- Traffic grew 4.1% in 3Q17 compared to 3Q16. Adjusted EBITDA on a same-basis grew 5.7% with margins of 63.8% (+0.6 p.p.). Net income on a same-basis grew 63.1%.
- Cash costs were up 2.0% on a same-basis to R$731 million due to inflation adjustments. Adjusted EBITDA was up 5% on a same-basis to R$1.28 billion.
- Gross debt was R$14.7 billion, with net debt/EBITDA of 2.2x. The company raised R$1.295 billion in new debt in 3
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
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$1,333.9 million
CCR
NovaDutra
INSS contingency
and Collective
bargaining
agreement.
Metrô Bahia e
BH Airport.
10% 21% 44%23% 2% 4% 8%
10. 467.4
199.1
24.1
24.4
24.1
32.7
( 1.4 ) 177.8
8.8 (8.0 ) (14.3 )
3Q16 Net
Financial Result
Income from
Hedge Operation
Monetary
variation on
loans, financ.
and debentures
Monetary
Variation on
Liabilities
related to the
Granting Power
- Exchange Rate
Variation on
Loans,
Financing,
Debentures,
Derivatives and
Suppliers
Present Value
Adjustment of
Maintenance
Prov. and
Liabilities
related to the
Granting Power
Interest on
Loans,
Financing and
Debentures
Investment
Income and
Other Income
Fair Value of
Hedge Operation
Others 3Q17 Net
Financial Result
10
57%
Average cash balance 3Q17 x 3Q16 = + 48.8%
Chg. of average CDI 3Q17 X 3Q16 = - 4.9 p.p.
Gross Debt = R$ 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$548.1 million). Excluding these effects on EBITDA,
the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September 2017.
*
Hedged
Indebtedness and leverage position
Gross debt by indexer Hedged gross debt by indexer
CDI
37.6%
IPCA
26.3%
TJLP
24.2%
USD
11.9%
CDI
78.2%
IPCA
3.5%
TJLP
16.6%
USD
1.7%
CDI
56.8%
IPCA
11.3%
TJLP
24.2%
USD
3.6%
Others
4.1%
14. 8,081
9,562 9,826
10,413 10,734
12,423
12,971
13,945
13,261
14,443
10,759
11,961 11,801
11,084 10,936
2.0 2.3 2.4 2.5 2.5
3.0 3.0 3.1
2.2 2.4
1.8 1.8
2.2
1.8
2.2
-5.5
-4.5
-3.5
-2.5
-1.5
-0.5
0.5
1.5
2.5
3.5
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 2Q17 3Q17
Net Debt (R$ 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