EARNINGS RESULTS 3Q17 OCTOBER, 2017

Transcription

1 EARNINGS RESULTS 3Q17 OCTOBER, 2017

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 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. 2

3 3Q17 Highlights TRAFFIC: Consolidated traffic grew by 4.1%. ADJUSTED EBITDA: Adjusted EBITDA on the same-basis* grew 5.7%, with a margin of 63.8% (+0.6 p.p.). Adjusted EBITDA fell by 47.8%, with an adjusted margin of 64.0% (-72.7 p.p.). NET PROFIT: Net income on the same-basis* totaled R$433.1 million, 63.1% up. Net income totaled R$472.3 million, 59.0% down. 1 Excluding the proportional traffic of Renovias and ViaRio. 2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis pro-forma comparisons. 3

4 Subsequent Event On October 16, the payment of interim dividends totaling approximately R$0.44 per share was approved, to be paid as of October 31. Payment will be made to shareholders of record on October 19 and the shares will be traded ex-dividends as of October 20.

5 Financial Highlights IFRS Proforma Financial Indicators (R$ MM) 3Q16 3Q17 Chg % 3Q16 3Q17 Chg % Net Revenues 1 1, , % 2, , % Adjusted Net Revenues on the same basis 2 1, , % 1, , % Adjusted EBIT 3 2, % 2, % Adjusted EBIT Mg % 45.4% p.p % 45.4% p.p. EBIT on the same basis % % EBIT Mg. on the same basis % 44.5% -1.1 p.p. 45.6% 44.8% -0.8 p.p. Adjusted EBITDA 5 2, , % 2, , % Adjusted EBITDA Mg % 64.0% p.p % 64.3% p.p. Adjusted EBITDA on the same basis 2 1, , % 1, , % Adjusted EBITDA Mg. on the same basis % 63.8% 0.6 p.p. 63.6% 64.3% 0.7 p.p. Net Income 1, % 1, % Net Income on the same basis % % 1 Net revenue excludes construction revenue. 2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis pro-forma comparisons. 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, provision for maintenance and the recognition of prepaid concession expenses. 5

6 Traffic Quarter Change (Proforma*) Consolidated MM Equivalent Vehicle 256, , , , ,633 Excluding ViaRio 260,562 (+4.1%) 263,150 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 * Information including Renovias and ViaRio. Toll Revenue and traffic 3Q17 X 3Q16 (%) AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias RodoAnel Oeste Traffic Toll Revenues SPVias MSVia 6

7 Revenue Analysis (Proforma*) Gross Operating Revenues (excluding construction revenue) RodoAnel 3.0% MSVia 3.2% Metrô Salvador 4.1% ViaQuatro 5.4% Renovias 2.0% CPC TAS 1.8% 2.5% SPVias 7.4% Airports 8.4% Barcas S.A. 1.5% Others 1.1% ViaOeste 11.9% Rodonorte 8.7% Autoban 24.3% NovaDutra 14.7% EBITDA Breakdown 3% 3% 2% 1% 3% 1% 9% 8% 4% 5% 5% 5% 90% 91% 85% 86% 3Q14 3Q15 3Q16 3Q17 Highways Airports Urban Mobility Services Payment Means 29% 30% 31% 32% 71% 70% 69% 68% * Including the proportional results of jointly-owned subsidiaries. 3Q14 3Q15 3Q16 3Q17 Electronic Cash 7

8 IFRS Costs Evolution Cash cost: R$ 632 MM 1,776 Total Costs (R$ MM) Proforma samebasis cash costs: R$ 731 MM (+2.0%) IFRS same-basis cash costs: R$ 694 MM (+2.7%) 1,334 1, ,475 23% 10% 2% 21% 44% 4% 8% Q16 3Q16 one-off effect STP Depreciation and Amortization Third-party Services Granting Power and Advanced Expenses Personnel Costs Construction Costs Maintenance Provision Other Costs* One-off effect STP 3Q17 ViaQuatro 3Q17 Same Basis Conclusion of civil works in Rodonorte, NovaDutra, Metrô Bahia and BH Airport. CCR NovaDutra INSS contingency and Collective bargaining agreement. Metrô Bahia e BH Airport. * Materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses: Was negative by R$132.7 million in 3Q17, versus a positive R$1,211.5 million in 3Q16, which was influenced by the sale of the stake in STP, totaling R$1,333.9 million 8

9 Proforma EBITDA* R$ MM 3Q16 Same basis R$ 1,214 MM 63.6% Mg % Mg. 2, % Mg. 64.3% Mg. (+0.7 p.p.) +5% 1,269 1,373 (93) 1,280 3Q16 Proforma EBITDA 3Q16 Proforma EBITDA one-off effect STP 3Q17 Proforma EBITDA New Projects 3Q17 Proforma EBITDA Same Basis* * Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the one-off effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis proforma comparisons 9

10 IFRS Financial Results R$ MM Average cash balance 3Q17 x 3Q16 = % Chg. of average CDI 3Q17 X 3Q16 = p.p. Gross Debt = R$ 14.7 bi (-1.4%) ( 1.4 ) % 8.8 (8.0 ) (14.3 ) Q16 Net Income from Financial Result Hedge Operation Monetary variation on loans, financ. and debentures Monetary Variation on Liabilities related to the Granting Power - Exchange Rate Variation on Loans, Financing, Debentures, Derivatives and Suppliers 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 3Q17 Net Financial Result 10

11 Debt in September 30, 2017 Gross debt by indexer Hedged gross debt by indexer Not hedged 3Q16 Hedged 3Q17 3Q17 USD 1.7% USD 3.6% Others 4.1% TJLP 24.2% USD 11.9% CDI 37.6% Hedged IPCA 3.5% TJLP 16.6% TJLP 24.2% CDI 56.8% IPCA 26.3% CDI 78.2% IPCA 11.3% Indebtedness and leverage position Total Gross Debt: R$ 14.7 bi (R$15.8 bi proforma) Net Debt / EBITDA: 2.2 x (2.2 x proforma) * *LTM 3Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September

12 Debt Structure and Amortization Amortization Amortization Schedule/ Not hedged (R$ MM) Amortization (R$ MM) CCR S.A AutoBAn NovaDutra ViaOeste CCR Espanha S.L.U CCR USA Airport SPVias RodoAnel Oeste Metrô Bahia BH AIRPORT RodoNorte ViaLagos 3 68 MSVia 3 0 Others TOTAL 908 3,769 3,769 1, , , ,420 1, , , From 2021 CDI TJLP IPCA USD Others 4,

13 3Q17 Fundraising Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity Metrô Bahia Jul BNDES TJLP % Oct-42 CCR Jul Debentures % do CDI Jun-20 AutoBAn Jul Debentures IPCA % Jul-22 ViaQuatro Sep Debentures CDI % May-19 Metrô Bahia Sep BNDES TJLP % Oct-42 Total 1,

14 Debt Net Debt / EBITDA LTM R$ MM 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5, ,423 12,971 13,945 14,443 13,261 10,413 10,734 R$ MM 9,562 9, ,759 11,961 11,801 11,084 10,936 8,081 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 2Q17 3Q17 Proforma Data IFRS 10 and Net Debt (R$ MM) Net Debt/EBITDA (x) *LTM 3Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in September

15 Net Income R$ MM Same basis R$ 265 MM 1,151 Same basis (+63.1%) Q16 Net Income 3Q16 Net Income one-off effect STP 3Q17 Net Income New Projects 3Q17 Net Income Same Basis* * Same-basis figures exclude STP, ViaRio and VLT. 15

16 Investments and Maintenance R$ MM Improvements Intangible Assets Equipments and Others Total Performad Maintenance Maintenance Cost Performa Financial Asset 1 3Q17 9M17 3Q17 9M17 3Q17 9M17 3Q17 9M17 3Q17 9M17 NovaDutra ViaLagos RodoNorte (100%) AutoBAn ViaOeste ViaQuatro (100%) RodoAnel Oeste (100%) Samm SPVias CAP Barcas 0.0 (0.1) Metrô Bahia 2 (376.2) (1.8) 1.7 (378.0) ,010.4 BH Airport MSVia TAS Renovias (40%) ViaRio (66.66%) (0.4) VLT (24.93%) 2 (5.7) (2.6) (5.7) (2.5) Quito - Quiport (50%) San José - Aeris (48.75%) (1.6) (1.4) Others 3 (3.0) (7.1) Total (77.9) 1, (52.8) 1, ,054.5 SPCP The investments made by the Company, which will be reimbursed by the Granting Authority as monetary consideration or contribution, compose the financial assets. 2 The negative values in the Metrô Bahia Works and Improvements column refer to transfers of the intangible asset to the financial asset, resulting from the rebalancing of the concession contract of Amendment no. 4 to the Metrô Bahia Concession Agreement, as described in the Note 1 to the Quarterly Financial Information. The figures for financial asset presented in 1Q17 and 2Q17 were rectified to R$ milhões and R$ million, respectively. In VLT, the figures for financial asset presented in 1Q17 and 2Q17 were rectified to R$ 15.5 milhões and R$ 22.8 million, respectively. 3 - Includes CCR, CPC and eliminations. 4 Booking of a site, as described below. 16

17