SAO PAULO, Aug. 12 /PRNewswire-FirstCall/ -- Companhia de Concessoes
Rodoviarias (CCR), Brazil's largest road concession operator in terms of
revenue, announces its results for the 2nd quarter of 2009.
Unless otherwise stated, all financial and operating data herein are
presented on a consolidated basis in Reais (R$) pursuant to Brazilian
Corporate Law and all comparisons refer to 2Q08 and 1H08.
The results of Renovias and RodoAnel Oeste were incorporated into CCR as
of June 2008 and December 17, 2008, respectively. The financial information
excluding the effects of these incorporations are herein referred to as
"Excluding Renovias and RodoAnel" and the results are pro forma.
HIGHLIGHTS
-- Net revenue stood at R$ 736.8 million (+16.0%) in 2Q09 and
R$ 1,452.8 million (+15.7%) in 1H09. Excluding Renovias and RodoAnel, net
revenue totaled R$ 690.1 million (+9.7%) in 2Q09 and R$ 1,363.4 million
(+9.1%) in 1H09.
-- EBIT totaled R$ 352.1 million (+21.5%) in 2Q09 and R$ 697.7 million
(+15.4%) in 1H09. The EBIT margin reached 47.8% (+2.2 p.p.) in 2Q09 and 48.0%
(-0.1 p.p.) in 1H09. Excluding Renovias and RodoAnel, EBIT totaled
R$ 336.7 million in 2Q09 and R$ 670.1 million in 1H09.
-- EBITDA totaled R$ 466.6 million (+23.9%) in 2Q09 and R$ 921.4 million
in 1H09 (+18.3%). The EBITDA margin reached 63.3% (+4.0 p.p.) in 2Q09 and
63.4% (+1.4 p.p.) in 1H09. Excluding Renovias and RodoAnel, EBITDA came to
R$ 431.9 million in 2Q09 and R$ 857.3 million in 1H09.
-- Net income totaled R$ 181.9 million (+28.2%) in 2Q09 and
R$ 337.8 million (+11.1%) in 1H09. Excluding Renovias and RodoAnel, net income
totaled R$ 207.6 million in 2Q09 and R$ 388.2 million in 1H09.
-- Traffic grew by 18.1% in 2Q09 and 17.2% in 1H09. Excluding Renovias and
RodoAnel Oeste, traffic edged down by -0.1% in 2Q09 and -1.1% in 1H09.
-- The number of AVI users rose 48.0% compared to 2Q08, totaling 1,538,000
active tags.
Financial 2Q08 2Q09 % 1H08 1H09 %
Highlights Reclassified Change Reclassified Change
(R$ MM)
Net Revenue 635.3 736.8 16.0% 1,255.7 1,452.8 15.7%
EBIT 289.8 352.1 21.5% 604.5 697.7 15.4%
EBIT Margin 45.6% 47.8% +2.2 p.p. 48.1% 48.0% -0.1 p.p.
EBITDA 376.5 466.6 23.9% 778.7 921.4 18.3%
EBITDA Margin 59.3% 63.3% +4.0 p.p. 62.0% 63.4% +1.4 p.p.
Net Income 141.9 181.9 28.2% 304.1 337.8 11.1%
Net Debt/
EBITDA LTM 1.13x 1.65x - 1.13x 1.65x -
EBITDA/CAPEX 2.96x 2.02x - 3.38x 2.36x -
EBITDA/
Interest
and Monetary
Variation 4.50x 4.53x - 5.16x 4.28x -
UPCOMING EVENTS
-- On August 4, 2009, CCR concluded the distribution of its 5th debenture
issue in the total amount of R$ 598.2 million.
-- On August 12, 2009, CCR approved the payment of dividends proposed by
the management, in the amount of R$ 1.26 per share (R$ 0.10 of which is
relative to fiscal year 2008 and R$ 1.16 as an advance on fiscal year 2009),
totaling R$ 507.9 million, to be paid on September 30, 2009.
COMMENTS FROM THE CEO
Renato Alves Vale: "It gives us great satisfaction to announce CCR's
substantial results for the second quarter of 2009 to our shareholders,
employees, users, stakeholders and the market.
"In this quarter, we observed a substantial reversal of the downward
traffic trend, resulting in a vehicle equivalent volume in line with the same
period of last year, when we obtained the best consolidated traffic
performance since we began operating the current portfolio. Once again, CCR
has shown that its business model is based on assets that are exceptionally
resistant to economic downturns, thanks to the mix between commercial and
passenger vehicles and the variety of products transported.
"Cost controls have assumed an even more crucial role in 2009 and, jointly
with the liquidity preservation policy, they have enabled us to fulfill the
plan without shifting the focus from shareholder creation value and from the
commitment to maximize dividend distribution."
