SAO PAULO, Aug. 14, 2017 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the second quarter of 2017.
2Q17 Highlights
- Consolidated traffic, excluding ViaRio, fell by 0.8%.
- Adjusted EBITDA increased by 69.7%, with an adjusted margin of 88.4% (+28.4 p.p.). Same-basis adjusted EBITDA grew 4.8%, with a margin of 58.4%.
- Net income totaled R$667.1 million, 357.9% up. Same-basis net income totaled R$287.5 million, 195.8% up.
- On April 20, we concluded the acquisition of control in ViaQuatro, reaching a 75% stake. As of 2Q17, the Concessionaire's results have been consolidated on a line-by-line basis rather than only as equity income.
- On May 24, the Company acquired an additional stake of 33.33% in ViaRio, totaling a 66.66% stake. The Concessionaire's results are still consolidated as equity income.
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
2Q16 |
2Q17 |
Chg % |
2Q16 |
2Q17 |
Chg % |
|
Net Revenues1 |
1,599.6 |
1,842.1 |
15.2% |
1,865.8 |
1,985.0 |
6.4% |
|
Adjusted Net Revenues on the same basis2 |
1,599.6 |
1,722.1 |
7.7% |
1,725.4 |
1,844.5 |
6.9% |
|
Adjusted EBIT3 |
634.7 |
1,268.3 |
99.8% |
738.5 |
1,327.4 |
79.7% |
|
Adjusted EBIT Mg.4 |
39.7% |
68.8% |
29.1 p.p. |
39.6% |
66.9% |
27.3 p.p. |
|
EBIT on the same basis2 |
634.7 |
654.6 |
3.1% |
684.6 |
707.8 |
3.4% |
|
EBIT Mg. on the same basis2 |
39.7% |
38.0% |
-1.7 p.p. |
39.7% |
38.4% |
-1.3 p.p. |
|
Adjusted EBITDA5 |
960.2 |
1,629.3 |
69.7% |
1,106.7 |
1,721.3 |
55.5% |
|
Adjusted EBITDA Mg.4 |
60.0% |
88.4% |
28.4 p.p. |
59.3% |
86.7% |
27,4 p.p. |
|
Adjusted EBITDA on the same basis2 |
960.2 |
1,006.1 |
4.8% |
1,042.2 |
1,088.5 |
4.4% |
|
Adjusted EBITDA Mg. on the same basis2 |
60.0% |
58.4% |
-1.6 p.p. |
60.4% |
59.0% |
-1.4 p.p. |
|
Net Income |
145.7 |
667.1 |
357.9% |
145.7 |
667.1 |
357.9% |
|
Net Income on the same basis2 |
97.2 |
287.5 |
195.8% |
97.2 |
287.5 |
195.8% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
3.3 |
1.8 |
3.1 |
1.8 |
|||
Adjusted EBITDA / Performed investments (x) |
1.4 |
2.7 |
1.4 |
2.5 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
2.3 |
6.0 |
2.6 |
5.8 |
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
1H16 |
1H17 |
Chg % |
1H16 |
1H17 |
Chg % |
|
Net Revenues1 |
3,235.6 |
3,533.5 |
9.2% |
3,775.6 |
3,878.1 |
2.7% |
|
Adjusted Net Revenues on the same basis2 |
3,235.6 |
3,413.5 |
5.5% |
3,500.1 |
3,656.7 |
4.5% |
|
Adjusted EBIT3 |
1,339.8 |
1,979.1 |
47.7% |
1,565.1 |
2,138.6 |
36.6% |
|
Adjusted EBIT Mg.4 |
41.4% |
56.0% |
14.6 p.p. |
41.5% |
55.1% |
13.6 p.p. |
|
EBIT on the same basis2 |
1,339.8 |
1,365.4 |
1.9% |
1,457.8 |
1,477.8 |
1.4% |
|
EBIT Mg. on the same basis2 |
41.4% |
40.0% |
-1.4 p.p. |
41.7% |
40.4% |
-1.3 p.p. |
|
Adjusted EBITDA5 |
1,952.6 |
2,660.5 |
36.3% |
2,264.4 |
2,888.3 |
27.6% |
|
Adjusted EBITDA Mg.4 |
60.3% |
75.3% |
15.0 p.p. |
60.0% |
74.5% |
14.5 p.p. |
|
Adjusted EBITDA on the same basis2 |
1,952.6 |
2,037.3 |
4.3% |
2,136.1 |
2,206.7 |
3.3% |
|
Adjusted EBITDA Mg. on the same basis2 |
60.3% |
59.7% |
-0.6 p.p. |
61.0% |
60.3% |
-0.7 p.p. |
|
Net Income |
393.2 |
996.1 |
153.3% |
393.2 |
996.1 |
153.3% |
|
Net Income on the same basis2 |
295.6 |
601.7 |
103.6% |
295.6 |
601.7 |
103.6% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
3.3 |
1.8 |
3.1 |
1.8 |
|||
Adjusted EBITDA / Performed investments (x) |
1.9 |
2.1 |
1.5 |
2.0 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
2.4 |
4.2 |
2.6 |
4.2 |
|||
1 Net revenue excludes construction revenue. |
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2 Same-basis figures exclude: (i) one-off effects of the acquisition of stakes in ViaQuatro and ViaRio, as described in the costs section; (ii) ViaQuatro, which is controlled subsidiary as of 2Q17; and (iii) STP, ViaRio, VLT and ViaQuatro, in same-basis profit and same-basis pro-forma comparisons. |
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3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses. |
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4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS. |
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5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses. |
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6 LTM 2Q17 adjusted EBITDA includes the sale of the stake in STP (R$1,307.7) and 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 2.6x (2.6x in pro-forma figures) in June 2017. |
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese:
Tuesday, August 15, 2017
11:00 a.m. São Paulo / 10:00 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: 1919344#
Conference call in English:
Tuesday, August 15, 2017
12:00 p.m. São Paulo / 11:00 a.m. New York
Participants calling from Brazil: (55 11) 3193-1001 or (55 11) 2820-4001
Participants calling from the United States: (+1) 888-700-0802
Participants calling from other countries: (+1) 786-924-6977
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 8861393#
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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