4 q11 results presentation

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4Q11 Earnings

Results Presentation

27/03/2012

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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.

The information is presented in proportion to the participation of Triunfo in each subsidiary and

the operational numbers correspond to 100% of the business.

The information includes the performance of the subsidiary Rio Verde.

Forward-Looking Statements

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I - Highlights

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I – Highlights 4Q11 and 2011

Net Revenue grew 37.5% in 4Q11 and 30.7% in 2011, reaching R$238 million and R$787 million,

respectively.

Traffic volume increased 7.8% in 4Q11, totaling 20.3 million equivalent vehicles. Traffic volume in 2011

was 76.9 million equivalent vehicles, up 8.4% over 2010 Equivalent vehicle is a measure based on the

total number of toll-paying vehicles, taking into account their respective toll multiplication factors.

Handled container volume reached 145,793 TEUs and 545,158 TEUs in 4Q11 and 2011, respectively.

Energy generated was 166,192 MWh and 729,843 MWh in 4Q11 and 2011, respectively.

Adjusted EBITDA was R$117 million in 4Q11, increasing 38.7%, for a margin of 58.1%. For full year 2011,

adjusted EBITDA was R$352 million, up 13.3%.

Net Income in 4Q11 totaled R$28,9 million. The Dividend Calculation Base was R$44.3 million for the

quarter and R$88,5 million for the year.

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I - Highlights

Leverage ratio of the highway and port segments is below 1x EBITDA.

Maestra acquired its fourth ship, which will enable it to offer a service with weekly stopovers at the

terminals where it operates.

In October, Triunfo signed a Memorandum of Understanding with the Japanese shipping company

Nippon Yusen Kabushiki Kaisha (“NYK”), regulating the key terms and conditions for a cabotage joint

venture. NYK holds a 10% stake in the cabotage business.

In December, Triunfo joined hands with Vetorial Participações and ALL – América Latina Logistica to

create Vetria Mineração. Vetria will extract, transport and sell iron ore from Maciço do Urucum in

Corumbá (MS) through the Port of Santos (SP).

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II – 4Q11 and 2011 Results

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427 588

763

64

65

95

2009 2010 2011

Gross Revenue without construction Construction of Assets in Toll Roads

491

653

858

99

168

223 23

19

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4Q09 4Q10 4Q11

Gross Revenue without construction Construction of Assets in Toll Roads

260

187

122

Gross Revenue from Operations

(R$ ‘000)


39%

CAGR 32.2%

31.5%

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94,867

110,359 122,654

4Q09 4Q10 4Q11

17,290

18,880

20,354

4Q09 4Q10 4Q11

Traffic – Equivalent Vehicles

(‘000) - corresponds to 100% of the business.


Toll Roads

7.8%

64,085 70,985

76,940

2009 2010 2011

341,940

398,206 451,196

2009 2010 2011

Revenue – Toll Roads

(‘000) - corresponds to the participation of Triunfo in the

business.

8.4%

11.1%

13.3%

* It does not include revenues of construction

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74,216

103,553

124,185

5,862

22,681

61,069

2009 2010 2011

Other revenue Own cargo revenue

185,254

126,234

80,078

25,657 27,072

37,012 6,428

21,801

4Q09 4Q10 4Q11

Other revenue Own cargo revenue

58,813

33,500

Container Handling

TEUs (‘000) - corresponds to 100% of the

business.

II – 4Q11 Results

Port Administration

Revenue - Port Operation

TEUs (‘000) - corresponds to the participation of Triunfo in

the business.

143,626

155,404

145,793

4Q09 4Q10 4Q11

413,968

582,137 545,158

2009 2010 2011

-6.4%

-6.2%

46.8%

75.6%

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Energy Generated

MWh


Energy Generatiton

155,443

166,192

4Q10 4Q11

Revenue

MWh

326,047

729,843

2010 2011

23,019

27,180

4Q10 4Q11

58,695

101,526

2010 2011

123.8%

6.9% 18.1%

73.0%

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68,847

101,923

4Q10 4Q11

230,796

320,602

2010 2011

Operating Expenses (R$ ‘000)

Net of Depreciation / Amortization


Operating Expenses and Operating Costs

Operating Costs (R$ ‘000)

Net of Depreciation / Amortization

20,945

13,684

4Q10 4Q11

48.0%

38.9%

-34.7%

72,416

114,289

2010 2011

57.8%

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EBITDA

Adjusted EBITDA (R$ ‘000)

(1) Does not include revenue from construction.

(2) Excludes provision for maintenance of roads, adjusted by recovery insurance and the revenue of toll roads construction.

4Q11 4Q10 D 2011 2010 D

Net Operating Revenue 238,160 173,213 37.5% 786,782 601,925 30.7%

Adjusted Net Operating Revenue (1) 201,359 154,092 30.7% 692,127 536,942 28.9%

Net Income (Loss) 28,942 13,586 113.0% 22,363 33,985 -34.2%

Adjusted EBITDA (2) 116,990 84,369 38.7% 351,951 310,747 13.3%

Adjusted EBITDA Margin 58.1% 54.8% 3,3 p.p. 50.9% 57.9% -7,0 p. p.

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84

117

4Q10 4Q11

Adjusted EBITDA (R$ ‘000) / EBITDA Margin (%)


38.7%

58.1%

54.8%

311

352

2010 2011

50.9% 57.9%

13.3%

The adjusted EBITDA margin evolution was mainly due to operational improvements in the road segment, power generation and

ports, also non-recurring events in the quarter. The improvements were partially mitigated by the negative impact of the costs of new

projects. Not considering the cabotage operation, that maturity is forecast for the end of 2012, adjusted EBITDA margin would be

stable in 2011 compared to 2010.

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Net Financial Results (R$ ‘000)


2011 2010 D

Financial Income (151,448) (104,122) 45.5%

Financial Revenue 16,330 6,945 135.1%

Financial Expenses (152,425) (114,914) 32.6%

Exchange Rate Variation (15,353) 3,847 -

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Net Profit

(R$ ‘000)


Net Profit

13.6 16.9

12.0

4Q10 4Q11

Net Profit Non -recurring

113%

24.3%

28.9

•Excluding the effect of non-recurring events as described, the net income growth would be 24.3% in 4Q11.

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The profit-based dividends in 2010, considers R$ 10 million from prior years, excluding this value, the basis of dividend income in 2011 is

roughly in line with the previous year.

4Q11 4Q10 D 2011 2010 D

Net Income/Loss 28,942 13,586 113.0% 22,363 33,985 -34.2%

Unrecognized Investments 2 (167) - (561) (1,527) -63.3%

Prior Year Adjustments - 10,135 - - 10,135 -

Realization of Revaluation Reserve 16,411 14,687 11.7% 67,818 61,992 9.4%

Creation of Legal Reserve (5%) (1,090) (671) 62.4% (1,090) (1,623) -32.8%

Dividend Basis 44,265 37,570 17.8% 88,530 102,962 -14.0%

DIVIDEND BASIS (in R$ thousands)


Dividend Basis

Dividend Basis

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III – Net Debt

ROAD

SEGMENT

PORT

COMPANY

ENERGY

CABOTAGE

SEGMENT

SUBTOTAL

PARENT

COMPANY

TOTAL

2012 106.192 21.393 175.951 13.932 317.468 39.870 357.338

2013 97.248 21.385 26.023 38.123 182.779 57.084 239.863

2014 19.121 21.384 26.485 14.723 81.713 57.538 139.251

2015 28.840 21.384 24.837 14.723 89.784 104.719 194.503

2016 35.859 - 22.771 695 59.325 51.612 110.937

After 2016 14.134 - 215.787 7.160 237.081 98.930 336.011

Gross Debt 301.394 85.546 491.854 89.356 968.150 409.753 1.377.903

Net Debt 270.139 59.461 370.916 88.252 788.768 368.986 1.157.754

EBITDA (LTM) 286.022 68.260 63.508 -40.723 377.067 -25.116 351.951

Net Debt / Adjusted EBITDA (LTM) 0,94 x 0,87 x 5,84 x 2,09 x 3,29 x

DEBT AMORTIZATION 4Q11

(in R$ thousands)

* * *

* R$150 million related to the Rio Canoas bridge loan maturing in 2012 will be paid after the release of long-term financing from BNDES.

Low leverage (less than 1x EBITDA) in operating – Ports and road segment

The debt is tied to investments. Funding is long term and hedged in prior sale (Energy).

Leverage consolidated EBITDA greater than 1x justified by new projects.

Short-term debt completely covered, even though EBITDA constant.

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IV – Capex

Investments in Fixed Assets

4Q11

% Capex

4Q11

2011

% Capex

2011

Concer 15,078 7.8% 35,035 7.5%

Concepa 16,740 8.6% 44,395 9.4%

Econorte 4,983 2.6% 15,225 3.2%

Portonave 5,611 2.9% 18,076 3.8%

Rio Canoas 104,864 54.0% 230,355 49.0%

Maestra 28,188 14.5% 78,641 16.7%

Other Investments 4,532 2.3% 33,523 7.1%

Rio Verde 5 0.0% 759 0.2%

Capex with Rio Verde 194,198 100.0% 470,206 100.0%

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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

Rua Olimpíadas 205 14º andar cj. 1402 CEP 04551-000 São Paulo SP BR

Fone 55 11 2169 3999 Fax 55 11 2169 3939

www.triunfo.com

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4 q11 results presentation