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    9 m11 results 9 m11 results Presentation Transcript

    • 9M11 Results 21/11/2011
    • NoticeThis presentation contains forward-looking statements relating to the prospects of the business, estimates foroperating and financial results, and those related to growth prospects of OHL Brasil, these are merelyprojections and, as such, are based exclusively on the expectations of OHL Brasil’s management concerningthe 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, governmentregulations, competitive pressures, the performance of the Brazilian economy and the industry and are,therefore, subject to change without prior notice.
    • OHL GroupResultsOpportunities
    • Company Profile – OHL Group NATIONAL INTERNATIONAL CONCESSIONS ENVIRONMENTAL DEVELOPMENTS INDUSTRIAL CONSTRUCTION CONSTRUCTION • Civil Projects • EUA • Buildings Construction • México, Chile and Peru • Sea and brackish water • Tourist Complexes • Refinery Desalination • Urban Services and • Central Europe • Malls • Gas Infrastructures • Urban and Industrial • Qatar and Argélia • Petrochemical Water Purification • Energy • Potable water treatment • Lands Movements • Fire protection systems TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING FACILITIES • 9 • 2 Spain PORTS • 1 Mexico • 4 Spain • 1 Brazil • 1 Argentina 37 km • 1 Spain 2 million 2,431 berths pass./year • 3 Chile • 1 India • 6 Mexico 80 hectares • 3 Spain • 1 Peru 4.417 km 1
    • Company Profile – Geographical Presence 2
    • Company Profile – OHL Group OHL Group OHL Concesiones  International Group of construction, concessions and services,  Strategic position in Latin America: Brazil, México and Chile listed in the Madrid Stock Exchange since 1991  Global operator of infrastructures: roads, ports, airports and railways  Founded over 98 years ago and established in 21 countries  Expertise in Brazil through OHL Brasil  Portfolio of € 78 bn (9M11)  Broad international experience in the developing of efficient capital structure for projects  Summary of results:  Summary of results: Revenue (Mn Euros) 2009 2010 9M11 Revenue (Mn Euros) 2009 2010 9M11 OHL S.A 4,780 100% 4,910 100% 3,587 100% OHL Concesiones 1,142 100% 1,509 100% 1,252 100% Construction 3,426 72% 3,071 63% 1,972 55% Argentina 10 1% 14 1% 11 1% Others Activities 213 4% 330 7% 364 10% Brasil 432 38% 646 43% 555 44% Concessions 1,142 24% 1,509 31% 1,252 35% Chile 53 5% 68 4% 26 2% Espanha 57 5% 75 5% 69 6% EBITDA (Mn Euros) 2009 2010 9M11 México 65 6% 89 6% 81 6% OHL S.A 763 100% 1,005 100% 838 100% Peru 8 1% 14 1% 14 1% Construction 310 41% 240 24% 183 22% Outros 518 45% 603 40% 497 40% Others Activities 18 2% 18 2% 17 2% EBITDA (Mn Euros) 2009 2010 9M11 Concessions 436 57% 747 74% 639 76% OHL Concesiones 436 100% 747 100% 639 100% Argentina (3) -1% (3) 0% (4) -1% Brasil 248 57% 356 48% 303 47% Chile 39 9% 50 7% 20 3% Espanha 21 5% 26 3% 45 7% México * 133 31% 284 38% 255 40% Peru 5 1% 8 1% 10 2% Outros (8) -2% 27 4% 10 2% 3
    • Company Profile – Investment Criteria  Geographical Scope:  Strategic Countries like Brazil, Mexico, Chile, Peru and Spain  Selectively in other geographical areas  Level of Ownership: We favor majority holdings that confer decision-taking and control powers in each concession.  Profitability: A 15% target in Euros, taking into account the effect of possible parity changes, estimated as inflation differential.  Equity: Financed with cash flow put up by the Group.  Debt: Non-recourse and in local currency, free from exchange rate risk. 4
    • Company Profile – Corporate Structure OHL S.A. 100% PARTÍCIPES EN BRASIL 100% OHL CONCESIONES SL 60% STATE TOLL ROADS FEDERAL TOLL ROADS OTHER BUSINESS 100% 100% AUTOVIAS PLANALTO SUL LATINA MANUTENÇÃO 100% CENTROVIAS FLUMINENSE LATINA SINALIZAÇÃO 100% PAULISTA INTERVIAS FERNÃO DIAS INFRAESTRUTURA 100% VIANORTE RÉGIS BITTENCOURT 4.68% LITORAL SUL 5
    • Company Profile – OHL Brasil’s Concessions  One of the largest companies in Brazil in the sector of toll roads concessions in terms of kilometers under management, with 3,226 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 operate hold more than 2/3 of the Brazilian fleet of vehicles 6
    • Company Profile – Terms of the Concessions Portfolio Life: The average remaining term of our concessions’ portfolio is 16.6 years. 22 22 22 22 22 17 7 8 7 11 3 3 3 3 3 13 13 13 Years pending Years elapsed 7
    • Portfolio – State Concessions Description 1.500 Net Revenue, Margin and Adjusted EBITDA * 110,0% 1.400 OHL Brasil Stake 100 % 1.300 1.200 Length 1,147 km 1.100 68.2% 67.7% 70.8% 71.4% 80,0% 1.000 61.9% 64.0% 59.4% Nº of toll plazas 23 900 51.1% 57.0% 800 Portfolio Average Life 9.8 years 50,0% 700 600 Equiv. Vehicles – 3Q11 (mn) 48.4 500 896 400 776 20,0% Employees – 3Q11 1,335 300 546 617 724 634 729 465 507 494 525 527 200 360 395 Average Tariff – 3Q11 R$ 6.19 100 184 265 301 338 288 - -10,0% Estimated Invest. – (2012-2015) R$ 570 million 2003 2004 2005 2006 2007 2008 2009 2010 9M11 Net Debt – 3Q11 R$ 699 million Net Revenue (R$ mn) Adjusted EBITDA (R$ mn) * Adjusted EBITDA Margin (%) Notes: Net revenue without revenue from construction services. Calculated in accordance with BR GAAP (before IFRS). 8 * Excl. Fixed C. Charge
    • Portfolio – Federal Concessions Description Net Revenue, Margin and Adjusted EBITDA OHL Brasil Stake 100 % 53,6% Length 2,079 km 46.5% 48.8% 48.3% 50,0% 46.1% 220 44.2% 42.9% Nº of toll plazas 29 41.4% 42.0% Portfolio Average Life 22 years Equiv. Vehicles – 3Q11 (mn) 122.8 130 25.0% 180 25,0% Employees – 3Q11 2,161 138 138 140 152 170 182 188 128 Average Tariff – 3Q11 R$ 1.69 40 100 70 79 88 88 101 48 53 61 58 60 Estimated Invest. – (2012-2015) R$ 2.7 billion 25 -26 Net Debt – 3Q11 R$ 925 billion -50 0,0% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1T11 2T11 3Q11 Net Revenue (R$ mn) Adjusted EBITDA (R$ mn) Adjusted EBITDA Margin (%) Notes: Net revenue without revenue from construction services. 9 Calculated in accordance with BR GAAP (before IFRS).
    • OHL GroupResultsOpportunities
    • Macroeconomic Scenario GDP (%) Interest rate – EoP (%) 40,0 CDI TJLP 35,0 7.5 30,0 24.9 6.1 25,0 5.7 5.2 17.8 18.1 20,0 16.3 4.0 3.9 4.1 13.2 13.7 12.5 12.5 15,0 11.0 11.2 10.7 3.2 10.0 9.8 9.8 2.7 8.7 10,0 6.9 6.3 6.3 6.0 6.0 6.0 6.0 1.1 5,0 (0.6) - 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E Inflation rate (%) Exchange rate – EoP (R$) R$ / € R$ / US$ IGP-M IPCA 5,0 25.3 4,5 3.7 3.6 3.6 4,0 3.3 3,5 2.8 2.8 3,0 3.5 2.6 2.5 2.2 12.5 12.4 2,5 2.9 11.3 2.7 9.8 2,0 8.7 9.3 7.8 2.3 2.1 2.3 7.6 1,5 1.8 5.7 5.9 5.9 6.0 6.2 1.7 1.7 1.6 1.7 4.5 4.3 5.0 5.1 1,0 3.8 3.1 1.2 0,5 (1.7) - 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E Source: IBGE, FGV, BACEN, CETIP, Relatório Focus (07/01/2011) e BNDES 10
    • Traffic Var% Vehicle-Equivalents (Thousand) 9M11 9M10 9M11/9M10 State Concessions 135,432.70 116,071.66 16.7% Autovias 32,011.46 31,044.58 3.1% Centrovias 35,278.10 19,524.92 80.7% Intervias 43,567.20 42,231.23 3.2% Vianorte 24,575.94 23,270.93 5.6% Federal Concessions 359,636.87 312,239.98 15.2% Planalto Sul 20,890.00 19,727.59 5.9% Fluminense 34,678.68 31,295.99 10.8% Fernão Dias 113,278.57 83,658.18 35.4% Régis Bittencourt 106,269.41 99,651.33 6.6% Litoral Sul 84,520.22 77,906.89 8.5% Total 495,069.57 428,311.64 15.6% 11
    • Traffic Centrovias Fernão Dias  In the second half of 2010, four toll plazas run by Centrovias started  In September 2010, the last toll plaza of the Fernão Dias Highway, tolling in both directions, reducing the rate by half located in the municipality of Mairiporã, went into operation  The toll plazas are located at the cities of Brotas, Dois Córregos,  This toll plaza represents about 21% of all traffic toll fees for utility Itirapina and Rio Claro Centrovias (MN Equiv. Vehicles) Fernão Dias (MN Equiv. Vehicles) 15,0 50,0 12,0 40,0 9,0 30,0 6,0 20,0 3,0 10,0 - - 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Before event After event 12
    • Traffic Commercial vs. Passenger (%) Electronic Toll Collection (AVI) State Concessions AVI State Concessions 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 60.0% 61,7% 56.0% 56.7% 57.3% 58.0% 62% 63% 63% 62% 64% 53.0% 53.7% 53.8% 53.9% 61% 61% 60% 62% 60% 50.7% 58% 42% 40% 40% 39% 38% 39% 37% 38% 38% 37% 36% Federal Concessions AVI Federal Concessions 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 74% 76% 75% 73% 77% 76% 75% 76% 76% 72% 73% 44,2% 42.5% 39.8% 36.9% 38.1% 35.4% 30.2% 31.6% 29.6% 27.5% 26% 25% 27% 28% 25% 27% 25.0% 24% 23% 24% 24% 24% Commercial Passenger 13
    • Average Toll Tariff Var% Average Toll Tariff (R$ / Vehicle-Equivalents) 9M11 9M10 9M11/9M10 State Concessions 5.84 6.16 -5.2% Autovias 6.16 5.79 6.4% Centrovias 5.57 8.95 -37.8% Intervias 5.05 4.77 5.9% Vianorte 7.22 6.83 5.6% Federal Concessions 1.68 1.51 11.0% Planalto Sul 3.10 2.90 6.9% Fluminense 2.78 2.59 7.3% Fernão Dias 1.30 1.10 18.2% Régis Bittencourt 1.70 1.50 13.4% Litoral Sul 1.36 1.19 14.0% Total 2.82 2.77 1.6% State Concessions: Federal Concessions: Tariff readjustment IGPM Tariff readjustment IPCA Tariff readjustment IPCA fev/12E 6.4% jul/12E 4.5% jul/12E 5.5% dez/11E 6.7% jul/11 9.8% jul/11 6.6% fev/11 6.0% jul/10 4.2% jul/10 5.2% dez/10 5.9%
    • OHL Brasil’s Performance Consolidated Traffic Evolution (MN Equiv. Vehicles) Net Revenue (R$ MN) – Excl. Construct ion Revenue 1.497 596 1.189 446 725 616 495 1.279 428 389 430 1.090 108 127 142 100 99 105 111 268 159 93 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11 Margin and Adjusted EBITDA ¹ (R$ MN) Net Income ² (R$ MN) 1.350 90,0% 1.300 1.250 1.200 80,0% 304 1.150 1.100 65.4% 1.050 62.8% 63.4% 64.5% 62.3% 60.5% 70,0% 1.000 58.7% 59.2% 950 57.8% 900 52.4% 60,0% 850 800 750 50,0% 176 700 650 600 40,0% 300 550 105 500 99 226 450 887 30,0% 77 75 400 624 793 350 300 20,0% 25 250 474 645 200 384 3 150 247 277 10,0% 100 168 50 55 92 -8 - 0,0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11 Adjusted EBITDA (R$ mn) ¹ Adjusted EBITDA Margin (%) 645 Obs.: Net revenue without construction revenues ¹ Excl. fixed charge 14 Calculated in accordance with BRGAAP (before IFRS). ² 2010, 9M10 and 9M11 Net Income in IFRS
    • Indebtedness Gross Indebtedness (R$ MN) Leverage Ratio and Net Debt (R$ MN) Total 2,5 2,6 2,4 Long Term 2,2 2,5 Short Term 2.963 1,9 1,8 2.789 2.754 2.770 2.000 1,7 1,7 1,6 1,6 1,6 2.474 2.504 1,5 1.500 1.936 1.794 1.822 1.554 0,5 1.657 1.287 1.223 1.862 1.882 2.411 37 1.425 739 1.000 847 (0,5) 267 1.611 922 1.523 1.575 1.354 1.450 1.455 1.453 1.291 1.325 1.346 1.784 1.174 500 1.158 1.197 1.186 1.281 1.234 (1,5) 947 873 908 735 552 - (2,5) 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Net Debt Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months) Debt Cost Breakdown (%) Debt Amortization Schedule (R$ MN) 0,3% 13,0% TJLP BNDES 44,4% 44,4% 408 401 407 CDI Debentures 364 55,3% 256 IPCA Others 194 200 42,6% 115 125 135 91 98 106 63 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 15
    • Performed Investments on Federal Highways Accumulated Evolution of Performed Investments (R$ MN) + 601 + 575 + 592 2.391 1.790 1.215 623 2008 2009 2010 9M11 16
    • Main Projects in Progress Autopista Fluminense Duplication of 59.6 km of the BR 101/RJ between the cities of Macaé and Campos dos Goytacazes, started in mid-August, shortly after obtaining the construction license from IBAMA. In this first phase, there will be an investment of about R$ 200 million. Altogether, the project includes the duplication of 176.6 km. Autopista Fernão Dias Construction of the second stage of the Betim (MG) City Belt, by about 9 km. The connection of two ends of the road will enable the creation of an alternative to long distance traffic. The project foresees a total investment of R$ 35 million. Work began in October. 17
    • Main Projects in Progress Autopista Régis Bittencourt Construction of the initial and final portions of the second runway of the Serra do Cafezal (BR 116/SP), with 11 km long, close to Juquitiba and Miracatu cities. Altogether, there will be 30 km of highway that will be duplicated. The release of the license related to the central stretch depends on the conclusion of the analysis performed by the environmental agency. In total, will be invested approximately R$ 560 million in this project. Autopista Planalto Sul Duplication of 25 km of the BR-116 from Curitiba to Mandirituba, started in October. There an investment of R$ 62 million . 18
    • Financing Plan for Federal Concessions  Financing the Capex for the first 8 years R$ 0.5 bn  Around 69% of the Financed Capex  Grace period of 2 years Federal Federal  Repayment period in 12 years Federal BNDES1 CAPEX CAPEX Next CAPEX 5 years R$ 2 bn  Cost: TJLP + 200-300 bps margin Next3,6 5 anos R$ 5 years Next. bn  It will be concluded in 2011 R$ 3.5 bn bn R$ 3.6 R$ 1 bn  Today: Credit line of R$ 3.7 billion with BNDES  Until September 2011 R$ 1.3 billion had already been disbursed in 5 federal concessions R$ 0.9 bn  Cash generation of federal and state concessions OHL R$ 1.9 bn R$1,7 bn  Additional financing through debentures in state concessions R$1.7 bi R$ 1,0 bn  Leverage rate below 3.5x (Net Debt/EBITDA) Performed / Disbursed (until Mar/2011) Not Disbursed Credit Expected Amount to be Performed BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC). 16
    • Panorama of loans with BNDES Planalto Sul Fluminense Fernão Dias Régis Bittencourt Litoral Sul Total Current contract Long Term Bridge Loan Long Term Long Term Long Term - Signature of the current contract mar/11 aug/09 jul/11 jan/10 jul/11 - Expiration date of current contract 12/15/2025 12/15/2011 03/15/2026 12/15/2024 07/15/2026 - Principal amount taken up to 9/302011 (R$ 162 143 350 422 208 1,285 MM) Limit long-term credit - contracted / 331 781 703 1,069 810 3,694 expected (R$ MM) Fundable% on CAPEX 68% 66% 70% 65% 68% 68% Forecasting loan signing long-term Signed dec/11 Signed Signed Signed - Approved by the Current phase of the long-term loan Signed Signed Signed Signed - board of BNDES 20
    • OHL GroupResultsOpportunities
    • New Opportunities Federal Government – BR 101/ES/BA  Coverage: 475.9 km (BA-698 – ES, km 458.4)  Terms of Concession: 25 years  Conditions: the lowest tariff  Investments: about R$ 2,35 billion (R$ 893 million in the first five years)  Operation Costs (25 years): R$ 1,64 billion  Toll Plazas: 7  Toll Tariff: R$ 6.80 per 100 Km  Estimated Revenue (25 years): R$ 6,7 billion Source: ANTT - Jan/2010 20
    • New Opportunities Federal Government – BR-116/MG  Coverage: 817 km (BR-393 RJ – BR-116 BA)  Terms of Concession: 25 years  Conditions: the lowest tariff  Investments: about R$ 3,55 billion (R$ 870 million in the first five years)  Operation Costs (25 years): R$ 1,73 billion  Toll Plazas: 8  Toll Tariff: R$ 4.80 per 100 Km  Estimated Revenue (25 years): R$ 8,51 billion Source: ANTT - Jan/2007 22
    • New Opportunities Federal Government – BR-040 (DF/GO/MG)  Coverage: 937 km (Federal District – Juiz de Fora)  Terms of Concession: 25 years  Conditions: the lowest tariff  Investments: about R$ 2,77 billion (R$ 1,29 billion in the first five years)  Operation Costs (25 years): 2,02 billion  Toll Plazas: 12  Toll Tariff: R$ 3.43 per 100 Km  Estimated Revenue (25 years): R$ 8,76 billion Source: ANTT - Jan/2007 21
    • New OpportunitiesTamoios Highway (SP-099) 24
    • New Opportunities – Airports (summary of modeling results) Guarulhos Viracopos Brasília NPV Project ¹ (minimum value of the auction, to be recognized to the FNAC R$ 2,293 MM R$ 521 MM R$ 75 MM during the contract) PV: R$ 4,771 MM PV: R$ 6,274 MM PV: R$ 2,212 MM Investments ² Total: R$ 6,241 MM Total: R$ 11,489 MM Total: R$ 3,535 MM Revenues ³ R$ 18,686 MM R$ 16,169 MM R$ 5,489 MM Variable Contribution ³ R$ 1,866 MM R$ 808 MM R$ 110 MM (to be recognized to the FNAC during the contract) (10% Gross Revenue) (5% Gross Revenue) (2% Gross Revenue) Note: Values correspond to 100% of the concession. 1. NPV discounted at the rate (real WACC) of 6.46%. Amount to be paid by the Concessionaire - SPE consists of the successful Bidder (51%) and Infraero (49%). 2. PV discounted at the rate (real WACC) of 6.46%. Total amount already includes the effect of REIDI and maintenance investments. 3. PV discounted at the rate (real WACC) of 6.46%. Amount to be paid by the Concessionaire - SPE consists of the successful Bidder (51%) and Infraero (49%). 17
    • New Opportunities – Airports (model assumptions)  GDP Growth (until 2014): LDO ¹ Projected Demand  Rate decreasing income elasticity of demand at 0.25% p.a.  WACC = 6.46% real Macro Economic Assumptions  Model in real terms – without inflation  Connection Tariff: R$ 7.00 (domestic and international) Tariff Structure  Incorporation of ATAERO: 20.75%  Viracopos’s tariff adjusted to Category 1 Payment to be made by the Concessionaire during the contract for the Variable Contribution National Fund for Civil Aviation (FNAC) to the investments in other airports  Guarulhos: 10% Gross Revenue  Viracopos: 5% Gross Revenue  Brasília: 2% Gross Revenue  Guarulhos: 20 years Concession Term  Viracopos: 30 years  Brasília: 25 years 18 ¹ Lei de Diretrizes Orçamentárias (Budget Guidelines Law
    • Florianópolis City Belt – Proposal 27
    • Alessandro Scotoni LevyIR Officerri@ohlbrasil.com.brR. Joaquim Floriano, 913 – 5º andarItaim Bibi – São Paulo – SPCEP 04534-013Tel: +55 11 3074-2410Visit our website:www.ohlbrasil.com.br/ir