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Call 4 Q07 Ing
 

Call 4 Q07 Ing

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    Call 4 Q07 Ing Call 4 Q07 Ing Presentation Transcript

    • 4Q07 and 2007 Earnings Results Conference Call 1
    • Overview OHL Brasil is the largest road operator in the country in terms of managed kilometers, with 3,225 km. OHL Brasil manages 26% 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
    • 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 3,225 km under management. High Market-Share. After the victory in the last Federal Roads Auction, we have increased our market share from 9% to 26% 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; Term Extension of Portfolio. The average life of our portfolio of concessions goes by from 14 years to 20 years. 3
    • Highlights Our traffic on equivalent vehicles grew 8.8% in the 4Q07 against 4Q06 and 8.6% in the year 2007 vs. 2006 in quot;pro formaquot; terms; We have obtained in the 4Q07 net revenue of R$166.7 million, 16.1% higher than 4Q06. In 2007 our net income reached R$615.8 million, 13.1% above 2006; Our adjusted EBITDA grew 19.6% from 4Q06 to 4Q07, totaling R$104.4 million. In comparison between 2007 and 2006, the increase was 15.7%, reaching R$382.0 million; We present a major improvement in the structure of our debt, reducing the gross debt, lengthening the maturity and lower leverage. 4
    • Traffic Performance Traffic Perfomance (in thousand Equiv.-Vehicle) Traffic Perfomance (in thousand Equiv.-Vehicle) – “pro-forma” 40.3% 8.8% - 2.1% - 1.9% 35,465 32,281 31,667 34,724 29,113 7,311 7,064 7,311 7,064 24,754 6,665 2,306 13,214 12,833 13,214 12,833 12,240 12,240 5,420 5,553 5,420 5,553 5,199 5,199 9,519 9,273 5,009 5,009 6,336 6,217 4Q06 3Q07 4Q07 4Q06 3Q07 4Q07 Vianorte Intervias Centrovias Autovias quot;Pro-Formaquot; Analysis 1. Acquisition of Vianorte since 01/01/06 2. Average Traffic of 5 São Simão and Santa Rita Toll Plazas in the 3Q07 and 4Q07
    • Traffic and Toll Tariff Traffic Breakdown – 4Q07 Average Toll Tariff (R$) -2.8% 0.4% 5.35 5.18 5.20 20% 27% 4Q06 3Q07 4Q07 Average Toll Tariff (R$) – “Pro-forma” 6.6% 37% 16% 0.2% 5.69 5.70 5.35 4Q06 3Q07 4Q07 quot;Pro-Formaquot; Analysis 1. Acquisition of Vianorte since 01/01/06 2. Average Traffic of 6 São Simão and Santa Rita Toll Plazas in the 3Q07 and 4Q07
    • Traffic Performance Comparison with the same period of the previous year - % Quarter Average Elasticity = 1.0x Annual Average Elasticity = 1.1x 10.5 8.8 8.6 8.4 6.6 5.6 6.2 5.4 5.6 5.6 5.7 5.1 5.4 4.4 4.5 4.1 3.8 2.9 3.0 3.0 2.2 1.8 1.5 (1.4) 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 2004 2005 2006 2007 OHL Traffic (%) Brasil GDP (%) 7
    • Net Revenue Performance Net Revenue Performance (in R$ thousand) Net Revenue Performance (in R$ thousand) – “Pro-forma” 36.4% 16.1% -1.6% -1.6% 169,308 166,680 169,308 166,680 143,616 39,210 39,210 37,983 37,983 122,206 33,029 11,619 Vianorte 49,852 48,312 49,852 48,312 Intervias 44,230 44,230 Centrovias 37,393 38,289 37,393 38,289 Autovias 34,365 34,365 42,853 42,096 31,992 42,853 42,096 31,992 4Q06 3Q07 4Q07 4Q06 3Q07 4Q07 Net Revenue Breakdown – 4Q07 Electronic Toll (AVI) – 4Q07 Manually Toll 23% 25% 53% 29% AVI 23% 47% quot;Pro-Formaquot; Analysis 1. Acquisition of Vianorte since 01/01/06 8
    • Net Revenue Performance Net Revenue (in R$ million) Net Revenue (in R$ million) – “Pro-forma” 43.1% 13.1% 615.8 615.8 544.4 430.3 36.4% 16.1% -1.6% -1.6% 169.3 166.7 169.3 166.7 143.6 122.2 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007 quot;Pro-Formaquot; Analysis 1. Acquisition of Vianorte since 01/01/06 9
    • Adjusted EBITDA Adjusted EBITDA (in R$ million) Adjusted EBITDA (in R$ million) – “Pro-forma” 37.7% 15.7% 382.0 382.0 330.0 277.5 35.6% 19.6% -6.3% -6.3% 111.4 111.4 104.4 104.4 87.3 77.0 64.5% 63.0% 65.8% 65.8% 62.6% 62.0% 62.6% 62.0% 60.8% 60.6% 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007 quot;Pro-Formaquot; Analysis 1. Acquisition of Vianorte since 01/01/06 10
    • Financial Result Var % Var % Var% Financial Result (R$ thousand) 4Q07 3Q07 4Q06 2007 2006 3Q07/2Q07 3Q07/3Q06 2007/2006 Financial Revenues 2,209 2,184 4,424 1.1% (50.1%) 11,895 17,940 (33.7%) Financial Expenses (33,851) (31,971) (20,044) 5.9% 68.9% (109,153) (53,518) 104.0% BNDES/CEF (7,933) (8,175) (7,690) (3.0%) 3.2% (33,345) (30,246) 10.2% Other Financial Expenses (8,891) (11,757) (9,433) (24.4%) (5.7%) (39,429) (16,079) 145.2% Monetary Correction of Fixed Concession Charge (17,027) (12,039) (2,921) 41.4% 482.9% (36,379) (7,193) 405.8% Net Exchange Variation (119) 9 (5) (1,422.2%) 2,280.0% (66) 22 (400.0%) Net Financial Result (31,761) (29,778) (15,625) 6.7% 103.3% (97,324) (35,556) 173.7% % Net Services Revenue 19.1% 17.6% 12.8% 15.8% 8.3% Financial Expenses Breakdown (% of total) 4Q07 3Q07 4Q06 50% 23% 26% 38% 15% 38% 26% 37% 47% BNDES/CEF Other Financial Expenses 11 Monetary Correction of Fixed Concession Charge
    • Net Income In R$ million Deferred tax credit provision worth relating to goodwill utilization (already amortized on an accounting basis) in the acquisition of concessionaries: Autovias, • Without the credit of the tax Centrovias and Intervias deferred, the 2006 Net Income -24.7% would have been R$77 million; 99.4 • Thus, the 2007 Net Income would have been only 2.8% lower than 2006. 13.5% 22.4 74.9 -22.7% 77.0 27.1 18.4 20.9 4Q06 3Q07 4Q07 2006 2007 12
    • Debt Structure Gross Indebtedness (in R$ million) Net Debt and Leverage Ratio (in R$ million) 1.5x 1.4x 1.5x 590 585 1.3x 537 517 511 1.1x 263 250 246 0.8x 0.8x 276 266 274 262 407 394 0.5x 0.4x 467 456 429 420 429 225 215 199 186 327 335 291 200 204 110 116 118 103 51 52 75 76 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 Shot Term Long Term Net Debt Net Debt / Adj. EBITDA (last 12 months) Debt Cost Breakdown (dic/07) Amortization Schedule (in R$ million) 259 1.1% 42.4% 56.5% 116 93 23 13 6 TJLP 2008 2009 2010 2011 2012 2013 CDI Others 13
    • CAPEX CAPEX Breakdown – 2007 CAPEX: Real and Estimated¹ (in R$ million) 250 210 188 23% 20% 118 70 50 47 24% 33% 2006 2007 2008/E 2009/E 2010/E 2011/E 2012/E ¹ Estimated CAPEX for Autovias, Centrovias, Intervias and Vianorte 14
    • Share Performance since IPO Until 03/12/2008 275 OHLB3 250 Date Based 07/15/2005 = 100 Ibovespa 225 240,48 200 175 150 125 112,06 100 75 jul-05 oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 70 600 Daily Traded Volume (R$ million) 60 500 Traded Volume Moving Average 90 trades (R$ million) 50 Traded Volume (Shares) Moving Average 90 trades 400 thousand shares R$ million 40 300 30 200 20 10 100 0 0 jul-05 oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 15
    • 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 Concession Program by São Paulo State. 5 lots, totaling 1,500 kms, with emphasis on Ayrton Senna/Carvalho Pinto and Dom Pedro I; 3rd Federal Road Concession. Totaling 4,059 km. Estimated to occur even in 2008; Minas Gerais’ Government. 16 lots with 7,000 km. Estimated to occur in the second half of 2008; Bahia’s Government. 1 lot with 637 km. Auction planned for May this year. 16
    • 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. 17