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CCR: Results for the 2nd Quarter of 2010
12 Aug, 2010 @ 10:01 pm EDT
SAO PAULO, BRAZIL -- (Marketwire) -- 08/12/10 -- Companhia de Concessões Rodoviárias (CCR) (BOVESPA: CCRO3), Brazil's largest road concession operator in terms of revenue, announces its results for the 2nd quarter of 2010.
The results of Controlar were included into CCR as of August 13, 2009. As of January 2009, the costs of the concessionaire ViaQuatro previously registered as deferred assets, will be recorded on the income statement as a result of the adoption of Law 11,638/07 and Executive Order 449/08. The financial information excluding the above mentioned effects are herein referred to "Excluding ViaQuatro and Controlar" and the results are Pro Forma.
Companhia de Concessões Rodoviárias -- CCR's quarterly financial information (ITR) herein presented is in accordance with Brazilian company law, based upon revised financial data. The non-financial information, as well as operating information, was not reviewed by the independent auditors.
Presentation of Results
The Quarterly Statements (ITR) presented herein are in accordance with accounting practices adopted in Brazil, incorporating the rules established by the Securities Exchange Commission (CVM) pursuant to Brazilian Corporate Law, including changes introduced by Law 11.638/07 and Provisional Presidential Decree 449/08, subsequently converted into Law 11.941/09, and the Pronouncements issued by the Accounting Pronouncements Committee (CPC), consistently applied to the accounting practices described in Explanatory Note 3 with regard to the Company's annual financial statements referring to the fiscal year ending December 31, 2009, disclosed on February 18, 2010.
As permitted by CVM Decision 603/09, the Management of the Company decided to present the quarterly information according to the accounting rules in effect on December 31, 2009. The main accounting changes to be introduced during the 2010 fiscal year are described in Explanatory Note 3.
Unless otherwise stated, all financial and operating data herein are presented on a consolidated basis in Reais (R$) pursuant to Brazilian Corporate Law and all comparisons refer to 2Q09 and 1H09.
Highlights
- The Company's results include the effects of Controlar and ViaQuatro, projects currently in the ramp-up phase.
- Net Revenue was R$ 899.7 million (22.1%) in 2Q10; with regard to 1H09, net revenue stood at R$ 1,737.0, an increase of 19.6%.
- EBIT totaled R$ 415.7 million (+18.1%) in 2Q10 and in 1H10 it was R$ 820.6 million (+17.6%). The EBIT margin was 46.2% (-1.6 p.p.) in 2Q10, and 47.2% (-0.8 p.p.) in 1H10.
- EBITDA totaled R$ 554.8 million (+18.9%) in 2Q10 and R$ 1,094.9 million (+18.8%) in 1H10; the EBITDA margin was 61.7% (-1.6 p.p.) in 2Q10 and 63.0% (-0.4 p.p.) in 1H10.
- Net Income totaled R$ 156.2 million (-14.1%) in 2Q10 and R$ 291.7 million (-13.7%) in 1H10. Normalizing the Net Income in the 2Q10, i.e., booking the deferred RodoAnel tax asset and excluding ViaQuatro's mark-to-market hedge effect, the pro forma Net Income for 2Q10 would be R$ 183.0 million. Compared to 1H10, for normalization purposes, besides the aforementioned effects, also excluded is the non-recurring result reported in 1Q10, and therefore the normalized Net Income for 1H10 would be R$ 359.5 million.
- Traffic grew by 22.8% in 2Q10 and 21.0% in 1H10. Using the same traffic base, traffic increased 12.2% and 11.3% respectively.
- The number of AVI (electronic toll system) users rose 41.0% compared to 1H09, totaling 2,168,000 active tags.
- Company's Management proposed distribution of intermediate dividends in the amount of R$ 1.25 per share, totaling R$ 551.7 million.
SUBSEQUENT EVENTS
- On August 3, 2010 the Company announced to the market that its Companhia de Participações em Concessões (CPC) subsidiary signed a Contract for Purchase and Sale of Shares and Quotas and Other Covenants for the direct and indirect acquisition of 73.45% of the capital stock of the Rodovias Integradas do Oeste S/A concessionaire. The Company's investment, subject to adjustments pursuant to the Contract for Purchase and Sale of Shares and Quotas and Other Covenants, will be R$ 947.2 million. The conclusion of the acquisition is subject to precedent conditions foreseen in the Contract for Purchase and Sale of Shares and Quotas and Other Covenants, what authorization of the Granting Power, the liberation of guarantees supplied by the Sellers and/or their affiliated companies to the creditors of Rodovias Integradas do Oeste S/A and the favorable conclusion of the acquisition of the remaining portion of the capital stock of Rodovias Integradas do Oeste S/A.
Comments from the CEO
Renato Alves Vale: "It is with great satisfaction that we once again present our shareholders, employees, road users, the market and the public in general with the results obtained by CCR, for the second quarter of 2010.
"The recovery of the world economy continues to support the Brazilian economy, which is reflected in the results that have been presented by CCR. We are highlighting our strong consolidated traffic growth, which on comparable bases, equal to the same period of the previous year, demonstrated growth of 12.2% during the second quarter of 2010.
"This performance makes it possible for CCR to continue with its commitment to distribute dividends to shareholders, through the proposal of intermediate dividends in the amount of R$1.25 per share, totaling R$ 551.7 million.
"Finally, we continue to be confident regarding our future prospects, positive for the development of infrastructure projects and expectations of new growth opportunities, due to the World Cup (2014) and the Olympics (2016), always prioritizing capital discipline and, consequently, the creation of value for the Company and its shareholders, contributing to the socio-economic development of our country."
Conference Calls
------------------------------------------------------------------------
In Portuguese: In English:
Friday, August 13, 2010 Friday, August 13, 2010
11:30 a.m. São Paulo / 10:30 a.m.
New York 1 p.m. São Paulo / 12 p.m. New York
Telephone: (11) 4688-6361 Brazil: (11) 4688-6361
Code: CCR USA: (+1) 888-700-0802
Replay: (11) 4688-6312 Other Countries: (+1) 786-924-6977
Code: 47297 Code: CCR
Replay: (11) 4688-6312 / Code: 47298
Webcast: Webcast:
www.grupoccr.com.br/investidores www.grupoccr.com.br/investidores
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1332578
IR Contacts:
Marcus Macedo
+55 11 3048-5941
Flavia Godoy
+55 11 3048-5955
Danilo Cabrera
+55 11 3048-6353
For more information, go to www.marketwire.com
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