EcoRodovias invests in logistics
Valor Econômico
The third largest group of road concessions of the country, EcoRodovias, owned by the Paraná-based contractor CR Almeida and by Impreglio, a group of Italian origin, will hold its first meeting with analysts as a company of the new market of Bovespa today. It finished its initial issuance of shares that raised R$ 874 million (US$ 499 million) for its cash, which should finance an investment plan of R$ 3 billion (US$ 1.7 billion) until 2012, with the ambitious goal of doubling its earnings of R$ 1 billion (US$ 507.6 million) in 2009, in just three years. Besides growing, it intends to diversify: one third of the investments will be aimed at the new branch of the group: logistics services.
The company is known for its main asset, the concession of the Imigrantes Road in São Paulo, and in the beginning of 2009 it took over the concession of the Ayrton Senna/Carvalho Pinto road, one of the main roads of São Paulo. Only one-third of the new investment plan should be intended for new concessions. According to the President of EcoRodovias, Marcelino Rafart of Seras, the presentation made to investors as the orientation of the businesses of the company was the formation of what he calls "logistical systems" to benefit from synergies with the operation of the concessions. Taking advantage of the export and import channels, they would work as a sort of dry ports.
The company currently has two major undertaking in the area: the yards of Cubatão and Imigrantes, at the top of the ridge known as Serra do Mar. They both intend to attract the cargo of containers arriving at or leaving from the port of Santos on trucks with cost and efficiency above the competition. There are five more similar projects related to concessions of the group: one in Campinas (SP), another in Vale do Paraíba, one between Cascavel and Foz do Iguaçu (PR), one in the Rio Grande (RS) and another one in São Sebastião (SP). "Each of such yards has potential to have earnings equivalent to those of a concession, but with a greater rate of return", says Rafart. Taking as reference the concessions of the group would mean earnings of nearly R$ 100 million (US$ 57.1 million) to R$ 150 million (US$ 85.7 million) a year.
Another possibility that is assessed by the group is the acquisition of maritime terminals in partnership with port operators or ship-owners. The company has been evaluating businesses in Santos and, according to its Chairman, it is open for businesses in other terminals in its area of operation - including Paranaguá, Rio Grande and even São Sebastião, where there is a billionaire project of the Government of São Paulo for the construction of a large container terminal. For the Executive, there is no conflict between the bet in the road modal of EcoRodovias and bet of the railroad concessionaires, and that of the port authorities in the railroad modal. In the case of Santos, both ALL Logistica and MRS have millionaire projects to increase the transportation of containerized cargo on rail that is currently considered irrelevant.
Especially after the construction of the Road Beltway, he says, road transport of containers to Santos became unbeatable, at least for short distances.
And at least 31% of the Brazilian GDP is located within a 200 km radius around the port of Santos, target region of the yards of EcoRodovias. R$ 1 billion (US$ 571.4 million) of the investments will be aimed at new concessions - there is great interest in the duplication of the Tamoios Road, in Sao Paulo - and in acquisitions of concessions from third parties. Another R$ 1 billion (US$ 571.4 million) is still reserved for new non-contractual investments in old assets that may bring the company an extension of the term of the concessions.