2. 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.
4. The Sector Today
Tolls: Problem or solution?
• Transportation infrastructure sector requires huge investments
• Restrictions on government budgets
• Greater efficiency of private sector
• Funding available from sector players and international investment
funds
Global Tendency
5. USA
GDP Population Road network Fleet
US$ billion million thousands of km million
California 1,551 35.9 273 29
Texas 884 22.5 486 15
. CA . VA
. NC Florida 599 17.4 194 14
. X North
. FL 336 8.5 164 6
Carolina
Virginia 329 7.5 115 6
Source: US Bureau of Economics Analysis, team analysis
7. Mexico – Federal Concession
Short-term – estimated projects
Extension Investments
Greenfield Project
km US$ MM
Libramiento de La Piedad and Access to México –
50 67
Guadalajara Expressway
Compostela – Puerto Vallarta 104 324
Libramiento de Chihuahua 41 63
Total 195 454
8. Mexico – Federal Concession
Midterm - projects in preparation
Extension Investments
Greenfield Project
km US$ MM
Entronque Prefiférico Guadalajara – Entronque Ixtlahuacan del Río 30 114
Libramiento de Playa del Carmen 20 45
Libramiento de Ciudad Juárez 15 45
Salamanca - León 85 182
Libramiento de Puerto Vallarta 20 45
Cuapiaxtla - Cuacnopalan 74 132
Libramiento Sur de Puebla 45 91
La Venta – Colegio Mulitar 22 364
Colegio Militar - Chalco 40 318
Indios Verdes – Santa Clara 12 136
Puente Internacional Río Bravo - Donna 0.2 18
Total 363.2 1,490
9. Mexico – Federal PPS
Short-term – estimated projects
Extension Investments
Upgrade Project
km US$ MM
Upgrade Maintenance
Mitla – Entronque Tehuantepec 163 364 117
Zacatecas - Saltillo 213 109 386
Total 376 473 503
10. Mexico – Federal PPS
Mid-term – estimated projects
Extension Investments
Upgrade Project
km US$ MM
Upgrade Maintenance
Apizaco - Calpulalpan 51 109 79
Macuspana – Campeche / Quintana
434 129 142
Roo state border
Arriaga – La Ventosa 137 82 106
Salina Cruz - Huatulco 146 200 266
Acayucan – La Ventosa 170 182 260
Total 938 448 853
11. Mexico – asset monetization (FARAC)
Short-term – estimated projects
Extension Investments
Greenfield Projects Existing Expressway – Sale
km US$ MM
• Atizapán - Atlacomulco • Chamapa - Lechería
107 455
• Ampliación Chamapa - Lechería • Atlacomulco - Maravatío
• Libramiento de Mazatlán
• Culiacán - Mazatlán
• Libramiento de Culiacán 88 300
• San José – Cabo San Lucas
• Corredor Turístico de Los Cabos
• Reynosa – Matamoros
• Puente Int. Reynosa / Pharr
• Libramiento Sur de Reynosa
• Puente Los Tomates
• Allende – Juaréz
• Monterrey – Nuevo Laredo
• Sabinas – Colombia 219 487
• Cadereyta – Reynosa
(8 works)
306 km / 2006 revenues of US$ 102
million
Total 414 1,242
12. Mexico – asset monetization (FARAC 2)
Brownfield: Culiacán - Mazatlán
Tijuana
Mexicali
Construction: Libramiento de Mazatlán / Libramiento de Culiacán
Nogales Ciudad Juárez
Piedras Negras
Hermosillo Chihuah
ua
Nuevo Laredo
Matamoros
Torreón
Saltillo Monterrey
Culiacán Brownfield: Chamapa – Lechería / Atlacomulco - Maravatío
La Paz
Durango
Ciudad Construction: Atizapán – Atlacomulco / Ampliación Chamapa - Lechería
Mazatlán Victoria
Zacatecas Luis Potosí
San Tampico Can
Aguascalientes Progreso cún
Tepic Tuxpan Mérida
Querétaro
Guadalajara Atlacomulco Campeche
Ecua Jalapa
Colima Toluca D.F.
México
ndur Morelia Veracruz
Manzanillo Puebla
Cuernavaca Villa Hermosa Chetumal
eo
Lázaro Cárdenas
Chilpancingo
Oaxaca
Acapulco Tuxtla Gutiérrez
Salina Cruz
Huatulco
Brownfield: San José – Cabo San Lucas Ciudad Hidalgo
Construction: Corredor Turístico de Los Cabos
13. Mexico – asset monetization (FARAC 3)
Tijuana
Mexicali
Nogales Ciudad Juárez
Piedras Negras
Hermosillo Chihuahua
Nuevo Laredo
Matamoros
Torreón
Saltillo Monterrey
Culiacán
La Paz
Durango
Ciudad
Mazatlán Victoria
Zacatecas San Luis Tampico Can
Aguascalientes
Potosí Progreso cún
Tepic Tuxpan Mérida
Querétaro
Guadalajara Atlacomulco Campeche
Ecuan Jalapa
Toluca
Colima Morelia México D.F. Veracruz
Manzanillo dureo Puebla
Cuernavaca Villa Hermosa Chetumal
Lázaro Cárdenas
Chilpancingo
Oaxaca
Acapulco Tuxtla Gutiérrez
Salina Cruz
Huatulco
Ciudad Hidalgo
14. Mexico – asset monetization
Mid-term – other estimated projects
Extension Investments
Greenfield Projects Existing Expressway - Sale
km US$ MM
• San Martín Texmelucan -
• Xoxtla - Tlaxcala
27 86 Tlaxcala
• Libramiento de Tlaxcala
• Libramiento de Champotón
• Champotón – Entronque Autopista • Champotón – Campeche
77 132
• Libramiento de Villahermosa • Agua Dulce - Cárdenas
• Ent. Reforma – Ent. Lib. Villahermosa
• Pátzcuaro – Uruapan
• Libramiento Poniente de Morelia
• Uruapan – Nueva Italia
• Palmillas – Apaseo
204 491 • Nueva Italia – Lázaro Cárdenas
• Libramiento de Uruapan
• Libramiento Oriente de
• Ampliación Pátzcuaro - Uruapan
Querétaro
• Libramiento Sur de Guadalajara
136 364 • Guadalajara - Tepic
• Libramiento de Tepic
15. Mexico – asset monetization
Mid-term – other estimated projects
Extension Investments
Greenfield Projects Existing Expressway - Sale
km US$ MM
• Libramiento de Hermosillo
• Libramiento de Ciudad Obregón • Estación Don - Nogales
550 364
• Modernización Estación Don -
Nogales
• Cuautla - Alpuyeca
• Libramiento de Cuernavaca
• Cuernavaca - Acapulco
• Libramiento de Chilpancingo 158 636
• La Pera - Cuautla
• Libramiento de Acapulco
• Modernización la Pera - Cuautla
• Tuxpam – Tampico y Libs. • Córdoba - Veracruz
251 582
• Laguna Verde – Gutiérrez Zamora • Gutiérrez Zamora - Tihuatlán
16. The Sector Today
Main concession models
Project without
Greenfield Brownfield
demand risk
Easier to estimate traffic
Greater demand risk Construction focus
More accelerated cash flow Payments to the concessionaire
More stable cash flow
growth by the granting power
Construction works risk Lower project execution risk
17. The Sector Today
Leading global players – Market Value US$ billion*
21,987 21,437
12,553
9,118 8,873
7,154 6,785 6,293
5,179 4,882 4,686
up 1,023 570
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18. The Sector Today in Brazil
• Total paved highways: 196,094 km
6% - 9,834 km granted to private enterprise
• Existing concessionaires: 37, before the federal auction
• Location: states of Rio Grande do Sul, Paraná, Minas Gerais, São
Paulo, Rio de Janeiro, Espírito Santo, Bahia and Pernambuco.
19. The Sector Today in Brazil
Means of Transportation in Brazil
Passenger Transport Cargo Transport
Air 2% Subway 1% Pipeline 5% Air 0.3%
Rail 1% Maritime 13.7%
2000
Road 62%
Road 96% Rail 19%
Rail 1.4% Air 2.4 % Pipeline 3.7%
Maritime 13.0%
Rail 24.0%
2006 Air 0.3%
Source: Ministry of Transport 2006
Road 96.2% Road 59.0%
Source: National Transport Confederation (CNT)
20. The Sector Today in Brazil
Leading players in Brazil
In km Revenues
1,452 Before
1,147
993 913
CCR
42%
430 367 58%
235 Others
CCR OHL Univias Ecorodovias Civilia Triunfo Encalso
3,226
After
1,452
993 913 CCR
430 367 235 36% *
Others 64%
OHL CCR Univias Ecorodovias Civilia Triunfo Encalso
* Estimated shares after federal highway auction
Qualified portfolio
21. The Sector Today
Success factors
• Clearly defined strategy
• Differentiated access to capital market
• Service excellence
• Ability to foresee trends and develop business
23. CCR System Traffic Growth
Characteristics of the CCR highways
AutoBAn:
• Cars: commuter traffic between 2 major cities (São Paulo
and Campinas); weekend tourism traffic (areas of Valinhos,
Vinhedo, Campinas, Cabreúva, etc.).
• Commercial vehicles: general bulk cargo, agricultural crops
from São Paulo and other states; channel for export outflow
(Santos and São Sebastião); automobile makers (Honda,
Toyota); distribution centers (VW, C. Bahia, L. Marabrás, M.
Luiza, Natura, etc.).
• 3Q07 – 38.4% of total toll revenue.
The great variety of products transported “shields” the
concessionaire, making it less vulnerable to sector crises
24. CCR System Traffic Growth
AutoBAn - Characteristics of the highway
• Growth in the last 12 months = 6.9%
• Growth between Jan. and Oct. 2007 = 7.2%
• Growth from Oct. 2006 to Oct. 2007 = 11.2%
• Traffic Mix = 43.7% light vehicles / 56.3% commercial vehicles
Annual Traffic Evolution Monthly Traffic Variation
AutoBAn AutoBAn
11.2%
20.2%
8.2% 7.9%
7.7%
7.3% 7.0%
6.6%
5.8% 6.1% 5.9%
5.4%
10.9% 4.5% 4.7%
9.0%
6.5% 7.2%
2.2% 2.6%
0.5%
2000 2001 2002 2003 2004 2005 2006 2007 Oct/06 Dec/06 Feb/07 Apr/07 Jun/07 Aug/07 Oct/07
25. CCR System Traffic Growth
Characteristics of CCR highways
ViaOeste:
• Cars: commuter traffic between the regions of Sorocaba,
Alphaville and São Paulo; weekend tourism traffic (regions
of Itu, Cotia, Ibiúna, Indaiatuba, Cabreúva, Araçoiaba
Serra, etc.).
• Commercial vehicles: general bulk cargo, agricultural
produce from São Paulo and other states; automobile
maker (Toyota); distribution centers (GM, Friboi, Eurofarma,
etc.); channel for export outflow (Santos).
• 3Q07 – 16.9% of total toll revenue.
The great variety of products transported “shields” the
concessionaire, making it less vulnerable to sector crises
26. CCR System Traffic Growth
ViaOeste - Characteristics of the highway
• Growth in the last 12 months = 7.7%
• Growth between Jan. and Oct. 2007 = 7.7%
• Growth from Oct. 2006 to Oct. 2007 = 10.7%
• Traffic Mix = 50.7% light vehicles / 49.3% commercial vehicles
Annual Traffic Evolution Monthly Traffic Variation
ViaOeste ViaOeste
10.7%
9.6%
14.3% 9.4%
9.0% 8.3% 8.3%
12.0% 8.0% 7.6% 7.3%
7.2%
8.3%
5.6% 7.7% 6.0%
5.3% 5.3%
4.9%
4.1%
-1.5%
2000 2001 2002 2004 2005 2006 2007 Oct/06 Dec/06 Feb/07 Apr/07 Jun/07 Aug/07 Oct/07
2003
27. CCR System Traffic Growth
Characteristics of CCR highways
NovaDutra:
• Cars: commuter traffic between 3 major cities (São Paulo, Rio
de Janeiro and São José dos Campos); weekend tourism
traffic (Campos do Jordão, Serra da Mantiqueira and the coast
of São Paulo state)
• Commercial vehicles: general bulk cargo; automobile makers
(GM, VW, Citroën/Peugeot) and CSN.
• 3Q07 – 27.0% of total toll revenue.
The great variety of products transported “shields” the
concessionaire, making it less vulnerable to sector crises
29. CCR System Traffic Growth
Characteristics of CCR highways
RodoNorte:
• Cars: commuter traffic between the regions of Curitiba,
Ponta Grossa, Apucarana, Londrina, etc.
• Commercial vehicles: agricultural produce from Paraná and
other states; channel for export outflow (Paranaguá, S.
Francisco do Sul and Itajaí).
• 3Q07 – 11.9% of total toll revenue.
The variety of outflowed products is growing, becoming less
dependent on the agriculture and livestock industry
30. CCR System Traffic Growth
RodoNorte - Characteristics of the highway
• Growth in the last 12 months = 7.9%
• Growth between Jan. and Oct. 2007 = 9.3%
• Growth from Oct. 2006 to Oct. 2007 = 16.7%
• Traffic Mix = 21.6% light vehicles / 78.4% commercial vehicles
Annual Traffic Evolution Monthly Traffic Variation
RodoNorte RodoNorte
16.7%
14.6%
9.3% 14.2%
11.4%
7.1%
6.5%
5.9% 8.6% 9.8%
4.8% 7.5%
4.8%
3.4%
2.8% 2.0%
1.9%
-7.1% -2.6% -0.8% 0.1%
2001 2002 2003 2004 2006 2007 Oct/06 Dec/06 Feb/07 Apr/07 Jun/07 Aug/07 Oct/07
2005
2000
31. CCR System Traffic Growth
Characteristics of CCR highways
Ponte:
• Cars: commuter traffic between 2 metropolitan
areas: Rio and Niterói; weekend tourism traffic
(Lagos region)
• Commercial vehicles: light commercial vehicle traffic
for urban distribution
• 3Q07 – 3.8% of total toll revenue.
The traffic behavior for this concessionaire shows a moderate
growth potential
33. CCR System Traffic Growth
Characteristics of CCR highways
ViaLagos:
• Cars: weekend tourism traffic
• Commercial vehicles: light commercial vehicle traffic to supply
the local businesses; heavy commercial vehicle traffic to cater
to the oil industry in Macaé region.
• 3Q07 – 2.0% of total toll revenue.
The concessionaire's traffic is becoming increasingly less
dependent on local tourism, and showing a greater adherence to
the evolution in services and in the oil industry
34. CCR System Traffic Growth
ViaLagos - Characteristics of the highway
• Growth in the last 12 months = 0.4%
• Growth between Jan. and Oct. 2007 = 5.0%
• Growth from Oct. 2006 to Oct. 2007 = 20.3%
• Traffic Mix = 79.1% light vehicles / 20.9% commercial vehicles
Annual Traffic Evolution Monthly Traffic Variation
ViaLagos ViaLagos
9.1%
7.3% 21.5% 17.9% 20.3%
5.0%
7.0% 8.2%
2.1% 5.7%
-1.1% 0.3% -11.8% 1.5%
-7.5% -4.5% -7.8% -30.0% -3.8%-7.8% -1.9%
2001 2003 2004 2005 2006 2007 Feb/07 Apr/07 Jun/07 Aug/07 Oct/07
2002 Oct/06 Dec/06
2000
38. Motorization Index – Global View
9.4
Inhabitants per vehicle
7.9 8
1996 5.7 5.8 5.7
4.8
2005
3.2
1.9
1.7 1.5 1.7 1.5 1.7 1.7 1.7
1.3 1.2
Italy Australia USA France Canada South Mexico Argentina Brazil
Korea
Source: Anfavea
If the same trend observed in other countries reflects in Brazil,
traffic x GDP elasticity ratio can increase significantly
39. Motorization Index – Historical Evolution
Inhabitants per vehicle - Brazil
9.4
9.1
9.0 8.9 8.8
8.6
8.4 8.4 8.2 8.0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: Anfavea
The higher credit offering for the automobile industry
seems to be the main driver for the decrease in this ratio
41. Conclusions
• Characteristics of our highways minimize impacts from sector crises.
• Historical traffic elasticity is 1.5x Brazil GDP.
• Current macroeconomic scenario suggests average annual GDP growth of 5%
over the next few years.
• Favorable path in the motorization index could have a strong impact on traffic
indicators.
• Expansion of toll-road sector should generate greater confidence (term and
reach) of highway sector as a whole, including in our concessions.
• Main driver of the recent acceleration in traffic growth is the stronger economic
growth in the regions where our toll roads are located.
43. Evaluation of the Current Portfolio
How to extract value from our portfolio
1. Traffic
2. Financing
• Overview
• Releveraging
• Cost of capital
3. Operating efficiency
• Operating costs
• Capital expenditure
4. Perpetuity
44. Traffic
Historical growth: 1.5x GDP
Average market assumption: 1.0x GDP
Exercise => What is the value creation when we adopt more
optimistic assumptions?
Alternative Scenario:
Future growth = historical elasticity
(1.5x GDP)
45. Traffic
Estimated traffic evolution
2008 2009 2010 2011 From 2012
GDP* 4.4% 4.2% 4.2% 4.0% 4.0%
Alternative Scenario 6.5% 6.3% 6.3% 6.1% 6.0%
* source: Brazilian Central Bank – market estimates 11/16/2008
R$ 3.0 billion
R$ 7.6/share
Base Scenario Alternative Scenario
46. Evaluation of the Current Portfolio
How to extract value from our portfolio
1. Traffic
2. Financing
• Overview
• Releveraging
• Cost of capital
3. Operating efficiency
• Operating costs
• Capital expenditure
4. Perpetuity
47. Importance of financing
Government’s Goal Investor’s Goal
To minimize project’s IRR To maximize shareholders’ IRR
To optimize capital structure
Key factors for value creation:
• To maximize distribution of dividends to shareholders for investment
in new projects
• Financial engineering as driver of competitiveness
48. Financing process
• Hiring a financial advisor
• Drawing up the financial structure
To maximize IRR (value and quality)
To minimize shareholder commitment
Payback
Rating
• Items to be considered:
Flow diversity
Ratio: Debt / (Debt + Equity)
Ratio: Debt / EBITDA
Coverage Ratios
Reserve account
Interest coverage
Instruments
Markets
Currency / Hedge
Guarantees
49. History of CCR in Project Finance
1996 BNDES/IFC R$ 170 MM and US$ 115 MM
1996 BNDES R$ 38 MM
1999 BNDES/IBD R$ 195 MM and US$ 92 MM
1999 BNDES/IBD R$ 26 MM and US$ 29 MM
2000 BNDES/BID/ IFC R$ 220 MM and US$ 161 MM
2001 BNDES R$ 255 MM
TOTAL R$ 904 MM and US$ 374 MM
51. Recent Operations
ViaQuatro – 2007
• Recently we entered into a Project Finance agreement with IDB for
the acquisition of trains and systems – US$250 MM
• The process to choose the lender was very competitive and we
received several proposals:
Lender Modality
BNDES Multilateral
IDB + Commercial Banks Multilateral
HSBC + BEI + NEXI Multilateral / ECA
Deutsche Bank Project Bond in USD
Citibank Debentures in R$ with IDB guarantee
Korea Eximbank + BNP Paribas + COFACE Multilateral / ECA
Korean Development Bank Multilateral
KFW Multilateral
JBIC Multilateral
52. Recent Operations
Farac – Mexico – 2007
CCR Goldman / ICA (winning consortium)
Bridge loan (syndicated with banks)
Type of Loan Long Term – Capital markets
with take-out (bonds – capital markets)
Loan Amount US$ 3.6 Bn US$ 3.4 Bn
Payment US$ 2.8 Bn US$ 3.1 Bn
Liquidity US$ 800 MM US$ 283 MM
Take-out 6 months 7 years
Debt Cost M-BONO + 1.75% TIIE + 1.65% (years 1 and 2)
Term 26 years 7 years pre-payable anytime
Currency Pesos Pesos
Grace Period 16 years bullet
53. Current Portfolio Appreciation
How to extract value from our portfolio
1. Traffic
2. Financing
• Overview
• Releveraging
• Cost of capital
3. Operating efficiency
• Operating costs
• Capital expenditures
4. Perpetuity
54. Releveraging: value generation for CCR
It allows an extraordinary distribution of dividends anticipating future
cash flows
It generates
value for It benefits the
It provides
shareholders project for a
capital for
with possible drop
investment in
consequent in the interest
new projects
improvement rate
of IRR
56. Leverage and interest rate: impact on value
Exercise => What is the value creation when we adopt more
optimistic assumptions?
Current assumptions (market average):
D / EV = 40%
Kd = 12.2% in R$
WACC = 9.1% in US$
57. Leverage and interest rate: impact on value
Value Added Value per share
Selic Kd D / EV
(R$ MM) (R$ MM)
Scenario A 11.1% 12.2% 40.0%
Scenario B 9.0% 9.7% 40.0% 650 1.61
Scenario C 9,0% 9,7% 50,0% 1.353 3,36
R$ 650 MM
R$ 1.6/share
Scenario A Scenario B
58. Current Porftolio Appreciation
How to extract value from our portfolio
1. Traffic
2. Financing
• Overview
• Releveraging
• Cost of capital
3. Operating efficiency
• Operating costs
• Capital expenditure
4. Perpetuity
60. Evolution of WACC of CCR – US$ nominal
25%
23.6%
20.6%
20%
16.5%
15% 14.9%
14.5%
13.9% 13.6% 13.8% 13.6%
12.0%
10.7%
10%
9.4% 9.1%
What is the
5% limit of this
drop?
0%
07
8
2
6
5
6
7
9
0
1
3
4
5
20
9
0
0
9
9
9
9
0
0
0
0
0
19
20
20
19
19
19
19
20
20
20
20
20
ep
-S
n
Ja
61. CCR among its peers
Net EBITDA Dividend Net
USD million - 2008 E Country Market Cap Revenues EBITDA EBIT Margin EV/EBITDA P/E
Income yield Debt/EBITDA
Autostrade IT 21,987 4,823 3,018 2,443 1,015 62.6% 2.5% 12.3 21.9 4.9
Abertis ES 21,437 5,700 3,678 2,562 1,179 64.5% 2.7% 11.1 18.1 4.6
Sacyr Vallehermoso ES 12,553 8,508 1,788 1,332 1,314 21.0% 1.8% 14.7 9.4 16.2
Cintra ES 9,118 1,644 1,105 734 28 67.2% 0.9% 25.0 477.1 11.8
Brisa PT 8,873 1,047 760 541 321 72.6% 2.9% 13.0 23.9 4.8
CCR BR 7,154 1,366 875 681 376 64.1% 2.5% 8.4 17.9 0.7
Macquarie Infr Group AU 6,785 1,740 1,691 1,648 1,694 97.1% 6.7% 4.6 3.9 0.7
PLUS MY 4,882 705 570 492 361 80.9% 4.8% 11.2 13.5 2.6
Jiangsu Expressway CN 4,686 769 548 433 284 71.3% 5.2% 10.8 16.5 2.0
Bangkok Expressway TH 570 249 197 123 60 79.2% 4.3% 7.1 9.5 3.4
Source: Industry Analysis 11/16/2007
62. Capital Market
Average trading volume in the last 90 days R$ 29 MM
Average daily trades in the last 90 days 1,024
Number of shareholders 10,500
% of the free-float held by foreign investors 59%
180,000 1000%
900%
160,000
CCRO3 739% 800%
140,000
700%
120,000
IGC 571% 600%
Volume (R$ thousand)
100,000 500%
80,000
Ibovespa 390% 400%
300%
60,000
200%
40,000
100%
20,000
0%
0 -100%
Feb-02 Apr-02 Jun-02 Sep-02 Nov-02 Feb-03 Apr-03 Jul-03 Sep-03 Nov-03 Feb-04 Apr-04 Jun-04 Sep-04 Nov-04 Fev-05 Abr-05 Jul-05 Sep-05 Nov-05 Feb-06 May-06 Jul-06 Sep-06 Dec-06 Feb-07 May-07 Jul-07 Sep-07
As of: 11/19/2007
Share Buyback Program (ESM to be held on 11/29/2007)
64. Regulatory Framework 1994 x 2007 – Federal Concessions
1994 2007
Legislation Federal Public Tender Law 8666 Federal Concession Law 8987 of 1995
of 1993 Federal PPP Law 11079 of 2004
DNER – responsible for managing Regulatory Agency – ANTT – June 2001
Regulatory Body
the Concession Agreements.
Inspections handled by state
DNER branches
Concession 1st Federal Concession Agreement ----
Agreement signed in 1994
First legal decisions governing annual tariff adjustments
Jurisprudence No legal precedent in 1997. First Supreme Court decisions as of 2003, related
to the dispute in Paraná, with consolidation of the legal
precedent of annual tariff adjustments, risk of the
appropriation of voting capital and expropriation
Other events
Privatization of CVRD – 1997
---
Privatization of Telebrás – 1998
