Apimec – 2 q07 results

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Apimec – 2 q07 results

  1. 1. 2Q07 Earnings
  2. 2. Forward Looking Statement This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation. 2
  3. 3. Agenda Highlights Results Outlook Social Responsibility and Datafolha Research 3
  4. 4. Highlights Operating 6.3% traffic increase in 2Q07 and 5.5% in 1H07. Net Revenue totaled R$ 555.7 million (+8.4%) in the 2Q07 and R$ 1,101.6 million (+7.2%) in 1H07. Net Income reached R$ 121.8 million (+56.1%) in the 2Q07 and R$ 268.6 million (+38.9%) in 1H07. 34.7% increase in AVI users, totaling 807Qh. 4
  5. 5. Highlights Corporative On May 31, 2007, CCR informed its shareholders and the market that, following the decision of the Board of Directors of “Northwest Parkway Public Highway Authority”, the concession agreement with the consortium formed by CCR (10%) and Brisa – Autoestradas de Portugal S.A. (90%) was approved on a preliminary basis. On August 9, 2007, CCR approved the prepayment of dividends for the fiscal year 2007 proposed by the management, in the amount of R$ 0.82 per share, totaling R$ 330.5 million, to be paid on August 31, 2007. 5
  6. 6. Results 2Q07’s results reflect a combination of factors... R$ Million Financial Highlights 2Q06 2Q07 Ch. % 1H06 1H07 Ch. % Net Revenue 512.8 555.7 8.4% 1,027.4 1,101.6 7.2% (1) Total Costs (338.2) (313.9) -7.2% (639.4) (599.2) -6.3% EBIT 174.7 241.8 38.4% 388.0 502.4 29.5% EBIT Margin 34.1% 43.5% +9.4 p.p. 37.8% 45.6% +7.8 p.p. (2) Depreciation and Amortization 87.9 84.2 -4.1% 173.2 164.5 -5.0% EBITDA 262.6 326.1 24.2% 561.1 666.9 18.8% EBITDA Margin 51.2% 58.7% +7.5 p.p. 54.6% 60.5% +5.9 p.p. Net Financial Result (54.1) (45.1) -16.6% (94.3) (88.3) -6.4% Net Income 78.0 121.8 56.1% 193.4 268.6 38.9% (1) Total Cost + Administrative Expenses (2) Includes prepaid expenses ...traffic and reduction of operating costs. 6
  7. 7. Operating Margins Evolution EBITDA x EBITDA Margin 322 323 341 326 310 309 299 259 263 216 218 224 161 170 174 151 130 128 122 119 62% 108 107 60% 58% 59% 57% 59% 53% 52% 55% 55% 54% 55% 56% 49% 48% 51% 51% 46% 46% 47% 47% 44% 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Adjusted EBITDA x Adjusted EBITDA Margin * 375 374 386 368 362 341 319 326 323 266 269 276 203 218 196 72% 70% 70% 211 68% 68% 68% 68% 66% 163 162 155 152 67% 64% 62% 138 137 64% 57% 67% 66% 57% 62% 60% 62% 60% 59% 59% 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 (*) Pro forma figures, excludes concession fees 7
  8. 8. Revenues Toll Payment Method 33.8% 35.5% 47.1% 50.1% Eletronic Cash 66.2% 64.5% 52.9% 49.9% 2Q04 2Q05 2Q06 2Q07 Concession Breakdown Revenues Breakdown Via Lagos Other Ponte STP 1.7% Other 2.0% 4% 2% Rodonorte 3% AutoBAn 11% 37% ViaOeste 17% 96.3% 96,2% 27% Toll NovaDutra 8
  9. 9. Traffic – Quarterly Evolution Quarterly Historical Evolution 2Q07 x 2Q06 – Concession Breakdown (Equivalent Vehicles – million) (Equivalent Vehicles) + 6.3% 8.5% 133 125 6.9% 7.0% 126 5.7% 97 4.5% 3.3% 2Q04 2Q05 2Q06 2Q07 AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste 9
  10. 10. Traffic – Equivalent Vehicles Monthly Variable Average - 12 Months Period: dec/98 - jun/07 In units x 1,000 AutoBAn Rodonorte Via Lagos 17000 5000 500 0 0 0 Nova Dutra Ponte Via Oeste 11000 2500 5000 0 1500 0 10
  11. 11. Net Revenue & Total Costs Operating Efficiency is... 556 513 471 341 338 314 Receita Líquida Net Revenue 288 245 14% 12% Outros 14% Other 11% 17% 12% 18% 22% Pessoal Payroll 13% R$ (million) 56% 22% 61% 66% 19% 20% 15% 14% Outorga Concession Fee 72% 23% 25% Serv. Terceiros Third-Party 22% 35% 25% D&A 22% 25% 25% 26% 2Q04 2Q05 2Q06 2Q07 Other: insurance, rent, marketing, travel, electronic payment and routine maintenance Third-Party Services: auditing, consulting and shared services. ... Continuous focus for CCR’s management. 11
  12. 12. Indebtedness Current unleveraged balance sheet... Gross Debt Net Debt 1,622 1,484 1,160 1,347 1,123 1,195 1,103 100% 100% R$ (million) R$ (million) 677 77% 1.22 67% 1.06 0.98 0.84 2Q04 2Q05 2Q06 2Q07 2Q04 2Q05 2Q06 2Q07 Short Term Long Term In R$ Net Debt Net Debt / EBITDA LTM 100% In Local currency ...allows great flexibility to participate in new bids. 12
  13. 13. Indebtedness Sources of funding are neither a growth boundary... Source of Funding Long Term Debt Amortization Other 104.5%-107.3% CDI BNDES TJLP + 4.5%-5.5% 617 R$ (million) 28% 16% 327 247 30% 26% 200 92 Debentures 85 Debentures 55 IGP-M + 9.5%-11% 103.3%-105% CDI 2007 2008 2009 2010 2011 2012 After 2012 ...to the Company’s growth nor to refinancing its current portfolio. 13
  14. 14. Capital Expenditures CAPEX Schedule CAPEX (R$ MM) 2Q06 2Q07 2007(E) 2008 (E) AutoBAn 45.8 86.8 287.5 234.8 NovaDutra 15.3 16.1 153.9 138.5 ViaOeste 33.2 59.8 193.2 33.0 Rodonorte 4.7 3.5 42.3 62.5 Ponte 1.7 3.8 32.2 7.4 Via Lagos 2.0 0.7 4.8 2.7 ViaQuatro 0.0 0.1 75.9 59.5 1 Other (1.2) 3.6 9.3 8.8 Consolidated 101.5 174.4 799.1 547.1 (1) Includes CCR, CCR Mexico, Actua, Engelog, Parques and STP 14
  15. 15. New Businesses State of São Paulo Concessions Federal Concessions Secondary Market PPP`s México and United States Brazil is still the main growth driver. 15
  16. 16. Social Responsibility and Datafolha Research 16
  17. 17. Culture Policy The Following cultural projects are being sponsored by CCR in 2007: •Roda Brasil Circus, CineTela Brasil, over 90,000 people • Cine Tela Brasil • Theater: Fica Comigo Esta Noite • Jogando no Quintal •São José dos Campos Symphonic Orchestra • Revelando o Vale • Festival Vale do Café •Brasília International Cinema Festival • Fenata - Ponta Grossa National Theater Festival ... Over 500,000 people were direct beneficiated 17
  18. 18. Social Responsibility: since the beginning, 700,000 people were benefited • Road to Citizenship: Traffic education classes for children • Road to Health: Providing access to healthcare services for truckers; • “On the right hand program”: WCF and CCR jointly fighting against children sexual exploration •Humanized Childbirth: Assistance to pregnant women during prenatal period; • I am “Sangue Bom” and Life Volunteers: Blood donation 18
  19. 19. Road Concessions - 2007 Continuity of the Concession Program – Favorable - 2007 (spontaneous and single, in %) 19
  20. 20. Concessionaires Image – 2005 X 2007 Concessionaire Evaluation General Evaluation on the Concessionaire Performance (in %) (great + good) 100 87 90 89 87 88 90 81 84 73 74 79 77 80 74 70 60 50 40 30 20 10 0 NovaDutra AutoBAn Ponte S.A ViaLagos RodoNorte ViaOeste 2005 2007 20
  21. 21. Was it worth to pay the toll? Yes or Not? Yes, it was 21

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