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CCR DAY 11_Eng

The document summarizes a presentation given by CCR, a Brazilian infrastructure company, about their current business and future outlook. It provides an overview of various transportation projects CCR is involved in, including highways, urban rail, and airports in Brazil and other countries. Updates are given on key performance metrics and investments made in projects like ViaQuatro, CCR Metro Bahia, CCR NovaDutra, CCR MSVia, and VLT Carioca. The presentation indicates that the business environment for infrastructure is promising in Brazil and that CCR has a track record of successful investments and expansion into new projects.

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Business environment, opportunities for infrastructure and projects maturing A promising future
PROGRAM 09:30 OPENING Renato Vale 10:00 SECRETARY OF THE GROWTH ACCELERATION PROGRAM Maurício Muniz 10:20 SECRETARY OF ECONOMIC AFFAIRS (SEAE) OF THE MINISTRY OF FINANCE Paulo Correa 10:40 Q&A 11:30 CURRENT BUSINESS AND THE FUTURE OF CCViaQuatro | CCR MetrôBahia Italo Roppa 11:45 CURRENT BUSINESS AND THE FUTURE OF CC CCR NovaDutra | CCR MSVia | ViaRio | VLT Carioca Jose Bráz 12:00 CURRENT BUSINESS AND THE FUTURE OF CCR Airports Ricardo Bisordi 12:35 OUR VISION ABOUT THE PERSPECTIVE AND FUTURE OF CCR Arthur Piotto 12:15 CURRENT BUSINESS AND THE FUTURE OF CC Alliance Agreement | NASP | TAS | Future projects Leonardo Vianna ANTT GENERAL DIRECTOR Jorge Bastos13:05 13:15 13:30 CLOSING Renato Vale Q&A BREAK11:00
CORPORATE VIDEO
OPENING RENATO VALE
Business environment, opportunities for infrastructure and projects maturing A promising future
11 YEARS OF 2005 | 2015
CCR BUSINESS Enable solutions for Infrastructure Investments and Services, contributing to the Socio- economic and Environmental Development of the regions where we operate.
ACKNOWLEDGEMENTS 2015
Company Participation STP Company Participation 34% CCR Actua CCR Engelog CCR Engelogtec Company Participation 100% 100% 100% Company Participation CCR GROUP COMPANIES CCR in 2005 Highways Urban Mobility Services CCR NovaDutra CCR ViaLagos CCR RodoNorte CCR AutoBAn CCR ViaOeste 100% 100% 86% 100% 100% Airports CCR Ponte 100%
Company Participation STP Company Participation 34% CCR Actua CCR Engelog CCR Engelogtec Company Participation 100% 100% 100% Company Participation CCR GROUP COMPANIES Highways Urban Mobility Services CCR NovaDutra CCR ViaLagos CCR RodoNorte CCR AutoBAn CCR ViaOeste 100% 100% 86% 100% 100% Airports CCR Ponte 100% ViaQuatro CCR Barcas VLT Carioca CCR Metrô Bahia 60% 80% 24,3% 100% SAMM 100% Quito San Jose Curaçao BH Airport TAS ADC&HAS 45,5 % 48% 79% 38% 70% 50% CCR RodoAnel Renovias CCR SPVias ViaRio CCR MSVia 98% 40% 100% 33,3% 100% CCR in 2005
20 YEARS OF CONCESSIONS CCR has a proven track record, either in acquisitions, diversification or new bids. Acquisitions Concessions awarded Marks Concession extension *In process of acquisition Follow-on EUA 201320122011201020092008200720062005 Follow-on 20042003 IPO 2002 2015
COMPARISON IBovespa x IGC x CCR Stocks IGPM varied 175% and IPCA 141%. Closing price CCR x IBovespa Base 100: 01/31/2002 (without dividends adjustment) - 500 1.000 1.500 2.000 2.500 Feb 2002 Feb 2003 Feb 2004 Feb 2005 Feb 2006 Feb 2007 Feb 2008 Feb 2009 Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
HIGHLIGHTS IN 2015
BUSINESS ENVIRONMENT
BUSINESS ENVIRONMENT
Business environment, opportunities for infrastructure and projects maturing A promising future
MAURÍCIO MUNIZ Secretary of the Growth Acceleration Program 2015
Business environment, opportunities for infrastructure and projects maturing A promising future
2015 PAULO CORRÊA Secretary for Economic Affairs (SEAE) from the Ministry of Finance
Q&A 2015
BREAK 2015
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
CURRENT BUSINESS AND THE FUTURE OF CCR ITALO ROPPA ViaQuatro | CCR MetrôBahia 2015
VIA QUATRO 2015
more than 198 MILLION passengers transported in the past 12 months 2015
COMPLETION AS OF 2014 Luz RepúblicaPaulista Faria Lima Pinheiros Butantã
DEMAND AVERAGE Working days 12 th 181 th 568 th 651 th 672 th 689 th 2010 2011 2012 2013 2014 2015 (*) Record 785 (May/14) Only Paulista and Faria Lima stations in operation Opening of Butantã, Pinheiros, República and Luz stations (*) Market Consensus Opening of Fradique Coutinho station
 Investments in trains and systems: Cumulative chart of investments and advances in 2015 VIAQUATRO Investiments (R$) 0 120.006 221.507 365.487 531.108 545.341 568.977 702.479 812.596 2007 2008 2009 2010 2011 2012 2013 2014 2015 (*)
ACKNOWLEDGEMENT OF CREDIT IN FAVOR OF VIAQUATRO TOTAL R$ 428 million
ACKNOWLEDGEMENT OF CREDIT IN FAVOR OF VIAQUATRO TOTAL R$ 428 million
CCR METRÔ BAHIA 2015
CCR METRÔ BAHIA
CCR METRÔ BAHIA WORKS Line 1 StationsLine 2 Stations Lapa Pólvora Brotas Acesso Norte Retiro Bom Juá Pirajá Detran CAB Pituaçu Flamboyant Tamburugy Mussurunga Aeroporto Bonocô Rodoviária Pernambués Imbuí Bairro da Paz
CCR METRÔ BAHIA Contract Term:  2043 (30 years) Total planned investment:  R$ 3,85 Bi (base apr/13) Public Capital Injection (base oct/13):  Total Amount: R$ 2,28 Bi  Capital Injection Due: R$ 0,31Bi (until Nov/15)  Capital Injection Done: R$ 0,27 Bi (until Nov/15) Beginning of Collection:  Dec 21, 2015 Financing:  Short Term: Solved  Long Term: R$ 2,01 Bi (BNDES)
CCR METRÔ BAHIA Project ( economic progress ) – base apr/13 2014 J F M A M J J A S O N D 2015 J F M A M J J A S O N D 2016 J F M 2017 A M J J AJ F M A M J J A S O N DO N D 2013 Previsto: 75% Realizado: 37%
CCR METRÔ BAHIA Capital Injection Total Capital Injection (contract): R$ 2.283 Bi Total Capital Injection : R$ 0,311 Bi Total Capital Injection Received: R$ 0,272 Bi
LINE 1 Lapa Station
LINE 1 Campo da Pólvora Station
LINE 1 Brotas
LINE 1 Bonocô Station
LINES 1 AND 2 North Access Stations – Lines 1 and 2 and Bus Integration Terminal
LINE 1 Retiro Station and Bus Integration Terminal
LINE 1 Bom Juá Station
Pirajá Station LINE 1
Pirajá Bus Integration Terminal LINE 1
Pirajá Maintenance Complex LINE 1
LINE 2 Detran Station
LINE 2 Bus Station
LINE 2 Imbuí Station
LINE 2 CAB Station
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
CURRENT BUSINNESS AND THE FUTURE OF CCR JOSÉ BRAZ CCR NovaDutra | CCR MSVia | ViaRio | VLT Carioca 2015
CCR NOVADUTRA
CCR NOVADUTRA Serra das Araras Serra das Araras
Contract Term:  Feb/2021 Investments agreed:  R$ 3.2 Bi  Serra das Araras  Side roads in Rio, São Paulo and São José dos Campos  Other Safety Works Contract rebalance:  Marginal cash flow  TIR: 9.95%  Expansion of concession term CCR NOVADUTRA
Serra das Araras CCR NOVADUTRA
CCR NOVADUTRA
CCR MSVIA 2015
CCR MSVIA Highway Length 845.4 km 9 Toll Plazas
CCR MSVIA Contract Term:  2044 (30 years) Forecasted Investments:  R$ 5.5 Bi  40% already contracted  Completion of 10% to toll approval Beginning of Collection:  September 14, 2015  37 days before planned BNDES Financing:  Bridge Loan – R$ 544 Million  Long Term – R$ 3 Bi* * Under analysis
Fee – Light Weight Vehicles CCR MSVIA Mundo Novo 3,20 4,70 Itaquirai 4,30 6,40 Caarapó 4,40 6,50 Rio Brilhante 4,40 6,50 Campo Grande 4,90 7,20 Jaraguari 3,80 5,60 São Gabriel 3,70 5,50 Rio Verde 4,80 7,20 Pedro Gomes 3,60 5,40 Plaza Fee Adjusted fee Average Adjustment 47.71% Inflation in the period 25.87% Axels Suspended 14.40% Retuns at road level 2.67%
CCR MSVIA Actual MV X Planned MV 2013 2014 2015 Plan. 2,59% 3,09% 3,29% Actual 2,49% 0,14% -3.14 (*) TRAFFIC GROWTH 2013 2014 2015 CCR RODO NORTE Actual 7,95% 2,17% -2,97% VDM MSVIA Counting prior to collection October / 2013 51.245 October / 2014 54.509 6,37% August / 2015 53.013 -2,74% ADV of Collection in October Passenger Cars 24.731 Commercial Vehicles 21.774 Total 46.505 % var. on Ago/15 -12,3% (*) Projection on November 14. (**) Projection SEMAC PIB Brasil
INVESTMENTS  Completion of the implementation of 9 toll plazas on August 13  Completion of the duplication of priority sections on August 22
BEFORE AND AFTER
BEFORE AND AFTER
BEFORE AND AFTER
INVESTMENTS
CCR MSVIA
VIARIO 2015
VIARIO
VIARIO Contract Term:  2044 (30 years) Investments to date:  Total Amount: R$ 2,012 Bi  Done: 78.9%
VIARIO Planned x Actual 2015 and 2016 (Value OP – Timetable 8.0) 40,5% 43,1% 46,0% 49,2% 54,5% 59,9% 65,5% 70,7% 74,8% 78,9% 40,5% 43,1% 46,0% 49,2% 54,5% 59,7% 65,0% 70,0% 74,3% 78,4% 82,4% 86,2% 90,1% 93,9% 97,6% 100,0%
VIARIO Public Capital Injection:  Total Amount: R$ 1.60 Bi  Capital Injection Done: R$ 1.35 Bi Contract Term:  2044 (30 years) Investments to date:  Total Amount: R$ 2,012 Bi  Done: 78,9%
PUBLIC INVESTMENT VIARIO 1.444 1.600 1.348 2012 2013 2014 jan/15 fev/15 mar/15 abr/15 mai/15 jun/15 jul/15 ago/15 set/15 out/15 nov/15 dez/15 Due Received
CONCESSION DATA Beginning of Collection:  May 2016 Financing:  Bridge Loan Market Value: R$ 426 million  Long term CEF Value: R$ 621 million* * Under analysis Public Capital Injection:  Total Amount: R$ 1.60 Bi  Capital Injection Done: R$ 1.35 Bi Contract Term:  2044 (30 years) Investments to date:  Total Amount: R$ 2,012 Bi  Done: 78,9%
BRASIL AVENUE
DUQUE DE CAXIAS ELEVATED ROAD Segmento 01 Segmento 02 Segmento 03 1
CARLOS PONTES ST. UNTIL ENGENHO VELHO TUNNEL Segmento 01 Segmento 02 Segmento 03 1
BETWEEN TUNNELS Segmento 01 Segmento 02 Segmento 03 2 BETWEEN TUNNELS STAGE Forecasted 8.0 CCT Trend Pavement Mar 17, 2016 Dec 17, 2015
RODRIGUES CALDAS UNTIL SAMPAIO CORREA Segmento 01 Segmento 02 Segmento 03 3
VLT CARIOCA 2015
VLT CARIOCA
VLT CARIOCA
Contract Term  25 years Total Lenght  28 km Total Planned Investments  R$ 1.2 Bi, being 45% through public capital injection Investments done to date  51.5% VLT CARIOCA
PHYSICAL PROGRESS Project Planned: 64,9% Done: 51,5% A S O N D 2014 J F M A M J J A S O N D 2015 J F M A M J J A S O N D 2016 J F M 2017
Contract term  25 years Total length  28 km Total forecasted investments  R$ 1.2 billion, being 45% through public capital injection Investments done to date  51.5% Financing BNDES and Market  Short term – R$ 512 million  Long term – R$ 740 million Public Investments  Total: R$ 656 million  Received: R$ 193 million CONCESSION DATA Beginning of commercial operations 1st stage: May 2016 2nd stage: Sep 2016
PUBLIC CAPITAL INJECTION VLT CARIOCA Adjustment Mark 532 179,2 179,2 123,8 28,9 13,4 15,5 Amount of capital injection Amount due Amount paid Amount to be paid
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
RICARDO BISORDI Airports 2015 CURRENT BUSINNESS AND THE FUTURE OF CCR
OUR AIRPORTS Quito International Airport, Ecuador San José International Airport, Costa Rica Belo Horizonte International Airport Curacao International Airport 2012 3 9,977 million 187,722 million 5,377 Airports Passengers MTOWs ATMs 2015 4 22,153 million 239,444 million 9,115
BH Airport 2015
BH AIRPORT
3,31 3,71 3,81 3,88 4,05 4,15 2Q 2014 3Q 2014 4Q 2014 2Q 2015 1Q 2015 3Q 2015 1st YEAR OF OPERATIONS SBCF – Evolution of Passenger’s Overall Satisfaction +25,4% 13 new destinations +7% flights 11.4 million pax
Renovation and Reconfiguration of Passengers Terminal 1 INVESTMENTS  R$ 55 million in investments • Emergency works • Internal Reconfiguration • Improvements in Coverage  Works of Public Authority already undertaken • R$ 40 million and a balance of R$ 210 million INITIAL COMPLETION FORECAST : SEPTEMBER 2014 ( public authority’s responsibility) COMPLETION FORECAST OCTOBER 2016
TPS 2: ~50 thousand m² of constructed area  New Passengers Terminal • 17 new Boarding Bridges  1,800 parking spaces  Adequacy of Roadways  R$ 610 million investments INITIAL COMPLETION FORECAST: APRIL 2016 COMPLETION FORECAST END OF 2016 Delay in environmental licencing INVESTMENTS
TPS 3 INVESTMENTS  Total investment R$ 9.8 million • Adequacy works in the internal area for international use • Adequacy of roadway system • 400 parking spaces  Works of Public Authority undertaken: R$ 6.7 million INITIAL COMPLETION FORECAST : APRIL 2014 ( public authority’s responsibility) COMPLETION OF WORKS AUGUST 2015
Airside INVESTIMENTOS  Total investment: R$ 163 million  (1st and 2nd phases) • Runway Recovery • Extension of Aprons 01 and 02 • 44 Apron positions for aircrafts • Adequacy of roadways • Works of Public Authority already undertaken: R$ 53 million INITIAL COMPLETION FORECAST : APRIL 2014 ( public authority’s responsibility) COMPLETION FORECAST 1st phase Dec 2015 2nd phase Dec 2016 3rd phase after 2020
GENERAL VIEW OF THE AIRPORT Construction of new runway (2.500 mt), roadways and service tracks Construction of overpass connecting the two runways Phases 1 and 2 – Year 2020
QUIPORT 2015
ACCOMPLISHMENTS 2015 Acquisition made in 2015 50% +4,5% Awarded for the 2nd consecutive year
INVESTMENTS Expansion of Domestic Terminal  USD 22 million  Apporx. area 8.000 m²  10 boarding gates;  2 boarding bridges;  3 restaurants;  Children’s area;  1,200 additional seats  30% of additional capacity in the waiting areas
AERIS Costa Rica 2015
Commercial Building Block G AERIS COSTA RICA
CURAÇAO 2015
INVESTMENTS CURAÇAO In progress
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
NEW BUSINESS AND THE FUTURE OF CCR LEONARDO VIANNA 2015 Alliance Agreement | NASP | TAS | Future Projects
ALLIANCE AGREEMENT
ALLIANCE AGREEMENT Characteristics
ALLIANCE AGREEMENT
SHARING OF REVENUES
ALLIANCE AGREEMENT OF BAHIA METRO
ALLIANCE AGREEMENT OF BAHIA METRO Independent company to monitor project costs Promon Engenharia LTDA was contracted. Last trend assessment (in Oct 2015) : Progress of work : 47.5% Comparison of Target Price x Ceiling Price : ~ 4.0%
NASP – New Airport of São Paulo
NASP HISTORY Controllers presentation of transference proposal of NASP development to CCR:  Transference of option contract of the acquisition of an area in Caieiras / Cajamar, including the reimbursement of installments already paid  Reimbursement of expenses already incurred in studies  Participation in the future project (% EBTIDA) RELEVANT FACT OF JUN 15, 2015: Creation of an independent committee (2 members: independent counselors + 1 controller member with no conflicts)
NASP HISTORY Controllers present a new proposal to CCR:  Transference of option contract of the acquisition of an area in Caieiras / Cajamar, without the reimbursement of installments already paid  Timely analysis of reimbursement of expenses already incurred in studies observing governance rules of the company  Timely analysis of FEE of project development, observing governance rules of the company RELEVANT FACT OF OCT 21, 2015: CAD authorization to access the exercise of the option
LOCATION OF THE PROPERTY Viracopos Guarulhos Congonhas
THE PROPERTY Bandeirantes Highway Anhanguera Highway
WHY NASP? GRU saturation in a short period of time (+/- 5 years):  High cost of expansion  Social and economic issues in removing the families (more than 10,000 families) Congonhas already reached saturation without expansion alternatives Option - Viracopos: Too distant Other properties: Great limitation of properties with suitable size and location Viable alternative: NASP
RATIONAL IMPLEMENTATION OF AIRPORT 2. Mexico City Benito Juarez 4. New York J. F. Kennedy 5. Sao Paulo Guarulhos 9. Los Angeles Los Angeles 18. Buenos Aires Ministro Pistarini 20. Rio de Janeiro Galeão Located 100 km from São Paulo city center, Viracopos Airport is not the solution for the demand growth of RMSP as shown in previous experiences from other countries Americas 13. Cairo Cairo 15. Karachi Jinnah 27. Tehran Mehrabad 28. Tehran Imam Khomeini 31. Lagos Lagos Murtala Muhammed Africa / Middle East 16. Moscow Sheremetyevo 17. Moscow Domodedovo 22. London Heathrow 23. London Gatwick 24. London Stansted 25. London City 26. London Luton 29. Istanbul Atatürk 30. Istanbul Sabiha Gökçen 33. Paris Charles de Gaulle 34. Paris Orly Europe 1. Tokyo Narita 3. Seoul Incheon 6. Mumbai Chhatrapati Shivaji 7. Delhi Indira Gandhi 8. Shanghai Pudong 10. Osaka Kansai 11. Jakarta Soekarno-Hatta 12. Calcutta K. N. S. C. Bose 14. Manila Ninoy Aquino 19. Dhaka Zia A. Bimanbondor 21. Beijing Beijing Capital 32. Shenzhen Shenzhen Asia Source: Bain & Co. (except NASP location) 1 36 7 8 10 3211 14 1912 21 2 4 5 9 20 18 16 34 17 22 25 29 33 26 30 24 23 31 27 15 13 28 Viracopos City Center 100 80 60 40 20 20 40 60 80 100 NASP
NASP vs. GUARULHOS Income concentration per neighborhood Very low Low Medium High Very high Airport with quicker access per neighborhood NASP GRU 80% of high income population in SP reach NASP faster than GRU. For this segment of the population, travelling to NASP takes, in average, 31 minutes less than to GRU. For SP population, access to NASP takes, in average, 11 minutes (18%) less than GRU. KEY POINTS Source: AG/CC Study, time simulation to destination - WAZE. Income Information: demographic census - IBGE 2010. High income population: families with per capita income above 5 minimum wages (minimum wage of R$ 510), corresponds to ~11% of SP population in 2010. % of high income population per neighborhood varies between 1% and 48%.
NASP DESCRIPTION Processing of up to 60 million pax / year Passengers terminal with 130.000 m2 Movement of 293,000 aircraft movements (ATM) / year Movement of 739,000 tons of cargo / year Construction of approximately 17,000 parking spaces for cars Construction of two parallel runways with capacity for 62 movements per hour 81 positions for aircraft parking: 38 remote and 43 fixed
TAS – TOTAL AIRPORT SERVICE
PRESENCE IN AIRPORTS Main airports in the United States San Francisco (SFO) Los Angeles (LAX) Huntsville (HSV) Chicago (ORD) Newark (EWR) Atlanta (ATL) Bradley (BDL) SFO LAX ORD HSV ATL BDL EWR
CLIENTS Largest air companies in the world
WHAT IS TAS? Airport services company 1 2 3 4 1. Cargo Warehousing/Handling 2. Passenger Services 3. Ground Handling 4. Ramp Operations
USA STRATEGY • Fragmented American market; • Cities / Pool of Cities comprises Airport Authorities • Some Terminals are operated by private companies (Airlines) • Have knowledge of the markek and experience in industry; • Have a suitable network both with airlines and airport authorities; • Be based in the US – airport authorities too decentrilized; • Be recognized as an American company.
Recognition Twice GLOBAL SERVICE EXCELLENCE AWARD Lufthansa Cargo 3 Times #1 GROUND HANDLER FOR SAFETY & SERVICES Korean Airlines AWARDS
FUTURE PROJECTS
HIGHWAYS ON CCR DAY 2014
New Projects FEDERAL HIGHWAYS CP 02 BR 476/153/PR e BR 153/282/480/SC Lapa - Chapecó 460 4,5 bi 15/01/2015 CP 03 BR 364/GO e BR 364/MG Jataí - Itumbiara 439 3,1 bi 08/06/2015 CP 04 BR 163/MT e BR 163/230/PA Sinop - Miritituba 976 6,6 bi 14/05/2015 CP 05 BR 364/MT e BR 364/060/GO Rondonópolis - Goiânia 704 4,1 bi 14/05/2015 18,3 bi CP Highways Section Ext. (km) Invest. (R$) Completion 1 BR 101 / BA Gandu - Feira de Santana 199 1,6 bi 2 BR 101 / SC Palhoça – Border SC/RS 220 1,1 bi 3 BR 262 / MS Campo Grande - Três Lagoas 327 2,5 bi 4 BR 267 / MS Nova Alvorada - Presid. Epitácio 249 2,0 bi 5 BR 280 / SC S.Francisco do Sul - Jaraguá - Porto União 307 2,1 bi 6 BR 364 / RO / MT Comodoro - Vilhena - Porto Velho 806 6,3 bi 7 BR 101 / 232 / PE Recife - Caruaru - Cruzeiro and Construction of Recife’s Metropolitan Arch 564 4,2 bi 8 BR 262 / 381 / MG BH – Border ES/MG 305 1,9 bi 9 BR 470 / 282 / SC Navegantes - Blumenau – Campos Novos - Vargem Bonita 455 3,2 bi 10 BR 101 / 493 / 465 / RJ/SP Rio-Santos until Ubatuba and Rio’s Metropolitan Arch 357 3,1 bi 11 BR 101 / 116 / 290 / 386 / RS Osório - POA and Camaquá-Carazinho 581 3,2 bi 4.370 31,2 bi
New Projects STATE HIGHWAYS 5 Highways STATE HIGHWAYS - SP 3,000 Km Estimated investment R$13 billion Whole State network STATE HIGHWAYS - MG PMI on Nov 16, 2015 28,000Km
URBAN MOBILITY ON CCR DAY 2014
Main Projects AIRPORTS Salvador R$3,0 billion Fortaleza R$1,8 billion Porto Alegre R$2,5 billion Florianópolis R$1,1 billion Investments of more than R$8,5 billion
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
OUR VISION ABOUT THE PERSPECTIVE AND FUTURE OF CCR ARTHUR PIOTTO FILHO2015
PILLARS OF THE FINANCIAL POLICY Indebtedness of 3.0x Net Debt/EBITDA Company growth will be funded through leveraging Commitment of paying a minimum of 50% of net profit as dividends
PROGRESS OF INDEBTEDNESS AND ADDITIONAL LEVERAGING CAPACITY Net Debt and EBITDA: Pro forma values. Pro forma values include proportional data of those controlled together. R$ Bi Additional Capacity2,1 4,2 Net Debt Net Debt / EBTIDA (x) ViaRio Barcas Quito San José Curaçao VLT Metrô Bahia BH Airport MSVia
PILLARS OF THE FINANCIAL POLICY Indebtedness of 3.0x Net Debt/EBITDA Company growth will be funded through leveraging Commitment of paying a minimum of 50% of net profit as dividends
DEBT BREAKDOWN (SEP/15) WITHOUT HEDGE Pro forma Indebtedness. Pro forma values include proportional data of those controlled together Net Exposure in dollars in Sep/15: US$ 119.3 million CDI TJLP OtherIPCA USD (BR) USD (Exterior) 54,1% 18,1% 13,0% 4,9% 8,4% 1,5% 78,8% 3,4% 3,0% 4,9% 8,4% 1,5% WITH HEDGE
DEBT AMORTIZATION SCHEDULE Pro forma Indebtedness. Pro forma values include proportional data of those controlled together. R$ billions DEBT AMORTIZATION SCHEDULE DEC 2014 DEBT AMORTIZATION SCHEDULE SEP 2015 2015 2016 2017 2018 2019 2020-2024 2015 2016 2017 2018 2019 2020-2024
MATURITIES 4Q15 Pro forma indebtedness with transaction costs. R$ millions Bank Credit  Bank Credit Notes (CCB)  Law 4131 Capital Market  Debentures and Promissory Notes  Encouraged Debentures  Private Placements Long Term  BNDES  FI-FGTS  Pró Transporte  VITER / Pró Transporte  BID161 213 970 2015 1.344 Units CCR Barcas: CCR AutoBAn: CCR NovaDutra: CCR RodoAnel: CCR ViaOeste: CCR SPVias: Samm: Outros: 239* 166 153 115 79 67 53* 98 Holdings CCR: CPC: 146 67 New business * Refinanced
Pro forma indebtedness with transaction costs. Bank Credit  Bank Credit Notes (CCB)  Law 4131 Capital Market  Debentures and Promissory Notes  Encouraged Debentures  Private Placements Long Term  BNDES  FI-FGTS  Pró Transporte  VITER / Pró Transporte  BID Units CCR SPVias: 1.235 CCR RodoAnel: 750 CCR AutoBAn: 528 CCR ViaOeste: 293 ViaQuatro: 89 Outros: 259 Holdings CPC: 750 CCR: 620 New business MATURITIES 2016 R$ millions 6.210
STATUS OF NEW BUSINESSES FINANCING R$ millions CCR MSVia CCR Metrô Bahia VLT1 ViaRio1 Short Term Indebtedness Sep/15 544 1.033 128 142 Long Term 3.000 2.000 185 207 Source BNDES BNDES BNDES CEF – Viter** Cost of Debt3 TJLP + 2% a.a. TJLP + 3,18% a.a. TJLP + 3,44% a.a. TR + 9% - 10,5% a.a.4 Amortization 25 years 27 years 20 years 20 years Forecasted Disbursement Mar/16 Dec/15 Nov/15 Jan/16 BH Airport 405 1.000 BNDES TJLP + 2,83% a.a.5 20 years Jan/166 1 – CCR Participation 2 – Managed Portfolio of Mobility (FGTS) – Viter 3 – Cost of Debt without Commissions and Taxes 4 – TR = 1,7% a.a. 5 – Average Cost 6 – Bridge loan
PILLARS OF THE FINANCIAL POLICY Indebtedness of 3.0x Net Debt/EBITDA Company growth will be funded through leveraging Commitment of paying a minimum of 50% of net profit as dividends
DIVIDENDS HISTORY Net profit Dividend Yield Payout 2015E: Net profit market consensus | Pro forma Values. R$ millions
3,4% 61,2% 67,0% 64,3% 65,3% 62,5% 61,8% 62,5% 63,8% 62,9% 66,3% 62,5% 64,5% 60,8% 64,8% 66,2% 60,1% 59,2% 61,9% 63,8% 61,0% 67,4% 64,3% 65,3% 62,5% 61,8% 65,1% 63,8% 63,8% 66,7% 66,2% 66,5% 63,7% 67,3% 64,1% 65,6% 62,6% 67,8% T10 1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 QUARTERLY EBITDA MARGIN Adjusted EBITDA Mg. Adjusted EBITDA Mg. same base Adjusted EBITDA calculatated excluding non cash expenses: depreciation and amortization, maintenance provision and appropriation of expenses prior to concession. EBITDA MARGIN adjusted: calculated excluding the construction revenue, since it is an IFRS requirement which counterpart of equal value affect total costs. Samm ViaRio Barcas Quito Curaçao VLT Metrô Bahia BH Airport MSVia San José
FOCUS ON PROFITABILITY - ROE ROE Net Profit 500 547 580 714 709 672 899 1.177 1.351 1.349 958 1.348 1.791 36,4% 34,9% 35,8% 45,2% 24,6% 21,4% 28,0% 35,0% 38,8% 36,8% 25% 28% 39% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 400 600 800 1000 1200 1400 1600 1800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E SPVias Samm ViaRio Barcas Quito San Jose Curaçao VLT Metrô Bahia BH Airport MSVia Follow-on RodoNorte ViaQuatro Renovias RodoAnel R$ millions 2015E, 2016E and 2017E: Bloomberg market consensus
FINAL MESSAGE  Accuracy of projected capex CCR MSVia and CCR Metro Bahia  Transfer of public resources in the PPPs  Resilient operational margins, considering the current economic scenario  Strong support from financing sources We believe that CCR will complete this cycle of investments even better prepared for the next one...
2015 JORGE BASTOS ANTT General Director
Q&A 2015
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
CONCLUSIONS RENATO VALE 2015
20 YEARS OF CONCESSIONS CCR has a proven track record, either in acquisitions, diversification or new bids. . Acquisitions Concessions awarded Marks Concession extension *In process of acquisition Follow-on EUA 201320122011201020092008200720062005 Follow-on 20042003 IPO 2002 2015
CASH DIVIDENDS HISTORY Net Profit Dividend Yield Payout Dividend Yield: Year average price until Nov 09 R$ millions
CCR INSTITUTE
INVESTMENTS IN SUSTAINABILITY Direct and encouraged investments 12 years - investments of R$ 161 million Next 5 years – investments of R$ 249 million 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EBITDA + DEBT VAR. X DIVIDENDS + INTEREST + INVESTMENTS EBITDA Net Debt Var. Paid Dividends Interest* Investments Interest* = Interest, MV, Fees, Commissions, Hedge, SWAP and Exchange Rate Variations 2012 2013 20142011201020092008 4,3 3,3 4,2 3,5 6,0 5,2 3.2681.063 1.0547351.474 3.822394 1.3017951.407 4.0361.922 1.4001.1352.678 3,5 2,9 2.942518 8031.0051.100 5,5 2,9 2.3272.727 8518371.194 2,2 2,4 1.957223 5696591.194 3,2 2,1 1.7321.456 5441.194
FOCUS ON PROFITABILITY - ROE ROE Net Profit 500 547 580 714 709 672 899 1.177 1.351 1.349 958 1.348 1.791 36,4% 34,9% 35,8% 45,2% 24,6% 21,4% 28,0% 35,0% 38,8% 36,8% 25% 28% 39% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 400 600 800 1000 1200 1400 1600 1800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E SPVias Samm ViaRio Barcas Quito San Jose Curaçao VLT Metrô Bahia BH Airport MSVia Follow-on RodoNorte ViaQuatro Renovias RodoAnel R$ millions 2015E, 2016E and 2017E: Bloomberg market consensus
WHY INVESTING IN CCR?  Clear, defined and public strategy  Controller Partners with same goals and vision  Qualified employees in ongoing development process  Solid financial structure  Access to capital markets  Strong dividends policy  Significant upside potential  Qualified growth and sustainable development
Business environment, opportunities for infrastructure and projects maturing A promising future 2015
Q&A 2015
CCR DAY 11_Eng

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CCR DAY 11_Eng

  • 2.
    Business environment, opportunities forinfrastructure and projects maturing A promising future
  • 3.
    PROGRAM 09:30 OPENING Renato Vale 10:00 SECRETARYOF THE GROWTH ACCELERATION PROGRAM Maurício Muniz 10:20 SECRETARY OF ECONOMIC AFFAIRS (SEAE) OF THE MINISTRY OF FINANCE Paulo Correa 10:40 Q&A 11:30 CURRENT BUSINESS AND THE FUTURE OF CCViaQuatro | CCR MetrôBahia Italo Roppa 11:45 CURRENT BUSINESS AND THE FUTURE OF CC CCR NovaDutra | CCR MSVia | ViaRio | VLT Carioca Jose Bráz 12:00 CURRENT BUSINESS AND THE FUTURE OF CCR Airports Ricardo Bisordi 12:35 OUR VISION ABOUT THE PERSPECTIVE AND FUTURE OF CCR Arthur Piotto 12:15 CURRENT BUSINESS AND THE FUTURE OF CC Alliance Agreement | NASP | TAS | Future projects Leonardo Vianna ANTT GENERAL DIRECTOR Jorge Bastos13:05 13:15 13:30 CLOSING Renato Vale Q&A BREAK11:00
  • 4.
  • 6.
  • 7.
    Business environment, opportunities forinfrastructure and projects maturing A promising future
  • 8.
  • 10.
    CCR BUSINESS Enable solutionsfor Infrastructure Investments and Services, contributing to the Socio- economic and Environmental Development of the regions where we operate.
  • 11.
  • 12.
    Company Participation STP Company Participation 34%CCR Actua CCR Engelog CCR Engelogtec Company Participation 100% 100% 100% Company Participation CCR GROUP COMPANIES CCR in 2005 Highways Urban Mobility Services CCR NovaDutra CCR ViaLagos CCR RodoNorte CCR AutoBAn CCR ViaOeste 100% 100% 86% 100% 100% Airports CCR Ponte 100%
  • 13.
    Company Participation STP Company Participation 34%CCR Actua CCR Engelog CCR Engelogtec Company Participation 100% 100% 100% Company Participation CCR GROUP COMPANIES Highways Urban Mobility Services CCR NovaDutra CCR ViaLagos CCR RodoNorte CCR AutoBAn CCR ViaOeste 100% 100% 86% 100% 100% Airports CCR Ponte 100% ViaQuatro CCR Barcas VLT Carioca CCR Metrô Bahia 60% 80% 24,3% 100% SAMM 100% Quito San Jose Curaçao BH Airport TAS ADC&HAS 45,5 % 48% 79% 38% 70% 50% CCR RodoAnel Renovias CCR SPVias ViaRio CCR MSVia 98% 40% 100% 33,3% 100% CCR in 2005
  • 14.
    20 YEARS OFCONCESSIONS CCR has a proven track record, either in acquisitions, diversification or new bids. Acquisitions Concessions awarded Marks Concession extension *In process of acquisition Follow-on EUA 201320122011201020092008200720062005 Follow-on 20042003 IPO 2002 2015
  • 15.
    COMPARISON IBovespa x IGCx CCR Stocks IGPM varied 175% and IPCA 141%. Closing price CCR x IBovespa Base 100: 01/31/2002 (without dividends adjustment) - 500 1.000 1.500 2.000 2.500 Feb 2002 Feb 2003 Feb 2004 Feb 2005 Feb 2006 Feb 2007 Feb 2008 Feb 2009 Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
  • 16.
  • 17.
  • 18.
  • 19.
    Business environment, opportunities forinfrastructure and projects maturing A promising future
  • 20.
    MAURÍCIO MUNIZ Secretary ofthe Growth Acceleration Program 2015
  • 21.
    Business environment, opportunities forinfrastructure and projects maturing A promising future
  • 22.
    2015 PAULO CORRÊA Secretary forEconomic Affairs (SEAE) from the Ministry of Finance
  • 23.
  • 24.
  • 26.
    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 27.
    CURRENT BUSINESS ANDTHE FUTURE OF CCR ITALO ROPPA ViaQuatro | CCR MetrôBahia 2015
  • 28.
  • 29.
    more than 198MILLION passengers transported in the past 12 months 2015
  • 30.
    COMPLETION AS OF2014 Luz RepúblicaPaulista Faria Lima Pinheiros Butantã
  • 31.
    DEMAND AVERAGE Working days 12th 181 th 568 th 651 th 672 th 689 th 2010 2011 2012 2013 2014 2015 (*) Record 785 (May/14) Only Paulista and Faria Lima stations in operation Opening of Butantã, Pinheiros, República and Luz stations (*) Market Consensus Opening of Fradique Coutinho station
  • 32.
     Investments intrains and systems: Cumulative chart of investments and advances in 2015 VIAQUATRO Investiments (R$) 0 120.006 221.507 365.487 531.108 545.341 568.977 702.479 812.596 2007 2008 2009 2010 2011 2012 2013 2014 2015 (*)
  • 33.
    ACKNOWLEDGEMENT OF CREDITIN FAVOR OF VIAQUATRO TOTAL R$ 428 million
  • 34.
    ACKNOWLEDGEMENT OF CREDITIN FAVOR OF VIAQUATRO TOTAL R$ 428 million
  • 35.
  • 36.
  • 37.
    CCR METRÔ BAHIAWORKS Line 1 StationsLine 2 Stations Lapa Pólvora Brotas Acesso Norte Retiro Bom Juá Pirajá Detran CAB Pituaçu Flamboyant Tamburugy Mussurunga Aeroporto Bonocô Rodoviária Pernambués Imbuí Bairro da Paz
  • 38.
    CCR METRÔ BAHIA ContractTerm:  2043 (30 years) Total planned investment:  R$ 3,85 Bi (base apr/13) Public Capital Injection (base oct/13):  Total Amount: R$ 2,28 Bi  Capital Injection Due: R$ 0,31Bi (until Nov/15)  Capital Injection Done: R$ 0,27 Bi (until Nov/15) Beginning of Collection:  Dec 21, 2015 Financing:  Short Term: Solved  Long Term: R$ 2,01 Bi (BNDES)
  • 39.
    CCR METRÔ BAHIA Project( economic progress ) – base apr/13 2014 J F M A M J J A S O N D 2015 J F M A M J J A S O N D 2016 J F M 2017 A M J J AJ F M A M J J A S O N DO N D 2013 Previsto: 75% Realizado: 37%
  • 40.
    CCR METRÔ BAHIA CapitalInjection Total Capital Injection (contract): R$ 2.283 Bi Total Capital Injection : R$ 0,311 Bi Total Capital Injection Received: R$ 0,272 Bi
  • 41.
  • 42.
    LINE 1 Campo daPólvora Station
  • 43.
  • 44.
  • 45.
    LINES 1 AND2 North Access Stations – Lines 1 and 2 and Bus Integration Terminal
  • 46.
    LINE 1 Retiro Stationand Bus Integration Terminal
  • 47.
  • 48.
  • 49.
    Pirajá Bus IntegrationTerminal LINE 1
  • 50.
  • 51.
  • 52.
  • 53.
  • 54.
  • 56.
    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 57.
    CURRENT BUSINNESS ANDTHE FUTURE OF CCR JOSÉ BRAZ CCR NovaDutra | CCR MSVia | ViaRio | VLT Carioca 2015
  • 58.
  • 59.
    CCR NOVADUTRA Serra dasAraras Serra das Araras
  • 60.
    Contract Term:  Feb/2021 Investmentsagreed:  R$ 3.2 Bi  Serra das Araras  Side roads in Rio, São Paulo and São José dos Campos  Other Safety Works Contract rebalance:  Marginal cash flow  TIR: 9.95%  Expansion of concession term CCR NOVADUTRA
  • 61.
  • 62.
  • 63.
  • 64.
  • 65.
    CCR MSVIA Contract Term: 2044 (30 years) Forecasted Investments:  R$ 5.5 Bi  40% already contracted  Completion of 10% to toll approval Beginning of Collection:  September 14, 2015  37 days before planned BNDES Financing:  Bridge Loan – R$ 544 Million  Long Term – R$ 3 Bi* * Under analysis
  • 66.
    Fee – LightWeight Vehicles CCR MSVIA Mundo Novo 3,20 4,70 Itaquirai 4,30 6,40 Caarapó 4,40 6,50 Rio Brilhante 4,40 6,50 Campo Grande 4,90 7,20 Jaraguari 3,80 5,60 São Gabriel 3,70 5,50 Rio Verde 4,80 7,20 Pedro Gomes 3,60 5,40 Plaza Fee Adjusted fee Average Adjustment 47.71% Inflation in the period 25.87% Axels Suspended 14.40% Retuns at road level 2.67%
  • 67.
    CCR MSVIA Actual MVX Planned MV 2013 2014 2015 Plan. 2,59% 3,09% 3,29% Actual 2,49% 0,14% -3.14 (*) TRAFFIC GROWTH 2013 2014 2015 CCR RODO NORTE Actual 7,95% 2,17% -2,97% VDM MSVIA Counting prior to collection October / 2013 51.245 October / 2014 54.509 6,37% August / 2015 53.013 -2,74% ADV of Collection in October Passenger Cars 24.731 Commercial Vehicles 21.774 Total 46.505 % var. on Ago/15 -12,3% (*) Projection on November 14. (**) Projection SEMAC PIB Brasil
  • 68.
    INVESTMENTS  Completion ofthe implementation of 9 toll plazas on August 13  Completion of the duplication of priority sections on August 22
  • 69.
  • 70.
  • 71.
  • 72.
  • 73.
  • 74.
  • 75.
  • 76.
    VIARIO Contract Term:  2044(30 years) Investments to date:  Total Amount: R$ 2,012 Bi  Done: 78.9%
  • 77.
    VIARIO Planned x Actual2015 and 2016 (Value OP – Timetable 8.0) 40,5% 43,1% 46,0% 49,2% 54,5% 59,9% 65,5% 70,7% 74,8% 78,9% 40,5% 43,1% 46,0% 49,2% 54,5% 59,7% 65,0% 70,0% 74,3% 78,4% 82,4% 86,2% 90,1% 93,9% 97,6% 100,0%
  • 78.
    VIARIO Public Capital Injection: Total Amount: R$ 1.60 Bi  Capital Injection Done: R$ 1.35 Bi Contract Term:  2044 (30 years) Investments to date:  Total Amount: R$ 2,012 Bi  Done: 78,9%
  • 79.
    PUBLIC INVESTMENT VIARIO 1.444 1.600 1.348 20122013 2014 jan/15 fev/15 mar/15 abr/15 mai/15 jun/15 jul/15 ago/15 set/15 out/15 nov/15 dez/15 Due Received
  • 80.
    CONCESSION DATA Beginning ofCollection:  May 2016 Financing:  Bridge Loan Market Value: R$ 426 million  Long term CEF Value: R$ 621 million* * Under analysis Public Capital Injection:  Total Amount: R$ 1.60 Bi  Capital Injection Done: R$ 1.35 Bi Contract Term:  2044 (30 years) Investments to date:  Total Amount: R$ 2,012 Bi  Done: 78,9%
  • 81.
  • 82.
    DUQUE DE CAXIASELEVATED ROAD Segmento 01 Segmento 02 Segmento 03 1
  • 83.
    CARLOS PONTES ST.UNTIL ENGENHO VELHO TUNNEL Segmento 01 Segmento 02 Segmento 03 1
  • 84.
    BETWEEN TUNNELS Segmento 01Segmento 02 Segmento 03 2 BETWEEN TUNNELS STAGE Forecasted 8.0 CCT Trend Pavement Mar 17, 2016 Dec 17, 2015
  • 85.
    RODRIGUES CALDAS UNTILSAMPAIO CORREA Segmento 01 Segmento 02 Segmento 03 3
  • 86.
  • 87.
  • 88.
  • 89.
    Contract Term  25years Total Lenght  28 km Total Planned Investments  R$ 1.2 Bi, being 45% through public capital injection Investments done to date  51.5% VLT CARIOCA
  • 90.
    PHYSICAL PROGRESS Project Planned: 64,9% Done:51,5% A S O N D 2014 J F M A M J J A S O N D 2015 J F M A M J J A S O N D 2016 J F M 2017
  • 91.
    Contract term  25years Total length  28 km Total forecasted investments  R$ 1.2 billion, being 45% through public capital injection Investments done to date  51.5% Financing BNDES and Market  Short term – R$ 512 million  Long term – R$ 740 million Public Investments  Total: R$ 656 million  Received: R$ 193 million CONCESSION DATA Beginning of commercial operations 1st stage: May 2016 2nd stage: Sep 2016
  • 92.
    PUBLIC CAPITAL INJECTIONVLT CARIOCA Adjustment Mark 532 179,2 179,2 123,8 28,9 13,4 15,5 Amount of capital injection Amount due Amount paid Amount to be paid
  • 94.
    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 95.
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    OUR AIRPORTS Quito InternationalAirport, Ecuador San José International Airport, Costa Rica Belo Horizonte International Airport Curacao International Airport 2012 3 9,977 million 187,722 million 5,377 Airports Passengers MTOWs ATMs 2015 4 22,153 million 239,444 million 9,115
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    3,31 3,71 3,81 3,88 4,05 4,15 2Q 2014 3Q 2014 4Q 2014 2Q 2015 1Q 2015 3Q 2015 1st YEAR OFOPERATIONS SBCF – Evolution of Passenger’s Overall Satisfaction +25,4% 13 new destinations +7% flights 11.4 million pax
  • 100.
    Renovation and Reconfigurationof Passengers Terminal 1 INVESTMENTS  R$ 55 million in investments • Emergency works • Internal Reconfiguration • Improvements in Coverage  Works of Public Authority already undertaken • R$ 40 million and a balance of R$ 210 million INITIAL COMPLETION FORECAST : SEPTEMBER 2014 ( public authority’s responsibility) COMPLETION FORECAST OCTOBER 2016
  • 101.
    TPS 2: ~50thousand m² of constructed area  New Passengers Terminal • 17 new Boarding Bridges  1,800 parking spaces  Adequacy of Roadways  R$ 610 million investments INITIAL COMPLETION FORECAST: APRIL 2016 COMPLETION FORECAST END OF 2016 Delay in environmental licencing INVESTMENTS
  • 102.
    TPS 3 INVESTMENTS  Totalinvestment R$ 9.8 million • Adequacy works in the internal area for international use • Adequacy of roadway system • 400 parking spaces  Works of Public Authority undertaken: R$ 6.7 million INITIAL COMPLETION FORECAST : APRIL 2014 ( public authority’s responsibility) COMPLETION OF WORKS AUGUST 2015
  • 103.
    Airside INVESTIMENTOS  Total investment:R$ 163 million  (1st and 2nd phases) • Runway Recovery • Extension of Aprons 01 and 02 • 44 Apron positions for aircrafts • Adequacy of roadways • Works of Public Authority already undertaken: R$ 53 million INITIAL COMPLETION FORECAST : APRIL 2014 ( public authority’s responsibility) COMPLETION FORECAST 1st phase Dec 2015 2nd phase Dec 2016 3rd phase after 2020
  • 104.
    GENERAL VIEW OFTHE AIRPORT Construction of new runway (2.500 mt), roadways and service tracks Construction of overpass connecting the two runways Phases 1 and 2 – Year 2020
  • 105.
  • 106.
    ACCOMPLISHMENTS 2015 Acquisition madein 2015 50% +4,5% Awarded for the 2nd consecutive year
  • 107.
    INVESTMENTS Expansion of DomesticTerminal  USD 22 million  Apporx. area 8.000 m²  10 boarding gates;  2 boarding bridges;  3 restaurants;  Children’s area;  1,200 additional seats  30% of additional capacity in the waiting areas
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    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 114.
    NEW BUSINESS ANDTHE FUTURE OF CCR LEONARDO VIANNA 2015 Alliance Agreement | NASP | TAS | Future Projects
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    ALLIANCE AGREEMENT OFBAHIA METRO Independent company to monitor project costs Promon Engenharia LTDA was contracted. Last trend assessment (in Oct 2015) : Progress of work : 47.5% Comparison of Target Price x Ceiling Price : ~ 4.0%
  • 121.
    NASP – NewAirport of São Paulo
  • 122.
    NASP HISTORY Controllers presentationof transference proposal of NASP development to CCR:  Transference of option contract of the acquisition of an area in Caieiras / Cajamar, including the reimbursement of installments already paid  Reimbursement of expenses already incurred in studies  Participation in the future project (% EBTIDA) RELEVANT FACT OF JUN 15, 2015: Creation of an independent committee (2 members: independent counselors + 1 controller member with no conflicts)
  • 123.
    NASP HISTORY Controllers presenta new proposal to CCR:  Transference of option contract of the acquisition of an area in Caieiras / Cajamar, without the reimbursement of installments already paid  Timely analysis of reimbursement of expenses already incurred in studies observing governance rules of the company  Timely analysis of FEE of project development, observing governance rules of the company RELEVANT FACT OF OCT 21, 2015: CAD authorization to access the exercise of the option
  • 124.
    LOCATION OF THEPROPERTY Viracopos Guarulhos Congonhas
  • 125.
  • 126.
    WHY NASP? GRU saturationin a short period of time (+/- 5 years):  High cost of expansion  Social and economic issues in removing the families (more than 10,000 families) Congonhas already reached saturation without expansion alternatives Option - Viracopos: Too distant Other properties: Great limitation of properties with suitable size and location Viable alternative: NASP
  • 127.
    RATIONAL IMPLEMENTATION OFAIRPORT 2. Mexico City Benito Juarez 4. New York J. F. Kennedy 5. Sao Paulo Guarulhos 9. Los Angeles Los Angeles 18. Buenos Aires Ministro Pistarini 20. Rio de Janeiro Galeão Located 100 km from São Paulo city center, Viracopos Airport is not the solution for the demand growth of RMSP as shown in previous experiences from other countries Americas 13. Cairo Cairo 15. Karachi Jinnah 27. Tehran Mehrabad 28. Tehran Imam Khomeini 31. Lagos Lagos Murtala Muhammed Africa / Middle East 16. Moscow Sheremetyevo 17. Moscow Domodedovo 22. London Heathrow 23. London Gatwick 24. London Stansted 25. London City 26. London Luton 29. Istanbul Atatürk 30. Istanbul Sabiha Gökçen 33. Paris Charles de Gaulle 34. Paris Orly Europe 1. Tokyo Narita 3. Seoul Incheon 6. Mumbai Chhatrapati Shivaji 7. Delhi Indira Gandhi 8. Shanghai Pudong 10. Osaka Kansai 11. Jakarta Soekarno-Hatta 12. Calcutta K. N. S. C. Bose 14. Manila Ninoy Aquino 19. Dhaka Zia A. Bimanbondor 21. Beijing Beijing Capital 32. Shenzhen Shenzhen Asia Source: Bain & Co. (except NASP location) 1 36 7 8 10 3211 14 1912 21 2 4 5 9 20 18 16 34 17 22 25 29 33 26 30 24 23 31 27 15 13 28 Viracopos City Center 100 80 60 40 20 20 40 60 80 100 NASP
  • 128.
    NASP vs. GUARULHOS Incomeconcentration per neighborhood Very low Low Medium High Very high Airport with quicker access per neighborhood NASP GRU 80% of high income population in SP reach NASP faster than GRU. For this segment of the population, travelling to NASP takes, in average, 31 minutes less than to GRU. For SP population, access to NASP takes, in average, 11 minutes (18%) less than GRU. KEY POINTS Source: AG/CC Study, time simulation to destination - WAZE. Income Information: demographic census - IBGE 2010. High income population: families with per capita income above 5 minimum wages (minimum wage of R$ 510), corresponds to ~11% of SP population in 2010. % of high income population per neighborhood varies between 1% and 48%.
  • 129.
    NASP DESCRIPTION Processing ofup to 60 million pax / year Passengers terminal with 130.000 m2 Movement of 293,000 aircraft movements (ATM) / year Movement of 739,000 tons of cargo / year Construction of approximately 17,000 parking spaces for cars Construction of two parallel runways with capacity for 62 movements per hour 81 positions for aircraft parking: 38 remote and 43 fixed
  • 130.
    TAS – TOTALAIRPORT SERVICE
  • 131.
    PRESENCE IN AIRPORTS Mainairports in the United States San Francisco (SFO) Los Angeles (LAX) Huntsville (HSV) Chicago (ORD) Newark (EWR) Atlanta (ATL) Bradley (BDL) SFO LAX ORD HSV ATL BDL EWR
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    WHAT IS TAS? Airportservices company 1 2 3 4 1. Cargo Warehousing/Handling 2. Passenger Services 3. Ground Handling 4. Ramp Operations
  • 134.
    USA STRATEGY • FragmentedAmerican market; • Cities / Pool of Cities comprises Airport Authorities • Some Terminals are operated by private companies (Airlines) • Have knowledge of the markek and experience in industry; • Have a suitable network both with airlines and airport authorities; • Be based in the US – airport authorities too decentrilized; • Be recognized as an American company.
  • 135.
    Recognition Twice GLOBAL SERVICE EXCELLENCE AWARD LufthansaCargo 3 Times #1 GROUND HANDLER FOR SAFETY & SERVICES Korean Airlines AWARDS
  • 136.
  • 137.
  • 138.
    New Projects FEDERAL HIGHWAYS CP02 BR 476/153/PR e BR 153/282/480/SC Lapa - Chapecó 460 4,5 bi 15/01/2015 CP 03 BR 364/GO e BR 364/MG Jataí - Itumbiara 439 3,1 bi 08/06/2015 CP 04 BR 163/MT e BR 163/230/PA Sinop - Miritituba 976 6,6 bi 14/05/2015 CP 05 BR 364/MT e BR 364/060/GO Rondonópolis - Goiânia 704 4,1 bi 14/05/2015 18,3 bi CP Highways Section Ext. (km) Invest. (R$) Completion 1 BR 101 / BA Gandu - Feira de Santana 199 1,6 bi 2 BR 101 / SC Palhoça – Border SC/RS 220 1,1 bi 3 BR 262 / MS Campo Grande - Três Lagoas 327 2,5 bi 4 BR 267 / MS Nova Alvorada - Presid. Epitácio 249 2,0 bi 5 BR 280 / SC S.Francisco do Sul - Jaraguá - Porto União 307 2,1 bi 6 BR 364 / RO / MT Comodoro - Vilhena - Porto Velho 806 6,3 bi 7 BR 101 / 232 / PE Recife - Caruaru - Cruzeiro and Construction of Recife’s Metropolitan Arch 564 4,2 bi 8 BR 262 / 381 / MG BH – Border ES/MG 305 1,9 bi 9 BR 470 / 282 / SC Navegantes - Blumenau – Campos Novos - Vargem Bonita 455 3,2 bi 10 BR 101 / 493 / 465 / RJ/SP Rio-Santos until Ubatuba and Rio’s Metropolitan Arch 357 3,1 bi 11 BR 101 / 116 / 290 / 386 / RS Osório - POA and Camaquá-Carazinho 581 3,2 bi 4.370 31,2 bi
  • 139.
    New Projects STATE HIGHWAYS 5Highways STATE HIGHWAYS - SP 3,000 Km Estimated investment R$13 billion Whole State network STATE HIGHWAYS - MG PMI on Nov 16, 2015 28,000Km
  • 140.
    URBAN MOBILITY ONCCR DAY 2014
  • 141.
    Main Projects AIRPORTS Salvador R$3,0 billion Fortaleza R$1,8billion Porto Alegre R$2,5 billion Florianópolis R$1,1 billion Investments of more than R$8,5 billion
  • 143.
    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 144.
    OUR VISION ABOUTTHE PERSPECTIVE AND FUTURE OF CCR ARTHUR PIOTTO FILHO2015
  • 145.
    PILLARS OF THEFINANCIAL POLICY Indebtedness of 3.0x Net Debt/EBITDA Company growth will be funded through leveraging Commitment of paying a minimum of 50% of net profit as dividends
  • 146.
    PROGRESS OF INDEBTEDNESSAND ADDITIONAL LEVERAGING CAPACITY Net Debt and EBITDA: Pro forma values. Pro forma values include proportional data of those controlled together. R$ Bi Additional Capacity2,1 4,2 Net Debt Net Debt / EBTIDA (x) ViaRio Barcas Quito San José Curaçao VLT Metrô Bahia BH Airport MSVia
  • 147.
    PILLARS OF THEFINANCIAL POLICY Indebtedness of 3.0x Net Debt/EBITDA Company growth will be funded through leveraging Commitment of paying a minimum of 50% of net profit as dividends
  • 148.
    DEBT BREAKDOWN (SEP/15) WITHOUTHEDGE Pro forma Indebtedness. Pro forma values include proportional data of those controlled together Net Exposure in dollars in Sep/15: US$ 119.3 million CDI TJLP OtherIPCA USD (BR) USD (Exterior) 54,1% 18,1% 13,0% 4,9% 8,4% 1,5% 78,8% 3,4% 3,0% 4,9% 8,4% 1,5% WITH HEDGE
  • 149.
    DEBT AMORTIZATION SCHEDULE Proforma Indebtedness. Pro forma values include proportional data of those controlled together. R$ billions DEBT AMORTIZATION SCHEDULE DEC 2014 DEBT AMORTIZATION SCHEDULE SEP 2015 2015 2016 2017 2018 2019 2020-2024 2015 2016 2017 2018 2019 2020-2024
  • 150.
    MATURITIES 4Q15 Pro formaindebtedness with transaction costs. R$ millions Bank Credit  Bank Credit Notes (CCB)  Law 4131 Capital Market  Debentures and Promissory Notes  Encouraged Debentures  Private Placements Long Term  BNDES  FI-FGTS  Pró Transporte  VITER / Pró Transporte  BID161 213 970 2015 1.344 Units CCR Barcas: CCR AutoBAn: CCR NovaDutra: CCR RodoAnel: CCR ViaOeste: CCR SPVias: Samm: Outros: 239* 166 153 115 79 67 53* 98 Holdings CCR: CPC: 146 67 New business * Refinanced
  • 151.
    Pro forma indebtednesswith transaction costs. Bank Credit  Bank Credit Notes (CCB)  Law 4131 Capital Market  Debentures and Promissory Notes  Encouraged Debentures  Private Placements Long Term  BNDES  FI-FGTS  Pró Transporte  VITER / Pró Transporte  BID Units CCR SPVias: 1.235 CCR RodoAnel: 750 CCR AutoBAn: 528 CCR ViaOeste: 293 ViaQuatro: 89 Outros: 259 Holdings CPC: 750 CCR: 620 New business MATURITIES 2016 R$ millions 6.210
  • 152.
    STATUS OF NEWBUSINESSES FINANCING R$ millions CCR MSVia CCR Metrô Bahia VLT1 ViaRio1 Short Term Indebtedness Sep/15 544 1.033 128 142 Long Term 3.000 2.000 185 207 Source BNDES BNDES BNDES CEF – Viter** Cost of Debt3 TJLP + 2% a.a. TJLP + 3,18% a.a. TJLP + 3,44% a.a. TR + 9% - 10,5% a.a.4 Amortization 25 years 27 years 20 years 20 years Forecasted Disbursement Mar/16 Dec/15 Nov/15 Jan/16 BH Airport 405 1.000 BNDES TJLP + 2,83% a.a.5 20 years Jan/166 1 – CCR Participation 2 – Managed Portfolio of Mobility (FGTS) – Viter 3 – Cost of Debt without Commissions and Taxes 4 – TR = 1,7% a.a. 5 – Average Cost 6 – Bridge loan
  • 153.
    PILLARS OF THEFINANCIAL POLICY Indebtedness of 3.0x Net Debt/EBITDA Company growth will be funded through leveraging Commitment of paying a minimum of 50% of net profit as dividends
  • 154.
    DIVIDENDS HISTORY Net profitDividend Yield Payout 2015E: Net profit market consensus | Pro forma Values. R$ millions
  • 155.
    3,4% 61,2% 67,0% 64,3% 65,3% 62,5% 61,8% 62,5% 63,8% 62,9% 66,3% 62,5% 64,5% 60,8% 64,8% 66,2% 60,1% 59,2% 61,9% 63,8% 61,0% 67,4% 64,3% 65,3% 62,5% 61,8% 65,1% 63,8% 63,8% 66,7% 66,2% 66,5% 63,7% 67,3% 64,1% 65,6% 62,6% 67,8% T10 1T112T11 3T11 4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 QUARTERLY EBITDA MARGIN Adjusted EBITDA Mg. Adjusted EBITDA Mg. same base Adjusted EBITDA calculatated excluding non cash expenses: depreciation and amortization, maintenance provision and appropriation of expenses prior to concession. EBITDA MARGIN adjusted: calculated excluding the construction revenue, since it is an IFRS requirement which counterpart of equal value affect total costs. Samm ViaRio Barcas Quito Curaçao VLT Metrô Bahia BH Airport MSVia San José
  • 156.
    FOCUS ON PROFITABILITY- ROE ROE Net Profit 500 547 580 714 709 672 899 1.177 1.351 1.349 958 1.348 1.791 36,4% 34,9% 35,8% 45,2% 24,6% 21,4% 28,0% 35,0% 38,8% 36,8% 25% 28% 39% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 400 600 800 1000 1200 1400 1600 1800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E SPVias Samm ViaRio Barcas Quito San Jose Curaçao VLT Metrô Bahia BH Airport MSVia Follow-on RodoNorte ViaQuatro Renovias RodoAnel R$ millions 2015E, 2016E and 2017E: Bloomberg market consensus
  • 157.
    FINAL MESSAGE  Accuracyof projected capex CCR MSVia and CCR Metro Bahia  Transfer of public resources in the PPPs  Resilient operational margins, considering the current economic scenario  Strong support from financing sources We believe that CCR will complete this cycle of investments even better prepared for the next one...
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    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 162.
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    20 YEARS OFCONCESSIONS CCR has a proven track record, either in acquisitions, diversification or new bids. . Acquisitions Concessions awarded Marks Concession extension *In process of acquisition Follow-on EUA 201320122011201020092008200720062005 Follow-on 20042003 IPO 2002 2015
  • 164.
    CASH DIVIDENDS HISTORY NetProfit Dividend Yield Payout Dividend Yield: Year average price until Nov 09 R$ millions
  • 165.
  • 166.
    INVESTMENTS IN SUSTAINABILITY Directand encouraged investments 12 years - investments of R$ 161 million Next 5 years – investments of R$ 249 million 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
  • 167.
    EBITDA + DEBTVAR. X DIVIDENDS + INTEREST + INVESTMENTS EBITDA Net Debt Var. Paid Dividends Interest* Investments Interest* = Interest, MV, Fees, Commissions, Hedge, SWAP and Exchange Rate Variations 2012 2013 20142011201020092008 4,3 3,3 4,2 3,5 6,0 5,2 3.2681.063 1.0547351.474 3.822394 1.3017951.407 4.0361.922 1.4001.1352.678 3,5 2,9 2.942518 8031.0051.100 5,5 2,9 2.3272.727 8518371.194 2,2 2,4 1.957223 5696591.194 3,2 2,1 1.7321.456 5441.194
  • 168.
    FOCUS ON PROFITABILITY- ROE ROE Net Profit 500 547 580 714 709 672 899 1.177 1.351 1.349 958 1.348 1.791 36,4% 34,9% 35,8% 45,2% 24,6% 21,4% 28,0% 35,0% 38,8% 36,8% 25% 28% 39% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 400 600 800 1000 1200 1400 1600 1800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E SPVias Samm ViaRio Barcas Quito San Jose Curaçao VLT Metrô Bahia BH Airport MSVia Follow-on RodoNorte ViaQuatro Renovias RodoAnel R$ millions 2015E, 2016E and 2017E: Bloomberg market consensus
  • 169.
    WHY INVESTING INCCR?  Clear, defined and public strategy  Controller Partners with same goals and vision  Qualified employees in ongoing development process  Solid financial structure  Access to capital markets  Strong dividends policy  Significant upside potential  Qualified growth and sustainable development
  • 170.
    Business environment, opportunities forinfrastructure and projects maturing A promising future 2015
  • 171.