APIMEC - 4Q08 Results
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APIMEC - 4Q08 Results

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APIMEC - 4Q08 Results APIMEC - 4Q08 Results Presentation Transcript

  • 4Q08 Results March 11th
  • 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.
  • Agenda Highlights Results Outlook Social Responsability
  • Highlights Operating • Traffic increse 7.3% in the 4Q08 and 8.4% in 2008. Regarding 3Q08, traffic decreased by 0.20%. • Net Revenue totaled R$ 734.4 milhões (+15.9%) in the 4Q08, and reached R$ 2.734,2 milhões (+16,2%) in 2008. • 43.5% increase in AVI users in the year, compared to Dec/2007, totaling 1,303 thousand. 4Q08 added 145 thousand Tag`s, a 163,6% growth compared to 4Q07. • On December 17, 2008, all the 13 toll plazas of RodoAnel Oeste began operations.
  • Highlights Upcoming Events • On February 9, 2009, CCR informed its shareholders and the market in general that, together with its subsidiary Companhia de Participações em Concessões (CPC) and Brisa Participações e Empreendimentos Ltda., it entered into an irrevocable and irreversible Share Purchase Agreement subject to Suspensive Conditions with CS Participações Ltda., its shareholders and its subsidiary BR Inspeções S.A. by which CPC acquired shares representing 45% of the capital stock of Controlar S.A. • The Company’s Management proposes an additional dividend payment to its shareholders, referring to 2008, of R$ 0.35 per share, totaling R$ 141.1 million, to be submitted to the approval of a General Shareholders’ Meeting. This additional dividend payment will be made at two moments throughout 2009: R$ 0.25 on April 30, 2009 and R$ 0.10 by the end of the year. Considering the anticipation of dividends of R$ 1.00 per share paid on September 30, 2008, payout came to 76.3% for the fiscal year of 2008.
  • Results The results reflect a combination of factors... R$ Millions 4Q07 2007 Financial Highlights Reclassified 4Q08 Chg % Reclassified 2008 Chg % Net Revenue 633.8 734.4 15.9% 2,353.0 2,734.2 16.2% Total Costs (1) (350.6) (357.1) 1.9% (1,238.6) (1,366.3) 10.3% EBIT 283.2 377.2 33.2% 1,114.4 1,367.9 22.7% EBIT Margin 44.7% 51.4% +6.7 p.p. 47.4% 50.0% +2.6 p.p. Depreciation and Amortization (2) 83.0 95.8 15.5% 327.9 363.9 11.0% EBITDA 366.2 473.1 29.2% 1.442,2 1,731.8 20.1% EBITDA Margin 57.8% 64.4% +6.6 p.p. 61.3% 63.3% +2.0 p.p. Net Financial Result (70.3) (80.4) 14.4% (225.0) (253.0) 12.4% IRPJ & CSLL Current and Difered (79.6 ) (106.3) 33.5% (301.6) (392.1) 30.0% Net Income 132.1 188.8 42.9% 579.7 713.6 23.1% (1) Total Costs + Administrative Expenses (2) Includes prepaid expenses ... traffic growth and reduction of operating costs.
  • Net Financial Result 4Q07 2007 Net Financial Result (R$ MM) 4Q08 Chg % 2008 Chg % Reclassified Reclassified Net Financial Result (70.3) (80.4) 14.4% (225.0) (253.0) 12.4% Financial Expenses: (107.8) (139.1) 29.0% (333.1) (440.9) 32.4% - Exchange Rate Variation 0.0 (42.4) n.m. 0.0 (75.7) n.m. - Hedge Transactions lost (9.5) (0.4) -96.1% (23.8) (30.8) 29.5% - Monetary Variation (27.7) (11.5) -58.5% (53.0) (79.9) 50.7% - Interest on Short-term and Long-term Debt (48.4) (80.8) 66.9% (193.7) (229.5) 18.5% - Other Financial Expenses (22.2) (4.0) -82.1% (62.7) (25.1) -59.9% Financial Income: 37.5 58.7 56.5% 108.1 187.9 73.9% - Hedge Transctions gain 8.4 37.7 n.m. 14.1 73.7 n.m. - Other Financial Income 29.0 21.0 -29.4% 94.0 114.2 21.6%
  • Business Dynamics EBITDA (R$ millions) x EBITDA Margin 482 473 411 401 374 341 366 366 322 323 326 310 309 299 259 263 216 218 224 67% 67% 65% 64% 62% 60% 58% 59% 59% 59% 57% 59% 56% 55% 55% 54% 55% 51% 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
  • Revenues Toll Payment Method 53% 50% 46% Cash Electronic 54% 50% 47% 4Q06 4Q07 4Q08 Concession Breakdown Revenues Breakdown – 4Q08 Renovias Other Other 1.7% STP 2.4% 3% 2% ViaOeste 17% AutoBan 36% ViaLagos 2% Ponte 4% 95.9% Rodonorte 96,2% 10% Toll NovaDutra 26%
  • Traffic (Vehicle Equivalents – millions) Quarterly Evolution Annual Evolution 156 598 145 551 520 136 493 130 4Q05 4Q06 4Q07 4Q08 2005 2006 2007 2008 4Q08 x 4Q07 – Concession Breakdown 2008 x 2007 – Concession Breakdown 4.9% 7.6% 6.9% 3.3% 2.7% 5.3% 4.0% 3.3% 0.0% RodoNorte 2.4% AutoBAn Nova Ponte -0.4% Via Dutra Via Oeste Lagos AutoBAn Nova RodoNorte Ponte Via Via -2.9% Dutra Lagos Oeste
  • Net Revenues & Total Costs We are still delivering... 734.4 633.8 567.5 551.9 Net Revenue 350.6 357.1 Other 334.4 16% Payroll 16% 324.9 17% 15% 13% 17% Concession Fee 59% 59% 23% R$ (millions) 16% 13% 23% 55% 13% 16% 15% Third-Party 12% 11% 20% 16% 49% 21% 13% 21% 16% 23% 28% D&A 24% 25% 25% 21% 24% 28% 22% 24% 26% 23% 28% 26% 27% 27% 27% 4Q05 4Q06 4Q07 4Q08 Other: insurance, rent, marketing, travel, electronic payment and conservation and material for conservation and maintenance. Third-Party Services: auditing, consulting, shared services and routine maintenance. ...operating efficiency.
  • Indebtness Appropriated capital structure... Gross Debt Net Debt 2,631 3,722 90% 1,204 1.52 1,985 1,161 1,140 R$ (millions) R$ (millions) 1,756 1,483 100% 100% 1.05 0.94 0.84 84% 4Q05 4Q06 4Q07 4Q08 4Q05 4Q06 4Q07 4Q08 Short Term Long Term In R$ Net Debt Net Debt / EBITDA ...in the current financial economic scenario.
  • Indebtness We are still pursuing a more... Distribution Debt Amortization Other BNDES 1.768 CDI + 0.275% TJLP + (4.5% - 5.0%) Foreign Currency 5% Debentures 10% IGP-M + 7.6%-11% 20% 25% 520 Commercial Pappers 328 208 163 186 167 138 114 167 40% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Debentures CDI + 1.6% ; 103.3% - 105% CDI; 14.75% ...efficient capital structure.
  • Capex Schedule 2009 CAPEX (R$ MM) 1Q08 2Q08 3Q08 4Q08 2008 2009(E) 2010 (E) AutoBAn 34.3 61.3 38.8 152.2 286.6 337.2 498.5 NovaDutra 29.4 37.6 41.4 49.5 157.9 161.1 196.0 ViaOeste 13.6 9.6 16.3 16.5 56.0 302.0 162.4 RodoNorte (100%) 8.2 14.9 19.6 46.0 88.6 83.4 96.8 Ponte 3.0 3.2 2.8 4.0 13.0 12.5 18.2 ViaLagos 0.1 0.2 1.8 2.7 4.8 9.5 12.0 ViaQuatro (58%) 12.9 0.0 23.9 32.4 69.2 158.9 123.1 Renovias (40%) 0.7 4.3 6.5 11.5 36.0 26.3 RodoAnel (100%) 2.2 31.3 62.0 95.5 53.3 45.5 Other1 1.7 (1.6) 0.3 14.1 14.4 23.7 19.3 Consolidated 103.2 128.2 180.5 385.7 797.6 1,177.8 1,198.0 1 – Includes CCR, CCR México,CCR USA, Actua, Engelog, Parques and STP. The values esteem for 2009 in the concessionaires Rodonorte, ViaQuatro, Renovias and Rodoanel means CCR stake on the project.
  • CCR in the Global Context MARKET EV/ NET DEBT/ 2009E - US$ MM DIV. YIELD EBITDA P/E ROE SALES EV YTD%* CAP EBITDA EBITDA ABERTIS INFRAESTRUCTURAS 9,029 5.6 2,988 - 5.4 11.0 14.3 4,791 25,289 -15.3 ATLANTIA SPA 7,369 7.6 2,650 8.4 4.8 8.5 17.0 4,365 22,138 -22.1 SOCIETE DES AUTOROUTES 6,098 7.2 1,587 10.8 5.5 13.9 - 2,341 17,068 -14.1 JIANGSU EXPRESS 3,953 5.9 533 9.7 1.6 13.1 11.7 769 5,165 -5.8 PLUS EXPRESSWAYS 3,940 5.7 638 10.9 3.1 13.4 18.8 803 6,947 -2.7 CCR 3,858 4.0 849 6.0 1.7 11.8 37.2 1,347 5,096 -4.9 BRISA 3,446 6.8 602 14.3 7.7 21.0 8.0 859 8,616 -14.9 TRANSURBAN GROUP 3,154 5.8 336 18.1 8.4 176.3 0.6 484 6,073 -29.1 CINTRA CONCESIONES 2,390 3.2 959 13.9 11.9 - -7.2 1,396 13,371 -37.4 MACQUARIE INFRASTRUCTURE 1,514 19.4 -393 - -2.8 - -16.8 -53 3,133 -39.8 Bloomberg – 03/10/2009 * In terms of local currency ** USD = R$ 2,3781
  • Social Responsability and Cultural Policy
  • Social Responsibility and Cultural Policy Tela Brasil Cinema Approximately 462,000 people Roda Brasil Circus Over 140,000 people Cultura Road to Citizenship 10,000 educators and 720,000 children I Use de Pedestrian Crossing Over 15,000 children, youngsters and adults Ways to Life Institute Over 1,200 students Education Road to Health Approximately 64,000 truckers assisted Humanized Childbirth Over 23,000 pregnant women assisted Zero Alcohol Over 10,000 people impacted Health Green Asphalt Over 360,000 recycled tires SacoLona (canvas bag) Project 3,550 items manufactured by recycling 532 kg of canvas Environment / Grael Project 360 people were benefited Sports Sports’ Caravan 8,600 children from public schools benefited
  • Details – Datafolha Research Highlights • The work of CCR Group concessionaires was approved by 86.3% of users; • Over 76% of the drivers and opinion makers are satisfied or fully satisfied with our customer service; • Our concessionaires were considered reliable by 85% of the interviewees, a respectable company by 90%, and a company that provides good services by 89% of the drivers; • 86.7% of the opinion leaders want the government to grant more highways to the private sector; • 87.6% of the interviewees agreed it was worth paying the toll tariff at CCR group highways.
  • 4Q08 Results March 11th