SÃO PAULO, Oct. 26, 2017 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the third quarter of 2017.
3Q17 Highlights
- Consolidated traffic grew by 4.1%.
- Adjusted EBITDA on the same-basis* grew 5.7%, with a margin of 63.8% (+0.6 p.p.).
- Net income on the same-basis* totaled R$433.1 million, 63.1% up.
- On October 16, the payment of interim dividends totaling approximately R$0.44 per share was approved, to be paid as of October 31.
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
3Q16 |
3Q17 |
Chg % |
3Q16 |
3Q17 |
Chg % |
|
Net Revenues1 |
1,778.2 |
1,983.1 |
11.5% |
2,009.4 |
2,136.0 |
6.3% |
|
Adjusted Net Revenues on the same basis2 |
1,778.2 |
1,860.6 |
4.6% |
1,909.6 |
1,989.8 |
4.2% |
|
Adjusted EBIT3 |
2,118.0 |
899.7 |
-57.5% |
2,225.9 |
969.5 |
-56.4% |
|
Adjusted EBIT Mg.4 |
119.1% |
45.4% |
-73.7 p.p. |
110.8% |
45.4% |
-65.4 p.p. |
|
EBIT on the same basis2 |
810.4 |
828.6 |
2.2% |
871.2 |
891.8 |
2.4% |
|
EBIT Mg. on the same basis2 |
45.6% |
44.5% |
-1.1 p.p. |
45.6% |
44.8% |
-0.8 p.p. |
|
Adjusted EBITDA5 |
2,430.7 |
1,268.9 |
-47.8% |
2,576.8 |
1,372.8 |
-46.7% |
|
Adjusted EBITDA Mg.4 |
136.7% |
64.0% |
-72.7 p.p. |
128.2% |
64.3% |
-63.9 p.p. |
|
Adjusted EBITDA on the same basis2 |
1,123.1 |
1,187.3 |
5.7% |
1,214.1 |
1,279.9 |
5.4% |
|
Adjusted EBITDA Mg. on the same basis2 |
63.2% |
63.8% |
0.6 p.p. |
63.6% |
64.3% |
0.7 p.p. |
|
Net Income |
1,151.1 |
472.3 |
-59.0% |
1,151.1 |
472.3 |
-59.0% |
|
Net Income on the same basis2 |
265.5 |
433.1 |
63.1% |
265.5 |
433.1 |
63.1% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
2.3 |
2.2 |
- |
2.2 |
2.2 |
- |
|
Adjusted EBITDA / Performed investments (x) |
4.5 |
1.8 |
- |
3.9 |
2.0 |
- |
|
Adjusted EBITDA / Interest and Monetary Variation (x) |
5.9 |
5.6 |
- |
6.0 |
5.4 |
- |
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
9M16 |
9M17 |
Chg % |
9M16 |
9M17 |
Chg % |
|
Net Revenues1 |
5,013.8 |
5,516.7 |
10.0% |
5,785.0 |
6,014.1 |
4.0% |
|
Adjusted Net Revenues on the same basis2 |
5,013.8 |
5,274.1 |
5.2% |
5,409.7 |
5,646.6 |
4.4% |
|
Adjusted EBIT3 |
3,457.8 |
2,878.8 |
-16.7% |
3,791.0 |
3,108.1 |
-18.0% |
|
Adjusted EBIT Mg.4 |
69.0% |
52.2% |
-16.8 p.p. |
65.5% |
51.7% |
-13.8 p.p. |
|
EBIT on the same basis2 |
2,150.2 |
2,194.1 |
2.0% |
2,329.0 |
2,369.6 |
1.7% |
|
EBIT Mg. on the same basis2 |
42.9% |
41.6% |
-1.3 p.p. |
43.1% |
42.0% |
-1.1 p.p. |
|
Adjusted EBITDA5 |
4,383.3 |
3,929.4 |
-10.4% |
4,841.2 |
4,261.2 |
-12.0% |
|
Adjusted EBITDA Mg.4 |
87.4% |
71.2% |
-16.2 p.p. |
83.7% |
70.9% |
-12.8 p.p. |
|
Adjusted EBITDA on the same basis2 |
3,075.6 |
3,224.6 |
4.8% |
3,350.2 |
3,486.6 |
4.1% |
|
Adjusted EBITDA Mg. on the same basis2 |
61.3% |
61.1% |
-0.2 p.p. |
61.9% |
61.7% |
-0.2 p.p. |
|
Net Income |
1,544.4 |
1,468.4 |
-4.9% |
1,544.4 |
1,468.4 |
-4.9% |
|
Net Income on the same basis2 |
561.2 |
1,031.8 |
83.9% |
561.2 |
1,031.8 |
83.9% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
2.3 |
2.2 |
- |
2.2 |
2.2 |
- |
|
Adjusted EBITDA / Performed investments (x) |
2.8 |
1.7 |
- |
2.4 |
1.8 |
- |
|
Adjusted EBITDA / Interest and Monetary Variation (x) |
3.5 |
4.6 |
- |
3.7 |
4.6 |
- |
1 Net revenue excludes construction revenue. |
2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; (ii) the non-recurring effect of the sale of STP, of R$1,307.7 million on EBITDA and R$863.1 million on net income, in 3Q16; and (iii) STP, ViaRio and VLT, in same-basis profit and same-basis proforma comparisons. |
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 3Q17 adjusted EBITDA includes 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 2.5x (2.4x in proforma figures) in September 2017. |
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese:
Friday, October 27, 2017
11:00 a.m. São Paulo / 09:00 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: 9955228#
Conference call in English:
Friday, October 27, 2017
12:00 p.m. São Paulo / 10:00 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: 6684953#
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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