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 Revenues¹	1,690.7	2,021.1	19.5%	1,895.3	2,178.8	15.0%
Adjusted Net Revenues on the same basis²	1,690.7	1,900.7	12.4%	1,823.2	2,040.6	11.9%
Adjusted EBIT³	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 basis²	601.5	820.4	36.4%	659.5	882.5	33.8%
EBIT Mg. on the same basis²	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 basis²	988.0	1,164.8	17.9%	1,073.3	1,257.3	17.1%
Adjusted EBITDA Mg. on the same basis²	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 basis²	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

View original content:http://www.prnewswire.com/news-releases/ccr—results-for-the-4th-quarter-of-2017-300603164.html