Odinsa S.A. reports on the transmission of the financial statements for the third quarter of 2017, under IFRS standards
The attached file includes results for the third quarter of 2017.
- The company’s income amounted to COP 576.5 billion (USD 193.3 million), 14% more than it was in the same period of the previous year.
- Odinsa ratifies its position as one of the sector’s most important players, reaching milestones such as the successful bond placement and issuance, as well as the disbursement of COP 1.3 trillion (USD 435.9 million) for Pacífico 2.
- The company announced that in December of this year the expansion of the South and North piers of El Dorado airport will begin to operate.
Medellín, November 9, 2017– Odinsa, a concession company of Grupo Argos, ends the third quarter of the year with results that ratify its strategic focus. These results reveal a rigorous asset operation and forecast a positive scenario for its sector and the country. The company’s income totaled COP 576.5 billion (USD 193.3 million) and its EBITDA totaled COP 342.3 billion (USD 114.8 million), results that are 14% and 28% higher compared to the ones from the same period of the previous year, respectively.
These positive results were largely driven by the good performance of its road concessions, which reported a high traffic flow of more than 20 million vehicles. Furthermore, this quarter underlines the operations of Pacífico 2 in Colombia, as it achieved a significant work progress and licensing. It achieved 100% of environmental licenses, 86% of released property and a significant disbursement of nearly COP 1.3 trillion (USD 435.9 million), which the company announced a few days ago.
Likewise, Green Corridor, in Aruba, showed significant work progress at 96% of the set mark, with the official opening of the Spaans Lagoen Bridge, a 92-meter long arch bridge built on Laguna Española. It creates a balance between the display of road infrastructure and the sustainable preservation of the mangrove ecosystem in the area.
Odinsa’s strong cash flow generation is due to its robust airport concessions, which reported nearly 27.3 million of passengers. It is worth highlighting operations of El Dorado airport, in Colombia, as national passenger traffic increased by 3% and international traffic by 9.8%, prompted by the routes of Madrid, Chile and Cancún. In addition, the expansion of the South and North piers officially opened and began operating in December of this year.
“The results achieved during this quarter mirror a strategic management that focuses on a rigorous administration of road and airport concessions, promoting mobilization and improving our user’s experience,” stated President of Odinsa, Mauricio Ossa.
Finally, in regard to other relevant events during the third quarter, the company highlighted the official opening of Escuela de Experiencia al Usuario [School of User Experience], through which it intends to strengthen its customer service practices for roads and airports. It also highlighted the excess demand for its bonds (2.3 times the offer); the appointment of Andrés Ortega as the new Airport Concession Vice-President, who will leverage current assets and lead new projects in the sector; and the designation of Álvaro González as the new General Manager of Opain, who has a nearly 20-year experience in the sector.
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