Q2 2024 CCR SA Earnings Call (English, Portuguese) Transcript
Key Points
- CCR SA (BSP:CCRO3) reported the best second quarter in the company's history, with record demands for key assets like AutoBAn and Belo Horizonte airport.
- The company achieved a 14% increase in adjusted EBITDA compared to the second quarter of 2023, with an EBITDA margin improvement of 0.9 percentage points.
- Adjusted consolidated net income grew by 102%, showcasing strong financial performance.
- Complementary revenue increased by 18.6% quarter over quarter, indicating potential growth in diversified revenue streams.
- The company successfully issued incentivized debentures worth BRL9.4 billion, securing long-term financing for major projects like Rio São Paulo.
- Light vehicle traffic saw a slight reduction of 0.3%, with a notable 4.5% decrease in RioSP due to construction work and natural disasters.
- Personnel costs increased due to contract cancellations and higher provisions for PLR, impacting overall cost management.
- Third-party service costs rose, particularly in MSVia, due to pavement recovery obligations under the concession contract.
- Nonrecurring costs amounted to BRL217 million, primarily due to investments in ViaOeste being accounted for as expenses rather than CapEx.
- The company faces ongoing challenges in regulatory rebalancing and contract negotiations, such as the MSVia concession and urban mobility projects.
Good morning, ladies and gentlemen, and thank you for holding. Welcome to TCR SAs (sic - CCR SA) conference call where we will discuss our second quarter of 2024 earnings. We would like to inform you that this presentation is being recorded and translated. The translation can be heard by clicking on the interpretation button. If you would like you can also mute the original Portuguese language audio by clicking on mute original audio.
Before we continue, we would like to clarify that any statements made during this conference call about the company's business perspectives, any projections, operational, and financial goals are simply beliefs and assumptions by the Board of Directors at CCR. They are based on currently available information. Remarks about the future are not a guarantee of performance. They involve risks, uncertainties, and assumptions as they refer to future events and therefore depend on circumstances that may or may not occur.
Investors should understand that the general economy, industry conditions, and other operational factors may affect the company's future results
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