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2Q05 Results
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This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements.
Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does notundertake any obligation to publicly release any revisions to these forward lookingstatements to reflect events or circumstances after the date of these
Disclaimer
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Highlights
Results
Outlook
Corporate Governance
Social Responsibility
Agenda
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Highlights
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Highlights
Corporate• Conclusion of ViaOeste merging
Operating• Lower operating costs with higher margins
Dividends• R$2.00/share – Dividends in advance - September
Stock Liquidity• MSCI Latin America / Brazil• IBrX – 50
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Results
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2Q05 Results
(R$ million) 2Q04 2Q05 Var. 2Q05 eVO Var.Net Revenues 341.0 471.4 38.2% 394.2 15.6%Total Costs (245.5) (287.9) 17.3% (245.1) -0.2%EBIT 95.5 183.5 92.2% 149,1 56,2%
EBIT margin 28.0% 38.9% + 10.9 pp 37.8% + 9.8 ppDepreciation & Amortization 56.0 75.6 35.0% 59.4 6.2%EBITDA 151.5 259.0 71.1% 208.5 37.7%
EBITDA margin 44.4% 54.9% + 10.5 pp 52.9% + 8.5 ppFinancial Result, net (63.7) (23.0) -63.9% (19.6) -69.2%Net Income 20.8 97.9 372.0% 84.8 308.7%
ViaOeste, operations management and currency exchange determined one more excellent quarter.
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1H05 Results
The same efficiency can be noticed in this first half results.
(R$ million) 1H04 1H05 Var. 1H05 sVO Var.Net Revenues 672.3 883.1 31.3% 779.0 15.9%Total Costs (459.1) (539.8) 17.6% (482.5) 5.1%EBIT 213.2 343.2 61.0% 296.5 39.1%
EBIT Margin 31.7% 38.9% + 7.2 pp 38.1% + 6.4 ppDepreciation & Amortization 111.8 139.8 25.1% 118.4 5.9%EBITDA 325.0 483.0 48.6% 414.9 27.7%
EBITDA margin 48.3% 54.7% + 6.4 pp 53.3% + 5.0 ppFinancial Result, net (106.1) (72.9) -31.3% (56.8) -46.5%Net Income 72.5 165.6 128.6% 158.9 119.3%
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Revenues
Revenues Breakdown 2Q05
AutoBan
38%
NovaDutra
27%
RodoNorte12%
Ponte4%
ViaLagos2%
ViaOeste
17%
Toll Payment Methods
64.5%
35.5%
2Q05
66.2%
33.8%
2Q04
ElectronicCash
Toll Revenues (R$ 000) 2Q05 2Q04 var(%) 1H05 1H04 var(%)Total 489,652 351,225 39.4% 916,285 694,349 32.0%% Total Revenues 96.5% 96.5% 96.5% 96,5%Other RevenuesTotal 13,179 9,102 44.8% 24,188 17,978 34.5%% Total Revenues 2.6% 2.5% 2.5% 2.5%Revenues from Payment SystemsSTP 4,827 3,591 34.4% 9,386 7,087 32.4%% Total Revenues 1.0% 1.0% 1.0% 1.0%Total 507,658 363,918 39.5% 949,859 719,414 32.0%
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Traffic
Despite a high interest rates scenario, the business remained strong and solid.
Quarterly Evolution(Vehicle Equivalents – million)
52 55 5661
75
2Q01 2Q02 2Q03 2Q04 2Q05
+23.3%
10.8%
1.6%
-6.1%
-0.8%
7.7%
4.5%
AutoBAn
NovaDutra
RodoNorte Ponte
ViaLagos ViaOeste
63
E/ VO
+2.7%
2Q05 x 2Q04 – Evolution by Each Concession
Traffic Elasticity x GDP
CAGR 01-04 = 2.3x
2Q05 = 1.8x *
* Estimated 2Q05 GDP – 1.5%
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Total Costs
Operating Efficiency: a consolidated concept in the Company’s management
Total Costs as a % of Net Revenues Evolution
D&A Concession Costs Third Party services Payroll Other
22% 25% 23% 25%
19% 22% 20% 22%
35% 22% 34% 25%
13% 17% 11% 14%11% 14% 12% 15%
2Q04 2Q05 1H04 1H05
72.0% 61.1% 61.1%68.3%
Total Costs = Cost of Services plus Administrative Expenses
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Indebtedness
Despite ViaOeste acquisition, our balance sheet is still deleveragedand is ready to support new businesses.
2Q03 2Q04 2Q05
56.4%67.4%
77.9%
1,296.71,194.8 1,346.9
Short Term Long Term In R$
Gross
R$
(mill
ion)
1,194.5
676.0
1,122.6
2.42
1.03 1.20
2Q03 2Q04 2Q05
Net Debt Net Debt / EBITDA
Net
R$
(mill
ion)
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Diversified sources, long term and no maturity concentration.
Source of Funding Long Term Debt Amortization
155
241219
254209
181
89
2005 (6 months)
2006 2007 2008 2009 2010 After2010
R$
(mill
ion)
BID e IFCLibor + 4.45%
23%
DebenturesIGP-M +9.5% - 11.5%
35%
BNDESTJLP +5.0% 40%
Other106.5% CDI
2%
Indebtedness
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Capital Expenditures
Foreseeability, a business distinguishing mark. Capital expenditures are clearly defined in contract.
393.9 472.5 73.6 31.0 Consolidated
17.516.90.9 0.7 Other 1
90.090.019.9 3.3 ViaOeste
2.810.60.3 0.1 Via Lagos
11.022.82.0 0.7 Ponte
10.353.59.9 3.7 Rodonorte
83.7110.121.9 15.5 NovaDutra
178.6168.618.6 6.9 AutoBAn
2006 (E)2005 (E)2Q051Q05CAPEX (R$ million)
1- Includes CCR, Actua, Engelog and STP.Note: Fiscal Year 2005 (E) and 2006 (E) includes inflation adjustment of 8.0% and 7.0% respectively
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Outlook
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New Businesses
Brazil continues the main growth driver. However, CCR will look for other markets
New Federal Concessions
New Concessions in the State of São Paulo
Porto Alegre Metropolitan Pole
Mexico
Chile
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Corporate Governance
Fiscal Council
Corporate Governance Policy - revision
CCR Governance Center – Fundação Dom Cabral
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Social Responsibility
Social Projects
Estrada para a Cidadania“Road to Citizenship”
VidaBAn“LifeBAn”
SorrisoBan“SmileBan”
Estrada para a Cidadania“Road to Citizenship”
Saúde Caminhoneiro“Trucker’s Health”
Escola de Vida“School of Life”
Consciência Comunitária“Comunitary consciousness”
Parto Humanizado“Humanized Delivery”
Rodopac
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Investments in Culture
The analysis made in regions operated by CCR, broughtsponsorship for projects with the following profile:
Local impact, because it is a way to value regional productions and to incentivate cultural activities in cities nearby the roads
Itinerance potential, because this will help to supply the need of mostsmall and medium size cities in order to contribute to the social development of the regions
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Ricardo Froes - [email protected]: 55 (11) 3048-5921
Arthur Piotto Filho - [email protected]: 55 (11) 3048-5932
BOVESPA: CCRO3Bloomberg: CCRO3 BZ
Reuters: CCRO3.SA
Investor Relations
2Q05 Results
