Wilson, Sons Institutional Presentation (October 2011)
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Wilson, Sons Institutional Presentation (October 2011)

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Wilson, Sons Institutional Presentation October 2011

Wilson, Sons Institutional Presentation October 2011

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Wilson, Sons Institutional Presentation (October 2011) Wilson, Sons Institutional Presentation (October 2011) Presentation Transcript

  • Institutional Presentation 2011 1
  • Wilson, Sons is listed on BMF&Bovespa in the form of BDRs Free Float 58.25% 41.75% Bermuda Brazil PORT & LOGISTICS MARITIME 2
  • Wilson, Sons at a glance International Trade Flow / Domestic Economy Platform Port and Logistics Maritime Transportation / Warehousing / Container Terminal Towage/Shipping Distribution Center Agency Int’l and Domestic Markets Clients Oil & Gas Platform Shipyard Port (Supply Base) and Logistics Offshore Clients Transportation / Warehousing / Supply Base Oil Rigs Distribution Center 3
  • Our Growth Drivers 4
  • Int’l Trade Flow and Domestic Economy: Brazil’s expansion Brazil Exports + Imports (USD Bi) Increasing Cntr Handling in Brazil (#TEU M) Source: MDIC/Secex Source: PGO - ANTAQ CAGR 15.7% 20.6 480 Estimated CAGR: 8.9% 371 384 282 281 12.3 229 2023 160 193 7.4 2017 2004 2005 2006 2007 2008 2009 2010 2011E Historical Imports Exports 2011 CAGR of 18% Strong Capital Expenditure Plans Gross Domestic Product (USD Tri) Source: BNDES Source: Goldman Sachs Mining Chemical Pulp & Paper 2010 … 2050 CAGR BRAZIL 2.0 11.4 5% G7 50 54 13 23 10 16 30.4 66.0 2% 2006-2009 (USD Bi) 2011-2014 (USD Bi) 5
  • Oil & Gas: Very Positive Outlook Brazilian Oil Production (mi boe/day) Demand for Offshore Vessels Source: Petrobras + OGX + WS estimates Source: Petrobras + DOF/Norskan + WS estimates 6,960 655 96% 4,100 334 2,055 2010 2015E 2020E 2010 2020E IOCs & OGX participation is increasing 2011 – 2015 CAPEX : Petrobras + OGX + IOCs Source: ANP Source: Petrobras + WS estimates OGX Exploring Developing Producing 5.0 IOCs 36.0 33% 21% 10% 67% 79% 90% 117.7 Petrobras USD 158.7 B E&P CAPEX Petrobras IOCs / OGX 6
  • Our Business 7
  • Port Terminals (Container Terminals) USD 179M 928,700 1,650,000 Net Revenues TEU handled TEU capacity (31% of 2010 Total Revenues) (2010 Tecon RG + Tecon SSA) (2010 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 operator in Brazil, with 13% market share• Strategically located assets are key competitive advantages Container Movement (TEU ‘000) Highlights Rio Grande + Salvador Rio Grande Salvador Historical ANTAQ Estimates Capacity 1,350k 300k CAGR 8.1% CAGR 7.6% 2,465 # Berths 3 2 1,593 Total Berth length (m) 900 617 929 1,000 865 888 Total area (sqm) 670,000 118,000 426 Draft (m) 15 15 2000 2008 2009 2010 2011E 2017E 2023E # of STS (Portainers) 6 2 Main Cargo Types (% of Total Full TEU handled ex-Transhipment) RIO GRANDE Exports (60%) Imports (25%) Cabotage (15%) TECON Parts & Chemical Rice Resins Spare Parts Resins Rice Pieces Products Exports (50%) Imports (28%) Cabotage (22%) SALVADOR TECON Chemical Wood Pulp & Chemical Food/Frozen Chemical Metals Rubber Products Derived Products food Products 9
  • Port Terminals (Brasco) USD 49M 675 10+ Net Revenues Vessel Turnarounds Berths across all operations (9% of 2010 Total Revenues) (2010)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 the whole country, and also close to the pre-salt areas Main Services Strategic Locations Waste Load/Unload Management Espírito Santo basin Cargo Campos basin Container Warehousing 93% Rental of Total Proven Reserves in Brazil Santos basin Diversified Sites NITERÓI (RJ) PONTA D’AREIA (RJ) SÃO GONÇALO (RJ) BRICLOG (RJ) SALVADOR (BA) RIO DE JANEIRO (RJ) SÃO LUIS (MA) VITÓRIA (ES) 4 Berths 1 Berth 80,000 sqm 4 Berths OWN ASSETS PRIVATE LEASE PUBLIC PORT OPERATIONS 11
  • Logistics USD 102M 25 92,000 sqm Net Revenues Dedicated Operations Bonded Terminal area (18% of 2010 Total Revenues) (2010) (EADI Santo André)EADI Santo André-SP 12
  • Logistics• Customized logistics solutions using extensive know-how in industry supply chain• Bonded-warehouse providing operational support to international trade flow• Distribution centers, intermodal terminals, and transportation operations Logistics Services Bonded Terminal Stats Total Terminal Area (sqm) 92,000 Bonded Terminal Distribution Centers Dedicated Operations Total Covered Area (sqm) 33,800 72 km Distance to Port of Santos Transportation Intermodal Terminals NVOCC (45 miles) Dedicated Operations in Strategic Industries Oil & Gas Chemical & Petrochemical Steel & Mining Petrobras Braskem, Unigel Vale, CSN, Gerdau, Anglo-American Pulp & Paper Agribusiness & Food Pharmaceutical & Cosmetics Fibria Monsanto Merck 13
  • TowageUSD 156M 76 15.6% 51,507 Net Revenues Tugboats Special Operations Harbour Manoeuvres (27% of 2010 Total Revenues) (Operational) (% of Total Towage Revs) (2010)Aquarius Tugboat 14
  • Towage• Largest fleet in South America, 76 tugboats, 50% market share, operating in all major ports of Brazil• Regulatory protection ensures strong priority to Brazilian flag vessels• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost Special Operations SUPPORT TO FPSO CONSTRUCTION LNG OPERATIONS FPSO TOWAGE OCEAN TOWAGE SALVAGE New Port Facilities create Opportunities Revenues Breakdown (% of Total Towage Revs) Source: BNDES + WS • Refinery Premium I (MA) • Terminal Ponta da Madeira (MA) Harbour 85.7% 84.4% • Refinery Premium II (CE) 90.9% Manoeuvres 93.4% • Refinery Abreu e Lima (PE) • Porto Sul (BA) • Porto do Açu (RJ) BRL ~15 Bi • Embraport (SP) in investments 14.3% 15.6% • Brasil Terminais Portuários (SP) Special 7.6% 9.1% • Itapoá (SC) Operations 2007 2008 2009 2010 15
  • Offshore USD 28M 12 3,067 Pre-salt Net Revenues OSVs Days In Operation Stage (5% of 2010 Total Revenues) (Operational) (2010)PSV Petrel 16
  • Offshore joint venture• Regulatory protection ensures priority to Brazilian flag vessels• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost• Wilson, Sons 100%-owned shipyard is a key competitive advantage Fleet Profile (as of Dec/2010) Source: DOF/Norskan PSV AHTS Others Total 12% Brazilian-flag 66 19 69 154 54% 46% 88% Foreign-flag 64 52 64 180 Foreign flag Brazilian flag Petrobras Others Total 130 71 133 334 WSUT Fleet Development Increased distances to new oil rigs Source: Wilson, Sons 30+ Post-salt 24 ≈125 km 15 13 10 Pre-salt ≈ 300 km 2010 2011 2012 2015 2017 17
  • Shipyards USD 43M 29 4,500 Net Revenues Vessels Delivered tons of steel processing (8% of 2010 Total Revenues) (2004 - 2010: 8 PSVs + 21 Tugboats) capacity per yearGuarujá 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 60 vessels (Offshore and Tugboats) by 2017 2 New Shipyard Facilities GUARUJÁ II (SP) RIO GRANDE (RS) Operational in 2H12 Operational in 1H14 Capex: USD 47 M Capex: USD 155 M Financing: FMM Financing: FMM Status: Under construction Status: Awaiting license for installation Highlights Brazilian Naval Construction Opportunities Guarujá I Guarujá II Rio Grande Brazilian OSV Brazilian Steel Processing Capacity Shipbuilding capacity Demand 4,500 5,500 13,000 (tons / year) Demand is far Area (sqm) 22,000 17,000 120,000 24/yr greater than Dock type Slipway Dry-dock Load-out Brazilian capacity 21/yr 21/yr Length (m) 150 135 160 13/yr Breadth (m) 16 26 33 2010 2015E 2011-2020E 19
  • Financial Highlights 20
  • Resilience and growth Consolidated Net Revenues (USD M) Revenues by major Business (USD M) CAGR: 15% 575.6 2005 2006 2007 2008 2009 2010 CAGR 498.3 477.9 Port 98.6 127.4 149.0 170.5 175.4 228.0 18% 404.0 Terminals 331.1 285.2 Towage 106.5 118.8 146.8 147.1 145.7 156.0 8% Offshore 7.2 8.4 10.7 21.6 38.1 28.0 31% Logistics 37.1 49.3 69.1 89.3 75.8 102.4 23% 2005 2006 2007 2008 2009 2010 Consolidated EBITDA (USD M) EBITDA by major Business (USD M) CAGR: 24% 122.7 128.4 121.4 2005 2006 2007 2008 2009 2010 CAGR Port 91.1 17.4 44.8 49.6 63.4 58.3 76.3 34% Terminals 76.2 Towage 38.1 36.9 53.7 54.5 61.3 53.4 7% 42.1 Offshore 3.4 3.2 4.5 12.9 19.2 13.1 31% Logistics 2.5 4.9 5.3 6.6 7.1 13.1 39% 2005 2006 2007 2008 2009 2010 21
  • Consistent investment plan with low indebtedness Capital Expenditures Port Operation Towage Offshore Shipyard Others* 2004-2010 30% 32% 25% 2% 11% USD 600 Million 2011-2017 14% 21% 47% 12% 7% USD 1.8 Billion CAPEX Plan Breakdown (USD M) Cash & Debt Profile (USD M) (as of Dec/10):120% 842 FMM** 900 100% 800100% 93% 700 79% - 154.9 80% 600 68% 500 60% 325.3 47% 382 400 40% 247 300 170.4 212 200 20% 123 100 Total Debt Cash and Equivalents Net Debt 0% 0 Offshore Towage Shipyard Port Terminals Others * 76% of 2010 total debt is provided through BNDES and BB as agents for the FMM *Others: Logistics, Shipping Agency, and Corporate 85% of 2010 total debt is USD-denominated **Fundo de Marinha Mercante 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 BM&FBovespa: WSON11 IR website: www.wilsonsons.com.br/ir Twitter: @WilsonSonsIR Youtube Channel: WilsonSonsIR Felipe Gutterres Guilherme Nahuz Eduardo Valença CFO of the Brazilian Subsidiary and Investor guin@wilsonsons.com.br evb@wilsonsons.com.br Relations +55 (21) 2126-4263 +55 (21) 2126-4105 ri@wilsonsons.com.br +55 (21) 2126-4122 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. Version: October, 2011 24