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Disclaimer This presentation may include declarations about Mills expectations regarding future events or results. All declarations based upon future expectations, rather than
historical facts, are subject to various risks and uncertainties. Mills cannot guarantee
that such declarations will prove to be correct. These risks and uncertainties include factors related to the following: the Brazilian economy, capital markets, infrastructure, real estate and oil & gas sectors, among others, and governmental rules, that are subject to change without prior notice. To obtain further information on factors that may give rise to results different from those forecast by Mills, please consult the reports filed with the Brazilian Comisso de Valores Mobilirios (CVM).
Agenda
2Q13 Results
Growth plan
We entered into an agreement in July to sell our Industrial Services business unit
Objective:
To focus on businesses in which Mills competencies are able to add higher value to its
shareholders and clients. Price:
Agenda
2Q13 Results
Growth plan
2Q13 Highlights
In R$ million
300.0 43.3% 250.0 35.4% 200.0 175.1 34.2% 43.2% 40.0% 199.1 211.1 222.2 40.7% 222.2 246.8 37.1% 39.6% 42.5% 239.9 271.5
39.5%
193.5
164.0
150.0
175.1 29.0%
100.0
12.7% 58.0 50.0 50.8 11.1% 8.6% 23.8 22.6 17.8 3Q11 Net Revenues 3Q11* 59.9
91.7
14.5% 41.6
107.5
20% 15%
14.2% 48.1
10% 5% 0%
0.0 2Q11 4Q11 EBITDA 1Q12 2Q12 Net Income 3Q12 3Q12* 4Q12 1Q13 2Q13 ROIC
EBITDA Margin
2Q13/2Q12
2Q13/1Q13
+ 28.6%
+ 13.2%
+ 27.3%
+ 5.4%
+ 22.5%
+ 22.4%
- 40 bps
- 290 bps
+ 60 bps
- 70 bps
* Excluding the negative impact of R$ 9.1 million of Allowance for Doubtful Debts (ADD) in 3Q11 and the positive impact of the provisions reversal in the amount of R$ 6.8 million in 3Q12 1Pro forma result, including figures for the Industrial Services business unit 2 ROIC: Return on Invested Capital
Rental 66%
1Pro
forma result, including figures for the Industrial Services business unit
60.0 54.0% 50.0 50.6% 48.0% 45.5 43.5% 41.9 39.3 36.1 24.1 19.7% 22.8 18.3% 24.3 52.9% 50.2% 45.5 47.3 51.3% 47.5
55.1
60%
46.2%
45.5%
50%
42.7%
40%
New Records
40.0
33.2
30.6 30.0 26.0%
33.2
25.1 17.8%
30%
20.0
18.9 16.6%
21.2 17.8%
20.2
14.8%
18.6%
20%
10.0
10%
2Q11 3Q11 3Q11* Net Revenues 4Q11 1Q12 EBITDA 2Q12 3Q12 3Q12* EBITDA Margin 4Q12 1Q13 ROIC 2Q13
0%
2Q13/2Q12
2Q13/1Q13
+ 31.5%
+ 16.2%
+ 18.2% + 2.9%
- 510 bps
- 580 bps
0 bps - 80 bps
* Excluding the negative impact of R$ 5.8 million of Allowance for Doubtful Debts (ADD) in 3Q11 and the positive impact of the provisions reversal in the amount of R$ 1.5 million in 3Q12
1
Important contracts per stage in the evolution of monthly revenue from the heavy construction projects
(Basis 100= Maximum monthly revenue in the life of construction)
New contracts*
Revenue Index
BRT Transcarioca Metropolitan arch RJ Vales mine and railway Viracopos airport Guarulhos airport Porto Maravilha Pantanal arena Beira-Rio stadium Natal stadium Cuiab light rail Cuiab airport Cais das Artes Companhia Siderrgica do Pecm steel mill Minas-Rio ore pipeline North beltway SP Cable-stayed bridge in Laguna Manaus thermoelectric unit
Time
1
New contracts*
Source: Mills
New phases of Belo Monte hydroeletric powerplant New stretches of the Guarulhos airport New stretches of Subway lines 4 and 5 SP SP-055 highway New phase of the transposition of the So Francisco river Duplication of Tamoios and Bandeirantes highways Libras terminal
11 13 15 17 19 21 23 25 27 29 31 33
The construction work related to World Cup and Olympic events represented 31% of the Heavy Construction business segments 2Q13 revenue
2Q13 Revenue
R$ 55.1 million
Others 11%
Airports 10.3%
Infrastructure 33%
6.1
4.2
1.5
0.4 0.3
Ports
Stadiums
Urban mobility
Airports
In July 2013 Source: 4th 2014 World Cup Report, Portal da Transparncia and Mills
10
70.0 60.0 50.0 40.0 30.0 23.9 20.0 10.0 2Q11 3Q11 4Q11 Net Revenues 1Q12 2Q12 EBITDA 13.0% 13.5 16.4 16.3% 12.5% 41.6% 38.8% 39.4 34.7 26.3 15.6% 27.2 45.5% 52.5 58.9 46.1%
66.0
64.9
66.5
60%
New Record
50% 48.6% 42.8% 37.0% 39.6% 33.8 29.4 20.2% 16.9% 12.6% 12.8% 9.3% 10% 26.1 27.7 30%
50.1%
40%
24.6
20%
14.8%
EBITDA Margin
2Q13/2Q12 2Q13/1Q13
+ 12.8% + 2.5%
- 9.5% - 11.4%
* Excluding the positive effect of R$ 5.3 million of tax contingency reversal in 3Q12 1 ROIC: Return on Invested Capital
11
48.5 6% 3%
49.2 11% 2%
49.9 13%
53.3 12% 1%
52.0 12% 2%
Others Industrial Commercial
1%
45%
Residential 57 %
36%
Residential 53 % Residential 50%
32% 43%
Residential 50%
Residential 50%
31%
12% 2Q12
18% 1Q13
19%
2Q13
12
536
Total launches
in R$ billion
5.7
17%
4.1
4.8
2006
2007
2008
2009
2010
2011
2012
2013E
2014E
1Q12
2Q12
2Q13
1 Cyrela,
13
100.0
90.0
70% 61.8%
54.1% 47.6% 54.9 45.6 41.2 45.6 30.7 18.6% 34.9 20.3% 38.0 31.4 16.3% 16.3% 16.9% 36.9 19.1% 18.5% 56.5 55.4 49.3 43.6 30% 20% 10% 0% 2Q11 3Q11 3Q11* 4Q11 1Q12 EBITDA 2Q12 3Q12 4Q12 1Q13 ROIC 2Q13 54.8% 56.0% 56.6% 56.5% 74.2 67.4 49.8% 40% 76.1 57.3% 90.1 54.7% 60% 50%
80.0
70.0 60.0 50.0 40.0 30.0 20.0 10.0 -
New Records
17.1% 22.3
21.7 12.9%
25.0 16.0%
Net Revenues
EBITDA Margin
2Q13/2Q12 2Q13/1Q13
+62.6% + 18.5%
+ 57.1% + 13.1%
* Excluding the negative effect of R$ 3.3 million of Allowance for Doubtful Debt (ADD) in 3Q11
1
14
Mills is one of the top 5 access rental companies with largest fleet growth in 2012
5th
30th
Source: Access International
15
45 40 40
35
30 25 20 15 10
+34.9% +46.2% +32.1% +19.0%
+13.9% p.a.
25
21
16
11
5
0
2009
Source: Mills and Yengst Associates
2010
2011
2012
2013
...
2017E
16
70.0 60.0 50.0 40.0 30.0 3.2% 20.0 10.0 2Q11 3Q11 4Q11 1Q12 EBITDA 2Q12 3Q12 4Q12 1Q13 ROIC 2Q13 8.1 4.1 2.3 -1.2% 6.2 4.7 -6.2% 0.1 57.5 14.2% 14.2% 7.2% 7.5% 4.7% 56.9 50.2 50.9 12.1% 8.5% 59.3 54.8 48.8 13.3% 14.2% 51.5 12.2% 59.8 16.4%
20%
15%
14.3% 10%
8.9%
5%
3.9% 0% 0.2% 8.4 8.5 -5%
6.3
-10%
Net Revenues
EBITDA Margin
2Q13/2Q12 2Q13/1Q13
+ 9.0% + 16.1%
+ 82.5% + 35.7%
17
Agenda
2Q13 Results
Growth plan
18
+6
49
55
46
43 40
18 17 16 14 7 7 23
Rental
Industrial Services
7
19
4
20
4
9
4 5 2007
4 5 6 2008
4 6 6 2009
14
15
Heavy Construction
6 2010
6 2011
6 2012
8 1Q13 Colunas1
8 2Q13
19
We invested R$ 143 million in rental equipment in 1Q13 and 55% of our 2013 revised budget in the year to date
Capex
In R$ million
481
274
Rental
52%
143 143
69 0 45 29 2Q13
20
Mills Investor Relations Tel.: +55 (21) 2123-3700 E-mail: ri@mills.com.br www.mills.com.br/ri