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Presentation CCR DAY 9
Presentation CCR DAY 9
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Presentation CCR DAY 9

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Presentation CCR DAY 9

Presentation CCR DAY 9

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  • 1. PLANNING, TRANSPARENCE AND CREDIBILITY São Paulo, November 14, 2013
  • 2. 09:00 a.m. Opening and welcome Renato Vale 09:15 a.m. Transport infrastructure demands in Bahia Governador Jaques Wagner 09:50 a.m. Q&A session with the Governor 10:00 a.m. Regulatory benchmark: Brazil’s Infrastructure challenges Prof. Paulo Resende 10:45 a.m. Q&A session and coffee break 11:15 a.m. Current business highlights Italo Roppa / José Braz / Ricardo Bisordi 12:15 p.m. Overview of high-quality growth for the CCR Group Leonardo Vianna / Arthur Piotto 1:15 p.m. Conclusions and final remarks Renato Vale 1:30 p.m. Debates, questions and answers and time for lunch
  • 3. OPENING AND WELCOME RENATO VALE
  • 4. Main highlights Gross Revenue – R$ million
  • 5. Main highlights EBITDA – R$ million , (E) – Market Consensus
  • 6. Main highlights Net Income – R$ million , (E) – Market Consensus
  • 7. Main highlights Dividends – R$ million (E) – Market Consensus
  • 8. TRANSPORT INFRASTRUCTURE DEMANDS IN BAHIA GOVERNOR JAQUES WAGNER
  • 9. Q&A SESSION WITH THE GOVERNOR JAQUES WAGNER
  • 10. REGULATORY BENCHMARK BRAZIL’S INFRASTRUCTURE CHALLENGES PROF. PAULO RESENDE
  • 11. Q&A SESSION WITH PROF. PAULO RESENDE
  • 12. COFFEE BREAK
  • 13. CONCESSIONS IN SP AND STP’S NEW CHALLENGES: ITALO ROPPA
  • 14. Highways in SP: // DEMAND FOR NEW INVESTMENTS (in million) AutoBAn: R$1,160 ViaOeste: R$1,850 SPVias: R$295 ViaQuatro: R$210 R$3,515
  • 15. CCR AutoBAn // // DEMAND FOR NEW INVESTMENTS (in million) Highway improvements in Jundiaí (Anhanguera Highway): R$420 Duplication of SP – 324 (Access to Viracopos Airport): R$350 Accesses to EXPO - SP (Bandeirantes Highway): R$270 Accesses in Louveira (Anhanguera Highway): R$120 R$1,160
  • 16. Video VIDEO
  • 17. CCR ViaOeste // DEMAND FOR NEW INVESTMENTS (in million) Phase 1: R$870 Phase 2: R$500 Phase 3: R$480 R$ 1,850 RAPOSO TAVARES HIGHWAY – INITIAL STRETCH
  • 18. CCR SPVias // DEMAND FOR NEW INVESTMENTS (in million) Duplication of SP–255 (Avaré urban stretch) R$110 Remodeling of the access to Tatuí : R$35 Beltway of Itapeva (SP-258): R$68 Beltway of Itararé (SP-258): R$22 Additional lanes in SP-280: R$33 Additional lanes in SP-258 R$27 R$295
  • 19. Renovias // DEMAND FOR NEW INVESTMENTS Expansion of the Ponto a Ponto Project
  • 20. ViaQuatro Investments - phase II Additional investments (+15 trains + systems 5 stations): Increase in demand per day: Stations: Vila Sônia, Morumbi, Fradique Coutinho, Oscar Freire, Higienópolis. from 703,000 to 960,000 pass./day R$685 million Phase I = 8.9 km Start of operations: Sept 2014 Pinheiros Butantã Vila Sônia Luz Faria Lima República Paulista São Paulo Morumbi PHASE I Fradique Coutinho Oscar Freire Phase II = 12.8 km Vl. Sônia to Luz PHASE II 5 new stations Mackenzie Higienópolis
  • 21. ViaQuatro Demand for new investments // EXPANSION OF LINE 4 UNTIL TABOÃO DA SERRA (3.1 KM) (3.1 KM) Rolling Stock : R$154 million Signage and Telecommunication Systems : R$56 million TOTAL R$210 million
  • 22. STP Raízen’s previous ownership structure GSMP 4.68% 9.32 12.75% 38.25% 35.00%
  • 23. STP New ownership structure 4.68% 10.00% GSMP // STP 8.34% NEW OWNERSHIP STRUCTURE 34.24% 11.41% // COMPANY MARKET CAP (BASE DEC 2012) R$2,500,000,000.00 31.33%
  • 24. STP Growth expectations // REVENUE AND EBITDA GROWTH – R$ million 700 600 500 506 400 EBITDA 311 200 0 Revenue 411 300 100 603 141 63 2008 219 89 2009 133 2010 183 2011 229 2012 282 2013 (E)
  • 25. STP Growth expectations //OPERATION:  States: SP / RJ / PR / RS / MG / BA / MT / MS / SC;  Toll plazas: 95%;  Parking lots: 175;  ABASTECE Project;  New Projects.
  • 26. Video VIDEO
  • 27. CCR METRÔ BAHIA, CCR BARCAS, RIO’s LRT AND HIGHWAYS JOSÉ BRAZ
  • 28. CCR METRÔ BAHIA Challenges and expectations
  • 29. Highlights Concession 30 term years Cajazeiras / Águas Claras Campinas Length of 33.4 Km. 19 stations and 9 passenger transfer terminals. Tariff price R$2.10 per passenger (Base: April 2013) Barra Pituba
  • 30. Highlights
  • 31. Highlights // The concession is a PPP composed of the CCR Group and the State and Federal Governments. In addition to representing another operation in the urban mobility segment, this achievement marks the start of the activities of the CCR Group in Brazil’s Northeastern region.
  • 32. Highlights //Press coverage The covers of the printed editions of the three largest vehicles of Bahia positively highlight the new Metro project.
  • 33. Highlights MAIN EVENTS Signature of the Agreement Beginning of the works SM SL STRETCH Lapa – Northern access (*) Northern access – Retiro Retiro – Pitajá Pitajá – Águas Claras Lapa – Bus Station Bus Station – Imbuí Imbuí – Pituaçu Pituaçu – Mussurunga Mussurunga – Airport Airport – Lauro de Freitas * Supervised Operation 10/15/2013 10/28/2013 BEGINNING OF OPERATION (after signature of the agreement) Jun/2014 11 months 15 months Expansion to be negotiated 24 months 30 months 30 months 36 months 42 months Expansion to be negotiated STRETCH LENGHT 6.6 1.6 4.0 5.5 7.2 3.1 2.7 6.7 3.3 -
  • 34. FEDERAL CONCESSIONS: Contract addenda and new investments
  • 35. Potential of Current Portfolio Various investment gaps were identified... //CCR Ponte: R$305 million  Connecting the bridge to Linha Vermelha;  Niterói Tunnel (Mergulhão).
  • 36. Potential of Current Portfolio Various investment gaps were identified... //CCR NovaDutra: R$3 billion  Serra das Araras;  Rio, São Paulo e São José dos Campos Highways;  Other safety works. Source: financial statements of the business unit.
  • 37. URBAN MOBILITY: LRT in Rio de Janeiro
  • 38. Urban Mobility Implementation of VLT Carioca // Concession terms: 25 years  Extension of basic line: 28km;  No. of stations and stops: 46;  Fleet: 32. Sources R$ million % PAC Program 532 44.75% Investment Concessionaire 657 55.25% R$1.2 Billion  Investment : R$71.5 million/year (Base: Jun/12). Source: Consortium proposal
  • 39. URBAN MOBILITY CCR Barcas
  • 40. Potential of Current Portfolio Various investment gaps were identified... // Rebalanced Tariff: R$4.50 // Committed Investments: State government:  9 vessels: 300 million;  2 new stations: 300 million. Concessionaire:  2 vessels.
  • 41. Potential of Current Portfolio Various investment gaps were identified... // Committed investments:     4 new vessels: Renovation of Araribóia station; Renovation of Praça XV; Bridge/ Floating Units/Piers. //New Opportunities:  R$600 million for the remaining concession term, 200 million of which up to 2015 in:  Completion of Praça XV;  Recovery of shipyard;  Expansion of other stations, among others.
  • 42. Improvements in Charitas Station
  • 43. Improvements in Charitas Station
  • 44. Improvements in Charitas Station
  • 45. Improvements in Charitas Station
  • 46. Improvements in Charitas Station
  • 47. Improvements in Praça XV Station
  • 48. Improvements in Praça XV Station
  • 49. New Cocotá Station
  • 50. New Cocotá Station
  • 51. New Vessel Águia
  • 52. New Vessel Águia
  • 53. Revitalization Itaipú Vessel
  • 54. Revitalization Itaipú Vessel
  • 55. Revitalization Itaipú Vessel
  • 56. Improvements in Araribóia station
  • 57. Improvements in Araribóia station VIDEO
  • 58. AIRPORTS RICARDO BISORDI
  • 59. CCR’s operations in the airport sector 2012  Conclusion of sale of assets and transfer of ownership interests during the year. 2013  Structuring of operation platform abroad;  Feb/2013: Beginning of operations of Quito’s new international airport;  Beginning of CCR governance implementation process in airports where it holds shared interest; agreement on CCR’s long-term objectives with stakeholders;  Acquisition of more 39% interest in CUR. 2014 onwards  Consolidation of platform and identification of synergies and partnerships.
  • 60. Opportunities Great expectations for growth of traffic and use of air transportation. Focus:  Investment program (contracts);  Commercial development;  Development of new routes.
  • 61. Passenger traffic growth Performance in 2013 quarters PAX 2012 PAX 2013 9,000,000 8,000,000 September YTD Actual 2012 Actual 2013 2013/ 2012 Airport 7,801,299 7,968,515 2.1% Aeris 2,487,902 2,579,096 3.7% Quito 4,043,381 4,105,429 1.5% 4,000,000 3,000,000 Curaçao 1,270,016 1,283,990 1.1% +2.1% 2,000,000 7,000,000 6,000,000 5,000,000 +4,2% +1.1% +1.2% 1Q 2Q 3Q 1,000,000 9M
  • 62. CURAÇAO
  • 63. Terminal Expansion: Current Infrastructure
  • 64. Terminal Expansion: Expansion Proposal
  • 65. Terminal Expansion: Expansion Proposal
  • 66. Curaçao VIDEO
  • 67. COSTA RICA Juan Santamaría Airport San Jose
  • 68. Juan Santamaría Airport (SJO) 2ND BEST AIRPORT IN CENTRAL AMERICA AND CARIBBEAN (SKYTRAX) EXCELLENCE LIST (ACI)
  • 69. Juan Santamaría Airport (SJO) 2ND BEST AIRPORT IN CENTRAL AMERICA AND CARIBBEAN (SKYTRAX) EXCELLENCE LIST (ACI)
  • 70. Juan Santamaría Airport (SJO) 2ND BEST AIRPORT IN CENTRAL AMERICA AND CARIBBEAN (SKYTRAX) EXCELLENCE LIST (ACI)
  • 71. Juan Santamaría Airport (SJO) 2ND BEST AIRPORT IN CENTRAL AMERICA AND CARIBBEAN (SKYTRAX) EXCELLENCE LIST (ACI)
  • 72. Juan Santamaría Airport (SJO) COMMERCIAL CENTER TERMINAL EXPANSION
  • 73. Passenger Terminal Expansion
  • 74. Passenger Terminal Expansion
  • 75. Commercial Area Expansion
  • 76. QUITO Mariscal Sucre International Airport
  • 77. New Quito Airport FIRST TRANSATLANTIC FLIGHT (QUITO -> MADRID) OPERATION OF LARGE AIRCRAFTS (A340-600, B747800F)
  • 78. New Quito Airport AIRPORT NIGHT VIEW
  • 79. New Quito Airport PASSENGER TERMINAL VIEW QUITO AIRPORT CENTER TERMINAL EXPANSION
  • 80. New Quito Airport TERMINAL EXPANSION 2 ADDITIONAL JET BRIDGES
  • 81. New Quito Airport QUITO AIRPORT CENTER – OPENED IN NOV/2013
  • 82. New Quito Airport QUITO AIRPORT CENTER – OPENED IN NOV/2013
  • 83. New Quito Airport QUITO AIRPORT CENTER – OPENED IN NOV/2013
  • 84. OVERVIEW OF HIGH-QUALITY GROWTH FOR THE CCR GROUP : New highway, urban mobility and airport projects: LEONARDO VIANNA
  • 85. Urban Mobility Implementation of Rio LRT // CONCESSION TERMS: 30 YEARS FROM START ORDER.  Length of basic line: 28km;  No. of Stations and Stops : 46;  Fleet: 32. Investment R$1.2 Sources R$ million % PAC Program 532 46% Municipal Gvt. 38 3% Concessionaire 587 51% Source: public hearing Billion
  • 86. Metro in Salvador and Lauro de Freitas Concession objective Model Sponsored Public-Private Partnership (PPP) (Investment by Government); Concession term 30 years: 3 construction projects + 27 operations Estimated startup of partial operations (18 months); Bidding process Presentation of Economic Proposals in Writing, followed by open-outcry bidding on BM&FBOVESPA; Selection criteria Lowest amount of investment by Government; Investments Estimated at R$3.5 billion. Lauro de Freitas Implementation and Operation of the Urban Intercity Public Transportation System (Salvador and Lauro de Freitas Metro Systems); // FUNDING SOURCES (R$3.5 BILLION)  Federal Budget PAC Large Cities: R$1.0 billion;  PAC Financing – Large City Mobility: R$600 million;  Current balance of Agreement for Line 1: R$250 million;  Investments by Private Partner: To be defined in the bidding process;  Investment by Government: To be defined in the bidding process. Pirajá Lapa
  • 87. Hato International, CUR Curaçao Airport, Netherland Antilles // OVERVIEW:  Acquisition: October 2012. //// OWNERSHIP STRUCTURE:       Aport S.A – 51% (CCR 40.8% Zurich 10.2%); Jansen de Jong – 49%. 28 airlines; 198 employees; 30 destinations; 26,000 arrivals and departures. 2011 Revenue: USD32 million; Source: Company reports, 2011 2016 Revenue: USD53 million; 1.6 million passengers.
  • 88. Urban Mobility SP Metro Line 6 Pátio Morro Grande No. of Stations:15; Expected initial demand: 633,000 pax/day; Bela Vista Length: 15.3km; Project Phase: Public Consultation; Total Investment : R$7.7 billion.
  • 89. Why did not we participate in Line 6 bidding process? // DISPROPORTIONAL RISK IN L-6 CIVIL WORK : CAPEX = R$8.00 bi -> 10% = R$800mn greater than the whole net present value generated during 30 years of the project; Underground works -> higher risk; Without executive project.
  • 90. Why did not we participate in Line 6 bidding process? Partial guarantee of the Government investment : Coverage of only 75%; Greenfield Project: Six years without revenue/EBITDA generation; High financial effort: Limitation for participation in other projects.
  • 91. Why did we participate in Salvador metro system bidding process? // CONTROLLED CIVIL WORK RISK : Surface works in median strip (line 2); Executive project for line 1; Basic project for line 2.
  • 92. Why did we participate in Salvador metro system bidding process? Total guarantee of Government investment : Participation of FPE; Brownfield Project: Revenue generation in the first year; Proper financial effort: no limitation for participation in other projects.
  • 93. CURRENT OPPORTUNITIES
  • 94. Bidding processes still in 2013: GALEÃO AND CONFINS AIRPORTS: Proposal : Nov 18, 2013; Auction: Nov 22, 2013.
  • 95. Galeão - GIG Antonio Carlos Jobim Airport, Rio de Janeiro // Concession term: 25 years  Beginning of the concession: March 2014;  Beginning of the operation: August 2014;  Investment: BRL 5.3 billion. // Figures:  23% of Brazil’s international traffic;  7% of all domestic traffic in Brazil;  1103 employees. 2012 Revenue: R$550 million; Fonte: Infraero 2012 Arrivals and Departures: 148,000; 17.4 million passengers.
  • 96. Confins - CNF Tancredo Neves, Confins and Lagoa Santa Airport - MG // Concession term: 30 years  Beginning of the concession: March 2014;  Beginning of the operation : August 2014;  Investment: BRL 3.7 billion. //Figures:  6% of all domestic traffic in Brazil;  365 employees. 2012 Revenue: R$196 million; Source: Infraero 2012 Arrivals and Departures: 120,000; 10.4 million passengers.
  • 97. Bidding processes still in 2013 FEDERAL HIGHWAYS: BR-163/MT Proposal: Nov 25, 2013; BR -060/262 MG/GO Proposal: Dec 2, 2013; BR -163 MS Proposal: Dec 2013; BR-040 MG Proposal: Dec 2013/Jan 2014.
  • 98. Bidding processes still in 2013 rd Federal highways – 3 Stage LOT 07 - BR-163/MT ⇨ PROPOSAL: NOV 25, 2013 Concession stretch Sinop - MT/MS border Length 850.0 km Duplication until the 5th year 453.6 km Number of toll plazas 09 Initial Ceiling Tariff (May 2012) R$0.03170 / km Bid Notice Ceiling Tariff (May 2012) R$0.05500 / km CAPEX ANTT R$4.597 billion 73.50%
  • 99. Bidding processes still in 2013 rd Federal highways – 3 Stage LOT 05 - BR-060/153/262 DF/GO/MG ⇨ PROPOSAL: DEC 2, 2013 Concession stretch Brasília-Goiânia-Itumbiara-Uberaba-Betim Length 1,176.5 km Duplication until the 5th year 647.8 km Number of toll plazas 11 Initial Ceiling Tariff (May 2012) R$0.03360 / km Bid Notice Ceiling Tariff (May 2012) R$0.05940 / km CAPEX ANTT R$7.146 billion 76.79%
  • 100. Bidding processes still in 2013 rd Federal highways – 3 Stage LOT 06 - BR-163/MS ⇨ PROPOSAL: DEC 2013 Concession stretch MT/MS border - MT/PR border Length 847.2 km Duplication until the 5th year 806.4 km Number of toll plazas 09 Initial Ceiling Tariff (May 2012) R$0.07100 / km Bid Notice Ceiling Tariff (May 2012) R$0.09240 / km CAPEX ANTT R$5.766 billion + 30.14%
  • 101. Bidding processes still in 2013 rd Federal highways – 3 Stage LOT 09 – BR 040 DF/GO/MG PROPOSAL: DEC 2013 OR JAN 2014 Concession stretch Juiz de Fora - Brasília Length 936.8 km Duplication until the 5th year 557.2 km Number of toll plazas 11 Initial Ceiling Tariff (Jan 2012) R$0.04400 / km Bid Notice Ceiling Tariff (Nov 2012) R$0.07864 / km CAPEX ANTT R$8.031 billion 78.75%
  • 102. URBAN MOBILITY Metro Systems
  • 103. Urban Mobility Niterói Metro Line 3 Rio de Janeiro Niterói
  • 104. Urban Mobility Niterói Metro Line 3 Guaxindiba No. of Stations:14; Length: 23km; Estimated Initial Demand: R$350,000 day; Project Phase: Ongoing Declaration of Private Interest (MIP); Araribóia Total Investment: R$3 billion.
  • 105. Urban Mobility Brasília Metro Brasília - DF
  • 106. Urban Mobility Brasília Metro //SCHEDULED INVESTMENTS – CONCESSIONAIRE Renovation of trains:  80 old cars: modernized;  48 new cars: air conditioning. New trains:  160 new cars with air conditioning. Infrastructure:  Electricity;  Telecommunication systems;  Integration terminals;  Station surroundings;  Various operational improvements. // SCHEDULED INVESTMENTS - GDF Length:  Asa Norte: 1 km;  Ceilândia: 2 km;  Samambaia: 3 km. Asa Sul and Guará stations:  104 Sul;  Estrada Parque;  106 Sul;  Onoyama.  110 Sul; Ceilândia Central Samambaia Total Investments: R$2.3 billion
  • 107. Urban Mobility Curitiba Metro Curitiba
  • 108. Urban Mobility Curitiba Metro CON E EST ATU BR ORT NO N TOR -4 76 TERMINAL SANTA CÂNDIDA O AI V RUAL I N N I RD ESTAÇÃO CIDADANIA ESTAÇÃO BOA VISTA ER DE ESTAÇÃO HOLANDA LIN H AV TERMINAL CABRAL RU A ORLA NDO ESTAÇÃO JUVEVÊ I BO CEHO L N ESTAÇÃO ALTO DA GLÓRIA R NT I O A . A SÔ KVI K N I No. of Stations: 21; Estimated Initial Demand: 520,000 pax/day; ESTAÇÃO PASSEIO CENTRO ESTAÇÃO DAS FLORES ESTAC I N M EN O A TO AO BG LN I EIXO OESTE EIXO LESTE R A U AR PTÍ I O C S TO EMA D R É A SGI RU O C. RUA ESTAÇÃO EUFRÁSIO CORREIA AN N Ô T IO ESTAÇÃO OSVALDO CRUZ ESTAÇÃO BENTO VIANA D FO SEC A N A RAN U L. EVA A D EC K A CM I R AR SO IT HI L É G ER AO A R PE. S UA J É ALM D PEO D I E A NAL E VA RU VI AC EN E T PE U RE TL R U B AR D LFO O OO IA ER RA U T. E D RA U A. E M D . S G E VI I ABOR ER TERMINAL CAMPO COMPRIDO R LU D A UORE S KESER G SL I N RO J . SÉ PEO N R AP R U ED O C LSS AR O E A RU E M A DELO D MD EI AL M O G CO RO A I UA A O R SNT . JU AV ESTAÇÃO SANTA CATARINA J . O A. R ÃO AR C A DOH LO ES R U E SC UA UR SR ANDRÉ UGI AS L I S ERA RUA RAS P I LA D AH VE ESTAÇÃO HOSPITAL DO TRABALHADOR RA GD U ER IA M . Z T T ETEN N R APSTR UA O O AR AR M S AM AL U N RIGE A Z R M D TT O FELO O R A U IN O CÊN BI DO O N CI RU EI O AL H M NCH RR EA. O A ESTAÇÃO CAPÃO RASO VI ER IA . O BRO C ST .OT A R. R I TO . DEAL NS M DA EI R. AS ELI K. A K RN A R OOE .RNS DO SD S. CS O TA RA U PR FJO R D I U O SÉ O R ES . G N TO ET R AM I U ÁR O O AÇ FG A U RA JOÃO EV ANGE LI T SA LA ÉI RUAAM I AS E SX M RAS OI A U ER R ZNI O L I A N A U N R D OSA A BYAR UA ANK E R JI . N ELO ÂG FI H L O LO . NG RÂ EE A I J. NK ESTAÇÃO SANTA REGINA TERMINAL PINHEIRINHO Total Investment: R$4.5 billion. NI O Ô . NT TRADE Z A IV R LUI EI OL D NRA UEAB I RASRER .B A JO É R. US ZA DESO OÃO J U RADR. DOS E. ESTAÇÃO NICOLA PELLANDA S NTO SA E CHEL NI PÁTIO CIC SUL O T OA VLP TR . C B. A I LÚ LAN FO R T . R MO TH I TN AL . LE S PAV BR 11 6 R. F. . FS A .. R NO A L O U ED G AC SN R I N D FO SC A N A E RO R T. JÃO . D LE R ALG AVE O R NEI CAR NA I DO TRAM NT .R E TRE . LI RUA O J RN. JOS - PDRPED E É N I HORO DOS A SNT BER UA NJ OS UL MN J G AI I AR GR D O ZKI LOPE SARR UDA OLA L B HO- I MARA VAL RU D NR DOA ASU CAR UA YSAMÁR UAJ R OSO MOTI O OSE R OCARD T IA ET ACL AN ME ND ES DEL IM A RI DCN EL M BAR I O A R UA O D I AM R A . I G SI S E L DE RU A A E A I . MR R A AD N TH . YDE R I VA AT US CROM H D LC JR EU A . BR - 1 1 RMO LE O ADA AS R. I QEL MU I ÉRO VAL R. ADA SPR O OF. PR HOT R. CEPL RZ NI A A M. F XI S . LEOCH RARL NA O RUA L D ROSI I NTN CO N SO R. N ANÇA ADER DE FR L I PAR OÉ J S O ALD W OS UAL RADO YN RE C UI LÁ D O E N PLLA A D EI . F LI R PRO GAL SÉ JO NI CHI S RA U A RU VES U SE RA ET . R DO NDI CÂ ERL. D ADOO G E . R F. UA A R VL O I LUR R UAM ARO I A UAMARI R PEOTO IX A. RU A OR ECH U TLN RAVI AI U RA A IT SE O OT UM SS A Y RU A L UTL CAOS ADOCSEF RL R M RI UA EN L IH I GUELAUDE O L CI RDE OLI ERA VI R AM R J . I E. K AO I PCI RN U R A INA LI EESTV BRALEO N PER D SSN S D OOA T O PD I O - ER H N RUA ARI RU M A A CHI M A N R ENTOEL UAEU M ÃO DÓX R. N DAS. ALDI I A DI O G NA AZER M AH VE . DO R. R AN E D. O M L ABI H A LO U R A U LI A S R ÉLI T. H O SEAN N G TI I R UETAS J . LI A. ADO C L. AI L DA RU A CR UZ RRÃ T. I M O PALO O O O U WD N S ABLO ÍI R D G ED ORU O I S N C M TO ASI E N O R AR S F R U R A ER O N O M F AN Ã R AI M BAZS U RCEI U C RI A L . J ÃO T OEO TR. O R RB O R OÉ D J S E . S AU U O O GT C VAL AR H R AO S AL U W D STPH O E N AES EIXO BOQUEIRÃO CUH OI O TN G I AR E U Ã M S TO RAG NFU T. UUS SS LI KNGE R UAM AI A R D SU E O ZA TO IXO PE NO RIA LO RUFRA A TE NCI SSA SCO RI R JLÃ A I UU O Q E L- R SG URO UO . IO LI NH A R SN A O TH E L MON N LEI . R ZI RR T. FEI M G I .O U I I BTTEL AC N RB T. LER A A. ER AO P EI T R LI A M A U C I LN VTAI AR S. EK H E C R . ATN N I ÔO U M SR AN RUA NAYRC H ST O A R. SER AN V. ÔI TN O KAM SI N IK A J RU OÃO U T R KUR A W ASR H . PE E. AO SW R WY SK R A U NS U EA IRE RU NEA M O . O ASC T P D N I EN . R C INP ELA . R A U U I AA M LC N SM U A T DEO. ALM I RU R ÉO A LF HA IRA IV E OL RU FR ANEW EIRE MA TON IA DE R. O I EU PRF. ES R IN DR. TUN AN Ê A CR OR R AA T. M I S M AR F I . R A R H ÉP. A U AYD E D N I EN O ASC T M O TERMINAL CENTENÁRIO EC AR WI S LO FR N AN Ç A I ARA AL M I NAT RUA ZAN I ZBAZ A LU R E I SCH RUA DE . R EI O LVN .M AV . .R F RPO RO EUANÃO D R B K. TERMINAL PORTÃO R APR F. U O TH D C JO G ATH I N O E ÓI O R E ER O RD E ESTAÇÃO MORRETES O LIN Length: 22.4 Km; Project Phase : Declaration of Interest delivered. preparing for notice; ESTAÇÃO ÁGUA VERDE EL ZAB A. V RA FI I EI UAPRO OL RLM DE I A 6 - CU RAU UR Y CRO H S VAM IT WC W Z AH I O C RITIB A
  • 109. Urban Mobility Porto Alegre Metro Porto Alegre
  • 110. Urban Mobility Porto Alegre Metro Intermodal Terminal Fiergs No. of Stations:13; Estimated Initial Demand: 320,000 pax/day; Intermodal Terminal Rua da Praia Length: 14.8km; Project Phase : Request of Declaration of Interest by the Government; Total Investment: R$2.5 billion.
  • 111. Urban Mobility BH Metro São Paulo Belo Horizonte
  • 112. Urban Mobility BH Metro Public Investment R$1.7 billion; Private Investment: R$1.2 billion; Adm. Center of the Government Novo Eldorado Savassi Barreiro Total Investment: R$2.9 billion.
  • 113. URBAN MOBILITY São Paulo metro system projects
  • 114. Projects in São Paulo: // OPERATION  LINE 17 MONORAIL – Gold (Morumbi/Jabaquara);  LINE 15 MONORAIL – Silver (Cid.Tirad./ Oratório);  LINE 5 METRO – Purple -(Largo Treze/Chac. Klabin). //IMPLEMENTATION: LINE 20 METRO – Pink R$14.0 bi LINE 18 MONORAIL - Bronze R$3.2 bi
  • 115. Urban Mobility Line 20 – Pink and Line 18 - Bronze //Line 20 – Pink of the São Paulo METRO will connect Lapa to Moema, with 12 kilometers and 14 stations. //Line 18 – Bronze of the São Paulo METRO will connect L-2 to S.B.Campo, with 14.9 kilometers and 13 stations. Invitation to Bid Schedule: Nov 2013.
  • 116. URBAN MOBILITY Intercity Train Project - TIC.
  • 117. Urban Mobility Intercity Train // Studied Network – 477 km
  • 118. Urban Mobility Intercity Train //PPP Proposal to Begin the Network - 135 km Demand/day  60,000 pass/day. Investments  R$5.4 Billion. GESP Interest  Investment: R$1.8 bi;  Annual consideration: R$262 million (32 years).
  • 119. URBAN MOBILITY Salvador LRT Project
  • 120. Mobilidade Urbana Salvador LRT  Calçada-Paripe = 12 km;  Calçada-Elevador Lacerda = 3,8 km.
  • 121. URBAN MOBILITY Northern Beltway of Belo Horizonte
  • 122. Urban Mobility Northern Beltway of BH São Paulo Belo Horizonte
  • 123. Urban Mobility Northern Beltway of BH // Declaration of Interest was presented: awaiting public consultation and publication of the Invitation to Bid  Purpose: Structuring of the Highway Metropolitan Beltway Project of the BHMR – northern stretch, with 67 km, connecting the municipalities of Sabará, Santa Luzia, Vespasiano, São José da Lapa, Pedro Leopoldo, Ribeirão das Neves, Contagem and Betim;  The proposed Beltway will connect the South and North portions of BR 381 (Fernão Dias). Date scheduled for the Bid: 1st half of 2014
  • 124. URBAN MOBILITY Rio de Janeiro Beltway
  • 125. Complementation of the Rio de Janeiro Beltway // GENERAL MAP OF THE RIO DE JANEIRO BELTWAY // CCR won the Declaration of Interest to carry out studies to complement the RJ Beltway :  Implementation of stretch 6;  Operation of stretches 4, 5 and 6;  Extension: 13 km;  Investment: R$1.2 billion;  Submission of studies: Feb/2014;  Model: sponsored PPP. Stretch 06 Stretch 05 Stretch 04
  • 126. URBAN MOBILITY Connection of Florianópolis with the continent in Santa Catarina
  • 127. Urban Mobility Declaration of Interest – Great Florianópolis Santa Catarina Florianópolis
  • 128. Urban Mobility Declaration of Interest – Great Florianópolis Maritime transportation of passengers and vehicles by ferryboats; Demand: 42,000 passag./day 20,000 cars/day; Investment of R$940 million. //Declaration of Interest submitted: awaiting the State Government’s decision
  • 129. TAMOIOS HIGHWAY
  • 130. Tamoios Highway //Sponsored PPP for the implementation of the duplication of the hill stretch between São José dos Campos and the Port of São Sebastião :          Duplication length: 22 km; Operation length: 106 km; Investments: R$3.7 billion; Consideration: R$5,8 billion; Public investment: R$1.6 billion; Concession term: 30 years; Tariff revenue: R$3.5 billion; Public consultation: by December 6, 2013; Invitation to bid: end of Dec 2013 (forecast).
  • 131. AIRPORTS “Invest, diversify and grow: CCR 2020”
  • 132. Santiago - SCL Comodoro Arturo Merino Benítez International Airport // Concession Term: 15 years (*)  Invitation to Bid: May 2014;  Beginning of Operations: September 2014;  Investment: USD716 million. Arrivals and departures 136,000; Source: Ministry of Public Works (MOP) and DGAC (*) probable 15.2 million passengers.
  • 133. Highway Concession PAC Federal Program
  • 134. Highway Concession PAC Lots to be launched in 2014 Length Duplication until the 5th year Number of Toll Plazas Initial Ceiling Tariff (May/12) Bid Notice Ceiling Tariff (May/12) Increase in Bid Notice Ceiling Tariff ANTT Capex LOT 1 BR-101/BA 772.30 LOT 2 BR 262 ES/MG 375.60 LOT 3 BR 153 TO/GO 814.00 LOT 8 BR 116 MG 816.70 551.30 188.80 769.50 786.20 9 5 11 8 R$0.07450 R$0.07820 R$0.05840 R$0.04707 R$0.11720 R$0.11260 R$0.09850 R$0.10227 57.32% 43.99% 68.66% 117.27% R$5.051 bi 2.107 bi 6.842 bi 7.170 bi
  • 135. Railway Concession PAC Federal Program
  • 136. Railroads Federal plan for logistics investments // Main stretches to be procured Porto de Vila do Conde Porto de Santarém 1 SP Rail Beltway Northern Segment; 2 Porto de Itaqui 12 Porto de Pecém Açailandia SP Rail Beltway Southern Segment; 3 Access to Port of Santos; 4 Lucas do rio Verde Uruaçu; 5 Uruaçu – Corinto – Campos; Porto de Marabá Porto de Porto Velho Total of 4 Uruaçu Maracajú // Launch of bid notice+ drafting of proposals: 1st half of 2014 1 2 3 Porto de Vitória 6 Porto do Rio de Janeiro Porto de Itaguaí Porto de Santos Porto de Paranaguá 10 Mafra 11 Porto de Rio Grande // Total investments: R$91 bn Porto de Ilhéus 5 Belo Horizonte Panaroma 11 São Paulo – Mafra – Rio Grande; Porto de Salvador Corinto 9 10 Maracaju – Mafra; 12 Açailândia – Vila do Conde. 7 Estrela D’Oeste 7 Belo Horizonte – Salvador; 9 Estrela do Oeste – Panorama – Maracaju; Lucas R. Verde 10,000 km 6 Rio de Janeiro – Campos – Vitória; 8 Salvador – Recife; 8 Porto de Suape
  • 137. OVERVIEW OF HIGH-QUALITY GROWTH FOR THE CCR GROUP: The Company’s performance, strategy and future: ARTHUR PIOTTO
  • 138. CREDIBILITY, OUR GREATEST INTANGIBLE ASSET
  • 139. Credibility, an asset valued by CCR // OUR SPEECH      Clear Strategy; Selectivity; Capital Discipline; Efficient Use of Balance Sheet; Operational Optimization. // WHAT WE DELIVER  21% of Ebitda CAGR and 46% of Dividend CAGR in 10 years. Despite recurrent delays in bidding processes. * EBITDA CAGR of Feb 2012 and Dividend CAGR of Mar 2013
  • 140. Credibility, an asset valued by CCR // IN 2009, THIS WAS OUR INVESTMENT MESSAGE … … which afterall lasts to date.
  • 141. Credibility, an asset valued by CCR R$3.8 bi AS DISCLOSED IN 2009, WE DELIVERED … … our investment message, yet in a period of low activity in the sector. R$2.3 bi R$1.9 bi + SPVias + ViaQuatro EBITDA 2009 EBITDA 2010(E) Market Consensus EBITDA 2013(E) Market Consensus in 2010 We are very close to reaching approximate growth of 60% in EBITDA in three years.
  • 142. Credibility, an asset valued by CCR ~4.0 DESPITE THIS SCENARIO, THE MARKET EXPECTS THAT CCR DELIVER what was planned in 2009 within one year in advance. 3.8 3.3 2.9 1.9 2.3 R$ Billion EBITDA 2009 EBITDA 2010 EBITDA 2011 EBITDA 2012 EBITDA 2013(E) EBITDA 2013(E) Market Consensus in 2010 CURRENT Market Consensus
  • 143. Credibility, an asset valued by CCR 5.5 to 6.5 ~4.0 AND IT MAY HAPPEN AGAIN, BASED ON A SOLID PORTFOLIO we trust in our potential for more deliveries. 3.8 Possible increase of ~50% in EBITDA 3.3 2.9 1.9 2.3 R$ Billion EBITDA 2009 EBITDA 2010 EBITDA 2011 EBITDA 2012 EBITDA 2013(E) EBITDA 2013(E) Market Consensus in 2010 CURRENT Market Consensus EBITDA 2013(E) CCR Day 2012
  • 144. OUTLOOK AND PROJECT TRACK RECORD
  • 145. Assets conceded in Brazil– 2002 to 2011 2002 No project R$0 2003 No project R$0 2004 MG050 R$1,520 2005 No project R$0 2006 São Paulo Metro Line 4 R$1,506 2007 7 Federal Highways R$15,403 2008 6 São Paulo State Highways R$10,211 2009 BR116/BR324 in Bahia R$2,602 2010 BA093 and southern and eastern stretches of São Paulo Beltway MT130, PE060 and 1 Airport R$6,786 2011 R$989 Amounts restated by the Broad Consumer Price Index (IPCA) up to September 2013 (in million). Total Investment R$39,017
  • 146. Assets conceded in 2012 and 2013 // INVESTMENTS (IN BILLION) BR101 (ES/BA) R$1.7 Guarulhos Airport R$5.2 Viracopos Airport R$9.9 Brasília Airport R$2.7 ViaRio R$1.8 Rio LRT R$1.2 Salvador Metro System R$3.9 BR 050 R$3.0 São Paulo Metro Line 6 R$9.0 TOTAL: 9 PROJECTS The search for solutions for infrastructure bottlenecks has begun. TOTAL ESTIMATED INVESTMENT : ~R$38 BI
  • 147. Recent auctions // INVESTMENTS (IN BILLION) BR101 (ES/BA) Guarulhos Airport Projects in which CCR took part Projects won by CCR Projects in which CCR did not take part R$1.7 R$5.2 Viracopos Airport R$9.9 Brasília Airport R$2.7 ViaRio R$1.8 Rio LTR R$1.2 Salvador Metro R$3.9 BR 050 R$3.0 São Paulo Metro Line 6 R$9.0 OF 9 PROJECTS, WE TOOK PART IN 7 AND WON 3. + BOATS AND 3 AIRPORTS the portfolio’s expansion is based on selectivity … ... and capital discipline, CCR’s characteristics.
  • 148. Credibility, an asset valued by CCR In the last two years, CCR added seven new businesses… ... backed by the efficient use of balance sheet. Investments EBITDA* Remaining Term CCR Barcas R$180 R$45 10 3 Airports R$480 R$200 24 ViaRio R$233 R$33 34 Rio LRT R$130 R$18 25 R$1,659 R$255 30 In Million Salvador Metro In million Investments of In five years, market analysts estimate the following increase: * According to analysts’ expecftations R$2,682 * 14% of EBITDA/year * NPV of up to R$3.8 bi
  • 149. Short and long-term opportunities Galeão Airport Confins Airport IN VIEW OF THE GROWING DEMAND FOR INFRASTRUCTURE and speed up of auctions, make your allocations. R$5.3 R$3.7 BR 163 R$4.6 BR 060/153/262 R$7.1 BR 163/262/267 R$5.8 Goiânia LRT R$2.1 Tamoios Highway .7 //(IN BILLION) R$3.7 Niterói Line 3 R$3.0 São Paulo Line 20 R$14.0 São Paulo Line 18 R$3.2 4 Metro Projects R$12.2 TIC R$5.4 Others R$24.8 TOTAL: 23 PROJECTS TOTAL ESTIMATED INVESTMENT: ~R$103 BI
  • 150. IS CCR’S CURRENT FINANCIAL STRATEGY STILL ADEQUATE TO A SCENARIO OF GREATER BUSINESS OUTLOOK? YES, IT IS. WHY?
  • 151. Investment capacity Financial strategy Debt of 3.0x Net Debt/EBITDA. The Company’s growth will be financed by leveraging. Payout commitment of at least 50% of net income as dividend.
  • 152. Financing sources // NEW BUSINESSES      BNDES; FI-FGTS; Pró Transporte; FINISA; VITER. Based on our balance sheet, we believe in a sufficient credit offer for new projects. // PERFORMED BUSINESSES Bank Credit  Bank Credit Bill (CCB);  Credit Facility;  Loan Agreement. Stock Market  Debentures and Promissory Notes;  Subsidized Debentures;  External funding;  Private placements.
  • 153. Debt mix optimization 220% // Based on operational variables, we may determine debt breakdown that provides the best risk/return ratio. Net Income (MM BRL) 2000 1990 Net Income (BRL MM) Risk (BRL MM) Risk/ L. L. CDI 1980 BRL PRE TJLP 1970 1960 1950 1940 50 100 150 200 250 Risk(MM BRL) 300 350 400
  • 154. Investment capacity Financial strategy Debt of 3.0x Net Debt/EBITDA. The Company’s growth will be financed by leveraging. Payout commitment of at least 50% of net income as dividend.
  • 155. Investment capacity Leveraging 2.6 R$ Billion 2.5 2.0 0.8 1.1 1.5 0.9 3.0 2.1 2.2 1.5 11.2 0.8 7.2 5.6 2.6 1.2 1.1 0.6 1.2 1.1 2.0 7.5 8,1 Additional Capacity of R$3.7 billion 6.2 2.9 1.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013E 2013 EBITDA in the last 12 anos, base Sept 2013 Net Debt: Market Consensus Net Debt Net Debt/EBITDA Market Consensus
  • 156. Investment capacity Financial strategy Debt of 3.0x Net Debt/EBITDA. The Company’s growth will be financed by leveraging. Payout commitment of at least 50% of net income as dividend.
  • 157. Dividends 16% 58% 61% 4.2% 4.8% 65% 3.8% 92% 127% 85% 85% 5.0% 4.6% 3.9% 4.7% 90% 90% 90% 3.9% 3.7% 3.9% 2.2% Payout Div Yield 1,439 R$ million 1,177 1,301 714 500 183 30 * Market Consensus 547 580 532 263 302 605 709 672 852 899 1,054- 803 609 355 152 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* Net Income Net Income(E)* Dividends
  • 158. Conclusion // CONSIDERING... The current potential of new growth opportunities; The access to the capital The Group’s additional market provided by the three pillars of the indebtedness capacity; financial strategy; The strong support to financing of the infrastructure sector; The better economic feasibility of assets to be conceded; The development of PPPs’ market; The recent success in the acquisition of new businesses. //... CCR has energy to expand its businesses, adding value to shareholders without excluding the capital discipline and quality of assets.
  • 159. CONCLUSIONS AND FINAL REMARKS: RENATO VALE
  • 160. Proven Track Record CCR has a proven track record in acquisitions, diversification or new bidding processes. EUA (2007) ViaQuatro (2006) Expansions AutoBAn + ViaOeste (2006) RodoNorte (2005) Renovias (2008) ViaOeste (October 2004) Benchmarks RodoAnel (2008) Controlar (2009) Follow-on (2009) Follow-on (April 2004) Acquisitions STP (2003) IPO (2002) Concessions Obtained NEXT PROJECTS … Concession Extension Several growth opportunities.
  • 161. Company Performance CCR has a proven track record in acquisitions, diversification or new bidding processes. 2002 2003 2004 2005 2006 2007 IPO Follow-on (April) CCR ViaOeste (October) Benchmarks Acquisitions Concessions Obtained Concession Extension EUA
  • 162. Conclusion // CONSIDERING... The current potential of new growth opportunities; The access to the capital The Group’s additional market provided by the three pillars of the indebtedness capacity; financial strategy; The strong support to financing of the infrastructure sector; The better economic feasibility of assets to be conceded; The development of PPPs’ market; The recent success in the acquisition of new businesses. //... CCR has energy to expand its businesses, adding value to shareholders without excluding the capital discipline and quality of assets.
  • 163. CHALLENGES RELATIONSHIP (DIALOGUE) How to prepare for the CCR of the future:
  • 164. CHALLENGES GOING CONCERN Sustainability
  • 165. CHALLENGES People Management
  • 166. In 2009... Current ...Level change Thinking ahead... EBITDA R$2 bi PRICE PRICE R$37/share R$9.25/share EV/EBITDA 10.5x 2013E Level Change EBITDA R$4.0 bi EBITDA R$4.5 bi EV/EBITDA 10.5x PRICE R$??/share PRICE R$???/share (1) Ebitda considered for calculation was the market consensus of R$2.000 million for 2009
  • 167. In 2012... ...Mudança de Patamar Pensando Alto...
  • 168. ... and how 2016 will be? 2016 (E) 2013 (E) ...Mudança de Patamar EBITDA R$4.0 bi EBITDA R$5.5 PRICE EV/EBITDA PRICE EBITDA 6.5 bi (1) Ebitda considered for calculation was the market consensus of R$2.000 million for 2009 (2) (E) Market consensus
  • 169. DEBATES, QUESTIONS AND ANSWERS
  • 170. TIME FOR LUNCH
  • 171. PLANNING, TRANSPARENCY AND CREDIBILITY

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