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3Q11 Earnings Results
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 toFully 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.
Disclaimer
2
Agenda
3Q11 Earnings Results
Analysis of the Results
Prospects
3
Highlights
TRAFFIC:
Growth of 10.7% in 3Q11 and 13.2% in 9M11. Regarding the same traffic base, we recorded a growth of 4.4% and 6.1%, respectively.
ELECTRONIC TOLL COLLECTION:
Electronic toll collections stood at 66.4% in 3Q11 (61.4% in 3Q10), with the number of users of the STP system expanding by 30.2% compared to September 2010, reaching active active 3,048,000 tags.
EBITDA and EBITDA MARGIN
Growth of +41.5% of EBITDA in 3Q11, with a margin of 67.0%, up 7.5 p.p.
4
3T11’s Earnings Highlights
Strong expansion of EBITDA as a result...
... of the growth of traffic and cost discipline.
6
Financial Indicators (R$ MM) 3T10 3T11 Var % 09M10 09M11 Chg%Net Revenues (1) 978,4 1.228,5 25,6% 2.715,4 3.352,1 23,5%Total Costs (2) (497,5) (576,2) 15,8% (1.328,6) (1.734,8) 30,6%EBIT(3) 480,9 652,4 35,7% 1.386,7 1.617,4 16,6%EBIT Mg. 49,2% 53,1% +3,9 p.p 51,1% 48,2% -2,9 p.pNon Cash Costs and Expenses (4) 101,1 170,9 69,1% 272,2 528,9 94,3%EBITDA 582,0 823,3 41,5% 1.658,9 2.146,3 29,4%EBITDA Mg. 59,5% 67,0% +7,5 p.p 61,1% 64,0% +2,9 p.pNet Financial Result (69,2) (270,6) 291,3% (370,2) (685,8) 85,2%Net Profit 271,2 266,6 -1,7% 656,1 604,7 -7,8%(1) Net Operational Revenues excludes Construction Revenues(2) Cost of Services and Administrative Expenses excluding Construction Costs(3) EBIT= Net Revenue + Construction Revenue - Total Costs(4) D&A + Prepaid Expenses + Maintanance Provision
Analysis of the Results
AutoBan Ponte NovaDutra Renovias RodoAnel RodoNorte ViaLagos ViaOeste
2.8% 2.4%
6.2%4.6% 4.4% 4.9%
7.1%
5.4%
13.0%
9.7%10.7%
15.6%
8.3%
10.2%11.7%
15.5%
Traffic Toll Revenue
3Q06 3Q07 3Q08 3Q09 3Q10 3Q11
133,386 142,565
156,084
178,663
224,970 234,922
Traffic – Annual Change
Consolidated
3Q11 Revenue and Traffic – Change per Concessionaire
Total CAGR VEQ – 12.0%
Y-o-Y Total VEQ – 10.7%
Same base – 4.4%
9
61.5%
38.5%
IGPM IPCA
Toll: 91.1%
Controlar e STP; 4.5%
Others; 4.4%
Revenue Breakdown – 3Q11Means of Payment – 3Q11
Revenue Indexer– 3Q11Gross Operating Revenue– 3Q11
Analysis of Revenue
10
AutoBan 30.8%
Ponte 2.5%NovaDutra 19.1%
Renovias 2.4%RodoAnel 3.3%
RodoNorte 8.7%
ViaLagos 1.3%
ViaOeste 14.9%
SP Vias 8.0%
Controlar 2.5% ViaQuatro 1.6%Others
4.9%
3Q08 3Q09 3Q10 3Q11
54.4% 57.4% 61.1% 66.4%
45.6% 42.6% 38.9% 33.6%
Eletronic Cash
Revenue and Costs
Strong growth in traffic and contractual adjustment of the tariffs coupled with...
... cost discipline resulting in strong growth of EBITDA.13
Traffic +10.7%Tariff +11.3%
Increase on EBITDA margin +7.5 p.p.
In line with Growth of Revenue
Cost Reductions
Under Growth of Revenue
SP Vias, +5.5% labor increase and ViaQuatro
Cost Reductions
Closer estimates than in 2010, which was the first year of IFRS implementation
EBITDA grew 41.5%:
Total Costs (718,5) (714,7) -0,5%Depreciation and Amortization (83,3) (108,5) 30,2%Third-Party Services (171,0) (151,2) -11,6%Concession fee costs and prepaid expenses (80,3) (88,3) 10,0%Personnel Costs (89,0) (115,9) 30,3%Construction Costs (221,0) (138,5) -37,3%Maintenance Provision 2,9 (41,8) n.m.Other Costs (76,9) (70,5) -8,3%
Costs (R$ MM) 3Q10 3Q11 Chg% *
Financial Result and Income
Financial Result Highlight
The higher financial result tenporarily affected profit, but reflects...
... the company’s period of growth
7
Net financial Result (R$ million) 3Q10 3Q11 %Chg. 9M10 09M11 %Chg.
Net Financial Result (69.2) (270.6) 291.3% (370.2) (685.8) 85.2%
Financial Expenses: (200.5) (362.7) 80.9% (762.0) (949.1) 24.6%
- Exchange Variation (3.0) (69.1) n.m. (151.3) (101.5) -32.9%
- Loss with Hedge Operation (29.0) (11.3) -60.9% (83.8) (50.7) -39.5%
- Monetary Variation (10.4) (5.1) -50.8% (45.7) (35.1) -23.1%
- Interest on Loans, Financing and Debentures
(134.8) (241.7) 79.3% (368.0) (652.0) 77.2%
- Adjustment to Present Value of the Maintenance Provision
(22.5) (17.0) -24.5% (67.8) (55.0) -18.9%
- Other Financial Expenses (0.8) (18.4) n.m. (45.5) (54.7) 20.3%
Financial Revenue: 131.4 92.1 -29.9% 391.8 263.3 -32.8%
- Gain through Hedge Operation 1.3 20.7 1502.5% 23.0 27.3 18.4%
- Exchange Variation 89.0 5.9 -93.4% 183.3 80.0 -56.4%
- Monetary Variation 0.0 0.5 n.m. 0.0 1.3 n.m.
- Others (Interest and Yields on Investments)
41.1 65.0 58.2% 185.5 154.8 -16.6%
Financial Result Highlight
Excluding the non-cash effect of the exchange variation, the financial result would have been...
...in line with the increase in the debt due to the period of expansion of CCR.7
Net Financial Results(R$ MM) 3T10 3T11 Var% Net financial Result (69.2) (270.6) 291.3%
Financial Expenses: (200.5) (362.7) 80.9%
- Exchange Variation (3.0) (69.1) n.m.
- Loss through Hedge Operation (29.0) (11.3) -60.9%
- Monetary Variation (10.4) (5.1) -50.8%
- Interest on Loans, Financing and Debentures (134.8) (241.7) 79.3%
- Adjustment to Present Value of Maintenance Provision
(22.5) (17.0) -24.5%
- Other Financial Expenses (0.8) (18.4) n.m.
Financial Revenue: 131.4 92.1 -29.9%
- Gain through Hedge Operation 1.3 20.7 1502.5%
- Exchange Variation 89.0 5.9 -93.4%
- Monetary Variation 0.0 0.5 n.m.
- Others (Interest and Yields on Investments) 41.1 65.0 58.2%
R$ 53 M in the exchange variation ( ViaQuatro’s debt).
- R$ 40 M -> Acquisition of SP Vias- R$ 24 M -> Increase in Interest- R$ 42 M -> Cost of the new Rodoanel
debt to reduce exchange risk
+R$ 159 M in financial expenses.Efeito principalmente de:
Debt
Leveraging indexes are stable...
...even anticipating the dividends for the year.
Net Debt/ EBITDA LTM
11
TJLP; 4.4%
IGP-M; 5.7%
CDI; 74.1%
IPCA; 2.4%
Pré-fixada; 7.4%
USD; 6.0%
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q110
0.5
1
1.5
2
2.5
3
0
2,000
4,000
6,000
8,000
10,000
2,905 3,067 3,4564,169
5,633 5,565 5,6306,186
1,5x 1,5x1,6x
1,9x
2,5x2,3x 2,2x 2,3x
Net Debt (R$ MM) Net Debt/EBITDA (x)
Pro Forma Income Exercise
Conducting a normalization exercise...
6
Example %Chg.
3Q11 Reported Net Income 266.6 -1.7%
Were the exchange rate to remain stable until the close of 4Q11 at R$ 1.85 to the dollar (including the fiscal effect)
+35.0 M
Net Income of the Example 30.6 +11.2%
If we consider ViaQuatro in a more stable situation (6 stations completely opened only on October 16)
+10.4 M
Pro Forma Net Income 312.0 +15.0%
... pro forma net income would be 15% higher.
Financial Indicators (R$ MM) 3T10 3T11 Var %Net Revenues (1) 978,4 1.228,5 25,6%Total Costs (2) (497,5) (576,2) 15,8%EBIT(3) 480,9 652,4 35,7%EBIT Mg. 49,2% 53,1% +3,9 p.pNon Cash Costs and Expenses (4) 101,1 170,9 69,1%EBITDA 582,0 823,3 41,5%EBITDA Mg. 59,5% 67,0% +7,5 p.pNet Financial Result (69,2) (270,6) 291,3%Net Profit 271,2 266,6 -1,7%
Capex
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CAPEX (R$ million) 1Q11 2Q11 3Q11 9M11
AutoBAn 16.4 24.5 26.7 67.6
NovaDutra 51.7 67.1 78.7 197.5
ViaOeste 42.2 33.1 9.6 84.9
RodoNorte (100%) 3.1 4.2 2.1 9.4
Ponte 3.2 3.7 3.0 9.9
ViaLagos 0.3 0.3 0.3 0.9
SPVias 4.9 3.5 8.8 17.1
ViaQuatro (58%) 20.2 12.3 27.9 60.4
Renovias (40%) (0.2) 3.9 4.5 8.2
RodoAnel (100%) 17.4 15.9 15.0 48.3
Controlar (45%) 1.3 0.3 0.3 1.9
Others1 8.3 11.6 10.6 30.5
Consolidated 168.8 180.3 187.4 536.5
1 – Includes CCR, CCR México, CCR USA, CPC e STP.* Estimated amounts
Prospects and Growth
Negotiation contractual amendments in the states of São Paulo Rio de Janeiro;
STP Project
Maturation of Via Quatro – Phase1 concluded (6 stations) from 4:00 a.m. to midnight.
Transolímpica in Rio de Janeiro
BR 101 – RJ-BA
Acquisitions on the secondary market;
Airports
Short-Medium Term Initiatives
Urban Mobility;
Infrastructure: World Cup 2014 / Olympics 2016 – Urban Mobility;
Federal Concessions Program;
State Concessions Program: São Paulo and Minas Gerais.
Long-Term Prospects
15
Thank you