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EARNINGS RESULTS 3Q17
OCTOBER, 2017
Disclaimer
2
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.
 TRAFFIC:
Consolidated traffic grew by 4.1%.
• ADJUSTED EBITDA:
Adjusted EBITDA on the same-basis* grew 5.7%, with a margin of
63.8% (+0.6 p.p.). Adjusted EBITDA fell by 47.8%, with an adjusted
margin of 64.0% (-72.7 p.p.).
 NET PROFIT:
Net income on the same-basis* totaled R$433.1 million, 63.1% up. Net
income totaled R$472.3 million, 59.0% down.
3Q17 Highlights
3
1 Excluding the proportional traffic of Renovias and ViaRio.
2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and
R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis pro-forma comparisons.
 On October 16, the payment of interim dividends totaling
approximately R$0.44 per share was approved, to be paid as of October
31. Payment will be made to shareholders of record on October 19 and
the shares will be traded ex-dividends as of October 20.
Subsequent Event
Financial Highlights
5
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and
R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis pro-forma comparisons.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
Financial Indicators (R$ MM) 3Q16 3Q17 Chg % 3Q16 3Q17 Chg %
Net Revenues1
1,778.2 1,983.1 11.5% 2,009.4 2,136.0 6.3%
Adjusted Net Revenues on the same basis2
1,778.2 1,860.6 4.6% 1,909.6 1,989.8 4.2%
Adjusted EBIT3
2,118.0 899.7 -57.5% 2,225.9 969.5 -56.4%
Adjusted EBIT Mg.4
119.1% 45.4% -73.7 p.p. 110.8% 45.4% -65.4 p.p.
EBIT on the same basis2
810.4 828.6 2.2% 871.2 891.8 2.4%
EBIT Mg. on the same basis2
45.6% 44.5% -1.1 p.p. 45.6% 44.8% -0.8 p.p.
Adjusted EBITDA5
2,430.7 1,268.9 -47.8% 2,576.8 1,372.8 -46.7%
Adjusted EBITDA Mg.4
136.7% 64.0% -72.7 p.p. 128.2% 64.3% -63.9 p.p.
Adjusted EBITDA on the same basis2
1,123.1 1,187.3 5.7% 1,214.1 1,279.9 5.4%
Adjusted EBITDA Mg. on the same basis2
63.2% 63.8% 0.6 p.p. 63.6% 64.3% 0.7 p.p.
Net Income 1,151.1 472.3 -59.0% 1,151.1 472.3 -59.0%
Net Income on the same basis2
265.5 433.1 63.1% 265.5 433.1 63.1%
IFRS Proforma
256,558
275,606 271,966
254,023 250,633
263,150
3Q12 3Q13 3Q14 3Q15 3Q16 3Q17
Traffic – Quarter Change (Proforma*)
6
Consolidated – MM Equivalent Vehicle
Toll Revenue and traffic 3Q17 X 3Q16 (%)
* Information including Renovias and ViaRio.
Excluding
ViaRio
260,562 (+4.1%)
3.3
1.3
16.1
2.0
3.8
1.6
4.4 5.2
-4.6
5.1 6.2
21.0
7.2 7.0
3.6
9.3 8.1
-1.8
AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias RodoAnel
Oeste
SPVias MSVia
Traffic Toll Revenues
7
Revenue Analysis (Proforma*)
* Including the proportional results of jointly-owned subsidiaries.
Gross Operating Revenues
(excluding construction revenue)
EBITDA Breakdown
Payment Means
Autoban
24.3%
NovaDutra
14.7%
ViaOeste
11.9%Rodonorte
8.7%
Airports
8.4%
SPVias
7.4%
ViaQuatro
5.4%
Metrô Salvador
4.1%
MSVia
3.2%
RodoAnel
3.0%
TAS
2.5%
Renovias
2.0% CPC
1.8%
Barcas S.A.
1.5%
Others
1.1%
71% 70% 69% 68%
29% 30% 31% 32%
3Q14 3Q15 3Q16 3Q17
Electronic Cash
90% 91% 85% 86%
4% 5%
5% 5%
3% 1% 9% 8%
3% 3% 2% 1%
3Q14 3Q15 3Q16 3Q17
Highways Airports Urban Mobility Services
468
1,776
1,532
1,475
54 26 2
50 359
2 10
1,334 57
3Q16 3Q16
one-off effect
STP
Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs*
One-off
effect STP
3Q17 ViaQuatro 3Q17
Same
Basis
8
Cash cost:
R$ 632 MM
Proforma same-
basis cash costs:
R$ 731 MM (+2.0%)
IFRS Costs Evolution
Total Costs (R$ MM)
Conclusion of civil
works in Rodonorte,
NovaDutra, Metrô
Bahia and BH Airport.
IFRS same-basis
cash costs:
R$ 694 MM (+2.7%)
* Materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses: Was negative by R$132.7 million in 3Q17, versus a positive R$1,211.5 million in
3Q16, which was influenced by the sale of the stake in STP, totaling R$1,333.9 million
CCR
NovaDutra
INSS contingency
and Collective
bargaining
agreement.
Metrô Bahia e
BH Airport.
10% 21% 44%23% 2% 4% 8%
2,577
1,269
1,373
1,280
(93)
3Q16
Proforma
EBITDA
3Q16
Proforma
EBITDA
one-off effect STP
3Q17
Proforma
EBITDA
New
Projects
3Q17
Proforma
EBITDA
Same Basis*
Proforma EBITDA*
9
128.2%
Mg.
* Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the one-off effect of the sale of STP, of R$1,307.7 million on EBITDA and
R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis proforma comparisons
3Q16 Same basis
R$ 1,214 MM
63.6% Mg.
R$ MM
64.3%
Mg.
64.3% Mg.
(+0.7 p.p.)
+5%
467.4
199.1
24.1
24.4
24.1
32.7
( 1.4 ) 177.8
8.8 (8.0 ) (14.3 )
3Q16 Net
Financial Result
Income from
Hedge Operation
Monetary
variation on
loans, financ.
and debentures
Monetary
Variation on
Liabilities
related to the
Granting Power
- Exchange Rate
Variation on
Loans,
Financing,
Debentures,
Derivatives and
Suppliers
Present Value
Adjustment of
Maintenance
Prov. and
Liabilities
related to the
Granting Power
Interest on
Loans,
Financing and
Debentures
Investment
Income and
Other Income
Fair Value of
Hedge Operation
Others 3Q17 Net
Financial Result
10
57%
Average cash balance 3Q17 x 3Q16 = + 48.8%
Chg. of average CDI 3Q17 X 3Q16 = - 4.9 p.p.
Gross Debt = R$ 14.7 bi (-1.4%)
R$ MM
IFRS Financial Results
3Q17
3Q16
11
• Total Gross Debt: R$ 14.7 bi
(R$15.8 bi proforma)
• Net Debt / EBITDA: 2.2 x
(2.2 x proforma)
Not hedged
Hedged
3Q17
Debt in September 30, 2017
*LTM 3Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA,
the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September 2017.
*
Hedged
Indebtedness and leverage position
Gross debt by indexer Hedged gross debt by indexer
CDI
37.6%
IPCA
26.3%
TJLP
24.2%
USD
11.9%
CDI
78.2%
IPCA
3.5%
TJLP
16.6%
USD
1.7%
CDI
56.8%
IPCA
11.3%
TJLP
24.2%
USD
3.6%
Others
4.1%
Debt Structure and Amortization
Amortization 2017 - 2018 Amortization Schedule/ Not hedged (R$ MM)
12
Amortization (R$ MM) 2017 2018
CCR S.A. 23 850
AutoBAn 218 751
NovaDutra 192 157
ViaOeste 112 0
CCR Espanha S.L.U. 97 10
CCR USA Airport 80 32
SPVias 74 249
RodoAnel Oeste 53 275
Metrô Bahia 39 602
BH AIRPORT 7 388
RodoNorte 7 172
ViaLagos 3 68
MSVia 3 0
Others 0 216
TOTAL 908 3,769
175
959
2,372
647
36019
499
95
137
2,835
338
751
1,159
543
1,097
376
530
672
92
92
1,030
2
2017 2018 2019 2020 From
2021
CDI TJLP IPCA USD Others
4,3844,300
3,769
908
1,420
13
3Q17 Fundraising
Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity
Metrô Bahia Jul-17 100.0 BNDES TJLP + 3.18% Oct-42
CCR Jul-17 300.0 Debentures 107.50% do CDI Jun-20
AutoBAn Jul-17 716.5 Debentures IPCA + 5.4705% Jul-22
ViaQuatro Sep-17 144.5 Debentures CDI + 2.90% May-19
Metrô Bahia Sep-17 34.0 BNDES TJLP + 3.18% Oct-42
Total 1,295.0
8,081
9,562 9,826
10,413 10,734
12,423
12,971
13,945
13,261
14,443
10,759
11,961 11,801
11,084 10,936
2.0 2.3 2.4 2.5 2.5
3.0 3.0 3.1
2.2 2.4
1.8 1.8
2.2
1.8
2.2
-5.5
-4.5
-3.5
-2.5
-1.5
-0.5
0.5
1.5
2.5
3.5
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 2Q17 3Q17
Net Debt (R$ MM) Net Debt/EBITDA (x)
14
R$ MM
Proforma Data IFRS 10 and 11
Debt
Net Debt / EBITDA LTM R$ MM
*LTM 3Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA,
the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September 2017.
1,151
288
433
472 39.3
3Q16
Net Income
3Q16 Net Income
one-off effect STP
3Q17
Net Income
New
Projects
3Q17 Net Income
Same Basis
15
R$ MM
Same basis
R$ 265 MM
*
Net Income
* Same-basis figures exclude STP, ViaRio and VLT.
Same basis
(+63.1%)
16
1 - The investments made by the Company, which will be reimbursed by the Granting Authority as monetary consideration or contribution, compose the financial
assets.
2 – The negative values in the Metrô Bahia Works and Improvements column refer to transfers of the intangible asset to the financial asset, resulting from the
rebalancing of the concession contract of Amendment no. 4 to the Metrô Bahia Concession Agreement, as described in the Note 1 to the Quarterly Financial
Information. The figures for financial asset presented in 1Q17 and 2Q17 were rectified to R$ 167.4 milhões and R$ 153.8 million, respectively. In VLT, the figures for
financial asset presented in 1Q17 and 2Q17 were rectified to R$ 15.5 milhões and R$ 22.8 million, respectively.
3 - Includes CCR, CPC and eliminations.
4 – Booking of a site, as described below.
Investments and Maintenance
3Q17 9M17 3Q17 9M17 3Q17 9M17 3Q17 9M17 3Q17 9M17
NovaDutra 29.5 73.4 3.3 7.9 32.8 81.3 10.2 24.5 0.0 0.0
ViaLagos 0.5 1.9 0.4 0.7 0.9 2.6 0.2 0.3 0.0 0.0
RodoNorte (100%) 115.8 241.1 1.8 3.9 117.6 245.0 30.6 44.1 0.0 0.0
AutoBAn 37.5 96.6 2.4 7.5 39.9 104.1 4.9 50.4 0.0 0.0
ViaOeste 10.3 49.8 0.9 4.2 11.2 54.0 3.1 27.3 0.0 0.0
ViaQuatro (100%) 16.4 39.0 0.8 1.6 17.2 40.6 0.0 0.0 0.0 0.0
RodoAnel Oeste (100%) 18.2 46.5 0.5 1.6 18.7 48.1 0.0 0.0 0.0 0.0
Samm 0.1 16.8 3.3 6.3 3.4 23.1 0.0 0.0 0.0 0.0
SPVias 28.5 49.9 1.3 5.0 29.8 54.9 5.9 9.8 0.0 0.0
CAP 11.7 36.5 0.0 0.0 11.7 36.5 0.0 0.0 0.0 0.0
Barcas 0.0 (0.1) 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Metrô Bahia2
(376.2) 141.4 (1.8) 1.7 (378.0) 143.1 0.0 0.0 689.2 1,010.4
BH Airport 16.0 88.6 0.4 9.0 16.4 97.6 0.0 0.0 0.0 0.0
MSVia 18.7 215.7 1.0 5.5 19.7 221.2 0.0 0.0 0.0 0.0
TAS 0.0 0.1 6.5 10.6 6.5 10.7 0.0 0.0 0.0 0.0
Renovias (40%) 0.4 0.6 0.3 1.5 0.7 2.1 6.3 8.3 0.0 0.0
ViaRio (66.66%) 1.0 2.6 (0.4) 0.6 0.6 3.2 0.0 0.0 0.0 0.0
VLT (24.93%)2
(5.7) (2.6) 0.0 0.1 (5.7) (2.5) 0.0 0.0 5.9 44.1
Quito - Quiport (50%) 4.0 13.4 0.0 0.0 4.0 13.4 0.0 0.0 0.0 0.0
San José - Aeris (48.75%) (1.6) 12.8 0.2 0.4 (1.4) 13.2 0.0 0.0 0.0 0.0
Others3
(3.0) (7.1) 4.2 9.0 1.2 1.9 0.0 0.0 0.0 0.0
Total (77.9) 1,116.9 25.1 77.2 (52.8) 1,194.1 61.2 164.7 695.1 1,054.5
SPCP4
0.0 0.0 31.4 93.7 31.4 93.7 0.0 0.0 0.0 0.0
Intangible Assets
Performad
Maintenance
R$ MM
Improvements
Performa Financial
Asset1
Equipments and
Others
Total Maintenance Cost
Presentation 3Q17

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Presentation 3Q17

  • 2. Disclaimer 2 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.
  • 3.  TRAFFIC: Consolidated traffic grew by 4.1%. • ADJUSTED EBITDA: Adjusted EBITDA on the same-basis* grew 5.7%, with a margin of 63.8% (+0.6 p.p.). Adjusted EBITDA fell by 47.8%, with an adjusted margin of 64.0% (-72.7 p.p.).  NET PROFIT: Net income on the same-basis* totaled R$433.1 million, 63.1% up. Net income totaled R$472.3 million, 59.0% down. 3Q17 Highlights 3 1 Excluding the proportional traffic of Renovias and ViaRio. 2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis pro-forma comparisons.
  • 4.  On October 16, the payment of interim dividends totaling approximately R$0.44 per share was approved, to be paid as of October 31. Payment will be made to shareholders of record on October 19 and the shares will be traded ex-dividends as of October 20. Subsequent Event
  • 5. Financial Highlights 5 1 Net revenue excludes construction revenue. 2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis pro-forma comparisons. 3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses. 4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS. 5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses. Financial Indicators (R$ MM) 3Q16 3Q17 Chg % 3Q16 3Q17 Chg % Net Revenues1 1,778.2 1,983.1 11.5% 2,009.4 2,136.0 6.3% Adjusted Net Revenues on the same basis2 1,778.2 1,860.6 4.6% 1,909.6 1,989.8 4.2% Adjusted EBIT3 2,118.0 899.7 -57.5% 2,225.9 969.5 -56.4% Adjusted EBIT Mg.4 119.1% 45.4% -73.7 p.p. 110.8% 45.4% -65.4 p.p. EBIT on the same basis2 810.4 828.6 2.2% 871.2 891.8 2.4% EBIT Mg. on the same basis2 45.6% 44.5% -1.1 p.p. 45.6% 44.8% -0.8 p.p. Adjusted EBITDA5 2,430.7 1,268.9 -47.8% 2,576.8 1,372.8 -46.7% Adjusted EBITDA Mg.4 136.7% 64.0% -72.7 p.p. 128.2% 64.3% -63.9 p.p. Adjusted EBITDA on the same basis2 1,123.1 1,187.3 5.7% 1,214.1 1,279.9 5.4% Adjusted EBITDA Mg. on the same basis2 63.2% 63.8% 0.6 p.p. 63.6% 64.3% 0.7 p.p. Net Income 1,151.1 472.3 -59.0% 1,151.1 472.3 -59.0% Net Income on the same basis2 265.5 433.1 63.1% 265.5 433.1 63.1% IFRS Proforma
  • 6. 256,558 275,606 271,966 254,023 250,633 263,150 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Traffic – Quarter Change (Proforma*) 6 Consolidated – MM Equivalent Vehicle Toll Revenue and traffic 3Q17 X 3Q16 (%) * Information including Renovias and ViaRio. Excluding ViaRio 260,562 (+4.1%) 3.3 1.3 16.1 2.0 3.8 1.6 4.4 5.2 -4.6 5.1 6.2 21.0 7.2 7.0 3.6 9.3 8.1 -1.8 AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias RodoAnel Oeste SPVias MSVia Traffic Toll Revenues
  • 7. 7 Revenue Analysis (Proforma*) * Including the proportional results of jointly-owned subsidiaries. Gross Operating Revenues (excluding construction revenue) EBITDA Breakdown Payment Means Autoban 24.3% NovaDutra 14.7% ViaOeste 11.9%Rodonorte 8.7% Airports 8.4% SPVias 7.4% ViaQuatro 5.4% Metrô Salvador 4.1% MSVia 3.2% RodoAnel 3.0% TAS 2.5% Renovias 2.0% CPC 1.8% Barcas S.A. 1.5% Others 1.1% 71% 70% 69% 68% 29% 30% 31% 32% 3Q14 3Q15 3Q16 3Q17 Electronic Cash 90% 91% 85% 86% 4% 5% 5% 5% 3% 1% 9% 8% 3% 3% 2% 1% 3Q14 3Q15 3Q16 3Q17 Highways Airports Urban Mobility Services
  • 8. 468 1,776 1,532 1,475 54 26 2 50 359 2 10 1,334 57 3Q16 3Q16 one-off effect STP Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs* One-off effect STP 3Q17 ViaQuatro 3Q17 Same Basis 8 Cash cost: R$ 632 MM Proforma same- basis cash costs: R$ 731 MM (+2.0%) IFRS Costs Evolution Total Costs (R$ MM) Conclusion of civil works in Rodonorte, NovaDutra, Metrô Bahia and BH Airport. IFRS same-basis cash costs: R$ 694 MM (+2.7%) * Materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses: Was negative by R$132.7 million in 3Q17, versus a positive R$1,211.5 million in 3Q16, which was influenced by the sale of the stake in STP, totaling R$1,333.9 million CCR NovaDutra INSS contingency and Collective bargaining agreement. Metrô Bahia e BH Airport. 10% 21% 44%23% 2% 4% 8%
  • 9. 2,577 1,269 1,373 1,280 (93) 3Q16 Proforma EBITDA 3Q16 Proforma EBITDA one-off effect STP 3Q17 Proforma EBITDA New Projects 3Q17 Proforma EBITDA Same Basis* Proforma EBITDA* 9 128.2% Mg. * Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the one-off effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis proforma comparisons 3Q16 Same basis R$ 1,214 MM 63.6% Mg. R$ MM 64.3% Mg. 64.3% Mg. (+0.7 p.p.) +5%
  • 10. 467.4 199.1 24.1 24.4 24.1 32.7 ( 1.4 ) 177.8 8.8 (8.0 ) (14.3 ) 3Q16 Net Financial Result Income from Hedge Operation Monetary variation on loans, financ. and debentures Monetary Variation on Liabilities related to the Granting Power - Exchange Rate Variation on Loans, Financing, Debentures, Derivatives and Suppliers Present Value Adjustment of Maintenance Prov. and Liabilities related to the Granting Power Interest on Loans, Financing and Debentures Investment Income and Other Income Fair Value of Hedge Operation Others 3Q17 Net Financial Result 10 57% Average cash balance 3Q17 x 3Q16 = + 48.8% Chg. of average CDI 3Q17 X 3Q16 = - 4.9 p.p. Gross Debt = R$ 14.7 bi (-1.4%) R$ MM IFRS Financial Results
  • 11. 3Q17 3Q16 11 • Total Gross Debt: R$ 14.7 bi (R$15.8 bi proforma) • Net Debt / EBITDA: 2.2 x (2.2 x proforma) Not hedged Hedged 3Q17 Debt in September 30, 2017 *LTM 3Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September 2017. * Hedged Indebtedness and leverage position Gross debt by indexer Hedged gross debt by indexer CDI 37.6% IPCA 26.3% TJLP 24.2% USD 11.9% CDI 78.2% IPCA 3.5% TJLP 16.6% USD 1.7% CDI 56.8% IPCA 11.3% TJLP 24.2% USD 3.6% Others 4.1%
  • 12. Debt Structure and Amortization Amortization 2017 - 2018 Amortization Schedule/ Not hedged (R$ MM) 12 Amortization (R$ MM) 2017 2018 CCR S.A. 23 850 AutoBAn 218 751 NovaDutra 192 157 ViaOeste 112 0 CCR Espanha S.L.U. 97 10 CCR USA Airport 80 32 SPVias 74 249 RodoAnel Oeste 53 275 Metrô Bahia 39 602 BH AIRPORT 7 388 RodoNorte 7 172 ViaLagos 3 68 MSVia 3 0 Others 0 216 TOTAL 908 3,769 175 959 2,372 647 36019 499 95 137 2,835 338 751 1,159 543 1,097 376 530 672 92 92 1,030 2 2017 2018 2019 2020 From 2021 CDI TJLP IPCA USD Others 4,3844,300 3,769 908 1,420
  • 13. 13 3Q17 Fundraising Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity Metrô Bahia Jul-17 100.0 BNDES TJLP + 3.18% Oct-42 CCR Jul-17 300.0 Debentures 107.50% do CDI Jun-20 AutoBAn Jul-17 716.5 Debentures IPCA + 5.4705% Jul-22 ViaQuatro Sep-17 144.5 Debentures CDI + 2.90% May-19 Metrô Bahia Sep-17 34.0 BNDES TJLP + 3.18% Oct-42 Total 1,295.0
  • 14. 8,081 9,562 9,826 10,413 10,734 12,423 12,971 13,945 13,261 14,443 10,759 11,961 11,801 11,084 10,936 2.0 2.3 2.4 2.5 2.5 3.0 3.0 3.1 2.2 2.4 1.8 1.8 2.2 1.8 2.2 -5.5 -4.5 -3.5 -2.5 -1.5 -0.5 0.5 1.5 2.5 3.5 5,000 7,000 9,000 11,000 13,000 15,000 17,000 19,000 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 2Q17 3Q17 Net Debt (R$ MM) Net Debt/EBITDA (x) 14 R$ MM Proforma Data IFRS 10 and 11 Debt Net Debt / EBITDA LTM R$ MM *LTM 3Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September 2017.
  • 15. 1,151 288 433 472 39.3 3Q16 Net Income 3Q16 Net Income one-off effect STP 3Q17 Net Income New Projects 3Q17 Net Income Same Basis 15 R$ MM Same basis R$ 265 MM * Net Income * Same-basis figures exclude STP, ViaRio and VLT. Same basis (+63.1%)
  • 16. 16 1 - The investments made by the Company, which will be reimbursed by the Granting Authority as monetary consideration or contribution, compose the financial assets. 2 – The negative values in the Metrô Bahia Works and Improvements column refer to transfers of the intangible asset to the financial asset, resulting from the rebalancing of the concession contract of Amendment no. 4 to the Metrô Bahia Concession Agreement, as described in the Note 1 to the Quarterly Financial Information. The figures for financial asset presented in 1Q17 and 2Q17 were rectified to R$ 167.4 milhões and R$ 153.8 million, respectively. In VLT, the figures for financial asset presented in 1Q17 and 2Q17 were rectified to R$ 15.5 milhões and R$ 22.8 million, respectively. 3 - Includes CCR, CPC and eliminations. 4 – Booking of a site, as described below. Investments and Maintenance 3Q17 9M17 3Q17 9M17 3Q17 9M17 3Q17 9M17 3Q17 9M17 NovaDutra 29.5 73.4 3.3 7.9 32.8 81.3 10.2 24.5 0.0 0.0 ViaLagos 0.5 1.9 0.4 0.7 0.9 2.6 0.2 0.3 0.0 0.0 RodoNorte (100%) 115.8 241.1 1.8 3.9 117.6 245.0 30.6 44.1 0.0 0.0 AutoBAn 37.5 96.6 2.4 7.5 39.9 104.1 4.9 50.4 0.0 0.0 ViaOeste 10.3 49.8 0.9 4.2 11.2 54.0 3.1 27.3 0.0 0.0 ViaQuatro (100%) 16.4 39.0 0.8 1.6 17.2 40.6 0.0 0.0 0.0 0.0 RodoAnel Oeste (100%) 18.2 46.5 0.5 1.6 18.7 48.1 0.0 0.0 0.0 0.0 Samm 0.1 16.8 3.3 6.3 3.4 23.1 0.0 0.0 0.0 0.0 SPVias 28.5 49.9 1.3 5.0 29.8 54.9 5.9 9.8 0.0 0.0 CAP 11.7 36.5 0.0 0.0 11.7 36.5 0.0 0.0 0.0 0.0 Barcas 0.0 (0.1) 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Metrô Bahia2 (376.2) 141.4 (1.8) 1.7 (378.0) 143.1 0.0 0.0 689.2 1,010.4 BH Airport 16.0 88.6 0.4 9.0 16.4 97.6 0.0 0.0 0.0 0.0 MSVia 18.7 215.7 1.0 5.5 19.7 221.2 0.0 0.0 0.0 0.0 TAS 0.0 0.1 6.5 10.6 6.5 10.7 0.0 0.0 0.0 0.0 Renovias (40%) 0.4 0.6 0.3 1.5 0.7 2.1 6.3 8.3 0.0 0.0 ViaRio (66.66%) 1.0 2.6 (0.4) 0.6 0.6 3.2 0.0 0.0 0.0 0.0 VLT (24.93%)2 (5.7) (2.6) 0.0 0.1 (5.7) (2.5) 0.0 0.0 5.9 44.1 Quito - Quiport (50%) 4.0 13.4 0.0 0.0 4.0 13.4 0.0 0.0 0.0 0.0 San José - Aeris (48.75%) (1.6) 12.8 0.2 0.4 (1.4) 13.2 0.0 0.0 0.0 0.0 Others3 (3.0) (7.1) 4.2 9.0 1.2 1.9 0.0 0.0 0.0 0.0 Total (77.9) 1,116.9 25.1 77.2 (52.8) 1,194.1 61.2 164.7 695.1 1,054.5 SPCP4 0.0 0.0 31.4 93.7 31.4 93.7 0.0 0.0 0.0 0.0 Intangible Assets Performad Maintenance R$ MM Improvements Performa Financial Asset1 Equipments and Others Total Maintenance Cost