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Investors' Meeting - 1Q09 Results

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  • 1. 1Q09 Results May 08th
  • 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.
  • 3. Results Presentation While preparing the financial statements for 2008, the Company, for the first time, adopted the changes introduced by Law 11638, approved on December 28, 2007, with the respective changes introduced by the Provisional Presidential Decree 449, of December 3, 2008. For quarterly comparative purposes, the Company complied with CVM Resolution 506, of June 19, 2006, taking into account the retrospective effect of the changes determined by said legislation and is consequently presenting again the information for the first quarter of 2008.
  • 4. Agenda Highlights Results Outlook Social Responsability
  • 5. Highlights Operating • Traffic increase 16.3% in the 1Q09. Regarding 4Q08, traffic increase by 4.8%. Comparing the same traffic base, i.e., without Renovias and RodoAnel Oeste, traffic dropped by 2.0% in the 1Q09. • Net Revenue totaled R$ 716.0 milhões (+15.4%) in the 1Q09. • 47.4% increase in AVI users in the year, compared to 2008, totaling 1,427 thousand. 1Q09 added 124 thousand Tag`s, a 107% growth compared to 1Q08.
  • 6. Highlights Events • On February 9, 2009, CCR entered into an irrevocable and irreversible Share Purchase Agreement subject to Suspensive Conditions and adjustments for the acquisition of shares representing 45% of the capital stock of Controlar S.A. CCR investment, will amount to R$121,014.000.00 .
  • 7. Highlights Upcoming Events • On April 15, 2009, the Company approved the payment of additional 2008 dividends proposed by the management, of R$ 0.25 per share, paid as of April 30, 2009 and R$ 0.10 will be paid by the end of 2009, totaling R$ 141.1 million. Considering the anticipation of dividends of R$ 1.00 per share paid on September 30th, 2008, payout came to 76.3% for the fiscal year of 2008. • On May 4, 2009, the Company informed its shareholders and the market in general that it has entered into an irrevocable and irreversible Share Purchase Agreement with Brisa – Autoestradas de Portugal S.A. (“Brisa”) for the sale of CCR’s entire interest (10% of the capital stock) in Northwest Parkway, LLC, in the amount of US$ 29.1million.
  • 8. Results The results reinforce our perception... Financial Highlights 1Q08 1Q09 Chg % 1Q09 * Chg % * R$ Million Reclassified Net Revenue 620.4 716.0 15.4% 673.4 8.5% Total Costs (1) (305.6) (370.3) 21.2% 335.7 9.8% EBIT 314.7 345.7 9.8% 337.6 7.3% EBIT Margin 50.7% 48.3% -2.4 p.p. 50.1% -0.6 p.p. Depreciation and Amortization (2) 87.4 109.2 24.9% 92.0 5.3% EBITDA 402.2 454.8 13.1% 429.6 6.8% EBITDA Margin 64.8% 63.5% -1.3 p.p. 63.8% -1.0 p.p. Net Financial Result (62.3) (82.9) 33.0% (49.2) -21.1% Inc. tax and Soc. Contribution (Current and Deferred) (87.7) (105.2) 19.9% (102.0) 16.3% Net Income 162.2 155.9 -3.9% 181.1 11.7% * Not included Renovias and RodoAnel (1) Total Costs + Administrative Expenses (2) Includes prepaid expenses ... that our business is resistant to the economy’s ups and downs.
  • 9. Net Financial Result Net Financial Result 1Q08 1Q09 Chg % 1Q09 * Chg % * R$ Million Reclassified Net Financial Result (62.3) (82.9) 33.0% (49.2) -21.1% Financial Expenses: (105.7) (150.9) 42.7% (112.9) 6.8% - Exchange Rate Variation (12.8) (5.5) -57.2% (5.5) -57.2% - Hedge Transactions lost (18.3) (18.6) 1.5% (18.6) 1.5% - Monetary Variation (19.4) (1.7) -91.3% (1.7) -91.3% - Interest on Short-term and Long-term Debt (48.4) (110.8) 128.8% (73.2) 51.2% - Other Financial Expenses (6.8) (14.3) 109.5% (13.9) 103.9% Financial Income: 43.4 68.0 56.6% 63.7 46.8% - Hedge Transctions gain 14.4 4.8 -66.8 % 4.8 -66.8% - Exchange Rate Variation 6.1 18.0 196.8 % 18.0 196.8% - Monetary Variation - 8.3 n.a. 8.3 n.a. - Other Financial Revenues (Interest and Proceeds from Investments) 23.0 36.9 60.8 % 32.6 41.8% * Not included Renovias and RodoAnel
  • 10. Business Dynamics EBITDA (R$ million) x EBITDA Margin 482 473 454 411 402 374 341 366 322 323 326 310 309 299 259 263 224 67% 67% 65% 64% 63% 62% 60% 59% 58% 59% 59% 57% 59% 56% 54% 55% 51% 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
  • 11. Revenues Toll Payment Method 52% 49% 47% Cash Electronic 53% 51% 48% 1Q07 1Q08 1Q09 Concession Breakdown Revenues Breakdown 1Q09 Rodoanel Other Other 2.0% STP 2.6% 3% 3% Renovias 3% ViaOeste 16% AutoBan 34% ViaLagos 2% 95.4% Ponte 4% 96,2% Rodonorte Toll 11% NovaDutra 24%
  • 12. Traffic (Vehicle Equivalents – millions) Quarterly Evolution 163 140 125 131 1Q06 1Q07 1Q08 1Q09 Quarterly Breakdown - 1QO9 x 1Q08 6.3% 0.9% 1.0% AutoBAn NovaDutra RodoNorte Renovias Ponte ViaLagos ViaOeste -2.5% -2.4% -3.4% -4.2%
  • 13. Net Revenues & Total Costs The 1Q09 operating margin was affected by the new businesses ... 716.0 620.4 545.9 514.5 Net Revenue 370.3 Other 14% Payroll 301.2 305.6 18% 285.3 12% Concession Fee 59% 16% 13% 17% 14% R$ (million) 16% 15% 17% 16% 52% 12% 14% 16% Third-Party 15% 51% 12% 13% 49% 22% 15% 15% 21% 16% 23% 25% 28% D&A 23% 30% 28% 28% 22% 24% 28% 27% 28% 27% 27% 27% 27% 27% 1Q06 1Q07 1Q08 1Q09 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. ... higher Depreciation & Amortization and maintenance.
  • 14. Indebtness Our leverage, combined with the strong cash flow... Gross Debt Net Debt 3,935 2,810 91% 1.57 1,973 1,116 1,091 983 R$ (millions) R$ (milions) 1,703 1,396 97% 100% 0.95 0.79 0.72 87% 1Q06 1Q07 1Q08 1Q09 1Q06 1Q07 1Q08 1Q09 Short Term Long Term In R$ Net Debt Net Debt / EBITDA LTM ... enables CCR to further expand its business.
  • 15. Indebtness Our current profile reflects the regular development of any... Distribution Debt Amortization Maturing in 2009 1,857 Rodoanel PN's 1,159 BNDES 1,857 TJLP + (1.7% - 5.5%) Amortizations 358 Foreign CCR Debenture 340 Currency R$ (million) 7% Debêntures 9% IGP-M + 7.6%-11% 19% 29% 555 Commercial 330 213 267 Pappers 186 168 167 133 95 CDI+(1.18% - 1.25%) 36% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Debêntures CDI + 1.6% ; 103.3% - 105% CDI; 14.75% ... new business, including the taking out of long-term loans.
  • 16. Debt Amortization Amortization Schedule by Index 1,857 555 330 267 213 186 133 168 167 95 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 FX BNDES IGPM CDI
  • 17. Capex Schedule 2009 - 2010 CAPEX (R$ MM) 1Q08 1Q09 2009(E) 2010 (E) AutoBAn 34.3 67.9 337.2 498.5 NovaDutra 29.4 32.9 161.1 196.0 ViaOeste 13.6 15.8 302.0 162.4 RodoNorte (100%) 8.2 15.3 83.4 96.8 Ponte 3.0 0.8 12.5 18.2 ViaLagos 0.1 0.9 9.5 12.0 ViaQuatro (58%) 12.9 1.9 158.9 123.1 Renovias (40%) - 3.9 36.0 26.3 RodoAnel (100%) - 16.5 53.3 45.5 Other1 1.7 3.1 23.9 19.2 Consolidated 103.2 159.1 1,177.8 1,198.0 1 – Includes CCR, CCR México,CCR USA, Actua, Engelog, Parques and STP. The estimated values for 2009 and 2010 in the concessionaires Rodonorte, ViaQuatro, Renovias and Rodoanel correspond to CCR‘s stake on the project.
  • 18. 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 12,624 4.2 3,136 11.0 6.2 15.6 15.9 5,040 34,571 12.06 ATLANTIA SPA 10,789 5.4 2,747 9.3 5.0 11.9 17.1 4,570 25,590 8.02 SOCIETE DES AUTOROUTES 7,227 5.1 1,603 11.4 5.7 16.8 263.4 2,372 18,198 -3.64 CCR 5,338 2.9 922 7.1 1.7 15.5 37.4 1,468 6,509 17.22 PLUS EXPRESSWAY 4,484 5.2 670 11.2 3.3 14.5 18.7 851 7,491 6.04 BRISA 4,238 5.9 628 14.5 8.1 27.1 8.3 900 9,119 -0.97 JIANGSU EXPRESS 4,232 5.8 511 10.4 1.7 14.5 11.0 734 5,331 -3.16 TRANSURBAN GROUP 4,191 4.9 377 18.9 8.5 272.3 -1.5 552 7,109 -20.56 CINTRA CONCESIONES 3,503 2.2 897 13.8 12.8 - -13.8 1,249 12,338 -12.78 MACQUARIE INFRASTRUCTURE 2,484 12.9 -588 - -2.1 - -13.2 170 4,103 22.18 Source: Bloomberg 05/07/2009 – USD $ 1.00 = R$ 2.1213 * In terms of local currency
  • 19. Social Responsability and Cultural Policy
  • 20. Social Responsibility and Cultural Policy Tela Brasil Cinema Approximately 500,000 people Roda Brasil Circus Over 160,000 people Cultura Road to Citizenship 15,000 educators and 870,000 children I Use de Pedestrian Crossing Over 15,000 children, youngsters and adults Ways to Life Institute Over 1,350 students Education Road to Health Approximately 68,000 truckers assisted Humanized Childbirth Over 24,000 pregnant women assisted Zero Alcohol Over 300,000 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 / Sports’ Caravan 10,200 children from public schools benefited Sports
  • 21. 1Q09 Results May 08th

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