Presentation 4Q14 - CCR
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- CCR's consolidated traffic fell 0.7% in 4Q14 but grew 2.5% in 2014. Toll collection by electronic means increased, with over 4.8 million active tags. - Adjusted EBITDA on a same-basis increased 4% in 4Q14, with a margin of 64.1%. In 2014, adjusted EBITDA grew 7.3% with a margin of 65.3%. - Net income on a same-basis decreased 10.7% in 4Q14 due to new projects not yet generating revenue. CCR proposed additional dividends of R$100.8 million.
Presentation 4Q14 - CCR
- 1. Earnings Results 4Q14 and the year of 2014 March, 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 fell by 0.7% in 4Q14 and grew by 2.5% in 2014. TOLLS COLLECTED BY ELECTRONIC MEANS: The number of STP users increased by 12.1% over December 2013, reaching 4,825,000 active tags. ADJUSTED EBITDA: Same-basis2 adjusted proforma EBITDA increased by 4.0%, with an margin of 64.1% (-2.1 p.p.). In 2014, same-basis1 adjusted proforma EBITDA climbed by 7.3%, with an margin of 65.3% (+0.1 p.p.). NET INCOME: Same-basis2 net income totaled R$343.8 million, a 10.7% reduction in 4Q14 and R$1,360.9 million, an decrease of 4.7% in 2014. 4 4Q14 and 2014 Highlights 1 Including the proportional results of jointly-owned subsidiaries. 2 Adjustment excluding New Projects, which are not operating yet (MSVia and Metrô Bahia), BH Airport, Controlar, which has been discontinued since January 2014, besides the Non-recurring Effects.
- 5. 5 Subsequent Events DIVIDENDS: CCR’s Management proposed the distribution of additional dividends of R$100.8 million, representing R$0.0570773 per share, to be submitted for approval by the 2015 Annual Shareholders’ Meeting, scheduled for April 2015. As a result, the payout will be 103% in 2014.
- 6. 1- Net revenue excludes construction revenue. 2- Adjustment excluding: (i) BH Airport; (ii) new businesses, which are not operating yet: Metrô Bahia and MSVia; (iii) non-recurring items from the sale of an interest in STP in 4Q13 and the write-off of the balance of retained payments to former SPVias shareholders, at CPC, in compliance with contingent items in this concessionaire’s purchase agreement; and (iv) Controlar (pro forma). 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, 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 – 4Q14 Net Revenues1 1,376.4 1,526.5 10.9% 1,583.1 1,743.4 10.1% Adjusted Net Revenues on the same basis2 1,376.4 1,466.5 6.5% 1,567.3 1,683.4 7.4% Adjusted EBIT3 754.6 746.8 -1.0% 732.5 841.8 14.9% Adjusted EBIT Mg.4 54.8% 48.9% -5.9 p.p. 46.3% 48.3% +2.0 p.p. EBIT on the same basis2 664.0 674.6 1.6% 780.9 770.4 -1.3% EBIT Mg. on the same basis2 48.2% 46.0% -2.2 p.p. 49.8% 45.8% -4.0 p.p. Adjusted EBITDA5 977.1 1,026.1 5.0% 990.1 1,153.4 16.5% Adjusted EBITDA Mg.4 71.0% 67.2% -3.8 p.p. 62.5% 66.2% +3.7 p.p. Adjusted EBITDA on the same basis2 886.5 950.2 7.2% 1,036.9 1,078.4 4.0% Adjusted EBITDA Mg. on the same basis2 64.4% 64.8% +0.4 p.p. 66.2% 64.1% -2.1 p.p. Net Income 306.4 383.9 25.3% 306.4 383.9 25.3% Net Income on the same basis2 385.0 343.8 -10.7% 385.0 343.8 -10.7% Net Debt / Adjusted EBITDA LTM (x) 2.0 2.4 - 2.0 2.3 - Adjusted EBITDA / Performed investments (x) 2.7 1.8 - 2.3 1.4 - Adjusted EBITDA / Interest and Monetary Variation (x) 5.2 3.4 - 4.9 3.6 - IFRS Proforma Financial Indicators (R$ MM) 4Q13 4Q14 Chg % 4Q13 4Q14 Chg %
- 7. 7 Traffic – Quarter Change (Proforma*) Consolidated – Equivalent Vehicle Revenue and traffic 4Q14 X 4Q13 (%) * Information including Renovias which is contemplated in the proforma method. 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 186,186 237,103 247,459 255,153 276,784 274,866 AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias -0.9 -2.2 -2.8 0.7 5.8 -0.1 1.5 -0.2 0.4 5.0 6.3 2.8 6.8 15.6 6.3 6.8 6.5 7.9 Traffic Toll Revenues
- 8. 4Q11 4Q12 4Q13 4Q14 65% 67% 69% 69% 35% 33% 31% 31% Electronic Cash AutoBAn 26.9% NovaDutra 16.5% ViaOeste 12.9% RodoNorte 8.5% SPVias 7.9%Airports 7.4% STP 3.8% ViaQuatro 3.0% RodoAnel 3.0% Ponte 2.3% Renovias 2.2% Barcas 2.1% ViaLagos 1.5% Others 2.0% 8 Revenue Analysis (Proforma*) Payment Means Gross Operating Revenues Gross Revenue Breakdown * Including the proportional results of jointly-owned subsidiaries. 4Q11 4Q12 4Q13 4Q14 92% 87% 85% 80% 8% 13% 15% 20% Toll Others
- 9. 4Q13 Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs 4Q14 New Projects SPVias Effect 4Q14 Same Basis 906.3 1,357.1 1,024.5 39 26 (1) 48 291 18 30 (433) 100 9 Costs Evolution (4Q14 X 4Q13) 14% Total Costs (R$ MM) Construction of Service Roads, Additional Lanes, Duplication and New Projects 34% 102% 50% 25% New Projects New Projects, Wage Increase, LTI and Ponte Performed Work and New Projects Same Basis Cash Cost: +5.2% 13% 39% Reversal of Provision on SPVias and Additional Provision on AutoBAn and ViaOeste 1% 400% New Projects, Nonrecurring Effect on STP (4Q13), SPVias Former Shareholders and Nonrecurring Effect on Quito Ex STP Effect R$ 811.3 M
- 10. 4Q13 Proforma EBITDA 4Q14 Proforma EBITDA New Projects SPVias Effect 4Q14 Proforma EBITDA Same Basis 990.1 1,153.4 100 1,078.4 25 10 Proforma EBITDA 62,5% of Mg. 66,2% of Mg. 64,1% of Mg. Even with five new business in ramp up or implementation ... ... the company reinforces the discipline in costs, prevailing 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 the sale of an interest in STP in 4Q13 and the write-off of the balance of retained payments to former SPVias shareholders, at CPC, in compliance with contingent items in this concessionaire’s purchase agreement at 4Q14; and (iv) Controlar (pro forma). * R$ MM
- 11. 11 Financial Results Change in the quarter financial results reflects ... ... the increase in the average SELIC rate beyond the higher debt stock. 57% • Chg. of average Selic 4Q14 X 4Q13 = +3.4 p.p. • Gross Debt = R$ 10.5 B (+26.5%) R$ MM 4Q13 Net Financial Result Income from Hedge Operation Monetaryvariation on loans, financing and debenturesand Liabilitiesrelated 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 Interest and Investment Income and OtherIncome Fair Value of Hedge Operation Others 4Q14 Net Financial Result (180.8) (283.0) 2.2 (37.2) (2.1) (16.1) (75.7) 15.4 (1.3) 12.6
- 12. 12 Same Basis Income* R$ MM * Adjustment excluding New Projects, which are not operating yet (MSVia and Metrô Bahia), BH Airport, besides Controlar, which has been discontinued since January 2014. Net income impacted by the new projects ... ... that do not generate revenue yet. Ex New Projects and STP and Controlar Effects R$ MM 385.0 4Q13 Net Income 4Q14 Net Income New Projects SPVias Effect 4Q14 Net Income Same Basis 306.4 383.9 60 100 343.8
- 13. CDI 79.0% IPCA 14.1% TJLP 4.9% USD 2.0% 13 Debt in December 31, 2014 Gross debt by indexer Amortization Schedule (R$ M) • Total Gross Debt: R$ 10.5 B (R$12.3 B proforma) • Net Debt / EBITDA: 2.4x 2015 2016 2017 2018 From 2019 3,133 3,412 1,767 11 178 10 11 CDI USD Others 836 529 1,974 3,772 3,410
- 14. 5,893 6,330 6,344 7,212 7,018 6,944 6,600 7,609 7,620 7,859 8,081 9,562 7,341 8.824 1.9 2.0 1.9 2.2 2.1 2.0 1.8 2.0 1.9 2.0 2.0 2.3 2.0 2.4 -2,5 -1,5 -0,5 0,5 1,5 2,5 2.000 4.000 6.000 8.000 10.000 12.000 14.000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 3Q14 4Q14 Net Debt (R$ MM) Net Debt/EBITDA (x) 14 Debt Company presents a comfortable leverage ratio in order to realize the investments in business recently conquered ... ... and follow with it’s qualified growth. Net Debt / EBITDA LTM IFRS10 and 11Proforma Data R$ MM
- 15. 15 Realized Investments and Maintenance 4Q14 2014 4Q14 2014 4Q14 2014 4Q14 2014 AutoBAn 25.2 201.7 7.4 20.2 32.6 222.0 2.3 3.2 0.0 0.0 NovaDutra 63.1 212.9 6.7 16.9 69.7 229.8 6.3 55.3 0.0 0.0 ViaOeste 21.0 67.2 4.9 15.4 25.9 82.6 2.7 26.2 0.0 0.0 RodoNorte (100%) 24.0 93.8 3.6 7.6 27.6 101.4 19.2 59.8 0.0 0.0 Ponte 0.0 0.0 0.2 0.5 0.2 0.5 0.5 2.8 0.0 0.0 ViaLagos 28.8 100.6 0.5 1.5 29.3 102.0 0.5 3.4 0.0 0.0 SPVias 32.5 201.5 3.7 11.1 36.3 212.7 25.9 71.8 0.0 0.0 ViaQuatro (58%) 10.2 59.0 1.8 4.2 12.0 63.2 0.0 0.0 -7.8 21.8 Renovias (40%) 0.5 2.2 1.3 3.1 1.8 5.3 0.1 3.1 0.0 0.0 RodoAnel (100%) 7.6 19.3 3.3 5.7 10.9 25.0 0.0 0.0 0.0 0.0 Controlar (49,01%) 0.0 1.1 0.3 0.3 0.3 1.4 0.0 0.0 0.0 0.0 SAMM 15.9 20.5 7.8 29.7 23.8 50.2 0.0 0.0 0.0 0.0 ViaRio (33.33%) 93.2 155.1 0.0 0.2 93.2 155.3 0.0 0.0 0.0 0.0 Quito 12.5 30.1 5.1 6.5 17.6 36.6 0.0 0.0 0.0 0.0 San José 10.6 18.6 0.2 0.3 10.8 18.9 0.0 0.0 0.0 0.0 Curaçao 5.0 16.9 0.0 0.0 5.0 16.9 0.0 0.0 0.0 0.0 Barcas 4.3 11.6 0.9 9.4 5.2 21.0 0.0 0.0 0.0 0.0 VLT (24.88%)2 48.0 48.3 0.0 0.5 48.0 48.8 0.0 0.0 2.3 95.4 Metrô Bahia 172.4 423.8 2.6 14.1 175.0 437.9 0.0 0.0 85.6 338.3 BH Airport 6.9 6.9 1.6 4.0 8.5 11.0 0.0 0.0 0.0 0.0 MSVia 105.6 164.4 19.5 53.9 125.1 218.3 0.0 0.0 0.0 0.0 STP (34.24%) 6.2 13.3 25.9 65.7 32.1 78.9 0.0 0.0 0.0 0.0 Other3 -2.1 -1.5 9.1 29.2 7.0 27.7 0.0 0.0 0.0 0.0 Consolidated 691.4 1,867.5 106.5 300.0 797.9 2,167.5 57.6 225.5 80.1 455.5 1 - Includes CCR andCPC 2 - The amounts consider reclassification in the quarter and accumulated for the financial asset 3 - Includes CCR, MTH, CPC, SPCPand Eliminations Proforma Financial Asset1 4Q14 2014R$ MM Performed Investments Performed maintenance Improvements Equipments and Others Total Maintenance Cost
- 16. 16 2015 Estimated Investments 1- Values are not deducted from contributions from granting authorities. 2- Includes CCR, CPC, SPCP and Eliminations. Estimated Maintenance Metrô Bahia1 1,340.2 478.1 1,818.2 0.0 MSVia 573.2 127.7 700.8 0.0 BH Airport (100%) 437.5 39.8 477.3 0.0 ViaRio (33.33%)1 99.8 363.9 463.7 0.0 VLT (24.88%)1 205.4 0.0 205.4 0.0 NovaDutra 158.4 26.3 184.7 59.0 AutoBAn 158.4 25.3 183.6 29.8 RodoNorte (100%) 147.2 9.5 156.7 11.8 ViaQuatro (58%) 96.2 6.5 102.6 0.0 ViaOeste 83.7 18.9 102.6 3.5 SPVias 58.6 11.9 70.5 48.4 ViaLagos 45.6 6.1 51.7 4.0 STP (34.24%) 0.0 49.2 49.2 0.0 RodoAnel Oeste (100%) 41.1 4.6 45.7 0.2 SAMM 18.1 26.8 44.9 0.0 Aeroporto de Quito (45.49%) 16.4 20.4 36.8 0.0 Aeroporto de San José (48.75%) 33.6 1.5 35.1 0.0 Aeroporto de Curaçao (100%) 28.0 0.0 28.0 0.0 Barcas (100%) 20.5 3.5 23.9 0.0 Renovias (40%) 3.4 2.2 5.7 9.9 Ponte 0.4 1.7 2.1 0.7 Others2 (6.8) 26.1 19.3 0.0 Total 3,558.9 1,249.7 4,808.6 167.2 Maintenance Costs Estimated Investments 2015 (E) - R$ MM Improvements Equipments and Others Total
- 17. 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% 103% -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 1,361 Net Income 2,2% 4,2% 4,8% 3,8% 3,9% 5,0% 4,6% 4,7% 3,9% 3,7% 16% 58% 61% 65% 92% 85% 85% 127% 90% 90% -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 Div. Yield Payout 17 Dividends (Cash) 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 Commitment to pay at least 50% of net income as dividends to shareholders. 1 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