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May 7, 2014

Presentation of 1Q14 Results


Ramon Vazquez
1Q14 Results
2
Mills - Financial Performance
Reclassified excluding the Industrial Services business unit, for comparison.
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.

1Q14/1Q13 1Q14/4Q13 LMT1Q14/2013 CAGR 10-13
Net Revenue +10% -1% +2% +33%
EBITDA +12% +5% +3% +34%
Net Earnings -14% -26% -3% +19%
Presentation of 1Q14 Results 05/07/2014
In R$ millions
187,5 188,4
211,8
222,0
210,1
207,8
83,3
95,7
98,9
106,1
102,4
107,5
41,7 39,3
48,1
39,6
45,6
33,9
44,4%
50,8%
46,7%
47,8%
48,7%
51,7%
14,5%
14,9%
14,2% 13,9%
13,4%
11,5%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA Net Earnings EBITDA Margin ROIC
354,5
462,8
665,5
832,3
851,7
168,4
217,4
339,0
403,1
414,9
103,3 92,2
151,5
172,6
167,2
47,5%
47,0%
50,9%
48,4%
48,7%
21,0%
12,3%
14,7%
14,1% 13,9%
2010 2011 2012 2013 LTM1Q14
Rental
85%
Technical
support
services
1%
Sales
8%
Others
6%
By service category
Heavy
Construction
29%
Real Estate
24%
Rental
47%
By business unit
3
Presentation of 1Q14 Results 05/07/2014
Net revenues totaled R$ 207.8 million in 1Q14
4
We launched an expense reduction program to minimize the
effect of higher G&A allocated in the remaining business units
after the sale of Industrial Services
13,9
16,7
12,6
16,5
15,9
21,9
22,3
22,9
20,8 22,0
15,5
16,0
18,3
19,5
19,6
8,8
8,9
12,5
9,6
1,1
1Q13 2Q13 3Q13 4Q13 1Q14
Industrial Services
Rental
Real Estate
Heavy Construction
-12%
+3%
63.8
66.4
66.4
58.5
51.3
54.9
53.9
56.8
Excluding capital gain from the sale of the Industrial Services business unit

60.1
Presentation of 1Q14 Results 05/07/2014
In R$ million
1Q14/1Q13 1Q14/4Q13 LTM1Q14/2013 CAGR 10-13
Net Revenue +8% -13% +2% +12%
EBITDA +5% -12% +1% +14%
Heavy Construction Financial Performance
5
* Excluding the positive effect of tax reversal in the amount of R$ 1.5 million in 3Q13.
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.
Presentation of 1Q14 Results 05/07/2014
47,3
47,5
55,1
55,7 55,7
58,6
51,0
20,2
24,3
25,1
29,4
28,2 29,3
25,6
42,7%
51,3%
45,5%
52,8%
50,6%
49,9%
50,2%
14,8%
18,6%
17,8%
20,9%
19,7%
19,1%
14,0%
4Q12 1Q13 2Q13 3Q13 3Q13* 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
154,3
131,6
174,1
217,0
220,5
73,6
57,8
84,3
108,1 109,4
47,7%
43,9%
48,5%
49,8%
49,6%
24,1%
12,1%
17,2%
19,2%
17,9%
2010 2011 2012 2013 LTM1Q14
Transposition of the
So Francisco river*
Comperj refinery*
Subway line 5 SP*
Raposo Tavares
highway
Belo Monte
hydroelectric power
plant*
Norte-Sul railroad*
Jurong shipyard
Olympic park
Silver monorail line-
SP*
Gold monorail line-
SP*
Pulp mill expansion-
RS*
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Length of time of Mills participation in the construction work average cycle is 24 months
Belo Monte hydroelectric
power plant
Vales S11D project
Norte-Sul railroad
Oeste-Leste railroad
North beltway
Subway lines 4 e 5 SP
Companhia Siderrgica
do Pecm steel mill
Paraguau shipyard
Salvador subway
Goinia airport
Confins airport
Pulp mill expansion- RS
Colder and Teles Pires
hydroelectric power plants
Comperj refinery
Transposition of the So Francisco
river
Cais das Artes
Vale projects
East beltway- SP
Gold monorail line- SP
Subway line 4 RJ
BRT Transcarioca
Libra terminal
Cuiab light rail
Jacu-Pssego highway
Jirau hydroelectric power
plants
Abreu e Lima refinery
Natal airport
Fortaleza airport
Viracopos and Guarulhos
airport
Braslia airport
Confins airport
Metropolitan Arch RJ
Surroundings of
Maracan
Gerdau projects
Minas-Rio pipeline
New
contracts*
Contracts with growing
volume of equipment
Contracts with high volume
of equipment
Contracts in the
demobilization process
* New streches
Important contracts per stage
1
in the evolution of monthly
revenue from Heavy Construction projects
6
1
In 1Q14
Presentation of 1Q14 Results 05/07/2014
7
New products that offer gains of productivity and security
Mills Light



Lifting carts



Presentation of 1Q14 Results 05/07/2014
1Q13/1Q14 1Q14/4Q13 LTM1Q14/2013 CAGR 10-13
Net Revenue -8% +10% -2% +35%
EBITDA -15% +37% -5% +29%
Real Estate Financial Performance

8
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.
Presentation of 1Q14 Results 05/07/2014
In R$ million
66,0
64,9
66,5
72,4
54,2
59,5
26,1
27,7
24,6 24,4
17,1
23,5
39,6%
42,8%
37,0%
33,7%
31,5%
39,4%
12,6%
12,8%
9,3%
8,2%
3,2%
6,6%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
105,1
155,8
238,0
258,0
252,6
43,9
66,0
113,4
93,8
89,5
41,7%
42,4%
47,7%
36,4%
35,4%
23,5%
14,3%
15,7%
8,1%
6,7%
2010 2011 2012 2013 LTM1Q14
9
3,5
2,9 3,0
4,6
-18,6%
3,8%
55,3%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
1Q11 1Q12 1Q13 1Q14
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1
Cyrela, Direcional, Even, Eztec, Gafisa, Helbor, MRV and Rodobens
Source: Operational reports from companies and Mills
Total launches
1
in R$ billion
Launches were up 55.3% in the 1Q14, while sales expanded
25.7%
3,8
3,5
3,8
4,8
-7,6%
10,6%
25,7%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-
1,0
2,0
3,0
4,0
5,0
6,0
1Q11 1Q12 1Q13 1Q14
Y
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(
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Total sales
1
in R$ billion
Presentation of 1Q14 Results 05/07/2014
1Q13/1Q14 1Q14/4Q13 LTM1Q14/2013 CAGR 10-13
Net Revenue +28% +0.1% +6% +55%
EBITDA +34% +4% +7% +58%
Rental Financial Performance
10
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.
Presentation of 1Q14 Results 05/07/2014
In R$ million
74,2
76,1
90,1
93,9
97,2 97,3
36,9
43,6
49,3
52,3
56,0
58,4
49,8%
57,3%
54,7%
55,7%
57,7%
60,1%
16,9%
19,1%
18,5% 18,1%
17,5%
17,1%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
95,1
175,4
253,5
357,3
378,5
51,0
93,6
141,2
201,2
216,1
53,6% 53,4%
55,7%
56,3%
57,1%
19,2%
16,5% 18,2%
18,1% 17,8%
2010 2011 2012 2013 LTM1Q14
Award - IPAF training center of the year
11
Source: Mills
Presentation of 1Q14 Results 05/07/2014

IAPA Award
ceremony

England
April 2014
In the first quarter of this year 1,500 motorized access
equipment units came onto the Brazilian market
12
Motorized access equipment fleet
In thousands of units
Source: Mills
Presentation of 1Q14 Results 05/07/2014
+5%
8
11
16
21
30
31
0
5
10
15
20
25
30
35
2009 2010 2011 2012 2013 1Q14
Growth Plan
74
47
51
106
15
104
185
60
90
4
131
163
161
267
73
15
18
20
36
10
324
413
292
499
102
2010 2011 2012 2013 1Q14
Rental
Real Estate
Heavy Construction
In R$ million
Capex
Realized 1Q14 /
2014 Capex Budget
(%)
41%
18%
43%



Mills invested R$ 93 million in rental equipment in 1Q14
14
Reclassified excluding the Industrial Services business unit, for comparison.
Presentation of 1Q14 Results 05/07/2014
Total 40%
Rental equipment
Mills - Investor Relations
Tel.: +55 21 2123-3700

E-mail: ri@mills.com.br
www.mills.com.br/ri