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Mills presentation
Who we are
Mills - Business Units
• 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:
2
Mills Presentation 3Q14
• 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
Rental
•
Real Estate
Heavy Construction
•
• 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
• Clients: real estate companies,
such as:
• Elected "Best Company for
Access of the Year" by the
International Awards for
Powered Access (IAPA
Awards) for the year of 2011
Competitive Advantage
Widely recognized technical expertise, agility, innovative solutions and reliability granted Mills longstanding relationships with many of Brazil’s major companies in the sector
Reliability
Agility and
Matchless
Executions
Best in Class
Solutions
Tailor Made
Projects
National
Coverage
Complete Product
Portfolio
3
Important projects
Excellent track-record of performance, having participated in the Brazilian largest projects over the last 60
years
Rio – Niterói bridge
Itaipu
Octávio Frias de
Oliveira bridge
Brasília
4
City of Arts
Geographic Presence
Branches location
Estamos presentes em 16 estados no
As of September
30,unidades
2014
Brasil
com 56
Amapá
Roraima
Amazonas
Pará
Ceará
Maranhão
Rio Grande
do Norte
Paraiba
Piaui
Pernambuco
Acre
Alagoas
Tocantins
Rondônia
Bahia
Sergipe
Mato Grosso
Distrito
Federal
Goias
Heavy Construction
Real Estate
Rental
States with Mills' presence
Mato Grosso
do Sul
Parana
Rio Grande
do Sul
Espirito
Santo
São Paulo
Santa Catarina
5
Minas
Gerais
Rio de
Janeiro
(headquarters)
Mills – 3Q14LTM¹ Financial highlights per business unit
In R$ million
822.3
217.1
Infraestrutura
27%
Edificações
221.2
EBITDA margin
ROIC
46.9%
13.3%
27.6%
2.1%
57.2%
14.5%
46.5%
9,4%
382.4
101.9
Rental
61.1
384.0
219.5
Receita Líquida
EBITDA
¹ Excluding the Industrial Services business unit.
6
Financial performance
Mills has excellent financial track record with average revenue growth of 33% per year and average
EBITDA growth of 34% per year in the period 2010-2013.
In R$ million
Sale of
Industrial
Services
business uniit
CAGR 10-13
Net Revenue
+33%
EBITDA
+34%
Net income
+19%
48.4%
Acquisition of Jahu
.46,5%
Start-up Equipment
Rental business unit
879
Sale of Events business
unit
832
40.8%
39.0%
822
35.1%
35.4%
678
29.9%
550
Entrance of
PE Funds
25.0%
23.0%
21.0%
404
403
339
14.7%
17.0%
299
15.8%
14.1%
12.3%
217
192
168
135
90
30
152
103
173
9.4%
116
92
68
31
11
2007
2008
Receita Líquida
7
383
2009
EBITDA
2010
2011
Lucro Líquido
2012
Margem EBITDA
2013
LTM3Q14
ROIC LTM
Shareholder structure
% Total Capital
Controlling
Shareholders
35.3%
Free Float
62.5%
Management
2.3%
Position in June 30, 2014
8
Stock performance
Market Cap
In R$ billion
05
05
04
04
03
03
April 15, 2010
1.4
02
Mills
Mills
IBOVESPA
IBOVESPA
Small
SmallCap
Cap
IMOB
IMOB
02
IPOTD*
IPOTD*
+60.0%
+ 55.7
%
-23.3%
- 23.3 %
+ +2.7%
2.7 %
-23.8%
- 23.8
%
01
*Until September 30, 2014
9
Mills’ business units
Cinta costeira - Panamá
Heavy Construction
Heavy Construction – main products
Project
Overpass – Rodovia Dutra (São Paulo)
Balanced cantilever and trusses
12
Formwork systems
Shoring systems
Brazil is behind other BRIC countries quality of infrastructure
Infrastructure quality ranking for BRIC countries (2011-12)
Index EUA = 1.0
Highways
China
Railways
0,62
India
0,48
China
0,99
China
India
0,97
India
0,93
Russia
Russia
0,36
Russia
Brazil
0,33
Brazil
USA
1,00
-
0,50
1,00
Ports
USA
1,00
-
0,50
1,00
China
0,73
0,62
India
0,51
0,48
Russia
0,38
Brazil
0,42
Infrastructure
0,36
Brazil
0,11
0,33
1,00 USA
USA
-
0,50
1,00
1,00
-
0,50
1,00
Source: World Economic Forum, The Global Competitiveness Report 2012-2013
13
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
Investiment per sector
In 2013 R$ billion
2009-2012
1.153
2014-2017
880
575
543
488
435
426
318
176 192
57
Sanitation
Roads
Railways
Ports
Airoirts
Total Logistics 1
Total Infrastructure
7 10
Telecom
15 41
Eletricity
29
Total Industry
63
Others
55
Pulp and Paper
49
Chemical
1826
Steel
21 26
171
106
Mining
38 16
89
Oil and Gas
50 54
95123
53%
8%
-58%
24%
44%
25%
31%
9%
29%
82%
15%
97%
173%
43%
61%
35%
2014-2017 / 2009-2012 Growth rate(%)
1
14
Source: BNDES – May 2014
Logistics is the sum of roads, railways, ports and airports
Higher participation of the private sector in infrastructure
investments in recent years
Investments in Infrastructure
Investments in Infrastructure
% of GDP
Per source of funds
6,0
5,4
0,46
5,0
4,0
2,13
Sewage and Sanitation
Energy
Telecommunication
Transport
Private
39%
3,6
PPP
47%
0,24
Public
52%
3,0
1,47
2,3
0,80
0,15
2,0
0,43
0,19
1,0
0,67
0,73
0,64
0,63
0,62
1990-2000
2001-10
1,48
2,1
2,2
0,8
0,8
42%
36%
36%
0,4
2,03
1,0
0,76
2,4
2,2
1,0
0,5
0,6
0,8
0,7
19%
17%
2011
2012
2010
2011
12%
0,0
1971-80
1981-89
2010
2012
Source: Credit Suisse report “ The Brazilian Infrastructure: It’s ‘now or never’ ”, from July, 2013
15
New logistic investment program
Highways
Railways
Ports
Total
In R$ billion
In R$ billion
In R$ billion
In R$ billion
In the first 5 years
23,5
Up to 20 years
18,5
-
20
40
Total: R$ 42 billion
(7,500 km)
Colunas2
Colunas3
56,0
In the first 5
54,2
years
Colunas3
35,0Colunas2
Up to 20 years
60
-
20
40
(10,000 km)
60
-
20
40
60
133,7
53,5
-
30
60
90
120 150
Source: Programa de investimento em Logística, August 2012 and O Globo newspaper
16
Of the R$ 104 billion investments planned, approximately R$
74 billion have been successfully auctioned
Investiments
In R$ billlion
Salvador subway line 2
BR 050 (MG/GO)
BR 262 (MG/ES)
×


São Paulo subway line 6
Confins airport

Goiânia VLT
BR 163 (MT)



BR 060/153/262 (DF/GO/MG)
BR 163/267/262 (MS)
BR 040 (DF-MG)
BR 153 (GO/TO)
São Paulo subway line 18
Tamoios highway




2013
Galeão airport



BR 101 (BA)
BR 262 (MG/ES)
2014
BR 116 (MG)
Ports - 1th stage - 31 contracts
Ports - 2th stage - 18 contracts
Curitiba subway
Lucas do Rio Verde railroad
Source: Mills, Goldman Sachs and Credit Suisse
17
Evolution of revenue generation
(Basis 100= Maximum monthly revenue in the life of construction)
Important contracts per stage1 in the evolution of monthly
revenue from projects
Contracts with high volume
of equipment
New
contracts*
Contracts with growing
volume of equipment
Contracts in the process of
demobilization
• Cafezal mountain
• Belo Monte
hydroelectric power plant
• Viracopos airport.
•Jirau hydroelectric
power plant*
• BRT Transcarioca
• Jirau hydroelectric power plant
• Tamoios highway
outline
• Fortaleza subway
• Joá Elevated road
duplication - RJ
• Goiânia airport.
• Metropolitan Arch – RJ
• Vale’s S11D project
•Transnordestina railroad
• Comperj refinery*
•Oeste-Leste
• Colíder and Teles Pires
hydroelectric power plants
•Transoceânica
highway - BA
railroad
• Comperj refinery
• North beltway
• Companhia Siderúrgica do
Pecém steel mill
• Sanitation projects–
CE
• Transposition of the São
Francisco river
•BR- 163 highway –
MT
• Vale projects
• BR-381 highway
duplication – MG
• Pulp mill expansion- RS
• Norte-Sul railroad
•BR-040 highway –
MG/MT/GO
•Gerdau expansion –
MG
• Vale projects
• Gold monorail line- SP
• Subway line 5 – SP
• Salvador subway
• Olympic Park
• Reduc-Comperj
Pipeline
• Subway line 4 – RJ
• Olympic Park
• Subway line 4 – SP
• Cuiabá light rail
• Paraguaçu shipyard
• Silver monorail line - SP
Length of time of Mills participation in the construction work – average cycle is 24 months
1 In 3Q14
* New stretches
18
Characteristics of the major projects in progress
Source of funds¹
Per sector¹
Others
8%
Public
31%
Industry
36%
Private
54%
Infrastructure
56%
PPP
15%
1
19
in 3Q14
Heavy Construction – Financial performance
In R$ million
CAGR 10-13
Net revenue
+12%
EBITDA
+14%
217.0
50.4%
217.1
48.5%
47.7%
45.0%
49.8%
43.9%
46.9%
174.1
35.4%
154.3
146.2
131.6
110.2
108.1
73.7
101.9
84.3
73.6
63.8
57.8
49.6
22.6
2007
2008
2009
2010
Net revenue
20
2011
EBITDA
2012
EBITDA margin
2013
LTM3Q14
Mast climbing platform
Real Estate
Real Estate – main products
Project
Helipoint – REC Sapucaí (Rio de Janeiro)
Access
21
Formwork systems
Shoring systems
Growth drivers of the residential market: housing financing
Housing financing relative to GDP (%)
in Brazil
Housing financing relative to GDP (%)
UK¹
83.7%
7.4%
6.8%
USA¹
76.1%
Germany¹
45.3%
5.4%
South Africa¹
24.0%
4.1%
China¹
14.4%
3.1%
Chile²
11.5%
Brazil³
7.4%
India¹
3.5%
Russia¹
2.6%
2009
2010
2011
2012
2013
¹ In 2011; ² In 2010; ³ In 2013.
Source: Valor Econômico Newspaper, with data from Abecip and Secovi
23
Growth drivers of the residential market: higher purchasing
power
% of families per social class
Number of families per income range
In million families
6.0%
5.7%
6.2%
8.1%
9.8%
11.7%
60.4
Class A
+33.2 million
Class B
37.0%
Growth rate
(%, p.a.)
families with income
between
R$ 1,000 to 8,000
< R$ 1,000
49.7%
58.4%
Class C
31.7
29.1
27.2
38.2%
-0.4%
>= R$ 1,000 and +3.9%
<= R$ 8,000
Class D
28.0%
5.9
20.1%
Class E
10.7%
6.8%
3.6%
2002
2009
2014E
> R$ 8,000
+7.1%
1.4
2007
2030E
Source: IBGE and FGV
24
Growth drivers of the residential market: industrialization of
the construction process
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
Source: Sondagem Especial Construção Civil, April 2011, CBIC , CNI, and Mills
25
Stages of industrialization of the construction process
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 required1
30 people
20 people
12 people
10 people
1 Approximately 800 m 2
Source: Téchne Magazine, June 2012 and Mills
26
Growth drivers in the residential market: geographic
expansion
Revenue Breakdown
15%
39%
New branches ¹
51%
55%
49%
45%
2012
2013
85%
61%
2009
2010
2011
Established branches
1
27
Branches opened since November 2009
Launches and sales declined 5.4% and 13.9% respectively in
9M14
Total launches1
Total sales1
in R$ billion
in R$ billion
21.6
80%
80%
20%
13.8
13.1
20.2%
10,0
0%
0.2%
-5.4%
-20%
16.7
16.8
40%
Var. (%)
Var. (%)
13.8
15,0
Lauunches (In R$ million
17.9
18.2
14.5
15,0
20%
9.3%
0%
10,0
0.7%
-20%
-13.9%
-15.8%
5,0
Sales (In R$ million)
60%
40%
19.9
20,0
20,0
60%
25,0
100%
25,0
100%
5,0
-40%
-40%
-36.0%
-
-60%
9M10
9M11
9M12
9M13
-
-60%
9M10
9M14
1
9M11
9M12
9M13
9M14
PDG, Cyrela, MRV, EVEN, Helbor, Eztec, Direcional, Rodobens, Gafisa and Tecnisa
Source: Operational reports from companies and Mills
28
We have greater dispersion of revenue by geography
South
8%
2013 Launches
2013 Mills’ real estate revenues
by geography
by geography
Midwest
5%
North
1%
North
8%
Midwest
16%
Northeast
10%
Southeast
47%
South
13%
Southeast
76%
Northeast
16%
Source: Lopes’ 2013 Yearbook of Brazilian Real Estate Market and Mills
29
Real Estate – Financial performance
In R$ million
CAGR 10-13
Net revenue
+35%
EBITDA
+29%
51.2%
47.7%
45.1%
41.7%
258.0
42.4%
238.0
221.2
36.4%
27.6%
155.8
113.4
105.1
93.8
66.0
62.2
61.0
43.9
31.8
24.7
11.1
2008
2009
2010
Net revenue
30
2011
EBITDA
2012
EBITDA margin
2013
LTM3Q14
Estádio Castelão – Fortaleza, CE
Rental
Rental – main products
Aerial work platforms - Scissors and boom lifts
Telescopic handlers
Others
Sale of equipments
Technical assistance
Training
30
Growth drivers in the motorized access equipment market:
safety and productivity
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
Market penetration
through
substitution of less
secure and
efficient access
methods
Source: Mills
33
low penetration
The Brazilian aerial platforms and telehandler fleet is very small compared to the US fleet; less
than 5%.
Fleet Profile
USA - 2011
Total: 785,000
Brazil - 2013
Total: 29,500
Telescopic
handlers
5%
Telescopic
handlers
22%
Aerial work
platforms
95%
Aerial work
platforms
78%
Source: Mills and Yengst Associates
34
low penetration
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
Rental penetration in the USA
100%
80%
60%
50%
40%
40%
43%
35%
20%
20%
0%
1993
1998
2004
2009
2011
2014E
Source: Goldman Sachs and United Rentals
35
Construction sector is the major user of motorized access in
Brazil
Revenues per type of use
17%
8%
11%
23%
16%
5%
18%
35%
25%
19%
Others
Spot
69%
58%
Industry
73%
60%
63%
Construction
Brazilian Market
Mills
United Rentals
United Rentals
(pre-merger RSC) (post-merger RSC)
Ramirent
Source: Mills – 2013, United Rental – 2011 and Ramirent – 1Q14
36
In the first 9 months of this year 4 thousands motorized
access units came onto the Brazilian market
Motorized access equipment fleet
In thousands of units
40
35
+13%
34
30
30
25
21
20
16
15
11
10
8
5
0
2009
2010
2011
2012
2013
9M14
Source: Mills
37
geographic expansion
Revenue Breakdown
31%
New branches¹
58%
62%
69%
69%
42%
2009
2010
2011
Established branches
38%
2012
31%
2013
1
38
Branches opened since January 2010
Rental – Recognition of our differentiation
2013
• Elected IPAF Training Center of the Year
2011
• Elected Best Company for Access of the Year
39
Rental – Financial performance
In R$ million
CAGR 10-13
Net revenue
+55%
EBITDA
+58%
57,2%
384,0
357,3
55,7%
56,3%
253,5
219,5
201,2
53,6%
175,4
53,4%
141,2
95,1
93,6
51,0
2010
2011
Net Revenue
40
2012
EBITDA
2013
EBITDA Margin
LMT3T14
Growth Plan
Mills invested R$ 155.3 million in rental equipment in 9M14, of
which R$ 13.8 million in 3Q14
Capex ¹
In R$ million
499
36
Rental equipment
413
Realized 9M14 /
2014 Capex
budget (%)
18
Rental
324
15
62%
267
163
292
20
Real Estate
60%
21
Heavy
Construction
96%
105
Total
76%
131
177
161
104
90
185
60
106
74
2010
47
51
2011
2012
15
35
2013
9M14
¹ Reclassified excluding Industrial Services business unit, for comparison.
42
Evolution of the number of branches¹
+2
53
51
37
39
26
34
14
15
16
4
4
5
5
6
5
6
2007
2008
28
Rental
16
17
Real Estate
17
17
14
15
16
6
6
6
6
8
8
2009
2010
2011
2012
2013
9M14
Heavy Construction
¹ Excluding the Industrial Services business unit branches, for comparison.
43
Mills – Investor Relations
Tel.: +55 21 2123-3700
E-mail: [email protected]
www.mills.com.br/ri

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