Presentation CCR DAY 9

PLANNING, TRANSPARENCE AND CREDIBILITY

São Paulo, November 14, 2013

09:00 a.m.

Opening and welcome
Renato Vale

09:15 a.m.

Transport infrastructure demands in Bahia
Governador Jaques Wagner

09:50 a.m.

Q&A session with the Governor

10:00 a.m.

Regulatory benchmark: Brazil’s Infrastructure challenges
Prof. Paulo Resende

10:45 a.m.

Q&A session and coffee break

11:15 a.m.

Current business highlights
Italo Roppa / José Braz / Ricardo Bisordi

12:15 p.m.

Overview of high-quality growth for the CCR Group
Leonardo Vianna / Arthur Piotto

1:15 p.m.

Conclusions and final remarks
Renato Vale

1:30 p.m.

Debates, questions and answers and time for lunch

OPENING AND WELCOME
RENATO VALE

Main highlights

Gross Revenue – R$ million

Main highlights
EBITDA – R$ million

,

(E) – Market Consensus

Main highlights
Net Income – R$ million

,


Main highlights
Dividends – R$ million


TRANSPORT INFRASTRUCTURE
DEMANDS IN BAHIA
GOVERNOR JAQUES WAGNER

Q&A SESSION WITH
THE GOVERNOR
JAQUES WAGNER

REGULATORY BENCHMARK

BRAZIL’S INFRASTRUCTURE CHALLENGES
PROF. PAULO RESENDE

Q&A SESSION WITH
PROF. PAULO RESENDE

CONCESSIONS IN SP AND STP’S
NEW CHALLENGES:
ITALO ROPPA

Highways in SP:

// DEMAND FOR NEW INVESTMENTS (in million)
AutoBAn:

R$1,160

ViaOeste:

R$1,850

SPVias:

R$295

ViaQuatro:

R$210

R$3,515

CCR AutoBAn

// // DEMAND FOR NEW INVESTMENTS (in million)

Highway improvements in Jundiaí (Anhanguera Highway): R$420
Duplication of SP – 324 (Access to Viracopos Airport):

R$350

Accesses to EXPO - SP (Bandeirantes Highway):

R$270

Accesses in Louveira (Anhanguera Highway):

R$120

R$1,160

CCR ViaOeste

Phase 1:

R$870

Phase 2:

R$500

Phase 3:

R$480

R$ 1,850
RAPOSO TAVARES HIGHWAY – INITIAL STRETCH

CCR SPVias

Duplication of SP–255 (Avaré urban stretch)

R$110

Remodeling of the access to Tatuí :

R$35

Beltway of Itapeva (SP-258):

R$68

Beltway of Itararé (SP-258):

R$22

Additional lanes in SP-280:

R$33

Additional lanes in SP-258

R$27

R$295

Renovias

// DEMAND FOR NEW INVESTMENTS

Expansion of the

Ponto a Ponto Project

ViaQuatro

Investments - phase II

Additional investments
(+15 trains + systems 5
stations):

Increase in demand
per day:

Stations:
Vila Sônia, Morumbi,
Fradique Coutinho, Oscar
Freire, Higienópolis.

from 703,000 to 960,000
pass./day

R$685 million
Phase I = 8.9 km

Start of operations:

Sept 2014

Pinheiros
Butantã

Vila
Sônia

Luz
Faria Lima

República
Paulista

São Paulo
Morumbi

PHASE I

Fradique
Coutinho

Oscar
Freire

Phase II = 12.8 km
Vl. Sônia to Luz
PHASE II
5 new stations

Mackenzie
Higienópolis

ViaQuatro

Demand for new investments

// EXPANSION OF LINE 4 UNTIL
TABOÃO DA SERRA (3.1 KM) (3.1 KM)

Rolling Stock :

R$154 million

Signage and Telecommunication Systems :

R$56 million

TOTAL R$210 million

STP

Raízen’s previous ownership structure

GSMP

4.68%

9.32

12.75%

38.25%

35.00%

STP

New ownership structure

4.68%

10.00%

GSMP

// STP

8.34%

NEW OWNERSHIP
STRUCTURE

34.24%
11.41%

// COMPANY MARKET CAP
(BASE DEC 2012)

R$2,500,000,000.00

31.33%

STP

Growth expectations

// REVENUE AND EBITDA GROWTH – R$ million
700
600
500

506

400

EBITDA

311

200

0

Revenue

411

300

100

603

141
63
2008

219
89
2009

133
2010

183
2011

229

2012

282

2013 (E)

STP

Growth expectations

//OPERATION:
 States: SP / RJ / PR / RS / MG / BA / MT /
MS / SC;
 Toll plazas: 95%;
 Parking lots: 175;
 ABASTECE Project;
 New Projects.

CCR METRÔ BAHIA, CCR BARCAS,
RIO’s LRT AND HIGHWAYS
JOSÉ BRAZ

CCR METRÔ BAHIA
Challenges and expectations

Highlights

Concession 30
term
years

Cajazeiras / Águas Claras

Campinas

Length of 33.4 Km.
19 stations and
9 passenger transfer
terminals.

Tariff price R$2.10
per passenger (Base: April 2013)

Barra

Pituba

Highlights
// The concession is a PPP
composed of the CCR Group and the
State and Federal Governments.

In addition to representing another
operation in the urban mobility segment,
this achievement marks the start of the
activities of the CCR Group in Brazil’s
Northeastern region.

Highlights
//Press coverage
The covers of the printed editions of the three largest vehicles of
Bahia positively highlight the new Metro project.

Highlights
MAIN EVENTS
Signature of the Agreement
Beginning of the works
SM SL STRETCH
Lapa – Northern access (*)
Northern access – Retiro
Retiro – Pitajá
Pitajá – Águas Claras
Lapa – Bus Station
Bus Station – Imbuí
Imbuí – Pituaçu
Pituaçu – Mussurunga
Mussurunga – Airport
Airport – Lauro de Freitas
* Supervised Operation

10/15/2013
10/28/2013
BEGINNING OF OPERATION
(after signature of the agreement)
Jun/2014
11 months
15 months
Expansion to be negotiated
24 months
30 months
30 months
36 months
42 months
Expansion to be negotiated

STRETCH LENGHT
6.6
1.6
4.0
5.5
7.2
3.1
2.7
6.7
3.3
-

FEDERAL CONCESSIONS:
Contract addenda and
new investments

Potential of Current Portfolio
Various investment gaps were identified...

//CCR Ponte:

R$305 million
 Connecting the bridge to Linha Vermelha;
 Niterói Tunnel (Mergulhão).


//CCR NovaDutra:

R$3 billion

 Serra das Araras;
 Rio, São Paulo e São José dos Campos Highways;
 Other safety works.

Source: financial statements of the business unit.

URBAN MOBILITY:
LRT in Rio de Janeiro

Urban Mobility

Implementation of VLT Carioca

// Concession terms: 25 years
 Extension of basic line: 28km;
 No. of stations and stops: 46;
 Fleet: 32.

Sources

R$ million

%

PAC Program

532

44.75%
Investment

Concessionaire

657

55.25%

R$1.2
Billion

 Investment :
R$71.5 million/year (Base: Jun/12).
Source: Consortium proposal


// Rebalanced Tariff:

R$4.50
// Committed Investments:
State government:
 9 vessels: 300 million;
 2 new stations: 300 million.
Concessionaire:
 2 vessels.


// Committed investments:





4 new vessels:
Renovation of Araribóia station;
Renovation of Praça XV;
Bridge/ Floating Units/Piers.

//New Opportunities:
 R$600 million for the remaining concession
term, 200 million of which up to 2015 in:
 Completion of Praça XV;
 Recovery of shipyard;
 Expansion of other stations, among others.

Improvements in Charitas Station

Improvements in Praça XV Station

Improvements in Araribóia station

Improvements in Araribóia station

VIDEO

CCR’s operations in the airport sector

2012

 Conclusion of sale of assets and transfer of
ownership interests during the year.

2013

 Structuring of operation platform abroad;
 Feb/2013: Beginning of operations of Quito’s new
international airport;
 Beginning of CCR governance implementation process
in airports where it holds shared interest; agreement
on CCR’s long-term objectives with stakeholders;
 Acquisition of more 39% interest in CUR.

2014
onwards

 Consolidation of platform and
identification of synergies and
partnerships.

Opportunities

Great expectations for
growth of traffic and use
of air transportation.

Focus:
 Investment program (contracts);
 Commercial development;
 Development of new routes.

Passenger traffic growth

Performance in 2013
quarters
PAX 2012

PAX 2013

9,000,000
8,000,000

September
YTD

Actual
2012

Actual
2013

2013/
2012

Airport

7,801,299

7,968,515

2.1%

Aeris

2,487,902

2,579,096

3.7%

Quito

4,043,381

4,105,429

1.5%

4,000,000
3,000,000

Curaçao

1,270,016

1,283,990

1.1%

+2.1%

2,000,000

7,000,000
6,000,000
5,000,000

+4,2%

+1.1%

+1.2%

1Q

2Q

3Q

1,000,000

9M

Terminal Expansion:
Current Infrastructure

Terminal Expansion:
Expansion Proposal

COSTA RICA
Juan Santamaría Airport
San Jose

Juan Santamaría Airport (SJO)

2ND BEST AIRPORT
IN CENTRAL AMERICA AND
CARIBBEAN (SKYTRAX)

EXCELLENCE LIST (ACI)

Juan Santamaría Airport (SJO)

COMMERCIAL
CENTER

TERMINAL
EXPANSION

QUITO
Mariscal Sucre International Airport

New Quito Airport

FIRST TRANSATLANTIC
FLIGHT (QUITO -> MADRID)
OPERATION OF LARGE
AIRCRAFTS (A340-600, B747800F)

New Quito Airport

AIRPORT NIGHT
VIEW

New Quito Airport

PASSENGER TERMINAL
VIEW

QUITO AIRPORT
CENTER

TERMINAL
EXPANSION

New Quito Airport

TERMINAL EXPANSION
2 ADDITIONAL JET
BRIDGES

New Quito Airport

QUITO AIRPORT CENTER –
OPENED IN NOV/2013

OVERVIEW OF HIGH-QUALITY
GROWTH FOR THE CCR GROUP :
New highway, urban mobility and
airport projects:
LEONARDO VIANNA

Urban Mobility

Implementation of Rio LRT

// CONCESSION TERMS: 30 YEARS
FROM START ORDER.
 Length of basic line: 28km;
 No. of Stations and Stops : 46;
 Fleet: 32.

Investment

R$1.2

Sources

R$ million

%

PAC Program

532

46%

Municipal Gvt.

38

3%

Concessionaire

587

51%

Source: public hearing

Billion

Metro in Salvador
and Lauro de Freitas
Concession
objective
Model

Sponsored Public-Private Partnership (PPP)
(Investment by Government);

Concession
term

30 years: 3 construction projects + 27 operations
Estimated startup of partial operations (18 months);

Bidding
process

Presentation of Economic Proposals in Writing, followed by
open-outcry bidding on BM&FBOVESPA;

Selection
criteria

Lowest amount of investment by Government;

Investments

Estimated at R$3.5 billion.

Lauro de
Freitas

Implementation and Operation of the Urban Intercity Public
Transportation System (Salvador and Lauro de Freitas Metro Systems);

// FUNDING SOURCES (R$3.5 BILLION)
 Federal Budget PAC Large Cities:
R$1.0 billion;
 PAC Financing – Large City
Mobility: R$600 million;
 Current balance of Agreement
for Line 1: R$250 million;

 Investments by Private Partner:
To be defined in the bidding
process;
 Investment by Government:
To be defined in the bidding
process.

Pirajá

Lapa

Hato International, CUR
Curaçao Airport, Netherland Antilles

// OVERVIEW:
 Acquisition: October 2012.

//// OWNERSHIP STRUCTURE:







Aport S.A – 51% (CCR 40.8% Zurich 10.2%);
Jansen de Jong – 49%.
28 airlines;
198 employees;
30 destinations;
26,000 arrivals and departures.

2011 Revenue:
USD32 million;

Source: Company reports, 2011

2016 Revenue:
USD53 million;

1.6 million
passengers.

Urban Mobility
SP Metro Line 6

Pátio Morro Grande

No. of Stations:15;

Expected initial
demand:
633,000 pax/day;
Bela Vista

Length: 15.3km;

Project Phase:
Public Consultation;

Total Investment :
R$7.7 billion.

Why did not we participate in Line 6 bidding
process?
// DISPROPORTIONAL RISK IN
L-6 CIVIL WORK :

CAPEX = R$8.00 bi ->
10% = R$800mn greater
than the whole net
present value generated
during 30 years of the
project;

Underground works
-> higher risk;

Without executive
project.

Why did not we participate in Line 6
bidding process?

Partial guarantee of the
Government investment :
Coverage of only 75%;

Greenfield Project:
Six years without
revenue/EBITDA
generation;

High financial effort:
Limitation for
participation in other
projects.

Why did we participate in Salvador metro
system bidding process?

// CONTROLLED CIVIL WORK RISK :

Surface works in median
strip (line 2);

Executive project for
line 1;

Basic project
for line 2.

Why did we participate in Salvador metro
system bidding process?

Total guarantee of
Government investment :
Participation of FPE;

Brownfield Project:
Revenue generation
in the first year;

Proper financial
effort: no limitation
for participation in
other projects.

Bidding processes still in 2013:

GALEÃO AND CONFINS AIRPORTS:

Proposal :
Nov 18, 2013;

Auction:
Nov 22, 2013.

Galeão - GIG

Antonio Carlos Jobim Airport, Rio de Janeiro

// Concession term: 25 years
 Beginning of the concession: March 2014;
 Beginning of the operation: August 2014;
 Investment: BRL 5.3 billion.

// Figures:
 23% of Brazil’s international traffic;
 7% of all domestic traffic in Brazil;
 1103 employees.

2012 Revenue:
R$550 million;

Fonte: Infraero 2012

Arrivals and
Departures:
148,000;

17.4 million
passengers.

Confins - CNF

Tancredo Neves, Confins and Lagoa Santa Airport - MG

// Concession term: 30 years
 Beginning of the concession: March 2014;
 Beginning of the operation : August 2014;
 Investment: BRL 3.7 billion.

//Figures:
 6% of all domestic traffic in Brazil;
 365 employees.

2012 Revenue:
R$196 million;

Source: Infraero 2012

Arrivals and
Departures:
120,000;

10.4 million
passengers.

Bidding processes still in 2013

FEDERAL HIGHWAYS:

BR-163/MT
Proposal:
Nov 25, 2013;

BR -060/262
MG/GO
Proposal:
Dec 2, 2013;

BR -163 MS
Proposal:
Dec 2013;

BR-040 MG
Proposal:
Dec 2013/Jan
2014.

rd
Federal highways – 3 Stage

LOT 07 - BR-163/MT ⇨ PROPOSAL: NOV 25, 2013
Concession stretch

Sinop - MT/MS border

Length

850.0 km

Duplication until the 5th year

453.6 km

Number of toll plazas

09

Initial Ceiling Tariff (May 2012)

R$0.03170 / km

Bid Notice Ceiling Tariff (May 2012)

R$0.05500 / km

CAPEX ANTT

R$4.597 billion

73.50%

rd

LOT 05 - BR-060/153/262 DF/GO/MG ⇨
PROPOSAL: DEC 2, 2013
Concession stretch

Brasília-Goiânia-Itumbiara-Uberaba-Betim

Length

1,176.5 km


647.8 km


11


R$0.03360 / km

Bid Notice Ceiling Tariff (May 2012) R$0.05940 / km
CAPEX ANTT

R$7.146 billion

76.79%

rd

LOT 06 - BR-163/MS ⇨ PROPOSAL: DEC 2013
Concession stretch

MT/MS border - MT/PR border

Length

847.2 km


806.4 km


09


R$0.07100 / km

Bid Notice Ceiling Tariff (May 2012)

R$0.09240 / km

CAPEX ANTT

R$5.766 billion

+ 30.14%

rd

LOT 09 – BR 040 DF/GO/MG
PROPOSAL: DEC 2013 OR JAN 2014
Concession stretch

Juiz de Fora - Brasília

Length

936.8 km


557.2 km


11

Initial Ceiling Tariff (Jan 2012)

R$0.04400 / km

Bid Notice Ceiling Tariff (Nov 2012) R$0.07864 / km
CAPEX ANTT

R$8.031 billion

78.75%

Urban Mobility
Niterói Metro Line 3

Rio de Janeiro

Niterói

Urban Mobility
Niterói Metro Line 3

Guaxindiba

No. of Stations:14;

Length: 23km;

Estimated Initial
Demand:
R$350,000 day;

Project Phase:
Ongoing Declaration
of Private Interest
(MIP);

Araribóia

Total
Investment:
R$3 billion.

Urban Mobility
Brasília Metro

Brasília - DF

Urban Mobility
Brasília Metro

//SCHEDULED INVESTMENTS – CONCESSIONAIRE
Renovation of trains:
 80 old cars: modernized;
 48 new cars: air conditioning.
New trains:
 160 new cars with air conditioning.
Infrastructure:
 Electricity;
 Telecommunication systems;
 Integration terminals;
 Station surroundings;
 Various operational improvements.

// SCHEDULED INVESTMENTS - GDF
Length:
 Asa Norte: 1 km;
 Ceilândia: 2 km;
 Samambaia: 3 km.

Asa Sul and Guará stations:
 104 Sul;  Estrada Parque;
 106 Sul;  Onoyama.
 110 Sul;

Ceilândia

Central

Samambaia

Total Investments:
R$2.3 billion

Urban Mobility
Curitiba Metro

Curitiba

Urban Mobility
Curitiba Metro

CON

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Estimated Initial
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O
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RD
E

ESTAÇÃO MORRETES

O
LIN

Length: 22.4 Km;

Project Phase :
Declaration of Interest
delivered.
preparing for notice;

ESTAÇÃO ÁGUA VERDE

EL
ZAB
A. V RA
FI I EI
UAPRO OL
RLM DE
I A

6 - CU

RAU
UR
Y
CRO
H S VAM
IT
WC W Z
AH I
O C

RITIB
A

Urban Mobility
Porto Alegre Metro

Porto Alegre

Urban Mobility
Porto Alegre Metro

Intermodal
Terminal
Fiergs

No. of Stations:13;

Estimated Initial
Demand:
320,000 pax/day;
Intermodal
Terminal
Rua da Praia

Length: 14.8km;

Project Phase :
Request of Declaration of
Interest by the
Government;

Total Investment:
R$2.5 billion.

Urban Mobility
BH Metro

São Paulo
Belo Horizonte

Urban Mobility
BH Metro

Public Investment
R$1.7 billion;

Private Investment:
R$1.2 billion;

Adm. Center
of the
Government

Novo
Eldorado
Savassi
Barreiro

Total Investment:
R$2.9 billion.

URBAN MOBILITY
São Paulo metro system projects

Projects in São Paulo:

// OPERATION
 LINE 17 MONORAIL – Gold (Morumbi/Jabaquara);
 LINE 15 MONORAIL – Silver (Cid.Tirad./ Oratório);
 LINE 5 METRO – Purple -(Largo Treze/Chac. Klabin).

//IMPLEMENTATION:
LINE 20 METRO – Pink

R$14.0 bi

LINE 18 MONORAIL - Bronze

R$3.2 bi

Urban Mobility

Line 20 – Pink and Line 18 - Bronze

//Line 20 – Pink of the São
Paulo METRO will connect
Lapa to Moema, with 12
kilometers and 14 stations.
//Line 18 – Bronze of the
São Paulo METRO will
connect L-2 to S.B.Campo,
with 14.9 kilometers and
13 stations.
Invitation to Bid Schedule:
Nov 2013.

URBAN MOBILITY
Intercity Train Project - TIC.

Urban Mobility
Intercity Train

// Studied Network – 477 km

Urban Mobility
Intercity Train

//PPP Proposal to Begin
the Network - 135 km
Demand/day
 60,000 pass/day.
Investments
 R$5.4 Billion.
GESP Interest
 Investment: R$1.8 bi;
 Annual consideration:
R$262 million (32 years).

URBAN MOBILITY
Salvador LRT Project

Mobilidade Urbana
Salvador LRT

 Calçada-Paripe = 12 km;
 Calçada-Elevador
Lacerda = 3,8 km.

URBAN MOBILITY
Northern Beltway of Belo Horizonte

Urban Mobility
Northern Beltway of BH

São Paulo
Belo Horizonte

Urban Mobility
Northern Beltway of BH

// Declaration of Interest was presented:
awaiting public consultation and publication of
the Invitation to Bid
 Purpose: Structuring of the Highway Metropolitan
Beltway Project of the BHMR – northern stretch,
with 67 km, connecting the municipalities of
Sabará, Santa Luzia, Vespasiano, São José da Lapa,
Pedro Leopoldo, Ribeirão das Neves, Contagem and
Betim;
 The proposed Beltway will connect the South and
North portions of BR 381 (Fernão Dias).

Date scheduled for the Bid:
1st half of 2014

URBAN MOBILITY
Rio de Janeiro Beltway

Complementation of the Rio de
Janeiro Beltway
// GENERAL MAP OF THE RIO DE JANEIRO BELTWAY
// CCR won the Declaration of Interest to
carry out studies to complement the RJ
Beltway :
 Implementation of stretch 6;
 Operation of stretches 4, 5 and 6;
 Extension: 13 km;
 Investment: R$1.2 billion;
 Submission of studies: Feb/2014;
 Model: sponsored PPP.

Stretch 06

Stretch 05
Stretch 04

URBAN MOBILITY
Connection of Florianópolis with
the continent in Santa Catarina

Urban Mobility

Declaration of Interest – Great Florianópolis

Santa Catarina

Florianópolis

Urban Mobility

Declaration of Interest – Great Florianópolis

Maritime
transportation of
passengers and
vehicles by ferryboats;

Demand:
42,000 passag./day
20,000 cars/day;

Investment of
R$940 million.

//Declaration of Interest submitted:
awaiting the State Government’s decision

Tamoios Highway

//Sponsored PPP for the implementation of the
duplication of the hill stretch between São José
dos Campos and the Port of São Sebastião :










Duplication length: 22 km;
Operation length: 106 km;
Investments: R$3.7 billion;
Consideration: R$5,8 billion;
Public investment: R$1.6 billion;
Concession term: 30 years;
Tariff revenue: R$3.5 billion;
Public consultation: by December 6, 2013;
Invitation to bid: end of Dec 2013 (forecast).

AIRPORTS
“Invest, diversify
and grow: CCR 2020”

Santiago - SCL

Comodoro Arturo Merino Benítez International Airport

// Concession Term: 15 years (*)
 Invitation to Bid: May 2014;
 Beginning of Operations: September 2014;
 Investment: USD716 million.

Arrivals and
departures
136,000;
Source: Ministry of Public Works (MOP) and DGAC
(*) probable

15.2 million
passengers.

Highway Concession PAC
Federal Program

Highway Concession PAC
Lots to be launched in 2014

Length
Duplication until the
5th year
Number of Toll Plazas
Initial Ceiling Tariff
(May/12)
Bid Notice Ceiling Tariff
(May/12)
Increase in Bid Notice
Ceiling Tariff

ANTT Capex

LOT 1
BR-101/BA
772.30

LOT 2
BR 262 ES/MG
375.60

LOT 3
BR 153 TO/GO
814.00

LOT 8
BR 116 MG
816.70

551.30

188.80

769.50

786.20

9

5

11

8

R$0.07450

R$0.07820

R$0.05840

R$0.04707

R$0.11720

R$0.11260

R$0.09850

R$0.10227

57.32%

43.99%

68.66%

117.27%

R$5.051 bi

2.107 bi

6.842 bi

7.170 bi

Railway Concession PAC
Federal Program

Railroads

Federal plan for logistics investments
// Main stretches to be procured

Porto de Vila do Conde
Porto de Santarém

1 SP Rail Beltway Northern Segment;

2

Porto de Itaqui

12

Porto de Pecém
Açailandia

SP Rail Beltway Southern Segment;

3 Access to Port of Santos;
4 Lucas do rio Verde Uruaçu;
5 Uruaçu – Corinto – Campos;

Porto de Marabá
Porto de Porto Velho

Total of

4
Uruaçu

Maracajú

// Launch of bid notice+
drafting of proposals: 1st
half of 2014

1
2 3

Porto de Vitória

6

Porto do Rio de Janeiro
Porto de Itaguaí
Porto de Santos
Porto de Paranaguá

10
Mafra

11
Porto de Rio Grande

// Total investments: R$91 bn

Porto de Ilhéus

5

Belo
Horizonte

Panaroma

11 São Paulo – Mafra – Rio Grande;

Porto de Salvador

Corinto

9

10 Maracaju – Mafra;

12 Açailândia – Vila do Conde.

7

Estrela D’Oeste

7 Belo Horizonte – Salvador;

9 Estrela do Oeste – Panorama – Maracaju;

Lucas R. Verde

10,000 km

6 Rio de Janeiro – Campos – Vitória;

8 Salvador – Recife;

8

Porto
de Suape

OVERVIEW OF HIGH-QUALITY
GROWTH FOR THE CCR GROUP:
The Company’s performance,
strategy and future:
ARTHUR PIOTTO

CREDIBILITY, OUR
GREATEST INTANGIBLE
ASSET

Credibility, an asset valued by CCR

// OUR SPEECH







Clear Strategy;
Selectivity;
Capital Discipline;
Efficient Use of Balance Sheet;
Operational Optimization.

// WHAT WE DELIVER

 21% of Ebitda CAGR and 46% of
Dividend CAGR in 10 years.

Despite recurrent delays in
bidding processes.

* EBITDA CAGR of Feb 2012 and Dividend CAGR of Mar 2013


// IN 2009, THIS WAS OUR
INVESTMENT MESSAGE …
… which afterall lasts to date.

R$3.8 bi

AS DISCLOSED IN 2009, WE
DELIVERED …

… our investment
message, yet in a period
of low activity in the
sector.

R$2.3 bi
R$1.9 bi
+ SPVias
+ ViaQuatro

EBITDA
2009

EBITDA 2010(E)
Market Consensus

EBITDA 2013(E)
Market Consensus in
2010

We are very
close to
reaching
approximate
growth of 60%
in EBITDA in
three years.

~4.0
DESPITE THIS
SCENARIO, THE
MARKET EXPECTS
THAT CCR DELIVER

what was
planned in 2009
within one year
in advance.

3.8

3.3
2.9
1.9

2.3

R$ Billion
EBITDA
2009

EBITDA
2010

EBITDA
2011

EBITDA
2012

EBITDA
2013(E)

EBITDA
2013(E)

Market
Consensus in
2010

CURRENT
Market
Consensus

5.5 to 6.5
~4.0
AND IT MAY
HAPPEN AGAIN,
BASED ON A SOLID
PORTFOLIO
we trust in our
potential for more
deliveries.

3.8

Possible
increase of
~50% in
EBITDA

3.3
2.9
1.9

2.3

R$ Billion
EBITDA
2009

EBITDA
2010

EBITDA
2011

EBITDA
2012

EBITDA
2013(E)

EBITDA
2013(E)

Market
Consensus in
2010

CURRENT
Market
Consensus

EBITDA
2013(E)
CCR Day 2012

OUTLOOK AND PROJECT
TRACK RECORD

Assets conceded in Brazil– 2002 to 2011

2002

No project

R$0

2003

No project

R$0

2004

MG050

R$1,520

2005

No project

R$0

2006

São Paulo Metro Line 4

R$1,506

2007

7 Federal Highways

R$15,403

2008

6 São Paulo State Highways

R$10,211

2009

BR116/BR324 in Bahia

R$2,602

2010

BA093 and southern and eastern
stretches of São Paulo Beltway
MT130, PE060 and 1 Airport

R$6,786

2011

R$989

Amounts restated by the Broad Consumer Price Index (IPCA) up to September 2013 (in million).

Total
Investment
R$39,017

Assets conceded in 2012 and 2013

// INVESTMENTS (IN BILLION)
BR101 (ES/BA)

R$1.7

Guarulhos Airport

R$5.2

Viracopos Airport

R$9.9

Brasília Airport

R$2.7

ViaRio

R$1.8

Rio LRT

R$1.2

Salvador Metro System

R$3.9

BR 050

R$3.0


R$9.0

TOTAL: 9 PROJECTS

The search for
solutions for
infrastructure
bottlenecks has
begun.

TOTAL ESTIMATED INVESTMENT : ~R$38 BI

Recent auctions

// INVESTMENTS (IN BILLION)
BR101 (ES/BA)
Guarulhos Airport
Projects in which
CCR took part

Projects won by CCR
Projects in which CCR
did not take part

R$1.7
R$5.2

Viracopos Airport

R$9.9

Brasília Airport

R$2.7

ViaRio

R$1.8

Rio LTR

R$1.2

Salvador Metro

R$3.9

BR 050

R$3.0


R$9.0

OF 9 PROJECTS, WE TOOK
PART IN 7 AND WON 3.

+

BOATS AND 3 AIRPORTS

the portfolio’s
expansion is
based on
selectivity …
... and capital
discipline, CCR’s
characteristics.


In the last two
years, CCR
added seven
new businesses…
... backed by the
efficient use of
balance sheet.

Investments

EBITDA*

Remaining
Term

CCR Barcas

R$180

R$45

10

3 Airports

R$480

R$200

24

ViaRio

R$233

R$33

34

Rio LRT

R$130

R$18

25

R$1,659

R$255

30

In Million

Salvador Metro

In million
Investments of
In five years, market
analysts estimate the
following increase:

* According to analysts’ expecftations

R$2,682
* 14% of
EBITDA/year

* NPV of up
to R$3.8 bi

Short and long-term opportunities
Galeão Airport
Confins Airport

IN VIEW OF THE
GROWING DEMAND
FOR
INFRASTRUCTURE
and speed up of
auctions, make
your allocations.

R$5.3
R$3.7

BR 163

R$4.6

BR 060/153/262

R$7.1

BR 163/262/267

R$5.8

Goiânia LRT

R$2.1

Tamoios Highway

.7

//(IN BILLION)

R$3.7

Niterói Line 3

R$3.0

São Paulo Line 20

R$14.0

São Paulo Line 18

R$3.2

4 Metro Projects

R$12.2

TIC

R$5.4

Others

R$24.8

TOTAL: 23 PROJECTS

TOTAL ESTIMATED INVESTMENT: ~R$103 BI

IS CCR’S CURRENT FINANCIAL STRATEGY
STILL ADEQUATE TO A SCENARIO OF GREATER
BUSINESS OUTLOOK?
YES, IT IS. WHY?

Investment capacity
Financial strategy

Debt of 3.0x Net
Debt/EBITDA.

The Company’s growth
will be financed by
leveraging.

Payout commitment of
at least 50% of net
income as dividend.

Financing sources

// NEW BUSINESSES






BNDES;
FI-FGTS;
Pró Transporte;
FINISA;
VITER.

Based on our balance sheet, we believe in
a sufficient credit offer for new projects.

// PERFORMED BUSINESSES
Bank Credit
 Bank Credit Bill (CCB);
 Credit Facility;
 Loan Agreement.
Stock Market
 Debentures and Promissory Notes;
 Subsidized Debentures;
 External funding;
 Private placements.

Debt mix optimization
220%

// Based on operational variables, we may determine debt breakdown that provides the best
risk/return ratio.

Net Income (MM BRL)

2000
1990

Net Income
(BRL MM)

Risk
(BRL MM)

Risk/
L. L.

CDI

1980

BRL PRE

TJLP

1970
1960
1950
1940

50

100

150

200

250

Risk(MM BRL)

300

350

400

Investment capacity
Leveraging
2.6
R$ Billion

2.5

2.0

0.8

1.1

1.5

0.9

3.0

2.1

2.2

1.5

11.2

0.8

7.2
5.6
2.6
1.2

1.1

0.6

1.2

1.1

2.0

7.5

8,1

Additional Capacity
of R$3.7 billion

6.2

2.9

1.2

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013E

2013
EBITDA in the last 12 anos, base Sept 2013
Net Debt: Market Consensus

Net Debt

Net Debt/EBITDA

Market Consensus

Dividends

16%

58%

61%

4.2%

4.8%

65%
3.8%

92%

127%

85%

85%

5.0% 4.6%
3.9%

4.7%

90%

90% 90%

3.9% 3.7% 3.9%

2.2%

Payout
Div Yield

1,439

R$ million
1,177

1,301
714
500
183
30

* Market Consensus

547

580
532

263
302

605

709 672
852

899

1,054-

803

609

355

152
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

Net Income
Net Income(E)*
Dividends

Conclusion
// CONSIDERING...
The current potential
of new growth
opportunities;

The access to the capital
The Group’s additional market provided by the
three pillars of the
indebtedness capacity;
financial strategy;

The strong support to
financing of the
infrastructure sector;

The better economic
feasibility of assets to
be conceded;

The development of
PPPs’ market;

The recent success in
the acquisition of new
businesses.

//... CCR has energy to expand its businesses, adding
value to shareholders without excluding the capital
discipline and quality of assets.

CONCLUSIONS AND FINAL
REMARKS:
RENATO VALE

Proven Track Record
CCR has a proven track record in acquisitions, diversification or new bidding processes.

EUA
(2007)

ViaQuatro
(2006)

Expansions
AutoBAn +
ViaOeste
(2006)

RodoNorte
(2005)

Renovias
(2008)

ViaOeste
(October 2004)

Benchmarks

RodoAnel
(2008)
Controlar
(2009)

Follow-on
(2009)

Follow-on
(April 2004)

Acquisitions

STP
(2003)

IPO
(2002)

Concessions
Obtained

NEXT PROJECTS …

Concession
Extension

Several growth opportunities.

Company Performance
CCR has a proven track record in acquisitions,
diversification or new bidding processes.

2002

2003

2004

2005

2006

2007

IPO
Follow-on (April)
CCR ViaOeste (October)

Benchmarks

Acquisitions

Concessions
Obtained

Concession
Extension

EUA

CHALLENGES
RELATIONSHIP (DIALOGUE)

How to prepare for the CCR of the future:

CHALLENGES
GOING CONCERN
Sustainability

In 2009...

Current

...Level change

Thinking ahead...
EBITDA
R$2 bi

PRICE
PRICE
R$37/share
R$9.25/share

EV/EBITDA
10.5x

2013E

Level Change

EBITDA
R$4.0 bi
EBITDA
R$4.5 bi

EV/EBITDA
10.5x

PRICE
R$??/share

PRICE
R$???/share

(1) Ebitda considered for calculation was the market consensus of R$2.000 million for 2009

In 2012...
...Mudança de Patamar

Pensando Alto...

... and how 2016 will be?

2016 (E)

2013 (E)

...Mudança de Patamar

EBITDA
R$4.0 bi

EBITDA
R$5.5

PRICE
EV/EBITDA
PRICE

EBITDA
6.5 bi

(1) Ebitda considered for calculation was the market consensus of R$2.000 million for 2009
(2) (E) Market consensus

DEBATES,
QUESTIONS AND ANSWERS

PLANNING, TRANSPARENCY AND CREDIBILITY

Presentation CCR DAY 9

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