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
3. “Invest, diversify and grow: CCR 2020”
CCR Day Agenda
8 am Registration and breakfast. 12 pm Highlights of current operations
• ARTESP, ViaQuatro and STP
9 am Opening and welcome (video) | Renato Vale
concessions | Italo Roppa
9:15 am Opportunities and challenges for the city of Rio • ANTT, Rio de Janeiro, Paraná, SAMM
de Janeiro| Eduardo Paes and Controlar concessions | José Braz
• Infrastructure for the 2014 World Cup, 2016 • Sustainability: Responsible social
Olympics and the legacy for the city. investment | Francisco Bulhões
10:15 am Q&A session and coffee break Performance and the Company’s
1 pm future | Arthur Piotto
11 am Overview of high-quality growth for CCR Group:
Closing remarks, Q&A session and
• Airport, toll road, urban mobility and logistics 1:30 pm lunch | Renato Vale
markets | Leonardo Vianna
5. Our past
Back in 2009...We had overcome challenges, developed the
company’s structure and strengthened our corporate governance
• Company’s incorporation;
• Strategic partner;
• Corporate restructuring;
• Access to capital markets. 4-year Average ROE: 33.2%
2005
2004
2003
2002 R$ 334 mn
Follow-on
2001 Offering
2000
1999
1998
Corporate
Def. initial Restructuring
operations EBITDA: R$ 1.1 bn
EBITDA Margin: 56.4%
1998-2005
6. Our present
With capital discipline and a strong focus on profitability,
we prepared the company for a new level of operations
Past
4-year Average ROE: 38.9%
• 4-year Average ROE: 33.2%;
• EBITDA: R$ 1.1 bn;
• EBITDA Margin: 56.4%. 2009
2008
2007 R$ 1,235 mn
Follow-on
2005 2006 Offering
2004
2003
2002 Fol
2001 lo
2000 w
1999 on
1998 R$
33 EBITDA: ~ R$ 2 bn
4m
Margin ~ 64%
Corporate
Def. Restructuring
initial
operations • Pursuit of consolidation
• Portfolio diversification;
• Preparation for future.
1998-2005 2006-2009
7. Our future
Unique moment for CCR, with favorable
competitive and macroeconomic environments.
Past Past New Opportunities
• 4-year Average ROE: 33.2%; • 4-year Average ROE : 38.9%; • 2014 World Cup;
• EBITDA: R$ 1.1 bn; • EBITDA: ~R$ 2 bn;
• EBITDA Margin: 56.4%. • EBITDA Margin: ~ 64%. • 2016 Olympic Games;
• Infrastructure Deficit;
• Various opportunities.
• Secondary market;
• Metro;
• Logistics;
• Urban mobility.
Develop potential of
current portfolio
• Reduce escape routes;
• Maximize ancillary revenues;
• Contractual addenda;
• Increase collection base;
• Expand capacity of current portfolio.
1998-2005 2006-2009 Next 5 years
8. Doubling EBITDA
R$ 5.5 to 6.5 bn
R$ 3.3 bn
Our goal is to double EBITDA
R$ 3.3 bn
by 2016, considering only
the current portfolio
EBITDA EBITDA
2012E 2016E
9. Thinking boldly
and considering only our current portfolio…
EBITDA 2012E¹ Yesterday’s
EV/EBITDA
average price
R$ 17.70
R$ 3.3 bn 11.7 X
share
With 1.8x Net Debt/EBITDA
and Same Multiple...
EBITDA 2016 Price 2016
R$ 5.5 bn
?
to 6.5 bn
10. “Invest, diversify and grow: CCR 2020”
General overview of high-quality
growth for the CCR Group
Airport, toll road, urban mobility
and logistics markets.
Leonardo Vianna
13. ANA
Airports in Portugal
Structure of ANA & TAP Group Operating Structure 2011
State Privpublic
31.44% 68.56% 100%
Lisbon TAP
Airport Açores
Airport TAP
Porto Maintenance
Airport
Beja* TAP Maintenance
Faro Airport Brazil
Airport
Handling
10% 70% 100%
ANA GROUP
Airports 10
20% Funchal and PAX (‘000) 30,089
Porto Santo
Airports
Depart. + Arriv. 285,041
Autonomous
Madeira
Cargo [ton] 158,542
Region
14. ANA
Airports in Portugal
ANA & TAP Group Structure
ANA Group
State Privpublic
Airports 10
31.44% 68.56% 100%
PAX (‘000) 30,089
Depart. + Arriv. 285,041
Lisbon TAP
Airport Açores Cargo [ton] 158,542
Airports TAP
Porto Manutenção
Airport
Beja* TAP Manutenção
Faro Airport Brasil Process characteristics
Airport Estimated timetable
Handling
10% 70% 100%
Concession term: 50 years
Schedule September October November December
20% Funchal and
Porto Santo
Airports
Autonomous Process /
Madeira Bids
Region
15. Financial indicators
2011 for ANA Group
Δ 2011/2010
Total revenue [in million €]
Airports
10 - 3%
Considered 4%
Gross 13%
€ 424.9 mn 4.6% 48%
Revenue 30%
EBITDA € 199.8 mn 21.6% 57%
EBITDA Margin 47.0% 6.6 p.p. 16%
Net Income € 76.5 mn 37.6%
13% 16%
Debt Ratio 1.8 -10% Air Force Retail Car Rental
Security and PMR’s Property develop. Advertising
Dividends paid € 39.5 mn 44.9% Commercial Parking Other
Operating expense [€ million] EBITDA [€ million]
+2%
259
254
237 240 239 +12%
213
111 121 116 116 111
97
109 122 114 121 108
104
2006 2007 2008 2009 2010 2011
Source: Accounting Management Report of the ANA Group 2011
Payroll Outsourcing Other
17. New operations
Rio de Janeiro – Campinas HSR Project
SP
RJ
18. New operations
Rio de Janeiro – Campinas HSR Project
Rio de Janeiro
Campinas
São Paulo
19. New operations
Rio de Janeiro – Campinas HSR Project
Concession auction, maintenance of HSR system and
1 supply of permanent rail infrastructure, systems and
rolling stock.
Executive project prepared by government in
2 accordance with the technology parameters offered.
Construction of rail infrastructure and associated
3 facilities and buildings.
Total investment:
• By concessionaire:
R$ 8.7 bn + R$ 5 bn*;
• By government:
R$ 26.9 bn.
Source: EPL
30. Metro in Salvador
and Lauro de Freitas
Concession Implementation and Operation of the Urban Intercity
objective Public Transportation System (Salvador and Lauro de
Freitas Metro Systems)
Sponsored Public-Private Partnership (PPP)
Model (Investment by Government) Lauro de
Freitas
Concession 30 years: 3 construction projects + 27 operations
term Estimated startup of partial operations (18 months)
Pirajá
Bid process Presentation of Economic Proposals in Writing,
followed by open-outcry bidding on BM&FBOVESPA
Selection Lowest amount of investment by Government
criteria
Lapa
Investments Estimated at R$ 3.5 bn
Funding sources (R$ 3.5 bn)
• Federal Budget PAC Large City Mobility:
R$ 1.0 bn;
• PAC Financing – Large City Mobility:
R$ 600 million;
• Current balance of Agreement for Line 1:
R$ 250 million;
• Investment by Private Partner:
To be defined in the bidding process;
• Investment by Government:
To be defined in the bidding process.
36. Urban mobility
São Paulo Metro – Line 6
Patio Morro Grande
No. of Stations:
• 15.
Estimated Initial Demand
• 633,000 pax/day;
Length:
• 15.3km. Bela Vista
Project Phase: Public Hearing
Total Investment: R$ 7.7 bn
39. Urban mobility
Curitiba Metro
No. of Stations:
• 13.
Estimated Initial Demand:
• 475,000 pax/day;
Patio CIC Sul Rua das Flores
Length:
• 14.2km.
Project Phase: Public Hearing.
Study being reformulated due to MP 575.
Total Investment: R$ 2.2 bn
41. Urban mobility
Porto Alegre Metro
Porto Alegre
Curitiba
São Paulo
42. Urban mobility
Porto Alegre Metro
No. of Stations: Intermodal Terminal
• 13. Fiergs
Estimated Initial Demand:
• 302,000 pax/day;
Intermodal Terminal
Length: Rua da Praia
• 14.8km.
Project Phase: Request by the
Government for Declaration of Interest.
Total Investment: R$ 2.5 bn
44. Urban mobility
Belo Horizonte Metro
Curitiba
São Paulo
Belo Horizonte
45. Urban mobility
Belo Horizonte Metro
Government
Adm. Center
Public Investment: R$ 1.7 bn
Novo Eldorado
Private Investment: R$ 1.2 bn Savassi
Barreiro
Total Investment: R$ 2.9 bn
47. Urban mobility
Northern Stretch of Belo Horizonte Beltway
São Paulo
Belo Horizonte
48. Urban mobility
Northern Stretch of Belo Horizonte Beltway
Procedure for declaring interest
March 2012
• Objective: Structuring of the Project for the
Northern Stretch of the Beltway for the Belo
Horizonte Metropolitan Area, a 67-km stretch
connecting the cities of Sabará, Santa Luzia,
Vespasiano, São José da Lapa, Pedro Leopoldo,
Ribeirão das Neves, Contagem and Betim;
• The proposed Beltway consists of a highway
connecting the southern and northern stretches
of Fernão Dias Highway (BR 381);
• Interested companies must conduct studies and
prepare proposals for construction, paving,
operation, maintenance, conservation and
improvements during the 35-year concession
period;
Estimated date of conclusion of studies: March 15, 2013.
50. Urban mobility
PMI – Greater Florianópolis
Santa Catarina Florianópolis
São Paulo
51. Urban mobility
PMI – Greater Florianópolis
Declaration of Interest Procedure (PMI) for receiving proposals
for recertification and construction of structural works to
improve the transportation system, urban mobility and access
to the island region of Florianópolis from Highway BR-101.
Integrated solutions
Maritime passenger and vehicle transportation
using boats and ferry-boats.
Air passenger transport via cable car.
Investment of R$ 650 million.
53. PAC projects for concessions
New investments in highways
1 BR – 101 BA 772.3 Km R$ 3.87
PAC in execution
2 BR – 262 ES/MG 376.9 Km Current network
R$ 1.90
3 BR – 153 TO/GO 743.3 Km R$ 3.99 Port of Santarém Port of Itaqui
Port of Pecém
4 BR – 050 GO/MG 425.8 Km R$ 2.58
Port of
5 BR – 163 MT 821.6 Km R$ n/a 3 Suape
5
1 Port of Salvador
BR – 163 MS 4
6 BR – 262 MS 1,423.3 Km R$ 5.94 9
BR – 267 MS 7 8
6 Port of Vitória
BR – 060 DF/GO 2
Port of Rio de Janeiro
7 BR – 153 GO/MG 732.9Km R$ 6.63 Port of
Port of Itaguaí
Santos
BR – 262 MG Port of
Paranaguá
8 BR – 116 MG 821.6 Km R$ 4.84 Port of Rio Grande
9 BR – 040 GF/GO/MG 443.6 Km R$ 5.99 R$ In billions
54. National Road Transport Agency (ANTT)
3rd stage of highway concessions
Phase 1
3rd Stage – Phase 1
Concession for Highway BR 116/MG
Concession for Highway BR 040/DF/GO/MG
Concession term: 25 years.
Toll plazas: 8 (BR 116) and 11 (BR 040).
Max. toll: R$ 6.25406 (BR 116)
and R$ 3.74680 (BR 116).
55. National Road Transport Agency (ANTT)
3rd stage of highway concessions
Phase 1
3rd Stage – Phase 1
Public Hearings (AP 125, 127, 128) were held in
August and September 2012 and the period for
1 submitting contributions and suggestions to the
Drafts of the Bid Notice and Concession
Contract, as well as the PER and Feasibility
Studies of the ANTT, expired on Sept. 25, 2012.
The Official Bid Notices should be made
2 available on Nov. 26, 2012 with the auctions on
the BOVESPA slated for Jan. 26, 2013.
56. National Road Transport Agency (ANTT)
3rd stage of highway concessions
Phase 1
3rd Stage – Phase 1
BR 116/MG
• Stretch in state of Minas Gerais between
Além Paraíba and Divisa Alegre;
• Connects the stretch of BR-116 RJ already
granted (CRT) and BR-116 BA also already
granted (ViaBahia);
• Length: 816.7 km.
BR-040 /DF/GO/MG
• Begins in Federal District at the
intersection with Highway BR 251 and
ends in Juiz de Fora(MG) at the start
of the stretch granted to CONCER;
• Length: 936.8 km.
58. Railroads
Federal plan for logistics investments
Railroad program
Financing compatible with project sizes
• Interest Rate: TJLP + 1%;
• 5-year grace period;
• Amortization in up to 25 years;
• Higher leveraging: up to 80% of total.
Total investments: R$ 10 bn
• 2013 – 2017: R$ 56 bn;
• 2018 – 2039: R$ 35 bn.
59. Railroads
Federal plan for logistics investments
Federal Government
Built, maintained and
Investment operated by private sector
Permanent way concessionaire
State-owned company acquires
full rail transportation capacity.
VALEC
State-owned company conducts public bid for
capacity.
Operators with own Independent rail Rail transportation
cargo operators concessionaires
60. Railroads
Federal plan for logistics investments
Main stretches under analysis
1 SP Rail Beltway Northern Segment
Port of Vila do Conde
2 SP Rail Beltway Southern Segment
Port of Santarém
Port of Itaqui
3 Access to Port of Santos 12 Port of Pecém
4 Lucas do Rio Verde Uruaçu
Açailandia
5 Uruaçu – Corinto – Campos Port of Marabá
6 Rio de Janeiro – Campos – Vitória Port of Porto Velho
Port
of Suape
8
7 Belo Horizonte – Salvador Lucas R. Verde
8 Salvador – Recife 4 7
Port of Salvador
9 Estrela do Oeste – Panorama – Maracaju Uruaçu Port of Ilhéus
5
10 Maracaju – Mafra Estrela D’Oeste Corinto
11 São Paulo – Mafra – Rio Grande Belo
Maracajú
9 Horizonte
Port of Vitória
12 Açailândia – Vila do Conde
Panaroma 1 6
2 3 Port of Rio de Janeiro
Total of 10 Port of Itaguaí
10,000 km
Port of Santos
Mafra Port of Paranaguá
11
Launch of bid notice + drafting of proposals: Port of Rio Grande
Mar/Apr 2013
63. Location of airports
Source: company data
International Airport of Costa Rica
• International airport of San José (Juan Santamaria International Airport)
is located in the province of Alajuela, some 20 km from the center of
San José;
• Term of Interested Management Contract: ends in May 2026;
• Around 70% of traffic is international.
International Airport of Curacao
• The international airport of Curacao is located on the northern coast
of the island, some 15 km from center of the capital, Willemstad;
• Concession Term: 30 years, ending in August 2033;
• Around 70% of traffic is international.
International Airport of Quito
• Mariscal Sucre International Airport is located in Quito and will
continue operating until the inauguration of the city’s new
international airport;
• Concession Term: 30 years, ending in January 2041;
• Around 77% of traffic is international.
70. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
71. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
72. Potential of current portfolio
Various investment gaps were identified...
CCR AutoBAn: R$ 350 mn
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
74. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
75. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
76. Potential of current portfolio
Various investment gaps were identified...
CCR ViaOeste: R$ 600 mn
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
78. Potential of current portfolio
Various investment gaps were identified...
ViaQuatro: R$ 200 mn
Revenue and EBITDA growth (R$ million)
350
200
Revenue EBITDA
2012(E)
97. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
98. Potential of current portfolio
Various investment gaps were identified...
CCR RodoNorte: R$ 1 bn
• Campo Largo Bypass: R$ 100 mn;
• Expansion to four lanes and access road at
376 and 277 between Curitiba and Apucarana:
R$ 900 million.
Crescimento de receita e EBITDA million) milhão
Revenue and EBITDA growth (R$ – em R$
Revenue
Source: financial statements of the business unit
101. Potential of current portfolio
Various investment gaps were identified...
Projected revenue 2016: R$ 640 mn.
Unilateral reduction of inspection fee: 33%.
Material facts:
• Administrative negotiations;
• Lawsuits.
105. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
106. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
107. Potential of current portfolio
Various investment gaps were identified...
CCR NovaDutra: R$ 2 bn
• Serra das Araras;
• Expressways in Rio, São Paulo and São José dos Campos;
• Other safety works.
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
110. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
111. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
112. Potential of current portfolio
Various investment gaps were identified...
CCR Ponte: R$ 305 mn
• Connecting the bridge to Linha Vermelha;
• Niterói Tunnel (Mergulhão).
Revenue and de receita e EBITDAmillion) milhão
Crescimento EBITDA growth (R$ – em R$
Revenue
Source: financial statements of the business unit
114. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
115. Potential of current portfolio
Various investment gaps were identified...
Revenue and EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
116. Potential of current portfolio
Various investment gaps were identified...
CCR ViaLagos: R$120 mn
• Reduction in tolls;
• Contractual rebalancing: 15 years.
Revenue and de receita e EBITDA – em R$ milhão
Crescimento EBITDA growth (R$ million)
Revenue
Source: financial statements of the business unit
118. Potential of current portfolio
Various investment gaps were identified...
Concession term: 35 years.
Total investment: R$ 1.8 bn.
Revenue 1st year of operations:
R$ 148 mn.
120. Potential of current portfolio
Various investment gaps were identified...
Acquisition: R$ 72 mn | 80% of capital.
Rebalanced tariff: R$ 4.50.
Subsidy: 31%.
• 8 vessels younger than 60 years;
• 6 vessels younger than 22 years;
• 4 vessels younger than 6 years.
Committed investments:
State government:
• 9 vessels: R$ 300 mn;
• 2 new stations: R$ 300 mn.
Concessionaire:
• 2 vessels.
121. Potential of current portfolio
Various investment gaps were identified...
Investment opportunities:
• Immediate recovery of existing Rebalancing of the contract by
stations: R$ 30 mn; lengthening the term.
• 2 new stations: 300 mn.
123. Synergy with other projects
CCR Ponte Metro
LRT TransOlímpica
CCR NovaDutra Line 3
124. “Invest, diversify and grow: CCR 2020”
Sustainability
Responsible social investment
Francisco Bulhões
125. Reasons for the Sustainability Project
Value Creation
Economic Capital
Protect Value | Reputation Human Capital
Social Capital
Natural Capital
126. Protect Value
General assessment of work
General assessment of the concessionaire’s work 2012
(in %) (Excellent + Good) Respondents: car and truck drivers.
Data from the last Image and Satisfaction survey conducted by Datafolha in 2012.
127. Value Creation| Economic Capital
Reporting initiatives - investors
Objective:
Structuring reporting initiatives at the CCR Group.
Activities:
• Support GRI 2011 reporting and structuring GRI 2012 reporting;
• Process management and analysis of evidence for ISE index;
• Support for other reporting initiatives (Global Compact, ICO2, Guia
Exame);
Current status:
• Monitoring of final analysis of evidence by FGV;
• Discussion of proposal for GRI 2012.
129. Value Creation | Social Capital
The UN has declared 2011-2020 the
Decade of Action for Road Safety
Great opportunity
to transform our
main initiatives into
a model to be
replicated
130. Value Creation | Social Capital
The UN has declared 2011-2020 the
Decade of Action for Road Safety
Partnership with IADB:
• Road Digitalization for Citizenship;
• Pilot Project CCR ViaOeste (Highway+).
131. Value Creation | Social Capital
CCR private social investment
Consolidated with and without tax incentives
Social investment by CCR of R$ 80 mn over 9 years,
with another R$ 165 mn expected over the next 5 years.
Over
Direct investment
R$165
Investment through incentives
million
6590
4969
5144
4676
5166
12899
14352
3771
3654
1695
7519
9491
970
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
132. Value Creation | Social Capital
Road to Citizenship
1.5 million students since
11 million start of program
indirect participants
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
10,000 15,000 45,000 45,000 112,00 132,00 135,00 140,00 140,00 145,00 350,000 450,000
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
133. Value Creation | Social Capital
Road to health
More than 1,600 people served each
month by our structure.
260m² of rest area for truckers.
600 people served/month.
190m² of rest area for truckers.
400 people served/month.
134. Sustainability project
Timeline
2010 2011 2012
1. Sustainability in the 2. ROADMAP 3. CCR’s Sustainability
Value Chain Project
• External factors;
• Maturity; • Executive support;
• Accident front;
• Mapping of public • Unit support;
interest; • Waste front;
• ISE;
• Vision. • Emissions front;
• GRI and other reporting
• ISE; initiatives;
• Sustainability committee. • Selection of SW.
135. Reasons for the Sustainability Project
Value Creation
Economic Capital
Protect Value | Reputation Human Capital
Social Capital
Natural Capital
136. Sustainable Highway Project
Presidente Dutra Highway
• 55% of Brazil’s GDP;
• 402 km;
• 130 million users annually;
• 115 large manufacturers and retailers;
• 36 surrounding cities;
• 23 million people;
• 160 service stations.
137. Project Motivation
Sustainable Highway
Creating a reference for sustainable development for Brazilian highways through
the joint efforts of multiple stakeholders;
Developing green solutions and technology by creating business models that are self-
sustainable over the long term;
Creating visibility for companies’ positioning through a unique communications
strategy.
The transformations required by sustainable development
depend on the actions of various players.
139. “Invest, diversify and grow: CCR 2020”
Overview of high-quality
growth for the CCR Group
The company’s performance, strategy and future
Arthur Piotto
151. “Invest, diversify and grow: CCR 2020”
But in what scenario
was this achieved?
Arthur Piotto
152. Project Track Record
2002 No project R$ 0
2003 No project R$ 0
2004 MG-50 R$ 645
2005 No project R$ 0
2006 São Paulo Metro Yellow Line R$ 1,000
2007 7 federal highways R$ 19,500
2008 6 state highways R$ 10,795
2009 BR116/BR324 in Bahia R$ 1,900
BA093 and southern and eastern
2010 R$ 5,805
stretches of Sao Paulo Beltway
2011 MT130 and PE060* 1 Airport R$ 900
Amounts in million
153. Project Track Record
And what did CCR do?
• Won 2 Projects;
• Acquired 5 companies;
• Created 1 company;
R$ 4.8 bn
re-invested
EBITDA Added R$ 1.3 bn
Total: Total investments: Average:
20 Projects ~R$ 40 bn R$ 4 bn per year
• BR 101 /ES; • We won TransOlímpica;
2012 • 3 Airports; R$ 21 bn • We acquired 4 companies.
• Transolímpica/RJ. EBITDA added
R$ 800 mn
re-invested
R$ 150 mn
155. Considering the outlook...
in ‘000
Railroads R$ 91,000
Federal Highways R$ 42,000
5 Airports in Brazil R$ 25,000 E
Urban Mobility R$ 27,000
Additional Investments R$ 5,000 E
Projects outside Brazil R$ ?
Total: 33 projects over the next 5 years
10x
more than Total estimated investments: ~R$ 190 bn
in the
past
Average: R$ 40 bn per year
And how much will CCR be able to add based on its
execution track record?
157. Investment capacity
Financial strategy
Maximum Company’s growth to be Commitment to pay out
Net Debt/EBITDA Ratio financed through leverage. at least 50% of net income
of 3.0x. as dividends.
160. Investment capacity
Financial strategy
Maximum Company’s growth to be Commitment to pay out
Net Debt/EBITDA Ratio financed through leverage. at least 50% of net income
of 3.0x. as dividends.
162. Investment capacity
In times
Current investment capacity ~R$ 3 bn,
2.6 2.5
2.2
increasing to ~R$ 13 bn by 2016.
2.1
2.0
1.5 1.5
1.1 7.5
0.8 0.9 0.8
6.2
5.6
R$ million
2.9 3,113 2,565 2,849 2,648 2,565
2.6 2,479
1,656 2,147
1.2 1.1 1.2 1.1 1.2 586 1,143
0.6 179
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)
Net Debt ND/EBITDA
Investment capacity
CCR’s investment capacity considering a maximum
Net Debt/EBITDA ratio of 3.0x.
163. Investment capacity
Financial strategy
Maximum Company’s growth to be Commitment to pay out
Net Debt/EBITDA Ratio financed through leverage. at least 50% of net income
of 3.0x. as dividends.
164. Dividends
Since its IPO, CCR has distributed on average 77% of net income as dividends 93%
1,128
R$ million 1,054
CAGR 90%
48.7% 127%
899
85% 852
85% 807
65% 92% 714 709
61% 672
605 603
580
547 532
500
58%
16% 355
307
263
183
152
30
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)
Net Income Dividends Payout Net Income (Market Consensus)
165. Wrap Up
Yesterday Tomorrow
R$ 4 bn per year in projects. R$ 40 bn per year in projects.
67% of EBITDA added after How much will be added??
IPO.
R$ 17.70 per share. Stock price in this scenario?
167. Why CCRO3?
Clearly defined and public strategy, with profitability first, followed by expansion;
Competent and highly qualified professionals with a continuous process to prepare leaders,
supporting the perpetuity of the business;
Base scenario indicates the potential for significant upside, with limited downside;
Cash generation of the current portfolio supports a strong dividend policy and high
quality growth;
Actions focused on the sustainable development of new markets and opportunities;
Highly competitive access to capital markets;
Solid financial situation that supports future growth.
168. Why CCRO3?
With R$ 40 bn
invested With capital
in projects per year discipline...
...That’s how
we’ll get there!
169. “Invest, diversify and grow: CCR 2020”
Discussion, questions and answers
Renato Vale and Officers
