IFA 11 th Global Conference on Ageing 28 th May – 1 st June 2012 Prague
May 8 th and 9 th 2012
description
Transcript of May 8 th and 9 th 2012
May 8th and 9th 2012
AGENDAConstructionMarketCorporate Structure
Results
Backlog andInvestment Plan
Contracts underDevelopment
Stock Price andLiquidity
I.
II.
III.
IV.
V.
VI.
INVESTMENT IN CONSTRUCTION
Historic Investment Estimated Investment 2011 - 2012
Growth 2011 & 2012: 8.4% & 7,5% Infrastructure Private sector will grow 10% Investment 2011: US$ 25,900 millions
3
Actual growth over the last 9 years: 3.6% in average Sectorial economy has recovered pre-crisis 2009 values Infrastructure sector represents 66% of total investment
Investments in actual terms with E/R of US$42/UF Source: Chilean Chamber of Construction
Pública
+10%
+11%
+0%
+8%
+7,5%Infrastructure Homes
PROJECTED INVESTMENT
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Investment 2012-2015per Sectors
Ministry of Public WorksInvestment Budget
Decree year 2011: $2,400 millions Mostly for road works 62% spent as of October 2011 (66% as of Oct. 2010)
Estimated investment in 4 years; US$ 65,600 millions Mining an Energy lead the investments with 88% Construction expenses related to these investments: 50%
Puetos 4%
ConstructionMarket
Corporate StructureResults
Backlog andInvestment Plan
Contracts underDevelopment
Stock Price andLiquidity
I.
II.III.
IV.
V.
VI.
BUSINESS AREAS
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Civil Works
Real EstateDevelopment
BS Inmobiliaria
InternationalBesco - Peru
InvestmentProjectsMachinery Services
BS Maquinarias BS Cerro Alto
BS Construcciones BS MD Montajes Kipreos
BS Concesiones
Civil Works Industrial Erection Transmission Works
Medium-size Transport Large-scale Transport Real-Estate Real-Estate & Concession
CORPORATE STRUCTURE
Melipilla (100%)
Dragados Besalco (50%)
Talca Hospital (33.3%)
Interportuaria (100%)
Civic Center (100%)
Concesionaria BAS (33.3%)
Convento Viejo (33.3%)
Civil Works Machinery Services Investment Projects
Real Estate Development
International
Norvial (16.9%)
Parque Central (50%)
Consorcio Comas (50%)
Camino la Fruta (22.5%)
Besalco Construcciones
Besalco MD Montajes
Besalco Maquinarias
Besalco Cerro Alto
La Ballena (50%)
Techint Besalco (33.3%)
100%
Besalco Concesiones
Besalco Inmobiliaria Besco (Peru)
60% 68% 100% 50% 92%100%
Besalco Dragados (50%)
Besalco Comsa (33.3%)
Besalco GyM (50%)
Kipreos
Kipreos Ingenieros
Aero Kipreos
100%
affilia
tes
Cons
ortiu
ms
do n
ot c
onso
lidat
e
ConstructionMarket
Corporate Structure
ResultsBacklog andInvestment Plan
Contracts underDevelopment
Stock Price andLiquidity
I.
II.
III.IV.
V.
VI.
RESULTS 2011
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Incomes2011: ChP 321,612 millions
• 14% increase 2010/2011, growth
lead by Real Estate and Besco
• Highest amounts provided by
Constructions and Machinery
Controlling Interests’ Profits2011: ChP 19,501 millions
ChP
mill
ions
ChP
mill
ions
RESULTS 2011
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EBITDA2011: ChP 53,583 millions
EBITDA MarginPer affiliate
Higest margins of companies with
intensive use of machinery Besalco Maquinarias and Cerro Alto
recovered during the 4th quarter
to 27% and 33% Civil Works remain with 10%
annual averageCh
P m
illio
ns
DEBT
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Net financial debt to EBITDA was 1.96 times in 2011.
The increase was due to new investments especially, machinery, lands for real estate developments, and the purchase of Kipreos (68%).
Besalco S.A. does not guarantee concession holders bonds
Financial DebtChP 129,099 millions (dec11)
Net Financial Debt / EBITDATotal Debt and Excluding Concessions
Total financial debt amounted to $129,099 millions as of December 2011
ConstructionMarket
Corporate Structure
Results
Backlog andInvestment PlanContracts underDevelopment
Stock Price andLiquidity
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PORTFOLIO AND HIT RATIO
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Constant annual growth, 13% over the last 5 years
The Civil Works Deptartment submitted 74 offers in 2011 with a 13% hit ratio (in amount)
High demand for new studies
Evolution of BacklogUS$ millions
Hit Ratio in Proposal Studies
Num
ber o
f sub
mitt
ed o
ffers
Nº of offers Hit ratio-in amount
911
Only Civil works
PORTFOLIO - BACKLOG
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Backlog as of March 2012 amounted to US$ 911 millions. Significant diversification.
78 contracts: 39 in civil works, 6 in real estate development, 29 in machinery services, and 4 in Peru.
Backlog per Affiliates Backlog per Economic SectorUS$ 911millions as of March 2012
IndustrialConstruction
4%Kipreos1%
Besco2%
Real Estate3%
Civil Works51%
MachineryServices
39%
INVESTMENT PLAN 2012 - 2014
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New three-year investment plan for US$ 732 millions.
17% increase compared to the previous plan (April 2011).
Diversified per business areas.
U
S$ m
illio
ns
Others
Concessions
Hydro power plants projects
Real Estate in Peru
Real Estate in Chile
Heavy Machines and equipments
ConstructionMarket
Corporate Structure
Results
Backlog andInvestment Plan
Contracts underDevelopmentStock Price andLiquidity
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CIVIL WORKS
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Roads and BridgesASMAR Repairs
Reconstruction of port and shipyards after the tsunami.
US$ 150 millions, 1.6 years. Consortium Dragados, Comsa, and Besalco
(1/3 each)
3 new bridges in consortium (2/3 BS) amounting to US$ 22 millions.
Chañaral – Portofino resurfacing works amounting to US$16 millions.
• Contract for US$ 125 millions • Salfa – Moller – Besalco Consortium (1/3)• May 2013 (completion)
TALCA
• Contract for US$ 63 millions • Besalco (100%)• March 2015 (completion)
COPIAPO
PUERTO MONTT
• Contract for US$ 120 millions • Moller - Besalco Consortium (50/50)• Sept. 2013 (completion)
Hospital Plan under 2 schemes:
- Only construction- Construction and
operation The Concession Program considers 4 hospitals in 2012
Plaza Group EPC, Engineering and Construction US$ 45 millions 1 year of works
Hospitals under Construction New Copiapo Mall
PUBLIC AND PRIVATE BUILDING PROJECTS
19.85 MW Run-of-the-river Hydroelectric Power Station located in Linares that uses waters from Melado channel to generate Non-Conventional Renewable Energy.
37% progress of works as of April 2012. Power supply to the Central Interconnected System during the 1st quarter of 2013.
Current portfolio includes Los Hierros (19.85 MW) plus 10 other Projects (133 MW); 153 MW total capacity and US$ 560 millions of total investment.
PROGRESS IN PROJECT DEVELOPMENT
PHASE I PHASE II PHASE III
Pre-Feasibility Feasibility Engineering
Project 2 Completed Completed 50%Project 3 Completed Completed 40%Project 4 Completed 100%Project 5 Completed 100%Project 6 Completed 100%Project 7 Completed 100%Project 8 100%Project 9 100%Project 10 (*) 100%Project 11 (*) 100%
(*) water rights in process of purchase
70 MW 54MW 9 MW
Other ProjectsLos HierrosPOWER GENERATION PROJECTS
196 km Power transmission line. US$ 90 millions. GYM - Besalco: 50% each.
Reinforcement of structures, installation and tensioning of conductors LT 220 kV. Encuentro-Collahuasi Substation. US$25 millions.
Transelec - CaseronesCollahuasi
POWER TRANSMISSION PROJECTS
In Santiago City: 5 under construction: total sales US$ 56 millions Marbella: 304 Apts. - Sales: US$ 45 millions
In association with Inmobiliaria Marbella (70% BS)
Includes 2.8 ha Crystal Lagoons
New ProjectsProjects under Development
In Con Con City: 1 being delivered (US$ 22 mn), 65% sold 3 under construction - total sales US$ 37 mn
REAL ESTATE PROJECTS
Copper Slag CrushingForest-based Chipping
Chipping process for Forestal Mininco ,loading and hauling to cellulose plant.
5 year contract for US$34 millions.
Contract with Mine El Teniente - CODELCO for crushing to 3/8 inch, and mine internal haulage.
3 years contract for US$38 millions.
MACHINERY SERVICES PROJECTS
ConstructionMarket
Corporate Structure
Results
Backlog andInvestment Plan
Contracts underDevelopment
Stock Price andLiquidity
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STOCK PRICE AND LIQUIDILITY
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Stoc
k Pric
e
Avg
e D
aily
Tra
nsac
tion
(ChP
mill
ions
)
Increasing stock price 2,8 times from jan’10 Permanent increasing liquidity after capital increase of sep’09 Dilution of controlling group to 60%
April 2012
Liquidity tendency
May 8th and 9th 2012