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transcript
1Q09 EarningsConference Call and Webcast
May 19, 2009
Legal Advice
This presentation may contain “forward-looking statements” about futureevents or results, in accordance with Brazilian and international regulationsgoverning stock markets. Such statements reflect the assumptions and analysismade by Wilson, Sons (“the Company”) based on experience, the prevailingeconomic environment, market conditions, and expected future events, whichare beyond the Company’s control.
Important factors, which may lead to significant differences between realresults and these forward-looking statements include: the Company's businessstrategy, national and international economic conditions, technology, financialstrategies, financial market conditions, uncertainties regarding the results of theCompany’s future operations, its plans, objectives, expectations, intentions, andother factors described in section entitled "Risk Factors”, made public in theCompany’s initial public offering prospectus, filed with the Brazilian SecuritiesCommission. As a result of these factors, the Company’s real results may differsubstantially from those expressed or implied in forward-looking statements.
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21.7
31.2
1Q08 1Q09
EBITDA
EBITDA
Margin17.9% 30.1%
16.7
23.8
1Q08 1Q09
Operating Profit
Operating
Margin13.8% 22.9%
13.216.1
1Q08 1Q09
Net Income
Net
Margin10.9% 15.6%
121.2103.6
1Q08 1Q09
Net Revenues
Positive earnings growth despite the negative impact on volumes due to adverse market conditions;
Growth in the offshore business, special operations in towage, and also warehousing activities in port terminals and logistics;
Consolidated results inched higher, strengthened by the Company’s diversified business model, capacity expansion projects and cost-cutting initiatives, amid declining business volumes at core businesses.
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Consolidated Results – 1Q09
(USD mn)
(USD mn)
44.1%
42.2%22.5%
(USD mn)(USD mn)
-14.5%
Highlights
Port Terminals
Tecon Rio Grande: Challenging business scenario affecting volumes; Tecon Salvador: Lower results from export volumes. Expansion project still under negotiation; Brasco: Acquisition of Brasco’s operational base area in Jan/09. New mid-and long-term contracts in 1Q09.
Towage
Delivery of tugboat Atria in Mar/09; Greater share of special operations in revenues, normally carrying better daily rates.
Offshore
Spot operations still in place.
Logistics Larger number of value-added services and warehousing activities.
Shipyard
Delivery of PSV Petrel in Mar/09: the first of 4 vessels to be delivered to third parties.
Subsequent Event
Payment of Dividends in May/09: USD 16 million; USD 0.225 per share; 34.1% of Full Year 2008 Net Income.
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37.934.6
16.2%25.1%
1Q08 1Q09
EBITDA (USD mn) & EBITDA Margin (%)
5
Chg. = -8.8%
Chg. = -9.7%
TEUs (‘000)
NET REVENUES (USD mn) & WHAREHOUSING (%)
Brasco Revenues (USD mn) & Participation (%)
Chg. = 119.8%
Chg. = -11.2%
OPERATIONAL INDICATORS
Port Terminals
1.4
3.0
3.6%
8.7%
1Q08 1Q09
56.6 46.2
141.4132.2
1Q08 1Q09
Tecon Salvador Tecon Rio Grande
200.9
178.4
-18.3%
-6.5%
56,6 46,2
141,4132,2
1Q08 1Q09
Tecon Salvador Tecon Rio Grande
11.810.7
31.2% 30.9%
1Q08 1Q09
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Special Operations Participation (%)
Chg. = -16.0%
Chg. = -13.7%
Chg. = 17.0%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
# Manoeuvres
Towage
14,64012,295
1Q08 1Q09
11.513.5
31.7%
42.9%
1Q08 1Q09
36.331.4
1Q08 1Q09
7.0%
8.5%
Harbour Manoeuvres Special Operations
5.6%
8.5%
3Q08
3Q07
9M08
9M07
7.4 12.9
92.6 87.1
1Q08 1Q09
Operações Especiais Manobras Portuárias
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Chg. = -12.6%
Chg. = 35.5%
Chg. = -10.0%
Chg. = -8.0%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
# of Trips
# of Operations
Logistics
17,42015,675
1Q08 1Q09
22.119.3
1Q08 1Q09
2.02.6
8.8%
13.7%
1Q08 1Q09
2523
1Q08 1Q09
4.9
3.0
1Q08 1Q09
46,405
25,402
1Q08 1Q09
22,693
12,462
1Q08 1Q09
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Chg. = -38.2%
Chg. = -3.3%
Chg. = -45.3%
Chg. = -45.1%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
Vessel Calls
Bills of Lading Issued
Containers Controlled
Chg. = -55.0%
Shipping Agency
1,483 1,434
1Q08 1Q09
0.60.3
12.9%
9.4%
1Q08 1Q09
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Chg. = 325.8%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
# PSVs
Days in Operation
Chg. = 66.7%
Chg. = 59.0%
Chg. = 154.9%
Offshore
1Q08 1Q09
273
434
1Q08 1Q09
1.2
5.0
36.4%
60.7%
1Q08 1Q09
3.2
8.2
1Q08 1Q09
10
Non-Segmented ActivitiesEBITDA – quarterly
1Q09 x 1Q08 (USD mn)
-5.4
4.2
0.2 0.2 -0.8
1Q
08 E
BIT
DA
Ship
yard
Activitie
s
Fx Im
pact
Oth
ers
1Q
09 E
BIT
DA
11
EBITDA1Q09 vs 1Q08
21.7
31.2
1Q08 EBITDA 1Q09 EBITDA
44.1%
1Q09 x 1Q08 (USD mn): Double-digit growth, despite pressured volumes from adverse market conditions
1Q09 x 1Q08 (USD mn)
Net Incomequarterly
13.2 -17.616.1
14.5
3.9 -2.58.8
-0.1 -0.8-3.3
1Q
08 N
et In
com
e
Net Revenues
Raw
Mate
rials
Pers
onnel Expenses
Depre
cia
tion &
Am
ort
isation E
xpenses
Oth
er O
pera
ting E
xpenses
Pro
fit on d
isposal of
Pro
pert
y P
lant &
Equip
ment
Net Fin
ancia
l Results
Incom
e T
ax E
xpenses
1Q
09 N
et In
com
e
17.0
44.5
1Q08 1Q09
37.8%35.8%
0.9%
6.5%
17.4%
1.7%
Offshore
Terminais Portuários
Agenciamento Marítimo
Logística
Rebocagem
Atividades Não-segmentadas
28.4%
30.1%
0.0%
9.3%
31.4%0.8%
Offshore
Terminais Portuários
Agenciamento Marítimo
Logística
Rebocagem
Atividades Não-segmentadas
CAPEX LEVERAGE
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CAPEX EVOLUTION (USD mn) CURRENCY BREAKDOWN
LEVERAGE INDICATORSCAPEX BREAKDOWN
26,8%
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%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
Chg. = 162.6%
Consistent Investment & Low Leverage Ratios
(USD mn) 03/31/2009 12/31/2008 09/30/2008R$ DenominatedUSD DenominatedTotal Debt
4.0175.3179.2
1Q091Q08
4.9153.3158.2
4.2181.0185.2
03/31/2009 12/31/2008 09/30/2008Short Term 13.3Long Term 144.9Total Debt 158.2( - ) Cash and Equivalents -174.7( = ) Net Debt/Cash -16.5
15.5169.7185.2-180.0
5.2
(USD mn)16.4
162.8179.2-163.415.8
IR website:
www.wilsonsons.com/ir
IR e-mail address:
ri@wilsonsons.com.br
Felipe Gutterres
CFO of the Brazilian subsidiary. Legal Representative & Investor Relations
E-mail: ri@wilsonsons.com.brTelephone: + 55 (21) 2126-4222
Sandra Calcado
Investor Relations ManagerE-mail: sandra.calcado@wilsonsons.com.br
Telephone: + 55 (21) 2126-4263
BOVESPA: WSON11Bloomberg: WSON11 BZ
Reuters: WSON11.SA
Investor Relations
1Q09 Earnings
Conference Call and Webcast
May 19, 2009