Second Quarter 2007

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

45,494

25,932

1,944

(66)

73,304

Costs

33,174

22,844

1,112

(64)

57,066

Gross Result

12,320

3,088

832

2

16,238

Gross Margin

27.1%

11.9%

42.8%

n/a

22.2%

SG & A

808

2,175

392

6,336

9,711

Transportation Income

11,512

913

440

(6,338)

6,527

Operating Margin

25.3%

3.5%

22.6%

n/a

8.9%

Second Quarter 2006

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

36,945

22,607

1,729

(16)

61,265

Costs

27,712

20,168

1,199

35

49,114

Gross Result

9,233

2,439

530

(51)

12,151

Gross Margin

25.0%

10.8%

30.7%

n/a

19.8%

SG & A

1,273

1,860

395

5,438

8,966

Transportation Income

7,960

579

135

(5,489)

3,185

Operating Margin

21.5%

2.6%

7.8%

n/a

5.2%

First Six Months 2007

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

87,378

50,017

4,678

(150)

141,923

Costs

63,525

44,836

2,328

(152)

110,537

Gross Result

23,853

5,181

2,350

2

31,386

Gross Margin

27.3%

10.4%

50.2%

n/a

22.1%

SG & A

2,313

3,769

825

11,557

18,464

Transportation Income

21,540

1,412

1,525

(11,555)

12,922

Operating Margin

24.7%

2.8%

32.6%

n/a

9.1%%

First Six Months 2006

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

68,134

51,766

3,833

(76)

123,657

Costs

52,097

47,073

2,370

(111)

101,429

Gross Result

16,037

4,693

1,463

35

22,228

Gross Margin

23.5%

9.1%

38.2%

n/a

18.0%

SG & A

2,594

3,433

782

10,518

17,327

Transportation Income

13,443

1,260

681

(10,483)

4,901

Operating Margin

19.7%

2.4%

17.8%

n/a

4.0%