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Mills: Net cash flow becomes positive

RIO DE JANEIRO, Aug. 6, 2014 /PRNewswire/ -- Mills Estruturas e Servicos de Engenharia S.A. (Mills) presented in the second quarter of 2014 (2Q14) growth in net revenues and EBITDA, showing higher gross and EBITDA margins, compared to the same period of last year. Main highlights of Mills 2Q14 performance:

  • Rental revenues of R$ 175.7 million, 5.3% higher than the second quarter of 2013 (2Q13).
  • Net revenue of R$ 213.0 million, 0.6% above 2Q13.
  • EBITDA of R$ 105.9 million, an increase of 7.0% in relation to 2Q13.
  • EBITDA margin of 49.7%, versus 46.7% in 2Q13.
  • Net earnings of R$ 33.4 million, impacted by R$ 7.1 million in expenses related to the former business unit Industrial Services. Excluding those, there was a reduction of 15.7% compared to earnings from continuing operations of 2Q13.
  • Return on invested capital (ROIC) of 9.2%, or 10.4% excluding non-recurring items, against 14.2% in 2Q13.
  • Capex of R$ 54.7 million, of which R$ 48.7 million in rental equipment.
  • Positive net cash flow of R$ 10.9 million; first quarter with a positive net cash flow since the IPO.
  • Issuance of debentures totaling R$ 200 million, with a 5 year term and interest rate of 108.75% of CDI.
  • Proposal for shareholder remuneration totaling a gross amount of R$ 25.1 million, equivalent to R$ 0.196 per share, to be paid as interest on equity, subject to approval at Mills' Shareholders Meeting.
  • Succession plan announced: Sergio Kariya, current Rental Officer, will assume the position of CEO from January 1, 2015, when Ramon Vazquez will begin to advise the Board of Directors for five years.

For the complete press release, please click here.

Teleconference and Webcast
Date: Thursday, August 7, 2014
Time: 11:00 (Brasilia time)
Teleconference: +1 786 924-6977 (Dial-in) or +1 888 700-0802 (Toll-free); Code: Mills
Replay: +55 11 3193-1012 or +55 11 2820-4012, Code: 7234428# or www.mills.com.br/ri

Webcast: www.mills.com.br/ri
For the conference call and webcast details, please click here.

For further information, contact: +55-21-2123-3700 or [email protected]

IR Team:   
Alessandra Gadelha – IR Officer    [email protected]
Luiza Martins       [email protected]
Carolina Goncalves       [email protected]

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).

SOURCE Mills Estruturas e Serviços de Engenharia S.A.

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