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Annual Report 2016

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Annual Report 2016 Annual Report 2016 Letter from the Chairman 2 Highlights 6 Relevant Figures 8 Contents 1. Our Company 10 42 Year History 12 Unique Company 14 2. Regional Presence 18 3. Sustainable Growth 30 IT Industry 32 Corporate Governance 34 Organization and Human Capital 38 SONDA Corporate Management 40 Innovation 46 Service Vocation to Customers 48 Alliances with Partners and Suppliers 48 Certified Quality and Best Practices 49 Environmental Management 50 4. Our Value Proposition 52 Comprehensive Supplier of IT Services and Solutions 54 IT Solutions for Latin America 55 5. Growth Strategy 58 SONDA Fundamentals 60 Triennial Investment and Expansion Plans 62 Financing Policy 66 Investment Policy 67 Corporate Bonds 67 6. Financial Results for 2016 68 Consolidated Results 69 Results in Chile 70 Results in Brazil 71 Results in Mexico 72 Results in OPLA 73 7. Consolidated Financial Statements 74 8. General Information 84 Statement of Responsibility 115 2 SONDA S.A. Annual Report 2016 Letter from the Chairman Our long-term vision is to consolidate our position in Latin America. We are a company whose perspective looks beyond the economic cycles and contingencies faced by each country, and we are confident that developing our nations requires continual forward progress Letter from the Chairman 3 Dear Shareholders, business closed at 31.9%. Similarly for computing services, and operating the only growth in the consolidated business world class data center in the state. Ativas 2016 was a difficult year for Latin America, pipeline, which climbed 81.1% higher has an important portfolio of customers, and especially for Brazil, the region's than in 2015 to reach US$ 2,840 million in in a state known as the second most largest market, where SONDA has a December, and suggests a more favorable important technological hub in Brazil, with a relevant portion of its business. Countries outlook. population of 20 million and GDP in 2015 of with political and confidence crises and US$ 207 billion. economic recessions were the norm during Brazil has had a prolonged recession, this period. with GDP decreasing by 7% over the Our Tier III data center in Santiago (Chile) last two years, which has impacted our opened four years ago and is an example of This environment framed our consolidated performance. We can mention other topics, a sustainable service, due to its low energy revenue for 2016, which was Ch$ 816,159 such as lower economic activity, projects consumption. It is expanding due to the high million (USD 1,219.1 million), decreasing postponed, longer sales cycles, national demand for data center and cloud services. 8.4% compared the previous year, while budget cuts and longer payment periods, It is important to highlight the partnership EBITDA was Ch$ 97,101 million (US$ 145.0 all of which have resulted in lower results with Microsoft, in which we were added million) decreasing by 23.4%, and net in this operation, and when combined with to the Cloud Service Provider program, income was Ch$ 26,396 million (US$ 39.4 the depreciation of the Brazilian real, they in conjunction to be participating in the million), decreasing by 38.4%. These results have impacted negatively our consolidated Cloud OS Network. In addition, we have an were influenced by the weak performance results. Therefore, we have implemented increasingly close relationship with Cisco, of our operation in Brazil and the negative different initiatives aimed at recovering becoming their Gold partner with the widest impact of foreign exchange rates in the margins and strengthening our commercial coverage in Latin America, and re-qualifying translation of these currencies to the effectiveness. as a global Master Cloud & Managed Chilean Peso. The regional highlights were Services Provider. the EBITDA margins obtained in Chile, Regarding the 2016-2018 triennial Mexico and OPLA (Other Latin American investment plan, we progressed with SONDA has an extensive network of Countries), which reached 16.8%, 17.0% various initiatives related to large integration services across Latin America, in fact and 14.8%, respectively. It is noteworthy and outsourcing contracts, increasing the largest for a regional provider. It that the company’s financial position innovation in our services, regional centers also operates through subsidiaries and remained strong. of expertise, and strengthening the regional related companies, addressing specific data center network. In fact, we finalized markets linked with the intensive use of The volume of business closed was US$ the acquisition of 60% of Ativas in Brazil, IT in various areas, such as services for 1,064.1 million, down 12.4% compared to located in Belo Horizonte, Minas Gerais. the health care industry, digital invoicing, the previous year, but I should emphasize This company is dedicated to the growing advanced electronic signatures, electronic the positive growth in IT outsourcing business of providing data center and cloud documents, engineering and design 4 SONDA S.A. Annual Report 2016 solutions, outsourcing for the financial and careful financial management, we have sector, transaction services that connect grown from a Latin American company shops with companies and banks, and asset with revenue of US$ 350 million and 6,000 management solutions. employees in 2006, to revenue of about US$ 1,300 million and around 18,000 employees Innovation has been part of SONDA’s in 10 countries in the region. DNA from the very beginning, making us a significant contributor of the process of We are grateful to our customers, change in Chile and the region. The digital shareholders and business partners, and to revolution continues to surprise us every our staff throughout this diverse continent day with increasing processing, storage, who are always willing to give their best to and bandwidth capabilities that drive new serve our close to five thousand customers, mobile technology, Big Data or the Internet enabling us to become the largest Latin of Things. Accordingly, we continue to American IT services and solutions innovate when using these to add value for company and one of the most admired in our customers. Similarly, we have launched the region. programs, such as the Innovation Program, which is designed to stimulate this spirit Yours sincerely, amongst our staff, and the SONDA Safe City Tech Challenge, calling for university students to propose ideas to make our cities safer using new technology. Our long-term vision is to consolidate our position in Latin America. We are a company whose perspective looks beyond the economic cycles and contingencies faced by each country, confident that there is no turning back in the development of our nations. This is endorsed by projections from specialized firms that speak of an increase in spending on IT services in the Mario Pavón Robinson region of around 8% on average for the Chairman period 2016-2020. Ten years after our successful IPO, we are proud that as a result of good team work Letter from the Chairman 5 6 SONDA S.A. Annual Report 2016 Highlights SONDA invests in a Brazilian company that provides state-of-the-art data center services As a component of the triennial investment plan for 2016-2018, during October we acquired 60% of the Brazilian company Ativas. It is located in Minas Gerais State and provides data center and cloud computing services. Its assets include the only world-class data center in that State. This data center has a white room of 1,500 m2, and a total floor area of 6,000 m2 on 11,000 m2 of land. The transaction was completed through a capital contribution, which enabled us to acquire a 60% stake in the company. The remaining 40% will remain with its previous controllers, reinforcing their commitment to Ativas, to continue to deliver high quality services with high standards of security and availability, adding value to the business processes of its customers. The technological infrastructure that was procured in this investment will enable us to strengthen our value proposal, in order to develop large integration and outsourcing projects, complementing the IT services that we provide from our facilities in São Paulo, Brazil and the rest of Latin America. SONDA celebrates 10 years on the stock market The company was placed on the stock exchange in November 2006 through an Initial Public Offering (IPO), which attracted well-known institutional investors in Chile and the rest of the world, with the objective of consolidating our presence in the region. Since then, we have become the fourth largest provider of IT services in the region, covering 10 countries and over 3,000 cities. This consolidation process has required implementing four consecutive triennial investment plans, which required a resource commitment that totaled over US$1,000 million. As a result of this of regional consolidation and expansion process, the company's sales have multiplied four times over the last 10 years, and we have become the largest Latin American IT services company in the region, positioning ourselves as a significant developer of large integration and outsourcing projects. Highlights 7 The SONDA Triennial Investment Plan for 2016 to 2018 is US$ 790 million Regional Centers of Expertise in Latin America We have developed Regional Centers of Expertise, as a result of our growth and history of developing various important projects across the region. Their purpose is to share experience and leverage the development and provision of effective and competitive solutions that address local and regional issues, making these centers in one of the main drivers of growth for the company. These competence centers include Transport Solutions, Smart Citizen Security, Transformational Outsourcing, Basic Services (Utilities), and SOC. SONDA's Santiago data center achieves certified compliance with Tier III standards for operational sustainability Our data center located in Santiago (Chile) obtained Tier III certification for operational sustainability during 2016, achieving the highest score (GOLD) from the Uptime Institute, which has been achieved by only 17 data centers in the world.
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