ccr | presentation 2q14

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Earnings Results 2Q14 August, 2014

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CCR | Presentation 2Q14

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Page 1: CCR | Presentation 2Q14

Earnings Results 2Q14August, 2014

Page 2: CCR | Presentation 2Q14

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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 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.

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Page 3: CCR | Presentation 2Q14

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Agenda

Highlights

Results Analysis

Perspectives

3

Page 4: CCR | Presentation 2Q14

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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, Metrô Bahia and BH Airport) and Curaçao International Airport. In addition, on a pro-forma

basis, it excludes Controlar, ViaRio and VLT. 4

Page 5: CCR | Presentation 2Q14

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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, Metrô Bahia and BH Airport) and Curaçao 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

Page 6: CCR | Presentation 2Q14

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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

Page 7: CCR | Presentation 2Q14

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AutoBAn28.4%

NovaDutra16.8%

ViaOeste13.6%

RodoNorte9.8%

SPVias7.9%Airports

4.2%

STP3.8%

ViaQuatro3.4%

RodoAnel3.2%

Ponte2.4%

Barcas2.3%

Renovias2.3% ViaLagos

1.4%

Others0.5%

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

Page 8: CCR | Presentation 2Q14

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2Q13 Depreciationand

Amortization

Third-partyServices

GrantingPower andAdvanced

Expenses

PersonnelCosts

ConstructionCosts

MaintenanceProvision

OtherCosts

2Q14 Ex NewBusiness

2Q14Ex 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)

NewProjects

Performed Workand

New Projects

Construction of Service Roads, Additional Lanes, Collection

System and Curaçao

New Projectsand

Wage Increase

8

12%27%

203% 51%

18%

16%

3%

-9%

29%

Page 9: CCR | Presentation 2Q14

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2Q13Proforma

EBITDA

2Q14Proforma

EBITDA

ExNew

Projects

2Q14Proforma

EBITDAExcluding

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

Page 10: CCR | Presentation 2Q14

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Financial Results

Change in the quarter financial results reflects ...

... the increase in the average SELIC rate beyond the higher debt stock.

33%

10

2Q13 NetFinancial Result

Income fromHedge Operation

MonetaryVariation

Exchange Rate Variation on Loans,

Financing and Debentures

Present Value Adjustment of

Maintenance Provision

Interest on Loans, Financing and

Debentures

Interest and Investment Income

and Other Income

Fair Value ofHedge Operation

Others 2Q14 NetFinancial 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%)

Page 11: CCR | Presentation 2Q14

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Same Basis Income1

1- Same Basis: Excluding Curaçao Airport, MSVia, Metro Bahia and BH Airport. 11

9% 4%

2Q13Net

Income

2Q14Net

Income

ExNew

Projects

2Q14Net Income

ExcludingNew Projects

304.4 275.8 17292.9

Page 12: CCR | Presentation 2Q14

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CDI87.2%

IPCA7.8%

TJLP2.3%

USD1.8%

Others0.9%

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 From2018

887

2,362

3,229

1,331

-

4

133

8

9

9

CDI Others

503

1,518

3,370

2,561

1,002

Page 13: CCR | Presentation 2Q14

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5,8936,330 6,344

7,212 7,018 6,944 6,600

7,609 7,620 7.8596,902 7,247

1.9 2.0 1.92.2 2.1 2.0

1.82.0 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 it’s qualified growth.

Net Debt / EBITDA LTM

IFRS10 and 11Proforma Data

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Page 14: CCR | Presentation 2Q14

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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 José 0.9 2.3 -0.0 0.0 0.9 2.4 0.0 0.0

Curaçao 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

Metrô 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 5.6 15.0 0.0 0.0

Consolidated 430.5 631.7 71.4 113.6 501.9 745.3 62.1 100.4

1 - Includes CCR and CPC

R$ MM

Performed Investments Performed maintenance

Improvements Equipments and Others Total Maintenance Cost

Page 15: CCR | Presentation 2Q14

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Dividends (Cash)

Commitment to pay at least 50% of net income as dividends to shareholders.

CCR’s Executive Board proposed the distribution of interim dividends of R$0.65 per share.

1 Considers the average share price in the year.

2013 Dividends

0.06

0.68 Interim

Complementary

2013 Cash dividends

paid per share

15

2%

4%

5%

4% 4%

5%5% 5%

4%

16%

58% 61% 65%

92%85% 85%

127%

90%

-70%

-20%

30%

80%

130%

2%

3%

4%

5%

6%

7%

1 2 3 4 5 6 7 8 9

Div. Yield Payout1

2.2%

4.2%

4.8%

3.8% 3.9%

5.0%4.6% 4.7%

3.9%3.7%

3.9%

16%

58% 61% 65%

92%85% 85%

127%

90% 90%96%

-70%

-20%

30%

80%

130%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

1 2 3 4 5 6 7 8 9 10 11

Div. Yield Payout2,2%

4,2%

4,8%

3,8% 3,9%

5,0%4,6% 4,7%

3,9%3,7%

16%

58% 61% 65%

92%85% 85%

127%

90% 90%

-70%

-20%

30%

80%

130%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

1 2 3 4 5 6 7 8 9 10

Div. Yield Payout

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

183263

500547

580

714 709 672

899

1,177

1,351

Net Income

Page 16: CCR | Presentation 2Q14

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Track Record

Milestone Concession Awarded Acquisition Concession Extension

IPO

(2002)STP

(2003)Follow-on

(April 2004)ViaOeste

(October 2004)RodoNorte

(2005)

AutoBAn +

ViaOeste

Concession

Extension (2006)ViaQuatro

(2006)USA

(2007)

(2008)

RenoVias

RodoAnel

(2008)Controlar

(2009)

Follow-on

(2009)

SP VIAS

(2010)

CCR Track Record: diversification and new bids

Via Lagos

Concession

Extension (2011)

• Airports: Quito, San

José and Curaçao

•Barcas

•ViaRio

(2012)• Increase in

Curaçao stake

(2013)

• VLT

• Metrô Bahia

• BH Airport

• MSVia

(2013)

16

Page 17: CCR | Presentation 2Q14

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