Earnings Results 1Q14
May, 2014
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Disclaimer
This presentation may contain certain forward-looking projections and trends that neither
represe...
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Agenda
Highlights
Results Analysis
Perspectives
3
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1Q14 Highlights
TRAFFIC:
Consolidated traffic grew by 9.1% in 1Q14. Considering Renovias, there was an incre...
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Subsequent Event
BH Airport:
On April 7, 2014, CCR entered into the Concession Agreement related to the conc...
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Financial Highlights
Revenue growth ...
... reflects the positive traffic performance.
1- Net Operational Re...
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Traffic – Quarter Change (Proforma)
Consolidated – Equivalent Vehicle
Revenue and traffic 1Q14 X 1Q13 (%)
* ...
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Revenue Analysis (Proforma)
1Q11 1Q12 1Q13 1Q14
63% 66% 67% 69%
37% 34% 33% 31%
Electronic Cash
AutoBan
28.0...
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Costs Evolution (1Q14 X 1Q13)
1Q13 Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Adv...
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Proforma EBITDA
1Q13
Proforma
EBITDA
1Q14
Proforma
EBITDA
Ex
New
Projects
1Q14
Proforma
EBITDA
Excluding
New...
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1Q13 Net
Financial Result
Income from
Hedge Operation
Monetary
Variation
ExchangeRate
Variation on Loans,
Fi...
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Same Basis Income(1)
1Q13
Net
Income
1Q14
Net
Income
Ex
New
Projects
1Q14
Net Income
Excluding
New Projects
...
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Debt in March 31, 2014
CDI
88.1%
IPCA
8.0%
USD
2.0%
TJLP
1.9%
Gross debt by indexer
Amortization Schedule (R...
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Debt
6,152 5,893
6,330 6,344
7,212 7,018 6,944 6,600
7,609 7.620
7,002 6,902
2.1
1.9 2.0 1.9
2.2 2.1 2.0
1.8...
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1Q14 Realized Investments and Maintenance
AutoBAn 59.0 1.9 60.9 0.1
NovaDutra 35.8 1.3 37.0 10.7
ViaOeste 7....
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Dividends (Cash)
2.2%
4.2%
4.8%
3.8% 3.9%
5.0%
4.6% 4.7%
3.9%
3.7%
3.9%
16%
58% 61% 65%
92%
85% 85%
127%
90%...
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Track Record
Milestone Concession Awarded Acquisition Concession Extension
IPO
(2002)
STP
(2003)Follow-on
(A...
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Presentation 1Q14

  1. 1. Earnings Results 1Q14 May, 2014
  2. 2. voltar início Disclaimer This presentation may contain certain forward-looking projections and trends that neither represent realized financial results nor historical information. These forward-looking projections and trends are subject to risk and uncertainty, and future results may differ materially from the projections. Many of these risks and uncertainties 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, the actions 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 or conditions, including changes in the rate of inflation and changes in consumer confidence on a global, national or regional scale. Readers are advised not to fully trust these projections and trends. CCR is not obliged to publish any revision of these projections and trends that should reflect new events or circumstances after the realization of this presentation. 2
  3. 3. voltar início Agenda Highlights Results Analysis Perspectives 3
  4. 4. voltar início 1Q14 Highlights TRAFFIC: Consolidated traffic grew by 9.1% in 1Q14. Considering Renovias, there was an increase of 9.2%. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users increased by 14.2% over March 2013, reaching 4,427,000 active tags. ADJUSTED EBITDA: Same basis adjusted EBITDA1 increased by 14.6% in 1Q14, accompanied by same basis adjusted EBITDA margin1 of 67.6% (+2.6 p.p.). NET INCOME: Net income on the same basis1 reached R$ 361.8 million, growth of 7.5%. 1 Adjusted EBITDA excludes Curaçao Airport, MSVia, Metro Bahia and BH Airport. 4
  5. 5. voltar início Subsequent Event BH Airport: On April 7, 2014, CCR entered into the Concession Agreement related to the concession for the expansion, maintenance and exploration of BH Airport. The concession will have 30-year term and CCR holds a total interest of 38.25% in the concessionaire. Dividends: Approval of complementary distribution of dividends in the amount of R$0.0570773 per share, totaling R$100.8 million, paid as of April 30, 2014. 5
  6. 6. voltar início Financial Highlights Revenue growth ... ... reflects the positive traffic performance. 1- Net Operational Revenues excludes Construction Revenues. 2- Adjustment excluding Curaçao Airport, MSVia, Bahia Subway and BH Airport. Additionally, the pro forma excludes VLT. 3- The EBIT and EBITDA adjusted margin was calculated by dividing the EBIT and EBITDA by net revenues, excluding construction revenues, because this is an IFRS requirement, whose counterpart in the same amount impacts total costs. 4- Calculated without non cash expenses: depreciation and amortization, maintenance provision and settlement of prepaid expenses. Net Revenues1 1,206.2 1,350.6 12.0% 1,383.5 1,543.2 11.5% Adjusted Net Revenues on the same basis2 1,206.2 1,327.8 10.1% 1,383.5 1,520.4 9.9% EBIT 605.6 655.2 8.2% 674.0 745.6 10.6% Adjusted EBIT Mg.3 50.2% 48.5% -1.7 p.p. 48.7% 48.3% -0.4 p.p. EBIT on the same basis2 605.6 682.7 12.7% 674.0 774.0 14.8% EBIT Mg. on the same basis2 50.2% 51.4% +1.2 p.p. 48.7% 50.9% +2.2 p.p. Adjusted EBITDA4 783.6 874.4 11.6% 882.8 994.8 12.7% Adjusted EBITDA Mg.3 65.0% 64.7% -0.3 p.p. 63.8% 64.5% +0.7 p.p. Adjusted EBITDA on the same basis2 783.6 898.2 14.6% 882.8 1,019.1 15.4% Adjusted EBITDA Mg. on the same basis2 65.0% 67.6% +2.6 p.p. 63.8% 67.0% +3.2 p.p. Net Income 336.7 343.1 1.9% 336.7 343.1 1.9% Net Income on the same basis2 336.7 361.8 7.5% 336.7 361.8 7.5% 1Q13 1Q14 Chg % IFRS Proforma Financial Indicators (R$ MM) 1Q13 1Q14 Chg % 6
  7. 7. voltar início Traffic – Quarter Change (Proforma) Consolidated – Equivalent Vehicle Revenue and traffic 1Q14 X 1Q13 (%) * Information including Renovias which is contemplated in the proforma method. AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias 10.3 3.4 9.7 2.0 12.4 9.9 12.2 14.0 10.610.2 4.2 15.8 2.0 18.3 9.6 6.3 14.0 10.8 Traffic Toll Revenues 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 163,241 194,597 228,120 239,841 244,606 267,039 7
  8. 8. voltar início Revenue Analysis (Proforma) 1Q11 1Q12 1Q13 1Q14 63% 66% 67% 69% 37% 34% 33% 31% Electronic Cash AutoBan 28.0% NovaDutra 16.8% ViaOeste 13.4% RodoNorte 10.0% SPVias 8.0% Airports 4.8% STP 3.6% RodoAnel 3.2% ViaQuatro 3.0% Ponte 2.3% Barcas 2.3% Renovias 2.2% ViaLagos 1.9% Samm 0.5% Payment Means Gross Operating Revenues Gross Revenue Breakdown * Including the proportional results of jointly-owned subsidiaries. 1Q11 1Q12 1Q13 1Q14 92% 91% 85% 84% 8% 9% 15% 16% Toll Others 8
  9. 9. voltar início Costs Evolution (1Q14 X 1Q13) 1Q13 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 1Q14 Ex New Business 1Q14 Ex New Business 704.7 911.7 842,8 29 20 (5) 25 112 12 14 (69) Same Basis Cash Cost: +1.6% Total Costs (R$ MM) New Projects Performed Work and New Projects Additional Provisioning of RodoNorte Construction of Service Roads, Additional Lanes, Fiber-Optic Network and Curaçao New Projects and Wage Increase 13% 20% 107% 19% 24% -5% 20% 36% 30% New Projects 9
  10. 10. voltar início Proforma EBITDA 1Q13 Proforma EBITDA 1Q14 Proforma EBITDA Ex New Projects 1Q14 Proforma EBITDA Excluding New Projects 882.8 994.8 1,019.124.2 63.8% of Mg. 64.5% of Mg. 67.0% of Mg. Expansion of 3.2 p.p. of Proforma EBITDA on the same basis margin ... ... reflects the position of constant gain in efficiency of CCR. + 15.4% 10
  11. 11. voltar início 1Q13 Net Financial Result Income from Hedge Operation Monetary Variation ExchangeRate Variation on Loans, Financing and Debentures Present Value Adjustment of Maintenance Provision Interest on Loans, Financing and Debentures Interest and Investment Income and OtherIncome Fair Value of Hedge Operation Others 1Q14 Net Financial Result (137.6) (190.5) 0.8 (7.9) 1.2 (0.5) (68.3) 23.0 2.5 3,7 Financial Results Change in the quarter financial results reflects ... ... the increase in the average SELIC rate beyond the higher debt stock. 38% 11
  12. 12. voltar início Same Basis Income(1) 1Q13 Net Income 1Q14 Net Income Ex New Projects 1Q14 Net Income Excluding New Projects 336.7 343.1 19 361.8 2% (1) Same Basis: Excluding Curaçao Airport, MSVia, Metro Bahia and BH Airport. 8% 12
  13. 13. voltar início Debt in March 31, 2014 CDI 88.1% IPCA 8.0% USD 2.0% TJLP 1.9% Gross debt by indexer Amortization Schedule (R$ ‘000) • Total Gross Debt: R$ 8.7 Bi • Net Debt / EBITDA: 1.9x... 2014 2015 2016 2017 From 2018 2,028 1,965 3,229 450 127 188 61 172 484 484 622 3,290 2,1532,155 2014 2015 2016 2017 From 2018 2,028 1,965 3,229 450 127 188 61 172 484 CDI Others 13
  14. 14. voltar início Debt 6,152 5,893 6,330 6,344 7,212 7,018 6,944 6,600 7,609 7.620 7,002 6,902 2.1 1.9 2.0 1.9 2.2 2.1 2.0 1.8 2.0 1,9 2.0 1.9 -2,5 -1,5 -0,5 0,5 1,5 2,5 0 2.000 4.000 6.000 8.000 10.000 12.000 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 4Q13 1Q14 Net Debt (R$ MM) Net Debt/EBITDA (x) Company presents a comfortable leverage ratio in order to realize the investments in business recently conquered ... ... and follow with it’s qualified growth. Net Debt / EBITDA LTM IFRS10 and 11Proforma Data 14
  15. 15. voltar início 1Q14 Realized Investments and Maintenance AutoBAn 59.0 1.9 60.9 0.1 NovaDutra 35.8 1.3 37.0 10.7 ViaOeste 7.2 1.7 8.9 5.5 RodoNorte (100%) 12.5 1.1 13.5 10.3 Ponte 1.0 0.2 1.1 0.5 ViaLagos 20.3 0.4 20.7 1.9 SPVias 37.4 2.2 39.6 9.4 ViaQuatro (58%) 0.5 0.4 0.8 0.0 Renovias (40%) 1.7 0.1 1.9 0.1 RodoAnel (100%) 4.1 0.4 4.5 0.0 Controlar (45%) 0.0 0.5 0.5 0.0 SAMM 1.4 9.1 10.5 0.0 ViaRio (33.33%) -0.4 0.0 -0.3 0.0 Quito 8.4 1.0 9.3 0.0 San José 1.4 0.0 1.4 0.0 Curaçao 1.5 0.0 1.5 0.0 Barcas 0.2 2.9 3.1 0.0 VLT (24.44%) 1.4 0.1 1.5 0.0 Metrô Bahia 4.6 1.1 5.7 0.0 BH Airport 0.0 0.0 0.0 0.0 MSVia 1.2 1.9 3.1 0.0 STP (34.24%) 2.0 6.8 8.7 0.0 Other1 0.0 9.4 9.4 0.0 Consolidated 201.2 42.2 243.4 38.3 1 - Includes CCR and CPC. Equipments and Others Total Maintenance Cost1Q14 - R$ MM Performed Investments Performed maintenance Improvements 15
  16. 16. voltar início Dividends (Cash) 2.2% 4.2% 4.8% 3.8% 3.9% 5.0% 4.6% 4.7% 3.9% 3.7% 3.9% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% 96% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 11 Div. Yield Payout Commitment to pay at least 50% of net income as dividends to shareholders 1 Considers the average share price in the year 2013 Dividends 0.06 0.68 Interim Complementary 2013 Cash dividends paid per share 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 183 263 500 547 580 714 709 672 899 1,177 1,351 Net Income 2,2% 4,2% 4,8% 3,8% 3,9% 5,0% 4,6% 4,7% 3,9% 3,7% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 Div. Yield Payout 16
  17. 17. voltar início Track Record Milestone Concession Awarded Acquisition Concession Extension IPO (2002) STP (2003)Follow-on (April 2004) ViaOeste (October 2004) RodoNorte (2005) AutoBAn + ViaOeste Concession Extension (2006)ViaQuatro (2006) USA (2007) (2008) RenoVias RodoAnel (2008) Controlar (2009) Follow-on (2009) SP VIAS (2010) CCR Track Record: diversification and new bids Via Lagos Concession Extension (2011) • Airports: Quito, San José and Curaçao •Barcas •ViaRio (2012) • Increase in Curaçao stake (2013) • VLT • Salvador and Lauro de Freitas Subway Line • BH Airport • BR-163 (MS) (2013) 17
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