CCR - Results for the 1st quarter of 2018

Brazil - Português

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May 10, 2018, 07:21 ET

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.

²Same-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.

⁴The 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.

⁶LTM 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.