2Q06
Earnings Results
 Conference Call
Company Overview

OHL Brasil is the third largest Company in the toll road concessions
sector in Brazil measured by gross ...
2Q06 Highlights


5.1% traffic growth in 2Q06 versus 1Q06.

Net services revenue grew by 8.8% quarter over quarter.

Adjus...
Ownership Restructuring
The ownership restructuring process was concluded on June,
2006. Main advantage: use of the fiscal...
Traffic Performance

                                                            Traffic Performance (in thousand of Equiv...
Net Revenue Performance

                                                                 Net Revenue Performance (R$ thou...
Adjusted EBITDA and Adjusted EBITDA Margin
                                                          In R$ million



    ...
Net Financial Result

                                                                                               Var %...
Net Income
                                       In R$ million


       133.8%
                                40.8


   ...
Net Debt
                                              In R$ million

Currently our debt is
100% denominated in
       Rea...
Capex
                                                                                                         In R$ milli...
-10.0%
                   0.0%
                          10.0%
                                  20.0%
                   ...
Forward-looking Statement


This presentation contains forward-looking statements relating to the
prospects of the busines...
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Apresentacao Teleconferencia2 Q06 Eng

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Apresentacao Teleconferencia2 Q06 Eng

  1. 1. 2Q06 Earnings Results Conference Call
  2. 2. Company Overview OHL Brasil is the third largest Company in the toll road concessions sector in Brazil measured by gross service revenues and kilometers of toll roads operated, with 910 kilometers of operations. OHL Brasil manages 9.4% of the total Brazilian toll roads currently under concession, and 8.7% of total gross revenues generated in the sector. Consistent cash generation and financial strength: strong Adjusted EBITDA growth and low indebtedness level; Privileged location area: Autovias, Centrovias and Intervias are interconnected and located in one of the main agribusiness centers in Brazil; High growth potential: capitalized for acquisitions and to participate in new bidding programs; Controlling Shareholder broad experience – OHL Concesiones; Corporate governance best practices (Bovespa’s “Novo Mercado” – OHLB3, with a 40% free float). 2
  3. 3. 2Q06 Highlights 5.1% traffic growth in 2Q06 versus 1Q06. Net services revenue grew by 8.8% quarter over quarter. Adjusted EBITDA of R$64.9 million and Adjusted EBITDA margin of 63.9%. Conclusion of the Ownership Restructuring Process. Net Income grew by 132.3% in the quarter. Acquisition process of the concessionaire Vianorte – at the conclusion stage. 44.44% appreciation of our shares until August 07, 2006. 3
  4. 4. Ownership Restructuring The ownership restructuring process was concluded on June, 2006. Main advantage: use of the fiscal benefit resulting from the goodwill of the acquisition of the concessionaires. Currently we are waiting for BNDES’s authorization for the conclusion of the acquisition of Vianorte. Current Ownership Structure 4
  5. 5. Traffic Performance Traffic Performance (in thousand of Equiv.-Vehicle) Traffic Breakdown – 2Q06 -1.9% Intervias Centrovias 5.1% Autovias 22.4% 11,536 11,771 10,704 55.9% 21.7% 4,473 4,608 4,466 4,448 4,650 4,617 2Q05 1Q06 2Q05 Average Toll Tariff Var % Var % Var % 2Q06 1Q06 2Q05 1H06 1H05 2Q/1Q06 2Q/2Q05 1H/1H05 (in R$ / Equiv.-Vehicle) Autovias 6.94 6.92 5.99 0.2% 15.9% 6.93 5.93 16.9% Centrovias 7.15 7.17 6.61 -0.3% 8.2% 7.16 6.62 8.2% Intervias 3.97 3.94 3.59 0.9% 10.7% 3.96 3.58 10.5% Total Concessionaires 5.33 5.35 4.78 -0.5% 11.5% 5.34 4.79 11.5% 5
  6. 6. Net Revenue Performance Net Revenue Performance (R$ thousand) Revenue Breakdown – 2Q06 Intervias Centrovias +8.8% +4.6% Autovias 29.1% 41.9% 42,509 39,162 39,219 29.1% 29,542 29,594 28,414 28,382 29,523 25,696 2Q05 1Q06 2Q06 Var % Var % Var % Net Services Revenue 2Q06 1Q06 2Q05 1H06 1H05 2Q/1Q06 2Q/2Q05 1H/1H05 (R$ thousand) Autovias 29,523 28,382 25,696 4.0% 14.9% 57,905 49,235 17.6% Centrovias 29,542 29,594 28,414 -0.2% 4.0% 59,136 56,190 5.2% Intervias 42,509 39,162 39,219 8.5% 8.4% 81,671 74,395 9.8% 10.5% Total 101,574 97,137 93,329 4.6% 8.8% 198,711 179,820 6
  7. 7. Adjusted EBITDA and Adjusted EBITDA Margin In R$ million 14.8% 127.3 110.9 10.5% 3.9% 64.9 62.4 58.7 64.1% 64.3% 63.9% 61.7% 62.9% 2Q05 1Q06 2Q06 1H05 1H06 7
  8. 8. Net Financial Result Var % Var % Var % Financial Result (R$ thousand) 2Q06 1Q06 2Q05 1H06 1H05 2Q/1Q06 2Q/2Q05 1H/1H05 5,204 6,309 -17.5% 62.6% Financial Revenues 3,200 11,513 5,831 97.4% (12,043) (10,733) (10,408) 12.2% 15.7% Financial Expenses (22,776) (29,481) -22.7% (7,560) (7,568) -0.1% -8.4% BNDES/CEF (8,250) (15,128) (17,960) -15.8% (3,178) (1,756) 81.0% 99.6% Other Financial Expenses (1,592) (4,934) (6,607) -25.3% (1,305) (1,409) -7.4% 130.6% Monetary correction of fixed concession charge (566) (2,714) (4,914) -44.8% 54.6% -5.1% Net Financial Result (6,839) (4,424) (7,208) (11,263) (23,650) -52.4% % Net Services Revenue 6.7% 4.6% 7.7% 5.7% 13.2% Financial Expenses Breakdown (% of total) 2Q06 1Q06 Fixed concession charges Fixed concession charges 13.1% 10.8% Other Fin. 26.4% Other Fin. 16.4% 70.5% 62.8% BNDES/CEF BNDES/CEF 8
  9. 9. Net Income In R$ million 133.8% 40.8 132.3% 17.6 17.5 2Q05 1Q06 2Q06 9
  10. 10. Net Debt In R$ million Currently our debt is 100% denominated in Reais 207.6 200.3 103.0 0.9x 0.8x 0.4x 2Q05 1Q06 2Q06 10
  11. 11. Capex In R$ million CAPEX Breakdown – 2Q06 CAPEX Real and Estimated 200.0 Period between2007 to 2009 191.8 255.0* 169.1 120.0 19.4% 71.5 80.0 32.8% 55.0 1H06 45.8% 2004 2005 2006E 2007E 2008E 2009E *Estimated capex for Autovias, Centrovias and Intervias. Schedule Autovias and Intervias are working in the pavement recovery and on the improvement of some toll road’s facilities. Centrovias continue with the duplication of SP- 225, expected to be concluded in 2007. 11
  12. 12. -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 15/7/2005 20/7/2005 25/7/2005 28/7/2005 2/8/2005 5/8/2005 10/8/2005 15/8/2005 18/8/2005 23/8/2005 26/8/2005 OHL 31/8/2005 5/9/2005 BOVESPA 9/9/2005 14/9/2005 19/9/2005 22/9/2005 27/9/2005 30/9/2005 5/10/2005 10/10/2005 14/10/2005 19/10/2005 24/10/2005 27/10/2005 1/11/2005 7/11/2005 10/11/2005 16/11/2005 21/11/2005 24/11/2005 29/11/2005 2/12/2005 7/12/2005 12/12/2005 15/12/2005 20/12/2005 23/12/2005 28/12/2005 3/1/2006 6/1/2006 11/1/2006 12 16/1/2006 19/1/2006 24/1/2006 30/1/2006 2/2/2006 7/2/2006 10/2/2006 15/2/2006 20/2/2006 23/2/2006 2/3/2006 7/3/2006 10/3/2006 15/3/2006 20/3/2006 23/3/2006 28/3/2006 31/3/2006 5/4/2006 10/4/2006 13/4/2006 19/4/2006 25/4/2006 28/4/2006 4/5/2006 9/5/2006 12/5/2006 17/5/2006 22/5/2006 25/5/2006 30/5/2006 2/6/2006 7/6/2006 12/6/2006 16/6/2006 21/6/2006 26/6/2006 29/6/2006 4/7/2006 7/7/2006 12/7/2006 17/7/2006 20/7/2006 25/7/2006 28/7/2006 August 7, 2006 3/8/2006 Share Performance 46.38% 44.44%
  13. 13. Forward-looking Statement 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. 13
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