Investors’ Meeting 2Q09 Results
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This document summarizes CCR's 2Q09 results. It reports that EBITDA increased 23.9% in 2Q09 and 18.3% in 1H09 compared to the previous year. Net income increased 28.2% in 2Q09 and 11.1% in 1H09. Traffic grew 18.1% in 2Q09 and 17.2% excluding recent acquisitions. The number of electronic payment tags increased 48%. CCR concluded issuing $598 million in debentures and approved a dividend payment of $507.9 million. The document also provides details on financial results, business dynamics, indebtedness, traffic trends and debt amortization.
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Investors’ Meeting 2Q09 Results
- 1. 2Q09 Results August 13th, 2009
- 2. 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.
- 3. Results Presentation While preparing the financial statements for 2008, the Company, for the first time, adopted the changes introduced by Law 11638, approved on December 28, 2007, with the respective changes introduced by the Provisional Presidential Decree 449, of December 3, 2008. For quarterly comparative purposes, the Company complied with CVM Resolution 506, of June 19, 2006, taking into account the retrospective effect of the changes determined by said legislation and is consequently presenting again the information for the second quarter of 2008.
- 4. Agenda Highlights Results Outlook Social Responsability and Cultural Policy
- 5. 2Q09 Highlights Operating EBITDA totaled R$ 466.6 million (+23.9%) in the 2Q09 and R$ 921.4 million in the 1H09 (+18.3%). The EBITDA margin reached 63.3% (+4.0 p.p.) in the 2Q09 and 63.4% (+1.4 p.p.) in the 1H09. Excluding Renovias and RodoAnel, EBITDA came to R$ 431.9 million in the 2Q09 and R$ 857.3 million in the 1H09. Net income totaled R$ 181.9 million (+28.2%) in the 2Q09 and R$ 337.8 million (+11.1%) in the 1H09. Excluding Renovias and RodoAnel, net income totaled R$ 207.6 million in the 2Q09 and R$ 388.2 million in the 1H09. Traffic grew by 18.1% in the 2Q09 and 17.2% in the 1H09. Excluding Renovias and RodoAnel Oeste, traffic edged down by -0.1% in the 2Q09 and -1.1% in the 1H09. The number of AVI users rose 48.0% compared to the 2Q08, totaling 1,538,000 active tags.
- 6. Highlights Upcoming Events On August 4, 2009, CCR concluded the distribution of its 5th debenture issue in the total amount of R$ 598.2 million. On August 12, 2009, CCR approved the payment of dividends proposed by the management, in the amount of R$ 1.26 per share (R$ 0.10 of which relative to fiscal year 2008 and R$ 1.16 as an advance on fiscal year 2009), totaling R$ 507.9 million, to be paid on September 30, 2009.
- 7. Highlights Debentures: R$ 598 Million Total Demand (R$ MM) 1st Series Asset 460,805 Term: 3 years, six-monthly interest and amortization at the end Pension Fund 139,000 Spread: 112% of the CDI rate Banks 297,950 Insurance Companies 5,000 Amount: R$ 498 million Private 39,272 Total 942,027 Total Demand (R$ MM) Asset 195,800 2nd Series Pension Fund 103,000 Term: 5 years, annual interest and amortization Banks 96,000 in the 3rd, 4th and 5th years Insurance Companies Private - 19,398 Spread: IPCA + 7.5% p.a. Total 414,198 Amount: R$ 150 million
- 8. Results Once more results have proven right one of CCR’s main characteristics... Financial Highlights 2Q08 2Q09 Chg % 1H08 1H09 Chg % R$ Millions Reclassified* Reclassified* Net Revenue 635.3 736.8 16.0% 1,255.7 1,452.8 15.7% Total Costs (1) (345.5) (384.8) 11.4% (651.2) (755.1) 16.0% EBIT 289.8 352.1 21.5% 604.5 697.7 15.4% EBIT Margin 45.6% 47.8% +2.2 p.p. 48.1% 48.0% -0.1 p.p. Depreciation and Amortization (2) 86.7 114.6 32,.% 174.2 223.7 28.5% EBITDA 376.5 466.6 23.9% 778.7 921.4 18.3% EBITDA Margin 59.3% 63.3% +4.0 p.p. 62.0% 63.4% +1.4 p.p. Net Financial Result (66.9) (66.0) -1.3% (129.2) (148.9) 15.3% Inc. Tax and Soc. Contribution (Current and Deferred) (78.7) (102.4) 30.1% (166.3) (207.6) 24.8% Net Income 141.9 181.9 28.2% 304.1 337.8 11.1% (1) Total Costs + Administrative Expenses (2) Includes prepaid expenses * See slide 3 ...an asset portfolio resilient to ecnomic downturns.
- 9. Net Financial Result Net Financial Result 2Q08 2Q09 Chg % 1H08 1H09 Chg % R$ Million Reclassified* Reclassified* Net Financial Result (66.9) (66.0) -1.3% (129.2) (148.9) 15.3% Financial Expenses: (99.4) (139.2) 40.0% (204.5) (285.6) 39.6% - Exchange Rate Variation (0.1) - n.a. (14.2) (5.5) -61.5% - Hedge Transaction Lost (10.1) (29.4) 189.0% (27.8) (43.5) 56.3% - Monetary Variation (34.2) - n.a. (52.3) (1.7) -96.8% - Interest on Short-Term and Long-Term Debt (49.5) (103.0) 108.3% (98.6) (213.8) 116.9% - Other Financial Expenses (5.5) (6.8) 23.1% (11.6) (21.1) 81.0% Financial Revenue: 32.5 73.2 124.8% 75.3 136.7 81.4% - Hedge Transactions Gains - - n.a. 13.7 0.3 -97.8% - Exchange Rate Variation 14.1 42.0 196.7% 20.2 59.9 196.1% - Monetary Variation - 2.5 n.a. - 10.8 n.a. - Other Financial Revenues (Interest and Proceeds from 18.4 28.7 55.9% 41.4 65.7 58.8% Investments) * See slide 3
- 10. Business Dynamics EBITDA (R$ million) x EBITDA Margin 482 473 467 454 411 402 366 374 341 322 323 326 310 309 299 263 259 224 67% 67% 65% 64% 63% 63% 62% 60% 58% 59% 59% 59% 59% 56% 57% 54% 55% 51% 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
- 11. Revenues Toll Payment Method Concession Breakdown 47% 50% 49% RodoAnel 47% 44% 4% Other 52% Cash 3% Renovias 53% 3% 56% 50% 53% 51% Electronic 48% ViaOeste 16% AutoBan 2Q07 2Q08 2Q09 34% ViaLagos 2% Revenue Breakdown Ponte 3% Other 2.0% Rodonorte STP 2.6% 11% 95,5% NovaDutra 24% 95.4% Toll
- 12. Net Revenues & Total Costs The adverse macroeconomic scenario aggravated our concern about… 736.8 635.3 555.7 512.8 384.8 Net Revenue 13% Other 345.5 49% 49% 51% 52% 20% Payroll 338.2 313.9 14% 14% 66% 12% Concession Fee and Prepaid Expenses 17% 56% 22% 54% 18% 22% Thirdy-Party 52% 13% 20% 14% D&A 24% 26% 23% 25% 27% 25% 26% 25% 2Q06 2Q07 2Q08 2Q09 ...operating efficiency. Other: insurance, rent, marketing, travel, electronic payment and material for conservation and maintenance. Third-Party Services: auditing, consulting, shared services and routine maintenance.
- 13. Traffic (Vehicle Equivalents – million) Consolidated – Quarterly Evolution 173 1% 18. 146 134 123 2Q06 2Q07 2Q08 2Q09 Quarterly Breakdown 4.5% 2.9% 1.8% AutoBAn NovaDutra 0.0% Renovias RodoNorte Ponte ViaLagos ViaOeste -0.6% -0.6% -2.9%
- 14. Indebtedness Leverage indices incorporate investments in new assets... 3,107 Gross Debt Net Debt 3,969 94% 1,770 2,248 1,622 1.65 98% 1,484 1,123 1,160 1,347 100% 1,103 100% 1.22 1.12 0.98 77% 0.84 2Q05 2Q06 2Q07 2Q08 2Q09 2Q05 2Q06 2Q07 2Q08 2Q09 Short Term Long Term In R$ Net Debt Net Debt / EBITDA ... but still do not fully consider the additional cash flow * The gross and net debts presented above do not consider transaction costs. .
- 15. Indebtedness The current profile reflects the regular development of any… Distribution Debt Amortization Foreign Currency BNDES 1,960 Short-Term (2H09) 1,960 6% 8% RodoAnel Commercial Papers 1,323 Debentures Amortization 304 ( IGPM ) CCR Debenture 333 17% 33% Commercial 23% Paper 417 13% 316 275 216 178 178 178 122 105 Debentures Debentures 12 12 ( Fixed Rate ) ( CDI ) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ...new business, including the taking out of long-term loans.
- 16. Consolidated Cost of Debt The recent decline in interest rates has contributed... 16% 13.39% 13.45% 14% 12.04% 12.49% 11.61% 12% 9.90% Nominal Rate p.a. % 10% 9.42% 8% 6% 4% 2% 0% Jan/09 Feb/09 Mar/09 Apr/09 May/09 Jun/09 Jul/09 ...to improve CCR’s net results.
- 17. Indebtedness RodoAnel simulation after long term and the roll-over of CCR’s debentures Pro-forma simulation 789 Source: CCR 515 417 377 380 352 321 303 255 233 205 139 129 129 71 70 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
- 18. Debt Amortization by Index 1,960 R$ (million) 417 316 275 216 178 178 178 122 105 12 12 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CDI IGPM TJLP Foreign Currency Fixed Rate
- 19. Capex Schedule 2009 - 2010 CAPEX (R$ MM) 1Q09 2Q09 2009(E) 2010 (E) AutoBAn 67.9 82.7 337.2 498.5 NovaDutra 32.9 40.3 161.1 196.0 ViaOeste 15.8 53.3 302.0 162.4 RodoNorte (100%) 15.3 12.3 83.4 96.8 Ponte 0.8 0.9 12.5 18.2 ViaLagos 1.0 0.6 9.5 12.0 ViaQuatro (58%) 1.9 21.7 158.9 123.1 Renovias (40%) 3.9 9.6 36.0 26.3 RodoAnel (100%) 16.5 24.4 53.3 45.5 Others1 3.1 4.5 23.9 19.2 Consolidated 159.1 250.3 1,177.8 1,198.0 1 – Includes CCR, CCR México,CCR USA, Actua, Engelog, Parques and STP.
- 20. Outlook Focus: long-term financing of RodoAnel Estimate: October / November Current portfolio maximization Toll plaza reallocation Value creation through addenda in concession agreements Capital discipline for new businesses Expresso Aeroporto - São Paulo Rodoanel : South segment+ East segment + North segment New subway lines Federal and São Paulo state Concession Program Correlated businesses
- 21. Social Responsibility and Cultural Policy
- 22. Social Responsibility 2009 Highlights: Theater Party In June, CCR celebrated the ten-year anniversary of a successful growth trajectory by launching an unprecedented initiative: the Theater Party, an event that distributed over 33,000 free ticked to around 100 plays performed in São Paulo city. Sixty-eight articles were published on the Theater Party and CCR’ s tenth anniversary Online media: 35 Newspapers/Magazines: 17 TV: 6 Radio: 9
- 23. Social Responsibility Line in front of the Municipal Theater to collect tickets... ... and their satisfaction after receiving the tickets
- 24. Social Responsibility Official opening of the Theater Party in front of the Municipal Theater, with100 actors in costumes... .... who walked until the subway station to spread the party!
- 25. Social Responsibility and Cultural Policy Tela Brasil Cinema Approximately 500,000 people Roda Brasil Circus Over 140,000 people Culture Road to Citizenship 15,000 educators and 870,000 children I Use de Pedestrian Crossing Over 60,000 children, youngsters and adults Ways to Life Institute Over 1,350 students Education Road to Health Approximately 70,000 truckers assisted Humanized Childbirth Over 17,000 pregnant women assisted Zero Alcohol Over 300,000 people impacted Health Green Asphalt Over 360,000 recycled tires SacoLona (canvas bag) Project 6,230 items manufactured Sports’ Caravan 16,230 children from public schools benefited Environment / Sports
- 26. 2Q09 Results August 13th, 2009