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8   conference call 4 q09 8 conference call 4 q09 Presentation Transcript

  • Conference Call 4Q09 Earnings Results March 05th, 20091
  • 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
  • Traffic Performance and Average Toll Tariff – State Concessions Traffic Performance (in ‘000 equiv.-vehicle) Average Toll Tariff (R$) +5.1% +1.1% +3.9% 37,084 37 084 37,474 37 474 +0.3% +0 3% 35,640 7,580 7,579 Evolução Tarifa Média (R$) 7,284 13,134 13 134 13,751 13 751 13,797 13 797 5,829 6,105 6.07 6.09 5,686 5.86 9,536 9 536 9,923 9 923 9,994 9 994 4Q08 3Q09 4Q09 4Q08 3Q09 4Q09 Autovias Centrovias Intervias Vianorte Tariff Adjustment of 3.64% in July 01, 2009 based on the accumulated variation of the IGP-M from June/2008 to May/2009.3
  • Traffic and Tariff – Federal Concessions Toll Paying Toll-Paying Traffic – Federal Concessions 4Q09: Var% Var% Equivalent-Vehicles 4Q09 3Q09 4Q08 4Q09/3Q09 4Q09/4Q08 Planalto Sul 6,437,879 6,265,555 128,096 2.8% n.r. Fluminense Fl i 10,204,164 10 204 164 8,311,200 8 311 200 - 22.8% 22 8% n.a. Fernão Dias 27,066,228 25,123,637 638,639 7.7% n.r. Régis Bittencourt 32,732,688 31,927,999 230,922 2.5% n.r. Litoral Sul 26,330,909 23,629,091 - 11.4% n.a. Total - Federal Concessions: 102,771,868 95,257,482 997,657 7.9% n.r. Tariff Adjustment: In accordance with the contracts for the federal concessions, on December 19, 2009, the basic toll for the Planalto Sul concession was increased to R$2.90, based on the criterion of rounding up the first decimal place and the cumulative variation in the IPCA inflation index from December 2008 to November 2009 (+4.22%). The tolls at the Fernão Dias and Régis Bittencourt concessions were not increased due to the rounding criteria for the basic toll stated in the concession contracts g Average Toll Tariff Var% Var% 4Q09 3Q09 4Q08 (in R$/Equiv-Vehicles) 4Q09/3Q09 4Q09/4Q08 Planalto Sul 2.73 2.70 2.70 1.1% 1.1% Fluminense 2.50 2.50 - 0.0% n.a. Fernão Dias 1.10 1.10 1.10 0.0% 0.0% Régis Bittencourt 1.50 1.50 1.50 0.0% 0.0% Litoral Sul 1.10 1.10 - 0.0% n.a. Average - Federal Concessions: 1.47 1.46 1.40 0.7% 5.0%4
  • Net Revenue – Evolution per Concessionaire Net Services Revenue Var% Var% Var% 4Q09 3Q09 4Q08 2009 2008 (R$ thousand) 4Q09/3Q09 4Q09/4Q08 YoY Autovias 52,608 51,989 48,308 1.2% 8.9% 194,585 183,092 6.3% Centrovias 51,168 48,962 46,180 4.5% 10.8% 186,635 169,629 10.0% Intervias 59,984 59,910 55,140 0.1% 8.8% 221,087 206,815 6.9% Vianorte 46,904 46,843 42,980 0.1% 9.1% 173,315 164,159 5.6% Total - State Concessions: 210,664 207,704 192,608 1.4% 9.4% 775,622 723,695 7.2% Planalto Sul 16,024 15,497 319 3.4% n.a. 55,695 319 n.r. Fluminense 22,819 18,805 - 21.3% n.a. 61,189 - n.a. Fernão Dias 27,328 25,390 650 7.6% n.a. 87,388 650 n.r. Régis Bittencourt 44,868 43,700 318 2.7% n.a. 139,800 318 n.r. Litoral Sul 26,776 24,206 - 10.6% n.a. 69,315 - n.a. Total - Federal Concessions: 137,815 127,598 1,287 8.0% n.a. 413,387 1,287 n.r. Total: 348,479 335,302 193,895 3.9% 79.7% 1,189,009 724,982 64.0% Electronic Toll Collection: Revenues through electronic collections (AVI System) in the state concession toll plazas in 4Q09 represented 53 8% compared to 53 7% in 3Q09 and 51 4% in 4Q08; 53.8% 53.7% 51.4% For the federal concessions the average percentage of electronic collections is currently at 30 2% against 29 6% in the 3Q09 30.2%, 29.6% 3Q09.5
  • EBITDA and Margin EBITDA (in R$ million) 77.8% 75.7% 72.0% 72.8% 69.8% 69 8% 70.4% 71.0% 71 0% 70.9% 70 9% 67.4% 6 4% 62.5% 61.6% 55.0% 43.4% 209.7 214.8 158.4 139.6 157.9 116.3 120.8 105.1 94.6 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 EBITDA EBITDA Margim Consolidated (%) EBITDA Margin Ex-Federal (%) EBITDA Var% Var% Var% 4Q09 3Q09 4Q08 2009 2008 (R$ thousand) 4Q09/3Q09 4Q09/4Q08 YoY Net Services Revenue 348,479 335,302 193,895 3.9% 79.7% 1,189,009 724,982 64.0% Cost and Service Expenses (133,667) (125,642) (54,305) 6.4% 146.1% (512,039) (201,119) 154.6% EBITDA 214,812 209,660 139,590 2.5% 53.9% 676,970 523,863 29.2% EBITDA Margin (%) M i 61.6% 61 6% 62.5% 62 5% 72.0% 72 0% 56.9% 56 9% 72.3% 72 3%6
  • EBITDA – Federal Concessions Only EBITDA- Federal Concessions EBITDA F d lC i Var% V % 4Q09 3Q09 (R$ thousand) 4Q09/3Q09 Net Services Revenue 137,815 127,598 8.0% Costs and Service Expenses (76,465) (75,112) 1.8% Costs of Services (Ex Amort & Depre ) (Ex. Amort. Depre.) (59,166) (59 166) (55,311) (55 311) 7.0% 7 0% Grant Authority Costs (7,000) (8,757) -20.1% General & Administrative Expenses (Ex. Amort. & Depre.) (10,088) (10,446) -3.4% Directors Compensation (725) (677) 7.1% Tax Expenses 205 (1) n.r. nr Other Revenues/ Expenses 309 80 286.3% EBITDA 61,350 52,486 16.9% EBITDA Margin (%) 44.5% 41.1% The following two factors explain the increase of EBITDA in our Federal Concessions during this quarter: Increase in Net Revenues in the period due to the operation of 28 out of the 29 toll plazas throughout the 4Q09. Increase of 1.8% in Operating Costs and Expenses quarter on quarter, basically due to: (i) the increase of 7.0% in "Operating Costs (Ex Amortization and Depreciation)" due to the higher costs with routine road maintenance; and (ii) the 20.1% reduction in “Expenses with the Concession Authority” due to the lower expenditures in the quarter with “Inspection Funds”. Inspection Funds .7
  • Financial Result Var% Var% Var% Financial Result (R$ thousand) 4Q09 3Q09 4Q08 2009 2008 4Q09/3Q09 4Q09/4Q08 YoY Financial Revenues 10,260 (2,027) 16,752 n.r. -38.8% 32,996 28,832 14.4% Financial Expenses (52,061) (53,966) (36,319) -3.5% 43.3% (188,780) (173,043) 9.1% BNDES (17,547) (12,573) (2,939) 39.6% 497.0% (35,949) (21,078) 70.6% Other Financial Expenses (30,256) (37,915) (23,569) -20.2% 28.4% (140,067) (95,744) 46.3% Monetary Correction of Fixed C. Charge (4,258) (3,478) (9,811) 22.4% -56.6% (12,764) (56,221) -77.3% Net Exchange Variation 21 37 (152) -43.2% n.r. 199 (186) n.r. Net Financial Result ( , (41,780) ) ( , (55,956) ) ( , (19,719) ) -25.3% 111.9% ( (155,585) , ) ( (144,397) , ) 7.7% % Net Services Revenue -12.0% -16.7% -10.2% -13.1% -19.9%Financial Expenses Breakdown (% total of the financial expenses) IGP M- (Inflation) – Quarterly IGP-M 1.2% 70.3% 64.9% Other Financial Expenses 58 1% 58.1% -0.1% -0.4% 4Q09 3Q09 4Q08 BNDES 33.7% 27.0% CDI (Interest Rate) – Quart. Average 23.3% 13.5% 13 5% Monetary Correction of Fixed 8.2% 6.4% 8.1% Concession Charge 8.5% 8.7% 4Q09 3Q09 4Q08 4Q09 3Q09 4Q088
  • Net Income Results Evolution (in R$ thousand) 169,322 (14,738) (57,962) (7,606) (13,794) (17,656) (6,492) (21,122) 5,553 (11,319) (11 319) 70,623 46,437 Net Income Gross Deductions Costs Grant Authority G&A Deprec. and Financial Financial Monetary IR&SC Net Income 4Q08 Revenues Expenses Expenses Amort. Revenues Expenses Correction Taxes 4Q09 of Fixed Concession Charge +52.1%9
  • Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) Indebtness (R$ million) 1,936 1,794 1,657 2.5x 2.6x 2.4x 1,425 1 425 739 2.2x 1.9x 847 1.4x 267 1,012 1,037 922 1.1x 1.0x 1.1x 691 690 1,325 1,346 1,291518 1,174 933 935 1,158 1,197 375 355 947 915399 735 652 316 335 437 416 471119 79 1024Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Long Term Short Term Net Debt Net Debt/ (EBITDA -Fixed Concession Charge Paid) (LTM) Debt Cost Breakdown Debt Amortization Schedule (in R$ million) 88.7% 946.5 52.5% 50.2% CDI 812.2 47.2% 49.5% TJLP 11.3% 0.0% 0.3% 0.3% Other 23.0 11.8 4Q08 3Q09 4Q09 2010 2011 2012 2013 10
  • Indebtedness BNDES Bridge Loan (Federal Concessions): Credit line totaling R$ 1.0 billion structured with of the "BNDES Bridge Loan" for the federal concessions in June 2009; Until January 31 2009 already had been disbursed R$798 4 million 31, R$798.4 million. BNDES Long-Term Loan (Federal Concessions): Material delivered and beginning of studies; The first payments of this credit line are expected for 2Q10. Long-Term Loan (State Concessions): On February 18, 2010, the state concessions Autovias, Centrovias, Intervias and Vianorte registered at the Brazilian Financial and Capital Markets Associations (ANBIMA) a request for a R$1.1 billion debentures issue by the concessions. The proceeds from the issue will used primarily: i. to refinance the R$700 million in promissory notes issued in November 2009 and due in April 2010 at the concessions Autovias, Centrovias and Intervias; ii. to repay the debt held by Vianorte at the BNDES of approximately R$50 million; and iii. for additional funds of R$350.0 million for investments and dividend payments at the four state concessions. i11
  • CapEx CapEx Breakdown 4Q09 – R$138 3 million* C E B kd R$138.3 illi * 3.47% 16.28% 16 28% 7.10% 7 10% 5.84% 1.89% 9.16% 21.01% 8.58% 26.67% Estimated investments for the next 5 years (2010 to 2014), as scheduled under the concession agreements: State Concessions: R$598 million; St t C i illi Federal Concessions: R$3.8 billion. * Not considering investments in other subsidiaries, holding and adjustments of consolidation.12
  • New Opportunities Federal Highways: 3rd Stage / 1st Phase: BR-040, BR-381 and BR-116 (Minas Gerais State). 2,000 km with 3 lots. Auction ti t d to l t A ti estimated t occur i 2010 in 2010; 3rd Stage / 2nd Phase: BR-101/ES, BR-101/BA and BR-470/SC. 1,600 km with 3 lots. No estimate date for the auction. State Highways: Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2010; , ; São Paulo: Rodoanel: South and East stretches with Public Hearing on 20/01/10, estimated bidding to 1Q10. Forecast PPP Tamoios highway. Airports: Galeão (Rio de Janeiro) and Viracopos (Campinas SP) Are expected the concession of (Campinas-SP). these two airports to privately-owned enterprise. PPP - Aeroporto Internacional de São Gonçalo do Amarante (Natal/RN). Estimated to occur 2010/2011.13