webcast 3q11 english
TRANSCRIPT
3Q11 Results
Disclaimer
This presentation relating to MMX Mineração e Metálicos S.A. (“MMX”) includes “forward-looking statements”, as that term is defined
in the Private Securities Litigation Reform Act of 1995, in Section 27A of the Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934. All statements other than statements of historical facts are statements that could be deemed
forward-looking statements and are often characterized by the use of words such as “projects”, “expects”, “anticipates”, “intends”,
“plans”, “believes”, “estimates”, “may”, “will”, or “intends”, or by discussions or comments about our objectives, strategy, plans or
intentions and results of operations. Forward-looking statements include projections regarding our operating capacity, operating
expenditures, capital expenditures and start-up dates.
By their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and
specific. The risk exists that these statements may not be fulfilled or, even if they are fulfilled, the results or developments
described in such statements may not be indicative of results or developments in future periods. We caution participants of this
presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future results to
differ materially from these statements.
Forward-looking statements may be influenced in particular by factors such as the ability to obtain all required regulatory approvals
on a timely basis or at all, exploration for mineral resources and reserves, difficulty in converting geological resources into mineral
reserves, and changes in economic, political and regulatory conditions. We caution that the foregoing list is not exhaustive. When
relying on forward-looking statements to make decisions, investors should carefully consider these factors as well as other
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MMX does not undertake to update our forward-looking statements unless required by law. This presentation is neither an offer to
sell (which can only be made pursuant to definitive offering documents) nor a solicitation of an offer to buy any securities in the
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This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in
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Positive EBITDA for the 5th consecutive quarter
3Q11 QoQ YoY
Sales 2.1 million ton 2% 20%
Gross Revenues R$ 287.9 million -8% 14%
Gross Profit R$ 172.6 million -7% 9%
Adjusted EBITDA R$ 61.2 million -18% -15%
*excluding non-recurring itens.
88.5 90.9
(243.2)
-250
-150
-50
50
3Q10 2Q11 3Q11
Net Profit (R$ million)
72.8 75.2
61.6
0
30
60
90
3Q10 2Q11 3Q11*
EBITDA (R$ million)
0.8 0.7
0.9
1.3
1.1
1.7
1.3 1.3
1.5
0.9 1.1
0.6
0.5 0.6
0.3
0.3
0.8 0.7
0.0
0.5
1.0
1.5
2.0
2.5
3Q09 1Q10 3Q10 1Q11 3Q11
Sales (million tons)
MI ME
Volume sold
1.71.8
1.5
1.8
2.0
1.6
2.12.1
1.8
Lengthening debt and lower costs
46%
37%
27%
54%
63%
73%
0%
20%
40%
60%
80%
100%
3Q10 2Q11 3Q11
Debt profile
Short Term Long Term
44.33
57.84
47.72
0
15
30
45
60
75
3Q10 2Q11 3Q11
COGS (R$/ton)
MMX already acquired 99.1% of PortX´s total capital as of September 30th, 2011
Transaction Highlights
Sudeste Superport Acquisition
Cash R$ 238,785,704.42
MMXM3 33,304,665 shares
MMXM11 983,407,010 Royalties Securities
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Sudeste SuperportEvolution of the civil construction work – Road&raillway access
Sudeste SuperportEvolution of the civil construction work – Bridge over Cação River
Sudeste SuperportEvolution of the civil construction work – Stockyard 6
Sudeste SuperportEvolution of the civil construction work – Car dumpers structure
Sudeste SuperportEvolution of the civil construction work – Stockyard 32
Sudeste SuperportEvolution of the civil construction work – Tunnel entrance
Sudeste SuperportEvolution of the civil construction work – Meeting of the two excavation fronts
Sudeste SuperportEvolution of the civil construction work – Tunnel exit and bridge
Sudeste SuperportEvolution of the civil construction work – Bridge and pier pilling
1,800
2,200
2,400
110
290
200
Original Geotechnical
requirements
Project
reassessment
50 Mtpy Preparation to
100 Mtpy phase
Total
Sudeste Superport CAPEX (R$ Million)
Car dumpersstructure + hill concretecontainment
Tunnel + raillway loop + land acquisition
Additionalservice scope+ equipmentimprovements
+ landacquisition
Sudeste Superport CAPEX (R$ Million)
17
86 40 63
286 649
1,276
2007 2008 2009 2010 2011 to 2013
Actual Forecast
Sudeste SuperportConstruction schedule
Preliminary License
Construction LIcense
Funding BNDES FINAME-PSI
ANTAQ License
Funding BNDES FINEM
Civil Construction:
Stockyard 06
Stockyard 32
Tunnel
Offshore
Road-rail access
Equipment sett up:
Car dumpers
Shiploader
Stacker reclaimer
Belt conveyor
1S09 2S09 1S10 2S10 1S11 2S11 1S12 2S12 1S13
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Investor RelationsGuilherme Escalhão – CEO & IRO
Camila Anker– IR ManagerRafaela Gunzburger – Analyst
Beatriz Yoshinaga - AssistantTel. + 55 21 2555-6197/ 6338