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.
2
4. Highlights
NET REVENUES:
Increase of 11.0% compared to 2Q11.
EBITDA and EBITDA MARGIN:
Increase of +13.4% in EBITDA, with margin of 62.5%, up 1.3 p.p. in relation to 2Q11.
NET INCOME:
Reached R$ 224.3 million, up 37.7 p.p. in relation to 2Q11, benefited by increased cash
flow generation, reduction of operational costs and financial expenses.
ELECTRONIC TOLL COLLECTION:
Electronic toll collections reached 67.4% of total toll revenues, with the number of users of
the STP system expanding by 21.1% compared to June 2011, reaching 3,478,000 active
tags.
4
5. Subsequent Events
On July 2, 2012, CCR concluded the stages planned in the Shares and others
Covenants Purchase and Sale Agreement, now holding through its subsidiary, CPC,
80.00% (eighty percent) of the representative capital shares of Barcas S.A.
The Company’s board of directors proposed the distribution of R$ 0.54 as interim
dividend per share, totalizing R$ 953.4 million, in anticipation of 2012 financial year.
5
6. Earnings Highlights
Expansion of EBITDA margin as a result of...
Financial Indicators (R$ MM) 2Q11 2Q12 Chg % 1H11 1H12 Chg %
Net Revenues* 1,080.2 1,198.6 11.0% 2,123.6 2,393.3 12.7%
EBIT 481.6 563.2 16.9% 965.0 1,170.8 21.3%
EBIT Mg. 44.6% 47.0% +2,4 p.p 45.4% 48.9% +3,5 p.p
EBITDA 661.0 749.4 13.4% 1,323.0 1,529.9 15.6%
EBITDA Mg. 61.2% 62.5% +1,3 p.p 62.3% 63.9% +1,6 p.p
Net Income 162.9 224.3 37.7% 338.1 512.9 51.7%
Net Debt / EBITDA LTM (x) 2.2 2.0 - 2.2 2.0 -
EBITDA / Performed investments (x) 3.7 5.1 - 3.8 6.0 -
EBITDA / Interes and Monetary Variation (x) 2.7 4.6 - 3.1 4.5 -
* Net Operational Revenues excludes Construction Revenues
...increased cash generation and cost reduction.
6
9. EBITDA and Costs (2Q11 X 2Q12)
Aprox. contribution to
Source Increase %
EBITDA increase (R$ MM)
EBITDA increased 13.4% +3 Traffic 0.4%
+46 Tariff and ancillary rev. 7.5%
+ R$ 88 MM
+22 Other Revenues 56.6%
+16 EBITDA margin increae +1.3 p.p.
Total Costs (R$ MM)
5% Total
11% 34%
16%
Costs
14% 9 (7)
22 (47) Reduction
16 20% 1%
8%
736
(9) 726
6
2Q11 Depreciation Third-Party Concession Personnel Construction Maintenance Other Costs 2Q12
and Services f ee costs Costs Costs Provision
Amortization and
anticipated
expenses
Maintenance Delay in Maintenance ViaQuatro
+ Traffic approval of EP Energy and
and Advisory Cicle Review
and Eng. Proj. Civil Provisions 9
10. Financial Results Highlights
Better financial results reflects...
Net Financial Result (R$ MM) 2Q11 2Q12 Chg % 1H11 1H12 Chg %
Net Financial Result (209.4) (202.9) -3.1% (415.2) (372.0) -10.4%
- Result from Hedge Operation 10.7 22.8 113.9% (32.8) 16.2 -149.5%
- Monetary Variation (6.6) (7.4) 12.8% (20.9) (12.1) -42.0%
- Exchange Rate Variation on Loans, Financing and Debentures 16.5 (52.6) -418.3% 41.7 (36.7) -188.2%
- Present Value Adjustment of Maintenance Provision (18.4) (13.6) -25.9% (38.0) (28.3) -25.6%
- Interest on Loans, Financing and Debentures (234.2) (164.3) -29.9% (410.5) (340.6) -17.0%
- Interest and Investment Income and other Revenues 46.4 32.5 -30.1% 89.8 65.7 -26.8%
- Others¹ (23.8) (20.2) -15.3% (44.5) (36.1) -18.8%
¹ Comissions, fees, taxes, fines and interest on taxes
...the drop in Selic rate despite the depreciation of R$ against the USD.
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11. Debt in June 30, 2012
Gross debt by indexer
IPCA IGP-M
TJLP 2.4% 1.4%
• Total gross debt: R$ 8.0 B 3.9%
USD
• Net debt/ EBITDA: 2.0X 11.1%
•Increase from 7.1% in USD (1Q12)
to 11.1% in debt mix due to the
cosolidation of Quito Airport CDI
81.2%
Amortization Schedule
2,394
1,673
258 1,195 1,094 1,063
486
17
2,065 73 76 80
1,513
949 956 926
381
88
2012 2013 2014 2015 2016 2017 to 2023
CDI USD Others
11
12. Debt
Reduction of leverage indexes...
Net Debt/ EBITDA LTM
2.5
2.3 2.3
2.2
2.1
2.0
1.9 1.9
6,186 6,152 6,330
1.6 5,893
5,633 5,565 5,630
4,169
3,456
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Net Debt (R$ MM) Net Debt/EBITDA (x)
...due to strong cash generation and maturation of recent projects.
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13. Debt Structure and Amortization
After these refinancings, the new amortization schedule will reflect...
Amortization 2012 - 2013 Expected schedule after refinancing
Amortization 2012 2013 In R$ MM
,
2.500
AutoBan 1,197 71
2.000
,
SPVias 19 1,195
1.500
,
ViaOeste 33 176
NovaDutra 218 145 1.000
,
500
TOTAL 1,466 1,587
0
Projects performed and contracts in progress 2012 2013 2014 2015 2016 From 2017
Mandated financing Current Target
90% in 2012 and 65% in 2013
...broaden financial capacity for new business.
* Total debt described in the amortization schedule set above does not consider transaction costs.
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14. Dividends
Commitment to pay at least 50% of net income as dividends to shareholders.
127%
9,5% 130%
8,5% 92% 90%
85% 85%
7,5% 61% 65% 80%
58%
6,5%
5,5% 16% 30%
4,5% 5.0%
4.8% 4.6% 4.7%
3,5% 4.2% -20%
3.8% 3.9% 3.9%
2,5%
899
1,5% 2.2% -70%
1 2 3 4 5 6 7 8 9
714 709
672
580
547
500
263
183
2003 2004 2005 2006 2007 2008 2009 2010 2011
4 5 6 7
Net Income Div. Yield * Payout
* Considers the average share price in the year
15. Track Record
CCR Track Record: diversification and new bids
Milestone Concession Awarded Acquisition Concession Extension
IPO
STP
(2002)
AutoBAn + Follow-on (2003)
ViaOeste (April 2004)
ViaOeste RodoNorte (October 2004)
Concession (2005)
ViaQuatro
Extension (2006)
(2006)
USA
(2007) Via Lagos
Concession
RenoVias Extension (2011)
(2008)
RodoAnel
(2008) 2012:
SP VIAS
Controlar • Airports: Quito, San
(2010)
(2009) Jose and Curaçao
• Barcas
Follow-on
(2009)
• Transolímpica
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17. ‘Estrada para a Cidadania’
1.5 million students
11 million since the beggining of the program
of indirect
participants
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
10,000 15,000 45,000 45,000 112,000 132,000 135,000 140,000 140,000 145,000 350,000 450,000
400 500 2,200 2,600 3,800 4,000 4,500 6,000 6,000 6,500 13,300 14,000
600,000
Students Teachers Drivers
19. ‘Estrada para a saúde’
In our structures, are performed more than 1,600 attendances per month.
260m² of resting area for truck 190m² of resting area for truck
drivers. drivers.
attendances/month attendances/month
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