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CCR - Results for the 2st quarter of 2019

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

Cision

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