SOURCE: Companhia de Concessoes Rodoviarias
SAO PAULO, BRAZIL--(Marketwire - May 15, 2012) - CCR S.A. (CCR) (BOVESPA: CCRO3), Brazil's largest road concession operator in revenue terms, hereby announces its results for the first quarter and the year of 2012.
Presentation of the Results
The Quarterly Financial Statements (ITR) have been drawn up and are presented in accordance with accounting practices adopted in Brazil for the Parent Company, and comply with International Financial Reporting Standards ("IFRS"), issued by the International Accounting Standards Board (IASB") for the consolidated results, as well as being pursuant to the conditions set out under Brazilian Corporation Law, rules defined by the Brazilian Securities Exchange Commission (CVM") and the Pronouncements Guidelines and Interpretations issued by the Accounting Statements Committee ("CPC"), applied in a manner consistent with the accounting practices described in Explanatory Note No. 3 accompanying these quarterly financial statements.
Unless otherwise stated, the financial and operational information set out below is presented on a consolidated basis in thousands of Reais, in accordance with Brazilian Corporation Law, with comparisons referring to 1Q11.
Non-financial information, as well as other operational information, has not been reviewed by the independent auditors.
The figures presented take into consideration the changes introduced by the IFRS and their respective impact, as described in the Press Release for 2010 in the section "IFRS Conceptual Supplement," which is available on our website. Net Operating Revenue as presented excludes Construction Revenue.
Some reclassifications between line items from 1Q11's results were made in order to better compare them with the results presented in 1Q12.
- Net Revenue totaled R$ 1,194.6 million in 1Q12 (+14.5%).
- EBIT amounted to R$ 607.6 million (+25.7%) in 1Q12; the EBIT margin was 50.9% (+4.6 p.p.).
- EBITDA totaled R$ 780.5 million (+17.9%) in 1Q12; the EBITDA margin was 65.3% (+1.9 p.p.).
- Consolidated traffic increased by 5.1% compared to 1Q11.
- Net Income reached R$ 288.6 million, due to increased cash generation, reduction of operational costs and financial expenses.
- The number of STP (electronic toll system) users increased by 23.8% over March 2011, with a total of 3,374,000 active tags.
- On April 13, 2012, the supplemental distribution of dividends proposed by Company's management for the fiscal year of 2011 was approved, in the amount of R$ 0.06/share, distributed as of April 27, 2012. Taking into account the intermediate dividends paid out on September 30, 2011, of R$ 0.40/share, payout referring to the fiscal year of 2011 was 89.2%.
- The Company's results incorporate the impact of ViaQuatro, a project currently in the ramp up phase.
Comments from the CEO
Renato Alves Vale: "It is with great satisfaction that we present our results for the first quarter of 2012 to our shareholders, the market, employees, users and our various interested public audiences.
"We highlight the growth of 5.1% in consolidated traffic and the 1.9 p.p. expansion of the EBITDA margin. Besides better operating performance, the financial results also contributed to the strong increase in net income, of 64.7%, reaching R$ 288.6 million.
"This performance has allowed CCR to proceed with its commitment of dividend distribution, performing as of April 27, 2012 a supplemental payout of dividends related to the fiscal year 2011, in the amount of R$ 0.06/share. Adding this to the intermediate dividends paid on September 30, 2011, of R$ 0.40/share, the company carrying a total dividends distribution of 89.2% of profits regarding the fiscal year of 2011, much higher than our minimum commitment to investors (50%).
"Moreover, we are continuing our strategy of qualified growth, with two important events during the month of April: the acquisition of Barcas S.A. and the achievement of the Transolímpica through the Consórcio Rio Olímpico, which strengthens CCR's position in the urban mobility segment in the city of Rio de Janeiro, contributing to the promotion of its sustainable development through improvements in infrastructure.
"We continue to be excited by the excellent future prospects in view of the positive economic forecast for Brazil and the expectation of new growth opportunities, especially as a result of the World Cup (2014) and the Olympic Games (2016) in the city of Rio de Janeiro. Always prioritizing capital discipline and the creation of value by the Company for its shareholders, we hope to be able to continue contributing to the socio-economic development of the regions in which we operate."
Wednesday, May 16, 2012
10:30 a.m. São Paulo / 9:30 a.m. New York
Telephone: (11) 4688-6361
Replay: (11) 4688-6312
Wednesday, May 16, 2012
11:30 a.m. São Paulo / 10:30 a.m. New York
Brazil: (11) 4688-6361 Code: CCR
Other Countries: (+1) 786-924-6977
US: (+1) 888-700-0802
Replay: (11) 4688-6312