ECORODOVIAS INFRAESTRUTURA E LOGISTICA S.A. Results 3Q23 Presentation
AGENDA | 3Q23 Results
- Highlights
- Operational and financial performance
- Capex and debt
- Environmental, Social and Governance (ESG)
2
Highlights
Adjusted EBITDA exceeded R$1.0 billion in 3Q23, a quarterly record
Leverage decreased to 3.5x (-0.4x from Jun/23)
In 3Q23, concessions won between 2018 and 2022 accounted for 48.3% of Adjusted EBITDA from highway concessions
In 9M23, investments totaled R$2.8 billion, mainly, in road widening works, additional lanes, frontage roads, toll plazas, operational bases and road recovery works
4Q23
In October 2023, EcoRioMinas started operations and toll collection at seven toll plazas. As a result, the concessionaire reached approximately 96% of its estimated toll revenue
Issue of debentures in 3Q23: R$1,560 million
Eco135: R$520 million
Ecovias do Cerrado: R$640 million
EcoRioMinas: R$400 million
In 4Q23, EcoRodovias Concessões e Serviços (ECS) issued debentures amounting to R$1.0 billion
3
AGENDA | 3Q23 Results
- Highlights
- Operational and financial performance
- Capex and debt
- Environmental, Social and Governance (ESG)
4
Operational Performance
Traffic
6.9% growth in comparable traffic in the quarter, driven by light vehicles traffic (+7.8%) and heavy vehicles traffic (+6.3%)
Consolidated traffic
(equivalent paying vehicles x million)
Comparable traffic
(equivalent paying vehicles x million)
Growth in consolidated traffic mainly due to the start of operations and toll collection by EcoRioMinas, Ecovias do Araguaia and EcoNoroeste.
99.9
57.0
+44.8%
144.6
+52.9% 87.1
+34.6% 389.7
289.4
229.3
+39.9%
163.9
+6.9%
99.5106.4
+6.3%
56.8 60.3
+5.2%
289.1304.2
163.7 +3.2% 168.9
+7.9%
125.4 135.3
42.9 +34.0% 57.5
3Q223Q23
Light vehicles
9M229M23
Heavy vehicles
+7.8%
42.746.1
3Q223Q23
Light vehicles
9M229M23
Heavy vehicles
5
Financial Performance
Gross Revenue
Adjusted gross revenue grew 54.1% in 3Q23, driven by the start of toll collection
at EcoRioMinas, Ecovias do Araguaia and EcoNoroeste, and comparable gross revenue grew 9.6%, due to traffic growth and toll adjustments (+9.3%)
Gross Revenue - 3Q23 (R$ million)
+49.6% | ||
+54.1% | ||
1,129.0 | ||
180.6 | (0.1) | 8.4 |
(65.3) | ||
786.3 | ||
2,753.5 | ||
447.1 | ||
1,840.2 | 1,624.5 | |
1,053.9 |
Gross Revenue | Construction | Adjusted | Δ Toll | Δ Toll | Δ Ancillary | Δ Ecoporto | Δ Ecopátio | Adjusted | Construction | Gross Revenue |
3Q22 | Revenue 3Q22 Revenue 3Q22 Collection - AVI | Collection in | Revenue | Revenue | Revenue | Revenue 3Q23 Revenue 3Q23 | 3Q23 | |||
Cash and |
Others
Comparable gross revenue | |
(excluding EcoRioMinas, Ecovias do | |
Araguaia and EcoNoroeste) | |
+9.6% | |
1,047.8 | 1,148.8 |
Comparable | Comparable |
Revenue 3Q22 | Revenue 3Q23 |
6
Financial Performance
Gross Revenue
Adjusted gross revenue grew R$1.5 billion in 9M23, driven by the start of toll collection at EcoRioMinas, Ecovias do Araguaia and EcoNoroeste, and comparable gross revenue grew 15.9%, due to traffic growth and toll adjustments (+12.5%)
Gross Revenue - 9M23 (R$ million)
+45.9% | Comparable gross revenue |
(excluding EcoRioMinas, Ecovias do | |
+52.5% | Araguaia and EcoNoroeste) |
+15.9% | ||
2,330.6 | ||
9.3 | 19.3 | |
453.9 | (40.6) | |
1,729.1 | ||
1,072.8 | 6,731.7 | |
3,339.0 | ||
4,401.1 | 2,880.3 | |
4,615.5 | ||
2,886.3 |
Gross Revenue | Construction | Adjusted | Δ Toll | Δ Toll | Δ Ancillary | Δ Ecoporto | Δ Ecopátio | Adjusted | Construction | Gross Revenue | Comparable | Comparable | ||
9M22 | Revenue 9M22 Revenue 9M22 Collection - AVI | Collection in | Revenue | Revenue | Revenue | Revenue 9M23 Revenue 9M23 | 9M23 | |||||||
Revenue 9M22 | Revenue 9M23 | |||||||||||||
Cash and | ||||||||||||||
Others
7
Financial Performance
Net Revenue and Cash Costs
Comparable net revenue grew 19.2% in 9M23 and adjusted cash costs increased 4.8% vs. inflation in the period of 5.2%
Adjusted Net Revenue (R$ million)¹
Cash Costs (R$ million)
+62.5%
886.31,439.9
+59.2%
3,852.2
2,420.0
+28.2%
316.8406.0
+21.8%
920.9 | 1,121.3 |
3Q22 | 3Q23 | 9M22 | 9M23 |
3Q223Q23
9M229M23
Comparable Net Revenue (R$ million)1,2
Adjusted Cash Costs (R$ million)2,3
+19.2%
Inflation in the period: +5.2%
+14.0%
880.71,004.2
3Q223Q23
2,878.8 | ||
2,414.4 | ||
9M22 | 9M23 |
+8.6%
286.2311.0
3Q223Q23
850.0
9M22
+4.8%
890.5
9M23
(1) | Excluding Construction Revenue. | |
(2) | Excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste. | 8 |
(3) | Excluding Ecovia Caminho do Mar and Ecocataratas. |
Operating Performance
Digital Transformation
Toll collection using automatic vehicle identification (AVI), self- service and digital payment methods increased 4.0 p.p. to 77.7%
of toll revenue in 3Q23
Initiatives under the Digital Transformation and
Innovation Program
- Installation of nine self-service booths in 3Q23, eight for light vehicles and the first for heavy vehicles at Eco050.
- Implementation of R&D test/project for multi-lane free flow system in the Rio-Niterói bridge (Ecoponte) using Funds for Technological Development of federal concession highways.
- Start of charging of tolls for suspended axles of non-empty vehicles via integration with MDF-eat EcoRioMinas in August, EcoNoroeste and Eco050 in September and Ecovias dos Imigrantes and Ecopistas in October.
Distribution - toll collection methods (%)
100%
67.5% | 69.9% | 77.7% |
+4.0 p.p. |
6.2% | 7.8% | |
20.1% | 16.1% | |
6.2% | 6.3% | |
3Q22 | 3Q23 | |
AVI (Automatic Vehicle Identification) | Debit/Credit Cards | Digital Wallets | |
Cash payments | Toll payment vouchers and others | |
9
Financial Performance
EBITDA
EBITDA - 3Q23 (R$ million)
Adjusted EBITDA totaled R$ 1.0 billion in 3Q23 (+ 85.7%) driven by the start of toll collection at EcoRioMinas, Ecovias do Araguaia and EcoNoroeste, which
accounted for 32% of EBITDA in the quarter (R$331.4 million)
+90.1% | |||||
62.8% | Adjusted EBITDA Margin | 71.8% | |||
+85.7% | |||||
89.2 | 13.0 | 1,034.4 | 36.5 | ||
553.7 | 331.4 | ||||
32.1 | EcoRioMinas, Ecovias do | ||||
Araguaia and EcoNoroeste | |||||
accounted for 32% of the | 997.9 | ||||
EBITDA of 3Q23 | |||||
703.0 | |||||
524.8 | 557.0 |
EBITDA¹ 3Q22 | Provision for | Adjusted EBITDA² | Δ Adjusted Net | Δ Cash Costs Δ Other Revenue | Adjusted EBITDA² | Provision for | EBITDA¹ 3Q23 |
Maintenance - | 3Q22 | Revenue | (Expenses) | 3Q23 | Maintenance - | ||
3Q22 | 3Q23 |
- EBITDA calculated in accordance with CVM Resolution 156 of June 23, 2022.
- Excluding Construction Revenue and Costs and Provision for Maintenance.
Comparable EBITDA
(excluding Ecovias do Araguaia, EcoRioMinas, EcoNoroeste, Ecovia Caminho do Mar and Ecocataratas)
66.6% Comparable 70.1%
EBITDA Margin
+20.0%
703.9
586.5
Comparable Comparable
EBITDAEBITDA
3Q223Q23
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Disclaimer
EcoRodovias Infraestrutura e Logística SA published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 18:13:37 UTC.
