CCR - Results for the 4th quarter of 2017
SAO PAULO, Feb. 22, 2018 /PRNewswire/ -- CCR S.A. (CCR), Brazil's largest road concession operator in terms of revenues, announces its results for the fourth quarter of 2017.
4Q17 Highlights
-- Consolidated traffic grew by 4.4%.
-- Same-basis* adjusted EBITDA increased by 17.9%, with an adjusted margin
of 61.3% (+2.9 p.p.). Adjusted EBITDA grew by 25.5%, with a margin of
61.3% (+2.9 p.p.).
-- Same-basis* net income totaled R$425.0 million, 162.7% up. Net income
totaled R$329.1 million, 94.2% up.
-- The Company's Board of Executive Officers proposed the distribution of
additional dividends in the amount of approximately R$0.20 per share, to
be approved at the 2018 Annual Shareholders' Meeting.
* The definitions of "same-basis" are described below the following table.
IFRS Proforma
----
Financial Indicators (R$ MM) 4Q16 4Q17 Chg % 4Q16 4Q17 Chg %
--------------------------- ---- ---- ---- ---- ---- ----
Net Revenues(1) 1,690.7 2,021.1 19.5% 1,895.3 2,178.8 15.0%
-------------- -------
Adjusted Net Revenues on the same basis(2) 1,690.7 1,900.7 12.4% 1,823.2 2,040.6 11.9%
Adjusted EBIT(3) 601.5 883.3 46.9% 690.6 950.6 37.6%
Adjusted EBIT Mg.4 35.6% 43.7% 8.1 p.p. 36.4% 43.6% 7.2 p.p.
EBIT on the same basis(2) 601.5 820.4 36.4% 659.5 882.5 33.8%
EBIT Mg. on the same basis(2) 35.6% 43.2% 7.6 p.p. 36.2% 43.2% 7.1 p.p.
Adjusted EBITDA5 988.0 1,239.6 25.5% 1,112.2 1,342.4 20.7%
---------------- ----- ------- ---- ------- ------- ----
Adjusted EBITDA Mg.4 58.4% 61.3% 2.9 p.p. 58.7% 61.6% 2.9 p.p.
-------------------- ---- ---- -------- ---- ---- --------
Adjusted EBITDA on the same basis(2) 988.0 1,164.8 17.9% 1,073.3 1,257.3 17.1%
----------------------------------- ----- ------- ---- ------- ------- ----
Adjusted EBITDA Mg. on the same basis(2) 58.4% 61.3% 2.9 p.p. 58.9% 61.6% 2.7 p.p.
--------------------------------------- ---- ---- -------- ---- ---- --------
Net Income 169.5 329.1 94.2% 169.5 329.1 94.2%
---------- ----- ----- ---- ----- ----- ----
Net Income on the same basis(2) 161.8 425.0 162.7% 161.8 425.0 162.7%
------------------------------ ----- ----- ----- ----- ----- -----
Net Debt / Adjusted EBITDA LTM (x)6 2.5 2.3 - 2.4 2.3 -
----------------------------------- --- --- --- --- --- ---
Adjusted EBITDA / Performed investments (x) 0.5 0.8 - 0.6 0.7 -
------------------------------------------- --- --- --- --- --- ---
Adjusted EBITDA / Interest and Monetary Variation (x) 2.7 5.2 - 2.9 5.1 -
----------------------------------------------------- --- --- --- --- --- ---
(1) Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) the non-recurring effect of SPVias adherence to PERT in 4Q17, of R$97.8 million on the financial result and R$139.7 million on net income; (ii) ViaQuatro, which became a subsidiary in 2Q17; (iii) ViaRio, in which CCR's stake
has increased from 33.33% to 66.66% since 2Q17, in profit and proforma comparisons, in addition to the items previously mentioned.
(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 4Q17 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 2.6x (2.5x in proforma figures) in December 2017.
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese:
Friday, February 23, 2018
11:00 a.m. São 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: 2211008#
Conference call in English:
Friday, February 23, 2018
12:00 p.m. São 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: 1-800-492-3904 or (+1) 646 828-8246
Access code: CCR
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 6282781#
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
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SOURCE CCR S.A.
