SAO PAULO, May 10, 2018 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2018.
1Q18 Highlights
- Consolidated traffic grew by 2.3%. Proforma traffic (including Renovias and ViaRio, proportionally) increased by 3.1%.
- Same-basis* adjusted EBITDA increased by 9.3%, with an adjusted margin of 62.0% (+1.0 p.p.). Adjusted EBITDA grew by 17.0%, with a margin of 62.2% (+1.2 p.p.).
- Same-basis* net income totaled R$413.6 million, 32.3% up. Net income totaled R$446.8 million, 35.8% up.
* The definitions of "same-basis" are described below the following table.
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
1Q17 |
1Q18 |
Chg % |
1Q17 |
1Q18 |
Chg % |
|
Net Revenues1 |
1,691.4 |
1,940.2 |
14.7% |
1,893.1 |
2,103.5 |
11.1% |
|
Adjusted Net Revenues on the same basis2 |
1,691.4 |
1,819.2 |
7.6% |
1,820.3 |
1,963.6 |
7.9% |
|
Adjusted EBIT3 |
710.8 |
831.3 |
17.0% |
811.2 |
907.3 |
11.9% |
|
Adjusted EBIT Mg.4 |
42.0% |
42.8% |
0.8 p.p. |
42.8% |
43.1% |
0.3 p.p. |
|
EBIT on the same basis2 |
710.8 |
764.2 |
7.5% |
773.2 |
833.5 |
7.9% |
|
EBIT Mg. on the same basis2 |
42.0% |
42.0% |
0.0 p.p. |
42.5% |
42.4% |
-0.1 p.p. |
|
Adjusted EBITDA5 |
1,031.2 |
1,206.9 |
17.0% |
1,167.0 |
1,317.5 |
12.9% |
|
Adjusted EBITDA Mg.4 |
61.0% |
62.2% |
1.2 p.p. |
61.6% |
62.6% |
1.0 p.p. |
|
Adjusted EBITDA on the same basis2 |
1,031.2 |
1,127.4 |
9.3% |
1,121.5 |
1,226.3 |
9.3% |
|
Adjusted EBITDA Mg. on the same basis2 |
61.0% |
62.0% |
1.0 p.p. |
61.6% |
62.5% |
0.9 p.p. |
|
Net Income |
329.0 |
446.8 |
35.8% |
329.0 |
446.8 |
35.8% |
|
Net Income on the same basis2 |
312.7 |
413.6 |
32.3% |
312.7 |
413.6 |
32.3% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
1.8 |
2.2 |
1.8 |
2.2 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
2.8 |
5.6 |
3.0 |
5.4 |
1 Net revenue excludes construction revenue. |
2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; and (ii) ViaRio, in which CCR's stake has increased from 33.33% to 66.66% as of May 2017, in net income and proforma comparisons. |
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, provision for maintenance and the recognition of prepaid concession expenses. |
6 LTM 1Q18 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in March 2018. |
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese:
Friday, May 11, 2018
11:30 a.m. São Paulo / 10:30 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: 914192#
Conference call in English:
Friday, May 11, 2018
12:30 p.m. São Paulo / 11:30 a.m. New York
Participants calling from Brazil: (55 11) 3193-1001 or (55 11) 2820-4001
Participants calling from the United States: 1-800-492-3904 or (+1) 646 828-8246
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 924958#
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
Flávia 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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