2. Disclaimer
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, including currency fluctuations, 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 these
materials.
2
9. Tariffs
Tariffs – 4Q04
Consolidated average toll tariff (toll revenues / vehicle equivalent) was up 14.1
percent.
15.9%
13.8%
10.4%
4Q
7.9%
7.4%
AutoBAn NovaDutra Rodonorte Ponte Via Lagos
Rodonorte’s 04 annual readjustment, due on December 1, was effective by January 31,
supported by an injunction ruled by the Regional Federal Court of the Porto Alegre city.
9
10. Total Costs Breakdown
Total Costs as a percentage of Net Revenues
71.4% 68.4% 63.7% 65.2% 59.8%
12% 14% 13% 17% 15%
11% 10% 10% 10%
9%
33% 30% 33% 29% 31%
19% 20% 21% 20% 21%
25% 26% 24% 24% 24%
2002 2003 2004 4Q03 4Q04
D&A Concession Costs Third-party Services Personnel Others
10
11. Capex
Current portfolio requirements
600 399% 450%
526
400%
500
350%
R$ million
383
400 257% 300%
318 304 250%
300
222 200%
190
200 150%
100%
100 148%
84% 50%
0 0%
2001 2002 2003 2004 2005 (E) 2006 (E)
Capex Ebitda/Capex
Note: Figure for ficasl year 2005(E) and 2006(E) includes inflation adjustment of 8.0% for 2005 and 7.0% for 2006 (CCR`s internal assumption).
11
16. Rodonorte – Judicial Proceedings Current Status
Political Driven Issues
Termination by Public Interest – Granting Authority audit process to
calculate the concessionaire indemnification amount, was interrupted by a
Regional Federal Court injunction
Expropriation – The State Government decree was suspended by the
Regional Federal Court of Brasilia
Annual Toll Reajustment
2003 – due in December 1, it was effective in July 3, supported by Superior
Court of Justice decision. Concessionaire will seek contract rebalancing
2004 – due in December 1, it was effective in January 31, supported by na
injunction ruled by Regional Federal Court of Porto Alegre
Administrative – fine
16
18. Growth Perspectives
Key Factors
• ROE not lower than Ke
• Majority shareholder stake
• Location in densely populated areas
• Basic financing structure – 60% debt, 20% own cash generation and a 20%
capital increase from CCR
18
19. New Business – Federal Highways
7,785km to be privatized
Pernambuco Recife
Mato Grosso
Cuiabá Goiás
Brasília
Goiânia
Brazil Minas Gerais
Mato Grosso Uberlândia Belo Horizonte
do Sul Espírito Santo
Vitória
Campo Grande
São Paulo
Rio de Janeiro
Rio de Janeiro
Paraná São Paulo
Curitiba
Santa
Catarina
Florianópolis
Distance
Program (km)
Rio Grande
do Sul
Existing CCR Concessions
2nd phase - Federal 3,038
Porto Alegre
3rd phase - Federal 4,747
2nd phase - Federal
Total 7,785
3th phase - Federal
Source: DNER
Source : ABCR (Brazilian Association of Highway Concessionaires)
19
20. New Business – São Paulo Highways
1,857km to be privatized
São paulo State Toll Road Concession Program
7 Roads Lenght (km)
Dom Pedro I 200,94
Ayrton Senna / Carvalho Pinto 127,52
Marechal Rondon - Leste 363,46
Marechal Rondon - Oeste 252,44
Raposo Tavares - Leste 181,00
Raposo Tavares - Oeste 206,73
João Ribeiro de Barros 339,67
Euclides da Cunha 186,06
TOTAL 1.857,82
20
21. Investor Relations
invest@ccrnet.com.br
Ricardo Froes – CFO
BOVESPA: CCRO3
ricardo.froes@ccrnet.com.br
Bloomberg: CCRO3 BZ
Tel: 55 (11) 3048-5930 Reuters: CCRO3.SA
Arthur Piotto Filho - IR
arthur.piotto@ccrnet.com.br Adress: Av. Chedid Jafet 222
Tel: 55 (11) 3048-5932 bloco B – 5º floor
Zip Code 04551-065
São Paulo – SP Brazil
www.ccrnet.com.br