SÃO PAULO, Aug. 8, 2019 /PRNewswire/ -- CCR S.A. (CCR), one of the largest infrastructure concession companies in Latin America, announces its results for the second quarter of 2019.
Highlights 2Q19 vs. 2Q18
- Consolidated traffic increased by 7.2%. Excluding the effects of the suspended axles exemption and ViaSul, consolidated traffic increased by 4.7%.
- Operating adjusted EBITDA* increased by 27.4%, accompanied by a margin of 61.0% (+3.8 p.p.).
- Net Income came to R$347.4 million, up 25.1%.
* The definitions of "same-basis" are described below the following table.
|
IFRS |
|
Proforma |
||||
Financial Indicators (R$ MM) |
2Q18 |
2Q19 |
Chg % |
|
2Q18 |
2Q19 |
Chg % |
Net Revenues1 |
1,872.8 |
2,234.0 |
19.3% |
|
2,044.7 |
2,402.3 |
17.5% |
Adjusted Net Revenues on the same basis2 |
1,872.8 |
2,038.0 |
8.8% |
|
2,007.0 |
2,184.2 |
8.8% |
Adjusted EBIT3 |
615.0 |
797.7 |
29.7% |
|
693.3 |
889.4 |
28.3% |
Adjusted EBIT Mg.4 |
32.8% |
35.7% |
2.9 p.p. |
|
33.9% |
37.0% |
3.1 p.p. |
Ajusted EBIT on the same basis2 |
636.5 |
725.6 |
13.9% |
|
699.7 |
803.8 |
14.8% |
Ajusted EBIT Mg. on the same basis2 |
34.0% |
35.6% |
1.6 p.p. |
|
34.9% |
36.8% |
1.9 p.p. |
Adjusted EBITDA5 |
1,070.3 |
1,379.6 |
28.9% |
|
1,187.0 |
1,505.8 |
26.9% |
Adjusted EBITDA Mg.4 |
57.2% |
61.8% |
4.6 p.p. |
|
58.1% |
62.7% |
4.6 p.p. |
Operating adjusted EBITDA6 |
1,070.3 |
1,363.8 |
27.4% |
|
1,187.0 |
1,490.0 |
25.5% |
Operating adjusted EBITDA Mg.4 |
57.2% |
61.0% |
3.8 p.p. |
|
58.1% |
62.0% |
3.9 p.p. |
Adjusted EBITDA on the same basis2 |
1,091.7 |
1,278.6 |
17.1% |
|
1,184.8 |
1,389.5 |
17.2% |
Adjusted EBITDA Mg. on the same basis2 |
58.3% |
62.7% |
4.4 p.p. |
|
59.0% |
63.6% |
4.6 p.p. |
Net Income |
277.7 |
347.4 |
25.1% |
|
277.7 |
347.4 |
25.1% |
Net Income on the same basis2 |
293.3 |
317.3 |
8.2% |
|
293.3 |
317.3 |
8.2% |
Net Debt / Adjusted EBITDA LTM (x) |
2.7 |
2.5 |
|
|
2.6 |
2.4 |
|
Adjusted EBITDA5 / Interest and Monetary Variation (x) |
4.5 |
4.3 |
|
|
4.6 |
4.2 |
|
¹ Net revenue excludes construction revenue.
² Figures on the same basis exclude: In quarterly comparisons: (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 expenses at CCR, of R$14.4 million in 2Q19 and R$17.7 million in 2Q18 in EBITDA and R$10.8 million and R$11.7 million in net income, in the same comparative periods (see details in the cost section); (v) non-recurring effect of the increased interest in VLT, from 24.93% to 42.96%, generating a gain from an advantageous purchase of +R$15.8 million in EBITDA and +R$10.4 million in net income; (vi) non-recurring related to the restatement of the provisioned balances of penalties referring to the Self-Composition Term with the State Public Prosecution Service of São Paulo, Leniency Agreement with the Federal Public Prosecution Service and the Collaboration Incentive Program, of R$7.5 million in the net income; and (vii) VLT in net income and proforma comparisons, due to the increased interests between the comparative periods.
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:
Friday, August 09, 2019
11 a.m. Sao Paulo / 10 a.m. New York City
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.
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