Download - Presentation 1Q12
1Q12 Earnings Results
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
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Highlights
Results Analysis
Perspectives
Highlights
4
TRAFFIC:
Increase of 5.1% compared to 1Q11.
ELECTRONIC TOLL COLLECTION:
Electronic toll collections reached 65.6% of total toll revenues, with the number
of users of the STP system expanding by 23.8% compared to March 2011,
reaching 3,374,000 active tags.
EBITDA and EBITDA MARGIN
Increase of +17,9% in EBITDA, with margin of 65.3%, up 1.9 p.p. in relation to
1Q11.
NET INCOME
Reached R$ 288.6 million, benefited by increased cash flow generation,
reduction of operational costs and financial expenses.
On April 4, 2012 CCR reported to its shareholders and the market in general that, on
that date, its subsidiary, Companhia de Participações em Concessões, signed a Stock
Purchase and Sale and Other Agreements Contract irrevocable and undeniable for
the acquisition of shares representing 80.00% of the capital stock of BARCAS, for the
acquisition price, subject to adjustments as defined in the contract, of R$ 72.0 million
(January 2011).
On April 13, 2012, the Company approved the distribution of supplementary
dividends related to the fiscal of 2011, proposed by company’s management, in the
amount of R$ 0.06/share, distributed as from April 27, 2012. Considering the
anticipation of dividends paid in September 30, 2011, of R$ 0.40/share, in 2011,
payout was 89.2%.
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Subsequent Event
Subsequent Event
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On April 19, 2012 CCR reported to its shareholders and the market in general that the
Special Tender Commission declared the Consórcio Rio Olímpico, composed by CCR
(33.33%), Investimentos e Participações em Infraestrutura S.A. - Invepar (33.34%) and
Odebrecht TransPort Participações S.A. (33.33%), the winner of the Transolímpica, by
offering the highest sum in payment for the award of the concession, in the amount of R$
57.9 million.
On April 26, 2012 CCR reported to its shareholders and the market in general that, as a
result of the Material Fact published by the Company on April 19, 2012, the
CONCESSIONÁRIA TRANSOLÍMPICA S.A. signed the Concession Contract for the
concession award to build, operate, maintain, monitor, conserves and improve the “Ligação
Transolímpica” for a period of 35 (thirty five) years.
Earnings Highlights
Expansion of EBITDA margin as a result of...
... Increased cash generation and capital discipline. 8
Financial Indicators (R$ MM) 1Q11 1Q12 Chg %
Net Revenues* 1,043.4 1,194.6 14.5%
EBIT 483.5 607.6 25.7%
EBIT Mg. 46.3% 50.9% +4,6 p.p
EBITDA 662.0 780.5 17.9%
EBITDA Mg. 63.4% 65.3% +1,9 p.p
Net Income 175.2 288.6 64.7%
Net Debt / EBITDA LTM 2.3 1.9 -
EBITDA / CAPEX 3.9 7.2 -
EBITDA / Interes and Monetary Variation 3.5 4.3 -
* Net Operational Revenues excludes Construction Revenues
AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias
4.6% 4.8%
10.8%
3.6%
6.5%4.8%
3.5%5.0% 4.4%
14.9%
8.7%
14.9%
10.8%
5.5%
15.0% 14.3%
8.9%
14.6%
Traffic Toll Revenues
Traffic – Quarter Change
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Consolidated – Equivalent Vehicle
Revenue and Traffic 1Q12 X 1Q11
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12
130,584 140,348
163,241
194,597
228,120 239,841
Revenue Analysis
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Payment Revenue Indexer
Gross Operating Revenues Revenue Breakdown
AutoBan30.0%
NovaDutra19.5%ViaOeste
14.9%
RodoNorte10.0%
SP Vias8.2%
STP3.5%
RodoAnel3.4%
Ponte2.8%
ViaQuatro2.7%
Renovias2.3%
ViaLagos1.9%
Controlar0.6%
Others0.1%
1Q09 1Q10 1Q11 1Q12
95.4% 93.5% 92.3% 91.5%
4.6% 6.5% 7.7% 8.5%
Toll Others
IGPM2.4%
IPCA97.6%
1Q09 1Q10 1Q11 1Q12
53.5% 57.5% 62.8% 65.6%
46.5% 42.5% 37.2% 34.4%
Eletronic Cash
Revenues and Costs (1Q11 X 1Q12)
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EBITDA increased 17.9% + R$ 119 MM
+31 Traffic 5.1%
+48 Tariff and ancillary rev. 7.9%
+15 Other revenues 26.2%
+23 Ebitda margin increase +1.9 p.p.
Source Increase % Aprox. contribution to
EBITDA increase (R$ MM)
1Q11 Depreciation and
Amortization
Third-Party Services
Concession fee costs and
anticipated
expenses
Personnel Costs
Construction Costs
Maintenance Provision
Other Costs 1Q12
696
661
14 2 116 (62)
(19)13
Costs 1Q11 X 1Q12 (R$ MM) Total
Costs
Reduction
1% 45%
13%
2% 15%
35% 21%
Total Costs (R$ MM)
5%
ViaQuatro + Traffic Postponements Basis update Provisions and
ViaQuatro energy
Financial Results Highlights
Better financial results reflects…
… appreciation of the real in relation to the dollar and lower monetary variation registered in the
period. 13
Net Financial Result (205.7) (169.1) -17.8%
- Result from Hedge Operation (43.4) (6.6) -84.8%
- Monetary Variation (14.5) (4.7) -67.4%
- Exchange Rate Variation on Loans, Financing and Debentures 26.1 14.7 -43.5%
- Present Value Adjustment of Maintenance Provision (19.5) (14.6) -25.2%
- Interest on Loans, Financing and Debentures (176.2) (176.3) 0.1%
- Interest and Investment Income and other Revenues 43.5 34.4 -21.1%
- Others¹ (21.7) (16.0) -15.6%
¹ Comissions, fees, taxes, f ines and interest on taxes
1Q11 1Q12 Chg %Net Financial Result (R$ MM)
Debt in March 31, 2012
Gross debt by indexer
Amortization Schedule
• Total gross debt: R$ 7.0 bi
• Net debt/ EBITDA: 1.9X
CDI80.7%
USD7.1%
IGP-M4.9%
TJLP4.6%
IPCA2.6%
Others0.1%
2012 2013 2014 2015 2016 from 2017 to 2023
2,156
1,001 862 838 799
208
282 204 86 55
16
2,368
1,491
1,109 965 895
180
Amortization Schedule
CDI Others USD
Debt
Reduction of leverage indexes…
...due to strong cash generation and maturation of recent projects.
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Net Debt/ EBITDA LTM
1.5 1.51.6
1.9
2.5
2.32.2
2.3
2.11.9
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
3,0673,456
4,169
5,633 5,565 5,6306,186 6,152
5,893
Net Debt (R$ MM)
1.5 1.51.6
1.9
2.5
2.32.2
2.3
2.11.9
Net Debt/EBITDA (x)
Debt Structure and Amortization
After these refinancings, the new amortization schedule will reflect ...
... broaden financial capacity for new business.
* Total debt described in the amortization schedule set above does not consider transaction costs. 15
In R$ MM
Amortization 2012 - 2013 Expected schedule after refinancing
Amortization 2012 2013
AutoBan 912.4 304.1
SPVias 878.5 292.8
ViaOeste 160.1 159.5
NovaDutra 174.4 144.2
TOTAL 2,368.3 1,491.1
90% in 2012 e 60% in 2013
Projects performed and contracts in progress
Mandated financing
0
500
1,000
1,500
2,000
2,500
2012 2013 2014 2015 2016 From 2017
Current Target
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)
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Via Lagos
Concession
Extension (2011)
2012:
• Airports: Quito, San
Jose and Curaçao
• Barcas
• Transolímpica
Track Record
CCR Track Record: diversification and new bids
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