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2Q12 Earnings Results
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,
2
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.
Agenda
Highlights
3
Results Analysis
Perspectives
Highlights
NET REVENUES:
Increase of 11.0% compared to 2Q11.
EBITDA and EBITDA MARGIN:
Increase of +13.4% in EBITDA, with margin of 62.5%, up 1.3 p.p. in relation to 2Q11.
4
NET INCOME:
Reached R$ 224.3 million, up 37.7 p.p. in relation to 2Q11, benefited by increased cashflow generation, reduction of operational costs and financial expenses.
ELECTRONIC TOLL COLLECTION:
Electronic toll collections reached 67.4% of total toll revenues, with the number of users ofthe STP system expanding by 21.1% compared to June 2011, reaching 3,478,000 activetags.
Subsequent Events
� On July 2, 2012, CCR concluded the stages planned in the Shares and othersCovenants Purchase and Sale Agreement, now holding through its subsidiary, CPC,80.00% (eighty percent) of the representative capital shares of Barcas S.A.
5
� The Company’s board of directors proposed the distribution of R$ 0.54 as interimdividend per share, totalizing R$ 953.4 million, in anticipation of 2012 financial year.
Earnings Highlights
Expansion of EBITDA margin as a result of...
Financial Indicators (R$ MM) 2Q11 2Q12 Chg % 1H11 1H12 Chg %
Net Revenues* 1,080.2 1,198.6 11.0% 2,123.6 2,393.3 12.7%
EBIT 481.6 563.2 16.9% 965.0 1,170.8 21.3%
EBIT Mg. 44.6% 47.0% +2,4 p.p 45.4% 48.9% +3,5 p.p
...increased cash generation and cost reduction.6
EBIT Mg. 44.6% 47.0% +2,4 p.p 45.4% 48.9% +3,5 p.p
EBITDA 661.0 749.4 13.4% 1,323.0 1,529.9 15.6%
EBITDA Mg. 61.2% 62.5% +1,3 p.p 62.3% 63.9% +1,6 p.p
Net Income 162.9 224.3 37.7% 338.1 512.9 51.7%
Net Debt / EBITDA LTM (x) 2.2 2.0 - 2.2 2.0 -
EBITDA / Performed investments (x) 3.7 5.1 - 3.8 6.0 -
EBITDA / Interes and Monetary Variation (x) 2.7 4.6 - 3.1 4.5 -
* Net Operational Revenues excludes Construction Revenues
133,574 146,143
172,561
211,840
237,859 238,811
Traffic – Quarter Change
Consolidated – Equivalent Vehicle
2Q07 2Q08 2Q09 2Q10 2Q11 2Q12
0.1 -0.5
2.9
1.1
12.0
-0.8 -0.51.6 1.4
9.8
3.0
7.08.2
10.38.8
9.8
5.4
11.5
7
Revenue and Traffic 2Q12 X 2Q11 (%)
AutoBAn NovaDutra Rodonorte Ponte ViaLagos ViaOeste Renovias Rodoanel SPVias
Traffic Toll Revenues
95% 92% 93% 90%
5% 8% 7% 10%
AutoBan30.4%
NovaDutra
RodoNorte9.5%
SPVias8.1%
STP3.6%
RodoAnel3.4%
ViaQuatro3.0%
Ponte2.7%
Renovias2.3%
ViaLagos1.4%
Controlar1.1%
Others0.3%
Gross Operating Revenues
Revenue Analysis
Revenue Breakdown
2Q09 2Q10 2Q11 2Q12
56% 60% 65% 67%
44% 40% 35% 33%
Eletronic Cash
IGPM
60%
IPCA
40%
2Q09 2Q10 2Q11 2Q12
Toll Others
NovaDutra19.3%ViaOeste
14.9%
PaymentRevenue Indexer
8
Total
EBITDA and Costs (2Q11 X 2Q12)
EBITDA increased 13.4%
+ R$ 88 MM
EBITDA increased 13.4%
+ R$ 88 MM
34%11%5%
Total Costs (R$ MM)
+3 Traffic 0.4%
+46 Tariff and ancillary rev. 7.5%
+22 Other Revenues 56.6%
+16 EBITDA margin increae +1.3 p.p.
Aprox. contribution to
EBITDA increase (R$ MM)Source Increase %
Total Costs
Reduction
9
Maintenance
and Advisory
16% 34%
14%
11%
20%8%
1%
+ TrafficDelay in
approval of EP
and Eng. Proj.
Maintenance
Cicle Review
ViaQuatro
Civil Provisions
ViaQuatro
Energy and
Civil Provisions
2Q11 Depreciation and
Amortization
Third-Party Services
Concession fee costs
and anticipated expenses
Personnel Costs
Construction Costs
Maintenance Provision
Other Costs 2Q12
736726
16
229 (7) (47)
(9) 6
Financial Results Highlights
Better financial results reflects...
Net Financial Result (209.4) (202.9) -3.1% (415.2) (372.0) -10.4%
- Result from Hedge Operation 10.7 22.8 113.9% (32.8) 16.2 -149.5%
- Monetary Variation (6.6) (7.4) 12.8% (20.9) (12.1) -42.0%
- Exchange Rate Variation on Loans, Financing and Debentures 16.5 (52.6) -418.3% 41.7 (36.7) -188.2%
1H12 Chg %Net Financial Result (R$ MM) 2Q11 2Q12 Chg % 1H11
...the drop in Selic rate despite the depreciation of R$ against the USD.10
- Exchange Rate Variation on Loans, Financing and Debentures 16.5 (52.6) -418.3% 41.7 (36.7) -188.2%
- Present Value Adjustment of Maintenance Provision (18.4) (13.6) -25.9% (38.0) (28.3) -25.6%
- Interest on Loans, Financing and Debentures (234.2) (164.3) -29.9% (410.5) (340.6) -17.0%
- Interest and Investment Income and other Revenues 46.4 32.5 -30.1% 89.8 65.7 -26.8%
- Others¹ (23.8) (20.2) -15.3% (44.5) (36.1) -18.8%
¹ Comissions, fees, taxes, f ines and interest on taxes
USD11.1%
TJLP3.9%
IPCA2.4%
IGP-M1.4%
Debt in June 30, 2012
Gross debt by indexer
• Total gross debt: R$ 8.0 B
• Net debt/ EBITDA: 2.0X
•Increase from 7.1% in USD (1Q12)to 11.1% in debt mix due to the
• Total gross debt: R$ 8.0 B
• Net debt/ EBITDA: 2.0X
•Increase from 7.1% in USD (1Q12)to 11.1% in debt mix due to the
CDI81.2%
Amortization Schedule
cosolidation of Quito Airportcosolidation of Quito Airport
112012 2013 2014 2015 2016 2017 to 2023
1,513 2,065
949 956 926
88
17
258
73 76 80
381
1,673
2,394
1,195 1,094 1,063
486
CDI USD Others
Debt
Reduction of leverage indexes...
Net Debt/ EBITDA LTM
5,633 5,565 5,6306,186 6,152
5,8936,330
2.0
1.6
1.9
2.5
2.32.2
2.3
2.1
1.9
...due to strong cash generation and maturation of recent projects.12
Net Debt/EBITDA (x)
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
3,456
4,169
5,633 5,565 5,6305,893
Net Debt (R$ MM)
1.6
Amortization 2012 2013
AutoBan 1,197 71
SPVias 19 1,195
Debt Structure and Amortization
After these refinancings, the new amortization schedule will reflect...
In R$ MM
Amortization 2012 - 2013 Expected schedule after refinancing
2.000
2.500,
,SPVias 19 1,195
ViaOeste 33 176
NovaDutra 218 145
TOTAL 1,466 1,587
...broaden financial capacity for new business.
* Total debt described in the amortization schedule set above does not consider transaction costs.13
90% in 2012 and 65% in 2013
Projects performed and contracts in progress
Mandated financing
0
500
1.000
1.500
2012 2013 2014 2015 2016 From 2017
Current Target
,
,
Commitment to pay at least 50% of net income as dividends to shareholders.
Dividends
4.2%4.8%
3.8% 3.9%
5.0%4.6% 4.7%
3.9%
16%
58%61% 65%
92%85% 85%
127%
90%
-20%
30%
80%
130%
2,5%
3,5%
4,5%
5,5%
6,5%
7,5%
8,5%
9,5%
2.2% -70%1,5%
2,5%
1 2 3 4 5 6 7 8 9
2003 2004 2005 2006 2007 2008 2009 2010 2011
183
263
500547
580
714 709672
899
Net Income
4 5 6 7
Div. Yield Payout*
* Considers the average share price in the year
Milestone Concession Awarded Acquisition Concession Extension
IPO(2002)
STP(2003)STP
(2003)Follow-on(April 2004)Follow-on
(April 2004)ViaOeste(October 2004)
ViaOeste(October 2004)RodoNorteRodoNorte
AutoBAn +ViaOeste
Concession
AutoBAn +ViaOeste
Concession
Track Record
CCR Track Record: diversification and new bids
(October 2004)(October 2004)(2005)(2005)Concession
Extension (2006)Concession
Extension (2006)ViaQuatro
(2006)
USA(2007)
(2008)RenoVias
RodoAnel(2008)
RodoAnel(2008)
Controlar(2009)
Controlar(2009)
Follow-on(2009)
Follow-on(2009)
SP VIAS(2010)
15
Via Lagos Concession
Extension (2011)
Via Lagos Concession
Extension (2011)
2012:• Airports: Quito, San
Jose and Curaçao• Barcas
• Transolímpica
2012:• Airports: Quito, San
Jose and Curaçao• Barcas
• Transolímpica
Social and educational program‘Estrada para a Cidadania’‘Estrada para a Cidadania’
16
11 millionof indirect participants
1.5 million studentssince the beggining of the program
‘Estrada para a Cidadania’
participants
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
10,000 15,000 45,000 45,000 112,000 132,000 135,000 140,000 140,000 145,000 350,000 450,000
400 500 2,200 2,600 3,800 4,000 4,500 6,000 6,000 6,500 13,300 14,000
600,000
Students Teachers Drivers
Social and health program‘Estrada para a Saúde’‘Estrada para a Saúde’
18
In our structures, are performed more than 1,600 attendances per month.
‘Estrada para a saúde’
190m² of resting area for truck
drivers.
attendances/month
190m² of resting area for truck
drivers.
attendances/month
260m² of resting area for truck
drivers.
attendances/month
260m² of resting area for truck
drivers.
attendances/month
19
Thank you