1

Financial ResultsJune 30 - 2019

Odinsa Consolidated

Results

33

Consolidated Results – June 2019

Relevant Numbers – Consolidated Income Statement

EBITDA increase by ~ ∆+ 23k M, mainly due to:

✓ ∆+ 16k M Highway concessions

✓ ∆- 5k M Airport concessions

✓ ∆+ 10k M Others

1

Net income increase by ~ ∆+ 4k M, mainly due to:

✓ ∆+ 25k M Construction

✓ ∆- 4k M Others

✓ ∆- 17k M Accounting eliminations and adjustments

2

1

2

Jun Jun Ppto. Var. Ejec.

2018 2019 20192018 vs

2019Ppto.

Ingresos 400.916 399.149 407.931 0% 98%

Costos, gastos y otros

ingresos172.804 151.126 159.086 -13% 95%

Ut. Operacional 228.112 248.024 248.845 9% 100%

EBITDA 251.841 274.618 270.261 9% 102%

Margen EBITDA 63% 69% 66% ∆ -6 p.p ∆ 3 p.p

Impuesto diferido 32.492 16.945 20.422 -48% 83%

Impuesto corriente 13.947 32.099 23.295 130% 138%

Util idad neta 76.048 76.723 105.054 1% 73%

Util idad neta

controladora50.752 54.663 75.612 8% 72%

Margen neto 19% 19% 26% ∆ 0 p.p ∆ -7 p.p

Jun Jun Ppto. Var. Ejec.

2018 2019 20192018 vs

2019Ppto.

Ingresos 400.916 399.149 407.931 0% 98%

Costos, gastos y otros

ingresos172.804 151.126 159.086 -13% 95%

Ut. Operacional 228.112 248.024 248.845 9% 100%

EBITDA 251.841 274.618 270.261 9% 102%

Margen EBITDA 63% 69% 66% ∆ -6 p.p ∆ 3 p.p

Impuesto diferido 32.492 16.945 20.422 -48% 83%

Impuesto corriente 13.947 32.099 23.295 130% 138%

Util idad neta 76.048 76.723 105.054 1% 73%

Util idad neta

controladora50.752 54.663 75.612 8% 72%

Margen neto 19% 19% 26% ∆ 0 p.p ∆ -7 p.p

Revenues

SG&A

Operating Profit

EBITDA

EBITDA margin

Deferred tax

Current tax

Net Income

Profit/loss for the

parent company

Net margin

JUNE

COP millions

Revenues, EBITDA and Net Income

Segment’s Contribuition

55

Revenues – Segment’s Contribuition

COP millionsCOP

20

18

Vs.

RE

AL2

01

9

Increase in Highway Concessions revenues by ~ ∆+ 19k M, mainly

due to:

✓∆+ 17k M ADN

✓∆+ 7k M BTA

✓∆+ 4k M AKF

✓∆- 1k M MVM

✓∆- 6k M CIC

✓∆- 1,4k M Pacífico II

1 Increase in Construction revenues by ~ ∆+ 0,6k M, mainly due to:

✓∆+ 11k M Farallones

✓∆- 5k M GCAKF

✓∆+ 0,6k M Confase

✓∆- 0,8k M JV ADN

✓∆- 7k M Chambablou

✓∆+ 2,5k M CND

3

2 Decrease in Airport Concessions revenues by ~ ∆- 4k M, mainly due

to:

✓∆+ 1,4k M Opain

✓∆- 6k M Quiport

4 Increase in Others revenues by ~ ∆+ 2k M, mainly due to:

✓∆+ 3k M Odinsa SA

✓∆+ 3k M Odinsa Holding

✓∆- 3,3k M Odinsa PI

Accounting eliminations includes

the adjustment due to

construction execution advance

form Farallones.

This adjustment is reflected in

Revenues, EBITDA and Net

Income.

12

3 4

June 2018 Highway Concessions Airport Concessions Construction OthersAccounting

EliminationsJune 2019

66

EBITDA – Segment’s Contribuition2

01

8 V

s.

RE

AL2

01

9

Increase in Highway Concessions EBITDA by ~ ∆+ 16k M, mainly due

to:

✓∆+ 18k M ADN

✓∆+ 4,5k M BTA

✓∆- 1k M AKF

✓∆- 3k M MVM

✓∆- 1k M CIC

✓∆- 1,4k M Pacífico II

1 Increase in Construction EBITDA by ~ ∆+ 21k M, mainly due to:

✓∆+ 11k M Farallones

✓∆- 8k M GCAKF

✓∆- 3k M Confase

✓∆- 1k M JV ADN/BTA

✓∆+ 19k M Chambablou

✓∆+ 2,5k M CND

3

2 Decrease in Airport Concessions EBITDA by ~ ∆- 5k M, mainly due to:

✓∆+ 1,4k M Opain

✓∆- 6k M Quiport

4 Increase in Others EBITDA by ~ ∆+ 10k M, mainly due to:

✓∆+ 9k M Odinsa SA

✓∆+ 1,7k M Odinsa Holding

✓∆+ 3k M Marjoram

✓∆- 3k M Odinsa PI

12

34

June 2018 Highway Concessions Airport Concessions Construction OthersAccounting

EliminationsJune 2019

COP millions

77

Net Income – Segment’s Contribuition2

01

8 V

s.

RE

AL2

01

9

Increase in Highway Concessions Net Income by ~ ∆+ 5k M, mainly

due to:

✓∆+ 7k M ADN

✓∆+ 3k M BTA

✓∆- 1k M AKF

✓∆- 1,4k M Pacífico II

1 Increase in Construction Net Income by ~ ∆+ 25k M, mainly due to:

✓∆+ 11k M Farallones

✓∆- 5k M GCAKF

✓∆- 2k M Confase

✓∆- 0,3k M JV ADN/BTA

✓∆+ 19k M Chambablou

✓∆+ 2,5k M CND

3

2 Decrease in Airport Concessions Net Income by ~ ∆- 5k M, mainly

due to:

✓∆+ 1,4k M Opain

✓∆- 6k M Quiport

4 Increase in Others Net Income by ~ ∆- 4k M, mainly due to:

✓∆+ 2,4k M Odinsa SA

✓∆- 3,7k M Odinsa Holding

✓∆- 2,4k M Odinsa PI

1 2

3

4

June 2018 Highway Concessions Airport Concessions Construction OthersAccounting

EliminationsJune 2019

COP millions

Concessions Results

Airport Concessions

10

Airport Concession’s Traffic

OPAIN QUIPORT

Million passengers – Accumulated data, June

10,48 10,88

5,385,68

2018 2019

1,37 1,35

1,12 1,14

2018 2019

4%

6%

1%

1%

4% 0%15,86

16,56

2,49 2,49

Domestic PassengersInternational Passengers

11

OPAIN

497.730548.837 540.526

2018 2019 Ppto

158.495179.194

167.300

2018 2019 Ppto

27.04431.120

17.500

2018 2019 Ppto

REVENUES

COP millions

EBITDA

COP millions

NET INCOME

COP millions

Revenues increase by +10%, mainly due to:

• Higher regulated revenues by: ~ ∆+ COP 71.7k M

• Higher non regulated revenues by : ~ ∆+ COP 1.3k

M

• Lower construction revenues by: ~ ∆- COP 22.0k M

EBITDA increase by +13% mainly due to:

• ∆+ COP 51.1k M, total revenues

• Higher costs and expenses ~ ∆+ COP 35.5k M, mainly due

to:

✓ ∆+ COP 13.1k M, construction

✓ ∆+ COP 7.7k M, maintenance

✓ ∆+ COP 7.0k M, services

✓ ∆+ COP 2.8k M, fees

✓ ∆+ COP 1.8k M, taxes

✓ ∆+ COP 1.8k M, others

✓ ∆- USD 1.1k M, professional services

• Higher other revenues by ~ ∆+ COP 5.3k M

Net Income increase by +15%, mainly due to:

• Higher EBITDA by ~ ∆+ COP 20.6k M

• Increase in D&A by ~ ∆+ COP 15.2k M

• Higher interest expenses net by ~ ∆+ COP 7.0k M

• Higher Foreign Exchance Balance Variation net by ~ ∆+ COP

5.8k M

• Lower deferred tax by ~ ∆- COP 11.4k M

10%13%

15%7%

78%2%

12

Quiport

REVENUES

USD millions

EBITDA

USD millions

NET INCOME

USD millions

Revenues increase by +2%, mainly due to:

• Higher regulated revenues: ~ ∆+ USD 1.0 M

• Higher non regulated revenues : ~ ∆+ USD 1.0 M

EBITDA increase by +9%, mainly due to:

• ∆+ USD 1.8 M, total revenues

• Lower costs and expenses by ~ ∆- USD 3.7 M, mainly due

to:

✓ ∆- USD 2.3 M, personnel (including Net Income

distribuition to employees).

✓ ∆- USD 1.1 M, professional services

✓ ∆- USD 0.1 M, maintenance

• Higher indirect expenses by ~ ∆+ USD 0.6 M, (legal 0.1,

O&M 0.2 and taxes 0.2)

Net Income decrease by -5%, mainly due to:

• Increase in EBITDA by ~ ∆+ USD 4.9 M

• Higher D&A by ~ ∆+ USD 0.4 M

• Higher interest expenses net by ~ ∆+ USD 9.0 M mainly

due to Senior debt

• Lower legal reserves by ~ ∆- USD 3.0 M

83,19 85,03 88,2

2018 2019 Ppto

54,4359,40 59,3

2018 2019 Ppto

27,87 26,46

37,0

2018 2019 Ppto

2% 9% 5%4% 0.2% 28%

Highway Concessions

14

5,84 6,00

2018 2019

Highway Concession’s Traffic

2,132,442

2018 2019

0,871,00

2018 2019

1,27 1,27

2018 2019

3,23 3,32

2018 2019

Million vehices – Accumulated data, June

AKF ADN BTA

Pacífico II MVM

3%14% 15%

0.3%3%

15

87.903 91.451 90.998

2018 2019 Ppto

30.997 30.138

36.390

2018 2019 Ppto

18.399 17.112

30.296

2018 2019 Ppto

AKF + Grupo constructor AKF (aggregate)

REVENUES

COP millions

EBITDA

COP millions

NET INCOME

COP millions

Revenues increase by +4%, mainly due to:

• Higher toll collection and operating revenues by: ~

∆+ COP 4.8K M

• Lower financial revenues by: ~ ∆- COP 0.1K M

• Lower construction revenues by: ~ ∆- COP 1.1k M

EBITDA decrease by -3%, mainly due to:

• ∆+ COP 3.5k M, total revenues

• Higher costs by ~ ∆+ COP 7.7k M, related to maintenance

and other contracts.

• Lower SG&A by ~ ∆- COP 4.4k M, mainly due to

professional fees.

• Lower other revenues, net by ~ ∆- COP 1.0k M

Net Income decrease by -7%, mainly due to:

• Decrease in EBITDA ~ ∆+ COP 0.8k M

• Lower interest expenses by ~ ∆- COP 3.0k M

• Higher income tax by ~ ∆+ COP 3.4k M (+13.0k M current

and -9.5k M deferred)

4% 3% 15%0.5% 17% 44%

54.596115.137 120.476116.57346.080

52.824

41.787

32.800

46.146

1% 13%29%

*Grupo Constructor AKF contribuition

16

26,729,1 28,9

2018 2019 Ppto

22,0

25,323,5

2018 2019 Ppto

8,4

10,6

8,0

2018 2019 Ppto

9% 15% 26%1% 8% 32%

ADN

REVENUES

USD millions

EBITDA

USD millions

NET INCOME

USD millions

Revenues increase by +9%, mainly due to:

• Higher operating reveneues by: ~ ∆+ USD 2.0 M

• Higher financial revenues by: ~ ∆+ USD 0.5 M

EBITDA increase by +15%, mainly due to:

• ∆+ USD 2.5 M, total revenues

• Lower operating costs by ~ ∆- USD 0.5 M.

• Higher SG&A by ~ ∆+ USD 0.1 M.

• Higher other revenues by ~ ∆+ USD 0.5 M.

Net Income increase by +26%, mainly due to:

• Increase in EBITDA ~ ∆+ USD 3.3 M

• Higher interest expenses by ~ ∆+ USD 0.1 M

• Higher income tax by ~ ∆+ USD 0.9 M (+1.2 M current and -

0.3 M deferred)

17

20,6 20,7 20,5

2018 2019 Ppto

16,0 15,7 15,1

2018 2019 Ppto

5,96,7

4,9

2018 2019 Ppto

1% 2% 13%1% 4% 35%

BTA

REVENUES

USD millions

EBITDA

USD millions

NET INCOME

USD millions

Revenues increase by +1%, mainly due to:

• Higher operating revenues by: ~ ∆+ USD 0.6 M

• Lower financial revenues by: ~ ∆- USD 0.5 M

EBITDA decrease by -2%, mainly due to:

• ∆+ USD 0.1 M, total revenues

• Higher SG&A by ~ ∆+ USD 0.6 M (+0.8 M insurance, +0.3

M legal y -0.5 M professional fees).

• Higher other revenues by ~ ∆+ USD 0.2 M.

Net Income increase by +13%, mainly due to:

• Decrease in EBITDA ~ ∆- USD 0.3 M

• Lower interest expenses by ~ ∆- USD 0.3 M

• Lower income tax by ~ ∆- USD 0.8 M (+1.7 M current and -2.5

M deferred)

18

338.136

254.067

346.999

53.085

78.613

111.993

2018 2019 Ppto

29.705 27.843

43.612

2018 2019 Ppto

Pacífico II

REVENUES

COP millions

EBITDA

COP millions

NET INCOME

COP millions

Revenues increase by -25%, mainly due to:

• Lower construction revenues by: ~ ∆- COP 84.0k M

EBITDA increase by +48%, mainly due to:

• ∆- COP 84.0k M, total revenues

• Lower costs and SG&A by ~ ∆- COP 110.9k M,

• Lower other revenues by ~ ∆- COP 1.3k M

Net Income decrease by -6%, mainly due to:

• Increase in EBITDA ~ ∆+ COP 25.6k M

• Higher interest expenses net by ~ ∆+ COP 31.4k M

• Lower Foreign Exchance Balance Variation net by ~ ∆+ COP

3.9k M

25% 48% 6%30% 36%27%

2018 2019 Ppto

19

19.28117.953

24.747

2018 2019 Ppto

-1.185 -1.147

-5.002

-1.140-1.580

-5.055

Malla vial del Meta

REVENUES

COP millions

EBITDA

COP millions

NET INCOME

COP millions

Revenues decrease by -7%, mainly due to:

• Higher toll collection by: ~ ∆+ COP 0.5k M

• Lower construction revenues by: ~ ∆- COP 1.8k M

EBITDA increase by +3%, mainly due to:

• ∆- COP 1.3k M, total revenues

• Lower costs by ~ ∆- COP 1.8k M,

• Higher SG&A by ~ ∆- COP 0.3k M (+0.15k M personnel and

+0.15k M various)

Net Income decrease by -39%, mainly due to:

• Higher D&A by ~ ∆+ COP 0.1k M

• Higher income tax by ~ ∆+ COP 0.3k M (deferred)

7% 27% 3% 39%77% 69%

2018 2019 Ppto2018 2019 Ppto

20

6,5

4,03,5

2018 2019 Ppto

3,2

2,6 2,5

2018 2019 Ppto

0,9

0,8

0,4

2018 2019 Ppto

19%13% 4% 90%

Green Corridor

REVENUES

USD millions

EBITDA

USD millions

NET INCOME

USD millions

Revenues increase by -38%, mainly due to:

• Higher operating revenues by: ~ ∆+ USD 0.6 M

• Higher financial revenues by: ~ ∆+ USD 0.7 M

• Lower construction revenues by: ~ ∆- USD 3.9 M

EBITDA decrease by -19%, mainly due to:

• ∆- USD 2.5 M, total revenues

• Lower operating costs by ~ ∆- USD 2.4 M

• Higher SG&A by ~ ∆+ USD 0.3 M (+0.4 M personnel and -

0.1 M legal)

• Lower other revenues by ~ ∆+ USD 0.3 M

Net Income decrease by -16%, mainly due to:

• Decrease in EBITDA ~ ∆- USD 0.6 M

• Lower interest expenses net by ~ ∆- USD 0.1 M

• Lower income tax by ~ ∆- USD 0.3 M (deferred)

38% 16%