CCR - Results for the 3rd quarter of 2015
SAO PAULO, Oct. 27, 2015 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the third quarter of 2015.
3Q15 Highlights
- Consolidated traffic fell by 6.7%. Excluding Ponte and MSVia, the reduction came to 1.9%.
- The number of STP (electronic payment) users rose by 10.4%, to 5,098,000 active tags.
- Adjusted EBITDA increased by 1.8%, with an adjusted margin of 62.3% (-2.9 p.p.). Same-basis² adjusted EBITDA increased by 7.6%, with an adjusted margin of 69.0% (+1.1 p.p.).
- Net income totaled R$247.0 million, 28.6% down. Same-basis² net income totaled R$352.0 million, 0.7% down.
- CCR's Board of Directors' meeting held on October 2 approved the payment of interim dividends of R$0.49 per common share, to be paid as of October 30.
| IFRS |
Proforma |
||||||
| Financial Indicators (R$ MM) |
3Q14 |
3Q15 |
Chg % |
3Q14 |
3Q15 |
Chg % |
|
| Net Revenues1 |
1,458.7 |
1,555.0 |
6.6% |
1,663.9 |
1,806.4 |
8.6% |
|
| Adjusted Net Revenues on the same basis2 |
1,394.9 |
1,477.0 |
5.9% |
1,599.1 |
1,727.7 |
8.0% |
|
| Adjusted EBIT3 |
700.6 |
697.4 |
-0.5% |
796.2 |
807.8 |
1.5% |
|
| Adjusted EBIT Mg.4 |
48.0% |
44.8% |
-3.2 p.p. |
47.9% |
44.7% |
-3.2 p.p. |
|
| EBIT on the same basis2 |
722.4 |
740.6 |
2.5% |
820.5 |
853.2 |
4.0% |
|
| EBIT Mg. on the same basis2 |
51.8% |
50.1% |
-1.7 p.p. |
51.3% |
49.4% |
-1.9 p.p. |
|
| Adjusted EBITDA5 |
951.0 |
968.1 |
1.8% |
1,077.4 |
1,117.8 |
3.7% |
|
| Adjusted EBITDA Mg.4 |
65.2% |
62.3% |
-2.9 p.p. |
64.8% |
61.9% |
-2.9 p.p. |
|
| Adjusted EBITDA on the same basis2 |
947.7 |
1,019.3 |
7.6% |
1,076.5 |
1,171.2 |
8.8% |
|
| Adjusted EBITDA Mg. on the same basis2 |
67.9% |
69.0% |
+1.1 p.p. |
67.3% |
67.8% |
+0.5 p.p. |
|
| Net Income |
346.1 |
247.0 |
-28.6% |
346.1 |
247.0 |
-28.6% |
|
| Net Income on the same basis2 |
354.5 |
352.0 |
-0.7% |
354.5 |
352.0 |
-0.7% |
|
| Net Debt / Adjusted EBITDA LTM (x) |
2.0 |
2.7 |
- |
2.0 |
2.5 |
- |
|
| Adjusted EBITDA / Performed investments (x) |
1.9 |
1.8 |
- |
1.7 |
1.7 |
- |
|
| Adjusted EBITDA / Interest and Monetary Variation (x)6 |
3.9 |
2.8 |
- |
4.2 |
3.1 |
- |
|
| IFRS |
Proforma |
||||||
| Financial Indicators (R$ MM) |
9M14 |
9M15 |
Chg % |
9M14 |
9M15 |
Chg % |
|
| Net Revenues1 |
4,127.0 |
4,415.8 |
7.0% |
4,714.3 |
5,123.1 |
8.7% |
|
| Adjusted Net Revenues on the same basis2 |
3,992.9 |
4,169.6 |
4.4% |
4,579.3 |
4,871.8 |
6.4% |
|
| Adjusted EBIT3 |
1,918.7 |
1,870.9 |
-2.5% |
2,195.2 |
2,183.3 |
-0.5% |
|
| Adjusted EBIT Mg.4 |
46.5% |
42.4% |
-4.1 p.p. |
46.6% |
42.6% |
-4.0 p.p. |
|
| EBIT on the same basis2 |
1,983.1 |
1,976.6 |
-0.3% |
2,265.9 |
2,291.9 |
1.1% |
|
| EBIT Mg. on the same basis2 |
49.7% |
47.4% |
-2.3 p.p. |
49.5% |
47.0% |
-2.5 p.p. |
|
| Adjusted EBITDA5 |
2,622.9 |
2,673.0 |
1.9% |
2,989.1 |
3,095.7 |
3.6% |
|
| Adjusted EBITDA Mg.4 |
63.6% |
60.5% |
-3.1 p.p. |
63.4% |
60.4% |
-3.0 p.p. |
|
| Adjusted EBITDA on the same basis2 |
2,645.9 |
2,764.9 |
4.5% |
3,018.4 |
3,190.5 |
5.7% |
|
| Adjusted EBITDA Mg. on the same basis2 |
66.3% |
66.3% |
- |
65.9% |
65.5% |
-0.4 p.p. |
|
| Net Income |
964.9 |
629.6 |
-34.7% |
964.9 |
629.6 |
-34.7% |
|
| Net Income on the same basis2 |
996.6 |
944.0 |
-5.3% |
996.6 |
944.0 |
-5.3% |
|
| Net Debt / Adjusted EBITDA LTM (x) |
2.0 |
2.7 |
- |
2.0 |
2.5 |
- |
|
| Adjusted EBITDA / Performed investments (x) |
2.2 |
1.7 |
- |
2.2 |
1.6 |
- |
|
| Adjusted EBITDA / Interest and Monetary Variation (x)6 |
3.9 |
2.7 |
- |
4.2 |
2.9 |
- |
|
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) BH Airport; (ii) new businesses, which were not operating in 3Q15: Metro Bahia and MSVia; (iii) Ponte, whose agreement ended on May 31, 2015; (iv) non-recurrents of reversals of labor provisions in Barcas in 3Q14 and tax provisions in AutoBAn in 3Q15; and (v) in profit and pro-forma 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: |
| Wednesday, October 28, 2015 |
Wednesday, October 28, 2015 |
| 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: 2817391# |
Replay: (11) 3193-1012 |
| (11) 2820-4012 |
|
| Code: 0977350# |
|
| Webcast: www.ccr.com.br/ri |
Webcast: www.ccr.com.br/ir |
IR Contacts
Marcus Macedo (+55 11) 3048-5941
Flavia Godoy: (+55 11) 3048-5955
Daniel Kuratomi: (+55 11) 3048-6353
Leandro Mathias: (+55 11) 3048-2108
SOURCE CCR S.A.
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