CCR S.A.: Results for the 4th Quarter and the Year of 2011

SAO PAULO, BRAZIL--(Marketwire - Mar 7, 2012) - CCR S.A. (CCR) (BOVESPA: CCRO3), Brazil's largest road concession operator in revenue terms, hereby announces its results for the fourth quarter and the year of 2011.

Presentation of the Results

The Quarterly Financial Statements (ITR) have been drawn up and are presented in accordance with accounting practices adopted in Brazil for the Parent Company, and comply with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") for the consolidated results, as well as being pursuant to the conditions set out under Brazilian Corporation Law, the standards defined by the Brazilian Securities Exchange Commission ("CVM") and the Pronouncements, Guidelines and Interpretations issued by the Accounting Statements Committee ("CPC"), applied in a manner consistent with the accounting practices described in Explanatory Note No. 3, accompanying these quarterly financial statements.

Unless otherwise stated, the financial and operational information set out below is presented on a consolidated basis in thousands of Reais, in accordance with Brazilian Corporation Law, with comparisons referring to 4Q10 and the year of 2010.

Non-financial information, as well as other operational information, has not been reviewed by the independent auditors.

The figures presented take into consideration the changes introduced by the IFRS and their respective impact, as described in the Press Release for 2010 in the section "IFRS Conceptual Supplement," which is available on our website. Net Operating Revenue as presented excludes Construction Revenue.

Highlights

Net Revenue totaled R$ 1,225.4 million in 4Q11 (+15.6%) and R$ 4,577.6 (+21.2%) in 2011. In 4Q11, SPVias contributed R$ 93.0 million.

EBIT amounted to R$ 659.6 million (+109.7%) in 4Q11 and in 2011 reached R$ 2,277.0 million (+33.8%). The EBIT margin was 53.8% (+24.1 p.p.) in 4Q11, and 49.7% (+4.6 p.p.) in 2011. Excluding the provision for maintenance, pro-forma EBIT amounted to R$ 657.1 million in 4Q11 and R$ 2,416.1 million in 2011, with EBIT margin of 53.6% and 52.8%, respectively.

EBITDA totaled R$ 787.5 million (+31.3%) in 4Q11 and R$ 2,933.8 million (+29.9%) in 2011; the EBITDA margin was 64.3% (+7.7 p.p.) in 4Q11 and 64.1% (+4.3 p.p.) in 2011.

Consolidated traffic grew by 4.4% in 4Q11 and 10.8% in 2011. On a comparable basis, traffic was up by 3.2% in 4Q11 and 5.4% in 2011.

The number of STP (electronic toll system) users increased by 26.4% over December 2010, with a total of 3,244,000 active tags.

CCR's management proposed a supplemental distribution of dividends to its shareholders referring to the fiscal year of 2011 in the amount of R$ 100,775,000, representing approximately R$ 0.06 per share, an amount that will be submitted to the General Shareholders Meeting (GSM) for approval. Taking into account the intermediate dividends paid out on September 30, 2011 and the amount of R$ 701,821,000, representing approximately R$ 0.40 per share, we have a payout result of 89.2%, referring to the fiscal year of 2011.

On December 16, 2011, CCR informed its shareholders and the market in general that it had signed the 8th Modifying Contract Amendment ("TAM") to Public Services Concession Contract for the Monitoring, Recovery, Maintenance, Conservation, Operation, Building and Expanding of the Rio Bonito - Araruama - São Pedro da Aldeia Highway Connection 43/96, of December 23, 1996 ("Concession Contract"), by its subsidiary Concessionária da Rodovia dos Lagos S.A. ("CCR ViaLagos") and the State of Rio de Janeiro, represented by the Fundação Departamento de Estradas de Rodagem do Rio de Janeiro / DER/RJ ("Granting Authority"). The purpose of the aforementioned MCA, is to put back into balance the economic-financial equation of the Concession Contract, resulting from (i) additional investment obligations on the part of the Concessionaire, including the installing of safety devices to separate the motorway's lanes, the widening of the motorway platform, the paving of road shoulders, among others; and (ii) the reduction in the value of the current toll tariffs, to go into effect as of January 13, 2012. According to the Concession Contract, the rebalance process was achieved by adding 15 (fifteen) years on the concession's term.

The results of the Company incorporate the impacts of ViaQuatro and SPVias, projects which were acquired recently or that are in the ramp-up phase.

Subsequent Events

On January 5, 2012, informed its shareholders and the market in general that it had signed Modifying Contract Amendments ("TAMs") for the Concession Contracts ("Concession Contracts") between the Regulatory Agency for Delegated Public Transportation Services in the State of São Paulo - ARTESP ("Conceding Power") and its subsidiaries, including (i) Concessionária do Sistema Anhanguera - Bandeirantes S.A. ("AutoBAn") - Concession Contract nº 005/CR/1998; (ii) Concessionária de Rodovias do Oeste de São Paulo - ViaOeste S.A. ("ViaOeste") - nº 003/CR/1998; (iii) Rodovias Integradas do Oeste S.A. ("SPVias") - Concession Contract nº 010/CR/2000; and its jointly controlled subsidiary, (iv) Renovias Concessionária S.A. ("Renovias") - Concession Contracts nº 004/CR/1998, together with AutoBAn, ViaOeste, SPVias and Renovias, "Concessionaires."

The purpose of the aforementioned TAMs are (i) to change the toll tariff adjustment rate of the Concession Contracts from the General Market Price Index ("IGPM") to the Wide National Consumer Price Index ("IPCA"); and (ii) to review the procedure and form of the contractual review for the verification of the existence of any economic-financial imbalance and any recomposition that derives from the use of the new tariff adjustment index.

Comments from the CEO

Renato Alves Vale: "It is with great satisfaction that we present CCR's results for the Fourth Quarter and the Year of 2011 to our shareholders, the market, employees, users, and our various interested public audiences.

"The Brazilian economy demonstrated great resilience to all of the economic turbulence the world passed through in 2011, presenting strong performance and supporting our excellent results during the year. We are highlighting the strong growth in consolidated traffic, of 10.8% in 2011, and the 33.9% increase in our net income in 2011, which reached R$ 899.4 million.

"This performance made it possible for CCR to continue following its commitment to distribute dividends to shareholders, with the payout of intermediate dividends of R$ 0.40/share, totaling R$ 701.8 million in September 2011. Therefore, taking into account this advance plus the proposal for advancing a supplemental distribution of R$ 0.6/share, totaling R$ 100,775,000, we will have as a result of a pay out of 89.2%, referring to fiscal year 2001.

"The year of 2011 was notable for a number of important achievements based on our qualified growth strategy and the social-economic development of the country. One important accomplishment was the conclusion of the first phase of Line 4-Yellow of the São Paulo subway system, with the inauguration of the last four Phase 1 stations (Butantã, Pinheiros, República and Luz) in September 2011. Another important achievement was the extension of the CCR-ViaLagos contract by 15 years, which included the reduction of tariffs and greater investments. But the truly big highlight of the year was the entry of the company into the airport infrastructure sector, through a process that was strongly approved by the minority shareholders, with total transparency and a high level of corporate governance, a characteristic that has been intrinsic to CCR since it was established. And as a bonus for our continuous efforts to achieve sustainability, we were able to get the CCR Group placed back on the BM&FBovespa's Business Sustainability Index (ISE), comprised of shares of 38 companies that present a high degree of commitment to sustainability practices.

"Thus, we continue to be excited by the excellent future prospects in view of the positive economic scenario forecast for Brazil and the potential demand for development of more infrastructure and the expectation of new opportunities for growth as a result of the World Cup (2014) and the Olympic Games in 2016 in the city of Rio de Janeiro; and as always, prioritizing capital discipline and, consequently, the creation of value for the Company and its shareholders, while at the same time contributing to the socio-economic development of our country."

Forthcoming Events
Conference Calls

In Portuguese:
Thursday, March 08, 2012
3.00 pm Brazil / 1.00 pm New York
Telephone: 55 11 4688-6361
Password: CCR

In English:
Thursday, March 08, 2012
4.00 pm Brazil / 2.00 pm New York
Brazil: 55 11 4688-6361
Other Countries: (+1) 786-924-6977
Webcast: http://webcall.riweb.com.br/ccr
Webcast: http://webcall.riweb.com.br/ccr/english