Triunfo Reports Second Quarter Earnings
Expansion across all major business lines
Net revenue grew 38.7% to R226 million;
Adjusted EBITDA increased 24.4% to R$89 million;
Dividend calculation base of R$41 million accumulated
SAO PAULO, Aug. 9, 2012 /PRNewswire/ -- Triunfo Participacoes e Investimentos S.A., (BOVESPA: TPIS3, OTC: TPIUY.PK) a leading Brazilian infrastructure company with a strong presence in the toll-road, port and airport administration, electric power and cabotage segments, announces its results for the second quarter of 2012. The full earnings release is also available on Triunfo's website: www.triunfo.com/ir
SECOND QUARTER HIGHLIGHTS
- Net revenue grew 38.7% compared to 2Q11, reaching R$225.7 million; Adjusted Net Operating Revenue, which excludes non-cash construction revenue, grew 21.7% compared to 2Q11, reaching R$191.4 million
- Traffic volume increased 5.2%, totaling 18.9 million equivalent vehicles.
- Handled container volume at Portonave reached 140,779 TEUs, 2.6% higher than in 2Q 11.
- Assured Energy Sold was 148,075 MWh, a 6.3% increase over 2Q 11.
- Cabotage unit handled 10,023 TEUs, with R$15.9 million of net revenue; the unit is on track to reach breakeven EBITDA in 2H12.
- Adjusted EBITDA was R$88.7 million in 2Q12, 24.4% above the prior year, with a margin of 46.3%. EBITDA LTM totaled R$389 million.
- Dividend Calculation Base was R$8.9 million for the quarter. R$ 20.4 million interim dividends will be paid (R$ 0.14 per share) an amount that represents 50% of the R$ 40.8 million 1H12 Dividend Base – 3.7% annualized dividend yield
- On June 14, 2012, the Aeroportos Brasil Viracopos S.A. (Concessionaire), of which Triunfo holds a 23% stake, signed with the National Civil Aviation Agency (ANAC) the concession contract for the expansion, maintenance and operation of the International Airport of Campinas (Viracopos), for the next 30 years.
- On June 5, 2012, the Brazilian Development Banks (BNDES) approved R$368 million long-term financing line for Triunfo's subsidiary Rio Canoas Energia S.A.. Amortized over 16 years, the loan will be used to settle the Company's bridge loan and to finance ongoing work at the Garibaldi Hydroelectric Plant.
- On July 31, 2012, Portonave issued debentures with the goal of paying off U.S.-dollar related debt and settle payables with relevant parties.
MESSAGE FROM MANAGEMENT
"The second quarter of 2012 was one of expansion for Triunfo Participacoes e Investimentos. Our existing operations in toll-roads, port operations and energy generation all posted strong growth, and we successfully managed expenses in these areas. These two factors allowed us to report an increase of 21.7% in Net Revenue ex construction and 24.4% in adjusted EBITDA.
On the new business side, our cabotage unit, Maestra, continues to ramp, handling 10,023 TEUs in the quarter; we expect the business to reach break-even EBITDA in 2H12. Also in the second quarter, Triunfo was part of the consortium that signed a 30-year concession contract for the expansion, maintenance and operation of the International Airport of Campinas. This high-quality asset has the potential to be the best and most efficient Latin America's airports.
As we move into the second half of 2012, we are confident that Triunfo's high quality assets, operational expertise and project pipeline, combined with Brazil's growing economy and pent-up demand for infrastructure, will help us continue to grow and generate cash."
Carlo Bottarelli- Chief Executive Officer
Conference Call in Portuguese with simultaneous translation into English
Time: Friday, August 10, 2012 at 10:00am ET/ 11:00am (Brasilia)
Dial in: +55-11-4688-6361 (Brazil), +1-786-924-6977 (International)
Code Portuguese: 6056430#
Code English: 5392701#
More about TRIUNFO
TPI- Triunfo Participacoes e Investimentos S.A. is listed on the Novo Mercado, the BM&FBovespa trading segment with the highest standards of corporate governance, since 2007, Triunfo's growth strategy is based on portfolio diversification through carefully structured projects focused on creating value for our shareholders.
For more information, visit http://www.triunfo.com/ir
Investor Relations Department
SOURCE Triunfo Participacoes e Investimentos S.A.
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