presentation 4 q07
TRANSCRIPT
Conference Call and Webcast
March 2008
2
Legal Advice
This presentation may include forward-looking statements about future events or
results in accordance with Brazilian and international regulations governing stock
markets. Such statements are based on assumptions and analyses made by the
Company based on its experience and the economic climate and on market
conditions and expected future events, many of which are beyond the Company’s
control. Important factors which can lead to significant differences between real
results and these forward-looking statements include the Company's business
strategy, national and international economic conditions, technology, financial
strategies, developments in the fertilizer industry, financial market conditions,
uncertainty regarding the results of the Company’s future operations, plans,
objectives, expectations, intentions, and other factors described in "Risk Factors" in
the Preliminary Prospectus filed with the Brazilian Securities Commission. Because
of these factors, the real results of the Company may differ substantially from those
expressed or implied in forward-looking statements.
3
Coments:
Increase in Volumes Focus on More Profitable Services New Clients Margin Recovery Sale of Dragaport’s Assets
Consolidated
91.0117.0
334.1
404.0
72.364.0
19.019.0
4Q06 4Q07 2006 2007
Net Revenue Operating Profit
Operating
Margin20.9% 16.2% 19.1% 17.9%
28.7%
-0.2%
20.9 %
13.0 %
23.7 25.3
76.2
91.4
4Q06 4Q07 2006 2007
EBITDA
EBITDA
Margin26.0% 21.6% 22.8% 22.6%
6.9 %
19.8 %
43.5
57.8
12.517.4
4T06 4T07 2006 2007
Net Profit
Net
Margin 13.7% 14.8% 13.0% 14.3%
39.4 %
32.9 %
4
Dragaport Dragaport sold its dredges Macapá and Boa Vista I to Great Lakes & Dock Company, LLC, a North American dredging company, generating a net profit of US$ 3,4 million
Tecon RG Expansion 3rd berth conclusion - civil work – 4 to 6 months from now 2 STS and 4 RTGs being assembled, to be delivered in the 2Q08
Price Increase Our most important movements were in Port Terminals and Towage, where we increased prices substantially with the objective of recovering margins.
PSVs 4 PSVs under construction – 2 to be delivered in 2008, 1 in 2009 and 1 in 2010
Highlights
Shipyard We are building 4 PSVs to a Chilean Company in an amount of approximately US$100MM that will be delivered until 2011
5
70 56
99 112
34 37
27 32
4T06 4T07
Full Cntrs Deep SeaEmpty Cntrs Deep Sea CabotageOthers
4.1
12.0
2006 2007
2.1
3.4
4Q06 4Q07
14.6
18.1
13.9
33.3%34.8%
48.2%
4Q06 4Q07 4Q07*
49.6
44.848.9
32.8%33.3%35.2%
2006 2007 2007*
TEUs (‘000)
REVENUES (US$MM)OPERATIONAL INDICATORS
Chg. =3.0%
Chg. =11.4% Chg. =16.9%
Chg. =1.8%
Brasco Revenues (US$ MM) & Participation (%)
Port Terminals
EBITDA (US$MM) & EBITDA MARGIN (%)
Chg. =-19.6% Chg. =10.6%
3.2%
8.1%
5.6%
8.1%
37.6
41.9
4Q06 4Q07
127.4
149.0
2006 2007
* Adjusted EBITDA
253 242
159 136
102 113
2006 2007
230 237884 899
371 408
6
17.3
10.0
16.3
30.4%
39.4%41.9%
4Q06 4Q07 4Q07*
53.7
36.9
54.6
37.2%36.6%
31.0%
2006 2007 2007*
41.2
32.9
2.7%
12.7%
4Q06 4Q07
118.8
146.8
1.4%
7.6%
2006 2007
14,71415,438
4Q06 4Q07
58,24557,359
2006 2007
32.9
41.2
4Q06 4Q07
118.8
146.8
2006 2007
Chg. =4.9%
OPERATIONAL INDICATORS
# Manoeuvres
REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
Chg. =25.3%
Chg. =62.3%
Chg. =1.5%
Chg. =23.6%
Chg. =45.6%Revenues (US$ MM) & Special Operations
Participation (%)
Towage
7.6%
* Adjusted EBITDA
7
63,18368,721
2006 2007
16,39918,988
4Q06 4Q07
2.02.2
1.7
15.7%
7.7%9.0%
4T06 4T07 4T07*
Chg. =-21.9%
5.34.9
5.6
8.1%7.6%
10.0%
2006 2007 2007*
Chg. =7.8%
49.3
69.1
2006 2007
13.7
21.7
4Q06 4Q07
22
24
4Q06 4Q07
20
24
2006 2007
Logistics
REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
# Containers Transported
# Operations
Chg. =58.2% Chg. =40.2%
* Adjusted EBITDA
8
-1.5
2.5
1.0
4Q06 4Q07 4Q07*
7.0
9.1
4.5
51.0%
22.1%
34.2%
2006 2007 2007*
3.1
5.1
4Q06 4Q07
17.8
20.4
2006 2007
50.7 51.8
4Q06 4Q07
190.4207.5
2006 2007
27.4
24.8
4Q06 4Q07
104.7 104.9
2006 2007
1.6 1.5
4Q06 4Q07
6.65.6
2006 2007
Bills of Lading Issued (‘000)
Containers Controlled (‘000)
REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
Vessel Calls (‘000)
Shipping Agency
* Adjusted EBITDA
Chg. = 63.7%
Chg. =-158.6%
Chg. = 14.7%
Chg. =-50.4%
81.0%
18.9%
9
1.5
1.1
1.6
50.9%50.5%64.5%
4Q06 4Q07 4Q07*
4.5
3.2
4.5
41.8%41.6%38.8%
2006 2007 2007*
1.7
3.1
4Q06 4Q07
8.4
10.7
2006 2007
2
3
4Q06 4Q07
2
3
2006 2007
Offshore
REVENUES (US$MM)
EBITDA (US$MM) & EBITDA MARGIN (%)
OPERATIONAL INDICATORS
# PSVs
Days of Operation
* Adjusted EBITDA
182
266
4Q06 4Q07
Chg. =83.0%
Chg. =43.3%
Chg. =28.2%
729
962
2006 2007
Chg. =37.6%
10
-10.3
-7.3
-1.7
4Q
06 E
BIT
DA
Pro
fit
on D
isposal
of
Dre
dges b
y
Dra
gaport
Pro
vis
ions f
or
Phanto
m S
tock
Options
Pro
vis
ions f
or
Contingencie
s
Oth
ers
4Q
07 E
BIT
DA
4Q07 (US$MM) 2007 (US$MM)
-22.7
-1.5-3.0 -2.6
-26.1
-1.4-1.1-1.7
2006 E
BIT
DA
Pro
fit
on D
isposal of
the I
nte
rest
in
WRC
Pro
fit
on C
hange in t
he I
nte
rest
Held
in
Bra
sco
Loss o
n D
isposal of
Investm
ent
Tax C
redit R
ela
ted t
o a
Fin
al
Pro
ceedin
g
Pro
vis
ion f
or
Contingencie
s
Pro
vis
ions f
or
Phanto
m S
tock O
ptions
Em
plo
yees P
erf
orm
ance B
onuses
Pro
fit
on D
isposal of
Dre
dges b
y
Dra
gaport
Head C
ount
Incre
ase,
Collective L
abour
Agre
em
ent
and O
thers
2007 E
BIT
DA
Non-Segmented Activities - EBITDA
+0.4
+2.8 +3.4
+1.7+0.9+3.4
11
18.4
6.9
2.21.1
12.5
2.9
6.1
17.4
0.55.5
3.8
21.6
2.6
8.2
26.1
13.9
4Q
06 N
et
Incom
e
Revenues
Raw
Mate
rials
and
Consum
able
s U
sed
Pers
onnel Expenses
Depre
cia
tion a
nd
Am
ort
ization
Oth
er
Opera
ting
Expenses
Pro
fit
on D
isposal of
Pro
pert
y, Pla
nt
and
Equip
ment
Net
Fin
ancia
l Results
Incom
e T
axes
Expenses
4Q
07 N
et
Incom
e
Pro
vis
ion for
Contingencie
s
Allow
ance for
Doubfu
l Accounts
Pro
vis
ions for
Phanto
m S
tock
Options
Pro
fit
on D
isposal of
Dre
dges b
y
Dra
gaport
Tax C
redit
4Q
07 A
dju
ste
d N
et
Incom
e
Non-Recurring Effects
US$ MM
Net Income – 4th Quarter Results
12
43.5
2.22.62.96.18.0
57.8
5.5
1.9
8.6
4.4
38.04.0
33.113.4
69.9
42.4
2.00.9
59.2
2006 N
et
Incom
e
Rele
ase o
f Surp
lus o
n A
cquis
itio
n o
f
Inte
rest
in S
ubsid
iary
Pro
fit
on D
isposal of
Join
t Ventu
re
Loss o
n D
isposal of
Investm
ent
2006 A
dju
ste
d N
et
Incom
e
Revenues
Raw
Mate
rials
and C
onsum
able
s U
sed
Pers
onnel Expenses
Depre
cia
tion a
nd A
mort
ization
Oth
er
Opera
ting E
xpenses
Pro
fit
on D
isposal of
Pro
pert
y,
Pla
nt
and
Equip
ment
Net
Fin
ancia
l Results
Incom
e T
axes E
xpenses
2007 N
et
Incom
e
Tax C
redit
Pro
vis
ion f
or
Contingencie
s
Allow
ance f
or
Doubtf
ul Accounts
Pro
vis
ions f
or
Phanto
mSto
ck O
ptions
Pro
fit
on D
isposal of
Dre
dges b
y D
ragaport
2007 A
dju
ste
d N
et
Incom
e
Net Income – 2007 Results
US$ MM
Non-Recurring Effects
Non-Recurring Effects
13
2007/09/30
CAPEX (US$MM)
Total Debt
R$ Denominated
US$ Denominated
CAPEX EVOLUTION (US$ MM)
Net Debt / Cash
Cash & Equivalents
Total Debt
Long Term
Short Term
Consistent Investment & Low Leverage Ratios
55.6
(54.6)
110.2
95.2
14.9
(45.6)
(171.3)
125.7
109.8
15.9
(US$ MM)
LEVERAGE
CURRENCY BREAKDOWN
LEVERAGE INDICATORS
110.2
0.8
109.4
125.7
1.4
124.2
(US$ MM)
2006/12/31
Chg. =319.1% Chg. =135.1%
42.2
99.2
2006 2007
11.2
46.9
4Q06 4Q07
149.5
0.1
149.4
2007/12/312007/09/302006/12/31
(48.2)
(197.7)
149.5
134.7
14.7
2007/12/31
Port Terminals
26.5%
Shipping Agency 0.8%
Towage 30.0%
Logistics1.6%
Non Segmented Activities
0.8%
Offshore 40.2%
2007 2006
CAPEX BREAKDOWN (US$ MM)
Port Terminals
33.7%
Shipping Agency 1.2%
Towage 18.5%
Non Segmented Activities
6.7%
Offshore 37.3%
Logistics1.6%
14
217.7
285.2
334.1
404.0
2004 2005 2006 2007
Consolidated Financial Highlights
NET REVENUE (US$MM) EBITDA (US$MM)
CAPEX (US$MM)
47.9 49.1
76.2
91.4
2004 2005 2006 2007
20.2
36.242.2
99.2
2004 2005 2006 2007
15
Investor Relations
Felipe Gutterres – Legal Representantive - Investor Relations
Tel: 55(21)2126-4222
Sandra Calcado – Investor Relations Manager
Tel: 55(21)2126-4263
BOVESPA: WSON11
Bloomberg: WSON11 BZ
Reuters: WSON11.SA
www.wilsonsons.com.br/ri [email protected]