PROGRAM
8:00 Registration and breakfast
9:15 RENATO VALEOpening and welcome
9:40DYOGO OLIVEIRAMinistry of Planning, Development and Budget
11:10 Questions and Answers
11:30 to 12:00
Break
12:10 JOSÉ BRAZCCR Rodovias BR
10:25 ANTONIO LAVAREDAPolitical Scientist
12:25 ÍTALO ROPPACCR Rodovias SP
12:40 LEONARDO VIANNACCR Mobilidade
12:55 RICARDO BISORDICCR Aeroportos
13:10ARTHUR PIOTTO FILHOFinancial Strategy for the Future
13:30RENATO VALEOrganization, Focus and Governance
13:50 Debate, questions and answers
14:10 Lunch
DEFINITIONBUSINESS
To allow solutions in investments and services in infrastructure, contributing to the
social, economical and environmental development of the areas
where it engages
COMPANIES OFCCR GROUP IN 2005
URBAN MOBILITYCompany Interest
STP 34%
AIRPORTSCompany Interest
SERVICESCompany Interest
CCR Actua 100%
CCR Engelog 100%
CCR EngelogTec 100%
ROADSCompany Interest
CCR NovaDutra 100%
CCR ViaLagos 100%
CCR RodoNorte 86%
CCR AutoBAn 100%
CCR ViaOeste 100%
COMPANIES OF CCR GROUP IN 2017
Renovias 40%
CCR SPVias 100%
ViaRio 66%
CCR MSVia 100%
ViaQuatro 75%
CCR Barcas 80%
VLT Carioca 24,9%
CCR Metrô Bahia 100% SAMM 100%
Quito 50%
San Jose 48%
Curaçao 79%
BH Airport 38%
TAS 70%
QUIAMA 50%
URBAN MIBILITYCompanies Interest
AIRPORTSCompanies Interest
SERVICESCompanies Interest
CCR Actua 100%
CCR Engelog 100%
CCR EngelogTec 100%
ROADSCompanies Interest
CCR NovaDutra 100%
CCR ViaLagos 100%
CCR RodoNorte 86%
CCR AutoBAn 100%
CCR ViaOeste 100%
Communication& Sustainability
InstitutionalRelations
Compliance
CHIEF EXECUTIVE OFFICE
CCR AEROPORTOS
New Business
Functional Support
CCR USA
CCR MOBILIDADE
New Business
Functional Support
CCR RODOVIAS BR
New Business
Functional Support
CCR RODOVIAS SP
New Business
Functional Support
Corporate officer management
Institutional strategic management
Corporate management
Business development and management
Corporate Management
Business Development
Finance & Institutional Relations
Legal Department
Planning& Control
ORGANIZATION
FOCUS
ROLES ANDRESPONSIBILITIES
ESTRATEGIC
TATICS
TRANSACTIONS
• To develop and accomplish business to assure growth and
perpetuity. • Business management and
excellence.
BUSINESS DIVISIONS
• Set strategic policies and directions for the Group.
CORPORATE MANAGEMENT
• Operational excellence and efficiency
• Maximization when generating results
BUSINESS UNIT
• Perform transactions activities and processes with differentiated
solutions, maximum efficiency and added value.
CSC
SCENARIO IN BRAZIL
End of recession period – two consecutive quarters of growth (beginning in 2014 2nd Quarter)
GDP is estimated to be positive in 2017 to grow in 2018
Interest rates
Decrease in unemployment rate
Increase in production of cars in 42.2% in October (compared to the same month in the
previous year)
Increase in production and grains (agriculture) export
Inflation controled
SCENARIO IN BRAZIL
End of recession period – two consecutive quarters of growth (beginning in 2014 2nd Quarter)
GDP is estimated to be positive in 2017 to grow in 2018
Interest rates
Decrease in unemployment rate
Increase in production of cars in 42.2% in October (compared to the same month in the
previous year)
Increase in production and grains (agriculture) export
Inflation controled
TRAFFIC EVOLUTIONCCR RODOVIAS BR
1º tri 2º tri 3º tri
– 3.8% – 4.0%
4.2%
2016 VS. 2017Equivalent vehicles
(%)
(*) Data not checked
South Integration Road
Source: Federal Government www.antt.gov.br
Extension: 474 kmTerm: 30 yearsChoice criterion:Lower fee valueTotal revenue: R$ 24.3 biTotal Capex: R$ 7.5 biAmounts in: Sep/16
OPPORTUNITIES IN BRAZIL
BR101 Road (Palhoça)
Extension: 220 kmTerm: 30 yearsChoice criterion:Lower fee valueTotal Capex: R$ 4.1 biAmounts in: May/16
OPPORTUNITIES IN BRAZIL
Source: Federal Government www.antt.gov.br
BR 364/GO/MG Jataí / Uberlândia
Extension: 439 kmTerm: 30 yearsChoice criterion:Lower fee valueTotal revenue: R$ 8.35 bi Total Capex: R$ 2.0 biAmounts in: Jul/16
OPPORTUNITIES IN BRAZIL
Source: Federal Government www.antt.gov.br
Montes Claros / Curvelo
Source: State of Minas Gerais Governmentwww.setop.mg.gov.br
Extension: 364 kmTerm: 30 yearsChoice criterion:Greater Concession Amount Total revenue: R$ 7.54 bi Total Capex: R$ 1.93 biAmounts in: Jan/16
OPPORTUNITIES IN BRAZIL
Extension: 51 kmTerm: 30 yearsChoice criterion:Greater Concession Amount Total revenue: R$ 2.18 bi Total Capex: R$ 459 miAmounts in: Jan/16
Leg between Belo Horizonte (MG 010) and Sete Lagoas
CONCESSION MG 424/MG
OPPORTUNITIES IN BRAZIL
Source: State of Minas Gerais Governmentwww.setop.mg.gov.br
DEVELOPMENT OF THE CONDITIONS IN FEDERAL NOTICES
Discounts in Fee (above 10%) fosters majoring of quota capital of the Concessionaire
Beginning of construction of duplicated lanes set by increase in demand
Works for construction of extra lanes will be adjusted
Structured planning for
highways
Objective mechanisms for
contractual adjustments
Fines resolution
DEVELOPMENT OF THE CONDITIONS IN THEFEDERAL NOTICES
CONDITIONS BEING ANALYZED BY THE FEDARL GOVERNMENT
OPPORTUNITIES IN CHILE Strong market with consolidated history of compliance to the planning
Stage Region Concession StartEnd
(estimated)Km
Bid
din
gPla
nn
ed
Pro
ject
s
SantiagoConcesión Conexión Vial Ruta 78 hasta Ruta 68
2018 2058 9
ValparaisoSegunda Concesión Ruta 66 Camino de La Fruta
2018 2053 138
SantiagoAutopista Costanera Central TramoAmérico Vespucio – Las Vizcachas
N/I N/I 12
SantiagoAutopista Costanera Central TramoIsabel Riquelme – Américo Vespucio
N/I N/I 10
Santiago Concesión Mejoramiento Ruta G|21 2018 N/I 30
LlanquihueConcesión Vial AutopistaMetropolitana de Puerto Montt
2018 2048 32
Regíon de Los LagosConcesión Vial Ruta Longitudinal Chiloé
N/I N/I 101
Atacama y Antofagasta
Ruta 5, Tramo Caldera|Antofagasta 35 years 469
Región de Coquimbo
Segunda Concesión Ruta 5 Tramo Los Vilos|La Serena
2018 N/I 245
Source: Governo do Chile Concesiones.cl/proyectos
Strong market with consolidated history of compliance to the planning
Stage Region Concession End (Estimated) Km
Co
nce
ssio
ns
du
e t
o 2
02
3
Araucanía, Los RíosConcesión Ruta 5 Tramo Temuco | Río Bueno
2023 171
Maule y Bio Bio Concesión Ruta 5 Tramo Talca | Chillán 2023 193
Regiones Metropolitana, Valparaíso y Coquimbo
Concesión Ruta 5 Tramo Santiago | Los Vilos 2023 218
Los Ríos, Los LagosConcesión Ruta 5 Tramo Río Bueno | Puerto Montt
2023 135
Bio Bio, Araucanía Concesión Ruta 5 Tramo Chillán | Collipulli 2020 161
Valparaíso y Metropolitana
Concesión Interconexión Vial Santiago |Valparaíso | Viña del Mar, Ruta 68
2023 141
Metropolitana y Valparaíso
Concesión Autopista Santiago | San Antonio, Ruta 78
2018 132
Región del Bío Bío Concesión Acceso Norte a Concepción 2023 89
Source: Governo do Chile Concesiones.cl/proyectos
OPPORTUNITIES IN CHILE
Map Lots
PPP National Route No. Extension (km)Capex 1st to 4th
year (USD M)Capex 5th to 15th
year (USD M)Stag
A 3, 226 707 984 346 I
B 5 538 989 244 I
C 7, 33 877 631 455 I
D 8 ,36, A|005, 158, 188 911 1063 298 II
E 9, 11, 34, 193, A|008, A|012 390 1342 370 I
F 9 AU Rosario Córdoba, 33 635 1114 372 I
G 12, 16 780 1039 456 II
H 34, 9, 66, 1V66 887 991 510 II
I 19, 34 664 778 427 II
SurAU Riccheri, Av. J. Newbery, AU Ezeiza | Cañuelas, 3, 205
247 975 236 I
BB 3, 33, 229, 249, 252, 1V252, 1V3 299 638 169 II
Cuyo 7, 20, 40 342 278 181 II
AU Parque AU Parque 82 500 55 III
Puente Paraná Santa Fé
Puente Paraná | Santa Fé 30 650 21 III
Puente Chaco Corrientes
Puente Chaco | Corrientes 34 700 32 III
Source: Governo da Argentina | ppp.vialida.gob.ar
OPPORTUNITIES IN ARGENTINA
SCENARIO IN BRAZIL
End of recession period – two consecutive quarters of growth (beginning in 2014 2nd Quarter)
GDP is estimated to be positive in 2017 to grow in 2018
Interest rates
Decrease in unemployment rate
Increase in production of cars in 42.2% in October (compared to the same month in the
previous year)
Increase in production and grains (agriculture) export
Inflation controled
GDP: 31% of the Brazilian GDP (1)
Population: 22% of the Brazilian population (1)
Vehicles production: 45% of the Brazilian production (2)
Fleet in SP: 29% national fleet being 34% of cars (2)
Port of Santos: 28% of Brazilian imports/exports (R$) up to September 2017 (3)
Increase in Imports and Exports (t) of 10.3% compared to 2016 up to September (4)
Highway Concessions: 37%
Opportunities – Current Contracts
New bidding processes
SOURCE: ARTESP
2019 2021
End of current contracts
2022 2025 2027 2028
SOURCES: 1. Industry Portal (Portal da Indústria) / 2. ANFAVEA / 3. MDIC / 4. Port of Santos
1º tri 2º tri 3º tri
– 2.6%
0.2%
3.8%
TRAFFIC EVOLUTIONCCR RODOVIAS SP
2016 Vs. 2017Equivalent vehicles
(%)
ITARARÉOpportunity for Duplication of SP 258 Road in Itararé
Estimated investment R$40 MM
Executive projects already approved by ARTESP
Estimated investment R$150 MM
Executive projectsalready approved by ARTESP
ITAPEVAOpportunity for duplication of Highway SP 258 in Itapeva
SP 255Opportunity for duplication of Highway SP 255 in Avaré
Estimated investment R$250 MM
Duplication of 44 km
JUNDIAÍ PROJECT Opportunity for development of 2nd Phase Implementation of flyovers and access bridges
Investments at R$ 350 MM
New crossroad implementation
OPPORTUNITY FOR CONSTRUCTION OF TREVO DO SERTANEJORaposo Tavares Highway
Investments estimated at R$26 MM
Executive projects are ready and approved by ARTESP
OPORTUNITY CONSTRUCTION OF THE ACCESS TO OSASCO Castello Branco Highway
Investments estimated at R$150 MM
Investments estimated at R$750 MM
MARGINAL ROADSCASTELLO BRANCOOpportunity for extension of Marginal Roads from km 23 to km 27 | SP 280
NEW CONCESSIONS RODOANEL NORTE
Estimated Capex R$582 MM
Delivery of proposals: January, 10, 2018
Minimum Concession: R$462 MM
Extension of the road:48 kilometers
Source: State of São Paulo Government / Artesp
TRECHO NORTE
TRECHO LESTE
TRECHO OESTE
TRECHO SUL
Public consultation in 2017 and bidding in 2018
Estimated investment by ARTESP: more than U$1 Bi
Source: State of São Paulo Government / Artesp
NEW CONCESSIONS RODOVIAS DO LITORAL
Phase 2 Being implemented
Phase 1 Operating
Vila SôniaDelivery: DEC/20
São PauloMorumbi
Delivery: JUL/18Butantã
PinheirosFariaLima
FradiqueCoutinho
Oscar FreireDelivery: MAR/18
Paulista
MackenzieHigienópolis
Delivery: DEC/17
República
Luz
Contractual term2043 (30 years)
Total estimated investment R$ 5 Bi (base Apr/13)
Public funds (base Oct/13):
• Total amount: R$ 2.283 Bi • Received: R$ 1,874 Bi (until 11/1/17)
Beginning of full operationSep 2017 (except Airport)
FinancingLong Term: Calculated toR$ 3,827 Bi – Loan CPand Financing LP
Employment generated5,000
Line 2 Stations
Line 1 Stations
Pecuniary counterpartR$ 173.4 MM (base Apr/13)
AcessoNorte
Lapa
Pirajá
Detran
RodoviáriaPernambués
Imbuí
CAB
Pituaçu
Flamboyant
Bairro da Paz
Tamburugy
Aeroporto
Mussurunga
LINE2LINE 1
Pituaçú (em construção)
CAB
Imbuí
Pernambués
Aeroporto
Mussurunga
Bairro da Paz
Tamburugy
Flamboyant
Rodoviária
Detran
Acesso Norte
Bonocô
Brotas
Campo da Pólvora
Lapa
Complexo de Manutenção Pirajá
Pirajá
Bom Juá
Retiro
Acesso Norte
A CHALLENGE:BUS INTEGRATION
18 20 21 21 22 29 38 45 45 49 5171 65 74 78 83 95
117 116131
174
PROGRESS IN DEMAND(AVERAGE BUSINESS DAY / THOUSAND)
BeginningBusiness Operation
Full OperationLine 1
IntegrationPirajá
IntegrationLapa
Beginning Line 2 (Access Norte – Bus Station)
Beginning Line 2 (Bus Station –Pituaçú)
Integrationfull fee
Beginning Line 2(Flamboyant –Mussurunga)
Cut of metropolitanlines
VLT | THE PROJECT AND THE CONSEQUENCES
Revitalization of port area
Expansion of number of real properties
Integration of city areas of port area and river central area
Connection between the lines that serve the river central area
28 kilometers of lines
29 stops / stations
R$ 1,188 MM* in investments
32 trains
R$ 532 MM* of public funds
R$ 5,95 MM* monthly counterparts
*Amounts with base in June 2012
CURRENT MAPBeginning of the works in the beginning of 2014
Operation Stage 1 June 2016
Operation Stage 2A(non commercial) June 2016
Operation Stage 2B June 2017
Operation Stage 3A
October 2017
Operation Stage 3B
October 2018
3826 23 25 29 32 29 29 30 29
3540 40 43 45
PASSENGERS TRANSPORTED(AVERAGE BUSINESS DAY / THOUSAND)
CARRIED OUT
Extension5.5 Km
Under preparation basic project
Line 2 Stations
Line 1 Stations
AcessoNorte
Lapa
Pirajá
Detran
RodoviáriaPernambués
Imbuí
CAB
Pituaçu
Flamboyant
Bairro da Paz
Tamburugy
Aeroporto
Mussurunga
TRAMO 3Brasilgás
Aguas Claras / Cajazeiras
Tramo 3
2 Stations(Campinas e Águas Claras)
Predicted start of works:2018
LINES 5 AND 17 – METRÔ SP
Common concession20 years
950 thousand passengers(reference demand)
R$ 189.6 millionMinimum Fixed Grant
Metrô Operation(Line 5) and Monorail (Line 17)
Integrationwith others subway lines and metropolitan trains
Fee: R$ 1.73 (Feb/17)
28 km extension and 25 stations
Licitação aguardando liberação pelo TCE
Source : Edital de Concessão Linhas 5 e 17
Common concession20 years
LINE15 – METRÔ SP
Daily demand 350 thousand passengers / day
InvestmentsR$ 7.0 billion – government R$ 0.2 billion – concessionaire
Monorail / Extension15.3 km
11 Stations
Public Hearing September 6, 2017
Under Public Consultation until November 24, 2017 SILVER LINE / MONORAIL
15
Source : Edital para Consulta Públicade Concessão Linha 15
Sponsored PPP – Private Public Partnership 30 years
LINES 8 and 9 l CPTM
InvestmentsR$ 1.1 billion - governmentR$ 2.7 billion - concessionaire
Integrationwith other subway lines and metropolitan trains
Current demand1.0 million passengers / day
73.1 km extensionand 43 stations
PMI delivered on September 20, 2017
Serves 6 citiesSão Paulo, Osasco, Carapicuiba, Barueri, Jandira and Itapevi
ITAPEVI
BARUERIOSASCO
JANDIRACARAPICUÍBA
LINHA 9 / ESMERALDA
Em Construção
Em Projeto
Pátio Pres. Altino
SÃO PAULO
LINHA 8 / DIAMANTE
Source: Edital de Chamamento Públicodas Linhas 8 e 9
Sponsored PPP
LINES 11, 12 AND 13 / CPTM
Serves 7 citiesSão Paulo, Guarulhos, Itaquaquecetuba, Poá,Ferraz de Vasconcelos, Suzanoand Mogi das Cruzes
ExtensionLine 11: 51 kmLine 12: 39 kmLine 13: 12 km
StationsLine 11: 16Line 12: 13Line 13: 3
Daily demandLine 11: 504 thousand passengersLine 12: 220 thousand passengersLine 13: 120 thousand passengers (estimation)
PPP Submission Form Presented on October 31, 2017
Source: Site CPTM (www.cptm.sp.gov.br)
Sponsored PPP 30 years
TIC AND LINE 7 (CPTM)
Investments (Apr/15)R$ 10 bi, being thatR$ 8 bi within the 5 first years
Daily demand 500 thousand Line 790 thousand TIC
Extension60 km Line 7136 km TIC
Serves 14 citiesBetween São Paulo and Americana
(*) Valores preliminaresSource : MIP Trem Intercidades
Business Modelto be set
METRÔ BOGOTA
Technology usedGoA4 / Driverless
Daily demand 310 thousand passengers / day
Stations15
Extension25 km
Definition of the model 2017Beginning of the works 2018Beginning of operation 2022
Source : Site Metrô de Bogotá (www.metrodebogota.gov.co)
Line: project
METRÔ LIMA – LINE 3
Stations29
Extension38KM
Estimated demand 720 thousand passengers / day
Term35 years
Remuneration• CAPEX fund + counterpart• OPEX mixture of remuneration fee for fixed costs
+ fee per kilometer of varied costs
InvestmentsUS$ 5.6 bi
Source: Proinversión – Agencia de Promoción de la Inversión Privada – Perú
OTHER
OPPORTUNITIES
LINE 3Niterói
CBTUMetrô BH
Metrô Recife
METRÔ BUENOS AIRES
METRÔ BRASÍLIA
TRENSURBPORTO ALEGRE
METRÔ FORTALEZA
CCR AEROPORTOS
Strategic• To enhance qualified growth through acquisition in the primary
and secondary markets, consolidating CCR acknowledgement as a relevant player in the airports segment.
Qualifications• Sound model of Governance Management
• Multidiciplinary Teams
• Sound experience in 5 countries
• Sharing of the best practices
• Quick mobilization and access to the capital market
• Customized solutions (Service Companies)
1 2
TAS
CCR USA Airport Management Inc.Team of executives allocated in the United States
CCR Latin America and the CaribbeanTeam of executives allocated in Brazil
Total Airport Services (TAS)CCR USA holds 70% of the shares of Total Airport Services (TAS), a leading company in airport services engaged in the main airports in the United States
San José International AirportCCR: 48.75% of the shares4.3mm passengers
Curacao International AirportCCR: 79.80% of the shares1.8mm passengers
Quito International AirportCCR: 50.00% of the shares5.8mm passengers
BH AirportCCR: 38.25% of the shares10.5mm passengers
3 4
4
CCR LA & C
12
3
ORDLCK
BDL
ATL
HSV
LAX
SFO
OAK
CCR USA
CCR AEROPORTOS
BRASILBelo Horizonte (CNF)
EQUADORQuito(UIO)
COSTA RICASan Jose(SJO)
CURACAOCuraçao(CUR)
TAS(EUA)
CCR AEROPORTOSCCR AIRPORTS 2017 HIGHLIGHTS
• 1st place in GENERAL SATISFACTION indicator of SQI Survey (Services Quality Indicator) of ANAC among the 6 airports under concession
• 4th consecutive year acknowledged as the best airport of South America (WTA) and 4-star airport by Skytrax
• Carbon Credit Program (level 2)
• Expansion of remote yard and modernization of the operational control center with $30mm investment
• Estimated to be delivered by Dec/2017: expansion of the passengers terminal with increased capacity in 15%
• Governance and Model of CCR Management and growth of 22% in revenue
• Focus on Above the Wing services
GENERAL SCENARIO2017 2018Brazil• Political decisions prevailing over
technical recommendations• End of recession period
USA• Regrowth of the Market forprojects in partnership with private initiative
Costa Rica• Regrowth of the Market forprojects in partnership with private initiative
Curacao• Local operator with offer restrictions
Ecuador• Challenging political and economic scenario
Brazil• Economic indicators point out economic growth
USA• Continued infrastructure for two-party
new mayors elected• Long term operators are desired
Costa Rica• Trend for sustainable growth
Curacao• Demand constraints met by other
operators (new routes)
Ecuador• Economy permanently unaltered• Government facing difficulties to approve
new reforms
PASSENGERS
1%
7%
-15%
11%6%
Quito San José Curação BH Airport Total
Total Passengers(BOARDING ‘000)
(*) Data not checked
3rd quarter 2016 Vs. 3rd quarter 2017
BRAZIL • New round of biddings: 13 airports
• Secondary market
LATIN AMERICA AND THE CARIBBEAN
• Most of airports under management of private initiative
• Secondary market
CCR AEROPORTOSDEVELOPMENT AND OPPORTUNITIES
CCR AEROPORTOSDEVELOPMENT AND OPPORTUNITIES
Strategic developer
Credibility, reputation and relationship
Public bidding and acquisitions
14 mapped opportunities
(short list)
New municipal elected representatives
UNITED STATES
Growing interest in PPP solution (P3) in infrastructure
Tax Reform may encourage P3
Debt of 3.0x net debt/EBITDA
Company growth will be financed thorugh leverage
Commitment to pay a minimum of 50%
of the net profitas dividend
FINANCIAL PILLARS
1.9 2.0 1.92.2 2.1 2.0 1.8 2.0 1.9 2.0 2.0
2.3 2.4 2.5 2.53.0 3.0 3.1
2.2 2.41.8 1.8
2.2
EVOLUTION OF DEBTS AND CAPACITY FOR ADDITIONAL LEVERAGE (R$ BI – PRO–FORM)
NET DEBT (R$ BI) NET DEBT / EBTDA (X)
ADDITIONAL CAPACITY
EBITDA adjusted in the last 12 months in 3Q17 does not include non-recurrent value of the acquisitions in participation in ViaQuatro and ViaRio (R$ 548.1 million). On such effects being excluded from EBITDA, the indicator Net Debt/EBITDA, in September 2017, would be of 2.4x.
5.9 6.3 6.3 7.2 7.0 6.9 6.6 7.6 7.6 7.9 8.1 9.6 9.8 10.4 10.7 12.4 13.0 13.9 13.3 14.410.8 12.0 11.8
7.0
ConsideringLaverage at 3.5x
4.6 4.73.9
4.4 4.55.1
4.3 4.6
3.7
HISTORTY OF DIVIDENDS / R$ MILLION
DIVIDENDS OF CONCESSIONAIRES1
DIVIDEND YIELD3
(IN %)DIVIDENDS (CAIXA)
1 Considering public data of dividends received by October 31, 2017.2 Considering average quotation by October 31, 2017.3 Concessionaires that already paid/disclosed dividends in 2017:AutoBAn, NovaDutra, RodoNorte.
609 852 803
1,0541,301 1,400
1,0511,250 1,286
798 777
1,5331,266 1,345
1,620
1,080
1,586
1,164
2009 2010 2011 2012 2013 2014 2015 2016 2017(1 e 2)
¹ The effect of STP sale, at R$ 863.1 million, being excluded from the net profit in the fiscal year. ² The effect of acquisitions of participations in ViaQuatroand ViaRio, at R$ 361.8 million are excluded from the net profit. For the calculation of ROE, the effect at R$ 4 billion for the offer of shares concluded in February 2017 is excluded.
500 547 580 714 709 672 899 1.177 1.351 1.349
874 851 1.107
353 460 512 798 984 951
659 1.038
1.413
2.632
4.044 4.607
2.888
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016(1) 9M17(2)
34,6% 34,9% 35,8%45,2%
24,6% 21,4%28,0%
35,0% 38,8% 36,8%
22,4% 20,5% 20,8%
FollowOn
\
FOCUS ON PROFITABILITY / ROE | R$ MILLION
INVESTMENTS (INCLUDING FINANCIAL ASSET AMD MAINTENANCE)
ROENET PROFIT
16,5017,75 18,00
13,2511,25
13,75
8,75
10,75 11,00
7,25
10,00
11,75
14,25 13,75 13,75
7,50
EVOLUTION OF BRAZILIAN CAPITAL MARKET TOTAL IN OFFERS IN FIXED REVENUE (R$ BI)
917 26
45 38 52 6494 101
130 117135
98 10561
86
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M16 9M17
Source: Anbima
SELIC RATE (%)
Fonte: Anbima
11,00
7,25
10,00
11,75
14,2513,75 13,75
7,50
UP TO 3 YRS FROM 4 TO 6 YRS FROM 7 A 9 YRS 10 YRS OR MORE SELIC RATE
25% 25% 29% 38% 50% 57% 64%49%
52% 45% 42%39%
34% 29% 24%35%
17%18% 17% 10% 8% 5% 3% 11%
6% 13% 12% 12% 9% 9% 10% 4%
2011 2012 2013 2014 2015 2016 JAN/SEP 2016 JAN/SEP 2017
TAXA SELIC (%)
EVOLUTION OF BRAZILIAN CAPITAL MARKET AFTER SHORTENING OF TERMS AND INCREASE IN INTEREST RATESMARKET STARTS PRESENTING GOOD SIGNS
Interest rateTJLP + 1.5%
+ up to 4.18%
TJLP + 1,2% + 0,4% up to
4,86%
TJLP + 1.2%+ up to 4.18%
% maximum financiable3 70% 70% 70%
Maximum term of
financing (years)
20 - 30
According to the capacity
of the project4
20
LONG TERM FINANCING
TJLP + 1.7% + + 0,4% up to
4,86%
TJLP + 1.7% + 0,4% up to
4,86%
TJLP + 1.7% + 0,4% up to
4,86%
50% 80% 40%
15 30 15
1 In the period of contracting financing of: CCR MSVia, CCR Metrô Bahia, VLT and BH Airport.2 For structural projects in public transportation of médium and high capacity. 3 For the 1st cycle of investments. 4 CCR Metrô Bahia = 30 years and VLT = 20 years.
\
PREVIOUS CONDITIONS1 TODAY
ROADS MOBILITY2 AIRPORTS ROADS MOBILITY2 AIRPORTS
UP TO 3 YEARS
FROM 3 TO 7 YEARSMORE THAN 7 YEARS
Mid_Term• Bank credit
Mid_term• Bank credit• Capital market
Long term• BNDES• Capital market• FI_FGTS• Pro_Transport• VITER • BID• IFC
LONG TERM FINANCINGSOURCES
FINAL MESSAGEAfter the cycle of relevant investments... ... and poor drecit secanrio with high interest rates,CCR kept focus:
Clear strategy
Multiple oppportunities => Selectivity
Discipline of capital
Sufficient use of balance
Concrete invetsments in new projects
WE BELIEVE THAT CCR IS READY TO A NEW CYCLEOF INVESTMENTS, WITH RELEVANT CAPACITY FOR LEVERAGEAND SOUND POSITION OF CASH AFTER FOLLOW–ON
Concession obtained
Marks
Acquisitions
Extension of concession
Negotiations
20032002 2007
USA
2005 201020082006 20112004
Follow On (April)CCR ViaOeste (October)
2009
Follow On
Internationalization through entry in the airport sector
Exclusive activity in Brazil
20142013
\
2012 2015
20 years of Concession
Program
QUIAMA
2016 2017
TerrenoNASP
Follow On
20 YEARS OF CONCESSIONS CCR PORFOLIO HAS BEEN GROWING AND DIVERSIFYING
4,6 4,73,9
4,4 4,55,1
4,3 4,6
3,7
HISTORY OF DIVIDENDS | CASH R$ MILLION
RECEIVED DIVIDENDS DIVIDEND YIELD3 (%)PAID DIVIDENDS
1 Considering only public data of received dividends up to October 31, 2017. 2 Concessionaires that already paid/disclosed dividends in 2017:AutoBAn, NovaDutra, RodoNorte, ViaQuatro and ViaLagos.3 Considering average quotation up to October 31, 2017
609 852 803
1.054 1.301 1.400
1.051 1.250 1.286
798 777
1.533 1.266 1.345
1.620
1.080
1.586
1.164
2009 2010 2011 2012 2013 2014 2015 2016 2017 (1 e 2)
1.732 1.9182.259
2.9343.272
3.838 4.143 4.2044.715
3.822
1.404274
2.729
519
1.060397
1.953
2.861 1.862
–2.653
605 603 852 807 1.078 1.329 1.4311.078 1.081
400
365729
833 1.054 773856
1.280 2.1972.752
1.173798
962951
1.002 1.134
1.334
2.849
3.595
3.748
2.425
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (3T)
SOURCES & USES | ANNUAL PROGRESS
EBITDA NET DEBT AMOUNT DIVIDENDS PAID FINANCIAL EXPENSES INVESTMENTS
Capital Discipline
Qualified Growth
Management of people Sustainability
Corporate Governance
PILLARS FOR GROWTH
Opportunities to collaborators working with creation of divisions and internal adjustments
Remuneration reserach to check competitiveness in the market
MANAGEMENT OF PEOPLE
Assessment of executives and management personnel with definition of new competences, engaging in the challenges of the company
Organizational Culture research for new initiatives on improvement and recognition of the Atmosphere and Culture
PILLARS FOR GROWTH
Qualified Growth
Management of people Sustainability
Corporate Governance
Capital Discipline
FOCUS ON ACTUATION
As key element in social investment strategy of CCR Group, the Institute currently directly engages in planning and monitoring of the initiatives supported by the Group, including those resulting from tax incentives
Health and quality of life
Education and Citizenship
Environment and road safety
Culture and Sports
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
13 years
R$ 187 million
DIRECT AND INCENTIVATED INVESTMENTS
PILLARS FOR GROWTH
Qualified Growth
Management of people Sustainability
Corporate Governance
Capital Discipline
Partners with the same objective and view
All partners are minority
Constant seek for consensual
decision
Interest in CCR above all partners interests
Participative style intense
dialogues
CCR GOVERNANCE FACTORS OF SUCESS IN
Dedicated advisors experts in the business
Balance of interests:
shareholder vs. user vs. granting authority
Business model with shared
management
Right people in the right
places
Management with market recognition
CORPORATE GOVERNANCE RECENT CHANGES IN GOVERNANCE
Corporate Governance Brazilian Code – Public
held companies / ICVM 586
The Code contains a set of recommended practices covering
key governance issues such as shareholding structure, board of management composition and
internal controls
Deadline to meet the obligations:
July 31, 2018 upon annual updating
CAD, CEO and Board of Directors assessment with disclosure of the assessment process in the Reference Form
OPA (Public Offer of Shares) for relevant participation
Compulsory disclosure of report on environmental, company and corporate governance information
THE CHANGES ALREADY APPROVED BY SECURITY COMMISION (CVM) IN SEPTEMBER 2017 WILL BE EFFECTIVE AS OF JANUARY 2, 2018 BEING THAT SOME OF THEM WILL HAVE A TERM TO BE ADOPTED BY THE ORDINARY GENERAL MEETING OF 2021
1 2 3New Regulation /Novo Mercado
One of the specific rules presented for voting in separate AND WAS APPROVED:
CCR has voted favorably to two other rules that were not approved
CORPORATE GOVERNANCE RECENT CHANGES IN GOVERNANCE
REGULATIONS CADCOMMITTEES FISCAL BOARD
POLICIES FOR APPOINTMENT OF MEMBERS
POLICIES ON RISK MANAGEMENT
POLICIES FOR TRANSACTIONS WITH RELATED PARTIES
POLICIES FOR NEGOTIATION OF SECURITIES
CODE OF CONDUCT AND CLEAN-COMPANY POLICIES
UPDATED BYLAWS
1
2 5
6
7
8
AS OF 2021, THE CRAETION OR DISCLOSURE OF THE MATTERS AND RULES THAT FOLLOWS IS ENVISAGED
CORPORATE GOVERNANCE
REMUNERATION POLICIES3
4
NEW + DISCLOSURE
IMPROVEMENT + DISCLOSURE
IMPROVEMENT UPDATING
This is CCR keeping high governance level to which its shareholders are used
CCR has decided to promptly implement all obligations set
Brazilian Code for Corporate Governance – Public held companies
Regulation of Novo Mercado
Including all rules the deadline to be implemented is 2021
Considering that is has voted favorably to two measures that were not approved, CCR will also implement them
• OPA for relevant participation • Compulsory disclosure of report with
environmental, social and corporate governance information
CORPORATE GOVERNANCE
WHYINVEST IN CCR?
Clear, well defined and public strategy
Access to capital market
Controlling shareholders with the same objectives and view
Strong dividends policy
Qualified collaborators constantly developing
Inserted in markets with upside potential
Sound financial structure
Qualified growth and sustainable development
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