Presentación de PowerPoint · groups in Cardones, Maitencillo and Pan de Azucar substations, plus...
Transcript of Presentación de PowerPoint · groups in Cardones, Maitencillo and Pan de Azucar substations, plus...
Investor Presentation
BVC - Deceval - Citi
Colombia Inside Out. London - New York
May 10-13, 2016
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AGENDA
Limited growth in Colombia led to international
expansion and diversification…
1967-1999 2000-2006 2007-2013
Institutional
consolidation
Geographic
expansionDiversification
VISION
In 2020, ISA’s 2012 profits will be tripled, by capturing the most profitable growth
opportunities in its existing businesses in Latin America, boosting operational efficiency
and optimizing its business portfolio.
2014+ Consolidation
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As of 2015, ISA multiplied its 2012’s profits 2,6
times. ROE doubled 2012 to 2015 ...
“…ISA’s 2012 profits will be
tripled…”
273
433
593
702
819
2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Income
3.0x2.6x
4,55,8
7,48,9
2,9
2,02,3
2,9
-500
500
1.500
2.500
3.500
0
5
10
15
20
2012 2013 2014 2015
Consolidated Indicators
ROE (%) EBITDA (billones $)EBITDA (COP billion)
…relative profitability enhanced
significantly
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AGENDA
Shareholders structure and recent dividend payout
history…
Shareholders Structure
April 2016# SHARES %
STATE INVESTORS 682.078.108 61,58%
THE COLOMBIAN GOVERNMENT 569.472.561 51,41%EMPRESAS PÚBLICAS DE MEDELLÍN 112.605.547 10,17%
COMPANIES WITH PUBLIC AND PRIVATE CAPITAL 32.078.496 2,90%
ECOPETROL 18.448.050 1,67%EMPRESA DE ENERGÍA DE BOGOTA 13.630.446 1,23%
FREE FLOAT 393.521.290 35,53%INSTITUTIONAL INVESTORS 228.197.900 20,60%FOREIGN INVESTORS 79.114.031 7,14%INDIVIDUALS 65.258.252 5,89%LEGAL ENTITIES 20.541.057 1,85%ISA ADR PROGRAM 410.050 0,04%
SUBSCRIBED AND PAID-IN CAPITAL 1.107.677.894 100,00%
Dividends per share(COP)
179 188214
268 288
2012 2013 2014 2015 2016
Ordinary Extraordinary7,5%
…35,53% is the free float
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Principal Nominated by:
Carlos Caballero Argáez* Independent - nominated by the Nation MHCP
Vice Minister General Ministry of Finance and Public Credit
Director of Public Credit and National Treasury Ministry of Finance and Public Credit
Carlos Mario Giraldo* Independent - nominated by the Nation MHCP
Carlos Felipe Londoño Álvarez Non-independent - nominated by the Nation MHCP
Jesús Arturo Aristizabal Guevara* Independent - nominated by EPM
Henry Medina Gonzalez* Independent - nominated by Ecopetrol
Santiago Montenegro Trujillo* Independent - nominated by Pension Funds
Camilo Zea Gómez * Independent - nominated by Pension Funds
Strong Corporate Governance in accordance with
OECD1 directives...
• Independent Members, as provided by Law 964 of 2005. ** Chairman of the Board
1. OECD: Organisation for Economic Co-operation and Development
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ISA’s Board of Directors
ISA was awarded in 2015 the ALAS’ 2020 prize for best Corporate Governance in Colombia.
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AGENDA
ISA, a multi-Latin corporation with wide presence
in most of Latin America
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ISA’s activities are focused on 4 lines of
businesses
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Revenues by Business
2011 2012 2013 2014 2015
Energy Transmission 80% 80% 68% 70% 73%
Road
Concessions16% 17% 26% 21% 20%
Telecommunications 2% 3% 4% 6% 5%
Management of Real-
Time Systems (XM)2% 2% 2% 3% 2%
In Energy Transmission, ISA is the largest
international energy carrier in Latin America
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ITCO 99,94
Transelca 99,83
REP 99,52
Transmantaro
99,75
ISA Perú 99,83
CTEEP 99,96
ISA Bolivia 99,55Ava
ilab
ilit
y (
%)
Revenues 2015: COP 3.776b
EBITDA Margin: 52,1%
In Telecommunications, ISA deploys the longest wide
band fiber optics ring in the continent…
Services offered in
over 170 cities in
Latin America.
Revenues 2015: COP 284b
EBITDA Margin: 32,1%
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ISA is the largest operator of toll roads in Chile...
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11 mainline tolls, 84 lateral tolls
and 18 service areas, 293
bridges.
A design velocity of 120 km/h.
Revenues 2015: COP 1.095b
EBITDA Margin: 72,4%
Management of Real-Time Systems is a business
that operates in Colombia through XM..
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Other sectors:
Derivex: manages the trading and
registration system for electricity futures in
Colombia. Participation: 49,84%
Mobility: XM oversees and coordinates the
Traffic Control Center of the Intelligent
Mobility System of Medellin.
Filiales y
subsidiarias
operates the National Interconnected System
(Sistema Interconectado Nacional, SIN)
manages the Wholesale Energy Market
manages International Electricity Transactions
performs the settlement and administration of
charges for use of SIN grids
ISA permanently analyzes relevant investment
opportunities in the region to guarantee continued
growth and profitability…
Colombia UPME Expansion Plan for a total of USD 215
(reference value) for 2016-2017
Colombia-Panama Interconnection. USD 500
Peru
Proinversión Projects for 2016. New La
Planicie substation and transmission line
Aguaytía - Pucalpa. Estimated investment:
USD 63,1 million.
Chile
Plex 7 CDEC-SIC projects: New transformers
groups in Cardones, Maitencillo and Pan de
Azucar substations, plus sectioning substation,
associated transmission lines. Estimated
investment: USD 168,5 million.
MOP Projects 2016, with investments of USD
556,4 million in pedestrian connectivity and
regulatory safety projects in concessions of Ruta
del Maule, Ruta del Bosque, Ruta de Araucanía
and Ruta de los Ríos.
Brazil
Reinforcement projects authorized by ANEEL.
Annual USD 72,5 million.
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AGENDA
Reven
ues
EB
ITD
AConsolidated Income Statement
AO
&M
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Figures in COP billions
2011 2012 2013 2014 2014 2015
4.369 4.3033.601 3.921
COLGAAP IFRS
1.3411.400 1.590 1.646 1.921
2.399
3.027 2.903
2.012 2.275 2.2972.872
4.2175.271 USD million
USD 1 = $3.149,47
2014 2015Change
%
1.339 1.674 25
2014 2015Change
%
610 762 25
2014 2015Change
%
729 912 25
2011 2012 2013 2014 2014 2015
2011 2012 2013 2014 2014 2015
AO&M: Administration, Operation and Manteinance
50% 47%43%
48% 45% 46%
69% 68%
56% 58% 55% 55%
8% 6%12% 15% 12% 13%
2011 2012 2013 2014 2014 2015
Net
Inco
me
Consolidated Income StatementM
arg
ins
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Figures in COP billions
COLGAAP IFRS
COLGAAP IFRS
337 273433
593510
702
2011 2012 2013 2014 2014 2015
USD millionUSD 1 = $3.149,47
2014 2015Change
%
162 223 37,6
Consolidated Balance Sheet
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As of 2015 assets accounted for COP 28.112.870 million / USD 8.926 million
Assets 25.671 28.113
CO
P b
illio
ns
Exchange Rate USD 1 = COP 3.149,47
10,2%
13,9%
-0,4%
9,8%
6.881 7.840
3.5653.553
15.167
16.720
2014 2015
Liabilities Non-controlling interest Equity
2015 Assets
Breakdown by business
Energy66,9%
Roads29,7%
Telecommunications
3,0%
MRTS(XM)0,5%
Consolidated Financial Debt
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currencyrate source
COP million 2014 2015Change
%
2015
USD
CHILE 4.482.030 4.620.914 3,1% 1.467
COLOMBIA 1.784.963 2.111.930 18,3% 671
PERU 1.934.281 2.767.712 43,1% 879
BRAZIL 1.921.167 1.695.502 -11,7% 538
BOLIVIA 51.947 53.188 2,4% 17
ARGENTINA 6.994 3.895 -44,3% 1
TOTAL 10.181.382 11.253.141 10,5% 3.573
TOTAL USD 3.573 4.256 -16,0%
2015 Breakdown
Exchange Rate USD 1 = COP 3.149,47
4,2 4,5
4,3 4,3 4,2 3,9
4,2 4,4
3,9 3,9 4,2
3,9
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Debt / EBITDA EBITDA / Interest
BRL13,9%
COP17,9%
USD27,2%
UF + CLP
40,9%
Otras0,0%
Capital Market68,2%
Banks31,2%
Other0,6%
UF33,4%
Tasa Fija 23,7%
IPC16,8%
CDI 9,7%
TAB7,5%
DTF1,1%
Libor4,6%
TJLP 2,8%
IPCA0,3%
ISA's risk ratings reflect the company’s strong
financial profile of the company, with stable and
predictable flows ....
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Rating for bonds issued
AAA(col)
International Corporate Ratings
BBB
Stable outlook
May 2015
International Corporate Ratings
Baa2
Stable outlook
October 2015
International Corporate Ratings
BBB
Negative outlook
February 2016
USD 3.2 billion in investments already commited
supports future growth...
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Projections: February 2016
COP 9.555 billion
USD 3.247 million
2016 2017 2018 2019 2020
COLOMBIA PERU BRAZIL CHILE OTHERS
by countryCOP
billion%
Colombia 2.915 30,5
Peru 1.958 20,5
Brazil 1.605 16,8
Chile 3.073 32,2
Others 5 0,0
by businessCOP
billion%
Energy 8.499 88,9
Toll Roads 116 1,2
Telecommunications 799 8,4
SMRTS 142 1,5
3.435
926
519 509
4.167
TRM 2.925 2.944 2.959 2.981 3.010
Disclaimer
Certain statements contained in this report constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect our current views with respect to future events and are based
on assumptions and subject to risks and uncertainties. Also, these forward-looking statements present
our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to
disclose material information as required by federal securities laws, we do not intend to update you
concerning any future revisions to any forward-looking statements to reflect events or circumstances
occurring after the date of this report.
Amounts expressed in US dollars are for information purposes only, and do not reflect
accounting conversion techniques usually applied.
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Investor Relations
Contact
Email [email protected]
Website www.isa.co
Telephone +574 315 7470
@ISA_Avanza /ISAAvanza Interconexión
Eléctrica ISA/CanalISAAvanza
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