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Conference Call

    1Q09 Earnings Results




    May 15th, 2009
1
Notice




    This presentation contains forward-looking statements relating to the prospects of the
    business, estima...
Key issues of the quarter

       During the first quarter, 17 new toll plazas in our federal concessions entered in
     ...
Traffic Performance – State Concessions


    Traffic Performance (in ‘000 equiv.-vehicle)                         Average...
Toll Plazas – Federal Concessions

    Operating T ll Pl
    O    ti   Toll Plazas – 1Q09
                            1Q09...
Traffic and Tariff – Federal Concessions

    Traffic – Federal Concessions 1Q09:

                                       ...
Net Revenue - Federal Concessions Estimative


       Potential Net Revenues                        1Q09                  ...
Net Revenue – Evolution per Concessionaire

               Net Services Revenue                                           ...
EBITDA

                                                                               1Q09                               ...
Adjusted EBITDA and Margin

                                                                                              ...
Financial Result
                                                                                                 %1Q09/  ...
Net Income


                                               Results Evolution (in R$ thousand)




               67,630  ...
Debt Structure
Gross Indebtedness (in R$ million)                                           Leverage Ratio and Net Debt (i...
Indebtedness – Federal Concessions

 Issuance of R$400 million of P
 I         f        illi    f Promissory N t
         ...
CapEx

                                           CapEx Breakdown 1Q09 – R$249 1 million*
                                ...
New Opportunities

     OHL Brasil maintains its aim to grow and develop the Brazilian market of infrastructure
     conce...
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Apres Call 1 Q09 V2

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Transcript of "Apres Call 1 Q09 V2"

  1. 1. Conference Call 1Q09 Earnings Results May 15th, 2009 1
  2. 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. 3. Key issues of the quarter During the first quarter, 17 new toll plazas in our federal concessions entered in operation. Closing 1Q09 with a total of 22 toll plazas in operation; Due to the beginning of the operation of these toll plazas, the tolled traffic consolidated grew 101.6% in 1Q09 v.s. 1Q08; In the same period the tolled traffic of o r state concessions decrease 3 3% o er period, our 3.3% over 1Q08, related to the overall slowdown of the Brazilian economy, in the beginning of the year; An increase of 39.7% on Net Revenues of OHL Brasil, totaling R$217.9 million and a decrease of 12.7% of Adjusted EBITDA to R$81.5 million over the 1Q08, both impacted by: (i) change in accounting practices (MP 449/08 and Law nº 11.638/07) and (ii) th b i i of operation on our f d l concessionaires; the beginning f ti federal i i Decrease of 57.2% on Net Income against 1Q08, reaching R$3.9 million. Issuance of R$400 million through Promissory Notes on federal concessions, and approval by BNDES from part of the bridge-loan, amounting to R$ 756 million. 3
  4. 4. Traffic Performance – State Concessions Traffic Performance (in ‘000 equiv.-vehicle) Average Toll Tariff (R$) -3.3% +12.8% -12.2% +0.5% 35,640 32,352 31,292 5.86 5.89 7,284 6,639 6,356 5.22 13,134 1Q08 4Q08 1Q09 11,759 11,390 5,686 Tariff Adjustment of 11.53%, based on the 5,238 5,108 accumulated variation of the IGP-M from 8,723 9,536 8,438 June/2007 to May/2008, In 1Q09, Centrovias concessionaire’s 1Q08 4Q08 1Q09 average toll tariff grew 18.1% over 1Q08 due Autovias Centrovias Intervias Vianorte to the end of the duplication of Rodovia Engenheiro Paulo Nilo Romano, SP-225. 4
  5. 5. Toll Plazas – Federal Concessions Operating T ll Pl O ti Toll Plazas – 1Q09 1Q09: Opening - Opening - Opening - Toll Plazas - Concessionaire Opening - 2008 Total Toll Plazas Jan/2009 Feb/2009 Mar/2009 Operating Planalto Sul 1 1 3 5 5 Fluminense 3 3 5 Fernão Dias 2 1 1 3 7 8 Régis Bittencourt 2 1 2 5 6 Litoral Sul 2 2 5 Total 5 2 10 5 22 29 Opening Estimation: Concessionaire May/09 June/09 July/09 Oct/09 Total On May 12th, 2009, P4 on Planalto Sul - Litoral Sul was opened. Fluminense 1 1 2 Fernão Dias 1 1 On May 18th, 2009, P5 on Régis Régis Bittencourt 1 1 Bittencourt will be open. Litoral Sul 1 2 3 Total 3 2 1 1 7 5
  6. 6. Traffic and Tariff – Federal Concessions Traffic – Federal Concessions 1Q09: %1Q09/ %1Q09/ Vehicle-Equivalents 1Q09 4Q08 1Q08 4Q08 1Q08 Planalto Sul 3,814,815 128,096 - n.r. n.a. Fluminense 2,792,000 - - n.a. n.a. Fernão Dias 11,297,273 638,639 - n.r. n.a. Régis Bittencourt 12,078,667 230,922 - n.r. n.a. Litoral Sul 3,955,455 - - n.a. n.a. Total - Federal Concessions: 33,938,210 997,657 - n.r. n.a. The toll tariffs offer in the federal auctions in October/07 were adjusted by the variation of the IPCA from June 2007 to the month prior of the initiation of the toll charge at the first toll plaza in each concession. Average Toll Tariff 1Q09 (in R$/Equiv-Vehicles) Planalto Sul 2.70 Fluminense 2.50 2 50 Fernão Dias 1.10 Régis Bittencourt 1.50 Litoral Sul 1.10 Average - Federal Concessions: 1.54 6
  7. 7. Net Revenue - Federal Concessions Estimative Potential Net Revenues 1Q09 1Q09 1Q09 % Real / (R$ thousand) 22 toll plazas* 29 toll plazas* 29 toll plazas Consolidated C lid t d 47,805 47 805 84,229 84 229 117,513 117 513 40.7% 40 7% * Comapany estimatives, cosidering the operation in the whole quarter. The federal concessions started 2009 with 5 toll plazas operating, and closed the 1Q09 operating 22 toll plazas; Net Revenue on federal concessions totaled R$47 8 million in 1Q09; R$47.8 If the 22 toll plazas in operation in the end of 1Q09 were operating since the beginning of the quarter the Net Revenue would reach approximately R$84 2 million; quarter, R$84.2 If the 29 toll plazas were operating since the beginning of year, the Net Revenue would be round R$118 million; 7
  8. 8. Net Revenue – Evolution per Concessionaire Net Services Revenue %1Q09/ %1Q09/ 1Q09 4Q08 1Q08 (R$ thousand) 4Q08 1Q08 Autovias 42,892 48,308 39,769 -11.2% 7.9% Centrovias 41,771 46,180 36,326 -9.5% 15.0% Intervias 47,824 55,140 44,364 -13.3% 7.8% Vianorte 37,627 42,980 35,553 -12.5% 5.8% Total - State Concessions: 170,114 192,608 156,012 -11.7% 9.0% Planalto Sul 9,435 9 435 319 - n.r. nr n.a. na Fluminense 6,386 - - n.a. n.a. Fernão Dias 11,426 650 - n.r. n.a. Régis Bittencourt 16,554 318 - n.r. n.a. Litoral Sul 4,004 - - n.a. n.a. Total - Federal Concessions: 47,805 1,287 - n.r. n.a. Total: 217,919 193,895 156,012 12.4% 39.7% Electronic Toll Collection: Revenues through electronic collections (the AVI System) in the state concession toll plazas in 1Q09 represented 50 7% compared to 51 4% in 4Q08 and 47 1% in 1Q08 50.7% 51.4% 47.1% 1Q08. For the federal concessions, the average percentage of electronic collections currently is at 25 0% 25.0%. 8
  9. 9. EBITDA 1Q09 1Q08 Ajusted EBITDA (R$ thousand) Federal OHL Brasil - Consolidated OHL Brasil Concessions (1)/(4) Ex-Federal (1) (3) (4) (2) NET SERVICE REVENUE 170,114 47,805 217,919 156,012 9.0% Costs and Service Expenses (49,340) (73,963) (123,303) (50,906) -3.1% Costs of Services (Ex. Amort. and Depre.) (29,323) (55,028) (84,351) (28,747) 2.0% Grant Authority Expenses (5,765) (9,364) (15,129) (5,319) 8.4% General & Administrative Expenses (Ex. Amort.) (12,125) (9,327) (21,452) (14,888) -18.6% Directors' Compensation (2,476) (102) (2,578) (1,963) 26.1% Tax Expenses (797) (142) (939) (323) 146.7% Other Revenues/ Expenses 1,146 - 1,146 334 243.1% EBITDA 120,774 (26,158) 94,616 105,106 14.9% EBITDA Margin (%) 71.0% -54.7% 43.4% 67.4% The negative federal concessions’ EBITDA in 1Q09 is due to following two factors: concessions In the period, the booking of all costs and expenses, including the pre-operating costs and expenses, were posted directly on the Subsidiaries, and on the Company, Financial Statements (due to the extinction of deferred expenses, including the pre- ( p , g p operating costs 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 collection throughout the quarter. 9
  10. 10. Adjusted EBITDA and Margin Adjusted EBITDA (in R$ million) 71.3% 66.2% 63.6% 65.2% 62.7% 63,3% 61.8% 59.8% 59.9% A imagem não pode ser exibida. Talv ez o computador não tenha memória suficiente para abrir a imagem ou talv ez ela esteja corrompida. Reinicie o computador e abra o arquiv o nov amente. Se ainda assim aparecer o x v ermelho, poderá ser necessário excluir a imagem e inseri-la nov amente. 107.7 145.3 126.5 81.5 81 5 112.0 112 0 104.5 109.0 109 0 87.9 93.3 82.4 37.4% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 A imagem não pode ser exibida. Talv ez o computador Adjusted EBITDA- Ex- Federal não tenha memória suficiente para abrir a imagem ou talv ez ela esteja corrompida. Reinicie o computador e abra o arquiv o nov amente. Se ainda assim aparecer o x Adjusted EBITDA Adjusted EBITDA Margin (%) v ermelho poderá ser necessário excluir a imagem e in 1Q09 1Q08 Var %. Ajusted EBITDA (R$ thousand) Federal OHL Brasil - Consolidated OHL Brasil Concessions (1)/(4) (3)/(4) Ex-Federal (1) (3) (4) (2) NET SERVICE REVENUE 170,114 47,805 217,919 156,012 9.0% 39.7% Costs and Service Expenses (49,340) (73,963) (123,303) (50,906) -3.1% 142.2% EBITDA 120,774 (26,158) 94,616 105,106 14.9% -10.0% 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% 10
  11. 11. Financial Result %1Q09/ %1Q09/ Financial Result (R$ thousand) 1Q09 4Q08 1Q08 4Q08 1Q08 Financial Revenues 13,979 16,752 2,190 -16.6% 538.3% Financial Expenses (41,905) (36,319) (34,718) 15.4% 20.7% BNDES (3,064) (2,939) (7,587) 4.3% -59.6% 59.6% Other Financial Expenses (37,441) (23,569) (13,217) 58.9% 183.3% Monetary Correction of Fixed C. Charge (1,400) (9,811) (13,914) -85.7% -89.9% Net Exchange Variation 29 (152) (21) -119.1% -238.1% Net Financial Result N t Fi i lR lt (27,897) (27 897) (19,719) (19 719) (32,549) (32 549) 41.5% 41 5% -14.3% 14 3% % Net Services Revenue -12.8% -10.2% -20.9% Financial Expenses Breakdown (% total of the financial expenses) IGP-M - Quarterly 2.4% 89.3% Other Financial Expenses 64.9% 64 9% 1.2% 1 2% 40.1% 38.1% 27.0% 8.1% 7.3% BNDES 21.9% -0.9% 3.4% Monetay Correction of Fixed 1Q08 4Q08 Concessions Charge 1Q09 1Q08 4Q08 1Q09 11
  12. 12. Net Income Results Evolution (in R$ thousand) 67,630 (5,723) (54,792) ( , (9,810) ) 9,214 11,789 (19,651) (19 651) 6,233 (7,795) 12,514 3,943 (5,666) Net Income Gross Deductions Costs Grant Authority G&A Deprec. and Financial Financial Monetary IR&SC Net Income 1Q08 Revenues Expenses Expenses Amort. Revenues Expenses Correction Taxes 1Q09 of Fixed Concession Charge -57.2% 12
  13. 13. Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) 1,425 267 2.5x 1,012 1 012 1,037 1.9x 1.4x 1.5x 1.4x 691 690 1.3x 1.1x 1.0x 1.1x 585 537 517 518 1174 933 935 1158 250 375 355 915 246 407 399 652 335 291 316 335 416 467 456 437 416 471 110 119 79 102 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Long -Term Short - Term Net Debt Net Debt/Adjusted EBITDA (12 months) Debt Cost Breakdown Debt Amortization Schedule (in R$ million) 88.7% 88 7% 91.4% CDI 1,158.3 59.6% 39.6% 11.3% 209.5 8.2% TJLP 0,7% 25.3 20.8 11.4 0.0% Other 0.4% 1Q08 4Q08 1Q09 apr/09 to apr/10 to 2011 2012 2013 mar/10 dec/10 13
  14. 14. Indebtedness – Federal Concessions Issuance of R$400 million of P I f illi f Promissory N t i Notes: In 1Q09 the federal concessions issued R$400 through 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 bridge-loan with BNDES. BNDES Approval by BNDES of R$756.4 million as part of the bridge-loan: The BNDES already approved 3 bridge loans: R$331.8 million to Autopista Régis Bittencourt S.A, R$204.0 million to Autopista Fernão Dias S.A and R$220.6 million to Autopista Litoral Sul S.A; The approval of the funds to Planalto Sul and Fluminense is expected to occur in June 2009 and the total limit available for the 5 concessions through this bridge-loan could reach R$1 0 billion; R$1.0 This bridge-loan will have the maturity of 18 months and precede the of long-term financing, also with BNDES. g, 14
  15. 15. CapEx CapEx Breakdown 1Q09 – R$249 1 million* C E B kd R$249.1 illi * 2.66% 2.68% 13.53% 2.19% 3.06% 10.38% 29.13% 11.10% 25.27% 25 27% We estimate to invest from 2009 to 2013 to accomplish the schedule of investments in the concession agreements as follow: State Concessions: R$470 million St t C i illi Federal Concessions: R$4.3 billon * Not considering investments in other subsidiaries, holding and adjustments of consolidation. 15
  16. 16. New Opportunities OHL Brasil maintains its aim to grow and develop 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 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. 16
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