SOURCE: Companhia de Concessoes Rodoviarias

Companhia de Concessoes Rodoviarias

November 11, 2010 18:47 ET

CCR: Results for the 3rd Quarter of 2010

SAO PAULO, BRAZIL--(Marketwire - November 11, 2010) - Companhia de Concessões Rodoviárias (CCR) (BOVESPA: CCRO3), Brazil's largest road concession operator in terms of revenue, announces its results for the 3rd quarter of 2010

The results of Controlar were included into CCR as of August 13, 2009. As of January 2009, the costs of the concessionaire ViaQuatro previously registered as deferred assets, will be recorded on the income statement as a result of the adoption of Law 11,638/07 and Executive Order 449/08. The financial information excluding the above mentioned effects are herein referred to as "Excluding ViaQuatro and Controlar" and the results are Pro Forma.

Companhia de Concessões Rodoviárias -- CCR's quarterly financial information (ITR) herein presented is in accordance with Brazilian company law, based upon revised financial data. The non-financial information, as well as operating information, was not reviewed by the independent auditors.

Presentation of the Results

The Quarterly Statements (ITR) presented herein are in accordance with accounting practices adopted in Brazil, incorporating the rules established by the Securities Exchange Commission (CVM) pursuant to Brazilian Corporate Law, including changes introduced by Law 11.638/07 and Provisional Presidential Decree 449/08, subsequently converted into Law 11.941/09, and the Pronouncements issued by the Accounting Pronouncements Committee (CPC), consistently applied to the accounting practices described in Explanatory Note 3 with regard to the Company's annual financial statements referring to the fiscal year ending December 31, 2009, disclosed on February 18, 2010.

As permitted by CVM Decision 603/09, the Management of the Company decided to present the quarterly information according to the accounting rules in effect on December 31, 2009. The main accounting changes to be introduced during the 2010 fiscal year are described in Explanatory Note 3.

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 3Q09 and 9M09.

Highlights

The Company's results include the effects of Controlar and ViaQuatro, projects currently in the ramp up phase.

Net Revenue was R$ 978.4 million (+23.0%) in 3Q10; with regard to 9M09, net revenue stood at R$ 2,715.4 million, an increase of 20.8%.

EBIT totaled R$ 454.3 million (+13.4%) in 3Q10 and for 9M10 was R$ 1,274.9 million (+16.1%). The EBIT margin reached 46.4% (-4.0 p.p.) in 3Q10, and 47.0% (-1.9 p.p.) in 9M10.

EBITDA totaled R$ 603.4 million (+16.3%) in 3Q10 and R$ 1,698.2 million (+17.9%) for 9M10; the EBITDA margin was 61.7% (-3.5 p.p.) in 3Q10 and 62.5% (-1.6 p.p.) in 9M10.

Net income totaled R$ 239.0 million (+29.2%) in 3Q10 and R$ 530.7 million (+1.5%) for 9M10. Booking RodoAnel's deferred tax asset, the Net Income pro forma for 3Q10 would be R$ 240.3 million, also excluded is the non-recurring results reported in 1Q10, and therefore the Net Income pro forma for the 09M10 period would be R$ 591.6 million.

Traffic grew by 25.9% in 3Q10 and 22.7% for 9M10. Using the same traffic base, traffic increased 15.0% and 12.6%, respectively.

The number of AVI (electronic toll system) users rose 39.7% compared with September 2009, totaling 2,340,000 active tags.

On September 30, 2010, CCR paid R$1.70 per share on dividends, totaling R$750.4 million. The dividends paid (cash) totaled R$1.93 per share in 2010, considering the complementary dividends that were distributed on May 5, 2010, for the year 2009, in the amount of R$0.23 per share.

Comments from the CEO

Renato Alves Vale: "It is with great satisfaction that we once again present our shareholders, the market, employees, users and the public in general with the results obtained by CCR for the third quarter of 2010.

"The performance of the Brazilian economy continues to support the results that have been presented by CCR. We are highlighting our strong consolidated traffic growth, which on comparable bases, equal to the same period of the previous year, demonstrated growth of 15.0% during the third quarter of 2010.

"This performance makes it possible for CCR to continue with its commitment to distribute dividends to shareholders, through the proposal of intermediate dividends in the amount of R$1.70 per share, totaling R$ 750.4 million, which occurred last September.

"As a subsequent fact, we should note the conclusion of the acquisition of Rodovias Integradas do Oeste S.A. on October 22, emphasizing the correctness of the CCR Group's business expansion strategy through acquisitions, federal and state tenders and related operations, always prioritizing the Company's capital discipline.

"Finally, we continue to be confident regarding our future prospects, in view of the positive economic scenario for the development of infrastructure projects and expectations of new growth opportunities due to the World Cup (2014) and the Olympics (2016), always prioritizing capital discipline and, consequently, the creation of value for the Company and its shareholders, contributing to the socio-economic development of our country."

Next Events

Conference Calls

In Portuguese: 
Friday, August 12, 2010,
11:30 a.m. São Paulo / 8:30 a.m. New York
Telephone: (11) 4688-6361
Code: CCR
Replay: (11) 4688-6312 
Code: 48332

In English:
Friday, August 12, 2010,
1 p.m. São Paulo / 10 a.m. New York
Brazil: (11) 4688-6361
USA: (+1) 888-700-0802
Other Countries: (+1) 786-924-6977
Code: CCR
Replay: (11) 4688-6312 / Code: 48336

Contact Information

  • IR Contacts:
    Marcus Macedo:
    55 (11) 3048-5941
    Flavia Godoy:
    55 (11) 3048-5955
    Danilo Cabrera:
    55 (11) 3048-6353