CCR - Results for the 1st quarter of 2020

Brazil - Português

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May 14, 2020, 21:46 ET

SÃO PAULO, May 14, 2020 /PRNewswire/ -- CCR S.A. (CCR), one of Latin America's largest infrastructure concession groups, discloses its results for the 1^st quarter of 2020.

Highlights 1Q20 vs. 1Q19

Consolidated traffic increased 4.2%. Excluding ViaSul, it fell -1.4%.
Adjusted EBITDA grew 6.1%, with a margin of 61.4% (-1.3 p.p.). Same-basis¹ adjusted EBITDA grew 0.2%, with a margin of 61.1% (-1.6 p.p.).
Net income totaled R$289.7 million, 19.1% down. Same-basis¹net income totaled R$246.8 million, 29.2% down.
On April 9^th, 2020, CCR informed its shareholders that it would begin paying interim dividends of around R$0.30 per common share on April 23^rd, 2020.
On April 8^th , 2020, the Federal Government, through the National Land Transport Agency ("ANTT"), approved the result of Concession Auction 02/2019, for the concession for infrastructure and public services of recovery, operation, maintenance, monitoring, preservation, improvements, expansion and maintenance of the service level of BR-101's road system between Paulo Lopes (km 244+680) and the border between the states of Santa Catarina and Rio Grande do Sul (km 465+100). We are awaiting the date of assumption.
Due to the COVID-19 pandemic, several measures restricting the movement of people and social distancing were imposed by state and municipal governments, impacting demand, and consequently, CCR's results in 1Q20, but still only to a limited extent. Further details can be found in the "COVID-19" section in the earnings release and in notes 1.1 and 28 of the interim financial information.

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)	1Q19	1Q20	Chg %	1Q19	1Q20	Chg %
Net Revenues¹	2.205,9	2.387,6	8,2%	2.356,3	2.525,5	7,2%
Adjusted Net Revenues on the same basis²	2.182,6	2.242,3	2,7%	2.323,1	2.380,2	2,5%
Adjusted EBIT³	831,4	838,2	0,8%	904,6	906,1	0,2%
Adjusted EBIT Mg.⁴	37,7%	35,1%	-2,6 p.p.	38,4%	35,9%	-2,5 p.p.
Adjusted EBITDA⁵	1.382,4	1.466,8	6,1%	1.488,1	1.568,8	5,4%
Adjusted EBITDA Mg.⁴	62,7%	61,4%	-1,3 p.p.	63,2%	62,1%	-1,1 p.p.
Adjusted EBITDA on the same basis²	1.368,2	1.370,4	0,2%	1.468,9	1.472,4	0,2%
Adjusted EBITDA Mg. on the same basis²	62,7%	61,1%	-1,6 p.p.	63,2%	61,9%	-1,3 p.p.
Net Income	358,1	289,7	-19,1%	358,1	289,7	-19,1%
Net Income on the same basis²	348,7	246,8	-29,2%	348,7	246,8	-29,2%
Net Debt / Adjusted EBITDA LTM (x)⁶	2,6	2,4		2,5	2,4
Adjusted EBITDA⁵ / Interest and Monetary Variation (x)	4,3	4,4		4,4	4,3


¹	Net revenue excludes construction revenue.
²	The same-basis effects are described in the same-basis comparison section.
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 adjusted EBIT and EBITDA by net revenue, excluding construction revenue.
⁵	Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
⁶	Adjusted EBITDA was used in the calculation of the net debt-to-adjusted EBITDA ratio for 1Q20, whereas operating adjusted EBITDA was used for the other periods (as announced in previous releases).

Conference Calls/Webcast

Access to the conference calls/webcasts:

Friday, May 15, 2020
12:30 p.m. São Paulo / 11:30 a.m. New York

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

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
Caique Moraes (+55 11) 3048-2108

SOURCE CCR S.A.