CCR - Results for the 2nd Quarter of 2008

SAO PAULO, Brazil, Aug. 12  /PRNewswire-FirstCall/ -- Companhia de Concessoes Rodoviarias (CCR), Brazil's largest road concession operator in terms of revenue, announces its results for the second quarter of 2008.

Unless otherwise stated, all financial and operating data herein are audited and presented on a consolidated basis in Reais (R$) pursuant to the Brazilian Corporate Law and all comparisons refer to the 2Q07 and 1H07.

Renovias' results were incorporated into CCR as of June 2008. The information related to this concessionaire is, therefore, only included as of June.

Highlights

-- Traffic grew by 9.4% in the 2Q08 and 8.4% in the 1H08. Excluding Renovias, traffic grew by 8.4% in the 2Q08 and 7.9% in the 1H08.

-- Net revenue reached R$ 635.3 million (+14.3%) in the 2Q08 and R$ 1,255.7 million (+14.0%) in the 1H08.

-- EBIT totaled R$ 287.7 million (+19.0%) in the 2Q08 and R$ 601.5 million (+19.7%) in the 1H08.

-- EBIT margin reached 45.3% (+1.8 p.p.) in the 2Q08 and 47.9% (+2.3 p.p.) in the 1H08.

-- EBITDA came to R$ 374.5 million (+14.9%) in the 2Q08 and R$ 775.7 million (+16.3%) in the 1H08.

-- EBITDA margin reached 58.9% (+0.2 p.p.) in the 2Q08 and 61.8% (+1.3 p.p.) in the 1H08.

-- Net Income totaled R$ 138.0 million (+13.3%) in the 2Q08 and R$ 305.2 million (+13.6%) in the 1H08.

-- The number of AVI users rose 28.7%, totaling 1,039,000 users versus the 2Q07.

-- On June 2, 2008, Consorcio Integracao Oeste signed the Concession Agreement and began operating the Mario Covas Ring Road- West Segment as of this date.

-- On June 3, 2008, the Company informed its shareholders and the market that it has concluded the phases foreseen in the Investment Agreement entered into on January 29, 2008, and now holds 40% of the common and preferred shares of Renovias Concessionaria S/A.

-- On August 11, 2008, CCR approved the prepayment of dividends for the fiscal year 2008 proposed by the management, in the amount of R$ 1.00 per share, totaling R$ 403.1 million, to be paid on September 30, 2008.

  Financial Highlights  2Q07    2Q08  Change %     1H07     1H08  Change %
   (R$ MM)
  Net Revenue          555.7   635.3  +14.3%    1,101.6  1,255.7  +14.0%
  EBIT                 241.8   287.7  +19.0%      502.4    601.5  +19.7%
  EBIT Margin           43.5%   45.3%  +1.8 p.p.   45.6%    47.9%  +2.3 p.p.
  EBITDA               326.1   374.5  +14.9%      666.9    775.7  +16.3%
  EBITDA Margin         58.7%   58.9%  +0.2 p.p.   60.5%    61.8%  +1.3 p.p.
  Net Income           121.8   138.0  +13.3%      268.6    305.2  +13.6%
  Net Debt / EBITDA
   LTM                   0.84x   1.12x     -        0.84x    1.12x    -
  EBITDA / CAPEX         1.87x   2.94x     -        2.38x    3.36x    -
  EBITDA / Interest      6.81x   4.52x     -        6.49x    5.15x    -


  Comments From The CEO


Renato Alves Vale: "Once again, it is with great pleasure that we announce to our shareholders and the market the excellent results CCR obtained in the 2Q08.

"Organic traffic growth in the first half of 2008 shows that CCR continues benefiting from Brazil's positive economic scenario, with consistent growth of traffic volume in all our business units. We believe that thanks to this growth, coupled with our renowned operating excellence, CCR will continue delivering solid results in the coming quarters. We would also like to point out that in July 2008, the first month of the third quarter, CCR's consolidated traffic excluding the effects of Renovias increased by 11.1% year on year.

"In June 2008, we formally and legally concluded two important agreements that will allow the qualified growth of the CCR group in addition to creating value to shareholders: the Mario Covas Ring Road- West Segment Concession Agreement and the acquisition of 40% of Renovias.

"Mario Covas Ring Road- West Segment represents one of the main solutions for traffic in the metropolitan region, in addition to presenting full synergy with the Company's business, since it is connected to the highways managed by AutoBAn and ViaOeste. The acquisition of Renovias once again underlines the Company's successful growth through the secondary market, a natural trend in mature markets and industries.

"In order to remain in the forefront of best corporate practices, CCR continues to seek pioneering initiatives to adjust its management and competitiveness within the new business context, fine tuning the structures of each business unit, simplifying its processes and recognizing the value of its employees.

"Finally, we remain very confident in the opportunities that Brazil's infrastructure environment can offer to the Company in the short and long terms. Always focused on capital discipline and the creation of shareholder value, CCR is positioning itself in several new projects that may result in infrastructure solutions and investments, contributing to the social and economical development of the involved areas."

  Upcoming Events
  Conference Calls

  English
  Tuesday, August 12, 2008
  1:00 p.m. (Brasilia Time) / 12:00 p.m. (US ET)
  Phone: [phone]
  Code: CCR
  Replay: [phone]
  Code: 6044#
  Webcast: http://www.grupoccr.com.br/ir

  Portuguese:
  Tuesday, August 12, 2008
  11:30 a.m. (Brasilia Time) / 10:30 a.m. (US ET)
  Phone: + 55 11 2188-0188
  Code: CCR
  Replay: + 55 11 2188-0188
  Code: CCR
  Webcast: http://www.grupoccr.com.br/ri

DATASOURCE: Companhia de Concessoes Rodoviarias



CONTACT:  Flavia Godoy, + 55 11 3048-5955, Gildo Rodrigues,

+ 55 11 3048-5938, or Danilo Cabrera, + 55 11 3048-6353, all for Companhia de

Concessoes Rodoviarias



Web site:  http://www.ccrnet.com.br/

http://www.grupoccr.com.br/ir

http://www.grupoccr.com.br/ri 

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