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CIVIL WORKS MACHINERY SERVICE REAL ESTATE DEVELOPMENT INVESTMENT PROJECT INTERNATIONAL Santiago, March 18th, 19th and 20th 1 Business areas Civil Works Investment Projects Machinery Services Real Estate
CIVIL WORKS MACHINERY SERVICE REAL ESTATE DEVELOPMENT INVESTMENT PROJECT INTERNATIONAL Santiago, March 18th, 19th and 20th 1 Business areas Civil Works Investment Projects Machinery Services Real Estate Developments International 2 FINANCIAL RESULTS Var. ($ CLP millions) millions Ordinary incomes % Profits before tax % Profits non continues operations % Profits before tax % Stockholders profits % Margin 3,2% 6,6% Ebitda % Margin 10,9% 16,7% Profit reduction is caused by loss in Besalco Construcciones. Generalized increase from other affiliates results. Subsidiary Incomes Profits Ebitda $ mill. % $ mill. % $ mill. % Construcciones % (11.093) -502% (9.881) -219% Maquinarias % % % Inmobiliaria % % % montajes % % % Besco % % % Kipreos % % % Only the main subsidiaries 3 RATIOS Liquidity (veces) 1,3 1,5 Working capital (MM$) ROE (%) 7,3 15,9 Earnings per share ($) Price to book value ($) Total Leverage - (x) 1,8 1,4 Financial Leverage - (x) 1,1 0,7 Feller Rate: Mar 2014 Ratings result from company s long professional record, good competitive position, diversification of activities, and synergies generated among its main business lines. Feller considers that damage in loan indexes is transitional. Ratings Fitch-Ratings Feller Rate feb-14 feb-14 Long Term debt rating BBB+ A- Equity rating 1a Clase Nivel 3 1a Clase Nivel 2 Commercial papers N 2/ BBB+ A-/ Nivel 2 Outlook Negative Negative FitchRatings: Feb-2014 Lower rating is explained by significant impairment in company s financial profile upon closing 2013, resulting from a drop in construction business operating margins, which is added to higher debt levels connected to a high investment plan 4 DEBTS RATIOS Net Financial Debt / Ebitda Total Leverage 1,8 x 1,3 x 1,6 x 1,4 x Financial Leverage 1,1 0,8 0,7 0,9 0,6 0, ,4 1,2 1,0 0,8 0,6 0,4 0,2 0, Debt raise for the total power generation projects debt and land purchase. Ebitda reduction due to loss in B. Construcciones Power flow generation starts on 2014 Net of energy projects 5 FINANCIAL DEBTS $ mill. $ mill. Others Financial Debts short term Others Financial Debts long term Leasing Cerro Alto 12% Bancos Proyectos Inmobiliarios 24% Leasing Maquinaria 10% $ Mill. Otros leasing 1% Bancos corto plazo 17% Bancos Largo Plazo 5% Proyectos Concesiones L.Plazo 10% New long term financing: Besalco power financing: CLP 45,621 millions Land purchase: CLP 23,663 millions Significant real estate project portfolio Proyectos Energia L.Plazo 21% 6 CLP Millions FINANCIAL DEBT STRUCTURES Banks Leasings 10 years 6 to 10 yrs 4 to 5 yrs 2 to 3 yrs 1 year Short term debts: (CLP 95,999 millions) - CLP 21,131 millions of real estate debts: CLP 17,069 millions of lands starting on 2013, debt will be accounted in the long term / Balance: approval and payment CLP 17,147 millions: leasing - CLP 41,914 millions: project working capital (including commercial papers) - CLP 4,748 millions: concession debts during construction period - Balance: short term portion of long term loans 7 02-ene abr jul oct ene abr jul oct ene-14 THE SHARE - BESALCO $ $ 900 $ 700 Market Share (feb 14) USD 516 millions. $ 500 $ 300 Besalco IPSA (referido acción Besalco) $ 100 Major Shareholder: 60,2% (Febrero 2014) Corredoras Bolsa; 7,1% Fondos Mutuos; 0,2% Fondos Inversión; 19,3% Extranjeros; 4,2% Otros; 0,9% Inversiones Don Victor ; 30,1% AFP; 8,1% Familia Bezanilla; 30,1% 8 CONTRUCTION ACTIVITY AND PUBLIC BUDGED 2014 Jan: 1,4% Dec: 5,3% Country Activity (IMACEC) and Construction (IMACON) Construction uncoupling in 2012 resulted in higher labor cost. Suppliers and general contractors sales increased on December 2013, and surface authorized for building dropped Ministery of Works Budget 2014 US$ Mill Routs and Higways % Hidraulics Work 194 7% Ports 105 4% Others (airports, architec.) 236 9% Concession administrat % Total Budget MOP % Founds for regions Ministry Of Works Budget MOP Budget for 2014 amounts to US$2,591 millions, i.e., 3% lower than in 2012 High road-related component Higher budget execution efficiency (2013) in 99.2% 9 USD Millions CAPEX Three-year US$ 672 million plan with US$198 for year It considers investment in real estate building works net value US$ 342 millions. Machinery to Besalco Cerro Alto is not considered 10 Millones de $ BESALCO CONSTRUCCIONES Historical Results Ordinary Incomes CLP 133,480 mill Stockholders profit -CLP 11,093 mill the only year with losses since affiliate restructuring. Result (after taxes) Results to revenues 15.5% average annual revenues growth until % average historical margin until BACKLOG Backlog feb.14: USD 913 millions Forestal 16% Energia 9% Salud 2% MOP Directo 9% MOP Concesiones 1% 3 new one-year term civil works contracts. Camino La Fruta contract - US$105 millions (BSA share) - is removed due to contract termination Transporte 2% Habitacional 12% Obras Civiles 8% Mineria Otras 10% Mineria Ferrosa 14% Major diversification: Duration: 34 months Bigger contract : 10% backlog 85 contracts Minería Cobre 17% Besco MMUS 28 3 contratos Real Estate MMUS contracts Machinery Services MMUS 527; 32 contracts Industrial MMUS 10 3 contracts Kipreos MMUS 72; 12 contratos USD 913 mill. Construction MMUS contracts 12 BESALCO INMOBILIARIA Real Estate Projects to December 2013 Type of drelling N projects N Units Total Potencial Sales (Thds of UF) Home-sales Sold pre-sales For Sales (Thds of UF) Houses Apartaments Total UF = US$ Unidades Fomento 1 UF = US$ 41 Sales evolution Units Increased average price of sold units Result 2013 Incomes: CLP 44,286 mill. Profits: CLP 2,611 mill promesas MUF escrituraciones MUF promesas (Unid) escrituraciones (Unid) 13 BESALCO INMOBILIARIA New Projects 2014 Los Gomeros / Vitacura 36 apartments San Carlos de Apoquindo 57 houses y 68 apartments Casonas Marbella/V Región 54 apartments Salvador - Sucre 2 buildings + strip center Strip Center Chamisero Supermarket Tottus y 13 Comercial place (1.070 mt2) 14 MACHINERY SERVICES Chancado Carguío y transporte Generación eléctrica Perforación y tronadura Mantención y gestión de maquinarias Construcción y mantención de caminos Separación magnética Carguío de barcos Transporte carretera Transporte botadero 15 MACHINERY SERVICES Forest Harvest 483 Backlog evolution ene-14 Besalco Maquinarias y Besalco Cerro Alto Significant long term project generation agent Feller Rate: The strategy has been focused on strengthening business lines involving longer term contracts in order to obtain relatively higher stability of operating flows. 16 BESCO - PERÚ Real estate specialty with apartment buildings that are eligible for state subsidy 5 own projects under construction: 1,961 apartments USD 116 millions in total sales USD 63 millions with subscribed purchase agreement 3 projects in consortium: One under construction and 2 undergoing technical studies and authorizations. Likely work commencement date: April ELECTRIC GENERATION DEVELOPMENT Mini Hidro Projects Capacity Generation Inverst. Operation MW GWh-Año US$ mill LOS HIERROS dic'13 LOS HIERROS II 5, dic'14 TÚNEL MELADO 3, Sem '16 CHUPALLAR Sem '16 COMPLEJO 1 (3 projects) 36, 2017 COMPLEJO 2 (5 projects) 82, 2017 Total 12 proyectos hidro Projects Los Hierros (25MW) by operation Los Hierros II (5,5 MW) under contruction Túnel Melado (3,9MW) y Chupallar (19MW) begins construction in 2014 Energy price All the projects by Spot price - Ancoa Spot price (US$/MWh Ancoa substation 220 kv 18
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