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Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
Conference call presentation q4 2010
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Conference call presentation q4 2010

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  • 1. Conference Call and Webcast 2010 Earnings March 20111
  • 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. 2010 Consolidated Figures Net Revenues & EBITDA (USD million) EBITDA by business* (and Cumulative Contribution to total EBITDA) *Excluding Corporate Figures all-time high 120% 100.0 575.6 100% 100% 90.0 96% 477.9 100% 76.3 88% 80.0 159.1 80% Net 70.0 80% Revenues 129.3 53.4 60.0 454.1 349.5 60% 47% 50.0 128.8 40.0 Costs 101.3 40% 30.0 13.1 13.1 20.0 20% EBITDA 128.4 121.4 6.1 10.0 28.0 30.4 0.8 0% 0.0 4Q09 4Q10 2009 2010 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Business Drivers (as % of Total Revenues) 2011 Outlook: Our Drivers 2009 2010 2010 Δ 2011E Trade Flow (USD Bi) * 383.6 16% 444.9 54% 51% Int’l Trade Flow Petrobras E&P Capex (BRL Bi)** 37.2 16% 43.1 27% 28% Oil & Gas GDP (USD Tri) * 2.1 4% 2.2 19% 21% *Based on Central Bank Estimates (March/2011) Domestic Economy ** Based on Petrobras Presentation (Q4/2010)3
  • 4. 2010 Highlights by Business FINANCIAL OPERATIONAL CAPEX (NET REVENUES) PORT SYSTEM 2 STS, 6 RTGs and civil works for Tecon RG New contracts at Brasco Higher # of TEU handled Expansion Project at Tecon SSA Better full-to-empty cntrs mix Acquisition of 25% of Brasco MARITIME SYSTEM Higher # of harbour manoeuvres Higher % of Special Operations 5 tugboats delivered in 2010 Growth in Special Operations Impact of JV formation Higher # of Days in Operations 3 PSVs delivered in 2010 4 PSVs migration from Spec to LTC Faster vessel build programs Impact of JV formation Shipyard Expansion: Guarujá II Higher # of Vessel Calls Strong volumes - LOGISTICS SYSTEM Improved performances across the in- Import cargoes at EADI Fork-lifts and trators for new operations house operations4
  • 5. Port Terminals: all-time high Figures Net Revenues & EBITDA (USD million) 2010 Business Highlights all-time high 228.0 Jun/10 - Acquisition of remaining 25% of Brasco 175.4 63.4 Net 151.7 Sept/10 - Tecon SSA Expansion Announcement Revenues 48.5 117.1 42.6 Costs Oct/10 – Delivery of 2 STS and 4 RTGs for Tecon RG 32.1 76.3 EBITDA 20.8 58.3 16.4 4Q09 4Q10 2009 2010 Container Terminals Volumes (TEU ‘000) Brasco Revenues (USD million) (Tecon Rio Grande & Tecon Salvador) all-time high 49.2 all-time high 929 888 26.7 2010 15.0 776 12.6 426 2009 2003 2000 2007 2008 2009 20105
  • 6. Towage: Increasing Participation of Special Operations Net Revenues & EBITDA (USD million) 2010 Business Highlights all-time high Apr/10 – Lyra tugboat (55 tons of BP) 156.0 145.7 Jul/10 – Regulus tugboat (70 tons of BP)Net 42.0 Oct/10 – Sculptor tugboat (70 tons of BP) 38.1 84.4 102.6Revenues Nov/10 – Carina tugboat (70 tons of BP) 22.2 28.5Costs Dec/10 – Vela tugboat (70 tons of BP) 61.3 53.4EBITDA 15.9 13.5 4Q09 4Q10 2009 2010 # Manoeuvres Special Operations (% Total Towage Revenues) all-time high 15.6% 50,065 51,507 13,422 12,547 14.3% 9.1% 7.6% 2007 2008 2009 2010 4Q09 4Q10 2009 20106
  • 7. Offshore JV: Capturing Growth Net Revenues & EBITDA (USD million) 2010 Business Highlights Feb/10 – Beginning of PSV Biguá operations 38.1 May/10 – Formation of Joint Venture (with Magallanes) 28.0Net 19.0 Jun/10 – Beginning of PSV Fulmar operations 10.7Revenues 14.9Costs Sept/10 – Signing of USD 670 M with BNDES (FMM) for 13 OSVs 6.8 3.7 19.2 Dec/10 – Beginning of PSV Talha-mar operations 1.7 13.1EBITDA 3.9 2.0 4Q09 4Q10 2009 2010 Friendly Funding from FMM (Historical ) OSV Fleet Development Plan Total # of OSVs with financing already contracted: 24 5th Contract (2010 - BNDES): 13 OSVs 24 4th Contract (2008 - BB): 4 PSVs 14 3rd Contract (2007 - BNDES): 2 PSVs 12 2015 2nd Contract (2006 - BNDES): 3 PSVs 10 7 2012 2011 1st Contract (2001 - BNDES): 2 PSVs 2010 20097
  • 8. Shipyards Net Revenues & EBITDA (USD million) 2010 Business Highlights 43.3 42.0 156.0 38.1 145.7 Jan/10 – Approval of Priority Request from FMM 27.4 11.6Net 37.2 22.2 7.7 28.5 102.6Revenues 84.4 May/10 – Environmental License for Installation: Guarujá II 17.6Costs 10.2 9.6 9.9 Jul/10 – Prior Environmental License (LP): Rio Grande 15.9 13.5 61.3 6.1 53.4 1.5EBITDA -1.9 4Q09 4Q10 2009 2010 Brazilian Naval Construction Opportunities (Source: CESPEG, Petrobras, and Wilson Sons) Brazilian shipbuilding Average Petrobras demand Average Total demand capacity of OSVs per year for OSVs (2011 – 2020) for OSVs (2011-2020) IOCs 5 Brazilian Demand > OGX 15 Shipyards Capacity 25 21 13 PETR 25 Present Future* (~ 2015) # OSVs # OSVs (Yearly Demand) (Yearly Demand)
  • 9. Shipping Agency Net Revenues & EBITDA (USD million) # Vessel Calls all-time high 42.0 17.6 7,258 156.0 38.1 15.2 145.7 6,527 22.2 28.5 4.9 102.6 84.4 16.8Net 12.9Revenues 4.3 5,824Costs 3.5 5.2 5,538 15.9 13.5 61.3 53.4 0.8 2.3EBITDA -0.3 0.8 2007 2008 2009 2010 4Q09 4Q10 2009 20109
  • 10. Logistics Net Revenues & EBITDA (USD million) Net Revenues by service* (and Cumulative Contrib. to total Logistics) all-time high 102.4 120% 70.0 59.5 100% 100% 94% 60.0 75.8 82% 33.4 50.0 80% 58% 40.0Net 89.3 60%Revenues 20.0 24.5 30.0 27.4 68.7 40% 20.0Costs 12.7 19.2 20% 5.8 10.0EBITDA 0.9 6.0 7.1 13.1 0% 0.0 In-house Operations Transportation Warehousing (EADI) NVOCC (Allink) 4Q09 4Q10 2009 2010 2010 New Logistics Operations EBITDA by service* (and Cumulative Contribution to total Logistics EBITDA) *Excluding Corporate Expenses 120% 9.0 • Location: Camaçari/BA and Candeia/BA 7.8 100% • Contract: 5 years 94% 8.0 100% 7.0 80% • Location: Ouro Branco/MG 80% 6.0 • Contract: 3 years 59% 5.0 60% 4.0 • Location: Catalão/GO and Cubatão/GO 40% 2.8 3.0 • Contract: 5 years 1.7 2.0 20% 0.8 1.0 • Location: Três Lagoas/MG • Contract: 6 years 0% 0.0 In-house Operations Warehousing (EADI) NVOCC (Allink) Transportation * Excluding possible contract adjustments10
  • 11. Corporate 4Q09 vs. 4Q10 (- USD million) 0.5 3.4 1.2 0.2 13.1 7.9 EBITDA 4Q09 Exchange Rate Personnel Cash-settled Other Expenses EBITDA 4Q10 Effect Expenses Stock Options FY09 vs. FY10 (- USD million) 3.4 1.7 3.4 3.2 41.5 29.7 EBITDA 2009 Exchange Rate Personnel Cash-settled Other Expenses EBITDA 2010 Effect Expenses Stock Options11
  • 12. EBITDA 4Q09 vs. 4Q10 (USD million) 3.3 5.1 -1.1 4.4 -2.4 -5.2 -1.9 30.4 28.0 4Q09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate 4Q10 FY09 vs. FY10 (USD million) 18.0 6.1 -7.9 -3.8 -1.5 -6.1 -11.8 128.4 121.4 2009 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate 201012
  • 13. 13 (USD million) (USD million) Net Income Net Income Net Income 14.5 FY09 vs. FY10 4Q09 90.0 FY09 4Q09 vs. 4Q10 EBITDA EBITDA 2.3 (7.0) Disposal of Disposal of 20.4 investment 0.0 investment D&A (3.3) D&A (10.9) (1.9) Financial Revs Financial Revs (20.4) Financial Exp 0.3 Financial Exp (2.3) Current Current Income (1.8) Income Tax Tax 12.0 Deferred Deferred (1.5) Income Tax Income Tax (11.6) Net Income Net Income 8.7 70.5 FY10 4Q10
  • 14. Capex, Intangibles, and Acquisition of Shares Capex, Intangibles, and Acquisition of Shares 2010 major expenditures (USD million) Offshore 190.3 • 3 PSVs delivered Towage 149.6 69.7 • 5 tugboats delivered 33.7 Port Terminals • Civil works for RG and SSA (expansion); • Purchase of equipment across the business; and • Acquisition of remaining 25% of Brasco Logistics 4Q09 4Q10 2009 2010 • Equipment for new in-house operations Capex Breakdown 1% 2% 1% 10% 21% 18% 33% 22% 18% 2% 1% 33% 24% FY09 21% FY10 24% 45% 21% Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate14
  • 15. Cash Position & Debt Profile: Low Leverage Ratios Leverage Indicators (USD million) Debt maturity profile Net Debt / EBITDA = 1.4x Long Term Short Term 9% - 154.9 325.3 170.4 91% Total Debt Cash and Equivalents Net Debt Debt Source Profile Debt Currency Profile FMM Others FMM USD BRL Outros 15% 22% 24% 76% 78% 85%15
  • 16. Expansion Projects: Developing Brazilian Infrastructure Tecon Salvador • Status:  Berth reinforcement (“Ponta Sul”) • Capex: USD 100 M (civil works + equipment + dredging) • Amended area (post-expansion): 118,000 sqm • Capacity After Expansion: 600k TEU per year Guarujá II • Status:  Dry dock in construction • Capex: USD 40 M • Financing: FMM (through BNDES) • Area: 17,000 sqm • Guarujá II Capacity: 5,500 steel tons/year • Capacity WS post-expansion: 10,000 steel tons/year (Guarujá I + II)16
  • 17. 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 IR website: www.wilsonsons.com.br/ir Twitter: @WilsonSonsIR Youtube Channel: WilsonSonsIR BM&F Bovespa: WSON11 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) 2126-410517

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