CCR - Results for the 4th quarter of 2017

4Q16

4Q17

Chg %

4Q16

4Q17

Chg %

1,690.7

2,021.1

1,895.3

2,178.8

Adjusted Net Revenues on the same basis²

1,690.7

1,900.7

12.4%

1,823.2

2,040.6

11.9%

Adjusted EBIT³

601.5

883.3

46.9%

690.6

950.6

37.6%

Adjusted EBIT Mg.⁴

35.6%

43.7%

8.1 p.p.

36.4%

43.6%

7.2 p.p.

EBIT on the same basis²

601.5

820.4

36.4%

659.5

882.5

33.8%

EBIT Mg. on the same basis²

35.6%

43.2%

7.6 p.p.

36.2%

43.2%

7.1 p.p.

988.0

1,239.6

25.5%

1,112.2

1,342.4

20.7%

Adjusted EBITDA Mg.⁴

58.4%

61.3%

2.9 p.p.

58.7%

61.6%

2.9 p.p.

Adjusted EBITDA on the same basis²

988.0

1,164.8

17.9%

1,073.3

1,257.3

17.1%

Adjusted EBITDA Mg. on the same basis²

58.4%

61.3%

2.9 p.p.

58.9%

61.6%

2.7 p.p.

Net Income

169.5

329.1

94.2%

169.5

329.1

94.2%

Net Income on the same basis²

161.8

425.0

162.7%

161.8

425.0

162.7%

Net Debt / Adjusted EBITDA LTM (x)⁶

2.5

2.3

-

2.4

2.3

-

Adjusted EBITDA / Performed investments (x)

0.5

0.8

-

0.6

0.7

-

2.7

5.2

-

2.9

5.1

¹ Net revenue excludes construction revenue.

² Same-basis figures exclude: (i) the non-recurring effect of SPVias adherence to PERT in 4Q17, of R$97.8 million on the financial result and R$139.7 million on net income; (ii) ViaQuatro, which became a subsidiary in 2Q17; (iii) ViaRio, in which CCR's stake has increased from 33.33% to 66.66% since 2Q17, in profit and proforma comparisons, in addition to the items previously mentioned.

³ Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.

⁴ The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.

⁵ Calculated excluding non-cash expenses: depreciation and amortization, provision for maintenance and the recognition of prepaid concession expenses.

⁶ LTM 4Q17 adjusted EBITDA includes non-recurring effects of the acquisition of stakes in ViaQuatro and ViaRio (R$548.1 million). Excluding these effects on EBITDA, the Net Debt/EBITDA ratio came to 2.6x (2.5x in proforma figures) in December 2017.