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This presentation contains certain statements that are neither reported financial results or
other historical information. They are forward-looking statements.
Because these forward-looking statements are subject to risks and uncertainties, actual future
results may differ materially from those expressed in or implied by the statements. Many of
these risks and uncertainties relate to factors that are beyond CCR’s ability to control or
estimate precisely, such as future market conditions, currency fluctuations, the behavior of
other market participants, the actions of governmental regulators, the Company's ability to
continue to obtain sufficient financing to meet its liquidity needs; and changes in the political,
social and regulatory framework in which the Company operates or in economic or
technological trends or conditions, inflation and consumer confidence, on a global, regional or
national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this document. CCR does not undertake any obligation to
publicly release any revisions to these forward looking statements to reflect events or
circumstances after the date of this presentation.
Disclaimer
22
São Paulo, October 21, 2011São Paulo, October 21, 2011
Infrastructrure: It’s from here that Brazil will arrive there......
Agenda
Introduction and Welcome | Renato Vale
Opportunities in Rio de Janeiro | Luiz Fernando de Souza Pezão - Vice-Governor of RJ
Registration and Breakfast8:00
8:301
8:452
9:45310:404
Ground Transport Infrastructure in Brazil| Bernardo Figueiredo - Diretor Geral of the ANTT
Coffee Break
11:105Opportunities and Accomplishents of Current Business
| Italo Roppa and José Bráz
Overview of New Business and Qualified Growth-New opportunities | Leonardo Vianna
-Financial Strategy | Arthur Piotto 11:55613:25713:358
Conclusions and Closing Message
Questions and Answers
Lunch 13:509
Introduction and Welcome.
Renato Vale
1
With Simple Assumptions…Looking back...
EBITDA 2010EFYMarket ConsensusEBITDA 2010EFY
Market Consensus
R$
2,3
50
mi
R$
2,3
50
mi
EBITDA2009
EBITDA2009
R$
1,9
60
mi
R$
1,9
60
mi
+20%
Ebitda+20%
Ebitda
1.5x PIB de 5% =
+7.5% Traffic per year
1.5x PIB de 5% =
+7.5% Traffic per year
Growth of TrafficGrowth of Traffic
5% peryear
5% peryear
Expected InflationExpected Inflation
Growth 40%
Growth 40%
2% Gain
of Margin
2% Gain
of Margin
Operational LeveragingOperational Leveraging
EBITDA2013 E*EBITDA2013 E*
R$
3,3
bi
R$
3,3
bi
R$ 3.5 biR$ 3.5 bi
* Without SPVias and ViaQuatro
With Simple Assumptions…Looking back...
EBITDA 2011EMarket Consensus
EBITDA 2011EMarket Consensus
R$
2,3
50
mi
R$
2,3
50
mi
EBITDA2009
EBITDA2009
R$
1,9
60
mi
R$
1,9
60
mi
+20%
Ebitda+20%
Ebitda
* Without SPVias and ViaQuatro
We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition+ R$ 350 M
SPVias
+ R$ 150 M ViaQuatro
EBITDA
2013E
EBITDA
2013ER
$ 3
.8 b
iR
$ 3
.8 b
i
EBITDA2013 E*EBITDA2013 E*
R$
3.3
bi
R$
3.3
bi
R$ 3.5 biR$ 3.5 bi
R$
3.0
b
iR
$ 3
.0
bi
EBITDA
2011E
EBITDA
2011E
With Simple Assumptions…Looking back...
Urban Mobility
Highway concessions
World Cup / Olympics
... and what’s more, with new opportunities...
EBITDA 201EMarket
Consensus
EBITDA 201EMarket
Consensus
R$
2,3
50
mi
R$
2,3
50
mi
EBITDA2009
EBITDA2009
R$
1,9
60
mi
R$
1,9
60
mi +20%
Ebitda+20%
Ebitda
We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition
+ R$ 350 M
SPVias
+ R$ 150 M ViaQuatro
EBITDA
2013 FY
EBITDA
2013 FY
R$
3.8
bi
R$
3.8
bi
EBITDA2013 FY*EBITDA2013 FY*
R$
3,3
bi
R$
3,3
bi
R$ 3.5 biR$ 3.5 bi
EBITDA2013E*
EBITDA2013E*
R$
3.0
b
iR
$ 3
.0
bi
AeroportosAeroportos
With Simple Assumptions…Looking back...
Qualified growth bass
People Sustainability
EBITDA 201E
Market Consensus
EBITDA 201E
Market Consensus
R$
2,3
50
m
iR
$ 2
,35
0
mi
EBITDA2009
EBITDA2009
R$
1
,96
0
mi
R$
1
,96
0
mi
+20%
Ebitda+20%
Ebitda
We have the potential to add up to 60% EBITDA by 2013 without any new
project or acquisition
SPVias
EBITDA
2013 FY
EBITDA
2013 FY
R$
3.8
b
iR
$ 3
.8
bi
EBITDA
2013 FY*EBITDA
2013 FY*
R$
3,3
b
iR
$ 3
,3
bi
R$ 3.5 biR$ 3.5 bi
EBITDA
2013E*EBITDA
2013E*
R$
3.0
b
iR
$ 3
.0
bi+ R$ 350 M
ViaQuatro+ R$ 150 M
... and what’s more, with new opportunities...
Urban Mobility
Highway concessionsWorld Cup / Olympics
People
Leadership Development Program (PDL)
Received award as largest international association of highway concessionaires. Its main objective is to develop leaders for the competencies of the CCR Group, preparing them for the challenges of qualified growth, ensuring a balance of interests and agreed upon results, preserving business security.
215participantsWith a large presence of more than 95% of the audience.
More than320 hours of training
Workshops on Corporate Governance, Organization and People, Corporate Management: Finance, Business Administration: Planning and Oversight.
Objective: Identify young recent graduates with high
development potential to work in the company’s business units;
5 editions of the program completed since 2006; More than 15 thousand applications; 65 professionals already taken on as staff members
ReconhecimentoIBTTA AWARDS 2011
Professional Training Program – Trainees
Program 2011-2012More than 6,500 registrations to hire 22 new employees. Areas of training: Business Administration, Accounting Sciences, Computing Economics, Engineering and Systems Analysis.
Sustainability
Insertion of the Sustainability subject into the company’s strategy
2010 Annual and Sustainability Report
In Portuguese and English, published June 30; Following GRI guidelines; Reporting the IBASE social balance sheet Simplfied format for employees, opinionmakers,
fleet owners, etc.
•Strategy and Sustainability subject;•Detailed inventory of emissions 2010;•Mapping and waste management;•Target: accident reduction;•Target: return to the Business Sustainability Index
Implementation, dissemination and promotion of the 10 principles of the Global Compact
Joining the Global Compact
CCR Investment with all the Laws of Incentive.
CCR Investment per year
20032003
97
09
70
R$ (million)R$ (million)
R$ ThousandR$ Thousand
20042004
1.6
95
1.6
95
20052005
3.7
71
3.7
71
2006+ISS2006+ISS
3.6
54
3.6
54
2007+
Law of sport
2007+
Law of sport
5.1
66
5.1
66
2008+
FUMCAD
2008+
FUMCAD
7.5
19
7.5
19
20092009
9.4
91
9.4
91
20102010
14
.18
11
4.1
81CAGR 46.7% a.a.
CAGR 46.7% a.a.
R$ (thousand)R$ (thousand)
2007+
2007+
2.4
20
2.4
20
20082008
4.6
76
4.6
76
20092009
5.1
44
5.1
44
20102010
5.6
58
5.6
58
CCR Private Social Investment without Incentive Laws.
CCR Investment per year (without incentive) Investments reached more than R$ 17 million in 4 years
CCR Private Social InvestmentConsolidated – with and without Incentive Laws
CCR Investment per year (Consolidated)
Company’s social investment reachedc more
than R$ 64 million in 8 years
2 Opportunities in Rio de Janeiro.
Luiz Fernando de Souza Pezão – Vice-Governor of RJ
Ground Transport Infrastructure in Brazil.
Bernardo Figueiredo – ANTT General Manager
3
Questions and Answers
Coffee Break4
History of Traffic and Trends4
Marcus Vinícius
Comparable Monthly Traffic
Growth YoY - %
Jan/10
Jan/10
Fev/10
Fev/10
Mar/10
Mar/10
Abr/10
Abr/10
Mai/10
Mai/10
Jun/10
Jun/10
Jul/10
Jul/10
Ago/10
Ago/10
Set/10
Set/10
Out/10
Out/10
Nov/10
Nov/10
Dez/10
Dez/10
Jan/11
Jan/11
Fev/11
Fev/11
Mar/11
Mar/11
Abr/11
Abr/11
Mai/11
Mai/11
Jun/11
Jun/11
Jul/11
Jul/11
Ago/11
Ago/11
Set/11
Set/11
Jan/09
Jan/09
Fev/09
Fev/09
Mar/09
Mar/09
Abr/09
Abr/09
Mai/09
Mai/09
Jun/09
Jun/09
Jul/09
Jul/09
Ago/09
Ago/09
Set/09
Set/09
Out/09
Out/09
Nov/09
Nov/09
Dez/09
Dez/09
13.2
%13
.2%
15.2
%15
.2% 20
,5%
20,5
%
19.6
%19
.6%
11.2
%11
.2% 16
.0%
16.0
%
19.4
%19
.4%
22.0
%22
.0%
17.3
%17
.3%
13.9
%13
.9%
23.5
%23
.5%
24.5
%24
.5%
27.2
%27
.2%
30,6
%30
,6%
28.3
%28
.3%
18.4
%18
.4%
11.7
%11
.7%
10,5
%10
,5% 14
.0%
14.0
%
10,8
%10
,8%
9.1%
9.1%
14.6
%14
.6%
16.3
%16
.3% 21
.6%
21.6
% 24.5
%24
.5%
26.1
%26
.1%
12.1
%12
.1%
12.4
%12
.4%
22.4
%22
.4%
23.3
%23
.3%
22.2
%22
.2%
20,1
%20
,1%
20,0
%20
,0%
Comparable Monthly Traffic
1.5 X GDP
Amounts in %
Comparable Monthly Traffic
Accomplishments and Opportunities
Italo Roppa
5
CCR AutoBAn
Anhanguera Complex
AutoBAnAnhanguera Complex
At the request of ARTESP, the 1st Phase of the Anhanguera Complex was supplemented with additional investments to the contract in the amount of R$ 99 million (base July/2010). The Rebalancing was carried out through retention of the fixed and variable grant, which was started in September /2010.
CCR AutoBAn
Marginal Tietê Incorporation
Total investment : R$ 209 million;
Set of construction projects that reorganized traffic, improving flow and safety of movement, reducing travel time;
AutoBAnAnhanguera Complex
AutoBAnAnhanguera Complex
AutoBAnAnhanguera Complex
Merge of km 12+000 - Av. do Anastácio
AutoBAnAnhanguera Complex
Improvements of Banks of the Tietê under the Atílio Fontana Bridge
AutoBAnAnhanguera Complex
Phase 1 Anhangüera Complex – Finished Construction
CCR ViaOeste
CLOVERLEAF PROJECT - JANDIRA CLOVERLEAF
CCR ViaOesteAccomplishments
A total of R$ 185 million (base July/2009) in additional investments to the contract were made. The Rebalancing was carried out through retention of fixed and variable grant, which started in December/2010.
CCR ViaOeste
New investments seeking improvements in traffic flow, with addition of segment, balanced by Internal Rate of Return (TIR) of contract.
Expansion of Capacity at arrival of Castello at Marginal Tietê and Marginal Pinheiros, with incorporation of initial segments;
Expansion of Capacity at Jandira/Itapevi Cloverleaf
Reordering of flows between express route and marginal route
Cloverleaf and Marg. TietêApproved Plan
CCR ViaOesteCloverleaf Project
Jandira Cloverleaf – Approved Plan
CCR ViaOesteCloverleaf Project
CCR ViaOesteCloverleaf Project
New investments added
Investments Appended to Contract (base July/2009)
Reconfiguration of Cloverleaf Complex (Stage 1): R$ 125 million
Total investment – R$ 185 million
Cloverleaf for Access to Jandira and Itapevi R$ 48 million
Improvements in Marginal do Tietê R$ 12 million
CCR ViaOesteProject Cloverleaf
Rebalancing compensated by retaining concession award.
CCR ViaOesteProject Cloverleaf
Opportunities under Consideration
Rodovia Castello Branco
Rodovia Raposo Tavares
CCR ViaOesteProjects under Consideration
Detail of Arrival from Raposo Tavares into the City of São Paulo Today
Raposo Project Video
CCR ViaOeste
Projects under Consideration.
CCR AutoBAn
Projects under Consideration
Nova JundiaíSP-330 km 56 to 62
Phase 1 Phase 2Phase 3
R$ 185 million R$ 155 million R$ 170 million
Total Investment – R$ 510 million
Jundiai Project
ViaQuatroProjects under Consideration – Taboão da Serra
Implementation of YELLOW LINE 4
Operation of 6 Stations between Butantã and Luz – in service
Operation of 11 Stations between Vila Sonia and Luz – start of implementation – scheduled 2014
Operation of extension from Vila Sonia to Taboão da Serra: by bus or rail (extension of tunnel with two stations) – development of conceptual plan
480,000Passengers per business dayOctober 20
BuildingYELLOW LINE 4 -
Line 4 Extension Taboão da Serra
Line 4 Extension Taboão da Serra
Extension by rail from Vila Sonia to Taboão da Serra
• 3.0 km of Connecting Tunnel to Taboão da Serra
• 02 additional stations: Jardim Jussara and Taboão da Serra
• Purchase of Rolling Stock + additional Systems adicionais
• Civil Construction• Fixed Systems• Rolling Stock• Signal Systems
• Via Financial Offering of Concession Contract
R$ 1.635 million
ViaQuatroProjects under Consideration - Taboão da Serra
Transportation Network MapMetropolitanos de São Paulo.
Line 4 – Yellow Phase 3Characteristics of project.
Taboão da Serra
Jard
im Ju
ssara
Vila S
ônia
São Paulo-
Morumbi
Butantã
Pinheiros
Faria Lim
a
Fradique C
outinho
Oscar F
reire
Paulista
Higienópolis-
Mackenzie
República
Luz
PátioVila Sônia
Accomplishment s and Opportunities
José Bráz
5
CCR NovaDutra
250 million for aproximately 20 km of service roads in São Paulo and Rio de Janeiro balanced in the contract flow through Bidirectionals, among others;
110 million for aproximately 10 km of service roads in São José dos Campos, balanced in the the contract’s cash flow, among others.
Contractual Amendments Signed by the Concessionaire in 2010 and 2011:
Current PortfolioAccomplishments.
CCR NovaDutra
Ser
Service road construction work/Work underwayS. João do Meriti/Nova Iguaçu
Accomplishments
CCR NovaDutra
s
Pindamonhanghaba Cloverleaf
CCR NovaDutraAccomplishments
Baixada Fluminense Service Roads
CCR NovaDutraAccomplishments
Rio de Janeiro Service Roads
CCR NovaDutraAccomplishments
São José dos Campos Service Roads
CCR NovaDutraAccomplishments
Current PortfolioOpportunities under Consideration.
Current Status
Contracting of Executive Projects balanced in the Contract Flow;
ANTT Resolution nº 3651 of April 7, 2011 – Marginal Cash Flow;
Recommendation of SEFID – TCU.
Public Hearing to determine Internal Rate of Return (TIR) of Marginal Cash Flow;
R$ 1.5 biCCR NovaDutra New ascent of the Serra das Araras and
Service Roads in São Paulo, Rio and São José.
R$ 205MCCR Ponte Direct link of Bridge with the Red Line, with
extension of approximately 2.3 Km.
BR 101 / ES / BA Key Data.
BR 101 / ES / BA Concession, Divisa ES / RJ Segment – Junction BA-698; Extension of 475.9 km - Period of 25 years.
Purpose
Multiple Opportunitiesfor Investment.
Consolidation (Secondary Market)
Urban Mobility
Highway Concessionsin various States
Federal Concession Program
Related Business
Múltiplas Oportunidadesde Investimento.
Consolidation (Secondary Market)
Alguns Projetos em Negociação
Multiple Opportunitiesfor Investment.
Consolidation (Secondary Market)
Urban Mobility
Highway Concessionsin various States
Federal Concession Program
Related Business
Multiple Opportunitiesfor Investment.
Federal Concession Program
BR 101 – Bidding in Nov/11BR-116/BR-040/BR-381(MG) in 2012
Multiple Opportunitiesfor Investment.
Urban Mobility
VLT – Porto MaravilhaSubways in State Capitals | World Cup
BR 101 / ES / BA Key Data.
BR 101 / ES / BA Concession, Divisa ES / RJ Segment – Junction BA-698; Extension of 475.9 km - Period of 25 years.
Purpose
BR 101 / ES / BA Key Data.
BOVESPA Auction, with inversion of phases – Projected Date: 17/11/2011; Judgment Criterion: lowest rate per kilometer; Maximum rate per kilometer = R$ 0.06237 (base January / 2009).
Procedure
Estimated value of Contract: R$ 6,928,359,033.92; Investment: R$ 2.293.000.000,00; Toll Plazas : 7 units.; Duplications: the segment will be completely duplicated by the 23rd year of the
concession.
Data from ANTT viability study (base Jan / 2009)
BR 101 / ES / BA Key Data.
BR- 040 (DF/GO/MG) Juiz de Fora - Brasília
BR- 116 (MG) - Além Paraíba - Divisa MG / BA
BR- 101 (ES) /Mucuri (BA)
Extension (km)
Total Investment
936.8
R$ 3.3 bi
Extension (km)
Total Investment
817.0
R$ 4.2 bi
Extension (km)
Total Investment
301.0
R$ 2.5 bi
Multiple Opportunitiesfor Investment.
Consolidation (Secondary Market)
Urban Mobility
Highway Concessionsin various States
Federal Concession Program
Related Business
Multiple Opportunitiesfor Investment.
Urban Mobility
VLT – Porto MaravilhaSubways in State Capitals | World Cup
VLT NetworkRio de Janeiro.
VLT Network Rio de Janeiro.
Network at a Glance
Extension Single Line 28 km
Nº de Stations and Stops 42
Fleet 32
Average Distance between Stations 400 m
Data in 2016
Average daily demand 150,000Average annual revenue R$ 150 million
Total Investment
Investment R$1,200 million
VLT Network Rio de Janeiro.
VLT Video
Transolimpica
Segment between Avenida Brasil and Avenida Salvador Allende, in city of RJ
TransolimpicaKey Data.
Investment
Bidding projection of R$ 1,598,802,304.58 with Subsidies from the PMRJ of R$ 1,177,534,518.12.
35-year concession with 4 years at start for implementation of the Route (start projected for 1st half of 2012)Date of Bidding: 09/11/2011
Key Data of Route
13 km in length; 3 lanes for travel in each direction 3.5 m wide, with: 1 lane reserved for BRT (Bus Rapid Transit) and breakdown lane of 0.60 m 14 overpasses; 14 Bridges; 2 Tunnels: Engenho Velho – length 1,318.50 meters; Boiúna – length 266.26 meters.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz –Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Braz –Cecap Station
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Line 06 - OrangeLine 06 - Orange
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Line 17 – Gold – Jabaquara - Morumbi
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Line 02 – Green – Vila Prudente – Cidade TiradentesLine 02 – Green – Vila Prudente – Cidade Tiradentes
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Jundiaí Train - São Paulo - Jundiaí
Multiple Opportunitiesfor Investment.
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
ABC - Express
Multiple Opportunitiesfor Investment.
Other urban transit projects in São Paulo
São Paulo Subway
Line 17 (Monorail)
Jabaquara - Morumbi
Gold
Line 02 (Monorail)
Vila Prudente - Cidade TiradentesGreen
Line 15 (Monorail)
Vila Prudente - Ticoatira
Line 20 (Monorail)
Lapa - Agua Espraiada
Line 06
Orange
CPTM
Jundiaí Train
São Paulo - Jundiaí
Express
ABC
Line 14(Airport
Express)
Estação Luz - Cumbica
Line 13(Guarulhos
Train)
Estação Braz -Cecap
Bandeirantes Express
Campinas - São Paulo -
SJC
Line 05
Purple
Multiple Opportunitiesfor Investment.
Federal Government announces start of October investments of R$ 30 billion within Big Cities Urban Mobility PAC.
PACUrban Mobility.
The program will improve urban mobility in the big Brazilian cities via integrated investments in mass transit systems.
The main focus of the investments should be on subways, but also included in the package are exclusive bus lanes and VLTs.
Investments have already been announced in Belo Horizonte, Curitiba and Porto Alegre. In the coming weeks, other cities will announce their projects, such as Salvador and Brasília.
Multiple Opportunitiesfor Investment.
Consolidation (Secondary Market)
Urban Mobility
Highway Concessionsin various States
Federal Concession Program
Related Business
Multiple Opportunitiesfor Investment.
Highway Concessionsin various States
Program for:São Paulo/Minas Gerais/Goiás/ Santa Catarina/R.G.Sul/etc.
Historical Overview of Results
Projection Oct-Dec/11
0,5 3,1 -
9,7 20,2 24,2 37,1
62,8
88,9
133,4
179,9
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0,5 3,1 -
9,7 20,2 24,2 37,1
62,8
88,9
133,4
179,9
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
87 194 285
407 550 740
909
1.303
1.858
2.562
3.239
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Base de Tags (#Thousand)CAGR 01-11 43.6%
Net Revenues (R$ Thousand)
CAGR 01-11 56.1%
EBTDA (R$ thousand)
80.1 %
Busca de Parceria
STP contracted advisor to set up process.
Seeking partnerships
Objective: seek partner to add value and chiefly to bring expertise in administration of credit.
Open the possibility of giving a minority share to the new partner.
Various proposals were received. The process is still under way.
1
2
3
4
Multiple Opportunitiesfor Investment.
Considering only some of the expected opportunities, the pipeline for the next few years is as follows :
Projects for Investment estimated at R$ 5 bi.
Urban Transportation
Projects for Investment estimated at R$ 20 bi.
Concessions in São Paulo
Projects for Investment estimated at R$ 10 bi.
Concessions in Minas Gerais
Projects for Investment estimated at R$ 9.5 bi.
Federal Concession Program
Expected projects we are pursuing that should require more than R$ 50 billion reais in coming years.
Airports
Leonardo Vianna
6
CCR Material Fact
Studies and Acquisitions
Quito Airport
Overview of Mariscal Sucre International Airport, “MSIA,” currently the airport of Quito (2010 data):
5.2 million passengers per year;
83,800 aircraft movements annually (ATMs);
77% domestic traffic;
24 airlines in operation;
Concession ends on January 31, 2041:
A period of 30 years, with start scheduled for October 2012;
AGC participation: 45.5%;
Estimated revenues for 2011: US$ 84.3 million.
20
09
A2
00
9A
4.84.8
40
E4
0E
14
.01
4.0
10
A1
0A
5.25.2
11
E1
1E
5.45.4
12
E1
2E
5.75.7
13
E1
3E
6.16.1
14
E1
4E
6.46.4
15
E1
5E
6.66.6
20
E2
0E
7.97.9
30
E3
0E
10
.51
0.5
25
E2
5E
9.19.1
35
E3
5E
12
.11
2.1
CAGR 09-40:3.5%CAGR 09-40:3.5%
Total Volume of PAX(million)
San Jose Airport
The International Airport of San José (Juan Santamaría) is located in the capital of Costa Rica, San José.
Overview of airport Juan Santamaría (2010 data):
3.5 million passengers per year;
32,400 aircraft movements annually (ATMs);
Traffic nearly 100% International;
11 airlines in operation.
Concession ends on May 5, 2026:
A period of 25 years (Start in May 2001);
AGC participation: 48.75%;
Estimated revenues for 2011: US$ 78 million.
20
09
A2
00
9A
3.33.3
40
E4
0E
8.78.7
12
E1
2E
3.53.5
13
E1
3E
3.63.6
14
E1
4E
4.44.4
15
E1
5E
5.15.1
20
E2
0E
5.85.8
30
E3
0E
7.27.2
25
E2
5E
6.56.5
35
E3
5E
8.08.0
CAGR 09-25:6.2%CAGR 09-25:6.2%
Total Volume of PAX(million)
Curaçao Airport
Overview of airport:
1.6 million passengers per year;
25,900 aircraft movements annually (ATMs);
70% international traffic (domestic traffic to islands of Aruba, Bonairee St. Martin).
28 airlines in operation
Concession ends on July 31, 2033:
A period of 30 years (Start in August of 2003).
A-port participation: 40.8%;
Estimated revenues for 2011: US$ 30.1 million.
Total Volume of PAX(million)
20
09
A2
00
9A
1.61.6
20
32
E2
03
2E
2.92.9
10
E1
0E
1.61.6
11
E1
1E
1.71.7
13
E1
3E
1.71.7
14
E1
4E
1.81.8
15
E1
5E
1.91.9
25
E2
5E
2.52.5
20
E2
0E
2.22.2
30
E3
0E
2.82.8
12
E1
2E
1.71.7
CAGR 09-32:2.7%CAGR 09-32:2.7%
New Airport of São Paulo - NASP
It will be located between the Anhanguera and Bandeirantes highways, 16km from the Tietê and Pinheiros highways, in the municipalities of Caieiras and Cajamar;
Overview of airport:
Initial capacity 16 million PAX (2017);
146,000 aircraft movements (ATMs);
Solution for growth in demand for Brazilian airports in coming years;
Studies indicate that NASP would capture 30% of the demand of the Metropolitan Region of São Paulo (not including Viracopos).
20
17
E2
01
7E
10.5
10.5
5.8
5.8
20
46
E2
04
6E
28
.12
8.1
11
.21
1.2
39.439.439.439.439.439.434.034.0
27.927.924.624.6
19.319.318.118.117.417.416.316.3
20
18
E2
01
8E
11.2
11.2
6.2
6.2
20
19
E2
01
9E
11.6
11.6
6.6
6.6
20
20
E2
02
0E
12.5
12.5
6.8
6.8
20
25
E2
02
5E
16
.81
6.8
7.97.9
20
30
E2
03
0E
19
.11
9.1
8.88.8
20
40
E2
04
0E
28
.92
8.9
10
.51
0.5
20
35
E2
03
5E
24
.42
4.4
9.79.7
20
45
E2
04
5E
28
.22
8.2
11
.11
1.1
CAGR 17-46:3.1%CAGR 17-46:3.1%
Total Volume of PAX(million)
International Domestic
Bidding for Airports in BrazilAirports of Cumbica, Viracopos, Brasília
About the Auction
Concession of Public Services for Expansion, Maintenance and Operation of the Airport Infrastructrure at the Airport Complex of Guarulhos, Brasília and Viracopos Airports.
Purpose
It is only possible to win one of the three airports;
Infraero will have a 49% share in the stock of SPE;
Auction Date: December 22, 2011;
Judgment Criterion: Greatest overall value of the Concession;
Initial timetable of Investments for 18 months, considering the World Cup in 2014.
Key Characteristics:
About the Auction
Airports
Total PassengersEstimate for 2011
Amount of Fixed Grant
Amount of Variable Grant% Gross Revenues
Duration of Concession
Total Investment(in duration of concession)
30.8 million
5.4 million
16.2 million
R$ 2,293 Million
R$ 521 million
R$ 75 Million
10 % 5 % 2 %
20 years 30 years 25 years
R$ 6,241 million
R$ 11,489 million
R$ 3,535 million
Guarulhos Viracopos Brasília
Investment until 2014
R$ 2,074 million
R$ 2,131 million
R$ 876 million
Source: Presentation by Civil Aviation Secretariat
Overview of New Businessand Qualified Growth.Financial Strategy.
Arthur Piotto
6
Maximum Indebtedness of 3.0x Net Debt / EBITDA
Investment CapacityFinancial Strategy
Commitment to pay at least 50% of Net Profits
as Dividends
Growth of Company will be financed by
Leveraging
Indebtedness
The leveraging indexes incorporate investments in portfolio expansion
ViaQuatro, RodoAnel, Controlar, SPVias...
Gross Indebtedness 2Q11 R$MM
Gross Indebtedness (R$ bi) Net Indebtedness (R$ bi)
...but still do not fully consider the additional generation of cash
Debt by Index - 2Q11 Evolution of Average Consolidated Cost per Year
* Em R$ nominais
Gross Indebtedness 2Q11 R$MM
In 2Q11. consolidated debt, expressed in CDI, came to R$ 5.2 billion, while available cash showed R$ 1.2 billion, invested in CDI.
Estimated impact of fall in interest rates in DRE
Reduction of Selic (CDI) Simulation
Selic (CDI) by year Savings in Financial Income)
12.0%
11.5%
11.0%
10.5%
10.0%
19.4
38.9
58.3
77.8
97.2
Investment Capacity
The generation of cash in the current portfolio offers sufficient financial autonomy to CCR to develop multiple projects
Investment Capacity
Market Consensus 2011 2012 2013
EBITDA 2,870 3,473 4,019
(-) Investments 1,169 920 805
(-) Taxes 444 578 756
(+) Funds captured - Amortizations 200 88 -20
Shareholder Cash Flow 1,457 2,063 2,438
(-) Dividends 800 828 1.047
Surplus Cash 657 1,234 1,391
Net Debt / Ebitda 2.0 1.6 1.2
Investment Capacithy at 3.0x Net Debt / Ebitda 2.774 4.978 7.234
Source: Industry analysis
Dividends
We reiterate our commitment to pay out at least 50% of net profits in dividends.
Dividends
Dividends Received
• To Sept/11: R$ 455 million• Projected for 2011: R$ 1.522 million
Dividend Yield*
Payout (Caixa)
* Considerando dividendo caixa
Indebtedness
Adequate investment capacity
Agressive dividend payment
practice
Closing 7
CCR In the Global Context
R$ Milhões - 2011 E MARKET CAP DIVIDEND YIELD EBITDA EV/EBITDA NET DEBT/EBITDA P/E ROE Revenues EV YTD*
ABERTIS INFRAESTRUCTURAS SA 22,894 10.9 6,087 10.2 5.5 13.3 17.1 9,813 61,867 1.8
CCR S.A. 21,146 3.0 2,880 9.6 1.9 23.1 28.0 4,838 27,582 2.1
ATLANTIA SPA 17,927 6.6 5,785 7.6 3.9 9.7 22.9 9,667 44,161 -19.9
FERROVIAL SA 16,903 4.5 5,430 14.1 9.2 100.1 3.4 25,696 76,442 27.0
TRANSURBAN GROUP 14,245 5.3 1,135 19.4 7.2 111.3 2.5 1,658 22,055 5.7
SOCIETE DES AUTOROUTES PARIS 14,016 7.1 3,547 8.6 4.6 12.1 - 5,116 30,623 -1.4
PLUS EXPRESSWAYS BHD 12,542 4.7 1,953 6.4 2.4 11.9 26.8 2,359 12,574 -2.9
JIANGSU EXPRESS CO LTD-H 7,474 7.5 1,273 7.2 1.0 9.6 15.9 1,973 9,145 -31.3
BRISA 3,579 12.5 1,174 12.0 4.7 10.9 7.2 1,679 14,131 -53.2
R$ Milhões - 2011 E MARKET CAP DIVIDEND YIELD EBITDA EV/EBITDA NET DEBT/EBITDA P/E ROE Revenues EV YTD*
CCR S.A. 21,146 3.0 2,880 9.6 1.9 23.1 28.0 4,838 27,582 2.1
CPFL ENERGIA SA 20,205 7.4 3,708 7.9 2.4 12.8 26.4 12,556 29,481 1.9
CIA ENERGETICA MINAS GER-PRF 17,030 6.0 5,094 5.6 2.2 9.0 16.7 14,623 28,556 1.4
CIA SANEAMENTO BASICO DE SP 10,407 3.7 3,190 5.4 2.3 8.1 12.0 9,314 17,166 7.2
ALL AMERICA LATINA LOGISTICA 5,536 1.8 1,531 7.0 2.9 20.7 7.0 3,146 10,682 -46.5
ECORODOVIAS INFRA E LOG SA 7,450 2.5 995 8.6 1.0 18.7 21.3 1,805 8,557 4.3
GOL LINHAS AEREAS - PREF 3,403 2.4 754 7.7 5.1 - -25.8 7,377 5,776 -49.9
TAM SA-PREF 4,711 0.3 1,102 10.3 5.3 20.7 14.9 12,536 11,316 -22.4
LIGHT SA 5,204 6.6 1,373 5.9 2.0 11.0 14.9 6,584 8,106 0.3
OBRASCON HUARTE LAIN BRASIL 3,980 2.0 1,050 5.5 2.1 10.7 32.3 2,372 5,798 -3.7
CCR In Brazil
Bloomberg: 19/10/2011 CCR price quote: R$ 47.90 Local currency changeLocal exchange rate change against the Real for the year USD: 1,7761
• Clear strategy, defined and public, profitability first, after expansion of business;
• Base scenario indictes possibility of significant potential for up-side, and reduced down-side;
• Cash generation of current portfolio allows for strong dividend policy and qualified growth;
• Efforts geared towards development of new markets and opportunities;
• Differentiated access to capital markets;
• Solid financial situation allows for growth;
• Consolidated regulatory framework makes possible constractual adjustments to realities of the concessionaires.
WITHCAPITAL DISCIPLINE
It’s from here that we get there!
Why CCRO3 ?
Reflection
Questions and Answers8
Lunch9
São Paulo, October 21, 2011São Paulo, October 21, 2011
Infrastructure: It’s from here that Brazil will arrive there......
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