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Presentation 1Q15

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CCR Relações com Investidores
CCR Relações com Investidores

- Traffic fell 3.8% in 1Q15 compared to 1Q14. Adjusted EBITDA on a same-basis increased 2.8% with a margin of 65.6%. Net income on a same-basis was R$312.6 million, down 13.8%. - Costs increased due to new projects, wage increases, and a tax provision effect for Ponte. Excluding these factors, cash costs increased 5.2% and EBITDA margin was maintained at 65.6%. - Financial results were impacted by higher debt and interest rates. Net debt/EBITDA was 2.5x. The leverage reflects investment needs but not potential cash generation from new businesses.

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Earnings Results 1Q15 May, 2015
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.
3 Agenda Highlights Results Analysis Perspectives
TRAFFIC: Proforma consolidated traffic1 fell by 3.8% in 1Q15. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users increased by 11.3% over March 2014, reaching 4,926,000 active tags. ADJUSTED EBITDA: Same-basis2 adjusted proforma EBITDA increased by 2.8%, with an margin of 65.6% (-0.9 p.p.). NET INCOME: Same-basis2 net income totaled R$312.6 million, a 13.8% reduction in 1Q15. 4 1Q15 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) non-recurring items from tax provision for the Bridge; and (iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT.
5 Subsequent Events DIVIDENDS: The Annual and Extraordinary Shareholders’ Meeting held on April 16, 2015 approved the distribution of complementary dividends totaling R$100.8 million, representing approximately R$0.06 per share. The payments began on April 30, 2015.
1- Net revenue excludes construction revenue. 2- Same-basis” amounts exclude: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; and (iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT. 3- Calculated by adding net revenue, construction revenue, costs of services and administrative expenses 4- The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS, whose counter-entry of the same amount impacts total costs. 5- Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses. 6 Financial Highlights – 1Q15 Net Revenues1 1,350.6 1,436.4 6.4% 1,543.2 1,659.4 7.5% Adjusted Net Revenues on the same basis2 1,350.8 1,387.1 2.7% 1,540.8 1,607.8 4.3% Adjusted EBIT3 655.2 590.6 -9.9% 745.6 693.4 -7.0% Adjusted EBIT Mg.4 48.5% 41.1% -7.4 p.p. 48.3% 41.8% -6.5 p.p. EBIT on the same basis2 684.8 650.5 -5.0% 776.6 754.2 -2.9% EBIT Mg. on the same basis2 50.7% 46.9% -3.8 p.p. 50.4% 46.9% -3.5 p.p. Adjusted EBITDA5 874.4 859.7 -1.7% 994.8 997.1 0.2% Adjusted EBITDA Mg.4 64.7% 59.9% -4.8 p.p. 64.5% 60.1% -4.4 p.p. Adjusted EBITDA on the same basis2 904.0 916.1 1.3% 1,025.2 1,054.3 2.8% Adjusted EBITDA Mg. on the same basis2 66.9% 66.0% -0.9 p.p. 66.5% 65.6% -0.9 p.p. Net Income 343.1 198.9 -42.0% 343.1 198.9 -42.0% Net Income on the same basis2 362.7 312.6 -13.8% 362.7 312.6 -13.8% Proforma Financial Indicators (R$ MM) 1Q14 1Q15 Chg % IFRS 1Q14 1Q15 Chg %
1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 256,831 194,597 228,120 239,841 244,606 267,039 7 Traffic – Quarter Change (Proforma*) Consolidated – Equivalent Vehicle Revenue and traffic 1Q15 X 1Q14 (%) * Information including Renovias which is contemplated in the proforma method. AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias -3.7 -6.1 -5.8 -3.2 -2.7 -2.4 -0.7 -3.4 -4.8 1.7 1.6 -1.1 2.7 3.1 3.9 6.3 3.1 2.5 Traffic Toll Revenues
AutoBAn 26.2% NovaDutra 15.8% ViaOeste 12.9% RodoNorte 9.2% Airports 8.5% SPVias 7.6% STP 4.0% ViaQuatro 3.1% RodoAnel 3.0% Ponte 2.2% Renovias 2.1% Barcas 2.1% ViaLagos 1.8% Others 1.5% 1Q12 1Q13 1Q14 1Q15 91% 85% 84% 79% 9% 15% 16% 21% Toll Others 1Q12 1Q13 1Q14 1Q15 66% 67% 69% 69% 34% 33% 31% 31% Electronic Cash 8 Revenue Analysis (Proforma*) Payment Means Gross Operating Revenues Gross Revenue Breakdown * Including the proportional results of jointly-owned subsidiaries.
1Q14 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 1Q15 New Projects Ponte Effect 1Q15 Same Basis 912 1,292 858 36 22 5 27 228 14 49 (406) (28) 9 IFRS Costs Evolution (1Q15 X 1Q14) Total Costs (R$ MM) Construction of Service Roads, Additional Lanes, Duplication and New Projects New Projects and Direct Costs New Projects and Wage Increase Performed Work and New Projects Same-basis Cash Cost: +5.2% Additional Provision on AutoBAn and RodoNorte New Projects and Nonrecurring Effect on Ponte 13% 17% 106% 42% 23% 32% 57% 7%
1Q14 Proforma EBITDA 1Q15 Proforma EBITDA New Projects Ponte Effect 1Q15 Proforma EBITDA Same Basis 995 997 28 1,05429 10 Proforma EBITDA* 64,5% of Mg. 60,1% of Mg. 65,6% of Mg. CCR strengthened the cost discipline ... ... and maintained its operational efficiency. * Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; and (iv) additionally it excludes Controlar. * R$ MM Ex New Projects R$ MM 1,025
1Q14 Net Financial Result Income from Hedge Operation Monetaryvariation on loans, financing and debentures MonetaryVariation on Liabilities related to the Granting Power ExchangeRate Variation on Loans, Financing and Debentures Present Value Adjustment of Maintenance Provision and Liabilitiesrelated to the Granting Power Interest on Loans, Financing and Debentures Investment Income and OtherIncome Fair Value of Hedge Operation Others 1Q15 Net Financial Result (190.5) (2.8) (341.6) 100.9 (38.4) (63.8) (91.1) (10.3) (67.8) 16.7 5.5 11 IFRS Financial Results The result reflects the company's expansion period, ... ... higher stock of debt and the increase in interest rates. 57% • Chg. of average CDI 1Q15 X 1Q14 = +1.8 p.p. • Gross Debt = R$ 11.6 B (+33.4%) R$ MM Change on the Proforma Same-basis: 61%
1Q14 Net Income 1Q15 Net Income New Projects Ponte Effect 1Q15 Net Income Same Basis 343 199 96 18 313 12 Net Income R$ MM Net income falling ... ... does not reflect the reality of the portfolio. Ex New Projects R$ MM 363 * Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; and (iv) additionally it excludes Controlar. *
13 Debt in March 31, 2015 Gross debt by indexer Amortization Schedule (R$ M) • Total Gross Debt: R$ 11.6 B (R$12.8 B proforma) • Net Debt / EBITDA: 2.5x CDI 72.4% IPCA 13.4% TJLP 7.8% USD 6.4% 2015 2016 2017 2018 From 2019 2,607 4,340 1,787 14 209 320 205 CDI USD Others 867 549 2,195 5,093 2,911
5,893 6,330 6,344 7,212 7,018 6,944 6,600 7,609 7,620 7,859 8,081 9,562 9,826 8,824 9,005 1.9 2.0 1.9 2.2 2.1 2.0 1.8 2.0 1.9 2.0 2.0 2.3 2.4 2.4 2.5 -2,5 -1,5 -0,5 0,5 1,5 2,5 3,5 4.000 6.000 8.000 10.000 12.000 14.000 16.000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Net Debt (R$ MM) Net Debt/EBITDA (x) 14 Debt The leverage ratio reflects the need to invest in new business, … ... but does not include the potential cash generation of those. Net Debt / EBITDA LTM IFRS10 and 11 R$ MM Proforma Data
15 Realized Investments and Maintenance 1Q15 1Q15 1Q15 1Q15 AutoBAn 36.9 3.7 40.7 0.4 0.0 NovaDutra 23.7 1.6 25.3 15.3 0.0 ViaOeste 6.5 1.7 8.2 0.4 0.0 RodoNorte (100%) 18.9 1.1 20.0 17.0 0.0 Ponte 0.0 0.3 0.3 0.2 0.0 ViaLagos 16.0 0.8 16.8 0.0 0.0 SPVias 13.1 1.0 14.1 14.0 0.0 ViaQuatro (58%) 6.8 0.7 7.5 0.0 -3.6 Renovias (40%) 0.1 0.2 0.3 0.0 0.0 RodoAnel (100%) 1.3 0.7 2.0 0.0 0.0 SAMM 4.2 4.0 8.3 0.0 0.0 ViaRio2 (33.33%) 15.3 0.0 15.3 0.0 0.0 Quito 11.8 0.0 11.8 0.0 0.0 San José 11.0 0.1 11.0 0.0 0.0 Curaçao 3.8 0.0 3.8 0.0 0.0 Barcas 4.6 0.5 5.1 0.0 0.0 VLT (24.88%) 13.2 0.3 13.5 0.0 15.6 Metrô Bahia 113.2 1.8 114.9 0.0 77.1 BH Airport 14.1 0.5 14.6 0.0 0.0 MSVia 95.8 23.2 119.0 0.0 0.0 STP (34.24%) 3.7 22.4 26.1 0.0 0.0 Other3 0.0 2.9 2.9 0.0 0.0 Consolidated 414.1 67.5 481.6 47.3 89.1 1 - Investments that w ill be received by the Granting Pow er as pecuniary compensation or contribution make up the financial asset 3 - Includes CCR, MTH, CPC, SPCPand Eliminations 1Q15 2 - For 100% of the project, the total investment w as R$ 257.5 million, of w hich R$ 45.5 million is related to the portion of the Concessionaire and R$ 211.9 million to the Granting Pow er Proforma Financial Asset1 R$ MM Intangible Assets Performed maintenance Improvements Equipments and Others Total Maintenance Cost
16 Dividends (Cash) Interim Complementary Approximate amount of cash dividends paid per share in 2014 R$ MM 1 Considers the average share price in the year. 2014 Dividends 0.06 0.74 2,2% 4.2% 4.8% 3.8% 3.9% 5.0% 4.6% 4.7% 3.9% 3.7% 3.9% 4.6% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% 96% 104% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 11 12 Div. Yield Payout 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 183 263 500 547 580 714 709 672 899 1,177 1,351 1,349 Net Income 2% 4% 5% 4% 4% 5% 5% 5% 4% 16% 58% 61% 65% 92% 85% 85% 127% 90% -70% -20% 30% 80% 130% 2% 3% 4% 5% 6% 7% 1 2 3 4 5 6 7 8 9 Div. Yield Payout 1 2.2% 4.2% 4.8% 3.8% 3.9% 5.0% 4.6% 4.7% 3.9% 3.7% 3.9% 4.6% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% 96% 104% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 11 12 Div. Yield Payout
Presentation 1Q15

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Presentation 1Q15

  • 2. 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.
  • 4. TRAFFIC: Proforma consolidated traffic1 fell by 3.8% in 1Q15. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users increased by 11.3% over March 2014, reaching 4,926,000 active tags. ADJUSTED EBITDA: Same-basis2 adjusted proforma EBITDA increased by 2.8%, with an margin of 65.6% (-0.9 p.p.). NET INCOME: Same-basis2 net income totaled R$312.6 million, a 13.8% reduction in 1Q15. 4 1Q15 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) non-recurring items from tax provision for the Bridge; and (iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT.
  • 5. 5 Subsequent Events DIVIDENDS: The Annual and Extraordinary Shareholders’ Meeting held on April 16, 2015 approved the distribution of complementary dividends totaling R$100.8 million, representing approximately R$0.06 per share. The payments began on April 30, 2015.
  • 6. 1- Net revenue excludes construction revenue. 2- Same-basis” amounts exclude: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; and (iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT. 3- Calculated by adding net revenue, construction revenue, costs of services and administrative expenses 4- The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS, whose counter-entry of the same amount impacts total costs. 5- Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses. 6 Financial Highlights – 1Q15 Net Revenues1 1,350.6 1,436.4 6.4% 1,543.2 1,659.4 7.5% Adjusted Net Revenues on the same basis2 1,350.8 1,387.1 2.7% 1,540.8 1,607.8 4.3% Adjusted EBIT3 655.2 590.6 -9.9% 745.6 693.4 -7.0% Adjusted EBIT Mg.4 48.5% 41.1% -7.4 p.p. 48.3% 41.8% -6.5 p.p. EBIT on the same basis2 684.8 650.5 -5.0% 776.6 754.2 -2.9% EBIT Mg. on the same basis2 50.7% 46.9% -3.8 p.p. 50.4% 46.9% -3.5 p.p. Adjusted EBITDA5 874.4 859.7 -1.7% 994.8 997.1 0.2% Adjusted EBITDA Mg.4 64.7% 59.9% -4.8 p.p. 64.5% 60.1% -4.4 p.p. Adjusted EBITDA on the same basis2 904.0 916.1 1.3% 1,025.2 1,054.3 2.8% Adjusted EBITDA Mg. on the same basis2 66.9% 66.0% -0.9 p.p. 66.5% 65.6% -0.9 p.p. Net Income 343.1 198.9 -42.0% 343.1 198.9 -42.0% Net Income on the same basis2 362.7 312.6 -13.8% 362.7 312.6 -13.8% Proforma Financial Indicators (R$ MM) 1Q14 1Q15 Chg % IFRS 1Q14 1Q15 Chg %
  • 7. 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 256,831 194,597 228,120 239,841 244,606 267,039 7 Traffic – Quarter Change (Proforma*) Consolidated – Equivalent Vehicle Revenue and traffic 1Q15 X 1Q14 (%) * Information including Renovias which is contemplated in the proforma method. AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias -3.7 -6.1 -5.8 -3.2 -2.7 -2.4 -0.7 -3.4 -4.8 1.7 1.6 -1.1 2.7 3.1 3.9 6.3 3.1 2.5 Traffic Toll Revenues
  • 8. AutoBAn 26.2% NovaDutra 15.8% ViaOeste 12.9% RodoNorte 9.2% Airports 8.5% SPVias 7.6% STP 4.0% ViaQuatro 3.1% RodoAnel 3.0% Ponte 2.2% Renovias 2.1% Barcas 2.1% ViaLagos 1.8% Others 1.5% 1Q12 1Q13 1Q14 1Q15 91% 85% 84% 79% 9% 15% 16% 21% Toll Others 1Q12 1Q13 1Q14 1Q15 66% 67% 69% 69% 34% 33% 31% 31% Electronic Cash 8 Revenue Analysis (Proforma*) Payment Means Gross Operating Revenues Gross Revenue Breakdown * Including the proportional results of jointly-owned subsidiaries.
  • 9. 1Q14 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 1Q15 New Projects Ponte Effect 1Q15 Same Basis 912 1,292 858 36 22 5 27 228 14 49 (406) (28) 9 IFRS Costs Evolution (1Q15 X 1Q14) Total Costs (R$ MM) Construction of Service Roads, Additional Lanes, Duplication and New Projects New Projects and Direct Costs New Projects and Wage Increase Performed Work and New Projects Same-basis Cash Cost: +5.2% Additional Provision on AutoBAn and RodoNorte New Projects and Nonrecurring Effect on Ponte 13% 17% 106% 42% 23% 32% 57% 7%
  • 10. 1Q14 Proforma EBITDA 1Q15 Proforma EBITDA New Projects Ponte Effect 1Q15 Proforma EBITDA Same Basis 995 997 28 1,05429 10 Proforma EBITDA* 64,5% of Mg. 60,1% of Mg. 65,6% of Mg. CCR strengthened the cost discipline ... ... and maintained its operational efficiency. * Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; and (iv) additionally it excludes Controlar. * R$ MM Ex New Projects R$ MM 1,025
  • 11. 1Q14 Net Financial Result Income from Hedge Operation Monetaryvariation on loans, financing and debentures MonetaryVariation on Liabilities related to the Granting Power ExchangeRate Variation on Loans, Financing and Debentures Present Value Adjustment of Maintenance Provision and Liabilitiesrelated to the Granting Power Interest on Loans, Financing and Debentures Investment Income and OtherIncome Fair Value of Hedge Operation Others 1Q15 Net Financial Result (190.5) (2.8) (341.6) 100.9 (38.4) (63.8) (91.1) (10.3) (67.8) 16.7 5.5 11 IFRS Financial Results The result reflects the company's expansion period, ... ... higher stock of debt and the increase in interest rates. 57% • Chg. of average CDI 1Q15 X 1Q14 = +1.8 p.p. • Gross Debt = R$ 11.6 B (+33.4%) R$ MM Change on the Proforma Same-basis: 61%
  • 12. 1Q14 Net Income 1Q15 Net Income New Projects Ponte Effect 1Q15 Net Income Same Basis 343 199 96 18 313 12 Net Income R$ MM Net income falling ... ... does not reflect the reality of the portfolio. Ex New Projects R$ MM 363 * Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; and (iv) additionally it excludes Controlar. *
  • 13. 13 Debt in March 31, 2015 Gross debt by indexer Amortization Schedule (R$ M) • Total Gross Debt: R$ 11.6 B (R$12.8 B proforma) • Net Debt / EBITDA: 2.5x CDI 72.4% IPCA 13.4% TJLP 7.8% USD 6.4% 2015 2016 2017 2018 From 2019 2,607 4,340 1,787 14 209 320 205 CDI USD Others 867 549 2,195 5,093 2,911
  • 14. 5,893 6,330 6,344 7,212 7,018 6,944 6,600 7,609 7,620 7,859 8,081 9,562 9,826 8,824 9,005 1.9 2.0 1.9 2.2 2.1 2.0 1.8 2.0 1.9 2.0 2.0 2.3 2.4 2.4 2.5 -2,5 -1,5 -0,5 0,5 1,5 2,5 3,5 4.000 6.000 8.000 10.000 12.000 14.000 16.000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Net Debt (R$ MM) Net Debt/EBITDA (x) 14 Debt The leverage ratio reflects the need to invest in new business, … ... but does not include the potential cash generation of those. Net Debt / EBITDA LTM IFRS10 and 11 R$ MM Proforma Data
  • 15. 15 Realized Investments and Maintenance 1Q15 1Q15 1Q15 1Q15 AutoBAn 36.9 3.7 40.7 0.4 0.0 NovaDutra 23.7 1.6 25.3 15.3 0.0 ViaOeste 6.5 1.7 8.2 0.4 0.0 RodoNorte (100%) 18.9 1.1 20.0 17.0 0.0 Ponte 0.0 0.3 0.3 0.2 0.0 ViaLagos 16.0 0.8 16.8 0.0 0.0 SPVias 13.1 1.0 14.1 14.0 0.0 ViaQuatro (58%) 6.8 0.7 7.5 0.0 -3.6 Renovias (40%) 0.1 0.2 0.3 0.0 0.0 RodoAnel (100%) 1.3 0.7 2.0 0.0 0.0 SAMM 4.2 4.0 8.3 0.0 0.0 ViaRio2 (33.33%) 15.3 0.0 15.3 0.0 0.0 Quito 11.8 0.0 11.8 0.0 0.0 San José 11.0 0.1 11.0 0.0 0.0 Curaçao 3.8 0.0 3.8 0.0 0.0 Barcas 4.6 0.5 5.1 0.0 0.0 VLT (24.88%) 13.2 0.3 13.5 0.0 15.6 Metrô Bahia 113.2 1.8 114.9 0.0 77.1 BH Airport 14.1 0.5 14.6 0.0 0.0 MSVia 95.8 23.2 119.0 0.0 0.0 STP (34.24%) 3.7 22.4 26.1 0.0 0.0 Other3 0.0 2.9 2.9 0.0 0.0 Consolidated 414.1 67.5 481.6 47.3 89.1 1 - Investments that w ill be received by the Granting Pow er as pecuniary compensation or contribution make up the financial asset 3 - Includes CCR, MTH, CPC, SPCPand Eliminations 1Q15 2 - For 100% of the project, the total investment w as R$ 257.5 million, of w hich R$ 45.5 million is related to the portion of the Concessionaire and R$ 211.9 million to the Granting Pow er Proforma Financial Asset1 R$ MM Intangible Assets Performed maintenance Improvements Equipments and Others Total Maintenance Cost
  • 16. 16 Dividends (Cash) Interim Complementary Approximate amount of cash dividends paid per share in 2014 R$ MM 1 Considers the average share price in the year. 2014 Dividends 0.06 0.74 2,2% 4.2% 4.8% 3.8% 3.9% 5.0% 4.6% 4.7% 3.9% 3.7% 3.9% 4.6% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% 96% 104% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 11 12 Div. Yield Payout 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 183 263 500 547 580 714 709 672 899 1,177 1,351 1,349 Net Income 2% 4% 5% 4% 4% 5% 5% 5% 4% 16% 58% 61% 65% 92% 85% 85% 127% 90% -70% -20% 30% 80% 130% 2% 3% 4% 5% 6% 7% 1 2 3 4 5 6 7 8 9 Div. Yield Payout 1 2.2% 4.2% 4.8% 3.8% 3.9% 5.0% 4.6% 4.7% 3.9% 3.7% 3.9% 4.6% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% 96% 104% -70% -20% 30% 80% 130% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 1 2 3 4 5 6 7 8 9 10 11 12 Div. Yield Payout