EcoRodovias Infraestrutura e Logística S.A

Transcription

1 EcoRodovias Infraestrutura e Logística S.A 1Q12 Earnings Release Consolidated Net Revenue reaches R$ million in 1Q12 Net Income of R$ million in 1Q12 São Paulo, May 11, 2012 EcoRodovias Infraestrutura e Logística S.A. announces its results for the first quarter of 2012 (1Q12). The financial and operating information herein is presented on a consolidated basis and in accordance with the accounting practices adopted in Brazil. Except where stated otherwise, all comparisons refer to the first quarter of 2011 (1Q11), already adjusted according to Laws 11,638/07 and 11,941/09, the International Financial Reporting Standards (IFRS) and the pronouncements of the Accounting Pronouncements Committee (CPC). BM&FBOVESPA: ECOR3 Investor Relations Roberto Koiti Nakagome Investor Relations Officer Raquel Turano de Souza Investor Relations José Camilo Gomes Junior Investor Relations Luiz Rodrigo Neri Caraça Investor Relations Address Rua Gomes de Carvalho, rd floor ZIP Code São Paulo/SP Phone: invest@ecorodovias.com.br Website Conference Call in Portuguese with Simultaneous Translation into English Monday, May 14, :00 A.M. (Brasília time) / 9:00 A.M. (New York time) Phones: +55 (11) (Brazil) +1 (516) (Other countries) Code: ECORODOVIAS Webcast: click here Replay: +55 (11) Code to the Conference Call in Portuguese: Code to the Conference Call in English:

2 Operating and Financial Highlights In 1Q12, traffic in terms of equivalent paying vehicles grew 5.9% over 1Q11. Net revenue, excluding construction revenue, totaled R$ million in 1Q12, up 11.6% on 1Q11. Consolidated EBITDA amounted to R$261.3 million in 1Q12 and EBITDA margin stood at 54.9%. Consolidated adjusted EBITDA, excluding construction revenue and revenue accounts and the provision for maintenance, introduced by IFRS, reached R$277.8 million in 1Q12, with margin of 63.8%. Net income was R$107.4 million in 1Q12, 17.3% up on 1Q11. On January 5, 2012, it was published in the Official Gazette of the State of São Paulo, the Amendment to the Contract (TAM) entered into between ARTESP and Ecovias dos Imigrantes, changing the benchmark index which alters the index for toll tariff adjustments from the IGP-M to IPCA as of July 1, On March 16, 2012, EcoRodovias Board of Directors approved the payment of interim dividends for fiscal year 2011 totaling R$ 51.4 million, paid on March 28, On January 18, 2012, Consórcio Rodovia da Vitória, composed of EcoRodovias and SBS Engenharia, was announced the WINNER of the Highway Concession Bidding Process, Bid Notice no. 001/2011 BR-101/2011/ES/BA, promoted by the National Ground Transportation Agency (ANTT).According to the Announcement published in the Official Gazette on May 8, 2012, the Board of ANTT considered invalid the claim filed by the company ranked second, confirming Consórcio Rodovia da Vitória as the winner of the bid. According to the notice published on May 11, 2012, the Federal Accounting Court (TCU) revoked the injunction that suspended the following stages of the bid, so that the ANTT s next Board of Directors Meeting should approve the result of the auction and publish the new timetable with the date to sign the Concession Agreement. 2

3 Highlights 1Q12 1Q11 Chg. IFRS Economic Indicators (R$ million) Gross Revenue % Net Revenue % Net Income % EBITDA % EBITDA Margin 54.9% 55.6% -0.7 p.p. Adjusted Economic Indicators (R$ million) Adjusted Net Revenue¹ % Adjusted EBITDA² % Adjusted EBITDA Margin 63.8% 63.8% - Traffic Volume (Thousands / vehicles-equivalents) 52,247 49, % ¹ Excludes Construction Revenue from the Net Revenue balance ² Excludes Construction Revenue and Costs and Provision for Maintenance from the Cost of Services balance 3

4 OPERATING PERFORMANCE BY BUSINESS SEGMENT Highway Concessions Evolution of Traffic: Consolidated traffic in terms of number of equivalent paying vehicles in the concessionaires grew 5.9% in 1Q12 over 1Q11. The main reasons for this variation are presented below: Commercial vehicles traffic grew 5.7% in 1Q12 over 1Q11. In São Paulo, cargo transport to the Port of Santos grew 9.0% (in tons) in 1Q12 compared to 1Q11. These changes were substantially impacted by the early soybean exports, which grew 72.3% (in tons) in 1Q12 compared to 1Q11, according to information from the Port of Santos. At Ecopistas, the traffic growth reflects the movement of cargo in the highway connection between the Vale do Paraíba region and São Paulo city. In Paraná, commercial traffic growth was driven by the transportation of soybean harvested in the region and that coming from Paraguay through the Port of Paranaguá. In Rio Grande do Sul, Ecosul registered a 4.7% decline due to lower handling volume in the Port of Rio Grande on account of the drought that affected the production of agricultural commodities in the state. Passenger vehicles traffic grew 6.0% year-on-year, mainly driven by the heavy passenger vehicle traffic in the tourist destinations in Brazil s southern and south-eastern states. The 14.6% increase at Ecovia Caminho do Mar too was influenced by the resumption of traffic in the bridges at km 18 and km 24 of the BR-277 highway, which, due to the heavy rainfall that affected the coastal region of the southern states in March 2011, were damaged and vehicle traffic was partially affected during the period. As for the increase in Brazil s light vehicle feet, the automobile industry registered 772,300 new licenses in 1Q12. 4

5 Traffic Volume (Equivalent paying vehicles - thousand) 1Q12 1Q11 Chg. Commercial Ecovias dos Imigrantes 5,931 5, % Ecopistas 6,825 6, % Ecovia Caminho do Mar 2,713 2, % Ecocataratas 3,990 3, % Ecosul Rodovias do Sul 3,566 3, % Total 23,025 21, % Passanger Ecovias dos Imigrantes 9,288 8, % Ecopistas 14,079 13, % Ecovia Caminho do Mar 1,472 1, % Ecocataratas 2,758 2, % Ecosul Rodovias do Sul 1,625 1, % Total 29,222 27, % Commercial + Passanger Ecovias dos Imigrantes 15,219 14, % Ecopistas 20,904 19, % Ecovia Caminho do Mar 4,185 3, % Ecocataratas 6,748 6, % Ecosul Rodovias do Sul 5,191 5, % Consolidated 52,247 49, % Note: Vehicles-equivalent is a basic reference unit used in toll collection statistics in Brazil. Light vehicles, such as passenger vehicles, correspond to one vehiclesequivalent. Heavy vehicles, such as trucks and buses, are converted into axleequivalents by a multiplier applied to the number of axles per vehicle, as established in the terms of each concession contract. Average Tariff: Consolidated average tariff per equivalent paying vehicle increased 8.2% in 1Q12 over the same period in The contractual adjustments in the basic tariffs were: 9.8% at Ecovias dos Imigrantes and 6.6% at Ecopistas, both in July 2011; 4.5% at Ecovia Caminho do Mar and Ecocataratas, in December 2011, and 8.0% at Ecosul - Rodovias do Sul in January Average Tariff (R$ / vehicles-equivalents) 1Q12 1Q11 Chg. Ecovias dos Imigrantes % Ecopistas % Ecovia Caminho do Mar % Ecocataratas % Ecosul - Rodovias do Sul % CONSOLIDATED % Note: the Consolidated Average Toll is calculated based on the weighted average of each concessionaire s average tariff. 5

6 Logistics EcoRodovias logistics business is divided into the following segments: Primary Zone: consisting of the Ecopátio Cubatão and CLIA Santos units. Ecopátio Cubatão offers REDEX, a special customs export terminal, and DEPOT, which offers empty container maintenance and storage services and also has a truck management yard. CLIA Santos offers customs terminal services. A total of 20,406 containers were handled in the Primary Zone in 1Q12, 10.3% less than in 1Q11, due to the decrease in DEPOT services at Ecopátio Cubatão (from 80.5% of the total handled in 1Q11 to 62.1% of the total handled in 1Q12), resulting from a reduction in the DEPOT area in order to build warehouses and increase the share of REDEX operations (from 4.8% in 1Q11 to 14.4% in 1Q12). In 1Q12, the volume of containers handled in REDEX operations grew 168.4% over 1Q11, with CLIA Santos registering 43.1% growth. Containerized cargo handling in the Port of Santos grew 10.6% in 1Q12 compared to 1Q11, according to Port data. Containers Handled in the Primary Zone Interior Dry Ports: consisting of the Campinas, Barueri, São Paulo and Curitiba units, these ports offer customs warehousing and terminal services. The volume handled by the interior dry ports of EcoRodovias in 1Q12 amounted to US$ 1,217.0 million (FOB value), up 0.6% increase on 1Q11, corresponding to 5.7% of the total import volume handled in the states of São Paulo and Paraná. 6

7 Border Dry Ports: consisting of the Foz do Iguaçu, Uruguaiana, Jaguarão and Santana do Livramento units, these ports offer customs terminal services on Brazil s borders with Uruguay, Argentina and Paraguay. The volume handled by these ports in 1Q12 amounted to US$ 3,325.2 million (FOB value), a decrease of 9.5% compared to 1Q11. The main reason for this decrease was the lower trade flows between Brazil and Argentina. In 1Q12, the volume handled corresponded to 28.2% of the total trade flow between Brazil, Uruguay, Argentina, Paraguay and Chile. Transport: corresponds to the provision of highway transport services through own and outsourced fleet, as well as autonomous service providers. Revenue from transport services accounted for 13% of the logistics revenues in 1Q12, a 3 p.p. decrease from 1Q11, mainly due to the increase in revenue from the Primary Zone, Interior and Border Dry Ports and the reorganization of the transport activity at Elog. Distribution Centers: consisting of the Distribution Centers in Alphaville, Cajamar, Curitiba and Ecopátio Imigrantes, which offer inventory management services for clients. In 1Q12, occupancy rate was 66% of the total available area of 106 thousand m², a decrease of 29 p.p. from 1Q11, due to the change in the profile of the clients served and the seasonal effect of the period. Operating Performance - Logistics 1Q12 1Q11 Chg. Primary Zone¹ (containers handled) 20,406 22, % Interior Dry Ports² (FOB handled amount - US$ million) 1, , % Border Dry Ports³ (FOB handled amount - US$ million) 3, , % Transport (Share of revenue) 13% 16% -3 p.p. Distribution Centers (Occupancy rate) 66% 95% -29 p.p. 1- Primary Zone: CLIA Santos and Ecopátio Cubatão (CLIA, REDEX, DEPOT) 2- Interior Dry Ports: Campinas, Barueri, São Paulo and Curitiba Units 3- Border Dry Ports: Foz do Iguaçu, Uruguaiana, Jaguarão and Santana do Livramento Units 4- Distribution Centers: Curitiba, São Paulo, Barueri and Cajamar Units STP Sem Parar / Via Fácil The total installed tags of the Sem Parar/Via Fácil system reached 3,374 thousand units on March 31, 2012, an increase of 23.8% over March 31, 2011, sustained by the 94% coverage of the network of toll roads and the 119 parking lots that accept the system. Of the consolidated toll collections at EcoRodovias concessionaires, 43.0% came from electronic collection in 1Q12. 7

8 Consolidated Gross Revenue Consolidated gross revenue (excluding Construction Revenues) stood at R$ million in 1Q12, 14.4% over 1Q11. Gross Revenue (R$ million) 1Q12 1Q11 Chg. Highway Concessionaires % ICPC-01 Construction Revenues % Logistics % Revenue from Services % CONSOLIDATED % CONSOLIDATED - Excluding Construction Revenue % Gross Revenue by Business Segment Highway Concessions Toll Revenues: Toll revenue accounted for 73.4% of consolidated gross revenue in 1Q12. Considering the growth in toll-paying traffic volume and the contractual adjustments of toll tariffs mentioned above, consolidated gross revenue from toll collection amounted to R$387.7 million in 1Q12, 14.6% up on 1Q11. Ancillary Revenues: Ancillary revenues of the highway concessionaires are derived from the monitoring of special cargo, advertising boards, occupation of right-of-way and accesses and other services involving the usage and exploration of the right-of-way of highway concessions and services provided by the shared services center. These revenues accounted for 2.5% of the group s gross revenue in 1Q12. Construction Revenues: As established by ICPC 1 (Interpretation of the Accounting Pronouncements Committee) Concession Contracts, the works and improvements to the highway infrastructure generated revenue of R$ 39.9 million in 1Q12, 24.2% higher than in 1Q11. The Company does not book the profit margin in this revenue (margin equal to zero), with the amounts booked corresponding to the same amounts booked in the Cost of Construction Works account. 8

9 Gross Revenue (R$ million) 1Q12 1Q11 Chg. Highway Concessionaires Revenue from Toll Collection % Ecovias dos Imigrantes % Ecopistas % Ecovia Caminho do Mar % Ecocataratas % Ecosul - Rodovias do Sul % Ancillary Revenues - Concessionaires % ICPC-01 Construction Revenues % Logistics Revenue from Primary Zone: revenue from container handling in 1Q12 totaled R$ 26.5 million. Average tariff per container handled was R$ 1,298 in 1Q12, 68.4% higher than the R$ 771 recorded in 1Q11, due to the improvement in service revenue mix by which, in 1Q12, CLIA and REDEX (services with higher tariffs) had a higher share. Revenue from Interior Dry Ports: revenue from customs warehousing and terminal operations came to R$ 23.7 million in 1Q12, a 34.7% increase over 1Q11. Revenue from Border Dry Ports: revenue from the customs terminal services on the borders with Uruguay, Argentina and Paraguay came to R$ 9.6 million in 1Q12, for 15.7% growth over 1Q11. Revenue from Transport: Revenue from highway transport services reached R$11.2 million in 1Q12, an 11.1% decrease over 1Q11. Revenue from Distribution Centers: revenue from clients inventory management and warehousing rentals amounted to R$ 17.3 million in 1Q12, down 20.3% from 1Q11. Gross Revenue (R$ million) 1Q12 1Q11 Chg. Logistics Primary Zone¹ % Interior Dry Ports² % Border Dry Ports³ % Transport % Distribution Centers % Elog TOTAL % TOTAL (EcoRodovias Consolidated) % 1- Primary Zone: CLIA Santos and Ecopátio Cubatão (CLIA, REDEX, DEPOT) 2- Interior Dry Ports: Campinas, Barueri, São Paulo and Curitiba Units 3- Border Dry Ports: Foz do Iguaçu, Uruguaiana, Jaguarão and Santana do Livramento Units 9

10 STP Sem Parar / Via Fácil Revenue from Services: Gross revenue from STP stood at R$ million in 1Q12, 16.3% over 1Q11. EcoRodovias holds 12.75% interest in STP, which corresponds to gross revenue of R$ 15.1 million in 1Q12, consolidated in the financial statements. Gross Revenue (R$ million) Services 1Q12 1Q11 Chg. Revenue from Services (100%) % Revenue from Services (12,75%) % Consolidated Net Revenue Consolidated net revenue (excluding Construction Revenues) came to R$435.7 million in 1Q12, 11.6% up on the R$390.3 million recorded in 1Q11. Deductions from gross revenue totaled R$51.1 million in 1Q12, representing 10.5% of total gross revenue (excluding Construction Revenues) Net Revenue (R$ million) 1Q12 1Q11 Chg. Highway Concessionaires % ICPC-01 Construction Revenues % Logistics % Revenue from Services % CONSOLIDATED % CONSOLIDATED excluding Construction Revenues % 10

11 Consolidated Operating Costs and Administrative Expenses Consolidated costs of services provided and general and administrative expenses totaled R$261.5 million in 1Q12, a 14.4% increase over 1Q11. Operating Costs and Administrative Expenses (R$ million) 1Q12 1Q11 Chg. EcoRodovias Infraestrutura e Logistica Personnel % Maintenance % Third-party Services % Insurance and Concession Fees % Depreciation / Amortization % Provision for Maintenance (ICPC 1) % Cost of Construction Works (ICPC 1) % Other % CONSOLIDATED EcoRodovias % Operating Costs and Administrative Expenses by Business Segment Highway Concessions Operating Costs and Administrative Expenses (R$ million) 1Q12 1Q11 Chg. Highway Concessionaires Personnel % Maintenance % Third-party Services % Insurance and Concession Fees % Depreciation / Amortization % Provision for Maintenance (ICPC 1) % Cost of Construction Works (ICPC 1) % Other % Highway Concessionaires Total % Personnel costs amounted to R$ 32.9 million in 1Q12, 21.0% higher than in 1Q11, mainly due to the wage raise of 5.0% in March 2012 and the payment of profit sharing in March Maintenance costs totaled R$ 13.7 million in 1Q12, compared to R$ 16.5 million in 1Q11,down 17.0% from the same period in 2010, primarily due to improved management and control of 11

12 costs in maintenance works at the group s concessionaires, particularly in Ecovias dos Imigrantes and Ecovia Caminho do Mar. Costs with third-party services in 1Q12 came to R$ 15.0 million, up by 17.2%, mainly due to the hiring of consulting services to review the concessionaires investment projects, new projects and bid studies. Insurance, concession fee and rent expenses totaled R$ 14.6 million in 1Q12, down 9.3% from R$16.1 million in 1Q11. Depreciation and Amortization expenses totaled R$ 34.8 million in 1Q12, versus R$ 36.8 million in 1Q11, a 13.3% increase. According to the accounting rules (IFRS), the amortization of highway concession assets is now calculated based on the evolution of their traffic curve. Provision for Maintenance, arising from the application of ICPC 01, increased 15.4% over 1Q11, keeping in step with the maintenance programs scheduled at the concessionaires within the criteria established by the new accounting rules. The Cost of Construction Works, arising from the application of ICPC 01, came to R$ 39.9 million in 1Q12, 24.3% higher than in 1Q11. The realized amount is in line with the concessionaires timetable for the construction works and corresponds to the same amounts booked as Construction Revenue. This increase was mainly due to the road laying works on the stretch between km 19 and km 130 of Ecopistas and the beginning of expansion works on the 14.4-kilometer stretch of Ecocataratas, between Pedreira da Itatiba and Medianeira, in the state of Paraná. Logistics Operating Costs and Administrative Expenses (R$ million) 1Q12 1Q11 Chg. Logistics (100%) Personnel % Maintenance % Third-party Services % Insurance and Concession Fees % Depreciation / Amortization % Other % Elog Total % Consolidated EcoRodovias % 12

13 Personnel costs amounted to R$ 24.8 million in 1Q12, an increase of 18.7%. This variation was mainly due to the 7.0% pay rise following the collective bargaining agreement in the logistics companies and the payment of employees profit sharing in March Third-party expenses came to R$ 21.9 million in 1Q12, an increase of 11.7% on 1Q11, mainly due to advisory expenses and commissions relating to cargo consolidation services at CLIA Santos. Depreciation and Amortization expenses totaled R$ 9.0 million in 1Q12, a 20,0% increase due tothe conclusion of the infrastructure works and the acquisition of new equipment by the companies. Other costs and expenses mainly refer to electricity, telephone services and consumables. Holding Company and STP Operating Costs and Administrative Expenses (R$ million) 1Q12 1Q11 Chg. Holding and STP Personnel % Maintenance % Third-party Services % Insurance and Concession Fees % Depreciation / Amortization % Other % Holding and STP Total % Personnel costs amounted to R$ 9.1 million in 1Q12, 37.9% up on 1Q11, mainly due to the wage raise of 5.0% and the payment of profit sharing, both in March Third-party costs came to R$ 7.1 million in 1Q12, an increase of 91.6%, chiefly due to the hiring of consulting and advisory services for studies on new projects as well as participation in highway, port and airport bids. 13

14 Consolidated EBITDA and EBITDA Margin Consolidated adjusted EBITDA stood at R$ million in 1Q12, with a margin of 63.8%. The adjusted EBITDA is calculated excluding the construction cost and revenue accounts and the provision for maintenance (introduced by IFRS). Consolidated EBITDA calculated according to the IFRS was R$ million in 1Q12, with margin of 54.9%. EBITDA IFRS (R$ million) 1Q12 1Q11 Chg. CONSOLIDATED Net Income (before minority participation) % Depreciation / Amortization % Financial Result % Income Tax and Social Contribution % Investments Amortization EBITDA IFRS % EBITDA Margin (IFRS) 54.9% 55.6% -0.7 p.p. EBITDA Adjusted excluding IFRS (R$ million) 1Q12 1Q11 Chg. EBITDA IFRS % Construction Revenues (39.9) (32.1) 24.2% Construction Costs % Provision for Maintenance % Adjusted EBITDA % Adjusted EBITDA Margin 63.8% 63.8% - 14

15 EBITDA by Business Segment Highway Concessions EBITDA IFRS (R$ million) 1Q12 1Q11 Chg. Highway Concessionaires Net revenue % EBITDA % EBITDA Margin 64.3% 64.2% 0.1 p.p. EBITDA Adjusted excluding IFRS (R$ million) Highway Concessionaires 1Q12 1Q11 Chg. EBITDA IFRS % Construction Revenues (39.9) (32.1) 24.2% Construction Costs % Provision for Maintenance % EBITDA % Adjusted EBITDA Margin 75.9% 74.9% 1.0 p.p. Logistics EBITDA IFRS (R$ million) 1Q12 1Q11 Chg. Logistics (100%) Net revenue % Operating Costs and Expenses (ex-d&a) (64.0) (58.2) 10.0% Other Revenues EBITDA % EBITDA Margin 14.2% 13.3% 0.9 p.p. 15

16 Adjusted EBITDA of Highway Concessions (non IFRS) Logistics EBITDA 16

17 Consolidated Financial Result Net financial result in 1Q12 was an expense of R$ 41.2 million, down 14.2% from the same period in The main factors contributing to these variations were: Expenses with interest on debentures decreased by 16.5% in 1Q12 over 1Q11, mainly due to the amortization of installments on the debentures of Ecovias dos Imigrantes and EcoRodovias Concessões e Serviços in Expenses with interest on financing declined by 36.6%, chiefly due to the extension of the financing contracted by Ecopistas through the payment of short-term financing (Promissory Notes) and issue of Debentures, in March 2011, which contributed to the reduction in debt costs. Monetary variation on the debentures fell 53.1%, chiefly due to the amortization of installments on the debentures of Ecovia dos Imigrantes and EcoRodovias Concessões e Serviços in the period, which reduced the monetary variation calculation basis. Expenses with monetary variation on concession fees refer to adjustments to present value on the outstanding balance of the concession fees of Ecovias dos Imigrantes. Financial Result (R$ million) 1Q12 1Q11 Chg. Interest on Debentures (32.5) (38.9) -16.5% Interest on Financing (9.0) (14.2) -36.6% Monetary Variation - Debentures and Financing (8.4) (17.9) -53.1% Monetary Variation - Concession Right (1.8) (3.5) -48.6% Financial Investment Revenue % Adjustment to Present Value (ICPC 1) (2.8) (4.1) -31.7% Other Financial Results (4.0) (3.0) 33.3% CONSOLIDATED (41.2) (48.0) -14.2% Income and Social Contribution Taxes Income and social contribution taxes in 1Q12 amounted to R$ 64.4 million, and the effective rate went up from 36.4% in 1Q11 to 37.2% in 1Q12. Net Income In 1Q12, EcoRodovias posted net income of R$107.4 million, an increase of 17,3% on 1Q11. Adjusted Net Income (R$ million) 1Q12 1Q11 Chg. Net Income % 17

18 Cash and Cash Equivalents and Consolidated Debt EcoRodovias ended March 2012 with cash and cash equivalents and investments in securities amounting to R$ million. EcoRodovias gross debt totaled R$ 1,710.1 million on March 31, 2012, a 2.0% increase from December 31, 2011: The increase was chiefly due to the adjustments to the debt balance of debentures issued by EcoRodovias Concessões e Serviços, Ecovias dos Imigrantes, Ecopistas and Elog. Debt (R$ million) 03/31/ /31/2011 Chg. Tax Currency Remuneration Highway Concessionaires Debentures - EcoRodovias Conc. e Serv % IPCA + 8,75% / CDI + 1,5% R$ November 2015 Debentures - Ecovias dos Imigrantes % IGP-M + 9,5% / 104,0% CDI R$ November 2014 Debentures - Ecopistas % IPCA+8,25% R$ January 2023 BNDES - Ecopistas % TJLP+2,45% a.a R$ June 2021 Interbank Depositary Receipt - Ecovia Caminho do Mar % 110,20% of CDI R$ November 2012 Interbank Depositary Receipt - Ecovia Caminho do Mar % 109% of CDI R$ November 2012 Interbank Depositary Receipt - Ecosul % IPCA + 7,20% a.a. R$ October 2014 Interbank Depositary Receipt - Ecosul % 109% of CDI R$ November 2012 Logistics Debentures-Elog % CDI+2,20% a.a R$ December 2017 BNDES - Ecopátio Logística Cubatão % TJLP + 2,4% a.a. R$ April 2017 CCI - Ecopátio Imigrantes % IPCA + 7,20% a.a. R$ February 2020 Capital - Ecopátio Logística Cubatão % TJLP + 3,90% a.a. R$ December 2013 Other % TOTAL DEBT 1, , % Disposal Cash % NET DEBT , % NET DEBT / EBITDA IFRS (R$ million) 03/31/ /31/2011 Chg. EBITDA (IFRS) % Net Debt , % Net Debt / EBITDA (IFRS) 1.0 x 1.0 x - NET DEBT / Adjusted EBITDA (R$ million) 03/31/ /31/2011 Chg. Adjusted EBITDA 1, , % Net Debt , % Net Debt / Adjusted EBITDA 0.9 x 1.0 x -0.1 x 18

19 Consolidated CAPEX and CAPEX by Business Segment The consolidated Investments at EcoRodovias amounted to R$ 73.8 million in 1Q12, 52.1% up on 1Q11. Investments in the highway concessions amounted to R$ 62.7 million in 1Q12, 48.6% up on the same period in It is worth mentioning the beginning of works to duplicate the 14.4 km stretch of Ecocataratas between the cities of Pedreira da Itatiba and Medianeira in Paraná, which was the object of the Instrument for Amendment to the Concession Contract with the Highway Department of the State of Paraná (DER/PR), totaling R$ 50.6 million. The remaining amount went to paving and conservation, improvement to signaling, safety equipment and devices, and implementation of the new optic fiber infrastructure in highways. According to the accounting criteria established by the accounting rules (IFRS/ICPC), investments are booked as Construction Costs (Intangible Assets) or Maintenance Costs (Provision for Maintenance). In the tables below, we have shown the total Capex and its breakdown by accounting line. Investments in the logistics sector totaled R$9.9 million in 1Q12, most of which went to Ecopátio Cubatão, the conclusion of works on the customs service warehouse and the modernization of existing equipment and infrastructure at other logistics units. Highway Concessionaires Intangible/ PP&E Maintenance Cost Total Intangible/ PP&E Maintenance Cost Total Chg x 2010 Total Ecovias dos Imigrantes % Ecopistas % Ecovia Caminho do Mar % Ecocataratas % Ecosul - Rodovias do Sul % EcoRodovias Conc. e Serviços % Total % Logistics CAPEX (R$ million) Ecopátio Logística Cubatão % Ecopátio Imigrantes n.m Elog % Total % Holding e STP 1Q12 Holding e STP % CONSOLIDATED % 1Q11 19

20 Estimated CAPEX ESTIMATED CAPEX (R$ million) PP&E/ Intangible 2012 E Maintenance Cost Total Highway Concessions (100%) Ecovias dos Imigrantes Ecopistas Ecovia Caminho do Mar Ecocataratas Ecosul - Rodovias do Sul Total Logistics (100%) Ecopátio Cubatão Ecopátio Imigrantes 100% Elog Total

21 SOCIAL AND ENVIRONMENTAL RESPONSIBILITY Ecoviver EcoRodovias group s social and environmental responsibility program targeted at the environmental education of children and youth, it has already served 24 municipalities through more than 1,593 schools, 5,980 teachers and 224,000 students since Recognition - EcoRodovias was elected one of the 150 best companies to work at by Exame magazine for the third straight year and one of the 100 best companies to work at by Época magazine for the first time. In October, the company received the Citizen Company Seal Award from the São Paulo Municipal Chamber, as well as the Estadão Human Resources Top of Mind Award in the category Top Social Responsibility. Corporate Sustainability Index (ISE) EcoRodovias stock is part of the BM&FBOVESPA s 2012 ISE portfolio. The ISE reflects the return on a portfolio composed of shares of companies committed to social responsibility and corporate sustainability, as well as to promote good practices among Brazilian companies. ECORODOVIAS BUSINESS STRUCTURE 21

22 SUBSIDIARIES Responsible for the Anchieta-Imigrantes System (SAI), Ecovias dos Imigrantes is the export/import corridor for the Port of Santos and connects the São Paulo Metropolitan Area to the Cubatão Petrochemical Complex, the manufacturers in the ABCD satellite cities of São Paulo and the coastal Baixada Santista region. More than 56 million equivalent paying vehicles circulate on the kilometers of the Anchieta-Imigrantes highway network. Ecopistas manages and operates the Ayrton Senna / Carvalho Pinto Corridor that connects the São Paulo metropolitan region to Vale do Paraíba, the hilly region of Campos do Jordão, the Port of São Sebastião and the beaches on the state s northern coast. Stretching over km and with annual traffic of more than 70 million equivalent paying vehicles, it has become one of the most important highways for the flow of industrial production from around 2,000 companies in the Vale do Paraíba region. Ecovia Caminho do Mar is responsible for a set of federal and state highways that represent the corridor for the transportation of goods from Paraná to the Port of Paranaguá, and of tourists to the state s coast, through the BR-277, PR-508 and PR-407 highways, with total combined length of km. 22

23 Acquired by EcoRodovias in February 2008, Ecocataratas connects the municipalities of Guarapuava, Cascavel and Foz do Iguaçu (border with Argentina and Paraguay), through the km stretch of highway BR-277. In 2010, this highway stretch recorded traffic of more than 23 million equivalent paying vehicles. Ecosul Rodovias do Sul S.A. operates one of the largest toll-road networks in Brazil, with km on the Pelotas highway complex. In addition to providing vital access to the Port of Rio Grande, Ecosul - Rodovias do Sul also plays an important role in tourism in Brazil s southern coastal areas through BR-116. Elog is the logistics company of the EcoRodovias group. Its comprehensive service portfolio serves the entire logistics chain, encompassing the management of integrated logistics, warehousing, foreign trade, transport and information, with the focus constantly on the effectiveness of the operational processes and solid alliance with clients and employees. It has around 2000 thousand direct employees, distributed in 17 units located in strategic points in the southeast and south regions. STP Serviços e Tecnologia de Pagamentos S.A. operates nationwide in electronic toll collection and parking lot fee collection at shopping centers and airports. As the pioneer and leader in the installation of Automatic Vehicle Identification Systems (AVI) in Brazil, STP is present in 94% of the country s toll stations, 111 parking lots that accept the system and manages more than 3.0 million tags. 23

24 Disclaimer: This document contains forward-looking statements concerning the future prospects of our business, which are subject to risks and uncertainties. These statements are based on the beliefs of our management and the information available to the Company at this time. Forwardlooking statements do not constitute guarantees of future performance, and are dependent on economic, market and political conditions, as well as operational factors. Therefore, the actual future results of the Group s companies may differ substantially from those expressed or suggested by such forward-looking statements. FINANCIAL STATEMENTS BALANCE STATEMENT 03/31/ /31/2011 Chg ASSET (R$ thousand) CURRENT Avaiable Funds 612, , % Marketable securities 70,071 30, % Clients 169, , % Tax Recoverable 30,274 27, % Prepaid Expenses 6,824 8, % Other Credits 33,244 30, % Current Asset 922, , % NON CURRENT Deferred Tax and Social Contribution 67,820 68, % Judicial Deposits 26,608 25, % Prepaid expenses % Other Credits 7,138 6, % Indemnifying assets 2,870 2, % Securities 48,256 37, % Long Term Asset 153, , % Investment property 53,016 51, % Property, Plant and Equipment 281, , % Intangible 2,810,112 2,798, % Permanent 3,144,601 3,138, % Non Current Asset 3,297,691 3,278, % TOTAL ASSET 4,220,322 4,156, % 24

25 BALANCE STATEMENT 03/31/ /31/2012 Chg Liabilities and shareholders' equity (R$ thousand) CURRENT Suppliers 98, , % Borrowings and Loans 165, , % Finance Lease 1,767 2, % Debentures 425, , % Tax Obligations 21,478 21, % Labor and Social Obligations 30,538 30, % Tax Recovery Program - REFIS % Related Parties - Suppliers 3,144 1, % Concession Creditor 17,786 17, % Tax and Social Contribution Provision 24,063 20, % Provision for Maintenance 47,653 38, % Provision for Future Construction Works 12,794 12, % Other Liabilities 38,838 46, % Current Liability 888, , % NON CURRENT LIABILITY Borrowings and Loans 184, , % Finance Lease % Debentures 932, , % Tax Recovery Program - REFIS 2,477 2, % Other Accounts Payable 4,926 4, % Deferred Taxes 27,241 24, % Provision for Tax, Labor and Civil Losses 54,307 52, % Concession Creditor 53,446 55, % Provision for Maintenance 127, , % Provision for Future Construction Works 1,972 1, % Non Current Liability 1,388,680 1,409, % EQUITY CAPITAL Capital Stock 1,320,549 1,320,549 - Capital Reserve - Stock Option Plan 33,298 31, % Profit Reserve - Legal 90,751 90,751 - Profit Retention Reserve 388, , % Net Profit 107, Non-controlling Interest in Equity of Subsidiaries 3,064 3, % Shareholders' Equity 1,943,194 1,885, % TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,220,322 4,156, % 25

26 INCOME STATEMENT (R$ Thousand) 1Q12 1Q11 Chg. Gross Revenue 526, , % Revenue from Toll Collection 387, , % Logistics Revenue 70,650 62, % Services Revenues 15,127 13, % Ancillary Revenues 13,359 12, % Construction Revenues ICPC-01 39,871 32, % Gross Revenue Deduction (51,074) (35,198) 45.1% NET REVENUE 475, , % Cost of Services (221,027) (199,358) 10.9% Personnel (36,509) (27,542) 32.6% Maintenance (13,301) (16,115) -17.5% Third-party Services (33,585) (30,506) 10.1% Concession Fees and Insurance (22,049) (21,134) 4.3% Depreciation (45,518) (40,718) 11.8% Other (13,698) (16,944) -19.2% Provision for Maintenance (ICPC-01) (16,496) (14,291) 15.4% Work Constructions Costs (ICOC-01) (39,871) (32,108) 24.2% GROSS PROFIT 254, , % Operating (Expenses) Revenues (40,515) (29,369) 38.0% G&A Expenses (40,492) (29,141) 39.0% Other (23) (228) -89.9% EBIT 214, , % Financial Result (41,245) (47,965) -14.0% PROFIT BEFORE IR & CS 172, , % Social Contribution and Income Tax (64,367) (52,994) 21.5% NET PROFIT 108,448 92, % Minority Participation (1,021) (1,130) -9.6% Shareholders Participations 107,427 91, % NET PROFIT 107,427 91, % # Shares (000) 558, ,699 - EPS (R$) % 26

27 CASH FLOWS R$ million 03/31/ /31/2011 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 172, ,706 Adjustments to reconcile net profit to net cash 125, ,007 Depreciation and amortization 47,147 41,092 Write-off of property, plant and equipment, intangible assets and investment properties 4,930 1,282 Financial charges and monetary restatement of loans, financing and debentures 51,100 71,787 Monetary adjustment of concession fee obligation 1,846 3,507 Provisions fot contingences 2,330 (1,531) Adjustment at present value of the provision for maintenance and provision for construction works 2,773 4,470 Provision for maintenance and net monetary 16,551 14,291 Marketable securities Income (1,251) (134) Capital Reserve Changes in operating assets 594 3,610 Clients 6,574 4,148 Taxes recoverable (2,871) (5,869) Prepaid expenses 1,691 2,950 Judicial Deposits (1,366) 9 Other assets (3,434) 2,372 Changes in operating liabilities (124,903) (81,682) Suppliers (33,550) (14,948) Labor and social obligations 184 7,506 Taxes and contributions payable (54) (3,991) Related companies clients 1,357 1,458 Payment of provisions for tax, civil and labor losses (657) (1,180) Payment of maintenance and construction works (15,262) (9,748) Interest paid (12,380) (13,872) Other accounts payable (7,520) (3,573) Social Cont and Income Tax paid (57,062) (42,418) Indemnifying assets - (916) Deferred Tax 41 - Net cash used in investing activities 174, ,641 CASH FLOWS FROM INVESTMENT ACTIVITIES Acquisition of property, plant and equipment and intangible assets (56,774) (38,759) Acquisition of properties for investments (1,649) - Shareholders Investments - (1,038) Cash used in investment activities (59,421) (39,797) CASH FLOWS FROM FINANCING ACTIVITIES Tax recovery program REFIS (94) - Debtor to debtor (2,795) (3,328) Marketable securities (49,769) (48,333) Financial leases, loans, financing and debentures third parties ,007 Payment of financial leases, loans, financing and debentures (5,460) (392,612) Payment of dividends and Interest on Stockholder s Capital (51,430) - Payment for treasury stock 1,856 - Elog Sudeste and Elog Suls acquisition payment - (88,025) Options Granted (341) - Payment of minority dividends (998) - Net cash provided by (used in) financing activities (107,334) (174,291) Net cash effect from acquisition of new companies INCREASE IN CASH AND INVESTMENTS Cash and investments - at the beginning of the period/year 604, ,654 Caixa e bancos e aplicações financeiras - no fim do exercício 612, ,207 AUMENTO LÍQUIDO DO SALDO DE CAIXA E EQUIVALENTES DE CAIXA (7,736) (11,447) 27