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.
3. Results Presentation
While preparing the financial statements for 2008, the Company, for the first
time, adopted the changes introduced by Law 11638, approved on
December 28, 2007, with the respective changes introduced by the
Provisional Presidential Decree 449, of December 3, 2008.
For quarterly comparative purposes, the Company complied with CVM
Resolution 506, of June 19, 2006, taking into account the retrospective
effect of the changes determined by said legislation and is consequently
presenting again the information for the first quarter of 2008.
4. Agenda
Highlights
Results
Outlook
Social Responsability
5. Highlights
Operating
• Traffic increase 16.3% in the 1Q09. Regarding 4Q08, traffic increase by
4.8%. Comparing the same traffic base, i.e., without Renovias and
RodoAnel Oeste, traffic dropped by 2.0% in the 1Q09.
• Net Revenue totaled R$ 716.0 milhões (+15.4%) in the 1Q09.
• 47.4% increase in AVI users in the year, compared to 2008, totaling 1,427
thousand. 1Q09 added 124 thousand Tag`s, a 107% growth compared to
1Q08.
6. Highlights
Events
• On February 9, 2009, CCR entered into an irrevocable and irreversible Share
Purchase Agreement subject to Suspensive Conditions and adjustments for
the acquisition of shares representing 45% of the capital stock of Controlar
S.A. CCR investment, will amount to R$121,014.000.00 .
7. Highlights
Upcoming Events
• On April 15, 2009, the Company approved the payment of additional 2008
dividends proposed by the management, of R$ 0.25 per share, paid as of
April 30, 2009 and R$ 0.10 will be paid by the end of 2009, totaling R$ 141.1
million. Considering the anticipation of dividends of R$ 1.00 per share paid on
September 30th, 2008, payout came to 76.3% for the fiscal year of 2008.
• On May 4, 2009, the Company informed its shareholders and the market in
general that it has entered into an irrevocable and irreversible Share
Purchase Agreement with Brisa – Autoestradas de Portugal S.A. (“Brisa”) for
the sale of CCR’s entire interest (10% of the capital stock) in Northwest
Parkway, LLC, in the amount of US$ 29.1million.
8. Results
The results reinforce our perception...
Financial Highlights 1Q08 1Q09 Chg % 1Q09 * Chg % *
R$ Million Reclassified
Net Revenue 620.4 716.0 15.4% 673.4 8.5%
Total Costs (1) (305.6) (370.3) 21.2% 335.7 9.8%
EBIT 314.7 345.7 9.8% 337.6 7.3%
EBIT Margin 50.7% 48.3% -2.4 p.p. 50.1% -0.6 p.p.
Depreciation and Amortization (2) 87.4 109.2 24.9% 92.0 5.3%
EBITDA 402.2 454.8 13.1% 429.6 6.8%
EBITDA Margin 64.8% 63.5% -1.3 p.p. 63.8% -1.0 p.p.
Net Financial Result (62.3) (82.9) 33.0% (49.2) -21.1%
Inc. tax and Soc. Contribution (Current and Deferred) (87.7) (105.2) 19.9% (102.0) 16.3%
Net Income 162.2 155.9 -3.9% 181.1 11.7%
* Not included Renovias and RodoAnel
(1) Total Costs + Administrative Expenses
(2) Includes prepaid expenses
... that our business is resistant to the economy’s ups and downs.
9. Net Financial Result
Net Financial Result 1Q08 1Q09 Chg % 1Q09 * Chg % *
R$ Million Reclassified
Net Financial Result (62.3) (82.9) 33.0% (49.2) -21.1%
Financial Expenses: (105.7) (150.9) 42.7% (112.9) 6.8%
- Exchange Rate Variation (12.8) (5.5) -57.2% (5.5) -57.2%
- Hedge Transactions lost (18.3) (18.6) 1.5% (18.6) 1.5%
- Monetary Variation (19.4) (1.7) -91.3% (1.7) -91.3%
- Interest on Short-term and Long-term Debt (48.4) (110.8) 128.8% (73.2) 51.2%
- Other Financial Expenses (6.8) (14.3) 109.5% (13.9) 103.9%
Financial Income: 43.4 68.0 56.6% 63.7 46.8%
- Hedge Transctions gain 14.4 4.8 -66.8 % 4.8 -66.8%
- Exchange Rate Variation 6.1 18.0 196.8 % 18.0 196.8%
- Monetary Variation - 8.3 n.a. 8.3 n.a.
- Other Financial Revenues (Interest and Proceeds from Investments) 23.0 36.9 60.8 % 32.6 41.8%
* Not included Renovias and RodoAnel
13. Net Revenues & Total Costs
The 1Q09 operating margin was affected by the new businesses ...
716.0
620.4
545.9
514.5
Net Revenue
370.3
Other
14%
Payroll
301.2 305.6 18%
285.3 12% Concession Fee
59%
16% 13% 17%
14%
R$ (million)
16% 15% 17% 16%
52%
12% 14% 16% Third-Party
15%
51%
12% 13%
49%
22% 15% 15%
21% 16%
23% 25%
28% D&A
23% 30% 28%
28%
22% 24%
28% 27%
28%
27%
27% 27%
27% 27%
1Q06 1Q07 1Q08 1Q09
Other: insurance, rent, marketing, travel, electronic payment and conservation and material for conservation and maintenance.
Third-Party Services: auditing, consulting, shared services and routine maintenance.
... higher Depreciation & Amortization and maintenance.
14. Indebtness
Our leverage, combined with the strong cash flow...
Gross Debt Net Debt
3,935 2,810
91%
1.57
1,973 1,116 1,091
983
R$ (millions)
R$ (milions)
1,703
1,396 97%
100%
0.95
0.79
0.72
87%
1Q06 1Q07 1Q08 1Q09 1Q06 1Q07 1Q08 1Q09
Short Term Long Term In R$ Net Debt Net Debt / EBITDA LTM
... enables CCR to further expand its business.
15. Indebtness
Our current profile reflects the regular development of any...
Distribution Debt Amortization
Maturing in 2009 1,857
Rodoanel PN's 1,159
BNDES 1,857
TJLP + (1.7% - 5.5%) Amortizations 358
Foreign CCR Debenture 340
Currency
R$ (million)
7% Debêntures
9% IGP-M + 7.6%-11%
19%
29%
555
Commercial 330
213 267
Pappers 186 168 167
133 95
CDI+(1.18% - 1.25%)
36%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Debêntures
CDI + 1.6% ; 103.3% - 105% CDI; 14.75%
... new business, including the taking out of long-term loans.
20. Social Responsibility and Cultural Policy
Tela Brasil Cinema Approximately 500,000 people
Roda Brasil Circus Over 160,000 people
Cultura
Road to Citizenship 15,000 educators and 870,000 children
I Use de Pedestrian Crossing Over 15,000 children, youngsters and adults
Ways to Life Institute Over 1,350 students
Education
Road to Health Approximately 68,000 truckers assisted
Humanized Childbirth Over 24,000 pregnant women assisted
Zero Alcohol Over 300,000 people impacted
Health
Green Asphalt Over 360,000 recycled tires
SacoLona (canvas bag) Project 3,550 items manufactured by recycling 532 kg of
canvas
Environment / Sports’ Caravan 10,200 children from public schools benefited
Sports
