4Q08 Earnings
Conference Call and Webcast
March 2009
Legal Advice
This presentation may include forward-looking statements about
future events or results, in accordance with Brazilian and internationalregulations governing stock markets. Such statements are based onassumptions and analysis made by Wilson, Sons (“the Company”), basedon experience, economic environment, market conditions, and expectedfuture events, many of which are beyond the Company’s control.
Important factors, which can lead to significant differences betweenreal results and these forward-looking statements, include the Company'sbusiness strategy, national and international economic conditions,technology, financial strategies, financial market conditions, uncertaintyregarding the results of the Company’s future operations, its plans,objectives, expectations, intentions, and other factors described in thesection entitled "Risk Factors“, in accordance with the Company’sPreliminary Prospectus, filed with the Brazilian Securities Commission. Asa result of these factors, real results of the Company may differsubstantially from those expressed or implied in forward-lookingstatements.
2
404.0
498.3
72.3 96.4
2007 2008
17.9% 19.4%
117.0 117.5
19.031.2
4Q07 4Q08
Net Revenues Operating Profit
16.2%Operating
Margin 26.6%
57.846.9
2007 2008
14.3% 9.4%
17.4
5.0
4Q07 4Q08
Net Income
Net
Margin14.8% 4.3%
91.4
122.7
2007 2008
22.6% 24.6%
25.3
39.9
4Q07 4Q08
EBITDA
EBITDA
Margin21.6% 34.0%
Solid growth in Wilson Sons’ 4Q08 financials YoY,
despite the faltering global economy;
Net Revenues +23.3% in 2008;
Operating Profit +64.4% in 4Q08,+33.4% in 2008;
EBITDA +57.7% in 4Q08, +34.3% in 2008,
reaching USD 122.7 million;
Negative impact on Net Income, due to IFRS
translation of FX variation.
3
Consolidated Results – 4Q08 & 2008
(USD mn)
(USD mn)
57.7% 34.3%
23.3%
64.4%33.4%
FX: BRL vs USD
(YTD 2008)
1.731.64 1.71
2.26
1Q08 2Q08 3Q08 4Q08
57.846.9
2007 2008
14.3% 9.4%
17.4
5.0
4Q07 4Q08
Net Income
Net
Margin14.8% 4.3%
(U
SD
mn
)
17,4
5,0
4T07 4T08
Lucro Líquido
Margem
Líquida14,8% 4,3%
57,846,9
2007 2008
14,3% 9,4%
-71.1%
-18.9%
Highlights
Port Terminals
Tecon Rio Grande: Beginning of operations of the 3rd berth in October/2008. Capacity increased by 60%; Tecon Salvador: Acquisition of the remaining 10% stake from IFC. Wilson Sons Limited becomes the sole owner of Tecon Salvador S/A’s total share capital in December/2008; Brasco: Acquisition of Brasco's operational base in January/2009.
Towage
Delivery of 1 tugboat in December/2008; Support to LNG activities.
Offshore
2 PSVs delivered in 2008: both of them allocated to spot services until 2010; Joint Venture with Magallanes Navegação Brasileira S.A. (Ultratug Group), to operate vessels to support oil and gas exploration and production activities in Brazil, still under negotiations; Participation in Petrobras’ BID of 24 OSVs (Offshore Support Vessels) in November/2008.
Shipyard – Expansion Plan
Guarujá Expansion (~USD 41 million investment) – waiting for environmental license.
Logistics Beginning of operations of an important client; Broader portfolio/scope of services rendered to existing clients.
4
253.5 235.8
622.4 626.4
23.52.9
2007 2008
66.5 59.4
161.5 182.9
9.4
4Q07 4Q08
12.0
15.0
8.0%8.8%
2007 2008
3.45.0
8.0%
12.3%
4Q07 4Q08 5
Chg. =2.1%
Chg. =-3.3%
Chg. =16.1%
TEUs (‘000)
NET REVENUES (USD mn)
Brasco Revenues (USD mn) & Participation (%)
Chg. =48.7%
Chg. =-3.8%
Chg. =14.4%
Chg. = 28.0%
Chg. =24.8%
OPERATIONAL INDICATORS
EBITDA (USD mn) & EBITDA Margin (%)
Port Terminals
237.4 242.3
899.5 865.1
41.940.5
4Q07 4Q08
149.0170.5
2007 2008
14.6
16.9
34.8%
41.9%
4Q07 4Q08
49.6
63.4
33.3%
37.2%
2007 2008
253.5 235.8
622.4 626.4
23.52.9
2007 2008
66.5 59.4
161.5 182.9
9.4
4Q07 4Q08
Tecon Salvador Tecon Rio Grande Others*
* Include other ports
58,245 55,655
2007 2008
15,43813,252
4Q07 4Q08
6
Special Operations Participation (%)
Chg. =-14.2%
Chg. =-21.4%
Chg. =-11.9%
Chg. =-4.4%
Chg. =0.2%
Chg. =1.5%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
# Manoeuvres
Towage
7.0%
8.5%
Harbour Manoeuvres Special Operations
5.6%
8.5%
3Q08
3Q07
9M08
9M0792.4%
7.6%
90.9%
9.1%
4Q08
4Q07
2008
2007
87.3%
12.7%
88.8%
11.2%
Manobras Portuárias Operações Especiais
16.314.3
39.4%
44.2%
4Q07 4Q08
53.7 54.5
36.6% 37.0%
2007 2008
146.8 147.1
2007 2008
41.232.4
4Q07 4Q08
7
Chg. =-6.7%
Chg. =51.1%
Chg. =2.8%Chg. =-8.5%
Chg. =29.3%
Chg. =4.2% Chg. =4.2% Chg. =25.4%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
# of Trips
# of Operations
Logistics
68,721 70,669
2007 2008
18,98817,376
4Q07 4Q08
24
25
2007 2008
24
25
4Q07 4Q08
21.720.3
4Q07 4Q08
69.1
89.3
2007 2008
1.7
2.5
7.7%
12.5%
4Q07 4Q08
5.3
6.6
7.6% 7.4%
2007 2008
Chg. =5.2%
8
Chg. =-38.8%
Chg. =-6.6%
Chg. =-38.0%
Chg. =-38.2%
Chg. =-13.8%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
Vessel Calls
Bills of Lading Issued
Containers Controlled
Chg. =-26.7%
Chg. =-24.1%
Chg. =-21.9%
Shipping Agency
5,538 5,824
2007 2008
1,496 1,397
4Q07 4Q08
104,859
79,627
2007 2008
24,784
15,319
4Q07 4Q08
207,515162,018
2007 2008
51,782
32,087
4Q07 4Q08
20.417.6
2007 2008
5.1
3.2
4Q07 4Q08
4.5
3.3
22.1%18.8%
2007 2008
-1.5
0.7
-29.0%
21.1%
4Q07 4Q08
9
Chg. =101.3%
Chg. =327.3%
NET REVENUES (USD mn)
EBITDA (USD mn) & EBITDA Margin (%)
OPERATIONAL INDICATORS
# PSVs
Days in Operation
Chg. =66.7% Chg. =66.7%
Chg. =62.8% Chg. =41.3%
Chg. =152.4%
Chg. =189.1%
Offshore
266
433
4Q07 4Q08
962
1,359
2007 2008
10.7
21.6
2007 2008
3.1
7.7
4Q07 4Q08
1.5
6.6
50.5%
85.4%
4Q07 4Q08
4.5
12.9
41.6%
59.8%
2007 2008
57,8
46,9
2007 2008
14,3% 9,4%
17,4
5,0
4Q07 4Q08
Lucro Líquido
Margem
Líquida4,3%14,8%
10
2008 X 2007 (USD mn)4Q08 X 4Q07 (USD mn)
Non-Segmented ActivitiesEBITDA – quarterly and year-to-date
-7.3
4.7
2.2
-0.8 -1.2
4Q
07 E
BIT
DA
Ship
yard
Activitie
s
FX Im
pact
Oth
ers
4Q
08 E
BIT
DA
-26.1
7.6
-0.5 2.2
-1.2
-18.0
2007 E
BIT
DA
Ship
yard
Activitie
s
FX Im
pact
Absence o
f CPM
F t
ax c
harg
es
Oth
ers
2008 E
BIT
DA
21.9
30.3
4Q07 Adjusted EBITDA
4Q08 Adjusted EBITDA
25.3
39.9
4Q07 EBITDA 4Q08 EBITDA
89.8
110.9
2007 Adjusted EBITDA
2008 Adjusted EBITDA
91.4
122.7
2007 EBITDA 2008 EBITDA
11
4Q08 x 4Q07 (USD mn): Double-digit growth
EBITDA4Q08 vs 4Q07 & 2008 vs 2007
Chg. =57.7%
Chg. =34.3%
2008 x 2007 (USD mn): Consistent EBITDA growth
Chg. =38.3%
Chg. =23.6%
57.8
46.9
2007 2008
17.4
5.0
4Q07 4Q08
1.5
1.8
2.1
2.4
Jan/07 Apr/07 Jul/07 Oct/07 Jan/08 Apr/08 Jul/08 Oct/08
Actual 4Q08 Chg. = -71.1%
12
FX variation in late 2008 had a significantly negative impact on 4Q08 and 2008 net income
Net Incomequarterly and year-to-date
FX: BRL vs USD
(2008)
BRL
Actual 2008 Chg. = -18.9%
Net Income 4Q08 (USD mn) Net Income 2008 (USD mn)
40.2%
26.5%
0.9%1.6%
30.0%0.8%
Offshore
Terminais Portuários
Agenciamento Marítimo
Logística
Rebocagem
Atividades Não-segmentadas
25.6%
32.7%
0.6%
9.7%
29.9%1.5%
Offshore
Terminais Portuários
Agenciamento Marítimo
Logística
Rebocagem
Atividades Não-segmentadas
99.2 93.5
2007 2008
46.933.9
4Q07 4Q08
CAPEX LEVERAGE
13
CAPEX EVOLUTION (USD mn) CURRENCY BREAKDOWN
LEVERAGE INDICATORSCAPEX BREAKDOWN
Chg. =-27.7%
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. =-5.7%
Consistent Investment & Low Leverage Ratios
12/31/2008 09/30/2008 06/30/2008Short Term 13.3 15.6
Long Term 144.9 146.0Total Debt 158.2 161.6
( - ) Cash and Equivalents -174.7 -201.0( = ) Net Debt/Cash -16.5 -39.4
15.5
169.7185.2
-180.05.2
(USD mn) 12/31/2008 09/30/2008 06/30/2008
R$ Denominated 4.9 6.0
USD Denominated 153.3 155.6Total Debt 158.2 161.6
4.2
181.0185.2
(USD mn)
20082007
IR website:
www.wilsonsons.com/ir
IR e-mail address:
Felipe Gutterres
CFO of the Brazilian subsidiary. Legal Representative & Investor Relations
E-mail: [email protected]: + 55 (21) 2126-4222
Sandra Calcado
Investor Relations Manager
E-mail: [email protected]: + 55 (21) 2126-4263
BOVESPA: WSON11Bloomberg: WSON11 BZ
Reuters: WSON11.SA
Investor Relations
4Q08 Earnings
Conference Call and Webcast
March 2009