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Brisa expects profits to rise by 25.6% due to increased traffic in 2023

Brisa expects profits to rise by 25.6% due to increased traffic in 2023

Toll revenue rose 17.2% last year and revenue from service areas grew 16.8%. Inflation spending rose by 8.6%.

Brisa Group had a net profit of €276.6 million based on profit before tax of €399.8 million and €123.2 million in income tax. The value compares to a net profit of €240.8 million in 2022 (+25.6%).

Operating results (EBITDA) at the end of the year amounted to €633.7 million, representing an increase of 19.2% compared to the previous year. EBITDA amounted to 454.1 million euros.

The company that owns the largest highway concession in Portugal increased its operating income by 17% to $785.3 million, which translates to an increase of 17.0% compared to the same period last year.

Toll revenues reached €749.6 million (+17.2% compared to the previous year), supported by traffic behavior during the year.

Traffic increased by 8.9% in 2023, compared to the same period last year, and the company led by Antonio Perez de Lima says it is “supported by favorable economic conditions and the absence of movement restrictions related to the Covid-19 pandemic, which negatively affected traffic in early 2022.” .

“The growth of Portuguese GDP has had a positive impact on traffic on the BCR (Brisa Concessões Rodoviárias) network,” the company said in a statement. In this context, the average daily movement during the year reached 23,251 vehicles/day. Movement increased by 8.9% compared to the same period last year, supported by improved macroeconomic conditions during the year and the cancellation of movement restrictions that were still in effect at the beginning of 2022.

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Presa also reveals that “Analysis of traffic by vehicle type shows a more favorable development of light vehicles compared to heavy vehicles. The growth in TMD recorded in light vehicles was 9.0% and in heavy vehicles was 6.4%. The weight of light vehicles in total traffic increased to 93.7%.

Revenues related to service areas amounted to EUR 29.2 million (+16.8% compared to the same period last year).

Costs HeyEmploymentexcluding depreciation and amortizationModifications And the provisions, I arrived 151.6 million in 2023, represents a theincrease in 8.6% Compared to 2022.

On the cost side, the total external supplies and services item, which mainly reflects subcontracting costs for operation and maintenance services for the awarded highway network and electronic toll collection costs, amounted to 148.4 million, translating to an increase of 8.4%. Compared to the same period last year, “reflecting high levels of inflation.”

The item of amortizations, depreciations, settlements and provisions, net of reversals, amounted to 179.6 million (+11.6% compared to 2022). Presa stresses that the method of calculating the depreciation of assets related to the BCR franchise depends on the development of traffic.

Investments (capital expenditures) amounted to 61.8 million euros, “reflecting enhanced maintenance and improvement of the infrastructure of the franchise network and contributing to safer mobility.”

At the end of December 2023, BCR's total debt amounted to €1,395 million (nominal perspective), and the concessionaire says that €300 million had been repaid during the year, in relation to the bond loan, and €39 million in respect of the EIB (European Investment Bank) loan. ).

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About 57% of the debt is subject to a fixed interest rate regime and about 43% is subject to a variable interest rate regime.

“The weighted average cost of debt during 2023 reached 2.9%, which represents an increase of 0.5 billion pounds. “Compared to 2022,” Presa says.

Net debt decreased by 10.3% to 1,285 million euros.

“The ratio of net debt to EBITDA was 2.03x, which is 2.22x less than the maximum of 4.25x set for the relevant level of “causing event” Brisa reveals.

Regarding the balance sheet, at the end of December, the assets of Brisa Concessão Rodoviária amounted to €2,078.9 million, consisting mainly of intangible assets related to concession rights for the motorway network and bank deposits.

Liabilities recorded a decline of 174.6 million compared to December 2022, to 1806.9 million, as a result of the decrease in financial debt.

Shareholders' equity, in turn, rose by 36.9 million to reach 271.9 million euros.