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Recent Events
• The Board of Directors approved the creation of a policy for the distribution of
dividends, which will correspond to at least 50% of the fiscal year’s net income.
• Three annual payments, two of which are advance payments (August and
November) and the balance paid within one month of the Annual Shareholders’
Meeting at which the financial statements for the fiscal year were approved.
• The Company may pay dividends corresponding to less than the 50%
established by this policy when required by legislation or due to its financial
conditions.
Creation of Dividend Policy
4
Recent Events
• On January 31, 2010, we discontinued the transportation of fuel ethanol, jet fuel
and part of the fuel oil operations for Shell, since these agreements did not
provide the levels of profitability and cash flow generation required by
shareholders .
• The remaining operations represented 40% of the Company’s gross revenue in
2009.
Termination of transportation operations for Shell
5
Financial ResultsConsolidated Net Revenue – R$ million
227.1309.0
4Q08 4Q09
978.91,134.3
2008 2009
36.1%15.9%
Growth in the auto sector was driven by stronger vehicle sales
in the domestic market and longer average distance.
6
Financial ResultsConsolidated EBITDA – R$ million
23.1
45.7
10.2%
14.8%
4Q08 4Q09
123.3
162.5
12.6% 14.3%
2008 2009
EBITDA margin
Higher productivity driven by increased
volume and greater operational efficiency
31.8%
98.2%
7
Financial HighlightsAutomotive Sector – R$ million
16.0
177.1
40.7
267.3
Net Revenue EBITDA
4Q08 4Q09
Net revenue of R$267.3 million (+50.9% vs. 4Q08)
• Increase of 49.5% in number of vehicles transported;
•Increase of 7.9% in average distance.
EBITDA of R$142.6 million (+44.4% vs. 2008)
and margin of 15.1% ( +2.7 p.p. vs. 2008).
Net revenue of R$945.8 million (+19.0% vs. 2008)
• Increase of 9.2% in number of vehicles transported;
• Increase of 14.7% in average distance;
•Acquisition of CTV
EBITDA of R$40.7 million (+154.9% vs. 4Q08) and
margin of 15.2% (+6.2 p.p. vs. 4Q08)
50.9%
154.9%
794.8
98.8142.6
945.8
Net revenue EBITDA
2008 2009
19.0% 44.4%
4Q09
2009
8
Financial HighlightsOther Sectors – R$ million
Net revenue of R$188.5 million (2.3% vs. 2008)
EBITDA of R$19.8 million (-19.0% vs. 2008) and
margin of 10.5% as a percentage of net revenue
(-2.8 p.p. vs. 2008).
Net revenue of R$41.7 million (-16.5% vs. 4Q08)
• Decline of 22.1% in gross revenue from transportation;
• Reduction of R$3.4 million in gross revenue from services.7.1
49.9
5.0
41.7
Net revenue EBITDA
4Q08 4Q09
-16.5%
24.5
184.2
19,1.
188.5
Net revenue EBITDA
2008 2009
-29.4%
-19.0%
4Q09
EBITDAR of R$5.0 million in 4Q09 (-29.4% vs. 4Q08),
and margin of 12.0% (-2.2 p.p. vs. 4Q08)
2009
9
2.3%
Financial ResultsConsolidated Net Income – R$ million
6.0
21.5
4Q08 4Q09
53.0
76.5
2008 2009
Higher net income fueled by operational results
10
44.3%257.1%
Financial ResultsCash and Debt
Net Debt
72.9
65.6
44.9
56.3
40.2
3Q084Q08 2Q09 1Q09 4Q09
1.59x 0.50x 0.33x 0.40x 0.25x
x EBITDAR in LTM
Debt Profile
59%41%
CP LP
Includes balance payable for the CTV acquisition.
Cash balance of R$ 59.1 million on December 31, 2009
11
IR Contact
Alexandre Brandão
+55 (11) 4346-2532
Hugo Zierth
+55 (11) 4346-2532
12
The forward-looking statements contained in this presentation are subject to risks anduncertainties. These are based on beliefs and assumptions of our Management and informationcurrently available to the Company. Such statements include information about our currentintentions, beliefs or expectations, as well as those of our Board of Directors and Board ofExecutive Officers.
The reservations concerning forward-looking statements also apply to information aboutpossible or presumed operating results, as well as declarations preceded by, including orfollowed by such words as "believe", "may", "will", "continue", "expect", "foresee", "intend","plan", "estimate“ and other similar expressions.
Forward-looking statements do not constitute a guarantee of performance. Since they refer tothe future, they depend on circumstances that may or may not occur and are therefore subjectto risks, uncertainties and assumptions. Future results and creation of shareholder value maydiffer substantially from those expressed or suggested by the forward-looking statements. Manyfactors that may influence these results are beyond TEGMA’s control or expectations.