Arteris announces its 4Q15 and 2015 Earnings Results
São Paulo, March 29, 2016.
Arteris (Novo Mercado Bovespa: ARTR3) announces its 4Q15 consolidated earnings results
Tolled Traffic: In 4Q15, the volume of tolled traffic totaled 171.0 million vehicle equivalents, 10.0% down on 4Q14, due to Brazils economic slowdown and the elimination, since April, of charging for the suspended axles of empty heavy vehicles on federal highways. If this law had not been in effect, the tolled traffic would have fallen by 6.9% in 4Q15 and 4.0% in 2015. Despite the decline in the year, we highlight the resilience of the light vehicle traffic, which grew 3.5% in 2015.
Toll Plaza Revenue:Toll plaza revenue came to R$624.3 million in 4Q15, a slight 2.3% reduction over the same period the year before, while 2015 revenue totaled R$2.4 billion, 0.3% more than in 2014. Despite the reduction in traffic, Toll Plaza Revenue remained flat, due to period tariff adjustments, which were above inflation in certain federal concessions, due to the correction of imbalances.
EBITDA and Adjusted: Fourth-quarter EBITDA fell by 24.1% over 4Q14 to R$269.5 million, while Adjusted EBITDA declined by 8.0% to R$352.7 million, with a margin of 61.4%.
Debt: Net debt closed 4Q15 at R$5.7 billion, 7.0% more than at the end of 3Q15. The leverage ratio, as measured by Net Debt / Adjusted EBITDA less Fixed Concession Fee (last 12 months) ratio was 4.10x.
Investments: Investments in toll roads, mainly federal highways, came to R$455.6 million in 4Q15 and R$1.8 billion in 2015.
Net Income: Arteris posted a net loss of R$12.0 million in the quarter and net income of R$149.3 million in the full year. Chiefly due to economic activity, higher depreciation and the financial result, which was impacted by the increase in debt and higher interest rates.
To download the 4Q15 earnings release, click here.