1q13 results presentation
TRANSCRIPT
1Q13 Earnings Presentation
Forward-Looking Statements
This presentation 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.
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.
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Highlights 1Q13
• Traffic: 22.0 million vehicle equivalent units, (+3.2%) in 1Q13 .
• Net operating revenue reaches R$260.2 million (+28.9%) in 1Q13.
• Container handling at Portonave: 152,000 TEUs in 1Q13 (+8.8%).
• Assured energy sales totaled146,500 MWh in 1Q13.
• Cabotage volume in 1Q13 reached 9,200 TEUs.
• Viracopos Airport handled 2.3 million passengers and 55,500 tons of cargo.
• The Net Income in 1Q13 was R$18.2 million (+21.3%) and the dividend calculation base was R$32.8
million (+2.8%) in 1Q13.
• The Adjusted EBITDA totaled R$149.2 million (+35.8%). EBITDA margin in 1Q13 was 57.3%.
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201.9
260.2
1Q12 1Q13
28.9%
Adjusted Net Revenue
Breakdown Net Revenue 1Q13 - (%)
Excluding construction revenue
Net Revenue - (R$ million)
Excluding construction revenue
50%
22%
14%
7%
7%
Toll Roads Port Energy Cabotage Airport
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Toll Roads Segment
1Q13 Results
117.5
129.8
1Q12 1Q13
3.2% 10.4%
Toll Roads Segment – 1Q13
Traffic of Equivalent Vehicles - (million)
Corresponds to 100% of the business
Net Revenue (1) – (R$ million)
Corresponds to the Triunfo Stake in the business
(1) Excluding construction revenue.
21.3
22.0
1Q12 1Q13
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Port Segment
1Q13 Results
48.6
57.7
1Q12 1Q13
139.7
152.0
1Q12 1Q13
8.8% 18.8%
Port Segment – 1Q13
Container Handling - TEUs (‘000)
Corresponds to 100% of the business Net Revenue - (R$ million)
Corresponds to the Triunfo Stake in the
business
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Energy Generation
1Q13 Results
25.3
25.0
12.3
1Q12 1Q13
Other EnergyRevenues (TNE)
Sales Revenue - RioVerde
148.1146.5
1Q12 1Q13
-1.1%
47.7%
Energy Generation – 1Q13
Assured Energy Sold - (‘000 Mwh)
Net Revenue - (R$ million)
37.3
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Cabotage
1Q13 Results
10.5
16.7
1Q12 1Q13
49.1% 58.7%
Cabotage – 1Q13
Container Handling - TEUs (‘000)
Corresponds to 100% of the business.
Net Revenue - (R$ million)
Corresponds to the Triunfo Stake in the business.
6.2
9.2
1Q12 1Q13
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Airport Segment
1Q13 Results
16.6
18.7
1Q12 1Q13
2.1
2.3
1Q12 1Q13
6.6%
-9.3%
Passengers - (million)
Corresponds to 100% of the business.
Cargo - (million)
Corresponds to 100% of the business.
Airport Segment – 1Q13
61.2
55.5
Net Revenue - (R$ million)
Excluding construction revenue
12.7%
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21.8 15.9
38.6 39.1
0.8 0.5
1Q12 1Q13
Other
Import.
Exp.
Consolidated Performance
1Q13 Results
109.9
149.2
1Q12 1Q13
35.8%
Adjusted EBITDA
EBITDA per Segment - (R$ million) Adjusted EBITDA - (R$ million)
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, we used Adjusted Net Revenue (excluding construction revenue,
which is an accounting effect with no cash impact) as the denominator.
108.2
27.4
25.2 5.9
-13.4 -4.1
149,2
Toll Roads Port Energy Airport Cabotage Parent CompanyEBITDA 1Q13
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Financial Income
(R$ million ) 1Q13 1Q12 D
Financial Income (67.8) (34.1) 98.7%
· Financial Revenue 3.3 2.7 24.4%
· Financial Expenses (71.7) (40.1) 78.7%
· Exchange Rate Variation 0.6 3.3 -82.6%
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Net Income and Dividend Basis
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DIVIDEND BASIS (in R$ million) 1Q13 1Q12 D
Net Income/Loss 18.2 15.0 21.2%
Realization of Revaluation Reserve 7.8 9.9 -21.5%
Realization of Asset Valuation Adjustment 7.8 7.8 0.0%
Creation of Legal Reserve (5%) -0.9 -0.8 21.2%
Dividend Basis 32.8 31.9 2.8%
Net Debt
9.6 x
0.9 x 1.2 x
Energy Toll Roads Port
Leverage of the segments that have strong cash flow
(R$ million)ENERGY
ROAD
SEGMENT
PORT
COMPANYAIRPORT
PARENT
COMPANY
CABOTAGE
SEGMENTTOTAL
2013 16.5 130.0 21.4 - 54.7 43.3 266.02014 48.8 49.6 24.3 11.2 4.5 33.2 171.52015 52.3 72.3 33.9 - 78.9 28.4 265.82016 44.4 89.4 31.5 - 284.8 23.5 473.52017 48.5 15.1 21.8 - 269.5 23.5 378.4
After 2018 542.1 1.4 - - 49.7 6.4 599.7
Gross Debt 752.6 357.8 133.0 11.2 742.0 158.4 2,154.9
Net Debt 732.7 336.5 108.4 (11.3) 732.5 155.8 2,054.8
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Capex
6%
5% 3%
2%
1%
0%
63%
19%
1%
Concer Concepa
Econorte Portonave
Portonaus Cabotagem
Rio Canoas Aeroportos Brasil Viracopos
Parent Company and other investments
Viracopos Construction Update
Rio Canoas Construction Update
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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
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