Chronicle Journal: Finance

CCR - Results for the 2nd quarter of 2020

SÃO PAULO, Aug. 13, 2020 /PRNewswire/ -- CCR S.A. (CCR), one of Latin America's largest infrastructure concession groups, discloses its results for the 2nd quarter of 2020.

Highlights 2Q20 vs. 2Q19

  • Consolidated traffic decreased by 18.2%. Excluding ViaSul, traffic fell by 22.1% in the period. According to the weekly reports1 issued by the Company, the drops recorded2 at the beginning of each month of 2Q20, compared to the same period of the previous year and excluding ViaSul, stood at 30%, 24% and 14% in April, May and June, respectively.
  • Adjusted EBITDA decreased by 38.1%, with a margin of 48.3% (-13.5 p.p.). Same-basis3 adjusted EBITDA fell by 39.7%, with a margin of 49.1% (-12.8 p.p.).
  • The Company recorded a net loss of R$142.1 million. On the same basis3, net loss came to R$164.7 million, versus net income of R$329.5 million in 2Q19.
  • On July 6, 2020, Concessionária Catarinense de Rodovias S.A. ("CCR ViaCosteira"), a wholly owned subsidiary of the Company, and the Federal Government, through the National Land Transportation Agency (Agência Nacional de Transportes Terrestres – "ANTT") signed Concession Agreement no. 1/2020 for infrastructure exploration and provision of public services including recovery, operation, maintenance, monitoring, conservation, implementation of improvements, capacity expansion and service level maintenance of the BR-101/SC Highway Road System, between Paulo Lopes (km 244+680) and the border of the states of Santa Catarina and Rio Grande do Sul (km 465+100).
  • In light of the COVID-19 pandemic, state and municipal governments have imposed several measures including social isolation and restrictions on the movement of people, which impacted demand and, consequently, CCR's 2Q20 results.  For more details, please refer to the "COVID-19" section of this earnings release and notes 1.1 and 28 of the ITR.

1. The weekly notices issued by the Company on the operations of the concessions are available on the CCR Investor Relations website at: www.ccr.com.br/ri 
2. For April, the notice disclosed on 04/10 (period between 04/03 and 04/09); for May, the notice disclosed on 05/08 (period between 05/01 and 05/07); for June, the notice disclosed on 06/05 (period between 05/29 and 06/04) was considered.
3. Adjustments on the same basis are described on the same basis section of the company's earnings release, available at www.ccr.com.br/ri   


IFRS

Proforma

Financial Indicators (R$ MM)

2Q19

2Q20

Chg %

2Q19

2Q20

Chg %

Net Revenues1

2,234.0

1,767.3

-20.9%

2,402.3

1,834.7

-23.6%

Adjusted Net Revenues on the same basis2

2,196.5

1,670.2

-24.0%

2,342.7

1,737.7

-25.8%

Adjusted EBIT3

797.7

177.1

-77.8%

889.4

179.3

-79.8%

Adjusted EBIT Mg.4

35.7%

10.0%

-25.7 p.p.

37.0%

9.8%

-27.2 p.p.

Adjusted EBITDA5

1,379.6

853.6

-38.1%

1,505.8

894.4

-40.6%

Adjusted EBITDA Mg.4

61.8%

48.3%

-13.5 p.p.

62.7%

48.7%

-14.0 p.p.

Adjusted EBITDA on the same basis2

1,359.9

819.4

-39.7%

1,470.7

860.1

-41.5%

Adjusted EBITDA Mg. on the same basis2

61.9%

49.1%

-12.8 p.p.

62.8%

49.5%

-13.3 p.p.

Net Income

347.4

(142.1)

n.m.

347.4

(142.1)

n.m.

Net Income on the same basis2

329.5

(164.7)

n.m.

329.5

(164.7)

n.m.

Net Debt / Adjusted EBITDA LTM (x)6

2.5

2.7


2.4

2.8


Adjusted EBITDA5 / Interest and Monetary Variation (x)

4.3

3.0


4.2

2.8


 

 


IFRS

Proforma

Financial Indicators (R$ MM)

1H19

1H20

Chg %

1H19

1H20

Chg %

Net Revenues1

4,439.8

4,154.9

-6.4%

4,758.6

4,360.2

-8.4%

Adjusted Net Revenues on the same basis2

4,379.0

3,912.5

-10.7%

4,665.8

4,117.9

-11.7%

Adjusted EBIT3

1,629.1

1,015.3

-37.7%

1,794.1

1,085.4

-39.5%

Adjusted EBIT Mg.4

36.7%

24.4%

-12.3 p.p.

37.7%

24.9%

-12.8 p.p.

Adjusted EBITDA5

2,762.0

2,320.5

-16.0%

2,993.8

2,463.2

-17.7%

Adjusted EBITDA Mg.4

62.2%

55.8%

-6.4 p.p.

62.9%

56.5%

-6.4 p.p.

Adjusted EBITDA on the same basis2

2,728.1

2,189.8

-19.7%

2,939.6

2,332.5

-20.7%

Adjusted EBITDA Mg. on the same basis2

62.3%

56.0%

-6.3 p.p.

63.0%

56.6%

-6.4 p.p.

Net Income

705.4

147.6

-79.1%

705.4

147.6

-79.1%

Net Income on the same basis2

678.2

82.2

-87.9%

678.2

82.2

-87.9%

Net Debt / Adjusted EBITDA LTM (x)6

2.5

2.7


2.4

2.8


Adjusted EBITDA5 / Interest and Monetary Variation (x)

4.3

3.8


4.3

3.6


¹ Net revenue excludes construction revenue.
² The same-basis effects are described in the same-basis comparison section.
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 adjusted EBIT and EBITDA by net revenue, excluding construction revenue.
5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.
6 Adjusted EBITDA was used in the calculation of the net debt-to-adjusted EBITDA ratio for 1Q20, whereas operating adjusted EBITDA was used for the other periods (as announced in previous releases).

Conference Calls/Webcast

Access to the conference calls/webcasts: 

Portuguese conference call with simultaneous translation into English: 

Friday, August 14, 2020
11:00 a.m. São Paulo / 10:00 a.m. New York

Participants calling from Brazil: (11) 3181-8565 or (11) 4210-1803
Participants calling from the U.S.: (+1) 412 717-9627 or (+1) 844 204-8942
Access Code: CCR:
Replay: (11) 3193-1012 or (11) 2820-4012
Code: 8366456# or 5097751#

The instructions to participate in these events are available on CCR's website: www.ccr.com.br/ri.

IR Contacts

Marcus Macedo (+55 11) 3048-5941
Flávia Godoy: (+55 11) 3048-5955
Douglas Ribeiro (+55 11) 3048-6353
Caique Moraes (+55 11) 3048-2108

Cision View original content:http://www.prnewswire.com/news-releases/ccr---results-for-the-2nd-quarter-of-2020-301112340.html

SOURCE CCR S.A.

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