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1H2015 results
July 29th, 2015
Disclaimer
The information contained herein which, according to its nature, is not provisional and which is not intended to give
any estimates or future projections is publicly disclosed under the applicable rules and regulations, and may be
freely used under the condition that it shall remain unchanged. The company shall not be held liable nor responsible
for any direct or indirect damages that may occur or that may arise as a result of any use or manipulation,
modification or alteration, update, revision or correction, whether intentional or not, of such information.
All data referred in this document must be reported to the document’s date. Therefore, considering the nature and
objective of the disclosure of information, the company shall not be under any obligation to update said information,
nor shall it be under any obligation to make any prior announcement of any amendment or modification of its
contents.
Use of data contained herein in its original format shall contain a quote as to the source of the information and/or a
reference of where it was taken from.
The information herein is provided for general purposes only and is not intended to constitute professional advice.
BRISA Concessão Rodoviária, S.A.
Head-Office: Quinta da Torre da Aguilha, Edifício BRISA, São Domingos de Rana
Share capital: EUR 75 000 000
Registered in the Commerce Registry Office of Cascais under register and corporate tax number 502790024
Highlights
1H2015 results
Traffic Evolution
Operating Performance
Capex
Debt Structure
Liquidity Position
Guidance
Wrap-up
Annex 1: Shareholder Structure
Annex 2: P&L and B/S
4
Highlights
1
1H2015 results
7th consecutive quarter with YoY traffic
growth 2 Strong operating performance
3 Comfortable liquidity position 4 Guidance revised upwards
147.0
162.7 70.6%
72.8%
68.50%
69.50%
70.50%
71.50%
72.50%
135
145
155
165
1H14 1H15
EBITDA
EBITDAMargin
10.7%
2.2 p.p.
2.4% 1.2%
6.5% 5.2% 4.6%
7.5% 6.5%
0.00%
2.00%
4.00%
6.00%
8.00%
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
Traffic
growth
(ADT, YoY)
LM transaction concluded in April allows a smoother
debt amortization profile and a lower cost of debt
Cash position of € 265 million
New € 75 million credit line, increasing total
committed amount to €325 million, with bulk of it
maturing after YE16
Solid liquidity position, covering MLT redemptions
beyond YE16
Toll revenues
Opex
EBITDA - CAPEX
Previous Guidance (Dec. 14): > 3%
New Guidance (Jun. 15): > 5%
Previous Guidance (Dec. 14): > € 300 million
New Guidance (Jun. 15): > € 310 million
Guidance maintained: flat
Overview
1H2015 results
Traffic Evolution
Operating Performance
Capex
Debt Structure
Liquidity Position
Guidance
Wrap-up
Annex 1: Shareholder Structure
Annex 2: P&L and B/S
1H traffic performance reinforces recovery trend
1st H 2015 ADT per motorway
Quarterly ADT (Average Daily Traffic) / VKM growth
1H2015
results
A1 A2 A3 A4 A5 A6 A9 A10 A12 A13 A14 TOTAL
ADT 26 910 11 146 16 054 25 001 61 627 4 156 16 103 5 134 16 993 2 877 3 728 15 757
% change 6.0% 8.5% 9.2% 8.0% 5.5% 7.8% 5.7% 5.4% 7.2% 8.4% 10.6% 7.0%
3Q 14
4Q 14
1Q 15
2Q 15
+5.2%
+6.5%
+7.5%
+4.6%
VKM growth
2H 14
+5.0%
1H 15
+7.0%
6
Quarterly (YoY) Semi-annual (YoY)
2Q
17 128
16 082
1Q
14 370
13 364
4Q
15 350
14 669
3Q
20 061
19 062
2Q
16 082
15 101
2Q14 to 2Q15
2Q13 to 2Q14
Traffic increased 7.0% in 1H2015, which compares to an increase of 4.0% in the same period of
2014
Toll revenue increased 7.1% in 1H2015, above the already strong increase of 4.1% in the same
period of the previous year
Performance significantly above guidance
7
Traffic & Toll Revenue (YoY)
Traffic
Revenue
Strong performance of toll revenues, backed by organic
traffic growth
1H2015
results
1Q14 1H14 9M14 YE14 1Q15 1H15
AADT (organic) 4.0% 3.7% 4.2% 4.2% 6.1% 6.9%
Calendar effect -2.8% 0.3% 0.3% 0.3% 1.3% 0.1%
Others 0.0% 0.0% 0.0% 0.0% 0.1% 0.0%
Like-for-like 1.2% 4.0% 4.5% 4.5% 7.5% 7.0%
Mix effect 0.5% 0.4% 0.4% 0.4% -0.3% -0.3%
Tariff increase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Others -0.4% -0.3% 0.2% 0.5% 0.7% 0.4%
Total 1.3% 4.1% 5.1% 5.5% 8.0% 7.1%
Operating results (EBITDA)
EBITDA increased 10.7% to €162.7 million 8
Strong increase in revenues
together with a disciplined cost
approach led to a 2.2 p.p. YoY
increase in EBITDA margin, which is
already closer to 2011 levels
Operating income increased 7.3%
Costs remain controlled, with Opex slightly down
despite significant increase in revenues
1H2015
results
Eur mn 1H14 1H15 YoY
Operating income 208.3 223.5 7.3%
Toll revenues 202.6 217.0 7.1%
Service areas 3.6 3.7 2.3%
Other income 2.0 2.8 37.4%
Operating expenses -61.3 -60.8 -0.7%
Supplies and services -60.0 -59.5 -0.8%
Personnel costs -0.8 -0.8 -1.5%
Other expenses -0.6 -0.6 5.2%
EBITDA 147.0 162.7 10.7%
EBITDA Margin 70.6% 72.8% 2.2pp
177
150 139
147
163
73.3%
70.4% 69.6%
70.6%
72.8%
65.00%
67.00%
69.00%
71.00%
73.00%
115
125
135
145
155
165
175
185
1H11 1H12 1H13 1H14 1H15
EBITDA EBITDA Margin
EBITDA and EBITDA Margin
10.7%
2.2 p.p.
Financial Results
9
1H2015
results
Despite slightly higher gross debt, BCR benefits from the positive net effect between recent
debt additions (new € 300 million bonds issued in both 2014 and 2015) and recent debt
redemptions (€ 225 million in Dec. 14; € 63.5 million bond in Mar 15; € 192.7 million in Apr. 15)
lower coupons, impacting positively ‘Interest expenses’
lower placement costs, impacting positively ‘Other financial expenses’
Eur mn 1H14 1H15 YoY
Net financial results -58.4 -51.7 11.5%
Financial income 1.9 1.1 -44.3%
Financial expenses 60.3 52.7 -12.5%
Interest expenses 48.1 41.6 -13.5%
IFRIC12 3.8 4.4 17.6%
Other financial expenses 8.4 6.7 -20.3%
Financial expenses on a downward trend
Net financial results improved 11.5% YoY, reflecting better market conditions
-51 -59 -65 -58 -52
-100
-80
-60
-40
-20
014 15
Financial Results
11.5%
1H12 1H13 1H14 1H15 1H11
Net Profit
10
1H2015
results
Eur mn 1H14 1H15 YoY
EBITDA 147.0 162.7 10.7%
EBITDA Margin 70.6% 72.8% 2.2pp
Depreciation & prov. 78.3 82.0 4.7%
EBIT 68.7 80.7 17.5%
EBIT Margin 33.0% 36.1% 3.1pp
Net financial results -58.4 -51.7 11.5%
Profit before tax 10.3 29.0 180.9%
Income tax -2.1 -8.1 -
Net profit 8.2 20.9 153.0%
Profitability significantly increased
Higher revenues, flat opex and better financials significantly
improved bottom line
Net profit reached € 20.9 million (+153% YoY),
backed by toll revenue increase, controlled
costs and better financial results
Net Profit
32
9
-3
8
21
-10
-5
0
5
10
15
20
25
30
35
40
1H11 1H12 1H13 1H14 1H15
153%
Cash-flow generation (EBITDA – CAPEX)
11
Strong cash-flow generation, with the increase in EBITDA more
than compensating higher Capex
Capex is mainly related to pavement works in A1, A2 and A3
Capex is expected to increase in the 2H2015, driven by major repairs
1H2015
results
Eur mn 1H14 1H15 YoY
EBITDA 147.0 162.7 10.7%
EBITDA Margin 70.6% 72.8% 2.2pp
Capex 7.5 22.6 201.0%
New junctions 1.0 0.0 -96%
Widening works 1.7 2.9 75%
Major repairs¹ 1.4 15.2 1 019%
Other (equipment, supervision, etc) 3.5 4.4 26%
EBITDA - Capex 139.5 140.1 0.4%
1 Under the framework of IFRIC12, major repairs are provision costs, not CAPEX
12
Financial management and MLT debt amortization profile
1H2015
results
LM transaction concluded in April allows for a smoother debt
amortization profile
0
100
200
300
400
500
600
700
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
million Eur
EIB
Bonds
Amount
Tendered New 10y Bond
@ 1.875% Liability Management
BCR continues to actively manage its MLT debt maturity profile
In April, a liability management transaction was successfully concluded:
Issuance of a new 10y € 300 million bond, with a coupon of 1.875% (the lowest ever for a Portuguese
corporate). Bond was placed mainly with international institutional investors
€ 192.7 million tendered on the € 600 million, 4.5% coupon, Dec. 2016 bond (outstanding amount at
€ 407.3 million)
13
1H2015
results
Eur mn YE12 YE13 YE14 YoY 1H15 YtD
Bonds (EMTN) 1 788 1 408 1 483 +75 1 527 +44
EIB 702 663 624 -39 604 -19
Bank facilities 36 82 52 -30 75 +23
Total (gross debt) 2 526 2 153 2 160 +6 2 206 +46
Cash 310 139 339 +200 265 -74
Net debt 2 216 2 014 1 820 -194 1 941 +121
Considerable net debt reduction over the recent years (-12% or
€ 275 million since YE12)
Debt Structure (nominal)
69%
27%
4%
Bonds EIB Bank Facilities
Debt Breakdown
Gross debt totalled € 2 206 million in Jun.15, of which 69% are Bonds issued under the EMTN
programme. The € 46 million YtD increase in gross debt is mainly explained by:
LM transaction concluded in April (€ 300 million @ 1.875% issued and € 192.7 million @ 4.5% tendered)
A private placement that reached its maturity (€ 63.5 million @ 6.4% redeemed)
Cash position in Jun. 15 at € 265 million (down € 74 million YtD), with the first distribution made
since inception (in the amount of € 184 million) partially compensated by cash-flow generation
14
1H2015
results
Liquidity position
BCR has plenty of funds and facilities in place
to meet its forthcoming debt maturities:
Strong liquidity position, covering MLT redemptions beyond YE16
402.7
58.5
461.2
100
200
300
400
500
EMTN EIB Total
MLT redemptions until YE16 fully
covered
€ 265 million in cash
New € 75 million credit line signed
during 1H15, increasing total amount
in committed credit lines to € 325
million, with bulk of it maturing after
YE16. Drawings remain low, leaving
additional available liquidity at high
levels (€ 250 million undrawn)
Strong free cash flow generation
Less concentrated debt maturities
1
2
3
4
7.01 6.88 6.44 5.98 5.38 5.49 5
5.25
5.5
5.75
6
6.25
6.5
6.75
7
7.25
15
Net debt / EBITDA1
Trigger/Lock-up level:
>6.5 up to 2H2013
>6.25 up to 2H2014
>6.00 in 1H2015
6.88
5.98
2H2012 1H2013 2H2013 1H2014
Net debt reduction coupled with increasing EBITDA have fostered a substantial Net Debt /
EBITDA decrease over the recent years
Despite the distribution of € 184 million made in April, headroom to lock-up in Jun.15
remained at a significant level
1 Inputs for this ratio may slightly differ from reported figures due to the adjustments made in order to reflect the CTA ratio definitions
1H2015
results
Significant headroom to
lock-up
All ratios in compliance, with significant headroom
2H2014 1H2015
Overview
1H2015 results
Traffic Evolution
Operating Performance
Capex
Debt Structure
Liquidity Position
Guidance
Wrap-up
Annex 1: Shareholder Structure
Annex 2: P&L and B/S
17 Targets revised upwards
Guidance
YE2015
Previous Guidance: > 3%
New Guidance: > 5%
Previous Guidance: flat
New Guidance: flat (maintained)
Previous Guidance: > € 300 million
New Guidance: > € 310 million
Toll revenues
growth
Opex
performance
EBITDA - CAPEX
Overview
1H2015 results
Traffic Evolution
Operating Performance
Capex
Debt Structure
Liquidity Position
Guidance
Wrap-up
Annex 1: Shareholder Structure
Annex 2: P&L and B/S
19
Wrap-up
Wrap-up
7.0% traffic increase, driven by a robust organic growth
7th consecutive quarter of positive traffic growth
Traffic growth rates above guidance
Traffic
consistently
increasing
Significantly higher revenues and flattish operating costs allowed EBITDA to
increase 10.7% YoY, reaching € 162.7 million
EBITDA margin up 2.2 p.p. to 72.8%
EBITDA – CAPEX of € 140.1 million
Strong operating
performance and
cash-flow
generation
LM transaction concluded in April (new 10Y € 300 million bond issued and
€ 192.7 million of Dec. 16 bond tendered) allows for a smoother debt
amortization profile and a lower cost of debt
New € 75 million credit line signed during 1H15, increasing total committed
amount to € 325 million, leaving additional available liquidity at high levels
(€ 250 million undrawn)
Cash position of € 265 million
Solid liquidity position, covering MLT redemptions beyond YE16
Smooth maturity
profile and solid
liquidity position
Targets for traffic growth and for EBITDA – CAPEX were revised upwards Revised
guidance
Overview
1H2015 results
Traffic Evolution
Operating Performance
Capex
Debt Structure
Liquidity Position
Guidance
Wrap-up
Annex 1: Shareholder Structure
Annex 2: P&L and B/S
Shareholder Structure
21
Annex 1
Current Shareholder Structure
Brisa – Concessão
Rodoviária, S.A. (BCR)
Brisa – Concessão Rodoviária, SGPS, S.A.
Brisa Auto Estradas de
Portugal, S.A.
70%
Other
Investors
30%
100%
In June 2015, Brisa – Auto-Estradas de Portugal, S.A. (“Brisa”)
which, indirectly, held the entirety of the share capital and
voting rights of BCR, informed BCR that within the scope of
the sale and purchase agreements over shares entered into, it
agreed the disposal to other investors of 30% of the share
capital and voting rights of Brisa – Concessão Rodoviária, SGPS,
S.A. (“BCR SGPS”), which, directly, holds, as only
shareholding, the entirety of the share capital of BCR.
This disposal will not entail changes to the operational
management and financial strategy of BCR, not affecting in
any way the ring-fencing structure created in due course for
the protection of the investors.
Following this transaction, Brisa will continue to hold the
control over BCR SGPS, retaining a 70% holding in the
respective share capital and voting rights.
No operational changes in BCR. Ring-fencing structure unaffected
P&L
22
Annex 2
Eur mn 1H14 1H15 YoY
Operating income 208.3 223.5 7.3%
Operating expenses 61.3 60.8 -0.7%
EBITDA 147.0 162.7 10.7%
EBITDA Margin 70.6% 72.8% 2.2pp
Depreciation & prov. 78.3 82.0 4.7%
EBIT 68.7 80.7 17.5%
EBIT Margin 33.0% 36.1% 3.1pp
Net financial results -58.4 -51.7 11.5%
Profit before tax 10.3 29.0 180.9%
Income tax -2.1 -8.1 -
Net profit 8.2 20.9 153.0%
Toll revenue increase comfortably above guidance
Opex change in line with guidance despite significant increase in revenues
Financials reflect better market conditions
EBITDA margin closer to 2011 levels
All resulting in significant increase of profitability
Higher revenues, flat opex and better financials significantly
improved bottom line
Balance Sheet
23 Solid balance sheet
Current assets include € 265 million in cash
Impact of € 184 million distribution made in April
Eur mn YE2014 1H15 YtD
Assets 3 155 3 010 -4%
Non-current 2 725 2 663 -2%
Current 378 295 -21%
Deferred tax 52 52 0%
Equity 727 566 -22%
Liabilities 2 428 2 444 1%
M/Long-term financial debt 1 956 2 033 4%
Short-term financial debt 182 126 -31%
Other 290 285 -2%
Annex 2