2018
9
2018 9 DISCLAIMER This presentation may contain certain - - PowerPoint PPT Presentation
2018 9 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
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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
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
events or circumstances after the realization of this presentation.
55.2 % 14.9 % 14.9% 15.0 %
Foreign Investor Individual Investor (Brazil) Legal Entities (Brazil)
Floating Grupo Andrade Gutierrez Grupo Camargo Corrêa Grupo Soares Penido
First company listed on B3’s Novo Mercado (New Market) Controlling shareholders aligned and committed to the best practices of Corporate Governance.
99% 1%
R$ 6.6 billion
* Sources: ABCR, Infraero and RF Annual Report
34% 66%
TOTAL PAX TOLL REVENUES
(EX-CONSTRUCTION REVENUES)
89% 11% 63% 37%
2005
87% 5% 8%
2010 2017 Services Highways Urban Mobility Airports
CCR Other private CCR Other private BH Airport Other private
TOTAL PAX
98% 2%
ViaQuatro CCR Barcas VLT Carioca CCR Metrô Bahia 75% 80% 24,9% 100%
CCR Actua CCR Engelog CCR EngelogTec SAMM 100% 100% 100% 100%
Quito San Jose Curaçao BH Airport TAS QUIAMA 50% 97% 79% 38% 70% 50% CCR NovaDutra CCR ViaLagos CCR RodoNorte CCR AutoBAn CCR ViaOeste CCR RodoAnel Renovias CCR SPVias ViaRio CCR MSVia 100% 100% 86% 100% 100% 99% 40% 100% 66% 100%
ViaMobilidade 83%
New concessions Main events Follow-on Acquisitions Concession extesions Sale Stake increase
2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 2016 2006 2014 2015 2017 2018
EUA
NASP
Via Mobilidade
TAS TAS
ViaQuatro ViaQuatro
SPVias and SAMM SPVias and SAMM
RodoAnel, Renovias and Controlar RodoAnel, Renovias and Controlar
ViaOeste ViaOeste STP STP
In R$ bi In R$ bi
Portifolio IPO Portifolio IPO
Airports and Barcas Airports and Barcas
ViaRio, VLT, Salvador, MSVia and BH ViaRio, VLT, Salvador, MSVia and BH *EBITDA in 2016 excludes the sale of the stake in STP and in 2017 excludes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio
United States COPORATE OFFICES
1
São Paulo SERVICES
1
CCR Actua, CCR Engelog,
1
CCR ViaLagos
2
CCR NovaDutra
3
CCR RodoNorte
4
CCR AutoBAn
5
CCR ViaOeste HIGHWAYS
Bahia Minas Gerias São Paulo
Rio de Janeiro
Mato Grosso do Sul Paraná
São Paulo Curitiba
3 5 1 2 6 1 1 4
Brazil
6
CCR Ponte
United States
San Francisco
5
Los Angeles
5
Houston
4
Montgomery
5
Atlanta
5
Ohio
5
NewPort
5
Bradley
5
Ecuador
4
Costa Rica
3
Curaçao
2
Chicago
5
COPORATE OFFICES
1
São Paulo
2
Brasília
3
Rio de Janeiro
4
United States SERVICES
1
CCR Actua, CCR Engelog, CCR EngelogTec and Instituto CCR
2
Samm
1
CCR ViaLagos
2
CCR NovaDutra
3
CCR RodoNorte
4
CCR AutoBAn
5
CCR ViaOeste
6
CCR RodoAnel
7
Renovias
8
CCR SPVias
9
ViaRio
10
CCR MSVia HIGHWAYS URBAN MOBILITY
3
VLT Carioca
4
CCR Metrô Bahia
1
ViaQuatro, ViaMobilidade
2
CCR Barcas
4
Quiport
5
TAS (Aeroportuary Services)
AIRPORTS
1
BH Airport
2
Curação Partners
3
Aeris
Bahia Minas Gerias São Paulo
Rio de Janeiro
Mato Grosso do Sul Paraná
São Paulo Curitiba Belo Horizonte Campo Grande Salvador
10 8 3 5 1 1 2 2 9 2 3 3 6 1 7 1
Brasília
4 2 1 4
Brazil
¹ Services Companies ² Pre operational projects or in ramp up phase during 2016 and/or 2017
Concession Granting Power CCR Stake % Remaininng years under concession EBITDA 2017 % AutoBAn ARTESP 100% 9.3 29.3% ViaOeste ARTESP 100% 4.1 14.2% NovaDutra ANTT 100% 3.9 13.8% RodoNorte DER - Paraná 86% 3.8 10.8% SPVias ARTESP 100% 9.7 8.7% Quito Airport EPM 50% 23.8 3.1% Rodoanel Oeste ARTESP 98.9% 20.5 3.4% ViaQuatro CMSP 75% 22.3 5.3% Renovias ARTESP 40% 4.5 2.3% ViaLagos AGETRANSP - RJ 100% 19.8 1.4% San José Airport CETAC 48.8% 9.4 1.1% Curaçao Airport CAH 79.8% 16.6 0.4% VLT² RJ City Hall 24.9% 20.7 0.2% BH Airport² ANAC 38.3% 26.3 0.3% ViaRio² RJ City Hall 66.66% 29.3 0.6% MSVia² ANTT 100% 26.3 2.3% Barcas AGETRANSP - RJ 80% 5.1
Metrô Bahia² SEDUR - BA 100% 25.8 3.2% Weighted average (by EBITDA) 10.0
Historical Elasticity: ~2.0 x GDP
YTD
2011 | + 5.4% 2012 | + 2.9% 2013 | + 6.0% 2015 | - 4.6% 2016 | - 4.5% 2010 | + 12.1% 2014 | + 2.5% 2017 | + 1.2%
19.2% 22.8% 25.9% 27.3% 17.2% 12.3% 10.7% 4.4% 5.1% 0.4% 3.1% 3.1% 2.0% 6.2% 7.4% 8.5% 9.2% 3.9%
0.1% 5.0% 5.0% 3.1%
1 Net revenue excludes construction revenue. 2 Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was executed in April 2018; (ii) non-recurring expenses related to the Independent
Committee, with an impact of R$17.1 million on EBITDA and R$11.3 million on net income; and (iii) CCR Group’s non-recurring severance costs, with an impact of R$31.8 million on EBITDA and R$21.0 million on net income.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses. 4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS. 5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
Financial Indicators (R$ MM) 3Q17 3Q18 Chg % 3Q17 3Q18 Chg %
Net Revenues1 1,983.1 2,090.3 5.4% 2,136.0 2,310.8 8.2% Adjusted Net Revenues on the same basis2 1,983.1 2,064.0 4.1% 2,136.0 2,284.5 7.0% Adjusted EBIT3 899.7 765.5
969.6 857.0
Adjusted EBIT Mg.4 45.4% 36.6%
45.4% 37.1%
EBIT on the same basis2 899.7 816.2
969.6 907.7
EBIT Mg. on the same basis2 45.4% 39.5%
45.4% 39.7%
Adjusted EBITDA5 1,268.9 1,258.1
1,372.9 1,393.1 1.5% Adjusted EBITDA Mg.4 64.0% 60.2%
64.3% 60.3%
Adjusted EBITDA on the same basis2 1,268.9 1,307.0 3.0% 1,372.9 1,442.0 5.0% Adjusted EBITDA Mg. on the same basis2 64.0% 63.3%
64.3% 63.1%
Net Income 472.3 365.3
472.3 365.3
Net Income on the same basis2 472.3 405.3
472.3 405.3
IFRS Proforma
Not hedged Not hedged
*
Hedged Hedged Gross debt by indexer Hedged gross debt by indexer Indebtedness and leverage position 3Q18 3Q17 3Q18
(R$18.8 Bn proforma)
(2.6 x proforma)
(R$18.8 Bn proforma)
(2.6 x proforma)
CDI 45.3% IPCA 25.8% TJLP 24.5% USD 4.4% CDI 56.4% IPCA 14.7% TJLP 24.5% USD 4.4% CDI 56.8% IPCA 11.3% TJLP 24.2% USD 3.6% Others 4.1%
AutoBAn 638 698 BH AIRPORT 422 Metrô Bahia 294 767 NovaDutra 93 163 CCR S.A. 52 RodoAnel Oeste 26 ViaOeste 14 190 SPVias 14 188 RodoNorte 12 166 CCR Espanha S.L.U. 8 MSVia 2 CPC 2 Others 207 TOTAL
532 605 609 852 803 1,054 1,301 1,400 1,050 1,253 1,273 930 934 957 1,307 1,932 2,138 2,504 1,749 1,283 2,778 3,288
All figures include shared controlled assets * (i) EBITDA 2016 excludes the sale of the stake in STP and in 2017 excludes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio; (ii) Cash Flow from operations = EBITDA - Capex
Dividends CF
1.6 2.1 2.3 2.5 3.0 3.4 4.2 5.0 5.7 6.6 7.1 7.7 8.3 8.9
1.5 2 2.1 2.4 2.7 3.1 3.8 4.6 5.2 6.0 6.5 7.1 7.7 8.2 0.8 1.1 1.2 1.5 1.7 1.9 2.3 2.9 3.3 3.8 4.1 4.2 4.6 5.1 53% 55% 57% 63% 63% 61% 59% 64% 63% 64% 64% 59% 60% 62% 0% 10% 20% 30% 40% 50% 60% 70% 80%
Centrovias State 218 km Jun-19 398 CONCER Federal 180 km Oct-20 284 NovaDutra Federal 402 km Feb-21 1,297 CRT Federal 143 km Mar-21 243 AB Triângulo do Sol State 442 km Jul-21 476 Caminhos do Paraná State 406 km Nov-21 346 EcoCataratas State 459 km Nov-21 324 ECONORTE State 341 km Nov-21 226 Ecovia State 175 km Nov-21 278 RodoNorte State 568 km Nov-21 751 Viapar State 551 km Nov-21 367 Renovias State 346 km Jun-22 419 ViaOeste State 169 km Dec-22 1,009 Total 4,398 km 6,417 Centrovias State 218 km Jun-19 398 CONCER Federal 180 km Oct-20 284 NovaDutra Federal 402 km Feb-21 1,297 CRT Federal 143 km Mar-21 243 AB Triângulo do Sol State 442 km Jul-21 476 Caminhos do Paraná State 406 km Nov-21 346 EcoCataratas State 459 km Nov-21 324 ECONORTE State 341 km Nov-21 226 Ecovia State 175 km Nov-21 278 RodoNorte State 568 km Nov-21 751 Viapar State 551 km Nov-21 367 Renovias State 346 km Jun-22 419 ViaOeste State 169 km Dec-22 1,009 Total 4,398 km 6,417
(R$ MM)
(R$ MM)
(2017)
BR-050 Discount BR-040 Discount BR-163/MT Discount Planalto Consortium 42% Invepar 61% Odebrecht 52% Triunfo 37% EcoRodovias & others 45% Triunfo 46% EcoRodovias & others 36% Contern Construções 43% Invespar 43% Fidens & others 36% Fidens & others 29%
Queiroz Galvão 35% Intravix & others 24% Fidens & others 31% Invepar & Odebrecht 24%
EcoRodovias & others 28%
Triunfo 10% Galvão Engenharia 3% Arteris 5% Queiroz Galvão 5% BR-163/MS Discount BR-060/153/262 Discount BR-153 Discount
Triunfo 52% Galvão Engenharia 46% EcoRodovias & others 44% Invepar 42% EcoRodovias & others 21% Queiroz Galvão 41% EcoRodovias & others 41% Triunfo 1% Invepar 31% Queiroz Galvão 38% Odebrecht 9%
Triunfo 3%
Florínea - Igarapava Premium Concession Fee R$ MM Pátria 66% 1,314 Ecorodovias 27% 1,008 Franca - Itaporanga Premium Concession Fee R$ MM Arteris 219% 1,439 Ecorodovias 111% 952
BR-135, MG-231 e MG-754* Concession Fee R$ MM Ecorodovias 2,060 Nova MG 1,200 Consórcio Minas Itália 858 Rodoanel Norte Premium Concession Fee R$ MM Ecorodovias 91% 883 Atlantia 12% 518
* There wasn`t minimum concession fee
Lines 5 and 17 Premium Concession Fee R$ MM CCR 185% 554 CS Brasil (JSL and others) 100% 389
Services Highways Urban Mobility Airports
BR-101/290/448/386/RS BR-364/365/GO/MG (Jataí/GO – Uberlândia/MG)
Existing double lane Single lane
SILVER LINE / MONORAIL 15
Source: government do Chile Concesiones.cl/proyectos
Stage Region Concession Start End (estimated) Km
Valparaiso Segunda Concesión Ruta 66 Camino de La Fruta 2018 2053 144 Santiago Concesión Mejoramiento Ruta G-21 2018 N/I 30 Llanquihue Concesión Vial Autopista Metropolitana de Puerto Montt N/I N/I 32 Región de Coquimbo Segunda Concesión Ruta 5 Tramo Los Vilos - La Serena e Conurbación 2018 N/I 245
Source: government do Chile Concesiones.cl/proyectos
Araucanía, Los Ríos Concesión Ruta 5 Tramo Temuco | Río Bueno 2023 171 Maule y Bio Bio Concesión Ruta 5 Tramo Talca | Chillán 2023 193 Regiones Metropolitana, Valparaíso y Coquimbo Concesión Ruta 5 Tramo Santiago | Los Vilos 2023 218 Los Ríos, Los Lagos Concesión Ruta 5 Tramo Río Bueno | Puerto Montt 2023 135 Bio Bio, Araucanía Concesión Ruta 5 Tramo Chillán | Collipulli 2020 161 Valparaíso y Metropolitana Concesión Interconexión Vial Santiago | Valparaíso | Viña del Mar, Ruta 68 2023 141 Región del Bío Bío Concesión Acceso Norte a Concepción 2023 89
PPP National Route No. Extension (km) Capex 1st to 4th year (USD M) Capex 5th to 15th year (USD M) Stag
A 3, 226 707 984 346 I B 5 538 989 244 I C 7, 33 877 631 455 I D 8 ,36, A|005, 158, 188 911 1063 298 II E 9, 11, 34, 193, A|008, A|012 390 1342 370 I F 9 AU Rosario Córdoba, 33 635 1114 372 I G 12, 16 780 1039 456 II H 34, 9, 66, 1V66 887 991 510 II I 19, 34 664 778 427 II Sur AU Riccheri, Av. J. Newbery, AU Ezeiza | Cañuelas, 3, 205 247 975 236 I BB 3, 33, 229, 249, 252, 1V252, 1V3 299 638 169 II Cuyo 7, 20, 40 342 278 181 II AU Parque AU Parque 82 500 55 III Puente Paraná Santa Fé Puente Paraná | Santa Fé 30 650 21 III Puente Chaco Corrientes Puente Chaco | Corrientes 34 700 32 III
Source: government da Argentina | ppp.vialidad.gob.ar