SÃO PAULO, Aug. 14, 2018 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the second quarter of 2018.
2Q18 Highlights
- Consolidated traffic fell 5.5%. Proforma traffic (including Renovias and ViaRio proportionally) fell 5.1%.
- Same-basis* adjusted EBITDA increased by 1.0%, with an adjusted margin of 58.3% (-0.4 p.p.). Adjusted EBITDA decreased by 34.3%, with a margin of 57.2% (-31.2 p.p.).
- Same-basis* net income totaled R$300.9 million, 5.2% down. Net income totaled R$277.7 million, 58.4% down.
* The definitions of "same-basis" are described below the following table.
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
2Q17 |
2Q18 |
Chg % |
2Q17 |
2Q18 |
Chg % |
|
Net Revenues1 |
1,842.1 |
1,872.8 |
1.7% |
1,985.0 |
2,044.7 |
3.0% |
|
Adjusted Net Revenues on the same basis2 |
1,842.1 |
1,872.8 |
1.7% |
1,970.9 |
2,024.8 |
2.7% |
|
Adjusted EBIT3 |
1,268.3 |
615.0 |
-51.5% |
1,327.4 |
693.3 |
-47.8% |
|
Adjusted EBIT Mg.4 |
68.8% |
32.8% |
-36.0 p.p. |
66.9% |
33.9% |
-33.0 p.p. |
|
EBIT on the same basis2 |
720.1 |
636.5 |
-11.6% |
775.1 |
706.3 |
-8.9% |
|
EBIT Mg. on the same basis2 |
39.1% |
34.0% |
-5.1 p.p. |
39.3% |
34.9% |
-4.4p.p. |
|
Adjusted EBITDA5 |
1,629.3 |
1,070.3 |
-34.3% |
1,721.3 |
1,187.0 |
-31.0% |
|
Adjusted EBITDA Mg.4 |
88.4% |
57.2% |
-31.2 p.p. |
86.7% |
58.1% |
-28.6 p.p. |
|
Adjusted EBITDA on the same basis2 |
1,081.1 |
1,091.7 |
1.0% |
1,165.3 |
1,195.1 |
2.6% |
|
Adjusted EBITDA Mg. on the same basis2 |
58.7% |
58.3% |
-0.4 p.p. |
59.1% |
59.0% |
-0.1 p.p. |
|
Net Income |
667.1 |
277.7 |
-58.4% |
667.1 |
277.7 |
-58.4% |
|
Net Income on the same basis2 |
317.3 |
300.9 |
-5.2% |
317.3 |
300.9 |
-5.2% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
1.8 |
2.7 |
1.8 |
2.6 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
6.0 |
4.5 |
5.8 |
4.6 |
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
1H17 |
1H18 |
Chg % |
1H17 |
1H18 |
Chg % |
|
Net Revenues1 |
3,533.5 |
3,813.0 |
7.9% |
3,878.1 |
4,148.2 |
7.0% |
|
Adjusted Net Revenues on the same basis2 |
3,413.5 |
3,556.7 |
4.2% |
3,671.2 |
3,853.1 |
5.0% |
|
Adjusted EBIT3 |
1,979.1 |
1,446.3 |
-26.9% |
2,138.6 |
1,600.6 |
-25.2% |
|
Adjusted EBIT Mg.4 |
56.0% |
37.9% |
-18.1 p.p. |
55.1% |
38.6% |
-16.5 p.p. |
|
EBIT on the same basis2 |
1,365.4 |
1,328.1 |
-2.7% |
1,482.9 |
1,467.2 |
-1.1% |
|
EBIT Mg. on the same basis2 |
40.0% |
37.3% |
-2.7 p.p. |
40.4% |
38.1% |
-2.3 p.p. |
|
Adjusted EBITDA5 |
2,660.5 |
2,277.2 |
-14.4% |
2,888.3 |
2,504.4 |
-13.3% |
|
Adjusted EBITDA Mg.4 |
75.3% |
59.7% |
-15.6 p.p. |
74.5% |
60.4% |
-14.1 p.p. |
|
Adjusted EBITDA on the same basis2 |
2,037.3 |
2,133.3 |
4.7% |
2,211.8 |
2,335.5 |
5.6% |
|
Adjusted EBITDA Mg. on the same basis2 |
59.7% |
60.0% |
0.3 p.p. |
60.2% |
60.6% |
0.4 p.p. |
|
Net Income |
996.1 |
724.4 |
-27.3% |
996.1 |
724.4 |
-27.3% |
|
Net Income on the same basis2 |
613.8 |
703.5 |
14.6% |
613.8 |
703.5 |
14.6% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
1.8 |
2.7 |
1.8 |
2.6 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
4.2 |
5.0 |
4.2 |
5.0 |
¹ Net revenue excludes construction revenue. |
² Same-basis figures exclude: |
I. In the quarter-on-quarter comparisons: (i) ViaMobilidade, which concession agreement was executed in |
II. In year-to-date comparisons: (i) items previously mentioned; and (ii) ViaQuatro, which became a |
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 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. |
6 LTM 2Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million) and the sale of STP (R$1,307.7 million). |
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in English:
Wednesday, August 15, 2018
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: 1-800-492-3904 or (+1) 646 828-8246
Access Code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 1517957#
Conference call in Portuguese:
Wednesday, August 15, 2018
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: 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.
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