Download - Presentation 2Q15
2
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.
TRAFFIC:
Proforma consolidated traffic1 excluding Ponte fell by 2.0% in 2Q15.
TOLLS COLLECTED BY ELECTRONIC MEANS:
The number of STP users increased by 10.6% over June 2014, reaching 5,005,000
active tags.
ADJUSTED EBITDA:
Same-basis2 adjusted proforma EBITDA increased by 4.9%, with an margin of 62.6%
(-1.1 p.p.).
NET INCOME:
Same-basis2 net income totaled R$284.6 million, a 0.5% reduction in 2Q15.
DIVIDENDS:
CCR’s Management proposed to the Board of Directors the distribution of interim
dividends in the approximate amount of R$ 0,76 per share, subject to approval of said
body.
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2Q15 Highlights
1 Including the proportional results of jointly-owned subsidiaries. 2 “Same-basis” amounts exclude: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended
on May 31, 2015; and (iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT.
1- Net revenue excludes construction revenue.
2- Same-basis” amounts exclude: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended on
May 31, 2015; and (iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT.
3- Calculated by adding net revenue, construction revenue, costs of services and administrative expenses
4- The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS,
whose counter-entry of the same amount impacts total costs.
5- Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
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Financial Highlights – 2Q15
Net Revenues1 1,317.7 1,424.4 8.1% 1,507.2 1,657.3 10.0%
Adjusted Net Revenues on the same basis2 1,282.5 1,342.4 4.7% 1,472.1 1,573.1 6.9%
Adjusted EBIT3 563.0 583.0 3.6% 653.4 682.1 4.4%
Adjusted EBIT Mg.4 42.7% 40.9% -1.8 p.p. 43.4% 41.2% -2.2 p.p.
EBIT on the same basis2 589.7 594.8 0.9% 682.9 694.2 1.7%
EBIT Mg. on the same basis2 46.0% 44.3% -1.7 p.p. 46.4% 44.1% -2.3 p.p.
Adjusted EBITDA5 797.5 845.2 6.0% 916.9 980.9 7.0%
Adjusted EBITDA Mg.4 60.5% 59.3% -1.2 p.p. 60.8% 59.2% -1.6 p.p.
Adjusted EBITDA on the same basis2 815.6 848.1 4.0% 937.8 984.0 4.9%
Adjusted EBITDA Mg. on the same basis2 63.6% 63.2% -0.4 p.p. 63.7% 62.6% -1.1 p.p.
Net Income 275.8 183.7 -33.4% 275.8 183.7 -33.4%
Net Income on the same basis2 286.1 284.6 -0.5% 286.1 284.6 -0.5%
2Q14 2Q15 Chg %Financial Indicators (R$ MM) 2Q14 2Q15 Chg %
IFRS Proforma
2Q10 2Q11 2Q12 2Q13 2Q14 2Q15
253,194
211,840
237,859 238,811 253,634 263,465
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Traffic – Quarter Change (Proforma*)
Consolidated – Equivalent Vehicle
Revenue and traffic 2Q15 X 2Q14 (%)
* Information including Renovias which is contemplated in the proforma method.
Excluding
Ponte
243,599 (-2%)
AutoBAn NovaDutra RodoNorte ViaLagos ViaOeste Renovias RodoAnel SPVias
-2.0
-8.8-5.8
-1.1
2.0
-1.1 -1.7
1.73.5
-1.6 -1.3
4.4
8.75.0 4.9
9.6
Traffic Toll Revenues
2Q12 2Q13 2Q14 2Q15
90% 84% 84% 78%
10% 16% 16% 22%
Toll Others
2Q12 2Q13 2Q14 2Q15
67% 69% 70% 70%
33% 31% 30% 30%
Electronic Cash
AutoBAn26.6%
NovaDutra15.0%
ViaOeste13.4%
RodoNorte8.8%
Airports8.5%
SPVias7.9%
STP4.1%
ViaQuatro3.3%
RodoAnel3.1%
Renovias2.2%
Barcas2.2%
Ponte1.5%
ViaLagos1.3%
Others2.1%
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Revenue Analysis (Proforma*)
Payment Means
Gross Operating Revenues Gross Revenue Breakdown
* Including the proportional results of jointly-owned subsidiaries.
2Q14 Depreciationand
Amortization
Third-partyServices
GrantingPower andAdvanced
Expenses
PersonnelCosts
ConstructionCosts
MaintenanceProvision
OtherCosts
2Q15 NewProjects
Ponte 2Q15SameBasis
1,229
1,476
883
3534 7 17
160 (7) 2 (589)
(4)
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IFRS Costs Evolution (2Q15 X 2Q14)
Total Costs (R$ MM)
Construction of Service Roads, Duplication, New Projects and
Ponte
New Projects, Direct Costs and Ponte
New Projects, Wage Increase
and Ponte
Performed Work and
New Projects
Same-basis
Cash Cost:
+5.6%
Reduction in the Provision on RodoNorte
New Projects and Ponte
20% 9%
34% 20%
21%
(15)% 2%
8%
2Q14Proforma
EBITDA
2Q15Proforma
EBITDA
NewProjects
Ponte 2Q15Proforma
EBITDASameBasis
917981 (25) 98428
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Proforma EBITDA*
60,8%
of Mg.
59,2%
of Mg. 62,6%
of Mg.
* Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31,
2015; and (iv) additionally it excludes Controlar.
*
R$ MM
2Q14
Ex New
Projects
R$ MM 938
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IFRS Financial Results
• Chg. of average CDI 2Q15 X 2Q14 = +2.3 p.p.
• Gross Debt = R$ 12.2 B (+37.5%)
R$ MM
Change on
the Proforma
Same-basis:
32%
92%
2Q14 NetFinancial Result
Income fromHedge Operation
Monetary variation on loans, financing
and debentures
Monetary Variation on Liabilities related
to the Granting Power
Exchange Rate Variation on Loans,
Financing and Debentures
Present Value Adjustment of
Maintenance Provision and
Liabilities related to the Granting Power
Interest on Loans, Financing and
Debentures
Investment Income and Other Income
Fair Value ofHedge Operation
Others 2Q15 NetFinancial Result
(202.9)
(13.4)(389.3)
(75.4)
(40.6)
(54.9) 29.3(11.6)
(78.1) 29.3
29.0
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Net Income
R$ MM
Ex New
Projects
R$ MM 286
* Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31,
2015; and (iv) additionally it excludes Controlar.
*
2Q14Net
Income
2Q15Net
Income
NewProjects
Ponte 2Q15Net Income
SameBasis
276
184
96 5 285
2015 2016 2017 2018 From2019
1,051
4,162
2,08513
205
302
664
275
CDI USD Others
1,358975
3,094
5,559
1,326
CDI61.5%
IPCA19.6%
USD9.6%
TJLP9.3%
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Debt in June 30, 2015
Gross debt by indexer
Amortization Schedule (R$ MM)
• Total Gross Debt: R$ 12.2 B
(R$13.4 B pro-forma)
• Net Debt / EBITDA: 2.6x
5,893 6,330 6,3447,212 7,018 6,944 6,600
7,609 7,620 7,859 8,081
9,562 9,82610,413
9,0059,615
1.9 2.0 1.92.2 2.1 2.0 1.8
2.0 1.9 2.0 2.02.3 2.4 2.5 2.5 2.6
-2.5
-1.5
-0.5
0.5
1.5
2.5
3.5
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 1Q15 2Q15
Net Debt (R$ MM) Net Debt/EBITDA (x)
13
Debt
Net Debt / EBITDA LTM
IFRS10 and 11
Pro-forma Data
R$ MM
The leverage ratio reflects the need to invest in new business, …
... but not yet include the potential cash generation of those.
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Realized Investments and Maintenance
1- The investments made by the Company, which will be reimbursed by the granting authority as monetary consideration or contribution, compose the financial
assets.
2- For 100% of the project, the total investment was R$297.9 million, of which R$88.9 million is related to the portion of the Concessionaire and R$209.0 million
to the Granting Authority.
3- Includes CCR, MTH, CPC, SPCP and eliminations.
2Q15 2Q15 2Q15 2Q15
AutoBAn 21.8 3.4 25.2 2.5 0.0
NovaDutra 24.3 3.7 28.0 19.1 0.0
ViaOeste 14.4 1.7 16.2 4.5 0.0
RodoNorte (100%) 29.2 1.2 30.4 6.3 0.0
Ponte 0.0 0.1 0.1 0.1 0.0
ViaLagos 10.7 2.0 12.8 2.3 0.0
SPVias 15.0 1.4 16.4 8.7 0.0
ViaQuatro (58%) 17.7 0.9 18.6 0.0 3.4
Renovias (40%) 0.3 0.2 0.6 1.0 0.0
RodoAnel (100%) 0.5 0.6 1.0 0.0 0.0
SAMM 0.1 6.8 6.8 0.0 0.0
ViaRio2 (33.33%) 29.3 0.0 29.3 0.0 0.0
Quito 8.5 0.6 9.1 0.0 0.0
San José 9.4 0.1 9.5 0.0 0.0
Curaçao 3.7 0.0 3.7 0.0 0.0
Barcas 1.4 0.1 1.4 0.0 0.0
VLT (24.88%) 13.0 2.3 15.3 0.0 13.6
Metrô Bahia 309.0 1.0 310.0 0.0 42.5
BH Airport 26.5 2.0 28.5 0.0 0.0
MSVia 155.8 26.8 182.7 0.0 0.0
STP (34.24%) 2.8 23.9 26.7 0.0 0.0
Other3 0.3 4.2 4.5 0.0 0.0
Consolidated 693.9 82.8 776.7 44.4 59.4
R$ MM
Intangible AssetsPerformed
maintenance
ImprovementsEquipments and
OthersTotal Maintenance Cost
2Q15
Proforma Financial
Asset1