apimec – 1 q07 results
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TRANSCRIPT
1Q07 Earnings
May 16, 2007
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Forward Looking Statement
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.
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Highlights
Results
Outlook
Agenda
4
Highlights
Operating
4.6% traffic increase in 1Q07.
Gross revenue totaled R$ 545.9 million (+6.1%).
Net Income reached R$ 146.8 million (+27.3%).
35.0% increase in AVI users, totaling 771 users.
5
Highlights
Corporate
On April 10, 2007, CCR complemented the payment of dividends of R$ 0.50 per share for the fiscal year 2006, or R$ 201.6 million, added to R$ 254.0 million paid in September 2006, it represents a total payment of R$ 455.6 million for the fiscal year 2006, totaling a payout of 83.2% over the total dividend paid for the fiscal year.
On April 11, 2007, CCR informed its shareholders and the market that the Board of Directors of the “Northwest Parkway Public Highway Authority” elected the consortium formed by CCR (10%) and Brisa (90%) the preferred bidder for the concession of the “Northwest Parkway” highway.
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Results
…traffic and reduction of operating costs
1Q07’s results reflect a combination of factors...
(1) Total Cost + Administrative Expenses(2) Includes prepaid expenses
R$ MillionFinancial Highlights 1Q06 1Q07 Var %Net Revenues 514.5 545.9 6.1%Total Cost (1) (301.2) (285.4) -5.3%EBIT 213.3 260.5 22.2%EBIT Mg. 41.5% 47.7% +6.2 p.p.Depreciation and Amortization (2) 85.3 80.3 -5.8%EBITDA 298.6 340.9 14.2%EBITDA Mg. 58.0% 62.4% +4.4 p.p.Financial Result, net (40.2) (43.2) 7.4%Net Income 115.4 146.8 27.3%
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Operating Margin Evolution
(*) Pro forma figures, excluding concession fee
EBITDA x EBITDA Margin
R$
mill
ion
Adjusted* EBITDA andmargin
R$
mill
ion
218276
362 382
66% 67%70% 70%
1Q04 1Q05 1Q06 1Q07
174224
299341
52%54%
58%62%
1Q04 1Q05 1Q06 1Q07
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Revenues
Toll96,2%
STP 1.7% Other 2.1%
Revenue Breakdown
96,2%
Toll Payment Method
Concession Breakdown
69.,4% 63.0% 55.7% 52.6%
30.6% 37.0% 44.3% 47.4%
1Q04 1Q05 1Q06 1Q07
ElectronicCash
AutoBAn36%
NovaDutra
27%
ViaOeste 16%
Rodonorte12%
Ponte4%
Via Lagos
3%
Outras2%
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Traffic - Quarterly Evolution
5.8%
1.7%
7.3%
0.6%
6.8%
-0.1%
AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste
125131
10794
1Q04 1Q05 1Q06 1Q07
+ 4.6%
1Q07 x 1Q06 – Concession Breakdown(Equivalent Vehicles )
Quarterly Historical Evolution(Equivalent Vehicles – million)
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...continuous focus for CCR‘s management.
Operating efficiency is a ...R
$ (m
illio
n)
331 411
514 546
1Q04 1Q05 1Q06 1Q07
64%
61%
59%
52%
213252
301 285
Net Revenue & Total Costs
Other: insurance, rent, routine maintenance, marketing, travel and electronic payment.
Third-Party Services: auditing, consulting and shared services.
D&A
Third-Party
Concession Fee
Payroll
Other
Net Revenue
27%
27%
22%
12%12%
27%
30%
15%
14%
14%
24%
22%10%16%
28%
25%
31%
22%
10%12%
11
Gross Debt
Indebtedness
Net Debt
(R$
(mill
ion) 1.039
1.1331.116
983
0.950.79
1.401.70
1Q04 1Q05 1Q06 1Q07
Short Term Long Term In R$
1,703
1Q04 1Q05 1Q06 1Q07
67%
1,237
(R$
(mill
ion)
1,332 1,396
87%
69%
100%
Net Debt Net Debt / EBITDA
100% In Local currency
...allows great flexibility to participate in new bids.
Current unleveraged balance sheet...
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Indebtedness
Source of Funding Debt Amortization
(R$
(mill
ion)
IGP-M + 9.5%-11%
28%
103.3%-105% CDI
27%
104.%-106.4% CDI
24%
TJLP + 4.5%-5.0%
21%
OtherBNDES
Debentures Debentures
284
183
627
269200
8554
2007 2008 2009 2010 2011 2012 After 2012
...to the Company’s growth nor to refinancing its current portfolio.
Sources of funding are neither a growth boundary...
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Capital Expenditures
CAPEX Schedule
CAPEX (R$ MM) 1Q06 1Q07 2007(E) 2008 (E)AutoBAn 41 28 287 235NovaDutra 16 20 154 139ViaOeste 36 43 193 33Rodonorte 10 9 42 63Ponte 5 2 32 7Via Lagos 2 1 5 3ViaQuatro 0 76 59Other 1 1 2 9 9Consolidated 110 105 799 547(1) Includes CCR, Actua, Engelog, Parques and STP
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New Businesses
São Paulo Concessions
Mexico and United States
Federal Concessions
Secondary Market
Correlated Businesses
PPP`s
Brazil is still the main growth driver.
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Social and Cultural Responsibility Policy
Tela Brasil Cinema 236,000Roda Brasil Circus 74,000
Culture
Road to Citizenship 539,000 childrenI Use de Pedestrian Crossing 20,000 children, youngsters and adultsWays to Life Institute 1,200 students
Road to Health 25,000 truckersHumanized Childbirth 21,000 peopleRodoPac 20,000 driversTrucker’s Health 1,700 drivers
Health
Back Home
Social
Quality Gincane Received more than 291 tonnes of food
Odontological Trailler 5,000 drivers
Life Volunteers 453 blood donatorsI am “Sangue Bom” 800 blood donators
Education
People in 2006
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Ricardo Froes – CFO [email protected]: 55 (11) 3048-5921
Arthur Piotto Filho – [email protected]: 55 (11) 3048-5932
BOVESPA: CCRO3Bloomberg: CCRO3 BZ
Reuters: CCRO3.SA
[email protected] www.ccrnet.com.br/ir
Investor Relations