Presentations 2Q17
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- Traffic fell 0.8% while adjusted EBITDA increased 69.7% and net profit increased 357.9% - The company acquired control of ViaQuatro and an additional stake in ViaRio - Adjusted EBITDA on a same-basis increased 4.8% due to cost optimization efforts despite lower traffic - Net debt to EBITDA was 1.8x due to strong earnings growth and debt refinancing at lower interest rates
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Presentations 2Q17
- 1. EARNINGS RESULTS 2Q17 August, 2017
- 2. Disclaimer 2 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.
- 3. TRAFFIC: Consolidated traffic¹ fell 0.8%. ADJUSTED EBITDA: Adjusted EBITDA increased by 69.7%, with an adjusted margin of 88.4% (+28.4 p.p.). Same-basis2 adjusted EBITDA grew 4.8%, with a margin of 58.4%. NET PROFIT: Net income totaled R$667.1 million, 357.9% up. Same-basis² net income totaled R$ 287.5 million, 195.8% up. 2Q17 Highlights 3 1 Excluding the proportional traffic of Renovias and ViaRio. ² Same-basis figures exclude: (i) one-off effects of the acquisition of stakes in ViaQuatro and ViaRio; (ii) ViaQuatro, which became a subsidiary in 2Q17; and (iii) STP, ViaRio, VLT and ViaQuatro, in same-basis profit and same-basis pro-forma comparisons.
- 4. On April 20, we concluded the acquisition of control in ViaQuatro, reaching a 75% stake. As of 2Q17, the Concessionaire’s results have been consolidated on a line-by-line basis rather than only under the equity income method. On May 24, the Company acquired an additional stake of 33.33% in ViaRio, totaling a 66.66% stake. The Concessionaire’s results are still consolidated under the equity income method. Corporate Event
- 5. Financial Highlights 5 1 Net revenue excludes construction revenue. 2 Same-basis figures exclude: (i) one-offs effects of the acquisition of stakes in ViaQuatro and ViaRio; (ii) ViaQuatro, which became a subsidiary in 2Q17; and (iii) STP, ViaRio, VLT and ViaQuatro, in same-basis profit and same-basis pro-forma comparisons. 3 Calculated by adding net revenue, construction revenue, cost 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. 5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses. Financial Indicators (R$ MM) 2Q16 2Q17 Chg % 2Q16 2Q17 Chg % Net Revenues1 1,599.6 1,842.1 15.2% 1,865.8 1,985.0 6.4% Adjusted Net Revenues on the same basis2 1,599.6 1,722.1 7.7% 1,725.4 1,844.5 6.9% Adjusted EBIT3 634.7 1,268.3 99.8% 738.5 1,327.4 79.7% Adjusted EBIT Mg.4 39.7% 68.8% 29.1 p.p. 39.6% 66.9% 27.3 p.p. EBIT on the same basis2 634.7 654.6 3.1% 684.6 707.8 3.4% EBIT Mg. on the same basis2 39.7% 38.0% -1.7 p.p. 39.7% 38.4% -1.3 p. p Adjusted EBITDA5 960.2 1,629.3 69.7% 1,106.7 1,721.3 55.5% Adjusted EBITDA Mg.4 60.0% 88.4% 28.4 p.p. 59.3% 86.7% 27,4 p.p. Adjusted EBITDA on the same basis2 960.2 1,006.1 4.8% 1,042.2 1,088.5 4.4% Adjusted EBITDA Mg. on the same basis2 60.0% 58.4% -1.6 p.p. 60.4% 59.0% -1.4 p.p. Net Income 145.7 667.1 357.9% 145.7 667.1 357.9% Net Income on the same basis2 97.2 287.5 195.8% 97.2 287.5 195.8% IFRS Proforma
- 6. 238,811 253,634 263,465 253,194 246,625 246,790 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 Traffic – Quarter Change (Proforma*) 6 Consolidated – MM Equivalent Vehicle Toll Revenue and traffic 2Q17 X 2Q16 (%) * Information including Renovias and ViaRio. Excluding ViaRio 244.759 (-0.8%) 0.3 -0.2 0.9 5.0 0.3 -0.2 0.1 -0.3 -20.0 10.0 8.5 6.1 10.2 9.3 8.7 6.1 8.5 -20.5 AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias RodoAnel Oeste SPVias MSVia Traffic Toll Revenues
- 7. 7 Revenue Analysis (Proforma*) * Including the proportional results of jointly-owned subsidiaries. Gross Operating Revenues (excluding construction revenue) EBITDA Breakdown Payment Means AutoBAn 24.6% NovaDutra 14.6% ViaOeste 12.1%RodoNorte 8.5% Airports 8.2% SPVias 7.2% ViaQuatro 5.6% MetrôBahia 3.8% RodoAnel 3.0% MSVia 2.9% TAS 2.6% Renovias 2.1% CPC 1.9% Barcas 1.5% Others 1.4% 93% 89% 87% 86% 4% 7% 5% 5% 3% 3% 3% 1% 0% 1% 5% 8% 2Q14 2Q15 2Q16 2Q17 Highways Airports Services Urban Mobility 70% 70% 70% 68% 30% 30% 30% 32% 2Q14 2Q15 2Q16 2Q17 Electronic Cash
- 8. 1,906 1,064 1,537 53 7 2 69 451 18 505 548 75 2Q16 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs* 2Q17 One-off ViaQuatro and ViaRio ViaQuatro 2Q17 Same Basis 8 Cash cost: R$ 660 MM Proforma same- basis cash costs: R$ 777 MM (+10.3%) IFRS Costs Evolution Total Costs (R$ MM) Conclusion of civil works in Rodonorte, NovaDutra and ViaOeste Variable compensation and Collective bargaining agreement 3% 29% 48%23% 2% 26% 44% IFRS same-basis cash costs: R$ 736 MM (+11.6%) CCR NovaDutra, AutoBAn, ViaOeste and RodoAnel Oeste RodoAnel, AutoBAn and NovaDutra. SPVias * Materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses: Due to the acquisition of control in ViaQuatro in 2Q17, CCR’s previous 60% stake in the concessionaire was remeasured, generating an intangible asset in the amount of R$511.7 million, with a counter-entry recorded in the year’s income statement at the CCR holding company; (ii) In addition, CCR’s stake in ViaRio grew by 33.33%, without the acquisition of control, generating positive goodwill in the amount of R$36.4 million under this line also at the CCR holding company.
- 9. Proforma EBITDA* 9 59.3% Mg. * Same-basis figures exclude: (i) non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio; (ii) ViaQuatro, which became a subsidiary in 2Q17; and (iii) STP, ViaRio, VLT and ViaQuatro, in same-basis profit and same-basis pro-forma comparisons. 2Q16 Same basis R$ 1,042 MM 60.4% Mg. R$ MM 86.7% Mg. 59.0% Mg. 1,107 1,721 1,089 (85) (548) 2Q16 Proforma EBITDA 2Q17 Proforma EBITDA New Projects One-off ViaQuatro and ViaRio 2Q17 Proforma EBITDA Same Basis*
- 10. 501.7 271,1 248.3 26.8 23.4 ( 247.1 ) ( 2.3 ) 111.3 45.8 16.3 8.1 2Q16 Net Financial Result Income from Hedge Operation Monetary variation on loans, financ. and debentures Monetary Variation on Liabilities related to the Granting Power Exchange Rate Variation on Loans and Financing Present Value Adjustment of Maintenance Prov. and Liabilities related to the Granting Power Interest on Loans, Financing and Debentures Investment Income and Other Income Fair Value of Hedge Operation Others 2Q17 Net Financial Result 10 46% •Average cash balance 2Q17 x 2Q16 = +98.4% • Chg. of average CDI 2Q17 X 2Q16 = - 3.2 p.p. • Gross Debt = R$ 14.7 bi (-0.1%) R$ MM IFRS Financial Results
- 11. CDI 42.8% IPCA 21.2% TJLP 23.1% USD 12.8% 2Q17 2Q16 11 • Total Gross Debt: R$ 14.7 bi (R$15.7 bi proforma) • Net Debt / EBITDA: 1.8 x (1.8 x proforma) Not hedged Hedged 2Q17 Debt in June 30, 2017 *LTM 2Q17 adjusted EBITDA includes the sale of the stake in STP (R$1,307.7) and one-off effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.6x (2.6x in pro-forma figures) in June 2017. * Hedged CDI 78.4% IPCA 4.7% TJLP 15.1% USD 1.7% CDI 68.3% IPCA 6.3% TJLP 23.1% USD 2.3% Indebtedness and leverage position Gross debt by indexer Hedged gross debt by indexer
- 12. Debt Structure and Amortization Amortization 2017 - 2018 Amortization Schedule/ Not hedged (R$ MM) 12 628 2,760 2,172 389 360 414 89 87 129 2,666 453 528 696 96 92 301 776 1,159 542 377 2017 2018 2019 2020 From 2021 CDI TJLP USD Others 3,495 4,115 4,169 1,796 1,157 Amortization (R$ MM) 2017 2018 BH AIRPORT 394 0 AutoBAn 320 1,612 Barcas 214 0 NovaDutra 179 163 ViaOeste 143 0 SPVias 118 249 CCR Espanha S.L.U. 100 0 CCR USA Airport 83 33 ViaLagos 72 0 CCR S.A. 64 832 ViaQuatro 64 134 RodoAnel Oeste 21 275 Metrô Bahia 18 589 RodoNorte 3 178 Outras 3 103 TOTAL 1,796 4,169
- 13. 13 2Q17 Fundraising Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity Metrô Bahia Apr-17 50.0 BNDES TJLP + 3.18% Oct-42 ViaRio (66.66%) Apr-17 288.6 Debentures CDI + 4.5% Nov-17 BH Airport Apr-17 20.0 BNDES TJLP + 2.4% Jul-17 Metrô Bahia May-17 250.0 Debentures 120% do CDI May-20 Via Quatro May-17 165.0 Debentures amendment CDI + 2.90% May-19 Via Quatro May-17 70.0 Debentures amendment CDI + 2.90% May-19 Via Quatro May-17 85.0 Debentures amendment CDI + 2.90% May-19 CCR Apr-17 375.2 Loan 4131 amendment 125% do CDI Mar-19 Total 1,303.8 Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity CCR USA May-17 7.0 USD Credit Facility Libor 3M + 2.05% Feb-18 TAS May-17 5.0 USD Credit Facility Libor 3M + 2.05% Feb-18 Total 12.0 USD
- 14. 7,859 8,081 9,562 9,826 10,413 10,734 12,423 12,971 13,945 13,261 14,443 10,759 11,961 9,665 11,084 2.0 2.0 2.3 2.4 2.5 2.5 3.0 3.0 3.1 2.2 2.4 1.8 1.8 1.8 1.8 -5.5 -4.5 -3.5 -2.5 -1.5 -0.5 0.5 1.5 2.5 3.5 5,000 7,000 9,000 11,000 13,000 15,000 17,000 19,000 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1Q17 2Q17 Net Debt (R$ MM) Net Debt/EBITDA (x) 14 R$ MM Proforma Data IFRS 10 and 11 Debt Net Debt / EBITDA LTM R$ MM *LTM adjusted EBITDA since 3Q16 includes the sale of the stake in STP and one-off effects of the acquisition of stakes in ViaQuatro and ViaRio as of 2Q17, as mentioned in the costs section.
- 15. 15 R$ MM Same basis R$ 97.2 MM * Net Income * Same-basis figures exclude: (i) STP, which was sold in 3Q16; (ii) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the comparison periods: ViaRio and VLT; and (iii) one-off effects of the acquisition of stakes in ViaQuatro and ViaRio, in the net amounts of R$337.7 million and R$24.1 million, respectively, in 2Q17. Same basis (+195.8%) 146 288 667 (17.8) (362) 2Q16 Net Income 2Q17 Net Income New Projects One-off ViaQuatro and ViaRio 2Q17 Net Income Same Basis
- 16. 16 1- The investments made by the Company, which will be reimbursed by the granting authority as monetary consideration or contribution, compose the financial assets. 2- Includes CCR, MTH, CPC and eliminations 3- Booking of site in the municipalities of Cajamar and Caieiras Investments and Maintenance 2Q17 1H17 2Q17 1H17 2Q17 1H17 2Q17 1H17 2Q17 1H17 NovaDutra 23.3 43.9 1.8 4.6 25.1 48.5 10.6 14.4 0.0 0.0 ViaLagos 0.4 1.4 0.2 0.3 0.6 1.7 0.1 0.1 0.0 0.0 RodoNorte (100%) 66.3 125.3 0.8 2.1 67.1 127.4 10.1 13.5 0.0 0.0 AutoBAn 31.2 59.1 1.3 5.2 32.5 64.3 28.1 45.6 0.0 0.0 ViaOeste 16.6 39.5 1.4 3.3 18.0 42.8 8.5 24.2 0.0 0.0 ViaQuatro (100%) 22.6 22.6 0.7 0.7 23.3 23.3 0.0 0.0 0.0 0.0 RodoAnel Oeste (100%) 17.6 28.3 0.5 1.1 18.1 29.4 0.0 0.0 0.0 0.0 Samm 16.7 16.7 2.2 3.1 18.9 19.8 0.0 0.0 0.0 0.0 SPVias 14.9 21.4 2.1 3.8 17.0 25.2 3.2 3.8 0.0 0.0 CAP 19.5 24.8 0.0 0.0 19.5 24.8 0.0 0.0 0.0 0.0 Barcas (0.1) (0.1) 0.0 0.0 (0.1) (0.1) 0.0 0.0 0.0 0.0 Metrô Bahia 219.6 517.5 1.8 3.6 221.4 521.1 0.0 0.0 341.6 560.0 BH Airport 20.7 72.6 1.3 8.6 22.0 81.2 0.0 0.0 0.0 0.0 MSVia 88.2 196.9 3.2 4.7 91.4 201.6 0.0 0.0 0.0 0.0 TAS 0.0 0.1 1.2 4.1 1.2 4.2 0.0 0.0 0.0 0.0 Renovias (40%) 0.2 0.2 0.4 1.2 0.6 1.4 1.9 1.9 0.0 0.0 ViaRio (66.66%) 0.6 1.6 1.0 1.1 1.6 2.7 0.0 0.0 0.0 0.0 VLT (24.93%) 86.6 84.4 0.0 0.0 86.6 84.4 0.0 0.0 32.1 38.2 Quito - Quiport (50%) 4.7 9.4 0.0 0.0 4.7 9.4 0.0 0.0 0.0 0.0 San José - Aeris (48.75%) 4.6 14.4 0.2 0.3 4.8 14.7 0.0 0.0 0.0 0.0 Others2 (6.4) (4.1) 1.8 4.7 (4.6) 0.6 0.0 0.0 0.0 0.0 Total 647.8 1,275.9 21.9 52.5 669.7 1,328.4 62.5 103.5 373.7 598.2 SPCP3 0.0 0.0 31.3 62.3 31.3 62.3 0.0 0.0 0.0 0.0 Intangible Assets Performad Maintenance R$ MM Improvements Performa Financial Asset1 Equipments and Others Total Maintenance Cost