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Corporate PresentationMarch 2013
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Disclaimer
2
This presentation may include declarations about Mills expectations regarding future
events or results. All declarations based upon future expectations, rather than
historical facts, are subject to various risks and uncertainties. Mills cannot guarantee
that such declarations will prove to be correct. These risks and uncertainties include
factors related to the following: the Brazilian economy, capital markets, infrastructure,
real estate and oil & gas sectors, among others, and governmental rules, that are
subject to change without prior notice. To obtain further information on factors that
may give rise to results different from those forecast by Mills, please consult the
reports filed with the Brazilian Comisso de Valores Mobilirios (CVM).
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Agenda
Executive Summary
Mills business segments
Financial performance
Growth plan
3
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Mills at a Glance
One of the largest specialty engineering services company in Brazil
60 years of market leadership
4 business segments:
4
Heavy Construction
Jahu
Rental
Industrial
Services
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174
84
238
113
214
19
253
141
0
100
200
300
400
500
600
700
800
900
1000
Net Revenue EBITDA
Rental
Industrial Services
Jahu - Residential andCommercial
Heavy Construction
5
29%
24%
27%
20%
% Total
2012 Financial highlights per business segment
879.3
358.4
Mills Financial performance per business segment
R$ million
39%
5%
32%
24%
% Total
Total
55.7%
9.1%
47.7%
48.5%
40.8%
EBITDAMargin (%) ROIC (%)
18.2%
4.6%
15,7%
17.2%
14.7%
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6
Nacht family136%
Management3%
Free float61%
% Total Capital
Position: December 31, 20121 includes Snow Petrel
Mills Shareholder Structure
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Agenda
Executive Summary
Mills business segments
Financial performance
Growth plan
7
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Heavy Construction
Transnordestina Railway
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So Paulos Subway Yellow Line Santo Antonio Hydroelectric Power Plant Dutra Highway Overpass (So Paulo)
Heavy Construction
Focus on large and complex infrastructure projects
Products:
Engineering solutions and equipment rental: formwork and shoring
Planning, design, technical supervision, equipment and related services
Market leaderExtensive track record with 60 years of experience
Critical success factor is reliability
Main clients are the Brazilian largest contractors, such as
Number of contracts: 288 at the end of 2012
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Oil and Gas405
Mining57
Steel28
Chemical30
Pulp and Paper30
Others483
Industry investments 2013-2016R$ 1,033 billion
10
Investments in infrastructure and industry in Brazil should amount R$ 1.5 trillion in the 2013-2016period
Energy166
Telecom102
Sanitation42
Railways
77
Roads69
Ports24
Airports9
Infrastructure investments 2013-2016R$ 489 billion
Source: BNDES February 2013
Growth compared to the 2008-2011 period (%)
22% 36%
Heavy Construction market outlook
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18.5
23.5
- 20 40 60
Up to 20 years
In the first 5 years
HighwaysIn R$ billion
53.5
133.7
- 30 60 90 120 150
Up to 20 years
In the first 5years
TotalIn R$ billion
Total: R$ 42 billion(7,500 km)
Total: R$ 91 billion(10,000 km)
Total: R$ 187 billion
New logistic investment program
54.2
- 20 40 60
Colunas2
Colunas3
PortsIn R$ billion
Total: R$ 54 billion
Source: Programa de investimento em Logstica, August 2012 and O Globo newspaper
35.0
56.0
- 20 40 60
Colunas3
Colunas2
RailwaysIn R$ billion
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1.00
0.58
0.56
0.54
0.68
- 0.50 1.00
USA
Brazil
Russia
India
China
Infrastructure
Infrastructure Market Outlook
12
To ensure its competitive edge in the global scenario and to keep its growth rates at a sustainable pace,Brazil will have to invest heavily in the infrastructure sector in the coming years
Source: 2009 World Economic Forum
Dficit em infraestruturaUSA Index = 1.0 - 2008-2009 average
1.00
0.46
0.61
0.61
0.75
- 0.50 1.00
USA
Brazil
Russia
India
China
Ports
1.00
0.38
0.81
0.94
0.85
- 0.50 1.00
USA
Brazil
Russia
India
China
Railways
1.00
0.47
0.41
0.53
0.71
- 0.50 1.00
USA
Brazil
Russia
India
China
Roads
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The construction work related to World Cup and Olympic events represented 22% of the
Heavy Construction business segments 4Q12 revenue
13Source: 3 Balano das aes do Governo Brasileiro para a Copa Report on April 2012 and Mills
4Q12 RevenueR$ 47.3 million
6.8
7.3
2.3 2.40.3
2.6
4.5
0.3
0.6
0.3
16.9
2.3
7.6
Concluded Under constructionwork
Wating for theconstruction work to
start
On studying stage orlicensing process
Investments for the 2014 World Cup by project stageTotal: R$ 27 billion
Stadiums Urban Mobility Airports Ports
World Cup andOlympics
22%
Industry
25%
Infrastructure39%
Others14%
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Sport events: the cherry of the cake
14
= = =12 stadiums(R$ 6.7 billion)
5 highways10.4 hydroelectric
powerplant31 railroad2
1 Considering the average investment of the Bus Rapid Transit (BRT): Transcarioca(R$ 1.3 billion), Transolmpica(R$ 2.2 billion) and Transoeste(R$ 0.7 billion)2 Investiment in the Norte-Sulrailway (R$ 6.7 billon)3 Investment in the Santo Antniohydroelectric powerplant (R$ 16.0 billion)
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Belo MontehydroelectricpowerplantMonorail line Gold Subway line 5 SP Subway line 4 RJ
Auport VerdostadiumLight rail CuiabNorte-Sulrailway New phases of Ponta da Madeiraport
Jirau, Colderand Teles Pireshydroelectric powerplants Abreu e Limarefinery Paranaensesarena Monorail line Silver - SP
Transordestinarailway BR-448Comperjrefinery Manaus airport BRT Transcarioca Porto Maravilha
AratuPort Metropolitan arch RJ Carajsrailway BRT Belm
Subway line 2 - SP MaracanstadiumMan Garrinchastadium Sudesteport Ponta da Madeiraport
Serra Lestemine
Viracopos airport Braslia airport Surroundings of the Maracanstadium Surroundings of the CorinthiansArena
Bridge over the Araguaia River Expansion of Carajs mine Paraguau shipyard
New phases of Belo Montehydroeletric powerplant New stretches of subway lines 4 and 5 New stretches of Monorail line Gold BRT Fortaleza
Guarulhos airport Fortaleza airport Natal airport
Important contracts per stage in the evolution of monthly revenue from the heavy
construction projectsNew
contracts*Contracts with
growing volume ofequipment
Contracts with highvolume of equipment
Contracts in thedemobilization process
Source: Mills
Time
RevenueIndex
(Basis100=Maximumm
onthlyrevenuein
thelifeofconstruction)
Newcontracts*
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16
Characteristics of the major projects in progress
Public32%
Private39%
Public-Private
Partnership29%
Source of Funds
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Construction Applied technological innovation
17
Alumills
AutomaticClimbingFormwork
SM Mills
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35.7
41.742.7
34.2
31.830.6
33.2 33.2
36.1
39.3
41.9
45.545.5
47.3
16.4
21.6 22.3
13.3
15.614.1
8.6
14.4
19.5 18.9
21.2
24.122.8
20.2
45.9%
51.9%52.2%
38.8%
48.9%46.2%
26.0%
43.5%
54.0%
48.0%50.6%
52.9%
50.2%
42.7%
24.4%
28.5% 25.5%
18.8%
14.4%12.1%
4.5%
12.0%
17.5% 16.6%17.8%
19.7%18.3%
14.8%
0%
10%
20%
30%
40%
50%
60%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12
Net Revenue EBITDA EBITDA Margin ROIC
Heavy Construction Financial performance
18
+31.2% +3.6% - 1,130 bps - 270 bps
+3.9% - 11.6% - 750 bps - 350 bps
In R$ million
4Q12/4Q11
4Q12/3Q12*
1 ROIC: Return on Invested Capital. Until 4Q10, ROIC was calculated considering the effective income tax rate for the period, while in 1Q11 onwards ROIC was calculated considering atheoretical 30% income tax rate.
* Excluding the negative impact of R$ 5.8 million of Allowance for Doubtful Debts (ADD) in 3Q11 and the positive impact of the provisions reversal in the amount of R$ 1.5 million in 3Q12
J h R id ti l d C i l
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19
Jahu - Residential and Commercial
Reserva do Paiva Pernambuco
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Jahu Residential and Commercial
Focus on residential and commercial construction
Products:
Engineering solutions and equipment sales and rental: formwork, scaffolding and shoring
Market leader
Innovative product - Easy-Set aluminum formwork - to serve low income housing construction
Clients are the Brazilian real estate companies, such as
Number of contracts: 4,361 at the end of 2012
20
http://www.pdgrealty.com.br/pdg/Capa.aspx7/29/2019 Citi - 21st Annual Latin America Conference*
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21Source: BACEN and FGV
Housing FinancingIn R$ million
Growth drivers of the residential market: housing financing
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10.7 6.8 3.6
38.2
28.0
20.1
37.0
49.7
58.4
8.1 9.8 11.7
6.0 5.7 6.2
2002 2009 2014E
Class A
Class B
Class C
Class D
Class E
Higher purchasing power of the Brazilian population
22
31.729.1
27.2
60.4
1.4
5.9
2007 2030E
< R$ 1,000
>= R$ 1,000 and
R$ 8,000
-0.4%
+3.9%
+7.1%
In million families
+33.2 millionfamilies with income
betweenR$ 1,000 to 8,000
Growth rate(%, p.a.)
Source: IBGE and FGV
Growth drivers of the residential market: higher purchasing power
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23Source: Sondagem Especial Construo Civil, April 2011, CBIC , CNI, Tchne Magazine, June 2012 and Mills
The major challenge for the sector: labor
89% of companies from the construction industry stated that
lack of qualified labor is a problem for the company
94% of companies from the construction industry facing
shortages of skilled manpower have difficulty finding workers
for basic construction activities, such as bricklayers and
laborers
Solution:Industrialization of the construction process
Only 7% of companies from the construction industry plan to
deal with the shortage of skilled labor by changing the
building process to an industrial assembly model
System Traditionalwith wood
Deck Type FlyingTable
Cycle betweenconcreting activities
15 days 6-8 days 4-7 days
Growth drivers of the residential market: industrialization of the construction process
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24
Great penetration of concrete wall for the Minha Casa, Minha Vidaprogram
Use of concrete wall should reach 40% of the properties of the Minha Casa, Minha Vidaprogram in2014/15
3%
97%
2010/11
15%
85%
2012/13
40%
60%
2014/15
30,000 HU 150,000 HU 400,000 HU
Concrete wall construction Construction using other systems
Source: Criative
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25
Applied technological innovation: reduction in labor and construction cycle
Easy set
Mills Deck Light Alumalight
Alumills Mast Climbing Platform
SL-2000
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26
Jahu Revenue Breakdown
100%
85%
61%
49%
15%
39%
51%
2009 2010 2011 2012
New branches
Established branches
1 Branches opened since November 2009
Growth drivers in the residential market: geographic expansion
1
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22.7 21.8
27.9
32.8
29.2
34.7
39.4
52.5 52.5
58.960.5 60.5
66.0
10.3 10.011.9 11.6 12.3
13.516.4
23.926.3 27.2
33.8
29.4
26.1
45.3% 46.0%
42.8%
35.5%
42.0%38.8%
41.6% 45.5%
50.1%46.1%
55.9%
48.6%
39.6%
29.2%
23.6% 21.3%
22.3% 15.2%13.0% 12.5%
16.3% 15.6% 14.8%
20.2%
16.9%
12.6%
0%
10%
20%
30%
40%
50%
60%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12
Net Revenue EBITDA EBITDA Margin ROIC
Jahu Financial performance
27
4Q12/4Q11
4Q12/3Q12*
In R$ millions
1 ROIC: Return on Invested Capital. Until 4Q10, ROIC was calculated considering the effective income tax rate for the period, while in 1Q11 onwards ROICwas calculated considering a theoretical 30% income tax rate.
* Excluding the positive effect of R$ 5.3 million of tax contingency reversal in 3Q12
+ 25.9% + 9.5% - 590 bps - 370 bps
+ 9.1% - 11.2% - 900 bps - 430 bps
Rental Motorized Access Equipment
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Rental Motorized Access Equipment
Castelo Stadium Fortaleza, CE
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Rental - Motorized Access Equipment Rental
Serves all Mills business segments as well as the automotive, retail and logistics sectors, among others
Products:
Rental and sale of motorized access equipment, such as aerial work platforms and telescopichandlers, to lift people or cargo, respectively
Market leader
Cross-selling with all other Mills business segments
Elected "Best Company for Access of the Year" by the International Awards for Powered Access (IAPAAwards) for the year of 2011
Number of contracts: 1,597 at the end of 2012
29
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Motorized Access Equipment Rental market outlook
30
Current underutilization of motorized access equipment in Brazil and favorable regulationindicate significant growth potential in this market.
The Brazilian aerial platforms and telehandler fleet is very small compared to the US fleet; less than
3%
Modest rental penetration of 15% in Brazil. Rental penetration is approximately 40% in the USA,
60% in Japan and 80% in England
Recent regulation obliges the use of aerial platforms to lift people, increasing safety and productivity
in the work site
Brazilian fleet should increase at average annual rate of 14% in the next few years and reach
40,000 units by 2017
Source: Mills
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In 2012, the Brazilian fleet of motorized access equipment grew 32.1% compared to 2011
31Source: Mills and Yengst Associates
Aerial workplatforms
89%
Telescopichandlers
11%
Fleet profile
Brazil - 2012Total: 21,000
Aerial workplatforms
78%
Telescopichandlers
22%
USA - 2011Total: 785,000
8
11
16
21
40
0
5
10
15
20
25
30
35
40
45
2009 2010 2011 2012 ... 2017E
Motorized access equipment fleet
In thousands of units
+34.9%
+46.2%
+32.1%
+13.9% p.a.
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32
Rental Revenue Breakdown
69%
42% 38%
31%
58% 62%
2009 2010 2011 2012
New branches
Established branches
1 Branches opened since January 2010
Growth drivers in the motorized access equipment market: geographic expansion
1
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17.2
21.3
25.8
30.833.7
41.2
45.6 45.6
54.956.5 55.4
67.4
74.2
9.811.9
14.6 14.7
18.922.3 21.7
25.0
30.734.9
31.4
38.036.9
57.0% 55.8% 56.6%
47.6%
56.0%54.1%
47.6%
54.8% 56.0%
61.8%56.6% 56.5%
49.8%
23.5%
19.6%17.3%18.7% 17.3%
17.1%
12.9%16.0%
18.6%
20.3%
16.3% 16.3% 16.9%
0%
10%
20%
30%
40%
50%
60%
70%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 4Q12
Net Revenue EBITDA EBITDA Margin ROIC
Rental Financial Performance
33
In R$ million
1 ROIC: Return on Invested Capital. Until 4Q10, ROIC was calculated considering the effective income tax rate for the period, while in 1Q11 onwards ROICwas calculated considering a theoretical 30% income tax rate.
* Excluding the positive effect of R$ 5.3 million of tax contingency reversal in 3Q12
+ 35.3% + 20.2% - 620 bps - 170 bps
+ 10.2% - 2.9% - 670 bps + 60 bps
4Q12/4Q11
4Q12/3Q12
I d i l S i
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Rental Financial performance
34
17.2
21.3
25.8
30.833.7
41.2
45.6 45.6
54.956.5
55.4
67.4
9.811.9
14.6 14.7
18.922.3 21.7
25.0
30.7
34.9
31.4
38.0 37.4
57.0% 55.8% 56.6%
47.6%
56.0%54.1%
47.6%
54.8%56.0%
61.8%
56.6% 56.5%
50.40%
23.5%
19.6%17.3% 18.7% 17.3%
17.1% 12.9%
16.0%18.6%
20.3%
16.3% 16.3% 17.20%
0%
10%
20%
30%
40%
50%
60%
70%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 4Q12
Net Revenue EBITDA EBITDA Margin ROIC
1 ROIC: Return on Invested Capital. Until 4Q10, ROIC was calculated considering the effective income tax rate for the period, while in 1Q11 onwards ROICwas calculated considering a theoretical 30% income tax rate.
In R$ millions
* Excluding the negative effect of R$ 3.3 million of Allowance for Doubtful Debt (ADD) in 3Q11
+35.3% +21.6% - 566 bps - 148 bps
+ 10.2% +1.8% - 610 bps +83 bps
4Q12/4Q11
4Q12/3Q12
Industrial Services
Ocean Star Platform Angra dos Reis, RJ
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Industrial Services
Focus on large industrial plants, both on construction and maintenance phases
Products offered during construction and maintenance:
access structures rental and erection/dismantling services
industrial painting and surface treatments
thermal insulation
Cross-selling with Heavy Construction business segment
Recurring and less volatile revenue base
Labor intensive, instead of capital intensive, as the other business segments
Industries served: oil & gas, petrochemicals, pulp & paper, steel, among others
Number of contracts: 114 at the end of 2012
35
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Petrobras total investment plan for 2012-2016 period: US$ 236.5 billion
Petrobras pre-salt investment plan for 2012-2016 period: US$ 49.7 billion
US$ 131.6 billion will be invested in E&P in Brazil, with the aim of increasing domestic oil production from
2.0 million bpd (Mbpd) in 2011 to 2.5 Mbpd in 2016, with 0.8 Mbpd related to pre-salt
Critical resources needed up till 2020:
65 drilling rigs
68 platform-vessels
361 special support vessels
US$ 51.7 billion will be invested in refining, of which 48% to expand the refining facilities, the major
refinery projects being Abreu e Lima (PE) and Comperj (RJ).Source: Petrobras 2012-2016 Business Plan and Revista Exame (6/27/2012).
Petrobras has announced its 2012 - 2016 Business Plan with investments totaling US$236.5 billion in this period
36
44
61
94
2010 2015 2020
# Petrobras Plataforms
CAGR10-20: +7.9%
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Industrial Services Financial performance
37
40.0
46.5
52.5
56.4
50.2
57.5 56.9
50.2 50.9
54.8
48.8
59.3
6.3 6.9 7.0
5.8 6.1
8.1
4.1 2.3 6.2 4.7
0.1
8.4
15.8% 14.9% 13.4%
10.3%
12.2%
14.2%
7.2%
4.7%
12.1%
8.5%
0.2%
14.2%
17.7%17.3%
14.9%
14.8%
9.6%
14.2%
3.2%
-1.2%
7.5%3.9%
-6.2%
13.3%
-10%
-5%
0%
5%
10%
15%
20%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Net Revenue EBITDA EBITDA Margin ROIC
In R$ millions
1 ROIC: Return on Invested Capital. Until 4Q10, ROIC was calculated considering the effective income tax rate for the period, while in 1Q11 onwards ROICwas calculated considering a theoretical 30% income tax rate.
+ 18.2% + 259.6% +950 bps +1,450 bps
+ 21.5% + 7,268.7% + 1,400 bps +1,950 bps
4Q12/4Q11
4Q12/3Q12
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Agenda
Executive Summary
Mills business segments
Financial performance
Growth plan
38
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115.5
131.3148.9 154.2 145.0
164.0175.1
175.1
193.5 199.1211.1
222.2 222.2
246.8
42.850.5 55.9 45.4
52.8 58.0 50.859.9
76.4 86.2 84.496.1 90.4 91.7
18.726.1 28.5 30.1 22.2 22.6 17.8 23.8
29.5 32.739.2 38.0 34.7
41.6
37.0%38.4% 37.6%
29.4%
36.4%35.4%
29.0%
34.2%
39.5%
43.3%
40.0%
43.2%
40.7%
37.1%
23.1%23.0% 20.3%
18.8%
13.8%12.7%
8.6%11.1%
14.2% 15.1%13.6% 15.8% 14.5%
14.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
50.0
100.0
150.0
200.0
250.0
300.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 3Q11* 4Q11 1Q12 2Q12 3Q12 3Q12* 4Q12
Net Revenue EBITDA Net Earnings EBITDA Margin ROIC
39
MillsFinancial performance
In R$ millions
1 ROIC: Return on Invested Capital. Until 4Q10, ROIC was calculated considering the effective income tax rate for the period, while in 1Q11 onwards ROIC was calculated consideringa theoretical 30% income tax rate.
* Excluding the negative impact of R$ 9.1 million of Allowance for Doubtful Debts (ADD) in 3Q11 and the positive impact of the provisions reversal in the amount of R$ 6.8 million in 3Q12
4Q12/4Q11 +27.5%| +20.0% - 234 bps +27 bps+41.0%
4Q12/3Q12* +11.1% +1.4% - 354 bps +3 bps+19.9%
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1.0x
0.7x0.7x
0.8x
1.9x 1.9x
1.7x
1.5x
1.3x
1.2x 1.2x
0.0
0.5
1.0
1.5
2.0
2.5
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Net Debt/LTM EBITDA
Target = 1.0x
Capturing opportunities maintaining the commitment to low leverage
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Agenda
Executive Summary
Mills business segments
Financial performance
Growth plan
41
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We plan to invest R$ 296 million in organic growth in 2013
2013 Capex(%)
18%
38%
2%
42%
in R$ million
Capex
7447 51 54
104185
60
112
25
17
5
6
161
163
161
124
15
18
21
0
50
100
150
200
250
300
350
400
450
2010 2011 2012 2013 Budget
Rental
Industrial Services
Jahu - Residential andCommercial
Heavy Construction
298 296
430
349
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We are present in 14 states of Brazil with 46 branches
Branch locationsAs of December 28, 2012
Minas
Gerais
Rio Grande
do Sul
Santa Catarina
So Paulo
Mato Grosso
do Sul
Rio deJaneiro
(sede)
EspiritoSanto
Bahia
Distrito
Federal
Goias
Sergipe
Paraiba
Rio Grandedo Norte
Cear
Piaui
Maranho
Tocantins
Par
Rondnia
Acre
Roraima Amap
Amazonas
Mato Grosso
Parana
Alagoas
States with Mills Presence
Rental
Heavy Construction
Industrial Services
Jahu
Pernambuco
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Mills Investor Relations
Tel.: + 55 21 2123-3700E-mail: [email protected]
www.mills.com.br/ri
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