Your SlideShare is downloading. ×
  • Like
11   conference call 4 q08
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Now you can save presentations on your phone or tablet

Available for both IPhone and Android

Text the download link to your phone

Standard text messaging rates apply

11 conference call 4 q08

  • 234 views
Published

 

Published in Business , Technology
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
234
On SlideShare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
1
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Conference Call 4Q08 Earnings Results March 17th, 20081
  • 2. Notice This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of OHL Brasil, these are merely projections and, as such, are based exclusively on the , y p j , , y expectations of OHL Brasil’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward looking statements depend substantially on changes in market conditions forward-looking depend, substantially, conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry and are, therefore, subject to change without prior notice.2
  • 3. Key issues of the quarter Traffic expansion In 4Q08 the traffic volume in our concessionaires totaled 35.6 million toll paying vehicle- equivalents, 2.6% higher than the same period in 2007; 4Q08 Results Adjusted EBITDA: In 4Q08 we reached an Adjusted EBITDA of R$126.5 million (+20.8%), (+20 8%) Adjusted EBITDA Margin of 65 2%; 65.2%; Financial Results: Our Net Financial Expenses fell 63.9%, against the 3Q08, totaling R$19.7 million; Net Income: The Company’s Net Income for 4Q08 was R$46.4 million, an increase of p y 112.4% vs. 4Q07. Toll Collection Begins – Federal Concession In December 2008, 5 toll plazas on 3 federal concessionaires of OHL Brasil began collecting. Until 03/16/2009, 20 toll plazas are operating.3
  • 4. Traffic Performance – State Concessions Traffic Performance (in ‘000 equiv.-vehicle) +2.6% +2 6% +2.6% 2 6% -5.5% -5.5% +6.9%* +6.9% 128,659 37,713 120,361 29,127 35,640 34,724 7,821 27,200 7,284 7,064 51,817 13,882 13 882 49,709 12,833 13,134 22,225 5,553 5,881 5,686 20,725 10,129 25,490 9,273 9,536 22,727 4Q07 3Q08 4Q08 Autovias 2007 2008 Centrovias Intervias Vianorte *Autovias Adjustment: considering average traffic volume between São Simão and Sta. Rita toll plazas.4
  • 5. Toll Tariff Performance – State Concessions Average Toll Tariff (R$) Toll Tariff Adjustment: Pursuant to the concession agreement of São Paulo state concessionaires, on July 1st, 2008, toll tariffs were adjusted in 11.53% according to the accumulated variation of the IGP-M (General Price Index) between June/2007 and May/2008. +12.7% +12.7% Average Toll Tariff %4Q08/ %4Q08/ 4Q08 3Q08 4Q07 0.0% (in R$/Equiv-Vehicles) 3Q08 4Q07 0.0% Autovias 5.50 5.51 4.92 -0.2% 11.8% Centrovias 8.81 8.84 7.47 -0.3% 17.9% Intervias 4.53 4.53 4.06 0.0% 11.6% 5.86 5.86 Vianorte 6.42 6.43 5.83 -0.2% 10.1% 5.20 Total: 5.86 5.86 5.20 0.0% 12.7% 4Q07 3Q08 4Q08 Centrovias’ Average Toll Tariff In 4Q08, Centrovias concessionaire’s average toll tariff grew 17.9% over 4Q07 due to the end of the duplication of Rodovia Engenheiro Paulo Nilo Romano, SP-225.5
  • 6. Toll Collection Begins – Federal Concessions Toll Paying Traffic - Federal Concessions Traffic Federal Equivalent Charge Period g Tariff (R$) ( ) Concessions (2008) Vehicles Planalto Sul from 12/19 to 12/31 128,096 2.70 Fernão Dias from 12/19 to 12/31 638,639 1.10 Régis Bittencourt from 12/29 to 12/31 230,922 1.50 Total 997,657 997 657 1.40 1 40* * Average Tarrif Toll Plazas and Collection Begins UNTIL 03/16/2009 OPENING ESTIMATION Toll Plazas - Concessionaire Total of Toll Plazas Opening - 2008 Opening - 2009 March April May June Operating Planalto Sul 5 1 4 5 Fluminense 5 3 3 1 1 Fernão Dias 8 2 4 6 1 1 Régis Bittencourt 6 2 2 4 1 1 Litoral Sul 5 2 2 1 2 Total 29 5 15 20 4 3 1 16
  • 7. Net Revenue Performance Net Revenue (in R$ million) Net Revenue per Concessionaire – 4Q08 +16.3% 24.0% 24 0% -4.8% 28.6% 203.7 193.9 1.3 Federal Concessions 166.7 46.2 25.1% 43.0 22.3% 38.0 0.66% 58.2 55.1 Federal Concessions 48.3 48 3 48.0 Electronic Toll Collection (% Total Toll Revenue) 46.2 38.3 51.6% 51.4% 46.5% 51.3 51 3 50.2% 48.9% 42.1 48.3 48 3 45.2% 4Q07 3Q08 4Q08 50.4% 51.0% 45.6% Autovias Centrovias 54.2% 54.4% 49.0% Intervias Vianorte 46.3% 52.0% 51.3% Federal F d l Concessions 4Q07 3Q08 4Q087
  • 8. Adjusted EBITDA and Margin Adjusted EBITDA (in R$ million) 71.3% 66 % 66.1% 63.6% 65.2% 61.1% 62.7% 58.3% 59.8% 145.3 126.5 112.0 104.5 109.0 86.9 93.3 80.4 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 Adjusted EBITDA % Adjusted EBITDA Margin %4Q08/ %4Q08/EBITDA and Adjusted EBITDA (R$ thousand) 4Q08 3Q08 4Q07 2008 2007 YoY 3Q08 4Q07NET SERVICE REVENUE 193,895 203,634 166,680 -4.8% 16.3% 724,982 615,813 17.7% Cost and Service Expenses (54,305) (45,231) (50,383) 20.1% 7.8% (201,119) (186,096) 8.1% EBITDA 139,590 139 590 158,403 158 403 116,297 116 297 -11.9% 11 9% 20.0% 20 0% 523,863 523 863 429,717 429 717 21.9% 21 9% EBITDA Margin (%) 72.0% 77.8% 69.8% 72.3% 69.8% (-) Fixed Concession Charge Paid (13,117) (13,118) (11,761) 0.0% 11.5% (49,759) (46,057) 8.0% Adjusted EBITDA 126,473 145,285 104,536 -12.9% 21.0% 474,104 383,660 23.6% Adjusted EBITDA Margin (%) 65.2% 71.3% 62.7% 65.4% 62.3%8
  • 9. Financial Result %4Q08/ %4Q08/Financial Result (R$ thousand) 4Q08 3Q08 4Q07 2,008 2,007 YoY 3Q08 4Q07Financial Revenues 16,752 6,222 2,209 169.2% 658.4% 28,832 11,895 142.4%Financial Expenses (36,319) (60,696) (34,784) -40.2% 4.4% (173,043) (120,701) 43.4% BNDES/CEF (2,939) (2 939) (3,748) (3 748) (7,933) (7 933) -21.6% 21 6% -63.0% 63 0% (21,078) (21 078) (33,345) (33 345) -36.8% 36 8% Other Financial Expenses (23,569) (46,446) (8,891) -49.3% 165.1% (95,744) (39,429) 142.8% Monetary Correction of Fixed C. Charge (9,811) (10,502) (17,960) -6.6% -45.4% (56,221) (47,927) 17.3%Net Exchange Variation g ( (152) ) ( ) (79) ( (119) ) 92.4% 27.7% ( (186) ) ( ) (66) 181.8%Net Financial Result (19,719) (54,553) (32,694) -63.9% -39.7% (144,397) (108,872) 32.6%% Net Services Revenue (10.2%) (26.8%) (19.6%) (19.9%) (17.7%) Financial Expenses Breakdown (% total of the financial expenses) IGP-M - Quarterly 76.5% 3.5% 3 5% 51.6% 64.9% Other Financial Expenses 1.5% Monetay Correction of 1.2% 25.6% 25 6% 17.3% 17 3% 27 0% Fixed Concessions Charge 27.0% 22.8% 6.2% 8.1% BNDES/CEF 4Q07 3Q08 4Q08 4Q07 3Q08 4Q08 9
  • 10. Net Income Results Evolution (in R$ thousand) 14,543 (9,717) 8,149 (10,547) 29,782 29 782 (2,567) (2 567) (3,829) 46,437 (852) 617 (1,146) 22,004Net Income Gross Deductions Costs Variable G&A Deprec. and Financial Financial Monetary I&SC Net Income 4Q07 Revenues Charge Expenses p Amort. Revenues p Expenses Correction Taxes 4Q08 of Fixed Concession Charge 112.4%10
  • 11. Debt StructureGross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) 1,012 1,037 1,9x (R$ million) 1,5x , 1,5x , 691 690 1,4x 14 1,4x 14 1,3x590 585 537 517 518 1,1x 1,1x 1,1x 933 935 375 355327 250 915 246 407 399 652 335 335 429 416 467 456 437 416 465263 291 316 110 119 79 1024Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 Long Term Short Term Net Debt Net Debt/ Adjusted EBITDADebt Cost Breakdown Debt Amortization Schedule (in R$ million) 886.7 88, % 88,.% 88.7% CDI 56.5% 42.4% 11.1% 11.3% TJLP 101.6 1.1% 0.4% 21.5 18.1 8.7 0.0% Other 2009 2010 2011 2012 2013 4Q07 3Q08 4Q0811
  • 12. CapEx CapEx* Breakdown 2008 C E *B kd Estimated C E E ti t d CapEx – STATE (in R$ million) $ Total Investments*: R$ 725 million 250 197 170 100 6.53% 7.88% 80 60 60 5.93% 5 93% 2007 2008 2009E 2010E 2011E 2012E 2013E 6.79% 72.87% Federals Estimated C E * E ti t d CapEx* - FEDERAL (i R$ million) (in illi ) Federal Investments - initial works and 1.235 1.233 1,102 construction of toll plazas: R$528.4 million were invested in our federal concessionaires in 2008 for initial road recovery, 528 531 such as pavement and art works recovery, improved signals and vegetation pruning; and 194 construction of toll plazas. 2008 2009E 2010E 2011E 2012E 2013E* Not considering investments in subsidiaries, at the Company and reversion of unrealized profits on our construction companies12
  • 13. Indebtedness – Federal Concessions Promissory Notes (PNs): • In January 2009 we have issued R$200.0 million in Promissory Notes to meet the commitments of investments in federal concessionaires. The re-payment of these PNs will be with the resources from the bridge loan from BNDES. Bridge Loan - BNDES: • As the first phase of the long term financing, the company is negotiating a bridge loan with the BNDES, which the first disbursement may occur in 1Q09; • The loan tenor will be in 18 months and the cost close to 12.70% + 2.6% p.a.. Long-Term Financing - BNDES: • On November 10th, 2008, BNDES approved the framing related to the long-term financing of 70% of the CAPEX of the first 6 years of our federal concessions; • We believe that the closing of this long-term f f financing operation will occur in approximately 8 months.13
  • 14. New Opportunities OHL Brasil maintains its aim to grow and develop in the Brazilian market of infrastructure concessions. 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 1H09; State Highways in Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 1H09; Airports. G l ã (Ri d J Ai t Galeão (Rio de Janeiro) and Vi i ) d Viracopos (C(Campinas-SP): A i SP) According t ANAC di to ANAC, the Bidding Documents will be announced in 2H09; Railway. Expresso Aeroporto (28.3 km) - Trem de Guarulhos (20.8 km): Phase of studies by the Government; Secondary Market.14