ECORODOVIAS INFRAESTRUTURA E LOGISTICA S.A. EARNINGS
RELEASE
1Q24
EARNINGS CONFERENCE CALL
In Portuguese with simultaneous translation into English
Friday, May 10, 2024
11 a.m. (Brasília) / 10 a.m. (NY)
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For more information:
Marcello Guidotti
Andrea Fernandes
Camilo Gomes
Thiago Piffer
Gustavo Silva
+55 (11) 3787-2683 / 2612 / 2674 / 2686
invest@ecorodovias.com.br
www.ecorodovias.com.br/ri
EcoRodovias Infraestrutura e Logística S.A. announces its results for the first quarter of 2024 (1Q24). Except where
stated otherwise, comparisons are with the first quarter of 2023 (1Q23).
Operating and Financial Highlights
Consolidated traffic: increase of 28.2% in 1Q24 mainly due to the start of toll collection by EcoRioMinas and
EcoNoroeste and comparable traffic1: which increased 5.8%.
Adjusted net revenue2: R$1,521.7 million in 1Q24 (+34.7%).
Adjusted cash costs3: increase of 3.8% in 1Q24, below inflation in the last 12 months (IPCA: 3.93%).
Adjusted EBITDA4: R$1,088.8 million in 1Q24 (+35.3%). Adjusted EBITDA margin from highway concessions stood at 73% in 1Q24.
Net Income: R$237.6 million in 1Q24 (+110.2%).
Capex: R$805.0 million in 1Q24 (+31.7%).
Consolidated leverage: Net debt/adjusted EBITDA at 3.4x in March/24, down 0.1x in relation to December/23 (3.5x) and 0.5x in relation to 1Q23 (3.9x).
Financial Indicators (R$ million) | 1Q24 | 1Q23 | Chg. | ||||
2 | 1,521.7 | 1,129.9 | 34.7% | ||||
Adjusted Net Revenue | |||||||
Adjusted EBITDA | 4 | 1,088.8 | 804.6 | 35.3% | |||
4 | 71.5% | 71.2% | 0.3 p.p. | ||||
Adjusted EBITDA Margin | |||||||
Net Income | 237.6 | 113.0 | 110.2% | ||||
Capex | 805.0 | 611.2 | 31.7% | ||||
Net Debt | 13,931.9 | 10,220.3 | 36.3% | ||||
Available Cash | 5,474.4 | 2,225.1 | 146.0% | ||||
Net Debt/Adjusted EBITDA | 4 | LTM | 5 | 3.4x | 3.9x | -0.5x | |
- Excluding EcoRioMinas and EcoNoroeste.
- Excluding Construction Revenue.
- Excluding Ecocataratas, Ecovia Caminho do Mar, EcoRioMinas and EcoNoroeste.
- Excluding Construction Revenue and Costs and Provision for Maintenance.
- LTM = Last 12 Months.
Material Events in 1Q24
Regulatory
In January 2024, Ecosul raised its toll tariff by 28.9%, due to the recomposition of previous tariff adjustments, current adjustment (January 2024) and the variation in the tariff adjustment indices.
In February 2024, Eco101 and ANTT signed the Fourth Amendment to the concession agreement, extending for 120 days the term for suspending the effectiveness of the Third Amendment (adhesion to re-bidding).
In March 2024, EcoRioMinas raised the toll tariff at the Viúva Graça and Viúva Graça B (barrier) plazas by 6.08% based on the variation in IPCA.
Financial
In March 2024, Ecovias dos Imigrantes issued debentures worth R$1,630 million at the cost of IPCA+6.0950% p.a. and maturity in February 2033.
ESG
In February 2024, EcoRodovias was recognized as Brazil's 4th most innovative company in Information Technology in 2023 at the "100+ Innovators in the use of IT" awards, held annually by the IT Forum.
1Q24 RESULTS | 1 |
Events in 2Q24
Operational
The Company informs that the highway infrastructure managed by Ecosul - BR-116 and BR-392 - was not affected by the rains in Rio Grande do Sul, since the damage caused by the rains is concentrated in the central region of the state. However, the Company is continuously monitoring the situation in the region. Between May 1 and 7, vehicle traffic at Ecosul decreased 32% and gross revenue from toll collection decreased 11%. Previously, in April 2024, traffic had shown an 8.6% growth. Traffic at Ecosul corresponds to about 4% of total traffic at EcoRodovias.
In April 2024, according to the Notice to the Market disclosed by the Company, consolidated vehicle traffic grew 28.0% and comparable traffic1 grew 9.4% in April compared to April 2023. Between January and April, consolidated traffic grew 28.1% and comparable traffic1 grew 6.7% from the same period in 2023.
Regulatory
In April 2024, Eco135 raised its toll tariff by 4.50% based on the variation in IPCA.
In May 2024, EcoNoroeste raised its toll tariff by 4.66% based on the variation in IPCA.
Financial
The Annual Shareholders Meeting of the Company held in April 2024 approved the declaration of dividends totaling R$135.3 million, corresponding to minimum mandatory dividends, and the Board of Directors meeting held on May 8 approved the distribution of dividends to shareholders. The payment will be made as from July 29, 2024.
In April 2024, EcoRioMinas issued debentures amounting to R$400 million at a cost of CDI+0.40% p.a. and maturing in March 2025.
In May 2024, the Board of Directors of Ecosul approved the issuance of debentures amounting to R$80 million, at a cost of CDI+0.65% p.a. and maturing in November 2025.
ESG
In April 2024, EcoRodovias signed the protocol of intentions to implement the Gender and Race Pro-Equity Program in partnership with the Ministries of Transportation and Women.
Digital Transformation and Innovation
Productivity gains in management and operations
Growth of 4.0 p.p. in toll collection via electronic means (AVI) in 1Q24: 70.3% of total toll revenue (vs. 66.3% in 1Q23).
Growth of 1.5 p.p. in toll collection via self-service and digital means in 1Q24: 10.0% of total toll revenue (vs. 8.5% in 1Q23).
Digital HR
EcoRodovias has completed the first cycle of automation and digitalization of Human Resources processes, which began in 2022. The Digital HR project implemented a new technological platform that made recruitment and selection processes more efficient and agile, and optimized operations such as payroll, benefits, positions and salaries, occupational health and medicine, and personnel budget. Other operational and strategic initiatives in 2023 included the automation, reduction of working hours and streamlining of approximately 100 processes. Digital HR is one of the drivers of the EcoRodovias Value Agenda (EVA) project for maximizing the Company's value.
1) Excluding EcoRioMinas and EcoNoroeste.
1Q24 RESULTS | 2 |
Consolidated Results
Consolidated Gross Revenue by Segment
GROSS REVENUE (R$ million) | 1Q24 | 1Q23 | Chg. | |
Highway Concessions | 1,577.9 | 1,131.7 | 39.4% | |
Construction Revenue | 605.0 | 474.4 | 27.5% | |
Ecoporto Santos | 100.6 | 170.7 | -41.1% | |
Ecopátio Cubatão | 16.4 | 10.9 | 50.2% | |
Services | 114.5 | 95.3 | 20.1% | |
Eliminations | (114.0) | (94.4) | 20.7% | |
GROSS REVENUE | 2,300.5 | 1,788.7 | 28.6% | |
(-) Construction Revenue | (605.0) | (474.4) | 27.5% | |
ADJUSTED GROSS REVENUE | 1 | 1,695.5 | 1,314.2 | 29.0% |
1) Excluding Construction Revenue. |
Adjusted gross revenue, excluding construction revenue, was R$1,695.5 million in 1Q24 (+29.0%), due to the growth in vehicle traffic, toll tariff adjustments and start of toll collection by EcoRioMinas (partially in September 2022, March 2023, October 2023 and December 2023) and EcoNoroeste (partially in May 2023). Comparable gross revenue, excluding the start of toll collection by EcoRioMinas and EcoNoroeste, increased 4.7% in 1Q24 due to the growth in vehicle traffic and toll tariff adjustments. The start of toll collection by EcoNoroeste in the stretch currently being operated by TEBE is expected for March 2025, whose share of expected total toll revenue of the concessionaire is approximately 20%.
Highway concessions: R$1,577.9 million in 1Q24 (+39.4%) due to the growth in vehicle traffic, toll tariff adjustments and start of toll collection by EcoRioMinas and EcoNoroeste. Comparable gross revenue, excluding the start of toll collection by EcoRioMinas and EcoNoroeste, increased 11.7% in 1Q24 due to the growth in vehicle traffic and toll tariff adjustments.
Ecoporto Santos: R$100.6 million in 1Q24 (-41.1%) caused by the scale down in operations due to the termination of the lease agreement, currently expected in June 2024.
Ecopátio Cubatão: R$16.4 million in 1Q24 (+50.2%), mainly due to operational growth.
1Q24 RESULTS | 3 |
Consolidated Operating Costs and Administrative Expenses
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 1Q24 | 1Q23 | Chg. |
(R$ million) | |||
Personnel | 155.3 | 135.8 | 14.3% |
Conservation and Maintenance | 76.8 | 43.9 | 75.0% |
Third-Party Services | 96.6 | 76.8 | 25.8% |
Insurance, Concession Fees and Leasing | 51.4 | 46.2 | 11.1% |
Other | 53.1 | 48.0 | 10.6% |
CASH COSTS | 433.2 | 350.7 | 23.5% | |
ADJUSTED CASH COSTS | 1 | 335.6 | 323.5 | 3.8% |
Construction Costs | 605.0 | 474.4 | 27.5% | |
Provision for Maintenance | 25.9 | 19.5 | 32.5% | |
Depreciation and Amortization | 216.8 | 183.4 | 18.2% | |
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 1,280.9 | 1,028.0 | 24.6% | |
1) Excluding costs and expenses at Ecocataratas, Ecovia Caminho do Mar, EcoRioMinas and EcoNoroeste. |
Operating costs and administrative expenses totaled R$1,280.9 million in 1Q24 (+24.6%), mainly due to the increase in construction costs (non-cash), depreciation and amortization. Cash costs, excluding construction costs, provision for maintenance, depreciation and amortization, came to R$433.2 million in 1Q24 (+23.5%), mainly due to the start of toll collection by EcoRioMinas and EcoNoroeste.
Adjusted cash costs, excluding the start of toll collection by EcoRioMinas and EcoNoroeste, totaled R$335.6 million in 1Q24 (+3.8%) mainly due to the increase in Conservation and Maintenance, as well as being lower than inflation in the last 12 months (IPCA: 3.93%).
Efficient cost and expense management - EcoRodovias Value Agenda (EVA) Program
In 2022, EcoRodovias launched the EcoRodovias Value Agenda (EVA) Program with the aim of reviewing and improving its organizational model and identifying opportunities for operational efficiency. Since the launch of the program, the Company has consolidated synergy among the organizational structures of concessions located in the region of São Paulo (Ecovias dos Imigrantes, Ecopistas and EcoNoroeste), Minas Gerais (Eco050 and Ecovias do Cerrado) and Rio de Janeiro (Ecoponte and EcoRioMinas). It has also improved operational efficiency by increasing productivity in operations management through the automation of toll payment methods (self-service, debit/credit cards, digital wallets and Automatic Vehicle Identification - AVI). In 1Q24, electronic toll collection via self-service, digital means and electronic means corresponded, for the first time, to 80.3% of total toll revenue. From the perspective of operational efficiency, the Company conducted digital transformation by automating internal and external processes through Digital HR, optimizing highway conservation and maintenance agreements, outsourcing non-core service agreements in the areas of engineering support, procurement and technology, and pioneering the implementation of the Electronic Manifest of Fiscal Documents (MDF-e) for collecting tolls of suspended axles of non-empty trucks.
Cash cost / Adjusted net revenue (%)
35.3%
28.7%28.5%
2022 | 2023 | 1Q24 |
1Q24 RESULTS | 4 |
Therefore, according to the Company's strategy outlined in the EcoRodovias Value Agenda (EVA) Program, EcoRodovias' cash cost as a percentage of adjusted net revenue decreased 6.9 p.p. between 1Q24 and 2022.
Furthermore, the Company must, in line with its focus on operational efficiency, comply perform the EcoNoroeste concession agreement by gradually converting the ten toll plazas to the multi-lanefree flow system between the 2nd and 7th year of operation (2025-2030) to improve traffic flow and reduce environmental pollution, with the risk of evasion fully assumed by the Concession Authority. Additionally, at Ecopistas, in partnership with Artesp, the Company is conducting a pilot project for implementing the multi-lane free flow system on São Paulo state highways and, at Ecoponte, in partnership with ANTT, assessing the operational efficiency of the Rio-Niterói Bridge. Through the multi-lane free flow system, toll can be collected based on the stretches traveled, making toll tariff more affordable for shorter trips and thus enabling differentiated tolls based on time of day.
EcoRodovias is testing the High-Speed Weigh-In-Motion (HS-WIM) truck weighing system at Ecovias do Cerrado, replacing fixed vehicle weighing stations. The potential adoption of this technology by EcoNoroeste, EcoRioMinas and Ecovias do Araguaia are currently under consideration by the Concession Authority. The HS-WIM system increases operational efficiency as it ensures weighing of 100% of the heavy vehicles traveling on the highway, thus preventing vehicles from traveling irregularly with excess weight by redistributing the excess load to more axles/heavy vehicles. This results in less wear and tear of highways, more fluid traffic and greater user safety. Currently, the fixed weighing stations do not offer the same efficiency, since on highways with busier vehicle traffic, weighing occurs selectively to avoid causing lengthy lines and traffic jams. The implementation of the HS-WIM system in place of fixed weighing stations will reduce operating and maintenance costs and expenses, as well as capex in fixed weighing stations.
As such, the EcoRodovias Value Agenda (EVA) Program also has ongoing initiatives aimed at contributing to the Company's efficient cost and expense management.
Consolidated Operating Costs and Administrative Expenses by Segment
OPERATING COSTS AND ADMINISTRATIVE EXPENSES (R$ million)
Highway Concessions
Ecoporto Santos
Ecopátio Cubatão
Services and Holding Company
Eliminations
1Q24 | 1Q23 | Chg. |
390.8 | 296.9 | 31.6% |
62.2 | 64.6 | -3.7% |
5.6 | 4.2 | 34.1% |
83.0 | 75.5 | 9.9% |
(108.5) | (90.5) | 19.9% |
CASH COSTS | 433.2 | 350.7 | 23.5% |
ADJUSTED CASH COSTS1 | 335.6 | 323.5 | 3.8% |
Construction Costs | 605.0 | 474.4 | 27.5% |
Provision for Maintenance | 25.9 | 19.5 | 32.5% |
Depreciation and Amortization | 216.8 | 183.4 | 18.2% |
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 1,280.9 | 1,028.0 | 24.6% |
1) Excluding costs and expenses at Ecocataratas, Ecovia Caminho do Mar, EcoRioMinas and EcoNoroeste.
Cash costs of highway concessions totaled R$390.8 million in 1Q24 (+31.6%). Adjusted cash costs, excluding the start of toll collection by EcoRioMinas and EcoNoroeste, totaled R$284.5 million in 1Q24 (+6.3%), mainly due to higher Conservation and Maintenance and Third-Party Services. For more information, see page 17.
Cash costs of Ecoporto totaled R$62.2 million in 1Q24 (-3.7%) caused by the scale down in operations due to the termination of the lease agreement, currently expected in June 2024.
Cash costs of Ecopátio Cubatão totaled R$5.6 million in 1Q24 (+34.1%) chiefly due to the increase in Personnel (temporary labor) expenses resulting from the growth in operations.
1Q24 RESULTS | 5 |
Cash costs of Services and Holding Company totaled R$83.0 million in 1Q24 (+9.9%), mainly due to the increase in Personnel expenses resulting from the collective bargaining agreement and the provision for the Profit-Sharing Program (PPR) of 2023.
Other income (expenses)
Sale of asset (land)
In 1Q23, the Company sold a piece of land for R$25.0 million, which was booked under other income.
Adjusted EBITDA
EBITDA (R$ million) | 1Q24 | 1Q23 | Chg. | |
Net (Loss) Income - Excluding minority interests | 231.4 | 112.7 | 105.2% | |
Net (Loss) Income - Minority interests | 6.2 | 0.3 | n.m. | |
Net Income | 237.6 | 113.0 | 110.2% | |
(+) Depreciation and Amortization | 216.8 | 183.4 | 18.2% | |
(+) Financial Result | 412.6 | 343.1 | 20.3% | |
(+) Income and Social Contribution Taxes | 195.9 | 145.6 | 34.6% | |
1 | 1,062.9 | 785.1 | 35.4% | |
EBITDA | ||||
(+) Provision for Maintenance | 25.9 | 19.5 | 32.5% | |
2 | 1,088.8 | 804.6 | 35.3% | |
ADJUSTED EBITDA | ||||
ADJUSTED EBITDA MARGIN | 2 | 71.5% | 71.2% | 0.3 p.p. |
- EBITDA calculated according to the Resolution CVM 156 of June 23, 2022.
- Excluding Construction Revenue and Cost and Provision for Maintenance.
Adjusted EBITDA was R$1,088.8 million in 1Q24 (+35.3%), with adjusted EBITDA margin of 71.5%, excluding construction cost and revenue and provision for maintenance, due to growth in vehicle traffic, toll tariff adjustments and start of toll collection by EcoRioMinas and EcoNoroeste. Adjusted EBITDA margin from highway concessions stood at 72.9% in 1Q24. Comparable EBITDA, excluding the start of toll collection by EcoRioMinas and EcoNoroeste increased 8.6% in 1Q24 due to the growth in vehicle traffic and toll tariff adjustments.
Adjusted EBITDA by Segment
EBITDA (R$ million) | 1Q24 | Margin | 1Q23 | Margin | Chg. | |||
Highway Concessions | 1 | 1,053.3 | 72.9% | 738.5 | 71.3% | 42.6% | ||
Ecoporto Santos | 12.4 | 16.6% | 29.9 | 31.7% | -58.5% | |||
Services and Holding Company | 2 | 14.5 | 14.1% | 30.5 | 35.7% | -52.4% | ||
Ecopátio Cubatão | 8.5 | 60.3% | 5.8 | 61.3% | 48.0% | |||
1 | 1,088.8 | 71.5% | 804.6 | 71.2% | 35.3% | |||
ADJUSTED EBITDA | ||||||||
ADJUSTED NET REVENUE | 3 | 1,521.7 | 1,129.9 | 34.7% | ||||
- Excluding Construction Revenue and Cost and Provision for Maintenance.
- Considers the sale of land in the amount of R$25.0 million in 1Q23.
- Excluding Construction Revenue.
1Q24 RESULTS | 6 |
Consolidated Financial Result
FINANCIAL RESULT (R$ million) | 1Q24 | 1Q23 | Chg. |
Interest on Debentures | (395.6) | (268.2) | 47.5% |
Monetary Variation on Debentures | (115.2) | (87.4) | 31.8% |
Interest on Financing | (46.0) | (37.9) | 21.3% |
Financial effects on Concession Fee | (32.5) | (37.5) | -13.3% |
Exchange and Monetary Variation on Financing | (14.5) | (13.3) | 8.6% |
Financial Revenues | 124.7 | 48.0 | 159.6% |
Adjustment to Present Value | (7.3) | (5.4) | 35.2% |
Other Financial Effects | 76.8 | 34.8 | 120.6% |
Inflation adjustment on assets subject to indemnity | (2.9) | 23.8 | n.m. |
FINANCIAL RESULT | (412.6) | (343.1) | 20.3% |
Financial result increased R$69.5 million in 1Q24 (+20.3%).
The main variations between the quarters are:
- Interest on debentures: increase of R$127.4 million due to higher balance of debentures payable.
- Inflation adjustment on debentures: increase of R$27.8 million due to higher balance of debentures payable.
- Interest on financing: up R$8.1 million, mainly due to the disbursement of BNDES and BASA loan to Ecovias do Araguaia.
- Financial effects on concession rights: decrease of R$5.0 million (non-cash) due to the variation in IPCA.
- Financial income: increase of R$76.7 million, mainly due to the increase in average cash balance in 1Q24.
- Other financial effects: variation mainly due to the increase in capitalized interest.
- Inflation adjustment on assets subject to indemnity: refers to the rebalancing of investments concluded and operational investments in portainers and other assets at Ecoporto. In 1Q24, the reduction was mainly caused by the change in calculation of inflation adjustment, which, starting from July 2023, excludes WACC (IGP-M +10% p.a.) and only maintains adjustment by IGP-M in view of the termination of the lease agreement initially scheduled for June 2023.
Interest paid totaled R$326.7 million in 1Q24 (+7.6%), as per the Cash Flow Statement in Exhibit IV on page 25.
Income Tax and Social Contribution
Income tax and social contribution totaled R$195.9 million in 1Q24 (+R$50.3 million). For more information on the effective rate of income tax and social contribution, see Note 14.b of the Quarterly Information (3/31/2024).
Taxes paid totaled R$168.5 million in 1Q24 (+186.3%), as per the Cash Flow Statement in Exhibit IV on page 25.
Net Income (Loss)
NET (LOSS) INCOME (R$ million) | 1Q24 | 1Q23 | Chg. |
Net (Loss) Income - Excluding minority interests | 231.4 | 112.7 | 105.2% |
Net (Loss) Income - Minority interests | 6.2 | 0.3 | n.m. |
NET INCOME (LOSS) | 237.6 | 113.0 | 110.2% |
1Q24 RESULTS | 7 |
Evolution of Net Income (R$ million)
(33.5) | ||||||
(6.4) | (69.5) | |||||
284.2 | (50.3) | |||||
237.6 | ||||||
113.0 | ||||||
1Q23 Net Income | Δ Adjusted | Δ Depreciation | Δ Provision for | Δ Financial | Δ Income Tax/ | 1Q24 Net Income |
EBITDA¹ | and Amortization | Maintenance | Result | Social Contribution |
Net income totaled R$237.6 million in 1Q24 (+110.2%) mainly due to the growth in adjusted EBITDA.
1) Excluding Construction Revenue and Costs and Provision for Maintenance.
Debt, Cash and Cash Equivalents
Gross debt reached R$19,406.3 million in March 2024, an increase of 8.0% from December 2023, mainly due to the 6th issue of debentures at Ecovias dos Imigrantes, in March, in the amount of R$1,630.0 million. The table on debt is available in Exhibit V on page 26.
The balance of cash, cash equivalents and short- and long-term financial investments totaled R$5,474.4 million in March 2024, up 20.0% from December 2023.
Leverage, measured by the ratio of net debt to adjusted EBITDA, ended March 2024 at 3.4x, down 0.1x from December 2023.
DEBT (R$ million) | 03/31/2024 | 12/31/2023 | Chg. |
Short-term | 4,996.0 | 3,638.7 | 37.3% |
Long-term | 14,410.3 | 14,328.0 | 0.6% |
Total Gross Debt1 | 19,406.3 | 17,966.7 | 8.0% |
(-) Cash and Cash Equivalents | 5,474.4 | 4,560.3 | 20.0% |
Net Debt | 13,931.9 | 13,406.4 | 3.9% |
Net Debt/Adjusted EBITDA2 LTM3 | 3.4x | 3.5x | -0.1x |
- Does not consider obligations with Concession Authority and Leases Payable.
- Excluding Construction Revenue and Cost and Provision for Maintenance.
- LTM = Last 12 Months.
Leverage at Ecorodovias Concessões e Serviços (ECS), measured by the ratio of net debt to adjusted EBITDA, ended March 2024 at 3.3x, stable in relation to December 2023.
Gross debt amortization schedule (R$ million) on March 31, 2024:
In 2Q24, maturities total R$3,177.0 million and are distributed among highway concessions (R$1,866.0 million) being at Ecovias dos Imigrantes (R$1,442.6 million), Ecosul (R$246.3 million), EcoNoroeste (R$110.2 million) and other (R$66.9 million) and between the holding/subholding companies (R$1,311.0 million) being at EcoRodovias Concessões e Serviços (R$1,222.4 million) and others (R$88.5 million). In 3Q24, maturities totaled R$70.4 million and R$100.9 million in 4Q24. Funds are available for payment on maturity.
In 2025, maturities totaled R$4,490.1 million and are distributed among highway concessions (R$3,848.0 million) being in EcoNoroeste (R$2,193.2 million), Ecovias dos Imigrantes (R$893.0 million), EcoRioMinas (R$427.9 million) and others (R$333.9 million) and among holding/subholding companies (R$642.1 million) being in EcoRodovias Infraestrutura e Logística (R$284.5 million), EcoRodovias Concessões e Serviços (R$278.4 million) and Holding do Araguaia (R$79.2 million).
1Q24 RESULTS | 8 |
On March 31, 2024, cash and cash equivalents totaled R$5,474.4 million, 1.6 times the maturities of 2024: R$3,348.3 million.
5,474 | 4,490 | ||||
3,177 | |||||
70 | 101 | 1,231 | |||
Cash | 2Q24 | 3Q24 | 4Q24 | 2025 | 2026 |
Gross Debt - 03/31/2024 by index (in R$ million and %)
1,245 7%
8,980 46% 9,182 47%
IPCA/TLP
CDI
TJLP
5,794 | ||||
2,325 | 765 | |||
698 | 755 | |||
2027 | 2028 | 2029 | 2030 | 2031 to |
2051 |
Gross Debt - 03/31/2024
by instrument (in R$ million and %)
1,719 | 737 |
4% | |
9% | |
16,950
87% Debentures
BNDES Others
Liability management (Allocation of net debt)
In 2023, EcoRodovias optimized its capital structure, increasing the share of debt in highway concessions. In 1Q24, net debt of highway concessions reached 65% of consolidated net debt (+24 p.p. vs. Dec 22), while net debt of holding companies was 35%.
15% | 12% | 12% |
9% | 6% | 3% |
18% | 20% | |
35% | ||
64% | 65% | |
41% |
Dec, 22 | Dec, 23 | Mar, 24 | |
Highway concessions | EcoRodovias Concessões e Serviços | ||
EcoRodovias Infraestrutura e Logística and Ecoporto | Holding do Araguaia | ||
1Q24 RESULTS | 9 |
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EcoRodovias Infraestrutura e Logística SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 22:14:40 UTC.
