CCR - Results for the 3rd quarter of 2016
SAO PAULO, Nov. 3, 2016 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the third quarter of 2016.
3Q16 Highlights
- Consolidated traffic fell 1.5%. Excluding MSVia and ViaRio, the reduction was 5.5%.
- Adjusted EBITDA increased 151.1%, with adjusted margin of 136.7%. Same-basis adjusted EBITDA went up 3.2%, with an adjusted margin of 66.9% (+0.8 p.p.).
- Net income reached R$1.151.1 million, a 366% increase. Same-basis net income totaled R$268.0 million, 1.7% down.
- The sale of the stake in STP was concluded on August 31, 2016.
| IFRS |
Proforma |
||||||
| Financial Indicators (R$ MM) |
3Q15 |
3Q16 |
Chg % |
3Q15 |
3Q16 |
Chg % |
|
| Net Revenues1 |
1,555.0 |
1,778.2 |
14.4% |
1,806.4 |
2,009.4 |
11.2% |
|
| Adjusted Net Revenues on the same basis2 |
1,528.4 |
1,557.5 |
1.9% |
1,714.5 |
1,747.1 |
1.9% |
|
| Adjusted EBIT3 |
697.4 |
2,118.0 |
203.7% |
807.8 |
2,225.9 |
175.6% |
|
| Adjusted EBIT Mg.4 |
44.8% |
119.1% |
+74,3 p.p. |
44.7% |
110.8% |
+66,1 p.p. |
|
| EBIT on the same basis2 |
727.3 |
740.4 |
1.8% |
819.4 |
835.4 |
2.0% |
|
| EBIT Mg. on the same basis2 |
47.6% |
47.5% |
-0,1 p.p. |
47.8% |
47.8% |
0,0 p.p. |
|
| Adjusted EBITDA5 |
968.1 |
2,430.7 |
151.1% |
1,117.8 |
2,576.8 |
130.5% |
|
| Adjusted EBITDA Mg.4 |
62.3% |
136.7% |
+74,4 p.p. |
61.9% |
128.2% |
+66,3 p.p. |
|
| Adjusted EBITDA on the same basis2 |
1,009.9 |
1,042.5 |
3.2% |
1,134.6 |
1,173.5 |
3.4% |
|
| Adjusted EBITDA Mg. on the same basis2 |
66.1% |
66.9% |
+0,8 p.p. |
66.2% |
67.2% |
+1,0 p.p |
|
| Net Income |
247.0 |
1,151.1 |
366.0% |
247.0 |
1,151.1 |
366.0% |
|
| Net Income on the same basis2 |
272.5 |
268.0 |
-1.7% |
272.5 |
268.0 |
-1.7% |
|
| Net Debt / Adjusted EBITDA LTM (x) |
2.7 |
2.3 |
- |
2.5 |
2.2 |
- |
|
| Adjusted EBITDA / Performed investments (x) |
1.8 |
4.5 |
- |
1.7 |
3.9 |
- |
|
| Adjusted EBITDA / Interest and Monetary Variation (x) |
2.8 |
5.9 |
- |
3.1 |
6.0 |
- |
|
| IFRS |
Proforma |
||||||
| Financial Indicators (R$ MM) |
9M15 |
9M16 |
Chg % |
9M15 |
9M16 |
Chg % |
|
| Net Revenues1 |
4,415.8 |
5,013.8 |
13.5% |
5,123.1 |
5,785.0 |
12.9% |
|
| Adjusted Net Revenues on the same basis2 |
4,314.1 |
4,438.1 |
2.9% |
4,827.9 |
4,998.1 |
3.5% |
|
| Adjusted EBIT3 |
1,870.9 |
3,457.8 |
84.8% |
2,183.3 |
3,791.0 |
73.6% |
|
| Adjusted EBIT Mg.4 |
42.4% |
69.0% |
+26,6 p.p. |
42.6% |
65.5% |
+22,9 p.p. |
|
| EBIT on the same basis2 |
1,979.2 |
2,011.3 |
1.6% |
2,294.5 |
2,289.2 |
-0.2% |
|
| EBIT Mg. on the same basis2 |
45.9% |
45.3% |
-0,6 p.p. |
47.5% |
45.8% |
-1,7 p.p. |
|
| Adjusted EBITDA5 |
2,673.0 |
4,383.3 |
64.0% |
3,095.7 |
4,841.2 |
56.4% |
|
| Adjusted EBITDA Mg.4 |
60.5% |
87.4% |
+26,9 p.p. |
60.4% |
83.7% |
+23,3 p.p. |
|
| Adjusted EBITDA on the same basis2 |
2,778.0 |
2,910.5 |
4.8% |
3,122.7 |
3,300.2 |
5.7% |
|
| Adjusted EBITDA Mg. on the same basis2 |
64.4% |
65.6% |
+1,2 p.p. |
64.7% |
66.0% |
+1,3 p.p. |
|
| Net Income |
629.6 |
1,544.4 |
145.3% |
629.6 |
1,544.4 |
145.3% |
|
| Net Income on the same basis2 |
752.2 |
666.3 |
-11.4% |
752.2 |
666.3 |
-11.4% |
|
| Net Debt / Adjusted EBITDA LTM (x) |
2.7 |
2.3 |
- |
2.5 |
2.2 |
- |
|
| Adjusted EBITDA / Performed investments (x) |
1.7 |
2.8 |
- |
1.6 |
2.4 |
- |
|
| Adjusted EBITDA / Interest and Monetary Variation (x) |
2.7 |
3.5 |
- |
2.9 |
3.7 |
- |
|
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the comparison periods: Metro Bahia, MSVia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31, 2016; and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.
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.
6 Adjusted EBITDA in 3Q16 and 9M16 include one-off of R$ 1,307.7 million regarding STP sale. Excluding this effect, Net Debt/EBITDA, on September 2016 would have reached 3.0 x (IFRS) and 2.9 x proforma.
Upcoming Events
| Conference Calls
|
|
| In Portuguese: |
In English: |
| Friday, November 4, 2016 |
Friday, November 4, 2016 |
| 11:00 a.m. Sao Paulo / 9:00 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: 2793549# |
Replay: (11) 3193-1012 |
| (11) 2820-4012 |
|
| Code: 4141088#
|
|
| 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
Marcela Dias (+55 11) 3048-2108
SOURCE CCR S.A.
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