Le Lézard
Classified in: Transportation, Business
Subjects: ERN, CCA, FVT

CCR - Results for the 2nd quarter of 2018


SÃO PAULO, Aug. 14, 2018 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the second quarter of 2018.

2Q18 Highlights

* The definitions of "same-basis" are described below the following table.

IFRS

Proforma

Financial Indicators (R$ MM)

2Q17

2Q18

Chg %

2Q17

2Q18

Chg %

Net Revenues1

1,842.1

1,872.8

1.7%

1,985.0

2,044.7

3.0%

Adjusted Net Revenues on the same basis2

1,842.1

1,872.8

1.7%

1,970.9

2,024.8

2.7%

Adjusted EBIT3

1,268.3

615.0

-51.5%

1,327.4

693.3

-47.8%

Adjusted EBIT Mg.4

68.8%

32.8%

-36.0 p.p.

66.9%

33.9%

-33.0 p.p.

EBIT on the same basis2

720.1

636.5

-11.6%

775.1

706.3

-8.9%

EBIT Mg. on the same basis2

39.1%

34.0%

-5.1 p.p.

39.3%

34.9%

-4.4p.p.

Adjusted EBITDA5

1,629.3

1,070.3

-34.3%

1,721.3

1,187.0

-31.0%

Adjusted EBITDA Mg.4

88.4%

57.2%

-31.2 p.p.

86.7%

58.1%

-28.6 p.p.

Adjusted EBITDA on the same basis2

1,081.1

1,091.7

1.0%

1,165.3

1,195.1

2.6%

Adjusted EBITDA Mg. on the same basis2

58.7%

58.3%

-0.4 p.p.

59.1%

59.0%

-0.1 p.p.

Net Income

667.1

277.7

-58.4%

667.1

277.7

-58.4%

Net Income on the same basis2

317.3

300.9

-5.2%

317.3

300.9

-5.2%

Net Debt / Adjusted EBITDA LTM (x)6

1.8

2.7

1.8

2.6

Adjusted EBITDA / Interest and Monetary Variation (x)

6.0

4.5

5.8

4.6

 

IFRS

Proforma

Financial Indicators (R$ MM)

1H17

1H18

Chg %

1H17

1H18

Chg %

Net Revenues1

3,533.5

3,813.0

7.9%

3,878.1

4,148.2

7.0%

Adjusted Net Revenues on the same basis2

3,413.5

3,556.7

4.2%

3,671.2

3,853.1

5.0%

Adjusted EBIT3

1,979.1

1,446.3

-26.9%

2,138.6

1,600.6

-25.2%

Adjusted EBIT Mg.4

56.0%

37.9%

-18.1 p.p.

55.1%

38.6%

-16.5 p.p.

EBIT on the same basis2

1,365.4

1,328.1

-2.7%

1,482.9

1,467.2

-1.1%

EBIT Mg. on the same basis2

40.0%

37.3%

-2.7 p.p.

40.4%

38.1%

-2.3 p.p.

Adjusted EBITDA5

2,660.5

2,277.2

-14.4%

2,888.3

2,504.4

-13.3%

Adjusted EBITDA Mg.4

75.3%

59.7%

-15.6 p.p.

74.5%

60.4%

-14.1 p.p.

Adjusted EBITDA on the same basis2

2,037.3

2,133.3

4.7%

2,211.8

2,335.5

5.6%

Adjusted EBITDA Mg. on the same basis2

59.7%

60.0%

0.3 p.p.

60.2%

60.6%

0.4 p.p.

Net Income

996.1

724.4

-27.3%

996.1

724.4

-27.3%

Net Income on the same basis2

613.8

703.5

14.6%

613.8

703.5

14.6%

Net Debt / Adjusted EBITDA LTM (x)6

1.8

2.7

1.8

2.6

Adjusted EBITDA / Interest and Monetary Variation (x)

4.2

5.0

4.2

5.0

¹ Net revenue excludes construction revenue.

² Same-basis figures exclude:

I.   In the quarter-on-quarter comparisons: (i) ViaMobilidade, which concession agreement was executed in
     April 2018; (ii) non-recurring expenses related to the Independent Committee of R$17.6 million in
     EBITDA and R$11.6 million in net income; (iii) non-recurring effect of the acquisition of stakes in
     ViaQuatro and ViaRio in 2Q17 of R$548.1 million on EBITDA and R$361.8 million on net income; and
     (iv) additionally, net income and proforma comparisons exclude ViaRio, in which CCR's stake has
      increased from 33.33% to 66.66% since May 2017.

II.  In year-to-date comparisons:  (i) items previously mentioned; and (ii) ViaQuatro, which became a
     subsidiary in 2Q17.

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, provision for maintenance and the recognition of prepaid concession expenses.

6 LTM 2Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million) and the sale of STP (R$1,307.7 million).

Conference Calls/Webcast

Access to the conference calls/webcasts:

Conference call in English:

Wednesday, August 15, 2018
12:00 p.m. São Paulo / 11:00 a.m. New York

Participants calling from Brazil: (55 11) 3193-1001 or (55 11) 2820-4001
Participants calling from the United States: 1-800-492-3904 or (+1) 646 828-8246
Access Code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 1517957#

Conference call in Portuguese:

Wednesday, August 15, 2018
11:00 a.m. São Paulo / 10:00 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: 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

SOURCE CCR S.A.


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