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1Q09 Earnings
Results Presentation
05/18/2009
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Forward-Looking Statements
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.
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Accounting Changes
In compliance with CVM Official Letter CVM/SNC/SEP 2/2009, the information for the quarter
ended March 31, 2008 (1Q08), was not adjusted in accordance with the accounting practices in
effect in the current quarter. The effects on net income and shareholders’ equity deriving from
the application of said adjustments are disclosed in the explanatory notes to the 1Q09. The
quarterly information is presented in thousands of Reais, except when otherwise stated.
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I - Highlights
Total traffic volume on our toll road concessions fell 0.8% year on year to 16,302 equivalent
vehicles.
Handled container volume jumped by 97.9% over 1Q08 to 60,516 TEUs.
Consolidated Net Operating Revenue increased 28.4% year on year to R$89,370.
Adjusted EBITDA totaled R$65,316, 75.9% up on 1Q08.
Net income totaled R$11,133, versus a net loss of R$11,430 loss in 1Q08.
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I - Highlights
On February 19, ARTESP granted Triunfo the concession for the Ayrton Senna/Carvalho
Pinto Corridor.
On March 24, the BNDES freed the third R$ 40,000 financing tranche for the construction of
the Salto Plant
On March 27, ANEEL altered Rio Verde’s installed capacity from 108 MW to 116 MW
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I – Subsequent events
On April 3, Portonave received authorization to operate with a draft of 10.0m.
On April 30, the Annual Shareholders' Meeting elected the Board of Directors for a two-year
mandate.
On May 6, the company charged with dredging of the Itajaí-Açú river, which provides access
to the Port of Navegantes, declared the project concluded, having reached a depth of 10m.
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I – Subsequent events
In addition, we won the bid for the Ayrton Senna/Carvalho Pinto Corridor Concession
tendered by the São Paulo state government in 3Q08 and were summoned to sign the
agreement. The deadline for submitting the necessary documents, together with 20% of the
concession fee, ended on April 17, 2009. On the latter date, having delivered all the
necessary documents, including the statement of availability of funds in regard to payment
of the initial concession fee installment, except for the performance guarantee, whose issue
was jeopardized by circumstances beyond Triunfo’s control, the Company asked ARTESP for
a 30-day extension. However, this request was denied and ARTESP quashed Triunfo’s right
to execute the Concession Agreement. We are currently taking the appropriate measures in
order to reverse this situation.
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Traffic – Equivalent Vehicles (thousand)
II – 1Q09 Results
16,436
16,302
16200
16250
16300
16350
16400
16450
1Q08 1Q09
-0.8%
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Traffic – Equivalent Vehicles (thousand)
II – 1Q09 Results
5,7075,707
2,900 2,934
7,829 7,661
0
1
2
3
4
5
6
7
8
9
10
1Q08 1Q09 1Q08 1Q09 1Q08 1Q09ECONORTE CONCER CONCEPA
1.2%
0.0%
-2.1%
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Container Handling- TEUs (thousand)
II – 1Q09 Results
60,516
30,576
0
10
20
30
40
50
60
70
1Q08 1Q09
97.9%
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Net Revenue from Operations (R$ ‘000)
II – 1Q09 Results
69,597
89,370
0
10
20
30
40
50
60
70
80
90
100
1Q08 1Q09
28.4%
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Total Costs and Expenses (R$ ‘000)
Net – depreciation / amortization
II – 1Q09 Results
24,054
32,471
0
5
10
15
20
25
30
35
1Q08 1Q09
-25.9%
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EBITDA (R$ ‘000)
II – 1Q09 Results
37,126
65,316
0
10
20
30
40
50
60
70
1Q08 1Q09
75.9%
15
0
10
20
30
40
50
60
70
1Q08 1Q09
EBITDA Margin (%)
II – 1Q09 Results
12.2 p.p
53.3
65.7
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Net Financial Result (R$ ‘000)
II – 1Q09 Results
11,395
13,303
1Q08 1Q09
16.7%
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Net Loss
(R$ ‘000)
II – 1Q09 Results
-5,694
11,133
-5,583
-15
-10
-5
0
5
10
15
-11,430
-153
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Net Debt (R$ ‘000) & net debt / EBITDA
III – Debt
655,900702,938
3.47x
3.77x
0
100
200
300
400
500
600
700
800
4Q08 1Q09
3,30
3,35
3,40
3,45
3,50
3,55
3,60
3,65
3,70
3,75
3,80
7.2%
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IV – Capex
Balance of Investments in Fixed Assets
Assets on March 31, 2009 Total %
Triunfo 162,679 9.8
Concer 393,869 23.7
Concepa 312,353 18.8
Econorte 227,699 13.7
Rio Verde 309,671 18.6
Portonave 174,775 10.5
Other Investments 82,015 4.9
Total 1,663,061 100.00
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Fixed Assets on March 31, 2009 Total %
Triunfo 5,635 6.5
Concer 2,764 3.2
Concepa 6,168 7.1
Econorte 2,659 3.0
Rio Verde 69,678 79.8
Portonave 148 0.1
Other Investments 311 0.3
Total 87,363 100.00
IV – Capex
Investments in Fixed Assets
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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
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