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July 2014

Corporate Presentation
Executive Summary

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Market leader, extensive track
record, with more than 60 years
of experience

Focus on: large and complex
infrastructure projects

Products: engineering
solutions and rental of
formwork and shoring

Services: planning, design,
technical supervision,
equipment and related services

Main clients:

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Market leader; acquired in 2008

Focus on: residential and
commercial constructions

Products: engineering solutions
and rental of formwork, shoring
and suspended access

Services: planning, design,
technical supervision, equipment
and related services


Clients: real estate companies,
such as:

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Market leader; started in
2008

Focus on: civil construction,
industry, retail e others

Products: rental and sale of
motorized access
equipment, such as aerial
work platforms and
telescopic handlers

Cross-selling with all other
Mills business units

Elected "Best Company for
Access of the Year" by the
International Awards for
Powered Access (IAPA
Awards) for the year of 2011



Mills - Business Units
2
378.5
216.1
252.6
89.5
220.5
109.4
851.7
414.9
Net Revenue EBITDA
Heavy
Construction
Real Estate
Rental
3
Mills 1Q14LTM Financial highlights per business unit
EBITDA
Margin
ROIC
49.6% 17.9%
35.4% 6.7%
57.1% 17.8%
48.7% 13.9%
26%
22%
52%
26%
30%
44%
Excluding the Industrial Services business unit.
In R$ million
4
Mills - Financial Performance
Reclassified excluding the Industrial Services business unit, for comparison.
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.

Variation (%) 1Q14/1Q13 1Q14/4Q13 CAGR 10-13
Net Revenue +10% -1% +33%
EBITDA +12% +5% +34%
Net Earnings -14% -26% +19%
In R$ million
187.5 188.4
211.8
222.0
210.1
207.8
83.3
95.7
98.9
106.1
102.4
107.5
41.7 39.3
48.1
39.6
45.6
33.9
44.4%
50.8%
46.7%
47.8%
48.7%
51.7%
14.5%
14.9%
14.2% 13.9%
13.4%
11.5%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA Net Earnings EBITDA Margin ROIC
354.5
462.8
665.5
832.3
851.7
168.4
217.4
339.0
403.1
414.9
103.3 92.2
151.5
172.6
167.2
47.5%
47.0%
50.9%
48.4%
48.7%
21.0%
12.3%
14.7%
14.1% 13.9%
2010 2011 2012 2013 LTM1Q14
Estamos presentes em 16 estados no Brasil com 56 unidades
Mills Geographic Presence
5
Branches location
As of March 31, 2014
Minas
Gerais
Rio Grande
do Sul
Santa Catarina
So Paulo
Mato Grosso
do Sul
Rio de
Janeiro
(Headquarter)
Espirito
Santo
Bahia
Distrito
Federal
Goias
Sergipe
Paraiba
Rio Grande
Cear
Piaui
Maranho
Tocantins
Par
Rondnia
Acre
Roraima Amap
Amazonas
Mato Grosso
Parana
Alagoas
States with Mills Presence
Rental
Heavy Construction
Real Estate
Pernambuco
do Norte
We are present in 17 states of Brazil with 51 branches
Castelo stadium Fortaleza, CE
Rental
7


Growth drivers in the motorized access equipment market:
safety and productivity
Source: Mills
Market penetration
through
substitution of less
secure and
efficient access
methods
Recent safety standards (NR-18 and NR-35) oblige the use of aerial platforms to lift people,
increasing safety and productivity in the work site



Aerial work
platforms
95%
Telescopic
handlers
5%

Brazil - 2013
Total: 29,500


Growth drivers in the motorized access equipment market:
low penetration
8
Source: Mills and Yengst Associates
Aerial work
platforms
78%
Telescopic
handlers
22%

USA - 2011
Total: 785,000

Fleet Profile
The Brazilian aerial platforms and telehandler fleet is very small compared to the US fleet; less
than 5%.



Modest rental penetration of 15% in Brazil. Rental penetration is approximately 40% in the USA,
60% in Japan and 80% in England.
Rental penetration in the USA increased to approximately 50% in 2014 from 5% in 1993: 20
years of continuous penetration growth




Growth drivers in the motorized access equipment market:
low penetration
9
Source: Goldman Sachs and United Rentals
20%
35%
40%
43%
50%
0%
20%
40%
60%
80%
100%
1993 1998 2004 2009 2011 2014E
Rental penetration in the USA
Revenue Breakdown
69%
42%
38%
31%
31%
58%
62%
69%
2009 2010 2011 2012 2013
New branches
Established branches
Growth drivers in the motorized access equipment market:
geographic expansion
10
1
Branches opened since January 2010
11
Peers profitability
1
in mature markets
51.1%
10.8%
16.8%
45.0%
4.3%
24.9%
39.7%
1.6%
13.2%
28.2%
6.7%
13.1%
26.4%
5.2%
9.0%
46.0%
9.9%
29.7%
EBITD Margin(%) ROI (%) ROE (%)
Mills United Rentals Hertz Global Ramirent Cramo Ashtead
1
In the last twelve months
Source: Reuters, on July 9th, 2014
Revenues per type of use
58%
69%
48%
63%
25%
23%
52%
19%
17%
8%
18%
Brazilian Market Mills United Rentals Ramirent
Other
Spot
Industry
Construction
Construction sector is the major user of motorized access in
Brazil
12
Source: Mills 2013, United Rental 1Q14 e Ramirent 1Q14
Variation (%) 1Q13/1Q14 1Q14/4Q13 CAGR 10-13
Net Revenue +28% +0.1% +55%
EBITDA +34% +4% +58%
Rental Financial Performance
13
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC
was calculated considering a theoretical 30% income tax rate.
In R$ million
74.2
76.1
90.1
93.9
97.2 97.3
36.9
43.6
49.3
52.3
56.0
58.4
49.8%
57.3%
54.7%
55.7%
57.7%
60.1%
16.9%
19.1%
18.5% 18.1%
17.5%
17.1%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
95.1
175.4
253.5
357.3
378.5
51.0
93.6
141.2
201.2
216.1
53.6% 53.4%
55.7%
56.3%
57.1%
19.2%
16.5% 18.2%
18.1% 17.8%
2010 2011 2012 2013 LTM1Q14
Heavy Construction
Cinta costeira - Panam
Transposition of the
So Francisco river*
Comperj refinery*
Subway line 5 SP*
Raposo Tavares
highway
Belo Monte
hydroelectric power
plant*
Norte-Sul railroad*
Jurong shipyard
Olympic park
Silver monorail line-
SP*
Gold monorail line-
SP*
Pulp mill expansion-
RS*
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Length of time of Mills participation in the construction work average cycle is 24 months
Belo Monte hydroelectric
power plant
Vales S11D project
Norte-Sul railroad
Oeste-Leste railroad
North beltway
Subway lines 4 e 5 SP
Companhia Siderrgica
do Pecm steel mill
Paraguau shipyard
Salvador subway
Goinia airport
Confins airport
Pulp mill expansion- RS
Colder and Teles Pires
hydroelectric power plants
Comperj refinery
Transposition of the So Francisco
river
Cais das Artes
Vale projects
East beltway- SP
Gold monorail line- SP
Subway line 4 RJ
BRT Transcarioca
Libra terminal
Cuiab light rail
Jacu-Pssego highway
Jirau hydroelectric power
plant
Abreu e Lima refinery
Natal airport
Fortaleza airport
Viracopos and Guarulhos
airport
Braslia airport
Confins airport
Metropolitan Arch RJ
Surroundings of
Maracan
Gerdau projects
Minas-Rio pipeline
New
contracts*
Contracts with growing
volume of equipment
Contracts with high volume
of equipment
Contracts in the
demobilization process
* New streches
Important contracts per stage
1
in the evolution of monthly
revenue from Heavy Construction projects
15
1
In 1Q14
Investments in infrastructure and industry in Brazil should
amount R$ 1.7 trillion in the 2014-2017 period, with 32%
growth compared to the 2009-2012 period
16
318
50 38 21 18
435
880
176
95
49
55 29 15
7
106
426
488
54
16
26 26
543
1,153
192
123
89
63 57
41
10
171
575
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2009-2012
2014-2017
Investiment per sector
In 2013 R$ billion
2014-2017 / 2009-2012 Growth rate(%)
53% 8% -58% 24% 44% 25% 31% 9% 29% 82% 15% 97% 173% 43% 61% 35%
Source: BNDES May 2014
1

1
Logistics is the sum of roads, railways, ports and airports
Of the R$ 104 billion planned, approximately R$ 66 billion
have been successfully auctioned, surpassing the projects
awarded to the private sector in the past ten years
17
Campinorte - Lucas do Rio Verde railway
Curitiba subway
So Paulo subway line 18
Ports - 2nd stage - 18 contracts
Ports - 1st stage - 31 contracts
BR 262 (MG/ES)
BR 116 (MG)
BR 101 (BA)
Tamoios
BR 153 (GO/TO)
BR 040 (DF-MG)
BR 163/267/262 (MS)
BR 060/153/262 (DF/GO/MG)
BR 163 (MT)
VLT Goinia
Confins airport
Galeo airport
So Paulo subway line 6
BR 262 (MG/ES)
BR 050 (MG/GO)
Salvador subway line 2
Investments
In R$ billion
2
0
1
3





2
0
1
4








Source: Mills, Goldman Sachs, and Credit Suisse

Source: Valor newspaper, June 24,2014, using data from BNDES, ministries and public agencies. Do not
include railways that are part of the Programa de Investimentos em Logstica (Logistic Investment Program).
Concessions should invest R$ 300 billion from 2015 to 2017,
of which R$ 92 billion in logistics and R$ 88 billion in power
generation
15
2011-2017
CAGR (%)
Total
27.0%
9.0%
5.6%
11.5%
7.8
13.0
15.6
22.8
27.6
31.3
32.8
23.5
30.8
31.8
35.6
36.4
40.3
39.5
22.8
25.8
26.6
28.2
29.3
30.5
31.7
54.1
69.6
74.0
86.6
93.3
102.1
104.0
-
20.0
40.0
60.0
80.0
100.0
120.0
2011 2012 2013 2014 2015 2016 2017
Telecom
Energy
Logistics
Infrastructure investments from concessions
in R$ billlion
In R$ million
Variation (%) 1Q14/1Q13 1Q14/4Q13 CAGR 10-13
Net Revenue +8% -13% +12%
EBITDA +5% -12% +14%
Heavy Construction Financial Performance
19
* Excluding the positive effect of tax reversal in the amount of R$ 1.5 million in 3Q13.
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.
47.3
47.5
55.1
55.7 55.7
58.6
51.0
20.2
24.3
25.1
29.4
28.2 29.3
25.6
42.7%
51.3%
45.5%
52.8%
50.6%
49.9%
50.2%
14.8%
18.6%
17.8%
20.9%
19.7%
19.1%
14.0%
4Q12 1Q13 2Q13 3Q13 3Q13* 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
154.3
131.6
174.1
217.0
220.5
73.6
57.8
84.3
108.1 109.4
47.7%
43.9%
48.5%
49.8%
49.6%
24.1%
12.1%
17.2%
19.2%
17.9%
2010 2011 2012 2013 LTM1Q14
Real Estate
Mast climbing platform
21
18.3
30.6
23.4
19.8
23.3
67.4%
-23.5%
-15.4%
17.6%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2009 2010 2011 2012 2013
Y
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(
%
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L
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(
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R
$

b
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1
PDG, Cyrela, Direcional,Even, Eztec, Gafisa, Helbor, MRV, Rodobens, Tecnisa and Trisul
Source: Operational reports from companies, Criactive and Mills
Total launches
1
in R$ billion
24.6
28.2
31.0
38.9
43.1
14.6%
10.2%
25.5%
10.7%
0%
5%
10%
15%
20%
25%
30%
35%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
2009 2010 2011 2012 2013
Y
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(
%
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Constructed area

in million m
2
Launches in 2013 represent construction opportunities in
2014
22
Southeast
76%
Northeast
10%
South
8%
Midwest
5%
North
1%
2013 Launches
by geography
Southeast
47%
Northeast
16%
South
13%
Midwest
16%
North
8%
2013 Mills real estate revenues
by geography
Source: Lopes 2013 Yearbook of Brazilian Real Estate Market and Mills


We have greater dispersion of revenue by geography
23
Growth drivers of the residential market
High housing deficit
Growing housing financing
Higher purchasing power
Lack of labor and higher labor cost
Industrialization of the construction process
Geographic expansion

The major challenge for the sector: labor
24
Source: Sondagem Especial Construo Civil, April 2011, CBIC, CNI, and Mills
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
Stages of industrialization of the construction process
25
1
Approximately 800 m
2
Source: Tchne Magazine, June 2012 and Mills
System Traditional with wood Traditional with steel Deck type Flying table


Cycle between
concreting activities
15 days 7-10 days 6-8 days 4-7 days
Labor required
1
30 people 20 people 12 people 10 people
Variation (%) 1Q13/1Q14 1Q14/4Q13 CAGR 10-13
Net Revenue -8% +10% +35%
EBITDA -15% +37% +29%
Real Estate Financial Performance

26
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC
was calculated considering a theoretical 30% income tax rate.
In R$ million
66.0
64.9
66.5
72.4
54.2
59.5
26.1
27.7
24.6 24.4
17.1
23.5
39.6%
42.8%
37.0%
33.7%
31.5%
39.4%
12.6%
12.8%
9.3%
8.2%
3.2%
6.6%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
105.1
155.8
238.0
258.0
252.6
43.9
66.0
113.4
93.8
89.5
41.7%
42.4%
47.7%
36.4%
35.4%
23.5%
14.3%
15.7%
8.1%
6.7%
2010 2011 2012 2013 LTM1Q14
Growth Plan
The potential penetration of our services for increasing
productivity enables us to grow independently of economic
performance
60%
35%
31%
44%
25%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
2009 2010 2011 2012 2013
Mills GDP Industrial GDP Civil Construction GDP
Source: Mills and Bacen
Mills revenue
1
versus GDP
yoy variation (%)
28
Excluding the Industrial Services business.
74
47
51
106
15
37
104
185
60
90
4
25
131
163
161
267
73
169
15
18
20
36
10
324
413
292
499
102
231
2010 2011 2012 2013 1Q14 2014E
Rental
Real Estate
Heavy Construction
In R$ million
Capex
Realized 1Q14 /
2014 Capex Budget
for rental equipment
(%)
41%
18%
43%


Mills invested R$ 93 million in rental equipment in 1Q14
29
Reclassified excluding the Industrial Services business unit, for comparison.
Total 40%
Capturing opportunities maintaining the commitment to low
leverage
1
30
Net debt/EBITDA
Net Debt/LTM EBITDA
0.7x
1.0x
1.6x 1.6x
1.4x
1.3x
1.2x 1.2x 1.2x
1.4x
1.3x
1.5x 1.5x
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Target = 1.0x
Mills Investor Relations
Tel.: +55 21 2123-3700

E-mail: ri@mills.com.br
www.mills.com.br/ri

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