Good morning, ladies and gentlemen, and thank you for waiting. Welcome to CCR's second quarter 2018 earnings conference call. Please be advised that during the company's presentation, participants will only be able to listen to the call. Once the presentation is over, we will begin the Q&A session, and further instructions will be provided at that time. If any of you need any assistance during the call, please request assistance from an operator by typing star zero. Before we begin, we would like to clarify that all statements regarding the company's business prospects, projections, and operational and financial goals that may eventually be made during this conference call constitute the beliefs and premises of CCR's executive board, as does all the information that is currently available to the company.
Considerations about the future are not guarantees of future performance, as they involve risks, uncertainties and assumptions relating to future events, and therefore, depending on circumstances that may or may not occur. Investors should understand that general economic and industry conditions, as well as other operating factors, may affect the company's future results and may lead to results that differ materially from those expressed in such forward-looking statements. Now, I will give the floor over to Ms. Flávia Godoy from CCR's investor relations team. Ms. Flávia, you may proceed.
Thank you, operator. Good morning, everyone, and thank you for joining our second Q18 earnings conference call. With me today are Mr. Arthur Piotto, CCR's CFO and IR officer, Marcus Macedo, and Marcela Dias of the IR team. The company's earnings release for the second quarter is available on our website, www.ccr.com.br/ir. I would like to begin with a few macroeconomic indicators that we believe are important for the performance of our business. We start by pointing out that during the second quarter, unemployment rate reached 12.4%, down by 60 basis points versus the same quarter of 2017, and down by 70 basis points when compared to the first quarter ended in March. The real average worker income reached BRL 2,198 in the second Q18, stable in comparison to the same period of 2017.
The latest data on industrial production released by IBGE shows a 1.7% growth in the second quarter of 2018 when compared to the same quarter in 2017, and a 2.5% decrease when compared to the first Q of this year. Credit data released by the Central Bank shows that in June, the financial system credit balance increased by 1.7% in relation to the same month of 2017. Credit balance for individuals increased by 6%, while for legal entities, it reduced by 3%. The credit-to-GDP ratio fell to 46% from 47% during the same period. During the second Q18, the volume of credit available for vehicle financing increased by 27% when compared to the same quarter of 2017. We remind you that the automotive sector is closely linked to the traffic growth and has a great relevance in industrial GDP.
In this sense, the number of licensed vehicles increased by 13% in the 2Q18 over the same quarter of last year. According to the most recent data published by ANFAVEA, vehicle production increased by 13% during the same period. When considering the main operation figures for the quarter, we highlight the pro forma traffic volumes, which declined by 5.1% in relation to the 2Q 2017. Traffic volumes for commercial vehicles decreased by 4.8%, light vehicles decreased by 5.5% during the same period.
We would like to remind you that the quarter was negatively affected by the national truck drivers strike in May, which lasted 10 days, and the toll exemption on empty and suspended axles, which entered into force also in the month of May, based on a decree issued on May 18 that provides for the exemption of toll fees on empty and suspended truck axles, which was one of the requirements made by truck drivers to end their strike. This resulted with a toll exemption of over suspended axles at the toll booths of RodoNorte, ViaLagos and ViaRio on May 28th, and of AutoBAn, RodoAnel Oeste, Renovias, SPVias, and ViaOeste on May 31st.
Excluding the effect of this exemption, CCR's consolidated traffic, including Renovias and ViaRio, would decrease by 3.4% in 2Q18 over 2Q17. It should be emphasized that the compensations to establish the economic financial rebalance of the concession contracts are still being discussed with the granting authority. The NovaDutra and MSVia concessions were not affected, as such exemptions have been in force since April 2016, when the approval of the truck drivers' law was issued. More information on truck evolution for each concession is provided in our earnings release. We now highlight the pro forma figures for 2Q18. That is, considering the businesses in which we do not have full or shared control, which have been consolidated in proportion to CCR's stake in each of these businesses. We also exclude the following items for the same base comparison.
ViaMobilidade, whose contract was signed in April 2018, non-recurring expenses of BRL 17.6 million in EBITDA and BRL 11.6 million in net income related to independent committee. ViaRio, whose share held by CCR increased from 33% to 67% as of May 2017, and the non-recurring effects related to the acquisition of shares in ViaQuatro and ViaRio during the 2Q17 in the amount of BRL 548 million in EBITDA and BRL 362 million in the net income. According to this criteria, adjusted pro forma EBITDA for the same base comparison reached BRL 1.2 billion, a 2.6% increase versus 2Q17, with a stable EBITDA margin of 59%. Truck volumes were affected by national truck drivers' strikes and the toll exemption over suspended axles, as I mentioned earlier, it's worth noting that this positive results reflect the company's discipline in controlling costs.
Cash costs increased by 3.3% versus an inflation of around 2.6% during the same period. Net income on the same comparison basis totaled BRL 300 million, down by 5% well compared to the same quarter of 2017. This result was mainly impacted by the operational performance already described and was partially offset by control of cash costs and a better financial result. The company's pro forma leverage, measured by the ratio net debt to EBITDA, reached 2.6 times in June over this year. In March, the smaller ratio of 2.2 times reflected non-recurring effects from the acquisition of ViaQuatro and ViaRio's shares in the second Q 2017, which affected EBITDA by BRL 548 million.
We conclude our comments of the quarter highlighting that although truck volumes were affected by national truck drivers' strikes and the toll exemptions over suspended axles, pro forma EBITDA on the same base comparison increased by 2.6%, confirming the company's discipline in controlling costs. We may now begin our Q&A section. Operator, please go ahead.
Ladies and gentlemen, we will now begin the Q&A session. To ask a question, please press star one. To remove your question from the list, please press star two. Our first question comes from Stephen Trent, Citig roup.
Hi, good morning, Flávia and team, thanks very much for taking my question. I was just curious if you could give us your view with respect to your expectations on upcoming auctions and opportunities in the secondary market. That's my first question. Thanks.
Hi, Stephen. This is Flávia. Thank you for your question. In terms of new opportunities, I would say that CCR is quite optimistic. We do believe that we are going to see another investment cycle in Brazil. Although this year is an election year, we already have some opportunities by the end of the year. We have two tender processes. The first tender process is going to be November 1st. This is a tender process for a highway located in Rio Grande do Sul state. It's a federal highway. The second tender process is a monorail, Line 15. It's a project located here in São Paulo City by State of São Paulo concession, and the tender process is set up to November 22nd. Like those opportunities, we expect to have more.
It's important to mention that we already had some tender processes this year. Close to 3 to 4 tender processes, and we expect more opportunities like that. Not only this year, but as I said before, by the beginning of the next year, the company is quite optimistic. We do believe that over the next 5 years, we are going to have a bunch of opportunities. Regarding the secondary market opportunities, I would say that CCR has been analyzing some opportunities. Unfortunately, I cannot give you more details on that due to some confidentiality agreements. I would say, yes, the company was very proactive in the past. The company already acquired some concessions in the past. The company has been pursuing some opportunities from the secondary market.
Very helpful, Flávia, and appreciate that. Just 1 very quick follow-up question. I know in the past that you guys have done some investments in airports. In Brazil, outside Brazil, even in the U.S. Any thoughts at this point regarding the Brazilian government thinking on potentially auctioning more airports? Is that something that may also interest the company?
Hi, Stephen. Yes, there are more opportunities. The Brazilian government already announced the 3 closures of airports in Brazil. The government is conducting the public hearings, and according to the government, they expect to announce those opportunities soon. We still don't have the official date, they are working on that. By the end of this year or the beginning of the next year, we should see those opportunities.
Okay, that's perfect. Thanks for the color, Flávia.
Thank you.
Our next question comes from Rafael Fett, Bradesco BBI.
Hi, I have two questions. The first is, do you have any update on the rebalance regarding the lifted axle tariff extension? The second is, I'd like to know Actually, you already answered the first part of the question, but I'd like to know if you are analyzing any potential acquisitions right now. Thank you.
Hi, Rafael. This is Flávia. Well, regarding your first question related to the exemption, the company is still negotiating with the government how the company will be rebalanced to exempt the suspended axles. It's important to mention that in our concession contract, we have some mechanisms to rebalance the contract, but it is still under discussion. I don't have at the moment more details to share with you. The company definitely will be compensated. Regarding your second question related to the M&A opportunities, CCR has been pursuing some opportunities from the secondary market as we already did in the past with some acquisitions. Unfortunately, I cannot give you more details on that or talk about a specific product. Due to some confidentiality agreements and due to our strategy, I cannot share more details with you.
Okay. Just to follow up on a number you mentioned during the first call. Regarding MSVia, you said you invested BRL 76 million during the first half of 2018 and will invest more BRL 45 million in the second half. Is that right?
Hi, Rafael. Let me check. Okay, let me get those numbers. In MSVia, during the first Q 2018, we invested BRL 76 million. We released that information in our press release. According to our estimated investment, we should end the year with the total investment around BRL 150 million. BRL 145 million.
45. Okay, thank you.
Thank you.
Remember that to ask a question, you just need to press star one. We now end the Q&A session. I would like to turn the floor over to Ms. Flávia Godoy for the company's final considerations. Ms. Flavia, you may now proceed.
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 any further questions. Our contact information is available on our release and on the IR website. Thank you.
CCR's conference call is concluded. Thank you for your participation. Have a good day, and thank you for using Chorus Call.