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$358.1 million, down 19.9%.
* The definitions of "same-basis" are described below the following table.
|Financial Indicators (R$ MM)||1Q18||1Q19||Chg %||1Q18||1Q19||Chg %|
|Adjusted Net Revenues on the same basis2||1,940.2||2,020.6||4.2%||2,074.7||2,171.0||4.6%|
|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 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 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.
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
The instructions to participate in these events are available on CCR's website: www.ccr.com.br/ir
Marcus Macedo (+55 11) 3048-5941
Flávia Godoy: (+55 11) 3048-5955
Daniel Kuratomi: (+55 11) 3048-6353
Marcela Dias (+55 11) 3048-2108
SOURCE CCR S.A.