3q2015 results presentation - odinsa...c o n f i d e n c i a l highlights – colombian road...

3Q2015 Results Presentation

November 23 2015

C O N F I D E N C I A L

1. Highlights 2. Private Public Initiatives – PPPs of Public Initiative, ANI

“Fourth Generation Concessions” 3. Private Public Initiatives – PPPs of Private Initiative

Under Development 4. Results as of September 2015

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Highlights

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Highlights – Colombian Road Concessions

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When comparing the first nine months of 2015 with the same period in 2014, we evidence the following results; • Traffic increased 7,51%, totaling 8.917.821 vehicles

(vs. 8.295.179 in 2014). • Daily Average Traffic was higher, by about 2.281

vehicles per day, rising 32.666 per day (vs. 30.385 in 2014).

• Collections increased by 9,39% to COP $ 115.963 million (vs. COP$ 106.011 Million in 2014).

• The approval of the environmental license by the ANLA for the construction of the Variante La Paz, was obtained, under the resolution No. 0785 of July 2, 2015.

• The concession continues with the works in the intersection Circasia 1 ½, Glorieta 52 and the rehabilitation in la Española – Calarcá. Additionally, an archaeological research, in anticipation of the works of Variante La Paz, is in process.

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Autopistas del Café Tráfico Promedio Diario

REAL PPTO

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Autopistas del Café Recaudo Mensual

(Cifras en millones de pesos)

INGRESO GARANTIZADO REAL PPTO

Autopistas de Café – 61.92%



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• The reversal of the road to Cumaral took place on September 8th, ending operations in ALL. • On June 8th 2015 the operation of Iraca, Ocoa and Libertad toll stations with Autopistas de Los Llanos

ended, and on September 8th the operation of Veracruz and Puente Amarillo toll stations ended as well. • Therefore, the liquidation of contract 446-1994 (within 90 days) and the liquidation of the Trust

Autopistas de los Llanos (within 60 days) started.

32.021

26.854 27.155 28.398 27.089 27.592 27.396 28.626 27.823 29.002 28.593

31.717 33.375

27.352 27.725 27.889 27.499

16.532

12.816 12.801

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Autopistas de los Llanos Tráfico Promedio Diario

TRÁFICO GARANTIZADO REAL PPTO

3.947 3.184

3.679 3.648 3.746 3.517 3.739 3.828 3.662 3.745 3.553 3.908 4.075 3.278 3.599 3.484 3.491

1.648 1.180 1.180

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Autopistas de los Llanos Recaudo Mensual

INGRESO GARANTIZADO REAL Series2

Autopistas de los Llanos – 68.5%



• On April 6th, as we announced in the last presentation of results, the ANI conducted the Hearing for the reception of expressions of interest for Project Malla Vial del Meta. Nevertheless, because there were no expressions of interest from third parties, the ANI proceeded to issue a resolution to award this PPP to the group originating the project, as required by the APP Law.

• The new concessionaire, called Concesión Vial de Los Llanos S.A.S., is proceeding with all the milestones established in the contract for the beginning of the concession, especially in obtaining financial closing and the final designs of the project before June 2016.

• On June 9, the concession began operations of the toll stations of Iracá, Ocoa and Libertad, receiving the roads from Villavicencio to Puerto Lopez and Granada.

• Currently, the concessionaire has received Equity contributions, amounting to $106,000 million, of which $ 51,000 million were contributed by Odinsa.

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Vias de los Llanos – “Malla Vial del Meta” – 51,0%



When comparing 3Q2015 with 3Q2014, the concession presents the following behavior;

• Traffic has decreased by 3,06%, reaching 2.541.725 vehicles (vs. 2.622.028 in 2014). • Average Daily Traffic decreased by 294 vehicles per day, reaching 9.310 vehicles per day (vs. 9.604 in

2014). • Likewise, collections decreased 7,01%, reaching COP $ 25.346 Million (vs. $ 27.257 Million in 2014).

Collection stations that influenced in this drop in traffic and collection were Paraguachón and Alto Pino, which showed negative variations of -49.30% and -7.81%, respectively. This large decrease in Paraguachon is directly influenced by the economic crisis and the closing of the border with Venezuela since September 8th.

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Santa Marta Paraguachón Tráfico Promedio Diario

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Santa Marta Paraguachón Recaudo Mensual


REAL

Santa Marta Paraguachón – 40.8%



Comparing 1S2015 with 1S2014 we notice the following; • Total traffic increased 8,25%, reaching 10.128.000 vehicles (vs 9.355.963 in 2014). • Daily Average Traffic was higher by about 2,012 vehicles per day, reaching 37.099 vehicles per day (vs. 34.271 in

2014). • In 2015, collections increased by 12,52% reaching $54.569 Million (vs. $48.495 Million in 2014). • The contract may terminate at any time, based on expected income. 73% has already been received. At the

current rate, the expected income would be reached in July 2020, within the contractual deadlines. • The electronic toll collection system ("Quick Pass"), continues its operation. In the past months we have worked

on the integration between Quick Pass and Fly Pass, allowing users to transit toll concessions where both systems are present.

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$ 7.000.000.000

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Hatovial Recaudo Mensual


Series2 2014 2013

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Hatovial Tráfico Promedio Diario

2015 2014 2013

Hatovial S.A.S. – 22.3%



On June 2014, the ANI awarded the first concession project under the government 4G Program to the construction consortium led by Grupo Odinsa. The concession contract between the ANI and the concessionaire La Pintada SAS was signed on September 11 and the initiation document on November 11 2014. This date marked the beginning of major contractual milestones of the concession, such as the start of operations and the maintenance of existing roads, financial closing and the final designs for the construction. On October 26 the ANI approved the financial closing and on November 6th the start of the construction phase was signed, with an estimated 5-year duration. Up to now the concessionaire has received $41,019 Million in equity contributions, of which $10,255 Million as been contributed by Odinsa.

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CONEXIÓN PACÍFICO 2 – 25,0%


Highlights – International Road Concessions

• The main source of income for this concession remains the Guaranteed Minimum Income (GMI) being paid by the government.

• In the first nine months, total traffic increased by 17,40%, reaching 2.616.132 vehicles (vs. 2.228.368 in 2014).

• Daily Average Traffic was higher by about 1.420 vehicles per day, reaching 9.583 vehicles per day (vs. 8.163 in 2014).

• By September, the unpaid bills by the Dominican Government amounted US$15,560,698.74.

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Autopistas del Nordeste Tráfico Promedio Diario

TPD

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Autopistas del Nordeste Recaudo Mensual

(Cifras en dólares)

REAL

Autopistas del Nordeste (Rep. Dominicana) – 42.5%


Highlights – International Road Concessions

• This project counts mainly on the Guaranteed Minimum Income (GMI) paid by the government.

• In the first nine months of 2015, total traffic increased by 9,45%, reaching 1.043.472 vehicles (vs. 953.398 en 2014).

• TPD increased by 330 vehicles per day, reaching 3.822 (vs. 3.492 in 2014), this is due to the economic growth in the Dominican Republic since 2013.

• By September, the unpaid bills by the Dominican Government amounted US$9,704,177.05.

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3.699 3.584 3.645 3.904

3.298 3.101

3.528 3.736

2.927 2.806

3.503 3.747

3.994 3.749

4.003 3.943 3.912 3.762 3.620 3.861 3.542

490

449

485 598 453 402 481 533 371 360 433 449 615 514 504 655 498 463 550 581 434

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Boulevard Turístico del Atlántico Tráfico Promedio Diario

TPD TPD PAGANDO

188.858

165.750

199.731 232.365

185.724 159.373

199.529 220.538

151.952 150.048 166.694 180.812

239.499

190.106 201.071

252.353

201.563 184.940

224.693 233.750

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Boulevard Turístico del Atlántico Recaudo Mensual

(Cifras en dólares)

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Boulevard Turístico del Atlántico (Rep. Dominicana) – 42.5%


• On July 22, 2015 we begun the works of dismantling and cleaning the sector of the second road between the intersection Sero Tijshi and Mahuma Intersection, continuing the excavation works started during the Pre-Work.

• Designs were approved, the construction permit was authorized including the Spaans Lagoen bridge and we began the construction of the second carriageway Airport - Pos Chiquito.

• Up to now, it has a degree of completion of 11.7% against 11.1% scheduled.

• On July 24, 2015 the financial closing of the project was formalized.

• Currently, Odinsa has made equity contributions and subordinated debt contributions of US$4.2 million.

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GREEN CORRIDOR

Hechos Destacados – Concesiones Viales Internacionales


As for the El Dorado International Airport, the total number of passengers reached over $22 million an increase of 11,19%, compared to the same period in 2014; This figure increased 11.03% in domestic passengers and 6.76% in international passengers which pay airport tax.

By September 2015, regulated and non-regulated revenues increased by 41.6% and 31.12%, respectively, reaching $360,097 million and $180,252 Million (vs. $257,843 and $137,467 Million in 2014), respectively.

Between October 5 and 10, the "Bogota Fashion Week" took place in El Dorado airport facilities. This event had the support of local government entities and it had the participation of national and international designers and brands.

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Highlights – Airport Concessions

Opain – 35%

20.028.014

22.269.759

18.500.000

19.000.000

19.500.000

20.000.000

20.500.000

21.000.000

21.500.000

22.000.000

22.500.000

3Q2014 3Q2015

No. Total de Pasajeros

Pasajeros pasan Aeropuerto

257.843

365.097

137.467

180.252

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3Q2014

3Q2015

Aeropuerto El Dorado Ingreso Regulado y No Regulado

(Millones de Pesos)

Ingresos No Regulados Ingresos Regulados


Aeropuerto de Quito

• Odinsa reached an agreement to acquire 50% of the company that owns 93% of the economic rights of the Concessionaire's Mariscal Sucre International Airport.

• This important acquisition will be financed with a credit facility of US $ 182 million, granted by Itaú BBA.

• To formalize this sale, Odinsa and the selling parties require permission from the Ecuadorian government. On October 8 we received a favorable opinion of the operation by the Municipality of Quito. On October 15 we received the unconditional authorization from the Ecuadorian Superintendence of Market Control. Currently, Odinsa and the sellers are waiting for some final paperwork with the government to achieve the closing of this transaction.

• With this major acquisition, Odinsa will enter Ecuadorian market as part of its strategic expansion in Latin America and the Caribbean.

Highlights – Airport Concessions


Highlights – Sea Port Concessions

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• As we can see in the graphic coal volumes increased by 152.6% compared to 2014, reflecting new cargo volumes negotiations with new customers. However, other categories have decreased volumes, except for bananas.

• In the first nine months of 2015, SPSM reached an EBITDA margin close to 50% which compares favorably with the 20% reported in the same period of 2014.

Sociedad Portuaria de Santa Marta

357.657

420.008

22.405

60.588

67.553

14.254

903.442

404.842

23.003

57.528

55.134

8.964

Carbón

Granel Solido

Banano

Carga General

Granel Liquido I&E

Vehículos

Volúmenes de Carga (Millones de Tons, Teus y Unidades)

3Q2015 3Q2014


Highlights – Mass Transportation Systems

Currently, this contract is in its second year of maintenance. On February 2015, the ruling of the first arbitration tribunal was obtained. In this, Confase was recognized with $16,227,176,016 compared to the initial claim of $50,685,405,511. The IDU brought an action for annulment against this decision. On April 28, the attorney for Confase filed opposition to this action of annulment and we are awaiting for the decision of the Council of State, which has two months to issue a ruling. Therefore, a ruling is anticipated for before the end of 2015. Likewise, Confase maintains another arbitration claim against the IDU and TRANSMILENIO, for $21,000 Million. This claim was filed in June 2014. On October 12, 2015 the response to the objections raised by IDU and Transmilenio where presented to the court .

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CONFASE

Parque Bicentenario The architecture works are in progress since June 1. After 5 months, out of the 14 months of the contract agreed with the IDU, the works present an advance of 25.62% vs. 29.32% previously scheduled. The work performance has improved and additional work fronts were implemented.


Highlights – Electricity Generation

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• GENA is a thermoelectric plant generating 150 MW located in Panama.

• In the first nine months of 2015 Termocolón generated 12.494 MWh.

• Even though very few dispatches have taken place in the first half of the year, the low prices in the spot market has allowed to improve profit margins, without affecting the operation of the plant, as GENA has met dispatches through purchases in the spot market. For the last months of the year, an increase in generation is expected due to the maintenance in the BLM Coal Plant and from the second week of November the central is expected to operate in 2 + 1 configuration.

• By September GENA presents and EBITDA of US$25,4 millions higher than the US$16,3 million reported in 2014.

GENA – PAMAMÁ (59,66%)



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• GENPAC is an operation based on supporting power and system security to meet contingencies in the north of the SIC, in particular the Cardone node. It is a plant of 96 MW of thermoelectric generation.

• In the first nine months of 2015, Genpac´s generation has been very little, with only 1778 MWh produced,

considering the low prices on the spot market. In the Cardones node, which is the one that corresponds to GENPAC, the impact of the entry of renewables has been much higher since in this node injection of energy from renewable large projects is concentrated, limiting transmission capacity of the substation and in some cases leading to operate at certain hours at a marginal cost of zero.

• As of September, GENA presents an EBITDA above US$3,5 million, this amount is higher than the US$2,6 million reported on 2014.

GENPAC - CHILE


GENPAC - CHILE The photovoltaic generation project of 14 MW, is under construction. The project requires an investment of nearly US$25 Million and will boost sales revenue from energy sales with minor marginal costs. To date, the following works have been performed as part of this project: • The contract was signed on March 2, in Urumqi – China • The construction of the perimeter wall, bulldog type, in the

project lot was completed. • On July 9 we received from the contractor, bank guarantees

for the proper use of the advance payment of US$2,017,568 and proper functioning of the equipment of US$4,035,137.

• In August the financial closing of the project, with Banco de Chile, was completed.

• On August 3 the order to proceed with contractor TBEA was signed.

• On August 17 the works corresponding to the installation and earthmoving tasks began on the project field.

• We continue with the procedures before the Ministerio de Bienes de la Nación for a new lot for a photovoltaic generation project near the current project site.

• Risk Mitigation for unexpected flooding and flood rains. The protections previously built worked well.



Odinsa Proyectos e Inversiones (100%)

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• In 2014, all the activities of the Concession Agreement No. 250 of 2011, between Invias and Odinsa Proyecto e Inversiones S.A., for the operation, exploitation, organization and total management of the 39 toll stations located along the national road network run by the Instituto Nacional de Vías.

• As of May 4, 2015, three new toll stations where added: Cano, Daza and El Placer, located in the corridor Rumichaca

- Pasto - Cano. Therefore, as of September 2015 we have 42 toll stations y 103 toll lanes. • In October, Odinsa PI presented an expression of interest to the invitation to prequalify in the PPP Number APP-IP-

001-2015 of INVIAS, whose purpose is the equipment, operation, maintenance, organization and overall management of the toll collection at toll booths and weigh stations. The hearing to inform the list of prequalified companies is November 25th.

Contrato Invias No. 250 de 2011

Corte a Junio 30 de 2015

Estaciones de Peaje 42

Recaudo Acumulado 1.662.244.844.845

Avance en Ejecución 89,45%

Contrato Invias No. 250 de 2011

Enero a Septiembre de 2015

Estaciones de Peaje 42

Recaudo Acumulado $ 300.936.345.501

Contract information from Jan –September 2015

Estimated life of the contract up to September 2015

Highlights – Toll Collection Operation

C O N F I D E N C I A L 21

4th Meeting Odinsa Proyectos e Inversiones Women

Odinsa Proyectos e Inversiones continued its social responsibility program, celebrating its 4th Meeting for Mujeres Odinsa in Cartagena from October 16th to 18th; 52 women from our toll collection group nationwide participated in this event. The qualities that characterize these 52 Women who received this award are: Job performance, discipline and leadership. In order to encourage their growth we promote during this Meeting various activities led by the Juan Felipe Gomez Escobar Foundation in Cartagena. During three days, the Juanfe Foundation holds workshops focused on tools for personal transformation, leadership and empowerment, in order to be applied in the daily life of the participants to generate positive impact and motivation in each one of them increasing job performance and commitment to the organization. Fulfilling its goal to train human talent with better resources.

Highlights – Toll Collection Operation


Private Public Initiatives – PPPs of Public Origin, ANI “Fourth Generation Concessions”

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PPPs of Public Initiative – “Fourth Generation Concessions”

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There have been no new concession awards by ANI since our last presentation in August. Odinsa submitted only two offers, deciding to concentrate more on PPPs of private iniciative. Odinsa was awarded the Pacifico 2Concesion after being the sole bidder. In this case Odinsa will obtain 100% of future government payments available to the project. Odinsa will consider the projects of the Third Wave once they are presented to the market by ANI. ANI announced that there was an update in the data for projects Bucaramanga-Barbosa, Bucaramanga-Pamplona, Buga-Buenaventura, Chinchina-Mariquita, Duitama-Pamplona, Pamplona-Cúcuta, Pasto-Mojarras y Sogamoso-Aguazul-Mani. The ANI has not set possible dates for the opening of these tenders.

Grupo Corredor Valor Km. Estado Adj.

1 * Honda - P. Salgar - Girardot $ 995 200 Adj. 03/06/2014

2 Mulalo - Loboguerrero $ 1.200 32 Adj. 05/12/2014

3 Perimetral Oriente $ 1.200 153 Adj. 23/07/2014

4 * Cartagena - Barranquilla $ 995 153 Adj. 02/07/2014

5 Autopista Conexión Norte $ 980 145 Adj. 17/10/2014

6 * Río Magdalena 2 $ 1.370 144 Adj. 22/10/2014

7 * Conexión Pacífico 1 $ 1.790 49 Adj. 03/06/2014

8 * Conexión Pacífico 2 $ 910 98 Adj. 22/05/2014

9 Conexión Pacífico 3 $ 1.290 142 Adj. 15/07/2014

10 P. del Hierro - Cruz del Viso $ 448 175 Adj. 19/05/2015

11 Sisga - El Secreto $ 491 137 Adj. 25/05/2015

12 Villavicencio - Yopal $ 1.800 260 Adj. 01/06/2015

13 * Santa Ana - Mocoa $ 1.500 476 Adj. 09/06/2015

14 * S. de Quilichao - Popayán $ 1.100 76 Adj. 16/06/2015

15 * Autopista al Mar 1 $ 1.560 110 Adj. 30/06/2015

16 Barranca - Bucaramanga $ 1.700 261 Adj. 06/07/2015

17 * Autopista al Mar 2 $ 1.460 135 Ofertas 18/08/2015

18 * Pasto - Rumichaca $ 1.516 89 Adj. 24/07/2015

Total ====> $ 22.305 2.835


Private Public Initiatives – PPPs of Private Initiative Under Development

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Proposals for Public Private Partnerships of Private Initiative under Development

Below we include a status update for each of these: 1. For the Design, Construction, Operation and Maintenance of the road corridor La Paila – El Alambrado - La

Herradura - Barcelona – La Española - Calarcá - Cajamarca, for the so-called "Ruta del Privilegio". Feasibility. 1. Improvements Air Side El Dorado Airport: Private Initiative Project for the improvement of airside infrastructure

at Bogota Eldorado Airport, in line with the existing master plan for the Airport. Pre Feasibility.

2. Private Initiative Project for the Design, Construction, Financing, Operation, rehabilitation, Maintenance and Reversal of roads under concession NUS SAS -VINUS-. On October 1st it was published in the SECOP.

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Capex - Cop$Millions Approval Stage % Odinsa1 La Paila Cajamarca - "Ruta del Privilegio" 1.063.000$ Feasibility 100,0%2 Improvement Air Side El Dorado Airport 811.264$ Pre-feasibility submitted 100,0%3 Vías del NUS S.A.S – VINUS 1.184.000$ SECOP 22,2%

Total ====> 3.058.264$


Proposals for Public Private Partnerships of Private Ruta del Privilegio

Concession Agreement under the Public Private Partnership scheme Private Initiative that requires no expenditure of public resources in accordance with the regulations in Law 1508 of 2012 and its implementing regulations. Processes Completed: • Approval from the “Autoridad Nacional de Licencias Ambientales” of the diagnostics of environmental alternatives for

new sections (April 2015). • Studies and Design Review by the evaluator of the project (April-May 2015). • Budget Review with the evaluator of the project (June-July 2015). • Final Filing of Project in feasibility (August 19, 2015). Pending processes: Presentation and approval from Ministry of Finance and Public Credit, Presentation and approval from the National Planning Department, Presentation and approval by the Cabinet, Approval from the CONPES (Publication in SECOP, award, contract signature).

Calarcá

El Alambrado

La Herradura Barcelona

La Española

La Paila

Cajamarca

Hacia Cartago Hacia Pereira

Hacia Buga

Zona Franca

Peaje Corozal

(Existente)

Peaje La Española (Nuevo)

Peaje Cajamarc

a (Existent

e)

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6 8 9

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Studies, design, construction, operation, maintenance, social and environmental management for the corridor La Paila - Calarcá - Cajamarca, called «Ruta del Privilegio». Total length: 142.8 Km Estimated value of the project: Cop$2.5 billion Initial Term of the agreement: 30 years.


Scope: Private Initiative for the studies, design, financing, construction, operation (collection) and maintenance of the airside infrastructure, and operation (collection) and routine maintenance of the existing infrastructure in the airside of El Dorado Airport in Bogota Type of initiative: Proposal for Public-Private Partnership of private initiative, without applying for public resources. Remuneration: from the collection of landing fees. Consideration to the state: 20% of gross collection Estimated time of the concession: 20 years. Scope: Maintenance includes the existing infrastructure, such as new infrastructure proposed in the PPP A, and the new infrastructure in the PPP B. Capex: $ 800,000 million approx.

Proposals for Public Private Partnerships of Private El Dorado - B


Proposals for Public Private Partnerships of Private El Dorado

1 UF 1 Pista 13L - Ampliación 11 UF 4 Calle Romeo 22 UF 5 Conector Papa 38 UF 4 Pista Norte

2 UF 3 Pista 13R 12 UF 4 Calle Delta 23 UF 5 Conector Charlie (ente alfa y pista) 39 UF 5 CR Alfa

3 UF 1 Plataforma de despegue 13L W 13 A UF 4 Calle Foxtrot - Complemento 26 UF 5 Conector Bravo-1 40 UF 4 CR Foxtrot

4 UF 4 Plataforma de despegue 13L E 13 UF 3 Calle Foxtrot - Ampliación 27 UF 5 Conector Juliet 41 UF 5 Conex Uniform

5 UF 5 Plataforma de despegue 13R E 14 UF 5 Calle Mike 2 A 28 UF 5 Conector Lima 42 UF 5 Conex Bravo

6 UF 5 Plataforma de despegue 13R W 15 UF 5 Calle mike 2 B 29 UF 5 Conector Charlie (ente alfa y foxtrot)

7 UF 2 Calle alfa - Ampliacion 16 UF 5 Calle Victor 32 UF 5 Salida rápida Juliet

8 UF 5 Calle mike 18 UF 4 Ampliación margenes calle foxtrot 33 UF 5 Salida ráipda Charlie

9 UF 5 Calle Uniform 19 UF 5 Ampliación margenes calle alfa 34 UF 5 Salida rápida Delta

10 UF 4 Calle Sierra 20 UF 5 Conector Tango 35 UF 5 Salida rápida Quebec

Intervención y Mantenimiento del

sistema de Drenaje del Lado AireUF 345


Propuestas de APP de Iniciativa Privada

Vías del NUS S.A.S – VINUS

The Proposal aims to give continuity to the dual carriageway which is currently being built and operated by the Hatovial SAS concession to connect Medellin, in a faster and more direct manner, to the northeast of Antioquia and especially to make this the route that connects Antioquia to the Ports on the Atlantic coast and the populations on the northern part of the country, using the Ruta del Sol concession through Puerto Berrio, making this corridor one of the most important highways of the country. In addition to these investments, VIAS DEL NUS S.A.S has planned activities for operation and maintenance of the road and track maintenance of the roads currently managed by the concession Hatovial from 2021. The estimated Capex of this project is $ 1.2 billion. On October 1 it published in the SECOP. According to the invitation to prequalify, the deadline for submitting expressions of interest expires on December 1st 2015 at 10:00 am. In case of no other proponents showing interest, the project would be awarded to the original proponent.


Results for 3Q2015

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Consolidated Results as of September 2015

Grupo Odinsa reports a strong operational performance over 3Q2015, as evidenced by the strength of its various business lines, allowing it to report revenue in line with 2014 results (under IFRS):

• Concessions are still the main source of income that contributes to the generation of Odinsa´s EBITDA. In 2014, the absolute amount was of $239,452 Million. The contribution Margin up to September 2015 was $98.630 Million, lower than the figure reported in 2014. This is attributable to the higher costs of road maintenance in operation, especially in the new PPP Malla Vial del Meta and maintenance in Autopistas del Café.

• Energy Business is the second most important business line. In the first nine months of 2015, this business line reported a contribution of $ 94.638 million, higher than the $62.691 million reported at the end of 2014. This is the result of: higher power revenue, intermediation margins and the devaluation of the peso.

• The Operation Business, which corresponds mainly to the toll collection operation of INVIAS, still shows a high percentage contribution margin, despite the decrease in the absolute amount, as a result of the reversal of various toll stations to the INVIAS.

• Up to September 2015, Construction Business contribution margin reached $50,330 Million, which represents a solid performance of this business line due to construction advances in “Autopistas del Cafe”, Odinsa’s main construction consortium.

4Q2014 4Q2014 3Q2015

Col GAAP IFRS IFRS

Ingresos por Concesiones Viales 252.678$ 255.074$ 171.908$

Costos por Concesiones Viales 15.622$ 15.622$ 73.278$

Margen de Contribución 237.056$ 239.452$ 98.630$

Margen de Contribución % 93,82% 93,88% 57,37%

Ingresos por Negocio Energía 379.267$ 379.267$ 210.598$

Costos por Negocio Energía 316.576$ 316.576$ 115.960$



Ingresos por Operación 83.867$ 83.867$ 61.582$

Costos por Operación 37.791$ 35.623$ 31.122$



Ingresos por Constuccion 170.293$ 86.080$ 112.367$

Costos por Constuccion 118.084$ 47.394$ 62.037$



Ingresos por Otros Servicios 33.800$ 33.998$ 22.072$

Costos por Otros Servicios 2.070$ 2.061$ 1.576$




As of 3Q2015, Odinsa generated an EBITDA of $235,120 Million explained by:

• A Contribution Margin of $294,554 Million. • Operating expenses for 3Q2015 are proportionately higher

than those reported in 2014 as a result of higher maintenance costs in Autopistas del Café, which are treated as Opex and not Capex, as was the case previously.

In 3Q2015, EBIT shows consistence with EBITDA previously presented. This is a result of lower levels of depreciation and amortization reported. Depreciation decreased as a result of lower levels of generation and amortization decreased considerably in the absence of deferred assets in the IFRS conversion.

In 3Q2015, the items after EBIT, presented the following, which resulted in a Net Income of $111.468 Million;

• Net Financial Expenses: Reported $35.627 Million. In this expense, the reduction of financial expenses at Odinsa Holding and “Generadora del Pacifico” stands out .

• Corporate Tax: Increases proportionally to the $36,000 Millions received in taxable dividends from “Autopistas del Cafe”.

• Minority Interest Result: This item increases as a result of the improved performance of the company over this period.

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Results as of March 2015

4Q2014 4Q2014 3Q2015

Col GAAP IFRS IFRS

Ingresos Totales 919.906$ 835.715$ 578.527$

Costos Totales 490.143$ 414.705$ 283.973$

Margen de Contribución 429.763$ 421.010$ 294.554$ 392.739$


Gastos Operativos 106.693$ 107.521$ 88.538$

Metodo de Participación -$ -$ 29.104$

EBITDA 323.070$ 313.489$ 235.120$ 313.493$

Margen EBITDA % 35,12% 37,51% 40,64%

Depreciacion y Amortización 126.346$ 98.933$ 17.437$

EBIT - Utilidad Operacional 196.724$ 214.556$ 217.683$

Margen EBIT % 21,39% 25,67% 37,63%

Resultado Inv. No Controladas 1.474$ 320$ -$

Gasto Financiero Neto 66.476$ 65.742$ 35.627$

Otros Ingresos / Egresos 30.181$ 45.817$ 26.463$

Utilidad antes de Impuestos 161.903$ 194.951$ 208.519$ 278.025$

Impuestos de Sociedades 24.961$ 34.169$ 40.170$

Beneficio Grupo Odinsa 136.942$ 160.782$ 168.349$ 224.465$

Resultado Interes Minoritario 34.742$ 52.081$ 56.881$

Beneficio Neto Grupo Odinsa 102.200$ 108.701$ 111.468$ 148.624$

Margen Neto % 11,11% 13,01% 19,27%


Although the information contained in this presentation is provided under the highest professional standards in the generation of these forecasts, GRUPO ODINSA does not guarantee future performance. The Company specifically disclaims all warranties express or implied with respect to the use of this information or any results with respect thereto and it does not assume any liability with respect to any information included here. This material has been prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities and should not be relied upon as advice to potential investors. This material should not be regarded by recipients as a substitute for the exercise of their own judgment. This presentation has statements about the Company future plans and prospects that constitute forward-looking statements. However, these projected financial statements should not be considered to be a presentation to forecast future results. Actual results may differ materially from those indicated by these forward-looking statements as a result of various factors and undue reliance should not be placed on these forward-looking statements. Indeed, there will usually be differences between projected and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. Accordingly, these projections represent the management’s best estimates only as of today and should not be relied upon as representing the Company’s estimates as of any subsequent date. While GRUPO ODINSA may decide to update these forward-looking statements in the future, it disclaims any obligation to do so, even if the estimates change.

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3q2015 results presentation - odinsa...c o n f i d e n c i a l highlights – colombian road...

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