Apresentação do PowerPoint - Wilson Sonsri.wilsonsons.com.br/wp-content/uploads/sites/50/... ·...

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)


EBITDAUS$ 83.6M



EBITDAUS$ 25.3M


% of FY18 Pro Forma EBITDA(3)

12%


39%


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


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


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


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


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


• 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


• 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


2,953Vessel 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.


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


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


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


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⁾


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

[email protected]

+55 21 2126-4107

Pedro RochaInvestor Relations

[email protected]

+55 21 2126-4271

Gabriela PadilhaInvestor Relations

[email protected]

+55 21 2126-4117

WSON33

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