Ccr day 4 presentation

Download Ccr day 4 presentation

Post on 24-May-2015

351 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

<ul><li> 1. 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 CCRs 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. </li></ul><p> 2. Schedule09:00 a m Results of 3Q08 a.m.09:30 a.m. Current Portfolio10:30 a.m. Financial aspects of the current portfolio11:00 a.m. Coffee Break11:30 a m Perspectives of CCR a.m.12:00 a.m. Questions and Answers12:30 a.m. Luncheon 3. Results of 3Q08 4. Operating Highlights Traffic grew by 9.4% in the 3Q08, and 8.8% in the 9M08. Net revenue reached R$ 744.1 million (+20.5%) in the third quarter, and R$ 1,999.8 million (+16.3%) in the 9M08. ( 16.3%) Net Income totaled R$ 219.6 million in the 3Q08 (+22.7%) up on the same period last year, and R$ 524.8 million (+17.3%) in the 9M08. 35 8% increase in AVI users in the year compared to Sep/07 totaling 35.8%year,Sep/07, 1,158,000. Note: All comparisons refer to the 3Q07 and 9M07. 5. Corporate Highlights On September 30, 2008, CCR paid dividends of R$ 1.00 per share, totaling R$ 403.1 million. SAP implementation; Professional Development Program; Improvement of the CCR Group Corporate Management. 6. Results R$ Million g g Financial Highlights3Q07Q3Q08QChg % g 9M07 9M08Chg %g Net Revenue 617.6 744.120.5%1,719.2 1,999.816.3%Total Costs (1) (287.2) (356.0)24.0%(886.4) (1,010.2)14.0%EBIT330.4 388.017.4%832.8989.5 18.8%EBIT Margin 53.5% 52.1% -1.4 p.p. 48.4%49.5%+1.1 p.p.Depreciation and Amortization (2)80.393.916.9%244.9268.1 9.5%EBITDA410.7 482.017.4%1,077.7 1,257.716.7%EBITDA Margin 66.5% 64.8% -1.7 p.p. 62.7%62.9%+0.2 p.p.Net Financial Result(66.4) (66 4)(47.5) (47 5)-28.6% -28 6%(154.7) (154 7) (172.6) (172 6)11.6%11 6%Income and Social Contribution Taxes(82.9)(118.0)42.3%(222.3) (285.8)28.6%Net Income179.0 219.622.7%447.6524.8 17.2%(1) Total Costs + Administrative Expenses (2) Includes prepaid expenses 7. Net Financial ResultNet Financial Result (R$ MM)3Q07 3Q08Chg %9M079M08Chg %Net Financial Result(66.4) (47.5)-28.6% (154.7) (172.6) 11.6%Financial Expenses: (87.1) (101.4) 16.5%(214.9) (301.9) 40.5% - Exchange Rate Variation 6.3 (20.4) n.m. 10.4 (33.3) n.m. - Losses from Swap Operation (Passive Curve) (8.8) (6.5)-26.2% (14.3)(30.4)113.5% - Monetary Variation (19.3) (19 3) (14.7)(14 7)-27.8%-27 8% (25.3) (25 3)(68.4) (68 4)170.4% 170 4% - Interest on Short-term and Long-term Debt(48.9) (51.9)6.0% (145.2) (148.7) 2.4% - Other Financial Expenses (16.4)(7.9)-51.5% (40.6)(21.1)-47.9%Financial Income20.754.0 161.1%60.2 129.3 114.7% Gains from Swap Operation (Active Curve)1.922.3n.m. 1.9 36.0n.m. Other Financial IOth Fii l Income 18.8 18 831.7 31 7 68.5%68 5% 58.358 393.393 3 60.0% 60 0% 8. Business Dynamics 482 EBITDA (R$ million) x EBITDA Margin 411 401377 374341 322323 326 310309 299 259 263 218224 216 67% 65% 65% 62% 60%59% 58% 59%59% 59%56% 57% 55%55%54%55%51% 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 9. Business DynamicsEBITDA (R$ million)482 411 322 310 67%216 60%59% 59% 55% 3Q043Q05 3Q063Q073Q08 10. RevenuesConcession Breakdown Revenues B kdRBreakdown 3Q08 Renovias OtherSTP 2.0%Other 2.4%3% 2%ViaOeste17%AutoBAn ViaLagos 38%1% P t Ponte3%RodoNorte10%96,2%95.6%TollT ll NovaDutra26% 11. Toll Payment Method 57% 52% 50% 46%Cash Electronic 54%417M 50% 21M273M M 48%32232M 43%3Q053Q063Q073Q08 12. Traffic (Vehicle Equivalents - million)Quarterly Evolution156130 1431333Q05 3Q06 3Q073Q083Q08 x 3Q07 Concession Breakdown9.1%7.2%6.5%5.8% %4.9% 4.0% -0.3%AutoBAnNovaDutraRodoNorte PonteViaLagos ViaOeste Renovias 13. Net Revenue &amp; Total Costs 744 618550 519 356 Net Revenue 315 12% 347290 287Other15%15%17%16% 13%13%17% million)16% 13%Payroll12% 13% 16%15%12% 16%15%21% R$ (m23% 21% 16%Concession Fee16%28%23%28% 56%57%48%46%24% 28%22% 24% 28%Third-Party22%27%28% 28%27%27% 27% 27%27%D&amp;A 3Q05 3Q063Q073Q08 Other: insurance, rent marketing travel electronic payment and conservation and material for conservation and maintenance insurance rent, marketing, travel, maintenance.Third-Party Services: auditing, consulting, shared services and routine maintenance. 14. IndebtednessGross Debt Net Debt2,9142,338 1,932 93% 1,774,1,4671 467100%1,276 1,278 1 2781.43 1,214 100% R$ (million)R$ (million) 1.2081%1.07 0.91 3Q053Q063Q07 3Q08 3T053T063T07 3T08Short TermLong TermIn R$Net DebtNet Debt / EBITDAThe increase in short-term debt is the result of bridge loans, which will be refinanced by long-term credits. 15. IndebtednessDebt Breakdown Debt AmortizationBNDESTJLP + (4.5% - 5.0%)Others Debentures 7967%7%772 104.5% - 107.3% CDI 7%IGP-M + 7.6%-11%46424%27%24% 28%28%28% 28% 330 Foreign 7% 7%201Currency 34%34% 200144114 34% 94 Debentures4Q08 2009 2010 2011 2012 2013 2014 2015 103.3% - 105% CDI 16. CAPEX Schedule 2008 - 2009 CAPEX (R$ MM) 1Q08 2Q08 3Q082008(E)2009 (E)AutoBAn 34.3 61.3 38.8 199.1149.8 3NovaDutra 29.4 37.6 41.4 155.656.0ViaOeste13.6 9.616.3 103.24.2RodoNorte8.2 14.9 19.6 90.7 74.83Ponte3.0 3.2 2.8 14.53.5 3ViaLagos 0.1 0.2 1.8 5.30.5ViaQuatro 12.9 0.0 23.9185.6252.7 1Renovias 0.9 094.3 43 96.896 8 80.2 80 2RodoAnel 2.231.349.0 36.12Other1.7(1.6)0.3 10.98.7Consolidated103.2128.3180.5910.7666.51-E tErratum: inclusion of R$ 876 000 in Renovias in th 2Q08 i l if876,000 i R i i the 2Q08.2 - Includes CCR, CCR Mxico, CCR USA, Actua, Engelog, Parques and STP3 - The 2008 estimates for NovaDutra, Ponte and ViaLagos have been revised.The amounts estimated for 2008 and 2009 in the RodoNorte, ViaQuatro, Renovias and RodoAnel concessionaires are equivalent to 100% of the project. 17. Current Portfolio 18. Development... pCapital Discipline...Commitment to results. 19. 2007 ScenarioNovaDutraNovaDutra 80% Concessionria da Rodovia Presidente-Dutra S/A1.600 Concessionria da Rodovia Presidente-Dutra S/A30% 3,5IncioAmortizao dos financiamentos 1.409Incio 26,0%Cenrio AtualCenrio Atual 70% 1.400Financiamento3,1 3,0 68,9%25% 23,4% Multilaterais eram os nicos 2,92,9 financiadores de longo-prazo e 60% 1.200 na modalidade Project Finance 1.102 existentes na poca2,5 53,4%1.02320%2,42,3 50% 1.000Risco Brasil (pontos) 904 2,2R$/U$ (md anual)873 (% mdia anual)2,0(% mdia anual) 16,1%829 8152,0 diaa a 40% 80015%1,87341,813,2%6791,511,7% 11,5% 30% 60010,7% 541 10,1%9,9% 9,8%9,7%29,0% 9,5%10%27,5%456 26,0% 25,9%1,2 25,0% 7,9% 1,0 394 1,123,4% 23,4% 1,0 20% 4000,9 6,4% 19,2% 19,1%0,917,4%17,3%16,1% 16,3% 232 15,1%5% 13,2%177 0,5 10%11,7% 11,5%12,2% 200 10,1%10,7% 9,5%9,9%9,8%9,7% 7,9%6,4%0%-0%0,0 07 949596 9798 9900 01 0203 04 05 06 940795 96 97 9899 00 010203 04 05 06 2019 19 1919 1919 202020 2020202019 20 19 1919 19 1920 20 20 20202020 et z eteze-s l-d-sl-d SELICTJLPRisco BrasilTJLPR$/US$ junju n ja ja 80 81 20. 2007 Scenario 21. Blue Ocean StrategyAvoid predatory Red Ocean competition strengthening innovative Blue Ocean operation Differentiated Approach to Business Management;Diff i dA hB iM Audacity in winning strategic businesses; New Markets; New Businesses. 22. Blue Ocean StrategyAvoid predatory Red Ocean competition strengthening innovative Blue Ocean operation Differentiated Approach to Business Management;Diff i dA hB iM Audacity in winning strategic businesses; New Markets; New Businesses. 23. Brazil s Brazil's largest road concession operator Toll Revenues Concessionaires 3Q05 AutoBAn -317 km (April / 2028)40% NovaDutra -402 km (Feb / 2021) 26% ViaOeste - 162 km (April / 2023)17% RodoNorte -488 km (Dec / 2021)Sorocaba Ponte - 23 km11%(May / 2015)ViaLagos -Vi L60 k km(Nov / 2021)4% RodoAnel 32 km( y(May / 2038) )2% TOTAL 1,484 km* * CCR also owns 40% of Renovias (345.6 km) and 10% of the Northwest Parkway USA (18 km) 24. The most recent achievement of the Group: the West segment of the ring roadCAPTIONRing Road West SegmentRing Road ProjectCCR ConcessionairesFour-lane HighwayHighway PoliceSOS Usurio 25. Unique Business ManagementAutoBAn Anhanguera Complex 2nd Phase (R$ 340 million)NovaDutra Marginais RJ / SJC / SP Serra das Araras(R$ 753 million) Safety works Other improvements(R$ 475 million) 26. Anhangera Project 1st and 2nd Phases 27. Anhangera Project Current Phase 28. Marginais Rio de Janeiro 29. Unique Business ManagementViaOeste Cebolo Project (R$ 235 million) Jandira / Itapevi Interchange Tolls adjustment Bidirectional tolls Ponte Improvements in Access to Niteri(R$ 150 million) Improvements in Access to Rio 30. Cebolo Project 31. Jandira Interchange 32. Unique Business Management Increased value of current agreements P j t to reduce escape routes Projects t dt Expansion of the tolled base Demand for new investments vs. Adjusments to agreements Debt refinancing (Releverages) 33. Unique Business ManagementRing Road (West Segment) Conclusion of initial works Beggining of toll operations (Dec/08) Bandeirantes Rodoanel Interchange Anhanguera Rodoanel Interchange 34. Rodoanel Toll Plazas 35. Unique Business Management qg1st Phase2nd Phase 3rd Phase Feb/10 Sep/09Jul/09 ViaQuatroOct/08 Operational Tests CommercialOperationMay/08Trains andLong-term Equipment Nov/07 financingAug/07S.O. ConstructionNov/06S.O. Project May/06 Contract - SupplyContractSigningBidOrganizational Development and Contract Management 36. Unique Business ManagementqgSTP Servios e Tecnologia de Pagamento User Base Growth (1,158,307 in Sep/08) Agreements with 35 Concessionaries(82% of the tolls) Operating in 22 parking l t O ti iki lots (SP RJ and PR) (SP,d 240 million transactions per monthPercentages of Revenues57%52%50% 46% Cash 40.2 %Other Electronic 54%59.7 % 417M Meios50% Eletrnicos21M48% 32 273MM 232M43% 3Q053Q063Q073Q08 37. Unique Business Managementqg STP Servios e Tecnologia de Pagamento % Revenue (AVI)Users (thousand) UN's9M08 VIAOESTE55.6% 55 6% AUTOBAN 58.7% 1,400 RENOVIAS49.8%1158 1,200 NOVADUTRA 55.0% 90927%1,000 RODONORTE 31.7%74023% 800 PONTE SA39.4%550 35%600 VIALAGOS28.9%40636% 286 400194 42% 8747% 200122% 0 2001 2002 2003 200420052006 2007 2008 * Information up to the 9M08.users growth 38. Traffic 39. Historic Perfomance of Tolled VehiclesRodoAnel Operational Startup Dec./08 60BidirecionalBidirecional vehiclescommercial vehicles AutoBanRenovias - AutoBAn Jul./04nd phase Jun./01 Acquisition 2jjun./08 50Bidirectional commercial vehicles Million- AutoBAn1st phase Feb./01Startup JacareNovaDutra 40 Aug./01 30 Bidirectional Araoiaba daViaOeste Acquisition Serra ViaOeste Mar./05 Fev./06 20 May/00May/01 May/02 May/03May/04 May/05May/06May/07 May/08Sep/00 Sep/01 Sep/02Sep/03 Sep/04Sep/05 Sep/06 Sep/07Sep/08Jan/00 Jan/01Jan/02Jan/03 Jan/04Jan/05 Jan/06Jan/07Jan/08 40. Traffic Historic Performance16.0%60.0%14.0%50.0% 12.0%40.0%40 0% 10.0%8.0% 30.0%6.0% 6 0%20.0% 4.0%10.0% 2.0% 2 0%0.0% 0.0% 1999 2000 2001 2002 2003 2004 20052006 2007Jan to Sep 2008 Annual feesAccumulated 41. 2008 Traffic Performance008 a c e o a ce12% 11.1% 11 1% 10%9.9%9.0% 8.2% 8%8.3% 8 3%7.8% 6%5.3%4.5% 4%2.7% 2% 0% JanFebMarAprMayJunJul AugSep2008/2007 42. Traffic PerformanceIndex ABCRsp x Index CCR Tolled Vehicles Dec 2004=100 14012010080ABCRsp AutoBAnViaOesteRenovias 43. Traffic Performance Index ABCRbr x Index CCR - Tolled VehiclesDec 2004=100D 2004 100 125115105 95 85 ABCR BrazilNovaDutra 44. Traffic Performance Index ABCRpr x Index CCR Tolled VehiclesDec 2004=100125115105 95 85 Oct/07 Nov/07 Dec/07 Jan/08 Feb/08 Mar/08 Apr/08 May/08 Jun/08 Jul/08 Aug/08 Sep/08 ABCRprRodoNorte 45. Motorization Index Historical EvolutionInhabitants per vehicle - Brazil 9.4 9.19.08.98.8 888.6 8.48.48.28.0 7.97.21996 19971998 1999 2000 2001 2002 2003 2004 2005 2006 2007Source: AnfaveaHigher credit offering for the automobile industry 46. Motorization Index Global View 9.1 Inhabitants per vehicle 7.9 79 7.4 1997 5.7 5.2 52 20064.7 4.33.11.8 1.7 1.5 1.7 1.5 1.7 1.7 1.7 1.3 1.2 South Italy Australia USA FranceCanadaMexicoArgentina Brazil Korea Source: AnfaveaIf the same trend observed in other countries reflects in Brazil, h d bdi h i fl i B il traffic x GDP elasticity ratio can increase significantly 47. Automobile fleet expansion potentialDomestic sales 1,945 1,5651,4281,423 1,299 1,363 1 363 1,264 1,245 1,154 1,166 1,032 956 1996 1997 1998 1999 20002001200220032004200520062007 Source: IpeadataThe number of potential clients are showing expansion 48. CCR System Traffic GrowthCCR Consolidated - Historical Evolution &amp; Elasticity Comparison between growth in GDP and Traffic 4Q99 = BASE 100 160150 AnnualVEQ CCR GDP 140 (1) 20004.3% 1.8% 130 20011.3%10.2% 120 20022.7% 7.8% 20031.2% 0.4% 110 20045.7% 7.0% 20052.9% 2.9% 100 20063.8% 2.3% 20075.4% 6.2% 902008 (2)6.0% 6 0% 8.0% 80 Accumulated 38.4%56.9% Elasticity1.5 4Q04 2Q054Q05 2Q064Q06 2Q074Q07 2Q08 4Q99 2Q00 4Q002Q01 4Q012Q02 4Q022Q03 4Q03 2Q04(1) IBGE New Methodology(2) Jan-Jul GDP TRAFFIC EQUIVALENT VEHICLES 49. Conclusions Characteristics of our highways minimize impacts from sector crisescrises. Historical traffic elasticity is 1.5x Brazil GDP. Favorable path in the motorization index could have a strong impact on traffic indicators. Main driver of the recent acceleration in traffic growth is the stronger economic growth in the regions where our toll roads are located. 50. Results 51. Overview: CCR Group Concessions pBusiness UnitEBITDA Margin (%) Remaining Term (Year) AutoBAn A t BA 69.9%69 9% 18.218 2NovaDutra59.2% 12.4ViaOeste 70.5% 14.3Ponte48.7%6.5ViaLagos 55.3% 13.2RodoNorte62.9% 13.1ViaQuatro66.1%30RodoAnel R d A l79.0%79 0% 29.629 6Renovias 65.2% 13.6 52. Historic EBITDA Marging70.0% 60.0% AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste 50.0% CCR 40.0% 2003 2004 2005 2006 2007 2008 53. Services 54. CCR(Average Monthly Service) Electric / Mechanical assistance 294,000 calls/year Lack of fuel and changing tires 108,000108 000 calls/year Yearly access to website - 2.8 million accesses Prehosp...</p>