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TRANSCRIPT
July 2019
Institutional Presentation
2
Wilson Sons at a Glance
Source: Wilson Sons
Notes: (1) Pro Forma results including 50% of results from Offshore Vessels JV. (2) Non-Vessel-Operating Common Carrier (NVOCC), in which Wilson Sons has a 50% controlling stake. (3) 50% joint venture with
Chilean group Ultramar. (4) Lost Time Injury Frequency Rate (LTIFR).
Established in 1837: 180+ years of financial strength.
One of the largest port, maritime and logistics operators in Brazil.
Unmatched nationwide footprint supporting domestic and international
trade activities, as well as the oil & gas industry.
Solid operational know-how, reputation and credibility.
FY18 Revenues(1) of US$519M and EBITDA(1) of US$186M.
Publicly listed in Brazil through BDRs since 2007, adopting the highest
corporate governance standards.
Free Float
58.17% 41.83%
Bermuda
Brazil
Container
Terminals
Logistics
Centres
MARITIME SERVICES
Towage Shipyards Shipping
Agency
Offshore
Vessels
(50% JV)(3)
O&G
Support
Bases
NVOCC(2)
(cargo
consolidation)
PORT & LOGISTICS SERVICES
Company Overview
Shareholding Structure
7.14
4.68
3.18
2.371.80
1.53
0.690.45 0.37
0.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 3M19
LTIFR(4) refers to the absolute number of lost-time injuries occurring in a workplace per
one million man-hours worked
Resilient Business Drivers
Long-Term Commitment to Safety
85%
15%
1. Based on FY18 Pro Forma
Revenues, including JVs.
2. Exposure to O&G industry
considers only Brasco and
WSUT activities.
International &
Domestic Trade Flow85% of revenue exposure
Offshore Oil & Gas
Upstream15% of revenue exposure
4 DuPont HSE Awards
in last 5 editions
3
Wilson Sons Group at a Glance (cont’d)
Source: Wilson Sons
Notes: (1) Considers one tugboat chartered to a third party. (2) Excluding non-transactional corporate recharge. (3) Shipyards, Ship Agency, Logistics, Brasco and Allink amount to 8% of 2018 Pro Forma EBITDA.
To
wa
ge
Co
nta
ine
r T
erm
ina
lO
ffs
ho
re V
es
se
ls J
V
Largest fleet in Brazil with 76(1) tugboats
Approximately 45% market share
Own shipyard
Priority policy to Brazilian-flag vessels (built in
Brazil)
Two container terminals with renewed lease
agreements
Two logistics centres with bonded and general
warehouses
Diversified client portfolio
23 Brazilian-flag Offshore Support Vessels
(OSVs)
Long-term contracts
50% JV with Chilean group Ultramar
Own shipyard
Net RevenueUS$ 165.6M
EBITDAUS$ 79.4M
FY18 Pro Forma Results(2)
Net RevenueUS$ 183.0M
EBITDAUS$ 83.6M
FY18 Pro Forma Results(2)
Net RevenueUS$ 58.5M
EBITDAUS$ 25.3M
FY18 Pro Forma Results(2)
% of FY18 Pro Forma EBITDA(3)
12%
% of FY18 Pro Forma EBITDA(3)
39%
% of FY18 Pro Forma EBITDA(3)
41%
Unparalleled Footprint in Brazil
Amazon river
Trade Flow Drivers
4
5
Brazilian Container Terminal MarketTrading and Port Activites
Brazil’s Total Port Handling Volume (M Tonnes)Source: ANTAQ; Brazilian Central Bank.
302 336 370 393 416 457 460 433511 545 555 569 589 633 630
696 713163
162167 164
176195 196 198
210212 217 219
232227 222
231 235
3542
50 5563
68 7365
7484 87 97
101100 100
108 113
2931
3438
3835 39
37
4546 45 43
4648 50
5357
529571
621650
693755 768
733
840887 904 929
9691,008 1,003
1,0881,117
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Solid Bulk Liquid Bulk Container General Cargo
CAGR02-17: +2.3%
GDP Growth
Tonnes Growth
CAGR02-18: +4.8%
CAGR 02-18
4.3%
2.3%
5.5%
7.6%
Low Population Density
Container Density (TEU per 1,000 people)Source: World Bank (as of 2017)
814
533
366 313235 232 173 159 158 155 154 100 76 74 70 49 48 40 31
Neth
erla
nds
So
uth
Kore
a
Sp
ain
Au
str
alia
Germ
any
Chile
Jap
an
United K
ingdom
United S
tate
s
Th
aila
nd
Chin
a
World
LatA
m &
Carib
bea
n
Pe
ru
Colo
mb
ia
Me
xic
o
Bra
zil
Arg
entin
a
Russia
Relevant Containerisation Potential
Containerisation Potential Breakdown(% of containerisation potential)
35%
20%
20%
15%
10%Food
Grains
Steel
Products
Sugar
Fertilisers
Other
6
Overview of Brazilian Container Ports
Major Container Ports
Santos
Navegantes / Itajaí
Itapoá / São Francisco do Sul
Imbituba
Itaguaí
Vitória
Fortaleza
Pecém
Natal
Belém
Vila do Conde
Manaus
Rio de Janeiro
Paranaguá
Amazon river
Suape
Total Containers Handled by Port (‘000 TEU; 2018)Sources: Datamar; Wilson Sons (ports of Rio Grande and Salvador)
4,125
1,150
781
750
658
463
450
347
324
323
267
199
108
90
72
19
Santos
Navegantes + Itajaí
Paranaguá
Rio Grande
Itapoá + São Francisco do Sul
Suape
Manaus
Rio de Janeiro
Itaguaí
Salvador
Pecém
Vitória
Belém + Vila do Conde
Fortaleza
Imbituba
Natal
4
2
1
1
2
1
2
2
1
1
1
1
2
1
1
1
# of terminals
Oil & Gas Drivers
7
8
Brazilian Reserves: Strong Fundamentals
Breakeven of Non-producing and Recently Onstream Oil AssetsSources: Goldman Sachs; Brazil's National Petroleum Agency (ANP); Petrobras
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
Co
mm
erc
ial b
rea
ke
ve
n (
US
D/b
bl)
Cumulative peak oil production (kbpd)
Kurdistan, Kenya
Brazil Santos transfer
of rights, Brazil pre-salt
Best of GoM, Johan Svedrup, Brazil
Santos basin and Brazil pre-salt
Best of Canadian heavy oil, more GoM and Brazil Santos basin
Argentina shales, more GoM and North Sea
Brazil Campos basin, Bakken core, Permian
Delaware, Utica, more GoM and heavy oil
Russia, Eagle ford Oil and wet gas,
marginal GoM, heavy oil
More Russia,
Bakken non‐core,
Angola pre‐salt,
GoM paleogene
Marginal heavy oil
and deep water,
Kashagan
(Kazakhstan)
Brazilian Pre-salt:
Competitive breakeven ~36
USD/boe;
Lower lifting cost < 8 USD/boe;
Exceptional well productivity >
35k boe/day;
Estimated 50 billion boe of
high‐quality reserves.
Oil Sector Regulation:
Change in the pre-salt law;
New calendar for bid rounds;
Flexible local content policy;
Extension of REPETRO;
New ToR regulation. Bid
scheduled for 6-Nov-19.
Our Business
9
10
Container Terminals
Source: Wilson Sons
AVAILABLE AREA
FOR EXPANSION
1997Start of operations
20001st expansion
20082nd expansion
2016-17Equipment investment
US$183MNet Revenues
(40% of FY18 Revenues)
1.1M TEUContainers Handled
(FY18, Rio Grande + Salvador)
1.9M TEU/yearHandling Capacity
(Rio Grande + Salvador)
Tecon Rio Grande
Located in the State of Rio Grande do Sul
2005Yard expansion
AVAILABLE AREA FOR FURTHER
INDUSTRIAL EXPANSION
EXTERNAL
CONTAINER YARD
11
Rio Grande Container Terminal
Note: (1) Figures presented on this slide do not consider transshipment and cabotage (domestic shipping) volumes.
Container Volume Breakdown by Destination: 2018 (% of TEU)Source: Datamar (deep-sea shipping and full containers)(1)
27%
18%
16%
10%
10%
9%
6%4%
FAR EAST
NORTH EUROPE
NORTH AMERICA
SOUTH AMERICA
MEDITERRANEAN
MIDDLE EAST
CENTRAL AMER / CARIBB
AFRICA
Container Volume Breakdown by Top Cargoes: 2018 (% of TEU)Source: Datamar (deep-sea shipping and full containers)(1)
17%
16%
11%
8%5%4%
4%
3%
3%
3%
27%
PLASTICS & RESINS
AGRICULTURAL PRODUCTS
MEAT (ALL KINDS)
WOOD & PRODUCTS
CONSUMER GOODS
STEEL PRODUCTS
PULP & PAPER
RUBBER & PRODUCTS
MACHINERY & APPLIANCES
CHEMICAL PRODUCTS
OTHERS
Container Volume Breakdown by Shipping Line: 2018 (% of TEU)Source: Datamar (deep-sea shipping and full containers)(1)
42%
26%
19%
5%3%
5%
MAERSK / HAMBURG SUD
MSC
HAPAG-LLOYD
CMA CGM
EVERGREEN
OTHERS
Regular Shipping Line Services by DestinationSource: Wilson Sons
NEUR
FEASMED
ECSA
USGC
ECNA
WCSA
WAFR ME
AFRES
indirect services13 direct services lines
12
Salvador Container Terminal
Source: Wilson Sons
2000Start of operations
20121st expansion
2016-17Equipment investment
2018-20Ongoing expansion site (1st Stage)
EXPRESSWAY CONNECTING THE TERMINAL
TO NEARBY INDUSTRIES AND HIGHWAYS
Located in the State of Bahia
Expressway
13
Salvador Container Terminal (cont’d)
Note: (1) Figures presented on this slide do not consider transshipment and cabotage (domestic shipping) volumes.
Container Volume Breakdown by Shipping Line: 2018 (% of TEU)Source: Datamar (deep-sea shipping and full containers)(1)
38%
38%
16%
5% 3%
MSC
MAERSK / HAMBURG SUD
HAPAG-LLOYD
CMA CGM
OTHERS
Container Volume Breakdown by Destination: 2018 (% of TEU)Source: Datamar (deep-sea shipping and full containers)(1)
29%
20%21%
10%
10%
5%3%
1%
FAR EAST
NORTH EUROPE
NORTH AMERICA
SOUTH AMERICA
MEDITERRANEAN
MIDDLE EAST
CENTRAL AMER / CARIBB
AFRICA
Container Volume Breakdown by Top Cargoes: 2018 (% of TEU)Source: Datamar (deep-sea shipping and full containers)(1)
17%
13%
8%
8%7%
6%
4%
4%
4%
4%
24%
PLASTICS & RESINS
PULP & PAPER
AGRICULTURAL PRODUCTS
CHEMICAL PRODUCTS
RUBBERS & PRODUCTS
STEEL PRODUCTS
FOOD PRODUCTS
TEXTILE MATERIALS
ORES, SALT & EARTH
CONSUMER GOODS
OTHERS
Regular Shipping Line Services, by DestinationSource: Wilson Sons
NEUR
FEASMED
ECSA
USGC
ECNA
WCSA
ME
AFRES
indirect services
WAFR
9 direct services lines
14
Logistics Centres
Source: Wilson Sons
US$35MNet Revenues
(8% of FY18 Revenues)
228,000 m²Total Area
(Santo André + Suape)
2 Bonded CentresLocated in Santo André (SP)
and Suape (PE)
Santo André Logistics Centre
Main Distances:
Port of Santos – 79 km
Guarulhos Airport – 30 km
Viracopos Airport – 109 km
15
Logistics Centres (cont’d)
Source: Wilson Sons
Logistics Centres providing access to Brazil’s largest city, São Paulo, and capturing the growth
potential of the north-eastern region
Key Infrastructure
Santo André & Suape Logistics Centres
Valuable integrated logistics centres including two bonded and two general
warehouses
Import cargo service consistent with container terminal operations
Provides a one-stop-shop solution for nationwide clients
Tailor-made infrastructure to meet clients demands
Santo André is well positioned to serve the Port of Santos, and the Guarulhos
and Viracopos airports
Suape is well positioned to serve the region’s industrial port complex
Client synergies with container terminals
Santo André
Logistics Centre
Suape
Logistics Centre
Location São Paulo Pernambuco
Total area (‘000 m2)(1) 150 78
Docks (#) 51 50
Reefer plugs (#) 20 64
Geographic Footprint
`
Santo André Logistics Centre
Suape Logistics Centre
Strategically positioned to serve
important regions of Brazil
16
Towage
Source: Wilson Sons │ Notes: (1) Considers one tugboat chartered to a third party. (2) Does not consider one tugboat chartered to a third party. (3) Deadweight (DWT).
US$166MNet Revenues
(36% of FY18 Revenues)
76 tugsOperated Fleet(1)
(Mar-19)
75k tonnesAvg. DWT(3) Attended
(FY18)
56,114Harbour Manoeuvres(2)
(FY18)
Ports and
Terminals covered
WS Procyon tugboat
17
Towage (cont’d)
Source: Wilson Sons
Notes: (1) Considers only tugs above 15 tonnes of bollard pull. (2) Camorim’s fleet includes 8 tugs chartered from Starnav. (3) Azimuth Stern Drive (ASD).
WS Fleet Deployment in Brazilian Ports: Mar-19 (# of vessels)
North9 tugboats
Northeast28 tugboats
Southeast25 tugboats
South14 tugboats
Brazilian Towage Market: Jun-19
68
46
22
13
14
14
12
8
2
15
7
1
35
76
48
37
20
15
14
47
Wilson Sons
Saam Smit
Camorim / Starnav⁽²⁾
SulNorte
Vale
Svitzer
Others
Operated Fleet(1)
ASD⁽³⁾
Conventional
33
21
15
13
10
5
Wilson Sons
Saam Smit
SulNorte
Camorim / Starnav
Svitzer
Vale
Ports & Terminals Attended
Total of
257 tugs
Largest fleet in Brazil, currently with 45%
market share of harbour manoeuvres,
operating in all major ports
Policy priority for Brazilian-flag vessels
(built in Brazil)
Long-term and low-cost funding from
Merchant Marine Fund (FMM)
18
Offshore Support Vessels JV
Source: Wilson Sons │ Note: (1) Considers 100% of results from the Offshore Vessels JV, of which Wilson Sons owns 50%.
US$59MNet Revenues
(FY18)
23 PSVsOperated Fleet
(Mar-19)
5,126(1)
Days in Operation
(FY18)
US$22,835(1)
Avg. Net Daily Rate
(FY18)
PSV Petrel
19
Offshore Support Vessels JV (cont’d)
Sources: Wilson Sons; U.S. Energy Information Administration (EIA); Petrobras
Notes: (1) Dynamic Positioning (DP). (2) Platform Supply Vessel (PSV). (3) Oil Spill Recovery Vessel (OSRV). (4) Shallow-water Diving Support Vessel (SDSV).
Policy priority for Brazilian-flag vessels
(built in Brazil)
Wilson Sons 100%-owned shipyard is a
key competitive advantage
Long-term and low-cost funding from
Merchant Marine Fund (FMM)
Contract Orderbook: Jul-2019
Vessel Type DWT DP(1) Status End Date Client Option
Fragata PSV 3,000 1 Under Contract Sep-19 1 year
Torda PSV 4,500 1 Under Contract Oct-19 6 months
Sterna PSV 4,500 2 Under Contract Mar-20 8 years
Gaivota OSRV(3) 3,000 1 Under Contract Jul-20 2 years
Batuíra PSV 4,500 2 Under Contract Aug-20 8 years
Tagaz PSV 4,500 2 Under Contract Mar-21 8 years
Mandrião SDSV(4) 3,500 2 Under Contract Jul-21 2 years
Pardela SDSV 3,500 2 Under Contract Aug-21 2 years
Talha-Mar PSV 4,500 1 Under Contract Aug-21 N/A
Prion PSV 4,500 2 Under Contract Sep-21 8 years
Alcatraz PSV 4,500 2 Under Contract Nov-21 8 years
Zarapito PSV 4,500 2 Under Contract Apr-22 8 years
Larus PSV 5,000 2 Under Contract Aug-22 6 years
Pinguim PSV 5,000 2 Under Contract Nov-22 6 years
Fulmar SDSV 3,000 1 Under Contract Apr-22 2 years
Ostreiro SDSV 3,500 2 Under Contract Apr-22 2 years
Biguá PSV(2) 3,000 1 Available N/A N/A
Atobá PSV 3,000 1 Available N/A N/A
Albatroz PSV 3,000 1 Available N/A N/A
Cormoran PSV 3,000 2 Available N/A N/A
Pelicano PSV 3,000 1 Available N/A N/A
Petrel PSV 3,000 1 Available N/A N/A
Skua PSV 3,000 1 Available N/A N/A
Favourable Sector Outlook
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
Brazilian O&G Production (million boe/day)
PETROBRAS PROJECTS AND RECENT ANP AUCTIONS
INDICATE SOLID GROWTH ON THE LONG-RUN
Petrobras will deploy 19 new
offshore platforms by 2022
Wilson Sons ready to capture growth in upcoming years
20
Shipyards
Source: Wilson Sons
Total area (m2) 22,000
Type (dimensions) Slipway (190 m length, 16 m breadth)
Steel processing (tonnes / year) 4,500
Overhead crane covering 80% of shipyard ✓
Covered work shops ✓
Total area (m2) 17,000
Type (dimensions) Dry-dock (140 m length, 26 m breadth)
Steel processing (tonnes / year) 5,500
Overhead crane covering 80% of shipyard ✓
Covered work shops ✓
Synergies with Towage and Offshore
Support Vessels businesses
Long-term partnership with Dutch
group Damen Shipyards
Long-term and low-cost funding
from Merchant Marine Fund (FMM)
US$24MNet Revenues
(5% of FY18 Revenues)
88 VesselsDelivered in past 25 years
(Mar-19)
2 ShipyardsLocated in Guarujá (SP),
within the Port of Santos
Guarujá I shipyard Guarujá II shipyard
21
O&G Support Bases (Brasco)
Source: Wilson Sons
US$21MNet Revenues
(5% of FY18 Revenues)
670Vessel Turnarounds
(FY18)
8 Berths in
2 Private Bases
• 70,000 m² total area
• 3 berths (6 m - 8 m draft)
• Waste management area
• Liquid Mud Plant / Dry Mud Plant
• 3,700 m³ water tanking
• 65,000 m² total area
• 5 berths (508 m of linear quay)
• 7 m draft
• Waste management area
• Liquid Mud Plant / Dry Mud Plant
Second-to-none HSE performance,
following the highest safety
standards with a robust system
specialised in safety and
environmental management
Strategically located within the
Guanabara Bay, the main logistics
support hub for the Santos and
Campos petroleum basins
Unique ability to prepare exploratory
support bases with 45 different
projects completed across eight
different cities along the coast of
Brazil
• 63,000 m² total area
• 2,000 m² Super Heavy
• General Warehouse
• Pipe inspection
• Administrative office
Guaxindiba Pipe YardBrasco RioBrasco Niterói
22
Shipping Agency
Source: Wilson Sons, Datamar
US$10MNet Revenues
(2% of FY17 Revenues)
2,953Vessel Calls Attended
(FY17)
+180 yearsUnmatched Experience
in Brazil
Business Description
Wilson Sons Agency began operations in 1837 as the
Group’s first business;
One of the largest independent shipping agencies in Brazil,
operating in all major ports;
Provides services and commercial representation for
shipowners, managing equipment logistics, boarding
documents and scheduling;
Competitive intelligence and commercial synergies with
Wilson Sons’ towage and oil-related businesses.
Geographic Footprint
Head office
Branches
Amazon river
61 ports and
terminals covered
by 18 branches
Ships Attended by Agency Services
2,774 2,9103,218 3,276 3,157
3,341 3,2822,953
2,464
2010 2011 2012 2013 2014 2015 2016 2017 2018
# vessel calls
23
Allink NVOCC(1)
Source: Wilson Sons
Note: (1) Non-Vessel-Operating Common Carrier (NVOCC), in which Wilson Sons has a 50% controlling stake.
US$22MNet Revenues
(5% of FY18 Revenues)
12 BranchesLocated at main Brazilian
ports and airports
24 yearsOperational
Experience
Business Description
Over 24 years of experience, renowned as one of the most
respected companies in the LCL cargo consolidation
market;
Only neutral NVOCC in Brazil;
WorldWide Alliance member;
In 2014 opened the air division;
67 direct services.
Worldwide Direct Services
Geographic Footprint
Head office
Allink branches
Allink agents
Amazon river
Financial Highlights
24
25
Financial Highlights
Source: Wilson Sons
Note: (1) Excluding non-transactional corporate recharge.
Estimated Revenue, Costs and EBITDA (Pro Forma; as of Dec-2018)
55%
85%
1%
45%
15%
99%
Revenues
Costs⁽¹⁾
EBITDA
R$ Source / Denominated US$ Source / Denominated
1. Considers Petrol & Oil as
a US$-denominated cost.
Pro Forma EBITDA (US$M)
73 87109 109 108
152 146
183160 168 154
172 16135
13 19 13
11 16
2339
4037
3625
7691
122 128 121
163 162
206 199209
191209
186
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
IFRS Offshore Vessels 50% JV
CAGR06-18: 7.7%
Pro Forma Net Revenues (US$M)
326393
477 440548
657610
660 634
509457 496 460
8
11
2238
28
4147
54 77
7171
7359
334
404
498 478
576
698657
715 710
580528
570519
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
IFRS Offshore Vessels 50% JV
CAGR06-18: 3.7%
Pro Forma EBITDA(1) by Business Segment: 2018 (%)
41%
39%
12%
8%
Container Terminals
Towage
Offshore Vessels 50% JV
Others
US$204M(1)
26
CAPEX & Dividends
Source: Wilson Sons
Notes: (1) 2019F CAPEX considers Tecon Salvador expansion which commenced in Sep-18.
Capital Expenditures - CAPEX Proforma (US$M)Briclog acquisition, Guarujá II shipyard construction, Tecon Salvador 1st expansion, Towage and Offshore Vessels fleet renewal, capacity increases and 3rd berth at Tecon Rio Grande.
20 35 2759 70
116 128
227
129 137111
70102
55 621 16
40 24
3339
36
56 49
15
4823
8 1320
36 42
99 94
150167
263
184 186
127 118 125
6375
90 - 110
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F⁽¹⁾
IFRS Offshore Vessels 50% JV
Investment cycle of
more than US$1 billion❱ From 2012, Offshore JV
CAPEX is not consolidated
for IFRS.
Lower CAPEX level
Distribution to Shareholders - Dividend Policy Target of 50% of Net Profit (US$M)
8.0 8.8 7.6 8.0
16.0 16.0
22.6
18.1 18.1 18.1
27.029.0
35.6 36.9 38.5 38.5
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1.72% 3.27% 2.67% 1.30% 1.61% 2.02% 2.52% 4.40% 5.71% 4.80% 4.65% 5.18%Dividend Yield since IPO:
❱ Dividend Yield: Amount paid
per BDR / closing share price
on the date of payment.
❱ Considers the share price as
of 14-Mar-2019.
CAGR04-19: 11.0%
27
Main Capex Project: Tecon Salvador ExpansionInitial Phase (Ongoing)
Source: Wilson Sons
A
B
quay extension
yard paving
❱ 423 m quay extension reaching a total length
of 1,040 m (800 m of linear quay);
❱ Levelling and paving of an existing 30,360
m² backyard area;
❱ Acquisition of 3 STS quay cranes (Super Post-
Panamax), and 5 RTG yard cranes;
❱ Capacity at the end of the initial phase: 553k TEU;
❱ Estimated total investment of US$110M for the
initial phase.
A
B
Illustrative image
28
Debt Profile
Source: Wilson Sons
Note: (1) Excluding IFRS16 effects; (2) Merchant Marine Fund (“FMM”); (3) IFRS 31-Dec-18 = US$307.4, the adjustment in this report reflects the new debt contract that replaced IFC's debt in Jan-19.
Net Debt to EBITDA TTM ratio (as of 31-Mar-19)
0.5x 0.6x
1.4x
2.2x
2.8x
1.4x1.8x
1.4x1.7x
1.4x 1.5x 1.6x0.5x 0.6x
1.4x
2.2x
2.8x
2.4x2.6x
2.4x
2.8x
2.3x2.5x
2.7x
IFRS Pro Forma (w/ Offshore Vessels 50% JV)
Debt Profile(1) (as of 31-Mar-19)
Debt Maturity Schedule, including the Offshore Vessels JV (US$M; as of 31-Dec-18; @PTAX 3.87)
44.8 42.334.2
28.122.8 19.2 19.2 19.2 19.0 16.6
11.3 9.5 8.2 6.2 4.2 2.7 1.7 0.3
35.5
18.9
18.918.9
22.117.5 15.7 15.7 14.7
14.1
11.0 11.0 11.08.5
3.8 2.4 2.4 0.0
80.3
61.2
53.147.0 44.9
36.7 34.9 34.9 33.730.7
22.3 20.5 19.214.7
8.0 5.1 4.10.3 -0.1
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
IFRS: US$309.3M⁽³⁾ Offshore Vessels 50% JV: US$242.0M 3.38% Weighted Avg.
Borrowing Rate in 2018
IFRSWith Offhsore
50% JV
CURRENCYDenominated in US$ 88.0% 93.3%
Denominated in R$ 12.0% 6.7 %
RATEFixed 77.4% 87.3%
Variable 22.6% 12.7%
SOURCEFMM(2) 77.8% 83.1%
Others 22.2% 16.9%
MATURITYShort term 16.5% 15.3%
Long term 83.5% 84.7%
29
Governance & Management Alignment
Source: Wilson Sons
Corporate Governance
✔ 100% of tag-along for all minority shareholders;
✔ Single-class of shares with equal voting rights;
✔ 42% of free-float (Brazilian Stock Exchange - B3);
✔ 7 Board members (1 independent);
✔ At least 4 Board meetings held annually;
✔ Board approval of all projects higher than US$5.0M;
✔ Separate Chairman of the Board and CEO roles;
✔ Audit Committee.
Management Alignment
✔ Management: Stock Option Plan for top management subsisting
grant 2,755,940;
✔ Remuneration program for executives based on Net Profit;
✔ Remuneration program for managers and other employees
based on Group EBITDA, BUs EBT and individual goals;
✔ Individual performance plans: clear goals and meritocracy
based on the 9-Box methodology;
✔ Business Managers with specific HSE goals;
✔ Employees own 63,390 BDRs (as of 31-12-2017).
Investment Considerations
✔ Safety culture is one of
the Company’s core
values
✔ Lost-time injuries have
decreased substantially
since 2010
Commitment
to Safety
✔ One of the largest port,
maritime and logistics
operators in Brazil
✔ Wilson Sons enjoys an
unparalleled geographical
reach throughout Brazil
✔ Leading volume capacity,
superior infrastructure
and efficiency
Outstanding
Assets
✔ +180 years of experience
highlights Wilson Sons’
solid operational know-
how, reputation and
credibility
✔ Experienced and
innovative management
team
Credibility
✔ Integration and multiple
synergies among its
businesses
✔ Solid customer
relationships with a
diverse and strong
customer base
Integrated Resilient
Businesses
✔ Investments largely
financed with low-cost by
long-term resources
✔ Capex reducing after
investing more than US$1
Billion since IPO in 2007
✔ High profitability and
financial strength
Financial
Strength
30
Diversified Client Base
Source: Wilson Sons
31
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.
Michael ConnellIRO & Treasury
+55 21 2126-4107
Pedro RochaInvestor Relations
+55 21 2126-4271
Gabriela PadilhaInvestor Relations
+55 21 2126-4117
WSON33
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