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Institutional presentation
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
One of the largest logistics companies in
Brazil
Founded in 1969
Located in São Bernardo do Campo – SP
Annual revenues of R$1.5 billion
1.9k employees in 31 bases in 11 states
Asset light business model
Listed on B3 since 2007/ Novo Mercado |
Ticker: TGMA3.bz
High level of governance: Fiscal Council,
Audit Committee, 2 independent members
(1 independent chairman) in the board of
directors
INSTITUTIONAL PRESENTATION
INSTITUTIONAL PRESENTATION
1969
Vehicle logistics
operation start up as
Transportadora Sinimbu
Ltda. (“Sinimbu”)
1998
Unification of Sinimbu, Transportadora Schlatter Ltda.
and Transfer Transportadora Ferroviária de Veículos
Automotores Ltda., with the entry of Axis Holding Ltda.;
constituted Axis Sinimbu Logística Automotiva Ltda.
2001
Acquisition of Translor
Veículos Ltda.
2002
- Incorporation of Autotrans partner;
- Change the company name of Axis to Tegma Gestão
Logística Ltda., as a result of the acquisition of the part
held by Allied Holdings (Coimex Group and the Itavema-
Sinimbu Group) - Axis do Brasil unlinked the group
2004
Acquisition of 49% of
Catlog Logística de
Transportes S.A..
2006
Constitution of Tegmax Comércio
e Serviços Ltda. (automobile
auction)
- Acquisition of 100% of Tegma Cargas Especiais Ltda.;
- Acquisition of 100% of Tegma Logística Integrada S.A. and
PDI Comércio Indústria e Serviço Ltda.;
- Creation of Tegma Venezuela S.A,;
- Tegma´s IPO – TGMA3
2007
Acquisition of 100% of
Nortev Transportes de
Veículos Ltda.
2008
Acquisition of Direct Express
Logística Integrada S.A. and Trans
Commerce Transporte de Cargas
Ltda. (e-commerce)
2011 and 2012
- Direct sale to 8M/B2W.
- Discontinuation of Trans
Commerce operations
2014
- Sale of Tegma Venezuela
S.A,
2017
Creation of a JV for bonded
warehouse GDL Gestão de
Desenvolvimento em
Logística S.A.
2018
Logistic operator for home ´n care, glasses and
household appliances industry
Integrated inbound transport management,
optimizing and planning routes according
demand
Solid raw material storage/shipping and in-
house liquid management
Reduced inventory levels in the client supply
chain
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
Leader in the logistics of brand new vehicles in
Brazil (~26% market share) serving all
automakers in the country
Asset light model with outsourced fleet and high
resilience of results
Low requirement of investments
27 thousand square meters of warehouses in
São Paulo and Rio de Janeiro providing
Inventory, labeling and assembly of kits
The country's largest bonded area for the
management of imported vehicles in the CLIA
Cariacica-ES
INT
EG
RA
TE
D L
OG
IST
ICS
% 2018 Revenues % 2018 EBITDA
85%
12%
3%
86%
14%
INSTITUTIONAL PRESENTATION
Major
competitors
3 lst yrs
revenue
change
Growth drivers
+4%
N/A
Sales of brand new
vehicles in
Brazil/Mercosul and
average distance of
trips
Inbound
outsourcing among
industries in Brazil
Increase of
inventories
management
outsourcing of
consumption goods
retailers
Major clients
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INT
EG
RA
TE
D L
OG
IST
ICS
+20%
INSTITUTIONAL PRESENTATION
Unilever, P&G
Electrolux, Ipê
Cebrace,
Saint-goban
Nespresso,
Burger King
Pepsico, Canon
Beleza Natural,
L´Óreal
GM, Volksvagen
Fiat, Toyota, Ford
Hyundai,
Renault, Nissan,
Honda
Fleet KPI´s / SLA´s
1.0k
0.3k
1.5 thousand
(93%
outsourced)
65 carriers
owned
82 trucks
outsourced
-
- Transit time of
deliveries;
- Level of vehicle
damage.
- Inventory
level;
- Manufacturing
plant interruption
- Processing NF's
on the same
issuing day;
- Stock accuracy -
99.98%
#
employees
0.3k
Asset
intensity
Low
Medium
Low
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INT
EG
RA
TE
D L
OG
IST
ICS
INSTITUTIONAL PRESENTATION
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
North/Northeast/Centerwest
Production: 14%
Consump.: 29%
-15%
Source: ANFAVEA and FENABRAVE* Considering FY 2018
Source: ANFAVEA
Brazilian automotive market:
65 industrial units / 11 states
31 assemblers / 616 autoparts
8th largest domestic market
4.0% national GDP
5.592 dealerships
5.2 inhabitants per vehicle
22% of production is exported (2018)
14% of national sales is imported (2018)
Installed capacity: 4.5 million vehicles
High concentration of production in
South/Southeast – demanding logistics
Southeast/South
Production: 86%
Consump : 71%
+16%
INSTITUTIONAL PRESENTATION
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
1957 1961 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017
Domestic vehicle sales
-35% vs
peak
2016:
-45% vs
peak
-43% vs peak
Mill
ion
2019E: +8% vs 2018
Source: ANFAVEA
2019E:
+35% vs
2016
Vehicles Sales
INSTITUTIONAL PRESENTATION
47%
50%
53%
56%
2014 2015 2016 2017 2018
Southeast Ex-Southeast
Vehicles fleet
and average age
Used vehicle sales (and ratio vs
new vehicle sales)
Vehicles exportsVehicles production
Domestic sales
per region
Domestic sales
per category
Source: ANFAVEA, SINDIPEÇAS, ABLA and FENABRAVE
38
39
4041
41
42
8.58.6
8.9
9.1
9.39.4
8,0
8,2
8,4
8,6
8,8
9,0
9,2
9,4
9,6
2013 2014 2015 2016 2017 2018
9.410.1 10.0 10.0
10.7 10.7
2.63.0
4.0
5.0 4.94.3
2013 2014 2015 2016 2017 2018
3
2.3
2.12.6
2.72.7
2013 2014 2015 2016 2017 2018
0.5
0.3
0.4
0.5
0.7
0.6
2013 2014 2015 2016 2017 2018
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018
Rent a car Sales ex-rentacar
INSTITUTIONAL PRESENTATION
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
Services rendered:
Transfer and distribution of brand new vehicles;For all automakers installed in Brazil
Yard management and storage of vehicles;
PDI (Pre-Delivery-Inspection);For rent-a-car and corporate fleet
INSTITUTIONAL PRESENTATION
A logistics optimization program that integrates the
demands of automakers and resellers across multiple regions to
streamline and avoid empty journeys using real-time truck tracking
and load composition software, focused on vehicle visibility, damage
control and environmental management of the entire operation
Local or
central hub (storage)
Local or
central hub (storage)
Port
*Pre-delivery-inspection
PDI*
Dom
estic
deliv
eries
Export
de
live
rie
s
Attending 16 OEM´s and importers
781 thousand vehicles hauled per year
79 thousand trips per year
791 million km per year per vehicle
21 hubs in Brazil
Deliveries in more than 2.9 thousand
autodealers in Brazil
Port
OEM
OEM
Autodealer
RAC/ fleet
INSTITUTIONAL PRESENTATION
Monitoring 100% of trucks;
Electronic control of speed and
work journey
GPS delivery confirmation
Tegma’s entire fleet location
GPS mapping of a delivery
INSTITUTIONAL PRESENTATION
Services rendered:
Yard management
Control vehicle input/output from
yards;
Integrate vehicle’s information with
the transport system;
Vehicle handling in the yard;
Yard in São José dos Pinhais – Parana State
Operational control center
Vehicle storage
INSTITUTIONAL PRESENTATION
Inspection process
Inspection process
Inspection process
Services rendered:
Inspection, preparation, installation
of components for rent-a-car and
companies fleet;
Nationalization of imported vehicles;
INSTITUTIONAL PRESENTATION
DC Toyota
Suape
Cariacica
Caju
Resende
Juiz de Fora
Igarapé
Camaçari
BelémManaus
SJPParanaguá
Araquari
Itajaí
Gravataí
Guaíba
Rio Grande
Chuí
Sumaré
SorocabaPiracicaba
Indaiatuba
SBCSJ
C
São José dos Campos
Area: 81 thou sqm
São José dos Pinhais
Area: 160 thou sqm
Camaçari
Area: 64 thou sqm
São Bernardo do
Campo
Area: 260 thou sqm
With Yard
Total yard area:
1.8 million sqm
• Southeast region:
• Cariacica – ES
• Resende – RJ
• Rio de Janeiro -
RJ
• Piracicaba - SP
• North region:
• Manaus – AM
• Belém – PA
• Northeast region:
• Camaçari – BA
• Suape – PE
• South region:
• São José dos Pinhais – PR
• Gravataí – RS
• Chuí – RS
• Araquari - SC
• SBC – SP
• SJC – SP
• Itirapina - SP
• Indaiatuba – SP
• Sorocaba - SP
• Itajaí – PR
• Paranaguá – PR
• Guaíba - RS
• Rio Grande – RS
INSTITUTIONAL PRESENTATION
Tegma’s main yards
Highlights vehicle logistics:
Revenue depends on the # of
vehicles transported and on the distance
for delivering them upon a fee (R$/total
distance)
Freight costs and other variable
costs (81% of COGS) depend as well on
the # of vehicles transported and on the
distance for delivering them
Tegma manages vehicles for almost
all automakers in Brazil
SLA´s (Services Level Agreements)
include the transit time and damage on %
of vehicles handled
Prices (with OEM´s and truckers)
are annually readjusted (april-may)
Average distance
of trips
from SP DC
INSTITUTIONAL PRESENTATION
Gross revenues
1.026
766
681754 781
578 592
1.103 1.081
948 9461.013 998
1.073
29% 28%29%
27%25% 25%
26%
2014 2015 2016 2017 2018 9M18 9M19
Vehicles transported (Thou)Average distanceMarket Share
1.149
940
1.129
1.348
9561.049
2015 2016 2017 2018 9M18 9M19
9578
118
172
110127
10% 10%
13%
16%
14%15%
0
0,02
0,04
0,06
0,08
0,1
0,12
0,14
0,16
0,18
0
50
100
150
200
250
300
2015 2016 2017 2018 9M18 9M19
Adj EBITDA Adj EBITDA Mg.
Average of 50 days of receivables / 15 days of payment;
Average of 81% of variable costs (% of total COGS);
High resiliency of margins and FCF;
Low demand for expantion investments;
INSTITUTIONAL PRESENTATION
Inventory management, transportation and
storage;
Gross sales: BRL 150 mm py;
Assets employed: chemical carriers, general
carriers (the trucks are all outsourced);
Warehouses in Cubatao and Indaiatuba (all
rented) Tegma warehouses
INSTITUTIONAL PRESENTATION
Unilever, P&G
Electrolux, Ipê
Cebrace,
Saint-goban
Main clients:
6 SHIPS/ MONTHS 45 TRUCKS / SHIP110,000 TONS/
MONTH
52,000 TONS /
MONTHS
78,000 TONS /
MONTHS
PORT OPERATION
UNLOADING
TRANSPORT
RETROPORT
WAREHOUSE
STORAGE
ROAD
TRANSPORT
IN HOUSE
OPERATION
PLANNING
TEGMA
Supplier of the largest powder
detergent factory in the world,
operating 24 x 7
Other Home ´n care and glass
industries clients
Inventories covering 24-48 hrs of
production
Inventories 100 miles from plant
Resulting in client inventory
reduction
INSTITUTIONAL PRESENTATION
Supplier C
Supplier B
Supplier AEmpty
packages
Parts
Milk-run
OEM
ETOS
System
Material planning
MRP PSFT
Order:
Demand
Driven
Follow Up
After Tegma
Curitiba
São Carlos
Inbound process advantages
Tegma web portal with visibility of the control of the
packaging;
Investment and management carried out by
Tegma;
Supplier collection information available 1 day in
advance;
KPIs online in the web portal.40% increase
in vehicle
ocupation
INSTITUTIONAL PRESENTATION
Bonded and general warehouses, inventories
management, labeling and assembly of kits;
Gross sales: BRL 38 mm py;
Assets employed: internal warehouse structures (the
warehouses are rented);
27 thousand sqm of warehouses in Rio de Janeiro,
São Paulo and Espirito Santo. Tegma warehouses
Castello Branco warehouse
INSTITUTIONAL PRESENTATION
Nespresso, Burger King
Pepsico, Canon
Beleza Natural,
L´Óreal
Main clients
243
200 201191
143 140
2015 2016 2017 2018 9M18 9M19
Gross Revenues
4
11
17
28
2226
2%
7%
10%
18% 19%
22%
2015 2016 2017 2018 9M18 9M19
Adj EBITDA Adj EBITDA Mg.
Recent developments provide more previsibility;
Industrial logistics with high resiliency of sales and results;
Warehouses have more fixed costs;
Constant cost control and active pipeline of new clients.
INSTITUTIONAL PRESENTATION
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
Dividends per share Payout %
Shareholder return
ROE%ROIC%
99 89
135
200
132153
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
20
15
20
16
20
17
20
18
9M
18
9M
19
0
50
100
150
200
250
300
350
Adjusted EBITDA (BRL million)
0.8
1,1
1,3
1,5
1,11,2
20
15
20
16
20
17
20
18
9M
18
9M
19
Gross Revenues (BRL billion)
35
5161
72 70
110
20
15
20
16
20
17
20
18
9M
18
9M
19
Free cash flow (BRL million)
10 14
104 108
73
151
20
15
20
16
20
17
20
18
9M
18
9M
19
Net income (million)
15%18%
23%
25%
36% 35% 35%
3% 4%
28%26% 28% 28%
20
15
20
16
20
17
20
18
1Q
19
2Q
19
3Q
19
ROE and ROIC
INSTITUTIONAL PRESENTATION
0.080.12
0.920.99
1,14
53%61% 60% 60%
50%
20
15
20
16
20
17
20
18
9M
19
Tegma’s Rating
Sep
2013
Sep
2014
B1 Nov
2015
May
2016
Dec
2017
B2
B1
Ba2
Ba3
Net debt Net debt / Adjusted
EBITDA
112
99
3
78
25
10 10 10
Cash
Sep
/19
TT
M 1
2M
FC
F*
201
9
202
0
202
1
202
2
202
3
202
4
Debt ScheduleAmortization
150
99
74 75
35 3228
0.1
1.1
0.60.4
0.2 0.1 0.1
,00
,500
1,00
1,500
2,00
2,500
3,00
3,500
4,00
4,500
5,00
201
5
201
6
201
7
201
8
1Q
19
2Q
19
3Q
19
0
20
40
60
80
100
120
140
160
Indebtness (BRL million)
INSTITUTIONAL PRESENTATION
Aug
2019A
Global
Discont.
Local
Board of Directors
2Mopia/Cabana
representants
2Coimex
representants
2Independents
1 chairman
Fiscal Council
2Indicated by
controlling
shareholders
1Indicated by
minorities
Management
Gennaro Oddone
CEO/DRI
Ramón Pérez - CFO
Auditing Comitee
2Indicated by
controlling
shareholders
1Independent
Management, People and
Governance Committee
2Indicated by
controlling
shareholders
1Independent
INSTITUTIONAL PRESENTATION
Projects that also
aim at socio-environmental benefits
Tegma’s own
vehicular
inspection;
Trucks not
attending
legal limit are
forbidden to
transport;
Environmental
compliance in 2018
Environmental Legal
Requirements
97.6%
Environmental
licenses
93.1%
Vaporization system in washers
85% reduction in effluent generation
in Cubatão
90% reduction in water consumption
in Cubatão and 96% in Araquari /
SC;
Water reuse system SBC site
90% lower
than the legal
limit
Main certifications:
Wanderléia Carrier
-11% in CO2 emissions;
-10% in accident occurrence;
0.31
0.48
0.39
0.32
0.43
0.27
0.36
0.26
0.160.20
Opacity(black smoke emission) (m-¹)
70.5
87.4 88.2 91.4 92.5 93.1
2013 2014 2015 2016 2017 2018
Legal compliance (General)
INSTITUTIONAL PRESENTATION
INSTITUTIONAL PRESENTATION
-105,0
-70,0
-35,0
0,0
35,0
70,0
105,0
140,0
Jul-07 Jul-09 Jul-11 Jul-13 Jul-15 Jul-17 Jul-19
TGMA3 IBOV
Direct Express
acquisition and
E-commerce
business expansion
Brazilian auto market strong growth
E-commerce
Business losses
and Direct
Express SaleBrazilian Fiscal Crisis,
unemployment spike
Impeachment Dilma
Rousseff
Brazilian auto market strong decline Brazilian auto market growth
Int´n Financial Crisis
4
6
8
10
12
14
16
18
20
1Q17 3Q17 1Q18 3Q18 1Q19 3Q19
EV/EBITDA PE
Historical TGMA3 EV/EBITDA and PE
Michel Temer Presidency
Cabana
7%
Free Float
48%
Coimex
20%
MOPIA
25%
Shareholder agreement
Ownership structure
2.0MUSD ADTV
2018
2.0MUSD ADTV
2019
Truckers Strike
Social security
reform approval
Jair Bolsonaro
ahead in pools
& election
Stock price performance since IPO (nominal quote)
TGMA3 performance is very correlated to auto industry in Brazil
2.9xP/Book
in 2018
3.5xP/Book
in 2019
Sell side analysis ADTV
P/Book
IR websiteDetailed Statement of changes in beneficial
ownership of securities history
Financial historical in .xls with indicators, sell
side and industry estimatives, dividends and
explanatory notes
Tegma awarded by two renowed magazines
as one of the best IR professional and CEO of
Brasil and Latam in 2018 and in 2019
INSTITUTIONAL PRESENTATION
Corporate startup accelerator (Corporate Venture)
Tegma open innovation arm
First accelerator specialized in logistics in Brazil
Focus on solutions
for the following
areas:
Cargo transport;
Yards and warehouses;
Customer Service
Automation;
Fleet management;
E-commerce (B2B
platforms);
Technology for Logistics
(Blockchain, IoT, BigData,
I.A.).
Two rounds accomplished:
123 companies applied
14 POC´s
4 startup´s hired
2 investments
What we are looking
for:
Companies that introduce
innovative solutions in digital
logistics, transportation and
mobility;
Near of economic
equilibrium, with customers and
recurring revenue;
Companies that aggregate
value to our services, forming
longstanding partnerships.
TegUp coworking
INSTITUTIONAL PRESENTATION
Investor relationshttps://ri.tegma.com.br/en/
RI Contacts:
Ian Nunes – [email protected] - + 55 11 4397 9423