CCR - Results for the 1st quarter of 2015

May 14, 2015, 18:17 ET from CCR S.A.

SAO PAULO, May 14, 2015 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2015.

1Q15 Highlights

  • Consolidated traffic fell by 3.9%. Considering Renovias, the reduction came to 3.8%.
  • The number of STP (electronic payment) users climbed 11.3%, to 4,926,00 active tags.
  • Adjusted EBITDA declined by 1.7%, with an adjusted margin of 59.9% (-4.8 p.p.).   Same-basis² adjusted EBITDA increased by 1.3%, with an adjusted margin of 66.0% (-0.9 p.p.).
  • Net income totaled R$198.9 million, 42.0% down. Same-basis² net income totaled R$312.6 million, 13.8% down.

IFRS

Proforma


Financial Indicators (R$ MM)

1Q14

1Q15

Chg %

1Q14

1Q15

Chg %



Net Revenues1

1,350.6

1,436.4

6.4%

1,543.2

1,659.4

7.5%


Adjusted Net Revenues on the same basis2

1,350.8

1,387.1

2.7%

1,540.8

1,607.8

4.3%


Adjusted EBIT3

655.2

590.6

-9.9%

745.6

693.4

-7.0%


Adjusted EBIT Mg.4

48.5%

41.1%

-7.4 p.p.

48.3%

41.8%

-6.5 p.p.


EBIT on the same basis2

684.8

650.5

-5.0%

776.6

754.2

-2.9%


EBIT Mg. on the same basis2

50.7%

46.9%

-3.8 p.p.

50.4%

46.9%

-3.5 p.p.


Adjusted EBITDA5

874.4

859.7

-1.7%

994.8

997.1

0.2%


Adjusted EBITDA Mg.4

64.7%

59.9%

-4.8 p.p.

64.5%

60.1%

-4.4 p.p.


Adjusted EBITDA on the same basis2

904.0

916.1

1.3%

1,025.2

1,054.3

2.8%


Adjusted EBITDA Mg. on the same basis2

66.9%

66.0%

-0.9 p.p.

66.5%

65.6%

-0.9 p.p.


Net Income

343.1

198.9

-42.0%

343.1

198.9

-42.0%


Net Income on the same basis2

362.7

312.6

-13.8%

362.7

312.6

-13.8%


Net Debt / Adjusted EBITDA LTM (x)

1.9

2.5

-

1.9

2.4

-


Adjusted EBITDA / Performed investments (x)

4.0

2.2

-

4.1

2.1

-


Adjusted EBITDA / Interest and Monetary Variation (x)

4.3

2.8

-

4.5

2.5

-


1 Net revenue excludes construction revenue.

2 "Same-basis" amounts exclude: (i) BH Airport; (ii) new businesses, which are not operating yet: Metro Bahia and MSVia; (iii) non-recurring items from tax provision for Ponte; 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, whose counter-entry of the same amount impacts total costs.

5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.

Subsequent Event

  • The Annual and Extraordinary Shareholders' Meeting held on April 16, 2015 approved the distribution of complementary dividends totaling R$100.8 million, representing approximately R$0.06 per share. The payments began on April 30, 2015.

Upcoming Events

Conference Calls

In Portuguese:

In English:

Friday, May 15, 2015

Friday, May 15, 2015

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

1:00 p.m. Sao Paulo / 12:00 p.m. New York

Phones: (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: 2858309#

Replay: (11) 3193-1012


(11) 2820-4012


Code: 9416156#

Webcast: www.ccr.com.br/investidores



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/investidores