Embed Size (px)
Citation preview
Q1 2010 Earnings
Conference Call and Webcast
May 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
3
Consolidated Results – 1Q10
(USD million)
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 has seen mixed 1Q10 results with growth in Revenues and volumes, but with softer margins;
Growth in volume at Port terminals including container terminals and Brasco, growth in % of Towage special operations, growth in revenues for Offshore, Logistics and Shipping Agency;
EBITDA of USD 23.8 million and Net income of USD 6.2 million for the quarter;
91.4
122.7
2007 2008
22.6% 24.6%
25.3
39.9
4Q07 4Q08
EBITDA
EBITDA
Margin21.6% 34.0%
103.6121.4
23.8 14.3
1Q09 1Q10
17.2%
-40.0%
22.9% 11.8%Operating
Margin
127.2115.4
25.2 28.7
2Q08 2Q09
Net Revenues Operating Profit
-9.3%
13.6%
19.8% 24.8%
31.2
23.8
1Q09 1Q10
-23.7%
30.1% 19.6%EBITDA Margin
16.1
6.2
1Q09 1Q10
-61.5%
15.6% 5.1%Net Margin
• Port Terminals
• Strong volume increase at port terminals with growth in both deep see and cabotage volumes although higher-margin storage decreased against 1Q09;• Revenue growth of 47.5% at Brasco, related to demand in oil & gas.
• Towage
•Special operations as a percentage of towage revenues increased from 12.9% to 14.9%;•Weakness in global demand and increased competition persisted in 1Q10, putting downward pressure in margins.
• Offshore
• Revenue growth continues with the fleet expansion and demand from oil and gas.•Revenues up 32.8% compared to the same quarter last year with 8 PSV’s in operation.
• Logistics•
• New contract in the petrochemical industry and extension of existing contracts• Higher-margin warehousing services decreased compared to 1Q09.
•Shipping Agency•
• Higher volumes drive compared to 1Q09.
• Shipyard• Environmental License for Installation.
Highlights
4
1Q09 1Q10
16.4%
178.4
207.7
139.6
27.0
41.1
131.8
23.922.8
1Q09 1Q10
28.1%
34.644.3
5.17.5
1Q09 1Q10
14.7% 16.9%
47.5%
5
Port Terminals
BRASCO Revenues & % of Total Port Terminal Revenues
TEUs (‘000)
* Includes shifting, transhipment and inland navigation** Tecon Salvador, Tecon Rio Grande and Fortaleza (no longer in operations since 2Q09) Public Port Operations included
*
KEY FINANCIALS
(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
(USD mn)NET REVENUES
1Q09 1Q10
19.5%
28.8%30.9%
10.7
12.8
EBITDA & EBITDA Margin (%)
**
1Q09 1Q10
87.1 85.1
12.9 14.9
13.5
12.1
1Q09 1Q10
42.9% 34.2%
13.5
34.2%
-10.1%
1Q09 1Q10
12.8%
31.435.4
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)
(as a % of Total Revenues)
OPERATIONAL INDICATORS
1Q09 1Q10
0.5%
12,295 12,353
2
56
1Q09 1Q10
60.0%149
434 482
1Q09 1Q10
45.3%
1Q09 1Q10
8.2
10.8
32.8%
7
# PSVs
OPERATIONAL INDICATORS
Offshore
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
KEY FINANCIALS
*Petrel & Skua Leased from Ultratug
**
# Days In Operation
5.0
3.8
1Q09 1Q10
-22.9%
60.7% 35.3%
1Q09 1Q10
6.4%
19.3 20.6
8
# of Operations# of Trips
OPERATIONAL INDICATORS
Logistics
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
2.6
2.2
1Q09 1Q10
-17.6%
13.7% 10.6%
65% 68%
15% 9%
20% 23%
1Q09 1Q10
# of Vessel Calls
BLs Issued
# of Containers Controlled
3.03.9
1Q09 1Q10
28.9%
9
# of Containers Controlled# BLs Issued
OPERATIONAL INDICATORS
Shipping Agency
# Vessel Calls
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
Revenue Mix (%)by Service
KEY FINANCIALS
0.3
0.1
1Q09 1Q10
-57.8%
3.1%9.4%
1Q09 1Q10
16.5%
1,4341,671
1Q09 1Q10
9.7%
12,462 13,667
1Q09 1Q10
3.7%
25,402 26,351
4,7
1,4
1Q09 1Q10
-69,5%
65,7% 22,1%
7,2 6,5
1Q09 1Q10
-9,4%-9,4%
1 1
3
2
1Q09 1Q10
# PSV (own)
# PSV (third-party) 10
Shipyard
(US$ mn)
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
KEY FINANCIALS
5 5
1Q09 1Q10
OPERATIONAL INDICATORS
PSV´s in Construction Tugboats in Construction
11
CorporateEBITDA
1Q10 vs. 1Q09
(US$ mn)
(5,5)
(0,4)
(1,5)
(8,6)
(0,8)(0,4)
Corporate 1Q09 Underlying Personnel Expenses
F/X effect on Personnel Cost
Phantom Stock Options
Other Operating Expenses
Corporate 1Q10
31.2
2.1 (1.4) (1.1)(0.5)
(3.3) (0.2)
(3.1)
23.8
EBITDA 1Q09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate EBITDA 1Q10
-23.7%-23.7%
31.2
17.8
(0.1)(4.5)
(7.9) (1.1) (0.4)
(7.8)
(3.4)
23.8
EBITDA 1Q09 Net Revenues Raw Materials Personnel Expenses
Underlying
Personnel Expenses BRL
effect
Personnel Expenses
Phantom Stock Options
Other Operating Expenses
Underlying
Other Operating
Expenses BRL Effect
Other Operating Expenses
Contingent Provision
EBITDA 1Q10
-23.7%-23.7%
12
EBITDA
1Q10 vs. 1Q09: EBITDA Reconciliation (USD mn)
1Q09 thru 1Q10 (USD mn)
Net Income
13
16.1
17.8
(0.1)
(13.5)
(11.6)
(2.1)
(5.1) 4.7 6.2
1Q09 Net Income
Net Revenues Raw Materials Personnel Expenses
Other Operating Expenses
Depreciation & Amortization
Expenses
Net Financial Results
Income Tax Expenses
1Q10 Net Income
-61.5%
44.535.2
1Q09 1Q10
Capital Expenditures
CONTINUED CAPITAL INVESTMENT
14
CAPEX BREAKDOWN
(USD mn)
30%
32%
28%9%
1%
0%
1Q09
45%
26%
23%
5%1%0%
1Q10
Port Terminals Towage
Offshore Logistics
Shipyard Shipping Agency
83,6%
16,4%
BNDES (FMM) Others
8,4%
91,6%
R$ Denominated
USD Denominated
281.6
-195.8
85.8
Total Debt Cash & Equivalents Net Debt
Cash Position & Debt Profile
LEVERAGE INDICATORS
(USD mn)
As of March, 31st 2010
15
DEBT CURRENCY PROFILE
DEBT SOURCE PROFILE
As of March, 31st 2010
As of March, 31st 2010
USD million 03/31/2010 12/31/2009
Short Term 23,4 22,0
Long Term 258,2 245,9
Total Debt 281,6 268,0
( - ) Cash and Equivalents (195,8) (189,3)
( = ) Net Debt (Cash) 85,8 78,7
USD million 03/31/2010 12/31/2009
R$ Denominated 23,6 23,3
USD Denominated 258,0 244,6
Total Debt 281,6 268,0
Total Debt Breakdown (%) 03/31/2010 12/31/2009
BNDES (FMM) 83,6 86,0
Others 16,4 14,0
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 Relations E-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
Q1 2010 Earnings
Conference Call and Webcast
May 2010
