ENERGY, TELECOMMUNICATIONS, CONSTRUCTION
Transcripción
ENERGY, TELECOMMUNICATIONS, CONSTRUCTION
SCP =investing Investing the future Argentina SCP: inin the future ofofArgentina ENERGY | TELECOMMUNICATIONS | CONSTRUCTION |ENTERTAINMENT | AGROINDUSTRY | TRANSPORT | REAL ESTATE ENERGY, TELECOMMUNICATIONS, CONSTRUCTION, ENTERTAINMENT, AGROINDUSTRY, TRANSPORT AND REAL ESTATE. We are more than 7.000 shareholders that invest in the future of Argentina. Market Cap: $4.882 MM (closing of 11/12 = $3,59/acción). Share capital: $1.360 MM. Outstanding shares: $1.190 MM (pending debt-for-equity swap = 170 MM shares). PRINCIPAL ASSETS Oil equivalent reserves: Upstream oil & gas. Acquisition of UNITEC Energy. Purchase of assets of Petrobras in Santa Cruz (26 areas), triples its operation in terms of production and reserves of oil and gas. Successful OPEX reduction plans. New field discovery: Morena Sur (oil & gas, est. +20 MM BOE). Participation in gas transportation industry through TGN , TGM and Gas Andes. 110 MM BOE Production: From 11.000 to 25.000 of daily BOE: EBITDA (estimated for 2015/2016): 2014: U$S 39 MM 2015: U$S 120 MM 2016: U$S 200 MM Warehousing and logistics services for the oil industry through the unique flammable dock in metropolitan area of Bs.As. Revenues YTD Sept. 2015: $1.471 MM Privileged position in Dock Sud. Storage capacity of 140,000 m3 in 75 tanks connected to its main customers. +13% vs. 2014 One of the three owners of Dock Sud, together with YPF and Shell. EBITDA YTD Sept. 2015: Industrial production of lubricants, greases and asphalt for third parties. $5 MM Revenues YTD Sept. 2015: Telecommunications services focused on the corporate market segment. Fiber optic network of 2.300 km., mainly in metropolitan area of Bs.As. Important asset for convergence scenario: IP telephony + cable TV + Netflix + video surveillance = increased demand for fiber optic. $238 MM +36% vs. 2014 EBITDA YTD Sept. 2015: $71 MM 55% SCP recently acquired 5 companies in the industry of construction materials: Canteras Cerro Negro, Ladrillos Olavarria, Cormela, Superglass and Arcillas Mediterráneas. Production of bricks, extruded and pressed floors, tiles, porcelain tiles HD, glazed tiles and glass. Cerro Negro is the third producer of Ceramics in Argentina. All together, this companies represent the biggest conglomerate in the industry. Construction is aimed to grow in both scenarios of high or low inflation (as inflation protection or with the resurgence of credit). Estimated revenue of the companies in 2015: $1.500 MM EBITDA (estimated): 2015: $ 80 MM 2017: $ 250 MM Revenues YTD Sept. 2015: Safe entertainment for the whole family: PDC, Aquafan, Niní Marshall Theatre, Tigre Center, Chinatown Tigre. Aquafan increased by 150.000 visitors and $ 40 MM the revenue of PDC. Potential development in other areas of the country. Chinatown: 70 tenants, 65.000 visitors first weekend.. 1 MILLION Visitors per year $168 MM +41% vs. 2014 EBITDA YTD Sept. 2015: $37 MM Rail freight transport of crops from the “pampa húmeda” to the ports of Bahía Blanca and RosarioSan Martín. Transport of 4 million tons of grain per year. Positive new railway law: concept of open access. Necessary to regenerate the competitiveness of business sector. Revenues FY jun. 2015: $682 MM +38% vs. 2014 EBITDA FY jun. 2015: $85 MM 50% High value added industrial products from nontraditional crops, based on R&D. Biofuel industries. Omegas 3, 6 and 9 for the food, pharmaceutical and animal nutrition industries. Experimental stage with prospects of launching commercial operations in the short term. Anual revenues of the Omega 3 industry in the world: U$S 11.000 MM 2014 500 hectares in the first section of Delta islands in Tigre (Buenos Aires) for a potential real estate development. Earnings: $1,5 MM Project connection to the mainland. Consolidated assets: $31,2 MM Net Equity: $28,1 MM RESULTS 2014 Profit: $262,5 MM (+128% vs. 2013). Consolidated revenues: $1.387 MM (+63% vs. 2013). Consolidated assets: $1.530 MM. Consolidated liabilities: $461 MM. Equity: $1.069 MM. EVOLUTION OF CONSOLIDATED REVENUES (IN MILLIONS OF ARS PESOS) 1600 1400 1200 1000 800 600 400 200 0 2010 2011 2012 2013 2014 CONTRIBUTION BY SECTOR TO THE GROSS MARGIN OF SCP (SEPT. 2015)* Entertainment 33% Energy 25% Telecommunications 42% *Only assets that consolidate on SCP balance sheet (+50%) considered. RESULTS 3T2015 Profit: $ 200,6 MM (+67% vs. 2014). Consolidated revenues: $1.221 MM (+27% vs. 2014). Consolidated assets: $2.009 MM. Consolidated liabilities: $766 MM. Equity: $1.243 MM. PROSPECTS STRATEGIC VISION: FOCUS ON THE SHAREHOLDER “If the conglomerate form is used judiciously, it is an ideal structure for maximizing long-term capital growth”, W. Buffet. IMPROVING NET ASSET VALUE - Increased participation in CGC (30%) and purchase of PESA assets in Santa Cruz. - RECENT ACQUISITIONS: - Metrotel - Omega Grains - Cerro Negro, LOSA, Superglass, Cormela and Arcillas Mediterráneas. COST CONTROL - Administration costs of the Holding represent 0,66% of SCP assets (3T2015). Less than target set at 1%. - NO stock options, NO management fee, NO corporate cars, etc. BALANCE TRADABLE SECTOR / DOMESTIC MARKET - Balance between both sectors of the economy. - Possible devaluation: 67% of gross margin 3T2015 come from sectors that are dollar linked. ALLOCATION OF CAPITAL - Control of operations. - Cumulative losses = $100 MM. - Medium term: predictable dividends policy + reinvestments . + VALUE FOR SHAREHOLDERS - Results: predictability / growth. - Multiples. - BCBA: share buyback. - SIX Swiss. - Liquidity – international markets.