Triunfo Participações e Investimentos S A : Apresentação de Resultados 4Q23
March 22, 2024 at 07:56 am EDT
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Earnings Presentation 2023/2022
Disclaimer
The financial information in this presentation is pro forma and consolidated in proportion to Triunfo's interest in each business, while the operating information reflects the entire businesses. The results of the period, compared to the accounting values do not change due to the consolidation method. The net revenue figures reported herein exclude construction revenue (adjusted net revenue) , except where stated otherwise. Results are compared with the same period last year, except where stated otherwise.
This presentation may include forward-looking statements based largely on our current expectations and projections of future events and financial trends that affect or may affect our business. Although we believe these estimates and forward-looking statements are based on reasonable assumptions, many important factors could significantly affect our operating results. Any forward-looking statements, according to the definition under the U.S. Private Securities Litigation Reform Act of 1995, involve diverse risks and uncertainties and there is no guarantee that these results will materialize.
Consolidated Performance
Adjusted Net Revenue and EBITDA
Adjusted Net Revenue - Pro Forma1 (R$ million)
Excluding construction revenue
-20.4%
-19.4%
912
1,089
878
726
2020 Proforma 2021 ProForma
2022
2023
Adjusted EBITDA
Net Revenue Breakdown
Excluding construction revenue
Energy
17%
2023
Toll Roads
83%
Adjusted EBITDA Breakdown
(R$ million)
-36.1%
58.3% 559
Excluding holding
Energy
12%
408
353
260
2020 ProForma 2021 ProForma
2022
2023
2023
Toll Roads
88%
1- Excludes the year 2021 for Triunfo Econorte, considering that the Concession contract ended
Main Figures 2023/2022
Main Figures (in R$ thousand)
4Q23
4Q22
Δ
2023
2022
Δ
Adjusted Net Revenue
247,954
233,153
6.3%
877,728
1,089,304
-19.4%
Toll Roads
210,546
197,909
6.4%
731,113
957,505
-23.6%
Energy
37,408
35,244
6.1%
146,615
131,799
11.2%
Adjusted EBITDA*
160,733
78,006
106.1%
558,781
352,926
58.3%
Toll Roads
158,511
74,262
113.4%
520,814
318,203
63.7%
Energy
15,851
15,765
0.5%
68,661
62,479
9.9%
Holding and Other
(13,629)
(12,021)
13.4%
(30,694)
(27,756)
10.6%
Financial Result
(33,409)
(13,119)
154.7%
(160,004)
(144,663)
10.6%
Toll Roads
(33,980)
(19,037)
78.5%
(166,387)
(150,411)
10.6%
Energy
369
602
-38.7%
1,472
1,290
14.1%
Holding and Other
202
5,316
-96.2%
4,911
4,458
10.2%
Net Income (Loss)
39,256
(13,103)
-399.6%
(8,021)
8,382
n/c
Toll Roads
44,224
(23,684)
n/c
(19,205)
(14,014)
37.0%
Energy
10,092
9,426
7.1%
44,373
40,062
10.8%
Holding and Other
(15,060)
1,155
n/c
(33,189)
(17,666)
87.9%
Adjusted EBITDA Margin
64.8%
33.5%
31.4pp
63.7%
32.4%
31.3pp
Toll Roads
75.3%
37.5%
37.8pp
71.2%
33.2%
38.0pp
Energy
42.4%
44.7%
-2.4pp
46.8%
47.4%
-0.6pp
*Adjusted EBITDA excluding construction margin, non-recurring revenues (expenses), provision for maintenance, Remuneration for Financial Asset and Excess Tariff of Triunfo Concebra, and is calculated based on the consolidated Income Statement as per Triunfo's share in each business (Proportional Consolidation Income Statement).
Capex and Debt
Capex 2023: R$238.2 million
4%
0%
Concer
Triunfo Econorte
Triunfo Concebra
40%
Triunfo Transbrasiliana
55%
Holding and Other
DEBT (in R$ thousand)
4Q23
4Q22
Δ
Triunfo (holding) and other
46,094
49,781
-7.4%
Toll Roads
1,468,370
1,590,835
-7.7%
Gross Debt
1,514,464
1,640,616
-7.7%
Cash and Cash Equivalents
66,411
70,364
-5.6%
Net Debt
1,448,053
1,570,252
-7.8%
Toll Roads
Toll Roads
Average Tariffs (R$)
2023
2022
Δ
Concer
12.60
12.19
3.3%
Triunfo Econorte
0.00
0.00
n/c
Triunfo Transbrasiliana
8.50
7.74
9.8%
Triunfo Concebra
3.19
3.02
5.8%
Traffic of Equivalent Passing Vehicles.
Net Revenue and
Adjusted EBITDA (R$ million)
-23.9%
-23.6%
-38.0%
958
63.7%
793
731
603
521
379
318
235
2020 Pro Forma
2021 Proforma
2022
2023
Adjusted Net Revenue
Adjusted EBITDA
Energy
Energy Segment and other relevant matters
Net Revenue and Adjusted EBITDA
(R$ million)
+3.3%
+11.2%
+7.7%
+9.9%
132
147
119
123
54
62
69
50
2020
2021
2022
2023
Receita Líquida
EBITDA Ajustado
Net revenue grew 11.2% in 2023 and Adjusted EBITDA grew 9.9% in comparison with 2022 respectively;
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TPI - Triunfo Participações e Investimentos SA published this content on
21 March 2024 and is solely responsible for the information contained therein. Distributed by
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22 March 2024 11:55:12 UTC.
TPI Triunfo Participacoes e Investimentos SA (Triunfo) is a Brazil-based holding company primarily engaged in the operation of highways. The Company divides its business into four main segments: Highway Concessions, Ports Administration, Coastal Shipping and Energy. In the Highway Concessions segment, Triunfo is active in the management, toll collection, maintenance and conservation of roads. In the Port Administration segment, it is active in the port operation and warehousing services. In the Coastal Shipping segment, the Company is mainly involved in the cargo water transportation and navigation services. In the Energy segment, it is engaged in the generation and transmission of electric power. Triunfo owns a number of subsidiaries, including Empresa Concessionaria de Rodovias do Norte SA and Transbrasiliana Concessionaria de Rodovia SA, among others. On August 26, 2014 the Company has acquired Fundo de Investimento em Participacoes Constantinopla.