Presentation 3Q12
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Transcript of Presentation 3Q12
3Q12 Earnings Results
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.
Agenda
3
Highlights
Results Analysis
Perspectives
Highlights
4
NET REVENUES:
Increase of 13.3% compared to 3Q11.
EBITDA:
Increase of 4.5% in EBITDA, reaching R$ 860.1 million.
NET INCOME:
Reached R$ 316.8 million, up 18.9% in relation to 3Q11, benefited by increased cash flow
generation and reduction of financial expenses.
ELECTRONIC TOLL COLLECTION:
Electronic toll collections reached 67.6% of total toll revenues, with the number of users of
the STP system expanding by 18.2% compared to September 2011, reaching 3,604,000
active tags.
NEW BUSINESS:
3Q12 was marked by the conclusion of new business acquisition by CCR. Were added to
our portfolio the airports of San José and Curaçao, besides Barcas S.A.
Subsequent Events
5
On September 28, 2012, the Board of Directors of CCR approved the payment of 2012
interim dividends. The total ammount of R$ 953,417,088.00 (nine hundred fifty-three
million, four hundred and seventeen thousand and eighty-eight reais), representing R$
0.54 (fifty-four cents of reais) per share.
In October 2012, AutoBan concluded its 4th issue of debentures, in two series, in the
amount of R$ 1.1 billion, making it possible to stretch out its short-term debt.
On October 22, 2012, CCR concluded the acquisition of ownership interests in the
International Airport of Curaçao through the investment of US$ 24,500,000.00.
Earnings Highlights
Profit growth of 18.9% despite the temporary contraction in EBITDA margin...
...as result of nonrecurring expenses and addiction of business in initial phase. 6
Financial Indicators (R$ MM) 3Q11 3Q12 Chg % 9M11 9M12 Chg %
Net Revenues* 1,228.5 1,391.5 13.3% 3,352.1 3,784.8 12.9%
EBIT 652.4 647.0 -0.8% 1,617.4 1,817.8 12.4%
EBIT Mg. 53.1% 46.5% -6.6 p.p. 48.2% 48.0% -0.2 p.p.
EBITDA 823.3 860.1 4.5% 2,146.3 2,390.0 11.4%
EBITDA Mg. 67.0% 61.8% -5.2 p.p. 64.0% 63.1% -0.9 p.p.
Net Income 266.6 316.8 18.9% 604.7 829.7 37.2%
Net Debt / EBITDA LTM (x) 2.3 1.9 - 2.3 1.9 -
EBITDA / Performed investments (x) 4.4 4.1 - 4.0 5.2 -
EBITDA / Interes and Monetary Variation (x) 3.3 5.5 - 3.1 4.8 -
* Net Operational Revenues excludes Construction Revenues.
3Q07 3Q08 3Q09 3Q10 3Q11 3Q12
142,565 156,084
178,663
224,970 248,936 256,560
Traffic – Quarter Change
7
Consolidated – Equivalent Vehicle
Revenue and Traffic 3Q12 X 3Q11 (%)
AutoBAn NovaDutra Rodonorte Ponte ViaLagos ViaOeste Renovias Rodoanel SPVias
2.80.1
12.4
1.5
16.2
1.3 2.1 2.6
8.76.9
5.0
16.7
8.2
16.7
5.27.2
9.9
13.6
Traffic Toll Revenues
AutoBan29.6%
NovaDutra18.3%
ViaOeste14.1%
RodoNorte9.2%
SPVias8.1%
STP3.4%
RodoAnel3.3%
ViaQuatro2.8%
Ponte2.6%
Barcas2.5%
Renovias2.3%
Controlar1.6% ViaLagos
1.4% Airports0.9%
Others0.1%
3Q09 3Q10 3Q11 3Q12
57% 61% 66% 68%
43% 39% 34% 32%
Eletronic Cash
Payment Revenue Indexer
Gross Operating Revenues
Revenue Analysis
8
Revenue Breakdown
IGPM58%
IPCA42%
3Q09 3Q10 3Q11 3Q12
95% 93% 91% 87%
5% 7% 9% 13%
Toll Others
3Q11 Depreciation and
Amortization
Third-Party Services
Concession fee costs and antecipated
expenses
Personnel Costs
Construction Costs
Maintenance Provision
Other Costs 3Q12 Ex New Business
Ex Nonrecurring
3Q12Ex New
Business
and ExNonrecurring
715
896
7643524 4
33 13 765 (85)
(47)
Total Costs
Reduction
Costs Evolution (3Q11 X 3Q12)
9
Total Costs (R$ MM)
+ Traffic New Business
92%
16% 5% 28% 9% 17%
25%
33% 6%
Nonrecurring Adjustment in the
maintenance contract
Quito Airport consolidation
Review of maintenance cycle
¹ Effects of the results consolidation of the International Airports of Quito and San José, Barcas and Transolímpica (new business) in 3Q12.
² Relating to internacional expansion in the period and payment of an lawsuit agreement.
1 2
Financial Results Highlights
Better financial results reflects the drop in Selic rate and...
...an active management of liabilities with attractive refinancing for the company. 11
Net Financial Result (270,6) (153,6) -43,3% (685,8) (525,5) -23,4%
- Income from Hedge Operation 9,3 0,4 -95,5% (23,4) 17,8 -176,0%
- Monetary Variation (8,1) (5,6) -31,5% (34,0) (21,2) -37,5%
- Exchange Rate Variation (63,3) (2,6) -95,9% (21,6) (43,8) 102,8%
- Present Value Adjustment of Maintenance Provision (17,0) (12,1) -28,7% (55,0) (40,4) -26,5%
- Interest on Loans, Financing and Debentures (241,9) (157,1) -35,1% (652,0) (497,7) -23,7%
- Others (Interest and Investment Income) 65,1 34,7 -46,6% 154,9 100,4 -35,2%
- Other Financial Expenses1 (14,7) (11,3) -22,8% (54,7) (40,6) -25,8%
¹ Comissions, fees, taxes, f ines and interest on taxes
3Q11 3Q12 Chg % 9M11 9M12 Chg %Net Financial Result (R$ MM)
CDI80.6%
USD13.2%
TJLP3.7%
IPCA1.5%
IGP-M1.0%
Debt in September 30, 2012
Gross debt by indexer
Amortization Schedule (R$ 000)
• Total gross debt: R$ 7.9 B
• Net debt/ EBITDA: 1.9X
•Increase from 11.1% in USD
(2Q12) to 13.2% in debt mix due to
the cosolidation of Quito and San
José airports and Barcas (46.9% of
USD debt)
12
2012 2013 2014 2015 2016 2017 to 2025
1,493 1,602
938 949 1,326
88
31 265
82 86
90
492
1,548
2,057
1,170 1,100
1,475
599
CDI USD Others
Debt
Reduction of leverage indexes...
...due to strong cash generation and maturation of recent projects.
13
Net Debt/ EBITDA LTM
1.5 1.51.6
1.9
2.5
2.32.2
2.3
2.11.9
Net Debt/EBITDA (x)
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
4,169
5,633 5,565 5,6306,186 6,152
5,8936,330 6,344
Net Debt (R$ MM)
1.9
2.5
2.32.2
2.3
2.1
1.92.0 1.9
2.2%
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%
-70%
-20%
30%
80%
130%
1,5%
2,5%
3,5%
4,5%
5,5%
6,5%
7,5%
Div. Yield Payout
2003 2004 2005 2006 2007 2008 2009 2010 2011
183
263
500547
580
714 709672
899
Net Debt
2.2%
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%
-70%
-20%
30%
80%
130%
1,5%
2,5%
3,5%
4,5%
5,5%
6,5%
Div. Yield Payout
Commitment to pay at least 50% of net income as dividends to shareholders.
Dividends (Cash)
1 Considers the average share price in the year
Dividends 2012
0.06
0.54 Interim
Complementary
1
15
2012 Cash dividends paid per share
Milestone Concession Awarded Acquisition Concession Extension
IPO
(2002) STP
(2003) Follow-on
(April 2004) ViaOeste
(October 2004) RodoNorte
(2005)
AutoBAn +
ViaOeste
Concession
Extension (2006) ViaQuatro
(2006)
USA
(2007)
(2008) RenoVias
RodoAnel
(2008)
Controlar
(2009)
Follow-on
(2009)
SP VIAS
(2010)
14
Via Lagos
Concession
Extension (2011)
2012:
• Airports: Quito, San
José and Curaçao
• Barcas
• Transolímpica
Track Record
CCR Track Record: diversification and new bids
Thank you
15
Social and educational program
‘Estrada para a Cidadania’
16
11 million of indirect 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
1.5 million students since the beggining of the program
Students Teachers Drivers
‘Estrada para a Cidadania’
17
Social and health program
‘Estrada para a Saúde’
18
In our structures, are performed more than 1,600 attendances per month.
190m² of resting area for truck
drivers.
attendances/month
260m² of resting area for truck
drivers.
attendances/month
‘Estrada para a saúde’
19
Thank you