SÃO PAULO, May 14, 2020 /PRNewswire/ -- CCR S.A. (CCR), one of Latin America's largest infrastructure concession groups, discloses its results for the 1st 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-basis1 net income totaled R$246.8 million, 29.2% down.
- On April 9th, 2020, CCR informed its shareholders that it would begin paying interim dividends of around R$0.30 per common share on April 23rd, 2020.
- On April 8th , 2020, the Federal Government, through the National Land Transport Agency ("ANTT"), approved the result of Concession Auction 02/2019, for the concession for infrastructure and public services of recovery, operation, maintenance, monitoring, preservation, improvements, expansion and maintenance of the service level of BR-101's road system between Paulo Lopes (km 244+680) and the border between the states of Santa Catarina and Rio Grande do Sul (km 465+100). We are awaiting the date of assumption.
- Due to the COVID-19 pandemic, several measures restricting the movement of people and social distancing were imposed by state and municipal governments, impacting demand, and consequently, CCR's results in 1Q20, but still only to a limited extent. Further details can be found in the "COVID-19" section in the earnings release and in notes 1.1 and 28 of the interim financial information.
1 - Adjustments on the same basis are described on the same basis section of the company´s earnings release, available at www.ccr.com.br/ri |
IFRS |
Proforma |
|||||
Financial Indicators (R$ 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.
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