2Q13 Earnings Results
Disclaimer
This presentation may contain certain forward-looking projections and trends that neither
represent realized financial results nor historical information.
These forward-looking projections and trends are subject to risk and uncertainty, and
future results may differ materially from the projections. Many of these risks and
uncertainties are related to factors that are beyond CCR’s ability to control or to estimate,
such as market conditions, currency swings, the behavior of other market participants, the
actions of regulatory agencies, the ability of the company to continue to obtain financing,
changes in the political and social context in which CCR operates or economic trends or
conditions, including changes in the rate of inflation and changes in consumer confidence
on a global, national or regional scale.
Readers are advised not to fully trust these projections and trends. CCR is not obliged to
publish any revision of these projections and trends that should reflect new events or
circumstances after the realization of this presentation.
2
Agenda
3
Highlights
Results Analysis
Perspectives
2Q13 Highlights
4
TRAFFIC:
Consolidated traffic increased by 6.2% compared to 2Q12 and 4.1% compared to 1S12.
TOLLS COLLECTED BY ELECTRONIC MEANS:
The number of STP users expanded 14.5% compared to June 2012, reaching 3,982
thousand active tags.
ADJUSTED EBITDA:
Adjusted EBITDA on the same basis1 increased by 16.8%, reaching 67.0% margin in 2Q13
and 12.0% in 1H13, with margin of 67.0%.
2 Adjusted EBITDA excludes Barcas, Curaçao International Airport and MTH (company responsible for issues related to acquisition, sale and leasing of ferries).
Subsequent Event
5
STP:
On August 05, 2013 CCR signed a Share Purchase Agreement and Other Covenants,
together with Ivan Toledo de Corrêa Filho, EcoRodovias S.A. and GSMP S.A. (jointly
referred to as selling shareholders), with purpose of the sale of 10% of the shares
representing STP’s capital stock for the amount of R$250,000,000, to Raízen Combustíveis
S.A.
PROPOSED DIVIDENDS:
The CCR Executive Board proposed interim dividend payments of R$0.57 per share.
Key Indices
Strong EBITDA Margin expansion of mature portfolio and Net Income expansion of 35.7% ...
... despite businesses that have not reached maturity yet.
6
1 Net Operational Revenues excludes Construction Revenues.
² The adjusted EBIT margin was calculated by dividing the EBIT by net revenues, excluding construction revenues, because this is an IFRS
requirement, whose counterpart in the same amount impacts total costs.
³ Adjustment excluding Barcas, Quito International Airport and MTH.
4 Calculated without non cash expenses: depreciation and amortization, maintenance provision and settlement of prepaid expenses.
Net Revenues1
1,077.6 1,246.8 15.7% 2,166.8 2,453.0 13.2%
EBIT 524.5 589.0 12.3% 1,100.2 1,194.6 8.6%
Adjusted EBIT Mg.2
48.7% 47.2% -1.5 p.p. 50.8% 48.7% -2.1 p.p.
EBIT on the same basis3
524.5 603.6 15.1% 1,100.2 1,214.7 10.4%
EBIT Mg. on the same basis3
48.7% 50.2% +1.5 p.p. 50.8% 51.2% +0.4 p.p.
Adjusted EBITDA4
689.0 797.0 15.7% 1,418.6 1,580.6 11.4%
Adjusted EBITDA Mg. 63.9% 63.9% 0.0 p.p. 65.5% 64.4% -1.1 p.p.
Adjusted EBITDA on the same basis3
689.0 805.0 16.8% 1,418.6 1,589.3 12.0%
Adjusted EBITDA Mg. on the same basis3
63.9% 67.0% +3.1 p.p. 65.5% 67.0% +1.5 p.p.
Net Income 224.3 304.4 35.7% 512.9 641.1 25.0%
1H13 Chg %Financial Indicators (R$ MM) 2Q12 2Q13 Chg % 1H12
Traffic – Quarter Change (Proforma)
7
Consolidated – Equivalent Vehicle
Revenue and traffic 2Q13 X 2Q12 (%)
2Q08 2Q09 2Q10 2Q11 2Q12 2Q13
146,143
172,561
211,840
237,859 238,811
253,634
* Information including Renovias which is contemplated in the proforma method.
AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias* RodoAnel SPVias
7.7
4.3
10.0
1.7 0.8
5.2
6.9
5.3
10.7
11.9
10.1
15.0
8.4
6.3
9.3
11.4
12.9
15.7
Traffic Toll Revenues
AutoBan
28.4%
NovaDutra
17.7%
ViaOeste
13.6%
RodoNorte
9.1%
SPVias
7.8%Airports
3.7%
STP
3.6%
ViaQuatro
3.3%
RodoAnel
3.2%
Barcas
2.5%
Ponte
2.4%
Renovias
2.2%
ViaLagos
1.2% Controlar
1.0%
Outros
0.2%
2Q10 2Q11 2Q12 2Q13
92% 93% 90% 84%
8% 7% 10% 16%
Toll Others
Payment Means
Gross Operating Revenues
Revenue Analysis (Proforma)
8
Gross Revenue Breakdown
2Q10 2Q11 2Q12 2Q13
60% 65% 67% 69%
40% 35% 33% 31%
Electronic Cash
* Including the proportional results of jointly-owned subsidiaries.
2Q12 Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs
2Q13 Ex New
Business
2Q13
Ex New
Business
629
814
746
32 10 5
34
80 12 12 (68)
Costs Evolution (2Q13 X 2Q12)
9
19%
7% 6%
Total Costs (R$ MM)
29%
105% 34% 29%
29%
19%
Direct Costs,
Barcas and
Curaçao
Wage Increase,
Barcas and
Curaçao
Construction of
Service Roads
and 3rd line
AutoBAn
Construction of
Service Roads,
Barcas and Curaçao
Barcas
and
Curaçao
CVM 527 Instruction – EBITDA standardizing
10
1
1 Calculation performed according to CVM 527/2012 Instruction.
Concession
Fee
IFRS
53,8%
of Mg.
63,9%
of Mg.
67,0%
of Mg.
2Q13
Net Revenue
and
Construction
Revenue
Total
Costs
Depreciation
and
Amortization
Equity
Income
and
Minority
Shares
2Q13
CVM
EBITDA
Prepaid
Expenses
Maintenance
Provision
Equity
Income
and
Minority
Shares
2Q13
Adjusted
EBITDA
Effect
of New
Business
2Q13
Adjusted
EBITDAon
the same
Basis
1,402.6
25.9 755.3
797.0 805.0
813.6
140.4
20.5
47.1 (25.9) 8.0
2Q12 2Q13 Barcas
Effect
2Q13
Ex Barcas
749.4
908.0 917.9
9.9
Proforma Adjusted EBITDA*
11* Including the proportional results of jointly-owned subsidiaries and calculated excluding non-cash expenses (depreciation and amortization, provision for maintenance and
recognition of prepaid concession expenses).
62.5%
of Mg.
62.9%
of Mg.
65.3%
of Mg.
+ 22.5%
Financial Results Highlight
Better financial results reflects the drop in Selic rate and...
...an active management of liabilities with attractive refinancing for the company.
12
Net Financial Result (168.2) (152.5) -9.3% (344.2) (290.1) -15.7%
- Income from Hedge Operation 8.9 11.1 24.7% 0.9 6.1 577.8%
- Monetary Variation (7.8) (5.2) -33.3% (15.9) (12.8) -19.5%
- Exchange Rate Variation on Loans, Financing and Debentures (18.9) (18.9) 0.0% (13.7) (16.1) 17.5%
- Present Value Adjustment of Maintenance Provision (12.2) (11.1) -9.0% (27.0) (22.1) -18.1%
- Interest on Loans, Financing and Debentures (158.9) (141.6) -10.9% (330.3) (269.1) -18.5%
- Investment Income and Other Income 38.0 28.9 -23.9% 69.9 47.9 -31.5%
- Others¹ (17.3) (15.7) -9.2% (28.1) (24.0) -14.6%
¹ Comissions, fees, taxes, fines and interest on taxes
Net Financial Result (R$ MM) 2Q12 2Q13 Chg % 1H12 1H13 Chg %
2013 2014 2015 2016 From
2017
411
1,166 1,185
3,129
460
207
CDI USD Others
610
3,181
1,2381,308
904
CDI
89.7%
IPCA
3.8%
USD
2.9%
TJLP
2.8% IGP-M
0.8%
Debt in June 30, 2013
Gross debt by indexer
Amortization Schedule (R$ ‘000)
• Total Gross Debt: R$ 7.2 B
• Net Debt / EBITDA: 2.0X...
13
5,630
6,186 6,152 5,893
6,330 6,344
7,212 7,018 6,944
6,451 6,335
2.2 2.3
2.1
1.9 2.0 1.9
2.2 2.1 2.0 2.1 2.0
-1,5
-1
-0,5
0
0,5
1
1,5
2
2,5
3
0
2.000
4.000
6.000
8.000
10.000
12.000
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1Q13 2Q13
Net Debt (R$ MM) Net Debt/EBITDA (x)
Debt
Leverage ratios indicate a decreasing trend…
...even with the new business, which still do not have a strong cash generation.
14
Net Debt / EBITDA LTM
Proforma data IFRS10 and 11
2Q13 Realized Investments and Maintenance
15
2Q13 1H13 2Q13 1H13 2Q13 1H13 2Q13 1H13
AutoBAn 55.4 87.5 3.7 6.1 59.1 93.6 10.7 13.3
NovaDutra 34.0 52.0 5.4 8.5 39.4 60.5 13.0 34.1
ViaOeste 9.1 13.5 1.4 2.8 10.5 16.3 2.1 4.1
RodoNorte (100%) 9.5 19.9 0.9 1.2 10.4 21.1 6.9 14.3
Ponte 3.7 7.1 2.0 3.8 5.7 10.9 0.6 0.7
ViaLagos 5.0 6.3 0.7 1.2 5.7 7.5 0.0 0.1
SPVias 27.4 45.9 2.4 7.3 29.8 53.2 5.1 10.6
RodoAnel (100%) 4.4 9.0 1.0 1.2 5.4 10.2 0.0 0.0
SAMM 0.5 8.0 3.6 6.9 4.1 14.9 0.0 0.0
Barcas 7.6 8.6 3.5 4.5 11.1 13.1 0.0 0.0
Other1
9.3 7.5 9.6 16.9 18.8 24.4 0.0 0.0
Consolidated 165.9 265.3 34.2 60.4 200.0 325.7 38.4 77.2
1 - Includes CCR, CCR Holanda, CPC, CPCSP and Eliminations.
R$ MM
Improvements Equipments and Others Total Maintenance Cost
Performed investments Performed maintenance
2.2%
4.2%
4.8%
3.8% 3.9%
5.0%
4.6% 4.7%
3.9%
3.7%
16%
58% 61% 65%
92%
85% 85%
127%
90% 90%
-70%
-20%
30%
80%
130%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
1 2 3 4 5 6 7 8 9 10
Div. Yield Payout
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
183
263
500
547
580
714 709 672
899
1,177
Net Income
Commitment to pay at least 50% of net income as dividends to shareholders
Dividends (Cash)
2%
4%
5%
4% 4%
5%
5% 5%
4%
16%
58% 61% 65%
92%
85% 85%
127%
90%
-70%
-20%
30%
80%
130%
2%
3%
4%
5%
6%
7%
Div. Yield Payout
1
1 Considers the average share price in the year
16
2,2%
4,2%
4,8%
3,8% 3,9%
5,0%
4,6% 4,7%
3,9%
3,7%
16%
58% 61% 65%
92%
85% 85%
127%
90% 90%
-70%
-20%
30%
80%
130%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
1 2 3 4 5 6 7 8 9 10
Div. Yield Payout
The Company’s Executive Board proposed
interim dividend payments of R$0.57 per share.
Milestone Concession Awarded Acquisition Concession Extension
IPO
(2002)
STP
(2003)Follow-on
(April 2004)ViaOeste
(October 2004)RodoNorte
(2005)
AutoBAn +
ViaOeste
Concession
Extension (2006)ViaQuatro
(2006)
USA
(2007)
(2008)
RenoVias
RodoAnel
(2008)
Controlar
(2009)
Follow-on
(2009)
SP VIAS
(2010)
17
Via Lagos
Concession
Extension (2011)
• Airports: Quito, San
José and Curaçao
•Barcas
• Transolímpica
(2012)
Track Record
CCR Track Record: diversification and new bids
• VLT
• Increase in
Curaçao stake
(2013)
Thank you
18

Presentation 2Q13

  • 1.
  • 2.
    Disclaimer This presentation maycontain certain forward-looking projections and trends that neither represent realized financial results nor historical information. These forward-looking projections and trends are subject to risk and uncertainty, and future results may differ materially from the projections. Many of these risks and uncertainties are related to factors that are beyond CCR’s ability to control or to estimate, such as market conditions, currency swings, the behavior of other market participants, the actions of regulatory agencies, the ability of the company to continue to obtain financing, changes in the political and social context in which CCR operates or economic trends or conditions, including changes in the rate of inflation and changes in consumer confidence on a global, national or regional scale. Readers are advised not to fully trust these projections and trends. CCR is not obliged to publish any revision of these projections and trends that should reflect new events or circumstances after the realization of this presentation. 2
  • 3.
  • 4.
    2Q13 Highlights 4 TRAFFIC: Consolidated trafficincreased by 6.2% compared to 2Q12 and 4.1% compared to 1S12. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users expanded 14.5% compared to June 2012, reaching 3,982 thousand active tags. ADJUSTED EBITDA: Adjusted EBITDA on the same basis1 increased by 16.8%, reaching 67.0% margin in 2Q13 and 12.0% in 1H13, with margin of 67.0%. 2 Adjusted EBITDA excludes Barcas, Curaçao International Airport and MTH (company responsible for issues related to acquisition, sale and leasing of ferries).
  • 5.
    Subsequent Event 5 STP: On August05, 2013 CCR signed a Share Purchase Agreement and Other Covenants, together with Ivan Toledo de Corrêa Filho, EcoRodovias S.A. and GSMP S.A. (jointly referred to as selling shareholders), with purpose of the sale of 10% of the shares representing STP’s capital stock for the amount of R$250,000,000, to Raízen Combustíveis S.A. PROPOSED DIVIDENDS: The CCR Executive Board proposed interim dividend payments of R$0.57 per share.
  • 6.
    Key Indices Strong EBITDAMargin expansion of mature portfolio and Net Income expansion of 35.7% ... ... despite businesses that have not reached maturity yet. 6 1 Net Operational Revenues excludes Construction Revenues. ² The adjusted EBIT margin was calculated by dividing the EBIT by net revenues, excluding construction revenues, because this is an IFRS requirement, whose counterpart in the same amount impacts total costs. ³ Adjustment excluding Barcas, Quito International Airport and MTH. 4 Calculated without non cash expenses: depreciation and amortization, maintenance provision and settlement of prepaid expenses. Net Revenues1 1,077.6 1,246.8 15.7% 2,166.8 2,453.0 13.2% EBIT 524.5 589.0 12.3% 1,100.2 1,194.6 8.6% Adjusted EBIT Mg.2 48.7% 47.2% -1.5 p.p. 50.8% 48.7% -2.1 p.p. EBIT on the same basis3 524.5 603.6 15.1% 1,100.2 1,214.7 10.4% EBIT Mg. on the same basis3 48.7% 50.2% +1.5 p.p. 50.8% 51.2% +0.4 p.p. Adjusted EBITDA4 689.0 797.0 15.7% 1,418.6 1,580.6 11.4% Adjusted EBITDA Mg. 63.9% 63.9% 0.0 p.p. 65.5% 64.4% -1.1 p.p. Adjusted EBITDA on the same basis3 689.0 805.0 16.8% 1,418.6 1,589.3 12.0% Adjusted EBITDA Mg. on the same basis3 63.9% 67.0% +3.1 p.p. 65.5% 67.0% +1.5 p.p. Net Income 224.3 304.4 35.7% 512.9 641.1 25.0% 1H13 Chg %Financial Indicators (R$ MM) 2Q12 2Q13 Chg % 1H12
  • 7.
    Traffic – QuarterChange (Proforma) 7 Consolidated – Equivalent Vehicle Revenue and traffic 2Q13 X 2Q12 (%) 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 146,143 172,561 211,840 237,859 238,811 253,634 * Information including Renovias which is contemplated in the proforma method. AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias* RodoAnel SPVias 7.7 4.3 10.0 1.7 0.8 5.2 6.9 5.3 10.7 11.9 10.1 15.0 8.4 6.3 9.3 11.4 12.9 15.7 Traffic Toll Revenues
  • 8.
    AutoBan 28.4% NovaDutra 17.7% ViaOeste 13.6% RodoNorte 9.1% SPVias 7.8%Airports 3.7% STP 3.6% ViaQuatro 3.3% RodoAnel 3.2% Barcas 2.5% Ponte 2.4% Renovias 2.2% ViaLagos 1.2% Controlar 1.0% Outros 0.2% 2Q10 2Q112Q12 2Q13 92% 93% 90% 84% 8% 7% 10% 16% Toll Others Payment Means Gross Operating Revenues Revenue Analysis (Proforma) 8 Gross Revenue Breakdown 2Q10 2Q11 2Q12 2Q13 60% 65% 67% 69% 40% 35% 33% 31% Electronic Cash * Including the proportional results of jointly-owned subsidiaries.
  • 9.
    2Q12 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 2Q13Ex New Business 2Q13 Ex New Business 629 814 746 32 10 5 34 80 12 12 (68) Costs Evolution (2Q13 X 2Q12) 9 19% 7% 6% Total Costs (R$ MM) 29% 105% 34% 29% 29% 19% Direct Costs, Barcas and Curaçao Wage Increase, Barcas and Curaçao Construction of Service Roads and 3rd line AutoBAn Construction of Service Roads, Barcas and Curaçao Barcas and Curaçao
  • 10.
    CVM 527 Instruction– EBITDA standardizing 10 1 1 Calculation performed according to CVM 527/2012 Instruction. Concession Fee IFRS 53,8% of Mg. 63,9% of Mg. 67,0% of Mg. 2Q13 Net Revenue and Construction Revenue Total Costs Depreciation and Amortization Equity Income and Minority Shares 2Q13 CVM EBITDA Prepaid Expenses Maintenance Provision Equity Income and Minority Shares 2Q13 Adjusted EBITDA Effect of New Business 2Q13 Adjusted EBITDAon the same Basis 1,402.6 25.9 755.3 797.0 805.0 813.6 140.4 20.5 47.1 (25.9) 8.0
  • 11.
    2Q12 2Q13 Barcas Effect 2Q13 ExBarcas 749.4 908.0 917.9 9.9 Proforma Adjusted EBITDA* 11* Including the proportional results of jointly-owned subsidiaries and calculated excluding non-cash expenses (depreciation and amortization, provision for maintenance and recognition of prepaid concession expenses). 62.5% of Mg. 62.9% of Mg. 65.3% of Mg. + 22.5%
  • 12.
    Financial Results Highlight Betterfinancial results reflects the drop in Selic rate and... ...an active management of liabilities with attractive refinancing for the company. 12 Net Financial Result (168.2) (152.5) -9.3% (344.2) (290.1) -15.7% - Income from Hedge Operation 8.9 11.1 24.7% 0.9 6.1 577.8% - Monetary Variation (7.8) (5.2) -33.3% (15.9) (12.8) -19.5% - Exchange Rate Variation on Loans, Financing and Debentures (18.9) (18.9) 0.0% (13.7) (16.1) 17.5% - Present Value Adjustment of Maintenance Provision (12.2) (11.1) -9.0% (27.0) (22.1) -18.1% - Interest on Loans, Financing and Debentures (158.9) (141.6) -10.9% (330.3) (269.1) -18.5% - Investment Income and Other Income 38.0 28.9 -23.9% 69.9 47.9 -31.5% - Others¹ (17.3) (15.7) -9.2% (28.1) (24.0) -14.6% ¹ Comissions, fees, taxes, fines and interest on taxes Net Financial Result (R$ MM) 2Q12 2Q13 Chg % 1H12 1H13 Chg %
  • 13.
    2013 2014 20152016 From 2017 411 1,166 1,185 3,129 460 207 CDI USD Others 610 3,181 1,2381,308 904 CDI 89.7% IPCA 3.8% USD 2.9% TJLP 2.8% IGP-M 0.8% Debt in June 30, 2013 Gross debt by indexer Amortization Schedule (R$ ‘000) • Total Gross Debt: R$ 7.2 B • Net Debt / EBITDA: 2.0X... 13
  • 14.
    5,630 6,186 6,152 5,893 6,3306,344 7,212 7,018 6,944 6,451 6,335 2.2 2.3 2.1 1.9 2.0 1.9 2.2 2.1 2.0 2.1 2.0 -1,5 -1 -0,5 0 0,5 1 1,5 2 2,5 3 0 2.000 4.000 6.000 8.000 10.000 12.000 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1Q13 2Q13 Net Debt (R$ MM) Net Debt/EBITDA (x) Debt Leverage ratios indicate a decreasing trend… ...even with the new business, which still do not have a strong cash generation. 14 Net Debt / EBITDA LTM Proforma data IFRS10 and 11
  • 15.
    2Q13 Realized Investmentsand Maintenance 15 2Q13 1H13 2Q13 1H13 2Q13 1H13 2Q13 1H13 AutoBAn 55.4 87.5 3.7 6.1 59.1 93.6 10.7 13.3 NovaDutra 34.0 52.0 5.4 8.5 39.4 60.5 13.0 34.1 ViaOeste 9.1 13.5 1.4 2.8 10.5 16.3 2.1 4.1 RodoNorte (100%) 9.5 19.9 0.9 1.2 10.4 21.1 6.9 14.3 Ponte 3.7 7.1 2.0 3.8 5.7 10.9 0.6 0.7 ViaLagos 5.0 6.3 0.7 1.2 5.7 7.5 0.0 0.1 SPVias 27.4 45.9 2.4 7.3 29.8 53.2 5.1 10.6 RodoAnel (100%) 4.4 9.0 1.0 1.2 5.4 10.2 0.0 0.0 SAMM 0.5 8.0 3.6 6.9 4.1 14.9 0.0 0.0 Barcas 7.6 8.6 3.5 4.5 11.1 13.1 0.0 0.0 Other1 9.3 7.5 9.6 16.9 18.8 24.4 0.0 0.0 Consolidated 165.9 265.3 34.2 60.4 200.0 325.7 38.4 77.2 1 - Includes CCR, CCR Holanda, CPC, CPCSP and Eliminations. R$ MM Improvements Equipments and Others Total Maintenance Cost Performed investments Performed maintenance
  • 16.
    2.2% 4.2% 4.8% 3.8% 3.9% 5.0% 4.6% 4.7% 3.9% 3.7% 16% 58%61% 65% 92% 85% 85% 127% 90% 90% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 Div. Yield Payout 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 183 263 500 547 580 714 709 672 899 1,177 Net Income Commitment to pay at least 50% of net income as dividends to shareholders Dividends (Cash) 2% 4% 5% 4% 4% 5% 5% 5% 4% 16% 58% 61% 65% 92% 85% 85% 127% 90% -70% -20% 30% 80% 130% 2% 3% 4% 5% 6% 7% Div. Yield Payout 1 1 Considers the average share price in the year 16 2,2% 4,2% 4,8% 3,8% 3,9% 5,0% 4,6% 4,7% 3,9% 3,7% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 Div. Yield Payout The Company’s Executive Board proposed interim dividend payments of R$0.57 per share.
  • 17.
    Milestone Concession AwardedAcquisition Concession Extension IPO (2002) STP (2003)Follow-on (April 2004)ViaOeste (October 2004)RodoNorte (2005) AutoBAn + ViaOeste Concession Extension (2006)ViaQuatro (2006) USA (2007) (2008) RenoVias RodoAnel (2008) Controlar (2009) Follow-on (2009) SP VIAS (2010) 17 Via Lagos Concession Extension (2011) • Airports: Quito, San José and Curaçao •Barcas • Transolímpica (2012) Track Record CCR Track Record: diversification and new bids • VLT • Increase in Curaçao stake (2013)
  • 18.