1 q10 results presentation
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1Q10 Earnings
Results Presentation
05/13/2010
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This release contains forward-looking statements relating to the prospects of the business,
estimates for operating and financial results, and those related to growth prospects of TPI –
Triunfo Participações e Investimentos S.A.. These are merely projections and, as such, are
based exclusively on the expectations of the Company’s management concerning the future of
the business. Such forward-looking statements depend substantially on changes in market
conditions, the performance of the Brazilian economy, the sector and the international markets,
and are, therefore, subject to changes without previous notice.
Forward-Looking Statements
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I - Highlights
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I - Highlights
Total traffic volume on our toll road concessions grew 11.6% year-on-year to 18,189,000
equivalent vehicles.
Handled container volume increased by 124.0% over 1Q09 to 135,580 TEUs.
Gross Revenue increased by 27.1% over 1Q09 to R$126.179 million.
EBITDA grew 12.0% to R$73.122 million in 1Q10.
Net income came to R$14.450 million in 1Q10, 29.8% higher than in 1Q09.
Also on January 8, Portonave and its subsidiary Iceport announced that they will pay a
service tax of 2% on Gross Revenue.
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I - Highlights
On January 15, the unsubscribed shares left over from the capital increase during the period
for exercising the preemptive rights and the period for subscribing to the unsubscribed
shares were auctioned at the São Paulo Stock Exchange (BM&FBovespa). The shares were
subscribed at the price of R$6.32, resulting in premium of 15.0%.
On January 29, Triunfo announces joining the Assembleias Online system, which enables its
shareholders to participate in the company’s shareholders meeting remotely.
On February 25, we concluded the acquisition of 1,955,230 common shares in Vessel-Log
Cia. Brasileira de Navegação e Logística S.A.
On March 5, the Board of Directors ratified the Company’s intention to sell the shares issued
by our subsidiary Rio Verde Energia S.A. The investment was reclassified under ‘Holdings
for sale’, amounting to R$158.594 million as of March 31, and under non-consolidated bank
loans in the amount of R$353.554 million.
On March 15, Portonave is fined by the National Water Transport Agency (ANTAQ) for
possible irregularities.
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I – Subsequent Events
The Annual and Extraordinary Shareholders’ Meeting was held on April 7.
On April 12, a sum of R$ 8.4 million was paid by way of dividends declared in 2009.
On April 22, a Public Hearing was held to obtain the environmental clearance for the Santa
Rita project.
On April 29, the financial statements containing the reconciliation between BR GAAP and
IFRS are disclosed.
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II – 1Q10 Results
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16,303
18,189
15.000
15.500
16.000
16.500
17.000
17.500
18.000
18.500
19.000
1Q09 1Q10
Traffic – Equivalent Vehicles (‘000)
II – 1Q10 Results
11.6%
10
2,9343,240
5,707
6,419
7,662
8,530
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
1Q09 1Q10 1Q09 1Q10 1Q09 1Q10
Traffic – Equivalent vehicles in the concessionaries (‘000)
II – 1Q10 Results
ECONORTE CONCER CONCEPA
10.4%
12.5%
11.3%
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60,516
135,580
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
1Q09 1Q10
Container Handling - TEUs (‘000)
II – 1Q10 Results
124.0%
12
99,262
126,179
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
1Q09 1Q10
Gross Revenue from Operations (R$ ‘000)
II – 1Q10 Results
27.1%
13
21,682
26,971
-
5.000
10.000
15.000
20.000
25.000
30.000
1Q09 1Q10
Operating Costs (R$ ‘000)
Net – Depreciation / Amortization
II – 1Q10 Results
24.4%
14
2,372
11,377
-
2.000
4.000
6.000
8.000
10.000
12.000
14.000
1Q09 1Q10
Operating Expenses (R$ ‘000)
Net – Depreciation / Amortization
II – 1Q10 Results
379.6%
15
65,316
73,122
60.000
62.000
64.000
66.000
68.000
70.000
72.000
74.000
1Q09 1Q10
Adjusted EBITDA (R$ ‘000)
II – 1Q10 Results
12.0%
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EBITDA Margin (%)
II – 4Q09 Results
65.7%
63.6%
60,0%
62,0%
64,0%
66,0%
68,0%
70,0%
1Q09 1Q10
-2.1 p.p
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(13,303)
(23,487)(25.000)
(20.000)
(15.000)
(10.000)
(5.000)
-
1Q09 1Q10
Net Financial Results (R$ ‘000)
II – 1Q10 Results
76.6%
18
11,133
14,450
-
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
1Q09 1Q10
Net Profit
(R$ ‘000)
II – 1Q10 Results
29.8%
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464,600451,150
1.94x
1.82x
1,5
2
2,5
3
3,5
-
100.000
200.000
300.000
400.000
500.000
600.000
4Q09 1Q10
Net Debt (R$ ‘000) & Net Debt / EBITDA
III – Debt
-2.9%
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IV – Capex
Balance of Investments in Fixed Assets
Triunfo 46,750 3.4%
Concer 361,594 26.6%
Concepa 324,971 23.9%
Econorte 213,211 15.7%
Portonave 163,874 12.1%
TPI-Log 106,892 7.9%
Santa Rita 79,863 5.9%
Total 1,357,688 100.0%
BALANCE OF INVESTMENTS IN FIXED ASSETS IN 2010
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IV – Capex
Investment in Fixed Assets
Triunfo 1.393 5,5%
Concer 2.333 9,3%
Concepa 2.754 10,9%
Econorte 2.298 9,1%
Portonave 1.653 6,6%
Santa Rita 576 2,3%
Vessel 4.782 19,0%
NTL 2.233 8,9%
Other Investments 7.134 28,4%
Total 25.156 100,0%
INVESTMENTS IN FIXED ASSETS IN 2010
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www.tpisa.com.br
Tr iunf o São Paulo
Rua Olimpíadas 205 14º andar cj. 1402
CEP 04551-000 São Paulo SP BRFone 55 11 2169 3999
Fax 55 11 2169 3969
Rua Olimpíadas 205 14º andar cj. 1402 CEP 04551-000 São Paulo SP BR
Fone 55 11 2169 3999 Fax 55 11 2169 3939
www.triunfo.com
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