CCR - Results for the 4th quarter of 2020

Brazil - Português

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Mar 04, 2021, 20:28 ET

SÃO PAULO, March 4, 2021 /PRNewswire/ -- CCR S.A. (CCR), one of Latin America's largest infrastructure concession groups, discloses its results for the 4^th quarter of 2020.

Highlights 4Q20 vs. 4Q19

Consolidated traffic increased by 4.6%. Excluding ViaSul, it fell by 0.1% in the period.
Adjusted EBITDA decreased by 29.1%, with a margin of 41.6% (-15.1 p.p.). Same-basis adjusted EBITDA fell by 30.0%, with a margin of 41.2% (-15.6 p.p.).
Net Loss totaled R$74.8 million, against a Net Income of R$392.6 million. On the same basis, net loss totaled R$78.2 million, versus net income of R$395.4 million.
There were non-recurring effects explained during the release that impacted the results for the quarter, we would like to highlight the provision for loss, in MSVia, due to the asset return process, in the amount of R$ 305.9 million.
In light of the COVID-19 pandemic, state and municipal governments have imposed several measures including social isolation and restrictions on the movement of people, which impacted demand and, consequently, CCR's 4Q20 results. For more details, please refer to the "COVID-19" section of this earnings release and notes 1.1 and 28 of the Annual Financial Statements.

1 - Adjustments on the same basis are described on the same basis section of the company´s earnings release, available at www.ccr.com, br/ri.

	IFRS			*Proforma*
Financial Indicators (R$ MM)	4Q19	4Q20	Chg %	4Q19	4Q20	Chg %
Net Revenues¹	2,645.0	2,557.3	-3.3%	2,793.6	2,671.4	-4.4%
Adjusted Net Revenues on the same basis²	2,601.2	2,507.9	-3.6%	2,749.8	2,622.1	-4.6%
Adjusted EBIT³	903.6	425.0	-53.0%	975.1	474.2	-51.4%
Adjusted EBIT Mg.⁴	34.2%	16.6%	-17.5 p.p.	34.9%	17.8%	-17.2 p.p.
Adjusted EBITDA⁵	1,500.8	1,064.0	-29.1%	1,605.2	1,137.1	-29.2%
Adjusted EBITDA Mg.⁴	56.7%	41.6%	-15.1 p.p.	57.5%	42.6%	-14.9 p.p.
Adjusted EBITDA on the same basis²	1,477.0	1,033.2	-30.0%	1,581.4	1,106.3	-30.0%
Adjusted EBITDA Mg. on the same basis²	56.8%	41.2%	-15.6 p.p.	57.5%	42.2%	-15.3 p.p.
Net Income	392.6	(74.8)	n.m.	392.6	(74.8)	n.m.
Net Income on the same basis ^{2 7}	395.4	(78.2)	n.m.	395.4	(78.2)	n.m.
Net Income on the same basis (ex-MSVia) ⁸	395.4	176.1	-55.5%	395.4	176.1	-55.5%
Net Debt / Adjusted EBITDA LTM (x)⁶	2.4	2.9		2.4	3.0
Adjusted EBITDA⁵ / Interest and Monetary Variation (x)	5.2	3.5		5.0	3.4

	IFRS			*Proforma*
Financial Indicators (R$ MM)	2019	2020	Chg %	2019	2020	Chg %
Net Revenues¹	9,494.4	8,941.1	-5.8%	10,140.2	9,356.0	-7.7%
Adjusted Net Revenues on the same basis²	9,450.6	8,765.2	-7.3%	10,044.8	9,180.1	-8.6%
Adjusted EBIT³	3,453.4	2,071.1	-40.0%	3,736.1	2,216.1	-40.7%
Adjusted EBIT Mg.⁴	36.4%	23.2%	-13.2 p.p.	36.8%	23.7%	-13.2 p.p.
Adjusted EBITDA⁵	5,790.4	4,715.8	-18.6%	6,206.8	4,996.9	-19.5%
Adjusted EBITDA Mg.⁴	61.0%	52.7%	-8.2 p.p.	61.2%	53.4%	-7.8 p.p.
Adjusted EBITDA on the same basis²	5,766.6	4,628.5	-19.7%	6,151.9	4,909.7	-20.2%
Adjusted EBITDA Mg. on the same basis²	61.0%	52.8%	-8.2 p.p.	61.2%	53.5%	-7.8 p.p.
Net Income	1,438.3	191.0	-86.7%	1,438.3	191.0	-86.7%
Net Income on the same basis ^{2 7}	1,446.1	203.6	-85.9%	1,446.1	203.6	-85.9%
Net Income on the same basis (ex-MSVia) ⁸	1,446.1	457.9	-68.3%	1,446.1	457.9	-68.3%
Net Debt / Adjusted EBITDA LTM (x)⁶	2.4	2.9		2.4	3.0
Adjusted EBITDA⁵ / Interest and Monetary Variation (x)	4.8	3.9		4.6	3.7

¹ Net revenues exclude construction revenues.
² The same-basis effects are described in the same-basis comparison section.
³ Calculated by adding net revenues, construction revenues, cost of services and administrative expenses.
⁴ The adjusted EBIT and EBITDA margins were calculated by dividing adjusted EBIT and EBITDA by net revenues, excluding construction revenues.
⁵ Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
⁶Adjusted EBITDA has been used in the calculation of the net debt-to-adjusted EBITDA ratio since 1Q20, whereas operating adjusted EBITDA was used for the other periods (as announced in previous releases).
⁷2Q20 same-basis net income was rectified, generating an increase of R$ 21.6 million in the total accumulated amount.
⁸ Disregarding the effect of setting up the provision for impairment of MSVia, in view of the advanced stage of the friendly return process of this asset.

Conference Calls/Webcast

Access to the conference calls/webcasts:

Portuguese conference call with simultaneous translation into English:

Friday, March 5, 2021
1:00 p.m. (São Paulo) / 11:00 a.m. (New York)

Participants calling from Brazil: (11) 3181-8565 or (11) 4210-1803
Participants calling from the U.S.: (+1) 412 717-9627 or (+1) 844 204-8942
Access Code: CCR
Replay: (11) 3193 1012 or (11) 2820-4012
Code: 8366456# or 5097751#

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

IR Contacts

Marcus Macedo: (+55 11) 3048-5941
Flávia Godoy: (+55 11) 3048-5955
Douglas Ribeiro: (+55 11) 3048-6353
Natalia Fialho: (+55 11) 94386-1495
Caique Moraes: (+55 11) 3048-2108

SOURCE CCR S.A.