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2Q10 Earnings
Results Presentation
08/12/2010
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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.
Forward-Looking Statements
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I - Highlights
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I - Highlights
Total traffic volume on our toll road concessions grew 10.0% year-on-year to 16,358,000
equivalent vehicles.
Handled container volume climbed by 40.6% over 2Q09 to 137,631 TEUs.
Electricity output totaled 47,188 MW in 2Q10, generation revenue of R$6.388 million.
Gross Revenue increased by 22.6% in 2Q10 over the same period last year, reaching
R$122.833 million.
EBITDA grew by 18.10% to R$59.834 million.
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I - Highlights
On April 29, Triunfo disclosed the reconciliation between BR GAAP and IFRS, pursuant to the
Novo Mercado listing rules.
On May 25, Rio Verde Energia announced the commercial start-up of the Salto hydroelectric
plant’s first turbine.
On June 25, an Extraordinary General Meeting approved the Company’s 2nd Public Issue of
Simple Debentures, elected the Audit and Finance Committee and incorporated the
subsidiary Esparta.
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I – Subsequent Events
On July 20, Portonave signed an agreement with the unions representing the Santa Catarina
port employees (OGMO).
On July 30, Triunfo presented the lowest tariff at the auction of the Garibaldi hydroelectric
plant, on the Canoas River. The concession is for 35 years and 70% of the plant’s assured
energy has already been sold.
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II – 2Q10 Results
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14,877
16,358
14.000
14.500
15.000
15.500
16.000
16.500
17.000
2Q09 2Q10
Traffic – Equivalent Vehicles (‘000)
II – 2Q10 Results
10.0%
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3,028 3,359
5,925 6,395
5,924
6,604
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
2Q09 2Q10 2Q09 2Q10 2Q09 2Q10
Traffic – Equivalent vehicles in the concessionaries (‘000)
II – 2Q10 Results
ECONORTE CONCER CONCEPA
10.9%
7.9%11.5%
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97,917
137,631
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
2Q09 2Q10
Container Handling - TEUs (‘000)
II – 2Q10 Results
40.6%
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100,196
122,833
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2Q09 2Q10
Gross Revenue from Operations (R$ ‘000)
II – 2Q10 Results
22.6%
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26,307
32,878
-
5.000
10.000
15.000
20.000
25.000
30.000
35.000
2Q09 2Q10
Operating Costs (R$ ‘000)
Net – Depreciation / Amortization
II – 2Q10 Results
25.0%
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19,988
23,245
18.000
19.000
20.000
21.000
22.000
23.000
24.000
2Q09 2Q10
Operating Expenses (R$ ‘000)
Net – Depreciation / Amortization
II – 2Q10 Results
16.3%
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50,682
59,834
46.000
48.000
50.000
52.000
54.000
56.000
58.000
60.000
62.000
2Q09 2Q10
Adjusted EBITDA (R$ ‘000)
II – 2Q10 Results
18.1%
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55.3%
53.2%
50,0%
52,0%
54,0%
56,0%
58,0%
60,0%
2Q09 2Q10
EBITDA Margin (%)
II – 2Q10 Results
-2.1 p.p
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Net Financial Results (R$ ‘000)
II – 2Q10 Results
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20,219
(4,447)
(10.000)
(5.000)
-
5.000
10.000
15.000
20.000
25.000
2Q09 2Q10
Net Profit
(R$ ‘000)
II – 2Q10 Results
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451,150 461,415
1.82x
1.80x
1,5
2
2,5
3
3,5
-
100.000
200.000
300.000
400.000
500.000
600.000
1Q10 2Q10
Net Debt (R$ ‘000) & Net Debt / EBITDA
III – Debt
2.3%
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IV – Capex
Balance of Investments in Fixed Assets
Triunfo 47,741 3.5%
Concer 356,282 26.1%
Concepa 320,714 23.5%
Econorte 208,122 15.2%
Portonave 162,251 11.9%
TPI-Log 118,617 8.7%
Santa Rita 8,312 0.6%
TBP 72,231 5.3%
NTL 22,706 1.7%
Vessel-Log 18,811 1.4%
Outros Investimentos 30,361 2.2%
Total 1,366,147 100.0%
BALANCE OF INVESTMENTS IN FIXED ASSETS IN 2010
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IV – Capex
Investment in Fixed Assets
Triunfo 1,758 3.7%
Concer 7,036 14.8%
Concepa 10,711 22.6%
Econorte 3,521 7.4%
Portonave 952 2.0%
TPI-Log 11,725 24.7%
Santa Rita 686 1.4%
Vessel 4,252 9.0%
NTL 6,547 13.8%
Outros Investimentos 248 0.5%
Total 47,436 100.0%
INVESTMENTS IN FIXED ASSETS IN 2010
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UHE Garibaldi
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Strategy
Mitigated geological risk
Known technical solution
Small reservoir
Relocation – Itá, Machadinho, Barra Grande, Campos Novos
Construction and operational logistics
Existing relations with the State of Santa Catarina (Portonave)
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Technical Characteristics
UHE Salto UHE Garibaldi
River Verde. GO Canoas. SC
Installed Capacity 116 MW 177.9 MW
Assured Energy 63.8 MW (55%) 83.1 MW (47%)
Reservoir 6,000 ha 3,450 ha
River diversion Tunnel Door sill
Dam Earth RCC
Spillway (m3/s)2 x segment; 10,000 year flow =
1,925 Free-board sillway; Qdeca = 15,700
Mandatory common excavation (m3)1,348,875 948,000
Compacted landfill (m3)3,536,828 390,000
Total concrete (m3)128,858 190,000
Rockfill (m3)229,552 103,000
CCR (m3) -213,000
Turbine 2 Vertical Francis – 58 MW 3 Vertical Francis – 58 MW
RPM 156.52 144
Net head (m) 49.69 40.3
Total Investment (Bid Notice) R$473,741,000 R$719,327,320
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Location
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Feasibility Study
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Indigenous Population Groups
The project’s areas of direct and indirect influence do not present elements of
traditional indigenous territory.
Socioeconomic Environment
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Socioeconomic Environment
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Total Registrations – 990
Garibaldi Hydroelectric Plant
CityConstruction site
(km2)
Riparian area
(km2)Reservoir (km2) N. of properties % Area/City
Abdon Batista 2.384 1.741 5.151 137 3.94
Cerro Negro 0.455 2.059 7.515 137 2.40
Campo Belo do
Sul- 0.606 0.856 28 0.14
São José do
Cerrito- 3.417 9.035 131 1.43
Vargem - 2.506 4.231 106 1.92
Total 2.839 10.329 26.788 539 -
Socioeconomic Environment
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Camargos – Cerro Negro São José do Cerrito
Infrastructure Maintenance and Rebuilding Program
Physical Environment
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Reservoir - 16.51 km2
Construction site - 2.84 km2
Type of vegetation Areas (km2) %
Shrubland 0.36 1.86
Pioneer fluvial shrubland/arboreal forest 0.75 3.88
Initial mixed/seasonal ombrophilous forest 2.10 10.85
Middle and advanced mixed/seasonal ombrophilous forest 5.62 29.04
Silviculture 0.13 0.67
Agricultural use 10.39 53.70
Total 19.35 100
Biotic Environment
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BNDES Financing
TJLP (long-term interest rate) + 2.1%
70/30 (debt/equity) amortized over 16 years
CCEAR Guarantee (Regulated Market Energy Sales Contract)
PAC Project
Tax Benefit (REIDI and Pro-Job)
PIS, COFINS and CAPEX
ICMS tax exemption
Execution Schedule
Beginning in June 2011
48 months
Assumptions
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Assumptions
Environmental Licensing
Issuing of LI (Installation License) -12 months
Expropriation
Land acquisition policy (speed- experience of the Salto hydro plant)
Concession Contract
35 years as of the execution of the contract (December 2010)
CCEAR
Term – 30 years as of January 1, 2015
Rate restated by the IPC-A
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Assumptions
Installed Capacity MW 177.9
Assured Energy MW 83.1
Annual Assured Energy MWh/year 727,956
CAPEX - Eletrobrás standard budget R$ 968,527,000.00
CAPEX - ANEEL R$ 719,327,320.00
CAPEX - Triunfo R$ 760,000,000.00
Maximum Price R$/MWh 133.0
Winning Price R$/MWh 107.98
Free Market Estimate R$/MWh 150.0
Weighted Average Price R$/MWh 120.6
Annual Sales R$ 85,587,000.00
CAPEX Breakeven year 8.5
Implementation Cost R$/KW 4,272.00
Internal Rate of Return % 12.0
EBITDA Margin % 78.0
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Electricity Buyers
Source: Brazilian Electricity
Commercialization Chamber
(CCEE )
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Event Calendar
Date Event
AugustRio Canoas Energia S.A. - contracts (EIA/RIMA – LI/
ANEEL Basic Project /Construction)
SeptemberDefinition of the project – discussion and price
confirmation
OctoberApproval and execution of construction contract
with effectiveness clause
November 08 Collection of Faithful Compliance Guarantee (5%)
December 16Execution of concession contract, issue of LI and
preparation of construction site
January 13 Execution of CCEAR
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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
