Date post: | 12-Jun-2015 |
Category: |
Technology |
Upload: | triunfori |
View: | 89 times |
Download: | 3 times |
4Q12 and 2012 Earnings Presentation
Forward-Looking Statements
2
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.
Highlights 4Q12 e 2012
3
• Traffic: 21.7 million vehicle equivalent units, (+6.4%) in 4Q12 . In the year, 82.0 million vehicle equivalent units (+6.6%) from 2011.
• Net operating revenue reaches R$229.4 million (+13.9%) in 4Q12 and R$834.9 million (+20.6%) in 2012.
• Container handling at Portonave: 161,400 TEUs in 4Q12 (+10.7%). In 2012, container handling totaled 620,000 TEUs, (+13.7%) from 2011.
• Assured energy sales in 2012 totaled 595,000 MWh, up 4.4% on 2011.
• Cabotage volume in the year reached 40,811 TEUs.
• Viracopos Airport handled 8.9 million passengers and 265,000 tons of cargo.
• The dividend calculation base was R$80 million in 2012. In 2012, the Company distributed R$48.8
million in dividends, with an annualized dividend yield of 2.7%.
• The Adjusted EBITDA totaled R$119.8 million (+2.4%). EBITDA margin in the period was 52.2%.
EBITDA in 2012 totaled R$419.5 million (+19.2%).
201.4
229.4
4Q11 4Q12
692.1
835.0
2011 2012
Adjusted Net Revenue
20.6%
13.9%
Breakdown Net Revenue 4Q12 - (%)
Excluding construction revenue
Net Revenue - (R$ million)
Excluding construction revenue
4
56%
21%
11%
8%4%
Toll Roads Port Energy Cabotage Airport
Toll Roads Segment
4Q12 and 2012 Results
111.5
128.1
4Q11 4Q12
410.1
462.0
2011 2012
20.4
21.7
4Q11 4Q12
76.9
82.0
2011 2012
Toll Roads Segment – 4Q12
Traffic of Equivalent Vehicles - (million)
Corresponds to 100% of the business.
Net Revenue (1) – (R$ million)
Corresponds to the Triunfo Stake in the business.
6.6%
6.4%
12.6%
14.8%
6
(1) Excluding construction revenue.
Port Segment
4Q12 and 2012 Results
545.2
620.0
2011 2012
145.8
161.4
4Q11 4Q12
54.5
47.9
4Q11 4Q12
173.4
194.2
2011 2012
Port Segment – 4Q12
13.7%
10.7%
Container Handling - TEUs (‘000)
Corresponds to 100% of the business.
Net Revenue - (R$ million)
Corresponds to the Triunfo Stake in the
business.
12.0% -12.0%
8
Energy Generation
4Q12 and 2012 Results
570.6
595.6
2011 2012
149.6 149.6
4Q11 4Q12
91.4
103.7
2011 2012
24.425.1
4Q11 4Q12
Energy Generation – 4Q12
Assured Energy Sold - (‘000 Mwh)
Net Revenue - (R$ million)
4.4% 13.5%
2.7%
10
Cabotage
4Q12 and 2012 Results
Cabotage – 4Q12
Container Handling - TEUs (‘000)
Corresponds to 100% of the business.
Net Revenue - (R$ million)
Corresponds to the Triunfo Stake in the business.
12
5.8
11.2
4Q11 4Q12
8.8
40.8
2011 2012
10.9
19.0
4Q11 4Q12
17.2
65.8
2011 2012
w
Título da Apresentação Aqui fica o subtítulo.
Airport Segment
4Q12 and 2012 Results
Airport Segment – 4Q12
Passengers - (million)
Corresponds to 100% of the business.
Breakdown Gross Revenue
Corresponds to the Triunfo Stake
in the business.
17.0%
13.5%
14
2.0 2.2
7.6
8.8
4Q11 4Q12 2011 2012
24%
71%
5%
Passengers Revenue
Cargo Revenue
Commercial Revenue
Note: The Concessionaire Aeroportos Brasil started to consolidate costs and revenues on 14.11.2012
Consolidated Performance
4Q12 and 2012 Results
117.0 119.8
4Q11 4Q12
352.0
419.5
2011 2012
Adjusted EBITDA
EBITDA per Segment - (R$ million) Adjusted EBITDA - (R$ million)
19.2%
2.4%
16
94.3
23.0 14.6 2.2
-8.6 -5.7
119.8
Toll Roads Port Energy Airport Cabotage Parent Company EBITDA 4Q12
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 from unconsolidated operations. To calculate EBITDA margin, we
used Adjusted Net Revenue (excluding construction revenue, which is an accounting effect with no cash impact) as the denominator.
Financial Income
17
(R$ million ) 4Q12 4Q11 D 2012 2011 D
Financial Income (58.3) (39.5) 47.4% (180.8) (155.9) 16.0%
· Financial Revenue 8.6 6.3 35.7% 26.6 16.3 62.6%
· Financial Expenses (66.5) (43.4) 53.5% (197.4) (156.8) 25.9%
· Exchange Rate Variation (0.3) (2.5) -86.3% (10.0) (15.4) -34.9%
18
Dividend Basis
* Result of unrecognized investment refers to adjustment of net consolidated profit for the parent company.
DIVIDEND BASIS (in R$ thousands) 4Q12 4Q11 D 2012 2011 D
Net Income/Loss 8,485 28,942 -70.7% 9,272 22,363 -58.5%
Unrecognized Investments 4 2 100.0% - -561 n/c
Realization of Revaluation Reserve 9,528 10,156 -6.2% 39,744 42,661 -6.8%
Realization of Asset Valuation Adjustment 7,763 6,255 24.1% 31,053 25,157 23.4%
Creation of Legal Reserve (5%) (425) (1,090) -61.0% (464) (1,090) -57.4%
Dividend Basis 25,355 44,265 -42.7% 79,605 88,530 -10.1%
Net Debt
19
DEBT AMORTIZATION AND LEVERAGE
• The leverage levels of the highways and port segments remain low, at 1.01x and 1.40x, respectively. • The power generation segment’s debt profile, which is leveraged at 9.37x, reflects the characteristics of the business: long-term amortization, high initial
investment costs, and predictable and stable cash flow after operational start-up.
* 31.12.2012
(R$ thousands)ENERGY
ROAD
SEGMENT
PORT
COMPANYAIRPORT SUBTOTAL
PARENT
COMPANY
CABOTAGE
SEGMENTTOTAL
2013 22,110 130,375 27,949 7 180,441 44,507 17,734 242,6822014 48,458 50,338 25,014 10,994 134,804 4,509 55,699 195,0122015 57,393 72,487 33,176 - 163,056 73,788 27,794 264,6382016 39,389 89,611 30,806 - 159,806 275,510 22,915 458,2312017 43,589 14,974 21,326 - 79,889 271,115 22,915 373,919
Após 2018 469,890 88 0 - 469,978 47,926 6,692 524,596
Gross Debt 680,829 357,873 138,271 11,001 1,187,974 717,355 153,749 2,059,078
(R$ thousands)ENERGY
ROAD
SEGMENT
PORT
COMPANYAIRPORT SUBTOTAL
PARENT
COMPANY
CABOTAGE
SEGMENTTOTAL
Net Debt * 656,630 338,992 118,373 -46,551 1,067,444 649,412 152,362 1,869,218EBITDA LTM 70,105 335,927 84,746 n/c 490,778 n/c n/c 419,526
Net Debt/EBITDA LTM 9.37 1.01 1.40 n/c 2.18 n/c n/c 4.46
Capex
20
4Q12: R$ 312.8 million 2012: R$ 766.9 million
5%
6%
5%7%
1%
0,5%
53%
20%
1%
Concer ConcepaEconorte PortonavePortonaus CabotagemRio Canoas Aeroportos Brasil ViracoposParent Company and other investments
6% 8%6%
6%
2%
0,3%
60%
0,1%
10%
3%
Concer ConcepaEconorte PortonavePortonaus CabotagemRio Canoas Rio VerdeAeroportos Brasil Viracopos Parent Company and other investments
IR Team
Sandro Lima – DRI e 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
21