3. 3
1.5% increase in tolled traffic in the quarter and 3.4% over the 1H13
(comparable basis)
18.9% growth on net revenue compared to the 2Q13 and 20.7% YTD
EBITDA growth of 3.0% over 2Q13 and 8.1% YTD
CAPEX of R$ 426.1 million in the quarter and R$ 801.8 million in the year
1. 2Q14 Highlights
4. 4
Average Toll Tariff (R$/Vehicle-Equivalents)
Vehicle-Equivalents (Thousand)
2. Operational and Financial Performance
Tolled Traffic and Tariffs
Best performance of state concessions
Non-recurring effects on tolled traffic on a quartely basis
(Autopista Litoral Sul) and YTD (Autopista Litoral Sul and
Autopista Fluminense)
Toll tariffs frozen in state highway since July 2013.
Adjustments for 2014 below inflation
*Comparable basis by adjusting the non-recurring effects of the closure of the toll plaza P5 on Autopista Litoral Sul
** Comparable basis by adjusting the non-recurring effects of the closure of the toll plazas P1 and P2 on Autopista Fluminense and toll plaza P5 on Autopista Litoral Sul
Worst performance of heavy vehicles in the quarter
2Q13 2Q14
Var.
2Q13/2Q14
Comparable
Basis*
1H13 1H14
Var.
1H13/1H14
Comparable
Basis**
State 49,402 52,648 6.6% 6.6% 95,839 104,137 8.7% 8.7%
Autovias 11,442 12,155 6.2% 6.2% 22,151 24,002 8.4% 8.4%
Centrovias 13,189 14,270 8.2% 8.2% 25,957 28,452 9.6% 9.6%
Intervias 15,705 16,569 5.5% 5.5% 30,306 32,766 8.1% 8.1%
Vianorte 9,065 9,654 6.5% 6.5% 17,424 18,916 8.6% 8.6%
Federal 126,417 121,279 -4.1% -0.5% 253,711 245,386 -3.3% 1.4%
Planalto 7,143 7,047 -1.3% -1.3% 14,049 14,293 1.7% 1.7%
Fluminense 11,576 11,849 2.4% 2.4% 23,621 23,207 -1.8% 3.6%
Fernão 40,823 40,067 -1.9% -1.9% 80,301 80,214 -0.1% -0.1%
Regis 36,946 35,697 -3.4% -3.4% 73,022 72,529 -0.7% -0.7%
Litoral 29,928 26,620 -11.1% 4.7% 62,717 55,143 -12.1% 5.4%
Total 175,819 173,927 -1.1% 1.5% 349,550 349,523 0.0% 3.4%
2Q13 2Q14
Var.
2Q13/2Q14
1H13 1H14
Var.
1H13/1H14
Estadual 6.48 6.50 0.3% 6.48 6.49 0.2%
Federal 1.89 1.97 4.2% 1.87 1.96 4.8%
Total 3.18 3.34 5.0% 3.13 3.31 5.8%
5. 558 581
1.095 1.157
298
408
525
785
(7)
(2)
20
11
2Q13 2Q14 1H13 1H14
Toll Construction Others
5
Revenue Breakdown – 2Q14
Toll Revenue Breakdown – 2Q14
Gross Revenue – R$ million
2. Operational and Financial Performance
Gross Revenue
59%
41%
0%
Toll
Construction
Others
59%
41% State
Federal
849 987
1,640
1,953
7. 291 299
570 61655 37
104
76
69,5%
62,5% 66,7% 64,9%
-40,0%
-20,0%
0,0%
20,0%
40,0%
60,0%
80,0%
-
100
200
300
400
500
600
700
800
900
1.000
2Q13 2Q14 1H13 1H14
Ebitda Provision for maintanance Adjusted Ebitda Margin*
691673
336346
7
EBITDA Margin* Evolution
Adjusted EBITDA – R$ million
* The Adjusted EBITDA/ EBITDA Margin is based on Net Operatijng Revenue, excluding Construction Revenue
2. Operational and Financial Performance
Adjusted EBITDA and Adjusted EBITDA Margin*
2Q13 2Q14
Var.
2Q13/2Q14
1H13 1H14
Var.
1H13/1H14
EBITDA Margin 58,4% 55,6% -2,8 p.p. 56,5% 57,8% +1,3 p.p.
8. 107
92
200 193
2Q13 2Q14 1H13 1H14
8
Net Income – R$ million
2. Operational and Financial Performance
Net Income
Impacts of higher depreciation (+18.5%) and worst financial result (26.9% change),
despite 18.9% growth in net revenue and 3% in EBITDA in the quarter
9. 9
Leverage Ratio and Net Debt (R$ million)Gross Debt – R$ million
Debt Amortization Schedule – R$ million Gross Debt Profile
2. Operational and Financial Performance
Indebtedness
466 404 512
2,674
4,228
4,394
3,141
4,632
4,907
2Q13 1Q14 2Q14
Short Term Long term
376
738
805 785
482
238 256 275 295 317
248
74
18
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
53,0%
46,9%
0,1%
BNDES Debentures Others
53%38%
9%
TJLP CDI IPCA
2.706
3.258
3.666
2,1
2,4
2,7
2Q13 1Q14 2Q14
Net Debt Net Debt/Adjusted EBITDA - Fixed Concession Charge (last 12 months)
10. Capex delivery
Economic, social and environmental sustainability
Efficient Operations
Focus on quality of service to users. Comfort and safety
Strengthening of corporate image and social and corporate
responsability
Long-term strategy focused on 3 vectors
10
3. Arteris Strategy
11. 11
Intangible and Fixed Assets and Maintenance – R$ million
For 2014 the Company estimated around R$ 1.8 billion in investments
and by the end of all concessions R$ 6.2 billion
Capex
245,660
293,902
329,585
382,393
355,813
408,822
20,708
16,783
17,457
21,586
19,947
17,265
266,368
310,685
347,042
403,979
375,760
426,087
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Intangible and Property Maintenance
