Transcript
Conference Call and Webcast
August 2008
Legal Advice
This presentation may include forward-looking statements about
future events or results, in accordance with Brazilian and internationalregulations governing stock markets. Such statements are based onassumptions and analyses made by Wilson, Sons (“the Company”),based on experience, economic environment, market conditions, andexpected 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 theCompany's business strategy, national and international economicconditions, technology, financial strategies, developments in thefertilizer industry, financial market conditions, uncertainty regarding theresults of the Company’s future operations, plans, objectives,expectations, intentions, and other factors described in the sectionentitled "Risk Factors“, in the Company’s Preliminary Prospectus filedwith the Brazilian Securities Commission. As a result of these factors,real results of the Company may differ substantially from thoseexpressed or implied in forward-looking statements.
2
3
35.3
52.6
1H07 1H08
49.0%
19.3% 21.2%
16.1
30.9
2Q07 2Q08
EBITDA
91.8%
EBITDA
Margin16.1% 24.3%
21.2
38.8
1H07 1H08
83.1%
11.6% 15.6%
9.2
25.6
2Q07 2Q08
Net Income
178.6%
Net
Margin9.2% 20.1%
182.7
248.4
27.0 42.0
1H07 1H08
36.0%
55.3%
14.8% 16.9%
100.1
127.2
12.025.2
2Q07 2Q08
Net Revenues Operating Profit
27.1%
110.2%
Operational
Margin 12.0% 19.8%
Consolidated Results – 2Q08 & 1H08
Double-digit growth in 2Q08
EBITDA +178.6%, Net Income +91.8%
Focus on high profit services
Delivery of one PSV and one tugboat
Third-party services at the shipyard
Reversal of provisions and fiscal credit
Port Terminals Expansion Tecon Rio Grande: 3rd berth - civil work expected to be concluded in 2H08; All necessary equipment in place and operational: 2 STSs and 3 RTGs (1 additional to be delivered); Tecon Salvador: Capacity expansion plan under negotiation with the Port Authority.
Highlights
Towage Diversification of activities - special operations, through the support to offloading and to salvage;
Shipyard Construction Construction of 3 PSVs to be added to WSL fleet; Construction of 4 PSVs for a Chilean Company, in the approximate amount of US$100 million, to be delivered by 2011.
Offshore - PSV Launching Contracts already signed with Petrobras; Total of 4 new PSVs: 1 delivered on May 14, 2008 (spot service), 1 to be delivered in September 2008, 1 in 2009; and 1 in 2010.
Logistics - Dry Port and Perspectives Bonded-warehouse results strengthened by increase in imports and IRS strike.
New Projects Projects currently under evaluation in all business segments; Project development: Opportunity Stage, Approach Stage; Data Gathering; Negotiation; and Final Stage; Project targets in Brazil and South America; Shipyard Expansion Plan – outlook given upcoming Petrobras bid.
11.6
16.6
31.5%
37.1%
2Q07 2Q08
21.1
28.4
31.6%
34.4%
1H07 1H08
36.9
44.8
2Q07 2Q08
66.9
82.7
1H07 1H08
31 29
27 31
6643
101
95
2Q07 2Q08
Full Deep Sea Empty Deep Sea Cabotage Others
224
198
60 57
52 57
118 94
190190
1H07 1H08
420399
5
Chg. = -11.7%
Chg. =21.3%
Chg. =42.7%
TEUs (‘000)
NET REVENUES (US$MM)
Brasco Revenues (US$ MM) & Participation (%)
Chg. =-9.4%
31 29
27 31
6643
101
95
2Q07 2Q08
Full Deep Sea Empty Deep Sea Cabotage Others
224
198 Chg. = -4.9%
Chg. =23.6%
Chg. =34.7%
Chg. =-14.4%
OPERATIONAL INDICATORS
7.0
6.0
10.5%
7.2%
1H07 1H08
3.5
3.2
9.6%
7.2%
2Q07 2Q08
EBITDA (US$MM) & EBITDA MARGIN (%)
Port Terminals
6
Special Operations Participation (%)
Chg. =3.5%
Chg. =15.0%
Chg. =48.8%
Chg. =2.9%
Chg. =19.1%
Chg. =30.4%
27,76328,568
1H07 1H08
13,45813,929
2Q07 2Q08
35.4
40.7
2Q07 2Q08
64.6
77.0
1H07 1H08
10.7
15.9
30.2%
39.0%
2Q07 2Q08
21.0
27.4
32.5%35.6%
1H07 1H08
NET REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
# Manoeuvres
Towage
5.7%
9.9%
Harbour Manoeuvres Special Operations
4.7%
8.5%
2Q08
2Q07
1H08
1H07
31,928
33,668
1H07 1H08
16,80616,248
2Q07 2Q08
7
Chg. =54.9%
Chg. =-14.1%
Chg. =5.4%Chg. =-3.3%
Chg. =52.2%
Chg. =4.2% Chg. =4.2%
2.1
2.8
7.0%6.2%
1H07 1H08
1.00.8
6.6%
3.7%
2Q07 2Q08
Chg. =35.1%
NET REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
# of Trips
# of Operations
24
25
1H07 1H08
24
25
2Q07 2Q08
14.5
22.5
2Q07 2Q08
29.3
44.6
1H07 1H08
Logistics
5.2 5.1
2Q07 2Q08
9.8 9.9
1H07 1H08
50.845.8
2Q07 2Q08
101.692.2
1H07 1H08
52.946.0
1H07 1H08
26.523.3
2Q07 2Q08
1.3
1.5
2Q07 2Q08
2.7
3.0
1H07 1H08
8
Chg. =-2.9%
Chg. =-36.9%
Chg. = 17.8%
Chg. = -9.9%
Chg. = -12.1%
Chg. = 10.3%
Chg. = 1.7%
NET REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
Vessel Calls (‘000)
Bills of Lading Issued (‘000)
Containers Controlled (‘000)
1.9
1.2
36.0%
23.4%
2Q07 2Q08
3.5
1.8
35.4%
18.3%
1H07 1H08
Chg. =-47.5%
Chg. = -13.0%
Chg. = -9.3%
Shipping Agency
254
301
2Q07 2Q08
434
574
1H07 1H08
1.7
3.2
36.7%
42.9%
1H07 1H08
0.9
2.1
31.3%
47.7%
2Q07 2Q089
Chg. =63.9%
Chg. =137.8%
2.8
4.4
2Q07 2Q08
4.6
7.6
1H07 1H08
NET REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
# PSVs
Days in Operation
3
4
1H07 1H08
3
4
2Q07 2Q08
Chg. =33.3% Chg. =33.3%
Chg. =18.4% Chg. =32.2%
Chg. =55.9%
Chg. =91.4%
Offshore
10
1H08 X 1H072Q08 X 2Q07
Non-Segmented ActivitiesEBITDA – quarterly and year-to-date
-14.0
+2.5 -0.21.0
-0.3
-11.1
1H
07 E
BIT
DA
Results fro
m s
hip
yard
opera
tions
Results fro
m o
wners
hip
sta
ke in
Dra
gaport
Absence o
f C
PM
F tax
charg
es O
thers
1H
08 E
BIT
DA
-9.9
+2.0+0.5
+0.8+0.5
+0.5
-5.6
2Q
07 E
BIT
DA
Result
s fro
m s
hip
yard
opera
tions
Result
s fro
m o
wners
hip
sta
ke i
n
Dra
gaport
Net eff
ect
from
revers
al
of
pro
vis
ions
Absence o
f C
PM
F t
ax c
harg
es
Oth
ers
2Q
08 E
BIT
DA
9.2
25.6
27.2 -6.3
-8.6
2.3 -1.6 0.2
5.3 -2.2
Net In
com
e 2
Q07
Net Revenues
Raw
mate
rials
and
consum
able
s u
sed
Pers
onnel
expenses
Oth
er
opera
ting
expenses
Depre
cia
tion a
nd
am
ort
isation
expense
Pro
fit on d
isposal
of pro
pert
y, pla
nt
and e
quip
ment
Net Fin
ancia
l
Results
Incom
e t
ax
expense
Net In
com
e 2
Q08
11
2Q08 x 2Q07 (US$MM)
Net Income2Q08 vs 2Q07
21.2
38.8
65.8 -21.4
-19.2
-7.6
-2.3 -0.3
5.5 -2.8
Ne
t In
com
e 1
H0
7
Ne
t R
eve
nu
es
Raw
mat
eri
als
and
co
nsu
mab
les
use
d
Pe
rso
nn
el e
xpe
nse
s
Oth
er
op
era
tin
g e
xpe
nse
s
De
pre
ciat
ion
an
d
amo
rtis
atio
n e
xpe
nse
Pro
fit o
n d
isp
osa
l o
f p
rop
ert
y, p
lan
t an
d
eq
uip
me
nt
Ne
t Fi
nan
cial
Re
sult
s
Inco
me
tax
exp
en
se
Ne
t In
com
e 1
H0
8
12
1H08 x 1H07 (US$MM)
Net Income1H08 vs 1H07
CAPEX LEVERAGE
13
CAPEX EVOLUTION (US$ MM) CURRENCY BREAKDOWN
LEVERAGE INDICATORSCAPEX BREAKDOWN
2Q08
Var. =37.8%
2Q07
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
26,8%
27,1%
2,7%
2,5%
39,2%1,7%
Offshore Port Terminals Shipping Agency
Logistics Towage Non-Segmented Activities
Var. =34.2%
Consistent Investment & Low Leverage Ratios
14.1
19.5
2Q07 2Q08
27.2
36.4
1H07 1H08
21.9%
35.1%
0.6%
17.1%
23.9%
1.4%
Offshore
Port Terminals
Shipping Agency
Logistics
Towage
Non-Segmented Activities
26.8%
27.1%
2.7%
2.5%
39.2%1.7%
Offshore Terminais Portuários Agenciamento Marítimo
Logística Rebocadores Atividades não segmentadas
Net Debt (USD million) 06/30/2008 03/31/2008
Short Term 15.6 14.0
Long Term 146.0 130.1
Total Debt 161.6 144.1
( - ) Cash and Equivalents -201.0 -192.5
( = ) Net Debt/Cash -39.4 -48.4
TOTAL DEBT (USD million) 06/30/2008 03/31/2008
R$ Denominated 6.0 0.1
USD Denominated 155.6 144.0
Total Debt 161.6 144.1
IR website:
www.wilsonsons.com/ir
IR e-mail address:
ri@wilsonsons.com.br
Felipe Gutterres
CFO of the Brazilian subsidiary, Legal Representative & Investor Relations
E-mail: ri@wilsonsons.com.brTelephone: + 55 (21) 2126-4222
Sandra Calcado
Investor Relations Manager
E-mail: sandra.calcado@wilsonsons.com.brTelephone: + 55 (21) 2126-4263
BOVESPA: WSON11Bloomberg: WSON11 BZReuters: WSON11.SA
Investor Relations
Conference Call and Webcast
August 2008
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