Financial Results - ISA · 3Q16 construction 91.2% in Energy Transmission 77,7% in Peru...
Transcript of Financial Results - ISA · 3Q16 construction 91.2% in Energy Transmission 77,7% in Peru...
DISCLAIMER
2016 FINANCIAL RESULTS PRESENTATION
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ISA has elaborated the following report for information purposes. The company is
not responsible for any investment decision made from this report. The
statements included therein reflect our current points of view in relation to future
events; they are based on assumptions and subject to risks and factors that may
cause results, performance and achievements of the company to change at any
moment. These factors include general changes in the energy sector, financial
conditions, government policies (national and international), as well as variations
in interest rates, inflation, volatility in exchange rates, and levels of taxes.
As a result of these risks and factors, current results may differ materially from
estimates provided. The company does not accept responsibility for any change
or information provided by official sources. The user is solely responsible for the
use of this information.
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HIGHLIGHTS AND RECENT EVENTS
The BVC (Colombian Stock Exchange) grants ISA IR Recognition for another year for
complying with the best practices in terms of disclosure and investor relations.
3,420
1,986
867
32
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For the second consecutive
year, ISA was included in the
Dow Jones Sustainability
Index (DJSI) which confirms
as one of the publicly-traded
companies listed on the
market with the best global
level practices.
Companies analysed
Companies invited
Total completed questionnaires
Invited companies from the Electric Public
Service Sector (ME)
Companies that entered the DJSI
(emerging markets)
Dow Jones Sustainability Index -DJSI-
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HIGHLIGHTS AND RECENT EVENTS
CTEEP administration,
starting from the values
and terms disclosed in
ANEEL Note nº
336/2016, recognized the
value of the RBSE.
Value recognition value of the Basic Network in the Existing System (RBSE)
ADJUSTMENT IN CTEEP Million Reales
On Dec/15, ANEEL (Brazilian Electricity Regulatory Agency)
homologated the RBSE value3.896
RBSE value updated to Sep/16 7.806
Gross up of contributions (pis and cofins 9,25% and others) 796
Updated value of the SE account payable 8.602
IMPACT ON ISASep/16
million pesos
Increase in CTEEP profit (BRL 4.168 million) 3.604.565
Impact on ISA results 37 % 1.331.782
(+) Consolidated ISA profit before adjustments 633.480
ISA consolidated adjusted profit 1.965.262
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HIGHLIGHTS AND RECENT EVENTS
CTEEP, ISA’s Brazilian subsidiary, won three of Energy Transmission projects, whose
total investment is BRL1.149 million.
PROJECT 1:
In consortium with TAESA
State: Bahia and Minas Gerais
Investment: BRL 509 millones
PROJECT 2:
In consortium with TAESA
State: Minas Gerais
Investment: BRL 341 millones
PROJECT 3:
100% CTEEP
State: Espírito Santo
Investment: BRL 297 millones
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2
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2016 2017 2018 2019 2020
COLOMBIA PERU BRAZIL CHILE OTHERS
Projections: February 2016
LONG-TERM INVESTMENT PLAN
COP 9.555.292 million
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3.435
926
519 509
4.167
Investment 3Q16 9M16 % 2016(E)
Colombia 133.713 343.675 14,8 708.590
Peru 202.734 850.700 40,8 1.688.783
Brazil 52.884 143.726 6,2 364.896
Chile 291.223 771.545 37,9 1.402.662
Other 3.807 6.888 0,3 1.442,52
TOTAL 684.361 2.116.535 100,0 4.166.373
Projected investments
of 2016
$3.653.280 million
The difference passes
to 1Q17
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Colombia UPME Expansion Plan for a total of USD414 million (reference value).
Colombia-Panama Interconnection: estimated of investment: USD500
million.
Peru Proinversión Projects for an estimated investment of over USD490 million.
Chile
Transition expansion Plan: estimated investment: USD687 million.
MOP Projects 2016, related to ISA concessions, with investments of USD
442 million (increased specifications, connectivity, security, etc).
Brazil
ANEEL projects: For over USD 3 trillion, which includes a significant amount
in the state of Sao Paulo for come years.
Reinforcement projects authorized by ANEEL of USD 73 million per year.
Mexico FCE explanation plan: estimated investment USD1.200 million for 2017.
INVESTMENT OPPORTUNITIES
SHORT AND MEDIUM TERM
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CONSIDERATIONS
During the third quarter, financial results reached COP 1.965
billion. Excluding the recognition of the value of the Basic
Network in the Existing System (RBSE) in CTEEP, the net
result was COP 243 billion.
The entry into operation of new projects, higher revenues in Peru, Chile
and Colombia.
Revenues for the quarter and the accumulated period to September
reflected the recognition of the values on non-depreciated assets prior to
May 2000: RBSE.
The conversion effect of foreign affiliates raised profits for the quarter by
COP 1,431 million.Book value from the recognition
COP5.462.071 million
Net income
9M16
COP 1.965.262
Excluding RBSE:
COP 633.480
million
The figures are unaudited. Amounts expressed in US Dollars are for information purposes only.
CONSOLIDATED FINANCIAL RESULTS - NCIF
REVENUES
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Exchange Rate USD 1 = COP 2.879,95
3Q
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Total Operation Construction RBSE Recognition
1.454
7.1094.252
10.272
3Q15 3Q16 9M15 9M16
VARIATION
GSTR: Real Time Systems Management
* Excluding construction and RBSE recognition
Construction Participation 3Q16
90,1% Energy Transmission
75,7% Peru
Excluding construction and RBSE
Quarter: 9.5%
Nine months: 18.8%
RBSE Recognition
COP 5.462.071 million
USD 1.897 million
Colombia36,4%
Chile20,3%
Brazil26,1%
Peru15,1%
Others2,1%
Energy 71,7%
Roads19,9%
Telco6,1%
MRTS2,4%
3Q16 Construction costs
COP 301,789 million
USD 105 million
3Q16 construction
91.2% in Energy Transmission
77,7% in Peru
CONSOLIDATED FINANCIAL RESULTS - NCIF
COSTS AND OPERATING EXPENSES
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VARIATION IN COSTS
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Exchange Rate USD 1 = COP 2.879,95
Excluding construction
Quarter: 18,9%
Nine months: 20,9%
753 928
2.0362.815
3Q15 3Q16 9M15 9M16
Total Operation Construction
* Excluding construction
Colombia46,0%
Chile12,2%
Brazil21,6%
Peru17,7%
Others2,5%
Energy 71,4%
Roads11,3%
Telco12,8%
MRTS4,5%
Colombia31,2%
Chile23,5%
Brazil25,5%
Peru17,9%
Others1,9%
CONSOLIDATED FINANCIAL RESULTS – NCIF
EBITDA
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Exchange Rate USD 1 = COP 2.879,95
850
6.342
2.133
7.917
3Q15 3Q16 9M15 9M16
EBITDA MARGIN
Quarter 3Q16:
Total: 89,2%
Excluding construction and RBSE: 65,2%
VARIATION
* Excluding RBSE recognition
Excluding RBSE recognition
Quarter: 9.5%
Nine months: 18.8%
Nine months endeed September 2016:
Total: 77.1%
Excluding construction and RBSE: 63,2%
Energy 72,7%
Roads23,4%
Telco3,4%
MRTS0,5%
CONSOLIDATED FINANCIAL RESULTS - NCIF
FINANCIAL EXPENSES
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COP billions
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Exchange Rate USD 1 = COP 2.879,95
232 285
681796
3Q15 3Q16 9M15 9M16Total financial expensesQuarter: USD 99 million
Nine months: USD 277 million
232 285
681796
3Q15 3Q16 9M15 9M16
VARIATION
Quarter: 23,1%
Nine months: 17,0%
2
30
37
130
86
Others
Peru
Brazil
Chile
Colombia
-0,4
5
123
157
MRTS
Telco
Roads
Energy
Colombia29,1%
Chile30,4%
Brazil17,2%
Peru19,6%
Others3,7%
Energy 67,8%
Roads30,6%
Telco0,8%
MRTS0,8%
252
1.575
560
1.965
3Q15 3Q16 9M15 9M16
CONSOLIDATED FINANCIAL RESULTS - NCIF
NET INCOME
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Exchange Rate USD 1 = COP 2.879,95
* Excluding RBSE recognition
Net Margin 3Q16
Total: 22,2%
Excluding construction and RBSE: 17,5%
Excluding RBSE
Quarter: -3,4%
Nine months: 13,1%
VARIATION
Net Income excluding RBSE
Quarter: $243 b or USD 84 m
Nine months: COP 634 b USD 220 m
Net Income
Quarter: COP 1,5 t or USD 547 million
Nine months: COP 2,0 t or USD 682 million
Total Operation RBSE Recognition
Colombia19,8%
Chile26,5%
Brazil37,8%
Peru15,3%
Others0,5%
7.840
3.553
16.720
2015 Sep. 2016
CONSOLIDATED FINANCIAL RESULTS - NCIF
BALANCE SHEET
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Exchange Rate USD 1 = COP 2.879,95
28.113 36.999
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Assets: 31,6%
Liabilities: 26,2%
Minority Interest (IM): 83,0%
Equity: 19,9%
VARIATION
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.09
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3L
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MI
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ASSETS
*Recognition RBSE effect
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*
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BRL14,0%
COP20,4%
USD29,5%
UF + CLP36,0%
CONSOLIDATED FINANCIAL DEBT
NCIF (includes preferred shares with repurchase option)
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disbursements (increase)
amortization (decrease)
3Q
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COP million
Exchange Rate USD 1 = COP 2.879,95
4,3 4,3 4,2 3,9 3,9 3,9 3,9
3,9 3,9 4,2
3,9 4,0 3,9
3,6
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Debt / EBITDA EBITDA / Interest
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INVESTOR RELATIONSCONTACT
Email [email protected]
Website www.isa.co
Telephone +574 315 7470
@ISA_Avanza /ISAAvanza Interconexión
Eléctrica ISA/CanalISAAvanza