Mills 1Q13 Result

Mills' 4Q12 Result
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Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Segment
Income Statement
Balance Sheet
Cash flow
Capex per Business Segment
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Mills - Main financial figures
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Net earnings
ROIC (%)
Capex
Invested Capital
1T12
(A)
199.1
4T12
(B)
1T13
(C)
(C)/(A)
%
(C)/(B)
%
246.8
239.9
20.5%
-2.8%
86.2
91.7
102.0
18.2%
11.2%
43.3%
37.1%
42.5%
20.2%
-5.7%
32.7
41.6
39.3
15.1%
14.5%
14.9%
58.4
76.3
127.8
118.9%
67.6%
1,143.7
1,268.5
1,330.9
16.4%
4.9%
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Mills - Net revenue per type
in R$ millions
1T12
(A)
4T12
(B)
1T13
(C)
(C)/(A)
%
(C)/(B)
%
137.9
166.7
171.6
24.4%
2.9%
Technical support services
42.3
45.9
42.8
1.1%
-6.8%
Sales
13.0
28.6
18.4
41.6%
-35.8%
Others
6.0
5.6
7.2
19.4%
28.1%
199.1
246.8
239.9
20.5%
-2.8%
1T13
Rental
Total net revenue
Mills - Net revenue per business segment

in R$ millions
Heavy Construction
1T12
39.3
52.5
Jahu - Residential and Commercial Construction
Industrial Services
Rental
Total net revenue
50.9
4T12
19.7%
47.3
19.2%
47.5
19.8%
26.4%
66.0
26.7%
64.9
27.0%
25.5%
59.3
24.0%
51.5
21.5%
56.5
28.4%
74.2
30.1%
76.1
31.7%
199.1
100.0%
246.8
100.0%
239.9
100.0%
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Mills - EBITDA per business segment
in R$ millions
Heavy Construction
1T12
18.9
Rental
Total EBITDA
EBITDA margin (%)
4T12
1T13
21.9%
20.2
22.0%
24.3
23.9%
30.5%
26.1
28.5%
27.7
27.2%
6.2
7.2%
8.4
9.2%
6.3
6.2%
34.9
40.4%
36.9
40.3%
43.6
42.7%
86.2
100.0%
91.7
100.0%
102.0
100.0%
26.3
Industrial Services
43.3%
37.1%
42.5%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions
Costs of job execution
1T12
4T12
1T13
48.6
43.0%
64.2
41.4%
55.2
40.0%
Costs of sale of equipment
6.2
5.5%
16.5
10.6%
12.2
8.8%
Costs of asset write-offs
1.2
1.1%
0.2
0.1%
0.9
0.6%
Equipment storage
7.6
6.7%
10.5
6.8%
9.6
7.0%
COGS, ex-depreciation
63.6
56.4%
91.4
58.9%
77.9
56.5%
G&A
Total COGS, ex-depreciation + G&A
49.3
112.9
43.6%
100.0%
63.8
155.1
41.1%
100.0%
60.1
137.9
43.5%
100.0%
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Mills - Capex per business segment
Realized
1T12
4T12
in R$ millions
Heavy Construction
Budget
1T13
2013
(A)
(B)
(A)/(B)
9.0
6.3
21.7
54
40%

15.4
9.1
24.9
112
22%
Industrial Services
3.2
0.4
0.2
3%
26.0
53.7
73.3
124
59%
Rental
Corporate
Organic growth
Acquisition
Total Capex
4.8
6.7
7.7
48.6
16%
58.4
76.3
127.8
345.1
37%
58.4
76.3
127.8
345.1
37%
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Heavy Construction Division - financial indicators
in R$ millions
1T12
4T12
1T13
(C)/(A)
(C)/(B)
(A)
(B)
(C)
Net revenue
Rental
33.1
39.1
39.4
19.3%
0.9%
6.3
8.2
8.0
28.2%
-2.3%
Total net revenue
39.3
47.3
47.5
20.7%
0.4%
EBITDA
18.9
20.2
24.3
29.0%
20.7%
EBITDA margin (%)
48.0%
42.7%
51.3%
ROIC (%)
16.6%
14.8%
18.6%
Technical support services, sales and others
Capex
Invested capital
Depreciation
9.0
6.3
21.7
139.7%
245.3%
226.1
254.7
259.6
14.8%
1.9%
5.5
6.7
7.1
29.4%
5.7%
Jahu - Residential and Commercial Construction Division - financial indicators
in R$ millions
1T12
4T12
1T13
(C)/(A)
(C)/(B)
(A)
(B)
(C)
Net revenue
Rental
45.3
49.9
53.3
17.8%
6.8%
7.2
16.1
11.5
59.7%
-28.3%
Total net revenue
52.5
66.0
64.9
23.6%
-1.8%
EBITDA
26.3
26.1
27.7
5.5%
6.1%
EBITDA margin (%)
50.1%
39.6%
42.8%
ROIC (%)
15.6%
12.6%
12.8%
Capex
Invested capital
Depreciation
15.4
9.1
24.9
62.2%
172.7%
345.4
388.2
413.2
19.6%
6.4%
7.1
8.7
8.9
25.3%
1.8%
Industrial Services Division - financial indicators
in R$ millions
1T12
4T12
1T13
(C)/(A)
(C)/(B)
(A)
(B)
(C)
Net revenue
Maintenance
35.0
32.8
29.4
-16.0%
-10.4%
New plants
15.9
26.5
22.1
38.9%
-16.6%
50.9
59.3
51.5
1.2%
-13.2%
6.2
8.4
6.3
2.0%
-25.3%
-94.3%
-58.0%
Total net revenue

EBITDA
EBITDA margin (%)
ROIC (%)
Capex
12.1%
14.2%
12.2%
7.5%
13.3%
8.9%
3.2
0.4
0.2
Invested capital
Depreciation
127.4
117.6
112.3
-11.8%
-4.5%
2.8
2.8
2.7
-0.5%
-3.4%
Rental Division - financial indicators
in R$ millions
1T12
4T12
1T13
(C)/(A)
(C)/(B)
(A)
(B)
(C)
Net revenue
Rental
Total net revenue
EBITDA
50.5
64.3
67.3
33.3%
4.7%
6.0
9.9
8.8
47.2%
-11.2%
56.5
74.2
76.1
34.8%
2.6%
24.9%
18.0%
34.9
36.9
43.6
EBITDA margin (%)
61.8%
49.8%
57.3%
ROIC (%)
20.3%
16.9%
19.1%
Capex
Invested capital
Depreciation
26.0
53.7
73.3
181.9%
36.5%
353.2
417.1
455.0
28.8%
9.1%
9.3
11.8
12.6
34.8%
6.6%
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Mills - Income Statement
in R$ millions
1T12
4T12
1T13
Net revenue from sales and services
199.1
246.8
239.9
Cost of products sold and services rendered
(87.4)
(120.2)
(107.0)
Gross profit
111.8
126.6
132.9
General and administrative expenses
(50.2)
(65.1)
(62.2)
Operating profit
61.6
61.6
70.6
Financial expense
(12.6)
(16.2)
(14.2)
Financial income
1.4
8.6
3.9
Financial result
(11.3)
(7.6)
(10.3)
50.3
54.0
60.4
(17.6)
(12.4)
(21.1)
32.7
41.6
39.3
125,690
126,399
126,492
0.26
0.33
0.31
Profit before taxation

Income tax and social contribution expenses
Net income
Number of shares at the end of the period (in thousands)
Net income per shares at the end of the period (R$)
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Mills - Balance Sheet
in R$ millions
1T12
4T12
1T13
Assets
Current Assets
Cash and cash equivalents
Marketable securities
30.3
44.2
24.5
159.6
138.0
140.1
194.8
199.4
Inventories
15.1
26.9
29.9
Recoverable taxes
Trade receivables
22.8
35.0
26.5
Advances to suppliers
3.8
6.7
5.5
Derivative financial instruments
Other current assets
4.2
6.5
7.2
216.3
473.7
431.1
Trade receivables
2.4
2.5
2.1
Recoverable taxes
30.9
30.7
31.2
Total Current Assets

Non-Current Assets
Deferred taxes
Deposits in court
6.8
11.0
11.9
11.8
51.2
45.1
45.1
87.4
87.4
87.4
897.2
1,003.3
1,084.3
47.2
54.5
57.5
1,031.7
1,145.3
1,229.2
Total Non-Current Assets
1,082.9
1,190.4
1,274.3
Total Assets
1,299.2
1,664.1
1,705.4
in R$ millions
1T12
4T12
1T13
Investment
Property, plant and equipment
Intangible assets
Liabilities
Current Liabilities
Suppliers
19.8
47.8
58.5
Borrowings and financings
64.1
41.8
38.5
Debentures
13.8
13.0
17.8
Salaries and payroll charges
26.3
27.6
33.3
Income tax and social contribution
5.3
Tax refinancing program (REFIS)

Taxes payable
Profit sharing payable
Dividends payable
5.8
0.1
0.9
0.9
8.1
18.6
7.7
3.6
20.1
4.1
21.9
36.2
36.2
Derivative financial instruments
0.1
0.8
1.6
Other current liabilities
5.2
7.8
8.8
Total Current Liabilities
168.2
214.5
213.1
Non-Current Liabilities
Borrowings and financings
Debentures
Provision for tax, civil and labor risks
Deferred taxes
Tax refinancing program (REFIS)
Other non-current liabilities
68.2
30.2
30.5
268.5
537.5
537.7
14.7
9.9
10.3
2.4
1.8
9.8
9.7
10.7
0.5
0.4
0.3
Total Non-Current Liabilities
362.7
590.2
590.4
Total Liabilities
531.0
804.7
803.5
Capital
528.0
537.6
539.5
Earnings reserves
211.7
Stockholders' Equity
Capital reserves
Valuation adjustments to equity
Retained earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
321.8
321.4
(4.7)
0.2
2.2
0.2
(0.3)
(0.8)
33.0
39.6
768.2
859.3
901.9
1,299.2
1,664.1
1,705.4
Mills - Cash flow

in R$ millions
1T12
4T12
1T13
Cash flow from operating activities

Net income before taxation
50.3
54.0
60.4
Adjustments
Depreciation and amortization
24.7
30.1
31.3
Provision for tax, civil and labor risks
1.0
(1.1)
0.5
Accrued expenses on stock options
0.9
2.1
2.0
Profit sharing payable
3.6
8.4
4.0
Gain on sale of property, plant and equipment and intangible assets
(7.4)
(3.7)
(10.2)
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
12.6
11.5
14.4
Allowance for doubtful debts
6.4
3.9
Others
(0.1)
5.0
-
40.8
54.0
45.3
Trade receivables
(7.2)
(30.7)
(9.1)
Inventories
(3.9)
(5.7)
(3.0)
3.4
0.6
14.9
(0.1)
(0.4)
0.0
9.3
(1.6)
0.4
(1.5)
(0.1)
2.4
1.3
(9.6)
5.7
Taxes payable
(0.0)
8.6
(10.9)
Other liabilities
(1.0)
1.4
1.6
0.3
(37.5)
2.1
Changes in assets and liabilities
Recoverable taxes
Deposits in court
Other assets
Suppliers
Salaries and payroll charges
Cash from operations

Interest paid
Income tax and social contribution paid
91.4
70.5
(2.5)
(22.5)
(15.1)
(15.3)
107.7
(7.9)
(8.9)
Profit sharing paid
(7.9)
(20.0)
Lawsuits settled
(2.6)
(0.1)
Net cash generated by operating activities
63.3
32.6
70.8
21.6
Cash flow from investment activities

Marketable securities
(159.6)
Acquisitions of investments
Purchases of property, plant and equipment and intangible assets

Proceeds from sale of property, plant and equipment and intangible assets
Net cash used in investing activities
(73.0)
(74.5)
(119.5)
9.7
14.6
8.3
(63.3)
(219.6)
(89.7)
Cash flow from financing activities

Capital contributions
Repayment of borrowings
Borrowings raised
0.4
1.4
1.9
(8.7)
(69.6)
(3.7)
3.4
1.0
Net cash generated by financing activities
(4.9)
(68.2)
(0.9)
Increase in cash and cash equivalents
(4.9)
(255.2)
(19.7)
Cash and cash equivalents at the beginning of the period
35.2
299.4
44.2
Cash and cash equivalents at the end of the period
30.3
44.2
24.5
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Mills 1Q13 Result

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Mills' 4Q12 Result

Technical support services

Total net revenue

Mills - Net revenue per business segment

Costs of job execution

Costs of sale of equipment

Costs of asset write-offs

Jahu - Residential and Commercial Construction

Total net revenue

EBITDA margin (%)

Technical support services, sales and others

Jahu - Residential and Commercial Construction Division - financial indicators

Total net revenue

EBITDA margin (%)

Technical support services, sales and others

Industrial Services Division - financial indicators

Total net revenue

Rental Division - financial indicators

EBITDA margin (%)

Net revenue from sales and services

Cost of products sold and services rendered

General and administrative expenses

Profit before taxation

Derivative financial instruments

Other current assets

Total Current Assets

Total Non-Current Assets

Borrowings and financings

Salaries and payroll charges

Income tax and social contribution

Tax refinancing program (REFIS)

Derivative financial instruments

Other current liabilities

Total Current Liabilities

Total Non-Current Liabilities

Mills - Cash flow

Cash flow from operating activities

Provision for tax, civil and labor risks

Accrued expenses on stock options

Profit sharing payable

Gain on sale of property, plant and equipment and intangible assets

Allowance for doubtful debts

Changes in assets and liabilities

Cash from operations

Profit sharing paid

Net cash generated by operating activities

Cash flow from investment activities

Purchases of property, plant and equipment and intangible assets

Cash flow from financing activities

Net cash generated by financing activities

Increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

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