Q4 and 2009 Earnings Conference Call and Webcast March 2010
Legal Advice This presentation contains statements that may constitute “forward -looking statements”, based on current opinions, expectations and projections about future events. Such statements are also based on assumptions and analysis made by Wilson, Sons and are subject to market conditions which are beyond the Company’s control. Important factors which may lead to significant differences between real results and these forward-looking statements are: national and international economic conditions; technology; financial market conditions; uncertainties regarding results in the Company’s future operations, its plans, objectives, expectations, intentions; and other factors described in the section entitled "Risk Factors“, available in the Company’s Prospectus, filed with the Brazilian Securities and Exchange Commission (CVM). The Company’s operating and financial results, as presented on the following slides, were prepared in conformity with International Financial Reporting Standards (IFRS), except as otherwise expressly indicated. An independent auditors’ review report is an integral part of the Company’s condensed consolidated financial statements. 2
Consolidated Results – 4Q09 & 2009 (USD million) Net Revenues es Operating Profit Highlights: -4.1% 10.1% Wilson, Sons’ 2009 results built on a solid base to confirm long term growth trend , achieved through focus on high margin business areas and volume resilience ; 498.3 477.9 Volume growth at port terminals, % of special operations 129.3 117.5 in towage revenues, solid growth in the offshore and -39.3% -0.1% logistics businesses, and revenue and EBITDA growth at 31.2 Brasco ; 19.0 96.4 96.3 EBITDA results reached US$128.4 million and Net income 4Q08 4Q09 2008 2009 Operating US$90 million for the year; 26.6% 14.7% 19.4% 20.2% Margin . Net Income EBITDA 4.6% -29.7% 91.9% 4.6% -29.7% 188.3% 128.4 90.0 122.7 39.9 128.4 14.5 122.7 39.9 28.0 28.0 46.9 5.0 4Q08 4Q09 2008 2009 07 08 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 EBITDA Net 34.0% 21.7% 24.6% 26.9% EBITDA 4.3% 11.2% 9.4% 18.8% Margin 24.6% 26.9% 34.0% 21.7% Margin Margin 3 07 08
Highlights Port Terminals Volume increase at port terminals through resilient cargo mix; Revenue growth at Brasco, related to demand in oil & gas. Towage Special operations as a percentage of towage revenues increased from 9.1% to 14.3%; Fleet size grew to 71 vessels with seven new tugboats delivered in 2009 (Atria, Andromedra, Vega, Hadar, Uranus, Cepheus e Auriga). Offshore Revenue and EBITDA growth continue with the fleet expansion and demand from oil and gas. Fleet size grew to 7 vessels with 2 new PSV ´ s delivered in 2009 (Petrel & Skua). Logistics Year on year EBITDA growth through continued focus on higher margin clients 4
Port Terminals KEY FINANCIALS (USD mn) NET REVENUES EBITDA & EBITDA Margin (%) 2.9% 37.2% 33.7% 33.2% 41.9% 19.8% 175.4 -3.5% 63.4 -8.1% 58.3 170.5 16.9 16.4 48.5 40.5 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 OPERATIONAL INDICATORS TEUs BRASCO (‘000) (USD mn) 242.3 888.3 865.1 15.2% 8.8% 223.9 13.6% 12.3% 78.3% 2.7% -7.6% 32.2% 181.7 639.0 26.7 155.1 627.5 6.6 5.0 15.0 29.2 112.6 120.4 32.4 39.5 136.6 28.2 117.2 3 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 .3 * Deep Sea Net Revenues As % in Port Terminals Cabotage Others * Includes shifting, transhipment and inland navigation 5
Towage KEY FINANCIALS (USD mn) NET REVENUES EBITDA & EBITDA Margin (%) -0.9% 44.2% 41.8% 37.0% 42.1% 17.6% 147.1 11.1% 12.5% 15.9 61.3 145.7 14.3 38.1 54.5 32.4 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 OPERATIONAL INDICATORS # Manoeuvres Special Operations (% of Total Revenues) -1.3% -5.3% -10.0% 90.9 88.8 85.7 82.0 55,655 12,715 13,252 50,065 12,547 12,547 18.0 14.3 11.2 9.1 4Q08 4Q09 2008 2009 3Q09 4Q09 3Q09 4Q09 2008 2009 Harbour Manoeuvres Special Operations 6
Offshore KEY FINANCIALS (USD mn) NET REVENUES EBITDA & EBITDA Margin (%) 59.8% 50.3% 36.5% 85.4% 76.9% 38.2% 6.6 10.7 38.1 48.9% -40.9% 19.2 7.7 21.6 12.9 3.9 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 OPERATIONAL INDICATORS # Days In Operation # PSVs 40.0% 40.0% 38.1% 50.5% 2 * 2 * 231 * 135 * 1814 5 5 5 5 463 433 1359 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 7 *Petrel & Skua Leased from Ultratug
Logistics KEY FINANCIALS (USD mn) NET REVENUES EBITDA & EBITDA Margin (%) 12.5% 9.3% 4.3% 7.4% -15.1% -1.3% 6.5% 7.1 89.3 6.6 20.3 75.8 2.5 -65.9% 20.0 0.9 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 OPERATIONAL INDICATORS # of Trips # of Operations -27.0% -8.0% -13.3% -37.4% 70,669 25 25 17,376 23 51,591 22 10,873 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 8
Shipping Agency KEY FINANCIALS (USD mn) Revenue Mix (%) NET REVENUES EBITDA & EBITDA Margin (%) by Service -13.6% 35.9% 21.1% 18.6% 18.8% 15.3% 22% 29% 23% -29.3% 26% 17.6 4.3 3.3 20.0% 15.2 0.8 3.2 2.3 0.7 55% 45% 4T08 4T09 2008 2009 1H08 1H09 4Q08 4Q09 4Q08 4Q09 2008 2009 Vessel Calls Cntr Controlled BLs Issues OPERATIONAL INDICATORS # Vessel Calls # BLs Issued # of Containers Controlled -31.1% 12.1% -0.2% -1.0% 21.4% -29.7% 162,018 6,527 1,696 32,087 15,319 32,023 79,627 5,824 15,165 111,652 1,397 56,009 9 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009
Non-Segmented Activities EBITDA – quarterly and year-to-date 4Q09 vs. 4Q08 (US$ mn) (5.7) (1.2) (2.9) 1.4 (9.8) (1.5) 0.1 EBITDA 4Q08 Net Raw Personnel Other Other EBITDA 4Q09 Revenues Materials Expenses Operating Expenses 2009 vs. 2008 (19.8) (18.0) (24.6) (3.5) 24.0 2.5 (0.2) EBITDA 2008 Net RevenuesRaw Materials Personnel Other Other EBITDA 2009 Expenses Operating Expenses 10
EBITDA Quarterly and year-to-date 4Q09 vs. 4Q08: Non-recurring 4Q08 Fiscal credits (USD mn) -29.7% 39.9 28.0 4Q08 EBITDA 4Q09 EBITDA 2009 vs. 2008: Continued EBITDA growth (USD mn) 4.6% 128.4 122.7 2008 EBITDA 2009 EBITDA 11
Net Income Quarterly and year-to-date 4Q09 vs. 4Q08 (14.6) 4.0 (USD mn) 11.8 7.8 13.9 (12.8) 14.5 5.0 188.2% (0.4) (0.3) 0.0 Lucro Líquido Receita Custos de Despesas de Outras Depreciação e Resultado na Resultado na Resultado IRPJ e CSLL Lucro Líquido 4T08 Líquida Insumos e Pessoal Despesas Amortização Venda de Alienação de Financeiro 4T09 Matérias- Operacionais Ativo Investimentos Líquido Primas Imobilizado (USD mn) 2009 vs. 2008 7.6 39.8 (12.8) 36.9 2.1 (5.8) (20.4) (0.3) (4.2) 89.9 91.7% 46.9 2008 Net Revenues Raw Materials Personnel Other Depreciation Profit on Gain on Net Financial Income Tax 2009 Net Income Expenses Operating & Disposal of Disposal of Results Expenses Net Income Expenses Amortization PPE Investment Expenses 12
Capital Expenditure EVOLUTION: INCREASED CAPITAL INVESTMENT (USD mn) 59.9% 149.6 -0.6% 93.5 33.9 33.7 4Q08 4Q09 2008 2009 BREAKDOWN: FLEET EXPANSION 2008 2009 30% 21% 46% 33% 1% 10% 22% 10% 25% 1% 1% 0% Port Terminals Offshore Shipping Agency Towage Logistics Non-Segmented Activities 13
Cash Position & Debt Profile LEVERAGE INDICATORS As of December, 31 th 2009 (USD mn) USD million 12/31/2009 09/30/2009 06/30/2009 Short Term 22.0 19.5 20.1 -189.3 Long Term 245.9 181.5 177.7 268.0 Total Debt 268.0 201.0 197.9 ( - ) Cash and Equivalents (189.3) (146.2) (151.4) 78.7 ( = ) Net Debt (Cash) 78.7 54.8 46.5 Total Debt Cash & Equivalents Net Debt DEBT CURRENCY PROFILE As of December, 31 th 2009 9% USD million 12/31/2009 12/31/2008 ted USD Denominated R$ Denominated 23.3 8.4 R$ Denominated USD Denominated 244.6 181.0 91% Total Debt 268.0 189.5 DEBT SOURCE PROFILE As of December, 31 th 2009 10% Total Debt (%) 12/31/2009 12/31/2008 BNDES (FMM) 90.3 86.2 90% Others 9.7 13.8 BNDES (FMM) Others 14
Investor Relations Felipe Gutterres Michael Connell CFO of the Brazilian subsidiary & Investor Relations Investor Relations Telephone: + 55 (21) 2126-4222 E-mail: michael.connell@wilsonsons.com.br Telephone: + 55 (21) 2126-4107 IR website: www.wilsonsons.com/ir IR e-mail address: ri@wilsonsons.com.br Eduardo Valença Guilherme Nahuz Investor Relations Investor Relations E-mail: eduardo.valenca@wilsonsons.com.br E-mail: guilherme.nahuz@wilsonsons.com.br Telephone: + 55 (21) 2126-4105 Telefone:: + 55 (21) 2126-4263
Q4 and YTD 2009 Earnings Conference Call and Webcast December 2009
Recommend
More recommend
