Earnings Results 1Q14May, 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.
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Agenda
Highlights
Results Analysis
Perspectives
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1Q14 Highlights
TRAFFIC:
Consolidated traffic grew by 9.1% in 1Q14. Considering Renovias, there was an increase of
9.2%.
TOLLS COLLECTED BY ELECTRONIC MEANS:
The number of STP users increased by 14.2% over March 2013, reaching 4,427,000 active
tags.
ADJUSTED EBITDA:
Same basis adjusted EBITDA1 increased by 14.6% in 1Q14, accompanied by same basis
adjusted EBITDA margin1 of 67.6% (+2.6 p.p.).
NET INCOME:
Net income on the same basis1 reached R$ 361.8 million, growth of 7.5%.
1 Adjusted EBITDA excludes Curaçao Airport, MSVia, Metro Bahia and BH Airport. 4
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Subsequent Event
BH Airport:
On April 7, 2014, CCR entered into the Concession Agreement related to the concession for
the expansion, maintenance and exploration of BH Airport. The concession will have 30-year
term and CCR holds a total interest of 38.25% in the concessionaire.
Dividends:
Approval of complementary distribution of dividends in the amount of R$0.0570773 per
share, totaling R$100.8 million, paid as of April 30, 2014.
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Financial Highlights
Revenue growth ...
... reflects the positive traffic performance.
1- Net Operational Revenues excludes Construction Revenues.
2- Adjustment excluding Curaçao Airport, MSVia, Bahia Subway and BH Airport. Additionally, the pro forma excludes VLT.
3- The EBIT and EBITDA adjusted margin was calculated by dividing the EBIT and EBITDA by net revenues, excluding construction
revenues, because this is an IFRS requirement, whose counterpart in the same amount impacts total costs.
4- Calculated without non cash expenses: depreciation and amortization, maintenance provision and settlement of prepaid expenses.
Net Revenues1 1,206.2 1,350.6 12.0% 1,383.5 1,543.2 11.5%
Adjusted Net Revenues on the same basis2 1,206.2 1,327.8 10.1% 1,383.5 1,520.4 9.9%
EBIT 605.6 655.2 8.2% 674.0 745.6 10.6%
Adjusted EBIT Mg.3 50.2% 48.5% -1.7 p.p. 48.7% 48.3% -0.4 p.p.
EBIT on the same basis2 605.6 682.7 12.7% 674.0 774.0 14.8%
EBIT Mg. on the same basis2 50.2% 51.4% +1.2 p.p. 48.7% 50.9% +2.2 p.p.
Adjusted EBITDA4 783.6 874.4 11.6% 882.8 994.8 12.7%
Adjusted EBITDA Mg.3 65.0% 64.7% -0.3 p.p. 63.8% 64.5% +0.7 p.p.
Adjusted EBITDA on the same basis2 783.6 898.2 14.6% 882.8 1,019.1 15.4%
Adjusted EBITDA Mg. on the same basis2 65.0% 67.6% +2.6 p.p. 63.8% 67.0% +3.2 p.p.
Net Income 336.7 343.1 1.9% 336.7 343.1 1.9%
Net Income on the same basis2 336.7 361.8 7.5% 336.7 361.8 7.5%
1Q13 1Q14 Chg %
IFRS Proforma
Financial Indicators (R$ MM) 1Q13 1Q14 Chg %
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Traffic – Quarter Change (Proforma)
Consolidated – Equivalent Vehicle
Revenue and traffic 1Q14 X 1Q13 (%)
* Information including Renovias which is contemplated in the proforma method.
AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias
10.3
3.4
9.7
2.0
12.4 9.9
12.2 14.0
10.6 10.2
4.2
15.8
2.0
18.3
9.6
6.3
14.0
10.8
Traffic Toll Revenues
1Q09 1Q10 1Q11 1Q12 1Q13 1Q14
163,241
194,597
228,120 239,841 244,606
267,039
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Revenue Analysis (Proforma)
1Q11 1Q12 1Q13 1Q14
63% 66% 67% 69%
37% 34% 33% 31%
Electronic Cash
AutoBan28.0%
NovaDutra16.8%
ViaOeste13.4%
RodoNorte10.0%
SPVias8.0%
Airports4.8%
STP3.6%
RodoAnel3.2%
ViaQuatro3.0%
Ponte2.3%
Barcas2.3%
Renovias2.2%
ViaLagos1.9%
Samm0.5%
Payment Means
Gross Operating Revenues Gross Revenue Breakdown
* Including the proportional results of jointly-owned subsidiaries.
1Q11 1Q12 1Q13 1Q14
92% 91% 85% 84%
8% 9% 15% 16%
Toll Others
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Costs Evolution (1Q14 X 1Q13)
1Q13 Depreciationand
Amortization
Third-partyServices
GrantingPower andAdvanced
Expenses
PersonnelCosts
ConstructionCosts
MaintenanceProvision
OtherCosts
1Q14 Ex NewBusiness
1Q14Ex New
Business
704.7
911.7
842,8
2920 (5) 25
11212 14 (69)
Same Basis
Cash Cost:
+1.6%
Total Costs (R$ MM)
NewProjects
Performed Workand
New Projects
AdditionalProvisioning
of RodoNorte
Construction of Service Roads, Additional Lanes, Fiber-Optic
Network and Curaçao
New Projectsand
Wage Increase
13%20%
107%19%
24%-5%
20%36% 30%
NewProjects
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Proforma EBITDA
1Q13Proforma
EBITDA
1Q14Proforma
EBITDA
ExNew
Projects
1Q14Proforma
EBITDAExcluding
New Projects
882.8
994.8 1,019.124.2
63.8%
of Mg.
64.5%
of Mg.67.0%
of Mg.
Expansion of 3.2 p.p. of Proforma EBITDA on the same basis margin ...
... reflects the position of constant gain in efficiency of CCR.
+ 15.4%
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1Q13 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 1Q14 NetFinancial Result
(137.6)
(190.5)
0.8 (7.9) 1.2 (0.5)
(68.3) 23.0
2.5 3,7
Financial Results
Change in the quarter financial results reflects ...
... the increase in the average SELIC rate beyond the higher debt stock.
38%
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Same Basis Income(1)
1Q13Net
Income
1Q14Net
Income
ExNew
Projects
1Q14Net Income
ExcludingNew Projects
336.7 343.1 19 361.8
2%
(1) Same Basis: Excluding Curaçao Airport, MSVia, Metro Bahia and BH Airport.
8%
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Debt in March 31, 2014
CDI88.1%
IPCA8.0%
USD2.0%
TJLP1.9%
Gross debt by indexer
Amortization Schedule (R$ ‘000)
• Total Gross Debt: R$ 8.7 Bi
• Net Debt / EBITDA: 1.9x...
2014 2015 2016 2017 From2018
2,028 1,965
3,229
450
127 188
61
172
484
CDI Outros
484622
3,290
2,1532,155
2014 2015 2016 2017 From2018
2,028 1,965
3,229
450
127 188
61
172
484
CDI Others13
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Debt
6,152 5,8936,330 6,344
7,212 7,018 6,944 6,600
7,609 7.6207,002 6,902
2.11.9 2.0 1.9
2.2 2.1 2.01.8
2.0 1,9 2.0 1.9
-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
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 4Q13 1Q14
Net Debt (R$ MM) Net Debt/EBITDA (x)
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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1Q14 Realized Investments and Maintenance
AutoBAn 59.0 1.9 60.9 0.1
NovaDutra 35.8 1.3 37.0 10.7
ViaOeste 7.2 1.7 8.9 5.5
RodoNorte (100%) 12.5 1.1 13.5 10.3
Ponte 1.0 0.2 1.1 0.5
ViaLagos 20.3 0.4 20.7 1.9
SPVias 37.4 2.2 39.6 9.4
ViaQuatro (58%) 0.5 0.4 0.8 0.0
Renovias (40%) 1.7 0.1 1.9 0.1
RodoAnel (100%) 4.1 0.4 4.5 0.0
Controlar (45%) 0.0 0.5 0.5 0.0
SAMM 1.4 9.1 10.5 0.0
ViaRio (33.33%) -0.4 0.0 -0.3 0.0
Quito 8.4 1.0 9.3 0.0
San José 1.4 0.0 1.4 0.0
Curaçao 1.5 0.0 1.5 0.0
Barcas 0.2 2.9 3.1 0.0
VLT (24.44%) 1.4 0.1 1.5 0.0
Metrô Bahia 4.6 1.1 5.7 0.0
BH Airport 0.0 0.0 0.0 0.0
MSVia 1.2 1.9 3.1 0.0
STP (34.24%) 2.0 6.8 8.7 0.0
Other1 0.0 9.4 9.4 0.0
Consolidated 201.2 42.2 243.4 38.3
1 - Includes CCR and CPC.
Equipments and
OthersTotal Maintenance Cost1Q14 - R$ MM
Performed Investments Performed maintenance
Improvements
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Dividends (Cash)
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 Payout
Commitment to pay at least 50% of net income as dividends to shareholders
1 Considers the average share price in the year
2013 Dividends
0.06
0.68 Interim
Complementary
2013 Cash dividends
paid per share
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
183263
500547
580
714 709 672
899
1,177
1,351
Net Income
2,2%
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
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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
• Salvador and
Lauro de Freitas
Subway Line
• BH Airport
• BR-163 (MS)
(2013)
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