1
Institutional Presentation
2012
2
Disclaimer
This presentation contains statements that may constitute “forward-looking statements”, based on current
opin...
3
Wilson Sons is listed on BM&FBovespa in the form of BDRs
Bermuda
Brazil
Free Float
PORT & LOGISTICS SERVICES MARITIME SE...
4
Our Growth Drivers
5
Oil & Gas: Very Positive Outlook
World Oil Proved Reserves (bi boe)
Source: BP Statistcs Review 2010 + Market Estimates
...
6
Int’l Trade Flow & Domestic Economy: Brazil’s expansion
Cabotage Nominal Capacity
Source: Flow Corretora + WS Estimates
...
7
Our Business
8
Port Terminals (Container Terminals)
901,300
Net Revenues
(29% of 2011 Total Revenues)
TEU handled
(2011 Tecon RG + Teco...
9
Port Terminals (Container Terminals)
• Container Terminal concessions for 25 + 25 years in the ports of Rio Grande and S...
10
Port Terminals (Brasco)
2,229
Net Revenues
(10% of 2011 Total Revenues)
Vessel Turnarounds
(2011)
10+
Berths across all...
11
Port Terminals (Brasco)
• Providing support to the Oil & Gas industry, combining own assets and expertise in public por...
12
Logistics
22
Net Revenues
(20% of 2011 Total Revenues)
Dedicated Operations
(2011)
92,000 sqm
Bonded Terminal area
(EAD...
13
Logistics
• Bonded-warehouse providing operational support to international trade flow
• Logistics centers (LC), interm...
14
Towage
USD 167M 76
Tugboats
(Operational)
15.2%
Special Operations
(% of 2011 Total Towage Revs)
Net Revenues
(24% of 2...
15
Towage
• Largest fleet in South America, 76 tugboats, 50% share, operating in all major ports of Brazil
• Regulatory pr...
16
Offshore
USD 41M 16 OSVs
13 owned PSVs + 3 leased AHTSs
(as of Apr/12)
4,971
Days In Operation
(2011)
Net Revenues
(6% ...
17
95 43 48 60 74 105 120 152
300110
125 110 88 91 83
130
238
386
1985 1990 1995 2002 2005 2008 2009 2011 2020E
Foreign-fl...
18
Shipyards
USD 57M 35
Vessels Delivered
(2004 - 2011: 10 PSVs + 25 Tugboats)
10,000
Guarujá steel processing
capacity (t...
19
Shipyards
• Providing great competitive advantage to the Company’s Towage and Offshore businesses
• Friendly funding av...
20
Financial Highlights
21
Net Revenues
USD M
Net Revenues by Business
USD M
EBITDA
USD M
EBITDA by Business
USD M (ex-Corporate)
Resilience and g...
22
CAPEX Plan
CAPEX Plan Breakdown (2012 – 2017)
USD M
Cash & Debt Profile (USD M)
(as of Dec/11)
Port Operation Towage Of...
23
Corporate Governance: Voluntarily follow the majority of Novo Mercado rules
Audit Committee
100% TAG ALONG for all mino...
24
Investor Relations Contact Info
BM&FBovespa: WSON11
IR website: www.wilsonsons.com.br/ir
Twitter: @WilsonSonsIR
Youtube...
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Institutional Presentation

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Institutional Presentation

  1. 1. 1 Institutional Presentation 2012
  2. 2. 2 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.
  3. 3. 3 Wilson Sons is listed on BM&FBovespa in the form of BDRs Bermuda Brazil Free Float PORT & LOGISTICS SERVICES MARITIME SERVICES 58.25% 41.75% 100.0% 100.0% 100.0% 100.0%50.0% 100.0% 100.0% 92.5%
  4. 4. 4 Our Growth Drivers
  5. 5. 5 Oil & Gas: Very Positive Outlook World Oil Proved Reserves (bi boe) Source: BP Statistcs Review 2010 + Market Estimates Brazilian Oil Production (mi bpd) Source: Petrobras + OGX + ANP + WS estimates Demand for Offshore Support Vessels (OSVs) Source: ABEAM / SYNDARMA Brazilian Naval Construction Opportunities Source: CESPEG + WS estimates 2011 2015E 2020E 2.1 4.1 7.0 13/yr 2010 21/yr 2015E 2011-2020E Demand is far greater than Brazilian capacity Brazilian OSV Shipbuilding capacity Brazilian Demand 9/yr 2011 2015E 2020E 390 457 686 21/yr Saudi Arabia Venezuela Iran Iraq Kuwait Brazil (Est.)* United Arab Em. Russia Libya Brazil 264.5 211.2 137.0 115.0 101.5 100.0 97.8 77.4 46.4 14.2 Growth of potential brazilian reserves by 9 x * Including Pre-salt Forecast CAGR 14.3% + 296
  6. 6. 6 Int’l Trade Flow & Domestic Economy: Brazil’s expansion Cabotage Nominal Capacity Source: Flow Corretora + WS Estimates Increasing Cntr Handling in Brazil (#TEU M) Source: ABRATEC + PGO (ANTAQ ) Brazil Exports + Imports (USD Bi) Source: MDIC/Secex + Central Bank Estimates 384 482 282 229 CAGR 15.1% 2005 2006 2007 2008 2009 2010 2011 193 ExportsImports 371 281 Real GDP (USD Tri) Source: PwC BRAZILG7 2011 2050 CAGR… 2.4 9.8 4% 30.4 69.4 2% 517 2012E 2011 2015E 2020E 8.2 11.5 17.7 CAGR 8.9% Historical CAGR of 18% Aliança Log-In Maestra Mercosul Lines Vessels (#) Capacity (‘000 TEU) # Vessels (#) Capacity (‘000 TEU) 10 5 4 3 18.4 11.4 7.5 5.4 Total (Brazil) 22 43.4 14 9 6 5 34 30.4 19.2 12.5 8.1 70.2 2011 2015E
  7. 7. 7 Our Business
  8. 8. 8 Port Terminals (Container Terminals) 901,300 Net Revenues (29% of 2011 Total Revenues) TEU handled (2011 Tecon RG + Tecon SSA) 1,880,000 TEU capacity (2011 Tecon RG + Tecon SSA) USD 203M Tecon Rio Grande
  9. 9. 9 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 Tecon Rio Grande Location Highlights Container Movement (TEU ‘000) Tecon Rio Grande + Tecon Salvador Total Berth length (m) # Berths Total area (sqm) 900 3 670,000 617 2 118,000 Rio Grande Salvador Draft (m) 15 14 # of STS (Portainers) 6 6 Capacity * 1,350k 530k *IncludingTeconSSAExpansion Tecon Salvador Location 2008 2011 2015E 2020E 2023E 901 1,221 1,786 2000 426 865 Historical CAGR 7.0% PGO Estimates CAGR 7.9% 2,243 850 km 688 km Paranaguá (Advent) Itapoá (Hamburg Sud) São Francisco do Sul (Dragados) Itajaí / Navegantes (Maersk / MSC) Imbituba (Santos Brasil) Tecon Rio Grande (Wilson, Sons) Tecon Salvador (Wilson, Sons) TVV (Log-In) Tecon Suape (ICTS) 1,182 km
  10. 10. 10 Port Terminals (Brasco) 2,229 Net Revenues (10% of 2011 Total Revenues) Vessel Turnarounds (2011) 10+ Berths across all operations USD 68M Brasco (Niterói)
  11. 11. 11 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 Blocks by Operator: IOCs increasing position Source: ANP Espírito Santo Basin Campos Basin Brasco Briclog Santos Basin Main Services Strategic Location Espírito Santo, Campos, and Santos Basins Source: ANP + WS Estimates Exploring Developing Producing Upstream ~ 40 years according to specific areas ~ 91% of Oil & Gas production in Brazil ~ 100 Offshore Drilling and Production Rigs ~ 351 Offshore Support Vessels in operation Waste Management Container Rental Warehousing Load/Unload Cargo 84% 16% 70% 30% 49% 51% 70% 30% Petrobras IOCs / OGX
  12. 12. 12 Logistics 22 Net Revenues (20% of 2011 Total Revenues) Dedicated Operations (2011) 92,000 sqm Bonded Terminal area (EADI Santo André) USD 141M EADI Santo André-SP
  13. 13. 13 Logistics • Bonded-warehouse providing operational support to international trade flow • Logistics centers (LC), intermodal terminals, transportation operations, and NVOCC • Customized logistics solutions using extensive know-how in industry supply chain Pulp & Paper Fibria Chemical & Petrochem. Braskem, Unigel Oil & Gas Petrobras Steel & Mining Vale, CSN Agribusiness & Food Monsanto Pharma & Cosmetics Merck Bonded Terminal (EADI) Dedicated Operations NVOCCLogistics Centers (LC) Logistics Services EBITDA Breakdown USD M (Administration Costs allocated to Dedicated Operations) Dedicated Operations in Strategic Industries EADI and Distribution Centers Stats Total Covered Area (sqm) Distance to Port 33,800 72 km Total Terminal Area (sqm) 92,000 7,500 108 km 15,800 23,000 1 km 49,000 EADI Sto André LC Itapevi LC Suape New Projects 11.2 9.5 3.846% 84% 100% 0% 50% 100% 150% 0,0 2,0 4,0 6,0 8,0 10,0 12,0 EADI / LC DedicatedOperations NVOCC
  14. 14. 14 Towage USD 167M 76 Tugboats (Operational) 15.2% Special Operations (% of 2011 Total Towage Revs) Net Revenues (24% of 2011 Total Revenues) 54,661 Harbour Manoeuvres (2011) Sculptor Tugboat (OSX Special Operation)
  15. 15. 15 Towage • Largest fleet in South America, 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 OCEAN TOWAGE SALVAGELNG OPERATIONS 84.8% 9.1% 90.9% 14.3% 85.7% 15.6% 84.4% 20112008 2009 2010 Harbour Manoeuvres Special Operations SUPPORT TO FPSO CONSTRUCTION FPSO TOWAGE 15.2% Special Operations New Port Facilities Source: BNDES + WS Estimates Revenues Breakdown % of Total Towage Revenues • Refinery Premium I (MA) • Terminal Ponta da Madeira (MA) • Refinery Premium II (CE) • Refinery Abreu e Lima (PE) • Porto Sul (BA) • Porto do Açu (RJ) • Embraport (SP) • Brasil Terminais Portuários (SP) • Itapoá (SC) BRL ~15 Bi in investments
  16. 16. 16 Offshore USD 41M 16 OSVs 13 owned PSVs + 3 leased AHTSs (as of Apr/12) 4,971 Days In Operation (2011) Net Revenues (6% of 2011 Total Revenues) PSV Pelicano
  17. 17. 17 95 43 48 60 74 105 120 152 300110 125 110 88 91 83 130 238 386 1985 1990 1995 2002 2005 2008 2009 2011 2020E Foreign-flag Brazilian-flag Offshore • 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 Total 106 79 185 88 16 104 44 57 101 PSV AHTS Others 238 152 390 Total 12% 88% 2010 2011 2012 10 2015 2017 12 14 24 30+ Foreign flag Brazilian flag Petrobras Others Operational Fleet in Brazil (as of Jul/2011) Source: ABEAM / SYNDARMA Brazilian Fleet Development Source: ABEAM / SYNDARMA WSUT Fleet Development Source: Wilson Sons 205 168 158 148 165 188 250 390 686 Foreign Flag Vessels Brazilian Flag Vessels Fleet Profile Source: ABEAM / SYNDARMA + DOF/Norskan 39% 61%
  18. 18. 18 Shipyards USD 57M 35 Vessels Delivered (2004 - 2011: 10 PSVs + 25 Tugboats) 10,000 Guarujá steel processing capacity (tons / yr) Net Revenues (8% of 2011 Total Revenues) Guarujá I Shipyard
  19. 19. 19 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 Length (m) Area (sqm) Breadth (m) 150 22,000 16 135 17,000 26 Steel Processing Capacity (tons / year) 4,500 5,500 160 120,000 33 13,000 Guarujá I Guarujá II Rio Grande Dock type Slipway Dry-dock Load-out OSV Construction Plan Tugboats Construction Plan Torda (PSV 4500) Cormoran (PSV 3000) Sterna (PSV 4500) Batuíra (PSV 4500) WS128 (PSV 4500) WS131 (PSV 4500) WS132 (PSV 4500) WS133 (PSV 4500) ROVSV (Fugro) 2011 2012 2013 Feb/14 Jul/11 Mar/12 Jul/12 Dec/12 May/13 Apr/13 Jun/13 Feb/14 Crater Wezen Alphard Octans Pictor Hamal Delphinus Telescopium 2011 2012 May/11 Jul/11 Sept/11 Dec/11 Dec/11 GIGII Platform Supply Vessel (PSV) Remotely Operated Vehicle (ROVSV) Apr/12 Oct/12 Nov/12 Highlights Project
  20. 20. 20 Financial Highlights
  21. 21. 21 Net Revenues USD M Net Revenues by Business USD M EBITDA USD M EBITDA by Business USD M (ex-Corporate) Resilience and growth 331.1 404.0 498.3 477.9 575.6 698.0 2006 2007 2008 2009 2010 2011 76.2 91.1 122.7 128.4 121.4 163.3 2006 2007 2008 2009 2010 2011 Container Terminals Brasco Towage Offshore ShipyardLogistics 178.8 203.5 49.2 68.3 102.4 140.5 Shipping Agency 156.2 167.4 28.0 41.4 43.3 56.7 17.6 20.3 2010 2011 Container Terminals Brasco Towage Offshore ShipyardLogistics 61.4 74.6 14.9 16.7 13.1 24.5 Shipping Agency 53.4 61.4 13.1 11.3 6.1 15.3 0.8 2.7 2010 2011 CAGR of 16.1% CAGR of 16.5%
  22. 22. 22 CAPEX Plan CAPEX Plan Breakdown (2012 – 2017) USD M Cash & Debt Profile (USD M) (as of Dec/11) Port Operation Towage Offshore Shipyard Others* 2012-2017 7%10%52%22%10% USD 1.5 Billion 2006-2011 10%5%23%31%30% USD 0.8 Billion FMM** *Others: Logistics, Shipping Agency, and Corporate Consistent investment plan with low indebtedness 73% of 2011 total debt is provided through FMM 90% of 2011 total debt is USD-denominated 2011 Net Debt / EBITDA = 2.2x Weighted Avg. Cost of Debt (2011): 4.2%**Fundo de Marinha Mercante - 491.1 136.9 - 354.2 Total Debt Cash & Equivalents Net Debt *Others: Logistics, Shipping Agency, and Corporate 801 336 156 153 101 52% 74% 84% 93% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% - 100 200 300 400 500 600 700 800 900 Offshore Towage Shipyard PortOperation Others*
  23. 23. 23 Corporate Governance: Voluntarily follow the majority of Novo Mercado rules Audit Committee 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 Management alignment with shareholders: Cash-settled Stock Options
  24. 24. 24 Investor Relations Contact Info BM&FBovespa: WSON11 IR website: www.wilsonsons.com.br/ir Twitter: @WilsonSonsIR Youtube Channel: WilsonSonsIR Felipe Gutterres CFO of the Brazilian Subsidiary and Investor Relations ri@wilsonsons.com.br +55 (21) 2126-4112 Michael Connell Investor Relations michael.connell@wilsonsons.com.br +55 (21) 2126-4107 Eduardo Valença Investor Relations eduardo.valenca@wilsonsons.com.br +55 (21) 2126-4105 George Kassab Investor Relations george.kassab@wilsonsons.com.br +55 (21) 2126-4263
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