CCR - Results for the 1st quarter of 2019

Published

SAO PAULO, April 29, 2019 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2019.

Highlights 1Q19 vs. 1Q18

  • Consolidated traffic fell by 1.2%. Excluding the effects of the suspended axles exemption and ViaSul, consolidated traffic increased by 0.9%.
  • Operating adjusted EBITDA* increased by 15.8%, accompanied by a margin of 63.4% (+1.2 p.p.).
  • Net income came to R$358.1 million, down 19.9%.

* The definitions of "same-basis" are described below the following table.

IFRS Proforma
Financial Indicators (R$ MM) 1Q18 1Q19 Chg % 1Q18 1Q19 Chg %
Net Revenues1 1,940.2 2,205.9 13.7% 2,103.5 2,356.3 12.0%
Adjusted Net Revenues on the same basis2 1,940.2 2,020.6 4.2% 2,074.7 2,171.0 4.6%
Adjusted EBIT3 831.3 831.4 0.0% 907.3 904.6 -0.3%
Adjusted EBIT Mg.4 42.8% 37.7% -5.1 p.p. 43.1% 38.4% -4.7 p.p.
Ajusted EBIT on the same basis2 831.3 774.6 -6.7% 894.8 847.8 -5.3%
Ajusted EBIT Mg. on the same basis2 42.8% 38.3% -4.6 p.p. 43.1% 39.1% -4.0 p.p.
Adjusted EBITDA5 1,206.9 1,382.4 14.5% 1,317.5 1,488.1 12.9%
Adjusted EBITDA Mg.4 62.2% 62.7% 0.5 p.p. 62.6% 63.2% 0.6 p.p.
Operating adjusted EBITDA6 1,206.9 1,397.9 15.8% 1,317.5 1,503.6 14.2%
Operating adjusted EBITDA Mg.4 62.2% 63.4% 1.2 p.p. 62.6% 63.8% 1.2 p.p.
Adjusted EBITDA on the same basis2 1,206.9 1,301.4 7.8% 1,297.1 1,407.0 8.5%
Adjusted EBITDA Mg. on the same basis2 62.2% 64.4% 2.2 p.p. 62.5% 64.8% 2.3 p.p.
Net Income 446.8 358.1 -19.9% 446.8 358.1 -19.9%
Net Income on the same basis2 438.7 336.6 -23.2% 438.7 336.6 -23.2%
Net Debt / Adjusted EBITDA LTM (x)7 2.2 2.6 2.2 2.5
Adjusted EBITDA5 / Interest and Monetary Variation (x) 5.6 4.3 5.4 4.4

1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our interest and, consequently, acquired control in October 2018; (iii) ViaSul, whose concession agreement was signed on January 11, 2019; (iv) non-recurring provision related to fines imposed by the Federal Prosecution Office in the agreements signed with CCR Group's former employees, included in the CIP, with an impact of R$15.5 million on EBITDA and net income; (v) non-recurring expenses related to legal advisors, with an impact of R$14.0 million on EBITDA and R$9.3 million on net income; and (vi) non-recurring item related to the restatement of the provisioned balance of penalties related to the Lenience Agreement entered into with the Federal Prosecution Office, with an impact of R$3.5 million on net income.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The operating adjusted EBIT and EBITDA margins were calculated by dividing operating adjusted EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
6 In addition to non-cash expenses, revenues and/or non-operating non-cash expenses are excluded from adjusted EBITDA.

Conference Calls/Webcast

Access to the conference calls/webcasts:

Portuguese conference call with simultaneous translation into English:

Tuesday, April 30, 2019
12:00 p.m. São Paulo / 11:00 a.m. New York

Participants calling from Brazil: (11) 3193-1001 or (11) 2820-4001
Participants calling from the US: 1-800-492-3904 or (+1) 646 828-8246
Access Code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 6613150

The instructions to participate in these events are available on CCR's website: www.ccr.com.br/ir

IR Contacts

Marcus Macedo (+55 11) 3048-5941
Flávia Godoy: (+55 11) 3048-5955
Daniel Kuratomi: (+55 11) 3048-6353
Marcela Dias (+55 11) 3048-2108

Cision View original content:http://www.prnewswire.com/news-releases/ccr---results-for-the-1st-quarter-of-2019-300840235.html

SOURCE CCR S.A.

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