AAAR – Association of American Railroads. ABRATEC – Associação Brasileira dos Terminais de Contêineres de Uso Público, the Brazilian Association of Public Container Terminals. ADR – American Depositary Receipts. Certificates issued by U.S. banks and representing the shares of companies based outside the United States. AFRMM – Adicional ao Frete para a Renovação da Marinha Mercante, the Freight Charge for Renewal of the Merchant Marine. Andima – Associação Nacional das Instituições do Mercado Aberto, the Brazilian Association of Open Market Institutions. Animec – Associação Nacional de Investidores do Mercado de Capitais, the Brazilian Association of Capital Market Investors. ANTAQ – Agência Nacional de Transportes Aquaviários, the Brazilian Shipping Agency. ANTF – Associação Nacional dos Transportadores Ferroviários, the Brazilian Association of Railroad Transport. ANTT – Agência Nacional de Transportes Terrestres, the Brazilian Land Transportation Agency. Apimec – Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais, the Brazilian Association of Capital Market Analysts and Investment Professionals. Availability rate – A rate used in the coasting trade industry to determine the time during which a vessel is fit to sail. |
BBACEN – Banco Central do Brasil, the Central Bank of Brazil. Bareboat charter – A charter arrangement in which the responsibility for fitting out the vessel – i.e. hiring the crew, performing maintenance, and providing the supplies – rests with the charterer. Bareboat chartering – In this kind of contract the charterer has the possession, use and control of the vessel for a pre-determined period. The charters’ responsibility includes the manning, maintenance and operation of the vessel, and the chartering costs are due even if vessels interrupt operations due to technical problems. Benchmark – A term used to refer to an index that will serve as a parameter of comparison for investments, products, services, and charges. BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange created through the merger between the Brazilian Mercantile & Futures Exchange (BM&F) and the São Paulo Stock Exchange (BOVESPA). BNDES – Banco Nacional de Desenvolvimento Econômico e Social, the Brazilian national bank for economic and social development. Board of Directors – A body with the following main attributions: (i) devise strategies for the company; (ii) elect the Board of Executive Officers; (iii) inspect and evaluate the performance of management; and (iv) select a firm to be responsible for the independent audit activities. BR GAAP – Generally Accepted Accounting Principles – Brazil. These principles are based on the Brazilian Corporate Law, on the rules issued by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), on the accounting standards issued by the Institute of Independent Auditors of Brazil (Instituto dos Auditores Independentes do Brasil – IBRACON), and on the resolutions published by the Federal Council of Accountants (Conselho Federal de Contabilidade – CFC). Brazilian Corporate Law or Law no. 6.404/76 – Law no. 6.404 of December 15, 1976 and its amendments. |
CCAGR – Compound annual growth rate. CAP – Conselho de Autoridade Portuária, the Brazilian Port Authority Council. Capital increase – Addition of new resources or reserves to a company’s capital stock. Capital market – A network formed by the stock exchanges and financial institutions that trade securities issued by companies, and whose purpose is to channel the resources available to finance trade, industry, and government expenditure. It plays a major role in the economic growth of a country. Capitalization – Increase in the stockholders’ equity of a company through the issue of shares. CASEMG – Companhia de Armazéns e Silos do Estado de Minas Gerais. Center-East RFFSA Network – Railway network operated by FCA. Stretching across 8,093km, it covers seven states in Brazil (Minas Gerais, Espírito Santo, Rio de Janeiro, Sergipe, Goiás, Bahia, and São Paulo) plus the Federal District. CEO – Chief Executive Officer – the principal executive of a company. Cerrado Dry Port – An intermodal surface cargo terminal located in the city of Uberlândia, Minas Gerais state. It is a bonded warehouse where goods are handled, stored and cleared. Customs and operations are controlled by our subsidiary PSC Terminais Intermodais. CFO – Chief Financial Officer – executive in charge of a company’s finances. Closing price – The price of the final trade of a security at the end of a trading day on a stock exchange. Coasting trade – Freight services between ports, airports or any other point within the same country. CODESA – Companhia Docas do Espírito Santo. Common shares – Shares that entitle their owners to vote on administrative issues. Copom – Comitê de Política Monetária, the Committee on Monetary Policy of the Central Bank of Brazil. CVM – Comissão de Valores Mobiliários, the Brazilian Securities and Exchange Commission. |
DDCNDB – DCNDB Overseas S/A. Disclosure – Release of comprehensive information about a company’s business activities to help investors make decisions and offer them additional protection. Dividend – Distribution of earnings in cash to shareholders proportionately to the number of shares owned and using the proceeds of profits generated by the company over a specific period of time. According to the Brazilian Corporate Law, companies are required to distribute at least 25% of the net profits obtained in each fiscal year. Docenave Argentina – Docenave Argentina S.A.R.L. Dredging – Digging service in the access channels and docking areas of ports for maintenance or increase of its depth |
EEBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization. Log-In’s adjusted EBITDA: EBITDA adjusted by the inclusion of the benefits of AFRMM – Additional Charge to Freight for the Renewal of the Merchant Marine – corresponding to the reimbursement of expenses on ship maintenance and building. Log-In also considers in its adjusted EBITDA the result obtained from the settlement of derivative operations by means of fuel forward contracts (bunker, reference US Gulf Coast FO 3%). EBITDA Margin – Ratio between EBITDA and net revenues. Log-In’s adjusted EBITDA margin: Ratio between Log-In’s adjusted EBITDA and net revenues. EBITDAR – Earnings Before Interest, Taxes, Depreciation, Amortization and Rent. Log-In’s adjusted EBITDAR: EBITDAR adjusted by the inclusion of the expenses incurred with freighting of ships and renting of containers used in Log-In’s operations. EBITDAR Margin – Ratio between EBITDAR and net revenues. Log-In’s adjusted EBITDAR margin: Ratio between Log-In’s adjusted EBITDAR and net revenues. |
FFeeder – A short branch transportation line used to collect cargo from or to deliver it to a main line. In coasting trade, this corresponds to the services provided to the carriers that operate ocean liners. FEU – Forty-Foot Equivalent Unit – a standard unit of measurement for containers in international trade. It corresponds to a standard container measuring 40 feet (12.0m) in length. Financial market – A market where resources are transferred from one economic agent to another. FMM – Fundo da Marinha Mercante, the Merchant Shipping Fund. Fork-lifts or reach stackers – Equipment used to carry containers into trucks and to displace and pile up containers. Free-float – Number of shares of a public company that are freely available for trade to the investing public in organized markets. Frota Oceânica – Frota Oceânica e Amazônica S.A. – the company from which Log-In charters five vessels to provide coasting trade services today. FUNDAP – Fundo para o Desenvolvimento das Atividades Portuárias do Espírito Santo. The FUNDAP program is a tax incentive that permits companies that import through the Port of Vitória, State of Espírito Santo, to defer payment of certain value-added taxes |
GGEIPOT – Grupo Executivo de Integração da Política de Transportes (Executive Group for the Integration of Transportation Policy) – a group created under Decree no. 57.003 of October 11, 1965, and headed by the Minister of Transport and Public Works, Minister of the Treasury Department, Minister Extraordinary for Economic Planning and Coordination, and Head of the Armed Forces General Staff. |
HHedge – A strategy used by investors to protect themselves from the risk of price variations that may thwart their objectives. They do so by engaging in financial operations such as futures contracts and option agreements (involving currencies, interest, indices, commodities, etc.). |
IIBGC – Instituto Brasileiro de Governança Corporativa, the Brazilian Institute of Corporate Governance. Ibovespa index – Ibovespa index indicates the average yield of a theoretical portfolio composed by the stocks that are most frequently traded in significant volumes on the São Paulo Stock Exchange. It is reviewed once every four months and it serves as an indicator of market behavior. Its composition is as close as possible to the actual configuration of the transactions carried out at sight on Bovespa. Ibri – Instituto Brasileiro de Relações com Investidores, the Brazilian Investor Relations Institute. IBX index – Índice Brasil (Brazil Index). A price index that measures the yield of a theoretical portfolio consisting of 100 stocks selected from the most frequently traded stocks on Bovespa. IFRS – International Financial Reporting Standards – international accounting standards promulgated by the International Accounting Reporting Standards. Intermodal transport – Transportation using more than one means of transport. In other words, it refers to the process of carrying goods from their point of departure and delivering them at their final destination through different means of transport. |
JJCP – Juros sobre o Capital Próprio, or Interest on Shareholders Equity. One way of distributing earnings to shareholders. Established through Law no. 9.249/95, it allows companies to include, in the amount owed to their shareholders as dividends, the interest paid or credited on shareholders equity, for tax/fiscal purposes. The interest thus paid is deducted when real profits are calculated. |
LLog-In’s adjusted EBITDA – EBITDA adjusted by the inclusion of the benefits of AFRMM – Additional Charge to Freight for the Renewal of the Merchant Marine – corresponding to the reimbursement of expenses on ship maintenance and building. Log-In also considers in its adjusted EBITDA the result obtained from the settlement of derivative operations by means of fuel forward contracts (bunker, reference US Gulf Coast FO 3%). EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization. Log-In’s adjusted EBITDA margin – Ratio between Log-In’s adjusted EBITDA and net revenues. EBITDA Margin: Ratio between EBITDA and net revenues. Log-In’s adjusted EBITDAR – EBITDAR adjusted by the inclusion of the expenses incurred with freighting of ships and renting of containers used in Log-In’s operations. EBITDAR: Earnings Before Interest, Taxes, Depreciation, Amortization and Rent. Log-In’s adjusted EBITDAR margin – Ratio between Log-In’s adjusted EBITDAR and net revenues. EBITDAR Margin: Ratio between EBITDAR and net revenues. |
MMajority shareholder – Controlling shareholder of a company. Market share – Share of the sales of a product or service that a company holds within its business market. Market value of a stock – Value of a stock traded on a stock exchange. It may be higher or lower than its net worth value. Mercosur service – A cargo transportation service provided by Log-In between Brazilian ports and the ports of Buenos Aires and Zárate, in Argentina. |
NNet worth value of a stock – Net worth value of a stock as shown on the balance sheet, divided by the number of existing shares. Novo Mercado – A special segment of BM&FBovespa that lists the stocks of companies whose administrators and controllers have voluntarily pledged to comply with certain requirements in addition to those imposed by law. The purpose of this segment is to improve the quality of the information provided to the capital market, and to encourage good corporate governance practices. It is divided into three levels: Level 1, Level 2, and Novo Mercado . NTK – Net ton kilometers – weight of the cargo multiplied by the distance carried. |
OOGMO – Órgão Gestor de Mão-de-Obra do Trabalho Portuário, the port workers’ labor management body. Opening price – Price at which a security starts a trading day on a stock exchange. Organized port – A port built and fitted to meet the needs of navigation and passenger transportation or to handle and store cargo. It is exploited directly by the Brazilian Federal Government or indirectly by a public service corporation. The traffic and operations of an organized port are under the jurisdiction of some port authority. |
PPort of Vitória – A port whose inbound and outbound traffic by sea, and quay and terminal operations, as described below, fall under the jurisdiction of CODESA: (i) on the south end of Vitória Island: Vitória Quay, including its commercial quay and terminal leased to Flexibrás; and (ii) facing Vitória Quay, on the continent and on the banks of the approach canal, is the CPVV Quay (Companhia Portuária Vila Velha – Berth 903), the Capuaba Quay, Berths 201, 202, 203, 204 and 205 (Berths 203, 204 and 205 being leased to TVV – Terminal de Vila Velha), Dolfins, Paul Quay (Berth 206 – leased to Peiú S.A. and Berth 905 – Terminal leased to Vale S.A.), and the Liquid Bulk Cargo Terminal. Located in the State of Espírito Santo. Port Operator – corporation that is pre-qualified by the port management for the execution of port operations. Ports Law – Law no. 8.630 of February 25, 1993 and its amendments. Preferred shares – Shares with no voting rights, but with preference over common shares in dividend payouts. Price – The price of each bond, stock, currency or commodity traded on a stock exchange or commodities and futures market. PSC Terminais Intermodais – PSC Terminais Intermodais Ltda. – a subsidiary that is authorized by Brazilian Federal Revenue Secretariat (Secretaria da Receita Federal or SRF) to exploit the Cerrado Dry Port, and whose former corporate name was Mineração Andirá Ltda. Publicly-held company – A company whose securities are registered with the CVM for trading on a stock exchange or OTC (over the counter) market. |
RRFFSA – Rede Ferroviária Federal S.A. RMG – Rail Mounted Gantry – a frame structure mounted across a railway and used to carry containers horizontally across different points of a container terminal. Road-head transport – Cargo transportation by road and over short distances. This modality complements our coastal shipping trade service at both ends (departure and destination) of the routes used to carry cargo for our clients. RSM – Regular Shareholders’ Meeting. Assembly of a company’s stockholders that must be summoned at some point during the first four (4) months following the end of a fiscal year so that the shareholders may receive, examine and vote on the financial statements presented by Company Management; deliberate on the destination of net profits obtained during the fiscal year and on the distribution of dividends; as well as elect the administrators and members of the Statutory Audit Committee, where applicable. RTG – Rubber Transtainer Gantry – a frame structure mounted on tires and used to carry containers horizontally across different points of a container terminal. |
SSEC – Securities and Exchange Commission. The agency in charge of regulating the U.S. capital market. Secex – Secretaria de Comércio Exterior, the Foreign Trade Secretariat of the Brazilian Ministry of Development, Industry and Trade. Shares – Securities that indicate the interest of a shareholder in a certain company and entitle him or her to part of that company’s profits. SSM – Special Shareholders’ Meeting. Special assembly of a company’s stockholders to decide on issues extraneous to the agenda of Regular Shareholders’ Meetings. Several of them may be held in a single fiscal year. Statutory Audit Committee – The role of this committee is to inspect the company’s finances. Stock Exchange – A civil association organized for the purpose of trading securities issued by private or government-owned companies. Brokers operating on the stock exchange represent the interests of publicly-held companies and trade on their behalf. Demand and supply determine the price of the securities traded on the stock exchange. Subsidiary – A legal entity controlled by the Company. |
TTag-along – Extension of rights enjoyed by controlling shareholders if they decide to sell their stake. In this case, the minority shareholders have the right to join the transaction and sell their minority stake in the company and sell their shares at the same price. Take-or-Pay – Contractual obligation between a purchaser and a seller of product or services that requires the purchaser to pay a minimum amount for product or services, even if these have not been used or delivered. TERCAM – An intermodal inland cargo terminal located in the city of Camaçari, Bahia State. TEU – Twenty-Foot Equivalent Unit – the main standard unit of measurement for containers in international trade. It corresponds to a container measuring 20 feet (6.0m) in length. Time charter – In this kind of agreement the charterer receives the vessel maintained and manned to operate for a pre-determined period. In case of stoppages due to technical reasons, any time loss is deducted from the lease expenses. TVV – A container terminal located at the Port of Vitória in Espírito Santo State, and for which Log-In holds an operating franchise. |
UUNCTAD – United Nations Conference on Trade and Development US GAAP – Generally Accepted Accounting Principles – U.S. |
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