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 traffic¹ fell 7.0%.
• ADJUSTED EBITDA:
Adjusted EBITDA increased by 0.4%, with an adjusted margin of 58.4% (+0.2
p.p.). Same-basis² adjusted EBITDA grew 5.1%, with an adjusted margin of
63.1% (+0.7 p.p.).
NET PROFIT:
Net income totaled R$169.5 million, 30.8% down. Same-basis net income
totaled R$214.4 million, 12.9% down.
CORPORATIVE HIGHLIGHT:
The Board of Directors’ meeting of November 4 approved the payment of
dividends of around R$0.42 per share as of November 18.
4Q16 Highlights
3
1 Excluding the proportional traffic of Renovias.
² Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31,
2016; and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.
4. SHARES OFFERING:
On February 16, 2017, the Company announced the end of its primary public
offering with restricted placement efforts, with the issue of 254,412,800 new
shares, at R$16.00, totaling R$4.07 billion.
Subsequent Event
5. Financial Highlights
5
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31, 2016;
and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
Net Revenues1
1,691.1 1,690.7 0.0% 1,957.6 1,895.3 -3.2%
Adjusted Net Revenues on the same basis2
1,540.7 1,602.0 4.0% 1,799.5 1,787.5 -0.7%
Adjusted EBIT3
682.2 601.5 -11.8% 755.6 690.6 -8.6%
Adjusted EBIT Mg.4
40.3% 35.6% -4.7 p.p. 38.6% 36.4% -2.2 p.p.
EBIT on the same basis2
663.5 626.3 -5.6% 736.5 713.9 -3.1%
EBIT Mg. on the same basis2
43.1% 39.1% -4.0 p.p 40.9% 39.9% -1.0 p. p
Adjusted EBITDA5
984.5 988.0 0.4% 1,108.0 1,112.2 0.4%
Adjusted EBITDA Mg.4
58.2% 58.4% 0.2 p.p. 56.6% 58.7% 2.1 p.p.
Adjusted EBITDA on the same basis2
961.5 1,010.3 5.1% 1,044.7 1,131.1 8.3%
Adjusted EBITDA Mg. on the same basis2
62.4% 63.1% 0.7 p.p. 58.1% 63.3% 5.2 p.p.
Net Income 244.8 169.5 -30.8% 244.8 169.5 -30.8%
Net Income on the same basis2
246.3 214.4 -12.9% 246.3 214.4 -12.9%
4Q15 4Q16 Chg %
IFRS Proforma
Financial Indicators (R$ MM) 4Q15 4Q16 Chg %
6. 247,459
255,153
276,784 274,866
263,925
246,897
4Q11 4Q12 4Q13 4Q14 4Q15 4Q16
Traffic – Quarter Change (Proforma*)
6
Consolidated – MM Equivalent Vehicle
Revenue and traffic 4Q16 X 4Q15 (%)
* Information including Renovias and ViaRio which are contemplated in the proforma method.
Excluding
ViaRio
245,757 (-6.9%)
-6.9
-3.8
-9.7
-7.4 -6.6
-2.6
-5.5
-9.5
-14.6
1.2 2.7
-4.7
-0.5
0.4
5.5
-0.7
-2.7
-9.2
AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias Rodoanel SPVias MSVia
Tráfego Receita de Pedágio
-2.2
-10.7
1.9 -3.1 -1.5
-2.5
-2.0
-0.9
1.3 2.7
7.2
1.6
3.5
1.1
10.3
3.7
AutoBAn NovaDutra RodoNorte ViaLagos ViaOeste Renovias RodoAnel SPVias
Traffic Toll Revenues
7. Gross Operating Revenues
(excluding construction revenue)
7
Payment Means
EBITDA Breakdown
Revenue Analysis (Proforma*)
* Including the proportional results of jointly-owned subsidiaries.
Autoban
25.7%
NovaDutra
16.3%
ViaOeste
12.5%
Aeroportos
8.2%
Rodonorte
8.1%
SPVias
7.4%
MSVia
3.4%
RodoAnel
3.1%
ViaQuatro
3.3%
Renovias
2.2%
Barcas
1.5%
ViaLagos
1.4% TAS
2.9%
Outros
3.9%
8. 8
9%
Conclusion of civil
works in
NovaDutra and
Rodonorte
20% 46% 25%13%
Reduction at
BH Airport
New business
Same-basis
Cash Cost: R$
611 MM (-4.8%)
Capex (New
business)
3%
Same-basis Cash
Cost: R$ 713 MM
ProformaSame-
basis Cash
Cost: R$ 677
MM (-5.0%)100% 0%
IFRS Costs Evolution
Total Costs (R$ MM)
Update estimates
RodoNorte,
SPVias e ViaOeste
1,660
2,070
1,503
29 21 3 41
309
55 0 567
4Q15 Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs
4Q16 Ex New
Business
4Q16
Ex New
Business
10. 416.4 410.5
(37.0) 54.2
4.0
(74.2) (3.4)
(40.9) (3.0) 55.8
17.6
4Q15 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 and
Financing
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 4Q16 Net
Financial
Result
10
1.4%
•Average cash balance 4Q16 x 4Q15 = 36.2%
• Chg. of average CDI 4Q16 X 4Q15 = - 0.3 p.p.
• Gross Debt = R$ 16.2 bi (+14.5%)
R$ MM
IFRS Financial Results
11. 245
214
169
(45.0)
4Q15
Net Income
4Q16
Net Income
New
Projects
4Q16 Net Income
Same Basis
11
R$ MM
Same basis
R$ 246.3 MM
*
Same basis
R$ 214.4 MM (-12.9%)
Net Income
* Same-basis figures exclude new businesses, either non-operating, under assisted operation, or which were not part of the portfolio during at least one of the
comparison periods: Metrô Bahia, TAS, Controlar, ViaRio, VLT and STP.
12. 4Q16
4Q15
Gross hedged debt by indexer
12
Gross debt by indexer
• Total Gross Debt: R$ 16.2 bi (R$17.5
bi proforma)
• Net Debt / EBITDA: 2.5 x
(2.4 x proforma)
Not hedged
Hedged
4Q16
Debt in December 31, 2016
Indebtedness and leverage position
*On August 31, the sale of STP was concluded. Excluding this R$1,307.7 million impact on EBITDA LTM, the Net Debt/EBITDA ratio came to 3.3x (IFRS) and 3.1x in
proforma figures in December 2016.
*
Hedged
CDI
50.9%
IPCA
19.2%
TJLP
18.2%
USD
11.7%
CDI
82.1%
IPCA
12.4%
TJLP
3.5%
USD
2.0%
CDI
74.8%
IPCA
5.5%
TJLP
18.2%
USD
1.5%