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May 8 th and 9 th 2012. AGENDA Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and.

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Presentation on theme: "May 8 th and 9 th 2012. AGENDA Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and."— Presentation transcript:

1 May 8 th and 9 th 2012

2 AGENDA Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity I. II. III. IV. V. VI.

3 INVESTMENT IN CONSTRUCTION Historic Investment Estimated Investment  Growth 2011 & 2012: 8.4% & 7,5%  Infrastructure Private sector will grow 10%  Investment 2011: US$ 25,900 millions 3  Actual growth over the last 9 years: 3.6% in average  Sectorial economy has recovered pre-crisis 2009 values  Infrastructure sector represents 66% of total investment Investments in actual terms with E/R of US$42/UF Source: Chilean Chamber of Construction US$ millones Prod uct iva Pública +10% +11% +0% +8% Inmobiliario Infraestructura Pú bli ca Pri va da +7,5 % Inmobiliario Infraestructura Infrastructure Homes

4 PROJECTED INVESTMENT 4 Investment per Sectors Ministry of Public Works Investment Budget  Decree year 2011: $2,400 millions  Mostly for road works  62% spent as of October 2011 (66% as of Oct. 2010)  Estimated investment in 4 years; US$ 65,600 millions  Mining an Energy lead the investments with 88%  Construction expenses related to these investments: 50% Puetos 4%

5 Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity I. II. III. IV. V. VI.

6 BUSINESS AREAS 6 Civil Works Real Estate Development BS Inmobiliaria International Besco - Peru Investment Projects Machinery Services BS MaquinariasBS Cerro Alto BS Construcciones BS MD Montajes Kipreos BS Concesiones Civil WorksIndustrial ErectionTransmission Works Medium-size Transport Large-scale TransportReal-EstateReal-Estate & Concession

7 CORPORATE STRUCTURE Melipilla (100%) Dragados Besalco (50%) Talca Hospital (33.3%) Interportuaria (100%) Civic Center (100%) Concesionaria BAS (33.3%) Convento Viejo (33.3%) Civil Works Machinery Services Investment Projects Real Estate Development International Norvial (16.9%) Parque Central (50%) Consorcio Comas (50%) Camino la Fruta (22.5%) Besalco Construcciones Besalco MD Montajes Besalco Maquinarias Besalco Cerro Alto La Ballena (50%) Techint Besalco (33.3%) 100% Besalco Concesiones Besalco Inmobiliaria Besco (Peru) 60%68%100%50%92%100% Besalco Dragados (50%) Besalco Comsa (33.3%) Besalco GyM (50%) Kipreos Kipreos Ingenieros Aero Kipreos 100% affiliates Consortiums do not consolidate

8 Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity I. II. III. IV. V. VI.

9 RESULTS Incomes 2011: ChP 321,612 millions 14% increase 2010/2011, growth lead by Real Estate and Besco Highest amounts provided by Constructions and Machinery Controlling Interests’ Profits 2011: ChP 19,501 millions ChP millions

10 RESULTS EBITDA 2011: ChP 53,583 millions EBITDA Margin Per affiliate  Higest margins of companies with intensive use of machinery  Besalco Maquinarias and Cerro Alto recovered during the 4 th quarter to 27% and 33%  Civil Works remain with 10% annual average ChP millions

11 DEBT 11  Net financial debt to EBITDA was 1.96 times in  The increase was due to new investments especially, machinery, lands for real estate developments, and the purchase of Kipreos (68%). Besalco S.A. does not guarantee concession holders bonds Financial Debt ChP 129,099 millions (dec11) Net Financial Debt / EBITDA Total Debt and Excluding Concessions  Total financial debt amounted to $129,099 millions as of December 2011

12 Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity I. II. III. IV. V. VI.

13 PORTFOLIO AND HIT RATIO 13  Constant annual growth, 13% over the last 5 years  The Civil Works Deptartment submitted 74 offers in 2011 with a 13% hit ratio (in amount)  High demand for new studies Evolution of Backlog US$ millions Hit Ratio in Proposal Studies Number of submitted offers Nº of offersHit ratio-in amount 911 Only Civil works

14 PORTFOLIO - BACKLOG 14  Backlog as of March 2012 amounted to US$ 911 millions. Significant diversification.  78 contracts: 39 in civil works, 6 in real estate development, 29 in machinery services, and 4 in Peru. Backlog per Affiliates Backlog per Economic Sector US$ 911millions as of March 2012 Industrial Construction 4% Kipreos 1% Besco 2% Real Estate 3% Civil Works 51% Machinery Services 39%

15 INVESTMENT PLAN  New three-year investment plan for US$ 732 millions.  17% increase compared to the previous plan (April 2011).  Diversified per business areas. US$ millions Others Concessions Hydro power plants projects Real Estate in Peru Real Estate in Chile Heavy Machines and equipments

16 Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity I. II. III. IV. V. VI.

17 CIVIL WORKS 17 Roads and Bridges ASMAR Repairs  Reconstruction of port and shipyards after the tsunami.  US$ 150 millions, 1.6 years.  Consortium Dragados, Comsa, and Besalco (1/3 each)  3 new bridges in consortium (2/3 BS) amounting to US$ 22 millions.  Chañaral – Portofino resurfacing works amounting to US$16 millions.

18 Contract for US$ 125 millions Salfa – Moller – Besalco Consortium (1/3) May 2013 (completion) TALCA Contract for US$ 63 millions Besalco (100%) March 2015 (completion) COPIAPO PUERTO MONTT Contract for US$ 120 millions Moller - Besalco Consortium (50/50) Sept (completion)  Hospital Plan under 2 schemes: -Only construction - Construction and operation  The Concession Program considers 4 hospitals in 2012  Plaza Group  EPC, Engineering and Construction  US$ 45 millions  1 year of works Hospitals under Construction New Copiapo Mall PUBLIC AND PRIVATE BUILDING PROJECTS

19  MW Run-of-the-river Hydroelectric Power Station located in Linares that uses waters from Melado channel to generate Non- Conventional Renewable Energy.  37% progress of works as of April Power supply to the Central Interconnected System during the 1st quarter of  Current portfolio includes Los Hierros (19.85 MW) plus 10 other Projects (133 MW); 153 MW total capacity and US$ 560 millions of total investment. PROGRESS IN PROJECT DEVELOPMENT PHASE IPHASE IIPHASE III Pre-FeasibilityFeasibilityEngineering Project 2 Completed 50% Project 3 Completed 40% Project 4 Completed 100% Project 5 Completed 100% Project 6 Completed 100% Project 7 Completed 100% Project 8100% Project 9100% Project 10 (*)100% Project 11 (*)100% (*) water rights in process of purchase 70 MW 54MW 9 MW Other Projects Los Hierros POWER GENERATION PROJECTS

20  196 km Power transmission line.  US$ 90 millions.  GYM - Besalco: 50% each.  Reinforcement of structures, installation and tensioning of conductors LT 220 kV.  Encuentro-Collahuasi Substation.  US$25 millions. Transelec - Caserones Collahuasi POWER TRANSMISSION PROJECTS

21 In Santiago City:  5 under construction: total sales US$ 56 millions  Marbella: 304 Apts. - Sales: US$ 45 millions  In association with Inmobiliaria Marbella (70% BS)  Includes 2.8 ha Crystal Lagoons New Projects Projects under Development In Con Con City:  1 being delivered (US$ 22 mn), 65% sold  3 under construction - total sales US$ 37 mn REAL ESTATE PROJECTS

22 Copper Slag Crushing Forest-based Chipping  Chipping process for Forestal Mininco,loading and hauling to cellulose plant.  5 year contract for US$34 millions.  Contract with Mine El Teniente - CODELCO for crushing to 3/8 inch, and mine internal haulage.  3 years contract for US$38 millions. MACHINERY SERVICES PROJECTS

23 Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity I. II. III. IV. V. VI.

24 STOCK PRICE AND LIQUIDILITY 24 Stock Price Avge Daily Transaction (ChP millions)  Increasing stock price 2,8 times from jan’10  Permanent increasing liquidity after capital increase of sep’09  Dilution of controlling group to 60% April 2012 Liquidity tendency

25 May 8 th and 9 th 2012


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