3. PROGRAM
09:30 OPENING
Renato Vale
10:00
SECRETARY OF THE GROWTH
ACCELERATION PROGRAM
Maurício Muniz
10:20
SECRETARY OF ECONOMIC AFFAIRS
(SEAE) OF THE MINISTRY OF FINANCE
Paulo Correa
10:40 Q&A
11:30
CURRENT BUSINESS AND THE FUTURE OF
CCViaQuatro | CCR MetrôBahia
Italo Roppa
11:45
CURRENT BUSINESS AND THE FUTURE OF CC
CCR NovaDutra | CCR MSVia | ViaRio | VLT Carioca
Jose Bráz
12:00
CURRENT BUSINESS AND THE FUTURE OF CCR
Airports
Ricardo Bisordi
12:35
OUR VISION ABOUT THE
PERSPECTIVE AND FUTURE OF CCR
Arthur Piotto
12:15
CURRENT BUSINESS AND THE FUTURE OF CC
Alliance Agreement | NASP | TAS | Future projects
Leonardo Vianna
ANTT GENERAL DIRECTOR
Jorge Bastos13:05
13:15
13:30
CLOSING
Renato Vale
Q&A
BREAK11:00
10. CCR BUSINESS
Enable solutions for Infrastructure Investments
and Services, contributing to the Socio-
economic and Environmental Development of
the regions where we operate.
14. 20 YEARS OF CONCESSIONS
CCR has a proven track record, either in
acquisitions, diversification or new bids.
Acquisitions
Concessions awarded
Marks
Concession extension
*In process of acquisition
Follow-on
EUA
201320122011201020092008200720062005
Follow-on
20042003
IPO
2002 2015
15. COMPARISON
IBovespa x IGC x CCR Stocks
IGPM varied 175% and IPCA 141%.
Closing price CCR x IBovespa
Base 100: 01/31/2002 (without dividends adjustment)
-
500
1.000
1.500
2.000
2.500
Feb
2002
Feb
2003
Feb
2004
Feb
2005
Feb
2006
Feb
2007
Feb
2008
Feb
2009
Feb
2010
Feb
2011
Feb
2012
Feb
2013
Feb
2014
Feb
2015
29. more than 198 MILLION
passengers transported
in the past 12 months
2015
30. COMPLETION AS OF 2014
Luz
RepúblicaPaulista
Faria Lima
Pinheiros
Butantã
31. DEMAND AVERAGE
Working days
12 th
181 th
568 th
651 th
672 th 689 th
2010 2011 2012 2013 2014 2015 (*)
Record
785
(May/14)
Only
Paulista and
Faria Lima
stations in
operation
Opening of Butantã,
Pinheiros, República
and Luz stations
(*) Market Consensus
Opening of
Fradique
Coutinho station
32. Investments in trains and systems:
Cumulative chart of investments and advances in 2015
VIAQUATRO
Investiments (R$)
0
120.006
221.507
365.487
531.108 545.341 568.977
702.479
812.596
2007 2008 2009 2010 2011 2012 2013 2014 2015 (*)
37. CCR METRÔ BAHIA WORKS
Line 1 StationsLine 2 Stations
Lapa
Pólvora Brotas
Acesso
Norte
Retiro
Bom Juá
Pirajá
Detran
CAB
Pituaçu
Flamboyant
Tamburugy
Mussurunga
Aeroporto
Bonocô
Rodoviária
Pernambués
Imbuí
Bairro da Paz
38. CCR METRÔ BAHIA
Contract Term:
2043 (30 years)
Total planned investment:
R$ 3,85 Bi (base apr/13)
Public Capital Injection (base oct/13):
Total Amount: R$ 2,28 Bi
Capital Injection Due: R$ 0,31Bi (until Nov/15)
Capital Injection Done: R$ 0,27 Bi (until Nov/15)
Beginning of Collection:
Dec 21, 2015
Financing:
Short Term: Solved
Long Term: R$ 2,01 Bi
(BNDES)
39. CCR METRÔ BAHIA
Project ( economic progress ) – base apr/13
2014
J F M A M J J A S O N D
2015
J F M A M J J A S O N D
2016
J F M
2017
A M J J AJ F M A M J J A S O N DO N D
2013
Previsto: 75%
Realizado: 37%
40. CCR METRÔ BAHIA
Capital Injection
Total Capital Injection (contract): R$ 2.283 Bi
Total Capital Injection : R$ 0,311 Bi
Total Capital Injection Received: R$ 0,272 Bi
60. Contract Term:
Feb/2021
Investments agreed:
R$ 3.2 Bi
Serra das Araras
Side roads in Rio, São Paulo
and São José dos Campos
Other Safety Works
Contract rebalance:
Marginal cash flow
TIR: 9.95%
Expansion of concession term
CCR NOVADUTRA
65. CCR MSVIA
Contract Term:
2044 (30 years)
Forecasted Investments:
R$ 5.5 Bi
40% already contracted
Completion of 10% to toll
approval
Beginning of Collection:
September 14, 2015
37 days before planned
BNDES Financing:
Bridge Loan – R$ 544 Million
Long Term – R$ 3 Bi*
* Under analysis
66. Fee – Light Weight Vehicles
CCR MSVIA
Mundo Novo 3,20 4,70
Itaquirai 4,30 6,40
Caarapó 4,40 6,50
Rio Brilhante 4,40 6,50
Campo Grande 4,90 7,20
Jaraguari 3,80 5,60
São Gabriel 3,70 5,50
Rio Verde 4,80 7,20
Pedro Gomes 3,60 5,40
Plaza Fee Adjusted fee Average
Adjustment
47.71%
Inflation in the period
25.87%
Axels Suspended
14.40%
Retuns at road level
2.67%
67. CCR MSVIA
Actual MV X Planned MV
2013 2014 2015
Plan. 2,59% 3,09% 3,29%
Actual 2,49% 0,14% -3.14 (*)
TRAFFIC GROWTH 2013 2014 2015
CCR RODO
NORTE
Actual 7,95% 2,17% -2,97%
VDM MSVIA
Counting prior to collection
October / 2013 51.245
October / 2014 54.509 6,37%
August / 2015 53.013 -2,74%
ADV of Collection in October
Passenger Cars 24.731
Commercial Vehicles 21.774
Total 46.505
% var. on Ago/15 -12,3%
(*) Projection on November 14.
(**) Projection SEMAC
PIB Brasil
68. INVESTMENTS
Completion of the
implementation of 9 toll
plazas on August 13
Completion of the
duplication of priority
sections on August 22
77. VIARIO
Planned x Actual 2015 and 2016
(Value OP – Timetable 8.0)
40,5%
43,1%
46,0%
49,2%
54,5%
59,9%
65,5%
70,7%
74,8%
78,9%
40,5% 43,1%
46,0%
49,2%
54,5%
59,7%
65,0%
70,0%
74,3%
78,4%
82,4%
86,2%
90,1%
93,9%
97,6%
100,0%
78. VIARIO
Public Capital Injection:
Total Amount: R$ 1.60 Bi
Capital Injection Done: R$ 1.35 Bi
Contract Term:
2044 (30 years)
Investments to date:
Total Amount: R$ 2,012 Bi
Done: 78,9%
80. CONCESSION DATA
Beginning of Collection:
May 2016
Financing:
Bridge Loan
Market
Value: R$ 426 million
Long term
CEF
Value: R$ 621 million*
* Under analysis
Public Capital Injection:
Total Amount: R$ 1.60 Bi
Capital Injection Done: R$ 1.35 Bi
Contract Term:
2044 (30 years)
Investments to date:
Total Amount: R$ 2,012 Bi
Done: 78,9%
89. Contract Term
25 years
Total Lenght
28 km
Total Planned Investments
R$ 1.2 Bi, being 45% through
public capital injection
Investments done to date
51.5%
VLT CARIOCA
91. Contract term
25 years
Total length
28 km
Total forecasted investments
R$ 1.2 billion, being 45% through
public capital injection
Investments done to date
51.5%
Financing
BNDES and Market
Short term – R$ 512 million
Long term – R$ 740 million
Public Investments
Total: R$ 656 million
Received: R$ 193 million
CONCESSION DATA
Beginning of commercial
operations
1st stage: May 2016
2nd stage: Sep 2016
92. PUBLIC CAPITAL INJECTION VLT CARIOCA
Adjustment
Mark
532
179,2 179,2
123,8 28,9 13,4 15,5
Amount of capital
injection
Amount due Amount paid Amount to be paid
96. OUR AIRPORTS
Quito International Airport,
Ecuador
San José International
Airport, Costa Rica
Belo Horizonte
International Airport
Curacao International Airport
2012
3
9,977 million
187,722 million
5,377
Airports
Passengers
MTOWs
ATMs
2015
4
22,153 million
239,444 million
9,115
100. Renovation and Reconfiguration of
Passengers Terminal 1
INVESTMENTS
R$ 55 million in investments
• Emergency works
• Internal Reconfiguration
• Improvements in Coverage
Works of Public Authority already
undertaken
• R$ 40 million and a balance of
R$ 210 million
INITIAL COMPLETION FORECAST
: SEPTEMBER 2014
( public authority’s responsibility)
COMPLETION FORECAST
OCTOBER 2016
101. TPS 2: ~50 thousand m² of constructed area
New Passengers Terminal
• 17 new Boarding Bridges
1,800 parking spaces
Adequacy of Roadways
R$ 610 million investments
INITIAL COMPLETION
FORECAST: APRIL 2016
COMPLETION FORECAST
END OF 2016
Delay in
environmental
licencing
INVESTMENTS
102. TPS 3
INVESTMENTS
Total investment R$ 9.8 million
• Adequacy works in the internal area for
international use
• Adequacy of roadway system
• 400 parking spaces
Works of Public Authority undertaken:
R$ 6.7 million
INITIAL COMPLETION
FORECAST : APRIL 2014
( public authority’s responsibility)
COMPLETION OF WORKS
AUGUST 2015
103. Airside
INVESTIMENTOS
Total investment: R$ 163 million
(1st and 2nd phases)
• Runway Recovery
• Extension of Aprons 01 and 02
• 44 Apron positions for aircrafts
• Adequacy of roadways
• Works of Public Authority already
undertaken: R$ 53 million
INITIAL COMPLETION
FORECAST : APRIL 2014
( public authority’s responsibility)
COMPLETION FORECAST
1st phase Dec 2015
2nd phase Dec 2016
3rd phase after 2020
104. GENERAL VIEW OF THE AIRPORT
Construction of new runway (2.500
mt), roadways and service tracks
Construction of overpass
connecting the two runways
Phases 1 and 2 – Year 2020
120. ALLIANCE AGREEMENT OF BAHIA METRO
Independent company to monitor project costs
Promon Engenharia LTDA was contracted.
Last trend assessment (in Oct 2015) :
Progress of work : 47.5%
Comparison of Target Price x Ceiling Price : ~ 4.0%
122. NASP HISTORY
Controllers presentation of transference proposal of NASP development to
CCR:
Transference of option contract of the acquisition of an area in Caieiras
/ Cajamar, including the reimbursement of installments already paid
Reimbursement of expenses already incurred in studies
Participation in the future project (% EBTIDA)
RELEVANT FACT OF JUN 15, 2015:
Creation of an independent committee (2 members: independent
counselors + 1 controller member with no conflicts)
123. NASP HISTORY
Controllers present a new proposal to CCR:
Transference of option contract of the acquisition of an area in
Caieiras / Cajamar, without the reimbursement of installments
already paid
Timely analysis of reimbursement of expenses already incurred in
studies observing governance rules of the company
Timely analysis of FEE of project development, observing
governance rules of the company
RELEVANT FACT OF OCT 21, 2015:
CAD authorization to access the exercise of the option
126. WHY NASP?
GRU saturation in a short period of time (+/- 5 years):
High cost of expansion
Social and economic issues in removing the families (more than 10,000 families)
Congonhas already reached saturation without expansion alternatives
Option - Viracopos: Too distant
Other properties: Great limitation of properties with suitable size and location
Viable alternative: NASP
127. RATIONAL IMPLEMENTATION OF AIRPORT
2. Mexico City Benito Juarez
4. New York J. F. Kennedy
5. Sao Paulo Guarulhos
9. Los Angeles Los Angeles
18. Buenos Aires Ministro Pistarini
20. Rio de Janeiro Galeão
Located 100 km from São Paulo city center, Viracopos Airport is not the solution for the
demand growth of RMSP as shown in previous experiences from other countries
Americas
13. Cairo Cairo
15. Karachi Jinnah
27. Tehran Mehrabad
28. Tehran Imam Khomeini
31. Lagos
Lagos Murtala
Muhammed
Africa / Middle East
16. Moscow Sheremetyevo
17. Moscow Domodedovo
22. London Heathrow
23. London Gatwick
24. London Stansted
25. London City
26. London Luton
29. Istanbul Atatürk
30. Istanbul Sabiha Gökçen
33. Paris Charles de Gaulle
34. Paris Orly
Europe
1. Tokyo Narita
3. Seoul Incheon
6. Mumbai Chhatrapati Shivaji
7. Delhi Indira Gandhi
8. Shanghai Pudong
10. Osaka Kansai
11. Jakarta Soekarno-Hatta
12. Calcutta K. N. S. C. Bose
14. Manila Ninoy Aquino
19. Dhaka Zia A. Bimanbondor
21. Beijing Beijing Capital
32. Shenzhen Shenzhen
Asia
Source: Bain & Co. (except NASP location)
1
36
7
8
10
3211
14
1912
21
2
4
5
9 20
18
16
34
17
22
25 29
33
26
30
24
23
31
27
15
13
28
Viracopos
City
Center
100 80 60 40 20 20 40 60 80 100
NASP
128. NASP vs. GUARULHOS
Income concentration
per neighborhood
Very low
Low
Medium
High
Very high
Airport with quicker
access per neighborhood
NASP
GRU
80% of high income population in SP
reach NASP faster than GRU.
For this segment of the population,
travelling to NASP takes, in average,
31 minutes less than to GRU.
For SP population, access to NASP
takes, in average, 11 minutes (18%)
less than GRU.
KEY POINTS
Source: AG/CC Study, time simulation to destination - WAZE. Income Information: demographic census - IBGE 2010. High income population: families with per capita income above 5
minimum wages (minimum wage of R$ 510), corresponds to ~11% of SP population in 2010. % of high income population per neighborhood varies between 1% and 48%.
129. NASP DESCRIPTION
Processing of up to 60 million pax / year
Passengers terminal with 130.000 m2
Movement of 293,000 aircraft movements (ATM) / year
Movement of 739,000 tons of cargo / year
Construction of approximately 17,000 parking spaces for cars
Construction of two parallel runways with capacity for 62 movements per hour
81 positions for aircraft parking: 38 remote and 43 fixed
131. PRESENCE IN AIRPORTS
Main airports in the United States
San Francisco (SFO)
Los Angeles (LAX)
Huntsville (HSV)
Chicago (ORD)
Newark (EWR)
Atlanta (ATL) Bradley (BDL)
SFO
LAX
ORD
HSV ATL
BDL
EWR
133. WHAT IS TAS?
Airport services company
1 2
3 4
1. Cargo Warehousing/Handling
2. Passenger Services
3. Ground Handling
4. Ramp Operations
134. USA STRATEGY
• Fragmented American market;
• Cities / Pool of Cities comprises Airport Authorities
• Some Terminals are operated by private companies (Airlines)
• Have knowledge of the markek and experience in industry;
• Have a suitable network both with airlines and airport authorities;
• Be based in the US – airport authorities too decentrilized;
• Be recognized as an American company.
138. New Projects
FEDERAL HIGHWAYS
CP 02 BR 476/153/PR e BR 153/282/480/SC Lapa - Chapecó 460 4,5 bi 15/01/2015
CP 03 BR 364/GO e BR 364/MG Jataí - Itumbiara 439 3,1 bi 08/06/2015
CP 04 BR 163/MT e BR 163/230/PA Sinop - Miritituba 976 6,6 bi 14/05/2015
CP 05 BR 364/MT e BR 364/060/GO Rondonópolis - Goiânia 704 4,1 bi 14/05/2015
18,3 bi
CP Highways Section Ext.
(km)
Invest.
(R$)
Completion
1 BR 101 / BA Gandu - Feira de Santana 199 1,6 bi
2 BR 101 / SC Palhoça – Border SC/RS 220 1,1 bi
3 BR 262 / MS Campo Grande - Três Lagoas 327 2,5 bi
4 BR 267 / MS Nova Alvorada - Presid. Epitácio 249 2,0 bi
5 BR 280 / SC S.Francisco do Sul - Jaraguá - Porto União 307 2,1 bi
6 BR 364 / RO / MT Comodoro - Vilhena - Porto Velho 806 6,3 bi
7 BR 101 / 232 / PE
Recife - Caruaru - Cruzeiro and Construction of Recife’s
Metropolitan Arch
564 4,2 bi
8 BR 262 / 381 / MG BH – Border ES/MG 305 1,9 bi
9 BR 470 / 282 / SC Navegantes - Blumenau – Campos Novos - Vargem Bonita 455 3,2 bi
10 BR 101 / 493 / 465 / RJ/SP Rio-Santos until Ubatuba and Rio’s Metropolitan Arch 357 3,1 bi
11 BR 101 / 116 / 290 / 386 / RS Osório - POA and Camaquá-Carazinho 581 3,2 bi
4.370 31,2 bi
139. New Projects
STATE HIGHWAYS
5 Highways
STATE HIGHWAYS - SP
3,000 Km
Estimated
investment
R$13 billion
Whole State
network
STATE HIGHWAYS - MG
PMI on
Nov 16, 2015
28,000Km
144. OUR VISION ABOUT THE
PERSPECTIVE AND FUTURE OF CCR
ARTHUR PIOTTO FILHO2015
145. PILLARS OF THE FINANCIAL POLICY
Indebtedness of
3.0x Net
Debt/EBITDA
Company
growth will be
funded through
leveraging
Commitment of
paying a
minimum of
50% of net profit
as dividends
146. PROGRESS OF INDEBTEDNESS AND ADDITIONAL LEVERAGING
CAPACITY
Net Debt and EBITDA: Pro forma values.
Pro forma values include proportional data of those controlled together.
R$ Bi
Additional
Capacity2,1
4,2
Net Debt Net Debt / EBTIDA (x)
ViaRio
Barcas
Quito
San
José
Curaçao
VLT Metrô
Bahia
BH
Airport
MSVia
147. PILLARS OF THE FINANCIAL POLICY
Indebtedness of
3.0x Net
Debt/EBITDA
Company
growth will be
funded through
leveraging
Commitment of
paying a
minimum of
50% of net profit
as dividends
148. DEBT BREAKDOWN (SEP/15)
WITHOUT HEDGE
Pro forma Indebtedness.
Pro forma values include proportional data of those controlled together
Net Exposure in dollars in Sep/15: US$ 119.3 million
CDI TJLP OtherIPCA USD (BR) USD (Exterior)
54,1%
18,1%
13,0%
4,9%
8,4%
1,5%
78,8%
3,4%
3,0%
4,9%
8,4%
1,5%
WITH HEDGE
149. DEBT AMORTIZATION SCHEDULE
Pro forma Indebtedness. Pro forma values include proportional data of those controlled together.
R$ billions
DEBT AMORTIZATION
SCHEDULE DEC 2014
DEBT AMORTIZATION
SCHEDULE SEP 2015
2015 2016 2017 2018 2019 2020-2024 2015 2016 2017 2018 2019 2020-2024
150. MATURITIES 4Q15
Pro forma indebtedness with transaction costs.
R$ millions
Bank Credit
Bank Credit Notes (CCB)
Law 4131
Capital Market
Debentures and Promissory Notes
Encouraged Debentures
Private Placements
Long Term
BNDES
FI-FGTS
Pró Transporte
VITER / Pró Transporte
BID161
213
970
2015
1.344
Units
CCR Barcas:
CCR AutoBAn:
CCR NovaDutra:
CCR RodoAnel:
CCR ViaOeste:
CCR SPVias:
Samm:
Outros:
239*
166
153
115
79
67
53*
98
Holdings
CCR:
CPC:
146
67
New business
* Refinanced
151. Pro forma indebtedness with transaction costs.
Bank Credit
Bank Credit Notes (CCB)
Law 4131
Capital Market
Debentures and Promissory Notes
Encouraged Debentures
Private Placements
Long Term
BNDES
FI-FGTS
Pró Transporte
VITER / Pró Transporte
BID
Units
CCR SPVias: 1.235
CCR RodoAnel: 750
CCR AutoBAn: 528
CCR ViaOeste: 293
ViaQuatro: 89
Outros: 259
Holdings
CPC: 750
CCR: 620
New business
MATURITIES 2016
R$ millions
6.210
152. STATUS OF NEW BUSINESSES FINANCING
R$ millions CCR MSVia CCR Metrô Bahia VLT1 ViaRio1
Short Term
Indebtedness Sep/15
544 1.033 128 142
Long Term 3.000 2.000 185 207
Source BNDES BNDES BNDES CEF – Viter**
Cost of Debt3 TJLP + 2% a.a. TJLP + 3,18% a.a. TJLP + 3,44% a.a. TR + 9% - 10,5% a.a.4
Amortization 25 years 27 years 20 years 20 years
Forecasted
Disbursement
Mar/16 Dec/15 Nov/15 Jan/16
BH Airport
405
1.000
BNDES
TJLP +
2,83% a.a.5
20 years
Jan/166
1 – CCR Participation
2 – Managed Portfolio of Mobility (FGTS) – Viter
3 – Cost of Debt without Commissions and Taxes
4 – TR = 1,7% a.a.
5 – Average Cost
6 – Bridge loan
153. PILLARS OF THE FINANCIAL POLICY
Indebtedness of
3.0x Net
Debt/EBITDA
Company
growth will be
funded through
leveraging
Commitment of
paying a
minimum of
50% of net profit
as dividends
154. DIVIDENDS HISTORY
Net profit Dividend Yield Payout
2015E: Net profit market consensus | Pro forma Values.
R$ millions
157. FINAL MESSAGE
Accuracy of projected capex CCR MSVia and CCR Metro Bahia
Transfer of public resources in the PPPs
Resilient operational margins, considering the current economic scenario
Strong support from financing sources
We believe that CCR will complete
this cycle of investments
even better prepared
for the next one...
163. 20 YEARS OF CONCESSIONS
CCR has a proven track record, either in
acquisitions, diversification or new bids.
.
Acquisitions
Concessions awarded
Marks
Concession extension
*In process of acquisition
Follow-on
EUA
201320122011201020092008200720062005
Follow-on
20042003
IPO
2002 2015
164. CASH DIVIDENDS HISTORY
Net Profit Dividend Yield Payout
Dividend Yield: Year average price until Nov 09
R$ millions
166. INVESTMENTS IN SUSTAINABILITY
Direct and encouraged investments
12 years - investments of
R$ 161 million
Next 5 years –
investments of
R$ 249 million
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
169. WHY INVESTING IN CCR?
Clear, defined and public strategy
Controller Partners with same goals and
vision
Qualified employees in ongoing
development process
Solid financial structure
Access to capital markets
Strong dividends policy
Significant upside potential
Qualified growth and sustainable
development
