CCR - Results for the 4th quarter of 2015

Feb 25, 2016, 19:55 ET from CCR S.A.

SAO PAULO, Feb. 25, 2016 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the fourth quarter and full year of 2015.

4Q15 Highlights

  • Consolidated traffic fell 4.0%. Excluding Ponte and MSVia, the reduction came to 2.8%.
  • The number of STP (electronic payment) users rose by 9.2%, to 5,269,000 active tags.
  • Adjusted EBITDA declined by 4.1%, with an adjusted margin of 58.2% (-9.0 p.p.). Same-basis² adjusted EBITDA increased by 1.5%, with an adjusted margin of 61.2% (-2.7 p.p.). 
  • Net income totaled R$244.8 million, 36.2% down. Same-basis² net income totaled R$249.9 million, 19.1% down.
  • CCR's management proposed to the Board of Directors the distribution of dividends to compose the dividends of the year ended in December 2015 of approximately R$0.28 per share, to be submitted for approval of the shareholders at the 2016 Annual Shareholders' Meeting.

IFRS

Proforma


Financial Indicators (R$ MM)

4Q14

4Q15

Chg %

4Q14

4Q15

Chg %



Net Revenues1

1,526.5

1,691.1

10.8%

1,743.4

1,957.6

12.3%


Adjusted Net Revenues on the same basis2

1,473.9

1,561.1

5.9%

1,689.6

1,799.5

6.5%


Adjusted EBIT3

746.8

682.2

-8.7%

841.8

755.6

-10.2%


Adjusted EBIT Mg.4

48.9%

40.3%

-8.6 p.p.

48.3%

38.6%

-9.7 p.p.


EBIT on the same basis2

670.3

656.9

-2.0%

768.3

728.4

-5.2%


EBIT Mg. on the same basis2

45.5%

42.1%

-3.4 p.p.

45.5%

40.5%

-5.0 p.p.


Adjusted EBITDA5

1,026.1

984.5

-4.1%

1,153.4

1,108.0

-3.9%


Adjusted EBITDA Mg.4

67.2%

58.2%

-9.0 p.p.

66.2%

56.6%

-9.6 p.p.


Adjusted EBITDA on the same basis2

941.5

955.4

1.5%

1,071.8

1,076.4

0.4%


Adjusted EBITDA Mg. on the same basis2

63.9%

61.2%

-2.7 p.p.

63.4%

59.8%

-3.6 p.p.


Net Income

383.9

244.8

-36.2%

383.9

244.8

-36.2%


Net Income on the same basis2

308.9

249.9

-19.1%

308.9

249.9

-19.1%


Net Debt / Adjusted EBITDA LTM (x)

2.4

3.2

-

2.3

3.0

-


Adjusted EBITDA / Performed investments (x)

1.8

1.4

-

1.4

1.3

-


Adjusted EBITDA / Interest and Monetary Variation (x)

3.8

2.6

-

4.0

2.8

-



IFRS

Proforma


Financial Indicators (R$ MM)

2014

2015

Chg %

2014

2015

Chg %



Net Revenues1

5,653.5

6,106.9

8.0%

6,457.8

7,080.7

9.6%


Adjusted Net Revenues on the same basis2

5,419.6

5,677.2

4.8%

6,219.0

6,617.8

6.4%


Adjusted EBIT3

2,665.5

2,553.1

-4.2%

3,037.0

2,938.8

-3.2%


Adjusted EBIT Mg.4

47.1%

41.8%

-5.3 p.p.

47.0%

41.5%

-5.5 p.p.


EBIT on the same basis2

2,638.8

2,667.1

1.1%

3,019.5

3,055.2

1.2%


EBIT Mg. on the same basis2

48.7%

47.0%

-1.7 p.p.

48.6%

46.2%

-2.4 p.p.


Adjusted EBITDA5

3,649.0

3,657.5

0.2%

4,142.5

4,203.7

1.5%


Adjusted EBITDA Mg.4

64.5%

59.9%

-4.6 p.p.

64.1%

59.4%

-4.7 p.p.


Adjusted EBITDA on the same basis2

3,583.4

3,735.0

4.2%

4,085.5

4,282.8

4.8%


Adjusted EBITDA Mg. on the same basis2

66.1%

65.8%

-0.3 p.p.

65.7%

64.7%

-1.0 p.p.


Net Income

1,348.8

874.4

-35.2%

1,348.8

874.4

-35.2%


Net Income on the same basis2

1,307.4

1,089.5

-16.7%

1,307.4

1,089.5

-16.7%


Net Debt / Adjusted EBITDA LTM (x)

2.4

3.2

-

2.3

3.0

-


Adjusted EBITDA / Performed investments (x)

2.1

1.6

-

1.9

1.5

-


Adjusted EBITDA / Interest and Monetary Variation (x)

3.9

2.7

-

4.1

2.9

-


1 Net revenue excludes construction revenue.

2 Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metro Bahia and MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14; and (iv) in same basis profit and proforma 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:

Friday, February 26, 2016

Friday, February 26, 2016

11:00 a.m. Sao Paulo / 09:00 a.m. New York

12:00 p.m. Sao Paulo / 10:00 a.m. New York

Telephones: (11) 3193-1001

Brazil: (11) 3193-1001

(11) 2820-4001

(11) 2820-4001

Code: CCR

US: (+1) 888-700-0802

Replay: (11) 3193-1012

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

(11) 2820-4012

Code: CCR

Code: 1643227#

Replay: (11) 3193-1012


(11) 2820-4012


Code: 5503355#

Webcast: www.ccr.com.br/ir



Marcos Macedo: marcos.macedo@grupoccr.com.br
+55 (11) 3048-5925

SOURCE CCR S.A.



RELATED LINKS

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