2013 results

February 26th, 2014

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Overview

FY2013 results

Wrap-up

Annexes

Despite the challenging macro-economic environment, BCR results clearly outperformed the targets for YE 2013

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+

+

4

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Toll revenues only decreased by 1.2%> YoY ADT growth of 2.4% in 4Q13 vs a decline of 8.9% in 1Q13

> YoY ADT decline of 2.6% in 2013 vs a decline of 14% in 2012

Strong performance on expenditures> OPEX down 3%

> CAPEX down 35%

Strong cash flow generation> EBITDA – CAPEX increased €12 million to €288 million

> Net Debt down €202 million (nominal)

Enhanced liquidity position and financial strenght> €745 million of Bonds issued since Jun 12

> Extended credit lines providing further headroom

> Financial covenants in compliance with lock-up levels

Overview – FY2013 results

Resilient cash flow and strong liquidity position

�(vs. toll revenues guidance

of -5%)

�(vs. opex guidance of -2%)

�(vs. EBITDA-CAPEX

guidance >€250 million)

Overview

FY2013 results

Wrap-up

Annexes

Macroeconomic recovery trend

Macroeconomic context

6

FY2013 results

GDP / Private Consumption quarterly YoY growth

GDP P. Consumption

2012GDP = -3.2%

P. Consumption = -5.6%

2013GDP = -1.4%1

P. Consumption = -1.8%2

1 Flash estimate by Instituto Nacional de Estatística2 Universidade Católica forecast

-2.3%

-3.1%-3.5%

-3.8% -3.7%

-2.1%

-1.0%

1.6%1

-5.6% -5.8% -6.0%

-5.3%

-4.0%

-2.6%

-1.1%

0.6%2

12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4*

Positive traffic growth in Q4

ADT (Average Daily Traffic) / Quarterly VKM growth

VKM* growth

* Vehicle X kilometer

1Q13

2Q13

3Q13

4Q13

-9.9%

Quarter Full Year

-2.8%

A1 A2 A3 A4 A5 A6 A9 A10 A12 A13 A14 TOTAL

ADT 26 664 11 703 14 749 23 499 57 585 3 812 15 045 4 898 16 340 3 295 3 722 15 453

% change -2.5% -3.5% -2.2% 0.8% -1.4% -2.5% -7.1% -5.0% -2.5% -5.3% -2.6% -2.6%

Note: Decrease in VKM is higher than in like-for-like, due to the leap year effect

7

QADT

-4.0%

-0.6%

2.4%

FY2013 results

14 484

15 640

18 971

14 321

13 199

15 020

18 853

14 686

Q1 Q2 Q3 Q4

2012

2013

-14.1%

-16.5%

-13.5%

-11.5%

-8.9%

-4.0%

-0.6%

2.4%

2012 2013

8

FY2013 results

ADT quarterly YoY growth

Consistent traffic recovery trend

Traffic & Toll Revenue (YoY)

3M12 6M12 9M12 12M12 3M13 6M13 9M13 12M13

AADT (organic) -12.8% -13.6% -13.3% -13.3% -10.3% -6.7% -4.2% -2.2%

Calendar effect 0.2% -0.8% -0.7% -0.2% 2.0% 1.1% 0.9% 0.3%

Shadow tolls 0.0% 0.0% 0.0% 0.0% -0.3% -0.5% -0.6% -0.5%

Cannibal. & Comp1 -1.4% -0.9% -0.7% -0.5% -0.2% -0.2% -0.2% -0.2%

Like-for-like -14.0% -15.3% -14.7% -14.0% -8.8% -6.3% -4.1% -2.6%

Leap year 0.9% 0.4% 0.5% 0.2% -0.9% -0.5% -0.3% -0.2%

Mix effect -0.9% -0.7% -1.0% -0.7% -0.5% -0.4% -0.1% -0.5%

Tariff increase 3.1% 2.8% 3.1% 3.1% 1.6% 1.7% 1.7% 1.7%

Total -10.8% -12.8% -12.0% -11.4% -8.6% -5.5% -2.7% -1.2%

Traffic

Revenue

1 Incl. CRIL, AEDL and AEBT

9

� ADT decreased 2.6% in 2013, compared with a decrease of 14% in 2012

� Toll revenue decreased 1.2% in 2013, improving from a 11.4% decrease in 2012

� Toll revenue growth ended up above 2013 guidance of -5%

FY2013 results

Consistent recovery over time

� Future capex (mainly major repairs/widening works) highly linked

to traffic levels, thus providing for a natural hedge in stressful

scenarios

� Average yearly capex until concession end projected to be around

€50 million

10

FY2013 results

CAPEX

Capex adjusted for lower traffic levels…

million euros 2012 2013 yoy change

Total 44.2 28.9 -35%

New stretches 6.8 0.6 -91%

Major repairs1 10.5 12.7 21%

Widening works 21.1 10.6 -50%

Other 5.8 5.0 -14%1 Under the framework of IFRIC12, major repairs are provision costs, not CAPEX

million euros 2012 2013 yoy change

Operating revenues 447.1 439.6 -2%

Toll revenues 432.9 427.5 -1%

Other costs1 126.8 122.7 -3%

EBITDA 320.4 316.9 -1%

EBITDA Margin 71.7% 72.1% 0.4pp

Depreciation & prov. -151.2 -154.5 2%

EBIT 169.2 162.4 -4%

EBIT Margin 37.8% 36.9% -0.7pp

Net financial results -127.2 -124.9 -2%

EBT 42.0 37.5 -11%

Net profit 27.7 27.5 -1%

Capex 44.2 28.9 -35%

EBITDA - Capex 276.2 288.0 4%

11

-7.5

11.8

Change in EBITDA -Capex

Change in Revenues

2013 vs. 2012(in € million)

FY2013 results

EBITDA - CAPEX

1 Net of construction impact (IAS11)

…mitigated impact on cash flow from lower revenues, reinforcing BCR’s resilient nature

M/L term debt amortization profile

12

FY2013 results

0

100

200

300

400

500

600

700

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

million

Eur

YE 2013

EIB Old Bonds New Bonds

€745 million of M/L term Bonds issued since June 2012

� BCR has enough funds and facilities to meet its forthcoming debt maturities:

� €139 million of cash

� €320 million of credit lines (€238 million undrawn)

� Strong free cash flow generation

million euros 2012 2013 yoy change

Bonds 1 788 1 408 -380

EIB 702 663 -39

Bank facilities 36 82 +46

Total debt 1 2 526 2 153 -373

Cash 2 310 139 -171

Net debt 2 216 2 014 -2021 Total Debt differs from the accounts because of interest accruals, reorganization costs capitalization and upfront fees related to debt issuance2 Includes (in 2012 only) an investment of €34 million that was recorded in the accounts as ‘Other Investments’

BCR debt structure (nominal)

13

FY2013 results

Net debt decreased by €202 million in 2013

� €500 million Bond repaid in September 2013

� A new 7y €120 million Bond was issued in September 2013

� Existing committed credit lines’ term was further extended

<2.25(Trigger/Lock-

up level)

2H2012 1H2013 2H2013

2.36 2.12 3.16

Interest coverage ratio1

As expected, ICR improved to significantly above lock-up level (2.25) by YE13

1H2013 results (July 29th):

1 Inputs for this ratio may slightly differ from reported figures due to the adjustments made in order to reflect the CTA ratio definitions

FY2013 results

ICR ratio above lock-up level 14

Net debt / EBITDA1

Effect from lower EBITDA more than compensated by significant net debt reduction

FY2013 results

Net Debt / EBITDA ratio below lock-up level

>6.5(Trigger/Lock-

up level)

7.01 6.88 6.442H2012 1H2013 2H2013

1 Inputs for this ratio may slightly differ from reported figures due to the adjustments made in order to reflect the CTA ratio definitions

The recovery trend already perceived in 1H2013

gained additional traction in 2H2013:

• Despite EBITDA yoy decrease of 1%…

• …cash flow release allowed for net debt to

decrease more than 9% in the same period

15

Overview

FY2013 results

Wrap-up

Annexes

Resilient cash flow and strong liquidity position

Overview – FY2013 results

17

Despite the challenging macro-economic environment, BCR results clearly outperformed the targets for YE 2013

+

+

+

+

Toll revenues only decreased by 1.2%> YoY ADT growth of 2.4% in 4Q13 vs a decline of 8.9% in 1Q13

> YoY ADT decline of 2.6% in 2013 vs a decline of 14% in 2012

Strong performance on expenditures> OPEX down 3%

> CAPEX down 35%

Strong cash flow generation> EBITDA – CAPEX increased €12 million to €288 million

> Net Debt down €202 million (nominal)

Enhanced liquidity position and financial strenght> €745 million of Bonds issued since Jun 12

> Extended credit lines providing further headroom

> Financial covenants in compliance with lock-up levels

�(vs. toll revenues guidance

of -5%)

�(vs. opex guidance of -2%)

�(vs. EBITDA-CAPEX

guidance >€250 million)

Main targets for 2014

18Traffic consolidation and strong cash flow generation

Guidance – FY2014

� Toll revenues growth > 1.5%

� Opex growth < 1.0%

� EBITDA – CAPEX > €270 million

Overview

2013 results

Wrap-up

Annexes

million euros 2012 2013 yoy change

Operating income 447.1 439.6 -2%

Toll revenues 432.9 427.5 -1%

Other operating revenues 1 14.2 12.1 -15%

Operating expenses -126.7 -122.7 -3%

Supplies and services -122.5 -120.2 -2%

Personnel costs -2.9 -1.4 -52%

Other operating expenses 1 -1.3 -1.1 -15%

EBITDA 320.4 316.9 -1%

Deprec., Prov., Revers. -151.2 -154.5 +2%

EBIT 169.2 162.4 -17.1%

Financial result -127.2 -124.9 -2%

Profit before tax 42.0 37.5 -11%

Income tax -14.3 -10.0 -30%

Net profit 27.7 27.5 -1%

P&L

Resilient cash flow generation

� Toll revenue reduction lower than guidance

� Operating costs continue to decrease

� Financial results impacted by lower funding costs

20

FY2013 Results

1 Net of construction impact (IAS11)

Balance Sheet

Significant debt reduction, strong balance sheet

Strong balance sheet:

� Cash used to reduce debt

� Gross debt down 14%

million euros 2012 2013 Yoy change

Assets 3 362 3 067 -9%

Non-current 2 971 2 848 -4%

Cash 1 310 139 -55%

Current 35 30 -14%

Deferred tax 46 50 +9%

Equity & Min. 655 687 +5%

Liabilities 2 707 2 380 -12%

M/L term financial debt 1 882 1 750 -7%

Short term financial debt 583 362 -38%

Other 242 268 +11%

21

FY2013 Results

1 Includes (in 2012 only) an investment of €34 million that was recorded in the accounts as ‘Other Investments’