4Q14 Presentation of Results

Presentation of 4Q14 and 2014
Results
March 11th, 2015
Financial Performance1
In R$ million
210.1
832.3
48.7%
794.2
213.0
207.8
51.7%
191.5
49.7%
47.0%
191.5
665.5
181.9
50.9%
794.2
48.4%
44.1%
42.3%
41.3%
462.8
34.8%
107.5
102.4
30.6%
105.9
403.1
339.0
335.7
350.2
7.0%
64.3
7.0%
81.7
2014
2014
79.0
66.7
14.1%
45.6
13.8%
33.9
12.3%
33.4
1Q14
2Q14
3Q14
Net revenue
217.4
12.3%
6.6%
92.2
9.9%
9.4%
14.7%
151.5
14.1%
172.6
11.3
3.2
4Q13
55.6
3Q14
EBITDA
4Q14
-6.2
Net earnings
2011
2012
EBITDA margin (%)
2013
ROIC
4Q14/4Q13
4Q14/3Q14
2014/2013
CAGR 11-14
Net revenue
-13%
-5%
-5%
20%
EBITDA
-46%
-30%
-13%
17%
Net earnings
-114%
-155%
-53%
-4%
Reclassified excluding the Industrial Services business unit, for comparison

ROIC: Return on Invested Capital.
Excluding non-recurring items of R$ 21.7 million of net earnings and R$ 14.5 million of EBITDA in 2014, of which R$ 12.3 million in 3Q14
Presentation of 4Q14 Results 03/11/2015
Net revenue totaled R$ 181.9 million in 4Q14
Per business unit
Per service type
Heavy
Construction
29%
Technical
assistence
1%
Rental
46%
Real Estate
25%
Sales
10%
Others
7%
Rental
82%
We have a broad client base
Heavy
Construction
Real Estate
Rental
Mills
% 2014 Revenue
29%
25%
46%
100%
# Clients
377
2,065
4,083
5,798
Top 10 Clients (% revenue)
38%
20%
12%
16%
Indicators
EBITDA reduction of R$ 11 million qoq
Change in EBITDA
In R$ million
90
3.6
80
8.4
0.3
70
60
4.6
8.9
1.1
2.3
50
40
79
30
20
10
0
55.6
Historical level of Mills ADD represented 2.3% of net revenue

Changes in allowance for doubtful debts (ADD)
As % of Revenues
6.0%
5.3%
5.0%
4.2%
Excluding credit
downgrade
4.0%
3.0%
2010-2014 Average
2.1%
2.0%
2.0%
1.7%
1.0%
0.3%
0.0%
2010
2011
2012
2013
2014
Positive cash flow of R$ 116 million in 2014, of which R$ 119

million was in the second half of 2014
Free cash flow1

200
116
100
74
45
11
2010
2011
2012
2013
(31)
1Q14
2Q14
3Q14
4Q14
2014
(13)
(100)
(154)
(200)
(219)
(300)
(340)
(400)
1 Net
cash generated by the operating activities minus net cash applied in investment activities
Mills invested R$ 172 million in rental equipment in 2014, of

which R$ 17 million in 4Q14
Capex
In R$ million
499
36
413
18
324
15
Rental
267
163
292
20
Real Estate
131
199
161
104
27
Heavy Construction
90
185
105
60
106
74
2010
47
51
2011
2012
19
48
2013
2014
Reclassified excluding Industrial Services business unit, for comparison.
Debt profile
Debt1
Debt amortization schedule1
in R$ million
in R$ million
745
194
231
552
194
206
184
134
150
Gross debt Cash position
Net debt
Cash
position
144
137
106
106
65
31
38
27
2019
2020
174
72
57
34
38
2015
2016
2017
2018
Interest
Principal
Credit lines available,2

Used
Not used
R$ 64.5 million
R$ 505.6 million
As of December 31st ,2014
2 Unsecured overdraft account+ Secured bank credit lines
Debt indicators
EBITDA/Net fincancial results
Net Debt/EBITDA
8.9x
8.0x
7.1x
1.6x
1.5x
1.5x
1.5x
1.5x
4Q13
1Q14
2Q14
3Q14
6.1x
5.2x
4Q13
1Q14
2Q14
3Q14
4Q14
Debentures Covenants :
(1) EBITDA/net financial results higher than or equal to two; and
(2) Net Debt/EBITDA less than or equal to three.
10
4Q14
The new organizational structure aims to improve operational

efficiency and synergy from the Heavy Construction and Real
Estate business units
New Organizational Structure
CEO
Heavy
Construction
Commercial
11
Real Estate
Commercial
Apresentao de Resultados 4T14 11/03/2015
Operations
Engineering
Maintenance
Projects
Inventory
handling and
control
Field Operation
Rental
Actions to mitigate risks with companies under ongoing

investigations
Diversify new rental contracts, regarding clients and projects
To prioritize projects with lower risk of paralization
To reduce or maintain current customer credit risks exposure
To diversify our client base

Strengthen relationship with medium-size companies from the infrastructure
market
Increase Rentals market share in the non-construction market
Preserve cash and expenses reduction where there is no impact on

operations
12
Rental Financial Performance

In R$ million
60.1%
57.7%
55.8%
55.7%
56.3%
357.3
370.8
54.9%
98.6
97.3
97.2
53.4%
53.0%
91.0
83.9
253.5
39.6%
201.2
58.4
56.0
18.2%
55.1
50.0
17.8%
16.2%
14.5%
11.5%
33.2
4Q13
1Q14
2Q14
3Q14
Net revenue
196.7
175.4
16.5%
93.6
2011
4Q14
EBITDA
141.2
18.2%
18.2%
11.5%
2012
EBITDA margin (%)
2013
2014
ROIC
4Q14/4Q13
4Q14/3Q14
2014/2013
CAGR 11-14
Net revenue
-14%
-8%
4%
28%
EBITDA
-41%
-34%
-2%
28%
13
Utilization rate increased to the detriment of price in 4Q14
Changes in revenue
Utilization Rate
in R$ million
100
3.8
90
100%
In %
11.7
0.8
80%
80
70
60%
60
50
91
83.9
40
40%
2014 Average = 63%
30
20%
20
10
0%
0
3Q14
Revenues
Rented
Volume
Price and Others

4Q14
mix
Revenues Revenues
Fonte: Mills
14
Appreciation of our work: Nominated again to IAPA Awards
2015: Among the three finalists for

Powered Access Pioneer
2014: We were awarded in IPAF Training
Center of the Year category

2012: We were awarded in Access Rental
Company of the Year
15
Construction sector is the major user of motorized access in

Brazil
Revenues per type of use
17%
17%
11%
4%
20%
16%
19%
16%
51%
17%
Others
Spot
64%
67%
73%
63%
Industry
45%
Construction
Brazilian market
Mills
United Rentals United Rentals

(pre-merger
(post-merger
RSC)
RSC)
Ramirent
Source: Brazilian Market 2014, estimated by Mills Mills 2014, United Rental - 2014 and Ramirent - 2014
16
4,000 motorized access units came onto the Brazilian

market in 2014
Motorized acess equipment fleet
In thousands of units
40
100%
90%
34
35
80%
30
30
70%
25
60%
21
20
50%
16 45%
15
40%
38%
11
10
43%
31%
30%
20%
13%
5
0
10%
0%
2009
2010
2011
# Machines
2012
2013
2014
YoY (%)
Source: Mills
17
Safety - Growth driver in the motorized access equipment

market
Leading causes of fatal accidents in construction work
19%
Falls
35%
12%
Electric shock
10%
Crushing
USA
5%
Collision
Brazil
8%
8%
4%
Source: (1) EUA: Osha data of 2010 and (2) Brazil : BOLETIM SIRENA Accidents in work
analysis -N 2 - January to December, 2010, data of 2010
18
Safety - Growth driver in the motorized access equipment

market
Number of accidents by type of access equipment
EUA 2010-2011
1,889
403
277
233
72
Mobile ladders
Vehicles with lift

tables, dock
levellers, ramps and
flying tables
Fixed scaffolding
Mobile scaffolding
Aerial platform
Source: HSE HandS-On Statistics Data Tool
19
Productivity - Growth driver in the motorized access

equipment market
Preparation: scaffolding assembly last 2 days

with 8 people
Operation: fixed structure makes it difficult to
access certain points
20
Preparation: it reaches working heights in

one and half minutes
Operation: flexible, easy to operate and
maneuver
Geographic expansion - Growth driver in the motorized

access equipment market
Evolution in Rentals number of units
30
26
16
17
14
21
2008
2009
2010
2011
2012
2013
2014
Heavy Construction Financial Performance

In R$ million
58.649.9%
50.2%
55.5
46.2%
51.0
48.5%
51.9
41.2%
52.5
42.1%
174.1
131.6
108.1
29.3
25.6
25.6
17.9%
84.3
21.4
16.3%
13.3%
16.3
57.8
12.1%
17.2%
2011
2012
88.9
19.2%
9.9%
9.9%
4Q13
211.0
43.9%
31.0%
19.2%
217.0
49.8%
1Q14
2Q14
3Q14
Net revenue
4Q14
EBITDA
EBITDA margin (%)
2013
2014
ROIC
4Q14/4Q13
4Q14/3Q14
2014/2013
CAGR 11-14
Net revenue
-10%
1%
-3%
17%
EBITDA
-44%
-24%
-18%
15%
22
Utilization rate decrease qoq was partially offset by the

positive effect of price and mix
Change in revenue
Utilization Rate
in R$ million
100%
In %
60
2.6
1.6
1.6
80%
50
40
60%
30
52.5
51.9
40%
2014 Average = 68%
20
20%
10
0%
0
3Q14
Revenues
Rented
Volume
Price and
Others
4Q14
mix
Revenues Revenues
Source: Mills
23
Characteristics of 2015 backlog1
Source of funds
Per sector
PPP
13%
Others
13%
Industry
32%
Public
40%
Private
46%
Heavy Construction
55%
24
Revenues expected in 2015 for signed contracts of December 31st., 2014
Infrastructure investments varied from 2.0 to 2.5% of Brazil

GDP in the last 25 years, below the estimated % required to
their maintainance
Infrastructure investments
in % of GDP
6.0
5,4
5.0
4.0
0.46
2.13
3,6
Sewage and sanitation
0.24
3.0
1.47
0.80
0.15
2.0
0.43
1.0
2,3
2.03
0.76
2.4
2,2
0.21
0.19
0.67
0.74
0.64
0.63
0.62
1990-2000
2001-10
0.21
Energy
Telecom
0.8
Logistics
0.50
0.73
2.5
0.5
1.48
0.90
1.1
2011-12
2013
0.0
1971-80
1981-89
Source: Credit Suisse report about infraestructure in Brazil The Brazilian Infraestructure: Its now or
never from July 2013 and Inter.B (2013)
25
Infrastructure investments are priority in Brazil. However,

there are major uncertainties regarding its execution.
Expected investments in Brazil

in R$ billion
Exame - Balance 2014/2015
Infrastructure
643
Total
1,013
830
Sobratema - 2014 - 2019
1,772
BNDES - 2015-2018
598
1,509
Source: BNDES December 2014, Sobratema 5 Edio 2014, Anurio Exame 2014-2015, data
from 1,565 construction works.
26
Real Estate Financial Performance

In R$ million
258.0
59.5
47.7%
238.0
58.8
54.2
42.4%
48.6
212.4
212.4
48.6
45.4
36.4%
42.8%
155.8
30.4%
39.4%
31.5%
23.5
17.1
15.7%
8.1%
6.7%
6.5%
2.1%
4Q13
1Q14
2Q14
23.6%
113.4
25.2
3Q14 -9.6%
-4.7
Net revenue
7.7
3.8%
3Q14
13.5%
14.3%
66.0
93.8
15.7%
64.6
8.1%
6.1
0.4%
4Q14
2.5%
0.4%
2011
EBITDA
50.1
2012
2013
EBITDA margin (%)
2014
2014
ROIC
4Q14/4Q13
4Q14/3Q14
2014/2013
CAGR 11-14
Net Revenue
-16%
-6%
-18%
11%
EBITDA
-64%
-20%
-47%
-9%
Excluding non-recurring effects of R$ 14.5 million in 2014, of which R$ 12.3 million was in 3Q14.
27
Utilization rate continued to decrease in 4Q14, partially offset

by a positive effect of price and mix
Change in revenue
Utilization rate
in R$ million
100%
In %
60
4.8
50
1.7
80%
0.1
40
60%
30
40%
48.6
45.4
2014 average = 60%
20
20%
10
0%
0
3Q14
Revenues
Rented
Volume
Price and
Others
4Q14
mix
Revenues Revenues
Fonte: Mills
28
Launches and sales declined in 2014, with possible negative

impact on 2015 construction activities
Total launches1
Total sales1
in R$ billion
in R$ billion
27.9
32.1
80%
30
100%
35
100%
26.6
80%
29.8
25.0
30
25
21.3
Var. (%)
40%
19.1
20
20%
10.1%
7.6%
15
0%
60%
20.0
20
40%
15
20%
9.8%
4.7%
0%
Sales (in R$ million)
25
23.4
Var. (%)
60%
Launches (in R$ million)
22.7
10
10
-20%
-18.6%
-33.7%
-40%
-60%
2010
2011
2012
2013
-18.4%
-20%
-19.9%
-40%
-60%
2014
2010
1 Cyrela,
2011
2012
2013
2014
Direcional, Even, Eztech, Gafisa, Helbor, MRV, Tecnisa, Rodobens, and PDG
Source: Operational reports from companies and Mills
29
In 2015, civil construction GDP should present reduction

similar to the previous year
GDP
Yoy variation (%)
15%
10%
5%
0%
2009
2010
2011
2012
2013
2014*
2015*
-5%
-10%
Total GDP
Civil construction GDP
Source: Bacen and estimative from Ibre-FGV for both periods
30
Stages of industrialization of the construction process
System
Traditional with wood
Traditional with steel
Deck type
Flying table
Cycle between
concreting activities
15 days
7-10 days
6-8 days
4-7 days
Labor required1
30 people
20 people
12 people
10 people
Approximately 800 m2
Source: Tchne Magazine. June 2012 and Mills
31
Mills - Investor Relations

Tel.: +55 21 2123-3700
E-mail: ri@mills.com.br
www.mills.com.br/ri

4Q14 Presentation of Results

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Presentation of 4Q14 and 2014

March 11th, 2015

Reclassified excluding the Industrial Services business unit, for comparison

Presentation of 4Q14 Results 03/11/2015

Net revenue totaled R$ 181.9 million in 4Q14

Per business unit

Per service type

Presentation of 4Q14 Results 03/11/2015

We have a broad client base

Top 10 Clients (% revenue)

Presentation of 4Q14 Results 03/11/2015

EBITDA reduction of R$ 11 million qoq

Presentation of 4Q14 Results 03/11/2015

Historical level of Mills ADD represented 2.3% of net revenue

Presentation of 4Q14 Results 03/11/2015

Positive cash flow of R$ 116 million in 2014, of which R$ 119

Free cash flow1

Presentation of 4Q14 Results 03/11/2015

Mills invested R$ 172 million in rental equipment in 2014, of

Reclassified excluding Industrial Services business unit, for comparison.

Presentation of 4Q14 Results 03/11/2015

Debt amortization schedule1

Gross debt Cash position

Credit lines available,2

Presentation of 4Q14 Results 03/11/2015

Presentation of 4Q14 Results 03/11/2015

The new organizational structure aims to improve operational

Apresentao de Resultados 4T14 11/03/2015

Actions to mitigate risks with companies under ongoing

To prioritize projects with lower risk of paralization

To reduce or maintain current customer credit risks exposure

To diversify our client base

Preserve cash and expenses reduction where there is no impact on

Presentation of 4Q14 Results 03/11/2015

Rental Financial Performance

EBITDA margin (%)

ROIC: Return on Invested Capital.

Presentation of 4Q14 Results 03/11/2015

Utilization rate increased to the detriment of price in 4Q14

2014 Average = 63%

Price and Others

Presentation of 4Q14 Results 03/11/2015

Appreciation of our work: Nominated again to IAPA Awards

2015: Among the three finalists for

Center of the Year category

Company of the Year

Presentation of 4Q14 Results 03/11/2015

Construction sector is the major user of motorized access in

United Rentals United Rentals

Presentation of 4Q14 Results 03/11/2015

4,000 motorized access units came onto the Brazilian

Presentation of 4Q14 Results 03/11/2015

Safety - Growth driver in the motorized access equipment

Leading causes of fatal accidents in construction work

Presentation of 4Q14 Results 03/11/2015

Safety - Growth driver in the motorized access equipment

Vehicles with lift

Source: HSE HandS-On Statistics Data Tool

Presentation of 4Q14 Results 03/11/2015

Productivity - Growth driver in the motorized access

Preparation: scaffolding assembly last 2 days

Presentation of 4Q14 Results 03/11/2015

Preparation: it reaches working heights in

Geographic expansion - Growth driver in the motorized