Results for the 1st quarter of 2017

Transcription

1 For Immediate Disclosure BM&FBovespa: CCRO3 Bloomberg: CCRO3 BZ Thomson Reuters: CCRO3-BR Arthur Piotto Filho CFO and Investor Relations Officer Phone: 55 (11) Investor Relations Department Marcus Macedo Phone: 55 (11) Flávia Godoy Tel: 55 (11) Daniel Kuratomi Phone: 55 (11) Marcela Dias Results for the 1st quarter of 2017 São Paulo, May 11, 2017 CCR S.A. (CCR), Brazil s largest road concession operator in terms of revenue, announces its results for the first quarter of Presentation of Results The Quarterly Financial Information was prepared and is being presented in accordance with the accounting practices adopted in Brazil for the parent company and with International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ) for the consolidated statements. It is also based on Brazilian Corporate Law, the rules defined by the Brazilian Securities and Exchange Commission ( CVM ) and the pronouncements, instructions and interpretations issued by the Accounting Pronouncements Committee ( CPC ), applied consistently with the accounting practices described in Note 2 to the Quarterly Financial Information. Unless otherwise indicated, the financial and operating information is presented on a consolidated basis, in thousands of reais, and the comparisons refer to 1Q16. The proforma information includes the proportional data of the jointly-owned subsidiaries. Said information has not been reviewed by the independent auditors. Highlights Consolidated traffic fell by 2.8%. Adjusted EBITDA increased by 3.9%, with an adjusted margin of 61.0% (+0.3 p.p.). Net income totaled R$329.0 million, 32.9% up. Same-basis net income totaled R$338.5 million, 46.6% up. marcela.dias@grupoccr.com.br Phone: 55 (11) CCR CCR S.A., Publicly-held Company, headquartered at Av. Chedid Jafet, 222 Bloco B, 5º Andar Corporate Taxpayer s ID (CNPJ): / Company Registry (NIRE):

2 Financial Indicators (R$ MM) IFRS 1Q16 Chg % Proforma 1Q16 Chg % Net Revenues 1 1, , % 1, , % Adjusted Net Revenues on the same basis , , % Adjusted EBIT % % Adjusted EBIT Mg % 42.0% -1.1 p.p. 43.3% 42.8% -0.5 p.p. EBIT on the same basis % EBIT Mg. on the same basis p.p 43.9% 43.2% -1.0 p. p Adjusted EBITDA , % 1, , % Adjusted EBITDA Mg % 61.0% 0.3 p.p. 60.6% 61.6% 1.0 p.p. Adjusted EBITDA on the same basis , , % Adjusted EBITDA Mg. on the same basis p.p. 61.6% 62.1% 5.2 p.p. Net Income % % Net Income on the same basis % % Net Debt / Adjusted EBITDA LTM (x) Adjusted EBITDA / Performed investments (x) Adjusted EBITDA / Interest and Monetary Variation (x) Net revenue excludes construction revenue. 2 Same-basis figures: (i) exclude STP, whose stake was sold on August 31, 2016; (ii) in profit in the same comparison basis and in same-basis proforma comparisons, exclude ViaRio and VLT. 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. 6 LTM adjusted EBITDA includes the sale of the stake in STP. Excluding this R$1,307.7 million effect on EBITDA, the Net Debt/EBITDA ratio came to 2.4x (2.3x in proforma figures) in March

3 Subsequent Event The Annual and Extraordinary Shareholders Meeting of April 11 approved the distribution of dividends of around R$0.19 per share as of April 28. On April 20, CCR informed its shareholders and the market in general that, after complying with the conditions precedent provided for in the agreement, CCR concluded the financial transaction for effective acquisition of 15% of the shares issued by ViaQuatro, previously held by OTPP. IFRS Gross Revenue (excluding construction revenue) Toll Gross Revenue (R$ 000) 1Q16 Chg % AutoBAn 469, , % NovaDutra 286, , % RodoNorte 182, , % ViaLagos 32,415 36, % ViaOeste 235, , % RodoAnel Oeste 59,273 61, % SPVias 148, , % MSVia 74,220 64, % Total 1,487,661 1,559, % % of Total Revenues 83.6% 84.1% - Ancillary Gross Revenue 1 1Q16 Chg % Total 27,210 28, % % of Total Revenues 1.5% 1.5% - Other Gross Revenues 1Q16 Chg % Barcas 1 36,327 32, % Curaçao 52,098 28, % Metro Bahia 1 53,719 69, % Samm 19,681 23, % BH Airport 56,035 63, % TAS 47,808 48, % Total 265, , % % of Total Revenues 14.9% 14.4% - Total Operational Gross Revenue 1,780,539 1,854, % ¹ Ancillary revenues from Barcas and Metrô Bahia are included under Other Gross Revenues. Part of Metrô Bahia s 1Q16 and revenues does not come from tariffs and refers to the booking of financial assets. Said booking totaled R$50.0 million in 1Q16 and R$57.5 million in. Electronic payment toll revenues declined by 0.8 p.p. in, to 67.5% of the total. 3

4 The gross revenue of the jointly-owned subsidiaries recorded under equity income is shown below, as additional information. IFRS Construction Revenue Gross Operating Revenue of Jointly Controlled Companies 1 1Q16 Chg % Renovias 39,288 42, % ViaQuatro 63,603 68, % STP 2 81,174 - n.m. Quito (Quiport) 79,126 61, % San José (Aeris) 24,964 22, % VLT 3 4,601 8, % ViaRio 4-6,888 n.m. Total 5 292, , % 1 - Proportional interest including ancillary revenue and excluding construction revenue. 2 - On August 31, 2016, the sale of the stake in STP was concluded. 3 - VLT s 1Q16 revenue and part of its revenue do not come from tariffs and refer to the booking of returns on financial assets. In, said booking totaled R$7.0 million. 4 - Toll collection began on ViaRio on August 28, It does not include eliminations. Construction Gross Revenue 1Q16 Chg % Total 562, , % 4

5 Traffic Concessionaires Performance 1Q16 Chg % Traffic - Equivalent Vehicles 1 AutoBAn 64,728,727 63,119, % NovaDutra 31,466,270 30,816, % RodoNorte 22,799,401 22,891, % ViaLagos 2 2,378,989 2,535, % ViaOeste 30,117,067 29,408, % RodoAnel Oeste 33,179,308 32,685, % SPVias 16,314,897 15,280, % MSVia 12,259,847 10,492, % Consolidated 3 243,361, ,638, % Average Toll Paid (in R$ / Equivalent Vehicle) 4 AutoBAn % NovaDutra % RodoNorte % ViaLagos % ViaOeste % RodoAnel Oeste % SPVias % MSVia % Consolidated % Additional information - Renovias and ViaRio 5 1Q16 Chg % Traffic - Equivalent Vehicles 1 Renovias 5,343,758 5,294, % ViaRio - 1,158,842 n.m. Average Toll Paid (in R$ / Equivalent Vehicle) 4 Renovias % ViaRio n.m. 1 - Vehicle Equivalents is a measure calculated by adding heavy vehicles (commercial vehicles such as trucks and buses), multiplied by the number of axles charged, to light vehicles. One light vehicle is equivalent to one axle of a heavy vehicle. 2 - Reclassification of 1Q16 data. 3 - In CCR s consolidated figures, the traffic volume of ViaOeste, which only collects one-way tolls, is doubled in order to adjust it to the concessionaires that adopt bidirectional collections. This procedure is based on the fact that the one-way tariffs already include the return trip costs. 4 - The average tariff is calculated by dividing toll revenue by the total number of vehicle equivalents of each concessionaire and the consolidated figure. 5 - The number of Renovias and ViaRio s vehicle equivalents refers to the 40% and 33.33% interests held by the CCR Group, respectively. 5

6 Traffic at Concessionaires Mix Breakdown 1Q16 Equivalent Vehicles Light Commercial Light Commercial AutoBAn 47.0% 53.0% 48.0% 52.0% NovaDutra 38.2% 61.8% 38.4% 61.6% RodoNorte 23.4% 76.6% 23.3% 76.7% ViaLagos 83.0% 17.0% 84.7% 15.3% ViaOeste 57.0% 43.0% 58.0% 42.0% Renovias 54.2% 45.8% 54.7% 45.3% RodoAnel Oeste 53.4% 46.6% 54.5% 45.5% SPVias 32.9% 67.1% 33.6% 66.4% MSVia 19.7% 80.3% 23.9% 76.1% ViaRio % 8.5% CCR proforma 1 Consolidated 45.5% 54.5% 47.2% 52.8% 1 - Includes Renovias and ViaRio s traffic in for comparison purposes with 1Q16. Traffic Analysis In order to ensure a better understanding of traffic growth in the CCR Group s concessionaires, calendar effects have to be taken into consideration. In other words, when calculating year-on-year growth between periods (months, quarters, years), we exclude the impact produced by differences in the number of business days, weekends or holidays from each traffic category analyzed. This methodology aims to normalize holidays and ensure that the period in question has the same number of business days and weekends as the comparison base. Concessionaire Calendar Effect Light Vehicles Economic Activity and Other Factors Total Calendar Effect 1 - Includes Renovias traffic, whose results are recorded under equity income only, in accordance with IFRS 10 and 11. Commercial Vehicles Economic Activity and Other Factors AutoBAn -2.0% 0.6% -1.4% 1.8% -5.2% 3.4% NovaDutra -2.7% 0.7% -2.0% 1.4% -3.5% -2.1% ViaOeste -1.5% 0.7% -0.8% 1.9% -6.3% -4.4% RodoNorte -4.3% 3.9% -0.4% 2.7% -2.0% 0.7% ViaLagos -5.7% 14.4% 8.7% -0.7% -3.1% -3.8% Renovias -3.0% 2.8% -0.2% 1.7% -3.4% -1.7% RodoAnel Oeste -0.5% 0.7% 0.2% 2.0% -5.4% -3.4% SPVias -4.9% -0.2% -5.1% 1.7% -8.7% -7.0% MSVia -2.8% 6.4% 3.6% 3.1% -21.9% -18.8% CCR 1-2.0% 1.2% -0.8% 2.0% -6.2% -4.2% Total 6

7 Urban Mobility ViaQuatro Transported passengers 1Q16 2Q16 3Q16 4Q16 Chg % ( X 1Q16) Integrated Passengers 43,388,915 46,003,086 46,402,034 45,178,272 44,548, % Exclusive Passengers 5,085,158 4,920,905 4,957,772 4,535,510 4,468, % Total 48,474,073 50,923,991 51,359,806 49,713,782 49,016, % Average daily demand 1Q16 2Q16 3Q16 4Q16 Chg % ( X 1Q16) Weekday 666, , , , , % Saturday 347, , , , , % Sunday 231, , , , , % Daily Highest 763, , , , , % Metrô Bahia Transported passengers 1Q16 2Q16 3Q16 4Q16 Total 1,336,983 1,657,633 3,344,188 4,251,097 5,443,781 Average daily demand 1Q16 2Q16 3Q16 4Q16 Weekday 19,193 22,507 42,577 54,158 71,087 Saturday 8,800 12,138 30,533 38,919 47,869 Sunday 0 2,837 10,552 14,304 19,132 The commercial operation of line 1 began on January 2, 2016 with seven stations (out of a total of eight). On February 11, the entire line 1 became operational. The last station, Pirajá, is now operating full time and has been integrated with the metropolitan bus lines since May 15. On December 6, line 2 began operating with the Acesso Norte 2, Detran and Rodoviária stations. Barcas Operating Data: Lines Number of Passengers Route Miles/Trip Fare 1Q16 Chg % Rio - Niterói 2.7 R$ ,897,146 4,151, % Rio - Charitas 4.4 R$ , , % Rio - Paquetá 10.7 R$ , , % Rio - Cocotá 7.4 R$ , , % Angra - Ilha Grande - Mangaratiba 26.0 R$ ,594 65, % Total 6,080,965 5,082, % 7

8 The changes in the number of passengers were mainly due to the following factors: Higher unemployment rate; Changes to the travel schedules of the Rio Cocotá and Rio Charitas lines. VLT Carioca On August 2, 2016, VLT Carioca began operating, with 21 stations and stops currently in operation, out of a total of 42. Transported passengers 3Q16 4Q16 Total 2,014,047 2,009,038 2,390,469 Average daily demand 3Q16 4Q16 Weekday 33,178 25,172 33,967 Saturday 38,533 15,059 16,591 Sunday 30,742 12,423 12,864 Airports International Airports average tariffs Quito International Airport¹ San José International Airport² Curaçao International Airport Revenue Mix average rates in US$ International Domestic Carga International International Boarding/PAX Use of infraestructure/ton Domestic Boarding bridges/atm The tariff for the use of international infrastructure is the same as the tariff for cargo and others at Quito International Airport. 2 - Tariffs for San José International Airport do not exclude the 35.2% government stake. Revenues shown in the revenue chart of jointly-owned subsidiaries are net of this stake. This airport does not include revenue from domestic passenger boarding fees. 3 - Air Traffic Movement. Quito International Airport San José International Airport Curaçao International Airport 26% 29% 27% 74% 71% 73% 8

9 Operating data (100% of the concessionaires) Airport Revenue Commercial Revenue Quito International Airport San José International Airport Curaçao International Airport Total Passengers (Boarding '000) 1Q16 Chg % 1Q16 Var % 1Q16 Chg % International % % % Domestic % % Total % % % Total ATM 1 (Takeoffs) 2 1Q16 Chg % 1Q16 Chg % 1Q16 Chg % International 2,639 2, % 6,292 6, % 3,020 2, % Domestic 3,962 3, % 4,623 4, % 2,559 1, % Cargo % % Military and Other % - 1, Total 7,450 7, % 11,528 13, % 5,579 4, % Total MTOW ('000 per ton) ³ 1Q16 Chg % 1Q16 Chg % 1Q16 Chg % International % % % Domestic % % % Cargo and Other % % Total % % % 1 - International and domestic ATMs generate revenue at Quito Airport. In the case of San José and Curaçao airports, none of the ATMs generates revenue. 2 - Air Traffic Movement 3 - Maximum Takeoff Weight The changes in the operating data presented above were mainly influenced by the following factors: 1. Quito International Airport (50.0%) Decline in domestic and international traffic and ATMs, mainly due to the economic slowdown in Ecuador and the reduction in TAME routes (São Paulo, Fort Lauderdale, New York and Lima). 2. San José International Airport (48.75%) Increase in the number of passengers, due to the creation of new routes by several companies, mainly to Canada and Europe. 3. Curaçao International Airport (79.80%) The decline in the number of passengers and other indicators was a result of the reductions in routes and flights by Insel, which currently operates only domestic routes. 9

10 BH Airport Operating data (100% of the concessionaire) Total Passengers (Boarding '000) 1Q16 Chg % Total ATM (Landing in 1Q16 Chg % units) 1 International % International % Domestic 1,289 1, % Domestic 13,155 11, % Total 1,341 1, % Total 13,471 12, % Total MTOW ('000 per ton) 2 1Q16 Chg % Cargo ('000 per ton) 1Q16 Chg % average tariffs International % Importation % Domestic % Exportation % Total % Total % ¹ - Air Traffic Movement (does not generate income at BH Airport) 2 - Maximum Takeoff Weight BH Airport 4Q16 Revenue Mix 1Q16 Average rates in R$ International Domestic International Domestic Boarding/PAX ATM/MTOW Q16 Average rates in R$ / ton Import/ Export Import / Export Cargo 1, , % Airport Revenue 64% Commercial Revenue The reduction in operational indicators reflects the economic downturn scenario. Airlines optimized their operations through adjustments in the airline network and higher aircraft occupancy. IFRS Total Costs Total costs moved up by 13.4% in over 1Q16, to R$1,693.0 million. Cash costs, excluding depreciation and amortization, prepaid expenses, construction costs and the provision for maintenance, increased by 2.5%. Costs (R$ MM) 1Q16 Chg % Total Costs (1,493.4) (1,693.0) 13.4% Depreciation and Amortization (223.9) (251.1) 12.1% Third-Party Services (213.5) (213.2) -0.1% Concession Fee Costs and Anticipated Expenses (93.6) (92.3) -1.4% Personnel Costs (225.3) (240.1) 6.6% Construction Costs (562.5) (712.5) 26.7% Maintenance Provision (42.9) (48.8) 13.8% Other Costs (131.6) (135.0) 2.6% Total costs = cost of services + administrative expenses + other operating expenses and revenues. Other costs = Materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses. 10

11 The main reasons for the year-on-year variations in are detailed below: Depreciation and Amortization: Increase of 12.1% (R$27.2 million), mainly influenced by the conclusion of the works in RodoNorte and NovaDutra. Third-party Services: Reduction of 0.1% (-R$0.3 million), mainly due to: (i) the drop in air traffic movement (ATM) at Curaçao International Airport, which reduced services, such as fuel supply and other aircraft services; (ii) the lower number of emergency works and more efficient conservation teams at MSVia; on the other hand, there was: (iii) adjustment to NovaDutra s routine maintenance contract; (iv) addition of IT services and management of construction works, as envisaged in AutoBAn s investment plan; and (v) increase in services related to signage and management of construction works at ViaOeste. Direct costs (non-recurring or emergency expenses to repair concession infrastructure) amounted to R$13.1 million in, versus R$13.0 million in 1Q16. Concession Fees and Prepaid Expenses: Reduction of 1.4% (-R$1.3 million), mainly due to Curaçao s lower concession fees, which is calculated as a percentage of revenues, as a result of the decline in the number of passengers (see the International Airports section for more information). Personnel Costs: Increase of 6.6% (R$14.8 million), due to the collective bargaining agreement in April 2016, partially offset by the reduction in headcount in the period. Construction Costs: The 26.7% upturn (R$150.0 million) was mainly influenced by the works carried out in and detailed in the Capex and Maintenance section. Provision for Maintenance: The amounts were provisioned in accordance with the frequency of maintenance works, cost estimates and the corresponding calculation of present value. The increase in maintenance provision costs in was due to the revision of the estimated maintenance work schedule as of 4Q16, mainly in SPVias. Other Costs: The Other Costs line (materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses) moved up by 2.6% (R$3.4 million), due to the write-off of TAS machinery and equipment and lower legal provisions and material costs at Barcas. 11

12 IFRS EBITDA EBITDA Reconciliation (R$ MM) 1Q16 Chg % Net Income % (+) Income Tax and Social Contribution % (+) Net Financial Results % (+) Depreciation and Amortization % EBITDA (a) 1, , % EBITDA Mg. (a) 47.1% 42.9% -4.2 p.p. (+) Anticipated expenses (b) (+) Maintenance provision (c) % (-) Equity Income (77.2) (54.1) -29.9% (+) Minority Interest (28.6) (16.2) -43.4% Adjusted EBITDA , % Adjusted EBITDA Mg. (d) 60.7% 61.0% 0.3 p.p. (a) Calculation in accordance with CVM Instruction 527/2012, which consists of net income adjusted for the net financial result, income and social contribution tax expenses and depreciation and amortization costs and expenses. (b) Refers to the recognition of prepayments related to the concession, which is adjusted, given that it constitutes a non-cash item in the financial statements. (c) The provision for maintenance is adjusted, given that it refers to estimated future expenditures from periodic maintenance in CCR s investees and constitutes a non-cash item in the financial statements. d) The adjusted EBITDA margin was calculated by excluding construction revenue, in accordance with IFRS requirements, with a counterentry impacting total costs. IFRS Net Financial Result Net Financial Result (R$ MM) 1Q16 Chg % Net Financial Result (455.8) (350.9) -23.0% - Income from Hedge Operation (51.0) (84.6) 65.9% - Monetary Variation on Loans, Financing and Debentures (87.8) (45.1) -48.6% - Exchange Rate Variation on Loans, Financing and Debentures % - Monetary Variation on Liabilities related to the Granting Power (65.5) (22.5) -65.6% - Present Value Adjustment of Maintenance Provision and Liabilities related to the Granting Power (25.1) (28.3) 12.7% - Interest on Loans, Financing and Debentures (331.2) (317.3) -4.2% - Investment Income and Other Income % - Fair Value of Loans and Debentures (41.1) (41.4) 0.7% - Others (22.7) (23.0) 1.2% Others: Commissions, fees, taxes, fines and interest on taxes Key indicators 1Q16 Average CDI 14.1% 12.7% IGP-M 2.9% 0.7% IPCA 2.6% 1.0% Average TJLP 7.5% 7.5% Average Exchange (US$ - R$) CCR, NovaDutra, RodoNorte, ViaOeste and AutoBAn have foreign-currency-denominated loans hedged by a currency swap agreement, through which they are long in the 3-month Libor plus spread and the exchange variation and short in a 12

13 percentage of the CDI interbank deposit rate. CCR has a foreign-currency-denominated loan hedged by a currency swap agreement, through which it is long at a fixed rate plus the exchange variation and short in a percentage of the CDI interbank deposit rate. Metrô Bahia has Non-Deliverable Forwards (NDFs) to hedge against the impact of the exchange variation applied to the supply of rolling stock. AutoBAn has swap agreements in which it is long in the IPC-A % p.a., IPC-A % p.a. and IPC-A % p.a. and short in a percentage of the CDI rate. ViaOeste has swap agreements in which it is long in the IPC-A % p.a. and short in a percentage of the CDI rate. NovaDutra has swap agreements in which it is long in the IPC-A % p.a. and short in a percentage of the CDI rate. SPVias has swap agreements in which it is long in the IPC-A % p.a. and short in a percentage of the CDI rate. The main reasons for the variations reported in are detailed below: The results with the hedge operations line reflect mainly the losses with swaps realized in AutoBAn and CCR operations, partially offset by the gains in ViaOeste. The monetary variation on obligations with the granting authority line includes the monetary variation (IPC-A) on the BH Airport concession, totaling R$22.5 million in, versus R$65.5 million in 1Q16. The IPCA consumer price index fell from 2.6% in 1Q16 to 1.0% in. The impact of the foreign exchange variation on gross debt was a revenue of R$77.6 million in, versus a revenue of R$70.3 million in 1Q16, due to the appreciation of 2.8% and 8.9% of the real against the U.S. dollar in the respective periods. This line, together with the results from hedge operations and financing fair value and debentures, reflects the impact of dollar-denominated debt on the period s net financial result. Adjustments to present value of the provision for maintenance and obligations with the granting authority moved up by 12.7%, chiefly due to the updating of the amount in the balance sheet, as described in Explanatory Note 17 to the Quarterly Financial Information. In, the Interest on loans, financing and debentures line dropped by 4.2%, mainly due to the impact of the lower average CDI from 14.1% in 1Q16 to 12.7% in. The Interest on financial investments and other revenues line increased by 36.0% in, mainly due to the 103% increase in cash flow between the periods. On February 16, 2017, the Company concluded its primary public offering with restricted placement efforts, totaling R$4.07 billion. The Fair value of financing and debentures line reflects gains and losses from mark-to-market of debt, mainly at CCR, AutoBAn, ViaOeste and SPVias. Net Income Consolidated net income totaled R$329.0 million in, 32.9% up. Same-basis¹ net income amounted to R$338.5 million, 46.6% up. 13

14 ¹ Same-basis figures exclude: (i) STP, which was sold in 3Q16; and (ii) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the comparison periods: ViaRio and VLT. Indebtedness Consolidated net debt (IFRS) stood at R$10.8 billion in March 2017, while the Net Debt/EBITDA ratio (last 12 months) came to 1.8x, as shown below: 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5, ,945 12,423 12,971 14,443 13,261 13,356 10,413 10,734 10,759 9,562 9,826 9,665 7,620 7,859 8,081 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 4Q16 Proforma data IFRS10 and Net Debt (R$ MM) Net Debt/EBITDA (x) * LTM adjusted EBITDA includes the sale of the stake in STP. As mentioned in the Financial Result section, cash flow increased due to the end of the Company s primary public offering with restricted placement efforts, totaling R$4.07 billion. The sale of STP was concluded on August 31. Excluding this R$1,307.7 million effect on EBITDA, the Net Debt/EBITDA ratio came to 2.4x (2.3x in proforma figures) in March In, funding and rollover of the subsidiaries and jointly-owned subsidiaries were as follows: Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity BH Airport Jan BNDES TJLP % Jul-17 ViaQuatro Feb Debentures CDI % p.a. May-17 BH Airport Feb BNDES TJLP % Jul-17 VLT Feb BNDES TJLP % Nov-35 MSVia Mar BNDES TJLP % Mar-39 MSVia Mar BNDS Pass-Through TJLP % Mar-39 MSVia Mar FINISA / BNDES TJLP % Mar-39 ViaRio Mar Credit Facility CDI % p.a. Mar-18 Samm Mar Comercial Paper % of CDI Mar-18 Total Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity CCR USA Feb-17 3,0 USD Credit Facility Libor 3M % p.a. Feb-18 TAS Feb-17 5,0 USD Credit Facility Libor 3M % p.a. Feb-18 Total 8,0 USD 14

15 Evolution of Indebtedness (R$ MM) Dec/16 Mar/17 Gross Debt 1 16, ,946.1 % Real-Denominated 88% 89% % Foreign Currency-Denominated 12% 11% Short Term 5, ,290.3 % Real-Denominated 75% 75% % Foreign Currency-Denominated 25% 25% Long Term 10, ,655.8 % Real-Denominated 95% 96% % Foreign Currency-Denominated 5% 4% Cash, Equivalents and Financial Investments 2, ,303.1 Receivable/Payable Swap Settlements (22.2) Net Debt 13, , Gross debt excludes transaction costs incurred during the structuring of the respective financial instruments and measured at fair value, when applicable. 2 - On March 31, 2017, the adjustment of swaps receivable was mainly due to the period exchange variation, as well as the variation in the CDI rate. Debt Breakdown¹ Debt Breakdown (R$ MM) - Not Hedged BNDES TJLP TJLP + (2.0% % p.a.) 3, % Local Bond, Credit Deposit and others CDI (106.1% %) of CDI, CDI + (2.2% % p.a.) 6, % Local Bond IPCA IPCA + (2.71% % p.a.) 3, % Dolar USD LIBOR 3M + (0.8% % p.a.) /LIBOR 6M % p.a./ 4.1% - 4.2% p.a. 1, % Other Pre fixed 5.5% - 7.7% p.a % Total 15, % Debt Breakdown (R$ MM) - Hedged Index Average Cost p.a. Mar/17 % BNDES TJLP TJLP + (2.0% % p.a.) 3, % Local Bond, Credit Deposit and others CDI (71.8% %) of CDI, CDI + (2.2% % p.a.) 10, % Local Bond IPCA IPCA + (5.428% % p.a.) % Dolar USD LIBOR 3M + (2.05% % p.a.) / LIBOR 6M % p.a. / 4.2% p.a % Other Pre fixed 5,5% - 7,7% a.a % Total 15, % 1 - Amounts do not exclude transaction costs and are not measured at fair value. Index Average Cost p.a. Mar/17 % As additional information, on March 31, 2017, the proforma net exposure in dollars was US$54.3 million, which refers to the debt of ViaQuatro, Metrô Bahia and VLT. In the same period, proforma gross debt remained at R$16.3 billion. 15

16 Debt Amortization Schedule¹ ¹ Amounts do not exclude transaction costs and are not measured at fair value. Debt Amortization Schedule Years R$ MM % Total , % , % , % % From , % Total 15, % Capex and Maintenance 16

17 R$ MM Improvements Intangible Assets Equipments and Others NovaDutra ViaLagos RodoNorte (100%) AutoBAn ViaOeste RodoAnel Oeste (100%) Samm SPVias CAP Barcas Metrô Bahia BH Airport MSVia TAS Others Consolidated Total Performed Maintenance Maintenance Cost Financial Asset 1 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 - Includes CCR, CPC and eliminations. 3 Booking of a site, as described below. In, investments (including financial assets) and maintenance expenditures totaled R$903.7 million. The concessionaires which most invested in the quarter were Metrô Bahia, MSVia, RodoNorte and BH Airport. In addition, the Company recorded cash effect from installment payments related to the acquisition of sites in the municipalities of Cajamar and Caieiras, as announced through the Material Fact of February 5, 2016, totaling R$31.0 million in. Metrô Bahia invested mainly in construction works, rolling stock and systems. MSVia duplicated several stretches and carried out pavement restoration works. RodoNorte's investments were mainly allocated to duplications and restoration works in several stretches. BH Airport invested mainly in Terminal 2. In, the Company received R$218.3 million related to investments and considerations (R$201.1 million and R$17.2 million, respectively) from Metrô Bahia s granting authority. As additional information, investments in jointly-owned subsidiaries were made as shown in the table below: R$ MM Improvements Proforma Intangible Assets Equipments and Others Total Proforma performed maintenance Maintenance Cost Proforma Financial Asset 1 Renovias (40%) ViaQuatro (60%) ViaRio (33.33%) VLT (24.93%) (2.2) 0.0 (2.2) Quito - Quiport (50%) San José - Aeris (48.75%) Total The investments made, which will be reimbursed by the granting authority as monetary consideration or contribution, compose the financial assets. 17

18 In, jointly-owned subsidiaries investments (including financial assets) and maintenance expenditures totaled R$81.0 million. In the first quarter, the Company received R$6.1 million related to investments and considerations (R$1.1 million and R$5.0 million, respectively) from VLT (24.93%). The following table details estimated investment and maintenance totals for The figures include eventual service contingent investments and cases being discussed for reestablishing the financial balance. Estimated investments Estimated Maintenance 2017 (E) - R$ MM Total Contributions of Granting Powers Net Total Maintenance Costs MSVia RodoNorte (100%) Metrô Bahia 1, , BH Airport (100%) AutoBAn NovaDutra SPVias ViaQuatro (60%) ViaOeste RodoAnel Oeste (100%) Quito - Quiport (50%) San José - Aeris (48.75%) Curaçao - CAP (100%) SAMM VLT (24.93%) ViaLagos TAS (100%) Renovias (40%) Barcas (100%) Outras* (4.3) Total 4, , , * Includes CCR, CPC, SPCP and eliminations. About the CCR Group, CPC and CCR: About the CCR Group: Founded in 1999, the CCR Group is one of Latin America s largest infrastructure concession groups. It controls 3,265 kilometers of highways under the management of the CCR NovaDutra (SP-RJ), CCR ViaLagos (RJ), CCR RodoNorte (PR), CCR AutoBAn (SP), CCR ViaOeste (SP), CCR RodoAnel (SP), Renovias (SP), CCR SPVias (SP) and CCR MSVia (MS) concessionaires. It also shares control of the ViaRio concessionaire, responsible for the construction and operation of the Corredor Expresso Transolímpica, in Rio de Janeiro. The CCR Group also operates with high-capacity data transmission through Samm, a company which provides IP connectivity and multimedia and communication services with more than 4,700 kilometers of underground and aerial fiber optic cable. It is also present in the passenger transportation segment through the concessionaires ViaQuatro, responsible for Line 4 (Yellow) of the São Paulo subway; CCR Barcas, responsible for waterway passenger transport in Rio de Janeiro; and CCR Metrô Bahia, which operates the Salvador and Lauro de Freitas Subway System. It also retains an interest in the VLT Carioca 18

19 concessionaire, a light rail vehicle system that will connect Rio de Janeiro's port region with the city center. In 2012, the Group entered the airport sector through the acquisition of interests in the Quito (Ecuador), San José (Costa Rica) and Curaçao International Airport concessionaires. In Brazil, it owns the BH Airport concessionaire, responsible for managing Belo Horizonte International Airport, in Minas Gerais. In 2015, it acquired TAS (Total Airport Services), a U.S. company that renders airport services. Committed to sustainable development, CCR is a signatory to the UN's Global Compact and was included in the theoretical portfolio of the BM&FBovespa s ISE (Corporate Sustainability Index) for the fifth consecutive year in It currently employs around 11,000 people. About CPC: Companhia de Participações em Concessões (CPC) is a CCR Group company, whose purpose is to evaluate new business opportunities in the primary market, through bids, and the secondary market, through the direct management of new businesses. CPC has retained a 40% interest in Renovias, a highway concessionaire in São Paulo state, since In October 2010, it acquired 100% of CCR SPVias, a São Paulo state highway concessionaire and, in 2012, 80% of CCR Barcas, the world s fourth largest waterway transport operator. CPC also holds 50.0% of Quiport, which operates Quito International Airport in Ecuador, 48.75% of Aeris Holding Costa Rica S.A., which operates San José Airport (Juan Santamaría) in Costa Rica, and 79.8% of Curaçao Airport Partners NV, the Curaçao airport concessionaire. About CCR: CCR is the holding company of the CCR Group and was one of the first companies to join the BM&FBovespa s Novo Mercado listing segment, which contains only those publicly-held companies with the highest levels of corporate governance. Its capital stock consists entirely of common shares with voting rights and it has a free float of 55.23%. CCR is included in the IBOVESPA Index, as well as in the ISE (Corporate Sustainability Index), ICO2 (Carbon Efficient Index), IGC (Special Corporate Governance Stock Index), IBrX-50 (Brazil Index 50), IBrX-100 (Brazil Index 100) and the MSCI Latin America index. Conference Calls/Webcast Access to the conference calls/webcasts: Conference call in Portuguese: Friday, May 12, :00 p.m. São Paulo / 11:00 a.m. New York Participants calling from Brazil: (11) or (11) Access code: CCR Replay: (11) or (11) Code: # 19

20 Conference call in English: Friday, May 12, :00 p.m. São Paulo / 12:00 p.m. New York Participants calling from Brazil: (55 11) or (55 11) Participants calling from the United States: (+1) Participants calling from other countries: (+1) Access code: CCR Replay: (11) or (11) Code: # The instructions to participate in these events are available on CCR s website: 20

21 CONSOLIDATED INCOME STATEMENT Brazilian Corporate Law (R$ '000) 1Q16 Chg % Gross Revenues 1,780,539 1,854, % - Toll Revenues 1,487,661 1,559, % - Other Revenues 292, , % Gross Revenues Deductions (144,618) (162,668) 12.5% Net Revenues 1,635,921 1,691, % (+) Construction Revenues 562, , % Cost of Services (1,349,176) (1,538,322) 14.0% - Depreciation and Amortization (208,443) (233,534) 12.0% - Third-party Services (175,043) (179,492) 2.5% - Concession Costs (73,070) (71,877) -1.6% - Personnel Costs (166,156) (179,646) 8.1% - Construction Costs (562,483) (712,478) 26.7% - Maintenance Provision (42,867) (48,837) 13.9% - Other (100,606) (91,986) -8.6% - Appropriation of Anticipated Expenses from the Concession (20,508) (20,472) -0.2% Gross Profit 849, , % Gross Margin 51.9% 51.2% -0.7 p.p. Administrative Expenses (144,079) (154,764) 7.4% - Depreciation and Amortization (15,410) (17,597) 14.2% - Third-party Services (38,499) (33,727) -12.4% - Personnel (59,103) (60,464) 2.3% - Other (31,067) (42,976) 38.3% Adjusted EBIT 705, , % Adjusted EBIT Margin (a) 43.1% 42.0% -1.1 p.p. + Equity Income Result 77,190 54, % - Minority Interest 28,606 16, % EBIT (b) 810, , % EBIT Margin 32.1% 29.6% -2.5 p.p. + Depreciation and Amortization 223, , % EBITDA (b) 1,034,798 1,032, % EBITDA Margin 47.1% 42.9% -4.2 p.p. + Maintenance Provision (c) 42,867 48, % + Appropriation of Anticipated Expenses (d) 20,508 20, % - Equity Income Result (77,190) (54,111) -29.9% - Minority Interest (28,606) (16,181) -43.4% Adjusted EBITDA 992,377 1,031, % Adjusted EBITDA Margin (e) 60.7% 61.0% 0.3 p.p. Net Financial Result (455,778) (350,905) -23.0% Financial Expenses: (878,109) (825,634) -6.0% - Interest on Loans, Financing and Debentures and Loans Cost Capitalization (331,160) (317,323) -4.2% - Monetary variation on loans, financing and debentures (87,843) (45,148) -48.6% - Monetary variation on Liabilities related to the Granting Power (65,490) (22,453) -65.7% - Exchange Rate Variation (79,992) (22,936) -71.3% - Losses from Hedge Operations (197,119) (244,751) 24.2% - Present Value Adjustment of Maintenance Provision (25,134) (28,306) 12.6% - Fair Value of Hedge Operations (68,579) (121,752) 77.5% - Other Financial Expenses (22,792) (22,965) 0.8 Financial Income: 422, , % - Gains from Hedge Operations 146, , % - Exchange Rate Variation 150, , % - Fair Value of Hedge Operations 27,492 80, % - Interest and Other Financial Income 98, , % Equity Income Result 77,190 54, % Profit (Loss) Before Income and Social Contribution Taxes 326, , % Income and Social Contribution Taxes - Current (198,465) (185,873) -6.3% Income and Social Contribution Taxes - Deferred 90,818 84, % Profit before Minority Interest 218, , % Minority Interest 28,606 16, % Net Profit for the Period 247, , % Basic profit Per Share (In Reais - R$) % Number of shares at the end of fiscal year (in units) 1,765,587,200 2,020,000, % (a) Adjusted EBIT Margin was calculated by dividing EBIT by Net Revenues, excluding construction revenue, as this is an IFRS requirement, whose corresponding amount affects total cost. (b) Calculated in accordance with CVM instruction number 527/12. (c) The Maintenance Provision refers to an estimate of future expenditures for regular maintenance in CCR subsidiaries and is adjusted as it relates to a non-cash-relevant item of the financial statements. the financial statements. (d) Refers to the result appropriation of prepayments related to the concession and is adjusted relates to a non-cash relevant item of the financial statements. (e) Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Net Revenues, excluding construction revenue, as this is an IFRS requirement, whose corresponding amount affects total cost. amount affects total cost. 21

22 CONSOLIDATED BALANCE SHEET Brazilian Corporate Law (R$ '000) ASSETS CURRENT ASSETS Cash & cash equivalents 4Q16 2,821,220 5,303,053 Accounts receivable 866, ,635 Related parties receivable 6,836 5,946 Recoverable taxes 143, ,830 Anticipated expenses concession right 81,888 81,890 Accounts receivable swap 26,717 15,083 Advances to Supplier 232, ,505 Anticipated expenses and others 65,271 67,282 Total Current Assets 4,244,386 6,644,224 LONG TERM ASSETS Reserve and receivable accounts 1,246,620 1,296,891 Related parties 324, ,585 Recoverable taxes and contributions 37,488 66,244 Deferred taxes 732, ,263 Anticipated expenses concession right 2,885,253 2,917,884 Accounts receivable swap 283, ,562 Advances to Supplier 94, ,122 Anticipated expenses and others 102, ,943 Total Long Term assets 5,708,036 5,919,494 Investments 1,170,652 1,197,288 Fixed assets 1,108,408 1,083,393 Intangible assets 12,324,365 12,796,867 Total Non-Current Assets 20,311,461 20,997,042 TOTAL ASSETS 24,555,847 27,641,266 LIABILITIES AND NET EQUITY CURRENT LIABILITIES Loans and financing 1,692,929 1,715,652 Debentures 3,698,827 3,574,671 Accounts payable swap 276, ,172 Suppliers 335, ,283 Income and contributions payable 278, ,657 Taxes and contributions installment payments 1, Income and social contribution taxes 190, ,033 Liabilities with related parties 101,124 93,632 Dividends and Interest on equity Maintenance Provision 237, ,212 Liabilities related to the granting power 167, ,058 Other accounts payable 195, ,708 Total Current Liabilities 7,176,052 7,070,601 NON-CURRENT LIABILITIES Loans and financing 3,133,324 3,192,081 Debentures 7,661,427 6,463,697 Taxes and contributions payable 7,330 8,057 Taxes and contributions installment payments 1,124 1,102 Deferred taxes 270, ,194 Provision for civil contingencies, labor, tributary and social welfare 117, ,040 Maintenance Provision 389, ,376 Liabilities related to the granting power 1,326,681 1,357,942 Liabilities with related parties 85,567 87,143 Accounts payable - Derivatives 24,819 41,667 Other accounts payable 217, ,850 Total Long-term Liabilities 13,235,306 12,144,149 NET EQUITY Capital stock 2,025,342 6,025,868 Equity valuation adjustments 272, ,854 Profit reserve / Accumulated earnings and losses 1,592,191 1,921,167 Capital reserves 13,992 13,992 Controlling Shareholders Equity 3,904,195 8,206,881 Minority interest 240, ,635 Total Net Equity 4,144,489 8,426,516 TOTAL 24,555,847 27,641,266 22

23 Consolidated Cash Flow Statement Brazilian Corporate Law (R$ '000) - Indirect Method Operational activities cash flow 1Q16 Net cash originating from (used on) operational activities 496, ,750 Net profit (loss) in the period 218, ,795 Settlements by: Deferred income and social contribution taxes (90,818) (84,685) Appropriation of anticipated expenses 20,508 20,472 Depreciation and Amortization 204, ,345 Fixed, intangible and deferred assets write off ,431 Goodwill amortization 19,081 18,786 Exchange rate variation on loans, financing and derivatives (70,346) (77,576) Monetary variation of the liabilities related to the granting power 65,490 22,453 Interest on debentures, promissory notes, loans, financing and leasing 478, ,039 Financing costs capitalization (59,754) (96,568) Result from derivative operations 92, ,979 Recognition of maintenance provision 42,867 48,837 Present value adjustment of maintenance provision and Liabilities related to the granting power 13,794 17,290 Recognition and reversal of provision for civil, labor, tax and social security risks 20,287 9,627 Provision of doubtfull accounts (821) 4,056 Interest and mutual loan monetary variation with related parties (1,072) (5,313) Interest on taxes in installments Present value adjustment of financial assets (49,958) (57,353) Present value adjustment of liabilities related to the granting power 11,340 11,016 Equity Income (77,190) (54,111) Assets and liabilities variations (341,515) (59,793) Assets (increase) decrease Accounts receivable (238,664) (152,146) Accounts receivable - Related parties (30,068) 6,269 Recoverable taxes (10,777) (6,287) Dividends and interest on capital received 27,013 14,008 Antecipated expenses - fixed concession fee (43,632) (53,105) Dividends and interest on capital receivable (21,740) - Antecipated expenses and others 7,667 (20,096) Receipt of financial asset 115, ,337 Advances to supplier - (19,302) Liabilities increase (decrease) Suppliers (18,559) 60,098 Suppliers - Related parties (24,818) (5,502) Social and labor obligations 24,380 26,948 Taxes and contributions payable and in installments, and accrual for income and social contribution taxes 157, ,599 Payments of income tax and social contribution (249,871) (270,506) Realization of the maintenance provision (17,938) (41,006) Liabilities related to the granting power 2,691 3,242 Payment of provision for civil, labor, tax and social security risks (6,714) (6,345) Other accounts payable (14,197) 23,001 Investment activities cash flow Fixed assets acquisition (102,589) (60,441) Advances Exchange for variation the intangible on investments assets (foreign companies) (378,346) - (622,709) - Settlement of hedge operations 40,868 (21,277) Loans with related parties Receivables - 12,706 Fundraising (353) - Capital increase in subsidiaries and other investments movements (23,634) 53 Other intangible assets - 21,500 Net cash used on investment activities (464,054) - (670,168) - Financing activities cash flow Redemptions / Investments on reserve account (2) (17,165) Settlement of hedge operations 71,461 (48,426) Loans with related parties Fundraising Payments - (903) Loans, financing, debentures, promissory notes and leasing Fundraising 1,750, ,760 Principal Payment (1,329,982) (1,483,737) Interest Payment (202,140) (526,740) Payable / (paid) to non-controlling shareholders - - Capital integralization - 4,000,526 Minority Interest (2,549) (4,478) Net cash used on financing activities 287,305 2,272,608 Effect of exchange rate changes on cash and cash equivalents (10,171) 3,478 Increase / Decrease of cash and cash equivalents 309,771 2,464,668 Cash balances demonstration and cash equivalents In the beginning of the period 2,296,420 2,821,220 At the end of the period 2,606,191 5,285,888 23

24 EXHIBIT PROFORMA TABLES (Including in all accounts the proportional results of: Renovias (40%), ViaQuatro (60%), ViaRio (33.33%), VLT (24.93%), Quito Int. Airport (50%) and San José Int. Airport (48.75%)). CONSOLIDATED INCOME STATEMENT Brazilian Corporate Law (R$ '000) 1Q16 Chg % Gross Revenues 2,072,233 2,062, % - Toll Revenues 1,524,257 1,605, % - Other Revenues 547, , % Gross Revenues Deductions (162,432) (169,309) 4.2% Net Revenues 1,909,801 1,893, % (+) Construction Revenues 777, , % Cost of Services (1,666,791) (1,686,711) 1.2% - Depreciation and Amortization (244,375) (267,470) 9.5% - Third-party Services (190,294) (185,461) -2.5% - Concession Costs (76,358) (75,368) -1.3% - Personnel Costs (195,420) (195,323) 0.0% - Construction Costs (775,184) (791,326) 2.1% - Maintenance Provision (44,781) (49,634) 10.8% - Other (119,871) (101,657) -15.2% - Appropriation of Anticipated Expenses from the Concession (20,508) (20,472) -0.2% Gross Profit 1,020, , % Gross Margin 53.4% 52.8% -0.7 p.p Administrative Expenses (194,048) (187,522) -3.4% - Depreciation and Amortization (21,487) (18,229) -15.2% - Third-party Services (50,132) (40,709) -18.8% - Personnel (75,084) (77,852) 3.7% - Other (47,345) (50,732) 7.2% Adjusted EBIT 826, , % Adjusted EBIT Margin (a) -43.3% -42.8% -0.6 p.p - Minority Interest 28,606 16, % EBIT (b) 855, , % EBIT Margin 30.8% 30.2% -0.6 p.p. + Depreciation and Amortization 265, , % EBITDA (b) 1,121,018 1,113, % EBITDA Margin 41.7% 41.4% -0.3 p.p. + Maintenance Provision (c) 44,781 49, % + Appropriation of Anticipated Expenses (d) 20,508 20, % - Minority Interest (28,606) (16,181) -43.4% Adjusted EBITDA 1,157,701 1,166, % Adjusted EBITDA Margin (e) 60.6% 61.6% 1.0 p.p. Net Financial Result (469,156) (378,890) -19.2% Financial Expenses: (965,755) (879,122) -9.0% - Interest on Loans, Financing and Debentures and Loans Cost Capitali (361,710) (338,550) -6.4% - Monetary variation on loans, financing and debentures (88,416) (45,789) -48.2% - Monetary variation on Liabilities related to the Granting Power (65,490) (22,453) -65.7% - Exchange Rate Variation (100,945) (30,180) -70.1% - Losses from Hedge Operations (226,052) (259,053) 14.6% - Present Value Adjustment of Maintenance Provision (25,685) (28,608) 11.4% -Fair Value of Hedge Operations (68,579) (121,752) 77.5% - Other Financial Expenses (28,878) (32,737) -13.4% Financial Income: 496, , % - Gains from Hedge Operations 160, , % - Exchange Rate Variation 203, , % -Fair Value of Hedge Operations 27,492 80, % - Interest and Other Financial Income 105, , % Profit (Loss) Before Income and Social Contribution Taxes 357, , % Income and Social Contribution Taxes - Current (238,308) (199,845) -16.1% Income and Social Contribution Taxes - Deferred 99,828 80, % Profit before Minority Interest 218, , % Minority Interest 28,606 16, % Net Profit for the Period 247, , % Basic profit Per Share (In Reais - R$) % Number of shares at the end of fiscal year (in units) 1,765,587,200 2,020,000, % (a) Adjusted EBIT Margin was calculated by dividing EBIT by Net Revenues, excluding construction revenue, as this is an IFRS requirement, whose corresponding amount affects total cost. (b) Calculated in accordance with CVM instruction number 527/12. (c) The Maintenance Provision refers to an estimate of future expenditures for regular maintenance in CCR subsidiaries and is adjusted as it relates to a non-cash-relevant item of the financial statements. (d) Refers to the result appropriation of prepayments related to the concession and is adjusted relates to a non-cash relevant item of the financial statements. (e) Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Net Revenues, excluding construction revenue, as this is an IFRS requirement, whose corresponding amount affects total cost. 24