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11.05.2018 01:21:00
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CCR - Results for the 1st quarter of 2018
SAO PAULO, May 10, 2018 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the first quarter of 2018.
1Q18 Highlights
- Consolidated traffic grew by 2.3%. Proforma traffic (including Renovias and ViaRio, proportionally) increased by 3.1%.
- Same-basis* adjusted EBITDA increased by 9.3%, with an adjusted margin of 62.0% (+1.0 p.p.). Adjusted EBITDA grew by 17.0%, with a margin of 62.2% (+1.2 p.p.).
- Same-basis* net income totaled R$413.6 million, 32.3% up. Net income totaled R$446.8 million, 35.8% up.
* The definitions of "same-basis" are described below the following table.
IFRS | Proforma | ||||||
Financial Indicators (R$ MM) | 1Q17 | 1Q18 | Chg % | 1Q17 | 1Q18 | Chg % | |
Net Revenues1 | 1,691.4 | 1,940.2 | 14.7% | 1,893.1 | 2,103.5 | 11.1% | |
Adjusted Net Revenues on the same basis2 | 1,691.4 | 1,819.2 | 7.6% | 1,820.3 | 1,963.6 | 7.9% | |
Adjusted EBIT3 | 710.8 | 831.3 | 17.0% | 811.2 | 907.3 | 11.9% | |
Adjusted EBIT Mg.4 | 42.0% | 42.8% | 0.8 p.p. | 42.8% | 43.1% | 0.3 p.p. | |
EBIT on the same basis2 | 710.8 | 764.2 | 7.5% | 773.2 | 833.5 | 7.9% | |
EBIT Mg. on the same basis2 | 42.0% | 42.0% | 0.0 p.p. | 42.5% | 42.4% | -0.1 p.p. | |
Adjusted EBITDA5 | 1,031.2 | 1,206.9 | 17.0% | 1,167.0 | 1,317.5 | 12.9% | |
Adjusted EBITDA Mg.4 | 61.0% | 62.2% | 1.2 p.p. | 61.6% | 62.6% | 1.0 p.p. | |
Adjusted EBITDA on the same basis2 | 1,031.2 | 1,127.4 | 9.3% | 1,121.5 | 1,226.3 | 9.3% | |
Adjusted EBITDA Mg. on the same basis2 | 61.0% | 62.0% | 1.0 p.p. | 61.6% | 62.5% | 0.9 p.p. | |
Net Income | 329.0 | 446.8 | 35.8% | 329.0 | 446.8 | 35.8% | |
Net Income on the same basis2 | 312.7 | 413.6 | 32.3% | 312.7 | 413.6 | 32.3% | |
Net Debt / Adjusted EBITDA LTM (x)6 | 1.8 | 2.2 | 1.8 | 2.2 | |||
Adjusted EBITDA / Interest and Monetary Variation (x) | 2.8 | 5.6 | 3.0 | 5.4 | |||
1 Net revenue excludes construction revenue. |
2 Same-basis figures exclude: (i) ViaQuatro, which became a subsidiary in 2Q17; and (ii) ViaRio, in which CCR's stake has increased from 33.33% to 66.66% as of May 2017, in net income and proforma comparisons. |
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 1Q18 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.5x (2.4x in proforma figures) in March 2018. |
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese:
Friday, May 11, 2018
11:30 a.m. São Paulo / 10:30 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: 914192#
Conference call in English:
Friday, May 11, 2018
12:30 p.m. São Paulo / 11:30 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: 924958#
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
View original content:http://www.prnewswire.com/news-releases/ccr---results-for-the-1st-quarter-of-2018-300646831.html
SOURCE CCR S.A.
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