4Q08 Results Presentation

1. Presentation of 4Q08 and 2008 Results
March 31, 2009

2. Presentation of
4Q08 and 2008 Results
22
Results of 2007, unless otherwise indicated, are presented on a pro-forma basis, combining Tegma,
Bonifácio Logística e Transportes Ltda, Coimex Logística Integrada S.A. (C.L.I.) and P.D.I Comércio
Indústria e Serviços Ltda (P.D.I) as if the acquisitions of Boni, C.L.I, and P.D.I had taken place on
January 1, 2007.
Results of 2008 include Nortev’s results from September 1, 2008.
4Q08 and 2008 Results

3. Agenda
• Recent Events
• Change in Lei das S/As• Change in Lei das S/As
• Financial Highlights
• Financial Results
33

4. Recent Events
• On December 22, 2008, the Company’s Share Buyback Program for the
acquisition of up to 2,278,211 common shares was approved. These shares
will be held in treasury for future sale or cancellation.
• On March 18, 2009, interim dividends were paid in the amount of
R$ 12,000,000.00, relating to the fiscal year 2008. Earnings per share
came to R$ 0.19.
44

5. Changes in Lei das S/As
• Leasing agreements.
Law 11.638/07 and Provisional Measure (MP) 449/08
55
• Adjustment to present value of assets and liabilities.
• Reclassification of goodwill.

6. Financial Highlights
• Net revenue in 4Q08 was R$227.1 million, 1.2% up on 4Q07.
•
• Net revenue in 2008 was R$978.9 million, 31.4% up on 2007.
Adjusted EBITDAR
Net Revenue
66
• Adjusted EBITDAR fell 37.5% in 4Q08, from R$39.9 million in 4Q07 to R$ 23.1 million in 4Q08.
• Adjusted EBITDAR in 2008 was R$123.3 million, 2.3% up on 2007.
• Net Income in 4Q08 was R$ 6.0 million, a 66.8% from 4Q07.
• Net Income in 2008 was R$ 53.0 million, a 31.4% increase over 2007.
Net Income

7. 188.0
177.1
32.0
16.0
NET REVENUE Adjusted EBITDAR
-5.8% -50.1
Financial Results – Automotive Sector
5.8% decrease in Net Revenue in relation to 4Q07, due to:
• 23.3% reduction in the volume of vehicles transported caused by the fall in demand for
new vehicles.
• 5.4% decline in Gross Revenue from auto parts transportation.
• R$ 1.8 million decrease in Gross Revenue from Logistics Services.
• 11.2% increase in average distance.
4Q08
50.1% decrease in no Adjusted EBITDAR. In relation to Net Revenue,
Adjusted EBITDAR margin was 9.0%, an 8.0 p.p. decrease from 4Q07, due
to:
• Reduction in the volume of vehicles transported, representing a lower NET REVENUE Adjusted EBITDAR
4Q07 4Q08
77
2008
• Reduction in the volume of vehicles transported, representing a lower
dilution of fixed costs.
29.2% growth in Net Revenue compared to 2007, the highlights being:
• 9.9% growth in the number of vehicles transported.
• 5.3% increase in average distance.
• R$ 68.8 million growth in Gross Revenue from auto parts transportation.
3.3% decline in Adjusted EBITDAR. In relation to Net Revenue, Adjusted
EBITDAR margin was 12.4% , a 4.2 p.p. decrease from 2007, due to:
• Strong decline in margin in 4Q08, due to the reduction in demand.
• Increase in the share in revenue of auto parts transportation, logistics
services and the Catlog division, which have lower margins;
• Change in the structure of fixed costs, with the construction of two new
yards and the renewal of another;
614.9
794.8
102.1 98.8
NET REVENUE Adjusted EBITDAR
2007 2008
29.2%
-3.3%%

8. 36.5
50.0
4.9
7.1
56.9%
37.0%
43.8%
Financial Results – Other Sectors
4Q08
37.0% growth in Net Revenue over 4Q07, due to:
(i) The 76.4% growth in Gross Revenue from transportation services,
led by the Pulp and Paper, Fuels and Orange Juice segments.
(ii) 9.7% growth in Gross Revenue from Logistics Services.
43.8% growth in Adjusted EBITDAR over 4Q07 to reach R$ 7.1 million.
In relation to Net Revenue, Adjusted EBITDAR margin was 14.2%,
representing an 0.7 p.p increase year on year, due to:
(i) Renegotiation of contracts.
(ii) Implementation of productivity projects.
(iii) Reduction of costs.
NET REVENUE Adjusted EBITDAR
4Q07 4Q08
88
2008
(iii) Reduction of costs.
The Company will continue these initiatives in upcoming quarters in order
to increase its margins.
41.6% growth in Net Revenue in 2008, the highlights being:
(i) 72.2% growth in Gross Revenue from Transportation.
(ii) 12.6% growth in Gross Revenue from Logistics Services.
Adjusted EBITDAR was R$ 24.5 million in the period, a 33.3% increase
over 2007. In relation to Net Revenue, Adjusted EBITDAR Margin was
13.3%, a 0.8 p.p. decrease from the previous year.
130.0
184.2
18.4 24.5
NET REVENUE Adjusted EBITDAR
2007 2008
41.6%
33.3%

9. Financial Results – Consolidated Net Revenue
744.9
978.9
1.2%
99
• Consolidated Net Revenue grew by 1.2% over 4Q07, with the Automotive sector recording a
5.8% decline, whereas Other Sectors posted a 37.0% growth.
• Consolidated Net Revenue in 2008 was R$ 978.9 million, a 31.4% increase over 2007. The
Automotive sector grew by 29.2%, while revenue from Other Sectors grew by 41.6% in the
period.
224.5 227.1
2007 2008 4Q07 4Q08
31.4%

10. Financial Results – Consolidated Adjusted EBITDAR
120.5 123.3
2.3% -37.5%
1010
• Consolidated Adjusted EBITDAR in 4Q08 was R$ 23.1 million, a 37.5% decrease from 4Q07.
• Adjusted EBITDAR in 2008 was R$ 123.3 million, a 2.3% increase over 2007.
36.9
23.1
2007 2008 4Q07 4Q08

11. Financial Results – Consolidated Net Income
40.5
53.0
18.1
-66.8%
1111
• Consolidated Net Income was R$ 6.0 million in 4Q08, representing a 66.8% decline from 4T07.
• Consolidated Net Income was R$ 53.0 million in 2008, a 31.4% growth over 2007.
18.1
6.0
2007 2008 4Q07 4Q08
31.4%

12. 235.0
203.0
176.0
87.6
134.0
141.6
1.16x
0.76x
Financial Results – Cash and Debt Balances
Cash – R$ millionDebt – R$ million
x EBITDAR 12
months
R$ 47.7
Acquisition of CTV
72.7 68.7
CASH BALANCE
dec-07 mar-08 jun-08 sep-08 dec-08
69.8
76.9
87.6
INDEBTNESS
dec-07 mar-08 jun-08 sep-08 dec-08
0.58x
0.62x
0.67x
0.76x
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• Net debt on December 31, 2008 was R$ 72.9 million, representing 0.59x of EBITDAR in 2008.
Acquisition of CTV
R$ 93.9
FINAME + Leasing

13. IR Contact
Alexandre Brandão
+55 (11) 4346-2532
alexandre.brandao@tegma.com.br
Hugo Zierth
+55 (11) 4397-9370
hugo.zierth@tegma.com.br
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www.tegma.com.br/ri

14. The forward-looking statements contained in this report are subject to risks and uncertainties,
and are based on beliefs and assumptions of our management and information currently
available to the Company. Such statements include information about our current intentions,
beliefs or expectations, as well as those of our Board of Directors and Board of Executive
Officers.
The reservations concerning forward-looking statements also apply to information on our
possible or presumed operating results, as well as declarations preceded by, including or
followed by such words as "believe", "may", "will", "continue", "expect", "foresee", "intend",
"plan", "estimate" and other similar expressions.
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"plan", "estimate" and other similar expressions.
Forward-looking statements do not constitute a guarantee of performance. Since they refer to
the future, they depend on circumstances that may or may not occur and are therefore subject
to risks, uncertainties and assumptions. Future results and creation of shareholder value may
differ substantially from those expressed or suggested by the forward-looking statements.
These results and values depend on many factors beyond TEGMA’s control or expectations.