Mills 3Q13 Result

Mills' 3Q13 Result
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Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Unit
Income Statement
Balance Sheet
Cash flow
Capex per Business Unit
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Mills - Main financial figures
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Profit from continued operations
3Q12
(A)
173.4
3Q12
(B)
173.4
2Q13
(C)
3Q13
(D)
(D)/(C)
%
(D)/(A)
%
(D)/(B)
%
211.8
222.0
4.8%
28.0%
28.0%
7.3%
10.6%
17.5%
-4.3%
11.2%
95.9
90.3
98.9
106.1
55.3%
52.1%
46.7%
47.8%
40.4
34.8
44.6
38.6
-13.3%
Profit from discontinued operations
(2.4)
(2.4)
3.5
1.0
-71.4%
Net earnings
38.0
32.3
48.1
39.6
-17.5%
4.4%
22.6%
15.8%
14.5%
14.2%
13.9%
ROIC (%)
Capex
Invested Capital
79.4
79.4
150.7
129.7
-14.0%
63.3%
63.3%
1,218.0
1,218.0
1,447.6
1,517.3
4.8%
24.6%
24.6%
Mills - Main financial figures of the pro forma results, considering the Industrial Services business unit
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
3Q12
3Q12
2Q13
3Q13
(D)/(C)
(D)/(A)
(D)/(B)
(A)
(B)
(C)
(D)
222.2
222.2
271.5
279.2
2.8%
25.6%
25.6%
96.1
90.4
107.5
109.4
1.8%
13.8%
21.0%
43.3%
40.7%
39.6%
39.2%
Reclassified, excluding the Industrial Services business unit, for comparison.

Excluding the positive effect of reversal of allowance for doubtful debts and tax contingency in the amount of R$ 6.8 million.
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Mills - Net revenue per type
in R$ millions
3Q12
(A)
2Q13
(B)
3Q13
(C)
(C)/(B)
%
(C)/(A)
%
143.2
166.9
170.5
2.2%
19.1%
5.4
8.0
4.3
-46.4%
-19.8%
Sales
18.9
26.6
35.1
32.0%
85.9%
Others
6.0
10.3
12.1
17.7%
102.1%
173.4
211.8
222.0
4.8%
28.0%
Rental
Technical support services
Total net revenue
Mills - Net revenue per business unit

in R$ millions
Heavy Construction
3Q12
2Q13
3Q13
26.2%
55.1
26.0%
55.7
25.1%
Jahu - Residential and Commercial Construction

60.5
34.9%
66.5
31.4%
72.4
32.6%
Rental
38.8%
90.1
42.6%
93.9
42.3%
Total net revenue
45.5
67.4
173.4
100.0%
211.8
100.0%
222.0
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions
3Q12
3Q12
2Q13
3Q13
Costs of job execution
16.6
21.4%
16.6
20.0%
24.5
21.7%
25.2
Costs of sale of equipment
10.9
14.1%
10.9
13.2%
20.9
18.5%
22.1
1.7
2.1%
1.7
2.0%
2.3
2.0%
3.4
Costs of asset write-offs

Equipment storage
8.7
11.3%
8.7
10.5%
10.3
9.1%
11.3
COGS, ex-depreciation
37.9
48.9%
37.9
45.6%
57.9
51.3%
62.0
G&A
39.5
51.1%
45.2
Total COGS, ex-depreciation + G&A
77.5
100.0%
83.1
54.4%
100.0%
54.9
112.9
48.7%
100.0%

53.9
115.9
Menu
%
21.7%
19.1%
3.0%
9.8%
53.5%
46.5%
100.0%
Mills - EBITDA per business unit

in R$ millions
3Q12
3Q12
2Q13
Heavy Construction
24.1
25.1%
22.8
25.3%
25.1
33.8
35.2%
29.4
32.6%
24.6
Rental
38.0
39.6%
38.0
42.1%
49.3
95.9
100.0%
90.3
100.0%
98.9
Total EBITDA
EBITDA margin (%)
55.3%
52.1%
46.7%

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3Q13
25.3%
29.4
27.7%
24.8%
24.4
23.0%
49.8%
52.3
49.3%
100.0%
106.1
100.0%
ount of R$ 6.8 million.
47.8%
Mills - Capex per business unit

Revised Budget
Realized
3Q12
2Q13
3Q13
in R$ millions
9M13
2013
(A)
(B)
Heavy Construction
11.3
28.8
26.5
77.0
89
22.8
44.8
16.1
85.9
112
0.2
0.3
2.0
2.4
40.3
69.3
74.2
216.8
274
Industrial Services
Rental
Corporate
Organic growth
Acquisition
Total Capex
4.9
7.6
10.9
26.2
49
79.4
150.7
129.7
408.2
530
150.7
129.7
408.2
79.4
530
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Revised Budget
(A)/(B)
%
86.5%
76.7%
40.6%
79.1%
54.0%
77.1%
77.1%
Heavy Construction Business Unit - financial indicators
in R$ millions
3Q12
3Q12
2Q13
3Q13
3Q13
(D)/(C)
(A)
(B)
(C)
(D)
(E)
Net revenue
Rental
37.0
37.0
41.0
42.2
42.2
2.8%
8.5
8.5
14.1
13.5
13.5
-4.2%
Total net revenue
45.5
45.5
55.1
55.7
55.7
1.0%
EBITDA
24.1
22.8
25.1
29.4
28.2
17.4%
EBITDA margin (%)
52.9%
50.2%
45.5%
52.8%
50.6%
ROIC (%)
19.7%
18.3%
17.8%
20.9%
19.7%
11.3
11.3
28.8
26.5
26.5
-8.1%
247.7
247.7
281.5
291.0
291.0
3.4%
6.6
6.6
7.2
7.7
7.7
6.7%
Technical support services, sales and others
Capex
Invested capital
Depreciation
Jahu - Residential and Commercial Construction Business Unit - financial indicators
in R$ millions
3Q12
3Q12
2Q13
3Q13
(D)/(C)
(D)/(A)
(A)
(B)
(C)
(D)
Net revenue
Rental
49.2
49.2
52.0
47.8
-8.1%
-2.7%
11.4
11.4
14.5
24.5
69.7%
115.8%
Total net revenue
60.5
60.5
66.5
72.4
8.8%
19.6%
EBITDA
33.8
29.4
24.6
24.4
-0.8%
-27.9%
EBITDA margin (%)
55.9%
48.6%
37.0%
33.7%
ROIC (%)
20.2%
16.9%
9.3%
8.2%
22.8
22.8
44.8
16.1
-64.0%
-29.2%
365.8
365.8
448.2
482.1
7.5%
31.8%
7.4
7.4
9.6
10.2
5.9%
38.3%
Capex
Invested capital
Depreciation
Industrial Services Business Unit - financial indicators
in R$ millions
3Q12
2Q13
3Q13
(C)/(B)
(C)/(A)
(A)
(B)
(C)
Net revenue
Maintenance
30.3
36.7
32.6
-11.1%
7.5%
New plants
18.5
23.1
24.6
6.5%
33.0%
48.8
59.8
57.2
-4.3%
17.2%
0.1
8.5
3.3
-61.9%
2748.5%
Total net revenue

EBITDA
EBITDA margin (%)
ROIC (%)
Capex
Invested capital
0.2%
14.3%
5.7%
-6.2%
16.4%
9.5%
0.2
0.3
2.0
604.8%
895.0%
123.7
99.3
89.6
-9.7%
-27.6%
Depreciation
2.9
2.7
0.2
-92.3%
-92.7%
Rental Business Unit- financial indicators
in R$ millions
3Q12
2Q13
3Q13
(C)/(B)
(C)/(A)
(A)
(B)
(C)
Net revenue
Rental
57.0
73.8
80.5
9.0%
41.2%
10.4
16.3
13.4
-17.7%
29.5%
Total net revenue
67.4
90.1
93.9
4.2%
39.4%
EBITDA
38.0
49.3
52.3
6.2%
37.5%
EBITDA margin (%)
56.5%
54.7%
55.7%
ROIC (%)
19.8%
18.5%
18.1%
40.3
69.3
74.2
7.1%
84.2%
389.7
528.1
564.4
6.9%
44.8%
10.6
14.4
15.8
9.5%
49.9%
Capex
Invested capital
Depreciation
Excluding the positive effect of tax reversal in the amount of R$ 1.5 million.
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(D)/(A)
(E)/(C)
(E)/(B)
13.9%
2.8%
13.9%
59.4%
-4.2%
59.4%
22.4%
1.0%
22.4%
22.2%
12.4%
23.4%
135.3%
-8.1%
135.3%
17.5%
3.4%
17.5%
15.4%
6.7%
15.4%
(D)/(B)
%
-2.7%
115.8%
19.6%
-17.2%
-29.2%
31.8%
38.3%
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Mills - Income Statement
em R$ milhes
3Q12
2Q13
3Q13
Net revenue from sales and services
173.4
211.8
222.0
Cost of products sold and services rendered
(61.7)
(87.3)
(93.5)
Gross profit
111.8
124.5
128.5
General and administrative expenses
(40.3)
(56.8)
(56.0)
Operating profit
71.5
67.7
72.4
Financial expense
(9.8)
(16.8)
(14.8)
Financial income
1.0
5.0
2.5
Financial result
(8.8)
(11.8)
(12.3)
Profit before taxation
62.6
55.9
60.1
(21.8)
(11.3)
(21.5)
Results of continued operations
40.9
44.6
38.6
Results of discontinued operations
(2.9)
3.5
1.0
Net income
38.0
48.1
39.6
126,314
127,120
127,314
0.30
0.38
0.31
Income tax and social contribution expenses
Number of shares at the end of the period (in thousands)

Net income (R$ per shares)
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Mills - Balance Sheet
em R$ milhes
3Q12
2Q13
3Q13
Assets
Current Assets
Cash and cash equivalents
299.4
47.3
45.7
Trade receivables
168.1
165.1
174.1
Inventories
21.3
30.9
30.9
Recoverable taxes
27.8
35.8
31.3
Advances to suppliers
6.9
0.7
0.3
Derivative financial instruments
0.0
4.0
0.4
Assets available for sale
106.7
95.2
Other current assets
4.6
8.6
9.4
528.0
399.1
387.4
Trade receivables
2.5
2.1
2.1
Recoverable taxes
29.5
34.8
42.3
Total Current Assets

Non-Current Assets
Deferred taxes
Deposits in court
2.8
11.5
11.7
9.7
46.3
48.6
54.0
87.4
87.4
87.4
978.6
1,124.1
1,189.4
51.6
59.9
64.2
1,117.6
1,271.4
1,341.0
Total Non-Current Assets
1,163.9
1,319.9
1,395.0
Total Assets
1,691.9
1,719.0
1,782.5
Investment
Property, plant and equipment
Intangible assets
in R$ millions
3Q12
2Q13
3Q13
Liabilities
Current Liabilities
Suppliers
46.1
70.1
61.1
109.1
15.7
14.5
Debentures
13.2
110.6
110.0
Salaries and payroll charges
Borrowings and financings
37.2
23.8
25.9
Income tax and social contribution
4.7
0.8
9.8
Tax refinancing program (REFIS)
0.9
0.9
0.9
Taxes payable
9.9
10.7
7.1
Profit sharing payable
11.8
10.8
15.0
Dividends and interest on equity payable
18.8
20.4
20.4
Advances on assets held for sale
Liabilities associated with assets available for sale
12.7
25.2
14.6
Other current liabilities

Total Current Liabilities
6.3
3.1
3.1
258.0
279.7
307.7
40.4
23.5
20.8
537.3
447.8
448.0
11.0
Non-Current Liabilities
Borrowings and financings
Debentures
Provision for tax, civil and labor risks
10.6
10.4
Deferred taxes
5.5
1.0
Tax refinancing program (REFIS)
9.9
9.6
9.5
Other Liabilities
0.6
0.2
0.0
Total Non-Current Liabilities
599.2
497.3
489.8
Total Liabilities
857.2
776.9
797.6
Capital
536.2
548.8
551.9
Earnings reserves
210.9
321.0
321.0
4.7
7.2
Stockholders' Equity
Capital reserves
Valuation adjustments to equity
Retained earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
(1.9)
0.3
2.9
0.5
89.2
64.6
104.3
834.7
942.1
984.9
1,691.9
1,719.0
1,782.5
Not including the pro-forma adjustments regarding the Industrial Services business unit.
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Mills - Cash flow
in R$ millions
3Q12
2Q13
3Q13
Cash flow from operating activities

Net income before taxation
58.6
60.5
61.8
Depreciation and amortization
27.4
34.0
33.9
Provision for tax, civil and labor risks
(4.8)
0.5
0.3
Accrued expenses on stock options
1.9
2.5
2.4
Profit sharing payable
3.9
6.8
4.2
Gain on sale of property, plant and equipment and intangible assets
(8.8)
(11.5)
(16.5)
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
12.1
14.5
13.4
2.0
2.7
5.2
33.7
49.4
42.9
(13.6)
(21.1)
(1.0)
(6.3)
(0.9)
(0.1)
5.6
(1.4)
14.1
(0.0)
0.1
2.0
1.5
(0.7)
3.1
(2.4)
(2.5)
(0.2)
Salaries and payroll charges
5.1
3.3
4.0
Taxes payable
2.5
3.0
(3.6)
Adjustments
Allowance for doubtful debts
Changes in assets and liabilities

Trade receivables
Inventories
Recoverable taxes
Deposits in court
Other assets
Suppliers
Other liabilities
Cash from operations
1.8
(7.6)
(0.1)
(6.0)
(27.8)
18.2
86.4
82.2
122.9
Interest paid
(3.1)
(12.8)
(14.4)
Income tax and social contribution paid
(8.4)
(17.7)
(9.6)
Profit sharing paid
(0.1)
(0.2)
(0.5)
51.4
98.5
Lawsuits settled
Net cash generated by operating activities
74.9
Cash flow from investment activities

Marketable securities
138.0
Advances on assets held for sale
25.2
(78.1)
(136.7)
(139.6)
8.5
25.3
17.4
(69.6)
26.7
(96.9)
Purchases of property, plant and equipment and intangible assets

Proceeds from sale of property, plant and equipment and intangible assets
Net cash generated by (used in) investing activities
Cash flow from financing activities

Capital contributions
2.6
9.3
3.1
Dividends and interest on capital invested paid
(36.2)
(3.0)
(9.7)
(28.6)
(3.2)
Repayment of borrowings
Borrowings raised
272.0
0.1
Net cash generated by (used in) financing activities
264.8
(55.4)
(3.1)
Increase (decrease) in cash and cash equivalents
270.1
22.8
(1.6)
29.3
24.5
47.3
299.4
47.3
45.7
Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period
Not including the pro-forma adjustments regarding the Industrial Services business unit.

Mills 3Q13 Result

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Mills 3Q13 Result

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Mills' 3Q13 Result

Profit from discontinued operations

Reclassified, excluding the Industrial Services business unit, for comparison.

Total net revenue

Mills - Net revenue per business unit

Jahu - Residential and Commercial Construction

Total net revenue

Reclassified, excluding the Industrial Services business unit, for comparison.

Costs of job execution

Costs of sale of equipment

Costs of asset write-offs

Total COGS, ex-depreciation + G&A

Reclassified, excluding the Industrial Services business unit, for comparison.

Mills - EBITDA per business unit

Jahu - Residential and Commercial Construction

Reclassified, excluding the Industrial Services business unit, for comparison.

ount of R$ 6.8 million.

Mills - Capex per business unit

Jahu - Residential and Commercial Construction

Heavy Construction Business Unit - financial indicators

Total net revenue

EBITDA margin (%)

Technical support services, sales and others

Jahu - Residential and Commercial Construction Business Unit - financial indicators

Technical support services, sales and others

Total net revenue

EBITDA margin (%)

Industrial Services Business Unit - financial indicators

Total net revenue

Rental Business Unit- financial indicators

Technical support services, sales and others

Total net revenue

EBITDA margin (%)

Net revenue from sales and services

Cost of products sold and services rendered

General and administrative expenses

Profit before taxation

Results of continued operations

Results of discontinued operations

Income tax and social contribution expenses

Number of shares at the end of the period (in thousands)

Derivative financial instruments

Assets available for sale

Other current assets

Total Current Assets

Total Non-Current Assets

Salaries and payroll charges

Borrowings and financings

Income tax and social contribution

Tax refinancing program (REFIS)

Profit sharing payable

Dividends and interest on equity payable

Advances on assets held for sale

Liabilities associated with assets available for sale

Other current liabilities

Tax refinancing program (REFIS)

Total Non-Current Liabilities

Cash flow from operating activities

Depreciation and amortization

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