Apimec – 3 q07 results

284 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
284
On SlideShare
0
From Embeds
0
Number of Embeds
6
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Apimec – 3 q07 results

  1. 1. 3Q07 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 New Partnership Between CCR and Fundação Dom Cabral 3
  4. 4. Highlights Operating • 6.9% traffic increase in the 3Q07 and 6.0% in the 9M07. • Net Revenue totaled R$ 617.6 million (+12.3%) in the 3Q07 and R$ 1,719.2 million (+9.0%) in the 9M07. • Net Income reached R$ 179.0 million (+47.8%) in the 3Q07 and R$ 447.6 million (+42.3%) in the 9M07. • 34.9% increase in AVI users, totaling 853,000. 4
  5. 5. Highlights Corporate • Extraordinary Shareholders’ Meeting summoned for November 29, to decide on the Board of Directors powers on approving eventual stock buyback programs, proposed by the Company’s management. • On August 31, 2007, CCR prepaid dividends for the fiscal year 2007 in the amount of R$ 0.82 per share, totaling R$ 330.5 million. Dividends totaled R$ 532.1 million in 2007. CCRO3 – Market Indicators • Shareholders’ base growth of 140%, when compared to Nov/06. • 39% growth in the number of transactions and 116% increase in trading volume. • 3rd CCR Day to be held on November 23rd 5
  6. 6. Results 3Q07’s results reflect a combination of factors... R$ Million Financial Highlights 3Q06 3Q07 Ch. % 9M06 9M07 Ch. % Net Revenue 550.0 617.6 12.3% 1,577.4 1,719.2 9.0% Total Costs (1) (315.5) (287.2) -9.0% (954.9) (886.4) -7.2% EBIT 234.6 330.4 40.8% 622.5 832.8 33.8% EBIT Margin 42.6% 53.5% +10.9 p.p. 39.5% 48.4% +8.9 p.p. Depreciation and Amortization (2) 87.9 80.3 -8.6% 261.1 244.9 -6.2% EBITDA 322.4 410.7 27.4% 883.6 1,077.7 22.0% EBITDA Margin 58.6% 66.5% +7.9 p.p. 56.0% 62.7% +6.7 p.p. Net Financial Result (48.7) (66.4) 36.3% (143.0) (154.7) 8.2% Net Income 121.1 179.0 47.8% 314.5 447.6 42.3% (1) Total Cost + Administrative Expenses (2) Includes prepaid expenses ...higher traffic and reduction of operating costs. 6
  7. 7. Operating Margins Evolution (R$ million) EBITDA x EBITDA Margin 411 = 6. 3 % CQGR 310 309 322 323 341 326 299 259 263 216 218 224 161 170 174 151 130 128 122 119 108 107 62% 67% 55% 55% 60% 58% 59% 57% 59% 49% 53% 55% 54% 56% 47% 48% 47% 51% 52% 51% 46% 46% 44% 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 7
  8. 8. Revenues Toll Payment Method 35.6% 43.1% 47.7% 50.3% Eletronic Cash 64.5% 56.9% 52.3% 49.7% 3Q04 3Q05 3Q06 3Q07 Concession Breakdown Revenues Breakdown Via Lagos Ponte Other STP 1.7% Other 2.3% 2% 4% Rodonorte 11% 2% AutoBAn 38% ViaOeste 17% 96.0% 96,2% 26% Toll NovaDutra 8
  9. 9. Traffic – Quarterly Evolution This quarter confirms a sustained trend... Quarterly Historical Evolution 3Q07 x 3Q06 – Concession Breakdown (Equivalent Vehicles – million) (Equivalent Vehicles) % + 6.9 10.8% 142 130 133 7.3% 6.8% 6.9% 103 6.2% 3.0% 3Q04 3Q05 3Q06 3Q07 AutoBAn NovaDutra Rodonorte Ponte ViaLagos ViaOeste ... Traffic growth in all concessionaires. 9
  10. 10. Net Revenue & Total Costs Operating Efficiency is Key to... 618 550 519 393 315 Receita Líquida Net Revenue 290 15% Outros Other 235 287 16% 13% 13% Pessoal Payroll R$ (million) 13% 9% 12% 21% 16% 57% 56% 60% Outorga Concession Fee 46% 21% 23% 24% 16% 14% Serv. Terceiros Third-Party 33% 22% 28% D&A 27% 24% 25% 27% 27% 3Q04 3Q05 3Q06 3Q07 Other: insurance, rent, marketing, travel, electronic payment and routine maintenance Third-Party Services: auditing, consulting and shared services. ... the success of our business 10
  11. 11. Indebtedness The current low leverage allows CCR to... Gross Debt Net Debt 1,932 1,774 1,276 1,278 1,467 1,184 100% 1,214 100% R$ (million) R$ (million) 679 81% 1.20 69% 1.05 1.07 0.91 3Q04 3Q05 3Q06 3Q07 3Q04 3Q05 3Q06 3Q07 Short Term Long Term In R$ Net Debt Net Debt / EBITDA 100% in Local Currency ...allows great flexibility to participate in new bids. 11
  12. 12. Indebtedness Releveraging may become an important… Distribution Long Term Debt Amortization Other - CDI 104.5% - 107.3% BNDES - TJLP + (4.5% - 5.5%) 6% 12% 379 387 338 321 276 39% 174 43% 56 Debentures - CDI 103.3% -105% Debentures - IGP-M + 2007 2008 2009 2010 2011 2012 After 2012 (7.6%- 11%) …instrument for anticipating future results. 12
  13. 13. Capital Expenditures CAPEX Schedule * CAPEX (R$ MM) 1Q07 2Q07* 3Q07 2007(E)** 2008 (E) AutoBAn 27.9 86.8 34.3 287.5 234.8 NovaDutra 19.6 16.1 24.6 153.9 138.5 ViaOeste 43.4 36.1 30.6 193.2 33.0 Rodonorte 8.9 3.5 8.2 42.3 62.5 Ponte 2.2 3.8 8.4 32.2 7.4 Via Lagos 1.2 0.7 1.8 4.8 2.7 ViaQuatro 0.3 0.1 0.1 75.9 59.5 Other 1 1.7 3.6 1.6 9.3 8.8 Consolidated 105.2 150.7 109.5 799.1 547.1 (1) Includes CCR, CCR Mexico, Actua, Engelog, Parques and STP *Correction: 2Q07 R$ 150.7 million instead of R$ 174.4 million *** 2007 Estimate: R$ 658.4 million 13
  14. 14. New Businesses State of São Paulo Concessions Federal Concessions Secondary Market PPP`s Logistics México and United States Brazil is still the main growth driver. 14
  15. 15. Partnership CCR / Fundação Dom Cabral 15
  16. 16. CCR Infrastructure and Logistics Center • Generating knowledge in concession models, the role of private investments in the Brazilian transportation industry. public-private partnerships, cost-bennefit analysis in roads, logisitic costs, etc. • Creation of indicators for the infrastrucutre and logistics • Current Study Centers belong to Federal Universities, with many limitations due to academic characteristics • Offering of researches from official sources are uncertain and non- reliable 16
  17. 17. Investor Relations invest@ccrnet.com.br Phone: 55 (11) 3048-5955/6353

×