first quarter 2012 (1q12) - grupo senda 1q12... · 2007 2008 2009 2010 2011 1q12 2012 p 2.3x 1.7x...
TRANSCRIPT
First Quarter 2012 (1Q12)
Earnings Release
May 10, 2012
GSA - Revenue
840
874
1Q11 1Q12
4%
Revenue by Segment
Passenger Personnel
653665
1Q11 1Q12
187
209
1Q11 1Q12
2%12%
157180 191
237
145
191
233 243
172
20%21% 21%
25%
17%
21%
24%25%
20%
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
300
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
GSA Performance
EBIT EBITDA & Margin
66
95
1Q11 1Q12
43%
Absence of Easter Season on both 1Q11 & 1Q12
Passenger EBITDA & Margin
94
120
14%
18%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
20
40
60
80
100
120
140
1Q11 1Q12
EBITDA Margin
28%
Leverage on senior management experience to overcome market conditions
Personnel Revenue
187
209
1Q11 1Q12
12%
This segment keeps its growing trend
Personnel Segment Presence
Current Presence:
►Coahuila
►San Luis Potosí
►Tamaulipas
►Nuevo León
In analysis:
►Jalisco
►Chihuahua
►Querétaro
►Aguascalientes
Personnel
Productivity Revenue per Kilometer
50%
55%
60%
65%
70%
ene-0
9
mar-
09
may-0
9
jul-09
sep-0
9
nov-0
9
ene-1
0
mar-
10
may-1
0
jul-10
sep-1
0
nov-1
0
ene-1
1
mar-
11
may-1
1
jul-11
sep-1
1
nov-1
1
ene-1
2
mar-
12
7.50
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00
ene-0
9
mar-
09
may-0
9
jul-09
sep
-09
nov-0
9
ene-1
0
mar-
10
may-1
0
jul-10
sep
-10
nov-1
0
ene-1
1
mar-
11
may-1
1
jul-11
sep
-11
nov-1
1
ene-1
2
mar-
12
5% Price increase.
Previous Previous
Guidance
►Revenues 2012: ~8% YOY
►EBITDA 2012 Margin >25% / Revenues
►EBITDA 2012: 21% YOY
Recent Appointment
Prior to becoming CEO, Mr. Contreras served as Chief
Financial Officer at Grupo Senda. He also held various
finance and management positions at
Cemex, McKinsey & Company and Grupo Financiero
Banorte.
Mr. Contreras holds an Engineering Degree from
Instituto Tecnológico y de Estudios Superiores de
Monterrey (ITESM) and a MBA from Columbia
University.
José Manuel ContrerasFormer Head of Finance / Current
Chief Executive Officer
GSA - Revenue
840
874
1Q11 1Q12
4%
GSA - Kilometers
65
59
1Q11 1Q12
9%
157180
191
237
145
191
233 243
172
20%21% 21%
25%
17%
21%
24%25%
20%
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
300
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
GSA Performance
EBIT EBITDA & Margin
66
95
1Q11 1Q12
43%
Passenger Revenue and EBITDA & Margin
Revenue EBITDA & Margin
94
120
14%
18%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
20
40
60
80
100
120
140
1Q11 1Q12
EBITDA Margin
28%
653665
1Q11 1Q12
2%
Passenger - Kilometers
46
39
1Q11 1Q12
15%
Passenger Revenue and EBITDA & Margin
Revenue EBITDA & Margin
94
120
14%
18%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
20
40
60
80
100
120
140
1Q11 1Q12
EBITDA Margin
28%
653665
1Q11 1Q12
2%
Personnel Revenue & EBITDA
Revenue EBITDA
187
209
1Q11 1Q12
12%
51 52
1Q11 1Q12
1%
Financial Ratios
Net Debt / EBITDA Cobertura Coverage
3.0x
4.5x
5.2x
3.4x
3.7x
3.2x
2.3x
2007 2008 2009 2010 2011 1Q12 2012 P
2.3x
1.7x
1.4x
2.0x 2.1x2.2x
2.9x
2007 2008 2009 2010 2011 1Q12 2012 P
Liability Management: Liquidity
Short Term Debt 2011 vs 1Q12 Short Term Debt by Quarter 2012
495
400355 355
436
95
4581
2011 Payments 1Q12
Refinanced ST Debt 1Q13
1Q12
ST Debt Payments 1Q13 ST Debt Refinanced
28%
436
403 392
354
495
313 305276 270
237
182
132
127 122
117
2011 1Q12 2Q12 E 3Q12 E 2012 E
CMLTD Banks
-28%
313 305276 276 252
182
132127
2011 1Q12 2Q12 E 3Q12 E 2012
CMLTD Banks
Liability Management
CapEx Lines: Refinancing Short Term Debt
Short Term Debt by Quarter 2012Short Term Debt by Quarter 2012
Post 3Q Refinancing
28
In addition, the Company will use CapEx lines to refinance short term debt
495
436
403 392
354
495
436403
CapEx lines
utilization
313 305276 270
237
182
132127 122
117
2011 1Q12 2Q12 E 3Q12 E 2012 E
CMLTD Banks
Free Cash Flow
Concept (Ps millions) 1Q12
EBITDA 171.8
Net Working Capital -24.9
Taxes -1.4
Other Expenses -3.2
Operating Cash Flow 142.3
Financial Expense -41.0
CapEx (Replacement) -2.6
Free Cash Flow 98.8
30
1,922
ST 2013 2014 2015 2016 2017 2018 2019
Leases ST Banks Bond @12.81
Bond’s Alternatives – New Bond
32
305
214123
2,038
69
384 384 384 384 384
1,922
ST 2013 2014 2015 2016 2017 2018 2019
Syndicated Loan Leases ST Banks Bond @12.81
Bond’s Alternatives – Syndicated Loan
33
305214
123
501 453