presentation 4q16
TRANSCRIPT
Earnings Results 4Q16
March, 2017
Disclaimer
2
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.
TRAFFIC:
Consolidated traffic¹ fell 7.0%.
• ADJUSTED EBITDA:
Adjusted EBITDA increased by 0.4%, with an adjusted margin of 58.4% (+0.2p.p.). Same-basis² adjusted EBITDA grew 5.1%, with an adjusted margin of63.1% (+0.7 p.p.).
NET PROFIT:
Net income totaled R$169.5 million, 30.8% down. Same-basis net incometotaled R$214.4 million, 12.9% down.
CORPORATIVE HIGHLIGHT:
The Board of Directors’ meeting of November 4 approved the payment ofdividends of around R$0.42 per share as of November 18.
4Q16 Highlights
3
1 Excluding the proportional traffic of Renovias.
² Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31,
2016; and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.
SHARES OFFERING:
On February 16, 2017, the Company announced the end of its primary public
offering with restricted placement efforts, with the issue of 254,412,800 new
shares, at R$16.00, totaling R$4.07 billion.
Subsequent Event
Financial Highlights
5
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31, 2016;
and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
Net Revenues11,691.1 1,690.7 0.0% 1,957.6 1,895.3 -3.2%
Adjusted Net Revenues on the same basis21,540.7 1,602.0 4.0% 1,799.5 1,787.5 -0.7%
Adjusted EBIT3682.2 601.5 -11.8% 755.6 690.6 -8.6%
Adjusted EBIT Mg.440.3% 35.6% -4.7 p.p. 38.6% 36.4% -2.2 p.p.
EBIT on the same basis2 663.5 626.3 -5.6% 736.5 713.9 -3.1%
EBIT Mg. on the same basis2 43.1% 39.1% -4.0 p.p 40.9% 39.9% -1.0 p. p
Adjusted EBITDA5984.5 988.0 0.4% 1,108.0 1,112.2 0.4%
Adjusted EBITDA Mg.458.2% 58.4% 0.2 p.p. 56.6% 58.7% 2.1 p.p.
Adjusted EBITDA on the same basis2 961.5 1,010.3 5.1% 1,044.7 1,131.1 8.3%
Adjusted EBITDA Mg. on the same basis2 62.4% 63.1% 0.7 p.p. 58.1% 63.3% 5.2 p.p.
Net Income 244.8 169.5 -30.8% 244.8 169.5 -30.8%
Net Income on the same basis2 246.3 214.4 -12.9% 246.3 214.4 -12.9%
4Q15 4Q16 Chg %
IFRS Proforma
Financial Indicators (R$ MM) 4Q15 4Q16 Chg %
247,459 255,153
276,784 274,866 263,925
246,897
4Q11 4Q12 4Q13 4Q14 4Q15 4Q16
Traffic – Quarter Change (Proforma*)
6
Consolidated – MM Equivalent Vehicle
Revenue and traffic 4Q16 X 4Q15 (%)
* Information including Renovias and ViaRio which are contemplated in the proforma method.
Excluding
ViaRio
245,757 (-6.9%)
-6.9 -3.8
-9.7 -7.4 -6.6
-2.6 -5.5
-9.5
-14.6
1.2 2.7
-4.7
-0.5
0.4
5.5
-0.7 -2.7
-9.2
AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias Rodoanel SPVias MSVia
Tráfego Receita de Pedágio
-2.2 -10.7
1.9 -3.1 -1.5 -2.5
-2.0 -0.9
1.3 2.7
7.2 1.6
3.5
1.1
10.3 3.7
AutoBAn NovaDutra RodoNorte ViaLagos ViaOeste Renovias RodoAnel SPVias
Traffic Toll Revenues
Gross Operating Revenues
(excluding construction revenue)
7
Payment Means
EBITDA Breakdown
Revenue Analysis (Proforma*)
* Including the proportional results of jointly-owned subsidiaries.
Autoban25.7%
NovaDutra16.3%
ViaOeste12.5%
Aeroportos8.2%
Rodonorte8.1%
SPVias7.4%
MSVia3.4%
RodoAnel3.1%
ViaQuatro3.3%
Renovias2.2%
Barcas1.5%
ViaLagos1.4% TAS
2.9%Outros3.9%
8
9%
Conclusion of civil works in
NovaDutra and Rodonorte
20% 46% 25%13%
Reduction atBH Airport
New business
Same-basis
Cash Cost: R$
611 MM (-4.8%)
Capex (New business)
3%
Same-basis Cash
Cost: R$ 713 MM
ProformaSame-
basis Cash
Cost: R$ 677
MM (-5.0%)100% 0%
IFRS Costs Evolution
Total Costs (R$ MM)
Update estimatesRodoNorte,
SPVias e ViaOeste
1,660
2,070
1,503
29 21 3 41
30955 0 567
4Q15 Depreciationand
Amortization
Third-partyServices
GrantingPower andAdvancedExpenses
PersonnelCosts
ConstructionCosts
MaintenanceProvision
OtherCosts
4Q16 Ex NewBusiness
4Q16Ex New
Business
1,1081,112
1,131(19)
4Q15ProformaEBITDA
4Q16ProformaEBITDA
NewProjects
4Q16ProformaEBITDA
Same Basis
Proforma EBITDA*
9
56.6%
Mg.
* Same-basis figures exclude new businesses, either non-operating, under assisted operation, or which were not part of the portfolio during at least one of the
comparison periods: Metrô Bahia, TAS, Controlar, ViaRio, VLT, STP and Quiama.
*
4Q15 Same basis
R$ 1,045 MM
58.1% Mg.
4Q16 Same basis
R$ 1,131 MM
63.3% Mg.
R$ MM
58.7%
Mg.
416.4 410.5
(37.0) 54.2
4.0
(74.2) (3.4)
(40.9) (3.0) 55.8
17.6
4Q15 NetFinancial
Result
Income fromHedge
Operation
Monetaryvariation on
loans, financ.and
debentures
MonetaryVariation on
Liabilitiesrelated to the
GrantingPower
ExchangeRate Variationon Loans and
Financing
Present ValueAdjustment ofMaintenance
Prov. andLiabilities
related to theGrantingPower
Interest onLoans,
Financing andDebentures
InvestmentIncome and
Other Income
Fair Value ofHedge
Operation
Others 4Q16 NetFinancial
Result
10
1.4%
•Average cash balance 4Q16 x 4Q15 = 36.2%
• Chg. of average CDI 4Q16 X 4Q15 = - 0.3 p.p.
• Gross Debt = R$ 16.2 bi (+14.5%)
R$ MM
IFRS Financial Results
245
214
169
(45.0)
4Q15Net Income
4Q16Net Income
NewProjects
4Q16 Net IncomeSame Basis
11
R$ MM
Same basis
R$ 246.3 MM
*
Same basis
R$ 214.4 MM (-12.9%)
Net Income
* Same-basis figures exclude new businesses, either non-operating, under assisted operation, or which were not part of the portfolio during at least one of the
comparison periods: Metrô Bahia, TAS, Controlar, ViaRio, VLT and STP.
4Q16
4Q15
Gross hedged debt by indexer
12
Gross debt by indexer
• Total Gross Debt: R$ 16.2 bi (R$17.5
bi proforma)
• Net Debt / EBITDA: 2.5 x
(2.4 x proforma)
Not hedged
Hedged
4Q16
Debt in December 31, 2016
Indebtedness and leverage position
*On August 31, the sale of STP was concluded. Excluding this R$1,307.7 million impact on EBITDA LTM, the Net Debt/EBITDA ratio came to 3.3x (IFRS) and 3.1x in
proforma figures in December 2016.
*
Hedged
CDI50.9%
IPCA19.2%
TJLP18.2%
USD11.7%
CDI82.1%
IPCA12.4%
TJLP3.5%
USD2.0%
CDI74.8%
IPCA5.5%
TJLP18.2%
USD1.5%
Debt Structure and Amortization
Amortization 2017 - 2018 Amortization Schedule/ Not hedged (R$ MM
12
Amortization (R$ MM) 2017 2018
CCR S.A. 1,392 831
Metrô Bahia 925 487
Rodoanel 883 275
Autoban 569 1,551
NovaDutra 356 154
BHAirport 294 0
ViaOeste 281 0
Barcas 199 0
SPVias 178 249
Others 255 252
Total 5,332 3,798
3,277
2,401 1,993
264 360
340
89
78
114
2,355
1,343
351
170
21
16
372
957
907
533
371
2017 2018 2019 2020 From2021
CDI TJLP USD Others
3,1023,148
3,798
5,332
931
14
4Q16 Fundraising
Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity
Metrô Bahia Oct-16 120.0 BNDES TJLP + 3.18% p.a. Oct-42
ViaQuatro (100%) Oct-16 70.0 Debentures CDI + 1.5% p.a. May-17
Barcas Oct-16 191.0 Commercial Paper 129% of CDI Jul-17
MSVia Oct-16 103.8 Caixa Finisa TJLP + 2.00% p.a. Mar-39
MSVia Oct-16 43.2 Caixa Pass-Through TJLP + 2.00% p.a. Mar-39
ViaRio (100%) Oct-16 400.0 Debentures CDI + 4.5% p.a. Apr-17
ViaRio (100%) Nov-16 140.4 Credit Facility CDI + 4.5% p.a. Apr-17
RodoNorte Nov-16 100.0 Debentures IPCA + 6.06% p.a. Nov-21
AutoBAn Nov-16 800.0 Commercial Paper 106.50% of CDI Jan-18
ViaOeste Dec-16 270.0 Debentures IPCA + 6.2959% p.a. Nov-21
BH Airport Dec-16 80.0 BNDES TJLP + 2.40% p.a. Jul-17
Metrô Bahia Dec-16 90.1 BNDES TJLP + 3.18% p.a. Oct-42
Total 2,408.5
7,620 7,859 8,081
9,562 9,82610,413 10,734
12,42312,971
13,94513,261
14,443
12,27213,356
1.9 2.0 2.02.3 2.4 2.5 2.5
3.0 3.0 3.1
2.2 2.42.8 3.0
-3.8
-2.8
-1.8
-0.8
0.2
1.2
2.2
3.2
4.2
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 3Q16 4Q16
Net Debt (R$ MM) Net Debt/EBITDA (x)
15
R$ MM
Proforma Data IFRS 10 and 11
• *Adjusted EBITDA in LTM 4Q16 include one-off of R$ 1,307.7 million regarding STP sale. Excluding this effect, Net Debt/EBITDA on December 2016 would have reached 3.3 x (IFRS)
and 3,1 x proforma at 4Q16
Debt
Net Debt / EBITDA LTM R$ MM
16
1- The investments made by the Company, which will be reimbursed by the granting authority as monetary consideration
or contribution, compose the financial assets.
2- Includes CCR, MTH, CPC and eliminations
3- Booking of site in the municipalities of Cajamar and Caieiras
Investments and Maintenance
4Q16
Ponte 0.0 0.0 0.0 0.0 0.0
NovaDutra 21.7 13.2 34.9 11.0 0.0
ViaLagos 8.9 0.9 9.8 0.1 0.0
RodoNorte (100%) 60.6 4.1 64.7 21.9 0.0
AutoBAn 23.7 8.5 32.2 28.5 0.0
ViaOeste 21.0 7.1 28.1 13.2 0.0
RodoAnel Oeste (100%) 3.2 1.2 4.4 2.5 0.0
Samm 7.9 5.4 13.3 0.0 0.0
SPVias 35.1 3.1 38.2 3.5 0.0
CAP 8.7 0.0 8.7 0.0 0.0
Barcas 0.0 0.1 0.1 0.0 0.0
Metrô Bahia 363.4 2.1 365.5 0.0 216.7
BH Airport 164.0 11.3 175.3 0.0 0.0
MSVia 158.9 7.5 166.4 0.0 0.0
CCR USA Airport 0.0 0.0 0.0 0.0 0.0
TAS 0.1 0.7 0.8 0.0 0.0
Renovias (40%) 0.4 1.9 2.3 3.0 0.0
ViaQuatro (60%) 49.6 1.2 50.8 0.0 0.0
STP (34.24%) 0.0 0.0 0.0 0.0 0.0
ViaRio (33.33%) (3.6) 0.2 (3.4) 0.0 0.0
VLT (24.93%) (26.8) 0.4 (26.4) 0.0 14.9
Quito - Quiport (50%) (40.8) (1.3) (42.1) 0.0 0.0
San José - Aeris (48.75%) 0.5 (0.3) 0.2 0.0 0.0
Outras2(3.6) 8.6 5.0 0.0 0.0
Consolided 852.9 75.9 928.8 83.7 231.6
SPCP30.0 30.3 30.3 0.0 0.0
Intangible AssetsPerformad
Maintenance Performa
Financial Asset1
R$ MM ImprovementsEquipments and
OthersTotal Maintenance Cost