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Apresentação Do Powerpoint INSTITUTIONAL PRESENTATION SEP/2019 TABLE OF CONTENTS OUR BUSINESS GROWTH STRATEGY OPPORTUNITIES FINANCIAL STRATEGY COMPLIANCE AND CORPORATE GOVERNANCE SUSTAINABILITY 2 OUR BUSINESS 3 CCR BUSINESS HIGHWAYS CORE BUSINESS: INFRASTRUCTURE URBAN MOBILITY CONCESSION CONTRACTS AIRPORTS SERVICES ACCESSORY: • Airport services SERVICES • Data transmission • Shared services centers 4 RELEVANT DATA 3,735 KM 1,800,000 22,600,000 4,788 KM 15,520 OF HIGHWAYS OF PASSENGERS SERVED PASSENGERS PER YEAR FIBER OPTIC EMPLOYEES MANAGED PER DAY OVER 112 KM AT AIRPORTS (2018) OF RAILS MANAGED IN BRAZIL 16 CONCESSIONS IN THE SOUTH, 1ST COMPANY MARKET CAP OF IN 2018, CCR INVESTED BRL SOUTHEAST, MIDDLE WEST AND LISTED IN NOVO R$ 34 BN, SEP 2.9 BN, MORE THAN 10% OF ALL NORTHEAST REGIONS OF BRAZIL, MERCADO (2002) 5TH 2019 INVESTMENTS IN 4 AIRPORT CONCESSIONS, INFRASTRUCTURE MADE BY THE 3 LATIN AMERICA AND 1 IN BRAZIL BR GOVERNMENT THE SAME PERIOD 5 COMPANIES OF THE GROUP | 1999 HIGHWAYS COMPANIES SHARE CCR PONTE 100% CCR NOVADUTRA 100% CCR RODONORTE 86% CCR AUTOBAN 100% CCR VIALAGOS 100% BRL1.9 Bi 5 REVENUES BUSINESSES 6 COMPANIES OF THE GROUP | 2019 HIGHWAYS URBAN MOBILITY AIRPORTS SERVICES COMPANIES SHARE COMPANIES SHARE COMPANIES SHARE COMPANIES SHARE CCR 100% VIAQUATRO QUIPORT 50% NOVADUTRA 75% CCR ACTUA 100% CCR BARCAS AERIS 97.1% CCR VIALAGOS 100% 80% CCR ENGELOG 100% CCR CURAÇAO CCR 86% VLT CARIOCA 79.8% 100% RODONORTE 50.3% ENGELOGTEC CCR AUTOBAN 100% CCR METRÔ BH AIRPORT SAMM 100% BAHIA 100% 38.3% CCR VIAOESTE 100% VIAMOBILIDADE TAS 70% 83.3% LINHAS 5 E 17 RENOVIAS 40% VIAMOBILIDADE (*) 80% CCR SPVIAS 100% LINHA 15 VIARIO 66% (*) Under approval CCR MSVIA 100% R$10.8 Bn CCR VIASUL 100% CCR RODOANEL 100% REVENUES IN 26 2018 BUSINESSES 7 MILESTONES: SOLID TRACK RECORD +3 BUSINESSES IPO FOLLOW- +12 +5 FOLLOW- FOLLOW- AND MORE TO (2002) ON (2004) ON ON (2017) BUSINESSES (2010) BUSINESSES COME 7 HIGHWAYS 10 HIGHWAYS 4 11 HIGHWAYS URBAN MOBILITY URBAN MOBILITY HIGHWAYS 1 4 6 URBAN MOB. (UNTIL 1 SERVICES 4 AIRPORTS AND 3 SERVICES 4 AIRPORTS 2004) AND 3 SERVICES (UNTIL 2009) (UNTIL 2017) BEGINNING OF CONTINUING DIVERSIFICATION: DIVERSIFICATION: + URBAN MOBILITY + AIRPORTS ONLY HIGHWAYS 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 8 CONCESSIONS MODEL • TARIFFS ADJUSTED • EXISTING ANNUALLY BY REGULATORY INFLATION AGENCIES OR INDEXES SECRETARIES INFLATION REGULATORY PROTECTED FRAMEWORK DEFINED TERM FORESEABLE AND LIMITED CASH FLOWS RISKS • TERMS AND RISKS • REVENUES DEFINED IN INFLUENCED BY CONCESSION GDP CONTRACTS • HIGH % OF FIXED COSTS: INCREASING MARGINS 9 OWNERSHIP STRUCTURE SHARED CONTROL FIRST COMPANY LISTED ON B3’S NOVO MERCADO (NEW MARKET) FLOATING CONTROLLING SHAREHOLDERS ALIGNED GRUPO ANDRADE GUTIERREZ AND COMMITTED TO THE BEST PRACTICES OF ORPORATE OVERNANCE GRUPO MOVER C G . GRUPO SOARES PENIDO 15.0 % 11% 14.9% 55.2 3% % 14.9 FOREIGN INVESTOR % INDIVIDUAL INVESTOR (BRAZIL) LEGAL ENTITIES (BRAZIL) 86% 10 PORTFOLIO IN BRAZIL AND ABROAD (2019) 11 ASSET OVERVIEW REMAINING YEARS UNDER CONCESSION GRANTING POWER CCR STAKE % EBITDA 2018 % CONCESSION AUTOBAN ARTESP 100% 8.3 28.3% NOVADUTRA ANTT 100% 2.9 13.5% VIAOESTE ARTESP 100% 3.1 13.1% RODONORTE DER - PARANÁ 86% 2.8 10.1% SPVIAS ARTESP 100% 8.7 8.1% VIAQUATRO CMSP 75% 21.3 6.0% METRÔ BAHIA SEDUR - BA 100% 24.8 4.7% QUITO AIRPORT EPM 50% 22.8 3.6% RODOANEL OESTE ARTESP 99% 19.5 3.0% MSVIA ANTT 100% 25.3 2.3% RENOVIAS ARTESP 40% 3.5 2.2% SAN JOSÉ AIRPORT CETAC 97% 8.4 2.0% VIALAGOS AGETRANSP - RJ 100% 18.8 1.4% VIARIO RJ CITY HALL 67% 28.3 1.0% BH AIRPORT ANAC 38% 25.3 0.5% CURAÇAO AIRPORT CAH 80% 15.6 0.4% VIAMOBILIDADE CMSP 83% 19.6 0.5% VLT RJ CITY HALL 25% 19.7 0.4% BARCAS AGETRANSP - RJ 80% 4.1 -0.8% WEIGHTED AVERAGE (BY EBITDA) 10.0 12 TRAFFIC TRENDS HISTORICAL ELASTICITY: ~2.0 X GDP YTD 2010 | + 12.1% 2011 | + 5.4% 2012 | + 2.9% 2013 | + 6.0% 2014 | + 2.5% 2015 | - 4.6% 2016 | - 4.5% 2017 | + 1.2% 2018 | -3.0% 27.3% URRENT ) % 25.9% C Y – O 22.8% Y 19.2% – 17.2% 2010 12.3% 8.5% 9.2% 10.7% 7.2% EHICLES 6.2% V 5.1% 7.4% 5.0% 5.0% RAFFIC 4,7% 3.1% 3.9% T 0.9% 4.4% 3.1% 0.4% 0.4% 3.1% 2.0% 0.1% -0.1% -1.3% -1.0% -1.3% -0.7% -4.0% -3.4% -2.6% -2.3% -3.6% QUIVALENT -3.9% -3.2% -5.1% -4.2% E -3.8% ( -6.6% -6.5% ONSOLIDATED C WHY INVESTING IN CCR? RESILIENT BUSINESS MODEL EXCLUDING THE EFFECTS OF THE SUSPENDED AXLE EXEMPTION. 13 STRONG OPERATIONAL AND FINANCIAL PERFORMANCE GROSS REVENUES (R$ BN) NET REVENUES (R$ BN) 9.6 8.9 8.8 8.3 7.7 8.2 7.1 7.7 7.1 6.6 6.0 6.5 5.7 5.2 5.0 5.2 4.6 4.8 4.2 4.5 3.8 4.1 3.0 3.4 2.7 3.1 EBITDA* (R$ BN) AND MARGIN (%) CF* FROM OPERATIONS AND DIVIDENDS (R$ MM) 80% DIVIDENDS 63% 63% 70% 63% 64% 62% 4,433 59% 60% 60% 60% CF 64% 60% 61% 64% 59% 50% 3,288 2,778 40% 2,504 2,138 1,932 30% 1,749 5.1 5.3 4.6 1,307 1,301 1,400 4.1 4.2 20% 1,2831,253 1,273 1,212 3.8 934 957 1,054 1,050 2.9 3.3 3.0 852 803 2.3 2.5 605 609 1.7 1.9 10% 0 0% All figures include shared controlled assets. * (i) for more details, see slide 17; (ii) Cash Flow from operations = EBITDA – Capex. 14 GROWTH STRATEGY 15 PILLARS FOR GROWTH CAPITAL QUALIFIED PEOPLE SUSTAINABILITY CORPORATE DISCIPLINE GROWTH MANAGEMENT GOVERNANCE 16 CAPITAL ALLOCATION STRATEGY IDEAL PROJECT PERSUIT FOR CAPITAL STRUCTURE: PERPETUITY: ON AVERAGE 20%- ADDITION OF 30% EQUITY & 70%- PROFITABLE ASSETS 80% DEBT WITH LONG TERMS DIVIDENDS: RETURNS COMMITMENT OF COMPATIBLE TO MINIMUM 50% HURDLE RATE + PAYOUT. SPREAD RISK (E.G. IRR FOR FED. FOR THE LAST 10 GVMT HIGHWAYS = YEARS AT LEAST 9.2% REAL 70% PAYOUT UNLEVERED) MAIN RISKS ANALYSIS: TRAFFIC, CAPEX, OPEX, FINANCING, REGULATORY, GEOGRAFIC 17 INFRASTRUCTURE AND PRIMARY BALANCE IN BR CLEAR NEED OF PRIVATE INVESTMENTS IN BR INFRASTRUCTURE INVESTMENTS ARE FAR BELOW THE AMOUNT NEEDED TO KEEP THE INFRASTRUCTURE AVAILABLE THE MAINTENANCE OF BR INFRASTRUCTURE WOULD REQUIRE ANNUAL INVESTMENTS OF ~2.4% OF GDP TOTAL INVESTMENTS IN INFRASTRUCTURE (% OF GDP) GROUND TRANSPORTATION (% OF GDP) 1,36 0,32 0,24 3,82 1,07 1,19 0,54 0,10 0,38 1,30 0,89 0,09 1980-1988 1990-2000 2011-2015 1980-1988 1990-2000 2011-2015 PRIMARY BALANCE (R$ BN) 176 129 124 84 90 106 102 105 91 57 74 77 65 77 47 27 -33 -25 -79 -112 -111 -133 -156 -159 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sources: Wordl Bank Report (2017) and Bradesco BBI estimates. 18 OPPORTUNITIES 19 OPPORTUNITIES PLENTIFUL NEW OPPORTUNITIES IN ALL CURRENT SEGMENTS: HIGHWAYS, URBAN MOBILITY AND AIRPORTS BIDDING FOR 7 NEW FEDERAL HIGHWAYS CONCESSIONS AND REBIDDING OF 8 BY 2021 AND 10 NEW CONCESSIONS FROM 2022 REBIDDING FOR 4 STATE HIGHWAY CONCESSIONS BY 2022 INVESTMENT OF BRL 15 BN IN NEW SP STATE CONCESSIONS + 3 OTHER PLOTS IN RS AND GO STATES 5 NEW PROJECTS IN THE URBAN MOBILITY SEGMENT, WITH TOTAL INVESTMENTS OF BRL 22 BN AUCTION OF TWO LOTS, TOTALING 37 AIRPORTS BY 2022 OPPORTUNITIES IN NEW CURRENT SÃO PAULO STATE CONTRACTS BRL3.6 BN 20 FINANCIAL STRATEGY 21 FINANCIAL STRATEGY OUTLOOK • DEVELOPMENT • PRIORIZATION OF BANKS (BNDES, LONG-TERM DEBT • S&P: BRAA- IDB, IFC) CREDIT /STABLE; FITCH: AA TO • UNIFIED STRATEGY (BRA)/ POSITIVE • INVESTORS: FOR THE GROUP AT PERSPECTIVE; INSTITUTIONAL, THE HOLDING LEVEL MOODYS: BA2 / INDIVIDUAL, ASSETS, OPTIONS RATINGS AA2.BR/ NEGATIVE INFRASTRCUTURE PERSPECTIVE • SELF IMPOSED FUNDS, FAMILY CONSISTENT OF COVENANT OF 3.5X OPPORTUNITIES OFFICES ETC AND , . NET DEBT/EBITDA OF • MAXIMIZE ACCESS TO GUIDELINES (DEBENTURES, TAX CREDIT MARKETS NEW EXEMPT BONDS) AIN • VERY LOW RANGE M EXCHANGE RATE ANK LOAN QUALITY • MINIMUN LIQUIDITY • B EXPOSITION (CASH POSITION EQUIVALENT TO 9-12 ARGE L OREIGN CAPITAL SUPPORT • F • CAREFUL ANALYSIS AINTAINANCE MONTHS OF SHORT MARKETS (PRIVATE OF HOLDING M TERM DEBT) PLACEMENTS, 144A GARANTEES ON REG S, BONDS, ETC) PROJECTS DEBTS 22 CCR DEBT STRUCTURE (JUNE 2019) TOTAL GROSS DEBT • R$ 16.9 BN (R$18.3 BN PROFORMA) NET DEBT/OPERATING ADJUSTED • 2.5 X (2.4 X PROFORMA) EBITDA GROSS DEBT BY INDEXER (HEDGED) AMORTIZATION SCHEDULE (R$ BN) USD 6.8 7.5% TJLP CDI 4.0 28.2% 48.2% 2.5 2.0 1.6 IPCA 17.0% 2019 2020 2021 2022 FROM 2023 23 BRAZILIAN FIXED INCOME MARKET | TOTAL ISSUANCES (R$ BN) 13% 14% 12% 11% 15% 350,00 10% 9% 8% 10% 300,00 7% 05% 250,00 219 00% 200,00 168 36 138 120 30 150,00 120 -05% 108 44 120 101 20 32 27 100,00 23 29 -10% 31 23 38 32 21 13 153 20 9 50,00 90 97 -15% 70 75 51 65 61 - -20% 2011 2012 2013 2014 2015 2016 2017 2018 DEBENTURES PROMISSORY NOTES OTHERS* AVERAGE SELIC RATE TOTAL * CRA (AGRIBUSINESS CREDIT RECEIVABLE CERTIFICATES), CRI (CERTIFICATE OF REAL ESTATE RECEIVABLES) AND FIDC (RECEIVABLE FUND ISSUANCE) SOURCE: ANBIMA 24 DEBENTURES| MATURITY 13% 14% 12% 11% 10% 9% 8% 7% 6,1 5,9 6,0 5,4 5,2 4,8 4,7 4,5 6% 13% 12% 13% 9% 10% 8% 15% 17% 8% 5% 10% 13% 18% 17% 15% 30% 33% 35% 40% 52% 45% 42% 42% 49% 56% 38% 45% 25% 25% 29% 28% 2011 2012 2013 2014 2015 2016 2017 2018 UP TO 3 YEARS 4 - 6 YEARS 7 - 9 YEARS 10 YEARS OR MORE AVERAGE MATURITY AVERAGE SELIC RATE SOURCE: ANBIMA 25 FOREIGN ISSUANCES BY BR AGENTS | FIXED INCOME (US$ BN) 3,9 3,3 3,3 3,9 2,7 2,3 346 2,0 1,9 382 268 272 231 205 194 184 21 15 14 14 08 03 30 27 04 23 22 01 24 17 11 07 2011 2012 2013 2014 2015 2016 2017 2018 COMPANIES OTHERS* AVERAGE COUNTRY RISK AVERAGE EXCHANGE RATE * DEVELOPMENT BANKS, FINANCIAL INSTITUTIONS AND GOVERNMENT SOURCE: ANBIMA 26 FOREIGN ISSUANCES BY BR AGENTS | FIXED INCOME MATURITY 3,9 3,3 3,3 3,9 2,7 346 2,3 2,0 382 1,9 268 272 231 205 194 184 4% 5% 5% 10% 8% 2% 9% 6% 6% 8% 9% 7% 10% 7% 11% 6% 9% 7% 10% 49% 34% 86% 61% 54% 76% 55% 54% 41% 39% 24% 18% 22% 23% 14% 11%
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