Results for the 2nd quarter of 2021
SÃO PAULO, Aug. 12, 2021 /PRNewswire/ — CCR S.A. (CCR), one of Latin America’s largest infrastructure concession groups, discloses its results for the 2nd quarter of 2021.
Highlights 2Q21 vs. 2Q20
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Consolidated traffic increased by 33.7%. Excluding ViaSul and ViaCosteira, growth was 28.0% in the period.
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Adjusted EBITDA grew 65.4%, with a margin of 60.7% (12.4 p.p.). Same-basis adjusted EBITDA1 increased 63.7%, with a margin of 60.7% (12.4 p.p.).
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Net Loss totaled R$44.0 million, compared to a loss of R$142.1 million in 2Q20. On the same base1, Net Income totaled R$294.4 million, compared to a loss of R$142.5 million.
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As disclosed on a Material Fact of June 29, 2021, the Company announced the execution of a preliminary Amendment and Modifying Instrument (TAM) between CCR and the São Paulo State Government. The purpose of the Preliminary Agreement is to establish conditions for the dismissal of lawsuits filed by the Granting Authority and ARTESP to annul the Amendment and Modifying Instruments executed in 2006, as well as to have the Parties recognize, irrevocably, the economic and financial imbalances in favor of the Granting Authority and the Concessionaires; and AutoBAn’s right to an economic and financial rebalancing in its favor by extending the term of its concession agreement to January 2037 (estimated date). A period of 9 months was defined, counted from its signature and renewable by agreement between the Parties, for ARTESP to confirm the calculations indicated in the Preliminary Agreement.
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As disclosed on a Material Fact of June 30, 2021, ViaMobilidade – Lines 8 and 9, and the São Paulo State, executed a Concession Agreement, whose objective is the concession of public passenger transportation services of Lines 8 – Diamond, and 9 – Emerald, comprising their operation, maintenance, conservation, improvements, and expansion.
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Because of the COVID-19 pandemic, the authorities have imposed social distancing and free movement restrictions, impacting demand and, consequently, CCR’s 2Q21 results. For more details, please refer to the “COVID-19” section of this earnings release and Note 1.1 of the Quarterly Information.
1 – Adjustments on the same basis are described on the same basis section of the company´s earnings release, available at www.ccr.com.br/ri.
|
IFRS |
Proforma |
||||||
|
Financial Indicators (R$ MM) |
2Q20 |
2Q21 |
Chg % |
2Q20 |
2Q21 |
Chg % |
|
|
Net Revenues1 |
1.767,3 |
2.327,1 |
31,7% |
1.834,7 |
2.453,0 |
33,7% |
|
|
Adjusted Net Revenues on the same basis2 |
1.767,3 |
2.303,9 |
30,4% |
1.834,7 |
2.429,9 |
32,4% |
|
|
Adjusted EBIT3 |
177,1 |
315,6 |
78,2% |
179,3 |
378,1 |
110,9% |
|
|
Adjusted EBIT Mg.4 |
10,0% |
13,6% |
3,6 p.p. |
9,8% |
15,4% |
5,6 p.p. |
|
|
Adjusted EBITDA5 |
853,6 |
1.411,7 |
65,4% |
894,4 |
1.501,3 |
67,9% |
|
|
Adjusted EBITDA Mg.4 |
48,3% |
60,7% |
12,4 p.p. |
48,7% |
61,2% |
12,5 p.p. |
|
|
Adjusted EBITDA on the same basis2 |
853,7 |
1.397,6 |
63,7% |
894,4 |
1.487,2 |
66,3% |
|
|
Adjusted EBITDA Mg. on the same basis2 |
48,3% |
60,7% |
12,4 p.p. |
48,7% |
61,2% |
12,5 p.p. |
|
|
Net Income |
(142,1) |
(44,0) |
-69,0% |
(142,1) |
(44,0) |
-69,0% |
|
|
Net Income on the same basis2 |
(142,5) |
294,4 |
n.m. |
(142,5) |
294,4 |
n.m. |
|
|
Net Debt / Adjusted EBITDA LTM (x)6 |
2,7 |
2,3 |
2,8 |
2,3 |
|||
|
Adjusted EBITDA5 / Interest and Monetary Variation (x) |
3,0 |
4,4 |
2,8 |
4,2 |
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|
IFRS |
Proforma |
||||||
|
Financial Indicators (R$ MM) |
1H20 |
1H21 |
Chg % |
1H20 |
1H21 |
Chg % |
|
|
Net Revenues1 |
4.154,9 |
5.767,0 |
38,8% |
4.360,2 |
6.007,1 |
37,8% |
|
|
Adjusted Net Revenues on the same basis2 |
4.154,9 |
4.604,0 |
10,8% |
4.360,2 |
4.844,0 |
11,1% |
|
|
Adjusted EBIT3 |
1.015,3 |
2.081,3 |
105,0% |
1.085,4 |
2.197,4 |
102,5% |
|
|
Adjusted EBIT Mg.4 |
24,4% |
36,1% |
11,7 p.p. |
24,9% |
36,6% |
11,7 p.p. |
|
|
Adjusted EBITDA5 |
2.320,5 |
3.916,2 |
68,8% |
2.463,2 |
4.084,2 |
65,8% |
|
|
Adjusted EBITDA Mg.4 |
55,8% |
67,9% |
12,1 p.p. |
56,5% |
68,0% |
11,5 p.p. |
|
|
Adjusted EBITDA on the same basis2 |
2.320,5 |
2.766,2 |
19,2% |
2.463,2 |
5.213,9 |
111,7% |
|
|
Adjusted EBITDA Mg. on the same basis2 |
55,8% |
60,1% |
4,3 p.p. |
56,5% |
107,6% |
51,1 p.p. |
|
|
Net Income |
147,6 |
644,9 |
336,9% |
147,6 |
644,9 |
336,9% |
|
|
Net Income on the same basis2 |
147,2 |
420,4 |
185,6% |
147,2 |
420,4 |
185,6% |
|
|
Net Debt / Adjusted EBITDA LTM (x)6 |
2,7 |
2,3 |
2,8 |
2,3 |
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Adjusted EBITDA5 / Interest and Monetary Variation (x) |
3,8 |
6,1 |
3,6 |
5,7 |
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1 Net revenues exclude construction revenues.
2 The same-basis effects are described in the same-basis comparison section.
3 Calculated by adding Net Revenues, Construction Revenues, Cost of Services, and Administrative Expenses.
4 The adjusted EBIT and EBITDA margins were calculated by dividing adjusted EBIT and EBITDA by net revenues, excluding construction revenues.
5 Calculated by excluding non-cash expenses: depreciation and amortization, provision for maintenance, and recognition of prepaid concession expenses.
6 To calculate the Net Debt / Adjusted EBITDA ratio, the Adjusted EBITDA was used as of 1Q21, and the operating adjusted EBITDA was used for the other periods (as announced in previous earnings releases).
Conference Calls/Webcast
Access to the conference calls/webcasts:
Conference call in Portuguese with simultaneous translation into English:
Friday, August 13, 2021
13:00 p.m. São Paulo / 12:00 p.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
Flávia Godoy: (+55 11) 3048-5955
Douglas Ribeiro: (+55 11) 3048-6353
Caique Moraes: (+55 11) 3048-2108
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SOURCE CCR S.A.