2 q09 presentation

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


91.5%

8.5%

88.3%

11.7%

Harbour Manoeuvres Special Operations

1H08

1H09


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


Logistics


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


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


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


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


Depreciation & Amortization

Expenses


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


Depreciation & Amortization

Expenses


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%



26,8%

27,1%

2,7%

2,5%

39,2%1,7%



26,8%

27,1%

2,7%

2,5%

39,2%1,7%



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%


3%

97%


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:

[email protected]

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

Documents

2 q09 presentation