SAO PAULO, Brazil, May 14 /PRNewswire-FirstCall/ -- Companhia de Concessoes Rodoviarias (CCR), Brazil's largest road concession operator in terms of revenue, announces today its results for the first quarter of 2008. Unless otherwise stated, all financial and operating data herein are audited and presented on a consolidated basis in Reais (R$) pursuant to Brazilian Corporate Law and all comparisons refer to the first quarter of 2007 (1Q07).
Highlights - Traffic grew by 7.5% in 1Q08. - Net revenue reached R$ 620.4 million (+13.6%) in 1Q08. - EBIT totaled R$ 313.8 million (+20.4%) in 1Q08. - EBIT margin reached 50.6% (+2.9 p.p.) in 1Q08. - EBITDA came to R$ 401.2 million (+17.7%) in 1Q08. - EBITDA margin reached 64.7% (+2.3 p.p.) in 1Q08. - Net Income totaled R$ 167.2 million (+13.9%) in 1Q08. - The number of AVI users rose 25.5%, attaining 968,000 users versus 1Q07. - On March 11, 2008, the Company informed its shareholders and the market that Consorcio Integracao Oeste, in which CCR holds a 95% stake, obtained the best classification among the proposals with lowest toll tariffs submitted in the bid for the Concession of the Mario Covas Ring Road - West segment. - On May 7, 2008, Consorcio Integracao Oeste, was declared the winner of the international public bid 0001/2008 for the exploration, through a concession of the Mario Covas Ring Road - West Segment. - On May 8, 2008, Consorcio Integracao Oeste was summoned to sign the concession agreement within 30 (thirty) days. Financial Highlights (R$ millions) 1Q07 1Q08 change % Net Revenue 545.9 620.4 +13.6% EBIT 260.5 313.8 +20.4% EBIT Margin 47.7% 50.6% +2.9 p.p. EBITDA 340.9 401.2 +17.7% EBITDA Margin 62.4% 64.7% +2.3 p.p. Net Income 146.8 167.2 +13.9% Net Debt/ EBITDA LTM 0.79x 0.72x - EBITDA / CAPEX 3.24x 3.89x - EBITDA / Interest 6.21x 5.93x - Comments From The CEO
Renato Alves Vale: "Once again, it is with great pleasure that we announce to our shareholders and the market the excellent results CCR obtained in the 1Q08.
"CCR continues profiting from its operational excellence and country's favorable economic scenario. Therefore, our main financial indicators improved over 1Q07; note that EBITDA outgrew net revenue, widening the EBITDA margin to 64.7%, an all-time high. The 7.5% growth in consolidated traffic also exceeded our expectations.
"In line with the strategy of profitable growth with capital discipline, generating value to the Company and its shareholders, CCR published two material facts in 1Q08 related to the acquisition of new businesses, namely: 1) on January 29, 2008, CCR signed an irrevocable and irreversible purchase agreement to acquire 40% of the capital of Concessionaria Renovias S/A. and 2) on March 11, 2008, Consorcio Integracao Oeste, a consortium formed by CCR (95%) and Encalso (5%), submitted the best proposal in the bid for the concession of the Mario Covas Ring Road - West Segment. As we have already mentioned, we have 30 days, as of May 8, 2008 to sign the concession agreement for the Mario Covas Ring Road - West Segment and we also expect to be able to announce the conclusion of the acquisition of 40% of the capital of Concessionaria Renovias S/A soon.
"Finally, we are increasingly confident about our prospects for the future, especially after the long-term Brazilian debt was upgraded to investment grade (BBB- by Standard & Poor's) in late April. We also believe in the continuous improvement of the results of our current concessions and acquisition of new business, in Brazil or abroad. These should create other opportunities for profitable growth, always prioritizing capital discipline and, consequently, the creation of value to the Company and its shareholders."
Upcoming Events Conference Calls English: Thursday, May 15, 2008 1:00 p.m. (Brasilia Time) / 11:00 a.m. (US ET) Phone: +1 (973) 935-8893 Replay: +1 (706) 645- 9291 Code: 43399878 Live Webcast: http://www.grupoccr.com.br/ Portuguese: Thursday, May 15, 2008 11:30 a.m. (Brasilia Time) / 9:30 a.m. (US ET) Phone: + 55 11 2188-0188 Replay: + 55 11 2188-0188 Code: CCR Live Webcast: http://www.grupoccr.com.br/ri Contact IR: Flavia Godoy + 55 11 3048-5955
