RIO DE JANEIRO, Nov. 10, 2010 /PRNewswire-FirstCall/ -- Mills Estruturas e Servicos de Engenharia S.A. (Mills) (BM&FBOVESPA: MILS3) presented solid financial performance in the third quarter of 2010 (3Q10), with record revenues, EBITDA and net earnings, consistent with its growth plan.
Due to the strong demand in the markets that we serve, we have brought forward from 2012 to the end of 2010 our plan to double the number of branches. We will have 40 branches by the end of 2010, as against 20 at the end of 2009.
Main highlights of Mills' 3Q10 performance: -- Record net revenues of R$ 148.9 million, 13.4% higher than 2Q10 and 45.0% above 3Q09. -- Record net revenues in all four divisions: Heavy Construction, with revenues of R$ 42.7 million; Jahu - Residential and Commercial Construction, with R$ 27.9 million; Industrial Services, with R$ 52.5 million and Rental, with R$ 25.8 million. -- Record EBITDA of R$ 55.9 million, 10.8% above 2Q10, and 48.3% above 3Q09. -- EBITDA margin of 37.6%, versus 38.4% in 2Q10 and 36.7% in 3Q09. -- Record net earnings of R$ 28.5 million, 9.2% above 2Q10 and 71.8% above 3Q09. -- Acceleration of our investment plan due to strong demand - capex reached R$ 121.0 million in 3Q10. Capex in the first nine months of 2010 (9M10) totaled R$ 270 million, equivalent to 80% of the 2010 capex budget. -- Annualized return on invested capital (ROIC) of 20.3% in 3Q10, against 23.0% in 2Q10 and 23.3% in 3Q09. -- In this quarter, we opened four new branches: two branches for the Rental division and two branches for the Industrial Services division. Eleven new branches are planned for 4Q10, of which seven branches for the Jahu - Residential and Commercial Construction division and four branches for the Rental division. -- To meet the huge demand and to guarantee the expansion plan of the Rental division, we have signed contracts totaling US$ 80 million for supply of equipment up to the end of 2011. For the complete press release, please click here. For the conference call and webcast details, please click here. For further information, contact: +55-21-2123-3700 ri@mills.com.br Alessandra Gadelha - IR Officer agadelha@mills.com.br Camila Conrado - Investor Relations cconrado@mills.com.br
This press release 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 previous notice. To obtain further information on factors that may give rise to results different from those forecasted by Mills, please consult the reports filed with the Brazilian Comissao de Valores Mobiliarios (CVM).
Mills Estruturas e Servicos de Engenharia
CONTACT: Alessandra Gadelha, IR Officer, agadelha@mills.com.br, or
Camila Conrado, Investor Relations, cconrado@mills.com.br, both of Mills
Estruturas e Servicos de Engenharia, +011-55-21-2123-3700, ri@mills.com.br
Web Site: http://www.mills.com.br/
