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Name | Symbol | Market | Type |
---|---|---|---|
Grana y Montero SAA | NYSE:GRAM | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.99 | 0 | 01:00:00 |
Consolidated Results Backlog Consolidated Backlog (US$ 1,774 MM) plus the Recurrent Businesses (US$ 745 MM) make a total backlog of US$ 2,519 MM at the end of 2Q 2019, which repre sents a ratio of Backlog + Recurring Business I Revenues of 2.22 years. From the total Backlog registered at the end of 2Q 2019, US$ 637 MM will be executed during 2019, US$ 804 MM during 2020 and US$ 333 MM from 2021 Consolidated Backlog (US$ MM) 2,054 2,1382,0192,5392,519 2,6003 onwards. From the recurrent businesses US$ 109 MM in 2019, US$ 234 MM during 2020 and the remaining in 2021 and the following years. 2,100 759745 2 The recurrent businesses are the Oil and Gas segment and the Norvial toll road. The main projects we awarded during 2Q 2019 were: in Vial y Vives-DSD, the MAPA contract with Arauco for US$ 112 MM and in GyM, the Structural Cons truction Contract of the Vistamar Hotel Project for US$ 10 MM. For further details on the backlog,please go to the appendix page. 1,600 761 1,781 1,3921,409 1,100 1,257 :' 600 - 1,n4 2 1 662 7291002Q18 3Q18 4Q18 1Q19 Q19 -400 1 -Backlog Recurrent Bussinesses Backlog + Recurrent Businesses/ Revenues Ratio Backlog by Business Segment 2Q 2018 vs. 2Q 2019 Backlog by Sector 2Q 2018 vs. 2Q 2019 Real Estate 3% Engineering & Real Estate 3% Engineer ing & Construction 48% Real Estate 5% Transport 23% Infrastructure 56% Infrastructure 49% Backlog by Type of Client 2Q 2018 vs. 2Q 2019 Water and Sewage 0.2% Backlog by Geography 2Q 2018 vs. 2Q 2019 39% Concessions 49% Private Concessions 46% 43% Public 5% 1% Private 56% Peru 70% Colombia 2% Public Page 4
Composition of I ndebtedness Consolidated Financial Debt as of 2Q 2019 amounts to US$ 483.1MM (S/ 1,589.3 MM).Of the total debt, US$ 127.0 million corresponds to working capital,associated to the clients' accounts receivables and leasing's for the acquisition of machinery and equip ment. The amount of US$ 313.0 million corresponds to Infrastructure Project finance, which is debt without recourse, with guarantees and cash flows from the project itself. On the other hand,US$ 43 .1million corresponds to the debt from dividends monetization of Norvial.The debt at the end of 2Q2019 decreased 23.7% compared to the end of 2018,mainly due to the cancellation of the debt associated to GSP with the capital increase funds, and to the cancellation of the working capital debt of Line 1of the Lima Metro, due to the completion of the expa nsion works.
Gross Profit increased by 196.1% in 2Q 2019, increasing the gross margin from 3.8% in 2Q2018 to 9.8% in 2Q 2019, making possible to stabilize the gross margin of the projects under execution. The lower profit recorded in 2Q 2018 was mainly the result of claims and unrecognized costs in the Talara project with Tecnicas Reunidas. Although administrative expenses increased from S I 64.6 million to S I 67.0 million in the 2Q 2019, they represent 6.4% of sales compared to 7% of sales at the end of 2Q 2018. The line of other income and ex penses in 2Q 2018 registers the sale of the stake of GyM in one of its consortiums, while in 2Q 2019 it is explained by the sale of equipment and machinery. As a consequence of the results explained above, the operating profit increased 299%, achieving an improvement in the operating margin from -2.3% to 3.9%. Net financia l ex penses as of 2Q 2019 increased by 16.5%, compared to 2Q 2018 due to interest on the loans to be converted into capital contr ibutions. In addition, the line participation in associates reflects the minority interest of GyM in Viva GyM. The increase in the income tax expense is due to the result of the 2012 audit of SUNAT in GyM and the deferred income tax of the consortiums. The line of Profit from discontinued operations as of 2Q 2018 shows the profit of Stracon GyM,as well as the net profit from the sale of Stracon GyM. The Net Loss was SI 10.5 MM in 2Q 2019, with a Net Margin of -1.0%. EBITDA was S I 55.5 MM in 2Q 2019, reaching a margin of 5.3%, higher than the margin of 2Q 2018, ex plained by the operating results described above.
Revenues Infrastructure revenues decreased 9.9% with respect to the revenues reported in 2Q 2018 mainly explained by the reduction of revenues of the Lima Metro due to the finalization of the expansion works in 2018,partially offset by an increase in the kms travelled,and on the other hand, by the reduction in Conca r's revenues due to lower maintenance works execut ed in the period. Meanwhile, sales in Norvial increased due to the execution of additional works to improve the infrastructure . GMP GMP revenues as of 2Q 2019 were similar to 2Q 2018 going from Sf 269 MM to S/ 274 MM. 58% of GMP revenues correspond to the Exploration and Production {E&P) business, 12% to the Natural Gas Plant,25% to the Storage and Distribution business and 4% to the operation of the Pisco Camisea fuel terminal in association with Oil Tanking. E&P revenues as of 2Q 2019 were similar to 2Q 2018. The average price of oil was US$ 68.43/bbl in 2Q 2018 vs US$ 64.93/ bbl in 2Q 2019. This effect was compensated by an increase in the production of barrels per day from 3,669 BPD to 3,854 BPD. The increase in revenues associated with the Natural Gas Plant was explained by higher processing in 2Q 2019 of 29.62 MMCFPD compared to 2Q 2018 of 26.57 MMCFPD. In addi tion,the price of LPG went from US$ 52.28/bbl in 2Q 2018 to US$ 43.17/ bbl in 2Q 2019 and Financial Ratios 2Q2018 2Q2019 the price of HAS {CNG) went from US$ 56.39/bbl in 2Q 2018 to US$ 68.68/bbl in 2Q 2019. GyM Ferrovias due to the end of the expansion of the Line 1of the Lima Metro, partially offset by an in crease in the kms travelled. As of 2Q 2019 84% of the revenues are explained by the recu the income per km travelled from the expansion (PKT3) increased from S/. 5.7 MM to S/. 60.6 MM explained by more km travelled. Norvial Norvial revenues increased 70% from Sf 82.4 MM in 2Q 2018 to S/ 140 MM in 2Q 2019. The increase in revenues is mainly due to the pending construction of the 2nd carriageway that will be completed this year. In addition,the income from lightweight vehicles increased 8% from Sf 16.1MM to S/ 17.4 MM with a 5% increase in the number of vehicles passing through the road. On the other hand, revenues from heavyweight traffic increased 3% from Sf 54.6 MM in 2Q 2018 to Sf 56.1 MM in 2Q 2019,staying the heavyweight vehicles units stable in 2Q 2019 compared to 2Q 2018. The Gross Profit decrease 13.9% compared to 2Q 2018, mainly explained by the completion works of the Lima Metro expansion, which had a positive impact in 2Q 2018, less mainte nance executed by Concar and the increase in costs and materials and royalties associated with the increase in oil production in the wells. Administrative expenses increase 14.7% compared to 2Q 2018, due to an increase in ex penses related to third-party services. asset position generated by the US$ accounts receivable. The net Income reached S/. 55.4 MM, which reflects a decreased of 21.5% compared to 2Q2018, explained by the results described above. The net margin was 7%, lower than the margin of 8% of 2Q 2018. Adjusted EBITDA was Sf 207.4 MM with an EBITDA margin of 26.2% as of 2Q 2019. Of the total EBITDA of the Infrastructure area, 40% corresponds to the Oil and Gas business, 32% to Line 1of the Lima Metro and 24% to Norvial.
Annex: Notes to the Consolidated Results Report i) Discontinued Operations On April 11, 2018 and December 5, 2018 we sold our 87.59% interest in Stracon GyM and our 73.16% interest in CAM, respectively. As a result, we present those results, as well as the profit from the sale of investments in subsidiaries net of taxes, as discontinued operations in our financial statements.This effect is presented only in the Income Statement, not on the Balance sheet. Also, the subsidiary Adexus has been reclassified as an asset held for sale. Therefore the results of the period are also shown in the discon tinued operations line item. For more information, please see note 7 of our 2Q 2019 financial statements. ii) EBITDA As of the information reported in the prospectus regarding the shares issuance registered before the SEC, the international market practice for the EBITDA calculation has been adopted. The EBITDA calculation will start from the net income,figure to which the taxes, exchange rate differences and interests expenses will be returned to, whilst the depreciation and amortization will be add ed. We previously reported the EBITDA calculated as operational income plus depreciation and amortization. This report includes, besides the EBITDA, the adjusted EBITDA, which is calculated as follows: Real Estate EBITDA: the proportional part of the land component of the units delivered during the period, will be added; Metro de Lima :the financial expenses considered, as well as the capital amortization applied to the correspondi ng long-term account receivable duringthe period, will be added. iii) Backlog As of the information reported in the prospectus regarding the shares issuance registered before the SEC, the reporting method of the company's Backlog will have modifications in the Infrastructure and Real Estate segments according to what is following de scribed. Engineering and Construction and Technical Services will continue to report their backlog according to the local market, therefore the total signed contracts will be reported. Infrastructure:the Oil& Gas business and the Norvial toll road are not included as backlog Real Estate:only the sold units which are pending of delivery are reported as backlog
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