Forward-looking statements
2
This presentation contains forward-looking statements related to the prospects
of the business and estimates for operating and financial results 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 future conditions in Brazil and abroad, not, therefore,
representing any commitment by the Company.
The figures herein comprise the results of the subsidiary Rio Verde Energia,
which was classified as “interest to be traded” in Triunfo’s financial statements.
Investment thesis
One of the main Brazilian
infrastructure companies
Smart planning and solutions
for new projects
Diversified
investments High growth potential
Attractive financial
return
Diluted risk and
predictable cash flow
3
Strong presence in the toll-road, port administration, cabotage, electric power generation and airport.
Experienced management and strong operational performance
Diversified attractive assets
Highway Concession – a total of 640 km of highways
strategically located in Rio de Janeiro, Minas Gerais, Paraná
and Rio Grande do Sul.
Port Management – Port terminal, in Santa Catarina, with
current capacity to handle 750,000 TEUs/year, expected to
reach 1.3 million TEUs.
Power Generation – Assured sale of 594 GWh/year, which
will increase to a 1,105 GWh/year capacity as of 2014.
Cabotage – four ships operating in the main ports, from
Navegantes (Santa Catarina state) to Manaus (Amazonas
state).
New projects
• Vetria - extraction, logistics and sale of ore from
Corumbá (Mato Grosso do Sul state) to Santos (São
Paulo state);
• Operation of Viracopos Airport, in Campinas (São
Paulo state).
4
Timeline
20
07
20
07
20
08
20
10
20
12
IPO – Triunfo is listed on
Bovespa’s Novo Mercado
segment.
Beginning of operations of
Portonave and increase of
Triunfo’s interest from
16.3% to 50%.
Increase of Triunfo’s
interest in Concepa, from
70% to 100%, and
acquisition of Santa Rita
land, in Santos.
Beginning of operations
of Rio Verde plant, and
Triunfo wins ANEEL’s
auction to implement one
more plant.
20
11
20
11
Triunfo creates
Vetria Mineração,
a joint venture, with
ALL and Vetorial
Mineração
Triunfo wins ANAC’s auction
to operate Campinas
International Airport, along
with UTC and Egis.
Triunfo closes the year with
net revenue of R$787 million,
four times higher than four year
ago.
Maestra begins
operations with a
complete four-ship
fleet.
20
12
20
07
Increase of Triunfo’
interest in Econorte
from 50% to 100%.
20
09
Beginning of
operations of
Iceport.
90
s
Government begins a
highway concession
program, in which Triunfo
wins three lots: Concer,
Concepa and Econorte
(state level)
20
01
a
nd
2
00
2
Triunfo acquires an area in
Navegantes and obtains
authorization to operate the
country’s first private
mixed-use container
terminal.
20
06
Corporate restructuring:
separation of construction
activities.
5
Corporate structure
6
100%
100%
100%
50%
60.7%
100%
Rio Guaiba
Rio Tibagi
THP - Triunfo
Holding de
Particpações Ltda.
Controlling
Shareholders and
Management
Free Float
Concepa
Concer
Econorte
Rio Bonito
Rio Verde
Rio Canoas
(em desenvolvimento)
TNE - Triunfo
Negócios de
Energia
Portonave /
Iceport
Maestra
Vetria (in development)
Aeroporto de
Viracopos
Portonaus (in development)
100%
62,5%
100%
100%
62,5%
100%
23% 15.8%
Toll Roads
Services Toll Roads Energy Port Airport Mining
60.3%
34.9% 4.8%
Net operating revenue (R$ Million)
Net Operating Revenue Breakdown *
2012
Net Operating Revenue
(R$ million)
7
CAGR 37.3%
* Excluding Construction Revenue.
195 300
388 537
692 835 64
65
95
199
2007 2008 2009 2010 2011 2012
Construction Revenue Adjusted Revenue
56%
21%
11%
8% 4%
Toll Roads Port Energy Cabotage Airport
Adjusted EBITDA per Segment*
(2012)
Adjusted EBITDA*
(R$ million)
* Excluding IFRS effects.
Adjusted EBITDA (R$ Million)
57.9% 49.5%
61.1%
57.3%
49.2%
8
CAGR 34.3%
57,9% 49,5%
61,1%
57,3%
49,2%
96
174
240
311
352
420
2007 2008 2009 2010 2011 2012
49.2%
57.3%
61.1%
57.9% 50.9%
50.2%
336
85 70
(1) (48) (22)
420
Leverage by Segment
Financial profile
Credit Ratio Trends
9
3,1 2,1
2,2
2,8
3,3
4,5
1,9
2,7
3,5
2010 2011 2012
Ebitda/Financial Result Net Debt/Ebitda
Net Debt/Ebitda (excluding Energy)
9.4 x
1.0 x 1.4 x
4.5 x
ENERGY TOLL ROADS PORT CONSOLIDATED
Appropriate Debt Profile
Debt Profile Extension Debt by Index – 2012
10
243
195
265
458
374
525
2013 2014 2015 2016 2017 Após 2018
23%
29%
2%
43%
1% 2%
CDI TJLP IGP-M IPCA Exchange Rate Variation Others
I – Toll Roads Segment
11
Toll Roads segment
Currently, Triunfo manages 640 kilometers of the national highway network, in Rio de Janeiro, Minas
Gerais, Paraná and Rio Grande do Sul through its concessionaries Concer, Econorte and Concepa.
Concession period: 1995-2021
180 km - 3 toll plazas
Triunfo’s interest : 62.5%
Service company: Rio Bonito
Annual average traffic: 30 million vehicles
Granting authority: ANTT
Concession period: 1997-2017
121 km - 3 toll plazas
Triunfo’s interest : 100%
Service company : Rio Guaíba
Annual average traffic : 33 million vehicles
Granting authority : ANTT
Concession period: 1997-2021
341 km - 3 toll plazas
Triunfo’s interest: 100%
Service company : Rio Tibagi
Annual average traffic : 15 million vehicles
Granting authority : DER-PR
. Porto Alegre-RS
12
Equivalent Vehicle Traffic (In million) Traffic - Triunfo vs. ABCR vs. GDP
Toll Roads segment
13
CAGR = 8.6%
64.1
71.0 76.9
82.0
2009 2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
14%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 1Q12 3Q12 4Q12
Triunfo ABCR GDP
Toll Roads segment
14
(1) Adjusted net operating revenue, excluding highway construction revenue.
Adjusted EBITDA (R$ million)
Net Revenue(1)
(R$ million)
Adjusted EBITDA Breakdown (9M12)
CAGR = 14.1%
311
362
410
462
2009 2010 2011 2012
CAGR = 16.8%
211
245
286
336
2009 2010 2011 2012
67.7% 67.7% 69.7% 72.7%
42%
29%
29%
Concepa Concer Econorte
II – Port Segment
15
Container handling
Current capacity: 750,000 TEUs, expected to
reach 1.3 million TEUs.
900-meter quay (approx. 3 berths)
Depth: deepening to 14 meters
Triunfo’s interest: 50%
Trading company = terminal’s own cargo;
Frozen cargo storage capacity of 16,000
tons.
Ports
16
TEU Handling – (thousands of TEUs; 100% of business)
Net Revenue* (R$ Million) Adjusted EBITDA*(R$ Million)
* Net Operating Revenue and EBITDA include Triunfo’s interest in the business.
Port
17
2012 Revenue Breakdown
% - EBITDA Margin
CAGR = 14.4%
414
582 545
620
2009 2010 2011 2012
76
119
173
194
2009 2010 2011 2012
CAGR = 36.7% CAGR = 23,6%
45
61 68
85
2009 2010 2011 2012
52.3% 47.5%
39.2% 43.6%
72%
28%
Other Revenues
Own Cargo
III – Energy Segment
18
Rio Verde Energia
Net Revenue (R$ Million)
Assured Power Sales (in GWh)
100% of assured power sold to
Votener up to 2026.
Tariff per MWh (9M12) – R$188.00
19
Adjusted EBITDA (R$ Million)
CAGR = 27.0%
291
571 596
2010 2011 2012
CAGR = 22.9%
56
91
104
2010 2011 2012
CAGR = 26.0%
35
64 70
2010 2011 2012
62.1%
69.5% 67.6%
Garibaldi Hydroelectric Power Plant (SC)
Installed capacity – 192 MW;
Current assured power – 83.1 MWh;
70% of power sold at ANEEL’s auction;
Estimated capex: R$950 million
Concession rights: 35 years
BNDES financing - R$368 million;
16 years
TJLP + 2.34%
Two-year grace period
R$100-million financing, through long-term
Infrastructure Debenture (12 years);
Generation is expected to begin in the 2H13, one year
earlier than scheduled by ANEEL.
Rio Canoas Energia
20
IV – Cabotage Segment
21
North trip South trip
Cabotage
Operation with four Container Ships as of March 2012:
Maestra Mediterrâneo, Maestra Atlântico, Maestra Pacífico
and Maestra Caribe;
Average capacity – 1,300 TEUs;
Weekly routes to Manaus;
Partnerships for a door-to-door service;
Joint venture with the Japanese company NYK – 10% of
cabotage since October 2011.
22
V – Airport Segment
23
Concession: 30 years
Regulatory Agency: ANAC
Participation of Triunfo: 23%
Beginning of operations: Nov 2012
Beginning of works: Aug 12
Capital structure: up to 70% Debt
(BNDES)/30% Equity
Viracopos Airport: Overview
24
25
Corporate Structure
• Egis has concession to operate in 12 airports worldwide,
having managed the transportation of 12 million
passengers and 255,000 metric tons per year by air (2011).
• Airports in which Egis operates:
-Abidjan – Ivory Coast
- Libreville - Gabon
- Pafos and Larnaka - Chipre,
-Brazzaville, Pointe-Noire and New Ollombo Aiport -
Congo
-Tahiti-Faa', Bora Bora, Raiatea and Rangiroa – French
Polynesia.
UTC Engenharia S.A. is one of Brazil’s main
SGI (Integrated Management System) companies
operating in the Industrial Engineering segment,
in particular in oil and gas production and
processing, petrochemical, power generation,
steelmaking, pulp and paper, metallurgy,
construction and industrial maintenance.
45% 45% 10%
Aeroportos Brasil Viracopos S.A.
Private Shareholder
49% 51%
Aeroportos Brasil Viracopos S.A.
Concessionaire
87%
13%
Tariff Revenue Commercial and other Revenues
26
Viracopos Airport
2012 Revenue Breakdown
2012 Commercial Revenue Breakdown
Operating Revenue Breakdown (2000-2012)
57%
6%
20%
17%
Parking Banks Food and Stores Other
13%
7%
63%
3%1%
13%
Departure Tariff Landing Tariff
Storage and Wharfage Tariff Connection Tariff
Stay Tariff Commercial Revenue
27
Viracopos Airport
Passengers (in thousands) Cargo (tons)
3,4
5,4
7,6
8,8
2009 2010 2011 2012
CAGR = 37.3%
192
264
283 265
2009 2010 2011 2012
CAGR = 11.3%
Estimated CAPEX (R$ Billion)
Assumptions – Viracopos Airport
Passengers 80.4 million in the last year of concession
Cargo (metric tons) 1.4 million in the last year of concession
BNDES Financing (long term) Cycle 1 Cycle 2 Cycle 3 Cycle 4 Cycle 5 Cycle 6
Estimated leverage 65.0% 70.0% 70.0% 65.0% 70.0% 70.0%
Index TJLP TJLP TJLP TJLP TJLP TJLP
Spread 2.10% 2.10% 2.10% 2.10% 2.10% 2.10%
Repayment system Price Price Price SAC SAC SAC
Term (years) 19.8 18 17 14.8 11.8 5
28
.2,2
0.6
0.4
. 2,0 .2,0
.2,3
2012 - 2014 2015 - 2016 2017 - 2019 2020 - 2028 2029 - 2036 2037 - 2042
VI – New Projects
29
Created in 1969, Vetorial Mineração operates in the
mining and metallurgy sector, specialized in the
production of pig iron ore and charcoal.
Know-how in mining and highly skilled team
One of Brazil’s largest pig iron producers
33.8% 50.4% 15.8%
The largest independent logistics company in
South America, which integrates rail and road
transport services
Created in 1997 and listed on BM&FBovespa
since 2004
Listed on the Novo Mercado segment since
2010
Vetria Mineração
30
Mineral resources totaling
approximately 1.0 billion metric tons
Vetria’s project expects the initial
volume of 20 mtpa
Own fleet: 5,600 wagons and 180
locomotives
Capacity of up to 27.5 mtpa
A railway track runs through the land
Depth of 15.5 meters, for ships of up to 125,000
metric tons
A 380-meter berth
Storage capacity of 1.3 million metric tons
Mining Railway Port
Vetria Mining
31
VII – Corporate
Governance
32
33
Years in
Triunfo
Years in
the
sector
Professional Background
Carlo Alberto Bottarelli
CEO 8 33
Development and management of Econorte and Ecosul highway
concessions;
Construction Manager of several power generation projects;
Conception and implementation of Portonave
Sandro Antonio de Lima
CFO and IRO 6 23
Construtora Triunfo S.A.’s Financial Manager;
Acciona do Brasil’s Administrative and Financial Manager;
Support to the implementation of Triunfo’s highway concessions;
Coordination of Triunfo’s IPO process in 2007.
Paula Paulozzi Villar
Legal Officer 7 7
Triunfo’s legal head since 2005;
Coordination of Triunfo’s IPO process in 2007.
Dorival Pagani Jr.
New Business Officer 6 14
In Econorte since 1998;
Triunfo’s Planning and Control Manager in 2007, supporting the
company’s IPO at the same year;
Triunfo’s New Business Officer since 2011, in charge for Viracopos
concession structuring.
Emma Russo
Logistics Officer 4 15
Business Developer of ERM-Environmental Resources Management –
Brazil;
CNEC Engenharia’s New Business Manager;
Camargo Corrêa’s New Business Superintendent.
Board of Executive Officers
34
Position Professional Background
Luiz Fernando W. de
Carvalho Chairman of the Board
EBEC’s Superintendent (1983);
CR Almeida’s Officer (1987);
THP and THC shareholder.
Antônio José M. da F. de
Queiroz Board Member
Rodomaq Construções;
THP and THC shareholder.
João Villar Garcia Board Member
CR Almeida’s Officer (1986);
THP and THC shareholder;
Leonardo de Almeida Aguiar Board Member
STU - Madrid (1996);
Acciona;
THP and THC shareholder.
Ricardo Stabille Piovezan
Board Member
Construtora Triunfo (1998);
Triunfo Participações (2006);
Concepa (2008).
Fernando Xavier Ferreira Independent Board Member
Professor at UFPR;
Telepar’s Former CEO;
Telefônica’s Board Member;
Chairman of Embratel’s Board of Directors
Marcelo Souza Monteiro Independent Board Member
Professor at FAE-PR;
Copel (1990 - 1995);
Banco Pactual (1995 - 2007);
Former Board Member of CEMAR and Equatorial.
Board of Directors
35
Governance Structure
Listed on Novo Mercado, BM&FBovespa’s highest corporate governance segment;
Board of Directors – a total of seven members, two of which are independent, elected by non-controlling
shareholders;
Fiscal Council composed of three members, two of which elected by non-controlling shareholders;
Related Parties
Mandatory approval by the Board of Directors;
Approval through three market proposals;
Mandatory disclosure in the Financial Statements;
Veto power to each independent board member;
Independent audit evaluation of contracts exceeding R$5 million.
Corporate Governance
Contact
Email: [email protected]
+55 11 2169 3999
Rua Olimpíadas, no 205, Conjunto 142/143 Vila Olímpia - São Paulo - CEP: 04551-000
www.triunfo.com/ri
36