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Call 3 t13_eng
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.
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Call 3 t13_eng
- 1. Results Conference Call ThirdQuarter 2013 (3Q13) November 14, 2013
- 2. 3Q13 Tolled Traffic Vehicle-Equivalents(Thousand) State Concessions 3Q13 2Q13 3Q12 Var% 3Q13/2Q13 Var% 3Q13/3Q12 9M13 9M12 Var% 9M13/9M12 55,916 49,402 50,351 13.2% 11.1% 151,755 139,909 8.5% Autovias 12,787 11,442 11,656 11.7% 9.7% 34,938 32,629 7.1% Centrovias 15,044 13,189 13,446 14.1% 11.9% 41,001 37,189 10.3% Intervias 17,861 15,705 16,069 13.7% 11.2% 48,167 44,686 7.8% Vianorte 10,224 9,065 9,180 12.8% 11.4% 27,649 25,405 8.8% 126,650 126,417 128,053 0.2% -1.1% 380,361 375,645 1.3% Planalto Sul 7,244 7,143 7,029 1.4% 3.1% 21,293 20,838 2.2% Fluminense 12,305 11,576 12,183 6.3% 1.0% 35,926 36,497 -1.6% Fernão Dias 42,285 40,823 41,253 3.6% 2.5% 122,587 119,060 3.0% Régis Bittencourt 38,214 36,946 37,100 3.4% 3.0% 111,236 108,547 2.5% Litoral Sul 26,602 29,928 30,488 -11.1% -12.7% 89,320 90,703 -1.5% 182,567 175,819 178,404 3.8% 2.3% 532,116 515,554 3.2% Federal Concessions Total • Highlighted growth in State Highways driven by the beginning of suspended axles charge (+11.1%); • Autopista Litoral Sul interrupted the charges at P5 (biggest traffic volume in the concession) toll plaza on June 22, 2013, following ANTT’s resolution, impacting Federal highways results. Investor Relations 3Q13 Results Conference Call 2
- 3. 3Q13 Toll Tarriffs AverageToll Tariff (R$ / Vehicle-Equiv.) Var% Var% 3Q13/2Q13 3Q13/3Q12 3Q13 2Q13 3Q12 6.47 6.48 6.46 -0.2% Autovias 6.75 6.80 6.76 Centrovias 6.15 6.18 Intervias 5.62 5.62 Vianorte 8.05 Var% 9M13/9M12 9M13 9M12 0.0% 6.47 6.30 2.8% -0.7% -0.1% 6.78 6.63 2.2% 6.16 -0.4% -0.2% 6.17 6.00 2.8% 5.62 0.1% 0.1% 5.62 5.45 3.1% 7.99 8.01 0.6% 0.5% 8.02 7.79 3.0% 1.89 1.89 1.79 0.0% 6.1% 1.88 1.78 5.4% Planalto Sul 3.60 3.60 3.30 0.0% 9.1% 3.60 3.30 9.1% Fluminense 3.30 3.30 3.10 0.0% 6.5% 3.28 3.06 7.0% Fernão Dias 1.40 1.40 1.40 0.0% 0.0% 1.40 1.40 0.0% Régis Bittencourt 1.80 1.80 1.80 0.0% 0.0% 1.80 1.80 0.0% Litoral Sul 1.70 1.70 1.42 0.0% 19.9% 1.66 1.40 18.5% 3.30 3.18 3.11 3.7% 6.1% 3.19 3.01 6.0% State Concessions Federal Concessions Total • Federal Concessionaires: The tariff increases are linked to increases in inflation indexes and contractual rebalances. State Concessionaires: • In July 1st the State Government of São Paulo do not authorized the transfer of the inflation based contractual readjustments (+6.2%), taking responsibility for all the costs of that measure. Investor Relations 3Q13 Results Conference Call 3
- 4. 3Q13 Revenues Breakdown GrossRevenue Toll Revenue R$ 961.5 million (+9.6%) R$ 351.3 million (+18.0%) R$ 601.6 million (+8.5%) R$ 240.0 million (+4.9%) 1% Toll 36% 40 % State Construction 60 % 63% Federal Other R$ 601.6 million (+8.5%) Investor Relations R$ 361.6 million (+11.1%) 3Q13 Results Conference Call 4
- 5. 3Q13 Costs andExpenses Costs and Expenses Breakdown (R$ thousand) 000) Cash Costs Non Cash Costs Cash Costs/Net Revenue (ex-construction) 40.0% 38.0% 500) 3Q13 Costs and Expenses 36.0% 000) 34.6% 500) 000) 34.0% 32.7% 31.7% 30.5% (1,744) 30.0% • Reduction of 2.6% on cash costs (26.5% of total) • Cash costs now represent 30.9% of net revenue (-0.8 p.p) 28.0% 500) 000) Increase of 6.9% on total cost 32.0% 30.9% (1,681) • (1,170) 26.0% (1,233) (602) 500) (512) (511) 9M12 9M13 Investor Relations (573) (644) 24.0% (436) (421) (473) 22.0% (166) (152) (171) 3Q12 2Q13 3Q13 20.0% 3Q13 Results Conference Call 5
- 6. 3Q13 Operational Performance AdjustedEBITDA and Adjuted EBITDA Margin* (R$ million) 1200.0 900.0% 1,055 965 1000.0 800.0% 700.0% 3Q13 Adjusted EBITDA Breakdown 600.0% 800.0 500.0% 600.0 400.0 400.0% 358 68.3% 346 69.5% 300.0% 381 28% State 200.0% 69.1% 65.4% 67.6% 200.0 100.0% Federal 72% 0.0% 0.0 -100.0% 3Q12 3T12 2T13 2Q13 3Q13 3T13 9M12 9M13 *Adjusted EBITDA Margin considers the Net Operating Revenue, excluding Construction Revenues Investor Relations 3Q13 Results Conference Call 6
- 7. 3Q13 Net IncomeEvolution Net Income (R$ million) 329 297 103 107 3Q12 3T12 2T13 2Q13 Investor Relations 129 3Q13 3T13 9M12 9M13 3Q13 Results Conference Call 7
- 8. 3Q13 Debt Gross Debt(R$ thousand) Net Debt (R$ thousand) 4,500 2.1 4,000 3,500 1.9 3,000 2.5 1.5 1,500 2,500 4,060 2,000 1,500 2.1 2,000 3,200 2,817 2,237 1,000 3,141 1,000 2,706 (0.5) 500 (1.5) 500 3Q12 3T12 2Q13 2T13 - 3T13 3Q13 0.5 (2.5) 2Q13 2T13 3Q12 3T12 3Q13 3T13 Net Líquida DívidaDebt Net Líquida / EBITDA Ajustado - Ônus Fixo (ult. 12 meses) DívidaDebt/Adjusted EBITDA – Fixed charge (last 12 months) Gross Debt Profile 8.2% 10.6% TJLP 52.2% CDI 39.6% 37.1% IPCA Investor Relations BNDES 52.2% Debentures Other 3Q13 Results Conference Call 8
- 9. 3Q13 Investments –Cash Disbursments Intangible and Fixed Assets and Highway Maintenance (R$ thousand) 921,844 Maintenace Manutenção Intangible and Fixed Assets Intangível e Imobilizado 816,634 266,450 924,095 310,685 869,147 347,042 293,902 329,585 20,708 16,783 17,457 1T13 1Q13 2Q13 2T13 3T13 3Q13 245,742 105,210 9M12 54,948 9M13 • For 2013 the company estimates R$ 1.3 billion of investments in federal highways, and R$ 140 millions in state highways. • Until the end of concessions period the company has 6.9 billion forecasted as total investmente to be made. Investor Relations 3Q13 Results Conference Call 9
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