SOURCE: Companhia de Concessoes Rodoviarias

Companhia de Concessoes Rodoviarias

November 10, 2011 18:48 ET

CCR S.A.: Results for Third Quarter 2011

SAO PAULO, BRAZIL--(Marketwire - Nov 10, 2011) - CCR S.A. (CCR) (BOVESPA: CCRO3), Brazil's largest road concession operator in revenue terms hereby announces its results for the third quarter 2011.

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"), as 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, the standards 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 3Q10 and 9M10.

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 Revenue totaled R$ 1,228.5 million in 3Q11 (+25.6%) and R$ 3,352.1 (+23.5%) in 9M11, with SPVias contributing R$ 99.9 million in 3Q11.

EBIT amounted to R$ 652.4 million (+35.7%) in 3Q11, while totaling R$ 1,617.4 million (+16.6%) in 9M11. EBIT margin was 53.1% (+4.1 p.p.) In 3Q11, and 48.2% (-2.9 p.p.) in 9M11. Excluding the provision for maintenance, pro-forma EBIT amounted to R$ 694.1 million in 3Q 11 and R$ 1,759.0 million in 9M11, with respective pro-forma EBIT margin of 56.5% and 52.5%..

EBITDA totaled R$ 823.3 million (+41.5%) in 3Q11 and R$ 2,146.3 million (+29.4%) in 9M11; EBITDA margin amounted to 67.0% (+7.5 p.p.) In 3Q 11 and 64.0% (+2.9 p.p.) In 9M11.

Consolidated traffic grew by 10.7% in 3Q11, being up 13.2% in 9M11. On a comparable basis, traffic was up by 4.4% in 3Q11 and 6.1% in 9M11.

The number of STP (electronic toll system) users increased by 30.2% over September 30, 2010, with a total of 3,048,000 active tags, with charges collected by electronic means contributing 66.4% of the total in 3Q11.

As at September 30, 2011, CCR distributed a dividend of R$ 1.59 per share, amounting to a total of R$ 701.8 million. Taking into account the additional dividends referring to 2010 that were distributed on April 29, 2011, of R$ 0.228309 per share, dividends paid (cash) totaled R$ 1.818309 per share for 2011.

The results of the Company incorporate the impacts of Controlar, ViaQuatro and SPVias, projects which were either acquired recently or that are in the ramp-up phase.

Comments from the CEO

Renato Alves Vale: "It is with great satisfaction that we present CCR's results for the Third Quarter 2011 to our shareholders, the market, employees, users, and our various interested public audiences.

Industrial production registered nil growth in this quarter. Even so there was a significant increase in traffic levels on our road network, corresponding to a growth of 10.7%, compared to the same period a year earlier, on a comparable basis (same concessions), growth amounted to 4.4%.

This performance enabled CCR to meet its commitment to distribute dividends to shareholders, with the distribution of an interim dividend of R$1.59 per share, totaling R$ 701.8 million, while maintaining the company's solid financial position.

We continue to have confidence in the economic scenario in Brazil and in the potential demand as a result of infrastructure development, in addition to new growth opportunities as a consequence of the World Cup (2014) and the Olympic Games (2016), while always prioritizing capital discipline, and consequently the creation of value for the company and its shareholders, and at the same time contributing to the socio-economic development of our Country."

Next Events
Conference Calls

In Portuguese:
Friday, November 11, 2011
11.30 a.m São Paulo / 8.30 a.m New York
Telephone: (11) 2188-0155
Password: CCR

In English:
Friday, November 11, 2011
1.30 p.m. São Paulo / 10.30 a.m New York
Brazil: (11) 2188-0155
Other Countries: (+1) 866-890-2584
Replay: (11) 2188-0155
Password: CCR

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