CCR - Results for the 3rd quarter of 2018
SÃO PAULO, Oct. 25, 2018 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the third quarter of 2018.
3Q18 Highlights
- Consolidated traffic fell 4.5%. Excluding the effects of the suspended axles exemption, the decrease was 0.1%. Including Renovias and ViaRio, consolidated traffic fell 4.2%, but edged up by 0.1% excluding said exemption.
- Same-basis* adjusted EBITDA increased by 3.0%, with an adjusted margin of 63.3% (-0.7 p.p.). Adjusted EBITDA decreased by 0.9%, with a margin of 60.2% (-3.8 p.p.).
- Same-basis* net income totaled R$405.3 million, 14.2% down. Net income totaled R$365.3 million, 22.7% down.
* The definitions of "same-basis" are described below the following table.
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
3Q17 |
3Q18 |
Chg % |
3Q17 |
3Q18 |
Chg % |
|
Net Revenues1 |
1,983.1 |
2,090.3 |
5.4% |
2,136.0 |
2,310.8 |
8.2% |
|
Adjusted Net Revenues on the same basis2 |
1,983.1 |
2,064.0 |
4.1% |
2,136.0 |
2,284.5 |
7.0% |
|
Adjusted EBIT3 |
899.7 |
765.5 |
-14.9% |
969.6 |
857.0 |
-11.6% |
|
Adjusted EBIT Mg.4 |
45.4% |
36.6% |
-8.8 p.p. |
45.4% |
37.1% |
-8.3 p.p. |
|
EBIT on the same basis2 |
899.7 |
816.2 |
-9.3% |
969.6 |
907.7 |
-6.4% |
|
EBIT Mg. on the same basis2 |
45.4% |
39.5% |
-5.9 p.p. |
45.4% |
39.7% |
-5.7 p.p. |
|
Adjusted EBITDA5 |
1,268.9 |
1,258.1 |
-0.9% |
1,372.9 |
1,393.1 |
1.5% |
|
Adjusted EBITDA Mg.4 |
64.0% |
60.2% |
-3.8 p.p. |
64.3% |
60.3% |
-4.0 p.p. |
|
Adjusted EBITDA on the same basis2 |
1,268.9 |
1,307.0 |
3.0% |
1,372.9 |
1,442.0 |
5.0% |
|
Adjusted EBITDA Mg. on the same basis2 |
64.0% |
63.3% |
-0.7 p.p. |
64.3% |
63.1% |
-1.2 p.p. |
|
Net Income |
472.3 |
365.3 |
-22.7% |
472.3 |
365.3 |
-22.7% |
|
Net Income on the same basis2 |
472.3 |
405.3 |
-14.2% |
472.3 |
405.3 |
-14.2% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
2.2 |
2.6 |
2.2 |
2.6 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
5.6 |
4.3 |
5.4 |
4.5 |
|||
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
9M17 |
9M18 |
Chg % |
9M17 |
9M18 |
Chg % |
|
Net Revenues1 |
5,516.7 |
5,903.3 |
7.0% |
6,014.1 |
6,459.0 |
7.4% |
|
Adjusted Net Revenues on the same basis2 |
5,274.1 |
5,485.8 |
4.0% |
5,667.9 |
5,971.7 |
5.4% |
|
Adjusted EBIT3 |
2,878.8 |
2,211.8 |
-23.2% |
3,108.1 |
2,457.6 |
-20.9% |
|
Adjusted EBIT Mg.4 |
52.2% |
37.5% |
-14.7 p.p. |
51.7% |
38.0% |
-13.7 p.p. |
|
EBIT on the same basis2 |
2,194.1 |
2,071.1 |
-5.6% |
2,376.4 |
2,292.0 |
-3.6% |
|
EBIT Mg. on the same basis2 |
41.6% |
37.8% |
-3.8 p.p. |
41.9% |
38.4% |
-3.5 p.p. |
|
Adjusted EBITDA5 |
3,929.4 |
3,535.3 |
-10.0% |
4,261.2 |
3,897.6 |
-8.5% |
|
Adjusted EBITDA Mg.4 |
71.2% |
59.9% |
-11.3 p.p. |
70.9% |
60.3% |
-10.6 p.p. |
|
Adjusted EBITDA on the same basis2 |
3,224.6 |
3,353.4 |
4.0% |
3,493.5 |
3,676.0 |
5.2% |
|
Adjusted EBITDA Mg. on the same basis2 |
61.1% |
61.1% |
0.0 p.p. |
61.6% |
61.6% |
0.0 p.p. |
|
Net Income |
1,468.4 |
1,089.8 |
-25.8% |
1,468.4 |
1,089.8 |
-25.8% |
|
Net Income on the same basis2 |
1,059.5 |
1,081.4 |
2.1% |
1,059.5 |
1,081.4 |
2.1% |
|
Net Debt / Adjusted EBITDA LTM (x)6 |
2.2 |
2.6 |
2.2 |
2.6 |
|||
Adjusted EBITDA / Interest and Monetary Variation (x) |
4.6 |
4.7 |
4.6 |
4.8 |
|||
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude:
I. In the quarter-on-quarter comparisons: (i) ViaMobilidade, whose concession agreement was
signed in April 2018; (ii) non-recurring expenses related to the Independent Committee, with an
impact of R$17.1 million on EBITDA and R$11.3 million on net income; and (iii) CCR Group's
non-recurring severance costs, with an impact of R$31.8 million on EBITDA and R$21.0 million
on net income.
II. In the year-to-date comparisons: (i) items previously mentioned; (ii) ViaQuatro, which became a
subsidiary in 2Q17; (iii) non-recurring expenses related to the Independent Committee, with an
impact of R$17.7 million on EBITDA and R$11.7 million on net income in 1Q18 and 2Q18; (iv)
non-reccuring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million in
EBITDA and R$361.8 million in net income) in 2Q17; and (iv) additionally, net income and
proforma comparisons exclude ViaRio, in which the Company's stake increased from 33.33% to
66.66% since May 2017.
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).
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese with real-time translation to English :
Friday, October 26, 2018
11:00 a.m. São Paulo / 10:00 a.m. New York
Participants calling from Brazil: (11) 3193-1001 or (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: 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.
Share this article