Third Quarter 2007

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

44,671

31,150

1,174

(73)

76,922

Costs

31,483

28,516

1,080

(76)

61,003

Gross Result

13,188

2,634

94

3

15,919

Gross Margin

29.5%

8.5%

8.0%

n/a

20.7%

SG & A

1,278

1,959

426

7,006

10,669

Transportation Income

11,910

675

(332)

(7,003)

5,250

Operating Margin

26.7%

2.2%

(28.3%)

n/a

6.8%

 Third Quarter 2006

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

38,158

20,026

1,017

(147)

59,054

Costs

27,763

19,200

1,168

(209)

47,922

Gross Result

10,395

826

(151)

62

11,132

Gross Margin

27.2%

4.1%

(14.8%)

n/a

18.9%

SG & A

1,293

622

455

5,246

7,616

Transportation Income

9,102

204

(606)

(5,184)

3,516

Operating Margin

23.9%

1.0%

(59.6%)

n/a

6.0%

Nine Months 2007

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

132,049

81,167

5,852

(223)

218,845

Costs

95,008

73,352

3,408

(228)

171,540

Gross Result

37,041

7,815

2,444

5

47,305

Gross Margin

28.1%

9.6%

41.8

n/a

21.6%

SG & A

3,591

5,728

1,251

18,563

29,133

Transportation Income

33,450

2,087

1,193

(18,558)

18,172

Operating Margin

25.3%

2.6%

20.4%

n/a

8.3%

Nine Months 2006

Maritime

Logistics

Ports

Corporate and Others

Total

Revenues

106,292

71,792

4,850

(223)

182,711

Costs

79,860

66,273

3,538

(320)

149,351

Gross Result

26,432

5,519

1,312

97

33,360

Gross Margin

24.9%

7.7%

27.1%

n/a

18.3%

SG & A

3,887

4,055

1,237

15,764

24,943

Transportation Income

22,545

1,464

75

(15,667)

8,417

Operating Margin

21.2%

2.0%

1.5%

n/a

4.6%