- Traffic fell 3.9% in 4Q18 compared to 4Q17, excluding suspended axle exemptions traffic increased 0.4%
- Adjusted EBITDA increased 3.6% in 4Q18 on a same-basis compared to 4Q17, with an adjusted margin of 61.7% (+0.4 percentage points)
- Same-basis net income in 4Q18 totaled R$356.9 million, down 21.1% from 4Q17
2. Disclaimer
2
This presentation may contain certain forward-looking projections and trends that neither
represent realized financial results nor historical information.
These forward-looking projections and trends are subject to risk and uncertainty, and
future results may differ materially from the projections. Many of these risks and
uncertainties are related to factors that are beyond CCR’s ability to control or to estimate,
such as market conditions, currency swings, the behavior of other market participants, the
actions of regulatory agencies, the ability of the company to continue to obtain financing,
changes in the political and social context in which CCR operates or economic trends or
conditions, including changes in the rate of inflation and changes in consumer confidence
on a global, national or regional scale.
Readers are advised not to fully trust these projections and trends. CCR is not obliged to
publish any revision of these projections and trends that should reflect new events or
circumstances after the realization of this presentation.
3. TRAFFIC:
Consolidated traffic fell by 3.9%. Excluding the effects of the suspended axle
exemption, consolidated traffic increased by 0.4%.
EBITDA:
Same-basis1 adjusted EBITDA increased by 3.6%, with an adjusted margin of
61.7% (+0.4 p.p.). Operational Adjusted EBITDA2 went up 8.6%, with a margin
of 60.3% (-1.0 p.p.).
NET PROFIT:
Same-basis1 net income totaled R$356.9 million, down 21.1%. Net income
totaled R$337.3 million, up 2.5%.
4Q18 x 4Q17 Highlights
3
1 Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our stake and, consequently,
acquired control in October 2018; (iii) provision for fines and penalties arising from a Leniency Agreement signed with the Federal Prosecution Office, pursuant to the Material Fact of March 6,
2019, with an impact of R$750.0 million on EBITDA and R$644.4 million on net income; (iv) a provision arising from the Settlement Agreement signed with the Public Prosecution Office of São
Paulo, with an impact of R$81.5 million on EBITDA and R$53.8 million on net income; (v) non-recurring expenses and provisions related to severance costs at the CCR Group, with an impact of
R$74.4 million on EBITDA and R$49.1 million on net income; (vi) non-recurring expenses related to the Independent Committee, with an impact of R$15.5 million on EBITDA and R$10.2 million
on net income; and (vii) remeasurement of the stake previously held at San José, leading to an increase in investments (concession right generated at the acquisition), with an impact of R$91.6
million on EBITDA and R$60.5 million on net income.
2 In addition to non-cash expenses excluded from adjusted EBITDA, it excludes non-cash non-operating revenue and/or expenses: (i) non-recurring from the provisions for fines and penalties
arising from the signature of the Leniency and Settlement Agreements mentioned above, of -R$750.0 million and -R$81.5 million, respectively; (ii) non-recurring from the remeasurement of the
stake held at Aeris, of R$91.6 million and; (iii) provision from the Collaboration Incentive Program (PIC), of -R$71.2 million.
4. On January 11, we signed a 30-year concession agreement for Rodovias
Integradas do Sul S.A. (ViaSul). The commercial operations began on
February 15, with two toll plazas.
On March 11, the consortium comprised of CCR (80%) and RuasInvest
Participações S.A. (20%) presented the best proposal, under onerous
concession, to provide public passenger transport services for Line 15
(Silver) of the São Paulo rail network.
Subsequent Events
5. Financial Highlights
5
1 Net revenue excludes construction revenue.
2 Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our stake
and, consequently, acquired control in October 2018; (iii) provision for fines and penalties arising from a Leniency Agreement signed with the Federal Prosecution Office,
pursuant to the Material Fact of March 6, 2019, with an impact of R$750.0 million on EBITDA and R$644.4 million on net income; (iv) a provision arising from the Settlement
Agreement signed with the Public Prosecution Office of São Paulo, with an impact of R$81.5 million on EBITDA and R$53.8 million on net income; (v) non-recurring
expenses and provisions related to severance costs at the CCR Group, with an impact of R$74.4 million on EBITDA and R$49.1 million on net income; (vi) non-recurring
expenses related to the Independent Committee, with an impact of R$15.5 million on EBITDA and R$10.2 million on net income; and (vii) remeasurement of the stake
previously held at San José, leading to an increase in investments (concession right generated at the acquisition), with an impact of R$91.6 million on EBITDA and R$60.5
million on net income.
3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.
4 The operational adjusted and adjusted EBIT and EBITDA margins were calculated by dividing operational adjusted and adjusted 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 In addition to non-cash expenses excluded from adjusted EBITDA, it excludes non-cash non-operating revenue and/or expenses: In 4Q18 and 2018: (i) non-recurring from
the provisions for fines and penalties arising from the signature of the Leniency and Settlement Agreements mentioned above, of -R$750.0 million and -R$81.5 million; (ii)
non-recurring from the remeasurement of the stake held at Aeris, of R$91.6 million and; (iii) provision from the Collaboration Incentive Program (PIC), f -R$71.2 million.
Financial Indicators (R$ MM) 4Q17 4Q18 Chg % 4Q17 4Q18 Chg %
Net Revenues1
2,021.1 2,233.5 10.5% 2,178.8 2,386.3 9.5%
Adjusted Net Revenues on the same basis2
2,021.1 2,083.2 3.1% 2,178.8 2,236.0 2.6%
Adjusted EBIT3
883.3 (24.4) n.m. 950.6 44.8 -95.3%
Adjusted EBIT Mg.4
43.7% -1.1% -44.8 p.p. 43.6% 1.9% -41.7 p.p.
EBIT on the same basis2
883.3 747.6 -15.4% 950.6 816.7 -14.1%
EBIT Mg. on the same basis2
43.7% 35.9% -7.8 p.p. 43.6% 36.5% -7.1 p.p.
Adjusted EBITDA5
1,239.6 535.3 -56.8% 1,342.4 640.4 -52.3%
Adjusted EBITDA Mg.4
61.3% 24.0% -37.3 p.p. 61.6% 26.8% -34.8 p.p.
Operating adjusted EBITDA6
1,239.6 1,346.5 8.6% 1,342.4 1,451.5 8.1%
Operating adjusted EBITDA Mg.4
61.3% 60.3% -1.0 p.p. 61.6% 60.8% -0.8 p.p.
Adjusted EBITDA on the same basis2
1,239.6 1,284.4 3.6% 1,342.4 1,389.5 3.5%
Adjusted EBITDA Mg. on the same basis2
61.3% 61.7% 0.4 p.p. 61.6% 62.1% 0.5 p.p.
Net Income 329.1 (307.1) n.m. 329.1 (307.1) n.m.
Net Income on the same basis2
452.2 356.9 -21.1% 452.2 356.9 -21.1%
IFRS Proforma
6. 274,866
263,925
246,897
259,167
249,836
4Q14 4Q15 4Q16 4Q17 4Q18
Traffic – Quarter Change (Proforma*)
6
Consolidated – MM Equivalent Vehicle
Toll Revenue and Traffic 4Q18 X 4Q17 (%)
* Information including proportional traffic of Renovias and ViaRio.
-4.5
-1.9
-4.6
0.5
-6.1
-4.3 -3.4 -3.1
3.8
-1.1
4.3
-0.8
7.1
-6.8
-0.7
-3.5
1.0
4.5
AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias RodoAnel
Oeste
SPVias MSVia
Traffic Toll Revenues
8. 2,510
2,601
1,613
115
71 48 49
59 1,035
39
840 830
158
4Q17 Depreciation
and
Amortization
Third-party
Services
Granting
Power
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs
4Q18 One-off San José,
ViaMobilidade
and ViaSul
4Q18
Same Basis
8
Conclusion of civil
works in NovaDutra,
RodoNorte and Metrô
Bahia.
ViaMobilidade,
San José and
Severance cost.
IFRS Costs Evolution
ViaMobilidade,
San José and
Independent
Committee.
1 Materials, insurance, rent, marketing, trips, electronic means of payment, fuel and other general expenses.
2 Same-basis costs exclude: : (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our stake and, consequently,
acquired control in October 2018; (iii) provision for fines and penalties arising from a Leniency Agreement signed with the Federal Prosecution Office, pursuant to the Material Fact of March 6,
2019, in the amount of R$750.0 million; (iv) a provision arising from the Settlement Agreement signed with the Public Prosecution Office of São Paulo, with an impact of R$81.5 million; (v) non-
recurring expenses and provisions related to severance costs at the CCR Group, with an impact of R$74.4 million; (vi) non-recurring expenses related to the Independent Committee, with an
impact of R$15.5 million; and (vii) remeasurement of the stake previously held at San José, leading to an increase in investments (concession right generated at the acquisition), with an impact
of R$91.6 million.
Same-basis cash
costs: R$ 799 MM
(+2.2%)
Total Costs (R$ MM)
AutoBAn and
ViaOeste
1
Same-basis
costs:
(-35.7%)
2
65% 240% 210%36% 75%29% 20% 486% 4%
9. 1,240
535
1,346
1,284
811 62
4Q17
Adjusted
EBITDA
4Q18
Adjusted
EBITDA
Non-cash
non-operating
revenue/
expenses
Operating
adjusted
EBITDA
New
Projects and
One-off
4Q18
EBITDA
Same Basis
IFRS EBITDA
9
61.3%
Mg.
R$ MM
Same basis +3.6%
61.7% Mg. (+0.4 p.p.)
24.0%
Mg.
2
60.3%
Mg.
1
1 In addition to non-cash expenses excluded from adjusted EBITDA, it excludes non-cash non-operating revenue and/or expenses: (i) non-recurring from the provisions for fines and penalties
arising from the signature of the Leniency and Settlement Agreements, of -R$750.0 million and -R$81.5 million, respectively; (ii) non-recurring from the remeasurement of the stake held at
Aeris, of R$91.6 million (for more details, see other costs item) and; (iii) provision from the Collaboration Incentive Program (PIC), of -R$71.2 million.
2 Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our stake and, consequently,
acquired control in October 2018; (iii) provision for fines and penalties arising from a Leniency Agreement signed with the Federal Prosecution Office, pursuant to the Material Fact of March 6,
2019, with an impact of R$750.0 million on EBITDA; (iv) a provision arising from the Settlement Agreement signed with the Public Prosecution Office of São Paulo, with an impact of R$81.5
million on EBITDA; (v) non-recurring expenses and provisions related to severance costs at the CCR Group, with an impact of R$74.4 million on EBITDA; (vi) non-recurring expenses related to
the Independent Committee, with an impact of R$15.5 million on EBITDA; and (vii) remeasurement of the stake previously held at San José, leading to an increase in investments (concession
right generated at the acquisition), with an impact of R$91.6 million on EBITDA.
10. 10
R$ MM
IFRS Financial Results
Average cash balance 4Q18 x 4Q17 = - 13.9%
Chg. of average CDI 4Q18 X 4Q17= - 1.1 p.p.
Gross Debt = R$ 17.0 bn (+0.7%)
365
277
( 25 ) 3 ( 12 ) 56
5
( 91 ) (16 ) (1 ) 168
4Q17 Net
Financial Result
Income from
Hedge Operation
Monetary variation
on loans, financ.
and debentures
Monetary Variation
on Liabilities
related to the
Granting Power
Exchange Rate
Variation on Loans,
Financing,
Debentures,
Derivatives and
Suppliers
Present Value
Adjustment of
Maintenance Prov.
and Liabilities
related to the
Granting Power
Interest on Loans,
Financing and
Debentures
Investment Income
and Other Income
Fair Value of
Hedge Operation
Others 4Q18 Net
Financial Result
24%
11. 4Q18 4Q17
11
• Total Gross Debt: R$ 17.0 bi
(R$17.8 Bn proforma)
• Net Debt / EBITDA: 2.8 x
(2.7 x proforma)
Not hedged
Hedged
4Q18
Debt in December 31, 2018
Hedged
Indebtedness and leverage position
Gross debt by indexer Hedged gross debt by indexer
CDI
44.4%
IPCA
22.8%
TJLP
25.4%
USD
7.4%
CDI
56.9%
IPCA
11.9%
TJLP
24.2%
USD
3.5%
Others
3.5%
CDI
51.7%
IPCA
15.5%
TJLP
25.4%
USD
7.4%
14. 12,423
12,971
13,945
13,261
14,443
10,759
11,961 11,801
12,703 12,719
13,780
13,401
14,365
12,628
13,741
3.0 3.0 3.1
2.2 2.4
1.8 1.8
2.2 2.3 2.2
2.6 2.6 2.7 2.6 2.8
-5.5
-4.5
-3.5
-2.5
-1.5
-0.5
0.5
1.5
2.5
3.5
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 3Q18 4Q18
Net Debt (R$ MM) Net Debt/Operating adjusted EBITDA* (x)
14
R$ MM
Proforma Data IFRS
Debt
Net Debt / Operating adjusted EBITDA LTM
*Operational Adjusted EBITDA excludes in 4Q18 and 2018: (i) non-recurring from the provisions for fines and penalties arising from the signature of the Leniency and Settlement
Agreements mentioned in the costs section, of -R$750.0 million and -R$81.5 million, respectively; (ii) non-recurring from the remeasurement of the stake held at Aeris, of R$91.6 million
and; (iii) provision from the Collaboration Incentive Program (PIC), of -R$71.2 million.
15. 329 357
-307
697 33
4Q17
Net Income
4Q18
Net Income
One-off San José,
ViaMobilidade
and ViaSul
4Q18 Same Basis*
Net Income
15
R$ MM
Net Income
Same basis
(-21.1%)
*Same-basis figures exclude: (i) ViaMobilidade, whose concession agreement was signed in April 2018; (ii) San José International Airport, in which we increased our stake and,
consequently, acquired control in October 2018; (iii) provision for fines and penalties arising from a Leniency Agreement signed with the Federal Prosecution Office, pursuant to the
Material Fact of March 6, 2019, in the amount of R$644.4 million; (iv) a provision arising from the Settlement Agreement signed with the Public Prosecution Office of São Paulo, with an
impact of R$53.8 million; (v) non-recurring expenses and provisions related to severance costs at the CCR Group, with an impact of R$49.1 million; (vi) non-recurring expenses related to
the Independent Committee, with an impact of R$10.2 million; and (vii) remeasurement of the stake previously held at San José, leading to an increase in investments (concession right
generated at the acquisition), with an impact of R$60.5 million