CCR - Results for the 4th quarter of 2015
SAO PAULO, Feb. 25, 2016 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the fourth quarter and full year of 2015.
4Q15 Highlights
- Consolidated traffic fell 4.0%. Excluding Ponte and MSVia, the reduction came to 2.8%.
- The number of STP (electronic payment) users rose by 9.2%, to 5,269,000 active tags.
- Adjusted EBITDA declined by 4.1%, with an adjusted margin of 58.2% (-9.0 p.p.). Same-basis² adjusted EBITDA increased by 1.5%, with an adjusted margin of 61.2% (-2.7 p.p.).
- Net income totaled R$244.8 million, 36.2% down. Same-basis² net income totaled R$249.9 million, 19.1% down.
- CCR's management proposed to the Board of Directors the distribution of dividends to compose the dividends of the year ended in December 2015 of approximately R$0.28 per share, to be submitted for approval of the shareholders at the 2016 Annual Shareholders' Meeting.
| IFRS |
Proforma |
||||||
| Financial Indicators (R$ MM) |
4Q14 |
4Q15 |
Chg % |
4Q14 |
4Q15 |
Chg % |
|
| Net Revenues1 |
1,526.5 |
1,691.1 |
10.8% |
1,743.4 |
1,957.6 |
12.3% |
|
| Adjusted Net Revenues on the same basis2 |
1,473.9 |
1,561.1 |
5.9% |
1,689.6 |
1,799.5 |
6.5% |
|
| Adjusted EBIT3 |
746.8 |
682.2 |
-8.7% |
841.8 |
755.6 |
-10.2% |
|
| Adjusted EBIT Mg.4 |
48.9% |
40.3% |
-8.6 p.p. |
48.3% |
38.6% |
-9.7 p.p. |
|
| EBIT on the same basis2 |
670.3 |
656.9 |
-2.0% |
768.3 |
728.4 |
-5.2% |
|
| EBIT Mg. on the same basis2 |
45.5% |
42.1% |
-3.4 p.p. |
45.5% |
40.5% |
-5.0 p.p. |
|
| Adjusted EBITDA5 |
1,026.1 |
984.5 |
-4.1% |
1,153.4 |
1,108.0 |
-3.9% |
|
| Adjusted EBITDA Mg.4 |
67.2% |
58.2% |
-9.0 p.p. |
66.2% |
56.6% |
-9.6 p.p. |
|
| Adjusted EBITDA on the same basis2 |
941.5 |
955.4 |
1.5% |
1,071.8 |
1,076.4 |
0.4% |
|
| Adjusted EBITDA Mg. on the same basis2 |
63.9% |
61.2% |
-2.7 p.p. |
63.4% |
59.8% |
-3.6 p.p. |
|
| Net Income |
383.9 |
244.8 |
-36.2% |
383.9 |
244.8 |
-36.2% |
|
| Net Income on the same basis2 |
308.9 |
249.9 |
-19.1% |
308.9 |
249.9 |
-19.1% |
|
| Net Debt / Adjusted EBITDA LTM (x) |
2.4 |
3.2 |
- |
2.3 |
3.0 |
- |
|
| Adjusted EBITDA / Performed investments (x) |
1.8 |
1.4 |
- |
1.4 |
1.3 |
- |
|
| Adjusted EBITDA / Interest and Monetary Variation (x) |
3.8 |
2.6 |
- |
4.0 |
2.8 |
- |
|
| IFRS |
Proforma |
||||||
| Financial Indicators (R$ MM) |
2014 |
2015 |
Chg % |
2014 |
2015 |
Chg % |
|
| Net Revenues1 |
5,653.5 |
6,106.9 |
8.0% |
6,457.8 |
7,080.7 |
9.6% |
|
| Adjusted Net Revenues on the same basis2 |
5,419.6 |
5,677.2 |
4.8% |
6,219.0 |
6,617.8 |
6.4% |
|
| Adjusted EBIT3 |
2,665.5 |
2,553.1 |
-4.2% |
3,037.0 |
2,938.8 |
-3.2% |
|
| Adjusted EBIT Mg.4 |
47.1% |
41.8% |
-5.3 p.p. |
47.0% |
41.5% |
-5.5 p.p. |
|
| EBIT on the same basis2 |
2,638.8 |
2,667.1 |
1.1% |
3,019.5 |
3,055.2 |
1.2% |
|
| EBIT Mg. on the same basis2 |
48.7% |
47.0% |
-1.7 p.p. |
48.6% |
46.2% |
-2.4 p.p. |
|
| Adjusted EBITDA5 |
3,649.0 |
3,657.5 |
0.2% |
4,142.5 |
4,203.7 |
1.5% |
|
| Adjusted EBITDA Mg.4 |
64.5% |
59.9% |
-4.6 p.p. |
64.1% |
59.4% |
-4.7 p.p. |
|
| Adjusted EBITDA on the same basis2 |
3,583.4 |
3,735.0 |
4.2% |
4,085.5 |
4,282.8 |
4.8% |
|
| Adjusted EBITDA Mg. on the same basis2 |
66.1% |
65.8% |
-0.3 p.p. |
65.7% |
64.7% |
-1.0 p.p. |
|
| Net Income |
1,348.8 |
874.4 |
-35.2% |
1,348.8 |
874.4 |
-35.2% |
|
| Net Income on the same basis2 |
1,307.4 |
1,089.5 |
-16.7% |
1,307.4 |
1,089.5 |
-16.7% |
|
| Net Debt / Adjusted EBITDA LTM (x) |
2.4 |
3.2 |
- |
2.3 |
3.0 |
- |
|
| Adjusted EBITDA / Performed investments (x) |
2.1 |
1.6 |
- |
1.9 |
1.5 |
- |
|
| Adjusted EBITDA / Interest and Monetary Variation (x) |
3.9 |
2.7 |
- |
4.1 |
2.9 |
- |
|
1 Net revenue excludes construction revenue.
2 Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metro Bahia and MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14; and (iv) in same basis profit and proforma comparisons, it excludes Controlar, ViaRio and VLT.
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, the provision for maintenance and the recognition of prepaid concession expenses.
Upcoming Events
| Conference Calls |
|
| In Portuguese: |
In English: |
| Friday, February 26, 2016 |
Friday, February 26, 2016 |
| 11:00 a.m. Sao Paulo / 09:00 a.m. New York |
12:00 p.m. Sao Paulo / 10:00 a.m. New York |
| Telephones: (11) 3193-1001 |
Brazil: (11) 3193-1001 |
| (11) 2820-4001 |
(11) 2820-4001 |
| Code: CCR |
US: (+1) 888-700-0802 |
| Replay: (11) 3193-1012 |
Other countries: (+1) 786-924-6977 |
| (11) 2820-4012 |
Code: CCR |
| Code: 1643227# |
Replay: (11) 3193-1012 |
| (11) 2820-4012 |
|
| Code: 5503355# |
|
| Webcast: www.ccr.com.br/ir |
|
Marcos Macedo: [email protected]
+55 (11) 3048-5925
SOURCE CCR S.A.
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