CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. CONFIDENTIAL | July 2016
DISCLAIMER Compañía Latinoamericana de Infraestructura & Servicios S.A. THIS PRESENTATION IS BEING SUPPLIED AND COMMUNICATED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration with the U.S. Securities and Exchange Commission. The notes (and the guarantees) have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The notes (and the guarantees) may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in the United States in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to persons outside the United States in reliance on Regulation S under the Securities Act. You are hereby notified that sellers of the notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. By participating in this presentation you agree to be bound by the foregoing terms. This presentation may contain forward‐looking statements that reflect CLISA ‐ Compañía Latinoamericana de Infraestructura & Servicios S.A. (“CLISA”), a company (sociedad anónima) incorporated under the laws of Argentina, together with its subsidiaries, current views and expectations regarding future events. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events and other information that is not historical information. The words “estimates”, “expects”, “anticipates”, “projects”, “plans”, “intends”, “indicates”, “believes”, “will”, “would”, “should”, “could” and variations of such words or similar expressions are intended to identify forward‐looking statements. All forward‐looking statements, including, without limitation, our examination of historical operating trends, are based upon our current expectations and various assumptions. Assumptions and other important factors that could cause our actual results to differ materially from those in the forward– looking statements include, but are not limited to: general political, economic and social conditions, inflation and exchange rate risks. There can be no assurance that our expectations, beliefs and projections will be realized. This presentation may contain translations of certain currency amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that these amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. 2
TABLE OF CONTENTS & COMPANY REPRESENTATIVES Compañía Latinoamericana de Infraestructura & Servicios S.A. I. Executive Summary II. Adalberto Campana Investment Highlights Chief Financial Officer 28 years in CLISA III. Overview IV. Waste Management V. Construction & Toll Road Mariano Peterlin VI. Transportation Banking & Investor Relations 17 years in CLISA VII. Water Supply VIII. Growth Potential IX. Financial Debt 3
I. EXECUTIVE SUMMARY Compañía Latinoamericana de Infraestructura & Servicios S.A. CLISA is a holding company based in Argentina, LTM Mar‐2016 2 LTM Mar‐2016 KEY FINANCIAL DATA (Consolidated) (in AR$ million) (in U.S.$. million) engaged in waste management, infrastructure, Total Assets 12,283 836 public utilities and services. CLISA is the most important subsidiary of the Equity 661 45 Roggio Group, one of the largest Argentine Financial Debt 1 3,753 255 conglomerates. Cash & Cash Equivalents 776 53 CLISA currently has two Euro Notes Series outstanding in the market: LTM Revenues 8,848 602 • US$ 87.1 million Series 4 Notes due 2019 LTM EBITDA 1294 88 • US$ 10.9 million Series 3 Notes due 2016 Our fiscal year ends December 31st and our Financial Debt 1 / LTM EBITDA 2.9 financial statements are audited by Net Financial Debt 1 / LTM EBITDA 2.3 PricewaterhouseCoopers. LTM EBITDA / LTM Net Interest Expense 1.3 CLISA’s unsecured credit rating: “B-” (Fitch Ratings) and “B-” (S&P) Employees (as of March ´16) over 13,000 Argentine sovereign credit ratings: “B3” (Moody’s); “B-” (S&P); “B” (Fitch) Note: 1. Does not include debt arising from factoring transactions with recourse (AR$ 782 million as of March 31, 2016) 2. Converted at an exchange rate of Ps. 14.70, as of March 31st, 2016 4
II.INVESTMENT HIGHLIGHTS Compañía Latinoamericana de Infraestructura & Servicios S.A. One of Argentina’s largest privately owned groups with over 13,000 employees and a history of over 100 years under the same family ownership Proven ability to thrive under many different government administrations Diversified across several infrastructure businesses, including waste management, construction, transportation and water supply Combines businesses with more stable and predictable cash flows with others that offer important growth opportunities under the new government Market leader in Argentina in most of its business segments Well positioned to benefit from the expected increase in public and private sector investment in Argentina Most contracts are hedged against inflation (i.e., inflation is passed through to client) Present in international debt capital markets since 1997 5
III. OVERVIEW Compañía Latinoamericana de BUSINESS SEGMENTS Infraestructura & Servicios S.A. WASTE CONSTRUCTION TRANSPORTATION WATER SUPPLY OTHER ACTIVITIES MANAGEMENT & TOLL ROAD Metrovías S.A. Cliba Ingenieria Urbana S.A. Benito Roggio e Hijos S.A. Aguas Cordobesas S.A. (Subway and Management of Health Care Urban Waste Management (Construction) (Water Supply Utility) Urquiza Railroad Line) Transactions 100% 97.2% 61.2% 90.7% Tecsan Ingenieria Ambiental S.A. Haug S.A. Benito Roggio Transporte Landfill, Waste Valorization, (Industrial and Mining (Technical Assistance on Railroad Urban Waste Management Construction - Peru) Projects) 100% 100% 97.1% Toll Road Concessions Benito Roggio Ferroindustrial Taym S.A. Industrial Waste Management VARIOUS OWNERSHIP (Railcar Repair Plant) 100% 95.0% PERCENTAGES Leader in waste One of the main Most important Main private management in construction private water supply Argentina companies in transportation operator in Argentina with operator in Argentina over 100 years of Argentina history 6
III. OVERVIEW Compañía Latinoamericana de OWNERSHIP, BOARD OF DIRECTORS & MANAGEMENT Infraestructura & Servicios S.A. BENITO ROGGIO ALDO ROGGIO GRACIELA ROGGIO FOUNDATION 52.5% 47.0% 0.5% BOARD OF DIRECTORS PRESIDENT : Aldo Roggio VICE‐PRESIDENT : Alberto Verra DIRECTOR : Graciela Roggio Alberto Verra C.E.O. 38 years in CLISA Adalberto Campana C.F.O. 28 years in CLISA Pablo Delorenzi Henry Perret Joaquín Acuña Enrique Sargiotto WASTE CONSTRUCTION & TRANSPORTATION WATER SUPPLY MANAGEMENT TOLL ROAD 21 years in CLISA 28 years in CLISA 21 years in CLISA 13 years in CLISA 7
III. OVERVIEW Compañía Latinoamericana de LOCAL INDUSTRY LEADER Infraestructura & Servicios S.A. Leading local market position of our businesses… Waste Management Construction Transportation Water Supply Buenos Aires Metropolitan Area – Key Argentine Construction Key Argentine private Water Landfill 2015 Public Transportation Companies Backlog 1,2 (US$ mm) – Supply operators (# of population Breakdown by Means of March 2016 served in mm) Country Level Market Share (tons) Transportation (# of PAX) (%) As of 2015 13% 1,449 1.5 25% 15% 72% 75% Bus Train Subway CLISA Ot hers 642 526 Buenos Aires Metropolitan Area – 0.6 2015 Subway and Train Market Urban Waste Management Share (# of PAX) Peer 1; 0.5 14.9% Others; 5% 29.3% 0.3 265 246 Peer 2; 11.7% 48% Peer 7; 47% Peer 3; 4.9% Peer 2 ACSA Peer 1 Peer 2 Peer 3 11.0% Peer 1 CLISA Peer 2 Peer 3 Peer 4 Peer 6; 5.0% Peer 4; Peer 5; 6.8% 8.8% Trenes Argentinos Ferrovías 7.5% Source: Company Information, CNRT, Indec Notes: 8 1. Local backlog 2. Excludes Skanska, as it is focused on private clients, and Techint, given its focus on energy projects
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