4q12 presentation
DESCRIPTION
TRANSCRIPT
1 São Paulo, March 06, 2013.
Conference Call
Results 4Q12 & 2012
2
Legal Notice
This presentation contains forward-looking statements relating to the prospects of the business, estimates for
operating and financial results, and those related to growth prospects of Arteris, these are merely projections and,
as such, are based exclusively on the expectations of Arteris’s management concerning the future of the business
and its continued access to capital to fund the Company’s business plan.
Such forward-looking statements depend, substantially, on changes in market conditions, government regulations,
competitive pressures, the performance of the Brazilian economy and the industry and are, therefore, subject to
change without prior notice.
3
Tolled Traffic
Vehicle-Equivalents (Thousand) 4Q12 3Q12 4Q11Var%
4Q12/3Q12
Var%
4Q12/4Q112012 2011
Var%
2012/2011
State Concessions 49,785 50,351 46,747 -1.1% 6.5% 189,694 182,180 4.1%
Autovias 11,473 11,656 10,919 -1.6% 5.1% 44,102 42,931 2.7%
Centrovias 13,507 13,446 12,364 0.5% 9.2% 50,696 47,642 6.4%
Intervias 15,785 16,069 14,967 -1.8% 5.5% 60,471 58,534 3.3%
Vianorte 9,020 9,180 8,497 -1.7% 6.2% 34,425 33,073 4.1%
Federal Concessions 131,348 128,053 127,556 2.6% 3.0% 506,993 487,193 4.1%
Planalto Sul 7,107 7,029 7,079 1.1% 0.4% 27,945 27,969 -0.1%
Fluminense 12,416 12,183 12,099 1.9% 2.6% 48,913 46,778 4.6%
Fernão Dias 41,647 41,253 39,912 1.0% 4.3% 160,707 153,191 4.9%
Régis Bittencourt 37,550 37,100 37,435 1.2% 0.3% 146,097 143,705 1.7%
Litoral Sul 32,628 30,488 31,030 7.0% 5.2% 123,331 115,550 6.7%
Total 181,133 178,404 174,303 1.5% 3.9% 696,687 669,372 4.1%
4
Toll Tariff
Average Toll Tariff (R$ / Vehicle-Equivalents) 4Q12 3Q12 4Q11Var%
4Q12/3Q12
Var%
4Q12/4Q112012 2011
Var%
2012/2011
State Concessions 6.47 6.46 6.20 0.1% 4.3% 6.34 5.93 6.9%
Autovias 6.79 6.76 6.53 0.5% 4.0% 6.67 6.25 6.7%
Centrovias 6.17 6.16 5.91 0.2% 4.4% 6.05 5.66 6.9%
Intervias 5.60 5.62 5.35 -0.3% 4.8% 5.49 5.13 7.1%
Vianorte 8.02 8.01 7.71 0.1% 4.0% 7.85 7.34 6.8%
Federal Concessions 1.79 1.79 1.68 0.3% 6.8% 1.78 1.68 6.3%
Planalto Sul 3.34 3.30 3.13 1.2% 6.7% 3.31 3.11 6.5%
Fluminense 3.10 3.10 2.80 0.0% 10.7% 3.07 2.78 10.4%
Fernão Dias 1.40 1.40 1.31 0.0% 6.6% 1.40 1.30 7.4%
Régis Bittencourt 1.80 1.80 1.70 0.0% 5.8% 1.80 1.70 5.8%
Litoral Sul 1.45 1.42 1.35 2.1% 7.3% 1.41 1.36 4.1%
Total 3.08 3.11 2.89 -0.9% 6.4% 3.03 2.84 6.7%
5
5.7%
875 827 877
2,900
3,328
504 554 557
1,900 2,108
299 298 295
896
1,117
24 25 23
105
103
4Q11 3Q12 4Q12 2011 2012
Others
Construction
Toll
Gross Revenue (R$ million)
Gross Revenue Composition
6
Costs and Expenses
Costs and Services Expenses (R$ Thousand) 4Q12 3Q12 4Q11Var%
4Q12/3Q12
Var%
4Q12/4Q112012 2011
Var%
2012/2011
Third Party Services (48,915) (46,221) (46,853) 5.8% 4.4% (186,627) (180,618) 3.3%
Personnel (46,588) (46,319) (42,489) 0.6% 9.6% (186,466) (162,908) 14.5%
Conservation (27,381) (22,855) (27,204) 19.8% 0.7% (102,321) (92,068) 11.1%
Inspection fee (8,708) (8,682) (8,187) 0.3% 6.4% (34,673) (32,602) 6.4%
Costs w ith granting authority (10,019) (10,080) (9,035) -0.6% 10.9% (37,446) (33,745) 11.0%
Insurance and guarantees (4,430) (5,523) (7,431) -19.8% -40.4% (20,765) (20,684) 0.4%
Directors' compensation (4,644) (3,866) (2,835) 20.1% 63.8% (15,471) (12,443) 24.3%
Civil, labor and tax risks (2,240) (1,777) (1,136) 26.1% 97.2% (4,902) 2,488 -297.0%
Tax expenses (855) (610) (831) 40.2% 2.9% (3,700) (2,747) 34.7%
Other operating expenses, net (21,873) (20,533) (28,940) 6.5% -24.4% (96,914) (85,308) 13.6%
Total (Cash Costs) (175,653) (166,466) (174,941) 5.5% 0.4% (689,285) (620,635) 11.1%
% Cash Costs / Net Revenue (excl. construction) 33.5% 31.7% 36.6% 1.7 p.p. -3.1 p.p. 34.4% 34.2% 0.2 p.p.
Cost of construction services (294,554) (297,785) (299,289) -1.1% -1.6% (1,117,137) (896,233) 24.6%
Provision for maintenance in highw ays (68,137) (72,430) (35,897) -5.9% 89.8% (235,956) (183,125) 28.8%
Depreciation and amortization (62,172) (65,478) (54,644) -5.0% 13.8% (241,519) (203,972) 18.4%
Total (600,516) (602,159) (564,771) -0.3% 6.3% (2,283,897) (1,903,964) 20.0%
7 *Adjusted EBITDA Margin considers Net Revenue, excluding Construction Revenue.
304 358 349
1,195
1,314
63.4% 68.3% 66.5%
65.8% 65.7%
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
4Q11 3Q12 4Q12 2011 2012
Adjusted EBITDA and Adjusted EBITDA Margin (R$ million)
Operational Performance
8
Financial Result
Financial Result (R$ Thousand) 4Q12 3Q12 4Q11Var%
4Q12/3Q12
Var%
4Q12/4Q112012 2011
Var%
2012/2011
Financial Income 18,922 19,220 32,496 -1.6% -41.8% 102,566 156,510 -34.5%
Interest Receivable 260 258 (2,072) 0.8% -112.5% 1,032 5,928 -82.6%
Financial Investments 15,465 18,811 34,858 -17.8% -55.6% 89,427 145,249 -38.4%
Financial Charges - Reversal of Present Value Adjustments 2,834 51 2,923 5456.9% -3.0% 11,267 2,923 2.854601437
Other Revenues 363 100 (3,213) 263.0% -111.3% 840 2,410 -65.1%
Financial Expenses (79,556) (85,695) (88,963) -7.2% -10.6% (339,935) (363,658) -6.5%
Financial Charges (62,620) (61,592) (74,254) 1.7% -15.7% (263,613) (305,752) -13.8%
Monetary Adjustment of Concession Charges (5,270) (14,532) (6,936) -63.7% -24.0% (37,299) (34,683) 7.5%
Financial Charges - Reversal of Present Value Adjustments (8,369) (6,063) (4,031) 38.0% 107.6% (26,719) (7,831) 241.2%
Other Expenses (3,297) (3,508) (3,742) -6.0% -11.9% (12,304) (15,392) -20.1%
Net Exchange Variation (6) - 421 - -101.4% (28) (61) -54.1%
Financial Result (60,640) (66,475) (56,046) -8.8% 8.2% (237,397) (207,209) 14.6%
9
105 103 107
404 404
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
4Q11 3Q12 4Q12 2011 2012
Net Income Evolution
Net Income (R$ million)
10
61.1%
25.9%
13.0%
TJLP
CDI
IPCA
61.1%
38.7%
0.2%
BNDES
Debentures
Others
1,797
2,237 2,420
1.6 1.9 1.9
(2,5)
(1,5)
(0,5)
0,5
1,5
2,5
-
500
1.000
1.500
2.000
4Q11 3Q12 4Q12
Net Debt
Net Debt/ Adjusted EBITDA – Fixed
Concession Charge (last 12 months)
Indebtedness
Gross Debt Profile Leverage Ratio and Net Debt
Debt
(In thousands of Brazilian reais)4Q12 3Q12 4Q11
Var%
4Q12/3Q12
Var%
4Q12/4Q11
Gross Debt 3.234.652 3.199.636 3.098.442 1,1% 4,4%
Short Term 472.786 452.674 426.332 4,4% 10,9%
Long Term 2.761.866 2.746.962 2.672.110 0,5% 3,4%
Cash Position 814.312 962.807 1.301.623 -15,4% -37,4%
Cash and equivalents 681.437 848.760 1.178.454 -19,7% -42,2%
Restricted investments ¹ 132.875 114.047 123.169 16,5% 7,9%
Net Debt 2.420.340 2.236.829 1.796.819 8,2% 34,7%
¹ Short and long term
11
Investments – Cash Disbursements
Intangible and Fixed Assets and Highway Maintenance (R$ million)
679,527 750,787
598,281
876,712
1,106,425
77,997
127,192
131,188
141,066
679,527
828,784
725,473
1,007,900
1,247,491
2008 2009 2010 2011 2012
Intangible and Fixed Assets Maintenance
12
R. Joaquim Floriano, 913 – 6º andar
Itaim Bibi – São Paulo – SP – CEP 04534-013
+55 11 3074-2410
www.arteris.com.br/ir
Investor Relations