More Related Content Similar to Call 4 t13_eng Similar to Call 4 t13_eng (20) More from Arteris S.A. (20) Call 4 t13_eng2. Tolled Traffic
Vehicle-Equivalents (Thousand)
State Concessions
4Q13
3Q13
4Q12
Var%
4Q13/3Q13
Var%
4Q13/4Q12
2013
2012
Var%
2013/2012
55,109
55,916
49,785
-1.4%
10.7%
206,864
189,694
9.1%
Autovias
12,484
12,787
11,473
-2.4%
8.8%
47,422
44,102
7.5%
Centrovias
15,232
15,044
13,507
1.2%
12.8%
56,233
50,696
10.9%
Intervias
17,312
17,861
15,785
-3.1%
9.7%
65,479
60,471
8.3%
Vianorte
10,080
10,224
9,020
-1.4%
11.8%
37,729
34,425
9.6%
129,871
126,650
131,348
2.5%
-1.1%
510,233
506,993
0.6%
Planalto Sul
7,411
7,244
7,107
2.3%
4.3%
28,704
27,945
2.7%
Fluminense
12,496
12,305
12,416
1.6%
0.6%
48,422
48,913
-1.0%
Fernão Dias
42,627
42,285
41,647
0.8%
2.4%
165,213
160,707
2.8%
Régis Bittencourt
38,870
38,214
37,550
1.7%
3.5%
150,105
146,097
2.7%
Litoral Sul
28,468
26,602
32,628
7.0%
-12.8%
117,787
123,331
-4.5%
184,980
182,567
181,133
1.3%
2.1%
717,096
696,687
2.9%
Federal Concessions
Total
•
Highlighted growth in State Highways driven by the beginning of suspended
axles charge (+10.7%);
•
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
4Q13/2013 Results Conference Call
2
3. Toll Tarriffs
4Q13
3Q13
4Q12
Var%
4Q13/3Q13
Var%
4Q13/4Q12
6.48
6.47
6.47
0.2%
Autovias
6.79
6.75
6.79
Centrovias
6.17
6.15
Intervias
5.61
Vianorte
8.04
Average Toll Tariff (R$ / Vehicle-Equivalents)
Var%
2013/2012
2013
2012
0.1%
6.48
6.34
2.1%
0.6%
0.1%
6.79
6.67
1.7%
6.17
0.3%
-0.1%
6.17
6.05
2.0%
5.62
5.60
-0.2%
0.2%
5.62
5.49
2.3%
8.05
8.02
-0.1%
0.3%
8.03
7.85
2.3%
1.90
1.89
1.79
0.3%
6.0%
1.88
1.78
5.5%
Planalto Sul
3.63
3.60
3.34
0.7%
8.6%
3.61
3.31
9.0%
Fluminense
3.30
3.30
3.10
0.0%
6.5%
3.28
3.07
6.9%
Fernão Dias
1.41
1.40
1.40
0.9%
0.9%
1.40
1.40
0.2%
Régis Bittencourt
1.80
1.80
1.80
0.0%
0.0%
1.80
1.80
0.0%
Litoral Sul
1.70
1.70
1.45
0.0%
17.4%
1.67
1.41
18.1%
3.26
3.30
3.08
-0.9%
6.1%
3.21
3.03
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
4Q13/2013 Results Conference Call
3
4. Revenues Breakdown
Gross Revenue
Toll Revenue
R$ 1.0 billion (+14.4%)
R$ 383.0
million
(+30.0%)
R$ 603.8 million (+8.3%)
R$ 246.8
million
(+4.8%)
2%
Toll
38%
41 %
State
Construction
59 %
60%
Federal
Other
R$ 603.8
million
(+8.3%)
R$ 357.1
million
(+10.9%)
•
In 2013, Arteris reached a Consolidated Gross Revenue of 3.6 billion (+8.2%);
•
The Toll Revenues were 2.3 billion (+9.1%).
Investor Relations
4Q13/2013 Results Conference Call
4
5. Costs and Expenses
Costs and Expenses Breakdown (R$ thousand)
(6.000)
Cash Costs
Non Cash Costs
Cash Costs/Net Revenue (ex-construction)
40,0%
38,0%
(5.000)
•
Increase of 4.5% on cash
costs
•
Improvement on the ratio
cash costs x net revenue
(-0.6 p.p)
36,0%
34,3%
(4.000)
32,6%
34,0%
33,5%
32,9%
30,9%
(3.000)
(2.282)
32,0%
30,0%
(2.430)
28,0%
2013 Costs and Expenses
(1.595)
26,0%
(1.741)
(1.000)
(601)
(644)
(689)
(687)
(690)
(425)
(176)
(473)
(171)
(506)
2012
2013
4Q12
3Q13
4Q13
Investor Relations
(183)
•
Increase of 6.5% on total
cost
•
Increase of 0.4% on cash
costs
•
(2.000)
-
4Q13 Costs and Expenses
Cash costs now represent
32.6% of net revenue (-1.8
p.p)
24,0%
22,0%
20,0%
4Q13/2013 Results Conference Call
5
6. Operational Performance
Adjusted EBITDA and Adjuted EBITDA Margin* (R$ million)
1600,0
1,429
69.1%
1,314
1400,0
1200,0
69,0%
67.4%
4Q13 Adjusted EBITDA Breakdown
68,0%
67.1%
1000,0
67,0%
66.5%
800,0
65.7%
66,0%
600,0
400,0
70,0%
349
381
374
29%
State
Federal
65,0%
71%
64,0%
200,0
0,0
4Q12
4T12
3Q13
3T13
4Q13
4T13
63,0%
2012
2013
*Adjusted EBITDA Margin considers the Net Operating Revenue, excluding Construction Revenues
Investor Relations
4Q13/2013 Results Conference Call
6
7. Net Income Evolution
Net Income (R$ million)
466
404
107
129
138
4T12
4Q12
3T13
3Q13
4T13
4Q13
Investor Relations
2012
2013
4Q13/2013 Results Conference Call
7
8. Debt
Gross Debt (R$ thousand)
Net Debt (R$ thousand)
4.500
4.000
2,1
3.500
2.000
2,3
1,9
3.000
1,5
2.500
1.500
4.125
4.060
2.000
1.500
2,5
2.817
3.084
0,5
2.420
3.235
1.000
(0,5)
1.000
500
500
4T12
4Q12
3T13
3Q13
(1,5)
-
4T13
4Q13
(2,5)
4T12
4Q12
3T13
3Q13
4T13
4Q13
DívidaDebt
Net Líquida
DívidaDebt/Adjusted EBITDA – Fixed charge (last 12 months)
Net Líquida / EBITDA Ajustado - Ônus Fixo (ult. 12 meses)
Gross Debt Profile
0.1%
10.8%
BNDES
TJLP
CDI
33.7%
55.5%
Debentures
55.5%
IPCA
Investor Relations
44.4%
Others
4Q13/2013 Results Conference Call
8
9. Investments – Cash Disbursments
Intangible and Fixed Assets and Highway Maintenance (R$ thousand)
1,328,074
Maintenace
Manutenção
1,247,491
Intangible and Fixed Assets
Intangível e Imobilizado
1,106.425
266,368
310,685
347,042
1,251,540
403,979
245,660
293,902
329,585
382,393
20,708
1T13
1Q13
16,783
2T13
2Q13
17,457
3T13
3Q13
21,586
4T13
4Q13
141.066
2012
76.534
2013
•
For 2014 the company estimates R$ 1.8 billion of investments in federaland state highways.
•
Until the end of concessions period the company has 6.8 billion forecasted as total
investmente to be made.
Investor Relations
4Q13/2013 Results Conference Call
9