Presentation 3Q15 - CCR
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- Traffic fell 1.8% in 3Q15 excluding new businesses, while toll revenue increased 1.9% due to toll increases. - Adjusted EBITDA on a same-basis increased 8.8% to R$1.17 billion in 3Q15, with a margin of 67.8%. - Net income on a same-basis was R$352 million, a 0.7% reduction, impacted by higher financial expenses due to increased debt levels related to investments in new projects.
Presentation 3Q15 - CCR
- 1. Earnings Results 3Q15 October, 2015
- 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,excluding Ponte and MSVia, fell by 1.8% in 3Q15. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users increased by 10.4% over September 2014, reaching 5,098,000 active tags. ADJUSTED EBITDA: Same-basis2 adjusted proforma EBITDA increased by 8.8%, with an margin of 67.8% (+0.5 p.p.). NET INCOME: Same-basis2 net income totaled R$352.0 million, a 0.7% reduction in 3Q15. DIVIDENDS: CCR’s Board of Directors’ meeting held on October 2 approved the payment of interim dividends of R$0.49 per common share, to be paid as of October 30. 4 3Q15 Highlights 1 Including the proportional traffic of Renovias. 2 “Same-basis” amounts exclude: (i) BH Airport; (ii) new businesses, which were not operating in 3Q15: Metrô Bahia,, MSVia, VLT e ViaRio; (iii) Ponte, whose agreement ended on May 31, 2015; (iv) non-recurrents of reversals of labor provisions in Barcas in 3Q14 and tax provisions in AutoBAn in 3Q15; and Controlar
- 5. 1- Net revenue excludes construction revenue. 2- “Same-basis” amounts exclude: (i) BH Airport; (ii) new businesses, which were not operating in 3Q15: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31, 2015; (iv) non-recurrents of reversals of labor provisions in Barcas in 3Q14 and tax provisions in AutoBAn in 3Q15; and (v) 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. 5- Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses. 5 Financial Highlights – 3Q15 Net Revenues1 1,458.7 1,555.0 6.6% 1,663.9 1,806.4 8.6% Adjusted Net Revenues on the same basis2 1,394.9 1,477.0 5.9% 1,599.1 1,727.7 8.0% Adjusted EBIT3 700.6 697.4 -0.5% 796.2 807.8 1.5% Adjusted EBIT Mg.4 48.0% 44.8% -3.2 p.p. 47.9% 44.7% -3.2 p.p. EBIT on the same basis2 722.4 740.6 2.5% 820.5 853.2 4.0% EBIT Mg. on the same basis2 51.8% 50.1% -1.7 p.p. 51.3% 49.4% -1.9 p.p. Adjusted EBITDA5 951.0 968.1 1.8% 1,077.4 1,117.8 3.7% Adjusted EBITDA Mg.4 65.2% 62.3% -2.9 p.p. 64.8% 61.9% -2.9 p.p. Adjusted EBITDA on the same basis2 947.7 1,019.3 7.6% 1,076.5 1,171.2 8.8% Adjusted EBITDA Mg. on the same basis2 67.9% 69.0% +1.1 p.p. 67.3% 67.8% +0.5 p.p. Net Income 346.1 247.0 -28.6% 346.1 247.0 -28.6% Net Income on the same basis2 354.5 352.0 -0.7% 354.5 352.0 -0.7% Proforma Financial Indicators (R$ MM) 3Q14 3Q15 Chg % IFRS 3Q14 3Q15 Chg %
- 6. AutoBAn NovaDutra Rodonorte Via Lagos ViaOeste Renovias Rodoanel SPVias -1.3 -8.6 -3.2 2.4 0.2 -0.9 -1.5 3.11.9 3.2 1.5 9.3 5.3 3.4 10.8 7.8 Traffic Toll Revenues 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 254,023 224,970 248,936 256,560 275,606 271,966 6 Traffic – Quarter Change (Proforma*) Consolidated – Equivalent Vehicle Revenue and traffic 3Q15 X 3Q14 (%) * Information including Renovias which is contemplated in the proforma method. Excluding Ponte and MSVia 251,703 (-1.8%)
- 7. 3Q12 3Q13 3Q14 3Q15 68% 70% 71% 70% 32% 30% 29% 30% Electronic Cash 3Q12 3Q13 3Q14 3Q15 87% 83% 83% 78% 13% 17% 17% 22% Toll Others AutoBAn 26.6% NovaDutra 15.6% ViaOeste 13.0% RodoNorte 8.3% Airports 9.2% SPVias 7.9% STP 3.9% RodoAnel 3.3% ViaQuatro 3.1% Barcas 2.2% Renovias 2.2% ViaLagos 1.3% MSvia 0.7% Others 2.7% 7 Revenue Analysis (Proforma*) Payment Means Gross Operating Revenues Gross Revenue Breakdown * Including the proportional results of jointly-owned subsidiaries.
- 8. 3Q14 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 3Q15 New Projects and Ponte AutoBAn Non-recurrent 3Q15 Same Basis 1,234 1,498 855 26 19 6 20 161 (6) 39 (628) (14) 8 IFRS Costs Evolution (3Q15 X 3Q14) Total Costs (R$ MM) Construction of Service Roads, Duplication, New Projects and Ponte New Projects, Direct Costs and Ponte New Projects, Wage Increase and Ponte Performed Work and New Projects Same-basis Cash Cost: +2.0% Reduction in the Provision on RodoNorte New Projects, Ponte and Tax Provision on AutoBAn (Non-recurrent) 10% 12% 34% 21% 15% (12)% 48% 7%
- 9. 3Q14 Proforma EBITDA 3Q15 Proforma EBITDA New Projects and Ponte AutoBAn Non-recurrent 3Q15 Proforma EBITDA Same Basis 1,077 1,118 14 1,17139 9 Proforma EBITDA* 64.8% of Mg. 61.9% of Mg. 67.8% of Mg. * Adjustment excluding: (i) BH Airport; (ii) new businesses, which were not operating in 3Q15: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31, 2015; (iv) non-recurrents of reversals of labor provisions in Barcas in 3Q14 and tax provisions in AutoBAn in 3Q15; and (v) Controlar, ViaRio and VLT * R$ MM 3Q14 Ex New Projects R$ MM 1,076
- 10. 10 IFRS Financial Results • Chg. of average CDI 3Q15 X 3Q14 = +3.2 p.p. • Gross Debt = R$ 12.9 B (+40.4%) R$ MM Change on the Proforma Same-basis: 46% 67% 3Q14 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 3Q15 Net Financial Result (219.1) (3.1) (365.8) 172.0 (24.8) (32.6) (301.6) (5.9) (76.6) 22.5 103.4
- 11. 3Q14 Net Income 3Q15 Net Income New Projects and Ponte AutoBAn Non-recurrent 3Q15 Net Income Same Basis 346 247 95 10 352 11 Net Income R$ MM Ex New Projects R$ MM 355 * Adjustment excluding: (i) BH Airport; (ii) new businesses, which were not operating in 3Q15: Metrô Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31, 2015; (iv) non-recurrents of reversals of labor provisions in Barcas in 3Q14 and tax provisions in AutoBAn in 3Q15; and (v) Controlar, ViaRio and VLT. *
- 12. CDI 86.9% TJLP 8.8% IPCA 3.7% USD 0.6% CDI 59.7%IPCA 20.0% USD 11.5% TJLP 8.8% Gross hedged debt by indexer 12 Debt in September 30, 2015 Gross debt by indexer Amortization Schedule (R$ MM) • Total Gross Debt: R$ 13.1 B (R$14.5 B pro-forma) • Net Debt / EBITDA: 2.7x 2015 2016 2017 2018 From 2019 1,020 4,392 2,112 236 39 377 852 275 CDI USD Others 1,528 1,207 3,313 5,902 1,127 Hedged Not hedged
- 13. 6,600 7,609 7,620 7,859 8,081 9,562 9,826 10,413 10,734 9,615 9,820 1.8 2.0 1.9 2.0 2.0 2.3 2.4 2.5 2.5 2.6 2.7 -2.5 -1.5 -0.5 0.5 1.5 2.5 3.5 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 2Q15 3Q15 Net Debt (R$ MM) Net Debt/EBITDA (x) 13 Debt Net Debt / EBITDA LTM IFRS10 and 11Pro-forma Data R$ MM The leverage ratio reflects the need to invest in new business, … ... but not yet include the potential cash generation of those.
- 14. 14 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, the total investment was R$401.2 million, of which R$85.8 million is related to the portion of the Concessionaire and R$315.4 million to the Granting Authority. 3- Includes CCR, MTH, CPC, SPCP and eliminations. 3Q15 3Q15 3Q15 3Q15 AutoBAn 13.9 5.7 19.7 12.3 0.0 NovaDutra 35.3 5.6 40.9 9.8 0.0 ViaOeste 21.3 3.3 24.6 0.7 0.0 RodoNorte (100%) 35.5 1.2 36.7 8.8 0.0 Ponte 0.0 0.0 0.0 0.0 0.0 ViaLagos 4.6 1.4 6.0 1.6 0.0 SPVias 8.2 2.4 10.6 8.5 0.0 ViaQuatro (58%) 11.8 0.9 12.7 0.0 4.5 Renovias (40%) 5.7 0.5 6.2 5.5 0.0 RodoAnel (100%) 1.9 0.7 2.6 0.1 0.0 SAMM 2.3 6.2 8.5 0.0 0.0 ViaRio2 (33.33%) 28.6 0.0 28.6 0.0 0.0 Quito 11.7 0.4 12.1 0.0 0.0 San José 12.2 0.1 12.3 0.0 0.0 Curaçao 10.9 0.0 10.9 0.0 0.0 Barcas 0.9 0.3 1.2 0.0 0.0 VLT (24.88%) 24.7 -2.3 22.4 0.0 24.3 Metrô Bahia 103.6 5.6 109.2 0.0 241.7 BH Airport 30.3 15.2 45.4 0.0 0.0 MSVia 184.4 23.4 207.8 0.0 0.0 STP (34.24%) 3.2 21.4 24.7 0.0 0.0 Other3 -0.3 5.9 5.6 0.0 0.0 Consolidated 550.7 98.0 648.7 47.3 270.5 3Q15 Proforma Financial Asset1 R$ MM Intangible Assets Performed maintenance Improvements Equipments and Others Total Maintenance Cost