Download - Presentation CCR DAY 9
PLANNING, TRANSPARENCE AND CREDIBILITY
São Paulo, November 14, 2013
09:00 a.m. Opening and welcome
Renato Vale
09:15 a.m. Transport infrastructure demands in Bahia
Governador Jaques Wagner
09:50 a.m. Q&A session with the Governor
10:45 a.m. Q&A session and coffee break
10:00 a.m. Regulatory benchmark: Brazil’s Infrastructure challenges
Prof. Paulo Resende
12:15 p.m. Overview of high-quality growth for the CCR Group
Leonardo Vianna / Arthur Piotto
11:15 a.m. Current business highlights
Italo Roppa / José Braz / Ricardo Bisordi
1:15 p.m. Conclusions and final remarks
Renato Vale
1:30 p.m. Debates, questions and answers and time for lunch
RENATO VALE
OPENING AND WELCOME
Main highlights Gross Revenue – R$ million
Main highlights EBITDA – R$ million
(E) – Market Consensus
,
Main highlights Net Income – R$ million
(E) – Market Consensus
,
Main highlights Dividends – R$ million
(E) – Market Consensus
GOVERNOR JAQUES WAGNER
TRANSPORT INFRASTRUCTURE DEMANDS IN BAHIA
JAQUES WAGNER
Q&A SESSION WITH THE GOVERNOR
PROF. PAULO RESENDE
REGULATORY BENCHMARK BRAZIL’S INFRASTRUCTURE CHALLENGES
Q&A SESSION WITH PROF. PAULO RESENDE
COFFEE BREAK
ITALO ROPPA
CONCESSIONS IN SP AND STP’S NEW CHALLENGES:
Highways in SP:
// DEMAND FOR NEW INVESTMENTS (in million)
AutoBAn: R$1,160
ViaOeste: R$1,850
SPVias: R$295
ViaQuatro: R$210
R$3,515
CCR AutoBAn
Highway improvements in Jundiaí (Anhanguera Highway): R$420
Duplication of SP – 324 (Access to Viracopos Airport): R$350
Accesses to EXPO - SP (Bandeirantes Highway): R$270
Accesses in Louveira (Anhanguera Highway): R$120
R$1,160
// // DEMAND FOR NEW INVESTMENTS (in million)
Video
VIDEO
CCR ViaOeste
Phase 1: R$870
Phase 2: R$500
Phase 3: R$480
R$ 1,850
// DEMAND FOR NEW INVESTMENTS (in million)
RAPOSO TAVARES HIGHWAY – INITIAL STRETCH
CCR SPVias
Duplication of SP–255 (Avaré urban stretch) R$110
Remodeling of the access to Tatuí : R$35
Beltway of Itapeva (SP-258): R$68
Beltway of Itararé (SP-258): R$22
R$295
// DEMAND FOR NEW INVESTMENTS (in million)
Additional lanes in SP-280: R$33
Additional lanes in SP-258 R$27
Renovias
// DEMAND FOR NEW INVESTMENTS
Expansion of the Ponto a Ponto Project
Stations: Vila Sônia, Morumbi,
Fradique Coutinho, Oscar
Freire, Higienópolis.
Increase in demand
per day: from 703,000 to 960,000
pass./day
Additional investments
(+15 trains + systems 5
stations):
R$685 million
ViaQuatro Investments - phase II
Start of operations:
Sept 2014
PHASE I PHASE II Vl. Sônia to Luz 5 new stations
Phase II = 12.8 km
Phase I = 8.9 km
Vila
Sônia
São Paulo
Morumbi
Butantã
Pinheiros
Faria Lima
Fradique
Coutinho Oscar
Freire
Paulista
Mackenzie
Higienópolis
República
Luz
ViaQuatro Demand for new investments
// EXPANSION OF LINE 4 UNTIL TABOÃO DA SERRA (3.1 KM) (3.1 KM)
R$154 million Rolling Stock :
R$56 million Signage and Telecommu-nication Systems :
TOTAL R$210 million
STP Raízen’s previous ownership structure
GSMP
9.32
4.68%
12.75%
35.00%
38.25%
STP New ownership structure
// STP NEW OWNERSHIP STRUCTURE
// COMPANY MARKET CAP (BASE DEC 2012) R$2,500,000,000.00
GSMP
34.24%
31.33%
11.41%
8.34%
4.68% 10.00%
STP Growth expectations
// REVENUE AND EBITDA GROWTH – R$ million
141 219
311
411
506 603
63 89 133
183 229
282
0
100
200
300
400
500
600
700
2008 2009 2010 2011 2012 2013 (E)
Revenue
EBITDA
//OPERATION:
States: SP / RJ / PR / RS / MG / BA / MT / MS / SC;
Toll plazas: 95%; Parking lots: 175; ABASTECE Project; New Projects.
STP Growth expectations
Video
VIDEO
JOSÉ BRAZ
CCR METRÔ BAHIA, CCR BARCAS, RIO’s LRT AND HIGHWAYS
Challenges and expectations
CCR METRÔ BAHIA
Barra Pituba
Campinas
Cajazeiras / Águas Claras
Length of 33.4 Km. 19 stations and 9 passenger transfer terminals.
Concession term
30 years
Tariff price R$2.10 per passenger (Base: April 2013)
Highlights
Highlights
// The concession is a PPP composed of the CCR Group and the
State and Federal Governments.
Highlights
In addition to representing another
operation in the urban mobility segment,
this achievement marks the start of the
activities of the CCR Group in Brazil’s
Northeastern region.
The covers of the printed editions of the three largest vehicles of
Bahia positively highlight the new Metro project.
//Press coverage
Highlights
* Supervised Operation
MAIN EVENTS
Signature of the Agreement 10/15/2013
Beginning of the works 10/28/2013
SM SL STRETCH BEGINNING OF OPERATION
(after signature of the agreement) STRETCH LENGHT
Lapa – Northern access (*) Jun/2014 6.6
Northern access – Retiro 11 months 1.6
Retiro – Pitajá 15 months 4.0
Pitajá – Águas Claras Expansion to be negotiated 5.5
Lapa – Bus Station 24 months 7.2
Bus Station – Imbuí 30 months 3.1
Imbuí – Pituaçu 30 months 2.7
Pituaçu – Mussurunga 36 months 6.7
Mussurunga – Airport 42 months 3.3
Airport – Lauro de Freitas Expansion to be negotiated -
Highlights
Contract addenda and new investments
FEDERAL CONCESSIONS:
Potential of Current Portfolio Various investment gaps were identified...
Connecting the bridge to Linha Vermelha; Niterói Tunnel (Mergulhão).
//CCR Ponte:
R$305 million
Source: financial statements of the business unit.
Serra das Araras; Rio, São Paulo e São José dos Campos Highways; Other safety works.
//CCR NovaDutra:
R$3 billion
Potential of Current Portfolio Various investment gaps were identified...
LRT in Rio de Janeiro
URBAN MOBILITY:
Investment : R$71.5 million/year (Base: Jun/12).
Urban Mobility Implementation of VLT Carioca
Extension of basic line: 28km;
No. of stations and stops: 46;
Fleet: 32.
// Concession terms: 25 years
Sources R$ million %
PAC Program 532 44.75%
Concessionaire 657 55.25% R$1.2 Investment
Billion
Source: Consortium proposal
CCR Barcas
URBAN MOBILITY
Potential of Current Portfolio Various investment gaps were identified...
State government: 9 vessels: 300 million; 2 new stations: 300 million.
Concessionaire: 2 vessels.
// Rebalanced Tariff:
R$4.50
// Committed Investments:
4 new vessels: Renovation of Araribóia station; Renovation of Praça XV; Bridge/ Floating Units/Piers.
// Committed investments:
//New Opportunities:
R$600 million for the remaining concession term, 200 million of which up to 2015 in: Completion of Praça XV; Recovery of shipyard; Expansion of other stations, among others.
Potential of Current Portfolio Various investment gaps were identified...
Improvements in Charitas Station
Improvements in Charitas Station
Improvements in Charitas Station
Improvements in Charitas Station
Improvements in Charitas Station
Improvements in Praça XV Station
Improvements in Praça XV Station
New Cocotá Station
New Cocotá Station
New Vessel Águia
New Vessel Águia
Revitalization Itaipú Vessel
Revitalization Itaipú Vessel
Revitalization Itaipú Vessel
Improvements in Araribóia station
Improvements in Araribóia station
VIDEO
RICARDO BISORDI
AIRPORTS
CCR’s operations in the airport sector
Conclusion of sale of assets and transfer of
ownership interests during the year.
Structuring of operation platform abroad;
Feb/2013: Beginning of operations of Quito’s new
international airport;
Beginning of CCR governance implementation process
in airports where it holds shared interest; agreement
on CCR’s long-term objectives with stakeholders;
Acquisition of more 39% interest in CUR.
2012
2013
Consolidation of platform and
identification of synergies and
partnerships.
2014 onwards
Opportunities
Great expectations for
growth of traffic and use
of air transportation.
Focus:
Investment program (contracts);
Commercial development;
Development of new routes.
September
YTD
Actual
2012
Actual
2013
2013/
2012
Airport 7,801,299 7,968,515 2.1%
Aeris 2,487,902 2,579,096 3.7%
Quito 4,043,381 4,105,429 1.5%
Curaçao 1,270,016 1,283,990 1.1%
Passenger traffic growth
Performance in 2013
quarters
9M
+2.1%
3Q
+1.2%
2Q
+1.1%
1Q
+4,2%
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
PAX 2012 PAX 2013
CURAÇAO
Terminal Expansion: Current Infrastructure
Terminal Expansion: Expansion Proposal
Terminal Expansion: Expansion Proposal
Curaçao
VIDEO
COSTA RICA
Juan Santamaría Airport
San Jose
2ND BEST AIRPORT IN CENTRAL AMERICA AND
CARIBBEAN (SKYTRAX)
EXCELLENCE LIST (ACI)
Juan Santamaría Airport (SJO)
Juan Santamaría Airport (SJO)
2ND BEST AIRPORT IN CENTRAL AMERICA AND
CARIBBEAN (SKYTRAX)
EXCELLENCE LIST (ACI)
Juan Santamaría Airport (SJO)
2ND BEST AIRPORT IN CENTRAL AMERICA AND
CARIBBEAN (SKYTRAX)
EXCELLENCE LIST (ACI)
Juan Santamaría Airport (SJO)
2ND BEST AIRPORT IN CENTRAL AMERICA AND
CARIBBEAN (SKYTRAX)
EXCELLENCE LIST (ACI)
Juan Santamaría Airport (SJO)
TERMINAL
EXPANSION
COMMERCIAL
CENTER
Passenger Terminal Expansion
Passenger Terminal Expansion
Commercial Area Expansion
Mariscal Sucre International Airport
QUITO
FIRST TRANSATLANTIC FLIGHT (QUITO -> MADRID)
OPERATION OF LARGE AIRCRAFTS (A340-600, B747-
800F)
New Quito Airport
AIRPORT NIGHT VIEW
New Quito Airport
PASSENGER TERMINAL VIEW
New Quito Airport
QUITO AIRPORT
CENTER
TERMINAL
EXPANSION
2 ADDITIONAL JET BRIDGES
TERMINAL EXPANSION
New Quito Airport
QUITO AIRPORT CENTER – OPENED IN NOV/2013
New Quito Airport
QUITO AIRPORT CENTER – OPENED IN NOV/2013
New Quito Airport
QUITO AIRPORT CENTER – OPENED IN NOV/2013
New Quito Airport
New highway, urban mobility and airport projects:
OVERVIEW OF HIGH-QUALITY GROWTH FOR THE CCR GROUP :
LEONARDO VIANNA
R$1.2 Investment
Billion
Urban Mobility Implementation of Rio LRT
Length of basic line: 28km;
No. of Stations and Stops : 46;
Fleet: 32.
// CONCESSION TERMS: 30 YEARS FROM START ORDER.
Sources R$ million %
PAC Program 532 46%
Municipal Gvt. 38 3%
Concessionaire 587 51%
Source: public hearing
Metro in Salvador and Lauro de Freitas
Lauro de
Freitas
Pirajá
Lapa
Implementation and Operation of the Urban Intercity Public
Transportation System (Salvador and Lauro de Freitas Metro Systems); Concession
objective
Sponsored Public-Private Partnership (PPP)
(Investment by Government); Model
30 years: 3 construction projects + 27 operations
Estimated startup of partial operations (18 months);
Concession
term
Presentation of Economic Proposals in Writing, followed by
open-outcry bidding on BM&FBOVESPA; Bidding
process
Lowest amount of investment by Government; Selection
criteria
Estimated at R$3.5 billion. Investments
Federal Budget PAC Large Cities: R$1.0 billion;
PAC Financing – Large City Mobility: R$600 million;
Current balance of Agreement for Line 1: R$250 million;
// FUNDING SOURCES (R$3.5 BILLION)
Investments by Private Partner: To be defined in the bidding process;
Investment by Government: To be defined in the bidding process.
Hato International, CUR
Acquisition: October 2012.
// OVERVIEW:
Aport S.A – 51% (CCR 40.8% Zurich 10.2%); Jansen de Jong – 49%. 28 airlines; 198 employees; 30 destinations; 26,000 arrivals and departures.
//// OWNERSHIP STRUCTURE:
2011 Revenue:
USD32 million;
2016 Revenue:
USD53 million;
1.6 million
passengers.
Source: Company reports, 2011
Curaçao Airport, Netherland Antilles
Urban Mobility
No. of Stations:15;
Expected initial
demand:
633,000 pax/day;
SP Metro Line 6
Length: 15.3km; Project Phase:
Public Consultation;
Total Investment :
R$7.7 billion.
Pátio Morro Grande
Bela Vista
Why did not we participate in Line 6 bidding process?
CAPEX = R$8.00 bi ->
10% = R$800mn greater
than the whole net
present value generated
during 30 years of the
project;
Underground works
-> higher risk;
Without executive
project.
// DISPROPORTIONAL RISK IN L-6 CIVIL WORK :
Why did not we participate in Line 6 bidding process?
Partial guarantee of the
Government investment :
Coverage of only 75%;
Greenfield Project:
Six years without
revenue/EBITDA
generation;
High financial effort:
Limitation for
participation in other
projects.
Why did we participate in Salvador metro system bidding process?
Surface works in median
strip (line 2);
Executive project for
line 1;
Basic project
for line 2.
// CONTROLLED CIVIL WORK RISK :
Why did we participate in Salvador metro system bidding process?
Total guarantee of
Government investment :
Participation of FPE;
Brownfield Project:
Revenue generation
in the first year;
Proper financial
effort: no limitation
for participation in
other projects.
CURRENT OPPORTUNITIES
Bidding processes still in 2013:
GALEÃO AND CONFINS AIRPORTS:
Proposal : Nov 18, 2013;
Auction: Nov 22, 2013.
Galeão - GIG
Beginning of the concession: March 2014; Beginning of the operation: August 2014; Investment: BRL 5.3 billion.
// Concession term: 25 years
Antonio Carlos Jobim Airport, Rio de Janeiro
2012 Revenue:
R$550 million;
Arrivals and
Departures:
148,000;
17.4 million
passengers.
Fonte: Infraero 2012
23% of Brazil’s international traffic; 7% of all domestic traffic in Brazil; 1103 employees.
// Figures:
Confins - CNF
Beginning of the concession: March 2014; Beginning of the operation : August 2014; Investment: BRL 3.7 billion.
// Concession term: 30 years
Tancredo Neves, Confins and Lagoa Santa Airport - MG
2012 Revenue:
R$196 million;
Arrivals and
Departures:
120,000;
10.4 million
passengers.
Source: Infraero 2012
6% of all domestic traffic in Brazil; 365 employees.
//Figures:
Bidding processes still in 2013
FEDERAL HIGHWAYS:
BR-163/MT
Proposal:
Nov 25, 2013;
BR -060/262
MG/GO
Proposal:
Dec 2, 2013;
BR -163 MS
Proposal:
Dec 2013;
BR-040 MG
Proposal:
Dec 2013/Jan
2014.
Bidding processes still in 2013 Federal highways – 3rd Stage
Concession stretch Sinop - MT/MS border
Length 850.0 km
Duplication until the 5th year 453.6 km
Number of toll plazas 09
Initial Ceiling Tariff (May 2012) R$0.03170 / km
Bid Notice Ceiling Tariff (May 2012) R$0.05500 / km 73.50%
CAPEX ANTT R$4.597 billion
LOT 07 - BR-163/MT ⇨ PROPOSAL: NOV 25, 2013
Brasília-Goiânia-Itumbiara-Uberaba-Betim
1,176.5 km
647.8 km
11
R$0.03360 / km
R$0.05940 / km 76.79%
R$7.146 billion
LOT 05 - BR-060/153/262 DF/GO/MG ⇨ PROPOSAL: DEC 2, 2013
Bidding processes still in 2013 Federal highways – 3rd Stage
Concession stretch
Length
Duplication until the 5th year
Number of toll plazas
Initial Ceiling Tariff (May 2012)
Bid Notice Ceiling Tariff (May 2012)
CAPEX ANTT
MT/MS border - MT/PR border
847.2 km
806.4 km
09
R$0.07100 / km
R$0.09240 / km + 30.14%
R$5.766 billion
LOT 06 - BR-163/MS ⇨ PROPOSAL: DEC 2013
Bidding processes still in 2013 Federal highways – 3rd Stage
Concession stretch
Length
Duplication until the 5th year
Number of toll plazas
Initial Ceiling Tariff (May 2012)
Bid Notice Ceiling Tariff (May 2012)
CAPEX ANTT
Concession stretch Juiz de Fora - Brasília
Length 936.8 km
Duplication until the 5th year 557.2 km
Number of toll plazas 11
Initial Ceiling Tariff (Jan 2012) R$0.04400 / km
Bid Notice Ceiling Tariff (Nov 2012) R$0.07864 / km 78.75%
CAPEX ANTT R$8.031 billion
LOT 09 – BR 040 DF/GO/MG PROPOSAL: DEC 2013 OR JAN 2014
Bidding processes still in 2013 Federal highways – 3rd Stage
Metro Systems
URBAN MOBILITY
Rio de Janeiro Niterói
Urban Mobility Niterói Metro Line 3
No. of Stations:14;
Estimated Initial
Demand:
R$350,000 day;
Length: 23km;
Project Phase:
Ongoing Declaration
of Private Interest
(MIP);
Total
Investment:
R$3 billion.
Guaxindiba
Araribóia
Urban Mobility Niterói Metro Line 3
Urban Mobility Brasília Metro
Brasília - DF
Renovation of trains: 80 old cars: modernized; 48 new cars: air conditioning. New trains: 160 new cars with air conditioning. Infrastructure: Electricity; Telecommunication systems; Integration terminals; Station surroundings; Various operational improvements.
//SCHEDULED INVESTMENTS – CONCESSIONAIRE
Length: Asa Norte: 1 km; Ceilândia: 2 km; Samambaia: 3 km.
// SCHEDULED INVESTMENTS - GDF
Asa Sul and Guará stations: 104 Sul; 106 Sul; 110 Sul;
Estrada Parque; Onoyama.
Central Ceilândia
Samambaia
Total Investments: R$2.3 billion
Urban Mobility Brasília Metro
Urban Mobility Curitiba Metro
Curitiba
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R.PROF.
EU RO
BRANDÃO
SCHI
ER
LEVI NO
RUA OSWALDOSTEPHANES
ROMFELD OTTORUA I GNEZ
LU IZA BAZ ZAN I N
ATAL
RUA MAR IA
KESSELRINGRUA LOURDES
RUA
DELMO D
E
ALMEIDA
RUA
VIEIRA BORG
E S
ANTÔ
NIO
PAULO WODONOSTR. IRMÃO
ACI L L.DA
CRUZRUA
SEGANTINITR. HÉLIO
A. SADO
R.JULIETA
RUA M
ARI A
DE SOUZA
RINALDINR
UA I VO
ESTAC IO NA M ENTO
ATERR O
SAN ITÁR IO
SANTA CÂNDIDA
ESTAÇÃO CIDADANIA
ESTAÇÃO BOA VISTA
ESTAÇÃO HOLANDA
TERMINAL CABRAL
ESTAÇÃO JUVEVÊ
ESTAÇÃO ALTO DA GLÓRIA
ESTAÇÃO PASSEIO
ESTAÇÃO DAS FLORES
ESTAÇÃO EUFRÁSIO
ESTAÇÃO OSVALDO CRUZ
ESTAÇÃO BENTO VIANA
CORREIA
ESTAÇÃO ÁGUA VERDE
ESTAÇÃO SANTA CATARINA
ESTAÇÃO MORRETES
TERMINAL PORTÃO
ESTAÇÃO HOSPITAL
TERMINAL
ESTAÇÃO NICOLA PELLANDA
PÁTIO CIC SUL
TERMINAL
EIXO OESTEEIXO LESTE
TERMINAL
EIXO BOQUEIRÃO
CENTRO
AV. M
AR
EC
HA
L F
LO
RIA
NO
PE
IXO
TO
AV. J
US
CE
LIN
O K
. DE
OLIV
EIR
A
CONTORNO NORTE
BR
- 1
16
BR - 116 - CURITIBA/QUATRO BARRAS
BR -
476
LIN
HA
VE
RD
E
LIN
HA V
ER
DE
DO TRABALHADOR
ESTAÇÃO CAPÃO RASO
TERMINAL
CAMPO COMPRIDO
PINHEIRINHO
CENTENÁRIO
ATUBAESTAÇÃO
ESTAÇÃO SANTA REGINA
No. of Stations: 21;
Estimated Initial
Demand:
520,000 pax/day;
Length: 22.4 Km;
Project Phase :
Declaration of Interest
delivered.
preparing for notice;
Total Investment:
R$4.5 billion.
Urban Mobility Curitiba Metro
Urban Mobility Porto Alegre Metro
Porto Alegre
No. of Stations:13;
Estimated Initial
Demand:
320,000 pax/day;
Length: 14.8km;
Project Phase :
Request of Declaration of
Interest by the
Government;
Total Investment:
R$2.5 billion.
Intermodal
Terminal
Rua da Praia
Intermodal
Terminal
Fiergs
Urban Mobility Porto Alegre Metro
Urban Mobility BH Metro
São Paulo Belo Horizonte
Public Investment
R$1.7 billion;
Private Investment:
R$1.2 billion;
Total Investment:
R$2.9 billion.
Adm. Center
of the
Government
Barreiro
Novo
Eldorado
Savassi
Urban Mobility BH Metro
URBAN MOBILITY São Paulo metro system projects
Projects in São Paulo:
LINE 17 MONORAIL – Gold (Morumbi/Jabaquara); LINE 15 MONORAIL – Silver (Cid.Tirad./ Oratório); LINE 5 METRO – Purple -(Largo Treze/Chac. Klabin).
// OPERATION
LINE 20 METRO – Pink R$14.0 bi
LINE 18 MONORAIL - Bronze R$3.2 bi
//IMPLEMENTATION:
Urban Mobility Line 20 – Pink and Line 18 - Bronze
//Line 20 – Pink of the São Paulo METRO will connect Lapa to Moema, with 12 kilometers and 14 stations.
//Line 18 – Bronze of the São Paulo METRO will connect L-2 to S.B.Campo, with 14.9 kilometers and 13 stations. Invitation to Bid Schedule: Nov 2013.
URBAN MOBILITY Intercity Train Project - TIC.
Urban Mobility Intercity Train
// Studied Network – 477 km
Demand/day 60,000 pass/day. Investments R$5.4 Billion. GESP Interest Investment: R$1.8 bi; Annual consideration: R$262 million (32 years).
//PPP Proposal to Begin the Network - 135 km
Urban Mobility Intercity Train
URBAN MOBILITY Salvador LRT Project
Calçada-Paripe = 12 km; Calçada-Elevador
Lacerda = 3,8 km.
Mobilidade Urbana Salvador LRT
URBAN MOBILITY Northern Beltway of Belo Horizonte
Urban Mobility Northern Beltway of BH
São Paulo Belo Horizonte
Purpose: Structuring of the Highway Metropolitan Beltway Project of the BHMR – northern stretch, with 67 km, connecting the municipalities of Sabará, Santa Luzia, Vespasiano, São José da Lapa, Pedro Leopoldo, Ribeirão das Neves, Contagem and Betim;
The proposed Beltway will connect the South and North portions of BR 381 (Fernão Dias).
// Declaration of Interest was presented: awaiting public consultation and publication of the Invitation to Bid
Date scheduled for the Bid: 1st half of 2014
Urban Mobility Northern Beltway of BH
URBAN MOBILITY Rio de Janeiro Beltway
Complementation of the Rio de Janeiro Beltway
Implementation of stretch 6; Operation of stretches 4, 5 and 6; Extension: 13 km; Investment: R$1.2 billion; Submission of studies: Feb/2014; Model: sponsored PPP.
// CCR won the Declaration of Interest to carry out studies to complement the RJ Beltway :
// GENERAL MAP OF THE RIO DE JANEIRO BELTWAY
Stretch 06
Stretch 05
Stretch 04
URBAN MOBILITY
Connection of Florianópolis with the continent in Santa Catarina
Urban Mobility Declaration of Interest – Great Florianópolis
Santa Catarina Florianópolis
//Declaration of Interest submitted: awaiting the State Government’s decision
Maritime
transportation of
passengers and
vehicles by ferry-
boats;
Demand:
42,000 passag./day
20,000 cars/day;
Investment of
R$940 million.
Urban Mobility Declaration of Interest – Great Florianópolis
TAMOIOS HIGHWAY
Tamoios Highway
Duplication length: 22 km; Operation length: 106 km; Investments: R$3.7 billion; Consideration: R$5,8 billion; Public investment: R$1.6 billion; Concession term: 30 years; Tariff revenue: R$3.5 billion; Public consultation: by December 6, 2013; Invitation to bid: end of Dec 2013 (forecast).
//Sponsored PPP for the implementation of the duplication of the hill stretch between São José dos Campos and the Port of São Sebastião :
AIRPORTS “Invest, diversify and grow: CCR 2020”
Santiago - SCL
Invitation to Bid: May 2014; Beginning of Operations: September 2014; Investment: USD716 million.
// Concession Term: 15 years (*)
Comodoro Arturo Merino Benítez International Airport
Arrivals and
departures
136,000;
15.2 million
passengers.
Source: Ministry of Public Works (MOP) and DGAC
(*) probable
Federal Program
Highway Concession PAC
LOT 1 LOT 2 LOT 3 LOT 8
BR-101/BA BR 262 ES/MG BR 153 TO/GO BR 116 MG
Length 772.30 375.60 814.00 816.70
Duplication until the
5th year 551.30 188.80 769.50 786.20
Number of Toll Plazas 9 5 11 8
Initial Ceiling Tariff
(May/12) R$0.07450 R$0.07820 R$0.05840 R$0.04707
Bid Notice Ceiling Tariff
(May/12) R$0.11720 R$0.11260 R$0.09850 R$0.10227
Increase in Bid Notice
Ceiling Tariff 57.32% 43.99% 68.66% 117.27%
ANTT Capex R$5.051 bi 2.107 bi 6.842 bi 7.170 bi
Highway Concession PAC Lots to be launched in 2014
Federal Program
Railway Concession PAC
Porto de Itaguaí
1 3 2
Porto de Santos
Porto de Paranaguá
Porto de Rio Grande
Porto do Rio de Janeiro
11
5
6
Porto de Vitória
Porto de Ilhéus
Porto de Salvador
Porto
de Suape
Porto de Pecém
Porto de Itaqui
Porto de Vila do Conde
Porto de Santarém
Porto de Marabá
Açailandia
Uruaçu
Porto de Porto Velho
Lucas R. Verde
Estrela D’Oeste
Maracajú
Belo
Horizonte
Corinto
Panaroma
Mafra
10
9
4
12
7
8
Railroads
// Main stretches to be procured
Federal plan for logistics investments
SP Rail Beltway Northern Segment; 1
SP Rail Beltway Southern Segment; 2
Access to Port of Santos; 3
Lucas do rio Verde Uruaçu; 4
Uruaçu – Corinto – Campos; 5
Rio de Janeiro – Campos – Vitória; 6
Belo Horizonte – Salvador; 7
Salvador – Recife; 8
Estrela do Oeste – Panorama – Maracaju; 9
Maracaju – Mafra; 10
São Paulo – Mafra – Rio Grande; 11
Açailândia – Vila do Conde. 12
10,000 km Total of
// Launch of bid notice+ drafting of proposals: 1st
half of 2014
// Total investments: R$91 bn
The Company’s performance, strategy and future:
OVERVIEW OF HIGH-QUALITY GROWTH FOR THE CCR GROUP:
ARTHUR PIOTTO
CREDIBILITY, OUR GREATEST INTANGIBLE ASSET
Credibility, an asset valued by CCR
Clear Strategy; Selectivity; Capital Discipline; Efficient Use of Balance Sheet; Operational Optimization.
21% of Ebitda CAGR and 46% of Dividend CAGR in 10 years.
// OUR SPEECH // WHAT WE DELIVER
Despite recurrent delays in bidding processes.
* EBITDA CAGR of Feb 2012 and Dividend CAGR of Mar 2013
// IN 2009, THIS WAS OUR INVESTMENT MESSAGE …
… which afterall lasts to date.
Credibility, an asset valued by CCR
AS DISCLOSED IN 2009, WE
DELIVERED … … our investment
message, yet in a period
of low activity in the
sector.
Credibility, an asset valued by CCR
R$1.9 bi
EBITDA 2009
EBITDA 2013(E) Market Consensus in
2010
R$3.8 bi
R$2.3 bi
EBITDA 2010(E) Market Consensus
+ SPVias + ViaQuatro
We are very
close to
reaching
approximate
growth of 60%
in EBITDA in
three years.
DESPITE THIS
SCENARIO, THE
MARKET EXPECTS
THAT CCR DELIVER
what was
planned in 2009
within one year
in advance.
1.9 2.3
2.9
3.3
3.8
~4.0
EBITDA 2009
EBITDA 2010
EBITDA 2011
EBITDA 2012
EBITDA 2013(E)
Market
Consensus in 2010
EBITDA 2013(E)
CURRENT Market
Consensus
R$ Billion
Credibility, an asset valued by CCR
AND IT MAY
HAPPEN AGAIN,
BASED ON A SOLID
PORTFOLIO
we trust in our
potential for more
deliveries.
Credibility, an asset valued by CCR
1.9 2.3
2.9
3.3
3.8
~4.0
EBITDA 2009
EBITDA 2010
EBITDA 2011
EBITDA 2012
EBITDA 2013(E)
Market
Consensus in 2010
EBITDA 2013(E)
CURRENT Market
Consensus
R$ Billion
5.5 to 6.5
EBITDA 2013(E)
CCR Day 2012
Possible
increase of
~50% in
EBITDA
OUTLOOK AND PROJECT TRACK RECORD
Assets conceded in Brazil– 2002 to 2011
No project 2002 R$0
No project 2003 R$0
MG050 2004 R$1,520
No project 2005 R$0
São Paulo Metro Line 4 2006 R$1,506
7 Federal Highways 2007 R$15,403
6 São Paulo State Highways 2008 R$10,211
BR116/BR324 in Bahia 2009 R$2,602
BA093 and southern and eastern
stretches of São Paulo Beltway
2010 R$6,786
MT130, PE060 and 1 Airport 2011 R$989
Total
Investment
R$39,017
Amounts restated by the Broad Consumer Price Index (IPCA) up to September 2013 (in million).
TOTAL: 9 PROJECTS TOTAL ESTIMATED INVESTMENT : ~R$38 BI
The search for
solutions for
infrastructure
bottlenecks has
begun.
BR101 (ES/BA) R$1.7
Guarulhos Airport R$5.2
Viracopos Airport R$9.9
Brasília Airport R$2.7
ViaRio R$1.8
Rio LRT R$1.2
Salvador Metro System R$3.9
BR 050 R$3.0
São Paulo Metro Line 6 R$9.0
// INVESTMENTS (IN BILLION)
Assets conceded in 2012 and 2013
Recent auctions
BR101 (ES/BA) R$1.7
Guarulhos Airport R$5.2
Viracopos Airport R$9.9
Brasília Airport R$2.7
ViaRio R$1.8
Rio LTR R$1.2
Salvador Metro R$3.9
BR 050 R$3.0
São Paulo Metro Line 6 R$9.0
OF 9 PROJECTS, WE TOOK PART IN 7 AND WON 3.
BOATS AND 3 AIRPORTS +
Projects in which
CCR took part
Projects won by CCR
Projects in which CCR
did not take part
// INVESTMENTS (IN BILLION)
the portfolio’s
expansion is
based on
selectivity …
... and capital
discipline, CCR’s
characteristics.
In Million Investments EBITDA* Remaining
Term
CCR Barcas R$180 R$45 10
3 Airports R$480 R$200 24
ViaRio R$233 R$33 34
Rio LRT R$130 R$18 25
Salvador Metro R$1,659 R$255 30
Credibility, an asset valued by CCR
Investments of
In five years, market analysts estimate the following increase:
R$2,682
* 14% of
EBITDA/year
In million
* According to analysts’ expecftations
In the last two
years, CCR
added seven
new businesses… ... backed by the efficient use of balance sheet.
* NPV of up
to R$3.8 bi
.7
Galeão Airport R$5.3
Confins Airport R$3.7
BR 163 R$4.6
BR 060/153/262 R$7.1
BR 163/262/267 R$5.8
Goiânia LRT R$2.1
Tamoios Highway R$3.7
Niterói Line 3 R$3.0
São Paulo Line 18 R$3.2
TOTAL: 23 PROJECTS
4 Metro Projects R$12.2
IN VIEW OF THE
GROWING DEMAND
FOR
INFRASTRUCTURE
and speed up of
auctions, make
your allocations.
Short and long-term opportunities
São Paulo Line 20 R$14.0
TIC R$5.4
Others R$24.8
//(IN BILLION)
TOTAL ESTIMATED INVESTMENT: ~R$103 BI
IS CCR’S CURRENT FINANCIAL STRATEGY
STILL ADEQUATE TO A SCENARIO OF GREATER
BUSINESS OUTLOOK?
YES, IT IS. WHY?
Investment capacity Financial strategy
Debt of 3.0x Net
Debt/EBITDA.
The Company’s growth
will be financed by
leveraging.
Payout commitment of
at least 50% of net
income as dividend.
// PERFORMED BUSINESSES
Financing sources
Bank Credit
Bank Credit Bill (CCB);
Credit Facility;
Loan Agreement.
Stock Market
Debentures and Promissory Notes;
Subsidized Debentures;
External funding;
Private placements.
// NEW BUSINESSES
BNDES;
FI-FGTS;
Pró Transporte;
FINISA;
VITER.
Based on our balance sheet, we believe in a sufficient credit offer for new projects.
220%
Net Income
(BRL MM)
Risk (BRL MM)
TJLP BRL PRE
Risk/ L. L.
CDI
Risk(MM BRL)
50 100 150 200 250 300 350 400
1940
1950
1960
1970
1980
1990
2000
Net
Incom
e (
MM
BRL)
// Based on operational variables, we may determine debt breakdown that provides the best risk/return ratio.
Debt mix optimization
Investment capacity Financial strategy
Debt of 3.0x Net
Debt/EBITDA.
The Company’s growth
will be financed by
leveraging.
Payout commitment of
at least 50% of net
income as dividend.
Leveraging
Investment capacity
2.6
2.0
0.8 1.1 0.9 0.8
1.5 1.5
2.5 2.1 2.2 2.0
1.2
2002
1.1
2003
0.6
2004
1.2
2005
1.1
2006
1.2
2007
2.6
2008
2.9
2009
5.6
2010
6.2
2011
7.2
2012
7.5
2013
8,1
2013E
11.2 R$ Billion
Market Consensus Net Debt Net Debt/EBITDA
3.0
Additional Capacity
of R$3.7 billion
2013
EBITDA in the last 12 anos, base Sept 2013
Net Debt: Market Consensus
Debt of 3.0x Net
Debt/EBITDA.
The Company’s growth
will be financed by
leveraging.
Payout commitment of
at least 50% of net
income as dividend.
Investment capacity Financial strategy
Dividends
-
183 263
500 547 580
714 709
899
1,177
672
1,439
30 152 302 355
532 605 609
852 803
1,054
1,301
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
Net Income
Dividends
Net Income(E)*
R$ million
Div Yield
Payout
2.2%
4.2% 4.8% 3.8% 3.9%
5.0% 4.6% 4.7% 3.9% 3.7% 3.9%
92%
16% 58% 61% 65% 85% 85%
127% 90% 90% 90%
* Market Consensus
Conclusion
The current potential
of new growth
opportunities;
The Group’s additional
indebtedness capacity;
The access to the capital
market provided by the
three pillars of the
financial strategy;
The development of
PPPs’ market;
The strong support to
financing of the
infrastructure sector;
The better economic
feasibility of assets to
be conceded;
The recent success in
the acquisition of new
businesses.
//... CCR has energy to expand its businesses, adding value to shareholders without excluding the capital discipline and quality of assets.
// CONSIDERING...
RENATO VALE
CONCLUSIONS AND FINAL REMARKS:
Proven Track Record
CCR has a proven track record in acquisitions, diversification or new bidding processes.
IPO
(2002) STP
(2003) Follow-on
(April 2004) ViaOeste
(October 2004) RodoNorte
(2005)
Expansions
AutoBAn +
ViaOeste
(2006) ViaQuatro
(2006)
Renovias
(2008)
RodoAnel
(2008)
Controlar
(2009) Follow-on
(2009)
EUA
(2007)
NEXT PROJECTS … Several growth opportunities.
Concessions Obtained
Concession Extension
Acquisitions Benchmarks
Company Performance
CCR has a proven track record in acquisitions,
diversification or new bidding processes.
IPO
2002 2003 2004
Follow-on (April) CCR ViaOeste (October)
2005 2006 2007
EUA
2008 2009
Follow-on
2010 2011 2012
Transolímpica
2013
Several growth opportunities
RIO LRT
Concessions Obtained
Concession Extension
Acquisitions Benchmarks
Conclusion
The current potential
of new growth
opportunities;
The Group’s additional
indebtedness capacity;
The access to the capital
market provided by the
three pillars of the
financial strategy;
The development of
PPPs’ market;
The strong support to
financing of the
infrastructure sector;
The better economic
feasibility of assets to
be conceded;
The recent success in
the acquisition of new
businesses.
//... CCR has energy to expand its businesses, adding value to shareholders without excluding the capital discipline and quality of assets.
// CONSIDERING...
RELATIONSHIP (DIALOGUE) How to prepare for the CCR of the future:
CHALLENGES
GOING CONCERN Sustainability
CHALLENGES
People Management
CHALLENGES
In 2009...
...Level change
EBITDA
R$2 bi
PRICE
R$37/share
EV/EBITDA
10.5x
EBITDA
R$4.0 bi
PRICE
R$??/share
EBITDA
R$4.5 bi PRICE
R$???/share
(1) Ebitda considered for calculation was the market consensus of R$2.000 million for 2009
Thinking ahead... C
urr
en
t 2
01
3E
EV/EBITDA
10.5x
Level Change
PRICE
R$9.25/share
In 2012...
...Mudança de Patamar
Pensando Alto...
... and how 2016 will be?
...Mudança de Patamar
(1) Ebitda considered for calculation was the market consensus of R$2.000 million for 2009
(2) (E) Market consensus
PRICE
PRICE
EV/EBITDA
EBITDA
6.5 bi 20
16
(E
) EBITDA
R$5.5
EBITDA
R$4.0 bi
20
13
(E
)
QUESTIONS AND ANSWERS
DEBATES,
TIME FOR
LUNCH
PLANNING, TRANSPARENCY AND CREDIBILITY