CCR - Results for the 1st quarter of 2021

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May 13, 2021 7:43 PM EDT

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SÃO PAULO, May 13, 2021 /PRNewswire/ -- CCR S.A. (CCR), one of Latin America's largest infrastructure concession groups, discloses its results for the 1st quarter of 2021.

Highlights 1Q21 vs. 1Q20

Consolidated traffic increased by 1.7%. Excluding ViaSul, it fell by 0.1% in the period.
Adjusted EBITDA grew 70.7%, with a margin of 72.8% (11.4 p.p.). On a same basis1 (ex-rebalance of ViaQuatro), EBITDA fell by 6.7%, with a margin of 59.5% (-1.9 p.p.).
Net income totaled R$688.9 million, growth of 137.8%. On a same basis1 (ex-rebalance of ViaQuatro), net income was R$126.0 million, down by 56.5%.
On April 8, 2021, CCR informed its shareholders that it would begin paying dividends, of approximately R$0.09 per common share, on April 30, 2021.
As disclosed on a Material Fact dated March 23, 2021, the Company announced the execution of amendments 6 and 7, between ViaQuatro and the Granting Authority, referring to the rebalance of the Concession Agreement, which impacted Gross and Net Revenue by R$ 1.1 billion.
On April 7, 2021, Companhia de Participações em Concessões (CPC), a subsidiary of Grupo CCR, was the winner of the Central and South Blocks of the Auction of the 6th Round of Airport Concessions, conducted by the Federal Government, through the National Civil Aviation Agency ("ANAC"), for the provision of airport expansion, maintenance and operation services.
On April 20, 2021, the consortia formed by CCR (80%) and RuasInvest Participações S.A. (20%) presented the best proposal for rendering, in an onerous concession regime, of public passenger transportation services of Lines 8 and 9 of the São Paulo Metropolitan Region train network. The analysis of the qualification documents and corresponding statement of winning bidder are still pending.
Due to the COVID-19 pandemic, authorities have imposed several measures to restrict people's movements, as well as social distancing measures, which impacted demand and, consequently, CCR's 1Q21 results. For more details, please refer to the "COVID-19" section of this earnings release and Notes 1.1 and 28 of the interim financial information.

1 - Adjustments on the same basis are described on the same basis section of the company´s earnings release, available at www.ccr.com.br/ri.

	IFRS			*Proforma*
Financial Indicators (R$ MM)	1Q20	1Q21	Chg %	1Q20	1Q21	Chg %
Net Revenues1	2,387.6	3,439.9	44.1%	2,525.5	3,554.0	40.7%
Adjusted Net Revenues on the same basis (ex ViaQuatro's rebalance)2	2,387.6	2,300.1	-3.7%	2,525.5	2,414.2	-4.4%
Adjusted EBIT3	838.2	1,765.7	110.7%	906.1	1,819.3	100.8%
Adjusted EBIT Mg.4	35.1%	51.3%	16.2 p.p.	35.9%	51.2%	15.3 p.p.
Adjusted EBITDA5	1,466.8	2,504.5	70.7%	1,568.8	2,582.9	64.6%
Adjusted EBITDA Mg.4	61.4%	72.8%	11.4 p.p.	62.1%	72.7%	10.6 p.p.
Adjusted EBITDA on the same basis (ex ViaQuatro's rebalance)2	1,466.8	1,368.7	-6.7%	1,568.8	1,447.0	-7.8%
Adjusted EBITDA Mg. on the same basis (ex ViaQuatro's rebalance)2	61.4%	59.5%	-1.9 p.p.	62.1%	59.9%	-2.2 p.p.
Net Income	289.7	688.9	137.8%	289.7	688.9	137.8%
Net Income on the same basis (ex ViaQuatro's rebalance)2	289.7	126.0	-56.5%	289.7	126.0	-56.5%
Net Debt / Adjusted EBITDA LTM (x)6	2.4	2.4		2.4	2.5
Adjusted EBITDA5 / Interest and Monetary Variation (x)	4.4	7.8		4.3	7.2

¹ Net revenues exclude construction revenues. ² The same-basis effects are described in the same-basis comparison section.3 Calculated by adding net revenues, construction revenues, cost of services and administrative expenses.4 The adjusted EBIT and EBITDA margins were calculated by dividing adjusted EBIT and EBITDA by net revenues, excluding construction revenues.5 Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.6 Adjusted EBITDA has been used in the calculation of the net debt-to-adjusted EBITDA ratio since 1Q20, whereas operating adjusted EBITDA was used for the other periods (as announced in previous releases).

Conference Calls/Webcast

Access to the conference calls/webcasts:

Conference call in Portuguese with simultaneous translation into English:

Friday, May 14, 2021 11:00 a.m. São Paulo / 10:00 a.m. New York

Participants calling from Brazil: (11) 3181-8565 or (11) 4210-1803 Participants calling from the U.S.: (+1) 412 717-9627 or (+1) 844 204-8942Access Code: CCRReplay: (11) 3193 1012 or (11) 2820-4012Code: 8366456# or 5097751#

The instructions to participate in these events are available on CCR's website: www.ccr.com.br/ri.

IR Contacts

Flávia Godoy: (+55 11) 3048-5955 Douglas Ribeiro: (+55 11) 3048-6353Natalia Fialho: (+55 11) 3048-5964Caique Moraes: (+55 11) 3048-2108

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