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2012 Institutional Presentation (August)
 

2012 Institutional Presentation (August)

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    2012 Institutional Presentation (August) 2012 Institutional Presentation (August) Presentation Transcript

    • Institutional Presentation August 2012 1
    • Disclaimer 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
    • Wilson Sons is listed on BM&FBovespa in the form of BDRs Free Float 58.25% 41.75% Bermuda Brazil 100.0% 100.0% 50.0% 100.0% 100.0% PORT & LOGISTICS SERVICES MARITIME SERVICES 100.0% 92.5% 100.0% 3
    • Our Growth Drivers 4
    • Oil & Gas: Very Positive Outlook World Oil Reserves (Bn boe) Brazilian Oil Production (M bpd) Source: BP Statistics Review 2012 + WS estimates Source: Petrobras + OGX + ANP + WS estimates Venezuela 296.5 7.0 Saudi Arabia 265.4 Canada 175.2 Iran 151.2 4.1 CAGR 14.3% Iraq 143.1 Brazil (Est.)* 100.0 United Arab Em. 2.1 97.8 Growth of Russia 88.2 potential brazilian Libya 46.4 reserves by 9 x Brazil 15.1 2011 2015E 2020E * Including Pre-salt Forecast Demand for Offshore Support Vessels (OSVs) Increased Distances to new Oil Rigs Source: ABEAM / SYNDARMA 686 Average Campos Basin Distances 125 km 457 + 296 390 Pre-salt Distances 300 km 2011 2015E 2020E 5
    • International Trade Flow & Domestic Economy: Brazil’s expansion Brazil Exports + Imports (USD Bi) Increasing Container Handling in Brazil (#TEU M) Source: MDIC/Secex + Central Bank Estimates Source: ILOS CAGR 15.1% Historical Estimated 517 CAGR 5.7% CAGR 7.4% 482 14.7 12.7 11.0 384 9.6 7.8 8.3 371 7.0 6.8 281 6.2 282 5.0 229 193 2004 2006 2008 2010 2012 2013 2015 2017 2019 2021 2005 2006 2007 2008 2009 2010 2011 2012E Imports Exports Cabotage Nominal Capacity Real GDP (USD Tri) Source: Flow Corretora + WS Estimates Source: PwC 2011 2015E 2011 … 2050 CAGR Vessels Capacity # Vessels Capacity (#) (‘000 TEU) (#) (‘000 TEU) BRAZIL Aliança 10 18.4 14 30.4 2.4 9.8 4% Log-In 5 11.4 9 19.2 Maestra 4 7.5 6 12.5 G7 30.4 69.4 2% Mercosul Lines 3 5.4 5 8.1 Total (Brazil) 22 43.4 34 70.2 6
    • Our Business 7
    • Port Terminals (Container Terminals) USD 203M 901,300 1,880,000 Net Revenues TEU handled TEU capacity (29% of 2011 Total Revenues) (2011 Tecon RG + Tecon SSA) (2011 Tecon RG + Tecon SSA)Tecon Rio Grande 8
    • Port Terminals (Container Terminals)• Container Terminal concessions for 25 + 25 years in the ports of Rio Grande and Salvador• Third largest container port operator in Brazil, with 11% market share• Strategically located assets are key competitive advantage Highlights Container Movement (TEU ‘000) Rio Grande Salvador Tecon Rio Grande + Tecon Salvador Capacity * 1,350k 530k Historical ILOS + WS Estimates * Including Tecon SSA Expansion CAGR 7.0 % CAGR 7.3 % # Berths 3 2 2,105 Total Berth length (m) 900 617 1,700 Total area (sqm) 670,000 118,000 1,194 901 865 Draft (m) 15 14 426 # of STS (Portainers) 6 6 2000 2008 2011 2015E 2020E 2023E Tecon Rio Grande Location Tecon Salvador Location Tecon Suape (ICTS) Paranaguá (Advent) 850 km Itapoá (Hamburg Sud) São Francisco do Sul (Dragados) Tecon Salvador (Wilson Sons) Itajaí / Navegantes (Maersk / MSC) Imbituba (Santos Brasil) 1,182 km 688 km TVV (Log-In) Tecon Rio Grande (Wilson Sons) 9
    • Port Terminals (Brasco) USD 68M 2,229 10+ Net Revenues Vessel Turnarounds Berths across all operations (10% of 2011 Total Revenues) (2011)Brasco (Niterói) 10
    • Port Terminals (Brasco)• Providing support to the Oil & Gas industry, combining own assets and expertise in public ports• First Oil & Gas private terminal operator in Brazil, with more than 10 years of experience• Strategically located bases across Brazil with advantageous access to the pre-salt areas Main Services Blocks by Operator: IOCs increasing position Source: ANP Upstream ~ 40 years according to specific areas Load/Unload Environmental Cargo Services Exploration Development Production 30% 16% 30% 49% 51% Logistics 70% Warehousing 70% 84% Solutions Petrobras IOCs / OGX Strategic Location Espírito Santo, Campos, and Santos Basins Source: ANP + WS Estimates Espírito Santo ~ 91% of Oil & Gas production in Brazil Brasco Basin Briclog ~ 100 Offshore Drilling and Production Rigs Campos Basin Santos ~ 351 Offshore Support Vessels in operation Basin 11
    • Logistics USD 141M 21,800 sqm 92,000 sqm Net Revenues Itapevi Logistics Centre area Bonded Terminal area (20% of 2011 Total Revenues) (LC Itapevi) (EADI Santo André)EADI Santo André-SP 12
    • Logistics• Bonded-warehouse providing operational support to international trade flow• Logistics centres (LC), intermodal terminals, transportation operations, and NVOCC• Customized logistics solutions using extensive know-how in industry supply chain Logistics Services EBITDA Breakdown USD M (Administration Costs allocated to Dedicated Operations) 12,0 11.2 150% 9.5 10,0 100% Bonded Terminal (EADI) In-house Operations 84% 8,0 100% 6,0 46% 3.8 4,0 50% 2,0 0,0 0% Logistics Centers (LC) NVOCC EADI / LC DedicatedOperations In-house Operations NVOCC New Logisctics Centre Itapevi EADI and Distribution Centre Statistics New Projects EADI Sto André LC Itapevi LC Suape Total Terminal Area (sqm) 92,000 21,800 49,000 Total Covered Area (sqm) 33,800 15,800 23,000 Distance to Port 72 km 108 km 1 km 13
    • Towage USD 167M 76 15.2% 54,661 Net Revenues Tugboats Special Operations Harbour Manoeuvres (24% of 2011 Total Revenues) (Operational) (% of 2011 Total Towage Revs) (2011)Sculptor Tugboat (OSX Special Operation) 14
    • Towage• Largest fleet in Brazil, 76 tugboats, 50% share, operating in all major ports of Brazil• Regulatory protection ensures priority to Brazilian flag vessels (ANTAQ Resolution 494)• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost Special Operations SUPPORT TO FPSO LNG OPERATIONS FPSO TOWAGE OCEAN TOWAGE SALVAGE CONSTRUCTION Revenues Breakdown New Port Facilities % of Total Towage Revenues Source: BNDES + WS Estimates USD 167.4 M USD 156.2 M USD 147.1 M USD 145.7 M • Refinery Premium I (MA) • Terminal Ponta da Madeira (MA) Harbour 84.8% • Refinery Premium II (CE) Manoeuvres 90.9% 84.4% • Refinery Abreu e Lima (PE) 85.7% • Porto Sul (BA) • Porto do Açu (RJ) • Embraport (SP) Special BRL ~15 Bi • Brasil Terminais Portuários (SP) 9.1% 14.3% 15.6% 15.2% in investments Operations • Itapoá (SC) 2008 2009 2010 2011 15
    • Offshore Vessels USD 41M 17 OSVs 4,971 Net Revenues 14 owned PSVs + 3 flag cover Days In Operation (6% of 2011 Total Revenues) (2011) AHTSs (as of Aug/12)PSV Pelicano 16
    • Offshore Vessels• Regulatory protection ensures priority to Brazilian flag vessels (ANTAQ Resolution 495)• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost• Wilson Sons 100%-owned shipyard is a key competitive advantage Operational Fleet in Brazil (as of Mar/2012) Offshore FMM Financing Highlights (as of Jun/2012) Source: ABEAM / SYNDARMA Source: Wilson Sons PSV AHTS Others Total # Vessels currently # Vessels with Undrawn 41% financed 16 Borrowing + Priority 11 Brazilian 84 16 76 176 59% Undrawn Borrowing + Outstanding Debt Balance USD 171 M USD 273 M Granted Priority Foreign 105 93 59 257 Duration of Current Grace + Amortization 8.8 yrs 3 + 18 yrs Contracts Period Foreign flag Cost of Debt of Current Total 189 109 135 433 Brazilian flag Contracts 3,2% Average Cost of Debt 3,1% Brazilian Fleet Development WSUT Fleet Development Source: ABEAM / SYNDARMA 686 Source: Wilson Sons Brazilian Flag Vessels 30+ Foreign Flag Vessels 386 24 390 250 14 205 168 188 238 12 158 148 165 10 130 110 83 300 125 110 88 91 95 105 120 152 43 48 60 74 2010 2011 2012 2015 2017 1985 1990 1995 2002 2005 2008 2009 2011 2020E 17
    • Shipyards USD 57M 35 10,000 Net Revenues Vessels Delivered Guarujá steel processing (8% of 2011 Total Revenues) (2004 - 2011: 10 PSVs + 25 Tugboats) capacity (tons / yr)Guarujá I Shipyard 18
    • Shipyards• Providing great competitive advantage to the Company’s Towage and Offshore businesses• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost• Construction plan for more than 50 vessels (Offshore and Tugboats) by 2017 Highlights Tugboat Construction Plan Guarujá I Guarujá II Total 2011 2012 Steel Processing Capacity Crater May/11 (tons / year) 4,500 5,500 10,000 Wezen Jul/11 Area (sqm) 22,000 17,000 39,000 Alphard Sept/11 Octans Dec/11 Dock type Slipway Dry-dock n/a Pictor Dec/11 Length (m) 150 135 n/a Hamal Apr/12 Breadth (m) 16 26 n/a Delphinus Oct/12 Telescopium Nov/12 OSV Construction Plan Remotely Operated Vehicle 2011 2012 2013 Support Vessel (ROVSV) Torda (PSV 4500) Feb/11 Cormoran (PSV 3000) Jul/11 Sterna (PSV 4500) Mar/12 GI Batuíra (PSV 4500) Aug/12 WS128 (PSV 4500) Dec/12 WS131 (PSV 4500) May/13 WS132 (PSV 4500) Apr/13 G II WS133 (PSV 4500) Jun/13 ROVSV (Fugro) Feb/14 19
    • Financial Highlights 20
    • Resilience and growth Net Revenues Net Revenues by Business USD M USD M 2010 698.0 203.5 2011 CAGR of 16.1% 575.6 178.8 167.4 156.2 140.5 498.3 477.9 102.4 56.7 68.3 404.0 43.3 41.4 49.2 331.1 20.3 28.0 17.6 Container Shipping 2006 2007 2008 2009 2010 2011 Brasco Logistics Towage Offshore Shipyard Terminals Agency EBITDA EBITDA by Business USD M USD M (ex-Corporate) 163.3 2010 74.6 2011 CAGR of 16.5% 128.4 122.7 121.4 61.4 61.4 53.4 91.1 76.2 24.5 16.7 14.9 15.3 13.1 13.1 11.3 6.1 2.7 0.8 2006 2007 2008 2009 2010 2011 Container Brasco Logistics Towage Offshore Shipyard Shipping Terminals Agency 21
    • Consistent investment plan with low indebtedness CAPEX Plan Port Operation Towage Offshore Shipyard Others* 2006-2011 30% 31% 23% 5% 10% USD 0.8 Billion 2012-2017 10% 22% 52% 10% 7% USD 1.5 Billion *Others: Logistics, Shipping Agency, and Corporate CAPEX Plan Breakdown (2012 – 2017) Debt Profile USD M (as of Dec/11) FMM** Denominated in USD 91%900 801 100% 110% CURRENCY 93%800 84% 100% Denominated in BRL 9% 90%700 74% 80% Long Term 93%600 70%500 52% 60% MATURITY 336 50% Short Term 7%400300 40% 156 153 30% FMM 73%200 101 SOURCE 20%100 10% Others 27% - 0% Offshore Towage Shipyard Port Operation Others * Debt Balance: 491 M ; Net Debt : 354 M *Others: Logistics, Shipping Agency, and Corporate Net Debt / EBITDA = 2.2x **Fundo de Marinha Mercante Weighted Avg. Cost of Debt : 4.2% 22
    • Corporate Governance: Voluntarily follow the majority of Novo Mercado rules 100% TAG ALONG for all minority shareholders One class of share with equal voting rights Board of Directors with 20% of independent members Free-float more than 25% of total capital Audit Committee Management alignment with shareholders: Cash-settled Stock Options 23
    • Investor Relations Contact Info Felipe Gutterres Michael Connell CFO of the Brazilian Subsidiary and Investor Relations Investor Relations ri@wilsonsons.com.br michael.connell@wilsonsons.com.br +55 (21) 2126-4112 +55 (21) 2126-4107 BM&FBovespa: WSON11 IR website: www.wilsonsons.com/ir Twitter: @WilsonSonsIR Youtube Channel: WilsonSonsIR Eduardo Valença George Kassab Investor Relations Investor Relations eduardo.valenca@wilsonsons.com.br george.kassab@wilsonsons.com.br +55 (21) 2126-4105 +55 (21) 2126-4263 24