0
APIMEC
3Q06 Earnings Results
     November 2006

            1
Notice


 Potential forward-looking statements in this presentation related to the Company’s
 business prospects, projecti...
Agenda


  Company Overview


  3Q06 Highlights


  3Q06 Results


  New Concessionaire

  Other Information

  Outlook


...
Company Overview

       4
Ownership Structure




                    100.0%


                                             FREE FLOAT


           ...
OHL Concesiones and OHL Group

                                                             Share   Length            OHL ...
Location
... to the Northwest of the city of São Paulo...
The state of São Paulo accounts for around 22% of the Brazilian ...
Corporate Governance

  Novo Mercado – Bovespa


  Strategic support and commitment from OHL Group.


  Transparency and p...
3Q06 Highlights

       9
3Q06 Highlights
   Traffic grew 2.8% in 3Q06 versus 3Q05.

   Net services revenue went up 7.7% when comparing 3Q06 with
 ...
3Q06 Results

     11
Consolidated Traffic




     Traffic Breakdown – 3Q06           Traffic Performance (in thousand Vehicle-Equiv.)

       ...
Traffic vs. GDP

 Year-on-year comparison:

    OHL Traffic
    GDP

               6.7%                                6....
Net Revenue




  Revenue Breakdown – 3Q06                          Net Revenue Performance (R$ thousand)
                ...
Adjusted EBITDA

                                                                                     Var %      Var %    ...
Financial Result

                                                                              Var %       Var %         ...
Indebtedness

                    Total debt (R$ million)                                                      Net debt (R...
Net Income


               Net Income Performance (R$ thousand)


                                                      5...
Capex


CAPEX (Real and Estimated)                                                     CAPEX Breakdown – 3Q06




        ...
New Concessionaire

        20
New Concessionaire: Vianorte

   Toll road network map:

    Beginning of concession:
   1998
    End of concession: 2018
...
New Concessionaire: Vianorte



  Traffic Performance (in thousand Vehicle Equiv.)                             Revenue Bre...
New Concessionaire: Vianorte
 Destaques Vianorte (R$ Mil)                        9M06             9M05          Var %     ...
Other Information

        24
Promissory Note Issue - SPR

                     SPR – Sociedade para Participações em Rodovias S.A.
       Issuer       ...
103,00
                                                                                                            113,00
...
Social Responsibility

                                Quantitative summary of projects until September 2006
             ...
Outlook

   28
New Biddings: Federal, State and PPP

Federal Lots:                   07                                                  ...
Investor Relations


OHL Brasil S.A. Contacts:                             Address:

Francisco Leonardo Moura da Costa    ...
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Apimec 3 T06 Final Eng

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Transcript of "Apimec 3 T06 Final Eng"

  1. 1. APIMEC 3Q06 Earnings Results November 2006 1
  2. 2. Notice Potential forward-looking statements in this presentation related to the Company’s business prospects, projections, and operating and financial results are based on Management beliefs and assumptions, as well as the information currently available to the Company. Forward-looking statements and information are not a guarantee of performance. They involve risks, uncertainties and assumptions since they refer to future events, and therefore depend on situations that may or not occur. Future results and shareholder value creation may differ significantly from those stated or suggested by the forward-looking statements. Many of the factors that will determine these results and values are beyond OHL Brazil’s control and prediction capacity. 2
  3. 3. Agenda Company Overview 3Q06 Highlights 3Q06 Results New Concessionaire Other Information Outlook 3
  4. 4. Company Overview 4
  5. 5. Ownership Structure 100.0% FREE FLOAT 52,.% 40.0% 7.9% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 4.68% Latina Paulista OHL SPR STP Manutenção Infra-estrutura Participações 4.86% We are waiting for BNDES’s authorization to conclude the acquisition of Vianorte. 5
  6. 6. OHL Concesiones and OHL Group Share Length OHL Group Toll Road Concessions (%) (Km) Autovia M - 45 100% 8,3 International construction, Spain concession and service group Autopista Nuevo Aeropuerto Barajas 100% 8,2 Intervias 60% 371,2 Operational for more than 90 years Autovias 60% 316,5 Present in 16 counties Centrovias 60% 219,5 Listed in Spain since 1991 Mexico Vianorte 60% 236,6 Ranked among Spain’s 6 most Autopista del Sol 60% 140,0 transparent companies in 2005 Autopista Los Libertadores 58% 82,0 Two independent core businesses: Construction and Camino Internacional Ruta 60 100% 92,4 Concessions. Sistema Carretero del Oriente 77% 51,7 Net revenue in 2005: € 2.4bn; and Autopista Amozoc Perote 67% 123,0 2005 EBITDA: € 285.4mm Brazil Autopista Ezeiza - Cañuelas 70% 60,1 1995-2006 CAGR Revenue of 32% Chile Port Concessions Present in the Brazilian market Argentina through OHL Concesiones Muelle Inflamables Barcelona 20% Puerto de Alicante 50% Airports: Aeropuerto Internacional de México 50% The Brazilian operation is important for OHL Concesiones growing strategy. 6
  7. 7. Location ... to the Northwest of the city of São Paulo... The state of São Paulo accounts for around 22% of the Brazilian population and 35% of its GDP. Operating Area: Map: • Population of 4 million inhabitants • One of the main agribusiness center in Brazil • Responsible for 32% of fuel ethanol and for 70% of the orange juice export The toll roads operated by OHL Brasil are the main routes from the production areas to: São Paulo: the main consumption center Santos Port: the main export corridor in Brazil ... which allows OHL Brasil to capture the impact of industrial and agribusiness expansion. 7
  8. 8. Corporate Governance Novo Mercado – Bovespa Strategic support and commitment from OHL Group. Transparency and protection to minority shareholders’ interest. 100% tag-along rights. Capital structure with 100% of voting shares (equal rights for minority shareholders). 40% Free Float. Board of Directors with 7 members, being 1 independent. 8
  9. 9. 3Q06 Highlights 9
  10. 10. 3Q06 Highlights Traffic grew 2.8% in 3Q06 versus 3Q05. Net services revenue went up 7.7% when comparing 3Q06 with 2Q06. Adjusted EBITDA of R$73.2 million and Adjusted EBITDA margin of 66.9%. First SPR Promissory Note issue. Net income grows 52.3% year-on-year. Acquisition of the Concessionaire Vianorte – at the final stage. 53.89% share appreciation until October 31, 2006. 10
  11. 11. 3Q06 Results 11
  12. 12. Consolidated Traffic Traffic Breakdown – 3Q06 Traffic Performance (in thousand Vehicle-Equiv.) Intervias Centrovias 2.8% 25,000 8.6% Autovias 20,000 21.6% 12,262 12,580 15,000 11,535 56.2% 22.3% 10,000 4,864 4,473 4,986 5,000 4,661 4,617 4,830 0 3Q05 2Q06 3Q06 12
  13. 13. Traffic vs. GDP Year-on-year comparison: OHL Traffic GDP 6.7% 6.6% 4.9% 4.7% 4.0% 3.4% 3.0% 2.8% 2.8% 2.3% 1.4% 1.0%1.0% 0.5% 0.7% 0.5% 0.2% 2003 2004 2005 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 2T06 3Q06 - -1.8% - -1.9% -3.28 - 1.35 1.30 1.67 1.65 1.00 0.11 0.21 -3.84 ??? Period elasticity 13
  14. 14. Net Revenue Revenue Breakdown – 3Q06 Net Revenue Performance (R$ thousand) Intervias Centrovias Autovias 3,7% 120,000 7.7% 28.2% 100,000 44,739 45,550 41.6% 80,000 42,509 60,000 30.1% 32,091 29,542 32,986 40.000 20,000 30,881 28,659 29,523 0 3Q05 2Q06 3Q06 Electronic toll collection corresponded to 45.70% of the total collection in 3Q06 14
  15. 15. Adjusted EBITDA Var % Var % Var % EBITDA Ajustado (R$ mil) 3T06 2T06 3T05 9M06 9M05 3T/2T06 3T/3T05 9M06/9M05 Receita Líquida de Serviços 109.418 101.574 105.489 7,7% 3,7% 308.129 285.308 8,0% Custos dos Serviços Prestados (51.634) (51.319) (47.210) 0,6% 9,4% (153.499) (135.908) 12,9% Amortização e Depreciação 31.741 28.424 23.301 11,7% 36,2% 87.542 65.180 34,3% Outras Receitas 0 58 0 -100,0% - 168 0 - (Despesas) Receitas Operacionais (12.261) (9.779) (8.435) 25,4% 45,4% (29.611) (23.034) 28,6% EBITDA 77.264 68.958 73.145 12,0% 5,6% 212.729 191.546 11,1% Ônus Fixo pago (4.066) (4.079) (4.080) -0,3% -0,3% (12.224) (11.568) 5,7% EBITDA Ajustado 73.198 64.879 69.065 12,8% 6,0% 200.505 179.978 11,4% % EBITDA Ajustado S/ Rec. Líquida 66,9% 63,9% 65,5% 65,1% 63,1% Adjusted EBITDA (R$ million) Adjusted EBITDA Margin (%) 73.2 66.9 69.1 65.5 66.8 64.9 64.4 64.3 62.4 62.9 63.9 60.4 58.7 52.2 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 15
  16. 16. Financial Result Var % Var % Var % Resultado Financeiro (R$ mil) 3T06 2T06 3T05 9M06 9M05 3T/2T06 3T/3T05 9M06/9M05 Receitas Financeiras 2.146 5.204 8.010 -58,8% -73,2% 13.659 13.841 -1,3% Despesas Financeiras (10.814) (12.043) (8.147) -10,2% 32,7% (33.590) (37.628) -10,7% BNDES/CEF (7.428) (7.560) (10.387) -1,7% -28,5% (22.556) (28.347) -20,4% Outras Despesas Financeiras (1.828) (3.178) (1.081) -42,5% 69,1% (6.762) (7.688) -12,0% Atualização Monetária (1.558) (1.305) 3.321 19,4% -146,9% (4.272) (1.593) 168,2% Resultado Financeiro Líquido (8.668) (6.839) (137) 26,7% 6227,0% (19.931) (23.787) -16,2% % Receita Líquida 7,9% 6,7% 0,1% 6,5% 8,3% Financial Result Breakdown (% of total) IGP-M Performance (%) 3Q06 2Q06 0.80 0.70 Fixed concession charges Fixed concession charges 10.8% 14.4% Other Fin. 16.9% 26.4% Other Fin. 62.8% 68.7% BNDES/CEF BNDES/CEF 2Q06 3Q06 16
  17. 17. Indebtedness Total debt (R$ million) Net debt (R$ million) 303.7 290.0 283.4 276.3 273.7 266.3 236.6 261.9 207.6 204.4 236.0 224.0 216.0 200.3 225.3 199,2 199,2 186.2 214.7 199.2 118.2 91.7 103.0 1.2x 0.9x 0.8x 0.8x 0.5x 0.4x 75.7 0.4x 67.7 66.0 67.4 74.5 74,5 74,5 51.0 51.6 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 Short Term Debt Long Term Debt Net debt / Adjusted EBITDA (LTM) Amortization Schedule (R$ million) Charges (September 2006) 77.6 2,8% 56.5 57.5 9,6% TJLP 47.8 CDI Outros 14.9 86,9% 7.5 Oct/Dec 2007 2008 2009 2010 2011 2006 17
  18. 18. Net Income Net Income Performance (R$ thousand) 52.3% - 5.8% 80,986 - 44.6% 53,173 40,812 23,989 22,608 3Q05 2Q06 3Q06 9M05 9M06 18
  19. 19. Capex CAPEX (Real and Estimated) CAPEX Breakdown – 3Q06 200.0 191.8 Total in the period between 2007 and 2009 25.2% 23.9% 169.1 255.0* 127.4 50.9% 120.0 80.0 9M06 55.0 Schedule Autovias and Intervias are repairing paving and remodeling certain facilities at the toll roads. Centrovias continue with the duplication of SP-225, expected to be 2004 2005 2006E 2007E 2008E 2009E concluded in 2007. *Capex outlook for Autovias, Centrovias and Intervias. 19
  20. 20. New Concessionaire 20
  21. 21. New Concessionaire: Vianorte Toll road network map: Beginning of concession: 1998 End of concession: 2018 Total length: 236,6 Km Toll Plazas: 4 21
  22. 22. New Concessionaire: Vianorte Traffic Performance (in thousand Vehicle Equiv.) Revenue Breakdown – 9M06* Year 9 Months CAGR 3.7% 24,267 24,977 23,762 22,853 22.2% 21,595 23.2% 18,494 19,044 17,677 18,021 16,987 15,907 23.0% 31.6% * pro forma, considering the acquisition of Vianorte since January 1st, 2006. 2001 2002 2003 2004 2005 2006 22
  23. 23. New Concessionaire: Vianorte Destaques Vianorte (R$ Mil) 9M06 9M05 Var % 2005 2004 Var % Receita Líquida de Serviços 92.623 85.367 8,5% 116.681 107.640 8,4% EBITDA 42.230 35.026 20,6% 49.206 45.179 8,9% Margem EBITDA 45,6% 41,0% 42,2% 42,0% EBIT 19.217 8.011 139,9% 15.831 19.852 -20,3% Margem EBIT 20,7% 9,4% 13,6% 18,4% Resultado antes de IR e CS 8.510 (2.867) -396,8% 206 7.932 -97,4% Lucro Líquido 8.510 (450) -1991,2% 166 5.121 -96,8% Margem líquida 9,2% -0,5% 0,1% 4,8% Patrimonio Líquido: 119.230 107.193 11,2% 110.719 91.731 20,7% Dívida Líquida: 97.736 91.034 7,4% 99.758 77.496 28,7% EBITDA Margin (%) Capex (Real and Estimated) 45.6% (R$ Thousand) 42.0% 42.2% 41.1% 60.0 40.6% 37.7% 55.0 33.7% 50.0 48.5 9M06 15.0 2001 2002 2003 2004 2005 9M05 9M06 2006 (E) 2007 (E) 2008 (E) 2009 (E) 23
  24. 24. Other Information 24
  25. 25. Promissory Note Issue - SPR SPR – Sociedade para Participações em Rodovias S.A. Issuer Wholly-owned subsidiary of OHL Brasil and controller of Vianorte Total issue R$ 220 MM in 200 notes of R$ 1MM each Term 180 days + 180 days (new issue, optional) Remuneration 102.75% of CDI Guarantee OHL Brasil S.A. Target investors Qualified investors Payment of Vianorte (estimated amount: R$ 100 million) Use of proceeds Working capital 25
  26. 26. 103,00 113,00 123,00 133,00 143,00 153,00 163,00 173,00 183,00 93,00 18/7 14/7 27/7 1/8 5/8 16/8 17/8 25/8 5/9 2/9 15/9 26/9 21/9 5/10 7/10 17/10 26/10 26/10 7/11 OHL – 53.89% 17/11 14/11 BOVESPA – 51.85% 28/11 1/12 7/12 16/12 19/12 27/12 6/1 5/1 17/1 23/1 27/1 7/2 9/2 16/2 1/3 1/3 26 Pricing 10/3 21/3 17/3 Traded Volume 30/3 4/4 (Base 100 on July 13, 2005) 10/4 Number of shares traded 20/4 24/4 3/5 Share Appreciation until October 31, 2006 12/5 11/5 23/5 29/5 1/6 12/6 14/6 22/6 3/7 3/7 12/7 19/7 21/7 1/8 4/8 10/8 22/8 23/8 31/8 12/9 11/9 21/9 27/9 2/10 11/10 16/10 23/10 0 200 400 600 800 1.000 1.200 1.400
  27. 27. Social Responsibility Quantitative summary of projects until September 2006 Students Teachers Concessionaire Schools Served Benefited Monitored Education Autovias 94 88,000 721 Centrovias 107 32,721 1,030 Intervias 186 172,069 7,085 Total 431 292,790 8,836 Quantitative summary of projects until September 2006 Concessionaire Name of Project Campaigns Attendance Autovias Saúde na Estrada 16 10,028 Mais Saúde na Health Centrovias Estrada 15 4,503 Intervias Saúde na Boléia 21 41,749 Posto do Intervias Caminhoneiro 1 13,131 Total 53 69,411 # of seedlings Concessionaire # of seedlings planted to be planted Autovias 243,000 150,000 Environment Centrovias 189,238 66,362 Intervias 145,000 0 Total 577,238 216,362 Culture Magazine # of editions Periodicity # of Impression (OHL Brasil) Porta-luvas 2 Quarterly 300,000 27
  28. 28. Outlook 28
  29. 29. New Biddings: Federal, State and PPP Federal Lots: 07 PPP Highway corridors are essential in connecting Brazil’s richest areas Road Length # of Plazas Lot 1 BR 153/ SP - Divisa MG/SP 321.7 Km 04 plazas Lot 2 BR 116/PR/SC - Curitiba - Divisa SC/RS 406.5 Km 05 plazas Lot 3 BR 393/RJ - Divisa MG/RJ (Via Dutra) 200.5 Km 03 plazas Lot 4 BR 101 - Divisa RJ/ES (Ponte Rio Niterói) 320.8 Km 05 plazas Lot 5 BR 381- Belo Horizonte - São Paulo 561.5 Km 08 plazas PPP Lot 6 BR 116/SP/PR - São Paulo - Curitiba 401.7 Km 06 plazas Lot 7 BR 376 - Curitiba - Florianópolis 367.6 Km 05 plazas 2580.3 Km 36 plazas State Lots (SP): 02 Potential export corridor through the Port of São Sebastião Road Length # of Plazas Lot A SP 65 - Rodovia D. Pedro I 167.5 Km 02 plazas Lot B SP 70 - Rodovia A.Senna/Carvalho Pinto 118.5 Km 04 plazas 286.0 Km 6 plazas PPPs : 03 PPP projects are a great opportunity for OHL Brazil growth. Road Length # of Plazas PPP PPP MG 050 - Betin - Divisa SP 372.0 Km 06 plazas PPP BR 116/BA e BR 324/BA 637.0 Km 07 plazas PPP SP 099 - Tamoios 111.0 Km 01 plaza 1120.0 Km 14 plazas 29
  30. 30. Investor Relations OHL Brasil S.A. Contacts: Address: Francisco Leonardo Moura da Costa Rua Joaquim Floriano, 913 – 6º andar Chief Financial and Investor Relations Officer Itaim Bibi – São Paulo – SP francisco.leonardo@ohlbrasil.com.br CEP 04534-013 Phone: (5511) 3074-2404 Alessandro Scotoni Levy Financial and Investor Relations Manager alessandro@ohlbrasil.com.br www.ohlbrasil.com.br OBRASCON HUARTE LAIN BRASIL S.A. 30
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