CCR - Results for the 1st quarter of 2019

Brazil - Português

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Apr 29, 2019, 18:35 ET

SAO PAULO, April 29, 2019 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2019.

Highlights 1Q19 vs. 1Q18

Consolidated traffic fell by 1.2%. Excluding the effects of the suspended axles exemption and ViaSul, consolidated traffic increased by 0.9%.
Operating adjusted EBITDA* increased by 15.8%, accompanied by a margin of 63.4% (+1.2 p.p.).
Net income came to R$358.1 million, down 19.9%.

* The definitions of "same-basis" are described below the following table.

	IFRS			*Proforma*
Financial Indicators (R$ MM)	1Q18	1Q19	Chg %	1Q18	1Q19	Chg %
Net Revenues¹	1,940.2	2,205.9	13.7%	2,103.5	2,356.3	12.0%
Adjusted Net Revenues on the same basis²	1,940.2	2,020.6	4.2%	2,074.7	2,171.0	4.6%
Adjusted EBIT³	831.3	831.4	0.0%	907.3	904.6	-0.3%
Adjusted EBIT Mg.⁴	42.8%	37.7%	-5.1 p.p.	43.1%	38.4%	-4.7 p.p.
Ajusted EBIT on the same basis²	831.3	774.6	-6.7%	894.8	847.8	-5.3%
Ajusted EBIT Mg. on the same basis²	42.8%	38.3%	-4.6 p.p.	43.1%	39.1%	-4.0 p.p.
Adjusted EBITDA⁵	1,206.9	1,382.4	14.5%	1,317.5	1,488.1	12.9%
Adjusted EBITDA Mg.⁴	62.2%	62.7%	0.5 p.p.	62.6%	63.2%	0.6 p.p.
Operating adjusted EBITDA⁶	1,206.9	1,397.9	15.8%	1,317.5	1,503.6	14.2%
Operating adjusted EBITDA Mg.⁴	62.2%	63.4%	1.2 p.p.	62.6%	63.8%	1.2 p.p.
Adjusted EBITDA on the same basis²	1,206.9	1,301.4	7.8%	1,297.1	1,407.0	8.5%
Adjusted EBITDA Mg. on the same basis²	62.2%	64.4%	2.2 p.p.	62.5%	64.8%	2.3 p.p.
Net Income	446.8	358.1	-19.9%	446.8	358.1	-19.9%
Net Income on the same basis²	438.7	336.6	-23.2%	438.7	336.6	-23.2%
Net Debt / Adjusted EBITDA LTM (x)⁷	2.2	2.6		2.2	2.5
Adjusted EBITDA⁵ / Interest and Monetary Variation (x)	5.6	4.3		5.4	4.4

¹ Net revenue excludes construction revenue.
² Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our interest and, consequently, acquired control in October 2018; (iii) ViaSul, whose concession agreement was signed on January 11, 2019; (iv) non-recurring provision related to fines imposed by the Federal Prosecution Office in the agreements signed with CCR Group's former employees, included in the CIP, with an impact of R$15.5 million on EBITDA and net income; (v) non-recurring expenses related to legal advisors, with an impact of R$14.0 million on EBITDA and R$9.3 million on net income; and (vi) non-recurring item related to the restatement of the provisioned balance of penalties related to the Lenience Agreement entered into with the Federal Prosecution Office, with an impact of R$3.5 million on net income.
³ Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
⁴ The operating adjusted EBIT and EBITDA margins were calculated by dividing operating adjusted EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
⁵Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
⁶In addition to non-cash expenses, revenues and/or non-operating non-cash expenses are excluded from adjusted EBITDA.

Conference Calls/Webcast

Access to the conference calls/webcasts:

Portuguese conference call with simultaneous translation into English:

Tuesday, April 30, 2019
12:00 p.m. São Paulo / 11:00 a.m. New York

Participants calling from Brazil: (11) 3193-1001 or (11) 2820-4001
Participants calling from the US: 1-800-492-3904 or (+1) 646 828-8246
Access Code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 6613150

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.