apimec – 4 q07 results

22
4Q07 Results

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Page 1: Apimec – 4 q07 results

4Q07 Results

Page 2: Apimec – 4 q07 results

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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.

Page 3: Apimec – 4 q07 results

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Highlights

Results

Outlook

Social Responsibility

Agenda

Page 4: Apimec – 4 q07 results

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Highlights

Operating

• 6.9% traffic increase in the 4Q07 and 6.2% in 2007.

• Net Revenue totaled R$ 633.8 million (+11.7%) in the 4Q07 and R$ 2,353.0

million (+9.7%) in 2007.

• 33.9% increase in AVI users in the year, compared to Dec/06, totaling 908,000.

• The consortium formed by CCR and Brisa, with respective stakes of 10% and

90%, concluded the Financial Closing on November 21, and from that date, the

consortium started operating the concession.

Page 5: Apimec – 4 q07 results

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• On November 23, 2007, CCR held the 3rd CCR Day.

• On November 29, 2007, the Extraordinary Shareholders’ Meeting authorizedthe Board of Directors to approve possible share buyback programs proposedby the Company’s management.

• On December 1, 2007, CCR was included in the ISE, the Bovespa'sCorporate Sustainability Index, for the third consecutive year.

Corporate

Highlights

Page 6: Apimec – 4 q07 results

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• On January 29, 2008, CCR announced the execution of a binding andirrevocable Purchase and Sale Commitment for the acquisition of 40%of the equity in Concessionária Renovias S/A. CCR’s investment,subject to conditions precedent and adjustments set forth in saidCommitment, will be R$ 265,000,000.00.

• CCR’s management proposes the distribution of additional dividendsreferring to the fiscal year 2007 in the amount of R$ 0.50 per share,totaling R$ 201.5 million, which will be subject to the approval of theAnnual Shareholders’ Meeting. This payment will complement thedividend prepayment in the amount of R$0.82 per share on August 9,2007, resulting in a payout of 91.2% relative to the fiscal year 2007.

Upcoming Events

Highlights

Page 7: Apimec – 4 q07 results

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(1) Total Costs + Administrative Expenses

(2) Includes prepaid expenses

The results reflect a combination of factors...

...higher traffic and reduction of operating costs.

Results

4Q06 4Q07 Chg. % 2006 2007 Chg. %

567.5 633.8 11.7% 2,145.0 2,353.0 9.7%

(334.4) (339.2) 1.4% (1,289.3) (1,225.6) -4.9%

233.1 294.6 26.4% 855.7 1,127.4 31.8%

41.1% 46.5% +5.4 p.p. 39.9% 47.9% +8.0 p.p.

89.5 82.0 -8.4% 350.6 362.9 -6.8%

322.7 376.6 16.7% 1,206.3 1,454.3 20.6%

56.9% 59.4% +2.5 p.p. 56.2% 61.8% +5.6 p.p.

(50.6) (77.5) 53.2% (193.6) (232.2) 20.0%

232.7 136.0 -41.6% 547.3 583.6 6.6%

R$ Million

Financial Highlights

Net Revenue

Total Costs (1)

EBIT

EBIT Margin

Depreciation and Amortization (2)

EBITDA

EBITDA Margin

Net Financial Result

Net Income

Page 8: Apimec – 4 q07 results

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R$ Million

Financial Indicators 4Q06 4TQ7 Chg. % 2006 2007 Chg.%

Net Revenue 567.5 633.8 11.7% 2,145.0 2,353.0 9.7%

Total Costs (1) (334.4) (339.2) 1.4% (1,289.3) (1,225.6) -4.9%

EBIT 233.1 294.6 26.4% 855.7 1,127.4 31.8%

EBIT Margin 41.1% 46.5% +5.4 p.p. 39.9% 47.9% +8.0 p.p.

Depreciacion and Amortization (2) 89.5 82.0 -8.4% 350.5 326.9 -6.7%

EBITDA 322.6 376.6 16.7% 1,206.3 1,454.3 20.6%

EBITDA Margin 56.9% 59.4% +2.5 p.p. 56.2% 61.8% +5.6 p.p.

Net Financial Result (50.6) (77.5) 53.2% (193.6) (232.2) 20.0%

Net Income 232.7 136.0 -41.6% 547.3 583.6 6.6%

(1) Total Costs + Administrative Expenses

(2) Includes prepaid expenses

Results

R$ Million

Pro-forma 4Q06 4Q07 Chg. % 2006 2007 Chg.%

Net Revenue 567.5 633.8 11.7% 2,145.0 2,353.0 9.7%

Total Costs (1) (334.4) (317.3) -5.1% (1,289.3) (1,203.7) -6.6%

EBIT 233.1 316.5 35.8% 855.7 1,149.3 34.3%

EBIT Margin 41.1% 49.9% +8.8 p.p. 39.9% 48.8% +8.9 p.p.

Depreciation and Amortization(2) 89.5 82.0 -8.4% 350.5 326.9 -6.7%

EBITDA 322.6 398.5 23.5% 1,206.3 1,476.2 22.4%

EBITDA Margin 56.9% 62.9% +6.0 p.p. 56.2% 62.7% +6.5 p.p.

Net Financial Result (50.6) (77.5) 53.2% (193.6) (232.2) 20.0%

Net Income 120.3 154.8 28.6% 434.9 602.4 38,5%

Page 9: Apimec – 4 q07 results

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EBITDA x EBITDA Margin(R$ million)

Operating Margins Evolution

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07

108 107130 128 122 119

161 170 174151

216 218 224

259

310 309 299

263

322 323341

326

411

377

46% 46%49%

47% 48%47%

53%51% 52%

44%

55% 55% 55%

60%

56%58%

51%

59%57%

62%

59% 59%

67%

54%

1T02 2T02 3T02 4T02 1T03 2T03 3T03 4T03 1T04 2T04 3T04 4T04 1T05 2T05 3T05 4T05 1T06 2T06 3T06 4T06 1T07 2T07 3T07 4T07

Page 10: Apimec – 4 q07 results

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Toll96,2%

STP 1.7% Other 2.1%

Revenues Breakdown - 2007

96.2%

Concession Breakdown

AutoBAn

38%

NovaDutra

26%

ViaOeste 17%

Rodonorte 11%

Ponte

4%

ViaLagos

2%

Other

2%

Revenues

Toll Payment Method

66% 59% 54% 51%

34% 41% 46% 49%

2004 2005 2006 2007

Meios Eletrônicos

À Vista

Electronic

Cash

Page 11: Apimec – 4 q07 results

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Traffic (Equivalent Vehicles – million)

Quarterly Historical Evolution 4Q07 x 4Q06 – Concession Breakdown

103

130 136145

4Q04 4Q05 4Q06 4Q07

7.2%5.5%

12.1%

3.3%

11.1%

7.2%

AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste

397

493 520552

2004 2005 2006 2007

6.8%

4.5%

9.3%

2.5%

5.4%

7.3%

AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste

Annnual Historical Evolution 2007 x 2006 – Concession Breakdown

Page 12: Apimec – 4 q07 results

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Other: insurance, rent, marketing, travel, electronic payment and routine maintenance

Third-Party Services: auditing, consulting and shared services.

... the success of our business.

R$ (

millio

n)

24% 25%26%

32% 23%

21% 22%21%

10% 13%

14%13%

17%

16%

23%

2004 2005 2006

932

1,155

1,2891,463

1,954

2,1456

8%

59

%

60

%26%

14%

19%

14%

27%

2007

2,353

52

%

1,226

Net Revenue & Total Costs

Operating Efficiency is Key to...

D&A

Serv. Terceiros

Outorga

Pessoal

Outros

Receita Líquida

D&A

Third-Party

Concession Fee

Payroll

Other

Net Revenue

Page 13: Apimec – 4 q07 results

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2004 2005 2006 2007

Gross Debt

Indebtdness

...great flexibility to participate in new bids.

Net Debt

Short Term Long Term In R$

1,997

1,136

R$ (

mill

ion)

1,483

1,756

The current low leverage allows...

R$ (

mill

ion)

Net Debt Net Debt/ EBITDA

622

1,161 1,139

1,227

0.940.84

1.05

0.82

2004 2005 2006 2007

73%

84%

100%

97%

Page 14: Apimec – 4 q07 results

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…instrument for anticipating future results.

Releveraging may become an important…

Distribution Long Term Debt Amortization

Indebtedness

90

331

448424

289

178130

108

2008 2009 2010 2011 2012 2013 2014 2015Debentures

IGP-M + 7.6%-11%

Debentures

103.3% - 105% CDI

Other

104.5% - 107.3% CDI BNDES

TJLP + (4.5% - 5.5%)

41%

39%

6%

Foreign

Currency

10%

42%39%

3%6%

Page 15: Apimec – 4 q07 results

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Capital Expenditures

CAPEX Schedule

(1) Includes CCR, CCR México, Actua, Engelog, Parques and STP

Capex (R$ MM) 4Q07 2007 2008(E) 2009 (E)

AutoBAn 52.7 201.8 199.1 149.8

NovaDutra 38.7 99.0 88.9 56.0

ViaOeste 9.0 119.1 103.2 4.2

Rodonorte 30.2 50.8 90.7 74.8

Ponte 8.3 22.6 4.4 3.5

Via Lagos 0.7 4.5 0.3 0.5

ViaQuatro (0.0) 0.3 185.6 252.7

Other 1 6.8 13.7 10.9 8.7

Consolidated 146.5 511.9 683.0 550.2

Page 16: Apimec – 4 q07 results

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New Businessess

Brazil is still the main growth driver.

• State of São Paulo Concessions

• Federal Concessions

• Secondary Market

• PPP’s

• Logistics

• Mexico and United States

Page 17: Apimec – 4 q07 results

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Renovias

INCOME STATEMENT Renovias CCR

R$ million 2006 2007 2008E 2008E

Net Revenue 174.2 188.9 213.3 213.3

EBITDA 116.8 124.7 158.1 139.3

EBITDA Margin 67.0% 66.0% 74.1% 65.3%

Net Income (Loss) 46.5 41.2 55.3 51.1

Page 18: Apimec – 4 q07 results

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Social Responsibility and Cultural Policy

Page 19: Apimec – 4 q07 results

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CCR in the Market

• Contracting of the advertising agency MPM Propaganda to increase

the exposure of the group and its companies;

• The first project was a campaign to raise driver awareness during the

Carnaval holiday, seeking to reduce accident rates;

• The main reason for the campaign was the increase in the accident

and death rates on Brazilian highways, especially during longer

holidays.

Page 20: Apimec – 4 q07 results

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Social and Cultural Responsibility Policy

Tela Brasil Cinema Approximately 300,000 people

Roda Brasil Circus Over 90,000 people

Culture

Road to Citizenship 4,200 educators and 550,000 children

I Use de Pedestrian Crossing Over 2,500 children, youngsters and adults

Ways to Life Institute Over 1,000 students

Road to Health Approximately 50,000 truckers

Humanized Childbirth Over 4,000 people

RodoPac 20,000 drivers

Health

Social

Quality Competition Received more than 30 tones of food

Education

Life Volunteers 600 blood donators

I am “Sangue Bom” 200 blood donators

Back Home 1.5 million of receipts issued per month

Grael Project Helped 4,500 students of public schools

Sports’ Caravan Benefited over 35,000 children

Page 21: Apimec – 4 q07 results

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COMPANHIA DE CONCESSÕES RODOVIÁRIAS

Page 22: Apimec – 4 q07 results

Investor Relations

[email protected]

Phone: 55 (11) 3048-5955/6353