Apres Call 1 T08 Ing

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Apres Call 1 T08 Ing

  1. 1. Conference Call 1Q08 Earnings Results May 16, 2008 1
  2. 2. Overview OHL Brasil is the largest road operator in the country in terms of managed kilometers, with 3,226 km. OHL Brasil manages 25% of the total Brazilian toll roads currently under concession in Brazil. Controlling shareholder broad experience. OHL Concesiones; Consistent cash generation and financial strength. Strong Adjusted EBITDA growth and low indebtedness level; Potential for Growth. High potential for expansion through Public Auction and Acquisitions in the Secondary Market; NOVO MERCADO. Corporate governance best practices (Bovespa’s Novo Mercado – OHLB3, with a 40% free float). 2
  3. 3. New Portfolio The 5 toll roads won by OHL Brasil in the last auction promoted by ANTT added 2,078 kilometers of highways in the portfolio managed by the Company, which became with 3,226 km under management. High Market-Share. After the our performance in the last Federal Roads Auction, we have increased our market share from 9% to 25% in terms of managed kms; Privileged Location. OHL Brasil consolidated its participation in the main economic axes of the country; Large Population. We have incremented our participation in a region with high population density, 77 hab./km² against 22 hab./km² in the national average. There are approximately 35 million people living close to our highways. If we considering the States in which we operate they are 90 million people or 50% of the Brazilian population; Fleet of Vehicles. The States in which we operate hold more than 2/3 of the Brazilian fleet of vehicles, according to Anfavea. 3
  4. 4. Traffic Performance Traffic Performance (in ‘000 equiv.-vehicle) Traffic Performance (in ‘000 equiv.-vehicle) – “Autovias adjust.” 17.2% 6.9% - 6.8% - 6.8% 34,724 32,359 31,667 27,617 29,520 7,064 27,617 6,639 7,064 6,257 6,639 6,257 12,833 11,759 12,833 11,759 11,384 11,384 5,553 5,238 4,940 5,553 5,238 4,940 9,273 8,723 5,036 5,036 6,216 5,884 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 Vianorte Intervias Centrovias Autovias Autovias Adjustment: Traffic’s Average in São Simão and Sta. Rita toll plazas in 4Q07 and 1Q08 4
  5. 5. Toll Tariff Performance Average Toll Tariff (R$) Average Toll Tariff (R$) – “Autovias adjust” - 3.8% 5.9% 0.4% 0.3% 5.70 5.72 5.40 5.40 5.20 5.22 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 Autovias Adjustment: Traffic’s Average in São Simão and Sta. Rita toll plazas in 4Q07 and 1Q08 5
  6. 6. Net Revenue Performance Net Revenue (in R$ thousand) Net Revenue per Concessionaire 13.3% 23% - 6.4% 25% 29% 166,680 156,012 23% 137,666 37,983 35,553 31,831 48,312 44,364 Electronic Toll - AVI (% Toll Revenue) 41,156 38,289 46.5% 46,5% 47.1% 47,1% 36,326 44.2% 44,2% 32,714 45.4% 45,4% 45.1% 45,1% 42,096 39,769 41,4% 41.4% 31,964 46.7% 46,7% 45.6% 45,6% 1Q07 4Q07 1Q08 44.2% 44,2% 49.1% 49,1% 49.7% 49,7% Vianorte 46.3% 46,3% Intervias Centrovias 44.6% 44,6% 46.4% 46,4% 46.9% 46,9% Autovias 1Q07 4Q07 1Q08 6
  7. 7. Adjusted EBITDA and Margin Adjusted EBITDA (in R$ thousand) 16.5% - 10.9% 104,367 93,027 79,847 62.6% 59.6% 58.0% 1Q07 4Q07 1Q08 7
  8. 8. Financial Result Var % Var % Financial Result (in R$ thousand) 1Q07 4Q07 1Q08 1Q08/4Q07 1Q08/1Q07 Financial revenues 5,030 2,209 2,190 (0.9%) (56.5%) Financial expenses (24,360) (33,851) (32,652) (3.5%) 34.0% BNDES/CEF (8,700) (7,933) (7,587) (4.4%) (12.8%) Other financial expenses (9,991) (8,891) (13,217) 48.7% 32.3% Monetary Correction of Fixed Concession Charge (5,669) (17,027) (11,848) (30.4%) 109.0% Net Exchange Variation 26 (119) (21) (82.4%) (180.8%) Net Financial Result (19,304) (31,761) (30,483) (4.0%) 57.9% % Net Revenue 14.0% 19.1% 19.5% Financial Expenses Breakdown (% total of the financial expenses) 50.3% IGP-M (FGV) 40.5% Other financial expenses 3.54% 30.6% 36.3% Monetary correction of fixed 26.3% concession charge 2.38% 26.6% 23.2% BNDES/CEF 23.4% 1.11% 17.4% 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 8
  9. 9. Net Income Results Evolution (in R$ thousand) 18,346 -2,763 -3,798 -11,179 9,152 -56 -824 8,878 Net Net. . . Costs Expenses Financ. Non IT/SC Net Income Revenue G&A Result. Oper. Income 1Q07 Result . 1Q08 - 3.0% 9
  10. 10. Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) 1.5x 1.4x 1.5x 1.3x 691 1.1x 1.1x 590 585 0.8x 0.8x 537 517 511 0.4x 375 327 335 291 266 274 262 407 394 467 456 52 429 420 429 416 75 76 263 250 246 316 215 199 186 110 116 200 204 103 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 Short Term Long Term Net Debt Net Debt / Adj. EBITDA (LTM) Debt Cost Breakdown Amortization Schedule (in R$ million) 316 56.5% 59.6% CDI 260 53.5% 45.1% 42.4% 39.6% TJLP 71 1.4% 1.1% 0.7% Other 24 14 6 1Q07 4Q07 1Q08 apr/08 to apr/09 to 2010 2011 2012 2013 mar/09 dec/09 10
  11. 11. CapEx CapEx Breakdown 1Q08 Estimated CapEx – STATE (in R$ thousand) R$ 49.6 million 250 210 188 Other 118 11% 2% 23% 70 50 47 2006 2007 2008/E 2009/E 2010/E 2011/E 2012/E 16% 15% 33% Estimated CapEx* - FEDERAL (in R$ thousand) Federals 1,196 986 776 831 Initial work of road recovery 368 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 * Estimated CapEx in our proposals (date based jul/07) 11
  12. 12. Share Performance – OHLB3 Until 05/12/2008 Performance Share in 2008 120 116.3 OHLB3 Ibovespa 110.2 Date based 12/28/07 = 100 110 100 90 80 70 01/17/08 02/06/08 02/26/08 03/17/08 04/06/08 04/26/08 05/12/08 Performance Share since IPO Volume Traded x Shares Traded Daily Volume Traded Federal Auction Volume Traded MA 90 traded Date based 07/15/05 = 100 70 700 Shares Traded MA 90 trades Thousand Shares 300 272.3 250 In R$ million 50 500 200 30 300 150 145.3 100 10 100 0 oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 apr-08 oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 apr-08 12
  13. 13. New Opportunities OHL Brasil maintains its aim to grow and develop the Brazilian market of toll road concessions. To do this we continue to analyze new opportunities in the sector. 2nd Round of São Paulo State Concessions. 5 lots, totaling 1,500 kms. Estimated to occur even in 2008. The roads are Ayrton Senna/Carvalho Pinto, Dom Pedro I, Raposo Tavares, Marechal Rondon (Leste e Oeste); 3rd Round of Federal Concessions. Totaling 4,059 km. Estimated to occur even in 2008; Minas Gerais State. 16 lots with 7,000 kms. Estimated to occur in 1H09; Federal Concessions in Bahia State . 637 km. Estimated to occur in 2H08; PPP’s (Public and Private Partnerships); Secondary Market. 13
  14. 14. 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 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, government regulations, competitive pressures, the performance of the Brazilian economy and the industry and are, therefore, subject to change without prior notice. 14

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