2 q09 presentation
TRANSCRIPT
2Q09 and 1H09 Earnings
Conference Call and Webcast
August 2009
Legal Advice
This presentation contains statements that may constitute “forward-looking statements”,based on current opinions, expectations and projections about future events. Suchstatements are also based on assumptions and analysis made by Wilson, Sons and are subjectto market conditions which are beyond the Company’s control.
Important factors which may lead to significant differences between real results and theseforward-looking statements are: national and international economic conditions; technology;financial market conditions; uncertainties regarding results in the Company’s futureoperations, its plans, objectives, expectations, intentions; and other factors described in thesection entitled "Risk Factors“, available in the Company’s Prospectus, filed with the BrazilianSecurities and Exchange Commission (CVM).
The Company’s operating and financial results, as presented on the following slides, wereprepared in conformity with International Financial Reporting Standards (IFRS), except asotherwise expressly indicated. An independent auditors’ review report is an integral part ofthe Company’s condensed consolidated financial statements.
2
25.6
33.1
2Q08 2Q09
29.1%
20.1% 28.7%
38.8
49.2
1H08 1H09
26.9%
15.6% 22.5%Net
Margin
30.936.1
2Q09 2Q08
16.5%
24.3% 31.2%
52.6
67.3
1H08 1H09
27.9%
21.2% 30.7%EBITDA
Margin
248.4219.0
41.9 52.4
1H08 1H09
-11.9%
25.0%
16.9% 23.9%
127.2115.4
25.2 28.7
2Q08 2Q09
-9.3%
13.6%
19.8% 24.8%Operating
Margin
3
Consolidated Results – 2Q09 & 1H09
(USD million)
91.4
122.7
2007 2008
22.6% 24.6%
25.3
39.9
4Q07 4Q08
EBITDA
EBITDA
Margin21.6% 34.0%
127.2115.4
25.2 28.7
2Q08 2Q09
Net Revenues Operating Profit
-9.3%
13.6%
19.8% 24.8%
127.2115.4
25.2 28.7
2Q08 2Q09
Net Revenues Operating Profit
-9.3%
13.6%
19.8% 24.8%
57.846.9
2007 2008
14.3% 9.4%
17.4
5.0
4Q07 4Q08
Net Income
Net
Margin14.8% 4.3%
Highlights:
Positive earnings growth from solid performance in the offshore and logistics businesses; recovery in port terminals and positive results in towage;
Volumes rebounded, although still negatively impacted by the current macroeconomic environment;
2Q09 operating profit and EBITDA posted double-digit growth for the third consecutive quarter;
Net income 29% higher in Q2 2009 and +27% YTD 2009.
Port Terminals
At the Rio Grande container terminal, record-high monthly volume performance in June 2009; repositioning of empty containers in the quarter;
Volume recovery also at the Salvador container terminal; expansion project under negotiations; Brasco results: new contracts won in 2Q09.
Towage
Delivery of tugboats Andromeda and Vega; Higher proportion of special operations into towage revenues; services delivered to ships with higher deadweight.
Offshore
Spot operations in line in the quarter; start of operations by PSV Petrel (joint venture), chartered by Wilson, Sons.
Logistics
Focus on higher value-added services; better cargo turnover at the Company’s dry port (EADI).
Shipyard
Fleet expansion and third-party construction activities continued in 2Q09, as expected.
Subsequent Events
Shipyard expansion in Guarujá: effort under way aimed at obtaining the environmental license; Joint venture with Magallanes: the Company continued to seek the necessary approvals and it
expects to reach the final stages in the structuring of the joint venture by late 2009.
Highlights
4
198.2
238.0
29.0 34.230.9 29.6
138.3174.2
2Q08 2Q09
399.1 416.4
57.5 57.0
57.2 53.4
284.3 306.0
1H08 1H09
Deep Sea
Cabotage
Others
198.2
238.0
29.0 34.230.9 29.6
138.3174.2
2Q08 2Q09
399.1 416.4
57.5 57.0
57.2 53.4
284.3 306.0
1H08 1H09
Deep Sea
Cabotage
Others
198.2
238.0
29.0 34.230.9 29.6
138.3174.2
2Q08 2Q09
399.1 416.4
57.5 57.0
57.2 53.4
284.3 306.0
1H08 1H09
Deep Sea
Cabotage
Others
198.2
238.0
29.0 34.230.9 29.6
138.3174.2
2Q08 2Q09
20.1%
399.1 416.4
57.5 57.0
57.2 53.4
284.3 306.0
1H08 1H09
4.3%
3.2
6.8 7.2%
15.5%
2Q08 2Q09
6.0
11.8 7.2%
15.2%
1H08 1H09
5
Port Terminals
NET REVENUES EBITDA & EBITDA Margin (%)
BRASCOTEUs
* Includes shifting, transhipment and inland navigation
*
KEY FINANCIALS
OPERATIONAL INDICATORS
(USD mn)
44.8 43.4
2Q08 2Q09
-3.0%
82.7 78.0
1H08 1H09
-5.7%
3.2
6.8 7.2%
15.5%
2Q08 2Q09
Net Revenues As % in Port Terminals
(‘000) (USD mn)
16.614.6
37.1%33.5%
2Q08 2Q09
-12.4%28.4
25.2
34.4%32.4%
1H08 1H09
-11.3%
9.9 10.8
90.1 89.2
2Q08 2Q09
8.5 11.7
91.5 88.3
1H08 1H09
6
Towage
Special Operations# Manoeuvres
OPERATIONAL INDICATORS
91.5%
8.5%
88.3%
11.7%
Harbour Manoeuvres Special Operations
1H08
1H09
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
40.736.2
2Q08 2Q09
-11.1%
77.067.5
1H08 1H09
-12.3%
(% of Total Revenues)
15.9 16.9
39.0%
46.7%
2Q08 2Q09
6.5%27.4
30.4
35.6%
45.0%
1H08 1H09
10.9%
1H08 1H09
-13.2%
24,80428,568
2Q08 2Q09
-10.2%
13,92812,509
-10.2%
1Q09 2Q09
12,509
1.7%
12,295
7
# of Operations# Trips
OPERATIONAL INDICATORS
Logistics
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
22.5
16.9
2Q08 2Q09
-24.6%
44.636.3
1H08 1H09
-18.7%
1H08 1H09
-15.9%
33,66828,328
2Q08 2Q09
-22.1%
16,248
12,65325
20
2Q08 2Q09
-20.0%
2520
1H08 1H09
-20.0%
0.8
1.6
3.7%
9.2%
2Q08 2Q09
89.4%2.8
4.2
6.2%
11.6%
1H08 1H09
51.4%
8
# of Containers Controlled# BLs Issued
OPERATIONAL INDICATORS
Shipping Agency
# Vessel Calls
1H08 1H09
2.7%
3,011 3,093
2Q08 2Q09
8.6%
1,528 1,659
1H08 1H09
-42.0%
46,033
26,693
2Q08 2Q09
-39.0%
23,340
14,231
1H08 1H09
-44.5%
92,157
51,188
2Q08 2Q09
-43.6%
45,752
25,786
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
5.1
3.6
2Q08 2Q09
-28.1%
9.9
6.7
1H08 1H09
-33.0%
1.2
0.7
23.4%20.0%
2Q08 2Q09
-38.5%1.8
1.0
18.3%
15.2%
1H08 1H09
-44.2%
69%57%
31%43%
2Q08 2Q09
41%53%
30%25%
29% 22%
2Q08 2Q09
Revenue Mix (%)
41%53%
31%25%
28% 22%
1H08 1H09
Vessel Calls
Cntr Controlled
BLs Issues
by Service
KEY FINANCIALS
2.1
6.2
47.7%
59.5%
2Q08 2Q09
196.7%
3.2
11.1
42.9%
60.0%
1H08 1H09
243.0%
9
# Days in Operation# PSVs
OPERATIONAL INDICATORS
Offshore
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
KEY FINANCIALS
4.4
10.4
2Q08 2Q09
137.9%
7.6
18.5
1H08 1H09
145.1%
4
6
2Q08 2Q09
50.0%
4
6
1H08 1H09
50.0%
574
935
1H08 1H09
63.0%
301
501
2Q08 2Q09
66.7%
10
Non-Segmented ActivitiesEBITDA – quarterly and year-to-date
2Q09 vs. 2Q08
1H09 vs. 1H08
(US$ mn)
(11.1)
(14.7)16.5
1.93.0 (0.2) (4.7)
EBITDA 1H08
Net Revenues
Raw Materials
Personnel Expenses
Other Operating Expenses
Profit on Disposal of PPE
EBITDA 1H09
(5.6)
(5.1)4.5
1.50.9
(3.9)
EBITDA 2Q08
Net Revenues
Raw Materials
Personnel Expenses
Other Operating Expenses
EBITDA 2Q09
52.6
67.3
1H08 EBITDA 1H09 EBITDA
27.9%
30.9
36.1
2Q08 EBITDA 2Q09 EBITDA
16.5%
11
2Q09 vs. 2Q08: Double-digit growth
(USD mn)
1H09 vs. 1H08: Consistent EBITDA growth
(USD mn)
EBITDAQuarterly and year-to-date
2Q09 vs. 2Q08 (USD mn)
1H09 vs. 1H08
25.6
(11.8)
7.1
5.4
4.5 (1.7)(0.1)
3.0 1.0
33.1
2Q08 Net Income
Net Revenues Raw Materials Personnel Expenses
Other Operating Expenses
Depreciation & Amortization
Expenses
Profit on Disposal of PPE
Net Financial Results
Income Tax Expenses
2Q09 Net Income
29.1%
38.8
(29.5)
21.6
9.3
13.3 (4.2)(0.1) 2.2 (2.3)
49.2
1H08 Net Income
Net Revenues Raw Materials Personnel Expenses
Other Operating Expenses
Depreciation & Amortization
Expenses
Profit on Disposal of PPE
Net Financial Results
Income Tax Expenses
1H09 Net Income
26.9%
Net IncomeQuarterly and year-to-date
12
(USD mn)
188.0 (151.4)36.6
Total Debt Cash & Equivalents Net Debt
13
Capital Expenditure & Level of Indebtedness
19.5
33.3
2Q08 2Q09
70.7%
36.4
77.8
1H08 1H09
113.4%
EVOLUTION
35%
21%
12%
1%29%2%
1H08
25%
40%
8%
0%
26%
1%
1H0926,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
25%40%
8%
0%
26%
1%
Port Terminals Towage
Logistics Shipping Agency
Offshore Non-Segmented Activities
1H09
25%40%
8%
0%
26%
1%
Port Terminals Towage
Logistics Shipping Agency
Offshore Non-Segmented Activities
1H09
BREAKDOWN
CASH POSITION & DEBT PROFILE
CAPEX
(USD mn)
DEBT: CURRENCY BREAKDOWN LEVERAGE INDICATORS
3%
97%
R$ Denominated USD Denominated
3%
97%
R$ Denominated USD Denominated
3%
97%
R$ Denominated USD Denominated
As of June, 30th 2009
USD million 06/30/2009 03/31/2009 12/31/2008R$ Denominated 6.0 4.0 4.2USD Denominated 182.0 175.3 181.0Total Debt 188.0 179.2 185.2
USD million 06/30/2009 03/31/2009 12/31/2008Short Term 17.2 16.4 15.5Long Term 170.8 162.8 169.7Total Debt 188.0 179.2 185.2( - ) Cash and Equivalents -151.4 -163.4 -180.0( = ) Net Debt (Cash) 36.6 15.8 5.2
(USD mn)As of June, 30th 2009
Investor Relations
IR website:
www.wilsonsons.com/ir
IR e-mail address:
Felipe Gutterres
CFO of the Brazilian subsidiary, Legal Representative & Investor Relations
Telephone: + 55 (21) 2126-4222
Sandra Calcado
Investor Relations ManagerE-mail: [email protected]
Telephone: + 55 (21) 2126-4263
André Ferreira
Investor Relations AnalystE-mail: [email protected]
Telephone: + 55 (21) 2126-4105
Alexandre Beltrão
Investor Relations CoordinatorE-mail: [email protected]
Telephone: + 55 (21) 2126-4107
2Q09 and 1H09 Earnings
Conference Call and Webcast
August 2009