Presentation 3Q12

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Presentation 3Q12

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Presentation 3Q12

  1. 1. 3Q12 Earnings Results
  2. 2. 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
  3. 3. Agenda Highlights Results Analysis Perspectives 3
  4. 4. HighlightsNET REVENUES:Increase of 13.3% compared to 3Q11.EBITDA:Increase of 4.5% in EBITDA, reaching R$ 860.1 million.NET INCOME:Reached R$ 316.8 million, up 18.9% in relation to 3Q11, benefited by increased cash flowgeneration and reduction of financial expenses.ELECTRONIC TOLL COLLECTION:Electronic toll collections reached 67.6% of total toll revenues, with the number of users ofthe STP system expanding by 18.2% compared to September 2011, reaching 3,604,000active tags.NEW BUSINESS:3Q12 was marked by the conclusion of new business acquisition by CCR. Were added toour portfolio the airports of San José and Curaçao, besides Barcas S.A. 4
  5. 5. Subsequent Events On September 28, 2012, the Board of Directors of CCR approved the payment of 2012 interim dividends. The total ammount of R$ 953,417,088.00 (nine hundred fifty-three million, four hundred and seventeen thousand and eighty-eight reais), representing R$ 0.54 (fifty-four cents of reais) per share. In October 2012, AutoBan concluded its 4th issue of debentures, in two series, in the amount of R$ 1.1 billion, making it possible to stretch out its short-term debt. On October 22, 2012, CCR concluded the acquisition of ownership interests in the International Airport of Curaçao through the investment of US$ 24,500,000.00. 5
  6. 6. Earnings Highlights Profit growth of 18.9% despite the temporary contraction in EBITDA margin...Financial Indicators (R$ MM) 3Q11 3Q12 Chg % 9M11 9M12 Chg %Net Revenues* 1,228.5 1,391.5 13.3% 3,352.1 3,784.8 12.9%EBIT 652.4 647.0 -0.8% 1,617.4 1,817.8 12.4%EBIT Mg. 53.1% 46.5% -6.6 p.p. 48.2% 48.0% -0.2 p.p.EBITDA 823.3 860.1 4.5% 2,146.3 2,390.0 11.4%EBITDA Mg. 67.0% 61.8% -5.2 p.p. 64.0% 63.1% -0.9 p.p.Net Income 266.6 316.8 18.9% 604.7 829.7 37.2%Net Debt / EBITDA LTM (x) 2.3 1.9 - 2.3 1.9 -EBITDA / Performed investments (x) 4.4 4.1 - 4.0 5.2 -EBITDA / Interes and Monetary Variation (x) 3.3 5.5 - 3.1 4.8 -* Net Operational Revenues excludes Construction Revenues. ...as result of nonrecurring expenses and addiction of business in initial phase. 6
  7. 7. Traffic – Quarter ChangeConsolidated – Equivalent Vehicle 248,936 256,560 224,970 178,663 156,084 142,565 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12Revenue and Traffic 3Q12 X 3Q11 (%) 16.7 16.2 16.7 13.6 12.4 9.9 8.2 8.7 6.9 7.2 5.0 5.2 2.8 2.1 2.6 0.1 1.5 1.3 AutoBAn NovaDutra Rodonorte Ponte ViaLagos ViaOeste Renovias Rodoanel SPVias Traffic Toll Revenues 7
  8. 8. Revenue AnalysisGross Operating Revenues Revenue Breakdown Controlar Renovias 1.6% ViaLagos 2.3% 1.4% Airports 5% 7% 9% 13% Barcas 0.9% 2.5% Others Ponte 0.1% 2.6% ViaQuatro 2.8% AutoBan RodoAnel 29.6% 3.3% 95% 93% 91% 87% STP SPVias 3.4% 8.1% RodoNorte 9.2% NovaDutra 18.3% ViaOeste 3Q09 3Q10 3Q11 3Q12 14.1% Toll OthersRevenue Indexer Payment 39% 34% 32% 43% IPCA IGPM 42% 58% 66% 68% 57% 61% 3Q09 3Q10 3Q11 3Q12 Eletronic Cash 8
  9. 9. Costs Evolution (3Q11 X 3Q12) Total Costs (R$ MM) Total Costs Reduction 25% 92% 9% 17% 16% 5% 28% 896 65 (85) 6% 33% 7 33 13 (47) 24 4 764 715 35 3Q11 Depreciation Third-Party Concession Personnel Construction Maintenance Other Costs 3Q12 Ex New Ex 3Q12 and Services f ee costs and Costs Costs Provision Business1 Nonrecurring2 Ex New Amortization antecipated Business expenses and Ex Nonrecurring Adjustment in the Quito Airport Review of + Traffic maintenance New Business Nonrecurring consolidation maintenance cycle contract¹ Effects of the results consolidation of the International Airports of Quito and San José, Barcas and Transolímpica (new business) in 3Q12.² Relating to internacional expansion in the period and payment of an lawsuit agreement. 9
  10. 10. Financial Results Highlights Better financial results reflects the drop in Selic rate and...Net Financial Result (R$ MM) 3Q11 3Q12 Chg % 9M11 9M12 Chg %Net Financial Result (270,6) (153,6) -43,3% (685,8) (525,5) -23,4%- Income from Hedge Operation 9,3 0,4 -95,5% (23,4) 17,8 -176,0%- Monetary Variation (8,1) (5,6) -31,5% (34,0) (21,2) -37,5%- Exchange Rate Variation (63,3) (2,6) -95,9% (21,6) (43,8) 102,8%- Present Value Adjustment of Maintenance Provision (17,0) (12,1) -28,7% (55,0) (40,4) -26,5%- Interest on Loans, Financing and Debentures (241,9) (157,1) -35,1% (652,0) (497,7) -23,7%- Others (Interest and Investment Income) 65,1 34,7 -46,6% 154,9 100,4 -35,2%- Other Financial Expenses 1 (14,7) (11,3) -22,8% (54,7) (40,6) -25,8%¹ Comissions, fees, taxes, fines and interest on taxes ...an active management of liabilities with attractive refinancing for the company. 11
  11. 11. Debt in September 30, 2012Gross debt by indexer IPCA IGP-M TJLP 1.5% 1.0% 3.7% • Total gross debt: R$ 7.9 B • Net debt/ EBITDA: 1.9X USD 13.2% •Increase from 11.1% in USD (2Q12) to 13.2% in debt mix due to the cosolidation of Quito and San José airports and Barcas (46.9% of CDI USD debt) 80.6%Amortization Schedule (R$ 000) 2,057 1,548 1,475 1,170 1,100 265 31 599 90 82 86 1,493 1,602 1,326 938 949 492 88 2012 2013 2014 2015 2016 2017 to 2025 CDI USD Others 12
  12. 12. Debt Reduction of leverage indexes...Net Debt/ EBITDA LTM 2.5 2.3 2.3 2.2 2.1 1.9 2.0 1.9 1.9 6,186 6,152 6,330 6,344 5,893 5,633 5,565 5,630 2.5 4,169 2.3 2.3 2.2 2.1 1.9 1.9 1.6 1.5 1.5 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Net Debt (R$ MM) Net Debt/EBITDA (x) ...due to strong cash generation and maturation of recent projects. 13
  13. 13. Dividends (Cash) Commitment to pay at least 50% of net income as dividends to shareholders. 127% 130%7,5% 92% 85% 85% 90%6,5% 65% 80% 58% 61%5,5% 2012 Cash dividends paid per share4,5% 16% 5.0% 30% 4.8% 4.6% 4.7% 4.2%3,5% 3.8% 3.9% 3.9% 899 -20%2,5% 127% 130% 0.54 Interim 714 709 6,5% 2.2% 6721,5% Div. Yield Payout -70% 92% 580 547 85% 85% 90% 5,5% 500 65% 80% 0.06 Complementary 58% 61% 5.0% Dividends 2012 4,5% 263 4.8% 4.6% 4.7% 183 16% 30% 4.2% 3,5% 3.8% 3.9% 3.9% -20% 2,5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2.2% 1 1,5% Net Debt Div. Yield Payout -70% 1 Considers the average share price in the year 15
  14. 14. 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 2012: (2008) SP VIAS • Airports: Quito, San Controlar (2010) (2009) José and Curaçao • Barcas Follow-on (2009) • Transolímpica 14
  15. 15. Thank you 15
  16. 16. Social and educational program ‘Estrada para a Cidadania’ 16
  17. 17. ‘Estrada para a Cidadania’ 1.5 million students11 million since the beggining of the programof indirectparticipants2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201210,000 15,000 45,000 45,000 112,000 132,000 135,000 140,000 140,000 145,000 350,000 450,000 400 500 2,200 2,600 3,800 4,000 4,500 6,000 6,000 6,500 13,300 14,000 600,000 Students Teachers Drivers 17
  18. 18. Social and health program ‘Estrada para a Saúde’ 18
  19. 19. ‘Estrada para a saúde’In our structures, are performed more than 1,600 attendances per month. 260m² of resting area for truck 190m² of resting area for truck drivers. drivers. attendances/month attendances/month 19
  20. 20. Thank you

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