2Q11 Results

2Q11 Results
August - 2011
Macroeconomic growth
LICENSING OF NEW VEHICLES IN BRAZIL - ANFAVEA
Light vehicles (In units)
Trucks (In units)
1.925.967
1.780.717
98.500
85.669
7M10
7M11
7M10
7M11
SOURCE: Letter from ANFAVEA (Brazilian Association of Motor Vehicle Manufacturers) – August 2011
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Macroeconomic growth
OPERATIONS IN THE SANTOS PORT
Import
Export
(In thousand tons)
(In thousand tons)
30.149
Containerized
Cargo
(Em contêineres)
29.221
891.729
16.400
774.795
14.664
1H10
1H11
1H10
1H11
1H10
1H11
SOURCE: CODESP – Dock Company of the State of São Paulo
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OPERATING PERFORMANCE – HIGHWAY CONCESSIONS
(equivalent paying vehicles – in thousands)
98,838
84,966
46.682
44,230
22.025
49,503
41.778
24.907
43.188
22.205
24.596
2Q10
2Q11
Passanger
Commercial
1H10
52.156
1H11
Passanger
Commercial
Considering the tariff raise for passenger vehicles on both
directions of Ecopistas from January 1 to February 17, 2010,
consolidated growth came to 11,8%.
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OPERATING PERFORMANCE – HIGHWAY CONCESSIONS
(equivalent paying vehicles – in thousands)
Traffic Volume
(vehicles-equivalents x thousand)
July/2011
July/2010
Chg.
7M11
7M10
Chg.
Commercial
Ecovias dos Imigrantes
2,224
2,139
4.0%
14,242
13,759
3.5%
Ecopistas
2,348
1,927
21.8%
15,739
13,146
19.7%
Ecovia Caminho do Mar
926
832
11.3%
6,053
5,417
11.7%
Ecocataratas
1,355
1,248
8.6%
8,787
8,044
9.2%
Ecosul Rodovias do Sul
1,403
1,298
8.1%
10,117
8,857
14.2%
Consolidated
8,256
7,444
10.9%
54,938
49,223
11.6%
Ecovias dos Imigrantes
2,535
2,444
3.7%
18,444
16,440
12.2%
Ecopistas
4,786
4,591
4.2%
31,190
24,862
25.5%
Ecovia Caminho do Mar
267
260
2.7%
2,300
2,116
8.7%
Ecocataratas
919
841
9.3%
5,981
5,416
10.4%
Ecosul Rodovias do Sul
454
394
15.2%
3,202
2,885
11.0%
8,961
8,530
5.1%
61,117
51,719
18.2%
Ecovias dos Imigrantes
4,759
4,583
3.8%
32,686
30,199
8.2%
Ecopistas
7,134
6,518
9.5%
46,929
38,008
23.5%
Ecovia Caminho do Mar
1,193
1,092
9.2%
8,353
7,533
10.9%
Ecocataratas
2,274
2,089
8.9%
14,768
13,460
9.7%
Ecosul Rodovias do Sul
1,857
1,692
9.8%
13,319
11,742
13.4%
17,217
15,974
7.8%
116,055
100,942
15.0%
Ecopistas – Tariff raise for passenger vehicles
-
-
-
31,190
28,263
10.4%
CONSOLIDATED (with Ecopistas tariff raise)
17,217
15,974
7.8%
116,056
104,341
11.2%
Passenger
Consolidated
Commercial + Passenger
CONSOLIDATED
Note: Vehicles-equivalent is a basic reference unit used in toll collection statistics in Brazil. Light vehicles, such as passenger vehicles, correspond to one
vehicles-equivalent. Heavy vehicles, such as trucks and buses, are converted into axle-equivalents by a multiplier applied to the number of axles per vehicle,
as established in the terms of each concession contract.
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OPERATING PERFORMANCE
LOGISTICS AND SERVICES
Operating Performance -Logistics
Primary Zone¹ (containers handled)
2Q11
2Q10
Var.
1H11
1H10
Var.
21,520
12,647
70.2%
44,276
22,393
97.7%
Interior Dry Ports² (FOB handled amount - US$ million)
1,403.7
-
nm
2,613.2
-
nm
Border Dry Ports³ (FOB handled amount - US$ million)
3,761.3
-
nm
7,486.2
-
nm
Transport (Share of revenue)
15%
-
nm
16%
-
nm
Distribution Centers (Occupancy rate)
99%
-
nm
100%
-
nm
Note:
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
2Q11 and 1H11: Columbia, EADI Sul and Elog
2Q10 and 1H10: Elog
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FINANCIAL PERFORMANCE
Gross Revenue by Business –
2Q11
2,8%
Net Revenue (R$ million)
2,8%
441.3
11,4%
336.7
386,6
14,2%
68,8%
Revenue from Toll Collection
Logistics
ICPC-01 Construction Revenues
Revenue from Services
Ancillary Revenues - Concessionaires
296,0
40,7
54,7
2Q10
2Q11
ICPC-01 Construction Revenues
Operating Revenues
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FINANCIAL PERFORMANCE
Net Revenue Logistic – 100%
(R$ million)
EBITDA Logistic 100% (R$ million) and
EBITDA Margin Logistic 100% (%)
17.7%
67,1
70,7
13.3%
12,5
8,9
1Q11
2Q11
Net Revenue from Logistic – 100%
1Q11
EBITDA from Logistic 100%
2Q11
EBITDA Margin from Logistic 100%
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FINANCIAL PERFORMANCE
EBITDA IFRS (R$ million)
and Margin EBITDA IFRS (%)
Adjusted EBITDA¹ (R$ million)
and Adjusted EBITDA Margin¹(%)
69.7%
58.0%
49,9%
63.2%
244,3
220,3
206,4
196,2
2Q10
2Q11
EBITDA
2Q10
2Q11
¹ Excludes Construction Revenue and Costs and Provision for
Maintenance from the Cost of Services balance
Margin EBITDA
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FINANCIAL PERFORMANCE
Gross Debt
Net Debt/EBITDA IFRS LTM
(R$ million – June 30, 2011)
88,1
80,2
54,7
966,3
855,1
1,0
1,1
1Q11
2Q11
1.442,8
Debentures
CCBs
BNDES
Other
Net Debt
Net Debt / EBITDA IFRS udm
Total Gross Debt: R$ 1,665.9
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FINANCIAL PERFORMANCE
Realized CAPEX (R$ million)
Realized CAPEX (R$ million)
166.8
97.2
77.6
1.9
2.0
10.1
22.1
3.4
4.2
145.3
14.7
73.7
83.7
140.5
125.8
2Q10
2Q11
1H10
1H11
Highway Concessions
Logistics
4.8
Other
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INVESTOR RELATIONS
Email
[email protected]
Website
www.ecorodovias.com.br/ir
Address
Rua Gomes de Carvalho, 1,510
3º floor - Zip Code 04547-005
São Paulo-SP BRAZIL
Telephone
+55 11 3787-2667
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DISCLAIMER
This presentation contains forward-looking
statements related to the business outlook,
estimates of operating and financial results and the
growth prospects for EcoRodovias. These are mere
projections and, as such, are based exclusively on
the expectations of EcoRodovias’ management
regarding the future of the business and its
continuous access to capital for financing the
Company’s business plan. Such forward-looking
statements depend substantially on changes in
market conditions, government rules, pressure from
competitors, the performance of both the industry
and the Brazilian economy, among other factors, in
addition to the risks mentioned in disclosure
documents filed by EcoRodovias and, hence, are
subject to change without prior notice.
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