Good morning, ladies and gentlemen, thank you for waiting. We would like to welcome you to the third quarter 2018 earnings conference call of the CCR S.A. We would like to inform you that all participants will be in listen-only mode during the presentation. After the company's remarks, we are going to start a Q&A session, then certain instructions will be given. Should any participants need assistance during this call, please press star zero and reach the operator. Before proceeding, we would like to mention that forward-looking statements about CCR's business prospects and financial and operating goals are based on the beliefs and assumptions of CCR's management and on information currently available to the company. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions because they relate to future events, therefore depend on circumstances that may or may not occur.
Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of CCR and could cause those results to differ materially from those expressed in such forward-looking statements. I'll turn the call over to Ms. Flávia Godoy, CCR's IR coordination. Please, Ms. Godoy, you have the floor. Well, thank you, operator. Good morning, everyone, thank you for attending our earnings conference call for the third quarter of 2018. With us here today, we have Arthur Ghiotto, our Chief Financial and Investor Relations Officer, Marcos Maciel, Daniel Terracioni, and Marcelo Dias, members of the IR team. The earnings result is available on the company's website at www.ccr.com.br/ir. Let us first take a look at some of the macroeconomic indicators we consider important for the performance of our business. We would like to start by highlighting them.
The unemployment rate came to 12.1% in Q3 2018, with a 0.5 percentage points down year-on-year, and 0.6 percentage points down from Q2 2017. The average real per capita income reached BRL 2,225 in August, in line with the same period of 2017. The last data informed by the Brazilian Institute of Geography and Statistics show that industrial production grew by 2.0% year-on-year in August and fell by 0.3% as compared to July. According to the latest credit details released by the Central Bank, credit granting in the financial system moved up by 3.4% year-on-year in August. The balance of loans to individuals increased by 7%, while the balance of corporate loans decreased by 0.4%. The credit to GDP ratio fell to 46.7% versus 47.2% in the same comparison.
Credit to finance vehicles grew by 24% year-on-year in August as compared to the same month last year. It is worth noting that the automotive sector is closely linked to traffic growth and has a great influence on our industrial GDP. In this sense, the number of licensed vehicles increased by 13% in Q3 2018 as compared to last year, while vehicle production moved up by 5% in the same comparison, according to recent data from Anfavea. Moving on to operating numbers for the quarter, we highlight the proforma traffic, which edged down 4.2% over Q3 2017. On the same comparison basis, commercial vehicle traffic declined by 7.3%, while light vehicle traffic fell by 0.3%. It's worth remembering that the quarter was affected by exemptions and axles of empty trucks according to effective Decree 833 of May 2018.
As a result, all the concessionaires, except for the federal highways, discontinued toll collection for suspended axles. Excluding the effect of these exemptions, CCR's consolidated traffic, including RodoAnel vehicles and ViaRio, increased by 0.1% in 3Q 2018 over 3Q 2017. As a consequence, there was a loss of revenue in the quarter of approximately BRL 76.3 million. However, it's worth noting that the alternative forms of compensation to reestablish the economic and financial balance of the agreements are being discussed with the granting authorities. In our press release, you will find more information on traffic trends for each concession here. We now show the key pro forma figures in 3Q 2018, considering all businesses which do not control or hold shared control, consolidated according to CCR share in each line. We also excluded the following items from the same basis comparison. ViaMobilidade, whose concession agreement was executed in April 2018.
Non-recurring expenses related to the independent committee, with an impact of BRL 17.1 million on EBITDA and BRL 11.3 million on net income, and CCR Group's non-recurring severance costs, with an impact of BRL 31.8 million on EBITDA and BRL 21 million on net income. According to the press release, same basis adjusted EBITDA totaled BRL 1.4 billion, a 5% increase in 3Q 2017, accompanied by a margin of 63.1%, with a down number of 1.2 percentage points. Net income on the same basis, net income totaled BRL 405 million, 13% down over 3Q 2017, which was chiefly impacted by the operating performance previously mentioned. The pro forma investments in 3Q 2018, including financial and assets maintenance, totaled BRL 467.8 million. The concessionaire has most invested in the quarter were RodoNorte, NovaDutra, SPVias and Metrô Bahia. RodoNorte's investments were mainly allocated to duplication and restoration works in several stretches.
At NovaDutra, works were carried out on several bridges and overpasses. SPVias invested in resurfacing and duplications in several stretches, and the investments in Metrô Bahia were mainly in construction works, rolling stock, and systems. The pro forma gross debt was BRL 18.8 billion in September, 19% up year-over-year. Even with this increase, the company's pro forma leverage, measured by the net debt to EBITDA ratio, remains at 2.6 times, due to higher cash position and EBITDA. As subsequent events, we would like to highlight that on October 1, the company announced the acquisition of an additional stake in São José dos Campos International Airport, and now holds directly and indirectly 97.15% of the concession.
Another highlight was that on October 18, the Board of Directors meeting approved as referendum by the company's 2019 annual shareholders meeting, the payment of interim dividends of approximately BRL 0.39 per share to be paid as of October 31. Payment will be made to shareholders of record on October 23, and the shares will be traded ex-dividend as of October 24. We end thus our comments on the quarter's results, highlighting that although the traffic has been affected by the suspended axle exemption, the same basis pro forma EBITDA grew by 5%, underlining the resilience and solidity of our business. We would like to conclude by highlighting our commitment to the qualified and sustainable growth that has brought us notoriety along our history.
The strong need to invest in infrastructure in Brazil corroborates a new investment cycle for the coming years, in which we can identify over 63 potential projects to be launched individually or in groups. Only in the road segment alone, we can mention 44 highway concessions in the domestic and international markets, 13 of which are existing concessions whose contracts will mature over the next five years. Besides, the South Integration Road, whose bidding process is scheduled for the next week, November 1st. In the urban mobility segment, the company continues to be attentive to new opportunities, such as line 7, 8, 9, 11, 12, 13, and 15 in São Paulo, in addition to some opportunities in the international market. In the airport sector, as an ongoing process to generate profitable businesses, we are also evaluating 13 airports, which will be bid in two blocks.
As you can see, our diverse size portfolio, our record of realizations, and investment capacity enable us to participate in these opportunities, continuing our qualified and sustainable growth, and contributing to the social, economic, and environmental development of the regions where we operate. We now open the floor to Q&A. Operator, please go ahead. Ladies and gentlemen, we will start now our Q&A session. To pose a question, please press star one. To remove the question from the line, press star two. Our first question comes from Roberto from Merrill Lynch. Thank you for the opportunity and congratulations on the results. We have two questions. First, on the new opportunities of growth, what's your appetite for next week's bidding process, and what do you say about the pipeline, and if there is any news about the evolution of SRPJ. Hi there. Good morning. This is Flávia.
In regards to your first question on our, as I mentioned during the call, the company remains very attentive and working with some opportunities that come about. Next week, we have the RISC self-integration roadway bidding process, and the process will be delivered on 30th October, and the company is undergoing a competitive process, and any decisions are made on the eve of the auction. But we go on assessing this opportunity for sure. In terms of the other opportunities, we are expecting a new cycle of investments, as you mentioned, and I think that all the scenario of our economy and the country's current situation collaborates with this cycle. We count on private players increasingly more. Not only new opportunities shall be announced in the coming years, as I listed that are upward 63 projects that we have in our pipeline.
Highways that are going to end the contract in the next five years. So the balance of the highways, they are going to end the contract by 2022 besides the new announcements. So the company goes on very focused on this type of new investment. In terms of your second question about the discussions on the investigation on Outbank. This process started on February 2018, and on 27th February, one of the ministers voted for this inspection. Recently, we had another session, and other three ministers also wanted to, and voted favorably for this investigation. We still need one minister to pronounce himself. So the judgment has not been carried out. We think that this advancement was positive, but in fact, we have to wait for the end of the process for its final decision. The fifth minister still has to give his vote.
He asked for more time, and only with this vote, the whole process will be concluded. Thank you very much, Flavia. Next question, Mr. Zach, Bradesco BBI. Good morning. Congratulations on your results. I have two questions. When you analyze the data on the third Q, you had almost BRL 32 million increase in terms of the severance line in the group. I would like to know if you are expecting any reduction in the cost of personnel as of last Q. I would like to know the status of the PNMU. Victor, good morning. This is Flavia again. In terms of the non-recurrent effect and the labor severance discussions, we don't have a figure to inform you, but this is a continuing and ongoing process. We are carrying out this on an ongoing basis. The greater impact is over already.
It was mentioned now in this 3Q. The company is going over some processes to make the company more agile, more accessible. Part of this program requires the preparation of some of our members to take over new responsibilities in the future. We are going over the roles, what can be accumulated or not. This will be a continuous exercise. The greater impact is over already. The benefits, I think we are going to be able to see in a year's time or even a longer period. I would like to mention the headcount and how much this represented as a reduction. Victor, we don't have this information in numbers to tell you. I can tell you that some of these personnel cuts were on the executive level, and we are going over another restructuring project, and this was started last year.
All this is part of what we announced as part of our succession plan restructuring. In terms of your second question, the independent committee. Their investigations are still ongoing, we didn't have any detail on how it stands or on something more that we could share with you. I want to reinforce that the independent committee is really independent. None of us have access to them. Therefore, we have to wait for the conclusion. Thank you very much. Next question, Felipe Di Magri from Credit Suisse. Good morning, I have two questions. About ViaQuatro. If you have any updates on the status of the imbalance or what are you going to discuss in order to really perform the numbers. How do you think you can rebalance it? What are the views you have on the rebalancing? Hi, Di Magri. Good morning.
This is Flavia. ViaQuatro. ViaQuatro, in fact, we admit and we have noticed the imbalance, the company is talking in order to find a way of rebalancing it. We started two processes. One is how to revert the loss of revenue, and the other is how to pay back these losses, since NTU didn't recognize these losses. We don't have a deadline to conclude it, we hope that this will be concluded by 2019, next year. As the imbalance was formed in the case of ViaQuatro, since it is a PPP, these PPP processes have a limitation in the deadline extension. The rebalance, I think, would fit better, would be a compensation chamber. Today, 10% of passengers that go through ViaQuatro, from 10%, we get the full price, and 90% half price. The compensation will go around this.
I have two other questions on two assets. One, on the airport of Belo Horizonte. I would like to know your view on Pampulha, how does it stand, and what have you taken at Infraero, what have you decided with them, and how can you improve demand? Thank you. Di Magri. As to the possible reopening of Pampulha Airport, I want to say that the concessionaire filed a suit, a liminar, and asking that all the documents will be reanalyzed for the opening of Pampulha. We still wait for the final sentencing in order to discuss whether Pampulha will be reopened or not. The reopening of Pampulha Airport has not been definitely canceled. In terms of Metrô Bahia, we had very important advances this year. In terms of the demand of passengers, we concluded the project as well.
The cut of the lines, which were foreseen in our concession contract, this is still in an implementation phase. All this is very important for the company, for the performance of our business in this specific asset, and also to improve the implementation. We had a very good advance in third Q as compared to second Q, and we hope that this will be finished by end of year. The company, I want to mention also that since this is foreseen in the contract, if there are more delays, the company has the right to file a suit for rebalancing. Thank you very much. Next question Alberto Valerio from UBS. Good morning. Thank you very much for the opportunity to ask my questions. I think that the federal auction next week will have a new rule for the concession grants.
You will have to provision the amount, and as a lot, it will be the discount on the tariff. I would like to know how will this provisioning, how will it be made? Well, Alberto, this is Marcos. Well, in terms, it's slightly different from what you said. The rule is that for each % of discount offered in the tariff, the auction winner will have to put a higher capital amount in the project. The project is not for concession. Unfortunately, since we are in a competitive bid, we cannot share with you the conditions and the company's strategy for the project. After the auction, if we are successful or even if we participate in it, because the decision will be made much closer to the auction, then we will be able to mention and comment on more details. I hope you understand it.
Since we are in a bidding process, we cannot share details with you. Thank you very much, Marcos. Next question, Lucas Laghi, Citibank. Good morning. I have two questions to Flávia. One relates to the timing for the financial rebalance, the second regards the mobilidade. Can you give any idea of additional impact that these actions of the end of the quarter, how will this be added in asset demand? Hi, Lucas, good morning. Flávia again. Well, in terms of the negotiation of the suspended access, the negotiations have been started, we do not have a definition. The company is still negotiating with the government of the state of São Paulo and the other governments as well, because we have concession in other states as well. I focus in São Paulo because the concentration of our assets is here. These negotiations are taking place.
The reception was very good by the government and our company. The rebalance form has not been defined. We have to wait. In terms of Line 5, the project for the operation, was started in August. At the end of the quarter, we opened two new stations, very important ones for Line 5. The expectation, which is the information that was given by the government, is that with the line 100% operational, the idea when we must probably will reach the level of 700,000. Our expectation therefore is that we will meet this number in the next few months. Thank you very much, Flavia. I would like to remind you that to pose questions, you have to press star one. Next question from Lucas Barbosa, Morgan Stanley. Hi, Flavia. I want to follow up on the compensation for the suspended access.
In your mind, in the concessions in the state of São Paulo, do you think that the disputed effect could be a barrier for you to close a deal in order to have this balance for not charging the suspended access or what? Thank you. Hi, Lucas, good morning. We don't believe that there would be any type of interference because in this dispute, because it's a contract right we have. The negotiations are in an ongoing basis with the granting authority, we did not find the way, we haven't defined the way we will find a rebalance of this. We don't think that these discussions can impact the negotiation. This is a period of a contract, the period of the contract has to be respected. Thank you very much. Next question, Lucas Marquiori from Safra. Good morning. Thank you, I have two quick questions.
Flavia, please tell us on MSVia, what is the company's thought in making the compensations to find the rebalancing? The second point is that you mentioned several opportunities for new investments, airports, highways, urban mobility. Respecting your limitations in mentioning all these subjects, I would like to know if you could make a return matrix comparing airport and urban mobility and highways. Where do you see more greater opportunities of return? This will help us on the company's allocation appetite for new assets. Hi, Lucas. Good morning. Well, in terms of MSVia, the company has filed a suit to discuss the contractual imbalances. We are living with this, in this we are undergoing a contractual imbalance. The Law 13.448 enables highways to return the assets within this period. The company was not regulated so far. We have this idea of rebalancing.
We filed the suit. We have a provisional injunction that eliminate any probability along the line. We have to wait for the suit to go on. In terms of the attractiveness comparison within the three modes, what do you think? This is Marcos. It's always very difficult to speak about the potential return on competitive processes, because we will have more or less competition, this can impact the return on the project. Looking at the history of what happened so far between airports, highways, mobility, we could place mobility as the segment that could generate higher returns due to the higher complexity and risk, therefore, what we saw in the past, a limited number of competitors.
In second place, we could put highways, because even having, in the past, few players for each of the projects we launched, this segment historically, and depending on the project, we are able to get four, five, six players, bidding for one same highway. There is the possibility of having higher competition and lower returns. The third would be airports, because when we saw the last auctions, the last bidding processes with the several foreign players, the bids were very high. This suggests that the returns were not as high as expected by the market. I think this would be the order, but it's always very difficult to foresee this. You have a large highway, a very large, big highway that requires more capital with a higher number of participants, and sometimes you take the bid, you win the bid with an attractive return.
Obviously, we're thinking on different companies, and sometimes the return view of another company is different from ours. This is very strict in terms of capital. We will be very competitive in all the bidding processes, but we will not set aside the capital gains. I would like to remind you that to pose questions, you just have to press star one. We now close our Q&A session. We would invite Marcela, or Flávia, sorry, for the closing remarks. On behalf of CCR, I would like to thank you for your time and interest. Please do not hesitate to contact any of us if you have further questions. Our contact information is available in our releases and on our investor relations website. Thank you very much. The earnings results webcast of CCR is closed.
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