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3Q13 and 9M13 Earnings Presentation
Forward-Looking Statements
This presentation contains forw
ard-looking statements relating to the prospects of the business, estimates for operating and financial
results, and those related to grow prospects of TPI – Triunfo Participações e Investimentos S.A. These are merely projections and, as
th
such, are based exclusively on the expectations of the Company’s management concerning the future of the business. Such forw
ardlooking 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 w
ithout previous notice.

The consolidated financial information is presented in proportion to the participation of Triunfo in each subsidiary. The
operational numbers correspond to 100% of the business.

The information includes the performance of the subsidiaries Rio Verde and Rio Canoas.

Since January 1, 2013, w the compulsory application of IFRS 10 and 11, the Company ceased to proportionally consolidate its
ith
subsidiaries controlled jointly (Concer, Maestra, Portonave and Aeroportos Brasil Viracopos) in the financial statements. Concer and
Maestra have since been consolidated 100% and the results of Portonave and Aeroportos Brasil Viracopos w recorded under the item
ere
“equity income”. This change did not affect the consolidated net income of the Company, but altered a fewitems in the balance sheet,
income statement and the cash flow statement, as w as financial indicators such as EBITDA and EBITDA Margin.
ell

2
3Q13 and 9M13 Highlights
• Adjusted net revenue of R$264.6 million (+24.7%) in 3Q13 and R$761.3 million (+25.7%) in 9M13.
• Consolidated traffic volume increased 5.7% in 3Q13, reaching 21.3 million vehicle equivalents, and 4.8% in 9M13.

• Container Container handling at Portonave totaled 188,100 TEUs in 3Q13, an increase of 5.6%. Grow in 9M13 w 13.7%.
th
as

• Energy sold in 3Q13 and 9M13 totaled 165.2 GWm and 459.8 GWm, respectively. Rio Canoas w operational at the end of
ent
September, increasing the energy sold by 15.5 GWm.

• Cabotage volume totaled 15,200 TEUs in 3Q13 (+12.8%) and 36,500 TEUs in 9M13 (+23.3%).

• Viracopos Airport handled 2.3 million passengers and 59,800 tons of cargo in 3Q13.

• Adjusted EBITDA totaled R$119.4 million (+18.1%) in the quarter, with margin of 45.1%. In 9M13, adjusted EBITDA was R$371.7
million (+24.0%), with margin of 48.8%. LTM adjusted EBITDA stood at R$491.4 million.
• Net income of R$4.6 million and Dividend Calculation Base of R$18.2 million in 3Q13. In 9M13, the Dividend Calculation Base was
R$43.0 million.

3
Adjusted Net Revenue
Adjusted Net Revenue

- (R$ million)
Excluding construction revenue

25.7%

Breakdown Net Revenue 3Q13 - (%)
Excluding construction revenue

761.3

8%
12%
24.7%

Toll Roads

264.6

46%

605.6

12%

Port
Energy
Cabotage

212.2

Airport

22%

3Q12

3Q13

9M12

9M13

4
Adjusted EBITDA
Adjusted EBITDA (1)

EBITDA per Segment (1) 3Q13

(R$ million)

(R$ million)

24.0%
371.7
9.1

14.2

18.1%

119.4

32.3

299.8

-10.0
-10.8
84.6

119.4
101.1

3Q12

3Q13

9M12

9M13

Toll Road

Port

Energy

Airport

Cabotage

Holding EBITDA 3Q13

Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, adjusted for the Provision for Maintenance – IAS 37 (a non-cash item included in
Operating Costs), non-recurring expenses, minority interest and equity income. To calculate EBITDA margin, w used Adjusted Net Revenue (excluding construction
e
revenue, w
hich is an accounting effect w no cash impact) as the denominator.
ith

5
Toll Roads Segment
3Q13 and 9M13 Results
Toll Roads Segment – 3Q13 and 9M13
Net Revenue (1) and Adjusted EBITDA– (R$ million)
Corresponds to the Triunfo Stake in the business

Traffic of Equivalent Vehicles - (million)
Corresponds to 100% of the business

10.7%
4.8%

9.4%
365.4
333.9

63.2

5.7%

60.3

3.3%
267.5
241.6

21.3
10.1%

20.1

123.0

111.7

84.6

81.9

3Q12

3Q13

9M12

9M13

3Q12

3Q13
Adjusted Net Revenue

9M12

9M13

Adjusted EBITDA

(1) Excluding Construction Revenue.

7
Port Segment
3Q13 and 9M13 Results
Port Segment – 3Q13 and 9M13
Container Handling - TEUs (‘000)
Corresponds to 100% of the business

Net Revenue and Adjusted EBITDA - (R$ million)
Corresponds to the Triunfo Stake in the business

40.0%

18.3%

13.7%

172.9

521.6

41.6%

146.2

5.6%
458.6

5.8%
86.5

188.1
178.1

22.9

3Q12

3Q13

9M12

9M13

61.8

57.4

54.2

3Q12

32.4

3Q13
Net Revenue

9M12

9M13

Adjusted EBITDA

9
Energy Generation
3Q13 and 9M13 Results
Energy Generation – 3Q13 and 9M13
Assured Energy Sold - (‘000 Mwh)

Net Revenue and Adjusted EBITDA - (R$ million)

4.1%

3.1%

19.7%

459.8

94.1

445.9

-22.0%

78.6

10.4%
55.4

165.2

57.7

21.1%

149.7
31.5
26.0
18.2

3Q12

3Q13

9M12

9M13

3Q12

14.2

3Q13
Net Revenue

9M12

9M13

Adjusted EBITDA

11
Cabotage
3Q13 and 9M13 Results
Cabotage – 3Q13 and 9M13

Container Handling - TEUs (‘000)
Corresponds to 100% of the business.

Net Revenue - (R$ million)
Corresponds to the Triunfo Stake in the business.

23.3%
36.5

47.6%
69.1

12.8%

29.6

54.8%

46.8

15.2
13.4

31.5

20.3

3Q12

3Q13

9M12

9M13

3Q12

3Q13

9M12

9M13

13
Airport Segment
3Q13 and 9M13 Results
Airport Segment – 3Q13 and 9M13
Passengers - (million)

Cargo - (million ton)

Corresponds to 100% of the business.

Corresponds to 100% of the business.

3.5%

-5.9%

-1.4%

-6.7%
6.8

6.6
2.3

193.4

2.3

3Q12

64.1

3Q13

9M12

3Q12

9M13

59.8

3Q13

9M12

181.9

9M13

5.9%

Net Revenue - (R$ million)

3Q13 Breakdown Gross Revenue

Excluding construction revenue
59.8

53.4%

13.8%

11%
25%

5.9

21.6

21.3

19.9

18.7

6.6

Passengers
Revenue
Cargo Revenue

9.1
Commercial
Revenue

1Q13

2Q13

3Q13

9M13
64%

Net Revenue

Adjusted EBITDA

15
Consolidated Performance
3Q13 and 9M13 Results
Financial Income

In R$ million

3Q13

3Q12

∆

9M13

9M12

∆

Financial Income

(57.3)

(42.4)

35.2%

(190.1)

(122.5)

55.1%

Financial Revenue

8.0

6.3

26.7%

16.2

18,0

-9.9%

Financial Expenses

(64.8)

(47.3)

37.0%

(204.9)

(130.9)

56.6%

Exchange Rate Variation

(0.4)

(1.4)

-67.3%

(1.4)

(9.6)

-85.8%

17
Net Income and Dividend Basis
Net Income (1)

Dividend Basis (1) 3Q13

(R$ million)

(R$ million)
20.7%
54.3

43.0

4.6
35.7%

18.2
13.4

0.8
0.2

3Q12

3Q13

9M12

9M13

3Q12

3Q13

9M12

9M13

-3.8

18
Net Debt
ENERGY

TOLL ROAD

PORT

AIRPORT

PARENT
COMPANY

CABOTAGE

TOTAL

2013

6

59

7

-

33

10

115

2014

51

49

28

-

4

108

241

2015

55

73

33

-

77

33

272

2016

46

131

31

14

293

27

542

2017

51

55

21

14

274

27

442

Após 2018

565

40

-

197

52

7

862

Gross Debt

773

408

119

225

733

214

2.472

Net Debt

749

398

112

189

621

212

2.282

(R$ million)

10.4 x
8.0 x

Net Debt.(1)/EBITDA (2)
of the segments with
positive EBITDA
1.1 x
Energy

(1)
(2)

1.0 x

Toll Roads

Port

Airport

Net Debt in 09/30/13.
LTM Adjusted EBITDA

19
Capex
Parent Company
and Other 10.1%

Concer
12.7%

Concepa
1.5%

Econorte
5.7%
Portonav
e
4.8%

Capex
3Q13:
R$290 million

Viracopos
36.7%

Portonaus
0.8%

Rio Canoas
27.6%

Cabotage
0.1%

Rio Verde
0.0%
Viracopos Construction, October, 2013

Parent
Companyand
Other
5.2%

Concer
8.3%

Concepa
3.4%
Econorte
4.5%
Portonav
e
4.2%

Capex
9M13:
R$762
million

Viracopos
29.9%

Portonaus
1.0%
Rio Canoas
43.3%

Cabotage
0.1%

Rio Verde
0.0%
Viracopos Construction, October, 2013

20
IR Team

Sandro Lima – Investor Relations Officer and CFO
Marcos Pereira
Luana Mota
Melina Rodrigues
Contact: ri@ triunfo.com

+55 11 2169 3999
Rua Olimpíadas, 205 - Conjunto 142/143
Vila Olímpia - São Paulo - CEP 04551-000

21

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Apresentação resultados 3_t13_eng

  • 1. 3Q13 and 9M13 Earnings Presentation
  • 2. Forward-Looking Statements This presentation contains forw ard-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to grow prospects of TPI – Triunfo Participações e Investimentos S.A. These are merely projections and, as th such, are based exclusively on the expectations of the Company’s management concerning the future of the business. Such forw ardlooking 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 w ithout previous notice. The consolidated financial information is presented in proportion to the participation of Triunfo in each subsidiary. The operational numbers correspond to 100% of the business. The information includes the performance of the subsidiaries Rio Verde and Rio Canoas. Since January 1, 2013, w the compulsory application of IFRS 10 and 11, the Company ceased to proportionally consolidate its ith subsidiaries controlled jointly (Concer, Maestra, Portonave and Aeroportos Brasil Viracopos) in the financial statements. Concer and Maestra have since been consolidated 100% and the results of Portonave and Aeroportos Brasil Viracopos w recorded under the item ere “equity income”. This change did not affect the consolidated net income of the Company, but altered a fewitems in the balance sheet, income statement and the cash flow statement, as w as financial indicators such as EBITDA and EBITDA Margin. ell 2
  • 3. 3Q13 and 9M13 Highlights • Adjusted net revenue of R$264.6 million (+24.7%) in 3Q13 and R$761.3 million (+25.7%) in 9M13. • Consolidated traffic volume increased 5.7% in 3Q13, reaching 21.3 million vehicle equivalents, and 4.8% in 9M13. • Container Container handling at Portonave totaled 188,100 TEUs in 3Q13, an increase of 5.6%. Grow in 9M13 w 13.7%. th as • Energy sold in 3Q13 and 9M13 totaled 165.2 GWm and 459.8 GWm, respectively. Rio Canoas w operational at the end of ent September, increasing the energy sold by 15.5 GWm. • Cabotage volume totaled 15,200 TEUs in 3Q13 (+12.8%) and 36,500 TEUs in 9M13 (+23.3%). • Viracopos Airport handled 2.3 million passengers and 59,800 tons of cargo in 3Q13. • Adjusted EBITDA totaled R$119.4 million (+18.1%) in the quarter, with margin of 45.1%. In 9M13, adjusted EBITDA was R$371.7 million (+24.0%), with margin of 48.8%. LTM adjusted EBITDA stood at R$491.4 million. • Net income of R$4.6 million and Dividend Calculation Base of R$18.2 million in 3Q13. In 9M13, the Dividend Calculation Base was R$43.0 million. 3
  • 4. Adjusted Net Revenue Adjusted Net Revenue - (R$ million) Excluding construction revenue 25.7% Breakdown Net Revenue 3Q13 - (%) Excluding construction revenue 761.3 8% 12% 24.7% Toll Roads 264.6 46% 605.6 12% Port Energy Cabotage 212.2 Airport 22% 3Q12 3Q13 9M12 9M13 4
  • 5. Adjusted EBITDA Adjusted EBITDA (1) EBITDA per Segment (1) 3Q13 (R$ million) (R$ million) 24.0% 371.7 9.1 14.2 18.1% 119.4 32.3 299.8 -10.0 -10.8 84.6 119.4 101.1 3Q12 3Q13 9M12 9M13 Toll Road Port Energy Airport Cabotage Holding EBITDA 3Q13 Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, adjusted for the Provision for Maintenance – IAS 37 (a non-cash item included in Operating Costs), non-recurring expenses, minority interest and equity income. To calculate EBITDA margin, w used Adjusted Net Revenue (excluding construction e revenue, w hich is an accounting effect w no cash impact) as the denominator. ith 5
  • 6. Toll Roads Segment 3Q13 and 9M13 Results
  • 7. Toll Roads Segment – 3Q13 and 9M13 Net Revenue (1) and Adjusted EBITDA– (R$ million) Corresponds to the Triunfo Stake in the business Traffic of Equivalent Vehicles - (million) Corresponds to 100% of the business 10.7% 4.8% 9.4% 365.4 333.9 63.2 5.7% 60.3 3.3% 267.5 241.6 21.3 10.1% 20.1 123.0 111.7 84.6 81.9 3Q12 3Q13 9M12 9M13 3Q12 3Q13 Adjusted Net Revenue 9M12 9M13 Adjusted EBITDA (1) Excluding Construction Revenue. 7
  • 8. Port Segment 3Q13 and 9M13 Results
  • 9. Port Segment – 3Q13 and 9M13 Container Handling - TEUs (‘000) Corresponds to 100% of the business Net Revenue and Adjusted EBITDA - (R$ million) Corresponds to the Triunfo Stake in the business 40.0% 18.3% 13.7% 172.9 521.6 41.6% 146.2 5.6% 458.6 5.8% 86.5 188.1 178.1 22.9 3Q12 3Q13 9M12 9M13 61.8 57.4 54.2 3Q12 32.4 3Q13 Net Revenue 9M12 9M13 Adjusted EBITDA 9
  • 11. Energy Generation – 3Q13 and 9M13 Assured Energy Sold - (‘000 Mwh) Net Revenue and Adjusted EBITDA - (R$ million) 4.1% 3.1% 19.7% 459.8 94.1 445.9 -22.0% 78.6 10.4% 55.4 165.2 57.7 21.1% 149.7 31.5 26.0 18.2 3Q12 3Q13 9M12 9M13 3Q12 14.2 3Q13 Net Revenue 9M12 9M13 Adjusted EBITDA 11
  • 13. Cabotage – 3Q13 and 9M13 Container Handling - TEUs (‘000) Corresponds to 100% of the business. Net Revenue - (R$ million) Corresponds to the Triunfo Stake in the business. 23.3% 36.5 47.6% 69.1 12.8% 29.6 54.8% 46.8 15.2 13.4 31.5 20.3 3Q12 3Q13 9M12 9M13 3Q12 3Q13 9M12 9M13 13
  • 14. Airport Segment 3Q13 and 9M13 Results
  • 15. Airport Segment – 3Q13 and 9M13 Passengers - (million) Cargo - (million ton) Corresponds to 100% of the business. Corresponds to 100% of the business. 3.5% -5.9% -1.4% -6.7% 6.8 6.6 2.3 193.4 2.3 3Q12 64.1 3Q13 9M12 3Q12 9M13 59.8 3Q13 9M12 181.9 9M13 5.9% Net Revenue - (R$ million) 3Q13 Breakdown Gross Revenue Excluding construction revenue 59.8 53.4% 13.8% 11% 25% 5.9 21.6 21.3 19.9 18.7 6.6 Passengers Revenue Cargo Revenue 9.1 Commercial Revenue 1Q13 2Q13 3Q13 9M13 64% Net Revenue Adjusted EBITDA 15
  • 17. Financial Income In R$ million 3Q13 3Q12 ∆ 9M13 9M12 ∆ Financial Income (57.3) (42.4) 35.2% (190.1) (122.5) 55.1% Financial Revenue 8.0 6.3 26.7% 16.2 18,0 -9.9% Financial Expenses (64.8) (47.3) 37.0% (204.9) (130.9) 56.6% Exchange Rate Variation (0.4) (1.4) -67.3% (1.4) (9.6) -85.8% 17
  • 18. Net Income and Dividend Basis Net Income (1) Dividend Basis (1) 3Q13 (R$ million) (R$ million) 20.7% 54.3 43.0 4.6 35.7% 18.2 13.4 0.8 0.2 3Q12 3Q13 9M12 9M13 3Q12 3Q13 9M12 9M13 -3.8 18
  • 19. Net Debt ENERGY TOLL ROAD PORT AIRPORT PARENT COMPANY CABOTAGE TOTAL 2013 6 59 7 - 33 10 115 2014 51 49 28 - 4 108 241 2015 55 73 33 - 77 33 272 2016 46 131 31 14 293 27 542 2017 51 55 21 14 274 27 442 Após 2018 565 40 - 197 52 7 862 Gross Debt 773 408 119 225 733 214 2.472 Net Debt 749 398 112 189 621 212 2.282 (R$ million) 10.4 x 8.0 x Net Debt.(1)/EBITDA (2) of the segments with positive EBITDA 1.1 x Energy (1) (2) 1.0 x Toll Roads Port Airport Net Debt in 09/30/13. LTM Adjusted EBITDA 19
  • 20. Capex Parent Company and Other 10.1% Concer 12.7% Concepa 1.5% Econorte 5.7% Portonav e 4.8% Capex 3Q13: R$290 million Viracopos 36.7% Portonaus 0.8% Rio Canoas 27.6% Cabotage 0.1% Rio Verde 0.0% Viracopos Construction, October, 2013 Parent Companyand Other 5.2% Concer 8.3% Concepa 3.4% Econorte 4.5% Portonav e 4.2% Capex 9M13: R$762 million Viracopos 29.9% Portonaus 1.0% Rio Canoas 43.3% Cabotage 0.1% Rio Verde 0.0% Viracopos Construction, October, 2013 20
  • 21. IR Team Sandro Lima – Investor Relations Officer and CFO Marcos Pereira Luana Mota Melina Rodrigues Contact: ri@ triunfo.com +55 11 2169 3999 Rua Olimpíadas, 205 - Conjunto 142/143 Vila Olímpia - São Paulo - CEP 04551-000 21