Arteris S.A., profile picture
Uploaded byArteris S.A.
PDF, PPTX535 views

Apresentação ri arteris ingles dez13

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.

Embed presentation

Download as PDF, PPTX
arteris Company Presentation January 2013
Disclaimer  This presentation contains forward-looking statements concerning the business prospects, estimates of operating and financial results and growth outlook of arteris Brasil, which are based exclusively on the expectations of the management of arteris concerning the future of its business and its continued access to capital to fund its business plan.  These forward-looking statements may be affected by on changes in market conditions, government regulations, industry performance, new highway privatization programs, the economic scenario and other factors, as well as the risks described in the disclosure documents filed by OHL Brasil, and are subject to change without prior notice.
Centrovias (SP) arteris and the toll-road industry
History and profile CAGR 07-11 Net Revenue – R$ million 2,712 44.87%  Largest company in Brazil’s toll-road industry in Adjusted EBITDA – R$ million kilometers managed: 3,226 km in operation CAGR 07-11 1,195 29.14% 616 430 2007 2011 Launch of operations in State 1997 Brazil Acquisition of 1998 6% of Autovias 2001 Federal Autovias Centrovias Acquisition 2002 Acquisition 2004 Intervias Acquisition 2005 IPO  Presence in 5 states that concentrate: Vianorte – 65% of the country’s GDP 2006 Acquisition – 43% of the country’s population – 2/3 of the country’s vehicle fleet 2007  21% market share of total kilometers of highway Launches 2nd Round of the ANTT’s Auction operated under concession operations of 2008 Federal Highway  16% market share of total toll plazas revenues of Litoral Sul, Planalto Concession Sul, Fluminense, highway operated under concession Program Régis Bittencourt and Fernão Dias  Traffic: 669.4 million vehicles in 2011 4
New structure with Abertis and Brookfield Pre Deal Structure Post Deal Structure  Abertis and Brookfield offer 10% of Abertis´s shares in exchange for 100% of Partícipes Minority Minority shareholders Brasil shareholders  Abertis and Brookfield take R$ 1.230 millions in debts from Particícipes Brasil  Abertis and Brookfield pay OHL. S.A. € 10.7 million in cash  OHL S.A. becomes a reference shareholder of Abertis  Abertis now holds 51% of arteris and Brookfield 49% 5
Abertis – World Leader in the management of transportation and telecom infrastructure Highways 3.700 km of highways concessions in Europe and Latin America Airports Presence in 29 airports in Europe, North America ans Latin America Telecom 3.300 transmission towers in Spain and major shareholder in the Spanish satellite operations Geographic Presence Global Revenues Global EBITDA 12 countrys Airports 3 sectors Telecom 11,000 employees 13% 8% Airports 3% 88 9% % Telecom 79% Highways Highways Rest of Spain the Spain Chile world 48 UK 2% 4% % 51% Rest of the world 3% 5% Chile 5% UK 5% 37 39% % France France Total 2011: € 3.9 billion Total 2011: € 2.5 billion 6
Abertis and Brookfield Strategy for arteris  Strong and recurrent cash generation Value generation  Recurrent and sustainable distribution of dividends  Conservative capital structure to facilitate new investments and supporting the dividend policy of arteris  Reference partner to the local authorities  Maintain the company listed at BM&Fbovespa increasing liquidity Long term investments in Brazil looking for new opportunities  Management focused on improving margins and delivery of projects according to scheduled scope, Efficiencies and Opportunities and budget  Efficient planning using best practices and experiences of Abertis and Brookfield, folowing the contractual obligations  Search opportunities for acquisitions of highway concessions and participation in future new concessions  Improvement in financial management reducing the cost of capital of the company, optimizing its capital structure 7
Concessions in Brazil History of the Regulatory Framework Basic principles  Operation of highways delegated to the private sector Passing of Law 8.666 establishing concession contracts and 1993 bidding processes through concession contracts 1993 Launch of federal highway concession program  Granting of concession preceded by bidding process Law 9.277 authorizes federal government to delegate to states 1996 and municipalities the management and operation of certain  Charging of tolls federal highways States of São Paulo, Paraná and Rio Grande do Sul conduct their  Economic and financial equilibrium 1997/8 own highway concession programs Launch of restructuring process in the transportation sector by  Annual toll adjustment based on inflation 2001 the federal government, creating CONIT, ANTT and DNIT Creation of São Paulo State Public Transportation Services  Concessionaires assume operational risks and investments 2002 Regulatory Agency (ARTESP) in highways Dissolution of DNER; DNIT and ANTT assume respectively highway  Public assets returned in good conditions at the end of the 2003 construction / maintenance projects and the regulation, granting and supervision of concessions concession period Responsibilities Concession Regulatory Authority Agency Reduction  Grant the right to  Develop concession models in “Brazil Dramatic increase in operate public  Manage contracts and ensure assets Concessionaire economic and financial Cost” service equilibrium  Supervise and control compliance with contractual quality  Improve transportation infrastructure terms Reduction in  Operate highways  Provide high Accidents quality services to users User 8
Concessions in Brazil Highways - Federal In operation Projected First round 1,473.5 km Third round Phase 1 2,046.0 km BR 040 RJ-MG Rio de Janeiro - Juiz de Fora 179.7 km BR 040 DF-MG Brasília - Junction BR 135 590.0 km BR 116 RJ Rio de Janeiro - Teresópolis - Além Paraíba 142.5 km BR 040 MG Junction BR 262/381 (BH) - BR 135 109.0 km BR 101 RJ Ponte Rio-Niterói 13.2 km BR 040 MG Junction BR 356 (BH) - Juiz de Fora 230.0 km BR 116 RJ-SP Rio de Janeiro - São Paulo 402 km BR 116 MG BA-MG / MG-RJ 817.0 km BR 290 RS Osório - Porto Alegre 112.3 km BR 381 MG Junction MG 020 (BH) - Gov . Valadares 301.0 km BR 116-293-392 RS Pólo de Pelotas 623.8 km Third round Phase 2 1.993.0 km Second round Phase 1 2,620.8 km BR 060 DF-GO Junction DF 001 (Brasília) - BR 153 126.0 km BR 116 SP-PR São Paulo - Curitiba 401.6 km BR 153 GO Junction BR 060 - GO/MG Border 260.0 km BR 381 MG-SP Belo Horizonte - São Paulo 562.1 km BR 101 ES RJ-ES / ES-BA 458.0 km BR 116-376 + BR 101 PR + SC Curitiba - Florianópolis 382.3 km BR 101 BA ES-BA - Junction BR 324 791.0 km BR 101 RJ Rio de Janeiro - Espírito Santo 320.1 km BR 470 SC Nav egantes - SC/RS 359.0 km BR 153 SP São Paulo - Paraná 321.6 km BR 116 SC Curitiba (SC and RS) 412.7 km Airports BR 393 RJ-MG Minas Gerais - Rio de Janeiro 220.4 km Second round Phase 2 680.6 km In operation Projected State Airport PAX / year State Airport PAX / year BR 116 / 324 BA BR 116 - Feira de Santana 554.1 km BR 324 - Salv ador - Feria 113.2 km RN São G. Amarante 2.3 million* RJ Galeão 15 million BR 526 - BR 324 - BA 528 9.3 km SP Guarulhos 30 million MG Confins 9.3 million BR 528 - BA 526 - Aratu 4.0 km SP Viracopos 7.5 million NE / N TBD n.a. DF Brasília 15 million Highways - State, Municipal and PPPs * Estimated. Airport under construction State Contracts 10,054 km PPPs Contracts 377 km SP (4) 18 5,299 km MG 1 371 km RS / PR 13 4,270 km PE 1 6 km RJ / BA / ES 4 485 km Municipal Contracts 35 km RJ 1 35 km 9
The Sector in numbers Intervias (SP) Freight transport matrix National vehicle fleet – MM 39.6 61% Highway Air 0.4% 18.2 4% Pipeline 10.6 14% Waterway 21% 1.6 Light Commercial Motorcycle Other Rail General conditions of Brazil’s highways  Public Highways  Concession Highways Excellent Poor Very poor Fair 1% 9% 3% 12% Good 25% Poor 20% 45% Excellent Good 42% 32% Fair Source: CNT 2011 Highway Survey and Denatran 10
The Sector in numbers Brazil’s Road Network Paved Under Concession Under Unpaved Concession 16% Concessionaires 7% São Paulo: 19 34% 12% Paraná: 6 86% 14% R.G. do Sul: 7 7% PE/BA/ES/MG/RJ: 9 Paved Federais: 14 93% No Concession 31% 1.6 MM Km 214,413 Km 15,473 Km Key figures in the private sector (2007-2011) +R$35 MM Social 27,000 Km Responsibility R$1.5 bi Paving and Vehicles R$ 8.3 bi Resurfacing 55 2011 Concessionaires Taxes R$14 bi 47,000 Investments Jobs 15,500 Km Granted Source: ABCR 11
arteris Current Portfolio Toll Plaza Litoral Sul Revenue 2011 Litoral Sul EBITDA 2011 Autovias Autovias Régis Régis 8% 14% 6% 17% 12% 13% Fernão 14% Centrovias Dias 7% Fernão 11% 5% 17% Centrovias Dias Fluminense 3% 7% 16% Planalto Sul Fluminense 4% 15% 19% Federal 13% Intervias Planalto Vianorte State Intervias Sul Vianorte Key financial data for concessions – R$ MM State Federal Net Revenue Adjusted EBITDA Adjusted EBITDA Margin Net Revenue Adjusted EBITDA Adjusted EBITDA Margin 78.4% 78.9% 53.6% 75.1% 74.5% 77.0% 49.4% 50.8% 48.1% 49.6% 70.2% 71.5% 48.8% 48.3% 65.6% 67.9% 46.1% 46.5% 44.2% 60.5% 41.4% 42.0% 42.9% 996 896 204 208 196 197 776 780 811 180 182 188 724 690 170 617 640 25.0% 152 578 138 138 140 507 546 544 128 465 441 100 101 104 103 383 88 88 97 95 360 344 79 305 61 60 70 218 48 53 58 25 2003 2004 2005 2006 2007 2008 2009 2010 2011 9M12 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 * Excludes revenue from construction * Excludes revenue from construction 12
arteris Current Portfolio: State Concessions (2011) Autovias Centrovias Length Length 316.6 km 218.2 km Toll Plazas Toll Plazas 5 5 Duration Duration August 2018 June 2018 2019 Vehicle Equivalents Vehicle Equivalents 42.9 MM 47.6 MM Net Revenue Net Revenue R$ 252 MM R$ 254 MM Adjusted EBITDA Adjusted EBITDA R$ 193 MM R$ 194 MM Intervias Vianorte Length Length 375.7 km 236.6 km Toll Plazas Toll Plazas 9 4 Duration Duration January 2028 March 2018 Vehicle Equivalents Vehicle Equivalents 58.5 MM 33.1 MM Net Revenue Net Revenue R$ 291 MM R$ 231 MM Adjusted EBITDA Adjusted EBITDA R$ 215 MM R$ 178 MM 13
arteris Current Portfolio: Federal Concessions (2011) Planalto Sul Régis Bittencourt Length Length 412.7 km 401.6 km Toll Plazas Toll Plazas 5 6 Duration Duration February 2033 February 2033 Vehicle Equivalents Vehicle Equivalents 27.9 MM 143.7 MM Net Revenue Net Revenue R$ 200 MM R$ 490 MM Adjusted EBITDA Adjusted EBITDA R$ 32 MM R$ 133 MM Fluminense Litoral Sul Length Lengtth 320.1 km 382 .3 km Toll Plazas Toll Prazas 5 5 Duration Duration February 2033 February 2033 Vehicle Equivalents Vehicle Equivalents 46.8 MM 115.6 MM Net Revenue Net Revenue R$ 215 MM R$ 313 MM Adjusted EBITDA Adjusted EBITDA R$ 61 MM R$ 67 MM Fernão Dias Length 562.1 km Toll Plazas 8 Duration February 2033 Vehicle Equivalents 153.2 MM Net Revenue R$ 392 MM Adjusted EBITDA R$ 81 MM 14
Concessions in Brazil Rate of return on projects and the new market reality Evolution of the real interest rate* 25.04% 26.36% 18.26% 15.93% 14.78% 12.69% 12.59% 11.53% 10.71% 8.86% 7.90% 7.00% 6.06% 5.75% 5.30% 4.79% 3.59% 1.73% 1.76% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E * CDI annual – IPCA annual (sources: CETIP e IPEA) 1990s 2000s New reality  Start of concession program  Political and economic stability  Regulatory framework well consolidated  Unknown regulatory framework  BNDES financing up to 70% of the  Execution track record  Higher execution risk capex  Brazil reaches investment grade  Higher country risk  Strong competition for projetcs  Lower competition for assets arteris – Federal Concessions Airport Bids 2007  Guarulhos / Viracopos / Brasília arteris breaks the paradigm of high arteris – State Concessions toll tariffs Profitability achieved Marginal IRR despite low tolls Discussion to IRR* tariffs and capex execution IRR* IRR** determine IRRs 17-20% 8-9% <8% applied to the contract addendums in * Real Project IRRs (contract) force ** Estimates based on information from market´s analysts 15
Highlights Operating and Financial 16
Tolled Traffic Last 12 months 2011 Var. 9M12 Var. 3Q12 Litoral Sul Autovias 2010x2011 9M12 x 9M11 Centrovias State 182,180 14.3% 139,908 3.3% 50,351 6% Autovias 42,931 2.6% 32,629 1.9% 11,656 18% 7% Centrovias 47,642 62.8% 37,189 5.4% 13,446 Intervias Intervias 58,534 2.9% 44,686 2.6% 16,069 9% Vianorte 33,073 5.1% 25,405 3.4% 9,180 Régis 5% Vianorte Federal Planalto 487,193 27,969 11.5% 4.8% 375,646 20,838 4.5% -0.2% 128,053 7,029 21% 4% Planalto Fluminense 46,778 7.6% 36,497 5.2% 12,183 7% Sul Fernao 153,191 25.9% 119,060 5.1% 41,253 Fluminense Regis 143,705 5.5% 108,547 2.1% 37,100 23% Litoral 115,550 6.0% 90,704 7.3% 30,488 Total 669,372 12.3% 515,554 4.1% 178,404 Fernão Dias Elasticity  62.8% growth at Centrovias in 2011 compared to 13.50% Federal State GDP 2010 due to the implementation of bidirectional toll 11.01% collection at the four toll plazas 6.60% 6.19% 6.72% Growth of 25.9% at Autopista Fernão Dias in 2011 3.96%  3.16% 7.53% 3.88% compared to 2010 due to the inauguration of its last 6.09% 5.17% toll plaza in September 2010 -0.33% 2.73% 3.02% 2.33% 2005 2006 2007 2008 2009 2010 2011 -0.34% Toll Plaza– Autopista Fernão Dias (MG) 17
Tolled Traffic Commercial vs. Light - % Vehic. Equivalents Electronic Toll Collection (AVI) - % Vehic. Equivalents State 64.0% 61.4% 62.3% 61.1% 62.9% 63.3% 61.1% 60.1% 62.3% 61.7% 63.6% 61.7% 61.2% 60.8% 62.4% 62.9% 60.0% 60.1% 61.5% 58.0% 60.0% 58.4% 56.0% 56.7% 57.3% 53.0% 53.7% 53.8% 53.9% 50.7% 46.9% 47.0% 44.2% 44.3% 44.8% 42.5% 41.6% 39.8% 40.0% 38.9% 39.9% 37.7% 39.9% 38.5% 38.6% 37.7% 38.9% 38.3% 36.9% 38.1% 37.1% 36.7% 36.0% 36.4% 35.4% 31.6% 29.6% 30.2% 27.5% 25.0% Commercial Light State Federal 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Federal 76.3% 75.4% 76.5% 76.4% 76.1% 76.3% 74.3% 75.4% 74.8% 74.0% 73.3% 72.0% 73.6% 72.6% 72.1% 26.0% 26.7% 28.0% 26.4% 27.4% 27.9% 23.7% 24.6% 23.5% 23.6% 23.9% 23.7% 25.7% 24.6% 25.2% Commercial Light 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 18
Average toll tariff Avg Toll Tariff Var Var. (R$ / Vehicles 3Q12 2Q12 3Q11 3Q12/2Q12 3Q12/3Q11 Equivalents) State 6.46 6.21 6.19 4.1% 4.5% Autovias 6.76 6.57 6.52 2.8% 3.6% Centrovias 6.16 5.92 5.91 4.2% 4.3% Intervias 5.62 5.36 5.35 4.8% 5.0% Vianorte 8.01 7.65 7.66 4.7% 4.6% Federal 1.79 1.79 1.69 0.0% 5.9% Planalto Sul 3.30 3.30 3.10 0.0% 6.5% Fluminense 3.10 3.10 2.80 0.0% 10.7% Fernão Dias 1.40 1.40 1.30 0.0% 7.7% Régis Bittencourt 1.80 1.80 1.70 0.0% 5.7% Litoral Sul 1.42 1.42 1.40 0.0% 1.3% Total 3.11 3.00 2.96 3.5% 5.0%  The tolls charged by state concessionaires are adjusted annually, on July 1 of each year, by the annual rate of inflation measured by IGP-M index.  On federal highways the adjustments are implemented each year based on IPCA inflation in the 12 months as from the previous adjustment, and adopting the criteria of rounding to the first decimal place. The toll adjustment is implemented in February for Autopista Fluminense and Autopista Litoral Sul and in December for Autopistas Fernão Dias, Régis Bittencourt and Planalto Sul. 19
Financial Highlights Traffic – MM vehicle equivalent units Gross Revenue – R$ MM 669 105 596 80 94 896 495 516 618 80 823 Others 597 Construction Toll 171 178 1,899 25 1,631 1,550 25 1,395 256 298 507 554 2010 2011 9M11 9M12 3Q11 3Q12 2010 2011 9M11 9M12 3Q11 3Q12 Adjusted EBITDA and Margin* – R$ MM / % Net Income – R$ MM 62,6% 65,8% 66,7% 65,4% 70,5% 68,3% 404 1.195 304 300 297 980 965 892 138 339 358 103 2010 2011 9M11 9M12 3Q11 3Q12 2010 2011 9M11 9M12 3Q11 3Q12 * Excludes revenue from construction Toll Plaza - Autovias (SP) 20
Costs and Expenses R$ thousand Cash Costs - 2Q12 (1,905) (204) Cash Cost 1% 12% 1% 2% (1,533) (183) Cost of Construction Services 28% 3% (175) Provision for highway Maintenance 6% (146) Depreciation and Amortization 5% (896) (618) 14% 28% (602) (493) (65) (51) (72) (43) Third party services (594) (621) (256) (298) Personnel (142) (166) Conservation Inspection fee 2010 2011 3Q11 3Q12 Costs with granting authority Cash costs as % Net Revenue (ex. construction) Insurance and Guarantees 37.4% 34.2% 29.5% 31.7% Management compensation Civil, labor and Tax risks Tax expenses 2010 2011 3Q11 3Q12 Other 21
Indebtedness Gross Debt – R$ MM Amortization Schedule – R$ MM Short term Long term 3,098 3,104 3,145 3,200 2,963 2,789 2,754 2,770 2,474 2,504 452 1,936 414 383 1,554 1,794 1,822 1,223 1,862 1,287 2,747 1,882 1,657 2,713 2,672 2,690 2,411 1,425 37 739 236 246 847 209 267 180 194 194 922 143 143 154 167 1,784 73 1,158 1,197 1,186 1,281 1,234 735 947 873 908 13 552 426 414 432 453 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Debt Composition (3Q12) Leverage Ratio and Net Debt – R$ MM IPCA + 8% Other 2.5 2.6 2.4 0.5% 12.7% 2.0 1.9 1.7 1.7 1.6 1.6 1.8 1.5 1.5 1.5 1.6 1.6 TJLP + 2.2% State 2,139 2,237 up to 2.6% 41.6% 57.9% Federal 1,797 1,883 58.6% Other 28.7% 1,575 1,611 1,450 1,455 1,523 1,453 CDI + 1,291 1,325 1,346 1,354 1,174 1.5% 0.2% up to 1.7% 41.3% BNDES Debentures 58.6% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Net Debt Net Debt/Adjusted EBITDA - Fixed Concession Charge (last 12 months) 22
Autopista Fernão Dias: Improvements on the highway Autopista Fernão Dias: Improvements on the highway INVESTMENTS and construction timetable
Investments Total – R$ ‘000 Highway Maintenance Autovias 1,259,569 48% 144,676 Vianorte 10% 1,007,900 13% 131,188 828,784 28% Centrovias 77,997 725,473 679,527 Intervias 127,192 1,114,893 324,816 277,568 876,712 750,787 679,527 598,281 31,370 48,978 Intangible / Fixed Assets State 246,198 275,838 Planalto Litoral Sul 5% Sul 20% 11% 2008 2009 2010 2011 12M 3Q11 3Q12 19% Fluminense Intangible and fixed assets Maintenance 23% 22% Régis Bitencourt Fernão Dias 24
Investments Main works completed and ongoing projects Repaving Ongoing projects - Federal Duplication of 59.6 km of the BR 101/RJ between the cities of Macaé and Campos de Goytacazes, which was begun in the 3Q11, as soon as the construction license was obtained from IBAMA. Approximately R$ 200 million will be invested in this first phase. Altogether the project includes the duplication of176.6 km Fluminense Before After Fernão Dias Construction of the second phase of Betim (MG) belt, a 9 km Grass cutting bypass. Connecting the two extremities of the highway will make it possible to create an alternative route for long-distance through traffic. Expected investment in the project is around R$40 million. Construction began in October 2011. Construction of the initial and final stretches of the second lane Régis on Serra do Cafezal Highway (BR 116/SP), on 11 km of road near Before After the cities of Juquitiba and Miracatu. In all, 30 km of highway will be expanded. The license for the central stretch was approved Drainage in late December 2012 by the environmental agency. In all, R$ 700 million should be invested in this project. Construction of a total of 12.2 km of side streets in municipalities of Camburiú (SC), Tijucas (SC), Itapema (SC) e Itajaí (SC). Completion of a traffic interchange in the industrial district of São José dos Pinhais (PR), and a traffic interchange at the junction of Before After the Contorno Leste Curitiba. Completion of the structural reinforcement and extension of two (2) viaducts and Signage Litoral Sul construction of two (2) walkways and one (1) operational base in Biguaçu (SC). Planalto Sul Duplication of 25 km of Highway BR-116, between Curitiba and Mandirituba, which was begun in October 2011. The project will require investments of approximately R$ 70 million. Before After 25
OPPORTUNITIES
Opportunities Highways Next Federal Highways Programed Federal Highways BR-116/MG (25 years) • Strech of Highway BR-116 in the state of Minas Gerais between Além Paraíba and Divida Alegre. Connects the strech of BR- 393 RJ and BR-116 BA already granted, for a total of 817 km • 8 toll plazas Antes • Toll Tariff: R$ 6.41 (Per Plaza) • Revenue: R$ 13.6 billion • Estimated Capex: R$ 5.07 billion • Term: 25 years • Auction: January/2013 BR-040 (DF/GO/MG) (25 years) • Strech of Highway BR-040 starting in the Federal District, at the interchange with Highway BR 251, and ending in Juiz de Fora (MG) at the start of the strech granted to the operator CONCER, for a total of 937 km in • 11 toll plazas • Toll Tariff: R$ 4.22 (Per Plaza) • Revenue: R$ 16.0 billion • Estimated Capex: R$ 6.63 billion • Term: 25 years • Auction: Janeiro/2013 Source: ANTT, Federal Government and Internal Studies (Base Date: Jan/12) 27
Appendices
Capital Markets Stock Performance (Basis 100) Composition of Free Float Individuals R$ 18.60 (+52,5%) Institutional 2.3% Brazilian 56.4% Market Cap R$ 6.41 billions ARTR3 Shares: 344,444,440 59,175 (+4,3%) Free Float: 40% Institutional 41.3% Foreign /12/2011 28/01/2012 27/02/2012 28/03/2012 27/04/2012 27/05/2012 26/06/2012 26/07/2012 25/08/2012 24/09/2012 Stock Liquidity Analyst Coverage Financial Trading Volume (daily average) – R$ MM 22.7  Ágora  Planner  Banco do Brasil JP Morgan  Barclays  Merrill Lynch 15.5  Citigroup  Morgan Stanley  Coinvalores  UBS  Credit Suisse  Santander 5.8 5.9 6.1 7.2  Fator Corretora 5.7 5.5 5.6  Votorantim 2.5 2.7 3.4 3.3  Goldman Sachs  Itaú Total: 16 institutions 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Dividends Number of trades (daily average) 2,390 Year Div. / Share Payout 1,714 2010 R$ 0.99 25% 2011 R$ 2.83 52% 155 173 214 143 150 225 241 299 283 260 294 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 29
Macroeconomic Scenario GDP (%) 7.5 6.1 5.7 5.2 4.0 3.9 3.2 2.7 2.7 1.5 1.1 -0.6 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E Interest Rates (%) Inflation (%) CDI TJLP 24.9 IGP-M IPCA 25.3 17.8 18.1 16.3 13.2 13.7 11.2 10.7 11.6 12.4 11.3 8.7 9.8 7.3 7.3 8.7 7.8 11.0 12.5 7.6 10.0 9.8 9.8 5.1 5.4 9.3 3.8 4.3 6.9 6.3 6.3 6.0 6.0 6.0 7.6 1.2 5.5 5.5 5.7 5.9 5.9 6.5 5.4 5.1 4.5 .-1,7 3.1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E * Source: IBGE, FGV, BACEN, CETIP, Focus Report and BNDES 30
Financing BNDES – R$ ‘000 Debentures – R$ ‘000 Max. % Planalto Amount Cost Term Autovias Issue Cost Due Rating Moody's Financed Subcredit A 184.057 TJLP + 2.58% a.a. 144 months 1st Series 285.000 CDI + 1.6% p.a. March-15 Subcredit B 90.007 TJLP + 2.58% p.a. 138 months 2nd Series 120.000 IPCA + 8% p.a. March-17 Aa2.br Ba1 Subcredit C 57.280 TJLP + 2.58% p.a. 120 months nd 2 Issue 100.000 CDI + 1.7% p.a. November-15 Total 331.344 68% Total 505.000 National Global Max. % Fernão Amount Cost Term Financed Centrovias Issue Cost Due Rating Moody's Subcredit A 493.382 TJLP + 2.21% p.a. 144 months 1st Series 286.131 CDI + 1.7% p.a. March-15 Subcredit B 159.300 TJLP + 2.21% p.a. 138 months Aa2.br Ba2 Subcredit C 50.072 TJLP + 2.21% p.a. 123 months nd 2 Series 120.000 IPCA + 8% p.a. March-17 Total 702.754 70% Total 406.131 National Global Max. % Régis Amount Cost Term Intervias Issue Cost Due Rating Moody's Financed Subcredit A 446.395 TJLP + 2.21% p.a. 144 months 1st Issue 307.947 CDI + 1.5% p.a. March-15 Aa1.br Baa3 Subcredit B 623.100 TJLP + 2.21% p.a. 126 months nd 2 Issue 300.000 CDI + 1.7% p.a. November-15 Total 1.069.495 65% Total 607.947 National Global Max. % Litoral Amount Cost Term Vianorte Issue Cost Due Rating Moody's Financed Subcredit A 508.122 TJLP + 2.32% p.a. 144 months 1st Series 153.776 CDI + 1.7% p.a. March-15 Subcredit B 297.964 TJLP + 2.32% p.a. 120 months Aa3.br Ba2 2nd Series 100.000 IPCA + 8% p.a. March-17 Subcredit C ¹ 4.051 TJLP 120 months Total 810.137 68% Total 253.776 National Global Max. % General Total 1.772.854 Fluminense Amount Cost Term Financed Subcredit A 403.712 TJLP + 2.45% p.a. 144 months Subcredit B 373.204 TJLP + 2.45% p.a. 125 months Subcredit C ¹ 3.903 TJLP 125 months Total 780.819 70% General Total 3.694.549 ¹ Resources destinated to social investments 31
Ownership Structure Brookfield Asset Management Inc 51.0% 49.0% Participes en Brasil S.L. 60.0% federal concessions SÃO PAULO - state concessions other 100% 100% 100,0% 100,0% 4.68% 32
Term of the Concessions  Average duration of concessions in our portfolio is 15.9 years Years elapsed Years pending 21 21 21 21 21 16 7 8 7 4 4 4 4 4 13 13 12 13 State Concessions Federal Concessions 33
R. Joaquim Floriano, 913 – 6º andar Itaim Bibi – São Paulo – SP CEP 04534-013 Tel: +55 11 3074-2410 Visit our website: www.arteris.com.br/ir Investor Relations

More Related Content

PDF
Enterprise acquisition presentation
byFerrovial
 
PDF
Iochpe-Maxion - 4Q07 Presentation
byIochpe-Maxion
 
PDF
liberty global Q407_slides
byfinance43
 
PDF
CTEEP - Presentation 2007 Results - UBS
byCTEEP
 
PDF
1 q11 conference call presentation
byBraskem_RI
 
PDF
Presentation 4 q11
byCteep
 
PDF
Goldman Sachs NRDS Nov 2011
byMRSK Centre
 
PDF
Ril event update - 070510
byAngel Broking
 
Enterprise acquisition presentation
byFerrovial
 
Iochpe-Maxion - 4Q07 Presentation
byIochpe-Maxion
 
liberty global Q407_slides
byfinance43
 
CTEEP - Presentation 2007 Results - UBS
byCTEEP
 
1 q11 conference call presentation
byBraskem_RI
 
Presentation 4 q11
byCteep
 
Goldman Sachs NRDS Nov 2011
byMRSK Centre
 
Ril event update - 070510
byAngel Broking
 

What's hot

PDF
Form 8610 Annual Low-Income Housing Credit Agencies Report
bytaxman taxman
 
PDF
Fact sheet 1_h11_inglês
byPetrobras
 
PDF
pepco WallStBerensonFINAL
byfinance41
 
PDF
Apres Call Federais Final Ingles
byArteris S.A.
 
PDF
UPL
byAngel Broking
 
PDF
Iochpe-Maxion - 3Q03 Presentation
byIochpe-Maxion
 
PDF
Iochpe-Maxion - Bear Stearns Transportation Conference Presentation
byIochpe-Maxion
 
PDF
xcel energy 2007 NSP-WI10-K
byfinance26
 
PDF
Navbharat Ventures Limited Investor Presentation
byAICL Communications
 
Form 8610 Annual Low-Income Housing Credit Agencies Report
bytaxman taxman
 
Fact sheet 1_h11_inglês
byPetrobras
 
pepco WallStBerensonFINAL
byfinance41
 
Apres Call Federais Final Ingles
byArteris S.A.
 
UPL
byAngel Broking
 
Iochpe-Maxion - 3Q03 Presentation
byIochpe-Maxion
 
Iochpe-Maxion - Bear Stearns Transportation Conference Presentation
byIochpe-Maxion
 
xcel energy 2007 NSP-WI10-K
byfinance26
 
Navbharat Ventures Limited Investor Presentation
byAICL Communications
 

Similar to Apresentação ri arteris ingles dez13

PDF
Apimec 3 T06 Final Eng
byArteris S.A.
 
PDF
Presentacion Brasil 150208 Ing
byArteris S.A.
 
PDF
Apimec Resultados 1 T06(Ingles)
byArteris S.A.
 
PDF
Apimec Resultados2 Q06 Eng
byArteris S.A.
 
PDF
Ubs warburg conferência ceo brasil 2003
byCCR Relações com Investidores
 
PDF
Ubs warburg 2003 brazil ceo conference
byCCR Relações com Investidores
 
PDF
Ubs warburg conferência ceo brasil 2003
byCCR Relações com Investidores
 
PDF
Apimec Res 2005 Ingl
byArteris S.A.
 
PPT
Bahia Investment Opportunities
byRomeu Temporal
 
PPTX
Edson Aparecido | Metro to Macro Development in São Paulo | Global Cities Ini...
byBrookings Metropolitan Policy Program
 
PDF
Projeto mustang sem anexo e sem operação eng
bylocamerica
 
PDF
4 q10
byArteris S.A.
 
PDF
Apres 4 q10_ing
byArteris S.A.
 
PDF
9 m11 results
byArteris S.A.
 
PDF
Automotive and Auto Parts Industry (Set 2009)
byUruguay XXI
 
PDF
4 q10 conference call presentation
bySantander_ri
 
PDF
Apres Latibex
byArteris S.A.
 
PPT
Bahia Investments Opportunities
byRomeu Temporal
 
PDF
Call presentation 1 t11
byArteris S.A.
 
PDF
1 conference call 1 q11
byArteris S.A.
 
Apimec 3 T06 Final Eng
byArteris S.A.
 
Presentacion Brasil 150208 Ing
byArteris S.A.
 
Apimec Resultados 1 T06(Ingles)
byArteris S.A.
 
Apimec Resultados2 Q06 Eng
byArteris S.A.
 
Ubs warburg conferência ceo brasil 2003
byCCR Relações com Investidores
 
Ubs warburg 2003 brazil ceo conference
byCCR Relações com Investidores
 
Ubs warburg conferência ceo brasil 2003
byCCR Relações com Investidores
 
Apimec Res 2005 Ingl
byArteris S.A.
 
Bahia Investment Opportunities
byRomeu Temporal
 
Edson Aparecido | Metro to Macro Development in São Paulo | Global Cities Ini...
byBrookings Metropolitan Policy Program
 
Projeto mustang sem anexo e sem operação eng
bylocamerica
 
4 q10
byArteris S.A.
 
Apres 4 q10_ing
byArteris S.A.
 
9 m11 results
byArteris S.A.
 
Automotive and Auto Parts Industry (Set 2009)
byUruguay XXI
 
4 q10 conference call presentation
bySantander_ri
 
Apres Latibex
byArteris S.A.
 
Bahia Investments Opportunities
byRomeu Temporal
 
Call presentation 1 t11
byArteris S.A.
 
1 conference call 1 q11
byArteris S.A.
 

More from Arteris S.A.

PDF
Call 2 t14_eng vfinal
byArteris S.A.
 
PDF
Call 2 t14_port vfinal
byArteris S.A.
 
PDF
Call 1 t14_eng v_final
byArteris S.A.
 
PDF
Call 1 t14_port v_final
byArteris S.A.
 
PDF
Call 4 t13_eng
byArteris S.A.
 
PDF
Call 4 t13_port
byArteris S.A.
 
PDF
Call 3 t13_port
byArteris S.A.
 
PDF
Call 3 t13_eng
byArteris S.A.
 
PDF
Call 2 t13_eng
byArteris S.A.
 
PDF
Call 2 t13_port
byArteris S.A.
 
PPTX
Apresentação call 1 t13_eng
byArteris S.A.
 
PPTX
Apresentação call 1 t13_port
byArteris S.A.
 
PDF
4Q12 Presentation
byArteris S.A.
 
PDF
Apresentação 4T12
byArteris S.A.
 
PDF
Apresentação ri arteris dez13
byArteris S.A.
 
PDF
Apresentação call 3 t12_port
byArteris S.A.
 
PDF
Apresentação call 3 t12_eng
byArteris S.A.
 
PDF
Apresentação call 2 t12_eng
byArteris S.A.
 
PDF
Apresentação call 2 t12_port
byArteris S.A.
 
PDF
Apresentação call 1 q12_eng
byArteris S.A.
 
Call 2 t14_eng vfinal
byArteris S.A.
 
Call 2 t14_port vfinal
byArteris S.A.
 
Call 1 t14_eng v_final
byArteris S.A.
 
Call 1 t14_port v_final
byArteris S.A.
 
Call 4 t13_eng
byArteris S.A.
 
Call 4 t13_port
byArteris S.A.
 
Call 3 t13_port
byArteris S.A.
 
Call 3 t13_eng
byArteris S.A.
 
Call 2 t13_eng
byArteris S.A.
 
Call 2 t13_port
byArteris S.A.
 
Apresentação call 1 t13_eng
byArteris S.A.
 
Apresentação call 1 t13_port
byArteris S.A.
 
4Q12 Presentation
byArteris S.A.
 
Apresentação 4T12
byArteris S.A.
 
Apresentação ri arteris dez13
byArteris S.A.
 
Apresentação call 3 t12_port
byArteris S.A.
 
Apresentação call 3 t12_eng
byArteris S.A.
 
Apresentação call 2 t12_eng
byArteris S.A.
 
Apresentação call 2 t12_port
byArteris S.A.
 
Apresentação call 1 q12_eng
byArteris S.A.
 

Apresentação ri arteris ingles dez13

  • 1.
    arteris Company Presentation January 2013
  • 2.
    Disclaimer  This presentationcontains forward-looking statements concerning the business prospects, estimates of operating and financial results and growth outlook of arteris Brasil, which are based exclusively on the expectations of the management of arteris concerning the future of its business and its continued access to capital to fund its business plan.  These forward-looking statements may be affected by on changes in market conditions, government regulations, industry performance, new highway privatization programs, the economic scenario and other factors, as well as the risks described in the disclosure documents filed by OHL Brasil, and are subject to change without prior notice.
  • 3.
    Centrovias (SP) arteris and the toll-road industry
  • 4.
    History and profile CAGR 07-11 Net Revenue – R$ million 2,712 44.87%  Largest company in Brazil’s toll-road industry in Adjusted EBITDA – R$ million kilometers managed: 3,226 km in operation CAGR 07-11 1,195 29.14% 616 430 2007 2011 Launch of operations in State 1997 Brazil Acquisition of 1998 6% of Autovias 2001 Federal Autovias Centrovias Acquisition 2002 Acquisition 2004 Intervias Acquisition 2005 IPO  Presence in 5 states that concentrate: Vianorte – 65% of the country’s GDP 2006 Acquisition – 43% of the country’s population – 2/3 of the country’s vehicle fleet 2007  21% market share of total kilometers of highway Launches 2nd Round of the ANTT’s Auction operated under concession operations of 2008 Federal Highway  16% market share of total toll plazas revenues of Litoral Sul, Planalto Concession Sul, Fluminense, highway operated under concession Program Régis Bittencourt and Fernão Dias  Traffic: 669.4 million vehicles in 2011 4
  • 5.
    New structure withAbertis and Brookfield Pre Deal Structure Post Deal Structure  Abertis and Brookfield offer 10% of Abertis´s shares in exchange for 100% of Partícipes Minority Minority shareholders Brasil shareholders  Abertis and Brookfield take R$ 1.230 millions in debts from Particícipes Brasil  Abertis and Brookfield pay OHL. S.A. € 10.7 million in cash  OHL S.A. becomes a reference shareholder of Abertis  Abertis now holds 51% of arteris and Brookfield 49% 5
  • 6.
    Abertis – WorldLeader in the management of transportation and telecom infrastructure Highways 3.700 km of highways concessions in Europe and Latin America Airports Presence in 29 airports in Europe, North America ans Latin America Telecom 3.300 transmission towers in Spain and major shareholder in the Spanish satellite operations Geographic Presence Global Revenues Global EBITDA 12 countrys Airports 3 sectors Telecom 11,000 employees 13% 8% Airports 3% 88 9% % Telecom 79% Highways Highways Rest of Spain the Spain Chile world 48 UK 2% 4% % 51% Rest of the world 3% 5% Chile 5% UK 5% 37 39% % France France Total 2011: € 3.9 billion Total 2011: € 2.5 billion 6
  • 7.
    Abertis and Brookfield Strategy for arteris  Strong and recurrent cash generation Value generation  Recurrent and sustainable distribution of dividends  Conservative capital structure to facilitate new investments and supporting the dividend policy of arteris  Reference partner to the local authorities  Maintain the company listed at BM&Fbovespa increasing liquidity Long term investments in Brazil looking for new opportunities  Management focused on improving margins and delivery of projects according to scheduled scope, Efficiencies and Opportunities and budget  Efficient planning using best practices and experiences of Abertis and Brookfield, folowing the contractual obligations  Search opportunities for acquisitions of highway concessions and participation in future new concessions  Improvement in financial management reducing the cost of capital of the company, optimizing its capital structure 7
  • 8.
    Concessions in Brazil History of the Regulatory Framework Basic principles  Operation of highways delegated to the private sector Passing of Law 8.666 establishing concession contracts and 1993 bidding processes through concession contracts 1993 Launch of federal highway concession program  Granting of concession preceded by bidding process Law 9.277 authorizes federal government to delegate to states 1996 and municipalities the management and operation of certain  Charging of tolls federal highways States of São Paulo, Paraná and Rio Grande do Sul conduct their  Economic and financial equilibrium 1997/8 own highway concession programs Launch of restructuring process in the transportation sector by  Annual toll adjustment based on inflation 2001 the federal government, creating CONIT, ANTT and DNIT Creation of São Paulo State Public Transportation Services  Concessionaires assume operational risks and investments 2002 Regulatory Agency (ARTESP) in highways Dissolution of DNER; DNIT and ANTT assume respectively highway  Public assets returned in good conditions at the end of the 2003 construction / maintenance projects and the regulation, granting and supervision of concessions concession period Responsibilities Concession Regulatory Authority Agency Reduction  Grant the right to  Develop concession models in “Brazil Dramatic increase in operate public  Manage contracts and ensure assets Concessionaire economic and financial Cost” service equilibrium  Supervise and control compliance with contractual quality  Improve transportation infrastructure terms Reduction in  Operate highways  Provide high Accidents quality services to users User 8
  • 9.
    Concessions in Brazil Highways - Federal In operation Projected First round 1,473.5 km Third round Phase 1 2,046.0 km BR 040 RJ-MG Rio de Janeiro - Juiz de Fora 179.7 km BR 040 DF-MG Brasília - Junction BR 135 590.0 km BR 116 RJ Rio de Janeiro - Teresópolis - Além Paraíba 142.5 km BR 040 MG Junction BR 262/381 (BH) - BR 135 109.0 km BR 101 RJ Ponte Rio-Niterói 13.2 km BR 040 MG Junction BR 356 (BH) - Juiz de Fora 230.0 km BR 116 RJ-SP Rio de Janeiro - São Paulo 402 km BR 116 MG BA-MG / MG-RJ 817.0 km BR 290 RS Osório - Porto Alegre 112.3 km BR 381 MG Junction MG 020 (BH) - Gov . Valadares 301.0 km BR 116-293-392 RS Pólo de Pelotas 623.8 km Third round Phase 2 1.993.0 km Second round Phase 1 2,620.8 km BR 060 DF-GO Junction DF 001 (Brasília) - BR 153 126.0 km BR 116 SP-PR São Paulo - Curitiba 401.6 km BR 153 GO Junction BR 060 - GO/MG Border 260.0 km BR 381 MG-SP Belo Horizonte - São Paulo 562.1 km BR 101 ES RJ-ES / ES-BA 458.0 km BR 116-376 + BR 101 PR + SC Curitiba - Florianópolis 382.3 km BR 101 BA ES-BA - Junction BR 324 791.0 km BR 101 RJ Rio de Janeiro - Espírito Santo 320.1 km BR 470 SC Nav egantes - SC/RS 359.0 km BR 153 SP São Paulo - Paraná 321.6 km BR 116 SC Curitiba (SC and RS) 412.7 km Airports BR 393 RJ-MG Minas Gerais - Rio de Janeiro 220.4 km Second round Phase 2 680.6 km In operation Projected State Airport PAX / year State Airport PAX / year BR 116 / 324 BA BR 116 - Feira de Santana 554.1 km BR 324 - Salv ador - Feria 113.2 km RN São G. Amarante 2.3 million* RJ Galeão 15 million BR 526 - BR 324 - BA 528 9.3 km SP Guarulhos 30 million MG Confins 9.3 million BR 528 - BA 526 - Aratu 4.0 km SP Viracopos 7.5 million NE / N TBD n.a. DF Brasília 15 million Highways - State, Municipal and PPPs * Estimated. Airport under construction State Contracts 10,054 km PPPs Contracts 377 km SP (4) 18 5,299 km MG 1 371 km RS / PR 13 4,270 km PE 1 6 km RJ / BA / ES 4 485 km Municipal Contracts 35 km RJ 1 35 km 9
  • 10.
    The Sector innumbers Intervias (SP) Freight transport matrix National vehicle fleet – MM 39.6 61% Highway Air 0.4% 18.2 4% Pipeline 10.6 14% Waterway 21% 1.6 Light Commercial Motorcycle Other Rail General conditions of Brazil’s highways  Public Highways  Concession Highways Excellent Poor Very poor Fair 1% 9% 3% 12% Good 25% Poor 20% 45% Excellent Good 42% 32% Fair Source: CNT 2011 Highway Survey and Denatran 10
  • 11.
    The Sector innumbers Brazil’s Road Network Paved Under Concession Under Unpaved Concession 16% Concessionaires 7% São Paulo: 19 34% 12% Paraná: 6 86% 14% R.G. do Sul: 7 7% PE/BA/ES/MG/RJ: 9 Paved Federais: 14 93% No Concession 31% 1.6 MM Km 214,413 Km 15,473 Km Key figures in the private sector (2007-2011) +R$35 MM Social 27,000 Km Responsibility R$1.5 bi Paving and Vehicles R$ 8.3 bi Resurfacing 55 2011 Concessionaires Taxes R$14 bi 47,000 Investments Jobs 15,500 Km Granted Source: ABCR 11
  • 12.
    arteris CurrentPortfolio Toll Plaza Litoral Sul Revenue 2011 Litoral Sul EBITDA 2011 Autovias Autovias Régis Régis 8% 14% 6% 17% 12% 13% Fernão 14% Centrovias Dias 7% Fernão 11% 5% 17% Centrovias Dias Fluminense 3% 7% 16% Planalto Sul Fluminense 4% 15% 19% Federal 13% Intervias Planalto Vianorte State Intervias Sul Vianorte Key financial data for concessions – R$ MM State Federal Net Revenue Adjusted EBITDA Adjusted EBITDA Margin Net Revenue Adjusted EBITDA Adjusted EBITDA Margin 78.4% 78.9% 53.6% 75.1% 74.5% 77.0% 49.4% 50.8% 48.1% 49.6% 70.2% 71.5% 48.8% 48.3% 65.6% 67.9% 46.1% 46.5% 44.2% 60.5% 41.4% 42.0% 42.9% 996 896 204 208 196 197 776 780 811 180 182 188 724 690 170 617 640 25.0% 152 578 138 138 140 507 546 544 128 465 441 100 101 104 103 383 88 88 97 95 360 344 79 305 61 60 70 218 48 53 58 25 2003 2004 2005 2006 2007 2008 2009 2010 2011 9M12 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 * Excludes revenue from construction * Excludes revenue from construction 12
  • 13.
    arteris Current Portfolio: State Concessions (2011) Autovias Centrovias Length Length 316.6 km 218.2 km Toll Plazas Toll Plazas 5 5 Duration Duration August 2018 June 2018 2019 Vehicle Equivalents Vehicle Equivalents 42.9 MM 47.6 MM Net Revenue Net Revenue R$ 252 MM R$ 254 MM Adjusted EBITDA Adjusted EBITDA R$ 193 MM R$ 194 MM Intervias Vianorte Length Length 375.7 km 236.6 km Toll Plazas Toll Plazas 9 4 Duration Duration January 2028 March 2018 Vehicle Equivalents Vehicle Equivalents 58.5 MM 33.1 MM Net Revenue Net Revenue R$ 291 MM R$ 231 MM Adjusted EBITDA Adjusted EBITDA R$ 215 MM R$ 178 MM 13
  • 14.
    arteris Current Portfolio: FederalConcessions (2011) Planalto Sul Régis Bittencourt Length Length 412.7 km 401.6 km Toll Plazas Toll Plazas 5 6 Duration Duration February 2033 February 2033 Vehicle Equivalents Vehicle Equivalents 27.9 MM 143.7 MM Net Revenue Net Revenue R$ 200 MM R$ 490 MM Adjusted EBITDA Adjusted EBITDA R$ 32 MM R$ 133 MM Fluminense Litoral Sul Length Lengtth 320.1 km 382 .3 km Toll Plazas Toll Prazas 5 5 Duration Duration February 2033 February 2033 Vehicle Equivalents Vehicle Equivalents 46.8 MM 115.6 MM Net Revenue Net Revenue R$ 215 MM R$ 313 MM Adjusted EBITDA Adjusted EBITDA R$ 61 MM R$ 67 MM Fernão Dias Length 562.1 km Toll Plazas 8 Duration February 2033 Vehicle Equivalents 153.2 MM Net Revenue R$ 392 MM Adjusted EBITDA R$ 81 MM 14
  • 15.
    Concessions in Brazil Rate of return on projects and the new market reality Evolution of the real interest rate* 25.04% 26.36% 18.26% 15.93% 14.78% 12.69% 12.59% 11.53% 10.71% 8.86% 7.90% 7.00% 6.06% 5.75% 5.30% 4.79% 3.59% 1.73% 1.76% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E * CDI annual – IPCA annual (sources: CETIP e IPEA) 1990s 2000s New reality  Start of concession program  Political and economic stability  Regulatory framework well consolidated  Unknown regulatory framework  BNDES financing up to 70% of the  Execution track record  Higher execution risk capex  Brazil reaches investment grade  Higher country risk  Strong competition for projetcs  Lower competition for assets arteris – Federal Concessions Airport Bids 2007  Guarulhos / Viracopos / Brasília arteris breaks the paradigm of high arteris – State Concessions toll tariffs Profitability achieved Marginal IRR despite low tolls Discussion to IRR* tariffs and capex execution IRR* IRR** determine IRRs 17-20% 8-9% <8% applied to the contract addendums in * Real Project IRRs (contract) force ** Estimates based on information from market´s analysts 15
  • 16.
  • 17.
    Tolled Traffic Last 12 months 2011 Var. 9M12 Var. 3Q12 Litoral Sul Autovias 2010x2011 9M12 x 9M11 Centrovias State 182,180 14.3% 139,908 3.3% 50,351 6% Autovias 42,931 2.6% 32,629 1.9% 11,656 18% 7% Centrovias 47,642 62.8% 37,189 5.4% 13,446 Intervias Intervias 58,534 2.9% 44,686 2.6% 16,069 9% Vianorte 33,073 5.1% 25,405 3.4% 9,180 Régis 5% Vianorte Federal Planalto 487,193 27,969 11.5% 4.8% 375,646 20,838 4.5% -0.2% 128,053 7,029 21% 4% Planalto Fluminense 46,778 7.6% 36,497 5.2% 12,183 7% Sul Fernao 153,191 25.9% 119,060 5.1% 41,253 Fluminense Regis 143,705 5.5% 108,547 2.1% 37,100 23% Litoral 115,550 6.0% 90,704 7.3% 30,488 Total 669,372 12.3% 515,554 4.1% 178,404 Fernão Dias Elasticity  62.8% growth at Centrovias in 2011 compared to 13.50% Federal State GDP 2010 due to the implementation of bidirectional toll 11.01% collection at the four toll plazas 6.60% 6.19% 6.72% Growth of 25.9% at Autopista Fernão Dias in 2011 3.96%  3.16% 7.53% 3.88% compared to 2010 due to the inauguration of its last 6.09% 5.17% toll plaza in September 2010 -0.33% 2.73% 3.02% 2.33% 2005 2006 2007 2008 2009 2010 2011 -0.34% Toll Plaza– Autopista Fernão Dias (MG) 17
  • 18.
    Tolled Traffic Commercial vs.Light - % Vehic. Equivalents Electronic Toll Collection (AVI) - % Vehic. Equivalents State 64.0% 61.4% 62.3% 61.1% 62.9% 63.3% 61.1% 60.1% 62.3% 61.7% 63.6% 61.7% 61.2% 60.8% 62.4% 62.9% 60.0% 60.1% 61.5% 58.0% 60.0% 58.4% 56.0% 56.7% 57.3% 53.0% 53.7% 53.8% 53.9% 50.7% 46.9% 47.0% 44.2% 44.3% 44.8% 42.5% 41.6% 39.8% 40.0% 38.9% 39.9% 37.7% 39.9% 38.5% 38.6% 37.7% 38.9% 38.3% 36.9% 38.1% 37.1% 36.7% 36.0% 36.4% 35.4% 31.6% 29.6% 30.2% 27.5% 25.0% Commercial Light State Federal 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Federal 76.3% 75.4% 76.5% 76.4% 76.1% 76.3% 74.3% 75.4% 74.8% 74.0% 73.3% 72.0% 73.6% 72.6% 72.1% 26.0% 26.7% 28.0% 26.4% 27.4% 27.9% 23.7% 24.6% 23.5% 23.6% 23.9% 23.7% 25.7% 24.6% 25.2% Commercial Light 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 18
  • 19.
    Average toll tariff Avg Toll Tariff Var Var. (R$ / Vehicles 3Q12 2Q12 3Q11 3Q12/2Q12 3Q12/3Q11 Equivalents) State 6.46 6.21 6.19 4.1% 4.5% Autovias 6.76 6.57 6.52 2.8% 3.6% Centrovias 6.16 5.92 5.91 4.2% 4.3% Intervias 5.62 5.36 5.35 4.8% 5.0% Vianorte 8.01 7.65 7.66 4.7% 4.6% Federal 1.79 1.79 1.69 0.0% 5.9% Planalto Sul 3.30 3.30 3.10 0.0% 6.5% Fluminense 3.10 3.10 2.80 0.0% 10.7% Fernão Dias 1.40 1.40 1.30 0.0% 7.7% Régis Bittencourt 1.80 1.80 1.70 0.0% 5.7% Litoral Sul 1.42 1.42 1.40 0.0% 1.3% Total 3.11 3.00 2.96 3.5% 5.0%  The tolls charged by state concessionaires are adjusted annually, on July 1 of each year, by the annual rate of inflation measured by IGP-M index.  On federal highways the adjustments are implemented each year based on IPCA inflation in the 12 months as from the previous adjustment, and adopting the criteria of rounding to the first decimal place. The toll adjustment is implemented in February for Autopista Fluminense and Autopista Litoral Sul and in December for Autopistas Fernão Dias, Régis Bittencourt and Planalto Sul. 19
  • 20.
    Financial Highlights Traffic – MM vehicle equivalent units Gross Revenue – R$ MM 669 105 596 80 94 896 495 516 618 80 823 Others 597 Construction Toll 171 178 1,899 25 1,631 1,550 25 1,395 256 298 507 554 2010 2011 9M11 9M12 3Q11 3Q12 2010 2011 9M11 9M12 3Q11 3Q12 Adjusted EBITDA and Margin* – R$ MM / % Net Income – R$ MM 62,6% 65,8% 66,7% 65,4% 70,5% 68,3% 404 1.195 304 300 297 980 965 892 138 339 358 103 2010 2011 9M11 9M12 3Q11 3Q12 2010 2011 9M11 9M12 3Q11 3Q12 * Excludes revenue from construction Toll Plaza - Autovias (SP) 20
  • 21.
    Costs and Expenses R$thousand Cash Costs - 2Q12 (1,905) (204) Cash Cost 1% 12% 1% 2% (1,533) (183) Cost of Construction Services 28% 3% (175) Provision for highway Maintenance 6% (146) Depreciation and Amortization 5% (896) (618) 14% 28% (602) (493) (65) (51) (72) (43) Third party services (594) (621) (256) (298) Personnel (142) (166) Conservation Inspection fee 2010 2011 3Q11 3Q12 Costs with granting authority Cash costs as % Net Revenue (ex. construction) Insurance and Guarantees 37.4% 34.2% 29.5% 31.7% Management compensation Civil, labor and Tax risks Tax expenses 2010 2011 3Q11 3Q12 Other 21
  • 22.
    Indebtedness Gross Debt – R$ MM Amortization Schedule – R$ MM Short term Long term 3,098 3,104 3,145 3,200 2,963 2,789 2,754 2,770 2,474 2,504 452 1,936 414 383 1,554 1,794 1,822 1,223 1,862 1,287 2,747 1,882 1,657 2,713 2,672 2,690 2,411 1,425 37 739 236 246 847 209 267 180 194 194 922 143 143 154 167 1,784 73 1,158 1,197 1,186 1,281 1,234 735 947 873 908 13 552 426 414 432 453 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Debt Composition (3Q12) Leverage Ratio and Net Debt – R$ MM IPCA + 8% Other 2.5 2.6 2.4 0.5% 12.7% 2.0 1.9 1.7 1.7 1.6 1.6 1.8 1.5 1.5 1.5 1.6 1.6 TJLP + 2.2% State 2,139 2,237 up to 2.6% 41.6% 57.9% Federal 1,797 1,883 58.6% Other 28.7% 1,575 1,611 1,450 1,455 1,523 1,453 CDI + 1,291 1,325 1,346 1,354 1,174 1.5% 0.2% up to 1.7% 41.3% BNDES Debentures 58.6% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Net Debt Net Debt/Adjusted EBITDA - Fixed Concession Charge (last 12 months) 22
  • 23.
    Autopista Fernão Dias:Improvements on the highway Autopista Fernão Dias: Improvements on the highway INVESTMENTS and construction timetable
  • 24.
    Investments Total – R$‘000 Highway Maintenance Autovias 1,259,569 48% 144,676 Vianorte 10% 1,007,900 13% 131,188 828,784 28% Centrovias 77,997 725,473 679,527 Intervias 127,192 1,114,893 324,816 277,568 876,712 750,787 679,527 598,281 31,370 48,978 Intangible / Fixed Assets State 246,198 275,838 Planalto Litoral Sul 5% Sul 20% 11% 2008 2009 2010 2011 12M 3Q11 3Q12 19% Fluminense Intangible and fixed assets Maintenance 23% 22% Régis Bitencourt Fernão Dias 24
  • 25.
    Investments Main works completedand ongoing projects Repaving Ongoing projects - Federal Duplication of 59.6 km of the BR 101/RJ between the cities of Macaé and Campos de Goytacazes, which was begun in the 3Q11, as soon as the construction license was obtained from IBAMA. Approximately R$ 200 million will be invested in this first phase. Altogether the project includes the duplication of176.6 km Fluminense Before After Fernão Dias Construction of the second phase of Betim (MG) belt, a 9 km Grass cutting bypass. Connecting the two extremities of the highway will make it possible to create an alternative route for long-distance through traffic. Expected investment in the project is around R$40 million. Construction began in October 2011. Construction of the initial and final stretches of the second lane Régis on Serra do Cafezal Highway (BR 116/SP), on 11 km of road near Before After the cities of Juquitiba and Miracatu. In all, 30 km of highway will be expanded. The license for the central stretch was approved Drainage in late December 2012 by the environmental agency. In all, R$ 700 million should be invested in this project. Construction of a total of 12.2 km of side streets in municipalities of Camburiú (SC), Tijucas (SC), Itapema (SC) e Itajaí (SC). Completion of a traffic interchange in the industrial district of São José dos Pinhais (PR), and a traffic interchange at the junction of Before After the Contorno Leste Curitiba. Completion of the structural reinforcement and extension of two (2) viaducts and Signage Litoral Sul construction of two (2) walkways and one (1) operational base in Biguaçu (SC). Planalto Sul Duplication of 25 km of Highway BR-116, between Curitiba and Mandirituba, which was begun in October 2011. The project will require investments of approximately R$ 70 million. Before After 25
  • 26.
  • 27.
    Opportunities Highways Next Federal Highways Programed Federal Highways BR-116/MG (25 years) • Strech of Highway BR-116 in the state of Minas Gerais between Além Paraíba and Divida Alegre. Connects the strech of BR- 393 RJ and BR-116 BA already granted, for a total of 817 km • 8 toll plazas Antes • Toll Tariff: R$ 6.41 (Per Plaza) • Revenue: R$ 13.6 billion • Estimated Capex: R$ 5.07 billion • Term: 25 years • Auction: January/2013 BR-040 (DF/GO/MG) (25 years) • Strech of Highway BR-040 starting in the Federal District, at the interchange with Highway BR 251, and ending in Juiz de Fora (MG) at the start of the strech granted to the operator CONCER, for a total of 937 km in • 11 toll plazas • Toll Tariff: R$ 4.22 (Per Plaza) • Revenue: R$ 16.0 billion • Estimated Capex: R$ 6.63 billion • Term: 25 years • Auction: Janeiro/2013 Source: ANTT, Federal Government and Internal Studies (Base Date: Jan/12) 27
  • 28.
  • 29.
    Capital Markets Stock Performance (Basis 100) Composition of Free Float Individuals R$ 18.60 (+52,5%) Institutional 2.3% Brazilian 56.4% Market Cap R$ 6.41 billions ARTR3 Shares: 344,444,440 59,175 (+4,3%) Free Float: 40% Institutional 41.3% Foreign /12/2011 28/01/2012 27/02/2012 28/03/2012 27/04/2012 27/05/2012 26/06/2012 26/07/2012 25/08/2012 24/09/2012 Stock Liquidity Analyst Coverage Financial Trading Volume (daily average) – R$ MM 22.7  Ágora  Planner  Banco do Brasil JP Morgan  Barclays  Merrill Lynch 15.5  Citigroup  Morgan Stanley  Coinvalores  UBS  Credit Suisse  Santander 5.8 5.9 6.1 7.2  Fator Corretora 5.7 5.5 5.6  Votorantim 2.5 2.7 3.4 3.3  Goldman Sachs  Itaú Total: 16 institutions 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Dividends Number of trades (daily average) 2,390 Year Div. / Share Payout 1,714 2010 R$ 0.99 25% 2011 R$ 2.83 52% 155 173 214 143 150 225 241 299 283 260 294 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 29
  • 30.
    Macroeconomic Scenario GDP (%) 7.5 6.1 5.7 5.2 4.0 3.9 3.2 2.7 2.7 1.5 1.1 -0.6 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E Interest Rates (%) Inflation (%) CDI TJLP 24.9 IGP-M IPCA 25.3 17.8 18.1 16.3 13.2 13.7 11.2 10.7 11.6 12.4 11.3 8.7 9.8 7.3 7.3 8.7 7.8 11.0 12.5 7.6 10.0 9.8 9.8 5.1 5.4 9.3 3.8 4.3 6.9 6.3 6.3 6.0 6.0 6.0 7.6 1.2 5.5 5.5 5.7 5.9 5.9 6.5 5.4 5.1 4.5 .-1,7 3.1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E * Source: IBGE, FGV, BACEN, CETIP, Focus Report and BNDES 30
  • 31.
    Financing BNDES – R$‘000 Debentures – R$ ‘000 Max. % Planalto Amount Cost Term Autovias Issue Cost Due Rating Moody's Financed Subcredit A 184.057 TJLP + 2.58% a.a. 144 months 1st Series 285.000 CDI + 1.6% p.a. March-15 Subcredit B 90.007 TJLP + 2.58% p.a. 138 months 2nd Series 120.000 IPCA + 8% p.a. March-17 Aa2.br Ba1 Subcredit C 57.280 TJLP + 2.58% p.a. 120 months nd 2 Issue 100.000 CDI + 1.7% p.a. November-15 Total 331.344 68% Total 505.000 National Global Max. % Fernão Amount Cost Term Financed Centrovias Issue Cost Due Rating Moody's Subcredit A 493.382 TJLP + 2.21% p.a. 144 months 1st Series 286.131 CDI + 1.7% p.a. March-15 Subcredit B 159.300 TJLP + 2.21% p.a. 138 months Aa2.br Ba2 Subcredit C 50.072 TJLP + 2.21% p.a. 123 months nd 2 Series 120.000 IPCA + 8% p.a. March-17 Total 702.754 70% Total 406.131 National Global Max. % Régis Amount Cost Term Intervias Issue Cost Due Rating Moody's Financed Subcredit A 446.395 TJLP + 2.21% p.a. 144 months 1st Issue 307.947 CDI + 1.5% p.a. March-15 Aa1.br Baa3 Subcredit B 623.100 TJLP + 2.21% p.a. 126 months nd 2 Issue 300.000 CDI + 1.7% p.a. November-15 Total 1.069.495 65% Total 607.947 National Global Max. % Litoral Amount Cost Term Vianorte Issue Cost Due Rating Moody's Financed Subcredit A 508.122 TJLP + 2.32% p.a. 144 months 1st Series 153.776 CDI + 1.7% p.a. March-15 Subcredit B 297.964 TJLP + 2.32% p.a. 120 months Aa3.br Ba2 2nd Series 100.000 IPCA + 8% p.a. March-17 Subcredit C ¹ 4.051 TJLP 120 months Total 810.137 68% Total 253.776 National Global Max. % General Total 1.772.854 Fluminense Amount Cost Term Financed Subcredit A 403.712 TJLP + 2.45% p.a. 144 months Subcredit B 373.204 TJLP + 2.45% p.a. 125 months Subcredit C ¹ 3.903 TJLP 125 months Total 780.819 70% General Total 3.694.549 ¹ Resources destinated to social investments 31
  • 32.
    Ownership Structure Brookfield Asset Management Inc 51.0% 49.0% Participes en Brasil S.L. 60.0% federal concessions SÃO PAULO - state concessions other 100% 100% 100,0% 100,0% 4.68% 32
  • 33.
    Term of theConcessions  Average duration of concessions in our portfolio is 15.9 years Years elapsed Years pending 21 21 21 21 21 16 7 8 7 4 4 4 4 4 13 13 12 13 State Concessions Federal Concessions 33
  • 34.
    R. Joaquim Floriano,913 – 6º andar Itaim Bibi – São Paulo – SP CEP 04534-013 Tel: +55 11 3074-2410 Visit our website: www.arteris.com.br/ir Investor Relations