SAO PAULO, April 29, 2019 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2019.
Highlights 1Q19 vs. 1Q18
- Consolidated traffic fell by 1.2%. Excluding the effects of the suspended axles exemption and ViaSul, consolidated traffic increased by 0.9%.
- Operating adjusted EBITDA* increased by 15.8%, accompanied by a margin of 63.4% (+1.2 p.p.).
- Net income came to R$358.1 million, down 19.9%.
* The definitions of "same-basis" are described below the following table.
IFRS |
Proforma |
||||||
Financial Indicators (R$ MM) |
1Q18 |
1Q19 |
Chg % |
1Q18 |
1Q19 |
Chg % |
|
Net Revenues1 |
1,940.2 |
2,205.9 |
13.7% |
2,103.5 |
2,356.3 |
12.0% |
|
Adjusted Net Revenues on the same basis2 |
1,940.2 |
2,020.6 |
4.2% |
2,074.7 |
2,171.0 |
4.6% |
|
Adjusted EBIT3 |
831.3 |
831.4 |
0.0% |
907.3 |
904.6 |
-0.3% |
|
Adjusted EBIT Mg.4 |
42.8% |
37.7% |
-5.1 p.p. |
43.1% |
38.4% |
-4.7 p.p. |
|
Ajusted EBIT on the same basis2 |
831.3 |
774.6 |
-6.7% |
894.8 |
847.8 |
-5.3% |
|
Ajusted EBIT Mg. on the same basis2 |
42.8% |
38.3% |
-4.6 p.p. |
43.1% |
39.1% |
-4.0 p.p. |
|
Adjusted EBITDA5 |
1,206.9 |
1,382.4 |
14.5% |
1,317.5 |
1,488.1 |
12.9% |
|
Adjusted EBITDA Mg.4 |
62.2% |
62.7% |
0.5 p.p. |
62.6% |
63.2% |
0.6 p.p. |
|
Operating adjusted EBITDA6 |
1,206.9 |
1,397.9 |
15.8% |
1,317.5 |
1,503.6 |
14.2% |
|
Operating adjusted EBITDA Mg.4 |
62.2% |
63.4% |
1.2 p.p. |
62.6% |
63.8% |
1.2 p.p. |
|
Adjusted EBITDA on the same basis2 |
1,206.9 |
1,301.4 |
7.8% |
1,297.1 |
1,407.0 |
8.5% |
|
Adjusted EBITDA Mg. on the same basis2 |
62.2% |
64.4% |
2.2 p.p. |
62.5% |
64.8% |
2.3 p.p. |
|
Net Income |
446.8 |
358.1 |
-19.9% |
446.8 |
358.1 |
-19.9% |
|
Net Income on the same basis2 |
438.7 |
336.6 |
-23.2% |
438.7 |
336.6 |
-23.2% |
|
Net Debt / Adjusted EBITDA LTM (x)7 |
2.2 |
2.6 |
2.2 |
2.5 |
|||
Adjusted EBITDA5 / Interest and Monetary Variation (x) |
5.6 |
4.3 |
5.4 |
4.4 |
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our interest and, consequently, acquired control in October 2018; (iii) ViaSul, whose concession agreement was signed on January 11, 2019; (iv) non-recurring provision related to fines imposed by the Federal Prosecution Office in the agreements signed with CCR Group's former employees, included in the CIP, with an impact of R$15.5 million on EBITDA and net income; (v) non-recurring expenses related to legal advisors, with an impact of R$14.0 million on EBITDA and R$9.3 million on net income; and (vi) non-recurring item related to the restatement of the provisioned balance of penalties related to the Lenience Agreement entered into with the Federal Prosecution Office, with an impact of R$3.5 million on net income.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The operating adjusted EBIT and EBITDA margins were calculated by dividing operating adjusted 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 In addition to non-cash expenses, revenues and/or non-operating non-cash expenses are excluded from adjusted EBITDA.
Conference Calls/Webcast
Access to the conference calls/webcasts:
Portuguese conference call with simultaneous translation into English:
Tuesday, April 30, 2019
12:00 p.m. São Paulo / 11:00 a.m. New York
Participants calling from Brazil: (11) 3193-1001 or (11) 2820-4001
Participants calling from the US: 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.
![](https://rt.prnewswire.com/rt.gif?NewsItemId=SP34613&Transmission_Id=201904291835PR_NEWS_USPR_____SP34613&DateId=20190429)
Share this article