apimec – 3 q07 results
DESCRIPTION
TRANSCRIPT
3Q07 Earnings
2
Forward Looking Statement
This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements.
Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation.
3
Highlights
Results
Outlook
New Partnership Between CCR and Fundação Dom Cabral
Agenda
4
• 6.9% traffic increase in the 3Q07 and 6.0% in the 9M07.
• Net Revenue totaled R$ 617.6 million (+12.3%) in the 3Q07 and R$ 1,719.2 million (+9.0%) in the 9M07.
• Net Income reached R$ 179.0 million (+47.8%) in the 3Q07 and R$ 447.6 million (+42.3%) in the 9M07.
• 34.9% increase in AVI users, totaling 853,000.
Highlights
Operating
5
• Extraordinary Shareholders’ Meeting summoned for November 29, to decide on the Board of Directors powers on approving eventual stock buyback programs, proposed by the Company’s management.
• On August 31, 2007, CCR prepaid dividends for the fiscal year 2007 in the amount of R$ 0.82 per share, totaling R$ 330.5 million. Dividends totaled R$ 532.1 million in 2007.
Corporate
Highlights
• Shareholders’ base growth of 140%, when compared to Nov/06.
• 39% growth in the number of transactions and 116% increase in trading volume.
• 3rd CCR Day to be held on November 23rd
CCRO3 – Market Indicators
6
(1) Total Cost + Administrative Expenses(2) Includes prepaid expenses
Results
3Q07’s results reflect a combination of factors...
...higher traffic and reduction of operating costs.
R$ MillionFinancial Highlights 3Q06 3Q07 Ch. % 9M06 9M07 Ch. %
550.0 617.6 12.3% 1,577.4 1,719.2 9.0%
(315.5) (287.2) -9.0% (954.9) (886.4) -7.2%
234.6 330.4 40.8% 622.5 832.8 33.8%
42.6% 53.5% +10.9 p.p. 39.5% 48.4% +8.9 p.p.
87.9 80.3 -8.6% 261.1 244.9 -6.2%
322.4 410.7 27.4% 883.6 1,077.7 22.0%
58.6% 66.5% +7.9 p.p. 56.0% 62.7% +6.7 p.p.
(48.7) (66.4) 36.3% (143.0) (154.7) 8.2%
121.1 179.0 47.8% 314.5 447.6 42.3%
Net Revenue
Total Costs (1)
EBIT
EBIT Margin
Depreciation and Amortization (2)
EBITDA
EBITDA Margin
Net Financial Result
Net Income
7
EBITDA x EBITDA Margin
108 107130 128 122 119
161 170 174 151
216 218 224259
310 309 299263
322 323 341 326
411
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07
46% 46%49% 47% 48% 47% 53% 51% 52% 44%
55% 55% 55% 60% 56% 58%51%
59% 57%62% 59%
54%67%
CQGR = 6.3%
(R$ million)
Operating Margins Evolution
8
Toll96,2%
STP 1.7% Other 2.3%
96.0%
AutoBAn38%
NovaDutra
26%
ViaOeste 17%
Rodonorte 11%
Ponte4%
Via Lagos
2%Other
2%
Revenues
Revenues BreakdownConcession Breakdown
Toll Payment Method
56.9% 49.7%
35.6% 43.1% 50.3%
3Q04 3Q05 3Q06 3Q07
EletronicCash
47.7%
52.3%64.5%
9
Quarterly Historical Evolution(Equivalent Vehicles – million)
Traffic – Quarterly Evolution
3Q07 x 3Q06 – Concession Breakdown(Equivalent Vehicles)
This quarter confirms a sustained trend...
... Traffic growth in all concessionaires.
133
142130
103
3Q04 3Q05 3Q06 3Q07
+ 6.9%
AutoBAn NovaDutra Rodonorte Ponte ViaLagos ViaOeste
3.0%
6.9%7.3%
6.8%
10.8%
6.2%
10
16%
... the success of our business
R$
(mill
ion)
3Q04 3Q05 3Q06 3Q07
60%
57%
315
287
393
519
618
550
290235
24%
33%
21%
13%
22%
25%27%
13% 13%
15%
21%
24% 14%16%
27%27%
9%56
%16%
12%
23%
28%
46%
Net Revenue & Total Costs
D&A
Serv. Terceiros
Outorga
Pessoal
Outros
Receita Líquida
D&A
Third-Party
Concession Fee
Payroll
Other
Net Revenue
Other: insurance, rent, marketing, travel, electronic payment and routine maintenance
Third-Party Services: auditing, consulting and shared services.
Operating Efficiency is Key to...
11
Indebtedness
...allows great flexibility to participate in new bids.
69%
Gross Debt Net Debt
R$
(mill
ion) 679
1,214
1,276 1,278
1.070.91
1.201.05
3Q04 3Q05 3Q06 3Q07
Short Term Long Term In R$
1,932
3Q04 3Q05 3Q06 3Q07
1,184
R$
(mill
ion)
1,4671,774
100%
100%
Net Debt Net Debt / EBITDA
100% in Local Currency
81%
The current low leverage allows CCR to...
12
…instrument for anticipating future results.
Indebtedness
Releveraging may become an important…
Distribution Long Term Debt Amortization
321
174
276
387379338
56
2007 2008 2009 2010 2011 2012 After 2012 Debentures - IGP-M +(7.6%- 11%)
43%
Debentures - CDI103.3% -105%
39%
Other - CDI104.5% - 107.3%
6%
BNDES - TJLP + (4.5% - 5.5%)
12%
13
CAPEX Schedule *
Capital Expenditures
CAPEX (R$ MM) 1Q07 2Q07* 3Q07 2007(E)** 2008 (E)AutoBAn 27.9 86.8 34.3 287.5 234.8NovaDutra 19.6 16.1 24.6 153.9 138.5ViaOeste 43.4 36.1 30.6 193.2 33.0Rodonorte 8.9 3.5 8.2 42.3 62.5Ponte 2.2 3.8 8.4 32.2 7.4Via Lagos 1.2 0.7 1.8 4.8 2.7ViaQuatro 0.3 0.1 0.1 75.9 59.5Other 1 1.7 3.6 1.6 9.3 8.8Consolidated 105.2 150.7 109.5 799.1 547.1(1) Includes CCR, CCR Mexico, Actua, Engelog, Parques and STP
*Correction: 2Q07 R$ 150.7 million instead of R$ 174.4 million
*** 2007 Estimate: R$ 658.4 million
14
New Businesses
State of São Paulo Concessions
Federal Concessions
Secondary Market
PPP`s
Logistics
México and United States
Brazil is still the main growth driver.
15
Partnership CCR / Fundação Dom Cabral
16
CCR Infrastructure and Logistics Center
• Generating knowledge in concession models, the role of private investments in the Brazilian transportation industry. public-private partnerships, cost-bennefit analysis in roads, logisitic costs, etc.
• Creation of indicators for the infrastrucutre and logistics
• Current Study Centers belong to Federal Universities, with many limitations due to academic characteristics
• Offering of researches from official sources are uncertain and non-reliable
