Aeropuerto Mariscal Sucre Results Presentation 1Q2017 · Aeropuerto El Dorado - Opain • Best airport in South America and best staff in 2016 (Skytrax). • 22% growth in boarding

Results Presentation 1Q2017May 2017

Aeropuerto Mariscal Sucre

Orden del día

1. Highlights

2. Consolidated Results 1Q2017

Autopistas del Nordeste

1. Highlights

Santa Marta - Paraguachón

Teneder Offer

On October 13 Grupo Argos submitted to the Superintendencia Financiera de Colombia an application for

authorization of a Public Offer for Acquisition (OPA) on the common stock of Odinsa S.A., of which Grupo Argos

was not a holder. On December 26th, with the closing of the transaction, Grupo Argos managed to significantly

increase its stake in Odinsa, from 54.75% to 98.55%, after receiving acceptances for 85,870,051 common

shares.

98,55%

General Shareholders' Meeting

On March 28th, 2017, the General Shareholders' Meeting of Odinsa SA was held in the city of Medellin.

Of this General Shareholders' Meeting it is worth mentioning the following:

• The Financial Statements as of December 31, 2016 were presented and approved

• The Dividend Distribution Project was presented and approved for 2016. Cop$95,000 Million will be

paid to the shareholders of Odinsa, in four installments, starting in June 2017.

• The Shareholders' Meeting elected a new Board of Directors for the 2017-2019 period, which will now

be made up by Jorge Mario Velásquez, Camilo Abello, Alejandro Piedrahita, Sergio Osorio and María

Isabel Echeverri, as equity members; and Sergio Restrepo and Juan Emilio Posada as independent

members.

Board of Directors

Juan Emilio Posada – Independent

Entrepreneur and leader of transport organizations and transport infrastructure with diverse strategies (high service or low cost) and in

different stages of development (structuring, entrepreneurship, internationalization, growth, restructuring and liquidation). His most

recent venture was the low-cost airline VivaColombia. He has been executive president of several airlines with presence in the American

continent and Europe, and of a mega port project in the north of Colombia. During the last decades he has been a member of boards of

directors of public and private organizations – for and for not for profit - with presence in Colombia and other countries in the aviation,

telecommunications, stock brokerage, banking, insurance, NGOs, government support committees and trade unions.

Camilo Abello – Not independent

Lawyer at Pontificia Universidad Javeriana, with a specialization in commercial law from Universidad de los Andes, he has a master's

degree in International Business at Universidad del Norte and has advanced education programs at Harvard, Stanford and IESE

(Business of the University of Navarra). In 1992 he joined Cementos Argos S.A. as a student in practice, then became a lawyer for the

Legal Department and International Legal Manager. Until June 2012 he served as Vice President of Corporate Affairs at Cementos Argos

S.A.. Since 2012 he has been linked to Grupo Argos S.A., where he is currently Vice President of Corporate Affairs. He acts as Secretary

General of the Board of Directors, a member of its Executive Committee. He is currently a member of the Board of Directors of

Cementos Argos, Compas, Pactia.

Sergio Osorio – Not independent

Business Administrator and specialized in International Business in Eafit University and studies of High Management in Colombia and

Mexico. He joined the Organization in 1996, as Financial Assistant of Cementos Rioclaro S.A. (Now Cementos Argos S.A.), he later

became the Service Manager of Cementos Argos until 2012, after which, on the occasion of the spin-off of Cementos Argos, he became

Administrative Vice-President of Grupo Argos S.A. He has participated in several Boards of Directors of the companies of the Group.

María Isabel Echeverri – Not independent

Lawyer of the Universidad Pontificia Bolivariana and specialist in Civil Liability and Insurance at EAFIT. She currently serves as Vice

President of Sustainability at Cementos Argos. She has been linked to the organization since 1997 in various positions, including

Human Resources and Legal Assistant, Director of Human and Legal Resources, Director of Corporate Affairs and Director of Special

Affairs. She is also a Legal Representative of the Company.

Strategic Considerations

On this occasion, we would like to reiterate, once again, that since the arrival of Grupo Argos to the shareholding structure of

Odinsa, the decision was taken to concentrate Odinsa's operations in two strategic sectors; highway and airport concessions.

In line with this strategic decision, asset divestments are advancing in sectors that are no longer considered part of the

company's strategy. Odinsa, as part of the strategic consolidation process, seeks to focus on two specific business segments,

which are: road concessions and airport concessions.

62%

43% 51%100%

43%

Cierre 2017Cierre 2015

Concesiones Viales

Concesiones

portuarias y

aeroportuarias

22%40%

Activos de energía

60%

22%

51%

25%

47%35%

12%35%

47%

60% 68%

79%51%

AKF ADN BTAGreen

Corridor Malla Vial Meta

Pacífico II VinusSta Marta -

Paraguachón Hatovial

SPSM Opain Quiport

Gena Genpac

AKF ADN Y BTA

Malla Vial Meta Pacífico II

Opain Quiport

Control en ADN y BTA en

República Dominicana.

Adquisición del control

en Pacífico 2, (25% al

78,85%) intercambiado

por Hatovial (22%), Vías

del Nus (22%),

Autopistas del Café (2%)

y Green Corridor (100%)

Desinversión en SPSM

En proceso de

desinversión en Santa

Marta – Paraguachón,

Gena y Genpac.

En proceso de desinversión

Desinversiones

Divestments

Generadora del Pacifico

GENPAC

Generadora del Atlántico

GENA

Santa Marta – Paraguachón

SMP

Object Shares and Subordinated Debt to Shareholders

Brief

• Energy generation

• Chile

• 96 MW Thermal

• 14 MW Photovoltaic

• Energy generation

• Panama

• 150 MW Thermal

• First Generation Road

Concession

• Colombia

• 284 kilometers

Operation Value US$48 Millones US$45 Millones Cop$155,000 Millones

Value Received by

OdinsaUS$12.6 Millones US$34.8 MM Cop$42,000 Millones

Disinvestment

ReasonStrategic approach Strategic approach

Absence of control

Attractive price offered

Closing earrings Closed on April 12USD 10.2 million (April 26) payment

to buyersAuthorizations ANI and Bancolombia

Deadline 12/04/2017 31/05/2017 The fulfillment of the CPs

• The increase in EBITDA in the first quarter of 2017 is explained by having included in 2016 increased spending from the

Fondo de Adaptacion works.

• In 1Q2017, net income is affected by an increase in the provision for taxes. The effective rate in 2016 was lower than the

nominal tax rate of the country, due to the existence of tax credits. The 2017 provision is being made at the nominal rate of

32%.

• In March, the general shareholders' meeting decreed dividends amounting to Cop$41,797 Million.

• Arbitration before the Chamber of Commerce by the ANI (May 17, 2016) - Installation and admission by the court (October

2016) - Response to the application (January 19, 2017) and conciliation hearing (March 31 2017). The first process hearing

will take place on May 23, 2017.

Autopistas del Café

Highlights

Average daily traffic Colections (Cop$ Millones) EBITDA (Cop$ Millones) Ut. Neta (Cop$ Millones)

35.583

35.052

1Q2016 1Q2017

-1,49%

38.821

39.011

1Q2016 1Q2017

0,49%

21.701,8

22.521,0

1Q2016 1Q2017

3,77%

18.742,7

16.020,4

1Q2016 1Q2017

-14,52%

• Financial Closure (September 6) - national and international banks

• Odinsa consolidated its position from 25% al 78,85%.

• Property availability: 98% of the length.

• 100% of approved environmental licenses.

• Certificate of non-presence of minorities.

• Purchase of the property (access to Mulatos Tunnel) and start construction via industrial.

• Completion of rehabilitation works UF5 (La Pintada - Spring), received to the satisfaction of the ANI.

Pacífico 2

Highlights


6.602

6.939

1Q2016 1Q2017

5,10%

5.671

6.539

1Q2016 1Q2017

15,30

391,2

-2.072,0

1Q2016 1Q2017

-629,64%

-89,9

3.765,

9

1Q2016 1Q2017

4287,38%

Malla vial del Meta - Concesión Vial de los Llanos

Hechos Relevantes

• Amendment 3: Extension term for financial closure and pre-construction phase (175 and 180 days).

• Amendment 4: Adjusts the land areas affected by the project.

• Amendment 5: Suspension of financial closure accreditation, building acquisition plan and construction plan

(30 days)

• Amendment 6. Suspends financial closure and funding of subaccount of land (1 year or until court decision).

• Contract for COP $ 25.885 Million to execute works agreed with the ANI (Beginning January 23, 2017).

• ANI suspended, from February 18, 2017, the increase in toll rates and reversed the August 2016 increase

Highlights


20.050

18.603

1Q2016 1Q2017

-7,22%

20.657

22.087

1Q2016 1Q2017

6,92%

269,0

653,5

1Q2016 1Q2017

142,94%

358,0

1.005,

9

1Q2016 1Q2017

181,02

Autopistas del Nordeste y Boulevard Turístico del Atlántico

Autopistas del Nordeste

Boulevard Turístico del Atlántico

11.209

10.522

1Q2016 1Q2017

Tráfico Promedio Diario - TPD

-6,13%

4.322

4.060

1Q2016 1Q2017

Tráfico Promedio Diario - TPD

-6,07%

3,76

3,28

1Q2016 1Q2017

Recaudo Total - US$ Millones

-12,73%

0,90

0,80

1Q2016 1Q2017

Recaudo Total - US$ Millones

-11,11%

8,2

7,6

1Q2016 1Q2017

EBITDA - US$ Millones

-7,29%1,8

1,2

1Q2016 1Q2017

Utilidad Neta- US$ Millones

-29,79%

-2,91

5,63

1Q2016 1Q2017

Utilidad Neta- US$ Millones

-293,50%

1,7

10,1

1Q2016 1Q2017

EBITDA - US$ Millones

504,04%

Aeropuerto El Dorado - Opain

• Best airport in South America and best staff in 2016 (Skytrax).

• 22% growth in boarding bridges: On March 14, 6 new contact positions will be operational on the central platform, which will increase the

capacity of 30 to 35 million passengers per year.

• Works to expand the National and International Dock: from 173,000 to 223,700 M2, which means a growth of almost 30%.

• New premises, commercial areas and parking of the Aerial Bridge. (Avianca Reconciliation, July 2016)

• Otheris No. 20 and 21: Extension completion date Modernization and Expansion Stage.

• Dufry (Chanel, Michel Kors, Victoria's Secret, Esteé Lauder, Clinique, and Givenchy) and F & B (two new food quarters with more than

4,280 square meters) will be built to improve the passenger experience: Additional).

Hechos RelevantesHighlights

Trafic EBITDA (Cop$ Millones) Ut. Neta (Cop$ Millones)

2.312.0

13

2.452.953

5.146.2

17

5.382.8

80

1Q2016 1Q2017

Internacionales Domésticos

7.835.833 7.458.230

4,60%

5,06%

6,10%

45.667 34.183

1Q2016 1Q2017

-25,15%21.134

7.614

1Q2016 1Q2017

-63,97%

Aeropuerto Internacional Mariscal Sucre - Quiport

Hechos Relevantes

• Best Regional Airport in South America in 2016 (Skytrax)

• Routes canceled from TAME and economic slowdown of Ecuador, have affected the traffic of passengers.

• Operation of new carousel for reception of luggage.

• Start Phase 2B design stage, which will allow platform and terminal expansion.

Highlights

Trafic EBITDA (US$ Miles) Ut. Neta (US$ Miles)

667.516 658.064

558.315 510.004

1Q2016 1Q2017

Domésticos Internacionales

-1,42%

-8,65%

1.168.0681.225.831 -4,71%

28

26

1Q2016 1Q2017

-7,66%

14

12

1Q2016 1Q2017

-11,19%

2. Results 1Q2017

Aeropuerto El Dorado

Accumulated 1Q2017 vs 1Q2016 Consolidated Results

1.5

72

.38

5

2.2

82

.98

5

Real Mar2016 Real Mar2017

Deuda Financiera

72

6.3

46

77

2.6

41


Deuda Financiera Individual

*

11

3.1

65

18

.86

4


Disponible *

54

0.5

20

80

0.4

79


Disponible Consolidado

65

.23

5

54

.00

3


Utilidad Neta

10

3.0

83

13

5.1

94


EBITDA

18

8.5

75

17

3.5

98


Ingreso Operativo + MPP

-8%-17%

+48%

+45%+31%

-83%

* Incluye Odinsa Individual, Odinsa Holding Individual, Odinsa PI y Odinsa Servicios

+6,4%

Acumulado 1Q2017 contra 1Q2016 – Líneas de Negocio

*Negocios directos de O.Holding

(financiamiento a filiales en el

exterior, carga financiera e

impuestos).

**Negocios directos de Odinsa

(Operación de Autopistas,

Inmobiliarios, gasto corporativo,

carga financiera e impuestos

nacionales).

***No se muestra la columna de

eliminaciones entre negocios para

esta presentación.

CONCESIONES

VIALES CONSTRUCCION

CONCESIONES DE

AEROPUERTOS Otras op. Int (*)

Otros directos

Odinsa (**) Total

Ingreso Operacional 132.320 30.280 1.399 9.696 6.462 141.341

Ingresos por Método de Participación -1.487 10.807 22.905 0 0 32.257

Ingreso Operacional+MPP 130.834 41.087 24.304 9.696 6.462 173.598

Utilidad Bruta 86.122 24.185 24.304 9.696 6.317 140.841

EBITDA 73.970 28.547 26.777 9.081 7.649 135.194

Utilidad Operacional 72.241 28.288 26.777 9.081 7.019 121.231

Utilidad o Pérdida en la matriz 26.248 21.243 16.292 5.048 -2.575 54.003

Margen bruto 66% 59% 100% 100% 98% 81%

Margen EBITDA 57% 69% 110% 94% 118% 78%

Margen Operacional 55% 69% 110% 94% 109% 70%

Margen Utilidad 20% 52% 67% 52% -40% 31%

Deuda Financiera 965.813 832 543.699 428.932 343.709 2.282.985

Deuda Financiera de CP 68.102 0 31.812 284.920 142.644 527.478

Disponible 746.946 34.627 574 5.585 12.719 800.479

PRINCIPALES DATOS FINANCIEROS Mar2017

Road Concessions

10

8.0

02

96

5.8

13

2016 2017

Deuda Financiera

10

7.0

14

13

0.8

34

2016 2017

Ingresos Operativos +

MPP

42

.78

5

73

.97

02016 2017

EBITDA

25

.00

7

26

.24

8

2016 2017

Utilidad Neta

+22% +73% +5% >+200%

Construction4

3.8

18

41

.08

7

2016 2017

Ingresos Operativos + MPP

29

.77

5

28

.54

7

2016 2017

EBITDA

18

.80

1

21

.24

3

2016 2017

Utilidad Neta

40

.69

9

34

.62

7

2016 2017

Disponible

-4%+13%--6,2% -15%

Acumulado 1Q2017 contra 1Q2016 – Airports

30

.63

4

24

.30

4

2016 2017

Ingresos Operativos +

MPP

30

.47

2

26

.77

7

2016 2017

EBITDA

20

.83

7

16

.29

2

2016 2017

Utilidad Neta

59

9.9

72

54

3.6

99

2016 2017

Deuda Financiera

-21%-12%

-22%

-9%

Indebtedness

Indicadores de Endeudamiento a 03/31/2017

Datos Cop$ Millones

Deuda Total $2.282.985

Disponible $800.479

Deuda Neta $1.482.506

EBITDA Anualizado (1) $540.776

Deuda / EBITDA 4,22x

Deuda Neta / EBITDA 2,74x

(1) Ebitda a Marzo anualizado.

Thank youMay 2017

Autopistas del Café

Documents

Aeropuerto Mariscal Sucre Results Presentation 1Q2017 · Aeropuerto El Dorado - Opain • Best airport in South America and best staff in 2016 (Skytrax). • 22% growth in boarding