Mills 2Q15 Result - xls

8/20/2019 Mills 2Q15 Result - xls

1/23

Mills Results

ROIC

Index

Main Indicators

Revenue

COGS G&A

EBITDA

Capex per Business Unit

Financial Indicators per Business Unit

Incoe Stateent

Balance S!eet

Cas! "o#

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2/23

Mills - Key financial indicators

in R$ million2Q14 1Q15 2Q15 (C)/(A) (C)/(B)

(A) (B) (C)

Net revenue 213.0 163.9 147.9 -30.6% -9.8%

EBITDA 105.9 47.4 52.1 -50.8% 9.9%

EBITDA margin %! 49.7% 28.9% 35.3%

Net earning" #$""! 33.4 -14.5 -8.2 -124.5% -43.5%

&I' %! 12.3% 4.0% 2.0%

'a(e) 54.7 6.4 9.7 -82.3% 51.1%

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3/23

Mills - !et re"en#e er tye

in R$ million 2Q14 1Q15 2Q15 (C)/(A) (C)/(B)

(A) (B) (C)

enta* 175.7 132.4 125.9 -28.3% -4.9%

Te+,ni+a* "u(($rt "ervi+e" 3.0 1.7 1.8 -41.2% 6.1%

a*e" 25.8 17.9 12.3 -52.2% -31.3%

&t,er" 8.4 11.9 7.8 -6.8% -34.0%

%otal net re"en#e 21&' 1&'* 14+'* -&' -*',

Mills- !et re"en#e er #siness #nit

in R$ million 2Q14 1Q15 2Q15

eav/ +$n"tru+ti$n 55.5 26.1% 51.1 31.2% 41.8

ea* e"tate 58.8 27.6% 33.2 20.3% 31.6

enta* 98.6 46.3% 79.6 48.6% 74.5

%otal net re"en#e 21&' 1' 1&'* 1' 14+'*


4/23

28.3%

21.3%

50.4%

1'

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5/23

Mills - Cost of .oods and ser"ices sold (C0) and .eneral administrati"e and oeratin. e3enses (0A) e3-


24.1 21.1% 18.1 15.6% 1.9 3.4%

'$"t" $ "a*e $ eui(ment 14.7 12.9% 10.9 9.3% 8.2 14.7%

'$"t" $ a""et rite-$" 1.7 1.5% 4.7 4.1% 0.1 0.2%

10.9 9.6% 13.3 11.4% 0.8 1.5%

'& 51.5 45.1% 47.1 40.4% 8.7 15.5%

A 57.8 50.6% 48.5 41.6% 45.5 81.3% $DD e

ADD 4.9 4.3% 21.0 18.0% 1.8 3.2%

%otal C0 0A 114'1 1' 11'5 1' 5' 1'

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'$"t" $ $ e)e+uti$n g!

Eui(ment "t$rage ,!


6/23

ereciation

&A inclui outros


7/23

Mills - 6B7%8A er #siness #nit and 6B7%8A mar.in


eav/ '$n"tru+ti$n 25.6 24.2% 12.9 27.2% 12.5

ea* E"tate 25.2 23.8% 0.1 0.1% 0.2

enta* 55.1 52.0% 34.4 72.6% 39.4

%otal 6B7%8A 15'* 1' 4+'4 1' 52'1

6B7%8A mar.in () 4*'+ 2,'* &5'&

Mills - Reconciliation of 6B7%8A


(A) (B) (C)

Res#lts of contin#in. oerations &&'4 -14'5 -,'2 -124'5 -4&'5

inan+ia* re"u*t -18.4 -18.4 -16.1 -12.8% -12.7%

In+$me ta) an "$+ia* +$ntriuti$n e)(en"e" -5.0 -0.1 -1.1 -77.3% 1096.8%

erational Res#lts efore 9inancial Res#lt 5', 4' *' -,4'1 125'5

De(re+iati$n 42.1 43.4 43.0 2.3% -0.8%

E)(en"e" revenue"! re*ate t$ t,e Inu"tria* "ervi+e" $rmer u"ine"" unit 7.1 0.1 0.1 -98.2% 36.6%

6B7%8A 15'* 4+'4 52'1 -5', *'*


8/23

23.9%

0.4%

75.6%

1'

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9/23

Mills - 7n"estment er #siness #nit

in R$ million

Act#al B#d.et

2Q14 1Q15 2Q15 115 215

(A) (B)

enta* eui(ment

eav/ '$n"tru+ti$n 11.3 0.5 4.6 5.1 7.0

ea* E"tate 8.9 0.6 0.5 1.1 3.0

enta* 28.5 0.0 0.0 0.0 0.0

Rental e:#iment 4,'+ 1'2 5'1 '& 1'

'$r($rate an u"e g$$" 6.0 5.2 4.5 9.8 24.0

Cae3 %otal 54'+ '4 *'+ 1'1 &4'


10/23

(A)/(B)

72.9%

38.3%

n.a.

2'*

40.7%

4+'2

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11/23

;ea"y Constr#ction financial indicators


(A) (B) (C)

Net revenue

enta* 45.9 36.5 35.6 -22.3% -2.3%

Te+,ni+a* "u(($rt "ervi+e" "a*e" an $t,er" 9.7 14.6 6.2 -36.1% -57.7%

%otal net re"en#e 55'5 51'1 41', -24'+ -1,'1

'& e)-e(re+iati$n 13.6 15.0 13.3 -2.0% -11.3%

A e)-e(re+iati$n an ADD 15.5 14.3 13.1 -15.1% -8.5%

ADD 0.9 8.8 2.9 234.7% -66.7%

EBITDA 25.6 12.9 12.5 -51.4% -3.6%

EBITDA margin %! 46.2% 25.3% 29.8%

&I' %! 16.3% 7.0% 4.3%

'a(e) 11.5 0.5 4.6 -60.0% 797.9%

Inve"te 'a(ita* 319.4 352.4 349.0 9.3% -1.0%

enta* net ::E 245.1 248.8 243.4 -0.7% -2.2%

&t,er" 74.3 103.6 105.6 42.2% 1.9%

De(re+iati$n 10.0 10.6 10.5 5.0% -0.2%

Real 6state financial indicators


(A) (B) (C)

Net revenue

enta* 45.5 26.7 25.0 -45.0% -6.2%


%otal net re"en#e 5,', &&'2 &1' -4'& -5'

'& e)-e(re+iati$n 14.6 11.5 14.7 0.5% 27.1%

A e)-e(re+iati$n an ADD 18.7 17.6 15.9 -15.1% -9.8%

ADD 0.3 4.0 0.8 131.4% -81.1%

EBITDA 25.2 0.1 0.2 -99.1% 244.4%

EBITDA margin %! 42.8% 0.2% 0.7%

&I' %! 6.5% -3.3% -7.6%

'a(e) 9.4 0.7 0.5 -94.6% -30.8%

Inve"te 'a(ita* 490.3 448.6 425.5 -13.2% -5.1%

enta* net ::E 336.3 307.0 296.2 -11.9% -3.5%

&t,er" 154.0 141.6 129.3 -16.0% -8.7%

De(re+iati$n 11.7 11.9 11.7 0.2% -1.9%

Rental financial indicators


(A) (B) (C)

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12/23

Net revenue

enta* 84.4 69.3 65.3 -22.7% -5.8%


%otal net re"en#e *,' +*' +4'5 -24'5 -'4

'& e)-e(re+iati$n 23.4 20.6 20.5 -12.1% 0.0%

A e)-e(re+iati$n an ADD 16.5 16.2 16.3 -1.4% 0.4%

ADD 3.6 8.3 -1.8 -149.8% -121.7%

EBITDA 55.1 34.4 39.4 -28.4% 14.5%

EBITDA margin %! 55.8% 43.3% 53.0%

&I' %! 16.2% 8.8% 7.4%

'a(e) 29.5 0.7 0.4 -98.8% -50.3%

Inve"te 'a(ita* 644.0 712.9 698.7 8.5% -2.0%

enta* net ::E 561.4 588.2 570.2 1.6% -3.1%

&t,er" 82.6 124.7 128.5 55.5% 3.0%

De(re+iati$n 20.3 20.9 20.8 2.1% -0.4%


13/23

Mills - 7ncome statement


!et re"en#e from sales and ser"ices 21&' 1&'* 14+'*

'$"t $ (r$u+t" "$* an "ervi+e" renere 89.9! 86.1! 87.1!

0ross rofit 12&' ++', ',

&t,er $(erati$na* revenue" - - -

enera* an amini"trative e)(en"e" 66.3! 73.8! 51.8!

eratin. rofit 5', 4' *'

inan+ia* e)(en"e 25.9! 26.1! 23.0!

inan+ia* in+$me 7.5 7.7 6.9

9inancial res#lt (1,'4) (1,'4) (1'1)

$" Inu"triai" (ara eeit$ e +$m(ara>?$

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14/23

Mills - Balance s>eet

in R$ million 2Q14 1Q15

Assets

'urrent A""et"

'a", an +a", euiva*ent" 93.7 214.0

Trae re+eiva*e" 199.1 126.4Invent$rie" 37.8 19.9e+$vera*e ta)e" 32.6 28.6 Avan+e" t$ "u((*ier" 0.3 0.1Derivative inan+ia* in"trument" - -&t,er re+eiva*e"- a*e $ inve"tee 16.5 18.0&t,er +urrent a""et" 8.0 6.6

T$ta* 'urrent A""et" 388.2 413.7

N$n-'urrent A""et"

Trae re+eiva*e" 1.3 1.2e+$vera*e ta)e" 41.6 26.8Deerre ta)e" 10.4 27.1De($"it" in +$urt

10.3 10.9&t,er trae re+eiva*e" 49.6 35.9&t,er a""et" - -

113.1 101.9

Inve"tment 87.4 87.4:r$(ert/ (*ant an eui(ment 1265.5 1154.4Intangi*e a""et" 75.0 76.5

1427.9 1318.4

T$ta* N$n-'urrent A""et" 1541.1 1420.3

%otal Assets 1*2*'2 1,&&'*

in R$ million 2Q14 1Q15=iailities

'urrent #iai*itie"

u((*ier" 29.1 14.9B$rr$ing" an inan+ing" 45.4 3.2Deenture" 107.1 114.3a*arie" an (a/r$** +,arge" 24.3 20.0In+$me ta) an "$+ia* +$ntriuti$n 2.7 -Ta) reinan+ing (r$gram EI! 1.0 1.0Ta)e" (a/a*e 8.6 2.9:r$it ",aring (a/a*e 1.7 -Divien" an intere"t $n euit/ (a/a*e 21.8 21.8Derivative inan+ia* in"trument"

5.2 -&t,er +urrent *iai*itie" 5.1 1.2

T$ta* 'urrent #iai*itie" 252.0 179.4

N$n-'urrent #iai*itie"

B$rr$ing" an inan+ing" 16.5 14.3Derivative inan+ia* in"trument" - -Deenture" 572.1 580.3:r$vi"i$n $r ta) +ivi* an *a$r ri"@" 11.6 12.4Deerre ta)e" - -Ta) reinan+ing (r$gram EI! 9.3 9.0


15/23

T$ta* N$n-'urrent #iai*itie" 609.5 616.0

T$ta* #iai*itie" 861.5 795.3

toc?>olders@ 6:#ity

'a(ita* 563.1 563.3Earning" re"erve" 447.9 487.0'a(ita* re"erve" 14.9 2.5

a*uati$n au"tment" t$ euit/ 0.2! 0.2etaine earning" 42.2 14.5!

T$ta* t$+@,$*er" Euit/ 1067.7 1038.6

%otal =iailities and toc?>olders@ 6:#ity 1*2*'2 1,&&'*


16/23

2Q15

138.0

121.121.4

29.8

0.2

-

18.5

7.5

336.6

-

22.1

23.7

11.437.0

1.1

95.2

87.4

1113.3

76.3

1277.0

1372.3

1+,'*

2Q15

11.1

3.2

107.8

21.7

-

1.1

2.9

-

0.0

0.00.2

148.1

13.5

-

493.7

12.0

-

8.9

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17/23

528.1

676.2

563.3

487.0

4.8

0.2

22.7!

1032.7

1+,'*


18/23

Mills - Cas>flo

in R$ million 2Q14 1Q15

Cas> flo from oeratin. acti"ities

!et income efore ta3ation &,'4 (14'4)

Au"tment"

De(re+iati$n an am$rtiCati$n 42.1 43.4

:r$vi"i$n $r ta) +ivi* an *a$r ri"@" 0.6 0.5!

A++rue e)(en"e" $n "t$+@ $(ti$n" 2.5 2.5

:r$it ",aring (a/a*e 1.2 -

e"iua* va*ue $ i)e an intangi*e a""et" - -

Ta) reinan+ing (r$gram EI! - -

ain $n "a*e $ (r$(ert/ (*ant an eui(ment an intangi*e a""et" 11.4! 14.4!

'a(ita* gain $n i"($"a* $ inve"tment - -

ar@eta*e "e+uritie" in+$me - -

Intere"t m$netar/ an e)+,ange rate variati$n $n *$an" +$ntingen+ie" an e($"it" in +$urt 18.9 22.9

A**$an+e $r $utu* et" 4.9 21.0

&t,er" - 1.9

Im($"t$ e rena e +$ntriui>?$ "$+ia* ieri$" - -

5,', +',

C>an.es in assets and liailities

Trae re+eiva*e" 11.5! 4.3

Invent$rie" 1.2! 0.0

e+$vera*e ta)e" 8.4 7.2

De($"it" in +$urt 0.2 0.4!:re(ai e)(en"e" - -

:re(ai "u((*ier" - -

&t,er a""et" 1.7 1.0!

u((*ier" 1.5 1.7!

a*arie" an (a/r$** +,arge" 0.7 0.6

In+$me ta) an "$+ia* +$ntriuti$n - -

Ta) re+$ver/ (r$gram - #a 119412009 - -

Ta)e" (a/a*e 4.0 1.1!

:r$it ",aring (a/a*e - -

:r$vi"i$n $r +$ntingen+ie" - -

&t,er *iai*itie" 1.4 0.25'1 ,'2

Cas> from oerations 12'& +'

#a"uit" "ett*e 0.4! 0.0!

Intere"t (ai 20.2! 15.0!

In+$me ta) an "$+ia* +$ntriuti$n (ai 13.4! 6.3!

:r$it ",aring (ai - -

!et cas> .enerated y oeratin. acti"ities ,'& 4*'&

Cas> flo from in"estment acti"itiesar@eta*e "e+uritie" - -

Avan+e" $n a""et" ,e* $r "a*e - -

A+ui"iti$n" $ inve"tment" - -

:ur+,a"e" $ (r$(ert/ (*ant an eui(ment an intangi*e a""et" 82.5! 6.4!

:r$+ee" r$m "a*e $ (r$(ert/ (*ant an eui(ment an intangi*e a""et" 13.8 27.5

:I an '&IN ta) +reit" r$m a+ui"iti$n $ renta* eui(ment - -


19/23

:r$+ee" r$m "a*e $ I u"ine"" unit 11.3 -

A""et rite-$ - -

!et cas> roceeded from (alied on) in"estment acti"ities (5+'4) 21'1

Cas> flo from financin. acti"ities

'a(ita* +$ntriuti$n" 8.2 -

,are" in trea"ur/ - 8.8!

'$"t" $ i""ue" $ ",are" - -

Divien" an intere"t $n +a(ita* inve"te (ai 41.0! -

e(a/ment $ $rr$ing" 292.8! 41.2!

B$rr$ing"Deenture" rai"e 400.0 -

!et cas> .enerated y (#sed in) financin. acti"ities +4'4 (5')

7ncrease (decrease) in cas> and cas> e:#i"alents ,5'& 2'4

Cas> and cas> e:#i"alents at t>e e.innin. of t>e eriod ,'5 1*&'+

Cas> and cas> e:#i"alents at t>e end of t>e eriod *&'+ 214'


20/23

2Q15

(+'1)

43.0

0.0!

2.2

-

-

-

0.2!

-

-

19.7

1.8

0.8

-

+'&

2.1

2.3!

6.2

0.6! -

-

0.0!

3.7!

1.7

-

-

0.0

-

-

1.1! 2'2

2'4

0.8!

24.5!

-

-

&+'2

-

-

-

6.4!

5.8

-

enu


21/23

-

-

(')

-

0.0

-

21.8!

90.8!

-

(112'5)

(+')

214'

1&,'


22/23

;ea"y Constr#ction Real 6state Rental

R7C "ariation (:o:)

&(erati$na* in+$me ater ta)e" -272 (" -390 (" -157 ("

enta* net ::E 11 (" -8 (" 23 ("

&t,er" -4 (" -9 (" -5 ("

T$ta* -267 (" -429 (" -143 ("

R7C "ariation (yoy)

&(erati$na* in+$me ater ta)e" -1158 (" -1309 (" -822 ("

enta* net ::E 9 (" 58 (" -22 ("

&t,er" -146 (" 34 (" -108 ("

T$ta* -1199 (" -1409 (" -885 ("


23/23

Mills

-201 ("

8 ("

2 ("

-196 ("

-1015 ("

26 ("

-57 ("

-1021 ("

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Mills 2Q15 Result - xls