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Transcript of 2 q10 presentation
August 2010
1
Conference Call and WebcastQ2 2010 Earnings
This presentation contains statements that may constitute “forward-looking statements”,
based on current opinions, expectations and projections about future events. Such
statements are also based on assumptions and analysis made by Wilson, Sons and are
subject to market conditions which are beyond the Company’s control.
Important factors which may lead to significant differences between real results and these
forward-looking statements are: national and international economic conditions;
technology; financial market conditions; uncertainties regarding results in the Company’s
future operations, its plans, objectives, expectations, intentions; and other factors
described in the section entitled "Risk Factors“, available in the Company’s Prospectus, filed
with the Brazilian Securities and Exchange Commission (CVM).
The Company’s operating and financial results, as presented on the following slides, were
prepared in conformity with International Financial Reporting Standards (IFRS), except as
otherwise expressly indicated. An independent auditors’ review report is an integral part of
the Company’s condensed consolidated financial statements.
2
LEGAL ADVICE
127.2115.4
25.2 28.7
2Q08 2Q09
Net Revenues Operating Profit
-9.3%
13.6%
19.8% 24.8%
CONSOLIDATED RESULTS – 2Q10 & 1H10
Highlights Net Revenues & Operating Profit (USD million)
EBITDA (USD million) Net Income (USD million)
• Revenues of USD 141.5M up 22.7% compared to 2Q09 (YTD up 20.1%), with underlying growth across major businesses;
• EBITDA of USD 42.1M up 16.7% (YTD down 2.0%), with growth in both Container terminals, Brasco, Towage special operations, Logistics and Shipping Agency;
•Net Income of USD 31.0M for 2Q10, USD 37.3M for the first half of 2010.
• One-time entry of USD 10.4M in Shipyards operating results along with pre-tax USD 10.0M gain on disposal both related to formation of joint venture Wilson, Sons Ultratug Offshore
127.2115.4
25.2 28.7
2Q08 2Q09
Net Revenues Operating Profit
-9.3%
13.6%
19.8% 24.8%
219.0263.0
52.4 46.0
1H09 1H10
20.1%
-12.2%
23.9% 17.5%
115.4
141.5
28.731.8
2Q09 2Q10
22.7%
10.8%
24.8% 22.4%Operating
Margin
36.142.1
2Q09 2Q10
16.7%
31.2% 29.7%EBITDA Margin
67.3 65.9
1H09 1H10
-2.0%
30.7% 25.1%
33.1
31.0
2Q09 2Q10
-6.2%
28.7% 21.9%
49.2
37.3
1H09 1H10
-24.3%
22.5% 14.2%Net Margin
3
HIGHLIGHTS BY BUSINESS
Port Terminals• Revenue growth of 28.8% for the quarter. (up 28.5% year to date)• O&G Terminal: revenue growth of 112.3% for the quarter (up 84.5% year to date) with growth in volumes and auxiliary services for contract and spot clients
Towage• Revenues increased 4.5% for the quarter (up 8.4% YTD) versus 09• Growth in special operations, which now represents 13.4% of total Revenues
Offshore• Quarterly revenues down 15.2% as Wilson, Sons Ultratug joint venture was officially formed• YTD revenues are 5.9% higher versus 09 as a result of a larger fleet.
Logistics• Operation numbers increased with growth in existing client operations and new contracts.
Shipyard• Close contract for civil works on Company’s new shipyard facilities in Guarujá (SP)• Preliminary environmental license for Company’s shipyard facilities in Rio Grande (RS)
Shipping Agency• Higher volumes drive Revenue and EBITDA growth compared to 2Q09
PORT SYSTEM
MARITIME SYSTEM
LOGISTICS SYSTEM
4
PORT TERMINALS
Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%)
Volumes (TEUs ‘000) Brasco Revenues
2Q09 2Q10
-1.5%238.0 234.5
145.1
33.8
55.6
174.2
29.6
34.2
1H09 1H10
6.2%416.4
53.4
57.0
442.1
60.8
96.7
306.0
284.7
2Q09 2Q10
28.8%
43.455.9
1H09 1H10
28.5%
78.0
100.2
2Q09 2Q10
36.3%
35.5%33.5%
14.6
19.8
25.2
32.6
1H09 1H10
29.2%
32.4% 32.5%
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
* Includes shifting, transhipment and inland navigation
5
*
6.8
14.3
2Q09 2Q10
15.5% 25.6%
112.3%
11.8
21.8
1H09 1H10
15.2% 21.8%
84.4%
TOWAGE
# Manoeuvres Special Operations (% Total Towage Revenues as of 1H10)
Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%)
1H09 1H10
0.4%
24,804 24,905
2Q09 2Q10
12,553
0.4%
12,509
Harbour Manoeuvres
Special Operations
2Q09 2Q10
4.5%
36.2
37.8
1H09 1H10
8.4%
67.5
73.230.4
24.2
1H09 1H10
-20.4%
45.0% 33.0%
16.9
12.1
2Q09 2Q10
46.7%
-28.6%
31.9%
Harbour Manoeuvres
Special Operations
85.9
14.1
6
OFFSHORE
# Days in Operation* # PSVs*
Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%)
4Q091Q10
2Q107
8
9
2Q09 2Q10
501
717
1H09 1H10
935
1,348
43.2% 44.1%
2Q09 2Q10
10.4
8.8
-15.2%
1H09 1H10
5.9%
18.5
19.66.2
4.9
2Q09 2Q10
-20.2%
59.5% 56.0%
11.1
8.7
1H09 1H10
-21.4%
60.0% 44.6%
7* Includes the total numbers for the joint venture, of which Wilson, Sons owns 50%
SHIPYARD
Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%)
8
4.7
13.2
2Q09 2Q10
179.1%
11.9
19.7
1H09 1H10
65.4%
2.5
10.5
2Q09 2Q10
323.4%
52.3% 79.4%
7.2
11.9
1H09 1H10
60.4%
65.7%
60.5%
SHIPPING AGENCY
Operational Indicators
Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%)
1H09 1H10
11.1%
3,0933,437
2Q09 2Q10
6.4%
1,6591,766
1H09 1H10
10.0%
26,693 29,364
2Q09 2Q10
10.3%
14,231 15,697
2Q09 2Q10
11.4%
25,786 28,722
1H09 1H10
7.6%
51,18855,073
# Vessel Calls # BLs Issued # Cntrs Controlled
3.64.2
2Q09 2Q10
14.3%
1H09 1H10
20.9%
6.7
8.0
0.70.9
2Q09 2Q10
22.8%
21.5%20.0%
1.0 1.0
1H09 1H10
0.3%
12.6%15.2%
9
LOGISTICS
# Trips # of Operations
Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%)
1H09 1H10
66.9%
28,328
47,287
2Q09 2Q10
73.9%
17,376
30,222
20 23
2Q09 2Q10
15.0%
2023
1H09 1H10
15.0%
2Q09 2Q10
28.0%
16.9
21.7
1H09 1H10
16.5%
36.3
42.2
1.6
2.3
2Q09 2Q10
50.2%
9.2% 10.8%
4.2
4.5
1H09 1H10
7.5%
11.6% 10.7%
10
CORPORATE
1H09 vs. 1H10
2Q09 vs. 2Q10
11
EBITDA 1H09 Exchange Rate Effect Net Revenues Personnel Expenses Other Operating Expenses EBITDA 1H10
(11.9)
(2.6) (0.1) (0.5)
(2.0)
(17.1)
EBITDA 2Q09 Exchange Rate Effect Net Revenues Personnel Expenses Other Operating Expenses
EBITDA 2Q10
(0.1) 0.6
(1.7)
(1.0)
(6.3)
(8.5)
(USD million)
(USD million)
EBITDA
1H09 vs. 1H10
2Q09 vs. 2Q10
36.1
5.3
(4.8) (1.2)
0.8
8.0 0.2
(2.1)
42.1
EBITDA 2Q09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate EBITDA 2Q10
67.3
7.4
(6.2) (2.4)
0.3 4.7 0.0
(5.2)
65.9
EBITDA 1H09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate EBITDA 1H10
+ 16.6%
- 2.1%
12
(USD million)
(USD million)
49.2 37.3
Ne
t In
com
e
1H09
EBIT
DA
Dis
po
sal o
n
inve
stm
en
t
De
pre
ciat
ion
an
d
Am
ort
isat
ion
Fin
anci
al
Re
ven
ue
s
Fin
anci
al
Exp
en
ses
Cu
rre
nt
Inco
me
Tax
De
ferr
ed
In
com
e T
ax
Ne
t In
com
e
1H10
10.0
(5.0)
(12.0) (2.1)
10.9
(12.4)
(1.4)
33.1 31.0
Ne
t In
com
e
2Q09
EBIT
DA
Dis
po
sal o
n
inve
stm
en
t
De
pre
ciat
ion
an
d
Am
ort
isat
ion
Fin
anci
al
Re
ven
ue
s
Fin
anci
al
Exp
en
ses
Cu
rre
nt
Inco
me
Tax
De
ferr
ed
In
com
e T
ax
Ne
t In
com
e
2Q10
10.0
(2.9)
(7.4) (1.6)
7.9
(13.9)
6.0
NET INCOME
1H09 vs. 1H10
2Q09 vs. 2Q10
13
- 6.2%
- 24.3%
(USD million)
(USD million)
25%
40%
26%
8% 1%
35%
27%
25%
9%1% 3%
CAPITAL EXPENDITURES
Capital Expenditures (USD million) Major expenditures
Capex Breakdown
33.3
25.5
2Q09 2Q10
-23.3%
77.860.7
1H09 1H10
-22.0%
35%
27%
25%
9%1% 3%
Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate
1H09 1H10
• Port Terminals: civil works for Tecon RG andpurchase of other equipment across the business(STS, RTGs and MHC);
• Towage and Offshore: fleet renewal andexpansion
• Logistics: equipment for new client in-houseoperations , such as fork-lifts and tractors.
14
CASH POSITION & DEBT PROFILE
Leverage Indicators (USD million)
Debt Currency ProfileDebt Source Profile
270.4
-148.1
122.4
Total Debt Cash & Equivalents Net Debt
BRL10.0%
USD90.0%FMM
81.5%
Others18.5%
FMM Others
15
Short Term
8.1%
Long Term91.9%
Debt maturity profile
INVESTOR RELATIONS CONTACTS
Felipe Gutterres
CFO of the Brazilian Subsidiary, Legal Representative and Investor [email protected]
Phone: + 55 (21) 2126-4122
Michael Connell
Investor [email protected]
Phone: + 55 (21) 2126-4107
IR e-mail address: [email protected] website: www.wilsonsons.com/ir
BOVESPA: WSON11
Bloomberg: WSON11 BZ
Reuters: WSON11.SA
Eduardo Valença
Investor [email protected]
Phone: + 55 (21) 2126-4105
Guilherme Nahuz
Investor [email protected]
Phone: + 55 (21) 2126-4263
16