The document summarizes Tegma Gestao Logistica's financial results for the second quarter of 2011. It reported increased net revenue driven by sales of vehicles, auto parts, and consumer goods. EBITDA was impacted by consolidating a new acquisition and increasing infrastructure. The automotive logistics segment grew revenue but saw lower margins. Integrated logistics grew significantly through new business segments. Net income decreased from one-time gains in the prior year. The company has a low debt level and extended loan terms.

1. Insira aqui o título da sua apresentaçãoInsira aqui o título da sua apresentaçãoPresentation of Results
Second Quarter 2011

2. • Recent Events
• Financial Results
Agenda
1

3. • Melhores & Maiores (“Best and Biggest ”) Awards
Tegma Gestao Logistica was considered the best transport company in Brazil by
Exame magazine ‘Best and Biggest ’ 2011 Award.
• Dividends and Interest on Equity Payment
The Board of Directors Meeting held on August 11, 2011 approved the payment of
interim dividends and interest on capital amounting to R$18.0 million,
corresponding to approximately R$0.27 / share
• Rating Assignment
Moody‘s issued assigned an Aa3.br corporate rating on the national Brazilian scale
and Ba2 in local currency on the global scale.
Recent Events
2

4. Financial Results
Net Revenue – R$ million
286.9
365.6
2Q10 2Q11
533.9
673.5
1H10 1H11
27.4%
26.1%
Growth driven by sales vehicles, auto parts and consumption
goods and the inclusion of Direct`s results.
3

5. Financial Results
Adjusted EBITDA – R$ million
44.9
46.1
2Q10 2Q11
79.9
89.8
1H10 1H11
2.6%
12.3%
EBITDA Margin impacted by the consolidation of
Direct and by growth of structure.
15.7%
12.6%
15.0%
13.%
4
Adjusted EBITDA Margin

6. Financial Highlights
Automotive Logistics – R$ million
247.2
38.5
280.9
37.8
Net Revenues Adjusted EBITDA
2Q10 2Q11
Net Revenue: R$ 280.9 million (+13.6% vs 2Q10).
 Increase of 8.0% in the number of vehicles transported;
• Growth of 30.4% in gross revenue from auto parts logistics;
Net Revenue: R$534.4 million (+17.5% vs 1H10).
• Increase of 9.0% in the number of vehicles transported;
• Growth of 36.3% in gross revenue from auto parts logistics;
Adjusted EBITDA: R$37.8 million (-1.6% vs 2Q10), for margin of
13.5% (-2.1p.p vs 2Q10)
13.6%
-1.6%.
2Q11
1H11
454.8
69.9
534.4
76.3
Net Revenues Adjusted EBITDA
1H10 1H11
Adjusted EBITDA: R$76.3 million (9.1% vs 1H10), for margin of
14.3% (-1.1p.p vs 1H10)
5
17.5%
9.1%

7. Financial Highlights
Integrated Logistics – R$ million
39.7 6.5
84.7
8.3
Net Revenues Adjusted EBITDA
2T10 2T11
Net Revenue: R$ 84,7 million (+113.2% vs 2Q10).
 Increase of R$22.2 mm in gross revenue from electronics logistics;
• Increase of 127.6% in gross revenue from telecommunications segment;
• Gross revenue of R$22.4 mm from e-commerce segment;
Net Revenue:R$139.1 million (+75.8% vs 1H10).
 Increase of R$27.4 mm in gross revenue from electronics logistics;
• Increase of 113.9% in gross revenue from telecommunications segment;
• Gross revenue´s growth of R$30.5 mm from e-commerce segment;
Adjusted EBITDA: R$ 8.3 million(27.7% vs 2Q10), for margin of 9.8%
(-6.5p.p vs 2Q10)
2Q11
1H11
6
79,1 9,9
139,1
13,5
Net Revenues Adjusted EBITDA
1S10 1S11
Adjusted EBITDA: R$13.5 million (35.1 %vs 1H10), for margin of
9.7% (-2.9p.p vs 1H10)
113.2%
27.7%
75,8%
35,1%

8. Financial Results
Consolidated Net Income – R$ million
Net income for the second quarter was impacted by the growth
financial expenses and non-recurring items.
Excluding non-recurring effects (expenses in 2Q11 with the acquisition and
sale of assets in 2Q10), net income decreased by 14.2%
27.2
20.2
2Q10 2Q11
49.8
40.3
1H10 1H11
-25.8%
7
-19.2%

9. Financial Highlights
Cash Balance and Debt – R$ million
Net Debt
0.11X 0.08X 0.07X
/ 12 months EBITDA
Debt Profile
The Company extended the term of its debt in July through loan
banking in the amount of R$ 130 million to be paid in 2 years.
9
0.34X 0.74X
9
19 14 13
65
142
0
20
40
60
80
100
120
140
160
2Q10 3Q10 4Q10 1Q11 2Q11
81%
19%
ST LT

10. IR Contats
Alexandre Brandão
+55 (11) 4346-2532
alexandre.brandao@tegma.com.br
Hugo Zierth
+55 (11) 4397-9370
hugo.zierth@tegma.com.br