presentation 1q16
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Earnings Results 1Q16 May, 2016
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 and MSVia, fell by 2.4% in 1Q16.
ADJUSTED EBITDA:
Same-basis2 adjusted proforma EBITDA increased by 7.1%, with an margin of 64.8%.
NET INCOME:
Same-basis2 net income totaled R$252.7 million, a 2.9% increase in 1Q16.
CORPORATE HIGHLIGHT:
Signature of the agreement related to the sale of the entire stake in STP, as disclose through the
Material Fact of March 14, 2016.
3
1Q16 Highlights
1 Including the proportional traffic of Renovias. 2 Same-basis figures exclude: (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: Metrô Bahia, MSVia and TAS; (ii) Ponte, whose agreement ended on May 31, 2015; and (iii) additionally, in profit in the same comparison basis
and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio and VLT.
1- Net revenue excludes construction revenue.
2- Same-basis figures exclude: (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: Metrô Bahia, MSVia and TAS; (ii) Ponte, whose agreement ended on May 31, 2015; and (iii) additionally, in profit in the same comparison
basis and in same-basis 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.
5- Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
4
Financial Highlights – 1Q16
Net Revenues1 1,436.4 1,635.9 13.9% 1,659.4 1,909.8 15.1%
Adjusted Net Revenues on the same basis2 1,396.1 1,465.8 5.0% 1,616.9 1,730.8 7.0%
Adjusted EBIT3 590.6 705.1 19.4% 693.4 826.6 19.2%
Adjusted EBIT Mg.4 41.1% 43.1% +2.0 p.p. 41.8% 43.3% +1.5 p.p.
EBIT on the same basis2 649.9 679.1 4.5% 753.5 797.1 5.8%
EBIT Mg. on the same basis2 46.5% 46.3% -0.2 p.p. 46.6% 46.1% -0.5 p.p.
Adjusted EBITDA5 859.7 992.4 15.4% 997.1 1,157.7 16.1%
Adjusted EBITDA Mg.4 59.9% 60.7% +0.8 p.p. 60.1% 60.6% +0.5 p.p.
Adjusted EBITDA on the same basis2 909.4 959.6 5.5% 1,047.5 1,121.5 7.1%
Adjusted EBITDA Mg. on the same basis2 65.1% 65.5% +0.4 p.p. 64.8% 64.8% -
Net Income 198.9 247.5 24.4% 198.9 247.5 24.4%
Net Income on the same basis2 245.6 252.7 2.9% 245.6 252.7 2.9%
1Q15 1Q16 Chg %Financial Indicators (R$ MM) 1Q15 1Q16 Chg %
IFRS Proforma
1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
228 240 245
267257 249
5
Traffic – Quarter Change (Proforma*)
Consolidated – MM Equivalent Vehicle
Revenue and traffic 1Q16 X 1Q15 (%)
* Information including Renovias which is contemplated in the proforma method.
Excluding Ponte
and MSVia
236 (-2.4%)
AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias Rodoanel SPVias
-2.6
-10.0
5.5
-3.6-2.1 -2.1 -2.0
2.70.1 1.9
11.9
-0.8
1.8 1.8
9.57.7
Traffic Toll Revenues
1Q13 1Q14 1Q15 1Q16
67% 69% 69% 68%
33% 31% 31% 32%
Electronic Cash
1Q13 1Q14 1Q15 1Q16
85% 84% 79% 74%
15% 16% 21% 26%
Toll Others
AutoBAn22.9%
NovaDutra14.1%
ViaOeste11.5%
RodoNorte9.0%
Airports10.2%
SPVias7.2%
STP3.9%
MSVia3.6%
ViaQuatro3.1%
RodoAnel2.9%
TAS2.3%
Renovias1.9%
Barcas1.8%
ViaLagos1.6%
Ohers4.0%
6
Revenue Analysis (Proforma*)
Payment Means
Gross Operating Revenues Gross Revenue Breakdown
* Including the proportional results of jointly-owned subsidiaries.
1Q15 Depreciationand
Amortization
Third-partyServices
GrantingPower andAdvanced
Expenses
PersonnelCosts
ConstructionCosts
MaintenanceProvision
OtherCosts
1Q16 NewProjects
1Q16SameBasis
1,292
1,493
988
35 16 645
119 (17) (3) (505)
7
IFRS Costs Evolution (1Q16 X 1Q15)
Total Costs (R$ MM)
End of Works on NovaDutra, AutoBAn and
SPVias
New Projects
and Ponte
Wage Increase and Exchange Rate Effect in
Curaçao
Performed Work
(New Projects)
Same-basis
Cash Cost: R$
527 MM (+3.8%)
Reduction in the Provision of RodoNorte
8% 25%
27% 16%
19%
(28)%
6%
Same-basis
Cash Cost: R$
507 MM (2)%
ProformaSame-
basis Cash
Cost: R$ 624
MM (+5.5%)
1Q15Proforma
EBITDA
1Q16Proforma
EBITDA
NewProjects
and Ponte
1Q16Proforma
EBITDASameBasis
997
1,158 1,122(36)
8
Proforma EBITDA*
60.1%
of Mg.
60.6%
of Mg. 64.8%
of Mg.
* Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia, MSVia and TAS; (ii) Ponte, whose agreement ended on May 31, 2015; and (iii) additionally, it excludes Controlar, ViaRio and VLT.
*
1Q15 Same basis
R$ MM 1,048
64.8% of Mg.
1Q16 Same basis
R$ MM 1,122
(+7,1%)
R$ MM
1Q15 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
and Financing
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 1Q16 NetFinancial Result
341.7
(0.5) 455.7148.5
33.9 1.7 (157.4)
3.4
75.6 (40.2) 49.0
9
IFRS Financial Results
• Chg. of average CDI 1Q16 X 1Q15 = +1.8 p.p.
• Gross Debt = R$ 14.8 B (+28.1%)
33%
R$ MM
1Q15Net
Income
1Q16Net
Income
NewProjects
and Ponte
1Q16Net Income
SameBasis
199248 5 253
10
Net Income
R$ MM
Same basis
R$ 246 MM
* Same-basis amounts exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia, MSVia and TAS; (ii) Ponte, whose agreement ended on May 31, 2015; and (iii) additionally, it excludes Controlar, ViaRio and VLT.
*
Same basis
R$ 253 MM
(+2.9%)
CDI81.2%
TJLP13.4%
IPCA3.5%
USD1.9%
CDI57.0%IPCA
18.6%
TJLP13.4%
USD11.0%
2016 2017 2018 2019 From2020
3,983
2,413 1,334
762 -
72
1,344
228
CDI USD Others
1,6602,083
2,340
4,008
4,820
Gross hedged debt by indexer
11
Debt in March 31, 2016 Amortization Schedule (R$ MM)
Indebtedness and leverage position
• Total Gross Debt: R$ 14.9 Bn
(R$16.3 Bn proforma)
• Net Debt / EBITDA: 3.2x
(3.0x proforma)
Hedged
Not hedged
Gross debt by indexer
12
Debt Structure and Amortization
84% has already been addressed
Amortization 2016 - 2017
* Expiration already equated through issues or contracts signed with BNDES.
Emissions since Apr/2016
• April 2016: R$587.0 million in MSVia, part of the long-term
loan with the BNDES, totaling R$2.3 billion, maturing up to
2039;
• May 2016: R$750 million in RodoAnel, with the 5th
debenture issue, maturing up to 2019.
Amortization (R$ MM) 2016 2017
SPVias* 1,284 35
RodoAnel Oeste* 865 835
CCR* 688 673
MSVia* 569 0
AutoBAn 430 546
ViaOeste* 225 285
Metrô Bahia* 221 610
Barcas* 205 0
NovaDutra 94 365
TOTAL 4,583 3,349
TOTAL AMORTIZATION 4,820 4,008
Executed:
13
1Q16 Funding
Concessionaire Date Value (R$ MM) Debt Average Cost Maturity
ViaOeste Jan/16 184.0 Loan 4131 LIBOR 3M + 2.10% p.a. Jan/19
CPC Jan/16 1250.0 Bond CDI + 3.50% p.a. Jan/19
BH Airport Jan/16 37.5 BNDES TJLP + 3.45% p.a. Jul/17
BH Airport Jan/16 12.5 BNDES TJLP + 2.66% p.a. Jul/17
CCR Feb/16 109.6 Promissory Note 124.10% of CDI Aug/16 - Feb/19
Metro Bahia Feb/16 155.0 BNDES TJLP + 3.18% p.a. Oct/42
Total 1,748.6
7,620 7,859 8,081
9,562 9,82610,413
10,734
12,423 12,07811,522
12,971
3.0
1.9 2.0 2.02.3 2.4 2.5 2.5
3.03.2 3.2
-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
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 4Q15 1Q16
Net Debt (R$ MM) Net Debt/EBITDA (x)
14
Debt
Net Debt / EBITDA LTM
IFRS10 and 11
Proforma Data
R$ MM
The leverage ratio reflects the need to invest in new business, …
... that had no cash flow generation at year-end.
15
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, at 1Q16 the total investment was R$269.8 million, of which R$16.3 million is related to the portion of the Concessionaire
and R$220.4 million to the Granting Authority.
3- Includes CCR, MTH, CPC and eliminations.
1Q16
R$ MM
AutoBAn 18.6 1.6 20.2 5.0 0.0
NovaDutra 17.0 1.9 18.9 4.1 0.0
ViaOeste 14.9 1.9 16.8 0.2 0.0
RodoNorte (100%) 23.3 0.5 23.7 1.7 0.0
ViaLagos 4.1 0.0 4.1 0.0 0.0
SPVias 9.5 0.8 10.3 6.2 0.0
ViaQuatro (60%) 27.5 0.9 28.4 0.0 4.8
Renovias (40%) 0.2 0.5 0.7 0.0 0.0
RodoAnel (100%) 5.0 1.6 6.6 0.7 0.0
SAMM 6.6 2.2 8.9 0.0 0.0
ViaRio2 (33.33%) 15.6 0.7 16.3 0.0 0.0
Quito (50%) 49.9 1.5 51.3 0.0 0.0
San José (48.75%) 64.9 0.4 65.3 0.0 0.0
Curaçao 4.1 0.0 4.1 0.0 0.0
Barcas 0.2 0.0 0.2 0.0 0.0
VLT (24.88%) 15.8 0.1 15.9 0.0 13.2
Metrô Bahia 105.7 0.3 106.0 0.0 116.0
BH Airport 84.1 1.9 86.0 0.0 0.0
MSVia 85.0 9.1 94.1 0.0 0.0
STP (34.24%) 1.6 1.3 2.9 0.0 0.0
Other3 0.0 81.0 81.0 0.0 0.0
Consolidated 553.7 108.0 661.7 18.0 134.0
Proforma
Financial Asset1
ImprovementsEquipments and
OthersTotal
Maintenance
Cost
Intangible AssetsPerformed
maintenance
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