Post on 08-Sep-2018
transcript
Presentation of 4Q12 Results
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 include
factors 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 Comissão de Valores Mobiliários (CVM).”
2
Agenda
4Q12 and 2012 Results
Growth plan
3
4Q12 Highlights
4 1 ROIC: Return on Invested Capital
4Q12/4Q11 +27.5% +20.0% - 234 bps
154.2 145.0
164.0175.1 175.1
193.5 199.1211.1
222.2 222.2
246.8
45.4 52.8 58.0
50.859.9
76.486.2 84.4
96.1 90.4 91.7
30.1 22.2 22.6 17.8 23.8 29.5 32.7 39.2 38.0 34.7 41.6
29.4%
36.4% 35.4%
29.0%34.2%
39.5%
43.3%
40.0%
43.2%40.7%
37.1%
18.8%13.8%
12.7%
8.6%11.1%
14.2% 15.1%13.6%
15.8%14.5%
14.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
50.0
100.0
150.0
200.0
250.0
300.0
4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12
Net Revenues EBITDA Net Income EBIDA Margin ROIC¹
+27 bps +41.0%
4Q12/3Q12* +11.1% +1.4% - 354 bps + 3 bps +19.9%
In R$ million
* 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 3Q12
New
Records
Despite the weak performance of the Brazilian economy in 2012, we achieved strong growth
as shown in our key financial indicators
5
2012
Expected
2012
Actual
Brazil GDP 3.84%1 0.90%²
Civil Construction
GDP 5.00%³ 1.40%²
Industrial GDP 3.70%3 -0.80%²
PAC Investments R$ 74 bi R$ 39 bi
(-47%)
Residential
launches4 -22.7% -49.6%5
1 Focus Report, January 4, 2013. 2 IBGE
3 Bacen, Inflation Report, December 2012. 4 8 listed companies: PDG, Cyrela, Rossi, Brookfield, Eztec, Tecnisa, Trisul, Gafisa. 5 For the first nine months of 2012, compared to the first nine months of 2011
29.8%
50.5%
64.4%
0%
10%
20%
30%
40%
50%
60%
70%
Revenue EBITDA Net earnings
2012/2011 Growth (%)
Economic indexes Mills Financial Indicators
Net revenues reached R$ 246.8 million in 4Q12
6
34.2 31.8
30.6 33.2 33.2
36.1
39.341.9
45.5 45.547.3
13.3 15.6
14.1
8.6
14.4
19.5 18.921.2
24.122.8
20.2
38.8%
48.9%46.2%
26.0%
43.5%
54.0%
48.0%50.6%
52.9%50.2% 42.7%
18.8%
14.4%12.1%
4.5%
12.0%
17.5% 16.6% 17.8%19.7%
18.3%
14.8%
0%
10%
20%
30%
40%
50%
60%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12
Net Revenue EBITDA EBITDA Margin ROIC¹
Heavy Construction – Financial performance
1 ROIC: Return on Invested Capital 7
+31.2% +3.6% - 1,130 bps - 270 bps
+3.9% - 11.6% - 750 bps - 350 bps
In R$ million
4Q12/4Q11
4Q12/3Q12*
* 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
8
Heavy Construction – 2012 Highlights
Source: Mills
32.2%
45.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Revenue EBITDA
2012/2011 Growth (%)
Financial Indicators – Heavy Construction
Alumills
Modular System
9
• Belo Monte hydroelectric
powerplant
• Monorail line Gold
• Subway line 5 – SP
• Subway line 4 – RJ
• Açu port
• Verdão stadium
• Light rail Cuiabá
• Norte-Sul railway
• New phases of Ponta da Madeira
port
• Jirau, Colíder and Teles Pires
hydroelectric powerplants
• Abreu e Lima refinery
• Paranaenses arena
• Monorail line Silver - SP
• Transordestina railway
• BR-448
• Comperj refinery
• Manaus airport
• BRT Transcarioca
• Porto Maravilha
• Aratu Port
• Metropolitan arch – RJ
• Carajás railway
• BRT Belém
• Subway line 2 - SP
• Maracanã stadium
• Mané Garrincha stadium
• Sudeste port
• Ponta da Madeira port
• Serra Leste mine
• Viracopos airport
• Brasília airport
• Surroundings of the Maracanã stadium
• Surroundings of the Corinthians Arena
• Bridge over the Araguaia River
• Expansion of Carajás mine
• Paraguaçu shipyard
• New phases of Belo Monte hydroeletric powerplant
• New stretches of subway lines 4 and 5
• New stretches of Monorail line Gold
• BRT Fortaleza
• Guarulhos airport
• Fortaleza airport
• Natal airport
Important contracts per stage in the evolution of monthly revenue from the heavy
construction projects
New
contracts*
Contracts with
growing volume of
equipment
Contracts with high
volume of equipment
Contracts in the
demobilization process
Source: Mills
Time
Re
ve
nu
e In
de
x
(B
asis
10
0=
Ma
xim
um
mo
nth
ly r
eve
nu
e in
th
e life
of co
nstr
uctio
n)
New
contracts*
The construction work related to World Cup and Olympic events represented 22%
of Heavy Construction’ 4Q12 revenue
10 Source: Mills
4Q12 Revenue R$ 47.3 million
World Cup and Olympics
22%
Industry 25%
Infrastructure 39%
Others 14%
32.8 29.2
34.7
39.4
52.46 52.5
58.960.5 60.5
66.0
11.6 12.3 13.5
16.4
23.926.3
27.2
33.8
29.426.1
35.5%
42.0%
38.8%
41.6%
45.5%50.1% 46.1%
55.9%
48.6%
39.6%
22.3%
15.2%
13.0%12.5%
16.3%15.6% 14.8%
20.2%
16.9%
12.6%
0%
10%
20%
30%
40%
50%
60%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12
Net Revenue EBITDA EBITDA Margin ROIC¹
Jahu – Residential and Commercial Construction – Financial performance
11
+25.9% +9.5% - 590 bps -370 bps
+9.1% - 11.2% - 900 bps - 430 bps
In R$ million
4Q12/4Q11
4Q12/3Q12*
* Excluding the positive effect of R$ 5.3 million of tax contingency reversal in 3Q12 1 ROIC: Return on Invested Capital
12
Jahu –2012 Highlights
52.8%
71.9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Revenue EBITDA
2012/2011 Growth (%)
Financial Indicators - Jahu
Mills Deck Light Alumills
Mast climbing platform SL-2000
13
Great penetration of concrete wall for the Minha Casa, Minha Vida program
Use of concrete wall should reach 40% of the properties of the Minha Casa, Minha Vida program in
2014/15
3%
97%
2010/11
15%
85%
2012/13
40%
60%
2014/15
30,000 HU 150,000 HU 400,000 HU
Concrete wall construction Construction using other systems
Source: Criative
Industrial Services – Financial performance
14 1 ROIC: Return On Invested Capital
+18.2% +259.6% +950 bps +1,450 bps
+21.5% +7,268.7% +1,400 bps +1,950 bps
In R$ million
4Q12/4Q11
4Q12/3Q12
56.4
50.2
57.5 56.9
50.2 50.9
54.8
48.8
59.3
5.8 6.1 8.1
4.12.3
6.2 4.7
0.1
8.4
10.3%
12.2% 14.2%
7.2%
4.7%
12.1%
8.5%
0.2%
14.2%14.8%
9.6%
14.2%
3.2%
-1.2%
7.5%
3.9%
-6.2%
13.3%
-10%
-5%
0%
5%
10%
15%
20%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Net Revenue EBITDA EBITDA Margin ROIC¹
Industrial Services –2012 Highlights
15
-0.5%-6.4%
-40%
-30%
-20%
-10%
0%
Revenue EBITDA
2012/2011 Growth (%)
Financial Indicators – Industrial Services
Congratulations to all Mills’ employees for
1,000 (one thousand) days without
accidents aboard the platform P-23. Such
an accomplishment would never have been
achieved without the experience and
commitment to safety of professionals on
board.
Oil and Gas contracts represented 33% of net revenue in 4Q12
16
Per type Per industry
4Q12 Revenue R$ 59.3 million
30.8 33.7
41.2
45.6 45.6
54.9 56.5 55.4
67.4
74.2
14.7 18.9
22.3 21.725.0
30.7
34.931.4
38.0 36.9
47.6%
56.0%54.1%
47.6%
54.8% 56.0%
61.8%
56.6%
56.5% 49.8%
18.7%
17.3%17.1%
12.9%
16.0%18.6%
20.3%
16.3% 16.3% 16.9%
0%
10%
20%
30%
40%
50%
60%
70%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 4Q12
Net Revenue EBITDA EBITDA Margin ROIC¹
Rental – Financial Performance
17
+35.3% +20.2% - 620 bps - 170 bps
+ 10.2% -2.9% - 670 bps + 60 bps
In R$ million
4Q12/4Q11
4Q12/3Q12
* Excluding the negative effect of R$ 3.3 million of Allowance for Doubtful Debt (ADD) in 3Q11
1 ROIC: Return on Invested Capital
18
Rental –2012 Highlights
44.5%
50.8%
41%
42%
43%
44%
45%
46%
47%
48%
49%
50%
51%
52%
Revenue EBITDA
2012/2011 Growth (%)
Financial Indicators - Rental ‘Best Access Company of the Year’ at IAPA Awards
Agenda
4Q12 and 2012 Results
Growth plan
19
20
We invested R$ 298 million in organic growth in 2012
2013 Capex
(%)
18%
38%
2%
42%
in R$ million
Capex
Presentation of 4Q12 Results
Mills – Investor Relations
Tel.: +55 (21) 2123-3700
E-mail: ri@mills.com.br
www.mills.com.br/ri