CCR - Results for the 2nd quarter of 2015

Aug 10, 2015, 21:58 ET from CCR S.A.

SAO PAULO, Aug. 10, 2015 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the second quarter of 2015.

2Q15 Highlights

  • Consolidated traffic fell by 4.0%. Excluding Ponte, the reduction came to 2.0%.
  • The number of STP (electronic payment) users rose by 10.6%, to 5,005,000 active tags.
  • Adjusted EBITDA increased by 6.0%, with an adjusted margin of 59.3% (-1.2 p.p.). Same-basis² adjusted EBITDA increased by 4.0%, with an adjusted margin of 63.2% (-0.4 p.p.).
  •  Net income totaled R$183.7 million, 33.4% down. Same-basis² net income totaled R$284.6 million, 0.5% down.
  • CCR's Management proposed to the Board of Directors the distribution of interim dividends in the amount of approximately R$0.76 per share, subject to approval of said body.

IFRS

Proforma


Financial Indicators (R$ MM)

2Q14

2Q15

Chg %

2Q14

2Q15

Chg %



Net Revenues1

1,317.7

1,424.4

8.1%

1,507.2

1,657.3

10.0%


Adjusted Net Revenues on the same basis2

1,282.5

1,342.4

4.7%

1,472.1

1,573.1

6.9%


Adjusted EBIT3

563.0

583.0

3.6%

653.4

682.1

4.4%


Adjusted EBIT Mg.4

42.7%

40.9%

-1.8 p.p.

43.4%

41.2%

-2.2 p.p.


EBIT on the same basis2

589.7

594.8

0.9%

682.9

694.2

1.7%


EBIT Mg. on the same basis2

46.0%

44.3%

-1.7 p.p.

46.4%

44.1%

-2.3 p.p.


Adjusted EBITDA5

797.5

845.2

6.0%

916.9

980.9

7.0%


Adjusted EBITDA Mg.4

60.5%

59.3%

-1.2 p.p.

60.8%

59.2%

-1.6 p.p.


Adjusted EBITDA on the same basis2

815.6

848.1

4.0%

937.8

984.0

4.9%


Adjusted EBITDA Mg. on the same basis2

63.6%

63.2%

-0.4 p.p.

63.7%

62.6%

-1.1 p.p.


Net Income

275.8

183.7

-33.4%

275.8

183.7

-33.4%


Net Income on the same basis2

286.1

284.6

-0.5%

286.1

284.6

-0.5%


Net Debt / Adjusted EBITDA LTM (x)

2.0

2.6

-

2.0

2.5

-


Adjusted EBITDA / Performed investments (x)

1.7

1.3

-

1.8

1.3

-


Adjusted EBITDA / Interest and Monetary Variation (x)

3.6

2.5

-

3.9

2.7

-


 


IFRS

Proforma


Financial Indicators (R$ MM)

1H14

1H15

Chg %

1H14

1H15

Chg %



Net Revenues1

2,668.3

2,860.8

7.2%

3,050.4

3,316.7

8.7%


Adjusted Net Revenues on the same basis2

2,598.0

2,692.7

3.6%

2,980.1

3,144.1

5.5%


Adjusted EBIT3

1,218.2

1,173.5

-3.7%

1,399.0

1,375.5

-1.7%


Adjusted EBIT Mg.4

45.7%

41.0%

-4.7 p.p.

45.9%

41.5%

-4.4 p.p.


EBIT on the same basis2

1,260.7

1,236.0

-2.0%

1,445.4

1,438.7

-0.5%


EBIT Mg. on the same basis2

48.5%

45.9%

-2.6 p.p.

48.5%

45.8%

-2.7 p.p.


Adjusted EBITDA5

1,671.9

1,705.0

2.0%

1,911.7

1,978.0

3.5%


Adjusted EBITDA Mg.4

62.7%

59.6%

-3.1 p.p.

62.7%

59.6%

-3.1 p.p.


Adjusted EBITDA on the same basis2

1,698.3

1,745.6

2.8%

1,941.9

2,019.3

4.0%


Adjusted EBITDA Mg. on the same basis2

65.4%

64.8%

-0.6 p.p.

65.2%

64.2%

+1.0 p.p.


Net Income

618.9

382.6

-38.2%

618.9

382.6

-38.2%


Net Income on the same basis2

642.1

592.1

-7.8%

642.1

592.1

-7.8%


Net Debt / Adjusted EBITDA LTM (x)

2.0

2.6

-

2.0

2.5

-


Adjusted EBITDA / Performed investments (x)

2.4

1.6

-

2.6

1.6

-


Adjusted EBITDA / Interest and Monetary Variation (x)

3.9

2.6

-

4.2

2.9

-


1 Net revenue excludes construction revenue.

2 Same-basis figures exclude: (i) BH Airport; (ii) new businesses, which are not yet operating: Metro Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31, 2015; and (iv) in profit and pro-forma comparisons, it excludes Controlar, 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.

Upcoming Events

Conference Calls

In Portuguese:

In English:

Tuesday, August 11, 2015

Tuesday, August 11, 2015

11:00 a.m. Sao Paulo / 10:00 a.m. New York

12:00 p.m. Sao Paulo / 11:00 a.m. New York

Telephones: (+55 11) 3193-1001

Brazil: (+55 11) 3193-1001

(+55 11) 2820-4001

(+55 11) 2820-4001

Code: CCR

US: (+1) 888-700-0802

Replay: (+55 11) 3193-1012

Other countries: (+1) 786-924-6977

(+55 11) 2820-4012

Code: CCR

Code: 2264228#

Replay: (+55 11) 3193-1012


(+55 11) 2820-4012


Code: 4437484#

Webcast: 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
Leandro Mathias: (+55 11) 3048-2108 

SOURCE CCR S.A.



RELATED LINKS

http://www.ccr.com.br/ir