Subjects: ERN, CCA
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
SOURCE CCR S.A.
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