The document provides financial results and traffic data for OHL Brasil for the first quarter of 2010. Some key points:
- Total traffic increased 11.6% compared to the first quarter of 2009 across state concessions and 195.7% across federal concessions.
- Net revenue increased 54.4% overall compared to the first quarter of 2009 to R$336.5 million.
- EBITDA was R$202.9 million for the quarter, a 114.5% increase over the first quarter of 2009, with an EBITDA margin of 60.3%.
- Net income was R$56.4 million compared to a net loss in the prior year quarter, representing an
The document provides financial results and traffic data for OHL Brasil for the first quarter of 2010. Some key points:
- Total traffic increased 11.6% compared to the first quarter of 2009 across state concessions and 195.7% across federal concessions.
- Net revenue increased 54.4% overall compared to the first quarter of 2009, with strong growth across all concessions.
- EBITDA was R$202.9 million for the quarter, a 114.5% increase over the first quarter of 2009, with an EBITDA margin of 60.3%.
- Net income was R$56.4 million for the quarter compared to a net loss in the prior year period
The document provides a summary of OHL Brasil's 2Q10 earnings results conference call. It includes information on traffic evolution, toll tariffs, net revenue, EBITDA and margins, and financial results for various concessions compared to previous periods. Key highlights include an 11-12% increase in traffic across state concessions, EBITDA growth of 41.9% year-over-year, and a financial result impacted by a 110.1% increase in financial revenues but also higher financial expenses of 31.9%.
This document provides a summary of OHL Brasil's 4Q09 earnings conference call. It includes information on traffic performance and average toll tariffs for state concessions, traffic and tariff details for federal concessions, net revenue evolution by concessionaire, and EBITDA and margin details. Key points include a 9.4% increase in net revenue for state concessions and an 8% increase for federal concessions compared to 4Q08. EBITDA margin was 61.6% excluding federal concessions.
This document provides financial results for OHL Brasil for 4Q11, 2011, and comparisons to previous periods. Key points include:
- Tolled traffic grew 7.8% in 4Q11 and 14.3% in 2011 compared to previous periods due to new toll plazas and bi-directional collection.
- Toll tariffs grew 9.6% in 4Q11 and 3.7% in 2011 mainly due to inflation adjustments.
- Gross revenue grew with increases in toll plaza revenues and construction revenues.
- Adjusted EBITDA grew in 4Q11 and 2011 while margins remained stable, despite provisions for highway maintenance.
The document summarizes OHL Brasil's 4Q08 earnings results conference call. Key points include:
- Traffic increased 2.6% in state concessions year-over-year. Toll revenue grew 16.3% and adjusted EBITDA increased 21% year-over-year.
- Net income was R$46.4 million, up 112.4% from 4Q07. Toll collection began on three federal concessions.
- Financial expenses fell 63.9% from 3Q08. Leverage was maintained at 1.1x adjusted EBITDA and debt maturities are well spaced out through 2027.
1) OHL Brasil reported its financial results for 1Q12, with total tolled traffic increasing 6.1% year-over-year to 170.6 million vehicle-equivalents.
2) Adjusted EBITDA was R$258 million, down 1.4% year-over-year, with an adjusted EBITDA margin of 41.4%.
3) Net income was R$105 million, up 48% year-over-year.
4) OHL Brasil also announced a 1:5 share split and a memorandum of understanding between its
- Traffic on OHL Brasil's highways increased 5.0% in 3Q11 compared to 3Q10 and 15.6% for the first nine months of 2011, driven by the implementation of bidirectional tolling and the opening of a new toll plaza.
- Gross revenue grew 27% in 3Q11 versus 3Q10 due to tariff increases, bidirectional tolling, and the new toll plaza. EBITDA increased 49% and net income grew 49%.
- The company took on additional long-term debt to fund investments, lengthening its debt profile. Net debt increased 10.7% over 3Q10 but the net debt to EBITDA ratio remained stable.
The document summarizes Arteris' financial results for the fourth quarter and full year of 2012. It provides information on tolled traffic, toll tariffs, gross revenue composition, costs and expenses, and operational performance including adjusted EBITDA. Key highlights include a 3.9% increase in tolled traffic for 4Q12 compared to 4Q11 and a 6.7% increase in average toll tariff. Adjusted EBITDA was R$1,195 million for 2012 with a margin of 65.7%.
The document provides financial results and traffic data for OHL Brasil for the first quarter of 2010. Some key points:
- Total traffic increased 11.6% compared to the first quarter of 2009 across state concessions and 195.7% across federal concessions.
- Net revenue increased 54.4% overall compared to the first quarter of 2009, with strong growth across all concessions.
- EBITDA was R$202.9 million for the quarter, a 114.5% increase over the first quarter of 2009, with an EBITDA margin of 60.3%.
- Net income was R$56.4 million for the quarter compared to a net loss in the prior year period
The document provides a summary of OHL Brasil's 2Q10 earnings results conference call. It includes information on traffic evolution, toll tariffs, net revenue, EBITDA and margins, and financial results for various concessions compared to previous periods. Key highlights include an 11-12% increase in traffic across state concessions, EBITDA growth of 41.9% year-over-year, and a financial result impacted by a 110.1% increase in financial revenues but also higher financial expenses of 31.9%.
This document provides a summary of OHL Brasil's 4Q09 earnings conference call. It includes information on traffic performance and average toll tariffs for state concessions, traffic and tariff details for federal concessions, net revenue evolution by concessionaire, and EBITDA and margin details. Key points include a 9.4% increase in net revenue for state concessions and an 8% increase for federal concessions compared to 4Q08. EBITDA margin was 61.6% excluding federal concessions.
This document provides financial results for OHL Brasil for 4Q11, 2011, and comparisons to previous periods. Key points include:
- Tolled traffic grew 7.8% in 4Q11 and 14.3% in 2011 compared to previous periods due to new toll plazas and bi-directional collection.
- Toll tariffs grew 9.6% in 4Q11 and 3.7% in 2011 mainly due to inflation adjustments.
- Gross revenue grew with increases in toll plaza revenues and construction revenues.
- Adjusted EBITDA grew in 4Q11 and 2011 while margins remained stable, despite provisions for highway maintenance.
The document summarizes OHL Brasil's 4Q08 earnings results conference call. Key points include:
- Traffic increased 2.6% in state concessions year-over-year. Toll revenue grew 16.3% and adjusted EBITDA increased 21% year-over-year.
- Net income was R$46.4 million, up 112.4% from 4Q07. Toll collection began on three federal concessions.
- Financial expenses fell 63.9% from 3Q08. Leverage was maintained at 1.1x adjusted EBITDA and debt maturities are well spaced out through 2027.
1) OHL Brasil reported its financial results for 1Q12, with total tolled traffic increasing 6.1% year-over-year to 170.6 million vehicle-equivalents.
2) Adjusted EBITDA was R$258 million, down 1.4% year-over-year, with an adjusted EBITDA margin of 41.4%.
3) Net income was R$105 million, up 48% year-over-year.
4) OHL Brasil also announced a 1:5 share split and a memorandum of understanding between its
- Traffic on OHL Brasil's highways increased 5.0% in 3Q11 compared to 3Q10 and 15.6% for the first nine months of 2011, driven by the implementation of bidirectional tolling and the opening of a new toll plaza.
- Gross revenue grew 27% in 3Q11 versus 3Q10 due to tariff increases, bidirectional tolling, and the new toll plaza. EBITDA increased 49% and net income grew 49%.
- The company took on additional long-term debt to fund investments, lengthening its debt profile. Net debt increased 10.7% over 3Q10 but the net debt to EBITDA ratio remained stable.
The document summarizes Arteris' financial results for the fourth quarter and full year of 2012. It provides information on tolled traffic, toll tariffs, gross revenue composition, costs and expenses, and operational performance including adjusted EBITDA. Key highlights include a 3.9% increase in tolled traffic for 4Q12 compared to 4Q11 and a 6.7% increase in average toll tariff. Adjusted EBITDA was R$1,195 million for 2012 with a margin of 65.7%.
- Traffic and toll revenue for OHL Brasil increased in 2Q11 compared to 1Q11 and 2Q10, driven by economic growth and infrastructure expansions. Toll revenue was up 19% year-over-year.
- EBITDA increased 11% quarter-over-quarter and 17% year-over-year to R$236 million in 2Q11, with margins of 37%. Adjusted EBITDA excluding maintenance provisions was up 7% and 20% to R$270 million.
- Strong results were achieved due to higher traffic and tolls from economic recovery and new infrastructure, though future performance depends on market conditions and economic growth.
The document summarizes OHL Brasil's 3Q11 results. Traffic increased 5.0% year-over-year to 171 million vehicles. Toll revenue grew 6.3% to R$507 million due to tariff increases and new toll plazas. EBITDA increased 21.7% to R$316 million compared to 3Q10, with margins of 40.1%. Net income increased 49% to R$138 million. Gross debt grew 7.0% to R$2.96 billion due to investments and acquisitions. The results were positively impacted by toll adjustments and new infrastructure, though forward-looking statements depend on market and economic conditions.
OHL Brasil held a conference call to discuss its 1Q11 earnings results. The document provides an overview of key performance metrics for OHL Brasil including traffic growth, toll tariffs, gross service revenue, EBITDA, and financial results for the quarter. Traffic on OHL Brasil's state and federal concessions grew 20.3% and 18.5% respectively in 1Q11 compared to 1Q10. Gross service revenue increased 19.3% to R$601.6 million in 1Q11 driven by toll revenue growth of 18.6%. EBITDA grew 15.9% to R$212.8 million in 1Q11 compared to 1Q10. The net financial result was negatively
This document summarizes OHL Brasil's financial results for the third quarter of 2012. Some key points:
- Tolled traffic increased 7.1% compared to the third quarter of 2011. Average toll tariffs increased 5% year-over-year.
- Revenue was R$877 million, up 11.4% from the third quarter of 2011. Construction revenue was R$298 million.
- Adjusted EBITDA was R$339 million, up 20.4% from the third quarter of 2011, with an EBITDA margin of 63.1%.
- Net income was R$103 million, up significantly from R$89 million in the second quarter.
Eagle Bulk Shipping Inc. reported financial results for the fourth quarter and full year of 2012. For Q4 2012, the company reported a net loss of $32.4 million compared to a net loss of $1.7 million in Q4 2011. For FY 2012, the company reported a net loss of $102.8 million compared to a net loss of $14.8 million in FY 2011. The drybulk shipping market continued to be negatively impacted by oversupply in 2012, with spot rates declining significantly year-over-year across all vessel classes. Demolition of older vessels helped partially offset ongoing fleet growth.
The document provides financial highlights and results from CCR for 1Q09. It reported a 15.4% increase in net revenue and 9.8% increase in EBIT. EBITDA grew 13.1% compared to 1Q08. Traffic increased 16.3% in 1Q09 driven primarily by its toll road concessions. The results demonstrate the resilience of CCR's business model amid economic fluctuations. CCR also provided updates on acquisitions, dividends, and traffic trends by concession in the period.
OHL Brasil held a conference call on November 13th, 2009 to discuss 3Q09 earnings results. The presentation contained forward-looking statements regarding OHL Brasil's expectations for business growth that depend on changes in market conditions and the Brazilian economy. It summarized key performance metrics for OHL Brasil's state and federal toll road concessions, including traffic volumes, toll rates, revenue, EBITDA and operating costs. EBITDA for the quarter increased 35% year-over-year due to higher revenues from toll roads entering operation and stable operating expenses.
CCR reported financial results for 2006 with net revenue increasing 9.8% to R$2,145 million and net income up 9.3% to R$547.3 million. Traffic increased 5.4% for the year. The company continues to focus on cost control while making capital expenditures to support growth. CCR is also looking to expand into new markets like Mexico, Chile and the United States while remaining focused on opportunities in Brazil.
This document provides financial results and performance metrics for OHL Brasil for 2Q12 and comparisons to 1Q12 and 2Q11. Some key highlights:
- Tolled traffic increased 2.1% in 2Q12 compared to 2Q11. Toll tariffs increased 7.8% on average.
- Adjusted EBITDA was R$303 million in 2Q12, a 4.3% increase from 2Q11. Net income increased to R$161 million in 2Q12.
- Gross revenue composition was 31% from tolls, 24% from construction, and 16% from others.
- Total costs increased 21.6% in 1H12 compared
07 30 2009 I Second Quarter Results 2009 In UsgaapEmbraer RI
The document summarizes Embraer's financial results for the second quarter of 2009. It shows that Embraer delivered 56 jets in Q2 2009, with net revenue of $1.457 billion and net income of $134 million. It also provides details on Embraer's order backlog, debt levels, inventories and other financial details. Embraer's jet deliveries and financial results improved in Q2 2009 compared to Q1 2009.
OHL Brasil reported strong financial results for 4Q07 and full year 2007. Traffic grew 8.8% in 4Q07 and 8.6% for the full year. Net revenue increased 16.1% in 4Q07 and 13.1% for 2007. Adjusted EBITDA rose 19.6% in 4Q07 and 15.7% for the full year. The company also reduced its debt and extended the maturity while maintaining low leverage. With the addition of over 2,000 km of highways from a recent auction, OHL Brasil has increased its market share to 26% of Brazil's toll roads and expanded its operations across key economic regions.
The document provides financial results and key performance indicators for OHL Brasil for the second quarter of 2010. Some highlights include:
- Total traffic across OHL Brasil's state and federal concessions increased 28.9% in the second quarter compared to the prior year.
- Net revenue increased 24.6% in the first half of 2010 compared to the first half of 2009, driven by growth across all concessions.
- EBITDA margin was 61.6% in the second quarter, representing continued strong profitability.
- Electronic toll collection rates continued to increase for both state and federal concessions.
So in summary, the document outlines strong financial and operating results for the second quarter of
This document provides a summary of OHL Brasil's 4Q09 earnings conference call. It includes information on traffic performance and average toll tariffs for state concessions, traffic and tariff details for federal concessions, net revenue evolution by concessionaire, and EBITDA and margin details. Key points include a 9.4% increase in net revenue for state concessions and an 8% increase for federal concessions compared to 4Q08. EBITDA margin was 61.6% excluding federal concessions.
The document provides a summary of OHL Brasil's 4Q09 earnings conference call. It discusses traffic performance, toll tariffs, net revenue, EBITDA margins, and financial results for OHL Brasil's state and federal highway concessions. Key points include a 9.4% increase in net revenue for state concessions and an 8% increase for federal concessions. EBITDA margins were 61.6% in 4Q09. Financial expenses increased due to higher BNDES loans but the net financial result improved 25.3% from the previous quarter. Gross indebtedness was R$1,936 million and leverage ratios remained stable.
OHL Brasil held a conference call to discuss its 1Q11 earnings results. Key highlights included:
- Toll revenue grew 18.6% year-over-year to R$434 million, driven by traffic increases of 18.9% across concessions.
- Adjusted EBITDA grew 23.8% year-over-year to R$251 million, with margins expanding 1.7 percentage points.
- Net financial results declined slightly quarter-over-quarter but increased 24% year-over-year to R$60.7 million negative due to higher interest rates on debt.
The higher net financial result in 3Q11 and 9M11 compared to the same periods of 2010 reflects:
- Increased financial expenses, mainly due to higher interest costs from loans, financing and debentures to support the company's investment plan.
- Exchange variation losses due to appreciation of the US dollar against the Brazilian real impacted the period. However, exchange variation losses decreased compared to 9M10.
So in summary, the higher net financial result was due to increased interest costs from financing growth investments, partially offset by lower exchange variation losses year-over-year. This temporarily affected net profit but supports the company's long-term investment plan.
1) OHL Brasil held a conference call to discuss 3Q09 earnings results and provide projections.
2) Traffic performance was down 1.7% for state concessions but toll tariffs increased by 3.6%. Federal concessions saw traffic increase 28.5% while tariffs decreased slightly.
3) Net revenue for 3Q09 was R$127.6 million for federal concessions, higher than projected. The forecast for 4Q09 was revised down due to delays in opening a toll plaza.
1) OHL Brasil held a conference call to discuss 3Q09 earnings results and provide projections.
2) Traffic performance was down 1.7% for state concessions but toll tariffs increased by 3.6%. Federal concessions saw traffic increase 28.5% while tariffs declined slightly.
3) Net revenue for 3Q09 was R$127.6 million for federal concessions, higher than projected. The forecast for 4Q09 was revised down due to delays in opening a toll plaza.
CCR reported strong financial results for 3Q05, with net revenues increasing 32.1% and EBITDA growing 43.7% compared to 3Q04. Traffic across CCR's concessions increased 19.6% overall despite high interest rates. Total costs remained well controlled, demonstrating continued operating efficiency. The company also benefited from a reversal of a fiscal provision. CCR remains focused on cost control and has diversified sources of long-term funding to support new growth opportunities.
This document summarizes CCR's 3Q11 earnings results. It shows that revenue grew 25.6% in 3Q11 driven by a 10.7% increase in traffic and an 11.3% increase in tariffs. EBITDA grew 41.5% in 3Q11 with margins expanding 7.5 percentage points to 67% due to traffic growth and cost discipline. The net financial result was negatively impacted by exchange rate variations, but excluding this effect would have been in line with the company's growth period. Leverage ratios remain stable and a pro forma analysis shows net income could have been 15% higher if exchange rates had remained stable.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
- Traffic and toll revenue for OHL Brasil increased in 2Q11 compared to 1Q11 and 2Q10, driven by economic growth and infrastructure expansions. Toll revenue was up 19% year-over-year.
- EBITDA increased 11% quarter-over-quarter and 17% year-over-year to R$236 million in 2Q11, with margins of 37%. Adjusted EBITDA excluding maintenance provisions was up 7% and 20% to R$270 million.
- Strong results were achieved due to higher traffic and tolls from economic recovery and new infrastructure, though future performance depends on market conditions and economic growth.
The document summarizes OHL Brasil's 3Q11 results. Traffic increased 5.0% year-over-year to 171 million vehicles. Toll revenue grew 6.3% to R$507 million due to tariff increases and new toll plazas. EBITDA increased 21.7% to R$316 million compared to 3Q10, with margins of 40.1%. Net income increased 49% to R$138 million. Gross debt grew 7.0% to R$2.96 billion due to investments and acquisitions. The results were positively impacted by toll adjustments and new infrastructure, though forward-looking statements depend on market and economic conditions.
OHL Brasil held a conference call to discuss its 1Q11 earnings results. The document provides an overview of key performance metrics for OHL Brasil including traffic growth, toll tariffs, gross service revenue, EBITDA, and financial results for the quarter. Traffic on OHL Brasil's state and federal concessions grew 20.3% and 18.5% respectively in 1Q11 compared to 1Q10. Gross service revenue increased 19.3% to R$601.6 million in 1Q11 driven by toll revenue growth of 18.6%. EBITDA grew 15.9% to R$212.8 million in 1Q11 compared to 1Q10. The net financial result was negatively
This document summarizes OHL Brasil's financial results for the third quarter of 2012. Some key points:
- Tolled traffic increased 7.1% compared to the third quarter of 2011. Average toll tariffs increased 5% year-over-year.
- Revenue was R$877 million, up 11.4% from the third quarter of 2011. Construction revenue was R$298 million.
- Adjusted EBITDA was R$339 million, up 20.4% from the third quarter of 2011, with an EBITDA margin of 63.1%.
- Net income was R$103 million, up significantly from R$89 million in the second quarter.
Eagle Bulk Shipping Inc. reported financial results for the fourth quarter and full year of 2012. For Q4 2012, the company reported a net loss of $32.4 million compared to a net loss of $1.7 million in Q4 2011. For FY 2012, the company reported a net loss of $102.8 million compared to a net loss of $14.8 million in FY 2011. The drybulk shipping market continued to be negatively impacted by oversupply in 2012, with spot rates declining significantly year-over-year across all vessel classes. Demolition of older vessels helped partially offset ongoing fleet growth.
The document provides financial highlights and results from CCR for 1Q09. It reported a 15.4% increase in net revenue and 9.8% increase in EBIT. EBITDA grew 13.1% compared to 1Q08. Traffic increased 16.3% in 1Q09 driven primarily by its toll road concessions. The results demonstrate the resilience of CCR's business model amid economic fluctuations. CCR also provided updates on acquisitions, dividends, and traffic trends by concession in the period.
OHL Brasil held a conference call on November 13th, 2009 to discuss 3Q09 earnings results. The presentation contained forward-looking statements regarding OHL Brasil's expectations for business growth that depend on changes in market conditions and the Brazilian economy. It summarized key performance metrics for OHL Brasil's state and federal toll road concessions, including traffic volumes, toll rates, revenue, EBITDA and operating costs. EBITDA for the quarter increased 35% year-over-year due to higher revenues from toll roads entering operation and stable operating expenses.
CCR reported financial results for 2006 with net revenue increasing 9.8% to R$2,145 million and net income up 9.3% to R$547.3 million. Traffic increased 5.4% for the year. The company continues to focus on cost control while making capital expenditures to support growth. CCR is also looking to expand into new markets like Mexico, Chile and the United States while remaining focused on opportunities in Brazil.
This document provides financial results and performance metrics for OHL Brasil for 2Q12 and comparisons to 1Q12 and 2Q11. Some key highlights:
- Tolled traffic increased 2.1% in 2Q12 compared to 2Q11. Toll tariffs increased 7.8% on average.
- Adjusted EBITDA was R$303 million in 2Q12, a 4.3% increase from 2Q11. Net income increased to R$161 million in 2Q12.
- Gross revenue composition was 31% from tolls, 24% from construction, and 16% from others.
- Total costs increased 21.6% in 1H12 compared
07 30 2009 I Second Quarter Results 2009 In UsgaapEmbraer RI
The document summarizes Embraer's financial results for the second quarter of 2009. It shows that Embraer delivered 56 jets in Q2 2009, with net revenue of $1.457 billion and net income of $134 million. It also provides details on Embraer's order backlog, debt levels, inventories and other financial details. Embraer's jet deliveries and financial results improved in Q2 2009 compared to Q1 2009.
OHL Brasil reported strong financial results for 4Q07 and full year 2007. Traffic grew 8.8% in 4Q07 and 8.6% for the full year. Net revenue increased 16.1% in 4Q07 and 13.1% for 2007. Adjusted EBITDA rose 19.6% in 4Q07 and 15.7% for the full year. The company also reduced its debt and extended the maturity while maintaining low leverage. With the addition of over 2,000 km of highways from a recent auction, OHL Brasil has increased its market share to 26% of Brazil's toll roads and expanded its operations across key economic regions.
The document provides financial results and key performance indicators for OHL Brasil for the second quarter of 2010. Some highlights include:
- Total traffic across OHL Brasil's state and federal concessions increased 28.9% in the second quarter compared to the prior year.
- Net revenue increased 24.6% in the first half of 2010 compared to the first half of 2009, driven by growth across all concessions.
- EBITDA margin was 61.6% in the second quarter, representing continued strong profitability.
- Electronic toll collection rates continued to increase for both state and federal concessions.
So in summary, the document outlines strong financial and operating results for the second quarter of
This document provides a summary of OHL Brasil's 4Q09 earnings conference call. It includes information on traffic performance and average toll tariffs for state concessions, traffic and tariff details for federal concessions, net revenue evolution by concessionaire, and EBITDA and margin details. Key points include a 9.4% increase in net revenue for state concessions and an 8% increase for federal concessions compared to 4Q08. EBITDA margin was 61.6% excluding federal concessions.
The document provides a summary of OHL Brasil's 4Q09 earnings conference call. It discusses traffic performance, toll tariffs, net revenue, EBITDA margins, and financial results for OHL Brasil's state and federal highway concessions. Key points include a 9.4% increase in net revenue for state concessions and an 8% increase for federal concessions. EBITDA margins were 61.6% in 4Q09. Financial expenses increased due to higher BNDES loans but the net financial result improved 25.3% from the previous quarter. Gross indebtedness was R$1,936 million and leverage ratios remained stable.
OHL Brasil held a conference call to discuss its 1Q11 earnings results. Key highlights included:
- Toll revenue grew 18.6% year-over-year to R$434 million, driven by traffic increases of 18.9% across concessions.
- Adjusted EBITDA grew 23.8% year-over-year to R$251 million, with margins expanding 1.7 percentage points.
- Net financial results declined slightly quarter-over-quarter but increased 24% year-over-year to R$60.7 million negative due to higher interest rates on debt.
The higher net financial result in 3Q11 and 9M11 compared to the same periods of 2010 reflects:
- Increased financial expenses, mainly due to higher interest costs from loans, financing and debentures to support the company's investment plan.
- Exchange variation losses due to appreciation of the US dollar against the Brazilian real impacted the period. However, exchange variation losses decreased compared to 9M10.
So in summary, the higher net financial result was due to increased interest costs from financing growth investments, partially offset by lower exchange variation losses year-over-year. This temporarily affected net profit but supports the company's long-term investment plan.
1) OHL Brasil held a conference call to discuss 3Q09 earnings results and provide projections.
2) Traffic performance was down 1.7% for state concessions but toll tariffs increased by 3.6%. Federal concessions saw traffic increase 28.5% while tariffs decreased slightly.
3) Net revenue for 3Q09 was R$127.6 million for federal concessions, higher than projected. The forecast for 4Q09 was revised down due to delays in opening a toll plaza.
1) OHL Brasil held a conference call to discuss 3Q09 earnings results and provide projections.
2) Traffic performance was down 1.7% for state concessions but toll tariffs increased by 3.6%. Federal concessions saw traffic increase 28.5% while tariffs declined slightly.
3) Net revenue for 3Q09 was R$127.6 million for federal concessions, higher than projected. The forecast for 4Q09 was revised down due to delays in opening a toll plaza.
CCR reported strong financial results for 3Q05, with net revenues increasing 32.1% and EBITDA growing 43.7% compared to 3Q04. Traffic across CCR's concessions increased 19.6% overall despite high interest rates. Total costs remained well controlled, demonstrating continued operating efficiency. The company also benefited from a reversal of a fiscal provision. CCR remains focused on cost control and has diversified sources of long-term funding to support new growth opportunities.
This document summarizes CCR's 3Q11 earnings results. It shows that revenue grew 25.6% in 3Q11 driven by a 10.7% increase in traffic and an 11.3% increase in tariffs. EBITDA grew 41.5% in 3Q11 with margins expanding 7.5 percentage points to 67% due to traffic growth and cost discipline. The net financial result was negatively impacted by exchange rate variations, but excluding this effect would have been in line with the company's growth period. Leverage ratios remain stable and a pro forma analysis shows net income could have been 15% higher if exchange rates had remained stable.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
CCR reported its 1Q12 earnings results, which showed increases in several key financial metrics compared to 1Q11:
- Traffic increased 5.1%
- EBITDA increased 17.9% to R$780.5 million, with the margin expanding 1.9 percentage points to 65.3%
- Net income increased 64.7% to R$288.6 million
The earnings growth was driven by increased cash flow generation from higher traffic and tariffs, combined with reductions in operational costs and financial expenses. Subsequent to 1Q12, CCR also reported the acquisition of an 80% stake in BARCAS and being awarded the concession for Transolímpica.
São Paulo, February 23, 2011 – Banco Indusval S.A., financial institution with activities primarily focused on corporate lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the forth quarter 2010 (4Q10) and fiscal year 2010 (2010).
This document provides an overview of OHL Brasil's 2010 earnings results conference call. It includes information on traffic levels, toll tariffs, revenues, costs, EBITDA, financial results, and debt levels. Key points include a 13.6% increase in state concession traffic and a 42.8% increase in federal concession traffic compared to 2009. Net revenue grew 18.1% to over R$2 billion while adjusted EBITDA increased 39.2% to R$942 million. Net income grew 33.8% to R$304 million. Gross indebtedness increased but leverage ratios improved.
São Paulo, November 11, 2010 – Banco Indusval S.A., financial institution with activities primarily focused on middle market lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the third quarter 2010 (3Q10).
This document summarizes the 3Q10 earnings results of OHL Brasil. It shows increases in vehicle traffic across OHL Brasil's state and federal road concessions compared to previous periods. Revenue, EBITDA, and net income all increased for 3Q10 compared to 2Q10 and 3Q09. The document also provides details on debt levels, financial results, and toll tariff information.
CCR reported strong financial results for 2Q05, with net revenues up 38.2% and net income up 372%. Traffic increased 23.3% across concessions. Total costs grew at a slower rate than revenues, leading to a 10.9 percentage point increase in EBIT margin to 38.9%. Indebtedness declined with net debt to EBITDA falling to 1.03x. The company also outlined plans to evaluate new concession opportunities in Brazil, Mexico, and Chile while continuing social responsibility programs.
CCR reported strong financial results for 4Q11 and full year 2011. Key highlights include:
- Traffic growth of 4.4% in 4Q11 and 10.8% for 2011. Electronic toll collections reached 64.4% in 4Q11.
- EBITDA growth of 31.3% in 4Q11 and 29.9% for 2011, with EBITDA margins expanding significantly.
- Net income increased 1781.9% in 4Q11 and 33.9% for 2011, benefiting from increased traffic and capital discipline.
Vivo reported its financial results for the fourth quarter of 2009. Total revenue increased 3.4% year-over-year to R$16.4 billion, driven by a 5.9% increase in net service revenue to R$15 billion. EBITDA grew 7.2% to R$5.2 billion and net income more than doubled to R$857.5 million. The number of total accesses increased 14.3% year-over-year to 51.7 million. Data usage also grew significantly, with mobile internet users up 58% and data and value-added services revenue increasing 41.5% compared to the previous year.
Banco Indusval reported financial results for 2Q10 and 1H10. Credit portfolio growth was moderate at 2.5% in the quarter, and default rates fell due to economic recovery. Net profit was R$8.3 million in 2Q10, up 13.7% from last quarter. Management comments indicated initiatives to improve products and services should have medium-term benefits, while credit to mid-sized companies grew and default rates declined.
São Paulo, May 11, 2010 – Banco Indusval S.A., financial institution with activities focused on middle market enterprises lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the first quarter 2010 (1Q10).
The document summarizes Arteris' second quarter 2014 results conference call. It highlights a 1.5% increase in tolled traffic and 18.9% growth in net revenue compared to Q2 2013. EBITDA grew 3% over Q2 2013. Capex totaled R$426.1 million for the quarter. Management discussed operational and financial performance, strategy focused on economic, social and environmental sustainability, and estimated capex of R$1.8 billion for 2014.
O documento resume o desempenho financeiro e operacional da empresa no segundo trimestre de 2014. Houve crescimento de 1,5% no tráfego pedagiado e de 18,9% na receita líquida na comparação anual. O EBITDA aumentou 3% no trimestre. A empresa continua focada em investimentos, qualidade do atendimento e sustentabilidade.
The document summarizes Arteris' 1Q14 results conference call. It discusses the company's operational and financial performance for the quarter, including a 5.4% increase in tolled traffic and growth in revenue and EBITDA. It also outlines the company's strategy going forward, which focuses on efficient capex delivery, sustainability, operations, and strengthening its corporate image. The document notes Arteris plans to pay a 50% dividend for fiscal year 2013 results.
O documento resume o desempenho da empresa no primeiro trimestre de 2014, com crescimento de 5,4% no tráfego, 22,6% na receita líquida e 8,3% no EBITDA ajustado. A estratégia da empresa foca em investimentos, operações eficientes e fortalecimento da imagem corporativa. A política de remuneração aos acionistas prevê distribuição de 50% do lucro líquido ajustado em dividendos.
The document summarizes Arteris' results for the fourth quarter and full year of 2013. It shows that toll revenues grew 9.1% in 2013 driven by suspended axles charges and tariff increases. However, one concession had to stop charging tolls at a major plaza due to a regulatory decision, impacting results. Overall, gross revenue increased 8.2% while costs grew at a slower pace than revenues, improving margins. Adjusted EBITDA was up 8.3% and net income increased year-over-year. The company also provided details on its debt profile and forecasted investments of R$1.8 billion for 2014 as it continues expanding and maintaining its highway concessions.
- As concessionárias estaduais tiveram forte crescimento no tráfego pedagiado de 10,7% impulsionado pelo início da cobrança dos eixos suspensos.
- A Autopista Litoral Sul interrompeu a cobrança na P5 impactando o resultado das concessões federais, com queda de 1,1% no tráfego.
- A receita bruta consolidada cresceu 8,2% em 2013, atingindo R$3,6 bilhões, com receita de pedágio de R$2,3 bilhões
- As rodovias estaduais tiveram expressivo crescimento no tráfego de veículos (+11,1%) impulsionado pelo início da cobrança dos eixos suspensos.
- A Autopista Litoral Sul interrompeu a cobrança na P5, impactando o resultado das concessões federais.
- A companhia apresentou crescimento de 9,6% na receita bruta e 6,9% nos custos totais, com EBITDA ajustado de R$381 milhões e lucro líquido de R$129 milh
This document summarizes the key information from CCR's third quarter 2013 results conference call. It shows that vehicle traffic grew 11.1% on state highways and 3.8% overall. Toll revenues increased 8.5% and adjusted EBITDA grew 10.6%. Cash costs declined slightly as a percentage of revenue. Gross debt increased 10.6% but remained at prudent levels. Overall, financial and operating metrics improved in the third quarter of 2013.
- The document summarizes the results of a 2Q13 earnings conference call for Arteris, a toll road operator in Brazil. It reported increased toll revenues and traffic volumes compared to 1Q13 and 2Q12. Adjusted EBITDA and net income were up for the quarter and half year period. Cash costs declined and margins increased. Total investments in road maintenance and infrastructure were lower in 2Q13 compared to prior periods. The company is on track to invest over R$1.3 billion in federal highways and R$140 million in state highways for 2013. Debt levels rose slightly but remained at comfortable ratios to cash flow.
O documento resume os resultados financeiros da Arteris no segundo trimestre de 2013, destacando:
1) Crescimento de 1,2% no tráfego total e aumentos moderados nas tarifas médias;
2) Aumento de 11,8% na receita de pedágio impulsionada pelas rodovias estaduais;
3) Melhora nas margens com redução dos custos caixa.
The document is a presentation of the 1Q13 results of Arteris, a toll road operator in Brazil. It summarizes key metrics such as toll traffic, toll tariffs, revenue, costs, EBITDA, net income, debt levels, and investments. The presentation contains forward-looking statements that are projections based on management's expectations and depend on factors such as market conditions, the economy, and the industry, so are subject to change. Traffic and revenue increased in the quarter compared to prior periods. Costs, financial expenses, and debt also increased while cash position, EBITDA margin, and net income remained stable or decreased slightly.
O documento apresenta os resultados financeiros e operacionais da Arteris no primeiro trimestre de 2013. Houve queda no tráfego e nas receitas, mas o lucro líquido se manteve estável em relação ao trimestre anterior. Os investimentos em ativos e manutenção de rodovias aumentaram no período.
A apresentação fornece um resumo dos resultados financeiros da Arteris no quarto trimestre de 2012 e no ano de 2012. Os principais pontos são:
1) O tráfego total aumentou 1,5% no quarto trimestre e 4,1% em 2012 em comparação aos mesmos períodos do ano anterior.
2) A receita líquida aumentou 6,4% no quarto trimestre e 6,7% em 2012.
3) O EBITDA ajustado foi de R$349 milhões no quarto trimestre, com margem de 68,3
This document provides an overview of arteris, a Brazilian toll road company, and its new ownership structure with Abertis and Brookfield. Some key points:
1) arteris is Brazil's largest toll road operator by kilometers managed and has a presence in 5 key Brazilian states.
2) Abertis and Brookfield acquired arteris from OHL and now hold a 51% and 49% stake respectively.
3) Abertis is a world leader in transportation and telecom infrastructure and aims to generate value from arteris through its strong and recurrent cash generation.
Este documento fornece uma apresentação institucional da empresa arteris para janeiro de 2013. Contém informações sobre a história e perfil da companhia, sua nova estrutura acionária após a aquisição de participação da Abertis e Brookfield, as estratégias dessas empresas para a arteris, o marco regulatório e números do setor de concessões rodoviárias no Brasil.
Este documento apresenta os resultados financeiros da OHL Brasil para o terceiro trimestre de 2012. O tráfego total aumentou 7,1% em relação ao mesmo período do ano anterior. A receita líquida cresceu 4,2% e o lucro líquido aumentou 13,3%. No entanto, os custos operacionais também subiram significativamente, em 22,2% na comparação anual, pressionando as margens da empresa.
1) A OHL Brasil realizou uma teleconferência para apresentar os resultados do 2T12, com destaque para o crescimento de 2,1% no tráfego total e de 7,8% na tarifa média.
2) As receitas líquidas totalizaram R$781 milhões no 2T12, com os custos operacionais crescendo 5,6% em relação ao trimestre anterior.
3) O EBITDA ajustado consolidado se manteve praticamente estável em R$303 milhões no 2T12.
O documento apresenta os resultados operacionais e financeiros da OHL Brasil no 1T12. O tráfego cresceu 6,1% em relação ao ano anterior, impulsionado pela economia do petróleo e gás. A receita líquida aumentou 7,8% devido ao crescimento do tráfego e reajustes tarifários. O EBITDA ajustado foi de R$304 milhões, com margem de 63,4%. O lucro líquido foi de R$105 milhões.
O documento apresenta os resultados financeiros da OHL Brasil no quarto trimestre de 2011 e no ano de 2011. No quarto trimestre de 2011, a receita bruta aumentou 13,6% em relação ao mesmo período do ano anterior, impulsionada principalmente pelo crescimento da receita de pedágio. O EBITDA ajustado aumentou 39% no quarto trimestre de 2011 na comparação anual, com a margem EBITDA se mantendo estável. Por fim, o prejuízo financeiro líquido aumentou no quarto trimestre e no ano de 2011 devido aos mai
This presentation from OHL Brasil contains forward-looking statements about the company's prospects that are based on management's expectations and assumptions. These statements depend on factors like market conditions, regulations, competition, and the performance of the Brazilian economy, so they are subject to change.
OHL Brasil operates toll road concessions in Brazil through various subsidiaries. It has a portfolio of over 3,200 km of toll roads with approximately 35 million people living near its highways. Traffic on the toll roads increased in the first nine months of 2011 compared to the same period in 2010. The average remaining concession period is around 16 years.
OHL Brasil is part of the larger OHL Group, an international construction company.
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2. Notice
This presentation contains forward-looking statements relating to the prospects of the
business, estimates for operating and financial results, and those related to growth prospects
of OHL Brasil, these are merely projections and, as such, are based exclusively on the
, y p j , , y
expectations of OHL Brasil’s management concerning the future of the business and its
continued access to capital to fund the Company’s business plan.
Such forward looking statements depend substantially on changes in market conditions
forward-looking depend, substantially, conditions,
government regulations, competitive pressures, the performance of the Brazilian economy and
the industry and are, therefore, subject to change without prior notice.
2
4. Tariff
Average Toll Tariff Var% Var%
1Q10 4Q09 1Q09
(in R$/Vehicle-Equivalents) 1Q10/4Q09 1Q10/1Q09
Autovias 5.75 5.71 5.51 0.7% 4.4%
Centrovias 9.15 9.10 8.86 0.5% 3.3%
Intervias 4.70
4 70 4.69
4 69 4.53
4 53 0.2%
0 2% 3.8%
3 8%
Vianorte 6.73 6.73 6.44 0.0% 4.5%
Average - State Concessions: 6.14 6.09 5.89 0.8% 4.2%
Planalto Sul 2.90 2.73 2.70 6.2% 7.4%
Fluminense 2.56 2.50 2.50 2.4% 2.4%
Fernão Dias 1.10 1.10 1.10 0.0% 0.0%
Régis Bittencourt 1.50 1.50 1.50 0.0% 0.0%
Litoral Sul 1.17
1 17 1.10
1 10 1.10
1 10 6.4%
6 4% 6.4%
6 4%
Average - Federal Concessions: 1.51 1.47 1.54 2.7% -1.9%
Tariff Adjustment of 3.64% in July 01, 2009 based on the accumulated variation of the
IGP-M from June/2008 to May/2009.
Tariff Adjustment: In February of 2009, the basic tolls for the Fluminense and Litoral Sul
concessions were increased, based on the criterion of rounding up the first decimal place
and the cumulative variation in the IPCA inflation index from February 2009 to January
2010 (+4.59%).
( 4.59%).
4
5. Net Revenue – Evolution per Concessionaire
Net Services Revenue Var% Var%
1Q10 4Q09 1Q09
(R$ thousand) 1Q10/4Q09 1Q10/1Q09
Autovias 49,642 52,608 42,892 -5.6% 15.7%
Centrovias 49,804 51,168 41,771 -2.7% 19.2%
Intervias 54,901 59,984 47,824 -8.5% 14.8%
Vianorte 43,544 46,904 37,627 -7.2% 15.7%
Total - State Concessions: 197,891 210,664 170,114 -6.1% 16.3%
Planalto S l
Pl lt Sul 16,513
16 513 16,024
16 024 9,435
9 435 3.1%
3 1% 75.0%
75 0%
Fluminense 24,217 22,819 6,386 6.1% 279.2%
Fernão Dias 25,713 27,328 11,426 -5.9% 125.0%
Régis Bittencourt 43,955 44,868 16,554 -2.0% 165.5%
Litoral Sul 28,188 26,776 4,004 5.3% 604.0%
Total - Federal Concessions: 138,586 137,815 47,805 0.6% 189.9%
Total: 336,477 348,479 217,919 -3.4% 54.4%
Electronic Toll Collection:
Revenues through electronic collections (AVI System) in the state concession toll
plazas in 1Q10 represented 53 9% compared to 53 8% in 4Q09 and 50 7% in 1Q09;
53.9% 53.8% 50.7%
For the federal concessions the average percentage of electronic collections is
currently at 31 6% against 30 2% in the 4Q09
31.6%, 30.2% 4Q09.
5
7. EBITDA – per concessionaire (R$ thousand)
Cost and
Net Services EBITDA
Concessionaire Service EBITDA
Revenue Margin
Expenses
Autovias 49,642
, ( ,
(12,548)
) 37,094
, 74.7%
Centrovias 49,804 (11,334) 38,470 77.2%
Intervias 54,901 (14,508) 40,393 73.6%
Vianorte 43,544 (11,562) 31,982 73.4%
State Concessions 197,891
197 891 (49,952)
(49 952) 147,939
147 939 74.8%
74 8%
Planalto Sul 16,513 (10,160) 6,353 38.5%
Fluminense 24,217 (12,383) 11,834 48.9%
Fernão Dias 25,713 (21,278) 4,435 17.2%
Régis Bitttencourt 43,955 (18,838) 25,117 57.1%
Litoral Sul 28,188 (16,776) 11,412 40.5%
Federal Concessions 138,586 (79,435) 59,151 42.7%
Total ,
336,477 (
(129,387)
, ) 207,090
, 61.5%
Consolidation adjusts (4,154) (4,154)
Total Consolidated 336,477 (133,541) 202,936 60.3%
It is worth noting that the Fernão Dias concession recorded an EBITDA margin of 17.2% due to
the fact that one of the 8 toll plazas was not functioning (Plaza 1).
7
8. Financial Result
Var% Var%
Financial Result (R$ thousand) 1Q10 4Q09 1Q09
1Q10/4Q09 1Q10/1Q09
Financial Revenues 10,083 10,260 13,979 -1.7% -27.9%
Financial Expenses (56,394) (52,061) (41,905) 8.3% 34.6%
Financial Charges (38,087) (39,026) (35,093) -2.4% 8.5%
Monetary Correction of Fixed C. Charge (13,625) (4,258) (1,400) 220.0% 873.2%
Other Financial Expenses (4,682) (8,777) (5,412) -46.7% -13.5%
Net Exchange Variation 8 21 29 -61.9% -72.4%
Net Financial Result (46,303)
(46 303) (41,780)
(41 780) (27,897)
(27 897) 10.8%
10 8% 66.0%
66 0%
% Net Services Revenue -22.8% -19.4% -29.5%
Financial Expenses Breakdown (% total of the financial expenses) IGP M- (Inflation) – Quarterly
IGP-M
2.8%
83.8%
75.0%
67.5%
67 5%
Financial Charges -0.1%
-0.9%
1Q10 4Q09 1Q09
CDI (Interest Rate) – Quart. Average
Monetary Correction of
Fixed Concession Charge 24.2%
24 2% 12.5%
12 5%
16.9% 12.9%
Other Financial Expenses 8.3%
8.6% 8.5%
3.3%
8.1%
1Q10 4Q09 1Q09 1Q10 4Q09 1Q09
8
9. Net Income
Results Evolution (iR$ thousand)
130,189
, ( ,
(11,631)
)
(7,137)
488 (3,589) (14,666)
(3,896)
(15,240)
730 ( ,
(22,479)
)
56,391
3,943
Net Income Gross Deductions Costs Grant Authority G&A Deprec. and Financial Financial Monetary IR&SC Net Income
1Q09 Revenues Expenses Expenses Amort. Revenues Expenses Correction Taxes 1Q10
of Fixed
Concession
Charge
+1330.2%
9
10. Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
Dívida Bruta (R$ Milhões)
1,936 Grau de Alavancagem e Dívida Líquida (R$ Milhões)
1,794 1,821
1,657 37
2.5x
2 5x 2.6x 2.4x
2 4x
1,425
1 425 739 2.2x
1.9x
1.9x
267 847 1.4x
1,012 1,037 922 1.0x 1.1x
691 690 1,784
1,291 1,325 1,346 1,354
1,197 1,174
375 355 933 935 1,158
947 915
735 652
316 335 416 471
79 102
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10
Long Term Short Term Net Debt Net Debt/ (EBITDA-Fixed Concession Charge Paid) (LTM)
Debt Cost Breakdown Debt Amortization Schedule (in R$ million)
91.4%
Debt Amortization Schedule (R$ million)
985.8
53.0% CDI 813.8
50.3%
49.5%
49 5% 46.9%
46 9% TJLP
8.2% 12.8 5.0 3.6
0.2% 0.1% Other
apr/10 to 2011 2012 2013 2014
0.4%
dec/10
1Q09 4Q09 1Q10
10
11. Indebtedness
BNDES Bridge Loan (Federal Concessions):
In 1Q10, R$15.1 million was drawn by the federal concessions. By March 31, 2010, R$798.4 million had
, y y , ,
already been disbursed of the R$1.0 billion made available by the “BNDES Bridge Loan” contracted by the
federal concessions.
BNDES Long Term Loan (Federal Concessions):
The Company is structuring the long-term financing of the federal concessions with the BNDES. The first
disbursements of this credit line are expected in mid-2010.
Long-Term Loan (State Concessions):
The Autovias, Centrovias, Intervias and Vianorte state concessions have concluded their debenture issue
operation in the amount of R$1,372.8 million. The liquidation took place between the days of April 26 and 28,
2010.
2010
The resources from the issue will be chiefly allocated to: (i) refinancing of promissory notes issued in
November 2009 with a combined value of R$700 million, falling due in April 2010, from the Autovias,
Centrovias and Intervias concessions; (ii) settlement of the promissory notes issued in February 2010 and
used to pay Vianorte debt to the BNDES, in the amount of R$50 million, in advance and; (iii) additional
resources in the amount of R$622.8 million allocated to future investments and the payment of dividends of
these concessions.
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12. Indebtedness
Issuers Autovias Centrovias Vianorte Intervias
R$285 Million R$286.1 Million R$153,8 Million R$307,9 Million
CDI + 1,6% CDI + 1,7% CDI + 1,7% CDI + 1,5%
Term: 5 years Term: 5 years Term: 5 years Term: 5 years
CDI Tranche Volume Duration: 2.3 years Duration: 2.3 years Duration: 2.3 years Duration: 2.3 years
Total CDI Volume: R$ 1,032.8 Million
R$120 Million R$120 Million R$100 Million
IPC-A
IPC A + 8% IPC-A
IPC A + 8% IPC-A
IPC A + 8%
Term: 7 years Term: 7 years Term: 7 years
IPC-A Tranche Volume Duration: 5 years Duration: 5 years Duration: 5 years
Total IPC-A Volume: R$ 340 Million
Total Volume Total Local Debentures Volume: R$ 1,372.8 Million
$
Issuance Date March 15, 2010
Rating (Moody s)
(Moody’s) Aa2.Br
Aa2 Br Aa3.Br
Aa3 Br Aa3.Br
Aa3 Br Aa1.Br
Aa1 Br
• Net Debt/ (EBITDA – Fixed Concession Fee) ≤ 3.50
Financial Covenants
• DSCR = (Cash + Net cash provided by operating activities) / Short Term Debt ≥1,2
Coordinators Itaú BBA, BTG Pactual and Santander (Co Manager)
BBA (Co-Manager)
Bookbuilding April 9, 2010
Closing Date April 30 2010
30,
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13. CapEx
CapEx Breakdown 1Q10 – R$128 6 million*
C E B kd R$128.6 illi *
11.76% 3.94%
11.48%
5.67%
21.53% 7.72%
10.14%
20.54% 7.23%
Estimated investments for the next 5 years (2010 to 2014), as scheduled under the
concession agreements:
State Concessions: R$598 million;
St t C i illi
Federal Concessions: R$3.8 billion.
* Not considering investments in other subsidiaries, holding and adjustments of consolidation.
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