1. Results Conference Call
Third Quarter 2013 (3Q13)
November 14, 2013

2. 3Q13 Tolled Traffic
Vehicle-Equivalents (Thousand)
State Concessions
3Q13
2Q13
3Q12
Var%
3Q13/2Q13
Var%
3Q13/3Q12
9M13
9M12
Var%
9M13/9M12
55,916
49,402
50,351
13.2%
11.1%
151,755
139,909
8.5%
Autovias
12,787
11,442
11,656
11.7%
9.7%
34,938
32,629
7.1%
Centrovias
15,044
13,189
13,446
14.1%
11.9%
41,001
37,189
10.3%
Intervias
17,861
15,705
16,069
13.7%
11.2%
48,167
44,686
7.8%
Vianorte
10,224
9,065
9,180
12.8%
11.4%
27,649
25,405
8.8%
126,650
126,417
128,053
0.2%
-1.1%
380,361
375,645
1.3%
Planalto Sul
7,244
7,143
7,029
1.4%
3.1%
21,293
20,838
2.2%
Fluminense
12,305
11,576
12,183
6.3%
1.0%
35,926
36,497
-1.6%
Fernão Dias
42,285
40,823
41,253
3.6%
2.5%
122,587
119,060
3.0%
Régis Bittencourt
38,214
36,946
37,100
3.4%
3.0%
111,236
108,547
2.5%
Litoral Sul
26,602
29,928
30,488
-11.1%
-12.7%
89,320
90,703
-1.5%
182,567
175,819
178,404
3.8%
2.3%
532,116
515,554
3.2%
Federal Concessions
Total
•
Highlighted growth in State Highways driven by the beginning of suspended
axles charge (+11.1%);
•
Autopista Litoral Sul interrupted the charges at P5 (biggest traffic volume in
the concession) toll plaza on June 22, 2013, following ANTT’s resolution,
impacting Federal highways results.
Investor Relations
3Q13 Results Conference Call
2

3. 3Q13 Toll Tarriffs
Average Toll Tariff (R$ / Vehicle-Equiv.)
Var%
Var%
3Q13/2Q13 3Q13/3Q12
3Q13
2Q13
3Q12
6.47
6.48
6.46
-0.2%
Autovias
6.75
6.80
6.76
Centrovias
6.15
6.18
Intervias
5.62
5.62
Vianorte
8.05
Var%
9M13/9M12
9M13
9M12
0.0%
6.47
6.30
2.8%
-0.7%
-0.1%
6.78
6.63
2.2%
6.16
-0.4%
-0.2%
6.17
6.00
2.8%
5.62
0.1%
0.1%
5.62
5.45
3.1%
7.99
8.01
0.6%
0.5%
8.02
7.79
3.0%
1.89
1.89
1.79
0.0%
6.1%
1.88
1.78
5.4%
Planalto Sul
3.60
3.60
3.30
0.0%
9.1%
3.60
3.30
9.1%
Fluminense
3.30
3.30
3.10
0.0%
6.5%
3.28
3.06
7.0%
Fernão Dias
1.40
1.40
1.40
0.0%
0.0%
1.40
1.40
0.0%
Régis Bittencourt
1.80
1.80
1.80
0.0%
0.0%
1.80
1.80
0.0%
Litoral Sul
1.70
1.70
1.42
0.0%
19.9%
1.66
1.40
18.5%
3.30
3.18
3.11
3.7%
6.1%
3.19
3.01
6.0%
State Concessions
Federal Concessions
Total
•
Federal Concessionaires:
The tariff increases are linked to increases in inflation indexes and contractual rebalances.
State Concessionaires:
•
In July 1st the State Government of São Paulo do not authorized the transfer of the inflation
based contractual readjustments (+6.2%), taking responsibility for all the costs of that
measure.
Investor Relations
3Q13 Results Conference Call
3

4. 3Q13 Revenues Breakdown
Gross Revenue
Toll Revenue
R$ 961.5 million (+9.6%)
R$ 351.3
million
(+18.0%)
R$ 601.6 million (+8.5%)
R$ 240.0
million
(+4.9%)
1%
Toll
36%
40 %
State
Construction
60 %
63%
Federal
Other
R$ 601.6
million
(+8.5%)
Investor Relations
R$ 361.6
million
(+11.1%)
3Q13 Results Conference Call
4

5. 3Q13 Costs and Expenses
Costs and Expenses Breakdown (R$ thousand)
000)
Cash Costs
Non Cash Costs
Cash Costs/Net Revenue (ex-construction)
40.0%
38.0%
500)
3Q13 Costs and Expenses
36.0%
000)
34.6%
500)
000)
34.0%
32.7%
31.7%
30.5%
(1,744)
30.0%
•
Reduction of 2.6% on cash
costs (26.5% of total)
•
Cash costs now represent
30.9% of net revenue (-0.8
p.p)
28.0%
500)
000)
Increase of 6.9% on total
cost
32.0%
30.9%
(1,681)
•
(1,170)
26.0%
(1,233)
(602)
500)
(512)
(511)
9M12
9M13
Investor Relations
(573)
(644)
24.0%
(436)
(421)
(473)
22.0%
(166)
(152)
(171)
3Q12
2Q13
3Q13
20.0%
3Q13 Results Conference Call
5

6. 3Q13 Operational Performance
Adjusted EBITDA and Adjuted EBITDA Margin* (R$ million)
1200.0
900.0%
1,055
965
1000.0
800.0%
700.0%
3Q13 Adjusted EBITDA Breakdown
600.0%
800.0
500.0%
600.0
400.0
400.0%
358
68.3%
346
69.5%
300.0%
381
28%
State
200.0%
69.1%
65.4%
67.6%
200.0
100.0%
Federal
72%
0.0%
0.0
-100.0%
3Q12
3T12
2T13
2Q13
3Q13
3T13
9M12
9M13
*Adjusted EBITDA Margin considers the Net Operating Revenue, excluding Construction Revenues
Investor Relations
3Q13 Results Conference Call
6

7. 3Q13 Net Income Evolution
Net Income (R$ million)
329
297
103
107
3Q12
3T12
2T13
2Q13
Investor Relations
129
3Q13
3T13
9M12
9M13
3Q13 Results Conference Call
7

8. 3Q13 Debt
Gross Debt (R$ thousand)
Net Debt (R$ thousand)
4,500
2.1
4,000
3,500
1.9
3,000
2.5
1.5
1,500
2,500
4,060
2,000
1,500
2.1
2,000
3,200
2,817
2,237
1,000
3,141
1,000
2,706
(0.5)
500
(1.5)
500
3Q12
3T12
2Q13
2T13
-
3T13
3Q13
0.5
(2.5)
2Q13
2T13
3Q12
3T12
3Q13
3T13
Net Líquida
DívidaDebt
Net Líquida / EBITDA Ajustado - Ônus Fixo (ult. 12 meses)
DívidaDebt/Adjusted EBITDA – Fixed charge (last 12 months)
Gross Debt Profile
8.2%
10.6%
TJLP
52.2%
CDI
39.6%
37.1%
IPCA
Investor Relations
BNDES
52.2%
Debentures
Other
3Q13 Results Conference Call
8

9. 3Q13 Investments – Cash Disbursments
Intangible and Fixed Assets and Highway Maintenance (R$ thousand)
921,844
Maintenace
Manutenção
Intangible and Fixed Assets
Intangível e Imobilizado
816,634
266,450
924,095
310,685
869,147
347,042
293,902
329,585
20,708
16,783
17,457
1T13
1Q13
2Q13
2T13
3T13
3Q13
245,742
105,210
9M12
54,948
9M13
•
For 2013 the company estimates R$ 1.3 billion of investments in federal highways, and R$
140 millions in state highways.
•
Until the end of concessions period the company has 6.9 billion forecasted as total
investmente to be made.
Investor Relations
3Q13 Results Conference Call
9

10. Thank you!
www.arteris.com.br/ir