Mills: Revenue Growth of 36% in 2010, with Record Profits

RIO DE JANEIRO, Feb. 25, 2011 /PRNewswire/ -- Mills Estruturas e Servicos de Engenharia S.A. (Mills) (BM&FBOVESPA: MILS3) recorded strong growth in 2010, with record revenues, EBITDA and net earnings, resulting from its investment plan, made possible by the capitalization of R$ 411 million from its IPO in April 2010.

Main highlights of Mills 2010 performance:

• Record net revenues of R$ 549.9 million, 36.0% higher than 2009.
• Record net revenues in all four divisions: Industrial Services, with revenue of R$ 195.4 million; Heavy Construction, with R$ 154.3 million; Jahu - Residential and Commercial Construction, with R$ 105.1 million and Rental, with R$ 95.1 million.
• Record EBITDA(a) of R$ 194.5 million, 23.4% above 2009.
• EBITDA margin of 35.4%, versus 39.0% in 2009.
• Record net earnings of R$ 103.3 million, 51.0% above 2009.
• Capex(b) reached R$ 348.5 million in 2010, compared to R$ 76.3 million in 2009.
• Annualized return on invested capital (ROIC)(c) of 21.0% in 2010, against 25.0% in 2009.
• We have brought forward our geographic expansion plan, doubling the number of branches from 20 branches in 2009 to 40 by the end of 2010. We opened ten new branches for the Rental division, eight for the Jahu - Residential and Commercial Construction division and two for the Industrial Services division.
• Proposal for shareholder remuneration totaling R$ 25.4 million (gross amount), to be paid as interest on equity, subject to approval at Mills' shareholders meeting.
• In January 2011, we entered into a purchase and sales agreement to acquire 25% of the voting and total capital stock of Rohr S/A Estrutura Tubulares for R$ 90 million.

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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 Servicos de Engenharia