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EcoRodovias Infraestrutura e Logística S.A 4Q11 and 2011 Earnings Release

Net Income of R$383.0 million in 2011

Margin from Logistics reaches 19.7% in 4Q11

São Paulo, March 15, 2012 – EcoRodovias Infraestrutura e Logística S.A. announces its results

for the fourth quarter of 2011 (4Q11) and the full year 2011. The financial and operating

information herein is presented on a consolidated basis and in accordance with the accounting

practices adopted in Brazil. Except where stated otherwise, all comparisons refer to the fourth

quarter of 2010 (4Q10) and the year 2010, according to Laws 11,638/07 and 11,941/09, the

International Financial Reporting Standards (IFRS) and the pronouncements of the Accounting

Pronouncements Committee (CPC).

Roberto Koiti Nakagome Investor Relations Officer Raquel Turano de Souza Investor Relations José Camilo Gomes Junior Investor Relations Luiz Rodrigo Neri Caraça Investor Relations

Address Rua Gomes de Carvalho, 1.510 3rd floor Zip Code 04547-005 São Paulo/SP Phone: 55 11 3787-2667 E-mail [email protected] Website www.ecorodovias.com.br/ir

Conference Call in Portuguese with Simultaneous Translation into English Friday, March 16, 2012 11:00 A.M. (Brasília time) / 10:00 A.M. (New York time) Phones: +55 (11) 3127-4971 (Brazil) +1 (516) 300-1066 (Other countries) Code: ECORODOVIAS Webcast: click here Replay: +55 (11) 3127-4999 Code to the Conference Call in Portuguese: 90198622 Code to the Conference Call in English: 29291557

BM&FBOVESPA: ECOR3 – Investor Relations

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Operating and Financial Highlights

Traffic in terms of equivalent paying vehicles grew by 5.4% in 4Q11 compared to 4Q10 and by

11.3% in 2011 over 2010. Considering the traffic adjustments for passenger vehicles on both

directions of Ecopistas from January 1 to February 17, 2010, consolidated growth in 2011

came to 9.2%.

Net revenue, excluding construction revenue, totaled R$ 429.1 million in 4Q11 and R$ 1,627.9

million in 2011, up 30.0% and 29.9% respectively, on 4Q10 and 2010.

Consolidated adjusted EBITDA, excluding the construction revenue and cost accounts

and the provision for maintenance, introduced by IFRS, reached R$ 273.6 million in 4Q11

(63.8% margin) and R$ 1,037.6 million in 2011 (63.7% margin). It is worth highlighting the

EBITDA margin of Elog (logistics), which stood at 19.7% in 4Q11. Consolidated EBITDA

calculated according to the IFRS was R$ 251.9 million in 4Q11 and R$ 957.3 million in 2011,

with margins of 51.1% and 52.4%, respectively.

Net income in 4Q11 was R$ 102.8 million, up 44.8% on 4Q10. In 2011, net income totaled R$

383.0 million, a 29.7% increase on the adjusted net income, excluding the non-recurring equity

income from the sale of interest in Elog.

On January 18, 2012, EcoRodovias was announced the winner of the Highway Concession

Bidding Process, Bid Notice no. 001/2011 – BR-101/2011/ES/BA, held by the National Ground

Transportation Agency (ANTT). The concession consists of repairing, preserving, maintaining,

operating, improving and expanding the capacity of the BR-101/ES/BA Highway, in the stretch

that intersects the BA-698 highway, at the access to the municipality of Mucuri (state of Bahia)

and the border between the states of Rio de Janeiro and Espírito Santo.

During the year, the Company paid dividends totaling R$ 285.6 million, of which R$ 145.5

million were supplementary dividends relating to fiscal year 2010 and R$ 140.1 million were

interim dividends relating to fiscal year 2011. Dividend distribution for 2011 is subject to

approval of the Annual Shareholders’ Meeting.

On December 21, 2011, EcoRodovias announced to the market that its subsidiary,

Ecocataratas signed an Instrument for Amendment to the Concession Agreement with the

Highways Department of Paraná (DER/PR), by which it will build a second lane on a 14.4 km

stretch of the BR-277 highway at an outlay of R$ 50.6 million.

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On January 5, 2012, the Amendment to the Contract (TAM) signed by the São Paulo

Transport Regulatory Agency (ARTESP) and Ecovias dos Imigrantes changing the benchmark

index for toll tariff adjustments from IGP-M to IPCA starting from July 1, 2012, was published in

the Official Gazette of the State of São Paulo.

OPERATING PERFORMANCE BY BUSINESS

SEGMENT

Highway Concessions

Evolution of Traffic: Consolidated traffic in terms of number of equivalent paying vehicles in the

concessionaires grew by 5.4% in 4Q11 and by 11.3% in 2011 compared to the same periods in 2010.

Considering the traffic adjustments for passenger vehicles on both directions of Ecopistas from

January 1 to February 17, 2010, consolidated growth came to 9.2% in 2011. The main reasons for this

variation are presented below:

Commercial vehicles – traffic grew 8.8% in 4Q11 and 11.3% in 2011 over the same periods of the

previous year. In São Paulo, cargo transport to the Port of Santos was affected by the drop in exports,

of 3.8% in 4Q11 and 2.0% (in tons) in 2011 compared with the same periods in 2010. These

decreases were mainly influenced by sugar exports, which declined 16.1% in 4Q11 and 12.8% (in

tons) in 2011, according to information provided by the Port of Santos. At Ecopistas, the strong traffic

growth reflects the movement of cargo in the highway connection between the Vale do Paraíba region

Highlights 4Q11 4Q10 Chg. 2011 2010 Chg.

IFRS Economic Indicators (thousands)

Gross Revenue 535.3 397.5 34.7% 1,985.1 1,528.2 29.9%

Net Revenue 492.7 367.1 34.2% 1,827.4 1,427.6 28.0%

Net Income 102.8 71.0 44.8% 383.0 590.3 -35.1%

EBITDA 251.9 206.5 22.0% 957.3 812.0 17.9%

EBITDA Margin 51.1% 56.3% -5.1 p.p. 52.4% 56.9% -4.5 p.p.

Adjusted Economic Indicators (thousands)

Adjusted Net Revenue¹ 429.1 330.2 30.0% 1,627.9 1,252.9 29.9%

Adjusted Net Income² 102.8 78.5 31.0% 383.0 295.4 29.7%

Adjusted EBITDA³ 273.6 223.8 22.3% 1,037.6 860.2 20.6%

Adjusted EBITDA Margin 63.8% 67.8% -4.0 p.p. 63.7% 68.7% -5.0 p.p.

Traffic Volume (Thousands / vehicles-equivalents) 51,214 48,572 5.4% 200,344 180,051 11.3%

¹ Excludes Construction Revenue from the Net Revenue balance

² Excludes the non-recurring equity income from the sale of interest in Elog

² Excludes Construction Revenue and Costs and Provision for Maintenance from the Cost of Services balance

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and São Paulo city. In Paraná, commercial traffic growth was driven by the transportation of soybean

harvested in the region and that coming from Paraguay through the Paranaguá Port. In Rio Grande do

Sul, the Rio Grande Port reached 6,127 thousand tons in 4Q11, 2.1% more than in 4Q10, due

primarily to the increase in the shipments of soybeans, rice and their respective derivatives, according

to data disclosed by the Port.

Passenger vehicles – traffic grew 2.8% in 4Q11 over 4Q10, despite the slowdown in Brazil’s

economic growth during the period. Growth in 2011 was 11.3% over 2010 and was driven by the

heavy passenger vehicle traffic in the tourist destinations in Brazil’s southern and southeastern states.

The auto industry recorded 3,425 thousand new licensed light vehicles in 2011, up 3.6% on 2010.

Traffic Volume (Equivalent paying vehicles - thousand)

4Q11 4Q10 Chg. 2011 2010 Chg.

Commercial

Ecovias dos Imigrantes 6,007 6,041 -0.6% 24,669 24,131 2.2%

Ecopistas 7,151 6,351 12.6% 27,795 23,375 18.9%

Ecovia Caminho do Mar 2,367 2,041 16.0% 10,307 9,223 11.8%

Ecocataratas 3,930 3,324 18.2% 15,499 13,763 12.6%

Ecosul Rodovias do Sul 3,698 3,528 4.8% 16,715 14,855 12.5%

Total 23,153 21,285 8.8% 94,985 85,347 11.3%

Passanger

Ecovias dos Imigrantes 8,665 8,487 2.1% 31,883 29,538 7.9%

Ecopistas 14,127 13,673 3.3% 53,823 46,736 15.2%


Ecocataratas 2,695 2,658 1.4% 10,233 9,616 6.4%


Total 28,061 27,287 2.8% 105,359 94,704 11.3%

Commercial + Passanger

Ecovias dos Imigrantes 14,672 14,528 1.0% 56,552 53,669 5.4%

Ecopistas 21,278 20,024 6.3% 81,618 70,111 16.4%


Ecocataratas 6,625 5,982 10.7% 25,732 23,379 10.1%


Consolidated 51,214 48,572 5.4% 200,344 180,051 11.3%

Ecopistas - Adjustment for passenger vehicles on both direction 14,127 13,673 3.3% 53,823 50,137 7.4%

CONSOLIDADO (Including Ecopistas Adjustments) 51,214 48,572 5.4% 200,344 183,452 9.2%

Note: Vehicles-equivalent is a basic reference unit used in toll collection statistics in Brazil. Light vehicles, such as passenger vehicles, correspond to one vehiclesequivalent. Heavy vehicles, such as trucks and buses, are converted into axleequivalents by a multiplier applied to the number of axles per vehicle, as estab lished in the terms of each concession contract.

EcoRodovias counts only those vehicles that actually crossed the tollgates and paid the tariffs at the tollbooths.

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Average Tariff: Consolidated average tariff per equivalent paying vehicle increased 5.1% in 4Q11

over the same period in 2010. Growth in 2011 was 1.3%, impacted by the recalculation of tariffs for

passenger vehicles at Ecopistas due to the charging of tariffs on both directions starting from February

2010. The contractual adjustments in the basic tariffs were: 9.8% at Ecovias dos Imigrantes and 6.6%

at Ecopistas, both in July 2011; 4.5% at Ecovia Caminho do Mar and Ecocataratas, in December

2011, and 8.2% at Ecosul – Rodovias do Sul in January 2011.

Logistics

EcoRodovias’ logistics business is divided into the following segments:

Primary Zone: consisting of the Ecopátio Cubatão and CLIA Santos units. Ecopátio Cubatão offers

the REDEX, a special customs export terminal, and DEPOT, which offers empty container

maintenance and storage services and also has a truck management yard. CLIA Santos offers

customs terminal services.

A total of 23,243 containers were handled in the Primary Zone in 4Q11, 7.6% more than in 3Q11,

thanks to the increase in REDEX (from 16.0% in 3Q11 to 19.5% in 4Q11) and DEPOT services at

Ecopátio Cubatão.

Containerized cargo handling in the Santos Port declined 2.9% in 4Q11 compared to 3Q11, according

to Port data.

Average Tariff (R$ / vehicles-equivalents)

4Q11 4Q10 Chg. 2011 2010 Chg.

Ecovias dos Imigrantes 12.79 12.01 6.5% 12.22 11.84 3.2%

Ecopistas 2.46 2.30 7.0% 2.38 2.35 1.3%

Ecovia Caminho do Mar 12.09 11.61 4.1% 11.85 11.35 4.4%

Ecocataratas 7.87 7.58 3.8% 7.74 7.40 4.6%

Ecosul - Rodovias do Sul 6.18 5.69 8.6% 6.12 5.65 8.3%

CONSOLIDATED 7.15 6.80 5.1% 6.94 6.85 1.3%

Note: the Consolidated Average Toll is calculated based on the weighted average of each concessionaire’s average tariff.

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Containers Handled in the Primary Zone

Interior Dry Ports: consisting of the Campinas, Barueri, São Paulo and Curitiba units, these ports

offer customs warehousing and terminal services.

The volume handled by these ports in 4Q11 amounted to US$ 1,290.5 million (FOB value),

corresponding to 5.8% of the total import volume handled in the states of São Paulo and Paraná.

Border Dry Ports: consisting of the Foz do Iguaçu, Uruguaiana, Jaguarão and Santana do

Livramento units, these ports offer customs terminal services on Brazil’s borders with Uruguay,

Argentina and Paraguay.

The volume handled by these ports in 4Q11 amounted to US$ 4,348.9 million (FOB value),

corresponding to 29.3% of the total trade between Brazil, Uruguay, Argentina, Paraguay and Chile.

Transport: corresponds to the provision of highway transport services through own and outsourced

fleet, as well as autonomous service providers.

Revenue from transport services accounted for 15% of the logistics revenues in 4Q11 and in 2011.

Distribution Centers: consisting of the Distribution Centers in Alphaville, Cajamar, Curitiba and

Ecopátio Imigrantes, which offer inventory management services for clients.

In 4Q11, occupancy rate was 97% of the total available area of 106,000 m2, higher than the 85%

considered ideal, which would enable the company to improve the operations and productivity of its

product handling and storage services.

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STP – Sem Parar / Via Fácil

The total installed tags of the Sem Parar/ Via Fácil system reached 3,244 thousand on December 31,

2011, an increase of 26.6% over December 31, 2010. This growth was sustained by the 94%

coverage of the network of toll roads and the 111 parking areas that now accept the system. Of the

consolidated toll collections at EcoRodovias’ concessionaires, 44.0% came from electronic collection

in 4Q11 and 42.3% in 2011.

Consolidated Gross Revenue

Consolidated gross revenue (excluding Construction Revenues) stood at R$ 471.7 million in 4Q11 and

R$ 1,785.7 million in 2011, up 30.8% and 31.9%, respectively, on 4Q10 and 2010.

Operating Performance - Logistics 4Q11 4Q10 Chg. 2011 2010 Chg.

Primary Zone¹ (containers handled) 23,243 21,469 8.3% 89,172 62,022 43.8%

Interior Dry Ports² (FOB handled amount - US$ million) 1,290.5 - n.m 5,329.5 - n.m

Border Dry Ports³ (FOB handled amount - US$ million) 4,348.9 - n.m 16,208.0 - n.m

Transport (Share of revenue) 15% - n.m 15% - n.m

Distribution Centers (Occupancy rate) 97% - n.m 98% - n.m

4Q11 and 2011: Elog Sudeste, Elog Sul and Elog

4Q10 and 2010: Elog

1- Primary Zone: CLIA Santos and Ecopátio Cubatão (CLIA, REDEX, DEPOT)

2- Interior Dry Ports: Campinas, Barueri, São Paulo and Curitiba Units

3- Border Dry Ports: Foz do Iguaçu, Uruguaiana, Jaguarão and Santana do Livramento Units

4- Distribution Centers: Curitiba, São Paulo, Barueri and Cajamar Units

Gross Revenue (R$ million)

4Q11 4Q10 Chg. 2011 2010 Chg.

Highway Concessionaires 380.3 342.6 11.0% 1,443.5 1,281.4 12.7%

ICPC-01 Construction Revenues 63.6 36.9 72.5% 199.4 174.7 14.2%

Logistics 76.7 5.7 n.m 286.8 25.7 n.m

Revenue from Services 14.7 12.4 18.4% 55.4 46.4 19.5%

CONSOLIDATED 535.3 397.5 34.7% 1,985.1 1,528.2 29.9%

CONSOLIDATED - Excluding Construction Revenue 471.7 360.7 30.8% 1,785.7 1,353.5 31.9%

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Gross Revenue by Business Segment

Highway Concessions

Toll Revenues: Toll revenues accounted for 68.4% and 70.0% of consolidated gross revenue in 4Q11

and 2011, respectively. Considering the growth in toll-paying traffic volume and the contractual

adjustments of toll tariffs mentioned above, consolidated gross revenue from toll collection amounted

to R$ 366.4 million in 4Q11, 11.0% up on 4Q10, and R$ 1,389.7 million in 2011, 12.7% more than in

2010.

Ancillary Revenues: Ancillary revenues of the highway concessionaires are derived from the

monitoring of special cargo, advertising boards, occupation of right-of-way and accesses and other

services involving the usage and exploration of the right-of-way of highway concessions and services

provided by the shared services center. These revenues accounted for 2.6% and 2.7%, respectively,

of the group’s gross revenue in 4Q11 and 2011.

Construction Revenues: As established by ICPC 1 (Interpretation of the Accounting

Pronouncements Committee) – Concession Contracts, the works and improvements to the highway

infrastructure generated revenue of R$ 63.6 million in 4Q11, 72.5% higher than in 4Q10, and revenue

of R$ 199.4 million in 2011, 14.2% higher than in 2010. The Company does not book the profit margin

in this revenue (margin equal to zero), with the amounts booked corresponding to the same amounts

booked in the “Cost of Construction Works” account.

Gross Revenue (R$ million) 4Q11 4Q10 Chg. 2011 2010 Chg.

Highway Concessionaires

Revenue from Toll Collection 366.4 330.2 11.0% 1,389.7 1,233.3 12.7%

Ecovias dos Imigrantes 187.7 174.4 7.6% 691.0 635.2 8.8%

Ecopistas 52.4 46.1 13.7% 194.6 165.1 17.9%

Ecovia Caminho do Mar 42.4 36.4 16.5% 168.9 147.5 14.5%

Ecocataratas 52.1 45.4 14.8% 199.3 173.1 15.1%

Ecosul - Rodovias do Sul 31.8 27.9 14.0% 135.9 112.4 20.9%

Ancillary Revenues - Concessionaires 14.0 12.4 12.9% 53.8 48.2 11.7%


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Logistics

Revenue from Primary Zone: revenue from container transport in 4Q11 totaled R$ 23.9 million.

Average tariff per container transported stood at R$ 1,028 in 4Q11, 4.7% lower than the R$ 1,079

recorded in 3Q11. This decrease was due to the service revenue mix which, in 4Q11, had REDEX and

DEPOT (services with lower tariffs) services as the main components on account of the limited

capacity and the seasonality of the services provided by CLIA Santos. In 2011, revenue came to R$

85.0 million and average tariff reached R$ 953.

Revenue from Interior Dry Ports: revenue from customs warehousing and terminal operations came

to R$ 23.9 million in 4Q11 (down 1.6% from 3Q11) and R$ 87.0 million in 2011.

Revenue from Border Dry Ports: revenue from the customs terminal services on the borders with

Uruguay, Argentina and Paraguay came to R$ 10.6 million in 4Q11 (up 1.9% from 3Q11) and R$ 38.6

million in 2011.

Revenue from Transport: Revenue from highway transport services reached R$ 14.7 million in 4Q11

(down 12.0% from 3Q11) and R$ 56.0 million in 2011.

Revenue from Distribution Centers: revenue from clients’ inventory management and warehousing

rentals amounted to R$ 22.8 million in 4Q11 (down 8.4% from 3Q11) and R$ 91.8 million in 2011.

Gross Revenue (R$ million) 4Q11 4Q10 Chg. 2011 2010 Chg.

Logistics

Primary Zone¹ 23.9 5.2 n.m 85.0 22.2 n.m

Interior Dry Ports² 23.9 - n.m 87.0 - n.m

Border Dry Ports³ 10.6 - n.m 38.6 - n.m

Transport 14.7 - n.m 56.0 - n.m

Distribution Centers 22.8 2.1 n.m 91.8 8.5 n.m

Elog TOTAL 95.9 7.3 n.m 358.4 30.7 n.m

TOTAL (EcoRodovias Consolidated) 76.7 5.7 n.m 286.8 25.7 n.m

1- Primary Zone: CLIA Santos and Ecopátio Cubatão (CLIA, REDEX, DEPOT)

2- Interior Dry Ports: Campinas, Barueri, São Paulo and Curitiba Units

3- Border Dry Ports: Foz do Iguaçu, Uruguaiana, Jaguarão and Santana do Livramento Units

4Q11 and 2011: Elog Sudeste, Elog Sul and Elog

4Q10 and 2010: Elog

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Gross Revenue from Logistics (in R$ million)

STP – Sem Parar / Via Fácil

Revenue from Services: Gross revenue from STP stood at R$ 115.0 million in 4Q11 (up 18.4% over

4Q10) and R$ 434.8 million in 2011 (up 19.5% over 2010). EcoRodovias holds 12.75% interest in

STP, which corresponds to gross revenue of R$ 14.7 million in 4Q11 and R$ 55.4 million in 2011,

consolidated in the financial statements.

Consolidated Net Revenue

Consolidated net revenue (excluding Construction Revenues) came to R$ 429.1 million in 4Q11,

30.0% up on the R$ 330.2 million recorded in 4Q10, and to R$ 1,627.9 million in 2011, 29.9% more

than in 2010. Deductions from gross revenue totaled R$ 42.6 million in 4Q11 and R$ 157.7 million in

2011, representing 9.0% and 8.8%, respectively, of total gross revenue in the periods, excluding the

construction revenues

Gross Revenue (R$ million)

4Q11 4Q10 Chg. 2011 2010 Chg.

Services

Revenue from Services (100%) 115.0 97.1 18.4% 434.8 363.9 19.5%

Revenue from Services (12,75%) 14.7 12.4 18.4% 55.4 46.4 19.5%

Net Revenue (R$ million) 4Q11 4Q10 Chg. 2011 2010 Chg.

Highway Concessionaires 352.3 320.7 9.9% 1,338.4 1,191.0 12.4%


Logistics 63.9 2.4 n.m 242.4 23.6 n.m

Revenue from Services 12.9 7.2 79.2% 47.2 38.3 23.2%

CONSOLIDATED 492.7 367.1 34.2% 1,827.4 1,427.6 28.0%

CONSOLIDATED excluding Construction Revenues 429.1 330.2 30.0% 1,627.9 1,252.9 29.9%

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Consolidated Operating Costs and Administrative Expenses

Consolidated costs of services provided and general and administrative expenses totaled R$ 284.3

million in 4Q11, a 41.9% increase over 4Q10.

Operating Costs and Administrative Expenses by Business

Segment

Highway Concessions

Personnel costs amounted to R$ 27.7 million in 4Q11, 6.5% higher than in 4Q10, mainly due

to the wage raise of between 5.0% and 5.5% in March 2011 and the increase in the number of

employees at the shared services center.

Operating Costs and Administrative Expenses (R$ million)

4Q11 4Q10 Chg. 2011 2010 Chg.


Personnel 54.4 33.8 60.9% 212.4 131.2 61.9%

Maintenance 23.8 18.3 30.1% 69.7 66.5 4.8%

Third-party Services 44.4 23.4 89.7% 143.8 81.5 76.4%

Insurance and Concession Fees 26.6 17.2 54.7% 103.8 61.7 68.2%

Depreciation / Amortization 42.9 39.4 8.9% 168.2 140.4 19.8%

Provision for Maintenance (ICPC 1) 21.7 17.3 25.4% 80.3 48.2 66.6%

Cost of Construction Works (ICPC 1) 63.6 36.9 72.4% 199.4 174.7 14.1%

Other 7.0 14.1 -50.4% 61.3 51.7 18.6%

CONSOLIDATED EcoRodovias 284.3 200.4 41.9% 1,038.9 755.9 37.4%


4Q11 4Q10 Chg. 2011 2010 Chg.


Personnel 27.7 26.0 6.5% 110.7 99.4 11.4%

Maintenance 16.1 17.9 -10.1% 60.9 63.9 -4.7%


Insurance and Concession Fees 17.1 16.0 6.9% 67.4 58.5 15.2%

Depreciation / Amortization 34.8 36.8 -5.4% 137.9 130.6 5.6%

Provision for Maintenance (ICPC 1) 21.7 17.3 25.4% 80.3 48.2 66.6%

Cost of Construction Works (ICPC 1) 63.6 36.9 72.4% 199.4 174.7 14.1%

Other 9.1 11.2 -18.8% 40.5 40.5 0.0%

EcoRodovias Total 206.7 178.4 15.9% 754.4 671.3 12.4%

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Maintenance costs totaled R$ 16.1 million in 4Q11, versus R$ 17.9 million in 4Q10, down

10.1% from 4Q10, mainly due to the economies generated in hirings and in costs of

maintenance works at the group’s concessionaires.

Insurance, concession fee and rent expenses totaled R$ 17.1 million in 4Q11, up 6.9% from

R$ 16.0 million in 4Q10. This was mainly due to the higher toll collection, which increased the

variable fee.

Depreciation and Amortization expenses totaled R$ 34.8 million in 4Q11, down 5.4% from R$

36.8 million in 4Q10. According to the new accounting rules (IFRS), the amortization of

highway concession assets is now calculated based on the evolution of the traffic curve of their

highways.

The Provision for Maintenance, arising from the application of ICPC 1, increased 25.4% over

4Q10, keeping in step with the maintenance programs scheduled at the concessionaires within

the criteria established by the new accounting rules.

The Cost of Construction Works, arising from the application of ICPC 1, came to R$ 63.6 million in

4Q11, 72.4% higher than in 4Q10. The realized amount is in line with the concessionaires’

timetable for the construction works and corresponds to the same amounts booked as

Construction Revenue. This increase was mainly due to the road laying works of the stretch

between km 33 and km 61 of Ecopistas, the expansion of special works of art and renovation

of the service point at SP 150 highway at Ecovias dos Imigrantes, the paving works and road

laying works of an 8 km stretch at Ecocataratas, the implementation of security devices

(concrete barriers, metallic fenders and road signs in general) in 84 km of Ecovia Caminho do

Mar and the milling and road laying works of a 25 km stretch at Ecosul.

Logistics


4Q11 4Q10 Chg. 2011 2010 Chg.

Logistics (100%)

Personnel 24.1 1.8 n.m. 90.0 5.8 n.m.

Maintenance 1.8 - n.m. 9.6 1.9 n.m.

Third-party Services 27.4 4.7 n.m. 92.8 14.8 n.m.

Insurance and Concession Fees 10.6 0.9 n.m. 42.6 1.6 n.m.

Depreciation / Amortization 7.7 1.9 n.m. 30.6 7.0 n.m.

Other 1.0 0.4 n.m. 13.5 2.6 n.m.

Elog Total 72.7 9.7 n.m. 279.2 33.8 n.m.

Consolidated EcoRodovias 58.1 7.7 n.m. 223.4 27.7 n.m.

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Personnel costs amounted to R$ 24.1 million in 4Q11, higher than in 4Q10, due to the

operational merger of Elog Sudeste and Elog Sul (formerly Columbia and EADI Sul,

respectively), which added approximately 1,800 employees to the Logistics business.

Third-party expenses came to R$ 27.4 million in 4Q11, basically due to the hiring of third-party

consultancy, freight and transport services by Elog Sudeste and Elog Sul.

Rent and insurance expenses amounted to R$ 10.6 million in 4Q11. The increase is due to the

consolidation of the rent and insurance expenses of Elog Sudeste and Elog Sul units.

Depreciation and amortization expenses totaled R$ 7.7 million in 4Q11, due to the higher

asset base at Elog Sudeste and Elog Sul.

Other costs and expenses mainly refer to customs brokerage commission, electricity,

telephone services and consumables.

Holding Company and STP

Consolidated EBITDA and EBITDA Margin

Consolidated adjusted EBITDA reached R$ 273.6 million in 4Q11 and R$ 1,037.6 million in 2011, with

margins of 63.8% and 63.7%, respectively. The adjusted EBITDA is calculated excluding the

construction cost and revenue accounts and the provision for maintenance (introduced by IFRS). The

highlight in the logistics sector was Elog’s EBITDA Margin of 19.7% in 4Q11 and 18.5% in 2011.

Consolidated EBITDA calculated according to the IFRS was R$ 251.9 million in 4Q11 and R$ 957.3

million in 2011, with margins of 51.1% and 52.4%, respectively.


4Q11 4Q10 Chg. 2011 2010 Chg.

Holding e STP

Personnel 7.4 6.4 15.6% 29.6 27.0 9.6%

Maintenance 0.3 0.2 50.0% 1.1 0.9 22.2%


Insurance and Concession Fees 0.6 0.9 -33.3% 2.3 2.2 4.5%

Depreciation / Amortization 1.6 1.7 -5.9% 5.8 4.5 28.9%

Other 3.0 2.4 25.0% 10.1 8.8 14.8%

EcoRodovias Total 20.6 15.8 30.4% 68.3 60.3 13.3%

14

EBITDA by Business Segment

Highway Concessions

Logistics

EBITDA IFRS (R$ million) 4Q11 4Q10 Chg. 2011 2010 Chg.

CONSOLIDATED

Net Income (before minority participation) 103.9 71.9 44.5% 387.6 594.0 -34.7%

Depreciation / Amortization 42.9 39.6 8.3% 168.2 140.4 19.8%

Financial Result 46.3 45.9 0.9% 183.1 199.5 -8.2%

Income Tax and Social Contribution 58.1 41.1 41.4% 217.6 175.9 23.7%

Non-recuring Operation Results 0.1 8.0 -98.8% 0.0 (297.8) -100.0%

Investments Amortization 0.6 - - 0.8 - -

EBITDA IFRS 251.9 206.5 22.0% 957.3 812.0 17.9%

EBITDA Margin (IFRS) 51.1% 56.2% -5.1 p.p. 52.4% 56.9% -4.5 p.p.

EBITDA Adjusted excluding IFRS (R$ million)

4Q11 4Q10 Chg. 2011 2010 Chg.

EBITDA IFRS 251.9 206.5 22.0% 957.3 812.0 17.9%

Construction Revenues (63.6) (36.9) 72.5% (199.4) (174.7) 14.2%

Construction Costs 63.6 36.9 72.5% 199.4 174.7 14.2%

Provision for Maintenance 21.7 17.3 25.7% 80.3 48.2 66.6%

Adjusted EBITDA 273.6 223.8 22.3% 1,037.6 860.2 20.6%

Adjusted EBITDA Margin 63.8% 67.8% -4.0 p.p. 63.7% 68.7% -5.0 p.p.



Net revenue 418.1 341.5 22.4% 1,545.1 1,354.5 14.1%

EBITDA 245.4 209.7 17.0% 928.2 823.7 12.7%

EBITDA Margin 58.7% 61.4% -2.7 p.p. 60.1% 60.8% -0.7 p.p.

EBITDA Adjusted excluding IFRS (R$ million)

4Q11 4Q10 Chg. 2011 2010 Chg.


EBITDA IFRS 245.4 209.7 17.0% 928.2 823.7 12.7%

Construction Revenues (63.6) (36.9) 72.5% (199.4) (174.7) 14.2%

Construction Costs 63.6 36.9 72.5% 199.4 174.7 14.2%

Provision for Maintenance 21.7 12.7 70.9% 80.3 43.6 84.2%

EBITDA 267.1 222.4 20.1% 1,008.5 867.3 16.3%

Adjusted EBITDA Margin 75.3% 73.0% 2.4 p.p. 74.9% 73.5% 1.4 p.p.


Logistics (100%)

Net revenue 79.8 7.0 n.m 303.0 28.2 n.m

Operating Costs and Expenses (ex-D&A) (65.0) (7.9) n.m (248.6) (26.7) n.m

Other Revenues 0.8 - n.m 1.6 - n.m

EBITDA 15.7 (0.9) n.m 56.0 1.4 n.m

EBITDA Margin 19.7% -12.9% n.m 18.5% 5.0% n.m

15

Adjusted EBITDA of Highway Concessions (non IFRS)

EBITDA of Logistics

16

Consolidated Financial Result

Net financial result in 4Q11 was an expense of R$ 46.3 million (+0.9%) and R$ 183.1 million (-8.2%) in

2011. The main variations were:

Expenses with interest on debentures increased by 21.4% in 4Q11 over 4Q10, mainly due to

the debenture issues of Elog in December 2010 and Ecopistas in March 2011.

Expenses with interest on financing declined by 51.9%, chiefly due to the extension of the

financing contracted by Ecopistas through the payment of short-term financing (Promissory

Notes) and subsequent issue of Debentures, both in March 2011, which helped reduce debt

costs.

Monetary variation on the debentures fell 28.7%, chiefly due to the amortization of installments

on the debentures of Ecovia dos Imigrantes and EcoRodovias Concessões e Serviços in the

period, which reduced the monetary variation calculation basis.

Expenses with monetary variation on concession fees refer to adjustments to present value on

the outstanding balance of the concession fees of Ecovias dos Imigrantes and Ecopistas, and

the restatement of said balances according to the contractual adjustment rates. The reduction

is due to the conclusion of payment of the fixed concession fees by Ecopistas in December

2010. Therefore, only the concession fee of Ecovias dos Imigrantes for 4Q11 and 2011 will be

adjusted.

Financial Result (R$ million) 4Q11 4Q10 Chg. 2011 2010 Chg.

Interest on Debentures (35.2) (29.0) 21.4% (153.8) (112.2) 37.1%

Interest on Financing (7.4) (15.4) -51.9% (34.2) (62.9) -45.6%

Monetary Variation - Debentures and Financing (9.7) (13.6) -28.7% (43.6) (45.1) -3.3%

Monetary Variation - Concession Right (2.0) (4.3) -53.5% (9.5) (29.8) -68.1%

Financial Investment Revenue 18.9 24.7 -23.5% 95.6 86.3 10.8%

Adjustment to Present Value (ICPC 1) (4.0) (3.9) 2.6% (16.3) (17.6) -7.4%

Other Financial Results (6.9) (4.4) 56.8% (21.2) (18.2) 16.5%

CONSOLIDATED (46.3) (45.9) 0.9% (183.1) (199.5) -8.2%

17

Income and Social Contribution Taxes

Income and social contribution taxes came to R$ 58.2 million in 4Q11 and R$ 217.6 million in 2011,

and the effective rate decreased from 36.4% in 4Q10 to 35.9% in 4Q11.

Net Income

Net income in 4Q11 was R$ 102.8 million, 44.8% up on the R$ 71.0 million adjusted net income in

4Q10. In 2011, net income totaled R$ 383.0 million, a 29.7% increase on the adjusted net income of

R$ 294.9 million in 2010, excluding the non-recurring equity income from the sale of interest in Elog.

Including this non-recurring income, net income was 35.1% lower in 2011.

Adjusted Net Income (R$ million)

4Q11 4Q10 Chg. 2011 2010 Chg.

Net Income 102.8 71.0 44.8% 383.0 590.3 -35.1%

(-) Non current revenue (Elog) - 7.5 n.m - (294.9) n.m

Adjusted Net Income 102.8 78.5 31.0% 383.0 295.4 29.7%

18

Cash and Cash Equivalents and Consolidated Debt

EcoRodovias ended December 2011 with cash and cash equivalents and investments in securities

amounting to R$ 671.8 million. The company’s gross debt totaled R$ 1,676.1 million on December 31,

2011, a 3.9% decrease from September 30, 2011:

The main factors that led to the gross debt reduction were the partial amortization of the debentures of

Ecovias dos Imigrantes and EcoRodovias Concessões e Serviços, the issue of Bank Credit

Certificates (CCB) by Ecovia Caminho do Mar and Ecosul, the disbursement of the third tranche of

Ecopistas’ loan from BNDES and the monetary restatement of the debentures of Ecovias dos

Imigrantes, EcoRodovias Concessões e Serviços and Ecopistas.

BNDES’ loan to Ecopistas is remunerated at an interest rate of TJLP (long-term interest rate) + 2.45%

p.a. and is earmarked for investments associated with the recovery, special preservation,

implementation of improvements and capacity expansion on the corridor formed by the Ayrton Senna

and Carvalho Pinto highways.

Debt (R$ million) 31/12/2011 30/09/2011 Chg. Tax Currency Remuneration


Debentures - EcoRodovias Conc. e Serv. 440.1 547.3 -19.6% IPCA + 8,75% / CDI + 1,5% R$ November 2015

Debentures - Ecovias dos Imigrantes 335.9 405.9 -17.2% IGP-M + 9,5% / 104,0% CDI R$ November 2014

Debentures - Ecopistas 412.3 397.3 3.8% IPCA+8,25% R$ January 2023

BNDES - Ecopistas 96.8 76.6 26.4% TJLP+2,45% a.a R$ June 2021

Interbank Depositary Receipt - Ecovia Caminho do Mar 35.5 39.3 -9.7% 110,20% of CDI R$ November 2012

Interbank Depositary Receipt - Ecovia Caminho do Mar 44.5 - n.m. 109% of CDI R$ November 2012

Interbank Depositary Receipt - Ecosul 39.6 38.3 3.4% IPCA + 7,20% a.a. R$ October 2014

Interbank Depositary Receipt - Ecosul 36.4 - n.m. 109% of CDI R$ November 2012

Logistics

Debentures-Elog 134.9 139.7 -3.4% CDI+2,20% a.a R$ December 2017

BNDES - Ecopátio Logística Cubatão 35.1 36.8 -4.6% TJLP + 2,4% a.a. R$ April 2017

CCI - Ecopátio Imigrantes 34.2 34.5 -0.9% IPCA + 7,20% a.a. R$ February 2020

Capital - Ecopátio Logística Cubatão 13.4 13.5 -0.7% TJLP + 3,90% a.a. R$ December 2013

Other 17.4 14.7 18.4% - - -

TOTAL DEBT 1,676.1 1,743.8 -3.9%

Disposal Cash 671.8 800.3 -16.1%

NET DEBT 1,004.3 943.8 6.4%

19

Consolidated CAPEX and CAPEX by Business Segment

The consolidated Investments at EcoRodovias amounted to R$ 140.9 million in 4Q11, 60.8% up on

4Q10.

Investments in the highway concession sector amounted to R$ 97.0 million in 4Q11, 22.9% up on

2010. Investments were mainly allocated to road laying works and maintenance, improvement of road

signs and security devices, hardware and toll collection equipment of the 5 concessionaires in

operation. At EcoRodovias Concessões e Serviços, investments were chiefly allocated to the renewal

of IT equipment and in construction works.

According to the accounting criteria established by the new accounting rules (IFRS/ICPC),

investments are booked as Construction Costs (Intangible Assets) or Maintenance Costs (Provision

for Maintenance). In the tables below, we have shown the total Capex and its breakdown by

accounting line.

Investments in the logistics sector totaled R$ 41.2 million in 4Q11, of which the major part was

allocated to Ecopátio Cubatão for the construction of a warehouse for customs warehousing services,

and other buildings. At Ecopátio Imigrantes, the main investment was the construction of a third

warehouse, also destined for customs warehousing services.

NET DEBT / EBITDA IFRS (R$ million) 31/12/2011 30/09/2011 Chg.

EBITDA (IFRS) 957.3 912.0 5.0%

Net Debt 1,004.3 943.8 6.4%

Net Debt / EBITDA (IFRS) 1.0 x 1.0 x 0.0 x

NET DEBT / Adjusted EBITDA (R$ million) 31/12/2011 30/09/2011 Chg.

Adjusted EBITDA 1,037.6 987.9 5.0%

Net Debt 1,004.3 943.8 6.4%

Net Debt / Adjusted EBITDA 1.0 x 1.0 x 0.0 x

20

Chg.

Intangible/ PP&E

Maintenance Cost

TotalIntangible/

PP&EMaintenance

CostTotal

4Q11 x 4Q10 Total


Ecovias dos Imigrantes 26.2 10.7 36.9 21.9 13.8 35.7 3.4%

Ecopistas 23.6 - 23.6 21.4 - 21.4 10.3%

Ecovia Caminho do Mar 9.5 - 9.5 4.5 - 4.5 111.1%

Ecocataratas 4.5 6.6 11.1 1.4 4.9 6.3 76.2%

Ecosul - Rodovias do Sul 8.6 0.6 9.2 4.5 2.5 7.0 31.4%

EcoRodovias Conc. e Serviços 6.7 - 6.7 4.0 - 4.0 67.5%

Total 79.1 17.9 97.0 57.7 21.2 78.9 22.9%

Logistics

Ecopátio Logística Cubatão 18.4 - 18.4 2.7 - 2.7 n.m

Ecopátio Imigrantes 11.3 - 11.3 0.2 - 0.2 n.m

Elog 3.8 - 3.8 3.2 - 3.2 n.m

Elog Sudeste/ElogSul 7.7 - 7.7 - - - n.m

Total 41.2 - 41.2 6.1 - 6.1 n.m

Holding e STP

Holding e STP 2.7 - 2.7 2.6 - 2.6 3.8%

CONSOLIDATED 123.0 17.9 140.9 66.4 21.2 87.6 60.8%

4Q104Q11

CAPEX (R$ million)

Chg.

Intangible/ PP&E

Maintenance Cost

TotalIntangible/

PP&EMaintenance

CostTotal

2011 x 2010 Total


Ecovias dos Imigrantes 75.3 41.2 116.5 52.2 41.2 93.4 24.7%

Ecopistas 67.4 - 67.4 107.3 - 107.3 -37.2%

Ecovia Caminho do Mar 28.2 - 28.2 25.8 9.3 35.1 -19.7%

Ecocataratas 10.6 22.6 33.2 3.8 22.6 26.4 25.8%

Ecosul - Rodovias do Sul 33.1 4.3 37.4 19.1 4.3 23.4 59.8%

EcoRodovias Conc. e Serviços 17.1 - 17.1 7.2 - 7.2 137.5%

Total 231.7 68.1 299.8 215.4 77.4 292.8 2.4%

Logistics

Ecopátio Logística Cubatão 28.6 - 28.6 6.9 - 6.9 n.m

Ecopátio Imigrantes 11.3 - 11.3 10.3 - 10.3 n.m

Elog 12.7 - 12.7 13.4 - 13.4 -5.2%

Elog Sudeste/ElogSul 18.8 - 18.8 - - - n.m

Total 71.4 - 71.4 30.6 - 30.6 n.m

Holding e STP

Holding e STP 10.3 - 10.3 8.7 - 8.7 18.4%

CONSOLIDATED 313.4 68.1 381.5 254.7 77.4 332.1 14.9%

CAPEX (R$ million)

2011 2010

21

Estimated CAPEX

PP&E/ Intangible

Maintenance Cost

Total

Highway Concessions (100%)

Ecovias dos Imigrantes 100.3 83.9 184.2

Ecopistas 207.7 13.3 221.0

Ecovia Caminho do Mar 24.9 3.2 28.1

Ecocataratas 70.4 19.1 89.5

Ecosul - Rodovias do Sul 41.3 0.7 42.0

Total 444.6 120.2 564.8

Logistics (100%)

Ecopátio Cubatão 27.1 - 27.1

Ecopátio Imigrantes 100% 48.3 - 48.3

Elog 105.7 - 105.7

Total 181.1 - 181.1

ESTIMATED CAPEX (R$ million)2012 E

22

SOCIAL AND ENVIRONMENTAL RESPONSIBILITY

Ecoviver – EcoRodovias group’s social and environmental responsibility program targeted at the

environmental education of children and youth, it has already served 24 municipalities through more

than 1.593 schools, 5,980 teachers and 224,000 students since 2006.

Recognition – EcoRodovias was elected one of the 150 best companies to work at by Exame

magazine for the third straight year and one of the 100 best companies to work at by Época magazine

for the first time. In October, the company received the Citizen Company Seal Award, promoted by the

São Paulo Municipal Chamber, as well as the Estadão Human Resources Top of Mind Award in the

category Top Social Responsibility.

Corporate Sustainability Index (ISE) – EcoRodovias stock is part of the BM&FBOVESPA’s 2012 ISE

portfolio. The ISE reflects the return on a portfolio composed of shares of companies committed to

social responsibility and corporate sustainability, as well as to promote good practices among Brazilian

companies.

ECORODOVIAS BUSINESS STRUCTURE

23

SUBSIDIARIES

Responsible for the Anchieta-Imigrantes System (SAI), Ecovias dos Imigrantes is the export/import

corridor for the Port of Santos and connects the São Paulo Metropolitan Area to the Cubatão

Petrochemical Complex, the manufacturers in the ABCD satellite cities of São Paulo and the coastal

Baixada Santista region. More than 56 million equivalent paying vehicles circulate on the 176.8

kilometers of the Anchieta-Imigrantes highway network.

Ecopistas manages and operates the Ayrton Senna / Carvalho Pinto Corridor that connects the São

Paulo metropolitan region to Vale do Paraíba, the hilly region of Campos do Jordão, the Port of São

Sebastião and the beaches on the state’s northern coast. Stretching over 134.9 km and with annual

traffic of more than 70 million equivalent paying vehicles, it has become one of the most important

highways for the flow of industrial production from around 2,000 companies in the Vale do Paraíba

region.

Ecovia Caminho do Mar is responsible for a set of federal and state highways that represent the

corridor for the transportation of goods from Paraná to the Port of Paranaguá, and of tourists to the

state’s coast, through the BR-277, PR-508 and PR-407 highways, with total combined length of 136.8

km.

24

Acquired by EcoRodovias in February 2008, Ecocataratas connects the municipalities of Guarapuava,

Cascavel and Foz do Iguaçu (border with Argentina and Paraguay), through the 387.1 km stretch of

highway BR-277. In 2010, this highway stretch recorded traffic of more than 23 million equivalent

paying vehicles.

Ecosul – Rodovias do Sul S.A. operates one of the largest toll-road networks in Brazil, with 623.8 km

on the Pelotas highway complex. In addition to providing vital access to the Port of Rio Grande,

Ecosul - Rodovias do Sul also plays an important role in tourism in Brazil’s southern coastal areas

through BR-116.

Ecopátio Logística Cubatão manages the largest intermodal terminal, regulating truck and container

flows headed to the Port of Santos. Located on an area of 442,700 m2 and equipped with traffic and

cargo monitoring and control systems, it will help exporters and importers as well as the port in

managing the logistics of their products. The project receives BNDES financing for construction.

In partnership with Prosperitas, Ecopátio Imigrantes, located in São Bernardo do Campo in São Paulo,

will install a logistics condominium through the construction and leasing of warehouses specializing in

logistics, and operation and maintenance to be executed by Elog – the Group’s logistics subsidiary,

specializing in imports, exports and distribution of products.

25

Acquired by the EcoRodovias Group in 2010, its trajectory was marked by innovation. Currently, the

company operates integrated logistics services, with focus on the main consumer complex of Brazil.

With a total area of 410,000 m2 distributed over the 7 units strategically located in southeast Brazil,

Columbia uses its vast experience and market knowledge to design and implement customized

logistics solutions for clients within the characteristics and flexibilities needed for each segment,

whether industrial or commercial.

Acquired by EcoRodovias in 2010, its strategic objective is the expansion of logistics services in South

Brazil. Thanks to its extensive coverage, it operates in Mercosur and other regions across Brazil. With

a total area of 550,000 m2 distributed strategically in 7 units in the southern Brazilian states of Paraná

and Rio Grande do Sul, the company offers total integration of the domestic logistics solutions or

under customs regimes for companies in the region that have domestic or international trade

operations.

STP – Serviços e Tecnologia de Pagamentos S.A. operates nationwide in electronic toll collection and

parking lot fee collection at shopping centers and airports. As the pioneer and leader in the installation

of Automatic Vehicle Identification Systems (AVI) in Brazil, STP is present in 94% of the country’s toll

stations, manages more than 111 million tags that now accept the system, and manages more than

3.0 million tags.

Disclaimer: This document contains forward‐looking statements concerning the future prospects of our business, which are subject to risks and

uncertainties. These statements are based on the beliefs of our management and the information available to the Company at this time. Forward‐

looking statements do not constitute guarantees of future performance, and are dependent on economic, market and political conditions, as well as

operational factors. Therefore, the actual future results of the Group’s companies may differ substantially from those expressed or suggested by

such forward‐looking statements.

26

FINANCIAL STATEMENTS

BALANCE STATEMENT 12/31/2011 09/30/2011 Chg

ASSET (R$ thousand)

CURRENT

Avaiable Funds 604,551 727,195 -16.9%

Marketable securities 30,106 73,153 -58.8%

Clients 176,505 158,086 11.7%

Tax Recoverable 27,403 25,422 7.8%

Prepaid Expenses 8,503 7,177 18.5%

Other Credits 30,564 28,501 7.2%

Current Asset 877,632 1,019,534 -13.9%

NON CURRENT

Deferred Tax and Social Contribution 68,444 68,855 -0.6%

Judicial Deposits 25,242 23,750 6.3%

Prepaid expenses 410 423 -3.1%

Other Credits 6,393 4,106 55.7%

Indemnifying assets 2,870 2,658 8.0%

Securities 37,201 36,407 2.2%

Long Term Asset 140,560 136,199 3.2%

Investment property 51,603 47,263 9.2%

Property, Plant and Equipment 287,933 252,476 14.0%

Intangible 2,798,709 2,769,799 1.0%

Permanent 3,138,245 3,069,538 2.2%

Non Current Asset 3,278,805 3,205,737 2.3%

TOTAL ASSET 4,156,437 4,225,271 -1.6%

27

BALANCE STATEMENT 12/31/2011 09/30/2011 Chg

Liabilities and shareholders' equity (R$ thousand)

CURRENT

Suppliers 131,851 96,608 36.5%

Borrowings and Loans 161,120 65,382 146.4%

Finance Lease 2,016 2,269 -11.2%

Debentures 378,634 377,719 0.2%

Tax Obligations 21,566 20,769 3.8%

Labor and Social Obligations 30,354 36,763 -17.4%

Tax Recovery Program - REFIS 259 434 -40.3%

Related Parties - Suppliers 1,787 6,976 -74.4%

Concession Creditor 17,082 16,645 2.6%

Tax and Social Contribution Provision 20,152 23,119 -12.8%

Dividends - 26 -

Provision for Maintenance 38,286 32,458 18.0%

Provision for Future Construction Works 12,527 11,082 13.0%

Other Liabilities 46,296 35,793 29.3%

Current Liability 861,930 726,043 18.7%

NON CURRENT LIABILITY

Borrowings and Loans 189,187 184,919 2.3%

Finance Lease 641 997 -35.7%

Debentures 944,565 1,112,504 -15.1%

Tax Recovery Program - REFIS 2,710 2,482 9.2%

Other Accounts Payable 4,951 4,976 -0.5%

Deferred Taxes 24,430 21,983 11.1%

Provision for Tax, Labor and Civil Losses 52,634 54,862 -4.1%

Concession Creditor 55,099 56,566 -2.6%

Provision for Maintenance 133,259 131,651 1.2%

Provision for Future Construction Works 1,929 3,126 -38.3%

Non Current Liability 1,409,405 1,574,066 -10.5%

EQUITY CAPITAL

Capital Stock 1,320,549 1,320,549 0.0%

Capital Reserve - Stock Option Plan 31,224 30,527 2.3%

Profit Reserve - Legal 90,751 71,600 26.7%

Profit Retention Reserve 439,536 215,747 103.7%

Net Profit - 280,237 -

Non-controlling Interest in Equity of Subsidiaries 3,042 6,502 -53.2%

Shareholders' Equity 1,885,102 1,925,162 -2.1%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,156,437 4,225,271 -1.6%

28

INCOME STATEMENT (R$ Thousand) 4Q11 4Q10 Chg.

Gross Revenue 535,302 397,525 34.7%

Revenue from Toll Collection 366,367 330,178 11.0%

Logistics Revenue 76,706 5,724 n.m.

Services Revenues 14,659 12,380 18.4%

Ancillary Revenues 13,984 12,382 12.9%

Construction Revenues ICPC-01 63,585 36,861 72.5%

Gross Revenue Deduction (42,632) (30,431) 40.1%

NET REVENUE 492,670 367,094 34.2%

Cost of Services (225,983) (164,353) 37.5%

Personnel (27,928) (19,202) 45.4%

Maintenance (13,461) (17,976) -25.1%

Third-party Services (26,474) (10,131) 161.3%

Concession Fees and Insurance (21,732) (13,714) 58.5%

Depreciation (39,174) (39,083) 0.2%

Other (11,892) (10,093) 17.8%

Provision for Maintenance (ICPC-01) (21,737) (17,294) 25.7%

Work Constructions Costs (ICOC-01) (63,585) (36,861) 72.5%

GROSS PROFIT 266,687 202,741 31.5%

Operating (Expenses) Revenues (58,370) (43,764) 33.4%

G&A Expenses (58,332) (36,210) 61.1%

Other (38) (7,554) -99.5%

EBIT 208,317 158,977 31.0%

Financial Result (46,251) (45,848) 0.9%

PROFIT BEFORE IR & CS 162,066 113,129 43.3%

Social Contribution and Income Tax (58,176) (41,140) 41.4%

NET PROFIT 103,890 71,989 44.3%

Minority Participation (1,111) (1,007) 10.3%

Shareholders Participations 102,779 70,980 44.8%

NET PROFIT 102,779 70,980 44.8%

# Shares (000) 558,699 558,699 0.0%

EPS (R$) 0.19 0.13 46.2%

29

INCOME STATEMENT (R$ Thousand) 2011 2010 Chg.

Gross Revenue 1,985,113 1,528,247 29.9%

Revenue from Toll Collection 1,389,658 1,233,260 12.7%

Logistics Revenue 286,750 25,705 n.m

Services Revenues 55,434 46,398 19.5%

Ancillary Revenues 53,835 48,184 11.7%

Construction Revenues ICPC-01 199,435 174,700 14.2%

Gross Revenue Deduction (157,742) (100,639) 56.7%

NET REVENUE 1,827,371 1,427,608 28.0%

Cost of Services (855,452) (623,618) 37.2%

Personnel (121,078) (74,569) 62.4%

Maintenance (57,173) (62,867) -9.1%

Third-party Services (93,435) (35,747) 161.4%

Concession Fees and Insurance (92,500) (49,186) 88.1%

Depreciation (163,157) (139,589) 16.9%

Other (48,362) (38,777) 24.7%

Provision for Maintenance (ICPC-01) (80,312) (48,184) 66.7%

Work Constructions Costs (ICOC-01) (199,435) (174,700) 14.2%

GROSS PROFIT 971,919 803,990 20.9%

Operating (Expenses) Revenues (183,650) 165,455 -211.0%

G&A Expenses (183,471) (132,322) 38.7%

Other (179) 297,778 -100.1%

EBIT 788,269 969,445 -18.7%

Financial Result (183,080) (199,460) -8.2%

PROFIT BEFORE IR & CS 605,188 769,985 -21.4%

Social Contribution and Income Tax (217,622) (175,946) 23.7%

NET PROFIT 387,566 594,039 -34.8%

Minority Participation (4,549) (3,744) 21.5%

Shareholders Participations 383,017 590,295 -35.1%

NET PROFIT 383,017 590,295 -35.1%

# Shares (000) 558,699 558,699 0.0%

EPS (R$) 0.69 1.06 -34.9%

30

CASH FLOW (R$ thousand) 12/31/2011 12/31/2010

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income 605,188 769,985

Adjustments to reconcile net profit to net cash 545,397 261,874

Depreciation and amortization 168,230 140,445

Disposal of fixed assets 5,096 5,511

Monetary variation of borrowings and loans 236,280 223,755

Monetary adjustment of concession fee obligation 9,548 29,773

Provisions fot contingences 27,868 20,984

Provision for construction and net monetary 80,192 64,153

Provision for maintenance and net monetary 16,304 17,568

Marketable securities Income (1,673) (1,624)

Deferred taxes 1,466

Investments in subsidiaries - (239,015)

Share based compensation 2,086 324

Changes in operating assets (89,902) (33,145)

Clients (48,783) (17,022)

Related parties 260 -

Recoverable taxes (5,552) (14,917)

Prepaid expenses (1,508) 60

Judicial Deposits (10,714) (577)

Other assets (23,605) 17,583

Other Indemnifying assets - (18,272)

Changes in operating liabilities (439,888) (449,537)

Suppliers 34,649 6,930

Accrued payroll and related liabilities 1,691 3,037

Taxes and contributions payable (191) 5,851

Related parties 1,387 (3,738)

Provision for tax, civil and labor losses (22,913) (6,526)

Provision for maintenance (72,478) (96,852)

Interest paid (183,802) (199,746)

Other accounts payable 4,677 7,631

Social Cont and Income Tax paid (202,908) (166,124)

Net cash used in investing activities 620,795 549,177

CASH FLOWS FROM INVESTMENT ACTIVITIES

Acquisition of property, plant and equipment and intangible assets (301,091) (244,389)

Acquisition of properties for investments (9,042) (10,293)

Assets received from new acquisitions -Elog Sudeste and Elog Sul - (116,307)

Payment of minority divdends - (168)

Elog transfer - 13,497

Cash used in investment activities (310,133) (357,660)

CASH FLOWS FROM FINANCING ACTIVITIES

Concession Creditor (12,004) (336,994)

Marketable securities (35,834) 1,894

Funding and financing 544,465 990,889

Payments of financing (691,041) (943,487)

Payment of dividends and Interest on Stockholder’s Capital (285,546) (278,600)

Payment of minority dividends (8,171) -

Payment for treasury stock (2,011) -

Capital increase - 874,000

Costs of IPO - (20,150)

Elog Sudeste and Elog Suls acquisition payment (88,025) -

Tax amnesty program (REFIS) (598) -

Net cash provided by (used in) financing activities (578,765) 287,552

Net cash effect from acquisition of new companies - 4,061

INCREASE IN CASH AND INVESTMENTS (268,103) 483,130

Cash and investments - at the beginning of the period/year 872,654 389,524

Cash and investments - at the end of the period/year 604,551 872,654

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