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Planned Past. Proven Results. Future Prepared
Earnings Results 1Q11
This presentation may contain certain projections and trends that do not represent actual
financial results or historical information.
These projections and trends are subject to risks and uncertainties and future results may
differ from the projections. Many of these risks and uncertainties are related to factors
which are beyond CCR’s capacity to control or estimate, such as market conditions,
currency fluctuations, the behavior of other participants in the market, actions by regulatory
agencies, the Company’s ability to continue to obtain financing, changes in the political and
social context in which CCR operates or in trends or economic conditions, including
inflation variations and changes in the level of consumer confidence on global, national or
regional bases.
Readers are alerted not to fully trust these projections and trends. CCR is not obliged to
publish any revisions to these projections and trends that could reflect new events or
circumstances after the publication of this presentation.
Disclaimer
2
Agenda
Introduction
1Q11 Earnings Results
Outlook
3
Highlights
Operating
Traffic increased 17.2% in 1Q11. Compared to the same traffic base, we registered a 9.1% increase.
The number of electronic toll collection users expanded by 35.4% compared to March 2010, reaching 2,726,000 active tags The share of this means of payment for the payment of tolls was 62.8% in 1Q11.
Net Revenue totaled R$ 1,043.3 million (+24.6%).
EBITDA was R$ 662.0 million (+24.8%), with an EBITDA margin of EBITDA 63.4%.
4
Subequent Events
On April 19, 2011, the supplemental distribution of dividends related to the year of 2010 was approved, proposed by the Company’s Management, in the amount of R$ 0.228309/share, paid out as of April 29. Taking into consideration early dividends paid on September 30, 2010, in the amount of R$ 1.70/share, we are presenting a payout result of 126.7% for the fiscal year of 2010.
2nd issue of debentures for the pre-payment of the RodoAnel and refinancing of the 1st issue
Total amount 1.8 billion
The settlement of the 1st and 2nd series took place on May 10, 2011
Highlights
5
1st Series 2nd Series 3rd Series
Amount: R$ 500 million Amount: R$ 550 million Valor: R$ 750 million
Maturity: 36 months Maturity: 48 months Maturity: 60 months
Cost: 109.2% of the CDI
Cost: 111.0% of the CDI
Cost: 11.,0% of the CDI
DRE
Strong net income, even taking into account the asset maturation phase...
... the leveraging policy for the growth and distribution of dividends.
Financial indicators (R$ Million) 1Q10 IFRS 1Q11 IFRS Var %
Net Revenue 837.3 1,043.4 24.6%
Total Costs(1) (598.4) (695.8) 16.3%
EBIT (2) 435.6 483,5 11.0%
EBIT Margin 52.0% 46,3% -5.7 p.p
- Pro Forma EBIT (3) 440.1 536,8 22.0%
- Pro Forma EBIT Margin 52.6% 51,5% -1.1 p.p.
Non-cash Costs and Expenses (4) 94.9 178,5 88.0%
EBITDA 530.5 662,0 24.8%
EBITDA Margin 63.4% 63,4% -
Net Financial Income (147.2) (205,7) 39.7%
Net Income 177.2 175,2 -1.1%
(1) Costs of services rendered + Administrative Expenses
(2) EBIT = Net Revenue + Construction Revenue
(3) Pro Forma EBIT = Net Revenue + Construction Revenue – Total Costs Custos – Maintenance Provision
(4) D&A, Advanced Expenses and Maintenance Provision
6
Financial Result
No surprises, the result reflects the expansion period...
...of the business and the Company’s growth preparations.
Net Financial Income (R$ Million 1Q10 IFRS 1Q11 IFRS Var %
Net Financial Income (147.2) (205.7) 39.7%
Financial Expenses: (306.4) (288.6) -5.8%
- Exchange Variation (87.1) (5.6) -93.5%
- Losses through Hedge Operations (32.2) (51.4) 59.9%
- Monetary Variation (18.1) (14.5) -20.2%
- Interest on Loans, Financing and Debentures (110.2) (175.8) 59.5%
- Maintenance Provision Adjustment (20.1) (19.5) -2.8%
- Other Financial Expenses (38.6) (21.7) -43.9%
Financial Revenue: 159.1 82.8 -48.0%
- Gains through Hedge Operations 19.9 8.0 -60.1%
- Exchange Variation 63.5 31.4 -50.6%
- Mobetary Variation 0.1 0.1 -
- Others (Investment Interest and Yields) 75.6 43.4 -42.6%
7
Main impacts of DRE 1Q11 x 1Q10
Maintenance Provision – R$ 39.7 M (without/
SPVias)
Net financial Income – R$ 58.5 M
Increase in interest
Increase in debt
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1T06 1T07 1T08 1T09 1T10 1T11
124,838,727 130,583,798 140,348,376 163,241,127
194,597,005
228,119,803
Tráfego (VEQ)
Traffic – Annual Change
Consolidated
Revenue and Traffic – Variation by Concessionaire
Total CAGR VEQ – 12.8%
Y-o-Y Total VEQ – 17.2%
Same base – 9.1%
AutoBan NovaDutra ViaOeste RodoNorte RodoAnel Renovias Ponte ViaLagos
11.6% 10.5%13.0% 12.8%
29.6%
9.9% 9.6%
13.8%
7,25%5.2%
14.6%
7.0%
24.8%
5.2%2.0%
9.5%
Receita de Pedágio Tráfego (VEQ)
9
Breakdown of Revenue – 1T11Means of Payment– 1T11
Revenue Index – 1Q11
Gross Operating Revenue – 1Q11
Revenue Analysis
IGPM58.9%
IPCA41.1%
Pedágio93,9%
Controlar, STP, ViaQuatro e Outros
6.1%
1T09 1T10 1T11
46.5% 42.5% 37,2%
53.5% 57.5% 62.8%
À Vista Meios Eletrônicos
10
AutoBan29,8%
NovaDutra20.5%ViaOeste
14.8%
RodoNorte9.9%
RodoAnel3.5%
Renovias2.3%
Ponte2.8%
ViaLagos2.1%
SPVias8.2%
ViaQuatro0.9%
Controlar1.7%
STP3.4%
Debt
The leveraging indexes already have benefited...
... from the recent acquisition and the maturation of businesses in their initial phases.
* Debt (gross and net) presented above take into account the transaction costs.
Net Debt/ EBITDA LTMGross Debt
11
4T09 1T10 2T10 3T10 4T10 1T11
2,905 3,067 3,456
4,169
5,633 5,565
1.5 1.5 1.6 1.9
2.5 2.3
Net Debt Net Debt/Ebitda
4T09 1T10 2T10 3T10 4T10 1T11
5.035 5.069 5.374 5.340
6.711 6.782
79% 77% 78% 78%
84% 84%
CP LP R$
Debt Structure and Amortization
The current amortization timetable does not take into consideration...
* The total debt described in the amortizsation timetable presented above does not take into account the transaction costs.
Em R$ MM The situation prior to the Expected Refinancing
12
BNDES4.9% Debêntures
(IGPM)6.6%
Debêntures (IPCA)2.5%
Pré-Fixada7.5%
Moeda Estrangeira16.7%
CDI61.7%
...already contracted refinancing.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 em
diante
0
500
1,000
1,500
2,000
2,500
1,445
2,284
699 620466
357 295 26595 89 84 162
Debt Structure and Amortization
After these refinancings, the new amortization timetable will reflect...
...the normal course of business, expanding the horizon for new business.
* The total debt described in the amortizsation timetable presented above does not take into account the transaction costs.
Em R$ MM
Timetable after expected refinancing
13
Amortization 2011 2012 AutoBan 124.5 420.2
RodoAnel - 965.9
SPVias 1,036.9 26.3
ViaOeste 130.4 193.0
CCR Holding 15.8 522.3
TOTAL 1,445.0 2,284.4
Performed projectsContracted financing
90% in 2011 and 70% in 2012
20112012
20132014
20152016
20172018
20192020
2021
2022 em dian
te0
500
1,000
1,500
2,000
2,500
Capex
CAPEX (R$ Million) 1Q10 1Q11
AutoBAn 58.7 16.4
NovaDutra 46.8 51.7
ViaOeste 28.5 42.2
RodoNorte (100%) 14.0 3.1
Ponte 1.9 3.2
ViaLagos 0.4 0.3
SPVias - 4.9
ViaQuatro (58%) 72.2 20.2
Renovias (40%) 1.1 (0.2)
RodoAnel (100%) 7.6 17.4
Controlar (45%) 3.6 1.3
Outras1 (2.8) 8.3
Consolidado 232.0 168.8
1 – Includes CCR, CCR México, CCR USA, Actua, Engelog, Parques and STP.
14
Outlook and Growth
Signing of contract amendments in the State of São Paulo and Rio de Janeiro;
Maturation of Controlar’s operations;
ViaQuatro: Inauguration of another 3 stations; Phase I operation concluded.
Initiatives to maximize the value of the current portfolio
Urban Mobility;
Acquisitions in the secondary market;
Infrastructure: World Cup 2014 / Olympic Games 2016 – Mobility Urban;
Federal Concessions Program;
Sgate Concessions Program: São Paulo and Minas Gerais.
Capital discipline for New Businesses
15
Base of Support for the Growth of the CCR Group
16
Development of People
Relationship
Sustainability
Social Responsibility
Corporate Governance
Development
Thank you