10/24/2023 – 7:19
Management Highlight: Financial Sustainability – CCR Group
In Brazil and around the world, the year 2022 was marked by the beginning of the economic recovery after the Covid-19 health crisis. For companies operating in the mobility sector, such as the CCR Groupthe result was a significant improvement in operational indicators in the three modes in which it operates: highways, mobility It is airports. In addition to recovering relevant volumes of passengers and vehicles, the period also corresponds to the holding’s entry into several new businesses that have been boosting its growth.
Vice President of Finance and Investor Relations, Waldo Perez was at the center of investment decisions and the result that almost quintupled net profit compared to the previous year. “The choice of projects in which we invested was guided by discipline in capital allocation, essential in this journey”said Perez.
“We took over the management of 15 new airports, as well as Pampulha airport, we won the concession for Lines 8 and 9 of Metropolitan Trains in São Paulo and, in the Highway business, we started operating CCR RioSP, where we have already innovated with the implementation of the first free flow toll system [sem cancelas] from Brazil”.
All this, added to the high efficiency in cost controlcaused the net revenue (excluding construction revenue) jumped 57.2%, reaching R$17.6 billion. Net profit grew 494%. Numbers that make the CCR Group the Highlight of Financial Sustainability Management in the BEST OF DINHEIRO 2023 yearbook.
According to Perez, investments last year totaled around R$2.7 billion in the country.
• The business of highways still accounts for more than half (57%) of the group’s recurring revenues.
• The area of mobilitywhich includes subway line concessions, represented 28%.
• You airportsa segment that the group only entered in 2022, generated 15% of revenue.
“This diversification allows us to capture opportunities in different modes and regions of the country, expanding the space for revenue generation and mitigating any impacts caused by variations in the macro and microeconomic scenarios”said Perez.
At the same time as it invested in new business areas, the group concluded the sale of two portfolio assets (Quicko It is TAS), in addition to announcing the sale of SAMM, provider of high capacity data transmission multimedia communication services. The transactions, according to Perez, prove the “continuous attention to the good management of our portfolio”.
Debts
As important as investing well and controlling costs is making the best possible debt management. And this is another point in which the CCR Group has demonstrated extraordinary capacity. One example is the replacement of due dates for installments of bridge loans contracted in 2021 and due this year and next with long-term operations, which allows the lengthening the debt profile in line with the company’s cash flow generation.
“This work began in 2022, allowing us to end the year with a little more than R$7 billion [de dívida] scheduled for 2023”, said the VP. “In the first half of this year, we reduced R$2.5 billion from this total.” This was possible thanks to the contracting of refinancing of the ViaMobilidade Lines 8 and 9through the issuance of sustainable infrastructure debentures (green bonds).
The operation, coordinated by BNDES, was considered the largest of its kind carried out in the country so far.. In addition to resolving a large part of the amortizations scheduled for this year, it made it possible to change the index from CDI to IPCA. “In the third quarter, we amortized R$2 billion of the holding company’s debt, leaving approximately R$1.3 billion remaining for the remainder of the second half of the year. In general terms, we can say that the year 2023 is considered.”
Another good news for the group was the definitive agreement with the Sao Paulo’s State Government which closed more than 50 lawsuits, whether in favor of the Granting Authority or CCR concessionaires. “With this, we also extended CCR AutoBAn’s contractual term to December 2037, with the recognition of approximately R$5.3 billion in revenue”Perez said.
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