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8/22/2019 2Q13 Quarterly Financial Reports
1/21
Presentation of 2Q13 Results
8/22/2019 2Q13 Quarterly Financial Reports
2/21
Disclaimer
This presentation may include declarations about Mills expectations regarding future
events or results. All declarations based upon future expectations, rather than
historical facts, are subject to various risks and uncertainties. Mills cannot guarantee
that such declarations will prove to be correct. These risks and uncertainties includefactors related to the following: the Brazilian economy, capital markets, infrastructure,
real estate and oil & gas sectors, among others, and governmental rules, that are
subject to change without prior notice. To obtain further information on factors that
may give rise to results different from those forecast by Mills, please consult the
reports filed with the Brazilian Comisso de Valores Mobilirios (CVM).
2
8/22/2019 2Q13 Quarterly Financial Reports
3/21
Sale of the Industrial Services business unit
2Q13 Results
Growth plan
Agenda
3
8/22/2019 2Q13 Quarterly Financial Reports
4/21
4
We entered into an agreement in July to sell our Industrial Services business unit
Objective:
To focus on businesses in which Mills competencies are able to add higher value to its
shareholders and clients.
Price:
R$ 102 million; implicit EV/EBITDA ratio= 5.2x
Form of payment:
R$ 25 million - advance payment on the date of the sale agreement
R$ 17 million on the closing of the sale
R$ 60 million in four equal annual installments, adjusted by the CDI rate
Financial results of Industrail Services1:
Net revenue: R$ 214 million
EBITDA: R$ 19.5 million, which represents 5.3% of Mills EBITDA1Last twelve months ended March 31, 2013.
8/22/2019 2Q13 Quarterly Financial Reports
5/21
Agenda
Sale of the Industrial Services business unit
2Q13 Results
Growth plan
5
8/22/2019 2Q13 Quarterly Financial Reports
6/21
164.0175.1 175.1
193.5 199.1211.1
222.2 222.2
246.8239.9
271.5
58.050.8
59.9
76.486.2 84.4
96.1 90.4 91.7102.0 107.5
22.617.8
23.8 29.532.7
39.2 38.0 34.741.6 39.3
48.1
35.4%
29.0%
34.2%39.5%
43.3%
40.0%
43.2%40.7%
37.1%
42.5%
39.6%
12.7%
8.6% 11.1%
14.2% 15.1%13.6%
15.8%14.5% 14.5%
14.9% 14.2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12 1Q13 2Q13
Net Revenues EBITDA Net Income EBITDA Margin ROIC
2Q13 Highlights
6
2Q13/2Q12 + 28.6% + 27.3% - 40 bps + 60 bps+ 22.5%
2Q13/1Q13 + 13.2% + 5.4% - 290 bps - 70 bps+ 22.4%
In R$ million
NewRecords
2 ROIC: Return on Invested Capital
* Excluding the negative impact of R$ 9.1 million of Allowance for Doubtful Debts (ADD) in 3Q11 and the positive impact of the provisions reversal in the
amount of R$ 6.8 million in 3Q121Pro forma result, including figures for the Industrial Services business unit
8/22/2019 2Q13 Quarterly Financial Reports
7/21
Net revenues reached R$ 271.5 million in 2Q13
7
Rental66%
TechnicalSupportServices
20%
Sales
10%
Others4%
Per type of service
HeavyConstruction
20%
Jahu -Residential
andCommercial
25%IndustrialServices
22%
Rental33%
Per business segment
1Pro forma result, including figures for the Industrial Services business unit
8/22/2019 2Q13 Quarterly Financial Reports
8/21
30.633.2 33.2
36.1
39.341.9
45.5 45.547.3 47.5
55.1
14.1
8.6
14.4
19.5 18.9 21.224.1
22.820.2
24.3 25.1
46.2%
26.0%
43.5%
54.0%
48.0%
50.6% 52.9%
50.2%
42.7%
51.3%
45.5%
12.1%
4.5%
12.0%
17.5% 16.6%17.8%
19.7%18.3%
14.8%
18.6% 17.8%
0%
10%
20%
30%
40%
50%
60%
-
10.0
20.0
30.0
40.0
50.0
60.0
2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12 1Q13 2Q13
Net Revenues EBITDA EBITDA Margin ROIC
Heavy Construction Financial performance
8
+ 31.5% + 18.2% - 510 bps 0 bps
+ 16.2% + 2.9% - 580 bps - 80 bps
In R$ million
2Q13/2Q12
2Q13/1Q13
1 ROIC: Return on Invested Capital
* Excluding the negative impact of R$ 5.8 million of Allowance for Doubtful Debts (ADD) in 3Q11 and the positive impact of the provisions reversal in the amount of R$1.5 million in 3Q12
NewRecords
8/22/2019 2Q13 Quarterly Financial Reports
9/21
-
20
40
60
80
100
120
140
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33
9
Important contracts per stage in the evolution of monthly revenue from the heavy
construction projectsNew
contracts*Contracts with
growing volume ofequipment
Contracts with highvolume of equipment
Contracts in thedemobilization process
Source: Mills
Time
RevenueIndex
(Basis100=Maximumm
onthlyrevenuein
thelifeofconstruction)
Newcontracts*
New phases ofBelo Monte hydroeletric powerplant New stretches of the Guarulhos airport New stretches of Subway lines 4 and 5 SP SP-055 highway
New phase of the transposition of the So Francisco river Duplication ofTamoios and Bandeirantes highwaysLibras terminal
Cuiab airportCais das ArtesCompanhia Siderrgica do Pecm steel mill Minas-Rio ore pipeline
North beltway SP Cable-stayed bridge in Laguna Manaus thermoelectric unit
Belo Monte hydroelectricpowerplantOesteLeste railway Monorail line Gold SP Braslia airport Fortaleza airport Natal airport BRT Belo Horizonte BRT Sul DF East beltway - SP
Companhia Siderrgica doPecm steel millParaguau shipyard
Colder, Jirau and Teles Pireshydroelectric powerplantsComperjrefinery Abreu e Lima refineryNorte-SulrailwayMonorail line Silver - SP
BRT Transcarioca Metropolitan arch RJVales mine and railway Viracopos airport
Guarulhos airportPorto Maravilha Pantanalarena Beira-Rio stadium Natal stadium Cuiab light rail
Subway line 2 - SP CSN steel plantParanaenses arena BR-448 Manaus airport
8/22/2019 2Q13 Quarterly Financial Reports
10/21
4.2
1.50.7
0.3
2.97.5
6.1
0.4
Stadiums Urban mobility Airports Ports
In Progress
Executed
The construction work related to World Cup and Olympic events represented 31% of the
Heavy Construction business segments 2Q13 revenue
10
2Q13 RevenueR$ 55.1 million
Industry
26%
Infrastructure
33%
Others11%
Airports
10.3%
Urban mobility
10.2%
Stadiums
10.2%
World Cup and
Olympics
31%
Investments in infrastructure for the 2014 World CupTotal: R$ 23.6 billion
1 In July 2013Source: 4th 2014 World Cup Report, Portal da Transparncia and Mills
8/22/2019 2Q13 Quarterly Financial Reports
11/21
34.7
39.4
52.552.5
58.960.5 60.5
66.0 64.966.5
13.516.4
23.926.3 27.2
33.8
29.426.1
27.724.6
38.8%41.6%
45.5%
50.1%
46.1%
55.9%
48.6%
39.6%
42.8%
37.0%
13.0%
12.5%16.3%
15.6% 14.8%
20.2%
16.9%
12.6% 12.8%
9.3%
0%
10%
20%
30%
40%
50%
60%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12 1Q13 2Q13
Net Revenues EBITDA EBITDA Margin ROIC
Jahu Residential and Commercial Financial performance
11
+ 12.8% - 9.5% - 910 bps - 550 bps
+ 2.5% - 11.4% - 580 bps - 350 bps
In R$ million
2Q13/2Q12
2Q13/1Q13
* Excluding the positive effect of R$ 5.3 million of tax contingency reversal in 3Q121 ROIC: Return on Invested Capital
NewRecord
8/22/2019 2Q13 Quarterly Financial Reports
12/2112
Commercial projects contributed 36% of 2Q13 equipment rental revenues
In R$ million
12%17%
7%
18% 19%
45% 36%
43%
32% 31%
34%34% 36% 37% 36%
3%2%
1% 1% 2%
6%11% 13% 12% 12%
48.5 49.2 49.9 53.3 52.0
2Q12 3Q12 4Q12 1Q13 2Q13
Others
Industrial
Commercial
Residential - others
Residential - listedcompanies
Residential57 %
Residential53 %
Residential50%
Residential50%
Residential50%
8/22/2019 2Q13 Quarterly Financial Reports
13/2113
Real estate market continues with a good outlook
351
363376
392
408
430
457
504
536
2006 2007 2008 2009 2010 2011 2012 2013E 2014E
Number of shopping centers
Source: Abrasce, operational reports from companies and Mills
5.7
4.1
4.8
1Q12 2Q12 2Q13
Total launches
1 Cyrela, Direcional,Even, Eztec, Gafisa, Helbor, MRV, Rodobens, Tecnisa and Trisul
17%
in R$ billion
8/22/2019 2Q13 Quarterly Financial Reports
14/21
41.245.6 45.6
54.9 56.5 55.4
67.4
74.2 76.1
90.1
22.3 21.725.0
30.7 34.931.4
38.0 36.9
43.6
49.3
54.1%
47.6%
54.8% 56.0%
61.8%
56.6% 56.5%
49.8%
57.3%
54.7%
17.1%
12.9%16.0%
18.6%20.3%
16.3% 16.3% 16.9%19.1% 18.5%
0%
10%
20%
30%
40%
50%
60%
70%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Net Revenues EBITDA EBITDA Margin ROIC
Rental Financial Performance
14
+62.6% + 57.1% - 190 bps + 220 bps
+ 18.5% + 13.1% - 260 bps - 60 bps
In R$ million
2Q13/2Q12
2Q13/1Q13
* Excluding the negative effect of R$ 3.3 million of Allowance for Doubtful Debt (ADD) in 3Q11
1 ROIC: Return on Invested Capital
NewRecords
8/22/2019 2Q13 Quarterly Financial Reports
15/21
Mills is one of the top 5 access rental companies with largest fleet growth in 2012
15Source: Access International
5th
30th
Fleet size ranking, at the end of 2012
Largest fleet growth ranking, in 2012
8/22/2019 2Q13 Quarterly Financial Reports
16/21
The Brazilian fleet of motorized access equipment grew 19% up to May
16Source: Mills and Yengst Associates
8
11
16
21
25
40
0
5
10
15
20
25
30
35
40
45
2009 2010 2011 2012 2013 ... 2017E
Motorized access equipment fleet
In thousands of units
+19.0%
+34.9%
+46.2%
+32.1%
+13.9% p.a.
8/22/2019 2Q13 Quarterly Financial Reports
17/21
57.5 56.9
50.2 50.9
54.8
48.8
59.3
51.5
59.8
8.1
4.1
2.3
6.24.7
0.1
8.46.3
8.5
14.2%
7.2%
4.7%
12.1%
8.5%
0.2%
14.2% 12.2%
14.3%
14.2%
3.2%
-1.2%
7.5%
3.9%
-6.2%
13.3%
8.9%
16.4%
-10%
-5%
0%
5%
10%
15%
20%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Net Revenues EBITDA EBITDA Margin ROIC
Industrial Services Financial performance
17
+ 9.0% + 82.5% + 580 bps + 1250 bps
+ 16.1% + 35.7% + 210 bps + 750 bps
In R$ million
2Q13/2Q12
2Q13/1Q13
1 ROIC: Return On Invested Capital
8/22/2019 2Q13 Quarterly Financial Reports
18/21
Sale of the Industrial Services business unit
2Q13 Results
Growth plan
Agenda
18
8/22/2019 2Q13 Quarterly Financial Reports
19/21
19
Evolution of the number of branches
5 6 6 6 6 68 8
5 6
14 1516
16 17
4
44
66
77
7
4 4
1416
17
18
23
9
19 20
40
43
46
49
55
2007 2008 2009 2010 2011 2012 1Q13 Colunas1 2Q13
Rental
Industrial Services
Jahu - Residential andCommercial
Heavy Construction
+6
8/22/2019 2Q13 Quarterly Financial Reports
20/21
20
We invested R$ 143 million in rental equipment in 1Q13 and 55% of our 2013 revised budget
in the year to date
1H13Capex 2013
(%)
In R$ million
Capex
2950
8945
70
112
0
0
6
69
143
274
143
263
481
2Q13 1H13 2013 Budget
Rental
Industrial Services
Jahu - Residential andCommercial
Heavy Construction57%
62%
8%
52%
8/22/2019 2Q13 Quarterly Financial Reports
21/21
Presentation of 2Q13 Results
Mills Investor Relations
Tel.: +55 (21) 2123-3700
E-mail: [email protected]
www.mills.com.br/ri
mailto:[email protected]:[email protected]