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CCR S.A. - Results for the 4th quarter of 2016

SAO PAULO, March 6, 2017 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the fourth quarter and full year of 2016.

4Q16 Highlights

  • Consolidated traffic fell 7.0%.
  • Adjusted EBITDA increased by 0.4%, with an adjusted margin of 58.4% (+0.2 p.p.). Same-basis adjusted EBITDA grew 5.1%, with an adjusted margin of 63.1% (+0.7 p.p.).
  • Net income totaled R$169.5 million, 30.8% down. Same-basis net income totaled R$214.4 million, 12.9% down.
  • The Board of Directors' meeting of November 4 approved the payment of dividends of around R$0.42 per share with payment beginning on November 18.

 


IFRS


Proforma


Financial Indicators (R$ MM)

4Q15

4Q16

Chg %


4Q15

4Q16

Chg %



Net Revenues1

1,691.1

1,690.7

0.0%


1,957.6

1,895.3

-3.2%


Adjusted Net Revenues on the same basis2

1,540.7

1,602.0

4.0%


1,799.5

1,787.5

-0.7%


Adjusted EBIT3

682.2

601.5

-11.8%


755.6

690.6

-8.6%


Adjusted EBIT Mg.4

40.3%

35.6%

-4.7 p.p.


38.6%

36.4%

-2.2 p.p.


EBIT on the same basis2

663.5

626.3

-5.6%


736.5

713.9

-3.1%


EBIT Mg. on the same basis2

43.1%

39.1%

-4.0 p.p


40.9%

39.9%

-1.0 p. p


Adjusted EBITDA5

984.5

988.0

0.4%


1,108.0

1,112.2

0.4%


Adjusted EBITDA Mg.4

58.2%

58.4%

0.2 p.p.


56.6%

58.7%

2.1 p.p.


Adjusted EBITDA on the same basis2

961.5

1,010.3

5.1%


1,044.7

1,131.1

8.3%


Adjusted EBITDA Mg. on the same basis2

62.4%

63.1%

0.7 p.p.


58.1%

63.3%

5.2 p.p.


Net Income

244.8

169.5

-30.8%


244.8

169.5

-30.8%


Net Income on the same basis2

246.3

214.4

-12.9%


246.3

214.4

-12.9%


Net Debt / Adjusted EBITDA LTM (x)6

3.2

2.5

-


3.0

2.4

-


Adjusted EBITDA / Performed investments (x)6

1.4

0.5

-


1.3

0.6

-


Adjusted EBITDA / Interest and Monetary Variation (x)6

2.6

2.7

-


2.8

2.9

-


 


IFRS


Proforma

Financial Indicators (R$ MM)

2015

2016

Chg %


2015

2016

Chg %


Net Revenues1

6,106.9

6,704.4

9.8%


7,080.7

7,680.3

8.5%

Adjusted Net Revenues on the same basis2

5,656.8

5,976.2

5.6%


6,362.9

6,731.4

5.8%

Adjusted EBIT3

2,553.1

4,059.3

59.0%


2,938.8

4,481.6

52.5%

Adjusted EBIT Mg.4

41.8%

60.5%

18.7 p.p.


41.5%

58.4%

16.8 p.p.

EBIT on the same basis2

2,680.0

2,614.2

-2.5%


3,019.3

2,987.5

-1.1%

EBIT Mg. on the same basis2

47.4%

43.7%

3.7 p.p


47.5%

44.4%

-3.1 p.p.

Adjusted EBITDA5

3,657.5

5,371.4

46.9%


4,203.7

5,953.4

41.6%

Adjusted EBITDA Mg.4

59.9%

80.1%

20.2 p.p.


59.4%

77.5%

18.1 p.p.

Adjusted EBITDA on the same basis2

3,745.9

3,888.0

3.8%


4,216.0

4,406.3

4.5%

Adjusted EBITDA Mg. on the same basis2

66.2%

65.1%

-1.1 p.p.


66.3%

65.5%

-0.8 p.p.

Net Income

874.4

1,713.9

96.0%


874.4

1,713.9

96.0%

Net Income on the same basis2

998.4

880.8

-11.8%


998.4

880.8

-11.8%

Net Debt / Adjusted EBITDA LTM (x)6

3.2

2.5

-


3.0

2.4

-

Adjusted EBITDA / Performed investments (x)6

1.6

1.4

-


1.5

1.4

-

Adjusted EBITDA / Interest and Monetary Variation (x)6

2.7

3.3

-


2.9

3.5

-

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 and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31, 2016; (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama; and (v) on full year comparisons, MSVia which began toll collection in September 2015.
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 2016 adjusted EBITDA includes non-recurring items totaling R$1,307.7 million related to the sale of the stake in STP. Excluding this effect, the Net Debt/EBITDA ratio came to 3.3x (IFRS) and 3.0x in pro-forma figures in December 2016. 

Subsequent Event

On February 16, 2017, the Company announced the end of its primary public offering with restricted placement efforts, with the issue of 254,412,800 new shares, at R$16.00, totaling R$4.07 billion.

Conference Calls

Access to the conference calls/webcasts:

Conference call in Portuguese:

Tuesday, March 7, 2017
11:00 a.m. Sao Paulo / 09:00 a.m. New York

Participants calling from Brazil: (11) 3193-1001 or (11) 2820-4001
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 3212236#

Conference call in English:

Tuesday, March 7, 2017
12:00 p.m. Sao Paulo / 10:00 a.m. New York

Participants calling from Brazil: (55 11) 3193-1001 or (55 11) 2820-4001
Participants calling from the United States: (+1) 888-700-0802
Participants calling from other countries: (+1) 786-924-6977
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 0701952#

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
Flavia Godoy: (+55 11) 3048-5955
Daniel Kuratomi: (+55 11) 3048-6353
Marcela Dias (+55 11) 3048-2108

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ccr-sa---results-for-the-4th-quarter-of-2016-300418733.html