SAO PAULO, May 11, 2017 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2017.
1Q17 Highlights
- Consolidated traffic fell by 2.8%.
- Adjusted EBITDA increased by 3.9%, with an adjusted margin of 61.0% (+0.3 p.p.).
- Net income totaled R$329.0 million, 32.9% up. Same-basis net income totaled R$338.5 million, 46.6% up.
| IFRS |
Proforma |
|||||||
| Financial Indicators (R$ MM) |
1Q16 |
1Q17 |
Chg % |
1Q16 |
1Q17 |
Chg % |
||
| Net Revenues1 |
1,635.9 |
1,691.4 |
3.4% |
1,909.8 |
1,893.1 |
-0.9% |
||
| Adjusted Net Revenues on the same basis2 |
- |
- |
- |
1,836.6 |
1,871.8 |
1.9% |
||
| Adjusted EBIT3 |
705.1 |
710.8 |
0.8% |
826.6 |
811.2 |
-1.9% |
||
| Adjusted EBIT Mg.4 |
43.1% |
42.0% |
-1.1 p.p. |
43.3% |
42.8% |
-0.5 p.p. |
||
| EBIT on the same basis2 |
- |
- |
- |
806.1 |
807.7 |
0.2% |
||
| EBIT Mg. on the same basis2 |
- |
- |
-4.0 p.p |
43.9% |
43.2% |
-1.0 p. p |
||
| Adjusted EBITDA5 |
992.4 |
1,031.2 |
3.9% |
1,157.7 |
1,167.0 |
0.8% |
||
| Adjusted EBITDA Mg.4 |
60.7% |
61.0% |
0.3 p.p. |
60.6% |
61.6% |
1.0 p.p. |
||
| Adjusted EBITDA on the same basis2 |
- |
- |
- |
1,131.7 |
1,161.5 |
2.6% |
||
| Adjusted EBITDA Mg. on the same basis2 |
- |
- |
0.7 p.p. |
61.6% |
62.1% |
5.2 p.p. |
||
| Net Income |
247.5 |
329.0 |
32.9% |
247.5 |
329.0 |
32.9% |
||
| Net Income on the same basis2 |
230.9 |
338.5 |
46.6% |
230.9 |
338.5 |
46.6% |
||
| Net Debt / Adjusted EBITDA LTM (x)6 |
3.2 |
1.8 |
- |
3.0 |
1.8 |
- |
||
| Adjusted EBITDA / Performed investments (x) |
2.1 |
1.6 |
- |
1.7 |
1.6 |
- |
||
| Adjusted EBITDA / Interest and Monetary Variation (x) |
2.4 |
2.8 |
- |
2.6 |
3.0 |
- |
||
1 Net revenue excludes construction revenue.
2 Same-basis figures: (i) exclude STP, whose stake was sold on August 31, 2016; (ii) in profit in the same comparison basis and in same-basis proforma comparisons, exclude ViaRio and VLT.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
6 LTM 1Q17 adjusted EBITDA includes the sale of the stake in STP. Excluding this R$1,307.7 million effect on EBITDA, the Net Debt/EBITDA ratio came to 2.4x (2.3x in proforma figures) in March 2017.
Subsequent Event
- The Annual and Extraordinary Shareholders' Meeting of April 11 approved the distribution of dividends of around R$0.19 per share as of April 28.
- On April 20, CCR informed its shareholders and the market in general that, after complying with the conditions precedent provided for in the agreement, CCR concluded the financial transaction for effective acquisition of 15% of the shares issued by ViaQuatro, previously held by OTPP.
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese:
Friday, May 12, 2017
12:00 p.m. Sao Paulo / 11:00 a.m. New York
Participants calling from Brazil: (11) 3193-1001 or (11) 2820-4001
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 1360620#
Conference call in English:
Friday, May 12, 2017
1:00 p.m. Sao Paulo / 12:00 p.m. New York
Participants calling from Brazil: (55 11) 3193-1001 or (55 11) 2820-4001
Participants calling from the United States: (+1) 888-700-0802
Participants calling from other countries: (+1) 786-924-6977
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 0347904#
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
Flavia Godoy: (+55 11) 3048-5955
Daniel Kuratomi: (+55 11) 3048-6353
Marcela Dias (+55 11) 3048-2108
SOURCE CCR S.A.
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