ccr day 4 presentation
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Forward Looking StatementThis presentation contains certain statements that are neither reported financial results or otherhistorical information. They are forward-looking statements.
Forward Looking Statement
Because these forward-looking statements are subject to risks and uncertainties, actual futureresults may differ materially from those expressed in or implied by the statements. Many ofthese risks and uncertainties relate to factors that are beyond CCR’s ability to control orestimate precisely, such as future market conditions, currency fluctuations, the behavior of othermarket participants, the actions of governmental regulators, the Company's ability to continue toobtain sufficient financing to meet its liquidity needs; and changes in the political, social andregulatory framework in which the Company operates or in economic or technological trends orconditions, inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, whichspeak only as of the date of this document. CCR does not undertake any obligation to publiclyrelease any revisions to these forward looking statements to reflect events or circumstancesafter the date of this presentation.
ScheduleSchedule
09:00 a m – Results of 3Q0809:00 a.m. Results of 3Q08
09:30 a.m. – Current Portfolio
10:30 a.m. – Financial aspects of the current portfolio
11:00 a.m. – Coffee Break
11:30 a m – Perspectives of CCR11:30 a.m. Perspectives of CCR
12:00 a.m. – Questions and Answers
12:30 a.m. – Luncheon
Results of 3Q08Results of 3Q08
Operating HighlightsOperating Highlights• Traffic grew by 9.4% in the 3Q08, and 8.8% in the 9M08.
• Net revenue reached R$ 744.1 million (+20.5%) in the third quarter, and R$1,999.8 million (+16.3%) in the 9M08.1,999.8 million ( 16.3%) in the 9M08.
• Net Income totaled R$ 219.6 million in the 3Q08 (+22.7%) up on the sameperiod last year, and R$ 524.8 million (+17.3%) in the 9M08.
• 35 8% increase in AVI users in the year compared to Sep/07 totaling• 35.8% increase in AVI users in the year, compared to Sep/07, totaling1,158,000.
Note: All comparisons refer to the 3Q07 and 9M07.
Corporate HighlightsCorporate Highlights
• On September 30, 2008, CCR paid dividends of R$ 1.00 per share, totalingR$ 403.1 million.
• SAP implementation;• SAP implementation;
• Professional Development Program;Professional Development Program;
• Improvement of the CCR Group Corporate Management.
ResultsResults
R$ MillionFinancial Highlights 3Q07 3Q08 Chg % 9M07 9M08 Chg %g g Q Q g gNet Revenue 617.6 744.1 20.5% 1,719.2 1,999.8 16.3%
Total Costs (1) (287.2) (356.0) 24.0% (886.4) (1,010.2) 14.0%
EBIT 330.4 388.0 17.4% 832.8 989.5 18.8%EBIT 330.4 388.0 17.4% 832.8 989.5 18.8%
EBIT Margin 53.5% 52.1% -1.4 p.p. 48.4% 49.5% +1.1 p.p.
Depreciation and Amortization (2) 80.3 93.9 16.9% 244.9 268.1 9.5%
EBITDA 410.7 482.0 17.4% 1,077.7 1,257.7 16.7%
EBITDA Margin 66.5% 64.8% -1.7 p.p. 62.7% 62.9% +0.2 p.p.
Net Financial Result (66 4) (47 5) -28 6% (154 7) (172 6) 11 6%Net Financial Result (66.4) (47.5) -28.6% (154.7) (172.6) 11.6%
Income and Social Contribution Taxes (82.9) (118.0) 42.3% (222.3) (285.8) 28.6%
Net Income 179.0 219.6 22.7% 447.6 524.8 17.2%
(1) Total Costs + Administrative Expenses(2) Includes prepaid expenses
Net Financial ResultNet Financial Result
Net Financial Result (R$ MM) 3Q07 3Q08 Chg % 9M07 9M08 Chg %Net Financial Result (R$ MM) 3Q07 3Q08 Chg % 9M07 9M08 Chg %
Net Financial Result (66.4) (47.5) -28.6% (154.7) (172.6) 11.6%
Financial Expenses: (87.1) (101.4) 16.5% (214.9) (301.9) 40.5%
- Exchange Rate Variation 6.3 (20.4) n.m. 10.4 (33.3) n.m.
- Losses from Swap Operation (Passive Curve) (8.8) (6.5) -26.2% (14.3) (30.4) 113.5%
- Monetary Variation (19 3) (14 7) -27 8% (25 3) (68 4) 170 4%Monetary Variation (19.3) (14.7) -27.8% (25.3) (68.4) 170.4%
- Interest on Short-term and Long-term Debt (48.9) (51.9) 6.0% (145.2) (148.7) 2.4%
- Other Financial Expenses (16.4) (7.9) -51.5% (40.6) (21.1) -47.9%
Financial Income 20.7 54.0 161.1% 60.2 129.3 114.7%
Gains from Swap Operation (Active Curve) 1.9 22.3 n.m. 1.9 36.0 n.m.
Oth Fi i l I 18 8 31 7 68 5% 58 3 93 3 60 0%Other Financial Income 18.8 31.7 68.5% 58.3 93.3 60.0%
Business DynamicsBusiness Dynamics
EBITDA (R$ million) x EBITDA Margin482
322 323341
326
411
377
401
374
216 218 224
259
310 309299
263
322 323 326
216 218 224
60%
56%58% 59%
57%
62%
59% 59%
65%
59%
65%67%
55% 55% 54% 55% 56%
51%
57%
3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Business Dynamics
482EBITDA (R$ million)
Business Dynamics
411
67%
310322
55%
60% 59% 59%
216
3Q04 3Q05 3Q06 3Q07 3Q08
RevenuesRevenues
R B kd 3Q08Concession Breakdown Revenues Breakdown – 3Q08Concession Breakdown
STP 2.0% Other 2.4%ViaOeste
17%
Renovias3%
Other2%
AutoBAn38%
P t
ViaLagos1%
96,2%95.6%T ll
RodoNorte10%
Ponte3%
Toll
NovaDutra26%
Toll Payment MethodToll Payment Method
57%
Cash46%
50%52%
54%
50%
48%
Electronic
417M
21M
M
3Q05 3Q06 3Q07 3Q08
43% 32
273M
232M
3Q05 3Q06 3Q07 3Q08
Traffic (Vehicle Equivalents - million)Traffic (Vehicle Equivalents million) Quarterly Evolution
156
130 133 143
3Q05 3Q06 3Q07 3Q08
3Q08 x 3Q07 – Concession Breakdown
6.5%
9.1%
7.2%
%
4.0%4.9%
5.8%
-0.3%
AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias
Net Revenue & Total CostsNet Revenue & Total Costs744
Net Revenue
618
550
519 356
Payroll
Other
Net Revenue
mill
ion)
347
15%
17%
12%16% 13%
15%
16%
13%287
315290
21%
13%15%
16%16%13%
12%16%
15%
17%
12%
D&A
Third-Party
Concession Fee
R$
(m
48%
28%
28%
27%
23%
22%
27%
21%
24%
27%
16%
28%
46%
57%
56%
27%
24%
21%
27%
16%
28%
27%
23%
22%
28%
28%
Other: insurance rent marketing travel electronic payment and conservation and material for conservation and maintenance
3Q05 3Q06 3Q07 3Q08
27%
Other: insurance, rent, marketing, travel, electronic payment and conservation and material for conservation and maintenance.
Third-Party Services: auditing, consulting, shared services and routine maintenance.
Indebtedness
Gross Debt
Indebtedness
Net Debt2,914
1 467 1,774
1,93293%
1 278
2,338
1,467
(milli
on)
,
100%
100%1,214
1,276 1,278 1.43
1.20(milli
on)
R$ 81%
0.911.07R
$
3Q05 3Q06 3Q07 3Q08
Short Term Long Term In R$ Net Debt Net Debt / EBITDA
3T05 3T06 3T07 3T08
The increase in short-term debt is the result of bridge loans, which will be refinanced by long-term credits.
IndebtednessIndebtedness
Debt Breakdown Debt Amortization
796DebenturesOthers
BNDESTJLP + (4.5% - 5.0%)
772464
Debentures IGP-M + 7.6%-11%
Others 104.5% - 107.3% CDI 7%
28%
27%28%
7%
24%
7%
28%24%
7%
28%330
200 144 11494
201Foreign
Currency
28%
34%34%
7%
34%
7%
4Q08 2009 2010 2011 2012 2013 2014 2015
94
Debentures103.3% - 105% CDI
34%
CAPEX Schedule 2008 - 2009CAPEX Schedule 2008 2009
CAPEX (R$ MM) 1Q08 2Q08 3Q08 2008(E) 2009 (E)AutoBAn 34.3 61.3 38.8 199.1 149.8NovaDutra3 29.4 37.6 41.4 155.6 56.0ViaOeste 13.6 9.6 16.3 103.2 4.2RodoNorte 8.2 14.9 19.6 90.7 74.8Ponte3 3.0 3.2 2.8 14.5 3.5ViaLagos3 0.1 0.2 1.8 5.3 0.5ViaQuatro 12.9 0.0 23.9 185.6 252.7Renovias1 0 9 4 3 96 8 80 2Renovias 0.9 4.3 96.8 80.2RodoAnel 2.2 31.3 49.0 36.1Other2 1.7 (1.6) 0.3 10.9 8.7Consolidated 103.2 128.3 180.5 910.7 666.51 E t i l i f R$ 876 000 i R i i th 2Q081 - Erratum: inclusion of R$ 876,000 in Renovias in the 2Q08.
2 - Includes CCR, CCR México, CCR USA, Actua, Engelog, Parques and STP3 - The 2008 estimates for NovaDutra, Ponte and ViaLagos have been revised.
The amounts estimated for 2008 and 2009 in the RodoNorte, ViaQuatro, Renovias and RodoAnel concessionaires are equivalent to 100% of the project.
Current Portfolio
Development...p
Capital Discipline...
Commitment to results.
2007 Scenario
NovaDutra NovaDutra
2007 Scenario
NovaDutraConcessionária da Rodovia Presidente-Dutra S/A
53,4%
68,9%
815
873
1.102
829
1.023
904
1.409
40%
50%
60%
70%
80%
a an
ual)
800
1.000
1.200
1.400
1.600
il (p
onto
s)
Iníc
io
Cen
ário
Atu
al
Concessionária da Rodovia Presidente-Dutra S/A
16,1%
23,4%
26,0%
2,0
3,1
2,9
2,3
2,9
2,4
2,2
20%
25%
30%
a an
ual) 2,0
2,5
3,0
3,5
dia
anua
l)
Fina
ncia
men
to
In
ício
Cen
ário
Atu
al
Multilaterais eram os únicos financiadores de longo-prazo e na modalidade Project Finance
existentes na época
Amortização dos financiamentos
NovaDutra
12,2%
15,1%16,3%
23,4%
19,2%17,3%17,4%
25,9%
29,0%
25,0%27,5%
19,1%
7,9%9,8%
11,5%9,9%9,5%
10,7%13,2%
11,7%10,1%
16,1%
23,4%
26,0%
9,7%
6,4%
177
679
456
734
541
394
232
0%
10%
20%
30%
40%
jul-dez
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
jan - s
et 20
07
(% m
édia
-
200
400
600
800R
isco
Bra
s
SELIC TJLP Risco Brasil
81
7,9%
9,8%
11,5%
9,9%9,5%
10,7%
13,2%
11,7%
10,1% 9,7%
6,4%
1,81,8
1,21,1
1,00,9
0,9
0%
5%
10%
15%jul-d
ez 19
94
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
jan - s
et 20
07
(% m
édia
0,0
0,5
1,0
1,5
R$/
U$
(méd
TJLP R$/US$
80 81
2007 Scenario2007 Scenario
Blue Ocean StrategyBlue Ocean Strategy
Avoid predatory Red Ocean competition
Diff i d A h B i M
strengthening innovative Blue Ocean operation
Differentiated Approach to Business Management;
Audacity in winning strategic businesses;
New Markets;
New Businesses.
Blue Ocean Strategy
Avoid predatory Red Ocean competition
Blue Ocean Strategy
Diff i d A h B i M
strengthening innovative Blue Ocean operation
Differentiated Approach to Business Management;
Audacity in winning strategic businesses;
New Markets;
New Businesses.
Brazil's largest road concession operator
Concessionaires Toll Revenues3Q05
Brazil s largest road concession operator
AutoBAn - 317 km(April / 2028)
NovaDutra - 402 km(Feb / 2021)
40%
26%ViaOeste - 162 km(April / 2023)
RodoNorte - 488 km(Dec / 2021)
26%
17% (Dec / 2021)
Ponte - 23 km(May / 2015)
11%
Vi L 60 k
Sorocaba
4%ViaLagos - 60 km(Nov / 2021)
2%RodoAnel – 32 km
(May / 2038)
TOTAL – 1,484 km*
( y )
* CCR also owns 40% of Renovias (345.6 km) and 10% of the Northwest Parkway – USA (18 km)
The most recent achievement of the Group: the West segment of the ring road
CAPTION
Ring Road – West Segment
Ring Road Project
CCR Concessionaires
CAPTION
Four-lane Highway
Highway Police
SOS Usuário
Unique Business Management
AutoBAn
Unique Business Management
• Anhanguera Complex 2nd Phase (R$ 340 million)
NovaDutra
• Marginais RJ / SJC / SP• Serra das Araras (R$ 753 million)• Safety works
• Other improvements (R$ 475 million)
Anhangüera Project – 1st and 2nd PhasesAnhangüera Project 1st and 2nd Phases
Anhangüera Project – Current PhaseAnhangüera Project Current Phase
Marginais Rio de JaneiroMarginais Rio de Janeiro
Unique Business Management
ViaOeste
Unique Business Management
• Cebolão Project (R$ 235 million)• Jandira / Itapevi Interchange
• Tolls adjustment• Bidirectional tolls
Ponte
• Bidirectional tolls
Ponte• Improvements in Access to Niterói • Improvements in Access to Rio
(R$ 150 million)
Cebolão ProjectCebolão Project
Jandira InterchangeJandira Interchange
Unique Business Management
Increased value of current agreements
Unique Business Management
Increased value of current agreements
P j t t d t• Projects to reduce escape routes
• Expansion of the tolled baseExpansion of the tolled base
• Demand for new investments vs. Adjusments to agreements
• Debt refinancing (Releverages)
Unique Business Management
Ring Road (West Segment)
Unique Business Management
• Conclusion of initial works• Beggining of toll operations (Dec/08)
Bandeirantes – Rodoanel Interchange Anhanguera – Rodoanel Interchange
Rodoanel – Toll PlazasRodoanel Toll Plazas
Unique Business Management
Feb/102nd Phase
Sep/09
1st Phase 3rd Phase
q g
ViaQuatroMay/08
Oct/08Jul/09
Trains and
Sep/09
Operational Tests
Commercial Operation
Long-term financing
Nov/06Aug/07
Nov/07May/08
Equipment
S.O.
S.O.Construction
May/06 Contract -Supply
ContractSigning
Bid
Project
Bid
Organizational Development and Contract Management
Unique Business Management
STP – Serviços e Tecnologia de Pagamento
q g
• User Base Growth (1,158,307 in Sep/08)• Agreements with 35 Concessionaries (82% of the tolls)
O ti i 22 ki l t (SP RJ d PR)• Operating in 22 parking lots (SP, RJ and PR)• 240 million transactions per month
Percentages of Revenues
Cash46%50%
52%57%
Meios Eletrônicos
Cash
54%
50%48%
Electronic
417M
21M
M
40.2 %
59.7 %Other
3Q05 3Q06 3Q07 3Q08
48%43%
32
273M
232M
Unique Business Managementq g
STP – Serviços e Tecnologia de Pagamento% Revenue (AVI)
UN's 9M08VIAOESTE 55 6%
Users (thousand)
VIAOESTE 55.6%AUTOBAN 58.7%RENOVIAS 49.8%NOVADUTRA 55.0%
27%9091158 1,200
1,400
RODONORTE 31.7%PONTE SA 39.4%VIALAGOS 28.9%
36%
35%
23%
27%
286406
550740
909
600
800
1,000
122%47%
42%87
194286
2001 2002 2003 2004 2005 2006 2007 20080
200
400
* Information up to the 9M08.
2001 2002 2003 2004 2005 2006 2007 2008
users growth
Traffic
Historic Perfomance of Tolled Vehicles
60
RodoAnel Operational StartupDec./08
Bidirectional
Bidirecional commercial vehicles
- AutoBAn2nd phase Jun./01
Bidirecional vehiclesAutoBanJul./04
Renovias Acquisition
jun./0850
60
Bidirectional commercial vehicles
- AutoBAn1st phase Feb./01 Startup Jacareí
NovaDutra
j
40
50
Mill
ion
Aug./01
30
40
ViaOeste AcquisitionMar./05
Bidirectional Araçoiaba da Serra ViaOeste
Fev./06
30
20
Jan/
00
May
/00
Sep/
00
Jan/
01
May
/01
Sep/
01
Jan/
02
May
/02
Sep/
02
Jan/
03
May
/03
Sep/
03
Jan/
04
May
/04
Sep/
04
Jan/
05
May
/05
Sep/
05
Jan/
06
May
/06
Sep/
06
Jan/
07
May
/07
Sep/
07
Jan/
08
May
/08
Sep/
08
Traffic Historic Performance
16.0% 60.0%
12.0%
14.0%
40 0%
50.0%
6 0%
8.0%
10.0%
30.0%
40.0%
2 0%
4.0%
6.0%
10.0%
20.0%
0.0%
2.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 Jan toSep 2008
0.0%
Sep 2008
Annual fees Accumulated
2008 Traffic Performance008 a c e o a ce
11 1%12%
8 3%9.0% 8.2%
11.1%9.9%
8%
10%
8.3%
5.3%7.8%
6%
8%
4.5%
2.7%2%
4%
0%
2%
Jan Feb Mar Apr May Jun Jul Aug SepJan Feb Mar Apr May Jun Jul Aug Sep
2008/2007
Traffic Performance
Index ABCRsp x Index CCR – Tolled VehiclesDec 2004=100
140
120
100
80
ABCRsp AutoBAn ViaOeste Renovias
Traffic Performance
Index ABCRbr x Index CCR - Tolled VehiclesD 2004 100Dec 2004=100
115
125
95
105
85
ABCR Brazil NovaDutra
Traffic Performance
Index ABCRpr x Index CCR – Tolled VehiclesDec 2004=100
125
115
95
105
85Oct/07 Nov/07 Dec/07 Jan/08 Feb/08 Mar/08 Apr/08 May/08 Jun/08 Jul/08 Aug/08 Sep/08
ABCRpr RodoNorte
Motorization Index – Historical EvolutionMotorization Index – Historical Evolution
Inhabitants per vehicle - Brazil9.4
9.1 9.0 8.9 8 88.88.6 8.4 8.4 8.2 8.0 7.9 7.2
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: Anfavea
2006 2007
Higher credit offering for the automobile industry
Source: Anfavea
Motorization Index – Global ViewMotorization Index – Global View9.1
7 9
Inhabitants per vehicle
5.75 2
7.4 7.9
1997
2006 5.2
3.1
4.32006 4.7
1.31.8 1.71.7 1.5
1.21.7 1.71.7 1.5
If h d b d i h i fl i B il
France South Korea MexicoCanadaAustralia USA BrazilArgentinaItaly
Source: Anfavea
If the same trend observed in other countries reflects in Brazil, traffic x GDP elasticity ratio can increase significantly
Automobile fleet expansion potentialAutomobile fleet expansion potential
Domestic sales
1,428 1 363 1,4231,565
1,945Domestic sales
1,2991,428
1,032 9561,154
1,264 1,245 1,1661,363 1,423
Source: Ipeadata
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: Ipeadata
The number of potential clients are showing expansion
CCR System Traffic GrowthCCR System Traffic Growth
CCR Consolidated - Historical Evolution & ElasticityComparison between growth in GDP and TrafficComparison between growth in GDP and Traffic
4Q99 = BASE 100
150
160
AnnualGDP
VEQ CCR
120
130
140 (1)2000 4.3% 1.8%2001 1.3% 10.2%2002 2.7% 7.8%2003 1.2% 0.4%
90
100
1102003 1.2% 0.4%2004 5.7% 7.0%2005 2.9% 2.9%2006 3.8% 2.3%2007 5.4% 6.2%
2008 (2) 6 0% 8.0%
80
4Q99
2Q00
4Q00
2Q01
4Q01
2Q02
4Q02
2Q03
4Q03
2Q04
4Q04
2Q05
4Q05
2Q06
4Q06
2Q07
4Q07
2Q08
GDP TRAFFIC EQUIVALENT VEHICLES
2008 (2) 6.0% 8.0%Accumulated 38.4% 56.9%
Elasticity 1.5 (1) IBGE – New Methodology(2) Jan-Jul
GDP TRAFFIC EQUIVALENT VEHICLES
ConclusionsConclusions
• Characteristics of our highways minimize impacts from sector crisesCharacteristics of our highways minimize impacts from sector crises.
• Historical traffic elasticity is 1.5x Brazil GDP.
• Favorable path in the motorization index could have a strong impact on traffic indicators.
• Main driver of the recent acceleration in traffic growth is the stronger economic growth in the regions where our toll roads are located.
Results
Overview: CCR Group Concessionsp
A t BA 69 9% 18 2
Business Unit EBITDA Margin (%) Remaining Term (Year)AutoBAn 69.9% 18.2
NovaDutra 59.2% 12.4
ViaOeste 70.5% 14.3
Ponte 48.7% 6.5
ViaLagos 55.3% 13.2
RodoNorte 62.9% 13.1RodoNorte 62.9% 13.1
ViaQuatro 66.1% 30
R d A l 79 0% 29 6RodoAnel 79.0% 29.6
Renovias 65.2% 13.6
Historic EBITDA Marging
70.0%
60.0% AutoBAnNovaDutraRodoNortePonte
50.0%
PonteViaLagosViaOesteCCR
40.0%2003 2004 2005 2006 2007 2008
Services
CCR (Average Monthly Service)• Electric / Mechanical assistance – 294,000 calls/year
• Lack of fuel and changing tires 108 000 calls/year
CCR (Average Monthly Service)
• Yearly access to website - 2.8 million accesses
• Prehospital care – 40,000 calls/year
• Lack of fuel and changing tires – 108,000 calls/year
• 27% accident and 54% death reduction
Development...p
Capital Discipline...
Commitment to results.
Financial Aspects of the Current PortfolioFinancial Aspects of the Current Portfolio
Financial Aspects of the Current PortfolioFinancial Aspects of the Current Portfolio
• CCR Group Financial Policy
• Risk Management
• Current Indebtedness
CCR Group Financial PolicyCCR Group Financial Policy
• Hedgeg
• Cash Management
• Leverage
• Dividends
Hedge Policy
Approved by the Board of Directors’ Meeting of October 27, 2005:
Hedge Policy
“foreign currency hedge policy with 1-year maturity, combined with a periodic g y g p y y y, pscenario inspections and simulations of risk exposure and impact on the Company’s expected results”
• To be revised in light of market conditions.
Foreign Exchange Exposure of the CCR Group – 09/08
• Ponte – USD 25 million with swap to 109.70% of the CDI rate
Foreign Exchange Exposure of the CCR Group 09/08
• Lagos – JPY 4 billion with swap to 103.20% of the CDI rate
• Line 4 – USD 28 million with swap to 125% of the CDI rate
• CCR USA – USD 27 million with no swap (the hedge is the stake in Northwest Parway)Parway)
Cash ManagementCash Management
CCR C1 C3C2 C4 C5
FIQ Exc. CCR
.......
FIQ Exc. CCR
FIM Exc. CCR
Government Bonds
BDCBank A
BDCBank B
BDCBank C
.......
Bonds Bank A Bank B Bank C
Cash ManagementCash ManagementDate: 10/27/2008
Balance (R$ ‘000)Company
Actua Assessoria 826Actua Serviços 1,750
Autoban 96,174CCR 197,310
Engelog 3,473NovaDutra 40,704
Ponte 5,895Rodonorte 33,862ViaOeste 107,504ViaLagos 1 916ViaLagos 1,916ViaQuatro 8,106Rodoanel 140,729
Total 638 251Total 638,251
The RodoNorte and Via Quatro amounts correspond to 100% of the project.
LeverageLeverage2,338
1,322
1,127 1,1391,2271,161
2.8
622
0.94 0.84
1.431.05
1.97
0.82
2002 2003 2004 2005 2006 2007 9M08
The maximum leverage permitted by our current financial policy is a net debt-to-EBITDA ratio of 3.0x, which enables us to seek new opportunities with capital discipline.
DividendsDividends
91% 86%
60%65%
91%
57%
86%
16%
2003 2004 2005 2006 2007 2008E Note: Cash basis
We reiterate our commitment to the market of distributing at least 50% of annual net income in 6 monthly installmentsannual net income, in 6 monthly installments.
Risk Management
Advisory Services Hired
Risk Management
PWC – Market Risk Management
objective – to provide CCR with tools to evaluate and manage business risks through the @risk methodology which allows the simulation ofrisks through the @risk methodology, which allows the simulation of impacts based on historical correlations and stress scenarios;
RiskOffice – specialized in measuring risks and suggesting protection alternatives
objective – to make Management comfortable by creating “risk committees” to permanently evaluate scenarios, confirm the effectiveness of the hedge operations adopted and suggest any
dj t tnecessary adjustments.
Risk ManagementRisk ManagementImpact on portfolio
Probability assumptions - traffic, operating costs, investments, interest and inflation rate
Concessions Current portfolioProject Analysis Approach
(P)
Scenarios
interest and inflation rate
(P)
R$ (mi)
+
(P)Ke HR Average IRR
R$ (mi)
New project
IRR (NPV, Ebitda)
(P)=
$ ( )
Projected portfolio
Current portfolio
Project risk evaluation based on probabilities for:– IRR
Cash flow to the holding (divid.)
Evaluation of risks in the portfolio
R$ (mi)
– Coverage of interest and principal– Coverage of investments– Coverage of projected dividends
Evaluation of risks in the portfolio– Coverage of interest and principal– Coverage of shareholder dividends– Availability of sufficient capital for future
investments
Risk ManagementRisk Management
Risk ManagementRisk Management
CVM Resolution no. 550CVM Resolution no. 550
• Note 24 to the Financial Statements, Quarterly Information (ITR)/September 2008 – Financial Instruments2008 Financial Instruments
IndebtednessIndebtedness
• Note 17 to the Financial Statements, ITR/Sep08 - Financials - Loans, , p ,Financing and Debentures
Amount,
Currency,
Index,
Maturity,
Covenants,
Financer.
Indebtedness – Amortization ScheduleNet Debt / EBITDA
R$ million
T I d B l S /08 4Q08 2009 2010 2011 2012 2013 2014AutoBAn
Indebtedness Amortization Schedule
1.8
1.1 1.1 1.31.0 1.0
Type Index Balance Sep/08 4Q08 2009 2010 2011 2012 2013 2014BNDES TJLP + 11% 101 16 23 30 30 3
Debentures IGPM + 10.65% 242 25 49 49 49 49 20Debentures 103.3% CDI 314 45 108 108 54
657 16 92 187 187 106 49 20Total
3
03 04 05 06 07 08E
1.3 1.20.8 0 7
NovaDutraType Index Balance Sep/08 4Q08 2009 2010 2011
BNDES TJLP + 9% 10 5% 8 3 3 1 1
Average Cost of Debt 15.5% p.a.
0.8 0.70.3 0.1
03 04 05 06 07 08E
BNDES TJLP + 9% - 10.5% 8 3 3 1 1
Debentures IGPM + 9.5% 110 6 92 12118 9 95 12 1
Average Cost of Debt 17.9% p.a.Total
0.5
1.5
2.41.9
ViaOesteType Index Balance Sep/08 4Q08 2009 2010 2011 2012 2013 2014 2015
Finame TJLP + 9% a 10.3% 2 0 1 1 0 0Debentures CDI 270 9 35 39 37 37 37 37 38Debentures IGPM + 7 6% 424 24 54 60 57 57 57 57 57 0.5
05 06 07 08E
Debentures IGPM + 7.6% 424 24 57 57 57 57 57696 33 90 100 95 94 94 94 95
Average Cost of Debt 15.3% p.a.Total
Indebtedness – Amortization ScheduleNet Debt / EBITDA
Indebtedness Amortization Schedule
RodoNorteType Index Balance Sep/08 4Q08 2009 2010 2011
R$ million
3.22.7
2.01.5
1.00.6
Type Index Balance Sep/08 4Q08 2009 2010 2011
BNDES / Finame TJLP + 9.0% a 11.0% 59 7 27 25 0
Debentures IGPM + 11.0% 54 28 26
BNDES Basket of Currencies 5 0 2 2 0
Total 118 7 57 52 1
03 04 05 06 07 08E
4.43.3 3.6
2 9
Total 118 7 57 52 1
ViaLagosIndex Balance Sep/08 4Q08 2009 2010
Average Cost of Debt 14.2% p.a.
Type 2.91.9 2.0
03 04 05 06 07 08E
Index Balance Sep/08 4Q08 2009 2010
SWAP TJLP + 5.82% 65 65
Total 65 65Average Cost of Debt 14.0% p.a.
Type
3.22.7
2.0 1.51.0 0.6
PonteIndex Balance Sep/08 4Q08 2009
SWAP IGPM + 6.37% 50 50
Total 50 50
Type
03 04 05 06 07 08EAverage Cost of Debt 14.9% p.a.
Indebtedness Amortization ScheduleR$ million
Indebtedness – Amortization Schedule
ViaQuatroT I d B l S /08 4Q08Type Index Balance Sep/08 4Q08
Resolution 2770 US$ + 5.5% 32 32Total 32 32
Renovias
Average Cost of Debt 10.7% p.a.
RenoviasType Index Balance Sep/08 4Q08 2009 2010 2011
Resolution 2770 CDI + 0.275% 8 1 3 3 1Resolution 2770 / BNDES TJLP + 4.72% - 5.5% 24 1 9 7 7
Total 32 2 11 10 8Average Cost of Debt 12.0% p.a.
RodoanelType Index Balance Sep/08 4Q08
Promissory Note CDI + 1.25% 672 672Total 672 672
g p
CCR holdingType Index Balance Sep/08 4Q08 2009 2010 2011
Debentures 105% CDI 414 339 38 38T t l 414 339 38 38
Average Cost of Debt 15.0% p.a.
Average Cost of Consolidated Debt 14.9% p.a.
Total 414 339 38 38Average Cost of Debt 15.1% p.a.
ViaQuatro FinancingViaQuatro - Financing• Source: IDB+ Commercial Banks (A/B Loan)
• Disbursement: 2008 through 2010
• Destination of Funds: Trains, systems and pre-operating expenses
• Amount: US$ 369 million
• Financer Share: 80%
• Cost: A: Libor + 2.20% to 2.80% p.a. (*)B: Libor + 1.90% to 2.50% p.a. (*)
• Status: Awaiting the 1st disbursement, scheduled to take place in 4 weeks
• Term: A: 15 yearsTerm: A: 15 yearsB: 12 years
*the agreement provides for cost step-up after the project completion and the start of phase II of the commercial operation
Rodoanel – Short-Term Financing
1st Bridge: R$ 650 million, in May/2008CDI rate+ 1 25% p a ;
Rodoanel Short Term Financing
- CDI rate+ 1.25% p.a.;- Firm guarantee of 12 months.
2nd Bridge: up to R$ 650 million, in October/2008- CDI rate + 1.18% p.a.;
Firm guarantee of 12 months- Firm guarantee of 12 months.
Rollovers of Promissory Notes issued are expected, if necessary, as well as the raising of an additional R$ 650 million, i.e., the concessionaire's short-term debt may total R$ 1 950 millionterm debt may total R$ 1,950 million.
Rodoanel – Long-Term FinancingRodoanel Long Term Financing
• Source: IDB+ Commercial Banks (A/B Loan)
• Contracting: 1Q09/2Q09
• Disbursement: 2008 through 2010Disbursement: 2008 through 2010
• Destination of Resources: Refinancing of grant and investments
• Amount: Approx. R$ 1.7 billion
• Financer Share: Negotiations in initial stage, estimates at 70% to 80%.
• Cost*: Proposal assumption - Libor+2.40% p.a. +/-0.2% p.a. (*)
• Instrument: Mid-Permanent Notes or traditional A/B• Instrument: Mid-Permanent Notes or traditional A/B
(*) the latest transactions effected by the IDB were syndicated at the cost of Libor+ 3.5% p.a., with spread step-up along the term.
Rodoanel – Long-Term Financing
Current Situation:
Rodoanel Long Term Financing
• IDB project, with independent traffic, engineering and environment advisers already hired by IDB and business due diligence already in place.
• Next steps:identification of MLA’s; term-sheet negotiation with the IDB and MLA’s; modeling – exchange rate, coverage indexes, leverage and traffic,etc; officialize the operation mandate with the IDB; o c a e t e ope at o a date t t e ;drafting of the agreements; syndication.
We estimate this credit will be released in May /09.
P ti f CCRPerspectives of CCR
Development...p
Capital Discipline...
Commitment to results.
Blue Ocean StrategyBlue Ocean Strategy
Avoid predatory Red Ocean competition
Differentiated Approach to Business Management;strengthening innovative Blue Ocean operation
Audacity in winning strategic businesses;
New Markets;
New Businesses.
Blue Ocean Strategy
Avoid predatory Red Ocean competition
Blue Ocean Strategy
Differentiated Approach to Business Management;strengthening innovative Blue Ocean operation
Audacity in winning strategic businesses;
New Markets;
New Businesses.
Blue Ocean Strategy
Avoid predatory Red Ocean competition
Blue Ocean Strategy
strengthening innovative Blue Ocean operationDifferentiated Approach to Business Management;
Audacity in winning strategic businesses;
New Markets;
New Businesses.
Winning Bid for the Ring Road - West Segmentg g g
“Bold Capture of Strategic Businesses”
1st Lot of the 2nd Phase of São Paulo State Program
1st – INTEGRAÇÃO OESTE CONSORTIUM.............. R$ 1.1684CCR / ENCALSOCCR / ENCALSO
2nd.............................................................................. R$ 1.2600
3rd............................................................................... R$ 2.1799
4th............................................................................... R$ 2.2468
5th............................................................................... R$ 2.2807
Winning Bid for the Ring Road - West Segmentg g g
“Bold Capture of Strategic Businesses”
“Bold”C f f O• Capturing of synergies for ViaOeste
• Engineering Solutions• Structuring of FinancingStructuring of Financing
“Strategic Business”• Intersects 4 Highways of the CCR Systems• Unique Positioning for Ring Road – South Segment
P i il d i i f l i i l f• Privileged position for logistics platforms
Acquisition of Interest in Renovias
“Bold Capture of Strategic Businesses”• The amount of the transaction correponded a
multiple of EV/EBITDA 5.3x, considering the 2008 estimated EBITDA.
St t i P t hiStrategic Partnership
ENCALSO
Auction Results for the 2nd Phase of the São Paulo State Program
São Paulo – 2nd PhaseRaposo Tavares Corridor
Position BidderTariff
Offered DiscountAyrton Senna / Carvalho Pinto Corridor
1st Triunfo 0.048560 -55.00%2nd Primav 0.058899 -45.42%
1st Invepar-OAS 0.090525 -16.11%2nd Triunfo 0.102515 -5.00%
Position BidderTariff
Offered Discount
Mal. Rondon Oeste Corridor
1st BR Vias 0.064099 -40.60%2nd Triunfo 0 064746 -40 00%
2nd Primav 0.058899 45.42%3rd BRVias 0.077393 -28.28%4th Invepar 0.079734 -26,.1%5th CCR 0.095824 -11.20%6th Equipav 0.096040 -11.00%
Position BidderTariff
Offered Discount
2nd Triunfo 0.064746 -40.00%3rd Invepar-OAS 0.075418 -30.11%4th Equipav 0.077479 -28.20%5th Auto Rondon 0.083846 -22.30%6th Cegems 0.088486 -18.00%7th Odebrecht 0.097108 -10.01% Dom Pedro I Corridor
Mal. Rondon Leste Corridor1st CNO 0.101414 -6.02%
Position BidderTariff
Offered Discount
1st Brasinfra (Cibe+Ascende/L&L) 0.093774 -13.10%2nd BR Vias 0.104371 -3.28%
Position BidderTariff
Offered Discount
São Paulo – 2nd Phase
A.Senna - C.PintoAuction Results
R$ (‘000) Tariff Cap 0.1079101st 2nd 3rd 4th 5th 6th
CCRCCRTariff Discount 0.048560 0.058899 0.077393 0.079734 0.095824 0.096040Desconto Tarifa 55.00% 45.42% 28.28% 26.11% 11.20% 11.00%IRR N/A 4.14% 9.95% 10.66% 15.90% 15.97%NPV ( ke) (643,906) (421,951) (10,631) 38,700 400,152 405,197( ) ( , ) ( , ) ( , ) , , ,Investments (R$) (878,470) (773,571) (559,768) (533,108) (460,575) (459,829)Year 00 0 0 0 0 0 0Year 01 (473,162) (455,178) (419,889) (415,380) (381,411) (380,923)Year 02 (172,038) (151,786) (113,566) (109,236) (79,164) (78,906)Year 03 (79,456) (58,226) (13,517) (8,067) 0 0Year 04 (75,565) (53,322) (6,532) (226) 0 0Year 05 (78,248) (55,059) (6,263) (198) 0 0Maximum Debt 488,717 488,717 488,717 488,717 488,717 488,717
São Paulo – 2nd Phase
• Difference in traffic considering the tariffs c/11% c/55% %
1S 2009 27,052 36341 34.3%2S 2009 27,715 37213 34.3%
YEAR VEHICLE/YEAR
proposed by CCR and the winning consortium (TPI)
2 2010 56,078 75296 34.3%3 2011 57,760 77555 34.3%4 2012 60,070 80657 34.3%5 2013 62,736 84248 34.3%6 2014 65,395 91504 39.9%7 2015 68,114 95341 40.0%,8 2016 70,62 99226 40.0%9 2017 73,655 103174 40.1%10 2018 76,509 107212 40.1%11 2019 79,443 111364 40.2%12 2020 82,474 115654 40.2%13 2021 85 616 120099 40 3%13 2021 85,616 120099 40.3%14 2022 88,877 124713 40.3%15 2023 92,261 129499 40.4%16 2024 95,765 134453 40.4%17 2025 99,380 139565 40.4%18 2026 103,095 144818 40.5%19 2027 106 896 150192 40 5%19 2027 106,896 150192 40.5%20 2028 110,765 155666 40.5%21 2029 114,691 161219 40.6%22 2030 118,662 166837 40.6%23 2031 122,673 172513 40.6%24 2032 126,726 178246 40.7%25 2033 130 826 184043 40 7%25 2033 130,826 184043 40.7%26 2034 134,982 189918 40.7%27 2035 139,202 195878 40.7%28 2036 143,481 201920 40.7%29 2037 147,893 208150 40.7%30 2038 152,441 214572 40.8%
Impact on Dutrap
R$ 7 90
R$ 7.90
R$ 7.90
R$ 4.20
R$ 4 20 - R$ 0 00
amoi
os
m P
edro
I
hang
e
irpor
t
R$ 4.20 R$ 0.00
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Nova DutraR$ 4.20 R$ 4.20 3.70
3.70
P 03
5
Ta
Dom
inte
rcAi
R$ 1.80
R$ 1.80
inseri la novamente. São Paulo
Ayrton Senna/Carvalho Pinto
R$ 1.80
R$ 1.70
R$ 1.70
R$ 1.70
R$ 1.70
R$ 1.30
R$ 1.30SP
R$ 3.50
R$ 5.20
$Charging of Vehicle/TruckCharging of only trucks
R$ 6.50
Extension A. Senna/C.Pinto
Impact on Dutrap
Parateí Norte
Red ction in no of a les
Parateí Sul Jacareí
f
N D t
Reduction in no. of axles= 15,500/day = 15,500 x R$ 4.20 = R$ 65,100 / day = R$ 23.7M / year
R$ 4 20 3 70
= 14,000/day = 14,000 x R$ 4.20 = R$ 58,800 / day = R$ 21.5M / year
= 3.200/day = 3,200 x R$ 3.70 = R$ 11,840 / day = R$ 4.3M / year
Reduction in no. of axles Reduction in no. of axles
Tam
oios
Dom
Ped
ro I
nter
chan
ge
Airp
ort
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São Paulo
Nova DutraR$ 4.20 3.70
3.70
R$ 1.80 R$ 1.70 R$ 1.70 R$ 1.30SP 0
35
inR$ 1.80
Ayrton Senna/Carvalho Pinto
$
R$ 1.70 R$ 1.70 R$ 1.30
Parateí /Jacareí Complex
32,700/day
R$ 49.5M / year
Revenue in 2008 budget = R$ 270M
Reduction of 18.3%
NovaDutra
Reduction in no. of axles
Parateí /Jacareí Complex
Revenue in 2008 budget = R$ 730M
Reduction of 6.8% Charging of Vehicle/Truck
Extension A. Senna/C.Pinto
Impact on Group CCRp p
Reduction in Dutra Revenue• R$ 49.5 Million / Year
• 6.8% of Dutra Revenue
Reduction in CCR Group RevenueReduction in CCR Group Revenue• R$ 49.5 Million / Year
• 1.7% of CCR Annual Gross Revenue
Average Daily Volume at Dutra
250.000
Nor
te
250,000
g y
150 000
200.000
Para
teí N
200,000
150,000
Para
teí S
ul
Jaca
reí
Mor
eira
Cés
ar
Itatia
ia
Viúv
a G
raça
100.000
150.000150,000
100,000
50.00050,000
SP RJ
0
Km 205 Km 87 Km 319 Km 207Km 165Km 205
Km 181
Km 87 Km 319 Km 207
872,706 trips/day x 75,925 tolled trips/day
Impact on Dutra
Estimated Toll Cost Reduction considering traveling the entire length of the highway
p
entire length of the highway
• Today R$ 33.40
• From Rio – São Paulo R$ 29.10 -12.42%
• From São Paulo – Rio R$ 28 10 -15 69%• From São Paulo – Rio R$ 28.10 -15.69%
Average Variation -14 05%Average Variation -14.05%
Impact on Dutrap
R$ 7 90
R$ 7.90
R$ 7.90
R$ 4.20
R$ 4 20 - R$ 0 00
amoi
os
m P
edro
I
chan
ge
irpor
t
R$ 4.20 R$ 0.00
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Nova DutraR$ 4.20 R$ 4.20 3.70
3.70
P 03
5
Ta
Dom
inte
rcAi
R$ 1.80
R$ 1.80
inseri-la novamente. São Paulo
Ayrton Senna/Carvalho Pinto
R$ 1.80
R$ 1.70
R$ 1.70
R$ 1.70
R$ 1.70
R$ 1.30
R$ 1.30SP
R$ 3.50
R$ 5.20
$R$ 6.50Charging of Vehicle/TruckCharging of only trucksExtension A. Senna/C.Pinto
Open Road Tollingp g
• No toll booth;
• Toll charged for each homogenous segment travelled;
• Toll paid at porticos installed on the highways;• Toll paid at porticos installed on the highways;
• No need to reduce speed.
Estimated Reduction in Toll CostEstimated Reduction in Toll Cost
• Today R$ 33.40ORT S t R$ 11 50 65 5%• ORT System R$ 11.50 -65.5%
• Current Kilometer-based tariff R$ 0.0830 / kmORT System R$ 0 0286 / km 65 5%• ORT System R$ 0.0286 / km -65.5%
• Kilometer based tariff• Kilometer-based tariff Bid on Ayrton Senna R$ 0.0486 / km
Considering traveling the entire length of the highway
Phase 2Phase 1 Phase 3
2004
CCR Group Timeline
2nd Public Offering and VO
AcquisitionNew Management
d20002001
20022003
2004
ViaOestePositioningIPO and Reorgani-zationStrategic
PartnerSearch for a
strategic partnerOperational
StartupOperational
...1998
19992000
Integrated Planning
Ambitious Project
ViaOeste
Operational Definition
Growth Project
PDE
j
Source: CCR
Natural Evolution of Organizational Structure and Corporate Governance
CCR Group TimelinePhase 3
20072008...
20052006
•BrazilChil
New challenges and achievements
SP Subway Bid
-USA Bid
-Renovias
2007
Increased Interest in
RDN
•Chile•Mexico•USA•Porto Rico•Subway System•Other
Bid
RodoNorte
RodoAnel
Development, capital discipline and commitment tocommitment to
results.
P U d St dPrograms Under Study
Minas Gerais State Concession Program (Manifestation of Interest)of Interest)
Minas Gerais State Concession Program (Manifestation of Interest)
406.7 3.646Divinópolis1
Tarifa (R$)Nº PraçasExtensão (km)RegiãoLote
6Divinópolis1
Tariff (R$)Number of
PlazasLength(km)RegionLot
of Interest)
407.2
336.9
334.8
3.656Uberaba4
3.026Curvelo3
3.086Pouso Alegre2
p
6Uberaba4
6Curvelo3
6Pouso Alegre2
p
322.7
265.7
393.8
472.6
3.475Uberlândia8
3.574Lago de Furnas7
3.027Montes Claros6
3.637Itajubá5
5Uberlândia8
4Lago de Furnas7
7Montes Claros6
7Itajubá5
346.0
276.0
273.9
3.725São João Del-Rei11
3.714Ouro Preto10
3.684Patos de Minas9
5São João Del-Rei11
4Ouro Preto10
4Patos de Minas9
321.2
339.7
266.4
233.7
3.455Poços de Caldas15
3.655Caxambu14
3.584Varginha13
2.515Formiga - Oliveira12
5Poços de Caldas15
5Caxambu14
4Varginha13
5Formiga - Oliveira12
365.3
417.6
915.780,2Total
3.276Araxá17
3.746Juiz de Fora - Ubá - Viçosa16
915,780.2Total
6Araxá17
6Juiz de Fora - Ubá - Viçosa16
Federal Programg
BR 116 / 324 - BAHIA
• Contractual Rebalancing:
Marginal Flowg
Variable IRR
• Tariff Compensation:
Duplicate incidence of penalties
Disproportional values
Perpetuity of certain discounts
Federal Program
CND Resolution 14/07
g
BR 116/MG Border of BA/MG – Gov. Valadares – Itanhomi 422.1 km
BR 116/MG Itanhomi – Leopoldina – Border of MG/RJ 394.6 km
BR 040/MG Juiz de Fora – Belo Horizonte 230.0 km
BR 040/MG Belo Horizonte – Sete Lagoas / BR 135 101.0 km
BR 040/MG Interchange BR 135 – Três Marias – Border of MG/GO 424.0 km
BR 040/GO Border of MG/GO – Cristalina – Border of GO/DF 157.3 km
BR 040/DF Border of GO/DF Interchange DF 001 Brasília 8 4 kmBR 040/DF Border of GO/DF – Interchange DF-001 Brasília 8.4 km
BR 381/MG Santa Luzia – Governador Valadares 306.4 km
Total 2,043.8 km
Salvador – Feira de Santana – Border of BA/MG 680.70 km
Brasília Subwayy
Brasília Subway
History
y
• 11/06/2007 – Publication of Call for Manifestation of Interest
• 11/22/2007 – CCR presents itself as interested
• 12/17/2007 – Codeplan authorizes CCR to conduct the studies
• 05/19/2008 – CCR presents the studies
• This study reflects the scenario as of April/2008• This study reflects the scenario as of April/2008.
Brasília Subway
PPP Proposal Benefits
y
• Total reduction in the Federal District government expenditures (funding+ investments) of R$ 1,400 MM from 2009 through 2016.
• Future subway operation and maintenance costs, which will be paidthrough pecuniary consideration, are lower than current amounts spenton the maintenance agreement alone (R$ 68 MM / year)on the maintenance agreement alone (R$ 68 MM / year).
• Quality standards comparable to the world’s best subways will berequired (a portion of the future Concessionaire’s compensation will berequired (a portion of the future Concessionaire s compensation will beclosely linked to performance).
• Improvement in service quality – User x Clientp q y
Airport Expressp p
Airport Express
Project
Other Businesses Under Studyy
• Secondary Market
• Other Subway Systems
Blue Ocean Strategy
Avoid predatory Red Ocean competition
Blue Ocean Strategy
Differentiated Approach to Business Management;strengthening innovative Blue Ocean operation
Audacity in winning strategic businesses;
New Markets;
New Businesses.
New BusinessesNew Businesses
• Mexico• Mexico
•USA
• Chile
•Central America
Mexico – Asset Utilization (FARAC 2) ( )
PACOTE Convocatória para
Autopistas (KM)FARAC PACKAGE Bid Notice
HIGHWAYS (KM)FARAC
Noreste
Pacific
October 2008383793043
February 20087964263702
TotalNovasExistentes para
383793043
7964263702
TotalNewsExistents
Michoacán
Mexico Gulf
Noreste
2 semester 20094021292735
1 semester 20098324803524
October 2008383793043
4021292735
18324803524
383793043
2 semester 20101243193Sureste7
Centre 1 semester 20103161871296
212431937
13161871296
Sonora
Del Sol
2 semester 2011551824699
1 semester 20114481582908
2551824699
14481582908
In addition to FARAC 1, another 8 packages are envisaged.
3.8531.5722.281TOTAL 3,8531,5722,281TOTAL
Mexico - FARAC 3
•The 5 roads are part of the Northeast network (flow to the USA).Th 4 b id i t ti l ( i b d )•The 4 bridges are international (crossing borders).
MexicaliTijuana
Ci d d J á
MexicaliTijuanaTijuana
Ci d d J áCi d d J á
Hermosillo Chihuahua
Nogales Ciudad Juárez
Nuevo Laredo
Piedras NegrasHermosillo Chihuahua
NogalesNogales Ciudad JuárezCiudad Juárez
Nuevo Laredo
Piedras Negras
Cancún
La Paz CuliacánDurango
Saltillo
CiudadVictoria
ZacatecasAguascalientes
San Luis Potosí
MonterreyMatamoros
Mazatlán
TampicoProgreso
Torreón
Cancún
La Paz CuliacánDurango
Saltillo
CiudadVictoria
ZacatecasAguascalientes
San Luis Potosí
MonterreyMatamoros
Mazatlán
TampicoProgreso
Torreón
GuadalajaraTepic
T tla G tiérre
Chetumal
Mérida
Campeche
Aguascalientes
Jalapa
PotosíQuerétaro
ChilpancingoOaxaca
ColimaVilla Hermosa
México D.F.PueblaCuernavacaManzanillo
Lázaro Cárdenas
ProgresoTuxpan
Veracruz
AtlacomulcoEcuandureo
MoreliaToluca
GuadalajaraTepic
T tla G tiérre
Chetumal
Mérida
Campeche
Aguascalientes
Jalapa
PotosíQuerétaro
ChilpancingoOaxaca
ColimaVilla Hermosa
México D.F.PueblaCuernavacaManzanillo
Lázaro Cárdenas
ProgresoTuxpan
Veracruz
AtlacomulcoEcuandureo
MoreliaToluca
Ciudad Hidalgo
Salina CruzTuxtla GutiérrezAcapulco
HuatulcoCiudad Hidalgo
Salina CruzTuxtla GutiérrezAcapulco
Huatulco
USAUSA
Porto Rico
• Program postponed to 2009
Chile
• Secondary MarketSecondary Market
Blue Ocean Strategy
Avoid predatory Red Ocean competition
Blue Ocean Strategy
Differentiated Approach to Business Management;strengthening innovative Blue Ocean operation
Audacity in winning strategic businesses;
New Markets;
New Businesses.
New Businesses
• Urban Mobility
New Businesses
Urban Mobility
• AVI
• ITV
L i ti Pl tf• Logistics Platforms
Development...p
Capital Discipline...
Commitment to results.
Final Remarks
Development...p
Capital Discipline...
Commitment to results.
Net Revenue – 2001 - 2008ENet Revenue 2001 2008ECCR Consolidated
2,500
3,000
1,500
2,000
500
1,000
0
Net Revenue 870 1 000 1 139 1 463 1 954 2 145 2 353 2 700
2001 2002 2003 2004 2005 2006 2007 2008E
Net Revenue 870 1,000 1,139 1,463 1,954 2,145 2,353 2,700
Increase 0.00% 14.94% 13.88% 28.44% 33.57% 9.75% 9.68% 14.76%
EBITDA – 2001 - 2008EEBITDA 2001 2008ECCR Consolidated
1,600
1,800
2,000
1,000
1,200
1,400
400
600
800
0
200
2001 2002 2003 2004 2005 2006 2007 2008E
EBITDA 441 472 571 759 1,103 1,206 1,454 1,750
Increase 7.03% 20.94% 32.95% 45.23% 9.39% 20.52% 20.37%
Net Income – 2001 - 2008ENet Income 2001 2008E
CCR Consolidated
700
800
300
400
500
600
0
100
200
300
(200)
(100)
2001 2002 2003 2004 2005 2006 2007 2008E
Net Income (125) (119) 183 263 500 547 584 700
Increase -4.80% 253.74% 43.75% 90.31% 9.35% 6.64% 19.95%
Dividends – 2001 - 2008EDividends 2001 2008E
CCR H ldiCCR Holding
600
700
400
500
600
200
300
0
100
2001 2002 2003 2004 2005 2006 2007 2008E
Dividends 0 0 30 151 302 355 542 604
Increase 0.00% 0.00% 402.73% 100.46% 17.33% 52.72% 11.49%
Share Price – 2001 - 2007Share Price 2001 2007
CCR Holding
30.00
35.00
20.00
25.00
10.00
15.00
0.00
5.00
Share Price (in R$) 4.44 1.85 6.45 14.53 18.50 27.70 30.96
2001 2002 2003 2004 2005 2006 2007
Operational Efficiency CCR – 2001 - 2008EOperational Efficiency CCR 2001 2008ECurrency
Figures in R$ x MMFigures in R$ x MM
YEAR
2001 2008E Chg.
Net Revenue 870 2,700 210.24%
EBITDA 441 1,750 296.61%, 50 96 6 %
EBITDA Margin 51% 66% 30.18%
Net Income (125) 700
Dividends Paid 0 604
Share Price (in R$) 4.44 ???( )
Development...p
Capital Discipline...
Commitment to results.
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