Diapositiva 1

5ta Conferencia Anual de Los Andes
21 y 22 de Marzo de 2011
Hotel W, Santiago
1
Index
I. Construction market Chile, GDP
II. Results 2010
III. Management and Backlog
IV. New Undertaking
9 km tunnel for Anglo American
2
GDP and Investment in Construction
GDP-Chile, GDP-Construction and
Construction Index (IMACON)
Investment in Construction Industry
 This sector is sensitive to economic cycles.
 It is projected 10.8% of growth for 2011 in
investment for the sector.
 Medium-term significant recovery is
 Both sector, homes and infrastructure, private and
expected for this industry.
US$ millions
public with growth greater than 10%
Source: The Chilean Chamber of Construction
3
Business Areas
Construction of Paso Armerillo
Civil Works
Parques de Surco, Lima
Besco (Peru)
Salt Conveyance
Haras San Bernardo
Machinery
Soquimich Crystallizer Building
Industrial Construction
Real Estate
Las Condes Civic Center Concession
Concessions
Copper Mineral Re-handling
Large-Scale Mining Industry
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II. Results 2010
Paso Armerillo (Chile – Argentina)
US$ 26 million contract for Ministry of Works, end on 2010 5
Resultados 2010
Incomes
EBITDA
CLP millions to Dec 2010
CLP millions to Dec 2010
Profit
Margins %)
CLP millions to March 2010
Non recurrent
sales of
Norvial S.A.
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Aporte a los Resultados por Area
Revenues
EBITDA
CLP 251,563 to Dec 2010
CLP 46,181 to Dec 2010
Concessions
2%
Peru
1%
Concessions
11%
Civil Works
50%
Machinery
33%
Real Estate
7%
Machinery
Services
56%
Peru
2%
Civil Works
23%
Industrial
Constructio
n
5%
Real Estate
3%
Industrial
Construction
7%
7
Debt Position
 The total debt was reduced from CLP 84,475 to CLP81,836 million in one year
 The Net Financial Debt to EBITDA (concessions excluded) was reduced from 1,0x in 2009
to 0,6x en 2010.
 This is because a combination of high margins, cash management and investment delayed
Consolidated Debt (at Dec2010)
Net Financial Debt to EBITDA
CLP 81,836 millions
(Total debt and Concession excluded)
5,7x
Banks
3%
5,2x
Infrastructure
Bonds
30%
Leasing
Machinery
18%
4,1x
4,1x
3,8x
3,8x
3,4x
3,5x
3,3x
3,5x
3,2x
3,0x
2,8x
1,5x
2,1x
1,1x
Banks - LT
17%
2010
2008
2007
2006
2005
2004
2003
0,6x
2002
Banks, Real
Estate
5%
1,0x
2009
Leasing Cerro
Alto
27%
EBITDA = Ganancia + depreciación + amortizaciones + impuestos + intereses financieros + diferencias de cambio y resultados por unid. reajuste
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III. Management and Backlog
Deviation Tunnels for Hydro Power Plant COLBUN
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Management
4 INDEPENDENT DIRECTORS
Víctor
Bezanilla
Chairman
Florencio
Correa
Cristián
Eyzaguirre
John
Graell
Mario
Valcarce
Juan Andrés
Camus
Adelio
Pipino
Paulo Bezanilla
CEO
Raimundo Alemparte
Development
Eduardo Araya
Administration
Rodrigo Bezanilla
Services
Rafael Lira
Legal
Pablo Valenzuela
CFO
Sergio Correa
BS Construcciones
Raúl Bezanilla
BS Maquinarias
Eduardo Nestler
BS Inmobiliaria
Hernán Marambio
BS Montajes
Javier Salazar
Besco Peru
Carlos Fuenzalida
BS Concesiones
Corporate Management
57 people
Affiliates Management
8,381 people
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Contract Portfolio - Backlog
 Constant growth of the backlog, with 24,5% yearly since 7 years
 Backlog at december 2010 is US$ 949 millions, with high level of diversification
 Duration of the backlog is 2,7 years
Backlog Evolution
Backlog by Area
In US$ millions
US$ 949 millions at Dec’10
Real Estate
4%
1.000
Industrial
Construction
1%
800
Real Estate MOP
Peru
(direct)
4%
5%
MOP
(Concess.)
14%
Forest
Transport
12%
600
400
Transport
9%
Health
14%
200
2010
2009
2008
2007
2006
2005
2004
2003
0
Mining
None Iron
Ore
7%
Mining Iron
Ore
23%
Civil Works
2%
Civil Works
Mining
11
5%
IV. New Undertaking
Two bridges damaged by the earthquake of feb’10
repaired in time record
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New Undertaking - Hospitals
In Construction
PUERTO MONTT HOSPITAL
• Contract for US$ 120 millions + VAT
• Moller - Besalco Consortium (50/50)
• Sep’13 (End)
COPIAPO HOSPITAL
Recently awarded
LAS CONDES CLINIC
• Contract for US$ 78 millions + VAT
• Salfa – Besalco Consortium (50/50)
• Apr/11-Apr13 (Begin-End)
TALCA HOSPITAL
Hospitals Market
 Two public program running:
- Traditional
- Concession
 In a short period (3 years
estimated) we see a total
market of US$ 1.965 calls for
bid
Public and Private Market
(US$ millions)
• Contract for US$ 63 millions + VAT
• Besalco (100%)
• Sep/09-Mar15 (Begin-End)
• Contract for US$ 125 millions + VAT.
• Salfa – Moller – Besalco Consortium (1/3)
• mar’11– may’13 (Begin-End)
Type of program
Concession – public
Traditional – public
Private
Total
Qty
6
2
10
Invest.
1,340
365
260
1,965
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New Undertaking – Mining Tunneling
In Construction
Recently awarded
 Los Bronces mine from Anglo American
 Papomono mine from Rio Vale
 8 km tunnel with Tunneling Bore Machine
 Copper production underground mine
 Besalco/Dragados Consortium 50/50
 Besalco/Arauco Consortium 50/50
 May2012 (end)
 Sep’12 – May’12 (beg-end)
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New Undertaking – Hydro Power Generation
 Besalco decided 5 years ago to go in the Renewable none Conventional Energy Generation
(ERNC) market because of its low risk and high level investment in construction
 The actual portfolio is Los Hierros (19,85MW) plus 9 other projects (128 MW) and US$ 456
millions of total investment
HIDRO RUN-OF-THE-RIVERLOS HIERROS
Construction
Power Generation
Maximum power gen.
Energy generated
Carbon Credit
EPC Contract
Begun at dec’10
End of 2012
19,85 MW
124 GWh/yr
64.500 ton CO2/yr
US$ 65 millions
PROGRESS IN OTHER HIDRO POWER PLANT
FASE I
FASE II
FASE III
Pre-Feasibility Feasibility Engeniering
Project 2
Project 3
Project 4
Project 5
Project 6
Project 7
Project 8
Project 9 (*)
Completed Completed
Completed Completed
Completed
100%
Completed
100%
Completed
100%
Completed
100%
44%
50%
100%
35%
60 MW
58MW 10 MW
(*) actually without water right
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5ta Conferencia Anual de Los Andes
21 y 22 de Marzo de 2011
Hotel W, Santiago
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