Earnings Results 2Q14August, 2014
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Disclaimer
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.
2
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Agenda
Highlights
Results Analysis
Perspectives
3
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2Q14 and 1H14 Highlights
TRAFFIC:
Proforma consolidated traffic grew by 3.9% in 2Q14.
TOLLS COLLECTED BY ELECTRONIC MEANS:
The number of STP users increased by 13.6% over June 2013, reaching 4,525,000 active
tags.
ADJUSTED EBITDA:
Same-basis1 adjusted proforma EBITDA increased by 5.2%, with an margin of 63.9%. In
1H14, same-basis1 adjusted proforma EBITDA climbed by 10.4%, with an margin of 65.5%
(+1.3 p.p.).
NET INCOME:
Same-basis1 net income totaled R$292.9 million, a 3.8% reduction in 2Q14 and R$655.4
million, an increase of 2.4% in 1H14.
1 Adjustment excluding New Businesses, which are not operating yet (MSVia, Metrô Bahia and BH Airport) and Curaçao International Airport. In addition, on a pro-forma
basis, it excludes Controlar, ViaRio and VLT. 4
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Financial Highlights – 2Q14
Revenue growth ...
... reflects the positive traffic performance.
1-Net revenue excludes construction revenue.
2-The Adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS,
whose counter-entry of the same amount impacts total costs.
3- Adjustment excluding New Businesses, which are not operating yet (MSVia, Metrô Bahia and BH Airport) and Curaçao International Airport. In addition, on a
pro-forma basis, it excludes Controlar, ViaRio and VLT.
4-Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
5
Financial Indicators (R$ MM) 2Q13 2Q14 Chg % 2Q13 2Q14 Chg %
Net Revenues1 1,246.8 1,317.7 5.7% 1,442.7 1,507.2 4.5%
EBIT 589.0 563.0 -4.4% 668.4 653.4 -2.2%
Adjusted EBIT Mg.2 47.2% 42.7% -4.5 p.p. 46.3% 43.4% -2.9 p.p.
EBIT on the same basis3 588.8 597.4 1.5% 667.4 690.7 3.5%
EBIT Mg. on the same basis3 47.5% 46.0% -1.5 p.p. 47.2% 46.4% -0.8 p.p.
Adjusted EBITDA4 797.0 797.5 0.1% 908.0 916.9 1.0%
Adjusted EBITDA Mg. 63.9% 60.5% -3.4 p.p. 62.9% 60.8% -2.1 p.p.
Adjusted EBITDA on the same basis3 795.1 828.0 4.1% 903.5 950.1 5.2%
Adjusted EBITDA Mg. on the same basis3 64.1% 63.8% -0.3 p.p. 63.9% 63.9% -
Net Income 304.4 275.8 -9.4% 304.4 275.8 -9.4%
ProformaIFRS
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2Q09 2Q10 2Q11 2Q12 2Q13 2Q14
172,561
211,840
237,859 238,811 253,634 263,465
Traffic – Quarter Change (Proforma)
Consolidated – Equivalent Vehicle
Revenue and traffic 2Q14 X 2Q13 (%)
* Information including Renovias which is contemplated in the proforma method.6
AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias* RodoAnel SPVias
4.6
-0.9
5.9
-0.9
8.2
4.5
11.0
5.1 6.1 4.5
-0.1
12.5
-0.9
14.5
4.2 5.5 5.1 5.7
Traffic Toll Revenues
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AutoBAn28.4%
NovaDutra16.8%
ViaOeste13.6%
RodoNorte9.8%
SPVias7.9%Airports
4.2%
STP3.8%
ViaQuatro3.4%
RodoAnel3.2%
Ponte2.4%
Barcas2.3%
Renovias2.3% ViaLagos
1.4%
Others0.5%
2Q11 2Q12 2Q13 2Q14
65% 67% 69% 70%
35% 33% 31% 30%
Electronic Cash
Revenue Analysis (Proforma)
Payment Means
Gross Operating Revenues Gross Revenue Breakdown
* Including the proportional results of jointly-owned subsidiaries.7
2Q11 2Q12 2Q13 2Q14
93% 90% 84% 84%
7% 10% 16% 16%
Toll Others
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2Q13 Depreciationand
Amortization
Third-partyServices
GrantingPower andAdvanced
Expenses
PersonnelCosts
ConstructionCosts
MaintenanceProvision
OtherCosts
2Q14 Ex NewBusiness
2Q14Ex New
Business
813.6
1229.3
943.8
25 18 (8)41
315 1 23(285)
Costs Evolution (2Q14 X 2Q13)
Same Basis
Cash Cost:
+5.4%
Total Costs (R$ MM)
NewProjects
Performed Workand
New Projects
Construction of Service Roads, Additional Lanes, Collection
System and Curaçao
New Projectsand
Wage Increase
8
12%27%
203% 51%
18%
16%
3%
-9%
29%
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2Q13Proforma
EBITDA
2Q14Proforma
EBITDA
ExNew
Projects
2Q14Proforma
EBITDAExcluding
New Projects
908.0 916.9 950.133
Proforma EBITDA
62.9%
of Mg.
60.8%
of Mg.63.9%
of Mg.
Expansion of Proforma EBITDA excluding new projects ...
... reinforces cost control discipline.9
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Financial Results
Change in the quarter financial results reflects ...
... the increase in the average SELIC rate beyond the higher debt stock.
33%
10
2Q13 NetFinancial Result
Income fromHedge Operation
MonetaryVariation
Exchange Rate Variation on Loans,
Financing and Debentures
Present Value Adjustment of
Maintenance Provision
Interest on Loans, Financing and
Debentures
Interest and Investment Income
and Other Income
Fair Value ofHedge Operation
Others 2Q14 NetFinancial Result
(152.5)
(202.9)
(16.2)(8.0) 23.1
(0.4)
(66.9) 32.8
(11.0) (3,8)
• Chg. of average Selic 2Q14 X 2Q13 = +3.3 p.p.
• Gross Debt= R$ 8.9 B (+22.5%)
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Same Basis Income1
1- Same Basis: Excluding Curaçao Airport, MSVia, Metro Bahia and BH Airport. 11
9% 4%
2Q13Net
Income
2Q14Net
Income
ExNew
Projects
2Q14Net Income
ExcludingNew Projects
304.4 275.8 17292.9
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CDI87.2%
IPCA7.8%
TJLP2.3%
USD1.8%
Others0.9%
Debt in June 30, 2014
Gross debt by indexer
Amortization Schedule (R$ ‘000)
• Total Gross Debt: R$ 9.0 Bi
(R$ 10.5 Bi proforma)
• Net Debt / EBITDA: 2.0x...
12
2014 2015 2016 2017 From2018
887
2,362
3,229
1,331
-
4
133
8
9
9
CDI Others
503
1,518
3,370
2,561
1,002
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5,8936,330 6,344
7,212 7,018 6,944 6,600
7,609 7,620 7.8596,902 7,247
1.9 2.0 1.92.2 2.1 2.0
1.82.0 1.9 2.0 1.9 2.0
-2,5
-1,5
-0,5
0,5
1,5
2,5
0
2.000
4.000
6.000
8.000
10.000
12.000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 1Q14 2Q14
Net Debt (R$ MM) Net Debt/EBITDA (x)
Debt
Company presents a comfortable leverage ratio in order to realize the investments in business recently
conquered ...
... and follow with it’s qualified growth.
Net Debt / EBITDA LTM
IFRS10 and 11Proforma Data
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Realized Investments and Maintenance
14
2Q14 1H14 2Q14 1H14 2Q14 1H14 2Q14 1H14
AutoBAn 65.8 124.8 3.3 5.2 69.1 130.0 0.8 0.9
NovaDutra 57.3 93.1 4.4 5.6 61.7 98.7 22.2 32.9
ViaOeste 22.1 29.3 5.4 7.1 27.5 36.4 7.7 13.1
RodoNorte (100%) 26.8 39.2 1.6 2.7 28.4 42.0 13.1 23.4
Ponte 0.2 1.2 0.2 0.3 0.4 1.5 0.8 1.3
ViaLagos 28.5 48.9 0.3 0.7 28.8 49.5 0.5 2.5
SPVias 65.1 102.5 2.4 4.6 67.5 107.1 15.8 25.1
ViaQuatro (58%) 1.0 1.5 1.2 1.6 2.2 3.0 0.0 0.0
Renovias (40%) -1.7 0.0 0.7 0.9 -1.0 0.9 1.2 1.2
RodoAnel (100%) 3.7 7.8 0.5 0.9 4.2 8.7 0.0 0.0
Controlar (45%) 0.4 0.4 -0.1 0.3 0.3 0.7 0.0 0.0
SAMM 1.0 2.5 6.4 15.5 7.4 18.0 0.0 0.0
ViaRio (33.33%) 14.4 14.0 0.0 0.1 14.4 14.1 0.0 0.0
Quito 0.3 8.7 -0.4 0.5 -0.1 9.2 0.0 0.0
San José 0.9 2.3 -0.0 0.0 0.9 2.4 0.0 0.0
Curaçao 1.3 2.8 0.0 0.0 1.3 2.8 0.0 0.0
Barcas 4.9 5.2 2.0 4.9 7.0 10.1 0.0 0.0
VLT (24.44%) 1.4 2.9 0.2 0.2 1.6 3.1 0.0 0.0
Metrô Bahia 116.5 121.1 4.1 5.2 120.6 126.3 0.0 0.0
BH Airport 0.1 0.1 0.9 0.9 1.0 1.1 0.0 0.0
MSVia 17.6 18.8 15.8 17.7 33.4 36.5 0.0 0.0
STP (34.24%) 2.9 4.8 16.9 23.7 19.8 28.5 0.0 0.0
Other1 0.0 0.0 5.6 15.0 5.6 15.0 0.0 0.0
Consolidated 430.5 631.7 71.4 113.6 501.9 745.3 62.1 100.4
1 - Includes CCR and CPC
R$ MM
Performed Investments Performed maintenance
Improvements Equipments and Others Total Maintenance Cost
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Dividends (Cash)
Commitment to pay at least 50% of net income as dividends to shareholders.
CCR’s Executive Board proposed the distribution of interim dividends of R$0.65 per share.
1 Considers the average share price in the year.
2013 Dividends
0.06
0.68 Interim
Complementary
2013 Cash dividends
paid per share
15
2%
4%
5%
4% 4%
5%5% 5%
4%
16%
58% 61% 65%
92%85% 85%
127%
90%
-70%
-20%
30%
80%
130%
2%
3%
4%
5%
6%
7%
1 2 3 4 5 6 7 8 9
Div. Yield Payout1
2.2%
4.2%
4.8%
3.8% 3.9%
5.0%4.6% 4.7%
3.9%3.7%
3.9%
16%
58% 61% 65%
92%85% 85%
127%
90% 90%96%
-70%
-20%
30%
80%
130%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
1 2 3 4 5 6 7 8 9 10 11
Div. Yield Payout2,2%
4,2%
4,8%
3,8% 3,9%
5,0%4,6% 4,7%
3,9%3,7%
16%
58% 61% 65%
92%85% 85%
127%
90% 90%
-70%
-20%
30%
80%
130%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
1 2 3 4 5 6 7 8 9 10
Div. Yield Payout
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
183263
500547
580
714 709 672
899
1,177
1,351
Net Income
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Track Record
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)
CCR Track Record: diversification and new bids
Via Lagos
Concession
Extension (2011)
• Airports: Quito, San
José and Curaçao
•Barcas
•ViaRio
(2012)• Increase in
Curaçao stake
(2013)
• VLT
• Metrô Bahia
• BH Airport
• MSVia
(2013)
16
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