Apimec – 4 q07 results
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Transcript of Apimec – 4 q07 results
4Q07 Results
2
Forward Looking Statement
This presentation contains certain statements that are neither reported financial
results or other historical information. They are forward-looking statements.
Because these forward-looking statements are subject to risks and uncertainties,
actual future results may differ materially from those expressed in or implied by the
statements. Many of these risks and uncertainties relate to factors that are beyond
CCR’s ability to control or estimate precisely, such as future market conditions,
currency fluctuations, the behavior of other market participants, the actions of
governmental regulators, the Company's ability to continue to obtain sufficient
financing to meet its liquidity needs; and changes in the political, social and regulatory
framework in which the Company operates or in economic or technological trends or
conditions, inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this document. CCR does not
undertake any obligation to publicly release any revisions to these forward looking
statements to reflect events or circumstances after the date of this presentation.
3
Highlights
Results
Outlook
Social Responsibility
Agenda
4
Highlights
Operating
• 6.9% traffic increase in the 4Q07 and 6.2% in 2007.
• Net Revenue totaled R$ 633.8 million (+11.7%) in the 4Q07 and R$ 2,353.0
million (+9.7%) in 2007.
• 33.9% increase in AVI users in the year, compared to Dec/06, totaling 908,000.
• The consortium formed by CCR and Brisa, with respective stakes of 10% and
90%, concluded the Financial Closing on November 21, and from that date, the
consortium started operating the concession.
5
• On November 23, 2007, CCR held the 3rd CCR Day.
• On November 29, 2007, the Extraordinary Shareholders’ Meeting authorizedthe Board of Directors to approve possible share buyback programs proposedby the Company’s management.
• On December 1, 2007, CCR was included in the ISE, the Bovespa'sCorporate Sustainability Index, for the third consecutive year.
Corporate
Highlights
6
• On January 29, 2008, CCR announced the execution of a binding andirrevocable Purchase and Sale Commitment for the acquisition of 40%of the equity in Concessionária Renovias S/A. CCR’s investment,subject to conditions precedent and adjustments set forth in saidCommitment, will be R$ 265,000,000.00.
• CCR’s management proposes the distribution of additional dividendsreferring to the fiscal year 2007 in the amount of R$ 0.50 per share,totaling R$ 201.5 million, which will be subject to the approval of theAnnual Shareholders’ Meeting. This payment will complement thedividend prepayment in the amount of R$0.82 per share on August 9,2007, resulting in a payout of 91.2% relative to the fiscal year 2007.
Upcoming Events
Highlights
7
(1) Total Costs + Administrative Expenses
(2) Includes prepaid expenses
The results reflect a combination of factors...
...higher traffic and reduction of operating costs.
Results
4Q06 4Q07 Chg. % 2006 2007 Chg. %
567.5 633.8 11.7% 2,145.0 2,353.0 9.7%
(334.4) (339.2) 1.4% (1,289.3) (1,225.6) -4.9%
233.1 294.6 26.4% 855.7 1,127.4 31.8%
41.1% 46.5% +5.4 p.p. 39.9% 47.9% +8.0 p.p.
89.5 82.0 -8.4% 350.6 362.9 -6.8%
322.7 376.6 16.7% 1,206.3 1,454.3 20.6%
56.9% 59.4% +2.5 p.p. 56.2% 61.8% +5.6 p.p.
(50.6) (77.5) 53.2% (193.6) (232.2) 20.0%
232.7 136.0 -41.6% 547.3 583.6 6.6%
R$ Million
Financial Highlights
Net Revenue
Total Costs (1)
EBIT
EBIT Margin
Depreciation and Amortization (2)
EBITDA
EBITDA Margin
Net Financial Result
Net Income
8
R$ Million
Financial Indicators 4Q06 4TQ7 Chg. % 2006 2007 Chg.%
Net Revenue 567.5 633.8 11.7% 2,145.0 2,353.0 9.7%
Total Costs (1) (334.4) (339.2) 1.4% (1,289.3) (1,225.6) -4.9%
EBIT 233.1 294.6 26.4% 855.7 1,127.4 31.8%
EBIT Margin 41.1% 46.5% +5.4 p.p. 39.9% 47.9% +8.0 p.p.
Depreciacion and Amortization (2) 89.5 82.0 -8.4% 350.5 326.9 -6.7%
EBITDA 322.6 376.6 16.7% 1,206.3 1,454.3 20.6%
EBITDA Margin 56.9% 59.4% +2.5 p.p. 56.2% 61.8% +5.6 p.p.
Net Financial Result (50.6) (77.5) 53.2% (193.6) (232.2) 20.0%
Net Income 232.7 136.0 -41.6% 547.3 583.6 6.6%
(1) Total Costs + Administrative Expenses
(2) Includes prepaid expenses
Results
R$ Million
Pro-forma 4Q06 4Q07 Chg. % 2006 2007 Chg.%
Net Revenue 567.5 633.8 11.7% 2,145.0 2,353.0 9.7%
Total Costs (1) (334.4) (317.3) -5.1% (1,289.3) (1,203.7) -6.6%
EBIT 233.1 316.5 35.8% 855.7 1,149.3 34.3%
EBIT Margin 41.1% 49.9% +8.8 p.p. 39.9% 48.8% +8.9 p.p.
Depreciation and Amortization(2) 89.5 82.0 -8.4% 350.5 326.9 -6.7%
EBITDA 322.6 398.5 23.5% 1,206.3 1,476.2 22.4%
EBITDA Margin 56.9% 62.9% +6.0 p.p. 56.2% 62.7% +6.5 p.p.
Net Financial Result (50.6) (77.5) 53.2% (193.6) (232.2) 20.0%
Net Income 120.3 154.8 28.6% 434.9 602.4 38,5%
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EBITDA x EBITDA Margin(R$ million)
Operating Margins Evolution
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07
108 107130 128 122 119
161 170 174151
216 218 224
259
310 309 299
263
322 323341
326
411
377
46% 46%49%
47% 48%47%
53%51% 52%
44%
55% 55% 55%
60%
56%58%
51%
59%57%
62%
59% 59%
67%
54%
1T02 2T02 3T02 4T02 1T03 2T03 3T03 4T03 1T04 2T04 3T04 4T04 1T05 2T05 3T05 4T05 1T06 2T06 3T06 4T06 1T07 2T07 3T07 4T07
10
Toll96,2%
STP 1.7% Other 2.1%
Revenues Breakdown - 2007
96.2%
Concession Breakdown
AutoBAn
38%
NovaDutra
26%
ViaOeste 17%
Rodonorte 11%
Ponte
4%
ViaLagos
2%
Other
2%
Revenues
Toll Payment Method
66% 59% 54% 51%
34% 41% 46% 49%
2004 2005 2006 2007
Meios Eletrônicos
À Vista
Electronic
Cash
11
Traffic (Equivalent Vehicles – million)
Quarterly Historical Evolution 4Q07 x 4Q06 – Concession Breakdown
103
130 136145
4Q04 4Q05 4Q06 4Q07
7.2%5.5%
12.1%
3.3%
11.1%
7.2%
AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste
397
493 520552
2004 2005 2006 2007
6.8%
4.5%
9.3%
2.5%
5.4%
7.3%
AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste
Annnual Historical Evolution 2007 x 2006 – Concession Breakdown
12
Other: insurance, rent, marketing, travel, electronic payment and routine maintenance
Third-Party Services: auditing, consulting and shared services.
... the success of our business.
R$ (
millio
n)
24% 25%26%
32% 23%
21% 22%21%
10% 13%
14%13%
17%
16%
23%
2004 2005 2006
932
1,155
1,2891,463
1,954
2,1456
8%
59
%
60
%26%
14%
19%
14%
27%
2007
2,353
52
%
1,226
Net Revenue & Total Costs
Operating Efficiency is Key to...
D&A
Serv. Terceiros
Outorga
Pessoal
Outros
Receita Líquida
D&A
Third-Party
Concession Fee
Payroll
Other
Net Revenue
13
2004 2005 2006 2007
Gross Debt
Indebtdness
...great flexibility to participate in new bids.
Net Debt
Short Term Long Term In R$
1,997
1,136
R$ (
mill
ion)
1,483
1,756
The current low leverage allows...
R$ (
mill
ion)
Net Debt Net Debt/ EBITDA
622
1,161 1,139
1,227
0.940.84
1.05
0.82
2004 2005 2006 2007
73%
84%
100%
97%
14
…instrument for anticipating future results.
Releveraging may become an important…
Distribution Long Term Debt Amortization
Indebtedness
90
331
448424
289
178130
108
2008 2009 2010 2011 2012 2013 2014 2015Debentures
IGP-M + 7.6%-11%
Debentures
103.3% - 105% CDI
Other
104.5% - 107.3% CDI BNDES
TJLP + (4.5% - 5.5%)
41%
39%
6%
Foreign
Currency
10%
42%39%
3%6%
15
Capital Expenditures
CAPEX Schedule
(1) Includes CCR, CCR México, Actua, Engelog, Parques and STP
Capex (R$ MM) 4Q07 2007 2008(E) 2009 (E)
AutoBAn 52.7 201.8 199.1 149.8
NovaDutra 38.7 99.0 88.9 56.0
ViaOeste 9.0 119.1 103.2 4.2
Rodonorte 30.2 50.8 90.7 74.8
Ponte 8.3 22.6 4.4 3.5
Via Lagos 0.7 4.5 0.3 0.5
ViaQuatro (0.0) 0.3 185.6 252.7
Other 1 6.8 13.7 10.9 8.7
Consolidated 146.5 511.9 683.0 550.2
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New Businessess
Brazil is still the main growth driver.
• State of São Paulo Concessions
• Federal Concessions
• Secondary Market
• PPP’s
• Logistics
• Mexico and United States
17
Renovias
INCOME STATEMENT Renovias CCR
R$ million 2006 2007 2008E 2008E
Net Revenue 174.2 188.9 213.3 213.3
EBITDA 116.8 124.7 158.1 139.3
EBITDA Margin 67.0% 66.0% 74.1% 65.3%
Net Income (Loss) 46.5 41.2 55.3 51.1
18
Social Responsibility and Cultural Policy
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CCR in the Market
• Contracting of the advertising agency MPM Propaganda to increase
the exposure of the group and its companies;
• The first project was a campaign to raise driver awareness during the
Carnaval holiday, seeking to reduce accident rates;
• The main reason for the campaign was the increase in the accident
and death rates on Brazilian highways, especially during longer
holidays.
20
Social and Cultural Responsibility Policy
Tela Brasil Cinema Approximately 300,000 people
Roda Brasil Circus Over 90,000 people
Culture
Road to Citizenship 4,200 educators and 550,000 children
I Use de Pedestrian Crossing Over 2,500 children, youngsters and adults
Ways to Life Institute Over 1,000 students
Road to Health Approximately 50,000 truckers
Humanized Childbirth Over 4,000 people
RodoPac 20,000 drivers
Health
Social
Quality Competition Received more than 30 tones of food
Education
Life Volunteers 600 blood donators
I am “Sangue Bom” 200 blood donators
Back Home 1.5 million of receipts issued per month
Grael Project Helped 4,500 students of public schools
Sports’ Caravan Benefited over 35,000 children
21
COMPANHIA DE CONCESSÕES RODOVIÁRIAS