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Presentation 1Q12
 

Presentation 1Q12

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    Presentation 1Q12 Presentation 1Q12 Presentation Transcript

    • 1Q12 Earnings Results
    • DisclaimerThis presentation may contain certain forward-looking projections and trends that neitherrepresent realized financial results nor historical information.These forward-looking projections and trends are subject to risk and uncertainty, andfuture results may differ materially from the projections. Many of these risks anduncertainties are related to factors that are beyond CCR’s ability to control or to estimate,such as market conditions, currency swings, the behavior of other market participants, theactions of regulatory agencies, the ability of the company to continue to obtain financing,changes in the political and social context in which CCR operates or economic trends orconditions, including changes in the rate of inflation and changes in consumer confidenceon a global, national or regional scale.Readers are advised not to fully trust these projections and trends. CCR is not obliged topublish any revision of these projections and trends that should reflect new events orcircumstances after the realization of this presentation. 2
    • Agenda Highlights Results Analysis Perspectives 3
    • Highlights TRAFFIC: Increase of 5.1% compared to 1Q11. ELECTRONIC TOLL COLLECTION: Electronic toll collections reached 65.6% of total toll revenues, with the number of users of the STP system expanding by 23.8% compared to March 2011, reaching 3,374,000 active tags. EBITDA and EBITDA MARGIN Increase of +17,9% in EBITDA, with margin of 65.3%, up 1.9 p.p. in relation to 1Q11. NET INCOME Reached R$ 288.6 million, benefited by increased cash flow generation, reduction of operational costs and financial expenses. 4
    • Subsequent Event On April 4, 2012 CCR reported to its shareholders and the market in general that, on that date, its subsidiary, Companhia de Participações em Concessões, signed a Stock Purchase and Sale and Other Agreements Contract irrevocable and undeniable for the acquisition of shares representing 80.00% of the capital stock of BARCAS, for the acquisition price, subject to adjustments as defined in the contract, of R$ 72.0 million (January 2011). On April 13, 2012, the Company approved the distribution of supplementary dividends related to the fiscal of 2011, proposed by company’s management, in the amount of R$ 0.06/share, distributed as from April 27, 2012. Considering the anticipation of dividends paid in September 30, 2011, of R$ 0.40/share, in 2011, payout was 89.2%. 5
    • Subsequent Event On April 19, 2012 CCR reported to its shareholders and the market in general that the Special Tender Commission declared the Consórcio Rio Olímpico, composed by CCR (33.33%), Investimentos e Participações em Infraestrutura S.A. - Invepar (33.34%) and Odebrecht TransPort Participações S.A. (33.33%), the winner of the Transolímpica, by offering the highest sum in payment for the award of the concession, in the amount of R$ 57.9 million. On April 26, 2012 CCR reported to its shareholders and the market in general that, as a result of the Material Fact published by the Company on April 19, 2012, the CONCESSIONÁRIA TRANSOLÍMPICA S.A. signed the Concession Contract for the concession award to build, operate, maintain, monitor, conserves and improve the “Ligação Transolímpica” for a period of 35 (thirty five) years. 6
    • Earnings Highlights Expansion of EBITDA margin as a result of...Financial Indicators (R$ MM) 1Q11 1Q12 Chg %Net Revenues* 1,043.4 1,194.6 14.5%EBIT 483.5 607.6 25.7%EBIT Mg. 46.3% 50.9% +4,6 p.pEBITDA 662.0 780.5 17.9%EBITDA Mg. 63.4% 65.3% +1,9 p.pNet Income 175.2 288.6 64.7%Net Debt / EBITDA LTM 2.3 1.9 -EBITDA / CAPEX 3.9 7.2 -EBITDA / Interes and Monetary Variation 3.5 4.3 -* Net Operational Revenues excludes Construction Revenues ... Increased cash generation and capital discipline. 8
    • Traffic – Quarter ChangeConsolidated – Equivalent Vehicle 239,841 228,120 194,597 163,241 140,348 130,584 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12Revenue and Traffic 1Q12 X 1Q11 14.9% 14.9% 15.0% 14.3% 14.6% 10.8% 10.8% 8.7% 8.9% 6.5%5.5% 4.6% 4.8% 4.8% 5.0% 4.4% 3.6% 3.5% AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias Traffic Toll Revenues 10
    • Revenue AnalysisGross Operating Revenues Revenue Breakdown ViaLagos Controlar Renovias 1.9% 0.6% 2.3% Others ViaQuatro 0.1% 2.7% Ponte 4.6% 6.5% 7.7% 8.5% 2.8% RodoAnel 3.4% STP AutoBan 3.5% 30.0% SP Vias 95.4% 93.5% 92.3% 91.5% 8.2% RodoNorte 10.0% NovaDutra 1Q09 1Q10 1Q11 1Q12 ViaOeste 19.5% 14.9% Toll OthersRevenue Indexer Payment IGPM 2.4% 42.5% 37.2% 34.4% 46.5% 57.5% 62.8% 65.6% 53.5% IPCA 97.6% 1Q09 1Q10 1Q11 1Q12 Eletronic Cash 11
    • Revenues and Costs (1Q11 X 1Q12) Aprox. contribution to Source Increase % EBITDA increase (R$ MM)EBITDA increased 17.9% +31 Traffic 5.1% + R$ 119 MM +48 Tariff and ancillary rev. 7.9% +15 Other revenues 26.2% +23 Ebitda margin increase +1.9 p.p. Total Costs (R$ MM) 15% 1% Costs 1Q11 X 1Q12 (R$ 45% 2% MM) Total 13% Costs 16 (62) Reduction 14 2 1 35% 5% 696 21% (19) 661 13 1Q11 Depreciation Third-Party Concession Personnel Construction Maintenance Other Costs 1Q12 and Services f ee costs and Costs Costs Provision Amortization anticipated expenses Provisions and + Traffic ViaQuatro Postponements Basis update ViaQuatro energy 12
    • Financial Results Highlights Better financial results reflects… Net Financial Result (R$ MM) 1Q11 1Q12 Chg % Net Financial Result (205.7) (169.1) -17.8% - Result from Hedge Operation (43.4) (6.6) -84.8% - Monetary Variation (14.5) (4.7) -67.4% - Exchange Rate Variation on Loans, Financing and Debentures 26.1 14.7 -43.5% - Present Value Adjustment of Maintenance Provision (19.5) (14.6) -25.2% - Interest on Loans, Financing and Debentures (176.2) (176.3) 0.1% - Interest and Investment Income and other Revenues 43.5 34.4 -21.1% - Others¹ (21.7) (16.0) -15.6% ¹ Comissions, fees, taxes, fines and interest on taxes… appreciation of the real in relation to the dollar and lower monetary variation registered in the period. 13
    • Debt in March 31, 2012Gross debt by indexer IPCA Others TJLP 2.6% 0.1% 4.6% IGP-M 4.9% • Total gross debt: R$ 7.0 bi USD 7.1% • Net debt/ EBITDA: 1.9X CDI 80.7%Amortization Schedule Amortization Schedule 2,368 208 1,491 1,109 965 895 2,156 282 180 204 86 55 1,001 862 838 799 16 2012 2013 2014 2015 2016 from 2017 to 2023 CDI Others USD
    • Debt Reduction of leverage indexes…Net Debt/ EBITDA LTM 2.5 2.3 2.3 2.2 2.1 1.9 1.9 1.6 6,186 6,152 1.5 5,893 1.5 5,633 5,565 5,630 2.5 4,169 2.3 2.3 3,456 2.2 3,067 2.1 1.9 1.9 1.6 1.5 1.5 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Net Debt (R$ MM) Net Debt/EBITDA (x) ...due to strong cash generation and maturation of recent projects. 14
    • Debt Structure and Amortization After these refinancings, the new amortization schedule will reflect ... Amortization 2012 - 2013 Expected schedule after refinancing In R$ MM Amortization 2012 2013 2,500 AutoBan 912.4 304.1 2,000 SPVias 878.5 292.8 1,500 ViaOeste 160.1 159.5 NovaDutra 174.4 144.2 1,000 500 TOTAL 2,368.3 1,491.1 Projects performed and contracts in progress 0 Mandated financing 2012 2013 2014 2015 2016 From 2017 Current Target 90% in 2012 e 60% in 2013 ... broaden financial capacity for new business.* Total debt described in the amortization schedule set above does not consider transaction costs. 15
    • Track RecordCCR Track Record: diversification and new bids Milestone Concession Awarded Acquisition Concession Extension IPO STP (2002) AutoBAn + Follow-on (2003) ViaOeste (April 2004) ViaOeste RodoNorte (October 2004) Concession (2005) ViaQuatro Extension (2006) (2006) USA (2007) Via Lagos Concession RenoVias Extension (2011) (2008) RodoAnel (2008) 2012: SP VIAS Controlar • Airports: Quito, San (2010) (2009) Jose and Curaçao • Barcas Follow-on • Transolímpica (2009) 15
    • Thank you