4 q09 presentation
TRANSCRIPT
Q4 and 2009 Earnings
Conference Call and Webcast
March 2010
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
39.9
28.0
4Q08 4Q09
-29.7%
34.0% 21.7%
122.7 128.4
2008 2009
4.6%
24.6% 26.9%EBITDA Margin
5.0
14.5
4Q08 4Q09
188.3%
4.3% 11.2%
46.9
90.0
2008 2009
91.9%
9.4% 18.8%Net
Margin
498.3 477.9
96.4 96.3
2008 2009
-4.1%
-0.1%
19.4% 20.2%
117.5 129.3
31.2 19.0
4Q08 4Q09
10.1%
-39.3%
26.6% 14.7%Operating
Margin
3
Consolidated Results – 4Q09 & 2009
(USD million)
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:
Wilson, Sons’ 2009 results built on a solid base to confirm long term growth trend, achieved through focus on high margin business areas and volume resilience;
Volume growth at port terminals, % of special operations in towage revenues, solid growth in the offshore and logistics businesses, and revenue and EBITDA growth at Brasco;
EBITDA results reached US$128.4 million and Net income US$90 million for the year;
.
39.9
28.0
4Q08 4Q09
-29.7%
34.0% 21.7%
122.7 128.4
2008 2009
4.6%
24.6% 26.9%EBITDA Margin
91.4
122.7
2007 2008
22.6% 24.6%
25.3
39.9
4Q07 4Q08
EBITDA
EBITDA
Margin21.6% 34.0%
Port Terminals
Volume increase at port terminals through resilient cargo mix; Revenue growth at Brasco, related to demand in oil & gas.
Towage
Special operations as a percentage of towage revenues increased from 9.1% to 14.3%;Fleet size grew to 71 vessels with seven new tugboats delivered in 2009 (Atria, Andromedra, Vega, Hadar, Uranus, Cepheus e Auriga).
Offshore
Revenue and EBITDA growth continue with the fleet expansion and demand from oil and gas.Fleet size grew to 7 vessels with 2 new PSV´s delivered in 2009 (Petrel & Skua).
Logistics
Year on year EBITDA growth through continued focus on higher margin clients
Highlights
4
4Q08 4Q09
-3.5%
33.7%41.9%
16.9 16.4
63.4 58.3
2008 2009
-8.1%
33.2%37.2%
5.0 6.6
4Q08 4Q09
12.3% 13.6%
32.2%
15.0
26.7
2008 2009
8.8% 15.2%
78.3%
4Q08 4Q09
-7.6%
242.3223.9
155.1
29.2
39.5
181.7
32.4
28.2
2008 2009
2.7%
865.1
627.5
120.4
117.2
888.3
639.0
112.6
136.6
4Q08 4Q09
19.8%
40.548.5
2008 2009
2.9%
170.5
175.4
5
Port Terminals
NET REVENUES
BRASCOTEUs
* Includes shifting, transhipment and inland navigation
*
KEY FINANCIALS
(‘000) (USD mn)
OPERATIONAL INDICATORS
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
3.2
6.8 7.2%
15.5%
2Q08 2Q09
Net Revenues As % in Port Terminals
(USD mn)EBITDA & EBITDA Margin (%)
4Q08 4Q09
88.882.0
11.2 18.0
2008 2009
90.985.7
9.1 14.3
4Q08 4Q09
17.6%
32.438.1
2008 2009
-0.9%
147.1 145.7
6
Towage
Special Operations# Manoeuvres
91.5%
8.5%
88.3%
11.7%
Harbour Manoeuvres Special Operations
1H08
1H09
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
(% of Total Revenues)
OPERATIONAL INDICATORS
2008 2009
-10.0%
50,06555,655
3Q09 4Q09
-5.3%
13,25212,547
3Q09 4Q09
12,547
-1.3%
12,715
54.561.3
2008 2009
12.5%
37.0% 42.1%
14.315.9
4Q08 4Q09
11.1%
44.2% 41.8%
2
5 5
4Q08 4Q09
40.0%
2
5 5
2008 2009
40.0%
7
# PSVs
OPERATIONAL INDICATORS
Offshore
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
KEY FINANCIALS
*Petrel & Skua Leased from Ultratug
* *135
433 463
4Q08 4Q09
38.1%
231
13591814
2008 2009
50.5%
**
6.6
3.9
4Q08 4Q09
-40.9%
85.4% 36.5%
12.9
19.2
2008 2009
48.9%
59.8% 50.3%
4Q08 4Q09
38.2%
7.7
10.7
2008 2009
76.9%
21.6
38.1
# Days In Operation
2522
4Q08 4Q09
-13.3%
2523
2008 2009
-8.0%
4Q08 4Q09
-1.3%
20.3 20.0
2008 2009
-15.1%
89.375.8
8
# of Operations# of Trips
OPERATIONAL INDICATORS
Logistics
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
2.5
0.9
4Q08 4Q09
-65.9%
12.5% 4.3%
6.67.1
2008 2009
6.5%
7.4% 9.3%
2008 2009
-27.0%
70,669
51,591
4Q08 4Q09
-37.4%
17,376
10,873
4Q08 4Q09
-0.2%
32,087 32,023
2008 2009
-31.1%
162,018
111,652
2008 2009
12.1%
5,8246,527
4Q08 4Q09
21.4%
1,3971,696
45%55%
26%23%
29% 22%
4Q08 4Q09
3.2
4.3
4Q08 4Q09
35.9%
2008 2009
-13.6%
17.615.2
9
# of Containers Controlled# BLs Issued
OPERATIONAL INDICATORS
Shipping Agency
# Vessel Calls
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
Revenue Mix (%)
41%53%
31%25%
28% 22%
1H08 1H09
Vessel Calls
Cntr Controlled
BLs Issues
by Service
KEY FINANCIALS
2008 2009
-29.7%
79,627
56,009
4Q08 4Q09
-1.0%
15,319 15,165
0.7 0.8
4T08 4T09
20.0%
18.6%21.1%
3.3
2.3
2008 2009
-29.3%
15.3%18.8%
10
Non-Segmented ActivitiesEBITDA – quarterly and year-to-date
4Q09 vs. 4Q08
2009 vs. 2008
(US$ mn)
(1.2) (5.7)
1.4 (2.9)
(1.5)
0.1
(9.8)
EBITDA 4Q08 Net Revenues
Raw Materials
Personnel Expenses
Other Operating Expenses
Other EBITDA 4Q09
(18.0)
(24.6) 24.0 (3.5) 2.5 (0.2)
(19.8)
EBITDA 2008 Net RevenuesRaw Materials Personnel Expenses
Other Operating Expenses
Other EBITDA 2009
11
4Q09 vs. 4Q08: Non-recurring 4Q08 Fiscal credits
(USD mn)
2009 vs. 2008: Continued EBITDA growth
(USD mn)
EBITDAQuarterly and year-to-date
39.9
28.0
4Q08 EBITDA 4Q09 EBITDA
-29.7%
122.7 128.4
2008 EBITDA 2009 EBITDA
4.6%
5.0
11.8
4.0 (14.6)
(12.8)
(0.4) (0.3) 0.0
13.9
7.8
14.5
Lucro Líquido 4T08
ReceitaLíquida
Custos de Insumos e Matérias-
Primas
Despesas de Pessoal
Outras Despesas
Operacionais
Depreciação e Amortização
Resultado na Venda de
Ativo
Imobilizado
Resultado na Alienação de
Investimentos
Resultado Financeiro
Líquido
IRPJ e CSLL Lucro Líquido 4T09
188.2%
4Q09 vs. 4Q08 (USD mn)
2009 vs. 2008
Net IncomeQuarterly and year-to-date
12
(USD mn)
46.9
(20.4)
36.9 (12.8)2.1 (5.8)
(0.3) (4.2)
39.8 7.6
89.9
2008 Net Income
Net Revenues Raw Materials Personnel Expenses
Other Operating Expenses
Depreciation &
Amortization
Expenses
Profit on Disposal of
PPE
Gain on Disposal of Investment
Net Financial Results
Income Tax Expenses
2009 Net Income
91.7%
33.9 33.7
4Q08 4Q09
-0.6% 93.5
149.6
2008 2009
59.9%
33%
30%
10%
1%25%1%
2008
21%46%
10%
0%
22%
1%
2009
Capital Expenditure
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
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
EVOLUTION: INCREASED CAPITAL INVESTMENT
(USD mn)
13
BREAKDOWN: FLEET EXPANSION
268.0
-189.3
78.7
Total Debt Cash & Equivalents Net Debt
Cash Position & Debt Profile
LEVERAGE INDICATORS
3%
97%
R$ Denominated USD Denominated
3%
97%
R$ Denominated USD Denominated
As of December, 31th 2009
(USD mn)As of December, 31th 2009
14
DEBT CURRENCY PROFILE
DEBT SOURCE PROFILE
90%
10%
BNDES (FMM) Others
As of December, 31th 2009
USD million 12/31/2009 09/30/2009 06/30/2009
Short Term 22.0 19.5 20.1
Long Term 245.9 181.5 177.7
Total Debt 268.0 201.0 197.9
( - ) Cash and Equivalents (189.3) (146.2) (151.4)
( = ) Net Debt (Cash) 78.7 54.8 46.5
9%
91%
R$ Denominated USD Denominated
Total Debt (%) 12/31/2009 12/31/2008BNDES (FMM) 90.3 86.2Others 9.7 13.8
USD million 12/31/2009 12/31/2008R$ Denominated 23.3 8.4USD Denominated 244.6 181.0Total Debt 268.0 189.5
Investor Relations
IR website: www.wilsonsons.com/ir
IR e-mail address: [email protected]
Felipe Gutterres
CFO of the Brazilian subsidiary & Investor RelationsTelephone: + 55 (21) 2126-4222
Michael Connell
Investor RelationsE-mail: [email protected]
Telephone: + 55 (21) 2126-4107
Guilherme Nahuz
Investor RelationsE-mail: [email protected]
Telefone:: + 55 (21) 2126-4263
Eduardo Valença
Investor RelationsE-mail: [email protected]
Telephone: + 55 (21) 2126-4105
Q4 and YTD 2009 Earnings
Conference Call and Webcast
December 2009