ccr | presentation 2q14

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CCR | Presentation 2Q14

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  • 1. Earnings Results 2Q14 August, 2014
  • 2. voltar incio Disclaimer 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 CCRs 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. 2
  • 3. voltar incio Agenda Highlights Results Analysis Perspectives 3
  • 4. voltar incio 2Q14 and 1H14 Highlights TRAFFIC: Proforma consolidated traffic grew by 3.9% in 2Q14. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users increased by 13.6% over June 2013, reaching 4,525,000 active tags. ADJUSTED EBITDA: Same-basis1 adjusted proforma EBITDA increased by 5.2%, with an margin of 63.9%. In 1H14, same-basis1 adjusted proforma EBITDA climbed by 10.4%, with an margin of 65.5% (+1.3 p.p.). NET INCOME: Same-basis1 net income totaled R$292.9 million, a 3.8% reduction in 2Q14 and R$655.4 million, an increase of 2.4% in 1H14. 1 Adjustment excluding New Businesses, which are not operating yet (MSVia, Metr Bahia and BH Airport) and Curaao International Airport. In addition, on a pro-forma basis, it excludes Controlar, ViaRio and VLT. 4
  • 5. voltar incio Financial Highlights 2Q14 Revenue growth ... ... reflects the positive traffic performance. 1-Net revenue excludes construction revenue. 2-The Adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS, whose counter-entry of the same amount impacts total costs. 3- Adjustment excluding New Businesses, which are not operating yet (MSVia, Metr Bahia and BH Airport) and Curaao International Airport. In addition, on a pro-forma basis, it excludes Controlar, ViaRio and VLT. 4-Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses. 5 Financial Indicators (R$ MM) 2Q13 2Q14 Chg % 2Q13 2Q14 Chg % Net Revenues1 1,246.8 1,317.7 5.7% 1,442.7 1,507.2 4.5% EBIT 589.0 563.0 -4.4% 668.4 653.4 -2.2% Adjusted EBIT Mg.2 47.2% 42.7% -4.5 p.p. 46.3% 43.4% -2.9 p.p. EBIT on the same basis3 588.8 597.4 1.5% 667.4 690.7 3.5% EBIT Mg. on the same basis3 47.5% 46.0% -1.5 p.p. 47.2% 46.4% -0.8 p.p. Adjusted EBITDA4 797.0 797.5 0.1% 908.0 916.9 1.0% Adjusted EBITDA Mg. 63.9% 60.5% -3.4 p.p. 62.9% 60.8% -2.1 p.p. Adjusted EBITDA on the same basis3 795.1 828.0 4.1% 903.5 950.1 5.2% Adjusted EBITDA Mg. on the same basis3 64.1% 63.8% -0.3 p.p. 63.9% 63.9% - Net Income 304.4 275.8 -9.4% 304.4 275.8 -9.4% ProformaIFRS
  • 6. voltar incio 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 172,561 211,840 237,859 238,811 253,634 263,465 Traffic Quarter Change (Proforma) Consolidated Equivalent Vehicle Revenue and traffic 2Q14 X 2Q13 (%) * Information including Renovias which is contemplated in the proforma method. 6 AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias* RodoAnel SPVias 4.6 -0.9 5.9 -0.9 8.2 4.5 11.0 5.1 6.1 4.5 -0.1 12.5 -0.9 14.5 4.2 5.5 5.1 5.7 Traffic Toll Revenues
  • 7. voltar incio AutoBAn 28.4% NovaDutra 16.8% ViaOeste 13.6% RodoNorte 9.8% SPVias 7.9%Airports 4.2% STP 3.8% ViaQuatro 3.4% RodoAnel 3.2% Ponte 2.4% Barcas 2.3% Renovias 2.3% ViaLagos 1.4% Others 0.5% 2Q11 2Q12 2Q13 2Q14 65% 67% 69% 70% 35% 33% 31% 30% Electronic Cash Revenue Analysis (Proforma) Payment Means Gross Operating Revenues Gross Revenue Breakdown * Including the proportional results of jointly-owned subsidiaries. 7 2Q11 2Q12 2Q13 2Q14 93% 90% 84% 84% 7% 10% 16% 16% Toll Others
  • 8. voltar incio 2Q13 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 2Q14 Ex New Business 2Q14 Ex New Business 813.6 1229.3 943.8 25 18 (8) 41 315 1 23 (285) Costs Evolution (2Q14 X 2Q13) Same Basis Cash Cost: +5.4% Total Costs (R$ MM) New Projects Performed Work and New Projects Construction of Service Roads, Additional Lanes, Collection System and Curaao New Projects and Wage Increase 8 12% 27% 203% 51% 18% 16% 3% -9% 29%
  • 9. voltar incio 2Q13 Proforma EBITDA 2Q14 Proforma EBITDA Ex New Projects 2Q14 Proforma EBITDA Excluding New Projects 908.0 916.9 950.133 Proforma EBITDA 62.9% of Mg. 60.8% of Mg. 63.9% of Mg. Expansion of Proforma EBITDA excluding new projects ... ... reinforces cost control discipline. 9
  • 10. voltar incio Financial Results Change in the quarter financial results reflects ... ... the increase in the average SELIC rate beyond the higher debt stock. 33% 10 2Q13 Net Financial Result Income from Hedge Operation Monetary Variation ExchangeRate Variation on Loans, Financing and Debentures Present Value Adjustment of Maintenance Provision Interest on Loans, Financing and Debentures Interest and Investment Income and OtherIncome Fair Value of Hedge Operation Others 2Q14 Net Financial Result (152.5) (202.9) (16.2) (8.0) 23.1 (0.4) (66.9) 32.8 (11.0) (3,8) Chg. of average Selic 2Q14 X 2Q13 = +3.3 p.p. Gross Debt= R$ 8.9 B (+22.5%)
  • 11. voltar incio Same Basis Income1 1- Same Basis: Excluding Curaao Airport, MSVia, Metro Bahia and BH Airport. 11 9% 4% 2Q13 Net Income 2Q14 Net Income Ex New Projects 2Q14 Net Income Excluding New Projects 304.4 275.8 17 292.9
  • 12. voltar incio CDI 87.2% IPCA 7.8% TJLP 2.3% USD 1.8% Others 0.9% Debt in June 30, 2014 Gross debt by indexer Amortization Schedule (R$ 000) Total Gross Debt: R$ 9.0 Bi (R$ 10.5 Bi proforma) Net Debt / EBITDA: 2.0x... 12 2014 2015 2016 2017 From 2018 887 2,362 3,229 1,331 - 4 133 8 9 9 CDI Others 503 1,518 3,370 2,561 1,002
  • 13. voltar incio 5,893 6,330 6,344 7,212 7,018 6,944 6,600 7,609 7,620 7.859 6,902 7,247 1.9 2.0 1.9 2.2 2.1 2.0 1.8 2.0 1.9 2.0 1.9 2.0 -2,5 -1,5 -0,5 0,5 1,5 2,5 0 2.000 4.000 6.000 8.000 10.000 12.000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 1Q14 2Q14 Net Debt (R$ MM) Net Debt/EBITDA (x) Debt Company presents a comfortable leverage ratio in order to realize the investments in business recently conquered ... ... and follow with its qualified growth. Net Debt / EBITDA LTM IFRS10 and 11Proforma Data 13
  • 14. voltar incio Realized Investments and Maintenance 14 2Q14 1H14 2Q14 1H14 2Q14 1H14 2Q14 1H14 AutoBAn 65.8 124.8 3.3 5.2 69.1 130.0 0.8 0.9 NovaDutra 57.3 93.1 4.4 5.6 61.7 98.7 22.2 32.9 ViaOeste 22.1 29.3 5.4 7.1 27.5 36.4 7.7 13.1 RodoNorte (100%) 26.8 39.2 1.6 2.7 28.4 42.0 13.1 23.4 Ponte 0.2 1.2 0.2 0.3 0.4 1.5 0.8 1.3 ViaLagos 28.5 48.9 0.3 0.7 28.8 49.5 0.5 2.5 SPVias 65.1 102.5 2.4 4.6 67.5 107.1 15.8 25.1 ViaQuatro (58%) 1.0 1.5 1.2 1.6 2.2 3.0 0.0 0.0 Renovias (40%) -1.7 0.0 0.7 0.9 -1.0 0.9 1.2 1.2 RodoAnel (100%) 3.7 7.8 0.5 0.9 4.2 8.7 0.0 0.0 Controlar (45%) 0.4 0.4 -0.1 0.3 0.3 0.7 0.0 0.0 SAMM 1.0 2.5 6.4 15.5 7.4 18.0 0.0 0.0 ViaRio (33.33%) 14.4 14.0 0.0 0.1 14.4 14.1 0.0 0.0 Quito 0.3 8.7 -0.4 0.5 -0.1 9.2 0.0 0.0 San Jos 0.9 2.3 -0.0 0.0 0.9 2.4 0.0 0.0 Curaao 1.3 2.8 0.0 0.0 1.3 2.8 0.0 0.0 Barcas 4.9 5.2 2.0 4.9 7.0 10.1 0.0 0.0 VLT (24.44%) 1.4 2.9 0.2 0.2 1.6 3.1 0.0 0.0 Metr Bahia 116.5 121.1 4.1 5.2 120.6 126.3 0.0 0.0 BH Airport 0.1 0.1 0.9 0.9 1.0 1.1 0.0 0.0 MSVia 17.6 18.8 15.8 17.7 33.4 36.5 0.0 0.0 STP (34.24%) 2.9 4.8 16.9 23.7 19.8 28.5 0.0 0.0 Other1 0.0 0.0 5.6 15.0 5.