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Transcript of Apres Citi V4
2nd Annual Citi Brazil Equity Conference2nd Annual Citi Brazil Equity Conference
Intercontinental Hotel - São PauloIntercontinental Hotel São Paulo
Wednesday, June 24, 2009 - Friday, June 26, 2009
Company Presentation
1June 24, 2009
Notice
This presentation contains forward-looking statements relating to the prospects of thebusiness, estimates for operating and financial results, and those related to growth prospectsof OHL Brasil, these are merely projections and, as such, are based exclusively on the, y p j , , yexpectations of OHL Brasil’s management concerning the future of the business and itscontinued access to capital to fund the Company’s business plan.
Such forward looking statements depend substantially on changes in market conditionsSuch forward-looking statements depend, substantially, on changes in market conditions,government regulations, competitive pressures, the performance of the Brazilian economy andthe industry and are, therefore, subject to change without prior notice.
2
Agenda
Company Profile
P tf liPortfolio
OHL Brasil’s Results
Traffic
Federal Concessions
New Opportunities
3
Business Structure
Company Profile – OHL Group
NATIONAL INTERNATIONAL ENVIRONMENTAL DEVELOPMENTSCONCESSIONS INDUSTRIALNATIONAL
CONSTRUCTION
• Civil Projects
• Buildings Construction
• Urban Services and
INTERNATIONAL
CONSTRUCTION
• Latin America
• USA and Canada
• Central Europe
ENVIRONMENTAL
• Sea and brackish water Desalination
DEVELOPMENTS
• Tourist Complexes
• Malls
CONCESSIONS INDUSTRIAL
• Refinery
• GasUrban Services and Infrastructures
p
• Eastern Europe • Urban and Industrial Water Purification
• Potable water treatment
Malls • Gas
• Petrochemical
• Energy
• Lands Movements
• Fire protection
TOLL ROADS
• 9
RAILWAYS
• 2 Spain
COMMERCIAL PORTS
AIRPORTS
• 1 Mexico
MARINAS
• 4 SpainPARKING FACILITIES
psystems
• 1 Argentina
• 3 Chile
• 5 Mexico
3 Spain
• 1 Spainp
• 1 Brazil
4
• 3 Spain
• 1 Peru
OHL G OHL C i
Company Profile – OHL Group
International Group of construction, concessions and services, listed in the Madrid Stock Exchange since 1991;Founded over 98 years ago and established in 16 countries;
Strategic position in Latin America: Brazil, México e Chile;Global operator of infrastructures: roads, ports, airports and railways;
OHL Group OHL Concesiones
Portfolio of € 59 bn (+55%) in 2008;Unique Spanish builder with financial rating;Compromised with the maintenance of the "Investment Grade" obtained in 2001.
Expertise in Brazil through OHL Brasil;Broad international experience in the developing of efficient capital structure for projects.
Revenue (Euros M) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var.OHL S A 3 764 100% 4 009 100% 6% OHL Concessiones 436 100% 542 100% 25%
Summary of results: Summary of results:
OHL S.A 3,764 100% 4,009 100% 6% OHL Concessiones 436 100% 542 100% 25%National Construction 1,974 52% 1,786 45% -9% Argentina 11 2% 11 2% 6%International Construction 1,162 31% 1,429 36% 23% Brazil 232 53% 273 50% 17%Environment 117 3% 120 3% 3% Chile 45 10% 52 10% 16%Developments 76 2% 106 3% 39% Spain 28 7% 44 8% 54%Industrial - 0% 26 1% n/a Mexico 115 26% 80 15% -31%Industrial 0% 26 1% n/a Mexico 115 26% 80 15% 31%Concessions 436 12% 542 14% 25% Other 5 1% 84 15% 1450%
EBITDA (Euros M) 2007 2008 Var. EBITDA (Euros M) 2007 2008 Var.OHL S.A 543 100% 608 100% 12% OHL Concessiones 317 100% 340 100% 7%National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% -79%National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% 79%International Construction 87 16% 111 18% 28% Brazil 166 52% 205 60% 24%Environment 13 2% 19 3% 48% Chile 29 9% 33 10% 16%Developments 8 1% 15 2% 86% Spain 16 5% 1 0% -95%Industrial - 0% 2 0% n/a Mexico 122 39% 118 35% -3%Concessions 317 58% 340 56% 7% Other (19) -6% (18) -5% -6%
5
Company Profile – Corporate Structure
100.0%
100.0%
Participes en Brasil S.L.
40 0%
60.0%SPAIN
BRAZIL
40.0%
SAO PAULO STATE TOLL ROADSFEDERAL TOLL ROADS OTHER BUSINESS
100.0%100.0%
100.0%
100 0%
Year - 2008 TotalTotal extension (km) 1,147Toll Plazas 23Vehicle-Equivalents (mn) 141Employees* 1,179
Estimated 2009 TotalTotal extension (km) 2,079Toll Plazas 29Vehicle-Equivalents (mn) 285Employees* 1,216
100.0%
100.0%
SPR
Net Revenue (R$ mn) 724Adjusted EBITDA (R$ mn) 494
Net Debt (R$ mn)* 949
Net Revenue (R$ mn) 389EBITDA (R$ mn) 50Net Debt (R$ mn)* 236
6
4.68%
* Data from 1Q09
Company Profile - OHL Brasil’s Timeline
Beginning of Activities
Base Formation
94% Autovias
Strategic Positioning Expansion
100% Autovias
IPO OHL Brasil
100%
ANTT’s Auction
100%
9% to 24% Autovias
100% Centrovias
100% Intervias
100% Autovias
Centrovias Intervias Vianorte
100% Litoral Sul Planato Sul Fluminense
Régis Bittencourt Fernão Dias
1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 …
389 1430.3
615.8
R$
mm
)
CAGR = 55.7%
725.0
268.3
92.7158.8
389.1
et R
even
ues
(R 1999: Merger in Spain between OH and Lain
Business feasibility analysis
Acquisitions and privileged location
Current portfolio, Public Auctions and future growth
32.7Ne
7
analysis privileged location Auctions and future growth
Company Profile – OHL Brasil’s Concessions
The largest company in Brazil active in the sector of toll roads concessions in terms of kilometers under management, g ,with 3,226 km;
High Market-Share. 22% in terms of managed km;
OHL Brasil consolidated its participation in the main economic axes of the country;
There are approximately 35 million people living near our highways;
The states in which we operateThe states in which we operate hold more than 2/3 of the Brazilian fleet of vehicles.
8
Company Profile – Terms of the Concessions
Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years.
1924 24 24 24 24
9 10 9
11 11 9 111 1 1 1 1
Years pending Years elapsed
9
Portfolio – São Paulo State Concessions
State ConcessionsState Concessions State ConcessionsState ConcessionsOHL Brasil Stake 100 %Length 1,147 kmNo of toll plazas 23 plazasNo. of toll plazas 23 plazasPortfolio Average Life 11.8 yearsEqv. Vehicles - 2008 (mn) 141.1Employees 1Q09 1 179Employees – 1Q09 1,179Average Tariff – 1Q09 R$ 5.89Invest. Estimated – (5 Year) R$ 470 millionNet Debt – 1Q09 (R$ mn) 949 5Net Debt – 1Q09 (R$ mn) 949.5
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
68 2%
51.6% 50.7%
57.1%59.5%
61.9%64.0%
68.2%
310 360465 507 546
617724
160 183266 302 338
395494
2002 2003 2004 2005 2006 2007 2008
10
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
Portfolio – Autovias
AutoviasAutovias S A AutoviasAutovias S.A.OHL Brasil Stake 100 %Length 316 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Aug/2018Eqv. Vehicles - 2008 (mn) 38.0Employees 1Q09 185Employees – 1Q09 185Average Tariff – 1Q09 R$ 5.51Invest. Estimated – (5 Year) R$ 110 millionNet Debt – 1Q09 (R$ mn) 289 0Net Debt – 1Q09 (R$ mn) 289.0
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
60.9% 60.3%62.2% 62.0%
66.2%68.8%
71.4%
66 7995 107 121
150183
40 48 59 66 80103
131
2002 2003 2004 2005 2006 2007 2008
11
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
Centrovias
Portfolio – Centrovias
Centrovias S A CentroviasCentrovias S.A.OHL Brasil Stake 100 %Length 218 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Jun/2019Eqv. Vehicles - 2008 (mn) 22.2Employees 1Q09 174Employees – 1Q09 174Average Tariff – 1Q09 R$ 8.86Invest. Estimated – (5 Year) R$ 99 millionNet Debt – 1Q09 (R$ mn) 251 7
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
Net Debt – 1Q09 (R$ mn) 251.7
71 4%
56.9%
60.1%
65.2%62.8%
64.9% 66.0%
71.4%
70 81108 121 127 140
170
40 4970 76 82 92
121
2002 2003 2004 2005 2006 2007 2008
12
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
Intervias
Portfolio – Intervias
Intervias S A InterviasIntervias S.A.OHL Brasil Stake 100 %Length 376 kmNo of toll plazas 9 plazasNo. of toll plazas 9 plazasConcession Ending Jan/2029Eqv. Vehicles - 2008 (mn) 51.8Employees 1Q09 566Employees – 1Q09 566Average Tariff – 1Q09 R$ 4.53Invest. Estimated – (5 Year) R$ 130 millionNet Debt – 1Q09 (R$ mn) 350 4
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
Net Debt – 1Q09 (R$ mn) 350.4
71 5%
207
56.3%
49.0%
63.2%68.0% 68.6% 68.4%
71.5%
102 113144
162 172 184207
58 5691
110 118 126148
2002 2003 2004 2005 2006 2007 2008
13
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
Vianorte
Portfolio – Vianorte
Vianorte S A VianorteVianorte S.A.OHL Brasil Stake 100 %Length 237 kmNo of toll plazas 4 plazasNo. of toll plazas 4 plazasConcession Ending Mar/2018Eqv. Vehicles - 2008 (mn) 29.1Employees 1Q09 254Employees – 1Q09 254Average Tariff – 1Q09 R$ 6.44Invest. Estimated – (5 Year) R$ 131 millionNet Debt – 1Q09 (R$ mn) 58 4Net Debt – 1Q09 (R$ mn) 58.4
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin57.3%
31.3%35.4%
38.3%42.1%
45.7%51.5%
72 87118 117 126
143164
23 3145 49 58
7494
2002 2003 2004 2005 2006 2007 2008
14
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
Portfolio – Federal Concessions
Federal ConcessionsFederal Concessions Federal ConcessionsFederal Concessions OHL Brasil Stake 100 %Length 2,079 kmNo of toll plazas 29 plazasNo. of toll plazas 29 plazasPortfolio Average Life 24 yearsEmployees – 1Q09 1,216Tariff 1Q09 R$ 1 54Tariff – 1Q09 R$ 1.54Invest. Estimated – (5 Year) R$ 4,296 millionNet Debt – 1Q09 (R$ mn) 236.5
Revenues, EBITDA and EBITDA Margin
25.8% 30.0%
96119 126
7.6%
48
96
-26
731 38
-54.8%1Q09 E2Q09* E3Q09* E4Q09*
15
1Q09 E2Q09 E3Q09 E4Q09
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
* 2º Quarter, 3º Quarter and 4º Quarter are estimates of the Company
Portfolio – Autopista Planalto Sul
Autopista Planalto SulPlanalto Sul S A Autopista Planalto SulPlanalto Sul S.A.OHL Brasil Stake 100 %Length 413 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 1Q09 109Tariff 1Q09 R$ 2 70Tariff – 1Q09 R$ 2.70Invest. Estimated – (5 Year) R$ 407 millionNet Debt – 1Q09 (R$ mn) 22.1
Capital Structure – 1Q09
• 25.4 km of highway widening.
Main Commitments:
43.0%40.7%
16.2%
25.4 km of highway widening.• 48.3 km-long 3rd lane.• 10.2 km-long lateral lanes.• Construction of 7 overpasses.• Construction of 9 user service centers.• Renovation of the entire highway.
R$ 66.2 mnR$ 25.0 mn
Debt Intercompany Loans Capital
R$ 62.7 mn
16
p y p
Portfolio – Autopista Fluminense
Autopista FluminenseFluminense S A Autopista FluminenseFluminense S.A.OHL Brasil Stake 100 %Length 320 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 1Q09 170Tariff 1Q09 R$ 2 50Tariff – 1Q09 R$ 2.50Invest. Estimated – (5 Year) R$ 640 millionNet Debt – 1Q09 (R$ mn) 33.2
Capital Structure – 1Q09
• 176 6 km of highway widening
Main Commitments:
32.7%
42 4%
24.9%
• 176.6 km of highway widening.• 3.8 km-long lateral lanes.• 28.3 km alternate roads/loops.• Construction of 17 overpasses.• Construction of 7 user service centers.• Implementation or renovation of
i hi t ti
R$ 48.4 mnR$ 37.0 mn
42.4%
Debt Intercompany Loans Capital
weighing stations.• Renovation of the entire highway.
R$ 62.9 mn
17
p y p
Portfolio – Autopista Fernão Dias
Autopista Fernão DiasFernão Dias S A Autopista Fernão DiasFernão Dias S.A.OHL Brasil Stake 100 %Length 562 kmNo of toll plazas 8 plazasNo. of toll plazas 8 plazasConcession Ending Feb/2033Employees – 1Q09 378Tariff 1Q09 R$ 1 10Tariff – 1Q09 R$ 1.10Invest. Estimated – (5 Year) R$ 765 millionNet Debt – 1Q09 (R$ mn) 66.9
Capital Structure – 1Q09
• 88 km-long 3rd lane
Main Commitments:
37.9%
40.1%
22.0%
88 km long 3rd lane.• 94.16 km-long lateral lanes.• 10.3 km alternate roads/loops.• Construction of 50 overpasses.• Construction of 12 user service centers.• Implementation or renovation of
i hi t ti
R$ 108.7 mnR$ 63.0 mn
Debt Intercompany Loans Capital
weighing stations.• Renovation of the entire highway.
R$ 115.5 mn
18
Debt Intercompany Loans Capital
Portfolio – Autopista Régis Bittencourt
Autopista Régis BittencourtRégis Bittencourt S A Autopista Régis BittencourtRégis Bittencourt S.A.OHL Brasil Stake 100 %Length 402 kmNo of toll plazas 6 plazasNo. of toll plazas 6 plazasConcession Ending Feb/2033Employees – 1Q09 394Tariff 1Q09 R$ 1 50Tariff – 1Q09 R$ 1.50Invest. Estimated – (5 Year) R$ 1,474 millionNet Debt – 1Q09 (R$ mn) 66.1
Capital Structure – 1Q09
• 30.5 km of highway widening.
Main Commitments:
34.8%
45.5%
19.7%
30.5 km of highway widening.• 104.9 km-long 3rd lane.• 109.6 km-long lateral lanes.• 23.6 km alternate roads/loops.• Construction of 51 overpasses.• Construction of 9 user service centers.
Implementation or renovation of
R$ 95.3 mnR$ 54.0 mn
Debt Intercompany Loans Capital
• Implementation or renovation of weighing stations.• Renovation of the entire highway.
R$ 124.6 mn
19
p y p
Portfolio – Autopista Litoral Sul
Autopista Litoral SulLitoral Sul S A Autopista Litoral SulLitoral Sul S.A.OHL Brasil Stake 100 %Length 382 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 1Q09 165Tariff 1Q09 R$ 1 10Tariff – 1Q09 R$ 1.10Invest. Estimated – (5 Year) R$ 1,010 millionNet Debt – 1Q09 (R$ mn) 48.2
• 30 km-long 3rd lane
Capital Structure – 1Q09 Main Commitments:
45.6%31.5%
22.9%
30 km long 3rd lane.• 79.7 km-long lateral lanes.• 94.7 km alternate roads/loops.• Construction of 39 overpasses.• Construction of 8 user service centers.• Implementation or renovation of
i hi t ti
R$ 101.2 mnR$ 51.0 mn
Debt Intercompany Loans Capital
weighing stations.• Renovation of the entire highway
R$ 70.0 mn
20
OHL Brasil’s Results
Net Revenue (in R$ million)Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million)
616725
Consolidated Traffic Evolution (MN Equiv. Veihc.)
CAGR 02-08 = 4.30% 120
129
93159
268
389 430
218
39.7%100 99 105 108111
101.6%
3464
93
2002 2003 2004 2005 2006 2007 2008
156
1Q092002 2003 2004 2005 2006 2007 2008
3132
1Q09
34
Federal Concessions State Concessions
Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million)
9962 8% 63.4%64.5%
62 3%105
474
65.4%
7799
75
247277
38458.8% 57.8%
62.8% 62.3% 474
-57.2%37.4%
63.3%*
(8)
3
25
5592
168
247
49
8193
108*
21
2002 2003 2004 2005 2006 2007 20082002 2003 2004 2005 2006 2007 2008 1Q091Q09
* Adjusted EBITDA and Adjusted EBITDA Margin Excluding the Federal Concessions.
Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
2671 012 1,037
1,425
2.5x
1158250 246
375 355 933 935585 537 517 518
691 690
1,012 1,037
9151174
1.4x 1.5x 1.3x 1.1x 1.0x 1.1x1.4x
1.9x
335 291110 119
316 33579 102
246407 399
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09Long -Term Short - Term
416 467 456 437 416 471652
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09Net Debt Net Debt/Adjusted EBITDA (12 months)Long -Term Short - Term
Debt Cost Breakdown
Net Debt Net Debt/Adjusted EBITDA (12 months)
Debt Amortization Schedule (in R$ million)
CDI88 7% 91.4%
1,158.3
39.6%
59.6%
88.7%
TJLP
Other
209.525.3 20.8 11.4
apr/09 to apr/10 to 2011 2012 2013
11.3% 8.2%0,7%
0.0%0.4%
1Q08 4Q08 1Q09
22
apr/09 to mar/10
apr/10 to dec/10
2011 2012 20131Q08 4Q08 1Q09
Investments
Estimated* CapEx – State (R$ million) Estimated* CapEx – Federal (R$ million)
1,235 1,2331,102
1,235 1,233
197 170
528 531
194 197 170 80 60 60 100
2008 2009E 2010E 2011E 2012E 2013E
27
2008 2009E 2010E 2011E 2012E 2013E
223
State Concessions: R$470 million Federal Concessions: R$4.3 billion
23 * Base March/2009
Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR
Passenger/Light – Vehicles (adjusted series* base 100 = 2002)Passenger/Light Vehicles (adjusted series base 100 2002)
140
150
160ABCR SP OHL States ABCR BRA
100
110
120
130
80
90
Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09
Commercial/Heavy – Vehicles (adjusted series* base 100 = 2002)
150
160ABCR SP OHL States ABCR BRA
110
120
130
140
150
80
90
100
110
Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09
24 *Adjusted historic series due the split of São Simão toll plaza in Autovias.
Jan 05 May 05 Sep 05 Jan 06 May 06 Sep 06 Jan 07 May 07 Sep 07 Jan 08 May 08 Sep 08 Jan 09 May 09
Traffic – OHL State Concessions x Proxies
Industry Payroll** v s Passenger Vehicles (adjusted series* base 100 = 2002)Industry Payroll v.s. Passenger Vehicles (adjusted series base 100 = 2002)
140
150
160Ind. Brazil OHL Passenger Vehicles
100
110
120
130
80
90
00
Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09
Industry Output ** v.s. Commercial Vehicles (adjusted series* base 100 = 2002)
160170180
Ind. Bra. Ind. SP OHL Comercial Vehicles
120130140150160
8090
100110
J 05 M 05 S 05 J 06 M 06 S 06 J 07 M 07 S 07 J 08 M 08 S 08 J 09 M 09
25 *Adjusted historic series due the split of São Simão toll plaza in Autovias. **Source: IBGE
Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09
Traffic – Seasonality: Total Vehicles
1,20 ABCR BRA
1,10
1,15
ABCR BRAOHL StatesABCR SPQuarterly Average OHL States
1,00
1,05
,
0 90
0,95
1,00
0,85
0,90
jan feb mar apr may jun jul aug sep oct nov decj p y j j g p
26
Traffic – Seasonality: Passenger / Light Vehicles
1,20ABCR BRA
1,10
1,15ABCR BRAOHL StatesABCR SPQuarterly Average OHL States
1,00
1,05
0 90
0,95
1,00
0,85
0,90
jan feb mar apr may jun jul aug sep oct nov decj y j j g
27
Traffic – Seasonality: Commercial / Heavy Vehicles
1,20 ABCR BRA
1,10
1,15ABCR BRAOHL StatesABCR SPQuarterly Average OHL States
1,00
1,05
,
0 90
0,95
1,00
0,85
0,90
jan feb mar apr may jun jul aug sep oct nov dec
28
Federal Concessions – Toll Plazas
O ti T ll Pl 2009Operating Toll Plazas 2009:UNTIL 06/23/2009
Concessionaire Opening - 2008
Opening - Jan/2009
Opening - Feb/2009
Opening - Mar/2009
Opening - May/2009
Opening - June/2009
Toll Plazas - Operating
Total Toll Plazas
Planalto Sul 1 1 3 5 5Fluminense 3 1 4 5
Fernão Dias 2 1 1 3 7 8
Ré i Bitt t 2 1 2 1 6 6Régis Bittencourt 2 1 2 1 6 6
Litoral Sul 2 1 2 5 5
Total 5 2 10 5 3 2 27 29
Opening Estimation:
Concessionaire July/09 Oct/09 TotalConcessionaire July/09 Oct/09 Total
Planalto Sul -Fluminense 1 1
Fernão Dias 1 1Fernão Dias 1 1
Régis Bittencourt -
Litoral Sul -Total 1 1 2
29
Federal Concessions - Traffic and Tariff
Traffic – Federal Concessions 1Q09:
Vehicle-Equivalents 1Q09 4Q08 1Q08 %1Q09/ 4Q08
%1Q09/ 1Q08
Planalto Sul 3,814,815 128,096 - n.r. n.a.Fluminense 2,792,000 - - n.a. n.a.Fernão Dias 11,297,273 638,639 - n.r. n.a.Régis Bittencourt 12 078 667 230 922 n r n aRégis Bittencourt 12,078,667 230,922 - n.r. n.a.Litoral Sul 3,955,455 - - n.a. n.a.
Total - Federal Concessions: 33,938,210 997,657 - n.r. n.a.
The toll tariffs offered in the federal auctions of October/07 were adjusted based on the variation ofthe IPCA from June 2007 to the month prior of the initiation of the toll charge at the first toll plaza ofeach concession.
A T ll T iffAverage Toll Tariff (in R$/Equiv-Vehicles) 1Q09
Planalto Sul 2.70
Fluminense 2.50
Fernão Dias 1.10
Régis Bittencourt 1.50
Litoral Sul 1.10
30
Average - Federal Concessions: 1.54
Federal Concessions - EBITDA
1Q081Q09 Var %.
OHL Brasil - Ex-Federal (1)
Federal Concessions
(2)
Consolidated (3)
OHL Brasil (4) (1)/(4) (3)/(4)
NET SERVICE REVENUE 170,114 47,805 217,919 156,012 9.0% 39.7%
Ajusted EBITDA (R$ thousand)
Costs and Service Expenses (49,340) (73,963) (123,303) (50,906) -3.1% 142.2%Costs of Services (Ex. Amort. and Depre.) (29,323) (55,028) (84,351) (28,747) 2.0% 193.4%
Grant Authority Expenses (5,765) (9,364) (15,129) (5,319) 8.4% 184.4%
General & Administrative Expenses (Ex. Amort.) (12,125) (9,327) (21,452) (14,888) -18.6% 44.1%
Directors' Compensation (2 476) (102) (2 578) (1 963) 26 1% 31 3% Directors Compensation (2,476) (102) (2,578) (1,963) 26.1% 31.3%
Tax Expenses (797) (142) (939) (323) 146.7% 190.7%
Other Revenues/ Expenses 1,146 - 1,146 334 243.1% 243.1%
EBITDA 120,774 (26,158) 94,616 105,106 14.9% -10.0%EBITDA Margin (%) 71 0% -54 7% 43 4% 67 4%EBITDA Margin (%) 71.0% -54.7% 43.4% 67.4%
(-) Fixed Concession Charge Paid (13,118) - (13,118) (11,760) 11.5% 11.5%Adjusted EBITDA 107,656 (26,158) 81,498 93,346 15.3% -12.7%Adjusted EBITDA Margin (%) 63.3% -54.7% 37.4% 59.8%
On that period, the booking of all costs and expenses, including the pre-operating costsand expenses, were posted directly to the Subsidiaries, and the Company Financial
The negative federal concessions’ EBITDA in 1Q09 is due to following factors:
p p y p yStatements (due to the extinction of deferred expenses, including the pre-operatingcosts and expenses introduced by MP- 449/08 in January, 2009); and
Partial toll collection at the federal concession (22 of 29 plazas), gradual start up
31
( p ), g pcollection throughout the quarter.
Federal Concessions – Estimative Net Revenue (R$ million)
Year 2 or 2009 Proposal Data* Potential - 29 Toll Plazas Performed/Estimated ANTT*Proposal Data* 26.2% 60.5% 64.8%Potential - 29 Toll Plazas -20.8% 27.2% 30.5%Performed/Estimated -37 7% -21 4% 2 6%Performed/Estimated -37.7% -21.4% 2.6%ANTT* -39.3% -23.4% -2.6%
156.1 148.9 155.6 163.3
117.5 121.1 127.5 128.0 119.0 126.2
47.8
95.6 94.7 90.4 94.4 99.1
1Q09 2Q09 3Q09 4Q09
Proposal Data* Potential - 29 Toll Plazas Performed/Estimated ANTT*
* Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002-2008)
p
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Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002-2008). ANTT Revenues: traffic ANTT x current tariffs.
Federal Concessions – Estimative Costs (R$ million)
Year 2 or 2009 Proposal Data Performed/Estimated ANTTProposal Data 5.6% -11.7%Performed/Estimated -5.3% -16.4%Performed/Estimated 5.3% 16.4%ANTT 13.3% 19.7%
101 3 101 3 101 3 101 3
89.5 89.5 89.5 89.5
74.0
88.3 88.3 88.3
101.3 101.3 101.3 101.3
1Q09 2Q09 3Q09 4Q09
Proposal Data Performed/Estimated ANTT
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Adjusted data with inflation from July/07 to June/09: 11.04%
Federal Concessions – Indebtedness
I f R$400 illi f P i N t
In 1Q09 the federal concessions issued R$400 through Promissory Notes;
Issuance of R$400 million of Promissory Notes:
This Notes have a cost of CDI + 5% p.y. and a maturity of 180 days;
The payment of these Notes will occur with the 1st disbursement of the BNDES bridge-lloan.
Approval by BNDES of R$756.4 million as part of the R$1 billion bridge-loan:
The BNDES already approved 3 bridge loans: R$331.8 million to Autopista RégisBittencourt S.A, R$204.0 million to Autopista Fernão Dias S.A and R$220.6 million toAutopista Litoral Sul S.A;
The approval of the funds to Planalto Sul and Fluminense are expected to occur inJune 2009 and the total limit available for the 5 concessions through this bridge-loanwill reach R$1 0 billion;will reach R$1.0 billion;
This bridge-loan will have the maturity of 18 months and precedes the long-term loan,also with BNDES.
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Federal Concessions – Financing Plan
Financing the Cape for the first 6 earsR$ 4.8 bn Financing the Capex for the first 6 years;Around 69% of the CapexGrace period of 2 years;Repayment period in 10 years;
R$ 2.3 bn
BN
DES
p y p yCost: TJLP + 200-300 bps margin.Long-term financing is estimated to the beginning of 2010.
Federal CAPEX 6 years R$ 1 bn
Bridge Loan of approximately R$ 1 billion with BNDES;R$756 million already approved by BNDES management;R$244 million remaining to be approved by BNDES;
R$830 mn
Maturity of 18 months and cost lower than 10.0% p.y;
Cash generation of federal and state concessions;
R$670 mn
OH
L Leverage in State Concessions;
Financing through CCB’s in State Concessions;Currently Leverage Ratio low than 3x (Net Debt/EBITDA);Currently Leverage Ratio low than 3x (Net Debt/EBITDA);
Possibility to increase the leverage ratio;Additional leverage capacity on State concessions due to annualEBITDA th
R$ ???
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EBITDA growth.
New Opportunities
OHL Brasil maintains its aim to grow and develop the Brazilian market of infrastructureconcessions. To do this we continue to analyze new opportunities in the sectors.
Federal Highways: BR-040, BR-381 e BR-116 (Minas Gerais State). 2,000 km with 3 lots.Auction estimated to occur in 2H09;
State Highways in Minas Gerais. 16 lots with 7,000 km. Concessions or PPP’s.Estimated to occur in 2009;
Airports. Galeão (Rio de Janeiro) and Viracopos (Campinas-SP). According to ANAC,the Bidding Documents will be announced in 2H09;
Secondary Market.
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Company Presentation
2nd Annual Citi Brazil Equity Conference
Contacts OHL Brasil S.A.:
Francisco Leonardo Moura da CostaCFO and IR Director
Rua Joaquim Floriano, 913 – 6º andarItaim Bibi – São Paulo – SP CFO and IR Director
Alessandro Scotoni LevyIR Manageralessandro@ohlbrasil com br
Itaim Bibi – São Paulo – SPCEP 04534-013Fone.: (5511) 3074-2404
Visit our new website: [email protected]
Vinicius Romboli NarcizoInvestment [email protected]
Visit our new website:
www.ohlbrasil.com.br
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Murilo TariniIR [email protected]
June 24 , 2009