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.
2
4. Highlights
Operating
Consolidated traffic recovery, when compared to recent quarters, up by
2.4% over the third quarter, 2005.
25.4% Increase in AVI users, totaling 632th.
Corporate
On August 31, 2006, the Company initiated a dividend payment, which was
recorded as anticipated dividends regarding FY 2006 results, amounting to
R$ 254.0 million, representing a dividend payout ratio of 131% over 1H06’s
Net Income.
4
5. Results
3Q06’s results reflect a combination of factors...
R$ Million 3Q05 3Q06 chg % 9M05 9M06 chg %
Net Revenues 519.3 550.0 5.9% 1,402.4 1,577.4 12.5%
Total Cost (1) 290.5 315.5 8.6% 830.3 954.9 15.0%
EBIT 228.9 234.6 2.5% 572.1 622.5 8.8%
EBIT Margin 44.1% 42.7% -1.4 p.p 40.8% 39.5% -1.3 p.p
Depreciation & Amortization (2) 81.3 87.9 8.1% 221.1 261.0 18.1%
EBITDA 310.2 322.4 3.9% 793.2 883.6 11.4%
EBITDA margin 59.7% 58.6% -1.1 p.p 56.6% 56.0% -0.6 p.p
Net Financial Result 47.9 (48.7) -201.7% (25.0) (143.0) 472.8%
Net Income 182.3 121.1 -33.6% 347.9 314.5 -9.6%
Net Financial Result (3) (47.1) (48.7) 3.7% (120.0) (143.0) 19.3%
Net Income (3) 120.2 121.1 0.9% 285.8 314.5 10.1%
(1) Total Cost + Administrative Expenses
(2) Includes Prepaid Expenses
(3) Pro forma amounts, excluding fiscal contingencies reversin in 3Q05 – net amount of R$ 62.1 million
…operating costs and financial result.
5
9. Net Revenue & Total Cost
Operating costs are coming back to long term trend...
Cost as a Percentage of Net Revenue
550
519
393
315 Net Revenue
303 290 15% Other
235 16% 13% Payroll
194 12% 12%
9% 21% Concession Fee
12%
23%
64 %
57 %
R$ (million)
10%
60 %
56 %
22%
22% 24% Third-Party
22%
1T03
30% 33%
1T04 1T05 1T06 D&A
27% 27%
26% 24%
3Q03 3Q04 3Q05 3Q06
Other: insurance, rent, routine maintenance, marketing, travel and electronic payment.
Third-Party Services: auditing, consulting and shared services.
...according to CCR’s expectation.
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10. Indebtedness
Current portfolio’s operating cash generation ensures...
Gross Debt Net Debt
1,774
1,126 1,276
1,467 1,214
1,269 100%
R$ (million)
R$ (million)
1,184 1.6
80% 679
69%
56% 1.2
1.1 1.1
3Q03 3Q04 3Q05 3Q06 3Q03 3Q04 3Q05 3Q06
Short Term Long Term In R$ Net Debt
11.8% 88.2% Net Debt / EBITDA LTM
...strong net income distribution and unlevaraged Balance Sheet
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11. Indebtedness
Sources of funding are neither a growth boundary...
Source of Funding Long Term Debt Amortization
Other
104.5% - 106.4% CDI BNDES
TJLP + 5.0%
23% 22% 615
R$ (million)
276
28% 27% 214 214
143
Debentures 70
Debentures
103.3% - 105% CDI
IGP-M + 9.5%-11%
2007 2008 2009 2010 2011 After 2011
...to the Company’s growth nor to refinancing its current portfolio.
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12. Capital Expenditures
Concessionaires capital expenditures are according...
CAPEX (R$ MM) 3Q06 9M06 2006 (E) 2007(E)
AutoBAn 39.1 125.6 225.3 68.1
NovaDutra 16.2 47.4 90.6 96.1
Rodonorte 11.1 25.6 29.9 36.4
Ponte 1.0 8.0 14.1 14.8
Via Lagos 0.3 3.9 3.4 4.5
ViaOeste 49.5 118.3 187.0 43.4
1
Other 1.5 1.4 11.9 8.8
Consolidated 118.6 330.2 562.2 272.1
(1) Includes CCR, Actua, Engelog, STP and Parques
...to their concession contract schedule.
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13. New Businesses
New Federal Concessions
State of São Paulo New Concessions
Secondary Market
Mexico, Chile, United States and Canada
Brazil is still the main growth driver,
However, CCR will look for other markets.
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