brisa concessão rodoviária - cmvmweb3.cmvm.pt/english/sdi/emitentes/docs/fr65338.pdf · smooth...
Post on 05-Oct-2020
1 Views
Preview:
TRANSCRIPT
Brisa Concessão Rodoviária
28th July 2017
1H2017 Results
Disclaimer
The information contained herein (“Information”) has been prepared by Brisa – Concessão Rodoviária, S.A. ("BCR") and which, according to its nature, it is not provisionaland which is not intended to give any forward-looking statements, estimates or future projections and should be read accordingly. The Information is publicly disclosedunder the applicable rules and regulations and may be freely used under the condition that it shall remain unchanged. BCR renders no representation, warranty orundertaking, express or implied, with respect to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness thereof. Neither BCR nor any ofits affiliates, subsidiaries, directors, representatives, employees and/or advisors shall not be held liable nor responsible for any direct or indirect damages whatsoever thatmay occur or that may arise from any use of the Information or otherwise arising in connection with this presentation or as a result of any use or manipulation,modification or alteration, update, revision or correction, whether intentional or not, of the Information.
All data referred in this document must be reported to the document’s date. Therefore, considering the nature and objective of the disclosure of the Information, BCR shallnot be under any obligation to update said Information, nor shall it be under any obligation to make any prior announcement of any amendment or modification thereofits contents and therefore the Information may not be used in the future in connection with any offer (public or private) in relation to securities issued by BCR. Any decisionto purchase, subscribe, exchange or otherwise trade any securities in any offering launched by BCR or on its behalf should be made solely on the basis of the informationto be contained in the relevant prospectus, base prospectus or offering memorandum to be made available in due course in relation to any such offering in accordancewith the applicable rules and regulations.
The Information herein is provided for general purposes only and is not intended to constitute professional advice. Furthermore, the Information does not constitute orform part of and should not be construed as, an offer (public or private) to sell, issue, advertise, market, invite to subscribe, submit to investment gathering procedures orthe solicitation of an offer (public or private) to buy or acquire securities of BCR or any of its affiliates in any jurisdiction or an inducement to enter into investment activityin any jurisdiction.
Use of data contained herein in its original format shall contain a quote as to the source of the information and/or a reference of where it was taken from.
Financial statements as of 30 June 2017 were prepared according to the International Financial Reporting Standards (IFRS) and were not subject to any Audit Report.
BRISA Concessão Rodoviária, S.A.Head-Office: Quinta da Torre da Aguilha, Edifício BRISA, São Domingos de RanaShare capital: EUR 75 000 000Registered in the Commerce Registry Office of Cascais under register and corporate tax number 502790024
1H2017 Results, 28th July 2017 | 2
Main Highlights
1H2017 Results
Traffic Evolution
Operating Performance
CAPEX
Financial Results
Debt Profile
Liquidity Position
Covenants and protective financial structure
Guidance
Wrap-up
Annex: P&L and Balance Sheet
Index
| 31H2017 Results, 28th July 2017
-55 -40
3.4%2.8%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%-100
-90
-80
-70
-60
-50
-40
-30
-20
-10
0
1H16 1H17
WACD
4.5%
7.0% 7.0% 6.8%
2014 2015 2016 1H17
Main Highlights
Robust traffic growth:
Traffic increased 6.8% in 1H2017
| 4
1 2
3 4
Strong operating performance:
EBITDA up 9.8%. EBITDA margin at 75%
Solid Balance Sheet:
Prudent financial management
Strong liquidity position
▪ Cash of 339 M€, following 10y 300 M€ bond
issued in May (2.375% coupon)
▪ 275 M€ in committed credit lines (undrawn)
Smooth debt amortisation profile, with low refinancing risk
Significant headroom to covenant lock-up levels
Traffic Growth (VKM, YoY)
1H2017 Results, 28th July 2017
176 193
73.9%75.0%
6,5%
6,7%
6,9%
7,1%
7,3%
7,5%
80
100
120
140
160
180
200
220
1H16 1H17
EBITDAMargin 9.8%
1.1 p.p.
Significant improvement in net financial results:
WACD decreased to 2.8%
EBITDA (M€)
Net Financial Results (M€)
+15 M€
Main Highlights
1H2017 Results
Traffic Evolution
Operating Performance
CAPEX
Financial Results
Debt Profile
Liquidity Position
Covenants and protective financial structure
Guidance
Wrap-up
Annex: P&L and Balance Sheet
Index
| 51H2017 Results, 28th July 2017
16 308
19 770
15 617
18 002
23 087
17 392
1Q 2Q 3Q 4Q
2017
2016
| 6
1H2017 ResultsTraffic Evolution
Traffic maintained a strong performance, increasing 6.8% in 1H17
Quarterly ADT (Average Daily Traffic) Quarterly VKM growth (YoY)
Traffic mix LV/HV ADT growth (yoy)
94.1%
5.9%
10.5%
7.2%
1Q16
2Q16
3Q16
4Q16
2016
+7.0%
FY2016
+9.9%
+5.1%
+6.9%
+6.6%
2017 1H2017
+3.3%1Q17
2Q17 +9.8%+6.8%
Note: Unlike VKM, ADT does not include leap year effect
1Q17 hampered by negative leap year and Easter calendar effects. Easter had the opposite
impact on 2Q17.
1H2017 Results, 28th July 2017
A1; 46%
A2; 16%
A3; 10%A4; 8%
A5; 6%
A6; 4%
A9; 4%A10; 1%
A12; 3%
A13; 1%
A14; 1%
Positive growth across all of the network| 7
1H2017 ResultsTraffic Evolution
Porto
LisboaA2
A6A13
A12
A10
A9
A5
A1
A14
A4
A3
6.3%8.9% 7.9% 6.4% 6.5%
8.9%11.8%
8.9% 8.3% 9.0%
15.7%
7.4%
A1 A2 A3 A4 A5 A6 A9 A10 A12 A13 A14 BCR
Average Daily Traffic (ADT*)
* ADT does not include leap year effect
30 34013 140 18 542
28 496
67 952
4 98819 774
6 00119 439
3 403 4 18818 049 ADT
YoY%
Breakdown of 1H2017 VKM (%)
1H2017 Results, 28th July 2017
A9 experienced higher
ADT growth rates due to
ongoing traffic saturation
of IC17 / CRIL
A14 recovered in 2017
following a temporary
road closure in 1H2016
\
194.3202.7
217.0
233.0
251.6
1H13 1H14 1H15 1H16 1H17
Traffic
Toll
Revenue
1H16 1H17
ADT (organic) 6.2% 7.7%
Calendar effect 0.6% -0.5%
Others 0.5% -0.4%
Like-for-like 7.3% 6.8%
Mix effect 0.1% 0.2%
Price effect 0.3% 0.7%
Others -0.3% 0.3%
Total (toll revenue) 7.4% 8.0%
Toll Revenues (M€)
+8.0%
Strong top line growth, with toll revenues up 8.0% YoY | 8
1H2017 ResultsOperating Performance (Toll Revenues)
Traffic & Toll Revenues (% change)
Traffic increased 6.8% in 1H2017, supported by a resilient organic traffic growth
Toll revenues increased 8.0% in 1H2017, backed by traffic performance and price effect of 0.7%
1H2017 Results, 28th July 2017
CAGR: 6.7%
138.8 147.0162.7 176.1
193.3
69.6% 70.6%72.8% 73.9% 75.0%
5,0%
5,5%
6,0%
6,5%
7,0%
7,5%
0
50
100
150
200
250
300
1H13 1H14 1H15 1H16 1H17
EBITDA EBITDA Margin
EBITDA increased 9.8%, to 193.3 M€. EBITDA margin reached 75% in 1H2017 (the highest 1st half level since
BCR inception), driven by a significant increase in operating income and an ongoing cost management
Operating income up 8.2%. Increase in activity led to a 3.7% increase in operating expenses
M€ 1H16 1H17 YoY
Operating income 238.2 257.7 8.2%
Toll revenues 233.0 251.6 8.0%
Service areas 3.3 3.4 3.3%
Other income 1.9 2.7 40.0%
Operating expenses 62.1 64.4 3.7%
Supplies and services 60.7 62.9 3.5%
Personnel costs 0.8 0.9 14.1%
Other expenses 0.6 0.6 2.5%
EBITDA 176.1 193.3 9.8%
EBITDA Margin 73.9% 75.0% 1.1 pp
EBITDA and EBITDA Margin (M€; %)
9.8%
1.1 p.p.
Businessoverview1H2017 Results
Operating Performance (EBITDA)
| 9
EBITDA increased 9.8%. EBITDA margin reached the highest 1st half level since BCR inception
1H2017 Results, 28th July 2017
CAGR: 8.6%
Capex is mainly related to resurfacing works in several motorways
Widening works on two sub-stretches
- Carvalhos/Santo Ovídio on A1 completed during 1H2017
- Águas Santas/Ermesinde on A4 still under way
M€ 1H16 1H17 YoY
EBITDA 176.1 193.3 9.8%
EBITDA Margin 73.9% 75.0% 1.1 pp
Capex 19.8 19.4 -2.0%
Widening works 7.0 7.5 7.2%
Major repairs¹ 9.4 8.6 -8.3%
Other (equipment, supervision, etc)
3.5 3.4 -3.7%
EBITDA - Capex 156.3 173.9 11.3%
1 Under the framework of IFRIC12, major repairs are provisions, not CAPEX
EBITDA – CAPEX (M€)
131.0139.5 140.1
156.3173.9
1H13 1H14 1H15 1H16 1H17
Businessoverview1H2017 Results
CAPEX and Cash-flow generation (EBITDA – CAPEX)
+11.3%
| 10
Strong cash-flow generation, with EBITDA-Capex up 11.3% YoY1H2017 Results, 28th July 2017
CAGR: 7.3%
Financial expenses down 28.1% YoY, mainly due to:
– Redemption in Dec 2016 of the 407.3 M€ bond with a 4.5% coupon
– One-off impact in Jun 2016 from the call option exercise to redeem early the 120 M€ floating rate bond
– Lower gross debt
Weighted average cost of debt continues on a downward trend, reaching 2.8%
M€ 1H16 1H17 YoY
Net financial results -55.2 -39.8 -
Financial income 0.3 0.0 -94.2%
Financial expenses 55.4 39.8 -28.1%
Interest expenses 42.5 31.1 -27.0%
IFRIC12 4.0 3.9 -2.1%
Other financial expenses 8.9 4.8 -45.4%
-64.6 -58.4 -51.7 -55.2-39.8
1H13 1H14 1H15 1H16 1H17
Net Financial Results (M€)
4.4% 4.3% 3.7% 3.3% 2.8%
68% 70% 70% 70%75%
2013 2014 2015 2016 1H17
WACD % Fixed
WACD & Fixed rate debt (%)
Businessoverview1H2017 Results
Financial Results
| 11
-48bps
1H2017 Results, 28th July 2017
Significant improvement in Net Financial Results. WACD at 2.8% during 1H17
Net Profit increased 82%, backed by higher toll revenues and lower financial expenses
-3.1
8.2
20.926.7
48.7
1H13 1H14 1H15 1H16 1H17
+82%
M€ 1H16 1H17 YoY
EBITDA 176.1 193.3 9.8%
EBITDA Margin 73.9% 75.0% 1.1 pp
Depreciation & prov. 84.9 85.4 0.7%
EBIT 91.2 107.9 18.2%
EBIT Margin 38.3% 41.9% 3.6 pp
Net financial results -55.2 -39.8 -
… financial income 0.3 0.0 -94.2%
… financial expenses 55.4 39.8 -28.1%
Profit before tax 36.1 68.0 88.6%
(-) Income tax 9.3 19.3 106.8%
Net profit 26.7 48.7 82.2%
Net Profit (M€)
Businessoverview1H2017 Results
Net Profit
| 12
Profitability significantly increased, with net profit reaching 48.7 M€ (+82% YoY), backed by toll revenue
increase together with a significant reduction in financial expenses
1H2017 Results, 28th July 2017
BCR actively managed and smoothed its debt maturity profile
Financial overview1H2017 Results
Debt Amortisation profile
| 13
Current debt amortisation profile (M€)
May 2017: 10-year 300M€ bond with a 2.375% coupon and maturity in 2027
May 2017: Maturity extension of existing committed credit line up to 2020
1
2
New financing transactions during 1H2017
0
100
200
300
400
500
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Bonds Other EIB
Debt Breakdown
70%
22%
8%
Bonds EIB Other
Gross debt: 2 446M€
1H2017 Results, 28th July 2017
New Bond issued in May 2017
BCR continues to extend its debt maturity profile at a lower cost
Financial overview1H2017 Results
New Bond issue (Bond 2027)
| 141H2017 Results, 28th July 2017
Deal review
300 M€ bond issued in May 2017
Annual coupon of 2.375%(reoffer yield of 2.387%)
10-year maturity(maturity in May 2027)
Order book more than 11x oversubscribed(more than 270 orders, totalling 3.4 bn€)
High demand from international institutional investors
Broad geographical distribution
Allocation by Geography Allocation by Investor Type
UK26%
Germany & Austria
25%France
14%
Benelux9%
Switzerland8%
Spain6%
Portugal4%
Italy3%
Scandi3%
Others2%
Fund Managers75%
Insurance + Pension Funds
7%
Banks15%
Other3%
1H2017 ResultsLiquidity Position
| 15
Strong liquidity position and low refinancing risk
Debt redemptions up to 2020 (M€]1H2017 Liquidity position
BCR has plenty of funds and facilities in placeto meet it’s forthcoming debt maturities:
339 M€ in cash
Strong cash flow generation
• 222 M€* in 2016 (84 M€* in 1H16)
• 92 M€* in 1H17
275 M€ in undrawn committed credit
lines (all with highly rated international
banks)
Smooth debt amortisation profile, with
highest annual debt redemption less
than 340 M€
1
2
3
4
19 39 39 39
300
12575
0
100
200
300
400
2017 2018 2019 2020
EIB Bonds Other
* Measured as the difference between Distributions and change in Net Debt
1H2017 Results, 28th July 2017
\
358374
387402
419
2H14 + FY15 2H15 + FY16 2H16 +
1 941 1 959 2 017 2 097 2 107
Jun 15 Dec 15 Jun 16 Dec 16 Jun 17
Financial overview
Conservative financial management and distribution policy
1H2017 ResultsCovenants and protective financial structure
| 16
EBITDA (Rolling 12 months; M€)
Net Debt (M€) Net Debt / EBITDA1 (active restriction)
5.49 5.30 5.25 5.25 5.05
1H15 YE15 1H16 YE16 1H17
Level ofTrigger (Lock-up)
Significant headroom to lock-up
1 Inputs for this ratio may slightly differ from reported figures due to the adjustments made in order to reflect the CTA ratio definitions
Net Debt / EBITDA decreased to 5.05x from 5.25x at YE16,
with EBITDA growth significantly outpacing net debt growth:
- 12 months EBITDA ending June 17 increased 4.3% from FY16
- Net debt increased by only 0.5%, incl. distributions of 101M€
Significant level of headroom to lock-up levels
1H2017 Results, 28th July 2017
+0.9% +2.9% +4.0% +0.5%
+4.5% +3.6% +3.7% +4.3%
1H15 1H16 1H17
5.75x (up to YE18)
6.00x
Main Highlights
1H2017 Results
Traffic Evolution
Operating Performance
CAPEX
Financial Results
Debt Profile
Liquidity Position
Covenants and protective financial structure
Guidance
Wrap-up
Annex: P&L and Balance Sheet
Index
| 171H2017 Results, 28th July 2017
Targets revised upwards| 18
Guidance
2017
Previous Guidance: > 3%
New Guidance: > 6%
2017
Previous Guidance: in line w/ revenue growth
New Guidance: ≤ 3% (below revenue growth)
2017
Previous Guidance: > 350 M€
New Guidance: > 370 M€
Toll RevenuesGrowth
OPEXGrowth
Cash-Flow (EBITDA-CAPEX)
1H2017 Results, 28th July 2017
Main Highlights
1H2017 Results
Traffic Evolution
Operating Performance
CAPEX
Financial Results
Debt Profile
Liquidity Position
Covenants and protective financial structure
Guidance
Wrap-up
Annex: P&L and Balance Sheet
Index
| 191H2017 Results, 28th July 2017
Wrap-up
▪ EBITDA increased 9.8% YoY to 193.3 M€
▪ EBITDA margin at 75% in 1H2017, the highest 1st half level since BCR inception, supported by strong increase in operating revenues and ongoing cost management
▪ Net profit up 82.2% to 48.7 M€
Targets revised
upwards
Sustained traffic
recovery
▪ Significant traffic performance, driven by robust organic growth
▪ Traffic growth rates above guidance
Prudent financial
management
Strong operating
performance
Toll revenues, OPEX and
EBITDA-CAPEX
6.8% YoYtraffic
increase
SolidBalance Sheet
& liquidityposition
EBITDA marginat 75%
1H2017 Results, 28th July 2017 | 20
▪ Strong liquidity position, with 339 M€ in cash and 275 M€ in undrawn committed credit lines
▪ Smooth debt amortisation profile, with low refinancing risk
▪ Significant headroom to covenant lock-up levels
▪ Toll revenues growth: > 6%
▪ OPEX growth: ≤ 3%
▪ EBITDA - CAPEX: > 370 M€
Improvement in net
financials
WACDat 2.8%
▪ Financial expenses down 28.1%:
▪ Redemption in Dec 2016 of 407.3 M€ bond with 4.5% coupon
▪ One-off impact from call option exercise on 120 M€ bond in Jun 2016
Main Highlights
1H2017 Results
Traffic Evolution
Operating Performance
CAPEX
Financial Results
Debt Profile
Liquidity Position
Covenants and protective financial structure
Guidance
Wrap-up
Annex: P&L and Balance Sheet
Index
| 211H2017 Results, 28th July 2017
M€ 1H16 1H17 YoY
Operating income 238.2 257.7 8.2%
Operating expenses 62.1 64.4 3.7%
EBITDA 176.1 193.3 9.8%
EBITDA Margin 73.9% 75.0% 1.1 pp
Depreciation & prov. 84.9 85.4 0.7%
EBIT 91.2 107.9 18.2%
EBIT Margin 38.3% 41.9% 3.6 pp
Net financial results -55.2 -39.8 -
Profit before tax 36.1 68.0 88.6%
Income tax 9.3 19.3 106.8%
Net profit 26.7 48.7 82.2%
Annex1H2017 P&L
| 22
Increase in profitability led by strong top line and lower financial expenses
1H2017 Results, 28th July 2017
M€ YE16 1H17 YtD
Assets 2 716.2 2 890.9 6.4%
Non-current 2 562.6 2 510.5 -2.0%
… Intangibles 2 496.5 2 440.9 -2.2%
… Other 66.2 69.6 5.1%
Current 153.5 380.5 147.8%
… Cash & Cash Equivalents 118.3 339.2 186.7%
… Other 35.2 41.3 17.2%
Equity 208.1 156.3 -24.9%
Liabilities 2 508.0 2 734.7 9.0%
M/Long-term financial debt 2 028.4 2 009.2 -0.9%
Short-term financial debt 172.6 397.4 130.2%
Other 307.0 328.0 6.9%
Annex1H2017 Balance Sheet
| 23
Solid balance sheet 1H2017 Results, 28th July 2017
top related