Apimec – 1 q07 results

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Apimec – 1 q07 results

  1. 1. 1Q07 Earnings May 16, 2007
  2. 2. Forward Looking Statement This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation. 2
  3. 3. Agenda Highlights Results Outlook 3
  4. 4. Highlights Operating 4.6% traffic increase in 1Q07. Gross revenue totaled R$ 545.9 million (+6.1%). Net Income reached R$ 146.8 million (+27.3%). 35.0% increase in AVI users, totaling 771 users. 4
  5. 5. Highlights Corporate On April 10, 2007, CCR complemented the payment of dividends of R$ 0.50 per share for the fiscal year 2006, or R$ 201.6 million, added to R$ 254.0 million paid in September 2006, it represents a total payment of R$ 455.6 million for the fiscal year 2006, totaling a payout of 83.2% over the total dividend paid for the fiscal year. On April 11, 2007, CCR informed its shareholders and the market that the Board of Directors of the “Northwest Parkway Public Highway Authority” elected the consortium formed by CCR (10%) and Brisa (90%) the preferred bidder for the concession of the “Northwest Parkway” highway. 5
  6. 6. Results 1Q07’s results reflect a combination of factors... R$ Million Financial Highlights 1Q06 1Q07 Var % Net Revenues 514.5 545.9 6.1% Total Cost (1) (301.2) (285.4) -5.3% EBIT 213.3 260.5 22.2% EBIT Mg. 41.5% 47.7% +6.2 p.p. Depreciation and Amortization (2) 85.3 80.3 -5.8% EBITDA 298.6 340.9 14.2% EBITDA Mg. 58.0% 62.4% +4.4 p.p. Financial Result, net (40.2) (43.2) 7.4% Net Income 115.4 146.8 27.3% (1) Total Cost + Administrative Expenses (2) Includes prepaid expenses …traffic and reduction of operating costs 6
  7. 7. Operating Margin Evolution EBITDA x EBITDA Margin Adjusted* EBITDA and margin 382 362 341 299 276 R$ million R$ million 224 218 174 70% 70% 62% 67% 58% 66% 54% 52% 1Q04 1Q05 1Q06 1Q07 1Q04 1Q05 1Q06 1Q07 (*) Pro forma figures, excluding concession fee 7
  8. 8. Revenues Toll Payment Method 30.6% 37.0% 44.3% 47.4% Electronic Cash 69.,4% 63.0% 55.7% 52.6% 1Q04 1Q05 1Q06 1Q07 Concession Breakdown Revenue Breakdown Via Lagos Outras Ponte STP 1.7% Other 2.1% 4% 2% Rodonorte 3% AutoBAn 12% 36% ViaOeste 16% 96,2% 96,2% 27% Toll NovaDutra 8
  9. 9. Traffic - Quarterly Evolution Quarterly Historical Evolution 1Q07 x 1Q06 – Concession Breakdown (Equivalent Vehicles – million) (Equivalent Vehicles ) + 4.6% 131 7.3% 125 6.8% 107 5.8% 94 1.7% 0.6% -0.1% 1Q04 1Q05 1Q06 1Q07 AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste 9
  10. 10. Net Revenue & Total Costs Operating efficiency is a ... 546 514 411 331 Net Revenue 301 285 Other 252 213 12% 16% 14% Payroll 12% 12% 64% 10% R$ (million) 10% 61% 14% Concession Fee 22% 22% 59% 22% 15% Third-Party 52% 28% 27% 30% 31% D&A 25% 24% 27% 27% 1Q04 1Q05 1Q06 1Q07 Other: insurance, rent, routine maintenance, marketing, travel and electronic payment. Third-Party Services: auditing, consulting and shared services. ...continuous focus for CCR‘s management. 10
  11. 11. Indebtedness Current unleveraged balance sheet... Gross Debt Net Debt 1,703 1,332 1,396 1.133 100% 1.116 1,237 87% (R$ (million) (R$ (million) 1.039 69% 1.70 983 67% 1.40 0.95 0.79 1Q04 1Q05 1Q06 1Q07 1Q04 1Q05 1Q06 1Q07 Short Term Long Term In R$ Net Debt Net Debt / EBITDA 100% In Local currency ...allows great flexibility to participate in new bids. 11
  12. 12. Indebtedness Sources of funding are neither a growth boundary... Source of Funding Debt Amortization Other 104.%-106.4% CDI BNDES TJLP + 4.5%-5.0% 627 (R$ (million) 24% 21% 284 269 27% 28% 183 200 Debentures 85 Debentures 54 IGP-M + 9.5%-11% 103.3%-105% CDI 2007 2008 2009 2010 2011 2012 After 2012 ...to the Company’s growth nor to refinancing its current portfolio. 12
  13. 13. Capital Expenditures CAPEX Schedule CAPEX (R$ MM) 1Q06 1Q07 2007(E) 2008 (E) AutoBAn 41 28 287 235 NovaDutra 16 20 154 139 ViaOeste 36 43 193 33 Rodonorte 10 9 42 63 Ponte 5 2 32 7 Via Lagos 2 1 5 3 ViaQuatro 0 76 59 1 Other 1 2 9 9 Consolidated 110 105 799 547 (1) Includes CCR, Actua, Engelog, Parques and STP 13
  14. 14. New Businesses São Paulo Concessions Mexico and United States Federal Concessions Secondary Market Correlated Businesses PPP`s Brazil is still the main growth driver. 14
  15. 15. Social and Cultural Responsibility Policy People in 2006 Tela Brasil Cinema 236,000 Roda Brasil Circus 74,000 Culture Road to Citizenship 539,000 children I Use de Pedestrian Crossing 20,000 children, youngsters and adults Ways to Life Institute 1,200 students Education Road to Health 25,000 truckers Humanized Childbirth 21,000 people RodoPac 20,000 drivers Trucker’s Health 1,700 drivers Odontological Trailler 5,000 drivers Health Back Home Quality Gincane Received more than 291 tonnes of food Life Volunteers 453 blood donators I am “Sangue Bom” 800 blood donators Social 15
  16. 16. Investor Relations Ricardo Froes – CFO ricardo.froes@ccrnet.com.br Tel: 55 (11) 3048-5921 Arthur Piotto Filho – IR arthur.piotto@ccrnet.com.br Tel: 55 (11) 3048-5932 BOVESPA: CCRO3 Bloomberg: CCRO3 BZ Reuters: CCRO3.SA www.ccrnet.com.br/ir invest@ccrnet.com.br 16

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