Q3 and YTD 2009 EarningsConference Call and WebcastQ3 and YTD 2009 Earnings
Conference Call and WebcastConference Call and Webcast
November 2009
Conference Call and Webcast
November 2009
Legal Advice
This presentation contains statements that may constitute “forward‐looking statements”This presentation contains statements that may constitute forward looking statements ,based on current opinions, expectations and projections about future events. Suchstatements are also based on assumptions and analysis made by Wilson, Sons and are subjectto market conditions which are beyond the Company’s control.
Important factors which may lead to significant differences between real results and theseforward‐looking statements are: national and international economic conditions; technology;financial market conditions; uncertainties regarding results in the Company’s futurefinancial market conditions; uncertainties regarding results in the Company s futureoperations, its plans, objectives, expectations, intentions; and other factors described in thesection entitled "Risk Factors“, available in the Company’s Prospectus, filed with the BrazilianSecurities and Exchange Commission (CVM).
The Company’s operating and financial results, as presented on the following slides, wereprepared in conformity with International Financial Reporting Standards (IFRS), except asth i l i di t d A i d d t dit ’ i t i i t l t fotherwise expressly indicated. An independent auditors’ review report is an integral part of
the Company’s condensed consolidated financial statements.
2
Consolidated Results – 3Q09 & 9M09
(USDmillion)
‐8.5%‐2.1%
(USD million)
Operating ProfitNet RevenuesHighlights:
Wilson, Sons’ Q3 2009 results improved, impacted by l h f l
380.8 348.6
18.6%132.4 129.6
7.1%
moderate volume recovery & positive growth in financials;
Volume growth at port terminals, % of special operations into towage revenues, solid performance in the offshoreand logistics businesses, and revenue growth at Brasco;
65.2 77.3
9M08 9M0917.1% 22.2%
23.2 24.9
3Q08 3Q0917.6% 19.2%
OperatingMargin
EBITDA results, for the first time to date, ended over the USD 100 million level in the first nine months of the year;
Q3 2009 results confirmed Wilson, Sons’ long‐term growth trend building on solid year‐to‐date 2009 figures 17.1% 22.2%Margin
EBITDA Net Income
growth trend, building on solid year‐to‐date 2009 figures.
33 1
9.5%
100.3
21.2%
26 3
756.6%
75.5
80.3%
30.2 33.1
3Q08 3Q09
82.8
9M08 9M09
3.1
26.3
3Q08 3Q09
41.9
9M08 9M09
3
3Q08 3Q09
22.8% 25.5%
9M08 9M09
21.7% 28.8%EBITDA Margin
3Q08 3Q09
2.3% 20.3%
9M08 9M09
11.0% 21.7%Net
Margin
Highlights
Port TerminalsPort TerminalsV l i i l 2 d i d bl di i hVolume increase at port terminals: 2nd consecutive quarter at double‐digit percentage growth rates;Revenue growth at Brasco, related to demand in oil & gas.
TowageTowageOne new tugboat delivered, the ‘Hadar’, in early October 2009;Six other tugboats are under construction at the Company’s Guarujá shipyard.
OffshoreOffshoreOffshoreOffshoreDelivery of PSV Skua in August 2009.
LogisticsLogisticsNew clients added to the service portfolio.
Subsequent Event Subsequent Event ‐‐ October 2009October 2009
Announcement of a USD 16 66 million financing facility (a Buyer’s Credit Loan Agreement) signed by Wilson Sons andAnnouncement of a USD 16.66 million financing facility (a Buyer s Credit Loan Agreement), signed by Wilson, Sons and The Export‐Import Bank of China, for equipment acquisition at the Company’s Rio Grande container terminal (Tecon Rio Grande).
4
Port Terminals
‐2.4%
38 1% 33 0%35.8%
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
3.3%
130 1 126 9‐7.5%
34.1%38.1%
46 5‐9.8%
33.0%
47.4 48.9130.1 126.9 18.1 16.7 46.5
41.9
3Q08 3Q09 9M08 9M09 3Q08 3Q09 9M08 9M09
OPERATIONAL INDICATORS
16.8% 15.8%10.9%
223.7248.0
178 0
6.7%
622.8664.4
484 0
BRASCOTEUs(‘000) (USD mn)
4.0
8.2
8.4%
10.0
20.1
7.7%178.0
30.0
40.1
161.5
30.731.5
445.8
88.089.0
484.0
83.497.1
3Q08 3Q09 9M08 9M093Q08 3Q09 9M08 9M09
Deep Sea Cabotage Others
5* Includes shifting, transhipment and inland navigation
* Net Revenues As % in Port Terminals
Towage
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
42 2%6.3%
40 1
‐6.2%
114 7 40 245.413.1%
35.0%42.2%
17.7%
37.5%33.9%
3Q08 3Q09
37.7 40.1
9M08 9M09
114.7 107.6 40.2
9M08 9M09
12.815.0
3Q08 3Q09
17.7%
OPERATIONAL INDICATORS
3Q08 3Q09 9M08 9M09 9M08 9M093Q08 3Q09
‐11.5%‐8.1%1.6%
Special Operations# Manoeuvres(% of Total Revenues)
91.5 84.7
15 3
91.5 87.0
13 0
37,51842,40313,835
12,71512,71512,509
3Q08 3Q09
8.5 15.3
9M08 9M09
8.5 13.0
9M08 9M093Q08 3Q092Q09 3Q09
6
Harbour Manoeuvres Special Operations
Logistics
NET REVENUES EBITDA & EBITDA Margin (%)
KEY FINANCIALS
(USD mn)
‐20.2%‐19.2%
5.3%
10.2%
51 6%
5.9%
11.1%
24.419.5
69.0
55.8
1.32.051.9%
4.1
6.251.6%
OPERATIONAL INDICATORS
3Q08 3Q09 9M08 9M09 3Q08 3Q09 9M08 9M09
‐19.2% ‐19.2%‐19.2%‐23.6%
‐36.9%
# of Operations# of Trips
2621
26212621
53,293
40,71819,625
12,390
3Q08 3Q09 9M08 9M099M08 9M093Q08 3Q09
7
Shipping Agency
18 3%
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
Revenue Mix (%)by Service
KEY FINANCIALS
26%23%
29% 22%
4 5
‐5.2%‐24.3%
14.4 ‐36.2%
12.3%
18.3%
2.6‐41.7%
14.1%
18.3%
45%55%
3Q08 3Q09
4.5 4.3
3Q08 3Q09 9M08 9M09
10.9 0.8
0.5
3Q08 3Q09
2.6
1.5
9M08 9M09 Q Q
OPERATIONAL INDICATORS
Vessel CallsCntr Controlled
BLs Issues
# of Containers Controlled# BLs Issued
OPERATIONAL INDICATORS
# Vessel Calls
9.1%22.7% ‐36.5%‐22.6% ‐24.7% ‐38.7%
4,4274,831
1,4161,738 64,308
40 844
18,275
14,151
37,774
28,441129,931
79 629
8
9M08 9M093Q08 3Q09 9M08 9M09
40,844
3Q08 3Q09 3Q08 3Q09 9M08 9M09
79,629
Offshore
NET REVENUES EBITDA & EBITDA Margin (%)(USD mn)
KEY FINANCIALS
42.4% 98.6%
27.5 36.7%
48.5% 46.6% 45.4%
55.7%
6.38.9
3Q08 3Q09 9M08 9M09
13.8
27.5
3.04.2
3Q08 3Q09
6.3
15.3
9M08 9M09
143.2%
3Q08 3Q09 9M08 9M09 3Q08 3Q09 9M08 9M09
OPERATIONAL INDICATORS
40.0% 40.0% 56.3%45.3%
# Days in Operation# PSVs
5
7
5
7
926
1447
352
512
45.3%
3Q08 3Q09 9M08 9M09 9M08 9M093Q08 3Q09
9
Non‐Segmented ActivitiesEBITDA – quarterly and year‐to‐date
(5 8) (5 3)
3Q09 vs. 3Q08 (US$ mn)
(5.8)
(4.2)
6.1 (2.5)
1.1
(5.3)
EBITDA 3Q08
Net Revenues
Raw Materials
Personnel Expenses
Other Operating
EBITDA 3Q093Q08 Revenues Materials Expenses Operating
Expenses3Q09
9M09 vs. 9M08
(16.9)
(18.9)22.6 (0.6)
4.0 (0.2)(10.0)
10
EBITDA 9M08
Net Revenues
Raw Materials
Personnel Expenses
Other Operating Expenses
Profit on Disposal of PPE
EBITDA 9M09
EBITDAQuarterly and year‐to‐date
9 5%
3Q09 vs. 3Q08: Double‐digit growth
(USD mn)
33.1
9.5%
30.2
3Q08 EBITDA 3Q09 EBITDA
9M09 vs. 9M08: Consistent EBITDA growth
(USD mn)
21.2%
(USD mn)
82.8100.3
9M08 EBITDA 9M09 EBITDA11
Net IncomeQuarterly and year‐to‐date
23.72.1756.6%
3Q09 vs. 3Q08 (USD mn)
3 1 (2 8)
11.3 (7.5)
1.7 (1.2) 0.2 (4.2)
26.3
3.1 (2.8)
3Q08 Net Income
Net Revenues Raw Materials
Personnel Expenses
Other Operating Expenses
Depreciation &
Amortization
Profit on Disposal of
PPE
Gain on Disposal of Investment
Net Financial Results
Income Tax Expenses
3Q09 Net Income
Expenses
9M09 vs. 9M08 (USD mn)
(32.2) 32.9 1.8
15.0 (5.4)0.0 (4.2)
25.9 (0.2)
75.5
41.9
75.5
9M08 Net Revenues Raw Personnel Other Depreciation Profit on Gain on Net Financial Income Tax 9M09
80.3%
Net Income Materials Expenses Operating Expenses
p&
Amortization Expenses
Disposal of PPE
Disposal of Investment
Results Expenses Net Income
12
Capital Expenditure & Debt Profile
9M08 9M09
EVOLUTION BREAKDOWN
CAPEX
(USD mn)
64.0%
115.9
94.2%36%
24%
9%
20%47%
1%
(USD mn)
23.238.1
3Q08 3Q09
59.7
9M08 9M09
1%29%1% 9%
0%
23%
OffshorePort Terminals Shipping AgencyTowage Non‐Segmented ActivitiesLogistics
CASH POSITION & DEBT PROFILE
190.9(143.7)
5%
DEBT STRUCTURE: CURRENCY BREAKDOWN LEVERAGE INDICATORS
As of September, 30th 2009(USD mn)As of September, 30th 2009
190.947.2
Total Debt Cash & Equivalents Net Debt95%
USD Denominated
R$ Denominated
13
Investor Relations
Felipe Gutterres
CFO f h B ili b idi L l R i &
Sandra Calcado
I R l i MCFO of the Brazilian subsidiary, Legal Representative & Investor Relations
Telephone: + 55 (21) 2126‐4222
Investor Relations ManagerE‐mail: [email protected]
Telephone: + 55 (21) 2126‐4263
IR website:
www.wilsonsons.com/irAlexandre Beltrão
IR e‐mail address:
ri@wilsonsons com br
Investor Relations CoordinatorE‐mail: [email protected]
Telephone: + 55 (21) 2126‐4107
Q3 and YTD 2009 EarningsConference Call and WebcastQ3 and YTD 2009 Earnings
Conference Call and WebcastConference Call and Webcast
November 2009
Conference Call and Webcast
November 2009