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
2
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.
3. TRAFFIC:
Consolidated traffic¹ decreased 1.5%. Excluding MSVia, there was a 5.5% drop in 3Q16.
ADJUSTED EBITDA:
Adjusted EBITDA went up 151.1% with adjusted margin of 136.7% (+74.4 p.p.).
In the same basis2 there was a 3.2% increase, with margin of 66.9% (+0.8 p.p.).
3Q16 Highlights
NET PROFIT:
Net profit reached R$ 1,151.1 million, increase of 366.0%.
In the same basis2, net profit reached R$ 268.0 million, a 1.7% decrease.
CORPORATIVE HIGHLIGHT:
Sale of STP in August 31, 2016.
3
1 Excluding the proportional traffic of Renovias and ViaRio.
² Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia, MSVia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on
August 31, 2016; and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.
4. Financial Highlights – 3Q16
Net Revenues1 1,555.0 1,778.2 14.4% 1,806.4 2,009.4 11.2%
Adjusted Net Revenues on the same basis2 1,528.4 1,557.5 1.9% 1,714.5 1,747.1 1.9%
Adjusted EBIT3 697.4 2,118.0 203.7% 807.8 2,225.9 175.6%
Adjusted EBIT Mg.4
44.8% 119.1% +74.3 p.p. 44.7% 110.8% +66.1 p.p.
2 727.3 740.4 1.8% 819.4 835.4 2.0%
Proforma
Financial Indicators (R$ MM) 3Q15 3Q16 Chg %
IFRS
3Q15 3Q16 Chg %
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of
the comparison periods: Metrô Bahia, MSVia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold
on August 31, 2016; and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and
Quiama.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
4
EBIT on the same basis2 727.3 740.4 1.8% 819.4 835.4 2.0%
EBIT Mg. on the same basis2
47.6% 47.5% -0.1 p.p. 47.8% 47.8% 0.0 p.p.
Adjusted EBITDA5 968.1 2,430.7 151.1% 1,117.8 2,576.8 130.5%
Adjusted EBITDA Mg.4 62.3% 136.7% +74.4 p.p. 61.9% 128.2% +66.3 p.p.
Adjusted EBITDA on the same basis2 1,009.9 1,042.5 3.2% 1,134.6 1,173.5 3.4%
Adjusted EBITDA Mg. on the same basis2
66.1% 66.9% +0.8 p.p. 66.2% 67.2% +1.0 p.p
Net Income 247.0 1,151.1 366.0% 247.0 1,151.1 366.0%
Net Income on the same basis2 272.5 268.0 -1.7% 272.5 268.0 -1.7%
5. 248,936
256,560
275,606 271,966
254,023 250,633
Traffic – Quarter Change (Proforma*)
Consolidated – MM Equivalent Vehicle
Excluding MSVia
and ViaRio
232,219 (-5.5%)
3Q11 3Q12 3Q13 3Q14 3Q15 3Q16
5
Revenue and traffic 3Q16 X 3Q15 (%)
* Information including Renovias and ViaRio which are contemplated in the proforma method.
-5.3 -4.6 -3.8
-5.7 -6.4
-0.8
-5.6
-6.8
2.4
4.1
1.8
-0.8
0.4
7.5
-0.0
0.7
AutoBAn NovaDutra Rodonorte Via Lagos ViaOeste Renovias Rodoanel SPVias
Traffic Toll Revenues
7. IFRS Costs Evolution
Total Costs (R$ MM)
Same-basis
Cash Cost: R$
535 MM (-3.2%)
8% 22% 27%17% 0.3%
Same-basis
Cash Cost: R$
652 MM
ProformaSame-
basis Cash
Cost: R$ 606
MM (-7.0%)
13% 1% -68%
1,498
1,128
36
17 0,4 43
174 6 2 1,308
660
7
Conclusion of
civil works in
NovaDutra
and
Rodonorte
Studies and
business
consulting
services
New
business
Capex (New
business)
Update of
estimates and
technichal
specification
*Excluding one-offs of STP sale.
468
3Q15 Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs
One-off
STP
3Q16 New
Projects and
STP
3Q16
Same
Basis
8. 1,118
2,577
1,174
(96) (1,308)
Proforma EBITDA*
61.9%
Mg.
3Q15 Same basis
R$ 1,135 MM
66.2% Mg.
3Q16 Same basis
R$ 1,174 MM
67.2% Mg.
R$ MM
1,118 1,174
3Q15
Proforma
EBITDA
3Q16
Proforma
EBITDA
New
Projects
One-off
STP
3Q16
Proforma
EBITDA
Same Basis
8* Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia, MSVia, TAS, Controlar, ViaRio, VLT and STP; and (ii) Ponte, whose agreement ended on May 31, 2015.
*
9. IFRS Financial Results
•Average cash balance 3Q16 x 3Q15 = -13%
• Chg. of average CDI 3Q16 X 3Q15 = +0.1 p.p.
• Gross Debt = R$ 14.9 bi (+13.8%)
27%
R$ MM
365.8
467.4
(233.3 ) (5.5 ) 4.0 344.5
(138.2 ) (1.8 )
9
(3.1 )
(61.4 ) (10.8 )
3Q15 Net
Financial
Result
Income from
Hedge
Operation
Monetary
variation on
loans, financ.
and
debentures
Monetary
Variation on
Liabilities
related to the
Granting
Power
Exchange
Rate Variation
on Loans and
Financing
Present Value
Adjustment of
Maintenance
Prov. and
Liabilities
related to the
Granting
Power
Interest on
Loans,
Financing and
Debentures
Investment
Income and
Other Income
Fair Value of
Hedge
Operation
Others 3Q16 Net
Financial
Result
10. Net Income
R$ MM
Same basis
R$ 272.5 MM
Same basis
R$ 268.0 MM
(-1.7%)1,151 (20) (863)
10
*
* Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the
comparison periods: Metrô Bahia, MSVia, TAS, Controlar, ViaRio, VLT and STP; and (ii) Ponte, whose agreement ended on May 31, 2015.
247 268
3Q15
Net Income
3Q16
Net Income
New
Projects
One-off
STP
3Q16 Net Income
Same Basis
11. Debt in September 30, 2016
Amortization Schedule/ Not hedged (R$ MM) Indebtedness and leverage position
• Total Gross Debt: R$ 14.9 Bn
(R$16.3 Bn proforma)
• Net Debt / EBITDA: 2.3 x
(2.2 x proforma)
728
2,885
1,817 1,760
624
52
1,278
348
168
37
141
334
724 1,133
53125
252
87
67
2,077
3,268
3,129
2,976
4,749
945
Gross hedged debt by indexer
11
Gross debt by indexer
Not hedged Hedged
HedgedCDI
51.9%
IPCA
19.0%
TJLP
16.6%
USD
12.5%
CDI
86.9%
TJLP
8.8%
IPCA
3.7%
USD
0.6%
CDI
78.2%
TJLP
16.6%
IPCA
3.5%
USD
1.7%
3Q16 3Q163Q15
728 624
2016 2017 2018 2019 From
2020
CDI USD Others TJLP