mills 3q13 result - xls

7/27/2019 Mills 3Q13 Result - xls

1/17

Mills' 3Q13 Result

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EBITDA

Cash flow

Capex per Business Unit

Main Indicators

Revenue

COGS G&A

Financial Indicators per Business Unit

Income Statement

Balance Sheet


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Mills - Main financial figures

3Q12 3Q12 2Q13 3Q13 (D)/(C) (D)/(A) (D)/(B)

in R$ millions (A) (B) (C) (D) % % %

Net revenue 173.4 173.4 211.8 222.0 4.8% 28.0% 28.0%

EBITDA 95.9 90.3 98.9 106.1 7.3% 10.6% 17.5%

EBITDA margin (%) 55.3% 52.1% 46.7% 47.8%

Profit from continued operations 40.4 34.8 44.6 38.6 -13.3% -4.3% 11.2%

Profit from discontinued operations (2.4) (2.4) 3.5 1.0 -71.4%

Net earnings 38.0 32.3 48.1 39.6 -17.5% 4.4% 22.6%

ROIC (%) 15.8% 14.5% 14.2% 13.9%

Capex 79.4 79.4 150.7 129.7 -14.0% 63.3% 63.3%

Invested Capital 1,218.0 1,218.0 1,447.6 1,517.3 4.8% 24.6% 24.6%

Mills - Main financial figures of the pro forma results, considering the Industrial Services business unit

3Q12 3Q12 2Q13 3Q13 (D)/(C) (D)/(A) (D)/(B)

in R$ millions (A) (B) (C) (D) % % %

Net revenue 222.2 222.2 271.5 279.2 2.8% 25.6% 25.6%

EBITDA 96.1 90.4 107.5 109.4 1.8% 13.8% 21.0%

EBITDA margin (%) 43.3% 40.7% 39.6% 39.2%

Reclassified, excluding the Industrial Services business unit, for comparison.

Excluding the positive effect of reversal of allowance for doubtful debts and tax contingency in the amount of R$ 6.8 million.


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Mills - Net revenue per type

3Q12 2Q13 3Q13 (C)/(B) (C)/(A)

in R$ millions (A) (B) (C) % %

Rental 143.2 166.9 170.5 2.2% 19.1% Technical support services 5.4 8.0 4.3 -46.4% -19.8%

Sales 18.9 26.6 35.1 32.0% 85.9%

Others 6.0 10.3 12.1 17.7% 102.1%

Total net revenue 173.4 211.8 222.0 4.8% 28.0%

Mills - Net revenue per business unit

in R$ millions 3Q12 % 2Q13 % 3Q13 %

Heavy Construction 45.5 26.2% 55.1 26.0% 55.7 25.1%

Jahu - Residential and Commercial 60.5 34.9% 66.5 31.4% 72.4 32.6%

Rental 67.4 38.8% 90.1 42.6% 93.9 42.3%

Total net revenue 173.4 100.0% 211.8 100.0% 222.0 100.0%



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Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)

in R$ millions 3Q12 % 3Q12 % 2Q13 % 3Q13

Costs of job execution 16.6 21.4% 16.6 20.0% 24.5 21.7% 25.2

Costs of sale of equipment 10.9 14.1% 10.9 13.2% 20.9 18.5% 22.1

Costs of asset write-offs 1.7 2.1% 1.7 2.0% 2.3 2.0% 3.4Equipment storage 8.7 11.3% 8.7 10.5% 10.3 9.1% 11.3

COGS, ex-depreciation 37.9 48.9% 37.9 45.6% 57.9 51.3% 62.0

G&A 39.5 51.1% 45.2 54.4% 54.9 48.7% 53.9

Total COGS, ex-depreciation + G&A 77.5 100.0% 83.1 100.0% 112.9 100.0% 115.9




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%

21.7%

19.1%

3.0%9.8%

53.5%

46.5%

100.0%


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Mills - EBITDA per business unit

in R$ millions 3Q12 % 3Q12 % 2Q13

Heavy Construction 24.1 25.1% 22.8 25.3% 25.1

Jahu - Residential and Commercial Construction 33.8 35.2% 29.4 32.6% 24.6

Rental 38.0 39.6% 38.0 42.1% 49.3

Total EBITDA 95.9 100.0% 90.3 100.0% 98.9

EBITDA margin (%) 55.3% 52.1% 46.7%


Excluding the positive effect of reversal of allowance for doubtful debts and tax contingency in the amount of R$ 6.8 milli


7/17

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% 3Q13 %

25.3% 29.4 27.7%

24.8% 24.4 23.0%

49.8% 52.3 49.3%

100.0% 106.1 100.0%

47.8%

n.


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Mills - Capex per business unit

3Q12 2Q13 3Q13 9M13 2013

in R$ millions (A) (B)

Heavy Construction 11.3 28.8 26.5 77.0 89

Jahu - Residential and Commercial Construction 22.8 44.8 16.1 85.9 112

Industrial Services 0.2 0.3 2.0 2.4 6

Rental 40.3 69.3 74.2 216.8 274

Corporate 4.9 7.6 10.9 26.2 49

Organic growth 79.4 150.7 129.7 408.2 530

Acquisition - - - - -

Total Capex 79.4 150.7 129.7 408.2 530

Realized Revised


9/17

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(A)/(B)

%

86.5%

76.7%

40.6%

79.1%

54.0%

77.1%

-

77.1%

Budget


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Heavy Construction Business Unit - financial indicators

3Q12 3Q12 2Q13 3Q13 3Q13 (D)/(C)

in R$ millions (A) (B) (C) (D) (E) %

Net revenue

Rental 37.0 37.0 41.0 42.2 42.2 2.8% Technical support services, sales and others 8.5 8.5 14.1 13.5 13.5 -4.2%

Total net revenue 45.5 45.5 55.1 55.7 55.7 1.0%

EBITDA 24.1 22.8 25.1 29.4 28.2 17.4%

EBITDA margin (%) 52.9% 50.2% 45.5% 52.8% 50.6%

ROIC (%) 19.7% 18.3% 17.8% 20.9% 19.7%

Capex 11.3 11.3 28.8 26.5 26.5 -8.1%

Invested capital 247.7 247.7 281.5 291.0 291.0 3.4%

Depreciation 6.6 6.6 7.2 7.7 7.7 6.7%

Jahu - Residential and Commercial Construction Business Unit - financial indicators

3Q12 3Q12 2Q13 3Q13 (D)/(C) (D)/(A)

in R$ millions (A) (B) (C) (D) % %

Net revenue

Rental 49.2 49.2 52.0 47.8 -8.1% -2.7%

Technical support services, sales and others 11.4 11.4 14.5 24.5 69.7% 115.8%

Total net revenue 60.5 60.5 66.5 72.4 8.8% 19.6%

EBITDA 33.8 29.4 24.6 24.4 -0.8% -27.9%

EBITDA margin (%) 55.9% 48.6% 37.0% 33.7%

ROIC (%) 20.2% 16.9% 9.3% 8.2%Capex 22.8 22.8 44.8 16.1 -64.0% -29.2%

Invested capital 365.8 365.8 448.2 482.1 7.5% 31.8%

Depreciation 7.4 7.4 9.6 10.2 5.9% 38.3%

Industrial Services Business Unit - financial indicators

3Q12 2Q13 3Q13 (C)/(B) (C)/(A)

in R$ millions (A) (B) (C) % %

Net revenue

Maintenance 30.3 36.7 32.6 -11.1% 7.5%

New plants 18.5 23.1 24.6 6.5% 33.0%

Total net revenue 48.8 59.8 57.2 -4.3% 17.2%

EBITDA 0.1 8.5 3.3 -61.9% 2748.5%

EBITDA margin (%) 0.2% 14.3% 5.7%

ROIC (%) -6.2% 16.4% 9.5%

Capex 0.2 0.3 2.0 604.8% 895.0%

Invested capital 123.7 99.3 89.6 -9.7% -27.6%


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Depreciation 2.9 2.7 0.2 -92.3% -92.7%

Rental Business Unit- financial indicators

3Q12 2Q13 3Q13 (C)/(B) (C)/(A)

in R$ millions (A) (B) (C) % %Net revenue

Rental 57.0 73.8 80.5 9.0% 41.2%

Technical support services, sales and others 10.4 16.3 13.4 -17.7% 29.5%

Total net revenue 67.4 90.1 93.9 4.2% 39.4%

EBITDA 38.0 49.3 52.3 6.2% 37.5%

EBITDA margin (%) 56.5% 54.7% 55.7%

ROIC (%) 19.8% 18.5% 18.1%

Capex 40.3 69.3 74.2 7.1% 84.2%

Invested capital 389.7 528.1 564.4 6.9% 44.8%

Depreciation 10.6 14.4 15.8 9.5% 49.9%


Excluding the positive effect of tax reversal in the amount of R$ 1.5 million.


12/17

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(D)/(A) (E)/(C) (E)/(B)

% % %

13.9% 2.8% 13.9%59.4% -4.2% 59.4%

22.4% 1.0% 22.4%

22.2% 12.4% 23.4%

135.3% -8.1% 135.3%

17.5% 3.4% 17.5%

15.4% 6.7% 15.4%

(D)/(B)

%

-2.7%

115.8%

19.6%

-17.2%

-29.2%

31.8%

38.3%


13/17

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Mills - Income Statement

em R$ milhes 3Q12 2Q13 3Q13

Net revenue from sales and services 173.4 211.8 222.0

Cost of products sold and services rendered (61.7) (87.3) (93.5)

Gross profit 111.8 124.5 128.5

General and administrative expenses (40.3) (56.8) (56.0)

Operating profit 71.5 67.7 72.4

Financial expense (9.8) (16.8) (14.8)

Financial income 1.0 5.0 2.5

Financial result (8.8) (11.8) (12.3)

Profit before taxation 62.6 55.9 60.1

Income tax and social contribution expenses (21.8) (11.3) (21.5)

Results of continued operations 40.9 44.6 38.6

Results of discontinued operations (2.9) 3.5 1.0

Net income 38.0 48.1 39.6

Number of shares at the end of the period (in thousands) 126,314 127,120 127,314

Net income (R$ per shares) 0.30 0.38 0.31


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Mills - Balance Sheet

em R$ milhes 3Q12 2Q13 3Q13

Assets

Current Assets

Cash and cash equivalents 299.4 47.3 45.7

Trade receivables 168.1 165.1 174.1

Inventories 21.3 30.9 30.9

Recoverable taxes 27.8 35.8 31.3

Advances to suppliers 6.9 0.7 0.3

Derivative financial instruments 0.0 4.0 0.4

Assets available for sale - 106.7 95.2

Other current assets 4.6 8.6 9.4

Total Current Assets 528.0 399.1 387.4

Non-Current Assets

Trade receivables 2.5 2.1 2.1

Recoverable taxes 29.5 34.8 42.3

Deferred taxes 2.8 - -

Deposits in court 11.5 11.7 9.7

46.3 48.6 54.0

Investment 87.4 87.4 87.4

Property, plant and equipment 978.6 1,124.1 1,189.4

Intangible assets 51.6 59.9 64.2

1,117.6 1,271.4 1,341.0

Total Non-Current Assets 1,163.9 1,319.9 1,395.0

Total Assets 1,691.9 1,719.0 1,782.5

in R$ millions 3Q12 2Q13 3Q13

Liabilities

Current Liabilities

Suppliers 46.1 70.1 61.1

Borrowings and financings 109.1 15.7 14.5

Debentures 13.2 110.6 110.0

Salaries and payroll charges 37.2 23.8 25.9

Income tax and social contribution 4.7 0.8 9.8

Tax refinancing program (REFIS) 0.9 0.9 0.9

Taxes payable 9.9 10.7 7.1

Profit sharing payable 11.8 10.8 15.0

Dividends and interest on equity payable 18.8 20.4 20.4

Advances on assets held for sale - - 25.2

Liabilities associated with assets available for sale - 12.7 14.6


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Other current liabilities 6.3 3.1 3.1

Total Current Liabilities 258.0 279.7 307.7

Non-Current Liabilities

Borrowings and financings 40.4 23.5 20.8

Debentures 537.3 447.8 448.0

Provision for tax, civil and labor risks 11.0 10.6 10.4

Deferred taxes - 5.5 1.0

Tax refinancing program (REFIS) 9.9 9.6 9.5

Other Liabilities 0.6 0.2 0.0

Total Non-Current Liabilities 599.2 497.3 489.8

Total Liabilities 857.2 776.9 797.6

Stockholders' Equity

Capital 536.2 548.8 551.9

Earnings reserves 210.9 321.0 321.0

Capital reserves (1.9) 4.7 7.2

Valuation adjustments to equity 0.3 2.9 0.5Retained earnings 89.2 64.6 104.3

Total Stockholders' Equity 834.7 942.1 984.9

Total Liabilities and Stockholders' Equity 1,691.9 1,719.0 1,782.5

Not including the pro-forma adjustments regarding the Industrial Services business unit.


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Mills - Cash flow

in R$ millions 3Q12 2Q13

Cash flow from operating activities

Net income before taxation 58.6 60.

Adjustments

Depreciation and amortization 27.4 34.

Provision for tax, civil and labor risks (4.8) 0.

Accrued expenses on stock options 1.9 2.

Profit sharing payable 3.9 6.

Gain on sale of property, plant and equipment and intangible assets (8.8) (11.

Interest, monetary and exchange rate variation on loans, contingencies and deposits in court 12.1 14.

Allowance for doubtful debts 2.0 2.

33.7 49.

Changes in assets and liabilities

Trade receivables (13.6) (21.

Inventories (6.3) (0.

Recoverable taxes 5.6 (1.

Deposits in court (0.0) 0.

Other assets 1.5 (0.

Suppliers (2.4) (2.

Salaries and payroll charges 5.1 3.

Taxes payable 2.5 3.

Other liabilities 1.8 (7.

(6.0) (27.

Cash from operations 86.4 82.

Interest paid (3.1) (12.

Income tax and social contribution paid (8.4) (17.

Profit sharing paid - (0.

Lawsuits settled - (0.

Net cash generated by operating activities 74.9 51.

Cash flow from investment activities

Marketable securities - 138.

Advances on assets held for sale - -Purchases of property, plant and equipment and intangible assets (78.1) (136.

Proceeds from sale of property, plant and equipment and intangible assets 8.5 25.

Net cash generated by (used in) investing activities (69.6) 26.

Cash flow from financing activities

Capital contributions 2.6 9.

Dividends and interest on capital invested paid - (36.

Repayment of borrowings (9.7) (28.

Borrowings raised 272.0 0.

Net cash generated by (used in) financing activities 264.8 (55.

Increase (decrease) in cash and cash equivalents 270.1 22.


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Not including the pro-forma adjustments regarding the Industrial Services business unit.

mills 3q13 result - xls

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