2Q11 Results
Transcrição
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 2 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 3 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%. 4 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. 5 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 6 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 7 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% 8 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 9 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 10 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 11 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 12 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. 13
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