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3Q05 Results
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3Q05 Results
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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 notundertake any obligation to publicly release any revisions to these forward lookingstatements to reflect events or circumstances after the date of these
Disclaimer
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Highlights
Results
Outlook
Agenda
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Highlights
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Highlights
Operating• Lower operating costs with higher margins
Reversal• Reversal of fiscal contingencies provision of R$ 62.1 million
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Escolher Novos CaminhosVencer Novos Desafios
São Paulo, 18 de Novembro de 2005
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Choosing New PathsWinning New Challenges
São Paulo, November 18, 2005
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Results
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3Q05 Results
ViaOeste, operations management and currency exchange determined one more excellent quarter.
R$ Million 3Q05 3Q04 Ch% 3Q05 e/VO Ch %Net Revenues 519.3 393.0 32.1% 432.3 10.0%Total Costs (290.4) (235.0) 23.6% (240.1) 2.2%EBIT 228.9 158.0 44.9% 192.2 21.7%
EBIT Margin 44.1% 40.2% +3.9p.p. 44.5% +4.3p.p.Depreciation & Amortization 81.3 57.9 40.4% 59.8 3.3%EBITDA 310.2 215.9 43.7% 252.0 16.7%
EBITDA Margin 59.7% 54.9% +4.8p.p 58.3% +3.4p.pFinancial Result 47.9 (18.5) -359.4% 15.7 -184.9%Net Income 182.3 93.6 94.8% 137.1 46.5%
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9M05 Results
The same efficiency can be noticed in this first half results.
R$ Million 9M05 9M04 ch % 9M05 eVO ch%Net Revenues 1,402.4 1,065.3 31.6% 1,211.3 13.7%Total Costs (830.3) (694.2) 19.6% (722.6) 4.1%EBIT 572.1 371.1 54.1% 488.7 31.7%
EBIT Margin 40.8% 34.8% +6.0p.p. 40.3% +5.5p.p.Depreciation & Amortization 221.1 169.7 30.3% 178,2 5.0%EBITDA 793.2 540.8 46.7% 666.9 23.3%
EBITDA Margin 56.6% 50.8% +5.8p.p. 55.0% +4.2p.pFinancial Result (24.9) (124.6) -80.0% (13.7) -89.0%Net Income 347.9 166.0 109.5% 314.1 89.2%
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Revenues
Revenues Breakdown 2Q05 Toll Payment Methods
ElectronicCash
Toll Revenues (R$ 000) 3Q05 3Q04 Ch(%) 9M05 9M04 Ch(%)Total 538,691 405,975 32.7% 1,454,976 1,100,324 32.2%% Total Revenues 96.4% 96.3% 96.4% 96.5%Other Revenues 3Q05 3Q04 var(%) 9M05 9M04 var(%)Total 14,771 10,362 42.5% 38,959 28,340 37.5%% Total Revenues 2,6% 2,5% 2,6% 2,5%Revenues from Payment Systems 3Q05 3Q04 var(%) 9M05 9M04 var(%)STP 5.538 5.070 9.2% 14.924 12.157 22.8%% Total Revenues 1.0% 1.2% 1.0% 1.1%Total 559,000 421,407 32.7% 1,508,859 1,140,821 32.3%
40%
17%
11%
26%
AutoBAn
NovaDutra
Rodonorte
Ponte
Via Lagos
ViaOeste
4%
56,9%
35,6% 43,1%
64,4%
3Q04 3Q05
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Traffic
Despite a high interest rates scenario, the business remained strong and solid.
Quarterly Evolution(Vehicle Equivalents – million)
3Q05 x 3Q04 – Evolution by Each Concession
5560 60
65
77
3T01 3T02 3T03 3T04 3T05
CCR: +19.6%E/VO: - 0.6%
64
3.8%
-1.5%
-7.0%
-0.5%AutoBAn
NovaDutra RodoNorte Ponte
ViaLagos ViaOeste
4.1%5.1%
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Nine Months Historical Evolution(Vehicle Equivalents – million)
9M05 x 9M04 – Evolution by Each Concession
159 169 171186
220
9M01 9M02 9M03 9M04 9M05
CCR: +18,2%E/VO: +2,0%
1908.1%
0.5%
8.1%
-4.0%
-1.5%AutoBAn NovaDutra ViaLagos
Rodonorte Ponte
Traffic
Despite a high interest rates scenario, the business remained strong and solid.
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Total Costs
Operating efficiency will be focused by the Company
Total Costs as a % of Net Revenues Evolution
D&A Concession Costs Third Party services Payroll Other
Total Costs = Cost of Services plus Administrative Expenses
24% 27% 24% 26%
33% 23% 33% 24%
21%23%
21%22%
10% 12% 11% 13%
13% 16% 12% 15%
3Q04 3Q05 9M04 9M05
55,9% 59,2%65,2%59,8%
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Indebtedness
Low leverage gives flexibility for a new growth step
Gross Net
1,268.71,184.1
1,467.4
Short Term Long Term In R$
3Q03 3Q04 3Q05
Net Debt Net Debt / EBITDA
R$
(mill
ion) 873.7
678.5
1,213.6
1,621,05 1,20
3Q03 3Q04 3Q05
R$
(mill
ion)
56.6%69.3%
80.5%
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Diversified sources, long term and no maturity concentration.
Source of Funding Long Term Debt Amortization
R$
(mill
ion)
Indebtedness
BID / IFC (Libor + 4.5%)
(IGP-M + 9.5% - 11%)
19%
Debêntures
22%
BNDES (TJLP + 5.0%)
36%
Debentures(105% CDI)
10%
Other(102.8% CDI)
13%
48.9
415.6
254.7209.1 181.2
88.1
2006(3 months)
2007 2008 2009 2010 After 2010
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Capital Expenditures
Foreseeability, a business distinguishing mark. Capital expenditures are clearly defined in contract.
1- Includes CCR, Actua, Engelog and STP.Note: Fiscal Year 2005 (E) and 2006 (E) includes inflation adjustment of 8.0% and 7.0% respectively
CAPEX (R$ MM) 1Q05 2Q05 3Q05 2005 (E) 2006(E)AutoBAn 6.9 18.0 33.1 168.6 178.6NovaDutra 16.4 17.8 22.1 110.1 83.7Rodonorte 3,7 9,9 23,9 53,5 10,3Ponte 0.7 2.0 1.8 22.8 11.0Via Lagos 0.1 0.3 1.7 10.6 2.8ViaOeste 3.3 21.2 27.3 90.0 90.0Other 1 0.7 1.2 0.9 16.9 17.5Consolidated 31.9 70.4 110.8 472.5 393.9
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Outlook
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New Businesses
Brazil continues the main growth driver. However, CCR will look for other markets
New Federal Concessions
New Concessions in the State of São Paulo
Porto Alegre Metropolitan Pole
Mexico
Chile
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Ricardo Froes - [email protected]: 55 (11) 3048-5921
Arthur Piotto Filho - [email protected]: 55 (11) 3048-5932
BOVESPA: CCRO3Bloomberg: CCRO3 BZ
Reuters: CCRO3.SA
Investor Relations
3Q05 Results
