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Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
November 27, 2009
Disclaimer
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.
TOPIC SPEAKER TOPIC TIME
Registration and Breakfast - -
Welcome Renato Vale Welcome
Retrospective and Strategic Vision Márcio Batista Strategic Position
Brazil’s Macro Scenario Eduardo Loyo Future Macro Scenario
COFFEE BREAK - -
Growth Strategy – Current Portfolio Italo Roppa Current Portfolio
Growth Strategy – New Businessess Leonardo Vianna New Businesses
Financial Strategy Arthur Piotto Financial
Q&A - -
CLOSING LUNCH - -
AGENDA
8:30 am – 9:00 am
9:00 am – 9:10 am
9:10 am – 9:30 am
9:30 am – 10:15 am
10:15 am – 10:30 am
10:30 am – 11:10 am
11:10 am – 11:30 am
11:30 am – 12:00 am
12:00 pm – 12:30 pm
12:30 pm – 12:50 pm
1:00 pm – 3:00 pm
Q&A - -
Retrospective and Strategic Vision
Márcio Batista
Our PastWe Overcame Challenges, Consolidated our Structure and
Strengthened our Corporate Governance
CCR’s Evolution
1998
19992000
2001
2002
20032004
2005
Operational
Startup
Corporate
Restructuring
Follow-on
R$ 334 mn
1998-2005
EBITDA: R$ 1.1 bn
EBITDA Margin: 56.4%
Average ROE 4 Years:
33.2%
• Company’s Incorporation
• Strategic Partner
• Corporate Restructuring
• Tapping of Capital Markets
CCR’s Evolution
1998-2005
Past
Our PresentWith Capital Discipline and a Focus on Profitability, We Have
Prepared the Company for a New Level
2006
20072008
2009
Follow-on
R$ 1,235 mn
2006-2009
EBITDA: ~R$ 2 bn
Margin ~64%
Average ROE 4 years:
38.9%
• Consolidation Efforts
• Portfolio Diversification
• Preparation for Future
Average ROE 4 years: 33.2%
EBITDA: R$1.1 bn
EBITDA Margin: 56.4%
CCR’s Evolution
Our FutureUnique Moment for CCR, with Favorable Competitive and
Macroeconomic Environments
2014 World Cup
2016 Olympics
Infrastructure Deficit
Various Opportunities
Secondary Market
Metro
Logistics
Urban Mobility
Next 5 Years
Potential Development of Current Portfolio
• Reduce Escape Routes
• Maximize Ancillary Revenue
• Contractual Addendums
• Growth in Collection Base
• Expand Current portfolio capacity
Present
Average ROE 4 years: 38.9%
EBITDA: ~R$ 2 bn
EBITDA Margin: ~ 64%
Past
Average ROE 4 years: 33.2%
EBITDA: R$ 1.1 bn
EBITDA Margin: 56.4%
EBITDA: R$ 3.5 – R$ 4.5 bn
2006-20091998-2005
Strategic Guidelines for 2010-2014
...Achieving a Higher Level
Strengthen strategic planning as a fundamental tool for growth while preserving the values
and beliefs of the CCR Group
Train and develop people, seeking to continue the Group’s growth process by supporting
employees:
• Develop organizational skills
• Develop individual skills
• Delegate responsibilities
Increase the remaining average term of the CCR Group’s contracts with the objective of
perpetuating the business on a sustainable basis
Implement strategy focused on maximizing profitability for new investments
Maintain the commitment to dividend distribution
Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
Presentation
Eduardo Loyo – BTG Pactual
Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
Current Portfolio
Development Potential
Italo Roppa
Current Portfolio Still Presents High Unexplored Potential:
Current Portfolio
Traffic Growth11.1. Low per-capita vehicle density
in Brazil
1.2. Traffic already reflecting
economic recovery
1.3. Record high traffic on our toll
roads in Oct/09
Contractual Addendums22.1. Additional Investments in current
portfolio
2.2. Improvements in access
2.3. Expansion in highway capacity
Consolidated* 2009 (YoY)
-4.0%
-3.1%
0.9%0.4% 0.6%
-4.1%
-0.5% -0.4%
2.3%3.6%
-1.4%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV*
Historical Elasticity*:
1.4x GDP
Strong and consistent
recovery in commercial
traffic
*Excludes Renovias and RodoAnel.
Real traffic through Nov/24/09.
3Q08 vs. 3Q09: peak of economic cycle
versus end of crisis
Highlights
1. Consolidated Traffic:
Economic recovery: Oct/09 registered
record high traffic
Preliminary figures for Nov/09 point to
new records
2. RodoAnel: recovery with stronger effects due
to traffic profile of concessionaire
3. NovaDutra: frank recovery even without
bidirectional plazas
2009 Traffic
RodoAnel 2009 – Monthly VEQ (thousand)
2009 Traffic - RodoAnel
Global crisis impacted traffic levels
projected in the proposal
Ramp-up effect still very
apparent
Positive expectations for impacts from
inauguration of southern stretch
Projections by independent consultants
suggest convergence to data in proposal
6,600
7,200
7,800
8,400
9,000
9,600
2009 Traffic - NovaDutra
NovaDutra 2009 (YoY)
Recovery in traffic even without the
effects of the bidirectional addendum
With the bidirectional addendum, the
competitive toll scenario generates a
positive bias for NovaDutra
Recovery in economic growth already
reflected by the higher commercial
vehicle flows
-7.2%
-5.5%
0.2%
-1.6%
-2.8%
-7.1%
-6.1%
-5.3%
-2.7%
-0.2%
-4.2%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV*
*Real traffic through Nov/24/09.
NovaDutra and AS/CP – WITHOUT BIDIRECTIONAL
Contractual Addendums - NovaDutra
NovaDutra and AS/CP – WITH BIDIRECTIONAL
Ta
mo
ios
Do
m P
ed
ro I
inte
rch
ange
Air
po
rt
R$ 2.30
Vehicle/Truck Toll
AS/CP
R$ 3.90
R$ 2.20 R$ 2.20 R$ 1.70
SP
03
5
R$ 2.10 R$ 2.10
R$ 2.30 R$ 2.20 R$ 2.20 R$ 1.70
R$ 3.90R$ 2.10 R$ 2.10
Ta
mo
ios
Dom
Pe
dro
I
inte
rch
an
ge
Air
po
rt
R$ 4.60
São Paulo
AS/CP
R$ 4.30 R$ 3.90
R$ 3.90
R$ 4.40
R$ 4.40
R$ 3.40
SP
03
5 R$ 4.30
Vehicle Toll
São Paulo
São
Paulo
Origin
Light Vehicle
Tolls
DestinationNova
Dutra AS/CP
Cost
Difference
vs.
NovaDutra
Additional
distanceAS/CP
Cost
Difference
vs.
NovaDutra
ovaDutra
Toll + Estimated
Additional Fuel Cost*
Bidirectional toll collection makes Dutra more attractive than competitors – Light Vehicles
Bidirectional Tolls on NovaDutra and AS/CP
Taubaté R$ 8.10 R$ 8.40 +3.7% +10 KM R$ 10.80 +33%
SJC R$ 8.10 R$ 6.70 -17.3% +19 KM R$ 11.26 +39%
Guararema R$ 4.20 R$ 4.50 +7.1% +7 KM R$ 6.18 +47%
Arujá R$ 2.10 R$ 2.30 +9.5% +14 KM R$ 5.66 +170%
* Additional fuel costs are based on light vehicle fuel consumption of 10.0km/l and gasoline
price per liter of R$ 2.40.
São
Paulo
Origin
Commercial
Vehicle Tolls
DestinationNova
Dutra AS/CP
Cost
Difference
vs.
NovaDutra
Additional
Distance AS/CP
Cost Dif. with
Impact of
Longer
Distance
Distância
Toll + Estimated
Additional Fuel Cost*
Bidirectional toll collection makes Dutra more attractive than competitors – Commercial Vehicles
Bidirectional Tolls on NovaDutra and AS/CP
Taubaté R$ 24.30 R$ 25.20 +3.7% +10 KM R$ 30.20 +24%
SJC R$ 24.30 R$ 20.10 -17.3% +19 KM R$ 29.60 +22%
Guararema R$ 12.60 R$ 13.50 +7.1% +7 KM R$ 17.00 +35%
Arujá R$ 6.30 R$ 6.90 +9.5% +14 KM R$ 13.90 +121%
* Additional fuel costs are based on fuel consumption of 3.5km/l for commercial vehicles with 3
axles and diesel liter price of R$ 1.75.
Works on Bidirectional Plazas
Contract Addendums - NovaDutra
Parateí Norte (bound for Rio de Janeiro)
Approved Contract Addendums in Progress
NovaDutra
R$ 200 mn
Investments in
expressways in São
José dos Campos,
Rio de Janeiro and
São Paulo
AutoBan
R$ 94 mn
Anhanguera
Complex:
Complement to
1st Phase
AutoBAn
R$ 110 mn
Improved access
to Marginal Tietê
expressway
ViaOeste
R$ 250 mn
Cebolão Project
and Itapevi/Jandira
Interchange
...in line with contract rules.
Various adjustments to contracts already approved...
Contract Addendums
AfterBefore
Expressways in Rio de Janeiro: Baixada Fluminense - S. J. de Meriti
Contract Addendums - NovaDutra
AfterBefore
Expressways in São Paulo: Greater São Paulo (Guarulhos)
Contract Addendums - NovaDutra
Expressways in São José dos Campos, São Paulo
Contract Addendums - NovaDutra
AfterBefore
Anhanguera Complex – Interchange with Marginal Tietê expressway
Contract Addendums - AutoBAn
Anhanguera Complex – Interchange with Marginal Tietê expressway
Contract Addendums - AutoBAn
Anhanguera Complex –Interchange with Marginal Tietê expressway
Contract Addendums - AutoBAn
Approved Contract Addendums in Progress
NovaDutra
R$ 200 mn
Investments in
expressways in São
José dos Campos,
Rio de Janeiro and
São Paulo
AutoBan
R$ 94 mn
Anhanguera
Complex:
Complement to
1st Phase
AutoBAn
R$ 110 mn
Improved access
to Marginal Tietê
expressway
ViaOeste
R$ 250 mn
Cebolão Project
and Itapevi/Jandira
Interchange
...in line with contract rules.
Various adjustments to contracts already approved...
Contract Addendums
Cebolão Project
Contract Addendums - ViaOeste
Before In Progress
Jandira/Itapevi Interchange
Contract Addendums - ViaOeste
Before In Progress
Expansion of Toll Plazas
Contract Addendums - ViaOeste
Addendums under Negotiation
And many contract addendums are still in the negotiation phase:
Contract Addendums
Ponte
R$205 mn
Connection with Linha
Vermelha (Rio de Janeiro),
Access in Niterói
NovaDutra
R$600 mn
Implementation of new lane
in Serra das Araras,
Complementary roads and
environmental aspects
NovaDutra
R$700 mn
Additional investments in
improvements, such as road
improvements, additional
safety works, additional
lanes, lighting
Bridge
Linha
Vermelha
Bridge-Linha
Vermelha
Connection
Rio-Niterói
Bridge
NovaDutra – Serra Das Araras
Contract Addendums - NovaDutra
Current
Descending Road
(to be closed)
Ascending Road
(to be expanded)
Addendums under Negotiation
And many contract addendums are still in the negotiation phase:
Contract Addendums
Ponte
R$205 mn
Connection with Linha
Vermelha (Rio de Janeiro),
Access in Niterói
NovaDutra
R$600 mn
Implementation of new lane
in Serra das Araras,
Complementary roads and
environmental aspects
NovaDutra
R$700 mn
Additional investments in
improvements, such as road
improvements, additional
safety works, additional
lanes, lighting
Diversification
Current Portfolio Diversification
STP
Leader in electronic
collection technology for
toll plazas and parking lots
ViaQuatro
Line 4 of the
São Paulo Subway
Controlar
Environmental Vehicle
Inspection
in São Paulo city
Highlights
Leader in electronic payment technology for toll
plazas and parking lots
Present in 6 states: SP, RJ, MG, PR, SC and RS
Coverage of more than 86% of the tolled
network (11,000 km of highways)
Present in 47 parking lots (shopping malls, airports,
etc)
Accounts for 70% of traffic at some toll plazas
Accounts for 38% of toll traffic
More than 27 million electronic transactions/month
Transaction volume over R$4 bn
More than 1.6 million vehicles with equipment installed
STP – Serviços e Tecnologia de Pagamentos
(Electronic Toll System)
Present in 6 States
Number of TAG’s Installed (mn)Gross Revenue (R$ mn)
66
90
112
155
240
2005 2006 2007 2008 2009 *
539
740
909
1,303
1,799
2005 2006 2007 2008 2009 *
* Actual to October and trend for Nov and Dec 2009.
STP – Serviços e Tecnologia de Pagamentos
(Electronic Toll System)
Organizational Evolution and Contract Management
ViaQuatro Project on schedule...
ViaQuatro
Contracting
of LT
Financing
Supply
ContractingContract
Signing
Receipt of
1st Train
Nov/06
Aug/07
Nov/07
May/08
Oct/08
May/06
Mar/10
Nov/09
Dec/09
Operational
Tests
Bidding
Serv. Order
Project
Serv. Order
Production
Commercial
Operation
Shipment
of 1st Train
1st Phase 2nd Phase 3rd Phase
ViaQuatro
ViaQuatro
Shipment of a Subway Train
Highlights
The Vehicle Emissions Control Program was
launched in 2008 for diesel vehicles
As of 2009, inspection became mandatory for all
diesel vehicles and motorcycles, as well as for Otto
cycle vehicles (gasoline, ethanol and VNG)
manufactured as of 2003 and registered in the city of
São Paulo
Today, 14 centers are in operation and by the end of
the year another 7 will be inaugurated
Vehicle inspection is a regular procedure in other
countries: Australia, United States, Canada, EU
countries, Argentina, Mexico, Chile and Japan
Target fleet in 2010 = 4.4 million vehicles:
• 2.3 times the 2009 fleet
• Estimated revenue for 2010: R$ 250 mn
Controlar
Barra Funda Inspection Center
Anchieta Inspection Center
Other Projects and Prospects
Expands mandatory vehicle inspection nationwide
CONAMA Resolution (already passed by congress and awaiting enactment)
Makes vehicle inspection mandatory statewide
Draft bill sent by the State Environmental Secretariat to the São Paulo
State Legislature on Nov/18/09:
Allows execution under the concession model
Municipalities of Santo André, São Bernardo do Campo, São Caetano
do Sul, Diadema, Mauá, Ribeirão Pires and Rio Grande da Serra are
already forming a consortium for the Program’s implementation.
Vehicle Inspection Centers
Pirituba
Casa Verde Vila Medeiros
São Miguel
Extra
Penha
Pq S. Jorge
Itaquera
Pq. do Carmo
AricanduvaAnchieta
Pq. do Estado
Cidade Dutra
Extra Morumbi
Morumbi
Raposo TavaresJaguaré
Barra Funda
OPERATING
UNDER CONSTRUCTION
TEMPORARY INSPECTION SITE
CONTRACTED
Controlar
Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
Growth Strategy
New Businesses
Leonardo Vianna
Consolidation
(Secondary Market)Opportunities to acquire selected existing road concessions
Ring Road Auction of southern and eastern sections of ring road
São Paulo State
Concessions3rd round of auctions for concessions in São Paulo state
Urban TransportationMultiple projects throughout country, including subways
and trains in cities of Curitiba, Brasília and Porto Alegre
Related Businesses Parking lots, vehicle inspection, logistics, etc.
Minas Gerais State
ConcessionsAuction of concessions in Minas Gerais state
Federal Concession
Program 3rd and 4th rounds expected in 2010 / 2011
TrainsSão Paulo Airport Expressway and High Speed Train
(Campinas – São Paulo – Rio de Janeiro), etc.
Multiple Investment Opportunities
…given CCR’s potential synergies with the western section it currently operates
CCR is the best player for winning concessions for the remaining ring road sections…
Ring Road: Landmark Highway Hub in Brazil
Dutra
Ayrton Senna
Fernão Dias
Anhangüera/
Bandeirantes
Castello Branco
Raposo Tavares
Régis Bittencourt
Imigrantes
Anchieta
Western Section
Southern Section
Northern + Eastern
section
CCR concession
Government-supported initiative to reduce traffic in
São Paulo metro area
CCR already manages the concession for the
western section, the only one in operation to date
CCR is uniquely positioned since it not only operates
the western section but also 4 connecting roads
Remaining sections expected to be auctioned in
2009/2010
ProjectTotal Investment
(R$ mn)
Concession Fees
(R$ mn)
Concession
Term
Bidding
Documentation
Southern Ring Road 752 800 35 years 2009
Eastern Ring Road 903 (1) 1,000 35 years 2011
Total 1,655 1,800
(1) Assuming the state government is responsible for construction works
São Paulo State Concession Program
…while taking advantage of heavy traffic from both passenger and commercial vehicles
Investment opportunity with significant potential to capture operating
synergies with NovaDutra…
São Paulo State Concession Program
BR116
MiracatuPedro de Toledo
Itariri
Peruibe
SP055
ItanhaémMongaguá
State accounts for 34% of national GDP (1)
Bidding documentation expected in early 2010
Two coastal highways with combined investment
of R$ 5.1 bn
Potential synergies with CCR’s existing toll road
concessions
Santos
Bertioga
Guarujá
Sâo Sebastiâo
Illhabela
Caraguatatuba
Sâo Luisdo Paraitinga
Ubatuba
Dutra
To be auctioned
(1)IBGE data (2007)
…and capture the economic growth projected for Minas Gerais and neighboring states
Minas Gerais program includes 17 highways totaling 5,777 km for auction in 2010
Minas Gerais State Concession Program
Program developed in conjunction with private sector suggests better bidding process
/Investments expected to total R$8.9 bn plus R$1.2 bn in concession fees
Federal government to resume its Highway Concession Program
3rd and 4th round expected to be auctioned in 2010/2011
Federal Concession Program
Opportunity to expand national footprint...
Federal and Minas Gerais Concession Programs
(1) Estimated revenue over entire concession term adjusted for inflation
Federal
Highways
Federal
Highway
Revenue
(R$ mn)1
Investment
(R$ mn)
Concession
Term
Bidding
Documentation
1 BR 116 / MG 8,813 3,933 25 years 2010/2011
2 BR 040 / MG 9,582 3,067 25 years 2010/2011
3 BR 381 / MG 6,147 2,208 25 years 2010/2011
Total 24,541 9,208
3rdro
un
d
Estimated Infrastructure Investments
for 2014 World Cup (R$ bn)
Cuiabá: 3.0
Manaus: 1.5
Fortaleza: 9.4
Brasília: 3.5
Belo Horizonte: 1.5
São Paulo: 33.4
Salvador: 5.0
Recife: 5.0
Natal: 3.5
Rio de Janeiro: 11.0
Curitiba: 4.5
Porto Alegre: 5.0
2016 Olympics in Rio de Janeiro:
Initial estimates indicate investment
requirements of US$ 14.4 bn
R$ 86 bn
Source: federal / state governments
Brasília Subway: R$ 1 bn
Main Urban Transportation Projects
Porto Alegre Subway: R$ 2.5 bn
Curitiba Subway: R$2 bn + R$ 200 mn (urban
transportation)
Light Rail Transport in Fortaleza: R$ 565 mn
Natal: R$ 878 mn (Light Rail Transport)
Parking lots, vehicle inspection in metropolitan
areas, other concessions
Related Businesses
International Airport Express (Guarulhos)
Express Trains
High Speed Train (Campinas – São Paulo – Rio de
Janeiro)
… driven by 2014 World Cup and 2016 Olympics.
Heavy investment requirements in urban transportation and related businesses...
2014 World Cup and 2016 Olympics
New Businessess
20032004
2005
2006
2007
2008
2009
Follow on
R$ 334 mn
Follow on
R$ 1,235 mn
Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
Financial Strategy
Arthur Piotto
Successful Capital Increase with Diversified Demand1
Greater Financial Flexibility after Capital Increase2
Lower Average Cost of Debt3
Long Term Financing of Western Section of Ring Road in Final Phase4
Long Term Debt Profile and Renewed Guarantee Structure5
Stronger Investment Capacity6
Commitment to Pay at Least 50% of Net Income in Dividends7
Company well positioned to benefit from large project pipeline.
Adequate financial structure and solid balance sheet
Financial Strategy
Offering SummaryPre-Offering Ownership Structure (%)
Allocation by RegionPost- Offering Ownership Structure (%)
• Offering structure: public primary share offering
• Shares offered: 33,300,000 common shares (Novo
Mercado listing segment)
• Greenshoe: 4,995,000 shares
• Final price: R$ 33.00/share
• Net Offering volume: R$ 1,235 mn
• Use of proceeds: Provide funds to explore new growth
opportunities through bids or acquisition of existing
businesses
Europe, 15%
Brazil, 34%
Asia, 3%
United States,
48%
17.9%
17.9%
17.9%
17.7%
Free Float
28.6%
Free Float
34.8%
16.3%
16.3%
16.3%
16.2%
Financial Strategy
Gross Debt
1,4671,774 1,932
2,914
4,655
3Q05 3Q06 3Q07 3Q08 3Q09
Leverage ratios include investments in new assets, ViaQuatro, RodoAnel, Controlar...
Net Debt
3Q05 3Q06 3Q07 3Q08 3Q09Includes funds
from capital
increase
1,2131,276
2,338
3,938
1,277
1.20 0.91 1.43 2.06 1.410.91
2,703
Net Debt/EBITDA LTM
3Q09
...but still do not fully consider the additional cash generation.
Financial Strategy
Debt by Index – 3Q09
Financial Strategy
Lower interest rates and Brazil obtaining investment grade....
2009 Average Debt Cost Evolution*
...contribute to continuous reductions in debt costs
13.39%
13.45%
12.04%11.61%
12.49%
9.90%
9.42%
9.43% 9.19%
9.16%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
CDI
60%
IPCA3%
Fixed11%
Foreign
Currency6%
BNDES7%
IGPM
13%
* In R$ in nominal terms
Characteristics of Long Term Financing
• R$750 mn (subordinated, 3-year) – already disbursed
• US$500 mn (senior) – IDB, JBIC and B-Lender disbursements slated for Dec/09
• Approximate cost LIBOR + 3.5%
• Senior debt term: 13-15 years
• Specific hedge policy
• Long term financing structure for
Ring Road
Long Term Disbursement
Dec/09
• Financing of initial concession payment
• Financing of short term investments
• Negotiation of long-term loan conditions
Bridge Loans
May/08
Long term financing of Ring Road in final phase
Ring Road Financing Structure
Financing Status
October 2009:
Issue
Debentures R$750 mn
3-years – 117.5% of CDI
Ring Road
Concession: R$2 bn
(10% cash + 24x)
6 installments
outstanding
November 2009:
Issue
Promissory Notes R$500 mn
180 days
Final Disbursement
December 2009:
U$500 mn
Long Term: 13-15 years
Dec-09Nov-09Oct-09
Amortization
Promissory Notes due in
Oct/09
Refinancing
Promissory Notes due in Nov/09
Amortization
Promissory Notes due in Nov/09
Resolved
Ring Road Financing Structure
5-year at LIBOR
Hedge Characteristics – Rolling
SWAPs for FX exposure of Cash Flow maturing in next 24 months
Disbursement of long term loan for Ring Road, combined with...
Expected Debt Amortization Schedule
200
400
600
800
1,000
1,200
1,400
1,600
124
560468
549 558 538
323 346 343 346
908
3Q09 Debt Amortization Schedule
1,482
914
392
712
219 193 143216 190 185
51200
400
600
800
1,000
1,200
1,400
1,600
Renewal of Guarantee Insurance Package
CCR renewed its facility this month under the following conditions:
• Capacity offered by reinsurers of R$ 3.1 bn
• R$ 2.2 bn contracted
• R$ 1.4 bn used as of Sep/09
• Remaining balance of R$ 800 mn for growth
… renewal of guarantee facility prepares CCR for a change in level
Amortization Schedule
09 10 11 12 13 14 15 16 17 18 19-23mn R$09 10 11 12 13 14 15 16 17 18 19mn R$
Positive macro scenario and Brazil obtaining investment grade
could allow higher leverage levels in the future
CURRENT Situation
~ R$4.1 bn
Investment Capacity
Pre-Offering Situation
R$1 bn
Investment Capacity
• Financial covenants limit debt to 3.0x Net Debt/EBITDA
• Target structure of 70% for New Projects while always seeking Project Finance
CCR has high capacity to benefit from this unique moment in Brazil
Investment Capacity
R$1,235 mn
Capital Increase
(1) The EBITDA used in calculations was market consensus of R$2,000 mn for 2009 and the market’s average growth expectation of 13.5%
Situation marked by
easing
of covenant
conditions
Assuming 100%
interests
in future projects
Investment
Capacity
~ R$6.3 bn
We reiterate our commitment to a minimum dividend payment of 50% of net income
Dividend Yield Accrual Payout
Dividends
* Market Consensus
2.5%
4.5%
5.2%
4.2% 4.2%
5.5% 5.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2003 2004 2005 2006 2007 2008 2009
Average historical payout above 60%
Since 2004, average payout of 80%
* Based on cash dividend
8.2%
27.4%
76.6%
60.4%
83.2%91.2%
70.6%83.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2002 2003 2004 2005 2006 2007 2008 2009*
Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
Final Remarks
CCR has a proven track record in acquisitions, diversification and new bids
Proven Track Record
Milestone Concession Awarded Acquisition Concession Extension
IPO
(2002)STP
(2003)Follow-on
(April 2004)ViaOeste
(October 2004)RodoNorte
(2005)
AutoBAn +
ViaOeste
Concession
Extension (2006)
Multiple Growth
Opportunities
ViaQuatro
(2006)
USA
(2007)
(2008)
RenoVias
RodoAnel
(2008)Controlar
(2009)Follow-on
(2009)Upcoming
Projects…
Well Planned Past. Proven Track Record. Ready for the Future.
Achieving a Higher Level
Thank you.