10ª Conferência Anual Santander10 Conferência Anual Santander
Hotel Sofitel Jequitimar Guarujá - GuarujáHotel Sofitel Jequ...
Notice
This presentation contains forward-looking statements relating to the prospects of the
business, estimates for oper...
Agenda
Company Profile
P tf liPortfolio
OHL Brasil’s Results
Traffic
Federal Concessions
New Opportunities
3
Business Structure
Company Profile – OHL Group
NATIONAL INTERNATIONAL ENVIRONMENTAL DEVELOPMENTSCONCESSIONS INDUSTRIALNATI...
OHL G OHL C i
Company Profile – OHL Group
International Group of construction, concessions and
services, listed in the Mad...
Company Profile – Corporate Structure
100.0%
100.0%
Participes en Brasil S.L.
40 0%
60.0%SPAIN
BRAZIL
40.0%
SAO PAULO STAT...
Company Profile - OHL Brasil’s Timeline
Beginning of
Activities
Base Formation
94%
Autovias
Strategic Positioning Expansio...
Company Profile – OHL Brasil’s Concessions
The largest company in Brazil
in the sector of toll roads
concessions in terms ...
Company Profile – Terms of the Concessions
Portfolio Life: The average remaining term of our concessions’ portfolio is 18 ...
Portfolio – São Paulo State Concessions
State ConcessionsState Concessions State ConcessionsState Concessions
OHL Brasil S...
Portfolio – Autovias
AutoviasAutovias AutoviasAutovias
OHL Brasil Stake 100 %
Length 316 km
No of toll plazas 5 plazasNo. ...
Centrovias
Portfolio – Centrovias
Centrovias CentroviasCentrovias
OHL Brasil Stake 100 %
Length 218 km
No of toll plazas 5...
Intervias
Portfolio – Intervias
Intervias InterviasIntervias
OHL Brasil Stake 100 %
Length 376 km
No of toll plazas 9 plaz...
Vianorte
Portfolio – Vianorte
Vianorte VianorteVianorte
OHL Brasil Stake 100 %
Length 237 km
No of toll plazas 4 plazasNo....
Portfolio – Federal Concessions
Federal ConcessionsFederal Concessions Federal ConcessionsFederal Concessions
OHL Brasil S...
Portfolio – Autopista Planalto Sul
Autopista Planalto SulPlanalto Sul Autopista Planalto SulPlanalto Sul
OHL Brasil Stake ...
Portfolio – Autopista Fluminense
Autopista FluminenseFluminense Autopista FluminenseFluminense
OHL Brasil Stake 100 %
Leng...
Portfolio – Autopista Fernão Dias
Autopista Fernão DiasFernão Dias Autopista Fernão DiasFernão Dias
OHL Brasil Stake 100 %...
Portfolio – Autopista Régis Bittencourt
Autopista Régis BittencourtRégis Bittencourt Autopista Régis BittencourtRégis Bitt...
Portfolio – Autopista Litoral Sul
Autopista Litoral SulLitoral Sul Autopista Litoral SulLitoral Sul
OHL Brasil Stake 100 %...
OHL Brasil’s Results
Net Revenue (in R$ million)Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ milli...
Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)Gross Indebtedness (in R$ mil...
Investments
Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million)
1,235 1,233
1,102
1,235 1,...
Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR
Passenger/Light – Vehicles (base 100 = 2002)Passenger/...
Traffic – OHL State Concessions x Proxies
Industry Payroll (1) vs Passenger Vehicles (base 100 = 2002)Industry Payroll (1)...
Traffic – Seasonality: Total Vehicles
1,20 ABCR BRA
1,10
1,15
ABCR BRA
OHL States
ABCR SP
Quarterly Average OHL States
1,0...
Traffic – Seasonality: Passenger / Light Vehicles
1,20
ABCR BRA
1,10
1,15
ABCR BRA
OHL States
ABCR SP
Quarterly Average OH...
Traffic – Seasonality: Commercial / Heavy Vehicles
1,20 ABCR BRA
1,10
1,15
ABCR BRA
OHL States
ABCR SP
Quarterly Average O...
Federal Concessions – Toll Plazas
O ti T ll PlOperating Toll Plazas:
Concessionaire
Opening -
2008
Opening -
Jan/2009
Open...
Toll-Paying Traffic – Federal Concessions 2Q09:
Federal Concessions - Traffic and Tariff
Toll-Paying Traffic – Federal Con...
Var%
Federal Concessions - EBITDA
2Q09 1Q09
Var%
2Q09/1Q09
NET SERVICE REVENUE 100,169 47,805 109.5%
Costs and Service Exp...
Federal Concessions – Net Revenue Estimative (R$ million)
Year 2 or 2009 Proposal Data(1)
Potential - 29 Toll Plazas(2)
Pe...
Federal Concessions – Costs Estimative (R$ million)
Year 2 or 2009 Proposal Data(1)
Performed/Estimated ANTT(1)
Proposal D...
Federal Concessions – Indebtedness
Approved credit line of R$1.0 billion structured with BNDES as a Bridge Loan for Federa...
Federal Concessions – Financing Plan
Financing the Cape for the first 6 earsR$ 4.8 bn Financing the Capex for the first 6 ...
New Opportunities
OHL Brasil maintains its aim to grow and develop the Brazilian infrastructure market. We continue to
ana...
10ª Conferência Anual Santander
Company Presentation
10 Conferência Anual Santander
Contacts OHL Brasil S.A.:
Francisco Le...
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Apres Sant

  1. 1. 10ª Conferência Anual Santander10 Conferência Anual Santander Hotel Sofitel Jequitimar Guarujá - GuarujáHotel Sofitel Jequitimar Guarujá Guarujá Tuesday, August 18 - Thursday, August 20, 2009 Company Presentation 1 August 18-20, 2009
  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 conditionsSuch 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. 2
  3. 3. Agenda Company Profile P tf liPortfolio OHL Brasil’s Results Traffic Federal Concessions New Opportunities 3
  4. 4. Business Structure Company Profile – OHL Group NATIONAL INTERNATIONAL ENVIRONMENTAL DEVELOPMENTSCONCESSIONS INDUSTRIALNATIONAL CONSTRUCTION • Civil Projects • Buildings Construction • Urban Services and INTERNATIONAL CONSTRUCTION • Latin America • USA and Canada • Central Europe ENVIRONMENTAL • Sea and brackish water Desalination DEVELOPMENTS • Tourist Complexes • Malls CONCESSIONS INDUSTRIAL • Refinery • GasUrban Services and Infrastructures p • Eastern Europe • Urban and Industrial Water Purification • Potable water treatment Malls • Gas • Petrochemical • Energy • Lands Movements • Fire protection TOLL ROADS • 9 RAILWAYS • 2 Spain COMMERCIAL PORTS AIRPORTS • 1 Mexico MARINAS • 4 Spain PARKING FACILITIES p systems • 1 Argentina • 3 Chile • 5 Mexico 3 Spain • 1 Spain p • 1 Brazil 4 • 3 Spain • 1 Peru
  5. 5. OHL G OHL C i Company Profile – OHL Group International Group of construction, concessions and services, listed in the Madrid Stock Exchange since 1991; Founded over 98 years ago and established in 16 countries; Strategic position in Latin America: Brazil, México e Chile; Global operator of infrastructures: roads, ports, airports and railways; OHL Group OHL Concesiones Portfolio of € 59 bn (+55%) in 2008; Unique Spanish builder with financial rating; Compromised with the maintenance of the "Investment Grade" obtained in 2001. Expertise in Brazil through OHL Brasil; Broad international experience in the developing of efficient capital structure for projects. Revenue (Euros M) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var. OHL S A 3 764 100% 4 009 100% 6% OHL Concessiones 436 100% 542 100% 25% Summary of results: Summary of results: OHL S.A 3,764 100% 4,009 100% 6% OHL Concessiones 436 100% 542 100% 25% National Construction 1,974 52% 1,786 45% -9% Argentina 11 2% 11 2% 6% International Construction 1,162 31% 1,429 36% 23% Brazil 232 53% 273 50% 17% Environment 117 3% 120 3% 3% Chile 45 10% 52 10% 16% Developments 76 2% 106 3% 39% Spain 28 7% 44 8% 54% Industrial - 0% 26 1% n/a Mexico 115 26% 80 15% -31%Industrial 0% 26 1% n/a Mexico 115 26% 80 15% 31% Concessions 436 12% 542 14% 25% Other 5 1% 84 15% 1450% EBITDA (Euros M) 2007 2008 Var. EBITDA (Euros M) 2007 2008 Var. OHL S.A 543 100% 608 100% 12% OHL Concessiones 317 100% 340 100% 7% National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% -79%National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% 79% International Construction 87 16% 111 18% 28% Brazil 166 52% 205 60% 24% Environment 13 2% 19 3% 48% Chile 29 9% 33 10% 16% Developments 8 1% 15 2% 86% Spain 16 5% 1 0% -95% Industrial - 0% 2 0% n/a Mexico 122 39% 118 35% -3% Concessions 317 58% 340 56% 7% Other (19) -6% (18) -5% -6% 5
  6. 6. Company Profile – Corporate Structure 100.0% 100.0% Participes en Brasil S.L. 40 0% 60.0%SPAIN BRAZIL 40.0% SAO PAULO STATE TOLL ROADSFEDERAL TOLL ROADS OTHER BUSINESS 100.0%100.0% 100.0% 100 0% Year - 2008 Total Total extension (km) 1,147 Toll Plazas 23 Vehicle-Equivalents (mn) 141 Employees(1) 1,164 Estimated 2009 Total Total extension (km) 2,079 Toll Plazas 29 Vehicle-Equivalents (mn) 285 Employees(1) 1,384 100.0% 100.0% SPR Net Revenue (R$ mn) 724 Adjusted EBITDA (R$ mn) 494 Net Debt (R$ mn)(1) 944 Net Revenue (R$ mn) 389 EBITDA (R$ mn) 68 Net Debt (R$ mn)(1) 388 6 4.68% (1) Data from 2Q09
  7. 7. Company Profile - OHL Brasil’s Timeline Beginning of Activities Base Formation 94% Autovias Strategic Positioning Expansion 100% Autovias IPO OHL Brasil 100% ANTT’s Auction 100% 9% to 24% Autovias 100% Centrovias 100% Intervias 100% Autovias Centrovias Intervias Vianorte 100% Litoral Sul Planato Sul Fluminense Régis Bittencourt Fernão Dias 1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 … 389 1 430.3 615.8 R$mm) CAGR = 55.7% 725.0 268.3 92.7 158.8 389.1 etRevenues(R 1999: Merger in Spain between OH and Lain Business feasibility analysis Acquisitions and privileged location Current portfolio, Public Auctions and future growth 32.7 Ne 7 analysis privileged location Auctions and future growth
  8. 8. Company Profile – OHL Brasil’s Concessions The largest company in Brazil in the sector of toll roads concessions in terms of kilometers under management,g , with 3,226 km; High Market-Share. 22% in terms of km managed (only highways under concession);highways under concession); OHL Brasil consolidated its participation in the main economic axes of the country; There are approximately 35 million people living near our highways; The states in which we operate hold more than 2/3 of the Brazilian fleet of vehicles. 8
  9. 9. Company Profile – Terms of the Concessions Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years. 19 24 24 24 24 24 9 10 9 11 11 9 11 1 1 1 1 1 Years pending Years elapsed 9
  10. 10. Portfolio – São Paulo State Concessions State ConcessionsState Concessions State ConcessionsState Concessions OHL Brasil Stake 100 % Length 1,147 km No of toll plazas 23 plazasNo. of toll plazas 23 plazas Portfolio Average Life 11.8 years Eqv. Vehicles - 2008 (mn) 141.1 Employees 2Q09 1 164Employees – 2Q09 1,164 Average Tariff – 2Q09 R$ 5.88 Invest. Estimated – (5 Year) R$ 470 million Net Debt – 2Q09 (R$ mn) 944 3Net Debt – 2Q09 (R$ mn) 944.3 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 68 2% 51.6% 50.7% 57.1% 59.5% 61.9% 64.0% 68.2% 310 360 465 507 546 617 724 160 183 266 302 338 395 494 2002 2003 2004 2005 2006 2007 2008 10 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
  11. 11. Portfolio – Autovias AutoviasAutovias AutoviasAutovias OHL Brasil Stake 100 % Length 316 km No of toll plazas 5 plazasNo. of toll plazas 5 plazas Concession Ending Aug/2018 Eqv. Vehicles - 2008 (mn) 38.0 Employees 2Q09 188Employees – 2Q09 188 Average Tariff – 2Q09 R$ 5.50 Invest. Estimated – (5 Year) R$ 110 million Net Debt – 2Q09 (R$ mn) 280 6Net Debt – 2Q09 (R$ mn) 280.6 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 60.9% 60.3% 62.2% 62.0% 66.2% 68.8% 71.4% 66 79 95 107 121 150 183 40 48 59 66 80 103 131 2002 2003 2004 2005 2006 2007 2008 11 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
  12. 12. Centrovias Portfolio – Centrovias Centrovias CentroviasCentrovias OHL Brasil Stake 100 % Length 218 km No of toll plazas 5 plazasNo. of toll plazas 5 plazas Concession Ending Jun/2019 Eqv. Vehicles - 2008 (mn) 22.2 Employees 2Q09 174Employees – 2Q09 174 Average Tariff – 2Q09 R$ 8.84 Invest. Estimated – (5 Year) R$ 99 million Net Debt – 2Q09 (R$ mn) 252 5 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin Net Debt – 2Q09 (R$ mn) 252.5 71 4% 56.9% 60.1% 65.2% 62.8% 64.9% 66.0% 71.4% 70 81 108 121 127 140 170 40 49 70 76 82 92 121 2002 2003 2004 2005 2006 2007 2008 12 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
  13. 13. Intervias Portfolio – Intervias Intervias InterviasIntervias OHL Brasil Stake 100 % Length 376 km No of toll plazas 9 plazasNo. of toll plazas 9 plazas Concession Ending Jan/2029 Eqv. Vehicles - 2008 (mn) 51.8 Employees 2Q09 558Employees – 2Q09 558 Average Tariff – 2Q09 R$ 4.54 Invest. Estimated – (5 Year) R$ 130 million Net Debt – 2Q09 (R$ mn) 355 8 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin Net Debt – 2Q09 (R$ mn) 355.8 71 5% 207 56.3% 49.0% 63.2% 68.0% 68.6% 68.4% 71.5% 102 113 144 162 172 184 207 58 56 91 110 118 126 148 2002 2003 2004 2005 2006 2007 2008 13 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
  14. 14. Vianorte Portfolio – Vianorte Vianorte VianorteVianorte OHL Brasil Stake 100 % Length 237 km No of toll plazas 4 plazasNo. of toll plazas 4 plazas Concession Ending Mar/2018 Eqv. Vehicles - 2008 (mn) 29.1 Employees 2Q09 244Employees – 2Q09 244 Average Tariff – 2Q09 R$ 6.48 Invest. Estimated – (5 Year) R$ 131 million Net Debt – 2Q09 (R$ mn) 55 4Net Debt – 2Q09 (R$ mn) 55.4 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 57.3% 31.3% 35.4% 38.3% 42.1% 45.7% 51.5% 72 87 118 117 126 143 164 23 31 45 49 58 74 94 2002 2003 2004 2005 2006 2007 2008 14 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
  15. 15. Portfolio – Federal Concessions Federal ConcessionsFederal Concessions Federal ConcessionsFederal Concessions OHL Brasil Stake 100 % Length 2,079 km No of toll plazas 29 plazasNo. of toll plazas 29 plazas Portfolio Average Life 24 years Employees – 2Q09 1,384 Average Tariff 2Q09 R$ 1 47Average Tariff – 2Q09 R$ 1.47 Invest. Estimated – (5 Year) R$ 4,296 million Net Debt – 2Q09 (R$ mn) 387.7 Revenues, EBITDA and EBITDA Margin (1) 25.2% 25.8% 30.0% 100 119 126 48 -26 25 31 38 -54.7% 1Q09 2Q09 3Q09E 4Q09E 15 Q09 Q09 3Q09 Q09 NetRevenue (R$mn) EBITDA(R$mn) EBITDAMargin (1) 3º Quarter and 4º Quarter are estimates of the Company
  16. 16. Portfolio – Autopista Planalto Sul Autopista Planalto SulPlanalto Sul Autopista Planalto SulPlanalto Sul OHL Brasil Stake 100 % Length 413 km No of toll plazas 5 plazasNo. of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 2Q09 142 Tariff 2Q09 R$ 2 70Tariff – 2Q09 R$ 2.70 Invest. Estimated – (5 Year) R$ 407 million Net Debt – 2Q09 (R$ mn) 38.2 Capital Structure – 2Q09 • 25.4 km of highway widening. Main Commitments: 44.3% 39.6% 16.1% 25.4 km of highway widening. • 48.3 km-long 3rd lane. • 10.2 km-long lateral lanes. • Construction of 7 overpasses. • Construction of 9 user service centers. • Renovation of the entire highway. R$ 68.7 mnR$ 25.0 mn Debt Intercompany Loans Capital R$ 61.3 mn 16
  17. 17. Portfolio – Autopista Fluminense Autopista FluminenseFluminense Autopista FluminenseFluminense OHL Brasil Stake 100 % Length 320 km No of toll plazas 5 plazasNo. of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 2Q09 196 Tariff 2Q09 R$ 2 50Tariff – 2Q09 R$ 2.50 Invest. Estimated – (5 Year) R$ 640 million Net Debt – 2Q09 (R$ mn) 48.5 Capital Structure – 2Q09 • 176 6 km of highway widening Main Commitments: 29.5% 38 0% 32.5% • 176.6 km of highway widening. • 3.8 km-long lateral lanes. • 28.3 km alternate roads/loops. • Construction of 17 overpasses. • Construction of 7 user service centers. • Implementation or renovation of i hi t ti R$ 49.9 mnR$ 55.0 mn 38.0% Debt Intercompany Loans Capital weighing stations. • Renovation of the entire highway. R$ 64.3 mn 17
  18. 18. Portfolio – Autopista Fernão Dias Autopista Fernão DiasFernão Dias Autopista Fernão DiasFernão Dias OHL Brasil Stake 100 % Length 562 km No of toll plazas 8 plazasNo. of toll plazas 8 plazas Concession Ending Feb/2033 Employees – 2Q09 384 Tariff 2Q09 R$ 1 10Tariff – 2Q09 R$ 1.10 Invest. Estimated – (5 Year) R$ 765 million Net Debt – 2Q09 (R$ mn) 107.7 Capital Structure – 2Q09 • 88 km-long 3rd lane Main Commitments: 57.6% 26.9%15.5% 88 km long 3rd lane. • 94.16 km-long lateral lanes. • 10.3 km alternate roads/loops. • Construction of 50 overpasses. • Construction of 12 user service centers. • Implementation or renovation of i hi t ti R$ 252.1 mn Debt Intercompany Loans Capital weighing stations. • Renovation of the entire highway. R$ 117.7 mnR$ 68.0 mn 18
  19. 19. Portfolio – Autopista Régis Bittencourt Autopista Régis BittencourtRégis Bittencourt Autopista Régis BittencourtRégis Bittencourt OHL Brasil Stake 100 % Length 402 km No of toll plazas 6 plazasNo. of toll plazas 6 plazas Concession Ending Feb/2033 Employees – 2Q09 444 Tariff 2Q09 R$ 1 50Tariff – 2Q09 R$ 1.50 Invest. Estimated – (5 Year) R$ 1,474 million Net Debt – 2Q09 (R$ mn) 96.0 Capital Structure – 2Q09 • 30.5 km of highway widening. Main Commitments: 57.9% 25.4%16.7% 30.5 km of highway widening. • 104.9 km-long 3rd lane. • 109.6 km-long lateral lanes. • 23.6 km alternate roads/loops. • Construction of 51 overpasses. • Construction of 9 user service centers. Implementation or renovation of R$ 291.1 mn Debt Intercompany Loans Capital • Implementation or renovation of weighing stations. • Renovation of the entire highway. R$ 127.4 mnR$ 84.0 mn 19
  20. 20. Portfolio – Autopista Litoral Sul Autopista Litoral SulLitoral Sul Autopista Litoral SulLitoral Sul OHL Brasil Stake 100 % Length 382 km No of toll plazas 5 plazasNo. of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 2Q09 218 Tariff 2Q09 R$ 1 10Tariff – 2Q09 R$ 1.10 Invest. Estimated – (5 Year) R$ 1,010 million Net Debt – 2Q09 (R$ mn) 97.3 • 30 km-long 3rd lane Capital Structure – 2Q09Main Commitments: 68.3% 18.2% 13.5% 30 km long 3rd lane. • 79.7 km-long lateral lanes. • 94.7 km alternate roads/loops. • Construction of 39 overpasses. • Construction of 8 user service centers. • Implementation or renovation of i hi t ti R$ 257.0 mn Debt Intercompany Loans Capital weighing stations. • Renovation of the entire highway R$ 68.5 mn R$ 51.0 mn 20
  21. 21. OHL Brasil’s Results Net Revenue (in R$ million)Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million) 616 725 54.3% Consolidated Traffic Evolution (MN Equiv. Veihc.) CAGR 02-08 = 4.30% 129 174 93 159 268 389 430 505 327 34100 99 105 108 111 120 129 108 93 2002 2003 2004 2005 2006 2007 2008 327 (2) 1H09 66 2002 2003 2004 2005 2006 2007 2008 1H09 68 (2) Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million) 9962 8% 63.4% 64.5% 105 65.4% 63.6%(1) State ConcessionsFederal Concessions 77 99 75 247 277 38458.8% 57.8% 62.8% 63.4% 62.3% 474 50 76.2% 44.8% (8) 3 25 55 92 168 247 28 (2) 202 (2) 226 21 2002 2003 2004 2005 2006 2007 20082002 2003 2004 2005 2006 2007 2008 1H091H09 (1) Adjusted EBITDA Margin Excluding the Federal Concessions. (2) Performed 1H08
  22. 22. Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) 1,936Indebtness (R$ million) 2.5x 2.6xLeverage Ratio and Net Debt (R$ million) 1 158 1 197935 267 739 537 517 518 691 690 1,012 1,037 1,425 915 1,174 1,291 1.5x 1.3x 1.1x 1.0x 1.1x 1.4x 1.9x 291 110 119 316 335 79 102 1,158 1,197 246 407 399 375 355 933 935 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Long Term ShortTerm 467 456 437 416 471 652 915 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 91.4% Debt Cost Breakdown Debt Amortization Schedule (in R$ million) Long Term ShortTerm NetDebt NetDebt/Adjusted EBITDA(LTM) 37.5% 30.7% 61.9% 69.0% CDI 1,197.2 503 7 Cronograma Financeiro de Amortização (R$ Milhões) 8.2% 30.7% 0.6% 0.4% 0.3% 2Q08 1Q09 2Q09 TJLP Other 202.0 503.7 21.2 11.6 0.1 Jul/09 to Jul/10 to 2011 2012 2013 2014 22 2Q08 1Q09 2Q09 Jun/10 Dec/10
  23. 23. Investments Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million) 1,235 1,233 1,102 1,235 1,233 197 170 528 531 194446197 170 80 60 60 100 2008 2009E 2010E 2011E 2012E 2013E 2008 2009E 2010E 2011E 2012E 2013E 446 (2) 61(2) State Concessions (2009-2013): R$470 million Federal Concessions (2009-2013): R$4.3 billion 23 (1) Base June 2009 (2) Performed 1H09
  24. 24. Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR Passenger/Light – Vehicles (base 100 = 2002)Passenger/Light Vehicles (base 100 2002) 140 150 160 ABCR SP ABCR BRA OHL States 110 120 130 140 80 90 100 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Commercial/Heavy – Vehicles (base 100 = 2002) 160 ABCR SP ABCR BRA OHL States 120 130 140 150 ABCR SP ABCR BRA OHL States 80 90 100 110 J 05 J l 05 J 06 J l 06 J 07 J l 07 J 08 J l 08 J 09 J l 09 24 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
  25. 25. Traffic – OHL State Concessions x Proxies Industry Payroll (1) vs Passenger Vehicles (base 100 = 2002)Industry Payroll (1) vs. Passenger Vehicles (base 100 = 2002) 140 150 160 Ind. Payroll OHL Passenger Vehicles 100 110 120 130 80 90 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Industry Output (1) vs. Commercial Vehicles (base 100 = 2002) 160 170 180 Ind. Output SP Ind. Output BRA OHL Comercial Vehicles 120 130 140 150 160 80 90 100 110 Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 25 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 (1) Source: IBGE
  26. 26. Traffic – Seasonality: Total Vehicles 1,20 ABCR BRA 1,10 1,15 ABCR BRA OHL States ABCR SP Quarterly Average OHL States 1,00 1,05 , 0 90 0,95 1,00 0,85 0,90 jan feb mar apr may jun jul aug sep oct nov decj p y j j g p 26
  27. 27. Traffic – Seasonality: Passenger / Light Vehicles 1,20 ABCR BRA 1,10 1,15 ABCR BRA OHL States ABCR SP Quarterly Average OHL States 1,00 1,05 0 90 0,95 1,00 0,85 0,90 jan feb mar apr may jun jul aug sep oct nov decj y j j g 27
  28. 28. Traffic – Seasonality: Commercial / Heavy Vehicles 1,20 ABCR BRA 1,10 1,15 ABCR BRA OHL States ABCR SP Quarterly Average OHL States 1,00 1,05 , 0 90 0,95 1,00 0,85 0,90 jan feb mar apr may jun jul aug sep oct nov dec 28
  29. 29. Federal Concessions – Toll Plazas O ti T ll PlOperating Toll Plazas: Concessionaire Opening - 2008 Opening - Jan/2009 Opening - Feb/2009 Opening - Mar/2009 Opening - May/2009 Opening - June/2009 Toll Plazas - Operating Total Toll Plazas Planalto Sul 1 1 3 5 5 Fluminense 3 1 4 5 Fernão Dias 2 1 1 3 7 8 Régis Bittencourt 2 1 2 1 6 6 Litoral Sul 2 1 2 5 5 Total 5 2 10 5 3 2 27 29 Opening Estimation: Concessionaire Aug/09 Nov/09 Total Planalto Sul Fluminense 1 1 Fernão Dias 1 1 Régis Bittencourt Litoral Sul Total 1 1 2 29
  30. 30. Toll-Paying Traffic – Federal Concessions 2Q09: Federal Concessions - Traffic and Tariff Toll-Paying Traffic – Federal Concessions 2Q09: Equivalent-Vehicles 2Q09 1Q09 Var% 2Q09/1Q09 Planalto Sul 5,959,260 3,814,815 56.2%, , , , Fluminense 5,774,000 2,792,000 106.8% Fernão Dias 23,039,091 11,297,273 103.9% Régis Bittencourt 25,308,667 12,078,667 109.5% The toll tariffs offered in the federal auctions in October/07 were adjusted by the variation of the IPCA Litoral Sul 14,053,636 3,955,455 255.3% Total - Federal Concessions: 74,134,654 33,938,210 118.4% The toll tariffs offered in the federal auctions in October/07 were adjusted by the variation of the IPCA from June 2007 to the month prior to the initiation of the toll charge at the first toll plaza in each concessionaire: Average Toll Tariff 2Q09 1Q09 Var% (in R$/Equiv-Vehicles) 2Q09 1Q09 2Q09/1Q09 Planalto Sul 2.70 2.70 0.0% Fluminense 2.50 2.50 0.0% F ã Di 1 10 1 10 0 0%Fernão Dias 1.10 1.10 0.0% Régis Bittencourt 1.50 1.50 0.0% Litoral Sul 1.10 1.10 0.0% Average Federal Concessions: 1 47 1 54 4 5% 30 Average - Federal Concessions: 1.47 1.54 -4.5%
  31. 31. Var% Federal Concessions - EBITDA 2Q09 1Q09 Var% 2Q09/1Q09 NET SERVICE REVENUE 100,169 47,805 109.5% Costs and Service Expenses (75,017) (73,963) 1.4% C t f S i (E A t d D ) (55 305) (55 028) 0 5% EBITDA - Federal Concessions (R$ thousand) Costs of Services (Ex. Amort. and Depre.) (55,305) (55,028) 0.5% Grant Authority Expenses (8,558) (9,364) -8.6% General & Administrative Expenses (Ex. Amort.) (10,292) (9,327) 10.3% Directors' Compensation (680) (102) n.r. Tax Expenses (219) (142) 54.2% Other Revenues/ Expenses 37 - n.d. EBITDA 25,152 (26,158) n.r. EBITDA Margin (%) 25.1% -54.7% The following two factors were relevant to the increase of EBITDA in our Federal Concessions during the second quarter: Increase in Net Revenues in the period due to the operation of 22 out of the 29 toll plazas in 2Q09, in addition to the beginning of collection of 5 additional toll plazas. Maintenance of Operating Costs and Expenses vs 1Q09 (+1 4%) Despite theMaintenance of Operating Costs and Expenses vs. 1Q09 (+1.4%). Despite the “maintenance” of federal concessionaires’ operating costs and expenses in the quarter, these should increase and be in line with the costs and expenses expected in the proposals delivered to ANTT (Brazilian Land Transportation Agency) in 2007, as more t ll l t t h i d th ll ti t b f ll ti l 31 toll plazas start charging users and the collection systems become fully operational.
  32. 32. Federal Concessions – Net Revenue Estimative (R$ million) Year 2 or 2009 Proposal Data(1) Potential - 29 Toll Plazas(2) Performed/Estimated ANTT(1) Proposal Data(1) 26.2% 58.6% 64.8% Potential - 29 Toll Plazas(2) -20.8% 25.7% 30.5% Performed/Estimated -37.0% -20.4% 3.9% ANTT(1) -39.3% -23.4% -3.7% 156.1 148.9 155.6 163.3 117.5 121.1 127.5 128.0 100.2 119.0 126.2 94 7 90 4 94 4 99.1 47.8 94.7 90.4 94.4 1Q09 2Q09 3Q09E 4Q09E Proposal Data Potential - 29 Toll Plazas Performed/Estimated ANTT (1) Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002- 2008). ANTT Revenues: traffic ANTT x current tariffs 32 ANTT Revenues: traffic ANTT x current tariffs. (2) Potential data estimated with seasonality index by OHL States Concession (average 2002-2008).
  33. 33. Federal Concessions – Costs Estimative (R$ million) Year 2 or 2009 Proposal Data(1) Performed/Estimated ANTT(1) Proposal Data(1) 9.9% -11.7% Performed/Estimated -9.0% -19.7% ANTT(1) 13.3% 24.5% 101.3 101.3 101.3 101.3 89.5 89.5 89.5 89.5 74.0 75.0 88.3 88.3 1Q09 2Q09 3Q09E 4Q09E Proposal Data Performed/Estimated ANTT 33 (1) Adjusted data with inflation from July/07 to June/09: 11.04%
  34. 34. Federal Concessions – Indebtedness Approved credit line of R$1.0 billion structured with BNDES as a Bridge Loan for Federal Concessions; At the end of June occurred the first disbursements from BNDES Bridge Loan totaling the amount of R$ 476.7 million; Subsequent Events to the Second Quarter: Payment of Promissory Notes:y y In July 2009, promissory notes issued in 1Q09 in the amount of R$400 million were paid by the federal concessionaires; Refinancing:Refinancing: Taking into consideration the BNDES disbursement term, the Company issued new promissory notes on July 22, 2009 for Autopista Planalto Sul and Autopista Fluminense, in the total amount of R$120.0 million, with 60 days maturity and remuneration of CDI +y y 2.5% p.y.. 34
  35. 35. Federal Concessions – Financing Plan Financing the Cape for the first 6 earsR$ 4.8 bn Financing the Capex for the first 6 years; Around 69% of the Capex Grace period of 2 years; Repayment period in 10 years; R$ 2.3 bn BNDES p y p y Cost: TJLP + 200-300 bps margin. Long-term financing is estimated to the beginning of 2010. Federal CAPEX 6 years R$ 1 bn Bridge Loan of approximately R$ 1.0 billion with BNDES; R$476.7 million already disbursed to Régis B., Fernão Dias and Litoral Sul; M t it f 18 th d t l th 10 0% R$830mn Maturity of 18 months and cost lower than 10.0% p.y; Cash generation of federal and state concessions; R$670mn OHL Leverage in State Concessions; Financing through CCB’s in State Concessions; Currently Leverage Ratio low than 3x (Net Debt/EBITDA);Currently Leverage Ratio low than 3x (Net Debt/EBITDA); Possibility to increase the leverage ratio; Additional leverage capacity on State concessions due to annual EBITDA th R$ ??? 35 EBITDA growth.
  36. 36. New Opportunities OHL Brasil maintains its aim to grow and develop the Brazilian infrastructure market. We continue to analyze new opportunities in the sectors. Federal Highways: 3rd Stage / 1st Phase: BR-040, BR-381 and BR-116 (Minas Gerais State). 2,000 km with 3 lots. Auction estimated to occur in 2H09;; 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:State Highways: Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2009/2010; São Paulo: 2 lots with approximated 600 km of roads on São Paulo State coast. No estimate date for the auction; Rodoanel: South, East and North stretches. No estimate date for the auction. Airports: Galeão (Rio de Janeiro) and Viracopos (Campinas-SP): The concessions of these two airports are expected to privately-owned enterprise. 36 p p y p
  37. 37. 10ª Conferência Anual Santander Company Presentation 10 Conferência Anual Santander Contacts OHL Brasil S.A.: Francisco Leonardo Moura da Costa CFO and IR Director Rua Joaquim Floriano, 913 – 6º andar Itaim Bibi – São Paulo – SP CFO and IR Director francisco.leonardo@ohlbrasil.com.br Alessandro Scotoni Levy IR Manager alessandro@ohlbrasil.com.br Itaim Bibi – São Paulo – SP CEP 04534-013 Fone.: (+55 11) 3074-2404 Visit our website: alessandro@ohlbrasil.com.br Vinicius Romboli Narcizo Investment Analyst vinicius@ohlbrasil.com.br Visit our website: www.ohlbrasil.com.br 37 Murilo Tarini IR Analyst murilo@ohlbrasil.com.br August 18-20, 2009

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