FINANCIAL STATEMENTS. 2nd Quarter

Transcription

1 FINANCIAL STATEMENTS 2nd Quarter 2014

2 Executive Summary Relevant News equal to COP $ million during the, growth equal to 21,04% vs., due to higher invoicing in infrastructure projects, set in motion of real estate assets and income increase in Industrial Conconcreto. Building commencement of Buró Business Center (Bogotá D.C), m² for sale and lease. Tower 1 commercialized for Avianca pilots training center. Awarding of Two Towers project (Santa Marta/Magdalena). Includes housing and hotel tower. Decrease in Gross margin, and Net due to costing adjustment of 4 projects and presence of non-stabilized real estate properties. Building commencement of Plant for Fresenius Medical Care (Bogotá D.C). Increase in Operating equal to 19,9% due to set in motion of 2 business units and opening of branch in Barranquilla. Awarding of construction of la Línea Tunnel ancillary works (route Calarcá - Puerto Quindío), COP $ million. Backlog COP $ 1,95 billion. Filing of feasibility for the RegioTram project (Bogotá D.C). Quarterly 17,5% $ $ ,04% $ Q 2Q 3Q 2013 /Line Equipment and Shares 41,1% 4,8% 4Q 2014 /Line Equipment and Shares $ $ $ Net Profits/Line Construction Services 4,3% Equipment and Shares 39,1% Investments 16,1% Construction Services 79,1% Investments 54,6% Investments -9,1% Notes - Construction Services: Infrastructure Services and Buildings from Conconcreto Colombia. - Investments: Real Estate Portfolio and Concessions. - Equipment and Shares: Conconcreto Equipment Business and shares in Conconcreto Internacional, Industrial Conconcreto, Inmobiliaria Conconcreto, and Consalfa 2 Construction Services -51,8%

3 Constructora Conconcreto S.A. Financial Statements : of Conconcreto amounted up to COP $ million during the, which means an increase of 21,0% with respect to the same period of derived from Construction Services grew 19,0%, contributing with 79,1% in the aggregate income. Investments grew 24,9%, representing 16,1% of the aggregate income. Equipment and Shares grew 46,5%, contributing with 4,8% in the aggregate income of Conconcreto. Gross Profits: Gross Profits decreased from COP $ million down to COP $ million, representing a downfall of 18,2%. The decreased from 21,3% in the down to 14,4% during the, due to the costing of the Loboguerrero - Cisneros project and to the presence of real estate properties in process of occupancy (non-stabilized) such as BSF (Madrid/Cundinamarca), GHL Style Hotel (Neiva/Huila), Buró 24 (Bogotá D.C) and shopping centers. : During the, amounted up to COP $ million, with a margin equal to 6,3%. The investments portfolio was the business line with greater sharing at level: 54,6% from the aggregate. Debt: Pre-payment of financial commitments amounting up to COP $ million during January, 2013 with resources derived from the issuance of shares, and therefore, the value of credits for the was lower compared with the. Loans were taken between June, 2013 and June, 2014 for the payment of lots, contribution of equity to the projects, corporations and consortiums. With respect to Leasing, the respective decrease corresponds to capital amortizations and to the sale of machinery to the Ituango Consortium. Non-operating Non-operating Profits before Taxes Taxes NET PROFITS R Margin Financial Debt Financial Debt / ROE ( ) (17.662) (5.354) (2.060) ,3% 8,1% 5,1% 13,8% ,12 2,9% ( ) (21.203) (8.209) (2.649) (1.335) ,4% 1,3% -0,8% 6,3% ,51-0,5% Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Equity Total Equity Debt (COP $Millions) ,0% 84,0% 21,0% 31,7% -18,2% 20,0% -80,9% 3,5% 53,3% -130,1% -163,8% -119,8% -45,2% -17,9% General Balance Sheet (COP $Millions) Loans Leasing Total Debt Short Term Long Term ,3% 75,7% Notes: - Positive taxes reserve is due to adjustment in order to close, with accumulated reserve equal to COP $669 million. - Non-stabilized real estate properties: Properties in process of occupancy, assuming 100% operating fixed charges, such as property taxes, insurance and in some cases, operating leases. 3

4 Construction Services : derived from the Construction Services unit amounted up to COP $ million, which growth is due to the execution of the Hidroituango project (Ituango/Antioquia) and the completion of the U-Storage Crespo project (Cartagena/Bolivar) during the. Gross Profits: The Gross margin decreased from 11,5% down to 5,6%, due to adjustments in costing of the Loboguerrero Cisneros infrastructure project, and housing projects. derived from sale of equipment in consortiums recorded as non-operating income equal to COP $800 million during the. : Increase in is due to the opening of a branch of Conconcreto in Barranquilla and to the set in motion of the business units in the Corporate Buildings and the Integral Design Unit. R 68% 48% 47% 32% Building 5,6% -1,5% -2,5% 0,3% $ 437 Building 181% -81% Infrastructure $715 Backlog Execution (COP$ Thousand Million) 46% 47% 28% 54% 53% 2014 $340 11% 89% 72% Infrastructure 4 $ % ,0% 27,1% -42,6% 10,0% -147,8% -93,8% -93,8% Backlog: COP $1,95 Billion (Backlog/income last 12 months: 2,93 times) $599 Infrastructure ( ) (9.073) (1.972) ,5% 3,9% 3,1% 6,5% $ % Margin 52% (94.818) (8.246) $ $ $ Building 100% $

5 Construction Services (Cut-off date: June 30,2014) Composition - Backlog: El 63,1% del Backlog corresponde al sector de infraestructura y el 36,9% restante al de edificación. En edificaciones, se destaca un mayor crecimiento en vivienda, pasando de 69,0% en el 1T2014 a 81,0% en el 2T2014; mientras que en infraestructura se destaca la contratación pública. Infrastructure Backlog por Sector Public 21% Private 79% Own Projects 48% Building Backlog per type Third Parties 52% Offices 13% 2% 4% Housing 81% Backlog Execution - Infrastructure With respect to infrastructure, the execution was focused on the following hydroelectric power stations: Hidroituango (Ituango/Antioquia), Cucuana (Roncesvalles/Tolima) and Bonyic (Panamá). Likewise, progress was made on the building of the Contecar Pier (Cartagena/- Bolivar), as well as on the Loboguerrero-Cisneros second driveway Infrastructure COP $Millions $ $ $ $ Q2014 Executed New Backlog Execution - Building: With respect to building, progress was made on the building of commercial projects such as Acqua Power Center (Ibagué/Tolima), Buró 51 offices (Barranquilla/Atlántico) and housing: Garden Apartments (Panamá). In addition, a significant portion was executed in shopping centers such as Gran Plaza Ipiales (Ipiales/Nariño) and Alcaraván 2 (Yopal/- Casanare) $ Building $ $ $ Q2014 Executed New 5

6 Real Estate Portfolio - Investment : of the real estate portfolio grew 43,3% with respect to the. The aforementioned growth was due to the commencement of the Buró 24 operation (Bogotá D.C.), Hotel GHL Style (Neiva/Hulia), Gran Plaza del Sol (Soledad/Atlántico), Gran Plaza Florencia (Florencia/Caquetá) and Viva Sincelejo (Sincelejo/Sucre); as well as to the change in the self-storage business model (see note). R Gross Profits: With respect to the, Gross Profits decreased COP $1.487, due to the set in motion of non-stabilized assets, funded through operating leases (the rental fee is recorded as cost). : Decrease in was due to the relocation of Construction and Development Projects Managers from this business unit to the Construction Services unit. $ % 0% $ Margin 44,0% 12,7% -9,5% 33,7% 24,3% 3,9% -15,0% 19,9% 5% 10% Offices 7% 38% 22% 55% 60% $ % Offices 55% 21% 0% 65% 3% 6% $ Offices 32% 0% 3% R ,3% (17.543) 93,6% ,9% (4.721) -6,7% ,9% ,6% ,7% Offices (9.060) (5.062) % R is presented for operating figures, before operating lease. GLA: GLA Portfolio Composition (m ) 2 Oficinas 4% 5% % GLA Evolution (m2) % 47% CAGR37,90% *Buró 26, Bogotá D.C T2014 Notes: The self-storage properties changed from being leased during the to an operator who in turn, sub-leased the mini warehouses, to be directly leased by Conconcreto during the. 6

7 Concessions - Investment : was recorded for the Devimed Concession. CFCC and Autopistas del Llano paid the 2013 dividends during the 1Q2014. Downfall of income in DEVIMED was due to the absence of income derived from differential rate during the, which is expected to be received during the course of R (1.947) (283) Margin 57,4% 51,2% 60,2% 52,6% 36,4% 25,2% 106,0% 33,2% -39,9% -10,2% -62,0% 8,5% -70,5% -62,1% -62,0% $2.405 $ % 35% CCFC (COP$ Millones) $ % (1.749) 999 (308) % Devimed 65% 72% Autopistas del Llano Others Devimed CCFC $ % -5% Autopistas del Llano Others Notes: - Other includes: sale of shares of ODINSA, Grupo Heroica and CAS mobiliario 7

8 Equipment and Shares : A growth equal to 46,5% with respect to the was due to the invoicing of Equipos Conconcreto to infrastructure projects, as well as to the respective results of Industrial Conconcreto (Agregados del Norte) in its mining activity. : Positive was due to the transfer of costs from Equipos Conconcreto to building projects of Conconcreto. : Increase in was due to the recording of a loss under the equity method in Inmobiliaria Conconcreto. The aforementioned negative balance shall be covered with the distribution of dividends of the projects of Inmobiliaria Conconcreto at the end of % 2% Consalfa 39% CC Internacional 0% $ Consalfa $ % CC Internacional 23% Inmobiliaria CC Industrial CC 48% 45% Equipos Equipos -17% -3% Industrial CC Inmobiliaria CC R (4.071) (7.101) Margin 118,9% 42,3% 41,7% 67,1% 122,4% 31,2% 30,6% 53,2% 57% CC Internacional 7% 63% Equipos -25% 46,5% 73,6% 50,8% 74,4% 8,1% 16,3% 16,3% CC Internacional $ Inmobiliaria CC 61% $ % Industrial CC 65% Equipos -69% Industrial CC Inmobiliaria CC -1% 0% Consalfa Consalfa 8