Corporate Presentation Nov 2014

Transcription

Corporate Presentation Nov 2014
Corporate Presentation
November, 2014
Grupo Carso in brief
•
Leading conglomerate in Mexico with diversified operations
– 4 business sectors: Retail, Industrial, Infrastructure and Energy.
•
With well-known brands and formats such as:
– Sears, Sanborns, Ishop/MixUp, Saks Fifth Avenue
– Condumex, Promotora de Partes Electricas, Sinergia and Microm
– CILSA, PC Construcciones,
– Servicios Integrales GSM, Swecomex, Bronco Drilling Mexico
•
Figures (mm) 2013
– Net Sales:
– EBITDA:
– Assets:
•
•
•
•
CapEx 2013:
CapEx 2014e:
Market Cap Oct-14:
Employees 2013:
MXN
$85,871
$18,600
$85,930
USD
$6,373
$1,380
$6,377
USD $180 mm
USD $220 mm
USD $13.1 Billion
70,000
Note: ForEx rate 13.47 MXN/USD Price of shares October 31, 2014 $76.94 Ps
Business Segments
Industrial and
Manufacture
–
–
–
–
Telecom
Construction
Energy
Automotive
Retail and
Consumption
– Restaurant
– Department Stores
– Entertainment Stores
Infrastructure and
Construction
– Civil Construction
– Manuf. and Services for
the Oil&Chemical Ind.
– Infrastructure
– Ducts Installation
– Housing
Carso Energy
– Oil & Gas
– Electricity
– Alternative Energies
Recent Events
Carso Energy
Grupo Carso announced a corporate reorganization on its current energy related activities through its subsidiary
Carso Energy, consolidating assets of more than $8 Billion pesos and experienced human capital. Certain assets
were proposed to be integrated into two divisions, i) Carso Oil related to oil and gas (drilling of oil wells, drilling
fluids, directional drilling, cementing; operation and leasing of drilling rigs or Jack ups as well as exploration and
production of two oil fields in Colombia) and ii) Carso Electric, related to electric power activities, engineering and
installation of photovoltaic systems, efficiency and saving energy systems such as LEDs.
IPC Mexico GCARSO is part of the IPC Mexican Index since September 2014.
Appointment of CEO
Gcarso announced on April, 2014 the appointment of Mr. Antonio Gómez García, former CEO of CICSA and
Condumex, as the new CEO of Grupo Carso, substituting Mr. José Gutiérrez-Olvera, who retired but remained
as member of the Board of Directors.
Transaction of Philip Morris shares
On September 30, 2013 GCARSO announced the completion of the process to sell to Philip Morris International,
INC. ("PMI") the remaining 20% of its equity stake in Philip Morris Mexico S.A. de C.V. (PMM), which is a
subsidiary of PMI dedicated to the tobacco industry in Mexico. The price of the sale was approximately USD
$703 million and is subject to a potential adjustment process that will reflect PMM’s performance during a three
year period that shall end two years following the conclusion of the sale (2015). As a result of the transaction,
PMI has acquired 100% of PMM.
Leasing of “Independencia I” oil JackUp
On May 7th, 2013, Grupo Carso announced a lease agreement with Pemex Exploracion y Produccion (PEP),
without purchase Option of a Jack-Up Offshore Drilling Rig named Independencia 1. The agreement includes the
complete maintenance of this rig and shall be used by PEP to drill for oil in Mexican waters of the Gulf of Mexico.
The agreement shall be effective for seven years and its sum shall total up to $415 million USD.
Outstanding Figures 2013
Million Pesos
2010
2011
2012
2013*
Var
64,196
78,678
83,316
85,871
3.1%
6,887
6,918
9,103
17,277
89.8%
Op Mg
10.7%
8.8%
11.0%
20.1%
9.1pp
EBITDA
8,204
8,310
10,535
18,601
76.6%
12.8%
10.6%
12.6%
21.7%
9.1 pp
7,092
4,321
7,640
13,929
82.3%
Total Assets
81,464
72,822
76,558
85,930
12.2%
Stockholder’s Equity
31,715
43,764
41,881
56,641
35.2%
Sales
Operating Income
EBITDA Mg
Controlling Net
Income
Note: Includes $7,589 mm Ps as Other Income from the sale of Philip Morris Mexico as well as $210 쀀 Ps from appraisal of
investment Properties in Grupo Sanborns.
5 year margin history
Sales in million pesos
150,000
Op Mg
EBITDA Mg
21.7
100,000
56,793
64,196
78,678
83,316
85,871
83,048
11.8
50,000
13.2
12.8
10.6
12.1
12.6
20.1
0
2009
2010
2011
2012
2013
2014e
9.6
10.8
10.7
8.8
10.9
2008
2009
2010
2011
2012
11.8
2013
2014e
Contribution to 2013-2014 results
Retail and Consumption
Industrial and Manufacture
Infrastructure and
Construction
Grupo Condumex
CICSA
Grupo Sanborns
Million
Ps
Sales
Op Inc
EBITDA
Op Mg
2011 2012 2013
36,416 39,411 40,514
4,302 4,566 5,006
4,917 5,226 5,500
11.8% 11.6% 12.4%
EBITDA Mg 13.5% 13.3% 13.6%
Other &
Elim
-0.1%
Var%
2.8%
9.6%
5.3%
Million
Ps
Sales
Op Inc
EBITDA
Op Mg
2011 2012 2013
28,793 27,415 26,723
1,847 2,211 1,779
2,249 2,571 2,130
6.7% 8.0% 6.6%
9.4% 8.0%
EBITDA Mg 8.1%
9M14 Revenue Breakdown
CICSA,
18.7%
Condumex
33.7%
GSanborn
47.7%
Var%
-2.5%
-19.6%
-17.1%
Million
Ps
Sales
Op Inc
EBITDA
Op Mg
2011 2012 2013
14,349 16,670 18,818
848 2,255 2,816
1,137 2,738 3,336
5.9% 13.5% 15.0%
EBITDA Mg 7.9% 15.6% 17.4%
Op. Income Breakdown 9M14
CICSA
25.2%
Condum
30.1%
GSanbor
43.0%
Other
& Elim
1.7%
Var%
12.9%
24.9%
26.2%
Financial Situation
EBITDA
21000
Million Pesos
CapEx by Business Segment
Net Debt
5,000
18,601
19000
4,000
17000
15000
10,535
11000
7000
2,773
3,000
13000
9000
3,877
7,468
8,204
8,989
6,766
8,310
2,000
9,328
5000
-5,198
-1,671
3000
2009
2010
2011
2012
Dollars
15%
Total bank Debt by TERM
561
207
1,350
2010
2011
Gsanborns
205
467
300
500
1,675
1,700
2012
2013
2014e
GCondumex
CICSA
1,791
396
334
961
CapEx in Million Pesos
4,949
5000
4,172
3,877
4000
3000
Long T
84%
773
2014e
6000
Total Debt by CURRENCY
(Includes ForEx Hedges)
Pesos
85%
2013
0
2,600
650
3,109
1,000
5,955
5,752
2,347
3,461
2,773
2,572
2,347
1,791
2000
Short T
16%
2,600
1000
0
2006
2007
2008
2009
2010
2011
2012
2013 2014e
Retail and Consumption
Grupo SANBORNS (47% of consolidated sales 2013)
Has nationwide presence through its retail formats
9M14 Revenue Breakdown
Sanb
31%
Ishop/M
11%
9M14
EBITDA Breakdown
Other
Sanb 23.0%
6.0%
Sears
58.0%
Other
6%
Sears
52%
Ishop/
M
3.0%
EBITDA (mm Ps) and margin
´09-´12 CAGR= 6.0%
4,917 Grupo Sanborns
4,388 Million Ps
Sales
Op Inc
EBITDA
Op Mg
EBITDA Mg
2011
36,416
4,302
4,917
11.8%
13.5%
2012
39,411
4,566
5,226
11.6%
13.3%
2013
40,514
5,006
5,500
12.4%
13.6%
Var%
2.8%
9.6%
5.3%
14.4%
2009
5,226 5,500 5,210 4,457 13.4%
2010
13.6%
13.5%
13.3%
2011
2012
2013
2014e
EBITDA margin
EBITDA
12.6%
Industrial and Manufacture
Grupo CONDUMEX (31% of consolidated sales 2013)
Industrial conglomerate focused mainly in the Telecom, Energy, Construction, Mining and
Automotive sectors.
Markets:
• Mobile and Traditional telephone companies in LatAm;
• Heavy building construction;
• House remodeling;
• Energy companies;
• Automotive Industry
Revenue Breakdown by Business
Sector
Telecom
Automotive
Construction and Energy
Industrial Metals
Var% 3Q14
vs. 3Q13
16.0%
-4.8%
-19.1%
-11.8%
Var% 9M14
vs. 9M13
8.5%
12.7%
-12.8%
-13.2%
Main Brands:
Revenue Breakdown 3Q14
Telecom
20%
Construc
51%
Grupo Condumex
Million Ps
Sales
Op Inc
EBITDA
Op Mg
EBITDA Mg
2011
28,793
1,847
2,249
6.7%
8.1%
2012
27,415
2,211
2,571
8.0%
9.4%
2013
26,723
1,779
2,130
6.6%
8.0%
Var%
-2.5%
-19.6%
-17.1%
Auto 29%
Infrastructure and Construction
Carso Infraestructura y Construcción (22% of consolidated sales 2013)
CICSA is one of the largest infrastructure and construction companies in Mexico servicing
5 main business sectors:
1. Manufacturing and Services for the
Oil & Chemical Industry;
2. Ducts Installation;
3. Infrastructure Projects;
4. Civil Construction
5. Housing
9M14 Sales Breakdown by sector
Pipelines
35%
Housing
2%
Other &
Elin
Civil C
16%
Infrastr
27%
M&S Oil
and
Chemical
20%
CICSA
Million Ps
Sales
Op Inc
EBITDA
Op Mg
EBITDA Mg
2011
14,349
848
1,137
5.9%
7.9%
2012
16,670
2,255
2,738
13.5%
15.6%
2013
18,818
2,816
3,336
15.0%
17.4%
Op. Income Breakdown by sector
Other
Housing and Elim
-1.2%
2.2%
Infrastr
32%
Civil C
6%
M&S Oil
and
Chem
18%
Pipeline
43%
Var%
12.9%
24.9%
26.2%
Infrastructure and Construction
National Infrastructure Plan 2013-18: Ps 4Tr for transportation, telecom and energy
• USD $125 Bn, or 67%: directed towards energy, Pemex and CFE included,
• USD $105 Bn or 33%: USD $58Bn in telecom and USD $47Bn in transportation for the
construction of 44 toll roads and highways, seven airports, seven marine ports, and
three passenger trains, among others.
Contracts
• Private sector participation through government-granted contracts (no concessions)
• Participate in refining, distribution and commercialization.
• Payments based on progressive model of profit sharing
Potential projects:
1) Deep water exploration
2) Cogenetarion
3) Clean Fuels
4) Cryogenic Plants
5) New Refineries
Potential projects:
1) Thermoelectric, Hydroelectric
2) Coal-fired,
3) Geothermal,
4) Solar and wind powered plants
• Grupo Carso has potential to participate via diverse investment schemes and
divisions:
• Our own capacity to build oil platforms,
• Joint-Ventures for drilling and construction of platforms
• Drilling, cimentation, and other value-added services por oil exploration.
Carso Energy
Investing in the Energetic Industry
Carso Energy is well positioned to actively participate in new investment opportunities pursuant
to the Energy Reform due to its expertise in structuring and financing projects as well as
operating efficiently in the following activities:
1.
2.
Oil and Gas: E&P, Drilling, Transportation, Oil rigs and Jack Up construction and leasing, drilling
services;
Electricity: Generation, Transportation, Transmission and Distribution of Electric and Renewable
Energies.
Drilling Services:
Expertise includes development wells in
Chicontepec and exploratory and
development wells in the southern region
including steam injection.
Oil & Gas
Electric
Alternative Energies
Construction of oil rigs and Jack Up
With 2 fabrication docks in Veracruz GCarso
has built oil rigs for: drilling, production
(including the Jack Up), telecom and
housing.
E&P
Through Tabasco Oil, GCarso operates 2
concession blocks in Colombia which
incluides an exploratory and a water injection
well.
CICSA’s Financial Position
Housing
167,321
Backlog $19340 MM Ps 9M14
Infrastr,
6,769,532
Construct,
5,596,072
M&S Oil
and
Chemical,
5,487,536
Pipelines
1,319,516
Independencia I Oil Jack-Up
Main projects for CICSA:
 Water sewage system (Tunel Emisor Oriente);
 Plaza Carso multiple use complex, second phase;
 Drilling of oil wells in the Southeast of the country;
 Telecom and natural gas pipelines construction;
 Aqueducts and water treatment plants (Atotonilco);
 Bypass roads in the Northeast of the country
 Construction of department stores for Grupo Sanborns
Investment Thesis
• Dynamic conglomerate that adapts its business portfolio to take
advantage of economic cycles, market tendencies and business
opportunities;
• Focus on industries where the Group holds a strong competitive
position;
• Retail sector with well-known formats and nationwide presence;
• Innovative in products, engineering and construction processes;
• Efficient use of resources and technology;
• Value creation for shareholders;
• Sound corporate governance
Gallery of Projects
Guadalajara By-pass road
Atotonilco Waste Water Treatment Plant
Culiacan By-pass road
Oil Drilling
Central Solar Fotovoltaica built by Condumex
Sears Nuevo Veracruz
Gallery of Projects
Star Medica Hospital
Emisor Oriente Water Sewage Tunnel (TEO)
Fabrication dock for oil rigs
Drilling head for the TEO
Nuevo Veracruz Shopping Center
Forward Looking Statements:
Certain statements in this corporate presentation may be related to expectations about future events of
Grupo Carso. The phrases "will allow," "will," "estimate," "expect," "intend," "might," "should" and
similar expressions generally indicate comments based on financial information, operating levels and
conditions of the market to date. These statements are subject to factors such as volatility in metals
prices, energy inputs and other inputs, the possibility of cyclical or seasonal business or consumer
slowdown risks that are detailed in the Company's annual report and may cause actual results to differ
materially from current expectations. Grupo Carso undertakes no obligation to publish a review on
these forward-looking statements to reflect events or circumstances occurring after the date of
publication of this presentation.
For more information:
Jorge Serrano
T. +52 (55) 5625-4900 xt. 1460
jserranoe@inbursa.com
Angélica Piña
T. +52(55) 1101-2956
napinag@condumex.com.mx
Trading Symbol:
MSE: GCARSO A-1
OTC: GPOVY 2:1