Conference Call and Webcast 2010 Earnings March 2011 1
Legal Advice 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. 2
2010 Consolidated Figures Net Revenues & EBITDA (USD million) EBITDA by business* (and Cumulative Contribution to total EBITDA) *Excluding Corporate Figures all-time high 120% 1 575.6 100% 100% 9 96% 100% 477.9 76.3 88% 8 159.1 80% 7 Net 80% 129.3 Revenues 53.4 6 454.1 60% 5 349.5 47% 128.8 4 Costs 101.3 40% 3 2 13.1 13.1 20% 128.4 121.4 6.1 EBITDA 1 28.0 30.4 0.8 0% 0 4Q09 4Q10 2009 2010 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Business Drivers (as % of Total Revenues) 2011 Outlook: Our Drivers Δ 2009 2010 2010 2011E 383.6 444.9 Trade Flow (USD Bi) * 16% 54% 51% Int’l Trade Flow Petrobras E&P Capex (BRL Bi) ** 37.2 43.1 16% 27% 28% Oil & Gas GDP (USD Tri) * 4% 2.1 2.2 19% 21% *Based on Central Bank Estimates (March/2011) Domestic Economy ** Based on Petrobras Presentation (Q4/2010) 3
2010 Highlights by Business FINANCIAL OPERATIONAL CAPEX ( NET REVENUES) PORT SYSTEM 2 STS, 6 RTGs and civil works for Tecon RG New contracts at Brasco Higher # of TEU handled Expansion Project at Tecon SSA Better full-to-empty cntrs mix Acquisition of 25% of Brasco MARITIME SYSTEM Higher # of harbour manoeuvres Higher % of Special Operations 5 tugboats delivered in 2010 Growth in Special Operations Impact of JV formation Higher # of Days in Operations 3 PSVs delivered in 2010 4 PSVs migration from Spec to LTC Faster vessel build programs Impact of JV formation Shipyard Expansion: Guarujá II Higher # of Vessel Calls Strong volumes - LOGISTICS SYSTEM Improved performances across the in- Import cargoes at EADI Fork-lifts and trators for new operations house operations 4
Port Terminals: all-time high Figures Net Revenues & EBITDA (USD million) 2010 Business Highlights all-time high 228.0 Jun/10 - Acquisition of remaining 25% of Brasco 175.4 63.4 Sept/10 - Tecon SSA Expansion Announcement Net 151.7 48.5 Revenues 117.1 42.6 Costs Oct/10 – Delivery of 2 STS and 4 RTGs for Tecon RG 32.1 76.3 58.3 EBITDA 20.8 16.4 2009 2010 4Q09 4Q10 Container Terminals Volumes (TEU ‘000) Brasco Revenues (USD million) (Tecon Rio Grande & Tecon Salvador) 49.2 all-time high all-time high 929 888 26.7 15.0 2010 776 12.6 2009 426 2003 2007 2008 2009 2010 2000 5
Towage: Increasing Participation of Special Operations Net Revenues & EBITDA (USD million) 2010 Business Highlights all-time high Apr/10 – Lyra tugboat (55 tons of BP) 156.0 145.7 Jul/10 – Regulus tugboat (70 tons of BP) Oct/10 – Sculptor tugboat (70 tons of BP) 42.0 Net 102.6 84.4 38.1 Revenues Nov/10 – Carina tugboat (70 tons of BP) 28.5 22.2 Costs Dec/10 – Vela tugboat (70 tons of BP) 61.3 53.4 EBITDA 15.9 13.5 2009 2010 4Q09 4Q10 # Manoeuvres Special Operations (% Total Towage Revenues) all-time high 15.6% 51,507 50,065 13,422 14.3% 12,547 9.1% 7.6% 2007 2008 2009 2010 4Q09 4Q10 2009 2010 6
Offshore JV: Capturing Growth Net Revenues & EBITDA (USD million) 2010 Business Highlights Feb/10 – Beginning of PSV Biguá operations 38.1 May/10 – Formation of Joint Venture (with Magallanes) 28.0 19.0 Jun/10 – Beginning of PSV Fulmar operations Net 10.7 Revenues 14.9 Sept/10 – Signing of USD 670 M with BNDES (FMM) for 13 OSVs Costs 6.8 3.7 Dec/10 – Beginning of PSV Talha-mar operations 19.2 13.1 1.7 EBITDA 3.9 2.0 2009 2010 4Q09 4Q10 Friendly Funding from FMM (Historical ) OSV Fleet Development Plan Total # of OSVs with financing already contracted: 24 24 5th Contract (2010 - BNDES): 13 OSVs 4th Contract (2008 - BB): 4 PSVs 14 3rd Contract (2007 - BNDES): 2 PSVs 12 2015 10 2nd Contract (2006 - BNDES): 3 PSVs 7 2012 2011 1st Contract (2001 - BNDES): 2 PSVs 2010 2009 7
Shipyards Net Revenues & EBITDA (USD million) 2010 Business Highlights 43.3 Jan/10 – Approval of Priority Request from FMM 27.4 11.6 37.2 Net 7.7 May/10 – Environmental License for Installation: Guarujá II Revenues 17.6 10.2 Costs 9.6 Jul/10 – Prior Environmental License (LP): Rio Grande 9.9 6.1 1.5 EBITDA -1.9 2009 2010 4Q09 4Q10 Brazilian Naval Construction Opportunities (Source: CESPEG, Petrobras, and Wilson Sons) Brazilian shipbuilding Average Petrobras demand Average Total demand capacity of OSVs per year for OSVs (2011 – 2020) for OSVs (2011-2020) IOCs 5 Brazilian Demand > OGX 15 Shipyards Capacity 25 21 13 PETR 25 # OSVs Present Future* (~ 2015) # OSVs (Yearly Demand) (Yearly Demand)
Shipping Agency Net Revenues & EBITDA (USD million) # Vessel Calls all-time high 7,258 17.6 15.2 6,527 4.9 16.8 12.9 Net 5,824 4.3 Revenues 5,538 3.5 5.2 Costs 2.3 0.8 0.8 EBITDA -0.3 2007 2008 2009 2010 2009 2010 4Q09 4Q10 9
Logistics Net Revenues & EBITDA (USD million) Net Revenues by service* (and Cumulative Contrib. to total Logistics) all-time high 102.4 120% 70.0 59.5 100% 94% 60.0 100% 75.8 82% 33.4 50.0 80% 40.0 58% 89.3 Net 60% 20.0 Revenues 30.0 24.5 27.4 68.7 40% 20.0 12.7 Costs 19.2 20% 5.8 10.0 13.1 EBITDA 6.0 0.9 7.1 0% 0.0 In-house Operations Transportation Warehousing (EADI) NVOCC (Allink) 2009 2010 4Q09 4Q10 2010 New Logistics Operations EBITDA by service* (and Cumulative Contribution to total Logistics EBITDA) *Excluding Corporate Expenses 120% 9.0 • Location: Camaçari/BA and Candeia/BA 7.8 100% • Contract: 5 years 8.0 94% 100% 7.0 80% • Location: Ouro Branco/MG 80% 6.0 • Contract: 3 years 59% 5.0 60% 4.0 • Location: Catalão/GO and Cubatão/GO 2.8 40% 3.0 • Contract: 5 years 1.7 2.0 20% 0.8 1.0 • Location: Três Lagoas/MG • Contract: 6 years 0% 0.0 In-house Operations Warehousing (EADI) NVOCC (Allink) Transportation * Excluding possible contract adjustments 10
Corporate 4Q09 vs. 4Q10 (- USD million) 0.5 3.4 1.2 0.2 13.1 7.9 EBITDA 4Q09 Exchange Rate Personnel Cash-settled Other Expenses EBITDA 4Q10 Effect Expenses Stock Options FY09 vs. FY10 (- USD million) 3.4 1.7 3.4 3.2 41.5 29.7 EBITDA 2009 Exchange Rate Personnel Cash-settled Other Expenses EBITDA 2010 Effect Expenses Stock Options 11
EBITDA 4Q09 vs. 4Q10 (USD million) 3.3 5.1 -1.1 4.4 -5.2 -2.4 -1.9 30.4 28.0 4Q09 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate 4Q10 FY09 vs. FY10 (USD million) 18.0 6.1 -7.9 -3.8 -1.5 -6.1 -11.8 128.4 121.4 2009 Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate 2010 12
13 Net Income (USD million) FY09 vs. FY10 (USD million) 4Q09 vs. 4Q10 Net Income 14.5 Net Income 90.0 4Q09 FY09 (7.0) EBITDA 2.3 EBITDA Disposal of Disposal of 20.4 0.0 investment investment (3.3) (10.9) D&A D&A (1.9) (20.4) Financial Revs Financial Revs (2.3) 0.3 Financial Exp Financial Exp (1.8) Current Income Current 12.0 Tax Income Tax (1.5) (11.6) Deferred Deferred Income Tax Income Tax Net Income Net Income 70.5 8.7 4Q10 FY10
Capex, Intangibles, and Acquisition of Shares Capex, Intangibles, and Acquisition of Shares 2010 major expenditures Offshore (USD million) 190.3 • 3 PSVs delivered Towage 149.6 69.7 • 5 tugboats delivered Port Terminals 33.7 • Civil works for RG and SSA (expansion); • Purchase of equipment across the business; and • Acquisition of remaining 25% of Brasco Logistics 4Q09 4Q10 2009 2010 • Equipment for new in-house operations Capex Breakdown 2% 1% 1% 10% 21% 18% 33% 22% FY09 FY10 24% 21% 45% Port Terminals Towage Offshore Logistics Shipyard Shipping Agency Corporate 14
Cash Position & Debt Profile: Low Leverage Ratios Leverage Indicators (USD million) Debt maturity profile Net Debt / EBITDA = 1.4x Long Term Short Term 9% - 154.9 325.3 170.4 91% Total Debt Cash and Equivalents Net Debt Debt Source Profile Debt Currency Profile FMM Others USD BRL 15% 24% 76% 85% 15
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