CCR Announces Results for the 3rd Quarter of 2009 PR Newswire SAO PAULO, Nov. 12 SAO PAULO, Nov. 12 /PRNewswire/ -- Companhia de Concessoes Rodoviarias (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the 3rd quarter of 2009. Unless otherwise stated, all financial and operating data herein are presented on a consolidated basis in Reais (R$) pursuant to Brazilian Corporate Law and all comparisons refer to the 3Q08 and 9M08. The results of Renovias, RodoAnel Oeste and Controlar were included into CCR as of June 2008, December 2008 and August 13, 2009, respectively. The financial information excluding the effects of these incorporations are herein referred to as "Excluding Renovias, RodoAnel and Controlar" and the results are pro forma. HIGHLIGHTS -- Net Revenue stood at R$ 795.2 million (+6.9%) in the 3Q09 and R$ 2,248.0 million (+12.4%) in the 9M09. Excluding Renovias, RodoAnel and Controlar, Net Revenue totaled R$ 737.1 million (+2.0%) in the 3Q09 and R$ 2,100.5 million (+6.5%) in the 9M09. -- EBIT totaled R$ 400.8 million (+3.2%) in the 3Q09 and R$ 1,098.5 million (+10.6%) in the 9M09. The EBIT margin reached 50.4% (-1.8 p.p.) in the 3Q09 and 48.9% (-0.7 p.p.) in the 9M09. Excluding Renovias, RodoAnel and Controlar, EBIT totaled R$ 379.4 million in the 3Q09 and R$ 1,049.4 million in the 9M09. -- EBITDA totaled R$ 518.7 million (+7.5%) in the 3Q09 and $ 1,440.1 million in the 9M09 (+14.2%). The EBITDA margin reached 65.2% (+0.4 p.p.) in the 3Q09 and 64.1% (+1.0 p.p.) in the 9M09. Excluding Renovias, RodoAnel and Controlar, EBITDA came to R$ 473.7 million in the 3Q09 and R$ 1,331.1 million in the 9M09. -- Net Income totaled R$ 185.0 million (-15.7%) in the 3Q09 and R$ 522.8 million (-0.1%) in the 9M09. Excluding Renovias, RodoAnel and Controlar, Net Income totaled R$ 208.1 million in the 3Q09 and R$ 596.3 million in the 9M09. -- Traffic grew by 14.5% in the 3Q09 and 16.3% in the 9M09. Excluding Renovias, RodoAnel and Controlar Oeste, traffic edged down by -1.7% in the 3Q09 and -1.3% in the 9M09. -- The number of AVI users (electronic toll system) rose 44.6% compared to the 3Q08, totaling 1,675,000 active tags. -- On August 13, 2009, the Company's subsidiary Companhia de Participacoes em Concessoes (CPC) concluded the steps stipulated in the Purchase Agreement entered into on February 9, 2009, and now retains 45% (forty-five percent) of Controlar. -- On September 30, 2009, CCR paid dividends in the amount of R$ 1.26 per share, totaling R$ 507.9 million. -- On October 21, 2009, the Board of Directors approved a capital increase of R$ 1,098.9 million through the issue of 33,300,000 common shares at R$ 33.00 per share, with financial settlement on October 27, 2009. The number of shares may be increased by up to 15%, if the over-allotment option is exercised -- On November 27, 2009, CCR will hold its 5th CCR Day. Financial Highlights (R$ MM) 3Q08 3Q09 Change % 9M08 9M09 Change % Reclassified Reclassified Net Revenue 744.1 795.2 6.9% 1,999.8 2,248.0 12.4% EBIT 388.4 400.8 3.2% 992.9 1,098.5 10.6% EBIT Margin 52.2% 50.4% -1.8 p.p. 49.6% 48.9% -0.7 p.p. EBITDA 482.3 518.7 7.5% 1,261.0 1,440.1 14.2% EBITDA Margin 64.8% 65.2% +0.4 p.p. 63.1% 64.1% +1.0 p.p. Net Income 219.4 185.0 -15.7% 523.5 522.8 -0.1% Net Debt / 1.43x 2.06x - 1.43x 2.06x - EBITDA LTM EBITDA / CAPEX 2.67x 1.87x - 3.06x 2.10x - EBITDA / Interest and Monetary Variation 7.24x 4.47x - 5.80x 4.34x - COMMENTS FROM THE CEO Renato Alves Vale: "It gives us great satisfaction to announce CCR's substantial results for the third quarter of 2009 to our shareholders, employees, users, stakeholders and the market. "Following a first half marked by the effects of the global crisis and a substantial economic slowdown, we believe the country's current industrial figures, such as strong vehicle sales, increased capacity use and production growth, indicate a much more favorable environment from now on and we are confident regarding the future prospects. "In addition, CCR's business model is based on assets that are highly resistant to economic downturns, allowing it to fulfill its commitment of paying dividends to shareholders. On September 30, we paid R$ 1.26 per share, representing 97.1% of our year-to-date net income. "We would like to reiterate our commitment to our shareholders and reaffirm the CCR Group's business expansion and qualified growth strategy through participation in new bids and the acquisition of existing highway concessions and related businesses, always focused on capital discipline." UPCOMING EVENTS Conference Calls: Friday, November 13, 2009 English: 10:00 a.m. (EST) / 1:00 p.m. (Brazil time) Phone: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 38253972 Webcast: www.grupoccr.com.br/ir Portuguese: 8:30 a.m. (EST) / 11:30 a.m. (Brazil time) Phone: 11 2101-4848 Replay: 11 2101-4848 Code: CCR Webcast: www.grupoccr.com.br/ri IR CONTACTS: Marcus Macedo +55 11 3048-5941 Flavia Godoy +55 11 3048-5955 Danilo Cabrera +55 11 3048-6353 SOURCE Companhia de Concessoes Rodoviarias Website: http://www.grupoccr.com.br/ir Contact: IR Contacts, Marcus Macedo, +011-55-11-3048-5941, or Flavia Godoy, +011-55-11-3048-5955, or Danilo Cabrera +011-55-11-3048-6353, all of CCR
Press spacebar to pause and continue. Press esc to stop.