Inversiones La Construcción (ILC) Q4 2023 earnings summary

Executive summary

• FY23 profit was Ch$182,618 million, up from Ch$146,534 million in FY22; Q4 profit was Ch$57,694 million versus Ch$63,452 million a year earlier.

• FY growth reflected improved Consalud results and stronger non-operating income, partly offset by weaker Confuturo investment-fund returns and higher consolidated taxes.

Financial highlights

• FY net operating income rose 0.7% to Ch$203,831 million; non-operating income improved to Ch$23,067 million from a Ch$54,181 million loss.

• Total assets increased 8.5% to Ch$15,534,241 million; total liabilities rose 8.2% to Ch$14,409,915 million.

• Net financial debt was similar to 2022; individual net financial debt/equity was 0.32x, versus 0.36x a year earlier.

Segment performance

• Banco Internacional FY profit rose 16.6% to Ch$55,409 million; loans grew 24.6% to Ch$3,346,773 million, including Autofin consolidation and organic portfolio growth.

• Confuturo FY profit fell 47.4% to Ch$70,048 million as weaker investment-fund results, higher reserves and taxes outweighed 115.0% annuity-premium growth.

• AFP Habitat FY profit increased 20.9% to Ch$131,600 million; operating income rose 8.6%, supported by higher average taxable income and legal-reserve returns.

• AAISA FY profit rose 54.6% to Ch$31,145 million; RedSalud profit fell 14.0% to Ch$15,420 million and EBITDA fell 6.2% to Ch$71,916 million.

• Consalud swung to FY profit of Ch$31,032 million from a Ch$21,379 million loss; Vida Cámara FY profit declined 19.4% to Ch$2,635 million amid higher claims.