CCR Announces Results for the 2nd Quarter of 2013
SAO PAULO, Aug. 12, 2013 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the second quarter of 2013.
Highlights
- Consolidated traffic increased by 6.2% in 2Q13 and 4.1% in 1H13.
- The number of STP (electronic payment) users increased by 14.5% over June 2012, reaching 3,982,000 active tags.
- Adjusted EBITDA on the same basis2 increased by 16.8%, reaching 67.0% margin in 2Q13 and 12.0% in 1H13, with margin of 67.0%.
- The CCR Executive Board proposed interim dividend payments of R$0.57 per share.
Financial Indicators (R$ MM) |
2Q12 |
2Q13 |
Chg % |
1H12 |
1H13 |
Chg % |
Net Revenues1 |
1,077.6 |
1,246.8 |
15.7% |
2,166.8 |
2,453.0 |
13.2% |
Adjusted Net Revenues on the same basis2 |
1,077.6 |
1,201.5 |
11.5% |
2,166.8 |
2,372.9 |
9.5% |
EBIT |
524.5 |
589.0 |
12.3% |
1,100.2 |
1,194.6 |
8.6% |
Adjusted EBIT Mg.3 |
48.7% |
47.2% |
-1.5 p.p. |
50.8% |
48.7% |
-2.1 p.p. |
EBIT on the same basis2 |
524.5 |
603.6 |
15.1% |
1,100.2 |
1,214.7 |
10.4% |
EBIT Mg. on the same basis2 |
48.7% |
50.2% |
+1.5 p.p. |
50.8% |
51.2% |
+0.4 p.p. |
Adjusted EBITDA4 |
689.0 |
797.0 |
15.7% |
1,418.6 |
1,580.6 |
11.4% |
Adjusted EBITDA Mg. |
63.9% |
63.9% |
0.0 p.p. |
65.5% |
64.4% |
-1.1 p.p. |
Adjusted EBITDA on the same basis2 |
689.0 |
805.0 |
16.8% |
1,418.6 |
1,589.3 |
12.0% |
Adjusted EBITDA Mg. on the same basis2 |
63.9% |
67.0% |
+3.1 p.p. |
65.5% |
67.0% |
+1.5 p.p. |
Net Income |
224.3 |
304.4 |
35.7% |
512.9 |
641.1 |
25.0% |
Net Debt / EBITDA LTM (x) |
2.0 |
2.0 |
- |
2.0 |
2.0 |
- |
Adjusted EBITDA / Performed investments (x) |
5.7 |
4.0 |
- |
6.4 |
4.9 |
- |
Adjusted EBITDA / Interest and Monetary Variation (x) |
4.1 |
5.4 |
- |
4.1 |
5.6 |
- |
1 Net operating revenues exclude construction revenues.
2 Adjusted EBITDA excludes Barcas, Curacao International Airport and MTH (company responsible for issues related to acquisition, sale and leasing of ferries).
3 The Adjusted EBIT margin was calculated by dividing EBIT by net revenue, excluding construction revenue, as required by IFRS, whose counter-entry of the same amount impacts total costs.
4 Calculation excludes non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
Subsequent Event
On August 5, 2013, CCR announced a Material Fact that, on that date, it entered into a Share Purchase Agreement and Other Covenants as the seller, together with Ivan Toledo de Correa Filho, EcoRodovias Infraestrutura e Logistica S.A., GSMP S.A., with Sampras Participacoes Ltda., an affiliated company of Raizen Combustiveis S.A., as the buyer, Raizen as co-surety and Servicos e Tecnologia de Pagamentos S.A. ("STP") as intervening party. The purpose of the agreement is the sale, by the selling shareholders, of ten per cent (10%) of the shares representing STP's capital stock to the buyer for the amount of two hundred and fifty million reais. The STP shares owned by CCR correspond to 4.01280% of STP's capital stock and will be sold for one hundred million, three hundred thousand reais (R$100.3 million).
According to the agreement, the completion of the acquisition and its respective financial settlement, with payment of the price, are subject to compliance with certain conditions precedent, including prior authorization from CADE, Brazil's antitrust authority.
Message from the CEO
Renato Alves Vale: "It is with great satisfaction that we are reporting CCR's 2Q13 results to our shareholders and the market, as well as our employees, users and other stakeholders.
Traffic increased by 6.2% in 2Q13, giving year-to-date growth of 4.1.
Victory in the bid for the VLT Carioca Project in Rio de Janeiro, through the VLT Carioca Consortium, and the acquisition of an additional interest in Curacao International Airport, giving us a 79.8% stake in Curacao Airport Investments, have reinforced our strong commitment to the continued pursuit of sustainable development through improved infrastructure, always prioritizing the creation of value for shareholders.
In line with our qualified growth strategy, CCR signed in August, together with most of the shareholders of STP, a Share Purchase Agreement and Other Covenants with Raizen. When completed, the transaction will allow the entrance of an important strategic partner in the business of electronic payment means.
Once again, CCR has strengthened its commitment to Brazil and its longstanding partnership with state and federal governments in support of the economic and social development of the regions in which it operates, contributing with infrastructure investments and the efficient provision of services."
Upcoming Events
Conference Calls
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In Portuguese: |
In English: |
Tuesday, August 13, 2013 |
Tuesday, August 13, 2013 |
11:00 a.m. Sao Paulo / 10:00 a.m. New York |
12:00 p.m. Sao Paulo / 11:00 a.m. New York |
Telephone: (11) 4688-6361 |
Brazil: (11) 4688-6361 Code: CCR |
Code: CCR |
Other Countries: (+1) 786-924-6977 |
Replay: (11) 4688-6312 |
U.S.: (+1) 855-281-6021 |
Code: 2304792# |
Replay: (11) 4688-6312 |
Code: 0897612# |
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Webcast: www.grupoccr.com.br/investidores |
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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