ALL REPORTS 3Q09 AND 9M09 RESULTS

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					                                                                                                                              3Q09 Results
                                                                                                                                   Page 1 of 22


                                        ALL REPORTS 3Q09 AND 9M09 RESULTS
      Curitiba, Brazil, November 11, 2009 – América Latina Logística S.A. – ALL (Bovespa: ALLL11)1, Latin America’s
      largest independent logistics company, announces its results for the third quarter and nine months of 2009 (3Q09 and
      9M09). ALL operates 21,300 km of rail tracks, 1,095 locomotives, 31,650 rail cars, 700 highway vehicles, distribution
      centers and warehousing installations. ALL’s rail network serves an area that accounts for approximately 65% of
      Mercosur’s GDP. The Company serves seven of the most active ports in Brazil and Argentina through which
      approximately 78% of all South America’s grain exports are shipped annually. We offer a full range of logistics
      services, including domestic and international rail transportation, intermodal door-to-door transportation, distribution
      and warehousing. The services are provided in Brazil and Argentina by three business units: agricultural
      commodities, industrial products and highway services. Comparisons included in this report, unless otherwise stated,
      refer to the same period of 2008. Financial and operational information, unless otherwise stated, are presented in
      nominal Reais pursuant to the Brazilian Corporate Law. Results for 2008 and 2009, unless otherwise stated,
      contemplate the changes in the Brazilian Accounting Standards occurred in 2008 (Law 11,638) and 2008 Results
      may differ from numbers previously released. Consolidated results, unless otherwise stated, excludes the results of
      Santa Fé Vagões.

Conference Calls:                 OPERATING AND FINANCIAL HIGHLIGHTS

English                               ALL Brazil’s volume grew 10.3% in 9M09 to 27,593 million RTK, in line with our guidance
November12, 2009                      for the year. Volumes in agricultural commodities increased 11.9%, mainly driven by a
Thursday                              favorable grain export market and partially offset by a 11.3% reduction in return cargo.
8:30 a.m. US EST                      Industrial volumes grew 6.5% with market share gains in all segments. In 3Q09, Brazil rail
                                      volumes rose 11.4%, to 10,065 million RTK, pushed by a 13.1% growth in agricultural
Portuguese                            commodities and a 7.2% increase in industrial products.
November 12, 2009
Thursday                              Average yield decreased 2.9% in Brazil, from R$76.8 per thousand RTK in 9M08 to
7:00 a.m. US EST                      R$74.6 per thousand RTK in 9M09, mainly driven by weak freight prices in the spot market
                                      and the contractual diesel pass through of the significant price reduction realized by Petrobras
                                      in June. In 3Q09, average yield decreased 6.5% in Brazil reflecting a full quarter of lower diesel
Meeting with                          prices and higher volumes of return cargo, partially offset by an increase in trucking drayage
                                      service volumes.
Analysts and
Investors:                            ALL Brazil’s EBITDA2 increased 2.2% in 9M09 to R$975.6 million, driven by higher rail
November 17, 2009                     volumes and market share gains partially offset by lower yields and margins. EBITDA grew
Tuesday                               4.2% in agricultural commodities and 0.2% in industrial products. In 3Q09, EBITDA decreased
                                      2.0% in Brazil to R$338.6 million, impacted by a 6.5% reduction in yield and a decrease in
11:00 a.m. (Brasília)
                                      EBITDA margins from 55.7% to 54.0%.

Blue Tree Towers Faria                Total subscription in ALL’s Private Offering of Convertible Debentures reached more
Lima                                  than R$1.2 billion, during the preemptive rights subscription period ended in November
Av. Brigadeiro Faria Lima, 3989       3rd. Controlling Shareholders subscribed a total of 3.8 million Debentures, equivalent to
São Paulo – SP                        R$464.6 million, to be converted in common shares with a 3 years lock-up-period. Total
                                      leftovers amounted R$61.9 million and can be subscribed until November 13th. ALL should
                                      announce in November 17th a Material Fact with the final balance of the Private Offering.

                                      First estimates indicate a very positive market scenario for 2010. According to the most
                                      recent CONAB estimates the total grain crop in our coverage region is expected to grow 9.3%
                                      in 2010 as compared to 2009, with an 11.3% increase in soybean and a 6.4% increase in corn.
                                      Moreover, industrial production is expected to grow 6.5% in 2010, revamping from the huge
                                      drop in 2009. The signs for a recovery in yields are very positive for 2010.



              1    Preferred shares (ALLL4) and common shares (ALLL3) are also listed at BOVESPA but with no significant liquidity.
              2    EBITDA calculation considers the changes in Brazilian Accounting Standards (Law 11,638). Law 11,638 treats a significant portion of
                   our railcar rental contracts as owned assets. Therefore railcar rental costs vanish, being treated as depreciation and financial
                   expenses. Under the new Brazilian Accounting Standards, differentiation between EBITDAR (EBITDA prior to rental costs) and
                   EBITDA no longer apply.
                                                                                                                       3Q09 Results
                                                                                                                            Page 2 of 22



Table 1 - Financial Highlights                                                                    %                                   %
                                                                   3Q09              3Q08                   9M09          9M08
(R$ million)                                                                                    Change*                             Change*
ALL Brazil Operations
Gross Sales                                                       725.7             712.2         1.9%     2,123.3      2,035.5        4.3%
Net Sales                                                         627.3             619.8         1.2%     1,857.9      1,775.0        4.7%
EBITDA                                                            338.6             345.4        -2.0%      975.6        954.2         2.2%
EBITDA Margin**                                                   54.0%             55.7%        -1.8%      52.5%        53.8%        -1.2%
Net Income                                                         67.0             118.9       -43.6%      124.2        219.6       -43.4%
ALL Consolidated***
Gross Sales                                                       761.9             770.2        -1.1%     2,235.2      2,155.3        3.7%
Net Sales                                                         662.5             676.3        -2.0%     1,967.0      1,891.7        4.0%
EBITDA                                                            341.2             360.1        -5.3%      979.2        972.3         0.7%
EBITDA Margin**                                                   51.5%             53.3%        -1.8%      49.8%        51.4%        -1.6%
Net Income****                                                     57.9             117.4       -50.7%       95.4        208.7       -54.3%
EPS (R$/ Share)                                                    0.10              0.20       -50.7%       0.17         0.36       -54.3%
Consolidated Balance Sheet Indicators
Total Assets                                                     11,821.8          10,605.8      11.5%    11,821.8      10,605.8      11.5%
Shareholders Equity                                               2,602.0           2,635.4      -1.3%     2,602.0       2,635.4      -1.3%
EBITDA (Trailling 12 months)                                      1,242.0           1,200.7       3.4%     1,242.0      1,200.7       3.4%
Net Debt                                                          2,675.9           2,803.9      -4.6%    2,675.9       2,803.9       -4.6%
Net Debt / (Trailling 12 months EBITDA)                             2.2               2.3        -7.7%       2.2           2.3        -7.7%
Net Debt/ Equity                                                    1.0               1.1        -3.3%       1.0           1.1        -3.3%
** For EBITDA margin change means percentage points gained/(lost)
*** Excludes results of Santa Fé Vagões
**** Includes net income from Santa Fé Vagões as a result of earnings on equity stake
 Earnings per share calculation based on number of existing shares as of September 30th, 2009
    Values may not add up due to rounding



Comments from Bernardo Hees – CEO
We are announcing 9M09 results showing a 7.4% consolidated volume growth, increases of 4.0% in net revenues
and 0.7% in EBITDA3, and a net income of R$95.4 million. These results show the resilience of our business in a
recession scenario despite (i) the drop in industrial production in Brazil and Argentina; (ii) crop breaks over 45% in
Argentina and 7% in Brazil; (iii) lower freight prices in spot market; and (iv) the two digits diesel price reduction
realized by Petrobras in June.
In Brazil, volumes increased 10.3% in 9M09, as we took advantage of a favorable export market in agricultural
commodities in 1H09 and gained market share in all industrial products segments. EBITDA grew 2.2% to R$975.6
million, negatively impacted by a 2.9% drop in average yield, and EBITDA margin decreased 1.2 percentage point
to 52.5%. In 3Q09, volume grew 11.4% in Brazil (i) benefiting from an increase in return cargo volumes and (ii)
gaining market share in an environment of weak industrial production and grain exports. EBITDA decreased
marginally to R$338.6 million due to a 6.5% reduction in yields – driven by a full quarter of lower diesel prices and
by a depreciated freight price in spot market - which impacted revenues and pressured EBITDA margins down
from 55.7% to 54.0%.
Agricultural commodities volumes increased 11.9% in 9M09 due to a 15.4% increase in front haul flows partially
offset by an 11.3% decrease in return cargo volumes. In 3Q09, volumes increased 13.1% year-over-year, broken
into a 41.0% increase in return cargo – benefited by the small comparison base posed by 3Q08 - and a 9.3%
increase in front haul flows. Grain exports weakened in 3Q09 and were 2% down comparing with last year,
reflecting (i) a crop 7% below 2008 and (ii) the end of shipment pressure coming from the high inventories levels
accumulated during 2008 and exported in 1H09. Agricultural Commodities’ EBITDA increased 4.2% in 9M09 to
R$735.9 million and decreased 0.3% in 3Q09, mainly due to a 6.6% reduction in yields.
In industrial business unit, the recession scenario has changed the focus of our clients from increasing production
to cost cutting, and market share gains has accelerated this year as new projects are becoming operational.
Volumes increased 6.5% in 9M09 and 7.2% in 3Q09 and, despite a lower than usual growth, we gained market
share in every segment, more than compensating the two digits reduction in industrial production in Brazil.

3
  EBITDA calculation considers the changes in Brazilian Accounting Standards (Law 11,638). Law 11,638 treats a significant portion of our
railcar rental contracts as owned assets. Therefore railcar rental costs vanish, being treated as depreciation and financial expenses. Under the
new Brazilian Accounting Standards, differentiation between EBITDAR (EBITDA prior to rental costs) and EBITDA no longer apply.
                                                                                                    3Q09 Results
                                                                                                          Page 3 of 22


EBITDA increased marginally in 9M09 to R$234.3 million and decreased 4.3% in 3Q09 to R$83.9 million impacted
by average yield decrease of 3.6% in 9M09 and 6.0% in 3Q09.
Volumes in ALL Argentina went down 16.2% in 9M09 and 24.0% in 3Q09, as we continue to face a very tough
environment in the country, with a severe recession, an agricultural crop drop of more than 45% and partial
blockages in our railroads. The Argentina operation represents today 5% of our revenues and less than 1% of our
EBITDA.
Although we still have a challengeable 4Q09 marketwise ahead of us, perspectives for 2010 are promising. The
most recent estimates indicate a 9.3% increase in Brazilian grain crop in our region next year, with an 11.3%
growth in soybean and a 6.4% growth in corn. Moreover, industrial production is expected to grow 6.5% in 2010
and it would mean a important shift compared to the market environment we are facing in 2009. The signs for a
recovery in yields are very positive for 2010.
Moreover, our more long term expansion projects are well under way. In July, we started the construction of a 260
km rail line from Alto Araguaia to Rondonópolis, which will be 90% financed by BNDES, and we are concluding
negotiations with FI-FGTS in order to have the project 100% funded. The Rumo-Cosan project in the sugar
segment, which comprises R$1.2 billion in CAPEX from Rumo in our rail system, is in a final stage in the process
of raising capital.
At the end of the quarter, we announced a Private Offering of Convertible Debentures, which is next to its closing
date. Total subscription reached R$1,238.762 million or 10,237,703 Debentures during the preemptive rights
subscription period ended in November 3rd. Controlling Shareholders subscribed a total of 3,840,202 Debentures,
equivalent of R$464.6 million, to be converted in common shares with a 3 years lock-up-period. Total leftovers
amounted R$61.9 million and can be subscribed until November 13th. We should announce in November 17th a Material
Fact with the final balance of the Private Offering. We are pleased and glad to see the confidence of our shareholders
with the long term perspectives of our business.


    OPERATING PERFORMANCE BY BUSINESS SEGMENT


Consolidated Results4

Consolidated volumes increased 7.1% in 3Q09 - from 10,291 million RTK in 3Q08 to 11,017 million RTK - mainly
driven by an 11.4% volume growth in Brazil, as we gained market share in grain exports and in industrial segment
and were favored by an improvement in return cargo volumes. Gross revenues decreased 1.1%, from R$770.2
million in 3Q08 to R$761.9 million in 3Q09, impacted by a 5.8% drop in average yield measured in R$/'000 RTK.
The reduction in yield reflects: (i) a full quarter of lower diesel prices, which we contractually pass through to our
tariffs, (ii) pressured freight prices in spot market and (iii) the depreciation of the Peso against the Real, which
reduced yields in Argentina converted in Reais.
EBITDA decreased 5.3% in 3Q09, from R$360.1 million in 3Q08 to R$341.2 million, mainly due to a 6.5% drop in
average yield in rail business in Brazil and by a poor performance in Argentina, where we faced very tough market
and political environment. EBITDA margin decreased 1.8 percentage point in the quarter, from 53.3% in the 3Q08
to 51.5%.

Table 2 - EBITDA                                    Growth    % Growth                          Growth        % Growth
                                    3Q09    3Q08                            9M09      9M08
(R$ million)                                         3Q09       3Q09                             9M09           9M09
ALL Consolidated                    341.2   360.1    (18.9)     -5.3%       979.2    972.3         6.9          0.7%
ALL Brazil                          338.6   345.4     (6.8)     -2.0%       975.6    954.2        21.4          2.2%
    Agricultural Commodities        252.7   253.6     (0.8)     -0.3%       735.9    706.3        29.6          4.2%
    Industrial Products              83.9    87.8     (3.8)     -4.3%       234.3    233.8         0.4          0.2%
    Highway Based Services            1.9     4.1     (2.2)    -52.9%        5.5     14.1         (8.6)        -61.0%
ALL Argentina                        2.6     14.7    (12.1)    -82.3%        3.6     18.0        (14.5)        -80.3%


In 9M09, volumes increased 7.4% as compared to the same period of 2008, with market share gains in industrial
segment and benefiting from higher agricultural exports in 1H09. Average yield decreased 1.0% driven by a two
digit drop in industrial production in Brazil and by the pass through of diesel price reduction realized by Petrobras in
June. Gross Revenues grew 3.7% to R$2,235 million, EBITDA increased 0.7%, from R$972.3 million in 9M08 to
R$979.2 million, and EBITDA margin decreased 1.6 percentage point to 49.8%.


4
    Excludes results of Santa Fé Vagões.
                                                                                                                    3Q09 Results
                                                                                                                          Page 4 of 22



Table 3 - EBITDA Margin                               Third Quarter                                     Nine Months
  (%)                                         3Q09      3Q08          Change*              9M09               9M08               Change*
ALL Consolidated                              51.5%     53.3%           -1.8%              49.8%              51.4%                -1.6%
ALL Brazil                                    54.0%     55.7%           -1.8%              52.5%              53.8%                -1.2%
    Agricultural Commodities                  58.3%     61.3%           -2.9%              56.0%              58.6%                -2.6%
    Industrial Products                       48.2%     50.9%           -2.7%              48.2%              50.1%                -1.9%
    Highway Based Services                     9.7%     12.2%           -2.5%               9.6%              13.7%                -4.1%
ALL Argentina                                  7.4%     26.1%          -18.7%               3.3%              15.5%               -12.2%
* Indicates percentage points gain / (loss)



Agricultural Commodities

Agricultural commodities volumes increased 13.1% in 3Q09, from 6,345 million RTK in 3Q08 to 7,177 million RTK,
mainly driven by increases in transport of soy meal (15.3%), fertilizers (25.3%), corn (35.3%) and wheat (536.4%).
Return cargo volumes increased 41.0% compared with a small volume base in 3Q08, as farmers concentrated
fertilizers acquisitions and shipments along the first semester last year. Volumes in front haul flows increased
9.3%, despite a weakness in grain exports through the ports we serve in 3Q which were 2% down compared with
the same period of 2008. Reduction in grain exports reflects (i) a crop 7% below 2008 and (ii) the end of shipment
pressure coming from the high inventories levels accumulated during 2008 and exported in 1H09.

Table 4 - Agricultural Commodities Products                                       %                                                    %
                                                       3Q09       3Q08                            9M09                9M08
(million RTK)                                                                   Change                                             Change
Soy                                                   1,898.0    1,870.5          1.5%           9,661.1            7,858.5         22.9%
Soy Meal                                              1,158.0    1,004.4         15.3%           2,971.7            2,521.7         17.8%
Fertilizers                                            923.1      736.9          25.3%           1,598.2            2,050.9        -22.1%
Sugar                                                  994.7     1,142.1        -12.9%            1,971.8            2,152.0        -8.4%
Corn                                                  1,938.1    1,432.1         35.3%           2,659.3            2,326.8         14.3%
Wheat                                                  148.8       23.4         536.4%             481.2              293.6         63.9%
Rice                                                   113.0      119.0          -5.1%             356.6              344.9          3.4%
Others                                                  3.4        16.6         -79.5%              10.2               71.2        -85.7%
Total                                                 7,177.2    6,345.1         13.1%           19,710.1           17,619.6        11.9%


                                                                      Agricultural Commodities - Market Share by Port
Total market share at the ports we serve
marginally decreased from 71% in 3Q08 to 69%                                              94% 91%
                                                                            88% 90%
                                                                                                            82% 85%
in 3Q09. Our market share increased in soybean                                                                               71%
                                                                                                                                   69%
and corn exports, but decreased in sugar –                      61% 56%
especially in Port of Santos – as exports
increased 22% and our volumes decreased
12.9%. The project we signed with Rumo/Cosan
will create the necessary infrastructure and
capacity around our rail system in state of São
Paulo, in order to shift sugar volumes from roads               Port of      Port of      Port of São       Port of Rio        TOTAL
to our system, accelerating market shares gains                 Santos     Paranaguá     Francisco do        Grande
                                                                                              Sul
in sugar exports.
                                                                                          3Q08     3Q09




Gross revenues increased 5.7%, from R$462.6 million in 3Q08 to R$488.9 million in 3Q09, and gross yield,
measured in R$/’000 RTK, decreased 6.6%, reaching R$68.1 per ‘000 RTK. The yield decrease reflects (i) a
pressured freight price in the spot market, (ii) the pass through of diesel prices reduction in June and (iii) the
growth in return cargo volumes, which have lower yields. EBITDA decreased 0.3%, from R$253.6 million in 3Q08
to R$252.7 million in 3Q09, pushed by lower yields, and EBITDA margin went down 2.9 percentage points to
58.3%.
                                                                                                                       3Q09 Results
                                                                                                                            Page 5 of 22



Table 5 - Agricultural Commodities                                          Third Quarter                         Nine Months
(R$ million)                                                    3Q09          3Q08          Change*     9M09            9M08     Change*
Volume (million RTK)                                            7,177         6,345          13.1%     19,710          17,620     11.9%
Gross Revenues                                                  488.9         462.6           5.7%     1,478.7         1,357.1     9.0%
Gross Yield (R$/'000 RTK)                                       68.1          72.9           -6.6%       75.0            77.0     -2.6%
Net Revenues                                                    433.1         413.9           4.7%     1,315.1         1,205.3     9.1%
EBITDA                                                          252.7         253.6          -0.3%      735.9           706.3      4.2%
EBITDA Margin                                                   58.3%        61.3%           -2.9%      56.0%           58.6%     -2.6%
* For EBITDA Margin indicates percentage points gain / (loss)


In 9M09, volume grew 11.9%, mainly driven by a 15.4% increase in front haul flows, more than offsetting an 11.3%
drop in return cargo. In 9M09, gross revenues increased 9.0%, reaching R$1,478.7 million, and gross yield
decreased 2.6%, to R$75.0 per ‘000 RTK, pressured by weak freight prices in the spot market and by the diesel
price reduction realized by Petrobras in June. EBITDA grew 4.2%, from R$706.3 million in 9M08 to R$735.9 million
and EBITDA margin decreased 2.6 percentage points, from 58.6% in 9M08 to 56.0%.


Industrial Products

Industrial volumes increased 7.2% in 3Q09, from 2,694 million RTK in 3Q08 to 2,888 million RTK. Despite the
lower than usual growth, we gain market share in every segment more than compensating the reduction in
industrial production in Brazil, as we keep gaining market share in intermodal and pure rail segments.

Table 6 - Intermodal Industrial Products                                                        %                                    %
                                                                3Q09          3Q08                      9M09            9M08
(million RTK)                                                                               Change                               Change
Steel Products                                                   303.0        260.3          16.4%      692.3           706.2     -2.0%
Wood Products                                                    257.0        185.5          38.6%      590.5           487.3     21.2%
Food Products                                                    182.8        181.1           0.9%      525.3           416.1     26.3%
Containers                                                       315.9        268.5          17.6%      804.5           695.1     15.7%
Others                                                           114.3         98.8          15.7%      494.7           462.7      6.9%
Total                                                           1,172.9       994.2          18.0%     3,107.3         2,767.5    12.3%

In intermodal flows, volume increased 18.0% in 3Q09, with growth in containerized cargo, steel and wood products
with the beginning of VCP operation in Três Lagoas. As we expect to grow intermodal flows at faster rates than
pure rail industrial flows (i.e. fuel products and construction products flows) in the long-term we should see
intermodal flows accounting for an increasingly larger portion of total industrial flows. In 9M09, intermodal flows
volume grew 12.3%, with market share gains in all segments.


Table 7 - Pure Rail Industrial Products                                                         %                                   %
                                                                3Q09          3Q08                      9M09            9M08
(million RTK)                                                                               Change                               Change
Fuel Products                                                   1,191.0      1,157.8          2.9%     3,413.7         3,267.9    4.5%
Vegetal Oil                                                       72.4         67.9          6.6%       228.7           210.3     8.7%
Construction                                                     451.5        474.0          -4.7%     1,133.0         1,154.3    -1.8%
Total                                                           1,714.9      1,699.8         0.9%      4,775.4         4,632.5    3.1%

In the fuel products, construction and vegetal oil segments - which are shipped almost exclusively by rail in our
area of operation – we have two different situations: (i) in the southern portion of our rail network, where we have a
high market share, our performance is dependent on growth in the respective industries; and (ii) in the northern
portion of our rail network, where our market share is small, we have significant room to grow volumes regardless
of market growth. Pure rail industrial products volumes increased 0.9% in 3Q09 and 3.1% in 9M09, when
compared to the same period of last year.

Table 8 - Industrial Products                                           Third Quarter                            Nine Months
(R$ million)                                                3Q09          3Q08          Change*       9M09             9M08      Change*
Volume (million RTK)                                        2,888         2,694           7.2%        7,883            7,400       6.5%
Gross Revenues                                              213.8         212.1           0.8%        578.7            563.3       2.7%
Gross Yield (R$/'000 RTK)                                   74.1          78.7           -6.0%        73.4              76.1      -3.6%
Net Revenues                                                174.2         172.5           1.0%        485.8            466.9       4.0%
EBITDA                                                       83.9          87.8          -4.3%        234.3            233.8       0.2%
EBITDA Margin                                               48.2%        50.9%           -2.7%        48.2%            50.1%      -1.9%
* For EBITDA Margin indicates percentage points gain / (loss)
                                                                                                  3Q09 Results
                                                                                                         Page 6 of 22


Industrial products’ gross revenues increased 0.8% in 3Q09, from R$212.1 million in 3Q08 to R$213.8 million, with
an average yield decrease of 6.0%, impacted by lower freight prices in the spot market and pass through of diesel
price reduction in June. EBITDA decreased 4.3%, from R$87.8 million in 3Q08 to R$83.9 million, and EBITDA
margin decreased 2.7 p.p. in the period, to 48.2%. In 9M09, gross revenues grew 2.7%, reaching R$578.7 million,
and EBITDA increased 0.2%, from R$233.8 million in 9M08 to R$234.3 million.

Highway Services Business Unit

In Highway Services volumes, measured in remunerated kilometers (RK), decreased 40.9% in 3Q09, mainly driven
by the discontinuation of beverage distribution service for Ambev in the end of 3Q08 and a strong volume reduction
in our automotive clients as a result of the economic recession. Gross revenues decreased 38.6% in 3Q09, to
R$23.0 million, and average yield increased 4.0% in the quarter. EBITDA decreased 52.9% in 3Q09, to R$1.9
million, and EBITDA margin decreased to 9.7%. In 9M09, highway services volumes decreased 40.7%, gross
revenues went down 42.7%, to R$65.9 million, and EBITDA worsened 61.0%, to R$5.5 million.


Argentina Operations
In Argentina, we had another difficult quarter as we are still facing a very tough market and political environment in
the country. The agriculture crop reduces more than 45%, as a result of a prolonged drought, and economic
recession has been more severe in Argentina than in Brazil, with significant impact on raw materials transportation.
Moreover, protests and blockages in our railroads in the country continue to be a problem. Therefore, to anticipate
short run trends in Argentina seem to be a very tough mission.
ALL Argentina’s gross revenues decreased 0.7% in 3Q09, from P$78.7 million in 3Q08 to P$78.1 million, due to a
24.0% decrease in volumes partially offset by an 30.6% increase in yield. EBITDA decreased 75.9% from P$23.3
million in 3Q08 to P$5.6 million in 3Q09 and EBITDA margin worsened from 30.5% to 7.4%. In 9M09, EBITDA
decreased from P$29.5 million in 9M08 to P$7.7 million, and EBITDA margin decreased from 15.5% to 3.8%.


    CONSOLIDATED RESULTS 5
    For Third Quarter 2009 Compared to Third Quarter 2008


                                                              Brazil                           Argentina
Table 9 - Operational Indicators
                                                  3Q09       3Q08      % Change      3Q09        3Q08        % Change
Volumes
 RTK (million)                                   10,065      9,039       11.4%        952        1,252        -24.0%
 GTK (million)                                   16,904     15,298       10.5%       1,940       2,567        -24.4%
 Total RK (million)                               7.7        13.0       -40.9%
 RK of Owned Fleet (million)                      2.6         5.5       -51.8%
Diesel Consumption
 Rail (liters per 000 GTK)                        5.37       5.17         3.8%        3.48       3.39          2.7%
 Trucking (liters per RK)                         0.36       0.37        -1.2%



Consolidated Gross Revenue from Services
Consolidated gross revenue decreased from R$770.2 million in 3Q08 to R$761.9 million in 3Q09, or 1.1%, due to a
37.7% decrease in Argentina operations’ gross revenue, from R$58.0 million to R$36.2 million, partially offset by a
1.9% increase in Brazilian operations’ gross revenues, from R$712.2 million to R$725.7 million.




5
    Excludes Results of Santa Fé Vagões.
                                                                                                                       3Q09 Results
                                                                                                                          Page 7 of 22



 Table 10 - Gross Revenues
                                                                        3Q09               3Q08             Change           % Change
 (R$ million)
 ALL Consolidated*                                                      761.9              770.2             (8.3)                 -1.1%
 ALL Brazil                                                             725.7              712.2             13.6                  1.9%
     Agricultural Commodities                                           488.9              462.6             26.3                   5.7%
     Industrial Products                                                213.8              212.1              1.8                   0.8%
     Highway Based Services                                              23.0               37.5            (14.5)                -38.6%
 ALL Argentina                                                           36.2               58.0            (21.9)                -37.7%
 * Excludes results of Santa Fé Vagões.



Brazilian operations gross revenues increased R$13.6 million in 3Q09, when compared to the same period of last
year, reflecting a 11.4% increase in transported volume partially offset by a 6.5% decrease in average yield, from
R$74.6 per thousand RTK in 3Q08 to R$69.8 per thousand RTK in 3Q09. The lower yield reflects (i) a weak freight
price in the spot market due to economic recession, (ii) contractual pass through of diesel price reduction realized
by Petrobras in June and (iii) an increase in return cargo volumes, which have higher margins but lower yields.
Agricultural commodities’ gross revenues increased R$26.3 million, or 5.7%, as transported volume increased
13.1% and as gross yield decreased 6.6%, from R$72.9 per thousand RTK in the 3Q08 to R$68.1 per thousand
RTK in the 3Q09. In industrial products, gross revenues increased R$1.8 million, or 0.8%, with a 7.2% growth in
transported volume and a 6.0% decrease in average yield. In highway-based services unit, gross revenues
decreased 38.6% to R$23.0 million in 3Q09, with a 40.9% reduction in transported volume.
In Argentina, gross revenues went down 0.7% in Pesos as a result of a 24.0% decrease in transported volume to
952 million RTK , partially offset by an increase in average yield from P$62.8 per thousand RTK in 3Q08 to P$82.0
per thousand RTK in 3Q09. Volumes in Argentina reflect a tough market environment and the political instability in
the country, as protests and blockages in our railroads continue to be a problem. In Reais, gross revenues
decreased 37.7% in the 3Q09, from R$58.0 million in 3Q08 to R$36.2 million, driven by a Peso depreciation of
37.3% against the Real.


Taxes on Consolidated Gross Operating Revenue
Taxes on consolidated operating revenue increased 5.8% from R$93.9 million in 3Q08 to R$99.4 million in 3Q09.
The tax increase resulted from a 6.6% increase in Brazilian operations’ taxes - from R$92.4 million in 3Q08 to
R$98.5 million in 3Q09, partially offset by a 41.0% decrease in Argentine operations’ taxes.

Consolidated Cost of Sales
Consolidated costs of sales increased from R$350.7 million in 3Q08 to R$382.5 million in the 3Q09, or 9.1%, due
to a 13.3% increase in Brazilian operations’ cost of sales from R$308.5 million in 3Q08 to R$349.7 million in 3Q09,
partially offset by a decrease in Argentine operations’ cost of sales from R$42.1 million to R$32.8 million.

Table 11 - Cost of Sales *                          Brazil                       Argentina                             Consolidated
(R$ million)                             3Q09      3Q08      % Change   3Q09       3Q08       % Change       3Q09         3Q08      % Change

Fuel Expenses                            (117.6)   (121.9)     -3.6%    (6.8)      (9.8)           -30.5%    (124.4)     (131.7)      -5.6%
      Rail portion                       (111.3)   (113.0)     -1.6%    (6.8)      (9.8)           -30.5%    (118.1)     (122.8)      -3.9%
      Trucking portion                    (6.3)     (8.9)     -29.0%     0.0        0.0              na       (6.3)       (8.9)      -29.0%
Outsourced and Contracted Trucking
                                         (31.8)    (16.7)     90.6%     (2.7)      (5.1)           -47.2%    (34.5)       (21.8)      58.4%
Expenses
      Drayage Services                   (26.8)    (10.0)     168.0%    (2.7)      (5.1)           -47.2%    (29.4)       (15.1)      95.3%
        Other than Drayage Services       (5.1)     (6.7)     -24.3%     0.0       0.0              na        (5.1)       (6.7)      -24.3%
Labor Expenses                           (47.1)    (44.1)      7.0%     (15.6)    (16.2)            -3.3%    (62.8)       (60.2)      4.2%
Maintenance Expenses                     (21.1)    (19.4)      8.5%      (1.9)     (3.9)           -50.5%    (23.0)       (23.3)      -1.4%
Depreciation and Amortization Expenses                        25.2%                                -19.4%                             23.0%
                                          (95.1)    (75.9)               (3.2)     (4.0)                      (98.3)      (79.9)
Concession and Lease Expense               (8.3)     (8.3)     0.0%      (1.1)     (1.4)           -21.2%      (9.4)       (9.7)      -3.1%
Other Costs                               (23.3)    (18.5)    26.1%      (1.4)     (1.7)           -21.7%     (24.7)      (20.2)      21.9%
Railcar Rentals                            (5.4)     (3.8)    44.2%       0.0       0.0              na        (5.4)       (3.8)      44.2%
Total Cost of Sales                      (349.7)   (308.5)    13.3%     (32.8)    (42.1)           -22.2%    (382.5)     (350.7)       9.1%
* Excludes results of Santa Fé Vagões
                                                                                                              3Q09 Results
                                                                                                                 Page 8 of 22


Brazilian operations’ cost of sales growth in 3Q09 compared to the same period of 2008 was mainly driven by
increases in (i) drayage services and other costs, due to higher intermodal volumes, and (ii) depreciation and
amortization, reflecting expansion capex in our network, partially offset by lower diesel prices during the quarter.
In Argentina, the decrease in cost of sales denominated in Reais in the period mainly reflects the Peso
depreciation against the Real as well as the drop in transported volume.


Gross Profit
Consolidated gross profit decreased 14.0%, from R$325.6 million in 3Q08 to R$280.0 million in 3Q09. The
decrease was due to a R$31.8 million increase in consolidated cost of sales partially offset by a R$13.7 million
increase in net revenues.


Operating Expenses
Consolidated operating expenses decreased from R$32.6 million in 3Q08 to R$22.9 million in 3Q09, or 29.9%, due
to a decrease of 29.9% in Brazil, from R$27.3 million to R$19.1 million, and a 30.2% decrease in Argentina, from
R$5.4 million to R$3.7 million.


Net Financial Expense
Consolidated net financial expenses grew 57.1% from R$134.0 million in 3Q08 compared to R$210.6 million in
3Q09 mainly due to (i) a R$78.0 million extraordinary gain in 3Q08 related to the mark to market of our hedge
position in dollar-real swaps, driven by the huge Real devaluation which followed the beginning of the world crisis,
and (ii) additional interest expenses related to new rail car leasing agreements in 3Q09, partially offset by a
decrease in the interest rate in the period. Brazilian operations’ net financial expenses increased from R$126.9
million in 3Q08 to R$203.5 million in 3Q09 and Argentine operations’ net financial expenses remained almost
unchanged in 3Q09 at R$7.0 million.


Other Costs and Expenses
Consolidated other costs and expenses - which includes equity earnings and gains on investments and
adjustments related with minority stakes – worsened from R$5.0 million in 3Q08 to R$9.1 million in 3Q09, mainly
driven by an increase in goodwill amortization in 3Q09 as compared to the same period of 2008.

Table 12 - Other Costs                             Brazil                      Argentina                      Consolidated
(R$ million)                              3Q09    3Q08      % Change   3Q09      3Q08      % Change   3Q09       3Q08      % Change

Equity Earnings and Gain on Investments   (7.9)   (5.3)      48.8%     (0.3)     (0.5)      -37.4%    (8.2)      (5.8)     41.4%
Minority Stakes                           (1.3)   0.5          na      0.4        0.2       61.2%     (0.9)      0.7         na
Other Costs                               (9.2)   (4.8)      92.2%     0.1       (0.3)        na      (9.1)      (5.0)     80.8%



Income Taxes
Consolidated income taxes improved from a loss of R$35.7 million in the 3Q08 to a gain of R$22.4 million in 3Q09,
driven by deferred taxes and a lower EBT (earnings before taxes). Brazilian income taxes improved from an
expense of R$33.3 million in 3Q08 to a gain of R$21.3 million in 3Q09. In Argentina income tax improved from a
loss of R$2.4 million in 3Q08 to a gain of R$1.1 million in 3Q09.


Net Income
As an effect of the results discussed above, consolidated net income decreased from R$118.2 million in 3Q08 to
R$59.9 million in 3Q09. Including results coming from our stake in Santa Fe Vagões, net income decreased from
R$117.4 million in 3Q08 to R$57.9 million in 3Q09.


CAPEX
                                                                                                                                           3Q09 Results
                                                                                                                                                  Page 9 of 22


Consolidated investments increased 26.4%, from R$174.1 million in 3Q08 to R$220.1 million in 3Q09. The
increase was mainly driven by the beginning of the works to build a 260km line from Alto Araguaia (MT) to
Rondonopolis (MT) in July, extending our principal agricultural commodities corridor. Capex in the Project reached
R$69.2 million in the period and will be 90% financed by the BNDES through a 20 year financing line.
After excluding the effect of the Rondonopolis Project, expansion CAPEX in Brazil decreased 30.5% in 3Q09
compared to the same period of 2008. Among ALL Brazil expansion investments it is worth mentioning: (i)
refurbishment of railcars and locomotives in the amount of R$14.5 million and (ii) rail track investments of R$32.4
million.
Investments in Argentina decreased 40.0%, from R$7.5 million in 3Q08 to R$4.5 million in 3Q09, due to the Peso
depreciation against the Real.

Table 13 - Investments                              Brazil                                          Argentina                               Consolidated
(R$ million)                           3Q09        3Q08         % Change             3Q09             3Q08          % Change      3Q09         3Q08      % Change
Maintenance                            91.3        87.4             4.5%             1.5              1.8            -17.7%       92.8            89.2        4.1%
Expansion                              124.3       79.2            56.9%             3.0              5.7            -47.1%       127.3           84.9        49.9%
Total Investments                      215.6      166.6            29.4%             4.5              7.5            -40.0%       220.1          174.1        26.4%




Cash Flow
Consolidated cash flow from operational activities increased from an outflow of R$63.0 million in 3Q08 to a surplus
of R$100.9 million in 3Q09 mainly caused by higher cash interest payments in 3Q08. Cash outflow from
investments improved from an outflow of R$273.5 million to an outflow of R$221.6 million. Cash flow from financing
activities worsened from an inflow of R$353.1 million in 3Q08, to an inflow of R$133.0 million in 3Q09, reflecting a
R$500 million debenture issued in 3Q08. The overall cash variation changed from a positive variation of R$16.6 in
3Q08 to a positive variation of R$12.4 million in 3Q09.

Table 14 - Cash Flow                                          Brazil                                    Argentina                             Consolidated
(R$ million)                                   3Q09          3Q08       % Change            3Q09          3Q08         % Change      3Q09        3Q08      % Change
Operating Activities                            92.3          (63.5)         na              8.6            0.5           na         100.9         (63.0)       na
Investing Activities                           (217.0)       (266.0)       -18.4%           (4.5)           (7.5)       -40.0%      (221.6)       (273.5)     -19.0%
Financing Activities                            128.5        349.3         -63.2%            4.5            3.8         19.5%        133.0         353.1      -62.3%
Increase in Cash                                 3.7          19.8         -81.1%            8.7            (3.2)         na          12.4          16.6      -25.3%




Balance Sheet and Capital Structure

Consolidated net debt reached R$2,675.8 million in 3Q09 compared to R$2,680.7 million at the 2Q09. Net Debt to
EBITDA ratio reached 2.2x in 3Q09, and net debt to equity ratio remained flat, at 1.0X.


CONSOLIDATED RESULTS 6
For the First Nine Months of 2009 Compared to the First Nine Months of 2008


                                                                                Brazil                                               Argentina
Table 15 - Operational Indicators
                                                                 9M09           9M08            % Change                 9M09          9M08              % Change
Volumes
 RTK (million)                                                 27,593          25,020                 10.3%             2,585             3,085             -16.2%
 GTK (million)                                                 48,058          43,127                 11.4%             5,260             6,300             -16.5%
 Total RK (million)                                             22.5            37.9                 -40.7%
 RK of Owned Fleet (million)                                     8.5            15.7                 -45.6%
Diesel Consumption
 Rail (liters per 000 GTK)                                       5.36               5.29              1.2%               3.53             3.39              4.0%
 Trucking (liters per RK)                                        0.37               0.37              1.0%




6
    Excludes Results of Santa Fé Vagões.
                                                                                             3Q09 Results
                                                                                               Page 10 of 22


Consolidated Gross Revenue from Services
Consolidated gross revenue increased 3.7%, from R$2,155.3 million in 9M08 to R$2,235.2 million in 9M09, due to
4.3% increase in Brazilian operations’ gross revenues, from R$2,035.5 million in 9M08 to R$2,123.3 million in
9M09, and a 6.6% decrease in Argentine operations’ gross revenues, from R$119.8 million in 9M08 to R$111.9
million in 9M09.


     Table 16 - Gross Revenues
                                                            9M09        9M08        Change      % Change
     (R$ million)
     ALL Consolidated*                                     2,235.2     2,155.3      79.9           3.7%
     ALL Brazil                                            2,123.3     2,035.5      87.8           4.3%
         Agricultural Commodities                          1,478.7     1,357.1      121.5           9.0%
         Industrial Products                                578.7       563.3       15.4           2.7%
         Highway Based Services                              65.9       115.0       (49.1)        -42.7%
     ALL Argentina                                          111.9       119.8        (7.9)         -6.6%
     * Excludes results of Santa Fé Vagões.



Brazilian operations’ gross revenues increased 4.3% as transported volume increased 10.3%, from 25,020 million
RTK in 9M08 to 27,593 million RTK in 9M09, partially offset by a 2.9% decreased in average yield measured in
R$/thousand RTK to R$74.6, due to weak freight prices in the spot market and the contractual pass through of
diesel price reduction realized by Petrobras in June.
Agricultural commodities’ gross revenues increased 9.0% in 9M09, with a 11.9% increase in transported volume
and a yield decrease of 2.6%. In industrial products, gross revenues increased 2.7%, with a 3.6% decrease in
gross yield and 6.5% increase in transported volume. Gross revenues in highway based services business unit
decreased 42.7% in 9M09 due to a 40.7% decrease in volume and a yield decrease of 3.4%, from R$3.0 per Km to
R$2.9 per Km.
In Argentina, gross revenues increased 5.5% in Pesos, reaching P$206.7 million in 9M09, reflecting a 25.9%
increase in gross yield partially offset by a volume decreased of 16.2%, from 3,085 million RTK in 9M08 to 2,585
million RTK. In Reais, ALL Argentina gross revenues decreased 6.6% in 9M09 to R$111.9 million.


Taxes on Consolidated Gross Operating Revenue
Taxes on consolidated operating revenue increased 1.8% from R$263.5 million in 9M08 to R$268.2 million in
9M09. The tax increase resulted from a 1.9% increase in Brazilian operations’ taxes - from R$260.6 million in
9M08 to R$265.4 million in 9M09 - and a 5.9% decrease in Argentine operations’ taxes.


Consolidated Cost of Sales
Consolidated costs of sales increased from R$1,021.2 million in 9M08 to R$1,149.2 million in the 9M09, or 12.5%,
compounded by an increase of 13.2% in Brazilian operations’ cost of sales from R$921.9 million to R$1,043.4
million and an increase of 6.6% in Argentine operations’ cost of sales to R$105.8 million.
                                                                                                                          3Q09 Results
                                                                                                                             Page 11 of 22



Table 17 - Cost of Sales *                                Brazil                         Argentina                          Consolidated
(R$ million)                                   9M09       9M08      % Change   9M09        9M08      % Change    9M09         9M08     % Change

Fuel Expenses                                 (372.4)     (341.4)      9.1%    (20.6)      (21.4)     -3.7%     (393.1)      (362.8)       8.3%
        Rail portion                          (351.1)     (311.9)     12.6%    (20.6)      (21.4)     -3.7%     (371.7)      (333.3)      11.5%
        Trucking portion                       (21.4)      (29.5)    -27.5%     0.0         0.0         na       (21.4)       (29.5)     -27.5%
Outsourced and Contracted Trucking Expenses    (70.4)     (47.7)     47.7%      (8.7)      (11.2)     -22.4%     (79.1)       (58.8)     34.4%
          Drayage Services                     (55.0)     (28.7)     91.9%      (8.7)      (11.2)     -22.4%     (63.7)       (39.8)     59.9%
          Other than Drayage Services          (15.4)     (19.0)     -18.9%     0.0         0.0         na       (15.4)       (19.0)     -18.9%
Labor Expenses                                 (149.8)    (138.6)     8.0%      (47.6)     (38.1)      25.1%     (197.4)      (176.7)    11.7%
Maintenance Expenses                            (66.1)     (63.2)     4.5%       (8.3)      (9.5)     -13.2%      (74.3)       (72.7)     2.2%
Depreciation and Amortization Expenses         (271.8)    (227.2)    19.6%      (10.1)      (9.2)      9.3%      (281.9)      (236.4)    19.2%
Concession and Lease Expense                    (24.9)     (24.9)     0.0%       (3.7)      (3.3)      9.6%       (28.6)       (28.2)     1.1%
Other Costs                                     (75.2)     (68.2)    10.3%       (6.9)      (6.6)      4.8%       (82.1)       (74.8)     9.8%
Railcar Rentals                                 (12.9)     (10.8)    19.9%       0.0         0.0         na       (12.9)       (10.8)    19.9%
Total Cost of Sales                           (1,043.4)   (921.9)    13.2%     (105.8)     (99.3)      6.6%     (1,149.2)    (1,021.2)   12.5%
* Excludes results of Santa Fé Vagões.




Brazilian operations’ cost of sales expansion in 9M09 compared to the same period of 2008 was mainly driven by
increases in (i) overall fuel expenses, reflecting higher transported volumes in our rail system, (ii) outsourced and
contracted trucking expenses, due to higher intermodal volumes and (iii) in depreciation and amortization,
reflecting expansion capex in our network, partially offset by lower trucking volumes in Highway Based Services’
Business Unit. In Argentina, the increase in cost of sales denominated in Reais in the period mainly reflects (i) the
inflation pressures in the country and (ii) higher labor costs, partially offset by lower transported volumes.


Gross Profit
Consolidated gross profit decreased 6.1% or R$52.8 million, from R$870.5 million in 9M08 to R$817.7 million in
9M09, due to a R$128.0 million increase in cost of sales partially offset by a R$75.2 million increase in net
revenues.


Operating Income and Expenses
Consolidated operating expenses decreased from R$97.8 million in 9M08 to R$80.4 million in 9M09, or 17.8%,
mainly driven by a decrease of 19.6% in Brazil, from R$84.3 million to R$67.8 million, and a 7.1% decrease in
Argentina, from R$13.6 million to R$12.6 million.


Net Financial Expenses
Consolidated net financial expenses increased 25.8% from R$511.1 million in 9M08 to R$642.8 million in 9M09,
mainly driven by (i) an extraordinary gain in 3Q08 related to the mark to market of our hedge position in dollar-real
swaps, driven by the huge Real devaluation which followed the beginning of the world crisis in 3Q08, and (ii)
additional interest expenses related to new rail car leasing agreements in 3Q09, partially offset by a decrease in
the interest rate in the period. Brazilian operations’ net financial expenses grew 25.0%, from R$497.2 million in
9M08 to R$621.4 million in 9M09 and Argentine operations’ net financial expenses went up from R$13.9 million to
R$21.4 million in the same period.


Other Costs and Expenses
Consolidated other costs and expenses - which includes equity earnings and gains on investments and
adjustments related with minority stakes – worsened from R$11.9 million in 9M08 to R$30.8 million in 9M09, driven
by an increase in Brazilian operations’ other costs and expenses, from a loss of R$12.8 million to a loss of R$34.1
million, partially offset by an improve in Argentine’ other costs and expenses, from a gain of R$0.9 million to a gain
of R$3.3 million.
                                                                                                                     3Q09 Results
                                                                                                                       Page 12 of 22


Table 18 - Other Costs                               Brazil                          Argentina                        Consolidated
(R$ million)                              9M09       9M08       % Change    9M09       9M08      % Change   9M09        9M08     % Change

Equity Earnings and Gain on Investments   (30.4)     (13.4)      127.5%     (1.2)      (1.2)      -3.9%     (31.6)      (14.6)    116.4%
Minority Stakes                           (3.6)       0.6          na       4.4         2.1       111.8%     0.8         2.7      -68.8%
Other Costs                               (34.1)     (12.8)      166.3%     3.3         0.9       278.0%    (30.8)      (11.9)    158.2%




Income Taxes
Consolidated tax expenses improved from a loss of R$39.4 million in 9M08 to a gain of R$37.8 million in 9M09
driven by deferred taxes and a lower EBT (earnings before taxes). In Brazil, income tax expenses improved from a
loss of R$39.2 million in 9M08 to a gain of R$33.0 million in 9M09, while in Argentina tax expenses improved from
a loss of R$0.2 million in 9M08 to a gain of R$4.8 million in 9M09.


Net Income
As a result of the above facts, our net income reached R$101.5 million in 9M09, compared with a net income of
R$210.3 million in 9M08. Including the result coming from our stake in Santa Fe Vagões, net income decreased
from an income of R$208.7 million in 9M08 to an income of R$95.4 million in 9M09.


CAPEX
Consolidated Capex increased 5.3%, from R$499.4 million in 9M08 to R$525.9 million in 9M09. The increase
mainly reflects expansion investments in Brazil, from R$478.1 million in 9M08 to R$506.7 million in 9M09, and a
decrease in investments in ALL Argentina, from R$21.3 million in 9M08 to R$19.2 million in 9M09. The growth in
Capex in Brazil reflects the beginning of the works to build a 260km line from Alto Araguaia (MT) to Rondonopolis
(MT) in July, extending our principal agricultural commodities corridor, which amounted R$69.2 million in the
period.
Excluding Rondonopolis Project, brazilian operations expansion CAPEX in 9M09 decreased 18.4%, year-over-
year. Among ALL Brazil expansion CAPEX it is worth mentioning: (a) refurbishing of additional locomotives and
railcars of R$82.3 million and (b) investments in rail track infrastructure of R$102.6 million.
In Argentina, the maintenance investments increased 6.2% and expansion CAPEX decreased 18.9% due to higher
investments and depreciation of the local currency.

Table 19 - Investments                               Brazil                          Argentina                        Consolidated
(R$ million)                              9M09       9M08       % Change    9M09       9M08      % Change   9M09        9M08     % Change
Maintenance                               211.3      200.8        5.2%      8.3         7.8        6.2%     219.5       208.6      5.2%
Expansion                                 295.4      277.3        6.5%      10.9       13.5       -18.9%    306.3       290.8      5.4%
Total Investments                         506.7      478.1        6.0%      19.2       21.3        -9.7%    525.9       499.4      5.3%




Cash Flow
Consolidated cash flow from operational activities decreased from an inflow of R$480.6 million in 9M08 to R$201.0
million in 9M09, cash flow from investments increased from an outflow of R$599.3 million in 9M08 to an outflow of
R$727.5 million in 9M09. Cash flow from financing activities decreased from an inflow of R$808.9 million in 9M08
to an inflow of R$89.0 million in 9M09. The overall cash variation in 9M09 was negative in R$437.4 million.

Table 20 - Cash Flow                                  Brazil                         Argentina                        Consolidated
(R$ million)                                9M09      9M08       % Change   9M09       9M08      % Change   9M09        9M08     % Change
Operating Activities                       200.2      469.3       -57.3%     0.8        11.3      -92.7%    201.0       480.6     -58.2%
Investing Activities                       (708.3)    (578.1)      22.5%    (19.2)      (21.3)     -9.7%    (727.5)     (599.3)    21.4%
Financing Activities                        75.1      798.1       -90.6%    13.9        10.8       29.1%     89.0       808.9     -89.0%
Increase in Cash                           (433.0)     689.3        na       (4.4)       0.8         na     (437.4)      690.2      na



Balance Sheet and Capital Structure
Consolidated net debt reached R$2,675.8 million in 9M09 compared to R$2,376.7 million in the end of 2008. Net
Debt to EBITDA ratio remained in line with the end of 2008 at 2.2X in the end of 9M09 and net debt to equity ratio
remained flat at 1.0X.
                                                                                                  3Q09 Results
                                                                                                    Page 13 of 22


EVENTS TO DISCUSS 3Q09 RESULTS

3Q09 Results Conference Calls:


                          |ENGLISH|                                               |PORTUGUESE|
             November 12, 2009 – Thursday                              November 12, 2009 – Thursday
           8:30 a.m. US EST (11:30 a.m. Brazil)                      7:00 a.m. US EST (10:00 a.m. Brazil)
                 Phone: +1 (973) 935-8854                                 Phone: +55 (11) 2188-0188
                     Code: 35365534                                               Code: ALL

                Replay: +1 (706) 645-9291                                  Replay: +55 (11) 2188-0188
                    Code: 35365534                                                 Code: ALL



3Q09 Results Investors Meeting:

November 17, 2009 – Tuesday
11:00 a.m. Brazil (followed by lunch)

Blue Tree Towers Faria Lima
Av. Brigadeiro Faria Lima, 3989
São Paulo – SP

    :
RSVP: www.all-logistica.com/ir or (11) 3529-3777

For additional information, please access the Company’s website – www.all-logistica.com/ir, or contact our Investor
Relations Area:

Rodrigo Campos
Gustavo Reichmann
Carlos Eduardo Baron
Henrique Hermes

Phone: +55 (41) 2141-7459
ir@all-logistica.com




We make forward-looking statements that are subject to risks and uncertainties. These statements are based on
the beliefs and assumptions of our management, and on information currently available to us. Forward-looking
statements include statements regarding our intent, belief or current expectations or that of our directors or
executive officers.
Forward-looking statements also include information concerning our possible or assumed future results of
operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,''
''continues,'' ''expects,'' ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions
because they relate to future events and therefore depend on circumstances that may or may not occur. Our future
results and shareholder values may differ materially from those expressed in or suggested by these forward-
looking statements. Many of the factors that will determine these results and values are beyond our ability to
control or predict.
                                                                                                                                    3Q09 Results
                                                                                                                                     Page 14 of 22

APPENDIX




  Table 21 - Financial Results                                 Brazil                     Argentina                     Consolidated*
  (R$ million)                                    3Q09      3Q08      % Change   3Q09     3Q08     % Change    3Q09        3Q08     % Change
  Gross revenues                                  725.7     712.2        1.9%     36.2    58.0      -37.7%    761.9       770.2        -1.1%
  Deduction from gross revenues                   (98.5)    (92.4)       6.6%     (0.9)    (1.5)    -41.0%     (99.4)      (93.9)       5.8%
  Net revenues                                   627.3     619.8        1.2%      35.3    56.5      -37.6%    662.5       676.3        -2.0%
  Cost of sales                                  (349.7)   (308.5)      13.3%    (32.8)   (42.1)    -22.2%    (382.5)     (350.7)       9.1%
    Fuel                                         (117.6)   (121.9)      -3.6%     (6.8)    (9.8)    -30.5%    (124.4)     (131.7)      -5.6%
    Outsourced and contracted fleet               (31.8)    (16.7)      90.6%     (2.7)    (5.1)    -47.2%     (34.5)      (21.8)      58.4%
    Labor                                         (47.1)    (44.1)       7.0%    (15.6)   (16.2)     -3.3%     (62.8)      (60.2)       4.2%
    Maintenance                                   (21.1)    (19.4)       8.5%     (1.9)    (3.9)    -50.5%     (23.0)      (23.3)      -1.4%
    Depreciation and Amortization                 (95.1)    (75.9)      25.2%     (3.2)    (4.0)    -19.4%     (98.3)      (79.9)      23.0%
    Lease and Concession                           (8.3)     (8.3)       0.0%     (1.1)    (1.4)    -21.2%      (9.4)       (9.7)      -3.1%
    Other                                         (23.3)    (18.5)      26.1%     (1.4)    (1.7)    -21.7%     (24.7)      (20.2)      21.9%
    Railcar Rental                                 (5.4)     (3.8)      44.2%     0.0      0.0         na       (5.4)       (3.8)      44.2%
  Gross profit                                    277.6     311.2      -10.8%     2.5     14.4      -82.7%    280.0       325.6       -14.0%
  Operating income (expenses)                     (19.1)    (27.3)     -29.9%     (3.7)    (5.4)    -30.2%     (22.9)      (32.6)     -29.9%
    Selling, General and Administrative           (22.4)    (30.2)     -25.7%     (3.1)    (4.4)    -29.7%     (25.5)      (34.6)     -26.2%
    Other                                          3.3       2.9       12.7%      (0.6)    (1.0)    -32.8%       2.7         2.0       34.7%
  Equity earnings and gain (loss) on
  investments                                     (7.9)     (5.3)     48.8%      (0.3)    (0.5)      na        (8.2)       (5.8)        41.4%
  Operating profit (loss) before net financial
  expenses                                        250.6    278.7      -10.1%     (1.6)    8.5         na      249.0       287.2        -13.3%
  Net financial expenses                         (203.5)   (126.9)     60.3%     (7.0)    (7.1)     -0.7%     (210.6)     (134.0)       57.1%
  Operating profit (loss)                          47.0     151.7     -69.0%     (8.6)     1.4        na       38.5       153.2        -74.9%
  Minority Stakes                                  (1.3)     0.5         na      0.4      0.2       61.2%      (0.9)        0.7           na
  Income tax benefit (expense)                    21.3      (33.3)       na      1.1      (2.4)       na       22.4        (35.7)         na
  Net income (loss)                               67.0     118.9      -43.6%     (7.1)    (0.7)    891.5%      59.9       118.2        -49.3%
  * Excludes results of Santa Fé Vagões.
                                                                                                                                                3Q09 Results
                                                                                                                                                   Page 15 of 22




Table 22 - Financial Results                          Brazil                     Argentina                     Santa Fé                        Consolidated
(R$ million)                             3Q09      3Q08      % Change   3Q09       3Q08    % Change   3Q09      3Q08      % Change    3Q09       3Q08    % Change
Gross revenues                          725.7     712.2         1.9%    36.2       58.0     -37.7%    15.3       0.2       7065.8%   777.2       770.4       0.9%
Deduction from gross revenues            (98.5)    (92.4)       6.6%     (0.9)     (1.5)    -41.0%     (2.5)    (0.0)      7174.6%   (101.9)     (94.0)      8.5%
Net revenues                            627.3     619.8        1.2%     35.3       56.5     -37.6%    12.7       0.2       7044.4%   675.2      676.4       -0.2%
Cost of sales                           (349.7)   (308.5)      13.3%    (32.8)    (42.1)    -22.2%    (13.5)    (0.3)      4217.9%   (396.0)    (351.0)     12.8%
  Fuel                                  (117.6)   (121.9)      -3.6%     (6.8)     (9.8)    -30.5%     0.0       0.0          na     (124.4)    (131.7)     -5.6%
  Outsourced and contracted fleet        (31.8)    (16.7)      90.6%     (2.7)     (5.1)    -47.2%     0.0       0.0          na      (34.5)     (21.8)     58.4%
  Labor                                  (47.1)    (44.1)      7.0%     (15.6)    (16.2)     -3.3%     0.0       0.0          na      (62.8)     (60.2)      4.2%
  Maintenance                            (21.1)    (19.4)      8.5%      (1.9)     (3.9)    -50.5%     0.0       0.0          na      (23.0)     (23.3)     -1.4%
  Depreciation and Amortization          (95.1)    (75.9)      25.2%     (3.2)     (4.0)    -19.4%     0.0       0.0          na      (98.3)     (79.9)     23.0%
  Lease and Concession                    (8.3)     (8.3)      0.0%      (1.1)     (1.4)    -21.2%     0.0       0.0          na       (9.4)      (9.7)     -3.1%
  Other                                  (23.3)    (18.5)      26.1%     (1.4)     (1.7)    -21.7%    (13.5)    (0.3)      4217.9%    (38.1)     (20.5)     85.7%
  Railcar Rental                          (5.4)     (3.8)      44.2%     0.0        0.0        na      0.0       0.0          na       (5.4)      (3.8)     44.2%
Gross profit                            277.6     311.2       -10.8%      2.5      14.4     -82.7%     (0.8)    (0.1)       467.6%   279.3      325.5      -14.2%
Operating income (expenses)              (19.1)    (27.3)     -29.9%     (3.7)     (5.4)    -30.2%     (0.6)    (0.3)       90.9%     (23.4)     (32.9)    -28.8%
  Selling, General and Administrative    (22.4)    (30.2)     -25.7%     (3.1)     (4.4)    -29.7%     (0.6)    (0.3)       90.2%     (26.1)     (34.9)    -25.2%
  Other                                    3.3       2.9      12.7%      (0.6)     (1.0)    -32.8%     (0.0)     0.0          na        2.7        2.0      34.6%
Equity earnings and gain (loss) on
investments                              (7.9)     (5.3)     48.8%      (0.3)     (0.5)    -37.4%      0.0      0.0          na       (8.2)      (5.8)    41.4%
Operating profit (loss) before net
financial expenses                      250.6     278.7      -10.1%     (1.6)      8.5        na      (1.3)     (0.4)      206.0%    247.7       286.7    -13.6%
Net financial expenses                  (203.5)   (126.9)     60.3%     (7.0)     (7.1)     -0.7%     (0.7)     (0.3)      189.2%    (211.3)    (134.2)    57.4%
Operating profit (loss)                  47.0     151.7      -69.0%     (8.6)      1.4        na      (2.1)     (0.7)      199.9%     36.4       152.5    -76.1%
Minority Stakes                          (1.3)      0.5         na      0.4       0.2      61.2%      0.0       (0.5)        na       (0.9)       0.2        na
Income tax benefit (expense)             21.3      (33.3)       na      1.1       (2.4)       na      0.0        0.4         na       22.4       (35.3)      na
Net income (loss)                        67.0     118.9      -43.6%     (7.1)     (0.7)    892.9%     (2.1)     (0.8)      162.4%     57.9       117.4    -50.7%
                                                                                                                                  3Q09 Results
                                                                                                                                   Page 16 of 22




Table 23 - Financial Results                            Brazil                        Argentina                       Consolidated*
(R$ million)                                9M09       9M08      % Change    9M09     9M08     % Change     9M09          9M08    % Change
Gross revenues                             2,123.3    2,035.5       4.3%     111.9    119.8      -6.6%    2,235.2       2,155.3       3.7%
Deduction from gross revenues              (265.4)    (260.6)      1.9%       (2.8)    (3.0)     -5.9%     (268.2)       (263.5)     1.8%
Net revenues                               1,857.9    1,775.0      4.7%      109.0    116.8      -6.6%    1,967.0       1,891.7       4.0%
Cost of sales                             (1,043.4)   (921.9)      13.2%    (105.8)   (99.3)      6.6%    (1,149.2)     (1,021.2)    12.5%
  Fuel                                     (372.4)    (341.4)       9.1%     (20.6)   (21.4)     -3.7%     (393.1)       (362.8)     8.3%
  Outsourced and contracted fleet           (70.4)     (47.7)      47.7%      (8.7)   (11.2)    -22.4%      (79.1)        (58.8)    34.4%
  Labor                                    (149.8)    (138.6)       8.0%     (47.6)   (38.1)    25.1%      (197.4)       (176.7)    11.7%
  Maintenance                               (66.1)     (63.2)       4.5%      (8.3)    (9.5)    -13.2%      (74.3)        (72.7)      2.2%
  Depreciation and Amortization            (271.8)    (227.2)      19.6%     (10.1)    (9.2)      9.3%     (281.9)       (236.4)    19.2%
  Lease and Concession                      (24.9)     (24.9)       0.0%      (3.7)    (3.3)      9.6%      (28.6)        (28.2)      1.1%
  Other                                     (75.2)     (68.2)      10.3%      (6.9)    (6.6)      4.8%      (82.1)        (74.8)      9.8%
  Railcar Rental                            (12.9)     (10.8)      19.9%       0.0      0.0        na       (12.9)        (10.8)    19.9%
Gross profit                                814.5      853.0       -4.5%       3.2     17.5     -81.6%     817.7          870.5      -6.1%
Operating income (expenses)                 (67.8)     (84.3)     -19.6%     (12.6)   (13.6)     -7.1%      (80.4)        (97.8)    -17.8%
  Selling, General and Administrative       (83.1)     (89.8)      -7.4%     (10.6)   (11.0)     -4.2%      (93.7)       (100.8)     -7.0%
  Other                                      15.4       5.5       179.1%      (2.0)    (2.5)    -20.0%       13.3          3.0      350.5%
Equity earnings and gain (loss) on
investments                                (30.4)      (13.4)     127.5%     (1.2)    (1.2)     -3.9%      (31.6)        (14.6)      116.4%
Operating profit (loss) before net
financial expenses                        716.3        755.4       -5.2%    (10.6)      2.7      na       705.7         758.0         -6.9%
Net financial expenses                    (621.4)     (497.2)     25.0%     (21.4)    (13.9)   54.0%      (642.8)       (511.1)      25.8%
Operating profit (loss)                    94.8        258.1      -63.3%    (31.9)    (11.2)   184.6%      62.9         246.9        -74.5%
Minority Stakes                            (3.6)        0.6          na      4.4       2.1     111.8%       0.8           2.7        -68.8%
Income tax benefit (expense)               33.0        (39.2)        na      4.8       (0.2)     na        37.8          (39.4)         na
Net income (loss)                         124.2        219.6      -43.4%    (22.7)     (9.3)   143.3%     101.5         210.3        -51.7%
* Excludes results of Santa Fé Vagões .
                                                                                                                                                    3Q09 Results
                                                                                                                                                       Page 17 of 22




Table 24 - Financial Results                          Brazil                        Argentina                     Santa Fé                        Consolidated
(R$ million)                              9M09       9M08      % Change    9M09       9M08    % Change   9M09      9M08      % Change   9M09         9M08    % Change
Gross revenues                           2,123.3    2,035.5       4.3%     111.9      119.8     -6.6%     35.8      10.9       229.1% 2,271.0      2,166.1       4.8%
Deduction from gross revenues            (265.4)    (260.6)       1.9%      (2.8)      (3.0)    -5.9%     (5.9)     (1.8)     229.6%   (274.2)      (265.3)      3.3%
Net revenues                             1,857.9    1,775.0       4.7%    109.0       116.8     -6.6%    29.9        9.1       229.1% 1,996.8      1,900.8      5.1%
Cost of sales                           (1,043.4)   (921.9)      13.2%    (105.8)     (99.3)     6.6%    (31.9)     (9.3)      241.4% (1,181.2)    (1,030.6)    14.6%
  Fuel                                   (372.4)    (341.4)       9.1%     (20.6)     (21.4)    -3.7%     0.0       0.0           na   (393.1)      (362.8)      8.3%
  Outsourced and contracted fleet         (70.4)     (47.7)      47.7%      (8.7)     (11.2)   -22.4%      0.0       0.0          na    (79.1)       (58.8)     34.4%
  Labor                                  (149.8)    (138.6)       8.0%     (47.6)     (38.1)    25.1%      0.0       0.0          na   (197.4)      (176.7)     11.7%
  Maintenance                             (66.1)     (63.2)       4.5%      (8.3)      (9.5)   -13.2%      0.0       0.0          na    (74.3)       (72.7)      2.2%
  Depreciation and Amortization          (271.8)    (227.2)      19.6%     (10.1)      (9.2)     9.3%      0.0       0.0          na   (281.9)      (236.4)     19.2%
  Lease and Concession                    (24.9)     (24.9)       0.0%      (3.7)      (3.3)     9.6%      0.0       0.0          na    (28.6)       (28.2)      1.1%
  Other                                   (75.2)     (68.2)      10.3%      (6.9)      (6.6)     4.8%    (31.9)     (9.3)     241.4%   (114.0)       (84.1)     35.5%
  Railcar Rental                          (12.9)     (10.8)      19.9%      0.0        0.0        na      0.0       0.0           na    (12.9)       (10.8)     19.9%
Gross profit                              814.5      853.0       -4.5%      3.2        17.5    -81.6%     (2.0)     (0.3)      653.5%  815.7        870.2       -6.3%
Operating income (expenses)               (67.8)     (84.3)     -19.6%     (12.6)     (13.6)    -7.1%     (2.1)     (1.2)       74.7%   (82.5)       (99.1)    -16.7%
  Selling, General and Administrative     (83.1)     (89.8)      -7.4%     (10.6)     (11.0)    -4.2%     (2.1)     (1.3)      64.9%    (95.8)      (102.0)     -6.2%
  Other                                    15.4       5.5       179.1%      (2.0)      (2.5)   -20.0%     (0.1)      0.0      -414.3%   13.2          3.0      344.1%
Equity earnings and gain (loss) on
investments                              (30.4)      (13.4)     127.5%     (1.2)      (1.2)    -3.9%      0.0       0.0         na      (31.6)      (14.6)   116.4%
Operating profit (loss) before net
financial expenses                       716.3      755.4        -5.2%    (10.6)       2.7       na      (4.2)      (1.5)     179.8%    701.5      756.5      -7.3%
Net financial expenses                  (621.4)     (497.2)     25.0%     (21.4)      (13.9)    54.0%    (2.0)      (0.3)     482.4%    (644.7)    (511.5)    26.1%
Operating profit (loss)                   94.8       258.1      -63.3%    (31.9)      (11.2)   184.6%    (6.1)      (1.8)     235.2%     56.8      245.1     -76.8%
Minority Stakes                           (3.6)       0.6          na      4.4         2.1     111.8%     0.0       (0.6)       na        0.8        2.1     -59.9%
Income tax benefit (expense)              33.0       (39.2)        na      4.8         (0.2)      na      0.0        0.9        na       37.8       (38.5)      na
Net income (loss)                        124.2      219.6       -43.4%    (22.7)       (9.3)   143.3%    (6.1)      (1.5)     299.7%     95.4      208.7     -54.3%
                                                                                                                                3Q09 Results
                                                                                                                                  Page 18 of 22




Table 25 - Financial Highlights per          Agricultural                              Highway Based
                                                               Industrial   Products                          ALL Argentina              Total*
business unit                               Commodities                                    Services
(R$ million)                              3Q09        3Q08      3Q09         3Q08      3Q09       3Q08      3Q09       3Q08      3Q09          3Q08
Gross Revenues                           488.9        462.6     213.8        212.1     23.0        37.5      36.2       58.0     761.9         770.2
Net Revenues                              433.1       413.9     174.2        172.5     19.9        33.5      35.3       56.5     662.5         676.3
Cost of Sales                            (248.8)     (212.6)    (84.0)       (65.8)    (16.9)     (30.2)    (32.8)     (42.1)   (382.5)       (350.7)
Gross Profit                              184.4       201.3      90.2        106.7      3.0         3.3      2.5        14.4    280.0         325.6
EBIT                                      163.8       190.2      84.8         86.1      2.0        3.3       (1.6)      8.5      249.0         288.0
EBITDA                                    252.7       253.6      83.9         87.8      1.9        4.1       2.6        14.7    341.2          360.1
% Net Revenues
Net Revenues                             100%        100%        100%        100%      100%        100%     100%       100%     100%          100%
Cost of Sales                            -57%        -51%        -48%        -38%      -85%        -90%     -93%       -75%     -58%          -52%
Gross Profit                              43%         49%         52%         62%       15%         10%      7%         25%      42%           48%
EBIT                                      35%         41%         18%         19%       0%          1%       0%         2%       54%           62%
EBITDA                                    58%         61%         48%         51%       10%         12%      7%         26%      51%           53%
Volume
RTK million                              7,177       6,345      2,888        2,694                           952      1,252     11,017        10,291
RK million                                                                              7.7         13.0                          7.7          13.0
R$ / Volume unit                         R$ / thousand RTK      R$ / thousand RTK             R$ / RK       R$ / thousand RTK   R$ / thousand RTK
Net Revenues                              60.4        65.2        60.3        64.0      2.6          2.6     37.0       45.1     58.3          62.5
Cost of Sales                            (34.7)      (33.5)      (29.1)      (24.4)    (2.2)        (2.3)   (34.4)     (33.6)   (33.2)        (31.1)
Gross Profit                              25.7        31.7        31.2        39.6      0.4          0.3     2.6        11.5     25.1          31.3
EBIT                                      22.8        30.0        29.4        32.0      0.3          0.3     (1.7)      6.8      22.4          27.7
EBITDA                                    35.2       40.0         29.1        32.6      0.3          0.3     2.7        11.8     30.8          34.6
* Excludes results of Santa Fé Vagões.
                                                                                                                                 3Q09 Results
                                                                                                                                   Page 19 of 22




Table 26 - Financial Highlights per          Agricultural                              Highway Based
                                                               Industrial   Products                          ALL Argentina             Total*
business unit                               Commodities                                     Services
(R$ million)                              9M09        9M08       9M09        9M08      9M09        9M08      9M09     9M08        9M09        9M08
Gross Revenues                           1,478.7     1,357.1    578.7       563.3       65.9      115.0     111.9     119.8     2,235.2     2,155.3
Net Revenues                             1,315.1     1,205.3    485.8       466.9       57.1      102.7     109.0     116.8     1,967.0     1,891.7
Cost of Sales                            (721.0)     (593.8)    (270.5)     (233.4)    (52.0)      (94.7)   (105.8)   (99.3)    (1,149.2)   (1,021.2)
Gross Profit                              594.1       611.5      215.3       233.5       5.1         8.0      3.2      17.4      817.7       870.5
EBIT                                      578.7       552.5      133.4       194.5       4.1        9.3      (10.6)     2.6      705.7       758.9
EBITDA                                    735.9       706.3      234.3       233.8       5.5        14.1      3.6      18.0      979.2       972.3
% Net Revenues
Net Revenues                              100%       100%        100%        100%      100%       100%      100%       100%      100%            100%
Cost of Sales                             -55%       -49%        -56%        -50%      -91%       -92%      -97%       -85%      -58%            -54%
Gross Profit                               45%        51%         44%         50%       9%         8%         3%        15%       42%             46%
EBIT                                       43%        41%         10%         14%       0%         1%        -1%        0%        52%             56%
EBITDA                                     56%        59%         48%         50%       10%        14%        3%        15%       50%             51%
Volume
RTK million                              19,710     17,620      7,883        7,400                          2,585     3,085     30,177       28,105
RK million                                                                             22.5        37.9                          22.5         37.9
R$ / Volume unit                         R$ / thousand RTK      R$ / thousand RTK          R$ / RK          R$ / thousand RTK   R$ / thousand RTK
Net Revenues                               66.7       68.4        61.6        63.1      2.5         2.7      42.2       37.8      63.3        63.7
Cost of Sales                             (36.6)     (33.7)      (34.3)      (31.5)    (2.3)       (2.5)    (40.9)     (32.2)    (36.4)      (33.0)
Gross Profit                               30.1       34.7        27.3        31.6      0.2         0.2      1.2        5.7       26.9        30.7
EBIT                                       29.4       31.4        16.9        26.3      0.2         0.2      (4.1)      0.9       23.2        26.7
EBITDA                                     37.3       40.1        29.7        31.6      0.2         0.4      1.4        5.8       32.3        34.1
* Excludes results of Santa Fé Vagões.
                                                                                                                                                 3Q09 Results
                                                                                                                                                    Page 20 of 22


Table 27 - EBITDA Reconciliation                                                                    3Q09                                3Q08
(R$ million)                                                                            Brazil   Argentina   Consolidated   Brazil   Argentina      Consolidated

Operating Profit before net financial expenses                                          250.6      (1.6)       249.0        278.7       8.5            287.2
 Depreciation e amortization..............................................              104.8       3.7        108.6         91.7       4.6            96.3
 Lease and concession......................................................              8.3        1.1         9.4           8.3       1.4             9.7
 Payment of lease and concession....................................                    (32.6)     (1.1)       (33.7)       (31.2)     (1.4)           (32.6)
 Stock Options (1)..............................................................         5.1        0.0         5.1           4.9       0.0             4.9
 Accidents / compensations (2) ........................................                  0.0        0.0         0.0           1.4       0.0             1.4
 Non-cash items* (3)..........................................................           2.4        0.5         2.8         (11.2)      0.4            (10.8)
 Non-recurring items (4).....................................................            0.0        0.0         0.0           2.8       1.3             4.1
EBITDA ..............................................................................   338.6      2.6         341.2        345.4      14.7            360.1


Table 28 - EBITDA Reconciliation                                                                    9M09                                9M08
(R$ million)                                                                            Brazil   Argentina   Consolidated   Brazil   Argentina      Consolidated

Operating Profit before net financial expenses                                          716.3     (10.6)        705.7       755.4       2.7            758.0
 Depreciation e amortization..............................................              298.3      12.4         310.7       254.0      10.6            264.6
 Lease and concession......................................................              24.9       3.7         28.6         24.9       3.4            28.3
 Payment of lease and concession....................................                    (98.0)     (3.7)       (101.7)      (93.6)     (3.4)           (97.0)
 Stock Options (1)..............................................................         15.3       0.0         15.3         14.8       0.0            14.8
 Accidents / compensations (2) ........................................                   1.9       0.0           1.9         3.7       0.2              3.9
 Non-cash items* (3)..........................................................           14.8       0.3          15.2        (8.3)      0.9             (7.5)
 Non-recurring items (4).....................................................            2.1        1.4           3.5         3.4       3.7             7.1
EBITDA ..............................................................................   975.6      3.6         979.2        954.2      18.0            972.3

(1) Stock Options in Brazil: R$4.9 million in 3Q08 and R$5.1 million in 3Q09. In 9M08 R$14.8 million and R$15.3 million in 9M09.
(2) Accidents/compensation: Brazil and Argentina – amounts relating to compensation for accidents that occurred in previous periods.
(3) Non-cash items: In 3Q09, R$0.2 million related to equity losses and R$2.2 million related to labor provisions. In 3Q08, R$0.3 million related to equity losses,
R$0.9 million related to labor provisions and R$12.4 million related to changes in accounting stardards in Brazil (law 11.638). In 9M09, R$7.8 million related to
equity losses and R$7.1 million related to labor provisions. In 9M08, R$0.6 million related to equity gains, R$3.8 million related to labor provisions and R$12.7
million related to changes in accounting stardards in Brazil (law 11.638). In Argentina, R$0.5 million in 3Q09 and R$0.4 million in 3Q08 related to labor provision.
In 9M09, R$0.3 million and R$0.9 million in 9M08, both related to labor provisions.
(4) Non-recurring items: In Brazil in 3Q08 R$2.8 million related to equity losses in Geodex and R$1.3 million in Argentina related to labor provisions. In 9M09 in
Brazil R$2.1 million in 9M09 nad R$3.4 million in 9M08, both related to labor provisions. In Argentina, in 9M09 R$1.4 million and in 9M08 R$3.7 million, both
related to labor provisions.
                                                                                                                          3Q09 Results
                                                                                                                           Page 21 of 22




Table 29 - ALL Consolidated Balance Sheet*

(R$ million)                               3Q09        2Q09               (R$ million)                        3Q09        2Q09

Current Assets                              2,976.3     2,960.0    30.0   Current Liabilities                  2,240.9     2,153.9
Cash and banks                                 29.3        18.6    31.0   Loans and financing                    467.3       401.8
Financial Investments                       2,176.0     2,188.5    32.0   Debentures                             195.1       239.7
Trade accounts receivable                     232.9       251.6    33.0   Suppliers                              838.8       835.7
Inventories                                    75.6        84.7    34.0   Taxes, charges and contributions       201.9       189.2
Lease and concession                            6.3         6.3    35.0   Lease and concession payable            23.8        24.1
Taxes Recoverable                             286.1       282.9    36.0   Dividends and Interest on own cap        0.8         0.8
Differed Income Taxes                         102.0        89.1    37.0   Salaries and payroll charges            56.3        52.0
Advances and Other receivables                 (9.7)      (10.8)   38.0   Advances from customers                117.2        81.2
Prepaid expenses                               70.4        40.3    39.0   Commercial Leasings                    143.3       143.4
Other receivables                               7.4         8.9    40.0   Other payables                         196.3       186.0
                                                                   41.0
Long-Term Assets                              819.3       772.0    42.0   Long-Term Liabilities                6,965.6     6,927.2
Related Parties                                 0.0         0.0    43.0   Loans and financing                  2,414.9     2,446.0
Lease and Concession                          107.1       108.7    44.0   Debentures                           1,803.8     1,800.3
Judicial deposits                             288.9       281.6    45.0   Provision for contigencies             210.2       247.7
Taxes recoverable                             382.2       354.3    46.0   Lease and concession payable           932.0       910.2
Other receivable                               14.1        14.9    47.0   Commercial Leasings                    947.9       847.5
Long term investments                           0.5         0.5    48.0   Real estate credit advances            510.8       526.8
Prepaid expenses                               26.6        12.0    49.0   Other payables                         145.9       148.6
                                                                   50.0   Minority Stakes                         13.3        13.9
Permanent Assets                            8,026.2     7,926.2    51.0   Shareholders' equity                 2,602.0     2,563.2
Investments                                     6.0         6.3    52.0   Capital stock                        2,141.4     2,141.4
Intangible                                  2,702.1     2,709.5    53.0   Surplus reserves                       352.4       360.4
Property, plant and equipment               5,110.6     5,001.0    54.0   Accumulated Net Income                  (8.9)        2.2
Deferred charges                              207.5       209.4    55.0   Equity Adjustments                     117.1        59.2
                                                                          Total Liabilities and
Total Assets                               11,821.8    11,658.2     0.0                                       11,821.8    11,658.2
                                                                          shareholders' equity
* Includes our stake in Santa Fé Vagões.
                                                                                                3Q09 Results
                                                                                                  Page 22 of 22


Table 30 - Cash Flow
                                        3Q09       3Q08       Change      9M09       9M08       Change
(R$ million)
Net Income (in cash basis)               140.3        10.3      129.9      503.3       544.1       (40.8)
 Net Income                               57.9       117.4      (59.5)      95.4       208.7      (113.3)
 Depreciation and amortization           108.6        96.2       12.3      310.7       264.6        46.1
 Lease and Concession                     23.1        32.1       (9.0)      79.5       255.8      (176.4)
 Stock Options                             5.0         4.9        0.1       15.1        14.8         0.3
 Interest Expenses (IS-CASH)             (54.3)     (240.3)     186.1        2.7      (199.8)      202.5

Working Capital                           (24.6)      36.0       (60.6)    (259.0)     (35.8)     (223.2)
 Clients                                   15.2       23.3        (8.1)     (62.8)     (43.5)      (19.2)
 Inventory                                  9.2       12.4        (3.2)      18.1       (9.0)       27.1
 Suppliers                                  3.1       (0.6)        3.7     (148.0)      48.1      (196.1)
 Taxes                                    (40.0)     (12.8)      (27.2)     (41.6)     (63.2)       21.6
 Labor                                    (12.1)      13.7       (25.8)     (24.7)      31.8       (56.5)
Other Accounts Variation                  (14.7)    (109.4)      94.7       (43.4)     (27.7)      (15.7)
Operating Activities                     100.9       (63.0)     164.0      201.0      480.6       (279.6)
Capex                                    (220.1)    (174.1)      (46.0)    (525.9)    (499.4)      (26.5)
Inventory                                  (1.4)     (22.6)      21.2       (33.8)     (23.2)      (10.6)
Comercial Leasing                          (0.0)     (76.8)      76.7      (167.8)     (76.8)      (91.0)
Investing Activities                     (221.6)    (273.5)      51.9      (727.5)    (599.3)     (128.1)
Free Cash Flow                           (120.6)    (336.5)     215.9      (526.5)    (118.7)     (407.8)
Capital increase                           (5.5)       0.5        (5.9)      14.1      25.0        (10.8)
Dividends and Interest on own capital       0.0       (1.4)        1.4      (41.5)     (51.4)        9.9
New loans / Leasing                      360.1      683.6       (323.5)    649.7     1,417.4      (767.7)

Share buyback                             14.1       (22.2)      36.3            0    (118.5)     132.6
Repayments                               (235.7)    (307.4)      71.7      (533.3)    (463.6)      (69.7)
Financing Activities                     133.0      353.1       (220.1)      89.0     808.9       (719.8)
Change in Cash                             12.4       16.6        (4.2)    (437.4)     690.2    (1,127.6)
Opening Balance of Cash                 2,207.0    2,489.5      (282.4)   2,642.7    1,815.8       826.9
Closing Balance of Cash                 2,219.4    2,506.0      (286.6)   2,205.3    2,506.0      (300.7)

				
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