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2 q10 presentation

  1. 1. Conference Call and Webcast Q2 2010 Earnings August 20101
  2. 2. 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
  3. 3. CONSOLIDATED RESULTS – 2Q10 & 1H10 Highlights Net Revenues & Operating Profit (USD million) • Revenues of USD 141.5M up 22.7% compared to 2Q09 (YTD Net Revenues Operating Profit up 20.1%), with underlying growth across major businesses; Revenues Net Operating Profit 20.1% -9.3% -9.3% • EBITDA of USD 42.1M up 16.7% (YTD down 2.0%), with 22.7% growth in both Container terminals, Brasco, Towage special operations, Logistics and Shipping Agency; 127.2 115.4 141.5 263.0 127.2 13.6% 219.0 115.4 115.4 •Net Income of USD 31.0M for 2Q10, USD 37.3M for the first 13.6% -12.2% 25.2 28.7 10.8% half of 2010. 31.8 25.2 28.7 28.7 52.4 46.0 2Q08 2Q09 • One-time entry of USD 10.4M in Shipyards operating results 2Q08 2Q09 19.8% 2Q09 24.8%2Q10 1H09 1H10 along with pre-tax USD 10.0M gain on disposal both related to 19.8% 24.8% Operating 24.8% 22.4% 23.9% 17.5% formation of joint venture Wilson, Sons Ultratug Offshore Margin EBITDA (USD million) Net Income (USD million) 16.7% -2.0% -6.2% -24.3% 33.1 42.1 31.0 49.2 36.1 67.3 65.9 37.3 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 EBITDA 31.2% 29.7% 30.7% 25.1% Net 28.7% 21.9% 22.5% 14.2% Margin Margin3
  4. 4. HIGHLIGHTS BY BUSINESS PORT SYSTEM Port Terminals • Revenue growth of 28.8% for the quarter. (up 28.5% year to date) • O&G Terminal: revenue growth of 112.3% for the quarter (up 84.5% year to date) with growth in volumes and auxiliary services for contract and spot clients MARITIME SYSTEM Towage • Revenues increased 4.5% for the quarter (up 8.4% YTD) versus 09 • Growth in special operations, which now represents 13.4% of total Revenues Offshore • Quarterly revenues down 15.2% as Wilson, Sons Ultratug joint venture was officially formed • YTD revenues are 5.9% higher versus 09 as a result of a larger fleet. Shipyard • Close contract for civil works on Company’s new shipyard facilities in Guarujá (SP) • Preliminary environmental license for Company’s shipyard facilities in Rio Grande (RS) Shipping Agency • Higher volumes drive Revenue and EBITDA growth compared to 2Q09 LOGISTICS SYSTEM Logistics • Operation numbers increased with growth in existing client operations and new contracts.4
  5. 5. PORT TERMINALS Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%) 28.5% 33.5% 35.5% 32.4% 32.5% 28.8% 29.2% 36.3% 100.2 32.6 78.0 19.8 55.9 43.4 14.6 25.2 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 Volumes (TEUs ‘000) Brasco Revenues 238.0 234.5 442.1 -1.5% 416.4 6.2% 15.5% 25.6% 15.2% 21.8% 284.7 145.1 84.4% 174.2 306.0 112.3%238.0 399.1 416.4 21.8 416.4 33.8 60.8 14.3 399.1 29.6 53.4 11.8 416.4 6.8 34.2 55.6 96.7 57.0 Deep Sea174.2 284.3 306.0 284.3 2Q09306.0 2Q10 Deep Sea 1H09 Cabotage 1H10 2Q09 2Q10 1H09 1H10 306.0 Deep Sea Cabotage * Others29.6 57.2 53.4 * Includes shifting,Cabotage and inland navigation transhipment Others34.2 57.2 57.5 53.4 57.0 5 Others
  6. 6. TOWAGE Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%) 46.7% 31.9% 45.0% 33.0% 8.4% -28.6% -20.4% 4.5% 73.2 37.8 16.9 30.4 36.2 67.5 24.2 12.1 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 # Manoeuvres Special Operations (% Total Towage Revenues as of 1H10) Harbour Manoeuvres 0.4% 0.4% Special Operations 14.1 Harbour Manoeuvres 12,509 24,804 24,905 Special Operations 12,553 85.9 2Q09 2Q10 1H09 1H106
  7. 7. OFFSHORE Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%) 59.5% 56.0% 60.0% 44.6% -15.2% 5.9% -21.4% -20.2% 10.4 19.6 6.2 8.8 11.1 18.5 4.9 8.7 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 # Days in Operation* # PSVs* 43.2% 44.1% 9 717 1,348 8 501 935 7 2Q10 1Q10 4Q09 2Q09 2Q10 1H09 1H10* Includes the total numbers for the joint venture, of which Wilson, Sons owns 50%7
  8. 8. SHIPYARD Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%) 52.3% 79.4% 60.4% 60.5% 65.4% 179.1% 65.7% 323.4% 10.5 11.9 13.2 19.7 7.2 4.7 11.9 2.5 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H108
  9. 9. SHIPPING AGENCY Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%) 20.0% 21.5% 15.2% 12.6% 14.3% 20.9% 0.3% 22.8% 8.0 4.2 3.6 6.7 0.9 1.0 1.0 0.7 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 Operational Indicators # Vessel Calls # BLs Issued # Cntrs Controlled 11.1% 10.0% 6.4% 10.3% 11.4% 7.6% 55,073 3,437 25,786 28,722 51,188 1,766 14,231 15,697 26,693 29,364 1,659 3,093 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H109
  10. 10. LOGISTICS Net Revenues (USD million) EBITDA (USD million) & EBITDA Margin (%) 16.5% 9.2% 10.8% 11.6% 10.7% 28.0% 50.2% 7.5% 4.5 21.7 42.2 36.3 2.3 4.2 16.9 1.6 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 # Trips # of Operations 73.9% 66.9% 15.0% 15.0% 30,222 47,287 23 23 17,376 20 20 28,328 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H1010
  11. 11. CORPORATE 2Q09 vs. 2Q10 (USD million) (1.7) (1.0) (0.1) 0.6 (8.5) (6.3) EBITDA 2Q09 Exchange Rate Effect Net Revenues Personnel Expenses Other Operating EBITDA 2Q10 Expenses 1H09 vs. 1H10 (USD million) (2.0) (2.6) (0.1) (0.5) (17.1) (11.9) EBITDA 1H09 Exchange Rate Effect Net Revenues Personnel Expenses Other Operating Expenses EBITDA 1H1011
  12. 12. EBITDA 2Q09 vs. 2Q10 (USD million) 0.2 8.0 5.3 0.8 (2.1) (4.8) (1.2) 42.1 36.1 + 16.6% EBITDA 2Q09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate EBITDA 2Q10 1H09 vs. 1H10 (USD million) 7.4 4.7 0.0 0.3 (6.2) (2.4) (5.2) 67.3 65.9 - 2.1% EBITDA 1H09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate EBITDA 1H1012
  13. 13. 13 Net Income Net Income (USD million) 1H09 (USD million) 49.2 2Q09 33.1 NET INCOME 1H09 vs. 1H10 2Q09 vs. 2Q10 EBITDA EBITDA (1.4) 6.0 Disposal on Disposal on 10.0 10.0 investment investment Depreciation Depreciation and and (2.9) (5.0) Amortisation Amortisation Financial Financial - 6.2% (7.4) Revenues (12.0) Revenues Financial - 24.3% Financial (1.6) (2.1) Expenses Expenses Current Current 7.9 Income Tax 10.9 Income Tax Deferred Deferred Income Tax Income Tax (13.9) (12.4) Net Income Net Income 1H10 2Q10 31.0 37.3
  14. 14. CAPITAL EXPENDITURES Capital Expenditures (USD million) Major expenditures -23.3% • Port Terminals: civil works for Tecon RG and purchase of other equipment across the business -22.0% (STS, RTGs and MHC); 33.3 • Towage and Offshore: fleet renewal and 25.5 77.8 60.7 expansion • Logistics: equipment for new client in-house 2Q09 2Q10 1H09 1H10 operations , such as fork-lifts and tractors. Capex Breakdown 8% 1% 1% 3% 1% 3% 9% 9% 25% 35% 25% 26% 35% 1H09 25% 1H10 27% 40% 27% Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate14
  15. 15. CASH POSITION & DEBT PROFILE Leverage Indicators (USD million) Debt maturity profile Short Term 8.1% -148.1 270.4 122.4 Total Debt Cash & Equivalents Net Debt Long Term 91.9% Debt Source Profile Debt Currency Profile Others 18.5% BRL 10.0% USD 90.0% FMM 81.5% FMM Others15
  16. 16. INVESTOR RELATIONS CONTACTS Felipe Gutterres Michael Connell CFO of the Brazilian Subsidiary, Legal Representative Investor Relations and Investor Relations michael.connell@wilsonsons.com.br ri@wilsonsons.com.br Phone: + 55 (21) 2126-4107 Phone: + 55 (21) 2126-4122 Guilherme Nahuz Eduardo Valença Investor Relations Investor Relations guilherme.nahuz@wilsonsons.com.br eduardo.valenca@wilsonsons.com.br Phone: + 55 (21) 2126-4263 Phone: + 55 (21) 2126-4105 IR e-mail address: ri@wilsonsons.com.br IR website: www.wilsonsons.com/ir BOVESPA: WSON11 Bloomberg: WSON11 BZ Reuters: WSON11.SA16

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