3q11 earnings results

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  • 1. 3Q11 EarningsResults

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 CCRs 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 toFully 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. 2 3. Agenda3Q11 EarningsResultsAnalysisoftheResultsProspects 3 4. HighlightsTRAFFIC: Growth of 10.7% in 3Q11 and 13.2% in 9M11. Regarding the same traffic base, we recorded a growth of 4.4% and 6.1%, respectively. ELECTRONIC TOLL COLLECTION: Electronic toll collections stood at 66.4% in 3Q11 (61.4% in 3Q10), with the number of users of the STP system expanding by 30.2% compared to September 2010, reaching active active 3,048,000 tags.EBITDA and EBITDA MARGIN Growth of +41.5% of EBITDA in 3Q11, with a margin of 67.0%, up 7.5 p.p.4 5. 3T11s EarningsHighlightsStrongexpansionof EBITDA as a result...Indicadores Financeiros (R$ 3T103T11 Var %09M1009M11 Var %MM)Receita Lquida(1)978,41.228,5 25,6%2.715,43.352,1 23,5%Custos Totais (2) (497,5)(576,2) 15,8% (1.328,6) (1.734,8) 30,6%EBIT(3) 480,9652,4 35,7%1.386,71.617,4 16,6%Mg. EBIT49,2%53,1%+3,9 p.p51,1% 48,2%-2,9 p.pCustos e Despesas No Caixa (4) 101,1170,9 69,1%272,2 528,994,3%EBITDA582,0823,3 41,5%1.658,92.146,3 29,4%Mg. EBITDA59,5%67,0%+7,5 p.p61,1% 64,0%+2,9 p.pResultado Financeiro Liquido(69,2) (270,6) 291,3% (370,2)(685,8) 85,2%Lucro Lquido 271,2266,6 -1,7%656,1 604,7 -7,8%(1) A Receita Operacional Lquida exclui a Receita de Construo.(2) Custos dos Servicos Prestados + Despesas Administrativas excluindo Custos de Construo(3) EBIT = Receita Liquida + Receita de Construo - Custs Totais(4) D&A + Desp. Antecipadas + Proviso de Manuteno... Ofthegrowthoftrafficandcost discipline.6 6. AnalysisoftheResults 7. Traffic AnnualChangeConsolidated234,922 224,970 178,663156,084 142,565133,3863T063T07 3T083T09 3T10 3T113Q11 RevenueandTraffic Change per Concessionaire15.6% 15.5%13.0% 11.7%10.7% 10.2% 9.7% 8.3%7.1% 6.2% 4.9%5.4%4.6%4.4% 2.8% 2.4%AutoBanPonte NovaDutraRenoviasRodoAnel RodoNorteViaLagos ViaOeste TrfegoReceita de Pedgio9 8. AnalysisofRevenueMeansofPayment 3Q11 RevenueBreakdown 3Q1138.9%33.6%45.6%42.6%Outros, 8.9%61.1%66.4%54.4%57.4%Pedgio, 91.1%3T08 3T09 3T103T11Meios Eletrnicos VistaGross OperatingRevenue 3Q11RevenueIndexer 3Q11ViaQuatro Outros 4.9% 1.6%Controlar2.5% SP Vias 8.0%AutoBan 30.8% 38,5%ViaOeste 61,5% 14.9%ViaLagos Ponte 2.5%1.3% NovaDutra 19.1%RodoNorte8.7%RodoAnelRenovias3.3%2.4% IGPM IPCA 10 9. RevenueandCostsStronggrowth in trafficandcontractualadjustmentofthetariffscoupledwith...EBITDA grew 41.5%: Traffic +10,7% Tariff+11,3% Increaseon EBITDA margin+7,5 p.p.Custos (R$ MM)3T103T11 Var%In linewithGrowthofRevenueCustos Totais(718,5) (714,7) -0,5%Depreciao e Amortizao(83,3)(108,5) 30,2%Servios de Terceiros(171,0) (151,2) -11,6%CostReductionsCusto de Outorga e Desp. Antecipadas (80,3) (88,3) 10,0%Custo Pessoal(89,0)(115,9) 30,3% UnderGrowthofRevenueCusto de Construo(221,0) (138,5) -37,3%Proviso de Manuteno2,9 (41,8)n.m. SP Vias, +5.5% laborOutros Custos(76,9) (70,5) -8,3%increaseandViaQuatro CostReductionsCloserestimatesthan in2010, whichwasthefirstyearof IFRS implementation ... Cost discipline resulting in stronggrowthof EBITDA. 13 10. Financial ResultandIncome 11. Financial ResultHighlight Thehigher financial resulttenporarilyaffectedprofit, butreflects...Resultado Financeiro Lquido (R$ MM) 3T10 3T11Var% 09M10 09M11 Var%Resultado Financeiro Lquido (69,2)(270,6) 291,3%(370,2) (685,8) 85,2%Despesas Financeiras:(200,5) (362,7) 80,9% (762,0) (949,1) 24,6%- Variao Cambial(3,0)(69,1) n.m. (151,3) (101,5) -32,9%- Perda com Operao de Hedge(29,0)(11,3)-60,9%(83,8)(50,7)-39,5%- Variao Monetria (10,4) (5,1)-50,8%(45,7)(35,1)-23,1%- Juros Emprstimos, Financiamentos e (134,8) (241,7) 79,3% (368,0) (652,0) 77,2%Debntures- Ajuste a Valor Presente da Proviso de (22,5)(17,0)-24,5%(67,8)(55,0)-18,9%Manuteno- Outras Despesas Financeiras (0,8)(18,4) n.m, (45,5)(54,7)20,3%Receitas Financeiras:131,492,1 -29,9%391,8 263,3 -32,8%- Ganho com Operao de Hedge 1,3 20,7 1502,5%23,027,3 18,4%- Variao Cambial89,05,9-93,4%183,380,0 -56,4%- Variao Monetria0,0 0,5 n.m.0,0 1,3 n.m.- Outras (Juros e Rendimentos de41,165,0 58,2% 185,5 154,8 -16,6%Aplicaes)...Thecompanysperiodofgrowth7 12. Financial ResultHighlight Excludingthenon-casheffectoftheexchangevariation, the financial resultwouldhavebeen...Resultado Financeiro Lquido (R$ MM) 3T103T11Var%+R$ 159 M in financial expenses.Resultado Financeiro Lquido(69,2)(270,6) 291,3%Efeito principalmente de:Despesas Financeiras: (200,5) (362,7)80,9%- Variao Cambial (3,0)(69,1) n.m. R$ 53 M in theexchangevariation- Perda com Operao de Hedge (29,0)(11,3)-60,9%( ViaQuatrosdebt).- Variao Monetria(10,4) (5,1)-50,8%- Juros Emprstimos, Financiamentos e Debntures(134,8) (241,7) 79,3%- Ajuste a Valor Presente da Proviso de Manuteno (22,5)(17,0)-24,5%- Outras Despesas Financeiras(0,8)(18,4) n.m.Receitas Financeiras: 131,492,1 -29,9%- Ganho com Operao de Hedge1,3 20,7 1502,5%- Variao Cambial 89,05,9-93,4%- Variao Monetria 0,0 0,5 n.m.- Outras (Juros e Rendimentos de Aplicaes) 41,165,0 58,2% - R$ 40 M ->AcquisitionofSP Vias- R$ 24 M ->Increase in Interest- R$ 42 M ->Costofthenew Rodoaneldebt to reduceexchangerisk...in linewiththeincrease in thedebtdue to theperiodofexpansionof CCR.7 13. DebtLeveraging indexes are stable... Net Debt/ EBITDA LTM 3 Pr-USD, 6.0% TJLP, 4.4%2,5x 10,000fixada, 7.42.5 2,3x2,2x2,3x%IGP- 8,000IPCA, 2.4%M, 5.7%1,9x 2 1,6x6,186 1,5x1,5x 5,633 5,565 5,6306,0001.54,1693,4564,000 12,905 3,0670.52,000 CDI, 74.1% 0 04T091T102T103T104T10 1T112T113T11 Dvi. Lquida (R$ Milhes) Dv. Lquida/EBITDA (x) ...evenanticipatingthedividends for theyear.11 14. Pro Forma IncomeExercise Conducting a normalizationexercise...Indicadores Financeiros (R$ 3T10 3T11 Var %Example %Chg.MM)Receita Lquida(1)978,4 1.228,5 25,6% 3Q11 Reported Net Income 266.6-1.7%Custos Totais (2) (497,5) (576,2) 15,8% Weretheexchange rate toEBIT(3) 480,9 652,4 35,7% remainstableuntilthe close ofMg. EBIT49,2% 53,1% +3,9 p.p +35.0 M 4Q11 at R$ 1.85 to thedollarCustos e Despesas No Caixa (4) 101,1 170,9 69,1%(includingthe fiscal effect)EBITDA582,0 823,3 41,5%Mg. EBITDA59,5% 67,0% +7,5 p.p Net IncomeoftheExample 30.6 +11.2%Resultado Financeiro Liquido(69,2)(270,6) 291,3% IfweconsiderViaQuatro in a moreLucro Lquido 271,2 266,6-1,7% stablesituation (6 +10.4 M stationscompletelyopenedonlyonO ctober 16) ProForma Net Income312.0+15.0%... Pro forma net incomewouldbe 15%higher.6 15. CapexCAPEX (R$ MM) 1T112T113T1109M11AutoBAn 16,424,526,767,6NovaDutra 51,767,178,7197,5ViaOeste42,233,1 9,684,9RodoNorte (100%) 3,1 4,2 2,1 9,4Ponte3,2 3,7 3,0 9,9ViaLagos 0,3 0,3 0,3 0,9SPVias 4,9 3,5 8,817,1ViaQuatro (58%) 20,212,327,960,4Renovias (40%)(0,2)3,9 4,5 8,2RodoAnel (100%) 17,415,915,048,3Controlar (45%)1,3 0,3 0,3 1,9 1Outras 8,311,610,630,5Consolidado 168,8 180,3 187,4 536,51 - Inclui CCR, CCR Mxico, CCR USA, CPC e STP.* Valores Estimados14 16. ProspectsandGrowthShort-MediumTermInitiatives Negotiationcontractualamendments in the states of So Paulo Rio de Janeiro; STP Project Maturationof Via Quatro Phase1 concluded (6stations) from 4:00 a.m. to midnight. Transolmpica in Rio de Janeiro BR 101 RJ-BA Acquisitionsonthesecondarymarket; AirportsLong-TermProspects UrbanMobility; Infrastructure: World Cup 2014 /Olympics 2016 UrbanMobility; Federal ConcessionsProgram; StateConcessionsProgram: So Pauloand Minas Gerais.15 17. Thankyou