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BM&FBOVESPA: MILS3 Mills: Net earnings growth of 64% in 2012

Mills 4Q12 Results

Rio de Janeiro, March 4, 2013 - Mills Estruturas e Servios de Engenharia S.A. (Mills) presented in 2012 record net revenue, EBITDA and net earnings, with expansion in profitability over the year 2011. In 2012 Mills maintained its strong growth trend with rates above 30% in the Heavy Construction, Jahu and Rental segments, despite the weak performance of the Brazilian economy, showing the potential penetration of our services that aim to increase productivity in the civil construction industry, such as Heavy Construction and Jahu, and in several other industries, such as Rental , stated Ramon Vazquez, Mills president and CEO. Main highlights of Mills 2012 performance: Record net revenue of R$ 879.3 million, 29.8% higher than 2011. Record EBITDA(a) of R$ 358.4 million, 50.5% above 2011. EBITDA margin of 40.8%, versus 35.1% in 2011. Net earnings of R$ 151.5 million, 64.4% above 2011. Capex (b) reached R$ 297.6 million in 2012, of which R$ 76.3 million in the last quarter. Return on invested capital (ROIC) (c) of 14.7%, against 12.3% in 2011. Proposal for shareholder remuneration totaling R$ 41.8 million (gross amount), to be paid as interest on equity, subject to approval at Mills Shareholders Meeting. Success in the introduction of new technologies to enable productivity gain, such as Alumills, Modular System and mast climbing platform. Award for best access company of the year at International Awards for Powered Access (IAPA Awards).
Table 1 - Main financia l indicators

4Q11
in R$ millions

3Q12 (B) 222.2 96.1 43.2% 38.0 15.8% 79.4

3Q12 (C) 222.2 90.4 40.7% 34.7 14.5% 79.4

4Q12 (D) 246.8 91.7 37.1% 41.6 14.5% 76.3

(D)/(A) % 27.5% 20.0% 41.0% -33.3%

(D)/( B) % 11.1% -4.6% 9.6% -4.0%

(D)/(C) % 11.1% 1.4% 19.9% -4.0%

2011 (E) 677.6 238.1 35.1% 92.2 12.3% 525.9

2012 (F) 879.3 358.4 40.8% 151.5 14.7% 297.6

(F)/( E) % 29.8% 50.5% 64.4% -43.4%

(A) 193.5 76.4 39.5% 29.5 14.2% 114.4

Net revenue EBITDA EBITDA margin (%) Net earnings ROIC (%) Capex

Excluding the positive effect of reversal of allowance for doubtful debts and tax contingency in the amount of R$ 6.8 million in 3Q12.
The financial and operational information presented in this release, except when otherwise indicated, is in accordance with a ccounting policies adopted in Brazil, which are in accordance with international accounting standards (International Financial Reporting Standards - IFRS)

Investor Relations Alessandra Gadelha IR Office r Camila Conrado IR Specia list Carolina Gonalves IR Analyst

Contact: + 55 21 2123 3700 ri@m ills.com.br

ri@mills.com.br

4Q12 Results Business Perspective


Despite the level of activity in the heavy construction sector being lower than normal at the end of 2012, there was a significant improvement in the expected level of activity for the next six months, according to research conducted by the National Confederation of Industry (CNI Confederao Nacional da Indstria), which reached a value of 61.9 in February 2013, in which values above 50 indicate a prospect of growth of activity in the sector. Cement sales reached 68 million tons in 2012, according to the National Union of Cement Industries (SNIC - Sindicato Nacional de Indstria do Cimento), with a year-over-year (yoy) growth rate of 6.1%. Investments in Brazil should reach R$ 2.4 trillion in the period 2013-2016, of which R$ 489 billion in infrastructure, according to the Brazilian National Development Bank (BNDES); for which one of the determining factors is the feasibility of concessions and public budget for the transportation, sanitation and low income housing sectors, with an expected average linear growth of 22.3% per year. BNDES disbursements for infrastructure totaled R$ 40.1 billion in 2012, with a 16% yoy increase, while the value of applications totaled R$ 97.4 billion, 45% yoy superior, confirming the prospect of greater activity in the sector. The highlight in the infrastructure sector is the package of logistics concessions that the government has launched with estimated investments of R$ 194 billion, of which R$ 91 billion in railways, R$ 54 billion in ports, R$ 42 billion in highways and R$ 7 billion in airports. Despite the viability of these projects being a challenge, the changes in the rules that occurred in February, such as higher rates of return and longer concession and loan payment terms, make these investments more attractive and, therefore, more likely to become a reality in the short and medium term. As for the market for residential construction, the demand for residential properties remains influenced by (i) the large housing deficit in Brazil, (ii) the expansion in housing credit availability, the estimated balance of which increased by 37.6% between December 2011 and December 2012, according to the Brazilian Central Bank (Bacen), and (iii) the increase in the purchasing power of the population. Since the main challenge for the sector is labor, both in terms of cost and availability, the industrialization of construction processes becomes increasingly necessary, the penetration of which is one of the main growth drivers of our business. Our projects and equipment enable productivity gains in the construction works, with the reduction of the length of the construction cycle and the number of workers involved, enabling the Jahu business to expand above real estate sector growth. The new building announced by the listed real estate companies1 presented a quarter-over-quarter (qoq) growth of 76% in the fourth quarter of 2012 (4Q12) and, for the first time in the last 15 months, was in line with the same period of the previous year; a fact that might indicate the end of the adjustment period for these companies. In the Industrial Services segment, the expected recovery for the industry in 2012 did not happen and we ended another year with contraction in industrial activity in Brazil. In this context, we suffered with pressures on prices and lower maintenance activities. Therefore, we will continue in 2013 our strategy of expanding our participation in the offshore market of the oil and gas industry, offering complementary services with higher added value and, therefore, higher profitability. The motorized access equipment market is still booming. The Brazilian fleet of aerial work platform and telescopic handlers grew 32.1%, ending 2012 with 20,847 units, against 15,777 units in the end of 2011, according to our estimates. We believe this market will continue growing at high rates in the coming years, given the current underutilization of this type of equipment in Brazil, where its use was recently stimulated by a ruling in 2007 making aerial work platforms obligatory for lifting people, thereby increasing safety and productivity in the workplace.

Revenue
Net revenues reached a new annual record, R$ 879.3 million, in 2012, with the branches opened in the last three years contributing 38.0% of this amount. The increase of 34.0% in equipment rental revenues was the main growth driver for the total revenue, followed by the expansion of 82.7% of sales revenues in the same period.

Brookfield, Cyrela, Direcional, Even, Eztec, Gafisa, Helbor, MRV, Rodobens, Tecnisa and Trisul.

4Q12 Results
Net revenues reached R$ 246.8 million in 4Q12, a new quarterly record, 11.1% higher qoq. Sales revenues presented qoq growth of 50.6%, due to higher sales in the Industrial Services , Jahu and Heavy Construction segments, while equipment rental revenues expanded 7.0%.

Costs and Expenses


The cost of goods and services sold (COGS), excluding depreciation, totaled R$ 306.7 million in 2012, with yoy growth of 14.7% versus a revenue yoy growth of 29.8%. General, administrative and operating expenses (G&A) totaled R$ 214.2 million in 2012, with 24.5% yoy expansion. In 2012, we have expanded our technical and commercial teams and enhanced some of our warehouses. Although initially we are incurring higher G&A, and consequently margin compression, we understand that these measures are essential to enable the Company's growth in the coming years with productivity gains in the operation of our warehouses and with the maintenance of the high technical quality of our services. In 4Q12, COGS, excluding depreciation, presented 15.8% qoq growth, reaching R$ 91.4 million, affected by higher maintenance activity and higher cost of sales. G&A reached R$ 63.8 million, with a qoq increase of 20.5%2, mainly due to the growth of technical and commercial teams under contract coordination (d), to enable its growth, including the geographic expansion of Jahu, Rental and Heavy Construction segments.

EBITDA
Cash generation, as measured by EBITDA, reached R$ 358.4 million in 2012, an annual record, with 50.5% yoy growth. The EBITDA margin was 40.8% in 2012, against 35.1% in 2011. In 4Q12, EBITDA amounted to R$ 91.7 million, with a slight qoq expansion. The EBITDA margin was 37.1%, against 40.7% in 3Q12. We had higher maintenance and freight costs in the last quarter to enable us to meet the strong demand from our clients, during a period when we were working with utilization rates above normal level. We believe that as we make our investments in 2013, the utilization rate, maintenance activity and, therefore, operating margins will return to normal levels.

Net Earnings
Net earnings presented annual record amount of R$ 151.5 million in 2012, with a yoy expansion of 64.4%. This increase in net earnings is explained by the rise in EBITDA (R$ 120.3 million), partially offset by the expansion in the amount of depreciation (R$ 32.4 million) and negative net financial result (R$ 7.3 million). The net financial result was a negative R$ 39.1 million in 2012, versus negative R$ 31.8 million in 2011, since the increase in net debt was partially offset by lower interest rates in the period. Net earnings reached a new quarterly record of R$ 41.6 million in 4Q12, 19.9% above the previous quarter, influenced by the recognition of payment of interest on equity (JCP) and the shareholder remuneration from Rohr of R$ 3.2 million, of which R$ 1.5 million and R$ 1.7 million related to 2011 and 2012 fiscal years, respectively.

ROIC
ROIC reached 14.7% in 2012, against 12.3% in 2011. The yoy improvement in ROIC is explained by the recovery of demand in the heavy construction sector and the maturing of the large investments made in the residential and commercial markets in 2011. ROIC was 14.5% in 4Q12, equal to 3Q12, since the positive impact of sales of semi-used equipment in the Industrial Services and Rental segments was offset by the negative effect of higher operational costs. It is worth mentioning that the recognition of the interest on equity did not affect ROIC, since it is calculated using a theorical tax rate of 30%, rather than the effective tax rate.

Excluding reversals of provisions totaling R$ 6.8 million in 3Q12. For further information, refer to section Provision Reversals in Mills press release for 3Q12 results.

4Q12 Results Debt indicators


Mills total debt was R$ 622.5 million as of December 31, 2012. At the end of 2012 our net debt(e) position was R$ 418.6 million, versus R$ 400.7 million at the end of 3Q12. Our debt is 9% short-term and 91% long-term, with an average maturity of 3.0 years, at an average cost of CDI+1.45%. In terms of currency, 100% of Mills debt is in Brazilian reais. In 2012, we raised R$ 270 million through our second issuance of non-convertible debentures3 that will be used to finance our 2013 investments and pay some debts. In the last quarter we paid R$ 61 million related to one-year commercial papers, resulting in expansion of our average maturity and average cost of debt, since they presented low interest rate compatible with their maturity. We ended the year with leverage, as measured by the net debt/LTM EBITDA ratio, of 1.2x. The total debt/enterprise value(f) was 13.2%, while interest coverage, as measured by the LTM EBITDA/LTM interest payments ratio, was 7.6x. We believe that as we use the resources from the issuance of debentures to realize our investments in 2013, the Companys net debt and leverage will expand; however, as these investments mature, there will be an increase in the operating cash flow of the Company and, as a result, we should return to a leverage level close to our target of 1.0x at the end of 2013.

Capex
Mills invested R$ 297.6 million in organic growth in 2012. In 4Q12, gross investments amounted to R$ 76.3 million, of which 70.4% in the Rental segment, since we have already started receiving new motorized access equipment related to the agreement made in October 20124. The Jahu segment was responsible for 11.9%, Heavy Construction for 8.3% and Industrial Services for 0.5 %. The 2013 budget involves capital expenditures of R$ 296 million5. The issuance of non-convertible debentures in 2012 will ensure the financing of these investments, which could expand during 2013, in accordance with the development of the demand in our markets and with our geographic expansion.

Performance of the business segments Heavy Construction


The net revenue of Heavy Construction totaled R$ 174.1 million in 2012, a new annual record, with a yoy expansion of 32.2%, due to the recovery of the heavy construction market, which suffered with the weak demand during a large period of 2011. Rental revenue grew R$ 36.9 million, or 33.8%, in which prices and mix of equipment caused an increase of R$ 19.7 million. We consolidated Alumills in the market as a shoring solution with great productivity gains for our clients and we developed and launched a new type of formwork and shoring equipment, Modular System, for concrete structures with complex geometries, such as tunnels, which is currently being employed in the expansion of subway line 5 in So Paulo, in the Teles Pires hydroelectric plant and BRT Transcarioca. Revenue reached a new quarterly record of R$ 47.3 million in 4Q12, with 3.9% qoq growth. The utilization rate reached a level higher than normal in the last quarter and rented volume contributed with R$ 3.1 million for the rental revenue expansion. In the last quarter we signed important new contracts, such as in the Viracopos, Braslia, Guarulhos, Fortaleza and Natal airports, new stretches of subway lines 4 and 5 and monorail line Gold, in So Paulo; the surroundings of the Maracan and Corinthians stadiums, the BRT Bus Rapid Transit in Fortaleza, the shipyard Enseada do Paraguau, the expansion of the Carajs mine and new phases of the Belo Monte hydroelectric power plant.

3 4

For further information, refer to the section Debt indicators in Mills press release for 3Q12 results. For further information, refer to press release Mills makes agreement to buy equipment for the Rental division, of October 24, 2012. 5 For further information, refer to press release Mills to invest R$ 296 million in 2013, of December 20, 2012.

4Q12 Results
The main projects in 4Q12, in terms of revenues, were: South and Southeastern regions: the Comperj refinery, Maracan stadium, Rio Port Complex, BRT Transcarioca and CSN steel plant, in Rio de Janeiro; subway lines 2 and 5, monorail lines Silver and Gold, and Viracopos airport, in So Paulo; Vale projects in Minas Gerais; Paranaenses arena, in Paran; and BR-448 and Grmio stadium, in Rio Grande do Sul. Midwest, North and Northeast regions: the Jirau, Colder, Teles Pires and Belo Monte hydroelectric power plants, Norte-Sul and Transnordestina railways, Abreu e Lima refinery and Pernambuco arena, in Pernambuco; BRT Belm, Vale projects and the Suzano pulp and paper plant, in Par and Maranho; Manaus airport, in Amazonas; and the stadiums Fonte Nova, in Bahia, and Verdo, in Mato Grosso. COGS presented a qoq expansion due to higher volume of sales and increase in the maintenance activity. The volume of returns was above the normal level in the last quarter, largely related to the stadiums that will host the Confederations Cup next June, which associated with the low idle capacity and strong demand, resulted in the need to process equipment quickly, leading to higher personnel and material expenses. G&A expanded qoq in preparation for the opening of two new branches in the northeast region in 2013, given the large volume of construction work in the North and Northeast regions. EBITDA totaled R$ 20.2 million in 4Q12, with an EBITDA margin of 42.7% and ROIC of 14.8%, all negatively impacted by higher maintenance costs. In 2012, EBITDA amounted to R$ 84.3 million, with a yoy growth of 45.9%. The EBITDA margin was 48.5%, versus 43.9% in 2011, while ROIC was 17.2%, versus 12.1% in the previous year.

Jahu
The net revenue of Jahu totaled R$ 238.0 million in 2012, a new annual record, 52.8% higher than 2011. The rental revenue expanded R$ 60.7 million, or 45.9%, of which R$ 56.8 million came from greater volume of rented equipment. The branches which have opened since November 2009 contributed 51% of the revenue for Jahu in the last year (vs. 39% in 2011). We restarted the geographic expansion process opening a new branch in Belm, in the state of Par, in the last quarter; ending the year with 16 branches. We plan to open at least two new branches in 2013. The year 2012 was marked by the success of the consolidation of new equipment, such as Mills Deck, Alumills, SL-2000 formwork and the mast climbing platform, and a strong performance in larger construction projects, such as shopping malls, hotels and resorts, which require higher volumes of equipment and are longer term. Moreover, with the resumption of the Minha Casa, Minha Vida program, we doubled our sales of Easy-set formwork. Net revenues reached R$ 66.0 million in 4Q12, a new quarterly record, being 9.1% higher than 3Q12, with larger sales revenues contributing 57% of the increase. The utilization rate remains above the normal levels, with equipment rental revenue stable, since there was almost no purchase of new equipment in the last quarter. Consequently, to meet the strong demand of our clients on time in this scenario of low idle capacity and no new equipment, we had to perform maintenance in a shorter time-frame than normal, incurring extra expenses with personnel and material, as well as freight, in order to deliver the required equipment mix at the desired locations. In addition, there was an increase in the cost of sales due to the large volume of sales in the period. There was an increase in G&A, mainly due to expansion in the commercial and technical teams, in order to support the growth of business, including the opening of the new branch in Belm and new branches in 2013. EBITDA totaled R$ 26.1 million in 4Q12, with an EBITDA margin of 39.6% and ROIC of 12.6%, all negatively impacted by higher maintenance and freight costs. In 2012, EBITDA amounted to R$ 113.4 million, with a yoy growth of 71.9%, as a result of the maturation of investments made in the last twelve months. The EBITDA margin was 47.7%, versus 42.4% in 2011, while ROIC was 15.7%, versus 14,3% in the previous year.

4Q12 Results Industrial Services


The net revenue of Industrial Services totaled R$ 213.8 million in 2012, in line with the R$ 214.8 million of 2011, due to our strategy to optimize the existing contracts in order to improve profitability instead of revenue growth. EBITDA reached R$ 19.4 million, with a yoy retraction of 6.4%, with EBITDA margin of 9.1% (vs. 9.7% in 2011) and ROIC of 4.6% (vs. 5.9% in 2011). Net revenues amounted to R$ 59.3 million in 4Q12, with a qoq expansion of 21.5%, in which equipment sales for a client represented 59% of this increase. EBITDA reached R$ 8.4 million in 4Q12, with an EBITDA margin of 14.2% and ROIC of 13.3%, all positively impacted by the sales.

Rental
The net revenue of Rental amounted to R$ 253.5 million in 2012, a new annual record, 44.5% above 2011. Higher volume of rented equipment contributed with 98.5% of the yoy expansion of R$ 65.5 million in equipment rental revenues. The branches opened since 2010 contributed 62% of the Rental segment revenue last year (vs. 58% in 2011). Our greatest achievement in 2012 was the award for Best Access Company of the Year at the IAPA Awards as an international recognition of our work to foster the motorized access market in Brazil. This year we are competing for the prize "Contribution to Safe Working at Height", that is, we are among the top four companies in the world that contributed the most in the market of aerial work platforms for safe working at heights. Additionally, the sales revenues from semi-used equipment outperformed the sales of new equipment this year. We understand that, as the average age of our fleet increases, the sale of semi-used equipment will grow and become an important means of financing fleet renewal, in order to maintain a low average fleet age and low maintenance costs. Net revenues totaled R$ 74.2 million in 4Q12, a new quarterly record, with 10.2% qoq growth, due to higher equipment rental revenue, as a result of the arrival of new equipment. The utilization rate remained at normal levels. There was a qoq increase in COGS, ex-depreciation, due to higher maintenance expenses spare parts, material and personnel as a result of the increase of the utilization rate in the period. There was an expansion in G&A, mainly due to growth in the commercial and technical teams and to expenses in order to improve branch facilities, to support their growth and prepare for the resumption of our geographic expansion in 2013, opening at least five new branches. EBITDA totaled R$ 36.9 million in 4Q12, with an EBITDA margin of 49.8% and ROIC of 16.9%, all affected by higher maintenance costs and G&A expenses. In 2012, EBITDA amounted to R$ 141.2 million, with a yoy growth of 50.8%. The EBITDA margin was 55.7%, versus 53.4% in 2011, while ROIC was 18.2%, versus 16.5% in the previous year.

Teleconference and Webcast


Date: March 5 th, 2013, Tuesday Time: 10:00 (New York time), 12:00 (Rio de Janeiro time) and 15:00 (London time) Teleconference: +1 786 924 6977 or +1 855 281 6021 (USA / toll free), code: Mills Replay: +55 11 4688-6312 / code: 7118464# or www.mills.com.br/ir Webcast: www.mills.com.br/ir

4Q12 Results Tables


Table 2 Ne t revenue per type

4Q11
in R$ millions

3Q12 (B) 155.8 41.4 19.0 6.0 222.2

4Q12 (C) 166.7 45.9 28.6 5.6 246.8

(C)/(A) % 25.9% 22.0% 49.3% 30.3% 27.5%

(C)/(B) % 7.0% 10.8% 50.6% -6.9% 11.1%

2011 (D) 453.9 159.8 40.6 23.3 677.6

2012 (E) 608.2 174.1 74.1 22.8 879.3

(E)/( D) % 34.0% 8.9% 82.7% -2.2% 29.8%

(A) 132.4 37.6 19.2 4.3 193.5

Rental Technical support services Sales Others Total net revenue

Table 3 Ne t revenue per business segment in R$ millions

4Q11 36.1 52.5 50.2 54.9 193.5

% 18.6% 27.1% 25.9% 28.3% 100.0%

3Q12 45.5 60.5 48.8 67.4 222.2

% 20.5% 27.2% 22.0% 30.3% 100.0%

4Q12 47.3 66.0 59.3 74.2 246.8

% 19.2% 26.7% 24.0% 30.1% 100.0%

2011 131.6 155.8 214.8 175.4 677.6

% 19.4% 23.0% 31.7% 25.9% 100.0%

2012 174.1 238.0 213.8 253.5 879.3

% 19.8% 27.1% 24.3% 28.8% 100.0%

Heavy Construction Jahu - Residential and Commercial Construction Industrial Services Rental Total net revenue

Table 4 Cost of goods and services sold (COGS) and gene ral, adminis trative and ope rating expenses (G&A) in R$ millions

4Q11
(g)

% 45.5% 10.1% 1.2% 6.1% 63.0% 37.0% 100.0%

3Q12 56.5 11.0 1.9 9.4 78.9 47.3 126.2

% 44.8% 8.7% 1.5% 7.5% 62.5% 37.5% 100.0%

3Q12 56.5 11.0 1.9 9.4 78.9 52.9 131.8

% 42.9% 8.4% 1.5% 7.2% 59.8% 40.2%

4Q12 64.2 16.5 0.2 10.5 91.4 63.8

% 41.4% 10.6% 0.1% 6.8% 58.9% 41.1% 100.0%

2011 210.0 25.5 4.6 27.3 267.4 172.1 439.5

% 47.8% 5.8% 1.0% 6.2% 60.8% 39.2% 100.0%

2012 225.2 41.0 4.9 35.5 306.7 214.2 520.9

% 43.2% 7.9% 0.9% 6.8% 58.9% 41.1% 100.0%

Costs of job execution

53.3 11.8 1.4 7.1 73.7 43.4 117.1

Costs of sale of equipment Costs of asset w rite-offs Equipment storage COGS, ex-depreciation G&A Total COGS, ex-depreciation + G&A
1

100.0% 155.1

Excluding the pos itive im pact of the reversal of allowance for doubtful debts and of provision for fiscal contingencies amoun ting to R$ 6.8 million.

Table 5 EBITDA pe r bus iness segment and EBITDA margin in R$ millions

4Q11 19.5 23.9 2.3 30.7 76.4 39.5%

% 25.5% 31.2% 3.1% 40.2% 100.0%

3Q12 24.1 33.8 0.1 38.0 96.1 43.2%

% 25.1% 35.2% 0.1% 39.6% 100.0%

3Q12 22.8 33.8 0.1 38.0 94.8 40.7%

% 24.1% 35.7% 0.1% 40.1% 100.0%

4Q12 20.2 26.1 8.4 36.9 91.7 37.1%

% 22.0% 28.5% 9.2% 40.3% 100.0%

2011 57.8 66.0 20.7 93.6 238.1 35.1%

% 24.3% 27.7% 8.7% 39.3% 100.0%

2012 84.3 113.4 19.4 141.2 358.4 40.8%

% 23.5% 31.7% 5.4% 39.4% 100.0%

Heavy Construction Jahu - Residential and Commercial Industrial Services Rental Total EBITDA EBITDA margin (%)
1

Excluding the positive impact of the reversal of allowance for doubtful debts and of provision for fisca l contingencies amounting to R$ 6.8 million.

4Q12 Results
Table 6 Investment per business segment

Realized
in R$ millions

4Q11 16.9 56.6 4.1 33.4 3.4 114.4 114.4

3Q12 11.3 22.8 0.2 40.3 4.9 79.4 79.4

4Q12 6.3 9.1 0.4 53.7 6.7 76.3 76.3

2011 47.3 185.0 17.3 162.8 18.0 430.4 95.5 525.9

2012 50.5 59.8 4.9 160.9 21.5 297.6 297.6

Heavy Construction Jahu - Residential and Commercial Construction Industrial Services Rental Corporate Organic Grow th Acquisition Total Capex

Table 7 Heavy Construction financial indicators

4Q11
in R$ millions

3Q12 (B) 37.0 8.5 45.5 24.1 52.9% 19.7% 11.3 247.7 6.6

3Q12 (C) 37.0 8.5 45.5 22.8 50.2% 18.3% 11.3 247.7 6.6

4Q12 (D) 39.1 8.2 47.3 20.2 42.7% 14.8% 6.3 254.7 6.7

(D)/(A) % 20.2% 132.2% 31.2% 3.6%

(D)/( B) % 5.6% -3.1% 3.9% -16.2%

(D)/(C) % 5.6% -3.1% 3.9% -11.6%

2011 (E) 109.2 116.2 131.6 57.8 43.9% 12.1%

2012 (F) 146.1 28.0 174.1 84.3 48.5% 17.2% 50.5 241.8 24.8

(F)/( E) % 33.8% -75.9% 32.2% 45.9%

(A) 32.5 3.5 36.1 19.5 54.0% 17.5% 16.9 222.0 5.6
1

Net revenue Rental Technical support services, sales and others Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested Capital Depreciation

-62.8% 14.7% 20.6%

-44.2% 2.8% 1.2%

-44.2% 2.8% 1.2%

47.3 213.3 20.9

6.9% 13.4% 18.7%

Excluding the pos itive im pact of the reversal of allowance fo r doubtful debts am ounting to R$ 1.5 million.

Table 8 Jahu Res idential and Comme rcial Cons truction financial indicators

4Q11
in R$ millions

3Q12 (B) 49.2 11.4 60.5 33.8 55.9% 20.2% 22.8 365.8 7.4

3Q12 (C) 49.2 11.4 60.5 29.4 48.6% 16.9% 22.8 365.8 7.4

4Q12 (D) 49.9 16.1 66.0 26.1 39.6% 12.6% 9.1 388.2 8.7

(D)/(A) % 23.8% 32.8% 25.9% 9.5%

(D)/( B) % 1.6% 41.5% 9.1% -22.7%

(D)/(C) % 1.6% 41.5% 9.1% -11.2%

2011 (E) 132.2 23.6 155.8 66.0 42.4% 14.3%

2012 (F) 192.9 45.1 238.0 113.4 47.7% 15.7% 59.8 366.7 31.0

(F)/( E) % 45.9% 91.0% 52.8% 71.9%

(A) 40.3 12.1 52.5 23.9 45.5% 16.3% 56.6 310.8 5.8

Net revenue Rental Technical support services, sales and others Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested Capital Depreciation

-83.8% 24.9% 50.0%

-59.9% 6.1% 18.4%

-59.9% 6.1% 18.4%

190.5 241.4 16.5

-68.6% 51.9% 88.1%

Excluding the positive impact of the reversal of provision for fiscal contingencies amounting to R$ 5.3 m illion.

4Q12 Results

Table 9 Indus trial Services financial indicators

4Q11
in R$ millions

3Q12 (B) 30.3 18.5 48.8 0.1 0.2% -6.2% 0.2 123.7 2.9

4Q12 (C) 32.8 26.5 59.3 8.4 14.2% 13.3% 0.4 117.6 2.8

(C)/(A) % -16.8% 147.7% 18.2% 259.6%

(C)/(B) % 8.2% 43.2% 21.5% 7268.7%

2011 (D) 158.3 56.5 214.8 20.7 9.7% 5.9%

2012 (E) 135.8 78.0 213.8 19.4 9.1% 4.6% 4.9 123.3 11.4

(E)/( D) % -14.2% 38.1% -0.5% -6.4%

(A) 39.5 10.7 50.2 2.3 4.7% -1.2% 4.1 133.3 2.9

Net revenue Maintenance New plants Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested Capital Depreciation

-89.2% -11.8% -2.9%

120.7% -4.9% -0.7%

17.3 119.7 10.5

-71.7% 3.0% 7.9%

Table 10 Rental financial indicators

4Q11
in R$ millions

3Q12 (B) 57.0 10.4 67.4 38.0 56.5% 16.3% 40.3 389.7 10.6

4Q12 (C) 64.3 9.9 74.2 36.9 49.8% 16.9% 53.7 417.1 11.8

(C)/(A) % 36.4% 28.3% 35.3% 20.2%

(C)/(B) % 12.9% -4.8% 10.2% -2.9%

2011 (D) 157.0 18.4 175.4 93.6 53.4% 16.5%

2012 (E) 222.5 31.0 253.5 141.2 55.7% 18.2% 160.9 383.1 41.4

(E)/( D) % 41.7% 68.5% 44.5% 50.8%

(A) 47.2 7.7 54.9 30.7 56.0% 18.6% 33.4 334.8 8.5

Net revenue Rental Technical support services, sales and others Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested Capital Depreciation

60.9% 24.6% 39.6%

33.4% 7.0% 11.9%

162.8 277.8 28.2

-1.2% 37.9% 46.6%

4Q12 Results Glossary


(a) EBITDA - EBITDA is a non-accounting measurement which we prepare and which is reconciled with our financial statement in accordance with CVM Instruction 01/2007, when applicable. We have calculated our EBITDA (usually defined as earnings before interest, tax, depreciation and amortization) as net earnings before financial results , the effect of depreciation of assets and equipment used for rental , and the amortization of intangible assets. EBITDA is not a measure recognized under BR GAAP, IFRS or US GAAP. It is not significantly standardized and cannot be compared to measurements with similar names provided by other companies. We have reported EBITDA because we use it to measure our performance. EBITDA should not be considered in isolation or as a substitute for "net income" or "operating income" as indicators of operational performance or cash flow, or for the measurement of liquidity or debt repayment capacity. (b) Capex (Capital Expenditure) Acquisition of goods and intangibles for permanent assets. (c) ROIC (Return on Invested Capital) - Calculated as Operating Income before financial results and after the payment of income tax and social contribution (theoretical 30% income tax rate) on this income, divided by average Invested Capital, as defined below. ROIC is not a measure recognized under BR GAAP, and it is not significantly standardized and cannot be compared to measurements with similar names provided by other companies. Quarterly ROIC: ((Quarterly Operational Income (30% Income Tax Rate) + remuneration from affiliates) / Average Invested Capital of the last four months) * 4 Annual ROIC: (Annual Operational Income (30% Income Tax Rate) + remuneration from affiliates) / Average Invested Capital of the last thirteen months (d) Expenses with contract coordination - Expenses with contract coordination include personnel expenses with our project teams and commercial engineers, who are responsible for the management and supervision of each of ou r contracts. It is the most relevant item in G&A, representing from 50% to 60% of the total G&A. (e) Net debt - Gross debt less cash holdings. (f) Enterprise Value (EV) Company value at the end of the period. It is calculated by multiplying the number of outstanding shares by the closing price per share, and adding the net debt. (g) Job execution costs - Job execution costs include: (a) labor costs for erection and dismantling of the equipment rented to our clients, when such tasks are carried out by the Mills workforce; (b) equipment freight costs, when under Mills responsibility; (c) cost of materials used in the execution of our services, such as individual safety equipment (EPIs), paint, insulation material, wood, among others; and (d) cost of materials used in the maintenance of the equipment, when it is returned to our warehouse; and (e) cost of equipment rented from third-parties. (h) Invested Capital For the Company, invested capital is defined as the sum of its own capital (net equity or shareholders equity) and capital from third parties (total loans and other liabilities that carry interest, from banks or not), both being average capital from the beginning to the end of the period considered. By business segment, it is the average of the capital invested by the company weighted by the average assets of each business segment (net liquid assets plus PPE Property, Plant and Equipment). The quarter asset base is calculated as the average of the asset base of the last four months and the annual asset base is calculated as the average of the last thirteen months.

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4Q12 Results INCOME STATEMENT


in R$ millions

4Q11 193.5 (95.6) 97.9 (44.2) 53.7 (12.5) 2.7 (9.9) 43.8 (14.3) 29.5 125,657 0.24

3Q12 222.2 (105.2) 117.0 (48.3) 68.7 (11.2) 1.1 (10.1) 58.6 (20.6) 38.0 126,314 0.30

4Q12 246.8 (120.2) 126.6 (65.1) 61.6 (16.2) 8.6 (7.6) 54.0 (12.4) 41.6 126,399 0.33

2011 677.6 (340.4) 337.2 (175.2) 162.0 (46.6) 14.7 (31.8) 130.1 (38.0) 92.2 125,657 0.73

2012 879.3 (410.9) 468.3 (218.5) 249.9 (51.2) 12.1 (39.2) 210.7 (59.2) 151.5 126,399 1.20

Net revenue from sales and services Cost of products sold and services rendered Gross profit General and administrative expenses Operating profit before financial result Financial expense Financial income Financial result Profit before taxation Income tax and social contribution expenses Net incom e Number of shares at the end of the per iod ( in thousands) Net income per thousand shares at the end of the period R$

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4Q12 Results BALANCE SHEET


in R$ millions

4Q11

3Q12

4Q12

Assets

Current Assets Cash and cash equivalents Marketable securities Trade receivables Inventories Recoverable taxes Advances to suppliers Der ivative financial instruments Other current assets Total Current Assets Non- Current Assets Trade receivables Recoverable taxes Deferred taxes Deposits in court 2.6 31.6 4.9 10.9 50.0 Investment Pr operty, plant and equipme nt Intangible assets 87.4 872.9 45.5 1,005.8 Total Non- Current Assets Total Assets 1,055.8 1,280.6 2.5 29.5 2.8 11.5 46.3 87.4 978.6 51.6 1,117.6 1,163.9 1,691.9 2.5 30.7 11.9 45.1 87.4 1,003.3 54.5 1,145.3 1,190.4 1,664.1 35.2 139.1 11.2 22.1 11.5 2.8 3.0 224.9 299.4 168.1 21.3 27.8 6.9 0.0 4.6 528.0 44.2 159.6 194.8 26.9 35.0 6.7 6.5 473.7

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4Q12 Results

in R$ millions

4Q11

3Q12

4Q12

Liabilities Current Liabilities Suppliers Borrow ings and financings Debentures Salar ies and payroll charges Income tax and social contribution Tax refinancing program ( REFIS) Taxes payable Profit shar ing payable Dividends payable Der ivative financ ial instruments Other current liabilities Total Current Liabilities Non- Current Liabilities Borrow ings and financings Debentures Prov ision for tax, civil and labor risks Deferred taxes Tax refinancing program ( REFIS) Other non-current liabilities Total Non- Current Liabilities Total Liabilities Stockholders' Equity Capital Earnings reserves Capital reserves Valuation adjustments to equity Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 527.6 212.0 (5.6) 2.1 736.1 1,280.6 536.2 210.9 (1.9) 0.3 89.2 834.7 1,691.9 537.6 321.8 0.2 (0.3) 859.3 1,664.1 71.1 268.4 16.1 10.5 0.6 366.7 544.5 40.4 537.3 11.0 9.9 0.6 599.2 857.2 30.2 537.5 9.9 2.4 9.8 0.4 590.2 804.7 35.9 65.3 6.1 25.0 2.7 0.4 8.1 7.9 21.9 4.4 177.7 46.1 109.1 13.2 37.2 4.7 0.9 9.9 11.8 18.8 6.3 258.0 47.8 41.8 13.0 27.6 0.9 18.6 20.1 36.2 0.8 7.8 214.5

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4Q12 Results CASH FLOW


in R$ millions Cash flow from operating activities Net income before taxation Adjustments Depreciation and amortization Prov ision for tax, civil and labor risks Expense on stock options Prof it sharing pay able Gain on sale of fixed and intangible assets Marketable securities income Interest, monetary and exchange rate variation on loans, contingencies and deposits in court Allowance for doubtful debts Others 43.8 54.0 130.1 210.7

4Q11

4Q12

2011

2012

22.8 0.2 0.9 3.2 (4.3) (1.5) 9.9 (0.3) 0.9 31.7

30.1 (1.1) 2.1 8.4 (3.7) 0.1 14.4 3.9 (0.1) 54.0

76.2 1.7 3.1 7.9 (19.3) (1.5) 38.9 11.4 1.2 119.6

108.6 (4.0) 5.8 20.1 (26.0) 46.9 16.1 (0.1) 167.4

Changes in assets and liabilities Trade receivables Inventories Recoverable taxes Deposits in court Other assets Suppliers Salaries and payroll charges Taxes payable Other liabilities (11.8) 0.6 4.2 0.1 (3.7) 6.0 (8.3) (5.3) (0.5) (18.5) Cash from operations Interest paid Income tax and social contribution paid Profit sharing paid Lawsuits settled Net cash provided by operating activities Cash flow from investment activities Marketable securities Acquisitions of investments Acquisitions of fixed and intangible assets Revenue f rom sale of non current and intangible assets Cash used in investing activities Cash flow from financing activities Capital subscription Shares in treasury Costs of issues of shares Dividends and interest on capital inv ested paid Amortization of borrowings New borrowings / debentures Net cash provided by (used in) financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 0.8 (0.0) 3.6 (8.0) 27.8 24.2 (37.1) 72.2 35.2 1.4 (69.6) (68.2) (255.2) 299.4 44.2 2.5 (0.5) (24.5) (86.3) 356.7 247.8 29.0 6.2 35.2 10.0 (0.0) (21.9) (95.2) 306.9 199.8 9.0 35.2 44.2 1.5 0.6 (102.1) 6.6 (93.4) (159.6) (74.5) 14.6 (219.6) 137.7 (92.9) (430.3) 26.1 (359.4) (159.6) (279.6) 46.1 (393.1) 57.0 (22.2) (2.7) (0.0) 32.1 (30.7) (5.7) 0.6 (0.4) (1.6) (0.1) (9.6) 8.6 1.4 (37.5) 70.5 (22.5) (15.3) 32.6 (27.2) (5.6) (6.0) (0.3) (5.7) 1.1 3.7 (2.9) 3.7 (39.2) 210.6 (32.2) (20.3) (17.5) 140.6 (71.6) (15.7) 13.5 (0.9) 4.2 (6.1) 2.6 7.9 3.1 (63.1) 315.0 (47.1) (55.1) (7.9) (2.6) 202.3

14

4Q12 Results

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 government 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 Comisso de Valores Mobilirios (CVM. equivalent to U.S. SEC).

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