport Concessions- Mariscal Sucre, Quito - 50%
International
Passengers
9,166,197
1,760,055
Total Passengers
30,235,622
5,508,880
Passenger Terminal
m²
173,000
45,000
Cargo Terminal m²
56,200
42,000
Estimated Cargo
(Ton)
630,543
215,726
72.2
115.6
EBITDA 2015 (US$
Millions)
47
BUSINESS PORTFOLIO
Airport Concessions- Mariscal Sucre, Quito - 50%
Highlights:
• The agreement for the acquisition of the 50% of the company who owned the 93% of economic rights of the Airport
Concession was signed on December 10, 2015.
• Concession until 2041.
• In 2015, the airport attended 61.159 air operations, 5,45% less than 2014.
• In 2015 it received the World Travel Award for being a leading airport in South America and a 4 star rating by Skytrax.
• The “Final Completion” for the construction was achieved.
• Debt was reduced by US$31,25 Millions, reaching US$222 Millions.
48
BUSINESS PORTFOLIO
Construction Backlog
Construction Backlog
(Cop$1,9 Billion)
Green
Corridor:…
Concesión La
Pintada:
23%
App Vías
del Nus:
14%
Concesión
Vial del Meta:
55%
Works Backlog
(Thousands of Cop$ Millions)
450
400
350
300
250
200
150
100
50
0
2016
2017
2018
Concesión Vial del Meta:
Concesión La Pintada:
2019
2020
2021
App Vías del Nus:
Green Corridor:
49
1.
Infrastructure Sector
2.
Corporate information
3.
Strategic Considerations
4.
Business Portfolio
5.
Financial Considerations
50
FINANCIAL CONSIDERATIONS
Consolidated Results 2015
COP$ Thousands of Millions
Revenue
Costs and Expenses
Operating margin
EBITDA
EBITDA Margin (%)
Net Income
Net Income (%)
2015
2014
VAR%
902
610
272
292
32%
133
15%
779
583
195
195
25%
85
11%
16%
5%
39%
50%
278
188
84
90
32%
41
15%
332
249
83
83
25%
36
11%
-16%
-24%
1%
8%
56%
US$ Millions
Revenue
Costs and Expenses
Operating margin
EBITDA
EBITDA Margin (%)
Net Income
Net Income (%)
13%
51
Consolidated Results 2015
AUTOPISTAS
DEL CAFÉ
CONCESIÓN
VIAL DE LOS
LLANOS
Revenue
Ingresos
por actividades ordinarias
172.529
56.616
24.804
72.186
Gross
Income
Utilidad
bruta
Gross
Margin %
Margen bruto
79.602
46,1
15.567
27,5
24.804
100,0
Utilidad
por actividades
de operación
Operating
Income
Operating
Margen
Operativo Margin %
58.661
34,0
5.335
9,4
EBITDA
EBITDA
EBITDA Margin %
Margen EBITDA
59.259
34,3
Net
Income
Odinsa
Utilidad
Neta parafor
Odinsa
Net Margin %
Margen
23.362
13,5
AUTOPISTAS DE ARUBA GREEN NEGOCIO DE
LOS LLANOS
CORRIDOR CONSTRUCCION
ADN+BTA +
Otros
Quiport + Otras Directos de
en el exteior
Odinsa
ODINSA PI
(INVIAS)
GENPAC
GENA
142.696
62.627
20.386
268.758
38.789
43.365
902.756
13.413
18,6
51.334
36,0
24.091
38,5
19.213
94,2
101.836
37,9
38.789
100,0
41.704
96,2
410.352
45,5
12.831
51,7
11.678
16,2
44.060
30,9
13.149
21,0
11.244
55,2
77.168
28,7
35.266
90,9
3.518
8,1
272.910
30,2
5.515
9,7
13.599
54,8
11.678
16,2
44.420
31,1
15.891
25,4
13.063
64,1
83.700
31,1
35.199
90,7
10.591
24,4
292.916
32,4
1.753
3,1
6.039
24,3
1
0,0
39.726
27,8
8.670
13,8
5.982
29,3
41.972
15,6
30.061
77,5
-24.376
-56,2
133.190
14,8
Total
52
FINANCIAL CONSIDERATIONS
Consolidated Results 2015
Operating Revenue 2015
EBITDA 2015
4%
5%
4%
12%
AUTOPISTAS DEL CAFÉ
20%
19%
CONCESIÓN VIAL DE LOS LLANOS
AUTOPISTAS DE LOS LLANOS
2%
ARUBA GREEN CORRIDOR
30%
6%
3%
29%
NEGOCIO DE CONSTRUCCION
5%
ODINSA PI (INVIAS)
4%
GENPAC
8%
GENA
4%
ADN+BTA + Quiport + Otras en el exteior
2%
7%
Otros Directos de Odinsa
16%
Nacional(55%)
20%
Nacional(51%)
International(45%)
502.637
0%
60%
80%
International(49%)
149.275
400.119
40%
15%
5%
100%
0%
20%
143.641
40%
60%
80%
100%
53
For more information please contact;
Rodrigo Arias C.
Investor Relations Manager
Odinsa S.A.
Carrera 14 No, 93A - 30
Bogotá, Colombia
Phone Number: 571-650-1919 ext. 5401
Fax: 571-635-6202
rarias@odinsa.com
www.odinsa.com
54
55