Call 4 t13_eng

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Call 4 t13_eng

  1. 1. Results Conference Call Fourth Quarter and full year 2013 (4Q13 & 2013) February 27, 2014
  2. 2. Tolled Traffic Vehicle-Equivalents (Thousand) State Concessions 4Q13 3Q13 4Q12 Var% 4Q13/3Q13 Var% 4Q13/4Q12 2013 2012 Var% 2013/2012 55,109 55,916 49,785 -1.4% 10.7% 206,864 189,694 9.1% Autovias 12,484 12,787 11,473 -2.4% 8.8% 47,422 44,102 7.5% Centrovias 15,232 15,044 13,507 1.2% 12.8% 56,233 50,696 10.9% Intervias 17,312 17,861 15,785 -3.1% 9.7% 65,479 60,471 8.3% Vianorte 10,080 10,224 9,020 -1.4% 11.8% 37,729 34,425 9.6% 129,871 126,650 131,348 2.5% -1.1% 510,233 506,993 0.6% Planalto Sul 7,411 7,244 7,107 2.3% 4.3% 28,704 27,945 2.7% Fluminense 12,496 12,305 12,416 1.6% 0.6% 48,422 48,913 -1.0% Fernão Dias 42,627 42,285 41,647 0.8% 2.4% 165,213 160,707 2.8% Régis Bittencourt 38,870 38,214 37,550 1.7% 3.5% 150,105 146,097 2.7% Litoral Sul 28,468 26,602 32,628 7.0% -12.8% 117,787 123,331 -4.5% 184,980 182,567 181,133 1.3% 2.1% 717,096 696,687 2.9% Federal Concessions Total • Highlighted growth in State Highways driven by the beginning of suspended axles charge (+10.7%); • Autopista Litoral Sul interrupted the charges at P5 (biggest traffic volume in the concession) toll plaza on June 22, 2013, following ANTT’s resolution, impacting Federal highways results. Investor Relations 4Q13/2013 Results Conference Call 2
  3. 3. Toll Tarriffs 4Q13 3Q13 4Q12 Var% 4Q13/3Q13 Var% 4Q13/4Q12 6.48 6.47 6.47 0.2% Autovias 6.79 6.75 6.79 Centrovias 6.17 6.15 Intervias 5.61 Vianorte 8.04 Average Toll Tariff (R$ / Vehicle-Equivalents) Var% 2013/2012 2013 2012 0.1% 6.48 6.34 2.1% 0.6% 0.1% 6.79 6.67 1.7% 6.17 0.3% -0.1% 6.17 6.05 2.0% 5.62 5.60 -0.2% 0.2% 5.62 5.49 2.3% 8.05 8.02 -0.1% 0.3% 8.03 7.85 2.3% 1.90 1.89 1.79 0.3% 6.0% 1.88 1.78 5.5% Planalto Sul 3.63 3.60 3.34 0.7% 8.6% 3.61 3.31 9.0% Fluminense 3.30 3.30 3.10 0.0% 6.5% 3.28 3.07 6.9% Fernão Dias 1.41 1.40 1.40 0.9% 0.9% 1.40 1.40 0.2% Régis Bittencourt 1.80 1.80 1.80 0.0% 0.0% 1.80 1.80 0.0% Litoral Sul 1.70 1.70 1.45 0.0% 17.4% 1.67 1.41 18.1% 3.26 3.30 3.08 -0.9% 6.1% 3.21 3.03 6.0% State Concessions Federal Concessions Total • Federal Concessionaires: The tariff increases are linked to increases in inflation indexes and contractual rebalances. State Concessionaires: • In July 1st the State Government of São Paulo do not authorized the transfer of the inflation based contractual readjustments (+6.2%), taking responsibility for all the costs of that measure. Investor Relations 4Q13/2013 Results Conference Call 3
  4. 4. Revenues Breakdown Gross Revenue Toll Revenue R$ 1.0 billion (+14.4%) R$ 383.0 million (+30.0%) R$ 603.8 million (+8.3%) R$ 246.8 million (+4.8%) 2% Toll 38% 41 % State Construction 59 % 60% Federal Other R$ 603.8 million (+8.3%) R$ 357.1 million (+10.9%) • In 2013, Arteris reached a Consolidated Gross Revenue of 3.6 billion (+8.2%); • The Toll Revenues were 2.3 billion (+9.1%). Investor Relations 4Q13/2013 Results Conference Call 4
  5. 5. Costs and Expenses Costs and Expenses Breakdown (R$ thousand) (6.000) Cash Costs Non Cash Costs Cash Costs/Net Revenue (ex-construction) 40,0% 38,0% (5.000) • Increase of 4.5% on cash costs • Improvement on the ratio cash costs x net revenue (-0.6 p.p) 36,0% 34,3% (4.000) 32,6% 34,0% 33,5% 32,9% 30,9% (3.000) (2.282) 32,0% 30,0% (2.430) 28,0% 2013 Costs and Expenses (1.595) 26,0% (1.741) (1.000) (601) (644) (689) (687) (690) (425) (176) (473) (171) (506) 2012 2013 4Q12 3Q13 4Q13 Investor Relations (183) • Increase of 6.5% on total cost • Increase of 0.4% on cash costs • (2.000) - 4Q13 Costs and Expenses Cash costs now represent 32.6% of net revenue (-1.8 p.p) 24,0% 22,0% 20,0% 4Q13/2013 Results Conference Call 5
  6. 6. Operational Performance Adjusted EBITDA and Adjuted EBITDA Margin* (R$ million) 1600,0 1,429 69.1% 1,314 1400,0 1200,0 69,0% 67.4% 4Q13 Adjusted EBITDA Breakdown 68,0% 67.1% 1000,0 67,0% 66.5% 800,0 65.7% 66,0% 600,0 400,0 70,0% 349 381 374 29% State Federal 65,0% 71% 64,0% 200,0 0,0 4Q12 4T12 3Q13 3T13 4Q13 4T13 63,0% 2012 2013 *Adjusted EBITDA Margin considers the Net Operating Revenue, excluding Construction Revenues Investor Relations 4Q13/2013 Results Conference Call 6
  7. 7. Net Income Evolution Net Income (R$ million) 466 404 107 129 138 4T12 4Q12 3T13 3Q13 4T13 4Q13 Investor Relations 2012 2013 4Q13/2013 Results Conference Call 7
  8. 8. Debt Gross Debt (R$ thousand) Net Debt (R$ thousand) 4.500 4.000 2,1 3.500 2.000 2,3 1,9 3.000 1,5 2.500 1.500 4.125 4.060 2.000 1.500 2,5 2.817 3.084 0,5 2.420 3.235 1.000 (0,5) 1.000 500 500 4T12 4Q12 3T13 3Q13 (1,5) - 4T13 4Q13 (2,5) 4T12 4Q12 3T13 3Q13 4T13 4Q13 DívidaDebt Net Líquida DívidaDebt/Adjusted EBITDA – Fixed charge (last 12 months) Net Líquida / EBITDA Ajustado - Ônus Fixo (ult. 12 meses) Gross Debt Profile 0.1% 10.8% BNDES TJLP CDI 33.7% 55.5% Debentures 55.5% IPCA Investor Relations 44.4% Others 4Q13/2013 Results Conference Call 8
  9. 9. Investments – Cash Disbursments Intangible and Fixed Assets and Highway Maintenance (R$ thousand) 1,328,074 Maintenace Manutenção 1,247,491 Intangible and Fixed Assets Intangível e Imobilizado 1,106.425 266,368 310,685 347,042 1,251,540 403,979 245,660 293,902 329,585 382,393 20,708 1T13 1Q13 16,783 2T13 2Q13 17,457 3T13 3Q13 21,586 4T13 4Q13 141.066 2012 76.534 2013 • For 2014 the company estimates R$ 1.8 billion of investments in federaland state highways. • Until the end of concessions period the company has 6.8 billion forecasted as total investmente to be made. Investor Relations 4Q13/2013 Results Conference Call 9
  10. 10. Thank you! www.arteris.com.br/ir

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