Almost all of the company’s revenues come from the collection of tolls on the highways where it operates. In 2019, excluding construction revenue, 68.5% of the gross revenue came from toll tariffs, 1.2% from ancillary revenues and 30.3% from other revenues (ViaQuatro, Barcas, STP, Aeroportos, SAMM, Metrô Bahia, TAS and ViaMobilidade)
The Company collects tolls manually and via automatic vehicle identification, electronic payment systems in use on eight highways managed by the Company. The primary drivers of gross operating revenues are the number of toll-paying vehicles using its highways and the tariffs the Company charges, which are adjusted by general and construction-related inflation indexes.
Traffic in roads operated by Grupo CCR was 1,034.6 million equivalent vehicles in 2019, compared to 986.5 million equivalent vehicles in 2018 and 1,012.2 million equivalent vehicles in 2017.
Gross operating revenue totaled R$8,221.3 in 2017, R$8,869.9 in 2018 and R$10,290.0 million in 2019. EBITDA was R$5,603.6 million in 2017, R$4,538.0 million in 2018 and R$6,206.8 million in 2019.
Capital expenditure requirements are generally heaviest in the first five years of the life of a concession, as this is when it requires the most significant improvements to the toll roads. The majority of CCR‘s Concessions have now been in force for at least five years and this period of especially heavy capital expenditure is largely completed.
The concession agreements into which CCR Group has entered are the means by which federal, state and municipal governments have delegated the management of the toll roads, urban mobility projects and airports. All relevant terms and conditions applicable to the concessions are set forth in the concession agreements, including with respect to the setting and adjustment of tariffs, the term and bases for termination of the concessions and other rights and obligations. Upon the expiration of the concession agreements, the ownership or control of its assets, which constitute substantially all of the assets used by the operations, is to revert to the granting authority, with compensation from the granting authority for the investments CCR Group has made that have not yet been fully amortized or depreciated.
The procedures under which the Company was awarded its concessions varies from concession to concession. For example, AutoBAn, ViaOeste and Renovias were awarded to the bidder offering the highest concession fee to the granting authority. The Nova Dutra, Ponte, RodoAnel and MSVia Concessions were awarded to the bidder proposing the lowest toll tariff. The RodoNorte concession was awarded to the bidder proposing to maintain the greatest length of feeder roads.