investors' meeting 3 q06 results
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3Q06 Earnings Results
November 14, 2006
2
Forward Looking Statement
This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements.
Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation.
3
Highlights
Results
Outlook
Agenda
4
Highlights
Operating
Corporate
On August 31, 2006, the Company initiated a dividend payment, which was
recorded as anticipated dividends regarding FY 2006 results, amounting to
R$ 254.0 million, representing a dividend payout ratio of 131% over 1H06’s
Net Income.
Consolidated traffic recovery, when compared to recent quarters, up by
2.4% over the third quarter, 2005.
25.4% Increase in AVI users, totaling 632th.
5
Results
(1) Total Cost + Administrative Expenses
(2) Includes Prepaid Expenses
…operating costs and financial result.
3Q06’s results reflect a combination of factors...
(3) Pro forma amounts, excluding fiscal contingencies reversin in 3Q05 – net amount of R$ 62.1 million
Net Financial Result (3) (47.1) (48.7) 3.7% (120.0) (143.0) 19.3%Net Income (3) 120.2 121.1 0.9% 285.8 314.5 10.1%
R$ Million 3Q05 3Q06 chg % 9M05 9M06 chg %Net Revenues 519.3 550.0 5.9% 1,402.4 1,577.4 12.5%Total Cost (1) 290.5 315.5 8.6% 830.3 954.9 15.0%EBIT 228.9 234.6 2.5% 572.1 622.5 8.8%EBIT Margin 44.1% 42.7% -1.4 p.p 40.8% 39.5% -1.3 p.pDepreciation & Amortization (2) 81.3 87.9 8.1% 221.1 261.0 18.1%EBITDA 310.2 322.4 3.9% 793.2 883.6 11.4%EBITDA margin 59.7% 58.6% -1.1 p.p 56.6% 56.0% -0.6 p.pNet Financial Result 47.9 (48.7) -201.7% (25.0) (143.0) 472.8%Net Income 182.3 121.1 -33.6% 347.9 314.5 -9.6%
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Operating Margin EvolutionR
$ (m
illio
n)R
$ (m
illio
n)
EBITDA x EBITDA Margin
130 128161 170 174
151
216 218 224259
310 309 299263
322
108 107 122 119
46% 46% 49% 47% 48% 47%53% 51% 52%
44%55% 55% 54% 55%
60% 56% 58%51%
59%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06
Adjusted EBITDA x Adjusted EBITDA margin
138 137 163 162 155 152203 211 218 196
266 269 276319
375 374 362326
386
59% 59% 62% 60% 62% 60%67% 64% 66%
57%68% 68% 67% 68% 72% 68% 70%
64%70%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06(*) Pro forma figures, excludes concession fees
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36% 43% 48%
64% 57% 52%
3Q04 3Q05 3Q06
CashEletronic
Revenues
Revenue Breakdown
Toll Payment Method
Toll96.4%
STP 1.5% Other 2.1%
Concession Breakdown
AutoBAn38%
NovaDutra
27%
Rodonorte 11%
Ponte 4%
Via Lagos2%
ViaOeste
16%
Other
2%
8
Traffic
Quarterly Historical Evolution(Equivalent Vehicles – million)
3Q06 x 3Q05 – Concession Breakdown(Equivalent Vehicles )
59 658078
3Q03 3Q04 3Q05 3Q06
3.2%
1.8% 1.5%
-0.5%
-1.4%
4.4%
AutoBAn NovaDutra Rodonorte
Ponte Via Lagos
ViaOeste
+2.4
%
9
...according to CCR’s expectation.
Net Revenue & Total Cost
Cost as a Percentage of Net Revenue
1T03 1T04 1T05 1T06
26% 24% 27% 27%30% 33% 22%
24%22%22%
23%21%
10%9%
12%13%
12%12%
16%
15%303
393
519
550
194235
290
315
64 %
60 %
56 %
57 %
R$
(mill
ion)
3Q03 3Q04 3Q05 3Q06
D&A
Third-Party
Concession Fee
Payroll
Other
Net Revenue
Other: insurance, rent, routine maintenance, marketing, travel and electronic payment.
Third-Party Services: auditing, consulting and shared services.
Operating costs are coming back to long term trend...
10
3Q03 3Q04 3Q05 3Q06
Short Term11.8%
Long Term88.2%
Gross Debt Net Debt
Indebtedness
In R$
679
1,214 1,276
1.11.2
1.1
Net DebtNet Debt / EBITDA LTM
R$
(mill
ion)1,269 1,184
1,4671,774
56%69%
80%
100%
R$
(mill
ion)
3Q03 3Q04 3Q05 3Q06
Current portfolio’s operating cash generation ensures...
...strong net income distribution and unlevaraged Balance Sheet
1,126
1.6
11
R$
(mill
ion)
70
214
615
276214
143
2007 2008 2009 2010 2011 After 2011
Indebtedness
...to the Company’s growth nor to refinancing its current portfolio.
Source of Funding Long Term Debt Amortization
Sources of funding are neither a growth boundary...
DebenturesIGP-M + 9.5%-11%
27%
Debentures103.3% - 105% CDI
28%
Other104.5% - 106.4% CDI
23%
BNDESTJLP + 5.0%
22%
12
Capital Expenditures
Concessionaires capital expenditures are according...
...to their concession contract schedule.
CAPEX (R$ MM) 3Q06 9M06 2006 (E) 2007(E)AutoBAn 39.1 125.6 225.3 68.1NovaDutra 16.2 47.4 90.6 96.1Rodonorte 11.1 25.6 29.9 36.4Ponte 1.0 8.0 14.1 14.8Via Lagos 0.3 3.9 3.4 4.5ViaOeste 49.5 118.3 187.0 43.4Other1 1.5 1.4 11.9 8.8
Consolidated 118.6 330.2 562.2 272.1(1) Includes CCR, Actua, Engelog, STP and Parques
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New Businesses
Brazil is still the main growth driver,However, CCR will look for other markets.
New Federal Concessions
State of São Paulo New Concessions
Secondary Market
Mexico, Chile, United States and Canada
14
15
Ricardo Froes - CFOricardo.froes@ccrnet.com.brTel: 55 (11) 3048-5921
Arthur Piotto Filho - IRarthur.piotto@ccrnet.com.brTel: 55 (11) 3048-5932
BOVESPA: CCRO3Bloomberg: CCRO3 BZ
Reuters: CCRO3.SA
invest@ccrnet.com.brwww.ccrnet.com.br
Investor Relations
3Q06 Results
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