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Institucional outubro 2008

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  • 1. Institutional Presentation October 2008
  • 2. Legal Advice This presentation may include forward-looking statements aboutfuture events or results, in accordance with Brazilian and internationalregulations governing stock markets. Such statements are based solelyon assumptions and analyses made by Wilson, Sons (“the Company”),as well as on experience, economic environment, market conditions,and expected future events, many of which are beyond the Company’scontrol. Important factors, which can lead to significant differencesbetween real results and these forward-looking statements, include theCompanys business strategy, national and international economicconditions, technology, financial strategies, developments in financialmarket conditions, uncertainty regarding the results of the Company’sfuture operations, plans, objectives, expectations, intentions, and otherfactors as described in the section entitled “Risk Factors”, in theCompany’s Preliminary Prospectus, filed with Brazilian SecuritiesCommission. As a result of these factors, the Company’s real resultsmay differ substantially from those expressed or implied in forward-looking statements. 2
  • 3. Corporate Structure Controlling Group Free Float 50.1% 49.9% Ocean Wilsons Holdings Limited 58.3% 41.7% Wilson Sons Free FloatListing on the Bovespa LimitedBermudaBrazil 3
  • 4. COMPANY OVERVIEW 4
  • 5. One of the Largest Providers of Integrated Port & Maritime Logistics and Supply Chain Solutions in Brazil… Oil Platforms Shipyard • Net Revenues US$2.8mn 2Q07 US$4.4mn 2Q08 • 3% of Total Net Revenues 2Q08 • EBITDA Margin 47.7% 2Q08 • Net Revenues US$35.4mn 2Q07 US$40.7mn 2Q08 • 32% of Total Net Revenues 2Q08 • EBITDA Margin 39.0% 2Q08 • Net Revenues US$14.5mn 2Q07 • Net Revenues US$5.2mn 2Q07 US$22.5mn 2Q08 US$5.1mn 2Q08 • 18% of Total Net Revenues 2Q08 • 4% of Total Net Revenues 2Q08 • EBITDA Margin 3.7% 2Q08 • EBITDA Margin 23.4% 2Q08 • Net Revenues US$36.9mn 2Q07 US$44.8mn 2Q08 • 35% of Total Net Revenues 2Q08 • EBITDA Margin 37.1% 2Q08Note: Figures as of June 30, 2008 Client, Operational, and Management Synergies Define Our Business Model 5
  • 6. …with Nationwide Coverage & Solid Client’s Track Record • Uniquely Qualified to Provide Port and Maritime Logistics RR AP Services for Participants in National and International Trade Belém Fortaleza AM PA MA CE RN PI PB Recife PEAC RO TO AL Maceió SE BA MT Salvador • Diversified Client Base & Strong Client Relationship DF GO MG Belo horizonte MS ES SP RJ São Paulo Rio de Janeiro PR SC • Over 7,000 Active Clients, Business Relationship with Our Top RS Ten Customers Average Over Ten Years Head Office • No Single Customer Accounts For Over 10% of Total Revenues Port Terminals Towage Logistics Shipping Agency Offshore • Unparalleled Track Record: 170 Years of Experience Shipyard 6
  • 7. One of the Largest Container Operators in Brazil 2Q08 Net Revenues US$44.8 million 35.2% of Total Net Revenues PORT TERMINALS EBITDA Margin 37.1%TECON RIO GRANDE Net Revenues up 21.3% over 2Q07 Services Provided – Port Operations for the loading and unloading of vessels – Warehousing and auxiliary services POSITIONING 19% 17% 13% 14% 11% 8%TECON SALVADOR 4% 4% 4% 3% 3% Santos Brasil Teconvi Tecondi Rodrimar Multiterminais Outros Libra Sepetiba TVV TCP Tecon Source: CNNT / Datamar (% of Brazilian Throughput in TEUs, as of 2006) OPERATIONAL INDICATORS – Number of TEUS (‘000) (‘BRASCO TERMINAL % 905 884 899 *420 11.3 851 399* R= 776 CAG Deep Sea Full Containers 590 190 190 Deep Sea Empty Containers 485 426 Cabotage 118 94 * Include others (i.e. shifting, transhipment, and 52 57 inland navigation). 2000 2001 2002 2003 2004 2005 2006 2007 1H07 1H08 7 7
  • 8. Profile of Tecon Rio Grande Start-up in 1997 25-year Renewable Concession Period First Privatized Container Terminal in Brazil One of the Largest Areas for Container Terminal Expansion Berth 600m (Exp. to 850m) Area: 670k m² / Draft: 12m 46 container moves per hour MAIN CARGOES LOADED TRADES Footwear Spare Parts Leather Frozen Meat 4.93% 3.83% 2.61% Furniture 5.26% 6.10% Rubber 2.50% Resin 6.63% Wood 3 services 4 services 3.48% 3 services 3 services Tire 3 services 2services Rice12.16% 2.21% 1 service Apple 2services 2.28% Tobacco 1 service 21.04% Machinery Frozen Chicken 2.11% 24.85% 8
  • 9. Profile of Tecon Salvador Start-up in 2000 25-year Renewable Concession Period Largest Container Operator in the Northeast Region Berth: 240m and 214m Area: 74k m² / Draft: 12m 37 container moves per hour MAIN CARGOES LOADED TRADES RUBBER & SISAL DRINKS DERIVED FERTILIZER 6.00% 2.75% 15.07% 0.55% TABACO PARTS & PIECES 0.33% 6.72% WOOD & FURNITURE 4.97% OILS 0.33% WOOD PULP & DERIVED METAL 4.05%10.04% GENERAL CARGO 6.91% 3 services 4 servicesCLOTHES 0.89% CHEMICAL PRODUCTLEATHER 21.54% 1.15% RESIN 4 servicesEQUIPMENT 3.54% 0.14% COCOA & DERIVED COFFEE ELECTRONICS 2.38% 0.70% 0.11% FRUITS & JUICE CONSTRUCTION FOODS & FROZEN 2 services FRUITS SUPPLIES FOODS 7.77% 0.86% 3.20% 9
  • 10. Unrivalled Towage Market Leader 2Q08TOWAGE Net Revenues US$40.7 million 32.0% of Total Net Revenues Services EBITDA Margin 39.0% Net Revenues up 15.0% over 2Q07 – Harbour Towage: Ship Manoeuvres, Berthing and Unberthing – Special Operations: Ocean Towage, Assistance to Salvage and Offloading Main assets: – Tugboats Highlights: – Largest Tugboat Fleet in South America, with 67 Vessels – 54% Market Share in Brazil – 31 State-of-the-Art Tugboats with Azimuth Propulsion – Regulatory Protection Ensures Exclusivity to Brazilian Flag Vessels – Favourable funding available from FMM (Fundo da Marinha Mercante) 67 POSITIONING* 23 20 18 11 10 5 Sulnorte Tugbrasil Camorim Smit Tranship Docenave ( *) Measured in the number of tug boats in Brazil. Source: Wilson Sons; as of June 2008 10
  • 11. Harbour Towage & Special Operations NEW PORTS IN BRAZIL: HARBOUR TOWAGE OPPORTUNITIES Port Location Navegantes Santa Catarina Itapoá Santa Catarina Imbituba Santa Catarina Açu Rio de Janeiro GROWTH IN SPECIAL OPERATIONSSource: Wilson Sons Limited. As of June 30, 2007 9.9% Scale as a Barrier to Entry: 40.7 Share of Towage Revenues (%) Towage Revenues (US$000) Flexibility to offer towage services nationwide: – Ability to attend unscheduled 5.7% demand (spot market) – Demand for tugboats is spread 35.4 along the Brazilian coast, benefiting shipping companies with nationwide coverage 11 2Q07 2Q08
  • 12. Perspectives for Wilson, Sons Oil FieldsInternational Trade Flow Booming Oil & Gas Industry 12
  • 13. Unique Strategic Fit Between Segments Net Revenues US$22.5 million 2Q08 LOGISTICS 17.7% of Total Net Revenues EBITDA Margin 3.7% Main Services Net Revenues up 54.9% over 2Q07 – Transport, Handling, Storage, and Distribution Main Assets – Asset light Business Unit, Providing Integrated Logistics Solutions Highlights – A Fast Growing Industry: Growing by More Than Six Fold from 2001 to 2006, as seen below: INDUSTRY GROWTH* NET REVENUES (USD million) 21.3 +52.2% CAGR(1) = 47.6% CAGR(1) = 44.3% 16.4 69.1 44.6 49.3 10.2 37.1 29.3 4.7 6.0 21.5 3.4 2001 2002 2003 2004 2005 2006 2004 2005 2006 2007 1H07 1H08 (1) CAGR = Compound Annual Growth Rate( *) Measured in terms of Industry Revenues, in R$ billion. / Source: Center for Logistics Studies at COPPEAD/UFRJ, 2006) 13
  • 14. Unique Strategic Fit Between Segments 2Q08SHIPPING AGENCY Net Revenues US$5.1 million 4.0% of Total Net Revenues EBITDA Margin 23.4% Main Services Net Revenues 2.9% lower than 2Q07 – Agent and Attorney-In-Fact to Shipowners – Documentation Services – Control of Containers – Equipment and Demurrage Control – Services to Vessels while in the Ports (Vessel Calls) – Sales Offices Main Assets – Asset Light Business Unit – Intelligence center Highlights – Largest Independent Shipping Agency in Brazil – Over 5,500 vessel calls in 2007 – Affiliated to GAC – The Gulf Agency Company – 1st Agency to Provide a Shared Services Center 14
  • 15. Offshore Segment: Capturing Growth in the Oil Business Net Revenues US$4.4 million 2Q08 2002 2006 OFFSHORE 3.5% of Total Net Revenues EBITDA Margin 47.7% 30% Main Services Net Revenues up 55.9% over 2Q07 48% – Support to Offshore Oil & Natural Gas 52% Exploration and Production Platforms 70% Main Assets: # Brazilian Flag Vessels: 48 # Brazilian Flag Vessels: 79 – A Fleet of 4 PSVs Brazilian Flags International FlagsSource: Abeam as of 2006. Highlights Competitive Advantage From Our Shipyard – Start-up in 2003 – Control of construction costs, maintenance – Friendly funding available from FMM costs, and delivery schedule – Lack of Space Capacity in Brazilian Shipyards GROWTH OPPORTUNITIES PSV CONSTRUCTION PLAN 3 PSVs to be delivered until 2010 4 PSVs to be delivered to third parties until 2011 US$ 100 million in investments 15
  • 16. Financial HighlightsPERSPECTIVES Consolidated Consolidated 16
  • 17. Trade FlowSignificant Increase in Trade Flow – Volumes and RevenuesBRAZILIAN TRADE FLOW (USD billion) BRAZILIAN TRADE FLOW (million tons) CAGR = 6.1% 581 CAGR = 20.9% 281 527 486 491 229 192 159 2004 2005 2006 2007 2004 2005 2006 2007Source: Secex Source: SecexGROWTH IN CONTAINER HANDLING ECONOMIC OPENNESS (Trade Flow / GDP 2004) Brazil Container Handling 64% 65%220 53% 53% CAGR: 17.4% 48% 50% CAGR: 14.1% 27% 30%180 18% 20% CAGR: 2.4% World Container Handling140 SOUTH CHILE COREA MEXICO INDIA CHINA BRAZIL BRAZIL 2000 ARGENTINA INDONESIA VENEZUELA Brazil GDP100 2001 2002 2003 2004 2005Source: Drewry, CNNT, IBGE Source: OMC, National Statistics, Central Bank (Jun/2006) 17
  • 18. …with Long-Term Growth DriversPOPULATION DENSITY / CABOTAGE PORTS BRAZILIAN CABOTAGE – TEUs (‘000) % 37.5 C AGR 791 Belém 640 602 626 656 Vila do Conde Itaqui 499 Pecém Manaus 363 Fortaleza 142 62 Maceio 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source: CNNT / Datamar Salvador Aratu Vitória Rio de Janeiro CABOTAGE VESSELS – CAPACITY INCREASE Sepetiba Santos Paranaguá São Francisco do Sul Log-In Aliança Itajaí Rio Grande – Acquisition of 2 container - 4 new container ships ships. 1 started its operations in scheduled to be delivered January 2008 in 4 years –5 new container vessels bySource: IBGE, CNNT. Darker areas means higher population density areas 2013, likely to be delivered between 2010 and 2013 Development of Cabotage Boosts PortTerminals, Towage, and Logistics Businesses Source: Merrill Lynch report 18
  • 19. …with Long-Term Growth Drivers PETROBRAS CAPEX (2008E – 2012E): US$ 112.4 billion 2% 2% 4% 6% 58% 26% Oil Exploration Oil Supply Gas & Energy Petrochemical Distribution Source: Petrobras Strategic Plan Corporate Petrobras Capex Program Promotes Growth in Wilson, Sons’ Port Terminals and Offshore Business Segments 19
  • 20. Unique Integration and Synergies in Port and Maritime Logistics SYNERGIES ACROSS OUR BUSINESS SEGMENTS Inland Operations Port Operations Offshore Operations Support to Support to Cargo Owners Support to Vessel Operations Oil Platform Operators Port Port Shipping Offshore Logistics Towage Terminals Terminals Agency (PSVs)¹ (Container) (Offshore) Shipyard (1) Platform Supply Vessels Back Office Areas (HR, IT, Administrative)(Revenues in US$ million) 7.6 Services provided to our 100 major clients 77.0 (In %) 44.6 100 82.7 66 28 Fast Growth 9.9 At least 2 At least 3 At least 4 Opportunities Segments Segments Segments As of June 30, 2008 Wilson, Sons Combines World-Class Integration with Synergies Across Its Businesses, Leveraging Growth Opportunities while Offering a Broad Portfolio of Services to Clients 20
  • 21. Perspectives INDUSTRY WILSON, SONSContinuous Growth in Brazil’s TRADE FLOW DOMESTIC ECONOMY Wilson, Sons New cargo exported through containers in our terminals A Sound Macroeconomic Outlook Delivery of the most powerful tugboats Growth in Containerization currently in Brazil (Both our technology and fleet Infra-Structure Improvements size are requirements for servicing a higher quantity of vessels, which are increasingly larger in size as well.) Capacity to build more small and medium-size vessels in our shipyard Logistics focus on adding integrated, Wilson, Sons multimodal solutionsOIL & GAS Expertise through three complimentary services to the O&G industry: Brasco, PSVs, and Shipyard A positive track record with O&G clients in other business units Capacity Expansion 21
  • 22. Business Strategy • Well- Well- • Focus on Positioned to High Profit Expand Services Capacity Wilson, Sons Main Pillars • New Applications • Analysis of for opportunities Traditional Services 22
  • 23. FinancialHIGHLIGHTSFINANCIAL Highlights Consolidated Consolidated 23
  • 24. Consolidated Financial Highlights NET REVENUES (USD million) SEGMENTED REVENUES (USD million) CAGR = 19.0% 21.3% 27.1% 44.8 15.0% 404.0 40.7 2Q07 127.2 36.9 35.4 2Q08 334.1 285.2 54.9% 100.1 22.5 14.5 9.9 5.2 5.1 4.4 5.3 2.8 Shipping Logistics Towage Offshore Segmented Terminals Agency Activities Port Non- 2005 2006 2007 2Q07 2Q08EBITDA (USD million) & EBITDA MARGIN SEGMENTED EBITDA (USD million) 16.6 91.8% 15.9 2Q07 CAGR = 36.4% 11.6 91.4 10.7 2Q08 76.2 30.9 1.9 2.1 1.0 0.8 1.2 0.9 24.3% 49.1 22.8% 22.6% 23.1% 20.3% -5.6 16.1 -9.917.2% 16.1% Shipping Segmented Terminals Logistics Towage Offshore Agency Activities Port Non- 2005 2006 2007 2Q07 2Q08 24
  • 25. Consistent Investment & Low Leverage Ratios CAPEX (USD million) LEVERAGE (USD million) GROWTH IN TOTAL CAPEX 2Q08 CURRENCY BREAKDOWN R$ CAGR = 65.5% 99.2 37.8% Denominated 19.5 6.0 14.1 US$ 42.2 Denominated 36.2 155.6 2005 2006 2007 2Q07 2Q08 2Q08 CAPEX BREAKDOWN (USD million) LEVERAGE INDICATORS (USD million) 201.0 Long Term 35.1% 161.6 Short Term 149.5 0.6% Offshore Port Terminal21.9% 17.1% Shipping Agency Logistics 39.4 1.4% Towage 23.9% Non-Segmented Activities Dec 31, June 30, Cash Net Cash 25 2007 2008 2Q08 2Q08
  • 26. Investor Relations Felipe Gutterres Sandra Calcado CFO of the Brazilian subsidiary, Investor Relations ManagerLegal Representative & Investor Relations E-mail: sandra.calcado@wilsonsons.com.br E-mail: ri@wilsonsons.com.br Telephone: + 55 (21) 2126-4263 Telephone: + 55 (21) 2126-4222 IR Website: www.wilsonsons.com/ir Contact IR: BOVESPA: WSON11 Bloomberg: WSON11 BZ ri@wilsonsons.com.br Reuters: WSON11.SA
  • 27. Institutional Presentation October 2008