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Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
Call presentation 4 q11_eng
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Call presentation 4 q11_eng

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  • 1. Conference CallResults 4Q11 & 2011 São Paulo, March 26, 2012 1
  • 2. Legal NoticeThis presentation contains forward-looking statements relating to the prospects of the business, estimates for operating andfinancial results, and those related to growth prospects of OHL Brasil, these are merely projections and, as such, are basedexclusively on the expectations of OHL Brasil’s management concerning the future of the business and its continued access tocapital to fund the Company’s business plan.Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitivepressures, the performance of the Brazilian economy and the industry and are, therefore, subject to change without priornotice. 2
  • 3. Tolled Traffic Var% Var% Var% Vehicle-Equivalents (Thousand) 4Q11 3Q11 4Q10 2011 2010 4Q11/3Q11 4Q11/4Q10 2011/2010 State Concessions 46,747 48,374 43,369 -3.4% 7.8% 182,180 159,440 14.3% Autovias 10,919 11,326 10,805 -3.6% 1.1% 42,931 41,850 2.6% Centrovias 12,364 12,616 9,741 -2.0% 26.9% 47,642 29,265 62.8% Intervias 14,967 15,681 14,628 -4.6% 2.3% 58,534 56,859 2.9% Vianorte 8,497 8,751 8,196 -2.9% 3.7% 33,073 31,466 5.1% Federal Concessions 127,556 122,764 124,804 3.9% 2.2% 487,193 437,044 11.5% Planalto Sul 7,079 6,815 6,969 3.9% 1.6% 27,969 26,697 4.8% Fluminense 12,099 11,917 12,196 1.5% -0.8% 46,778 43,492 7.6% Fernão Dias 39,912 39,635 37,999 0.7% 5.0% 153,191 121,657 25.9% Régis Bittencourt 37,435 36,142 36,507 3.6% 2.5% 143,705 136,159 5.5% Litoral Sul 31,030 28,254 31,132 9.8% -0.3% 115,550 109,039 6.0% Total 174,303 171,138 168,172 1.8% 3.6% 669,372 596,484 12.2% Factors that influenced the growth of traffic: • Implementation of bi-directional collection in four toll plazas by Centrovias concessionaire. • Opening of the last toll plaza by Autopista Fernão Dias. 3
  • 4. Toll Tariff Var% Var% Var% Average Toll Tariff (R$ / Vehicle-Equivalents) 4Q11 3Q11 4Q10 2011 2010 4Q11/3Q11 4Q11/4Q10 2011/2010 State Concessions 6.20 6.19 5.92 0.2% 4.8% 5.93 6.09 -2.6% Autovias 6.53 6.52 5.94 0.1% 10.0% 6.25 5.83 7.3% Centrovias 5.91 5.91 6.55 0.1% -9.7% 5.66 8.15 -30.6% Intervias 5.35 5.35 4.88 -0.1% 9.7% 5.13 4.79 6.9% Vianorte 7.71 7.66 7.01 0.7% 10.0% 7.34 6.88 6.8% Federal Concessions 1.68 1.69 1.50 -0.5% 11.9% 1.68 1.51 11.2% Planalto Sul 3.13 3.10 2.93 0.9% 6.9% 3.11 2.91 6.9% Fluminense 2.80 2.80 2.60 0.0% 7.7% 2.78 2.59 7.4% Fernão Dias 1.31 1.30 1.13 1.0% 16.3% 1.30 1.11 17.5% Régis Bittencourt 1.70 1.70 1.50 -0.1% 13.4% 1.70 1.50 13.4% Litoral Sul 1.35 1.40 1.20 -3.6% 12.5% 1.36 1.19 13.6% Total 2.89 2.96 2.64 -2.3% 9.6% 2.84 2.73 3.7% Main events of the period: • Tariff readjustments on state concessionaires in July, 2011 based on the cumulative IGP-M inflation index, and based on cumulative IPCA for federal concessions • Bidirectional collection in four toll plazas by Centrovias concessionaire, with 50% tariff reduction. As of 2012, the toll tariffs of the State Concessions will be readjusted based on IPCA price index, according to the official notice released by São Paulo State Transportation Agency (ARTESP) on january/2012. 4
  • 5. Gross Revenue Composition Gross Revenue (R$ million) 24% 2,900 105 2,343 Toll Plazas 94 Construction 896 Others 32% 618 5% 787 827 628 25 24 1,899 25 1,631 256 299 159 444 507 504 4Q10 3Q11 4Q11 2010 2011 Main events of the period: • Toll Tariffs readjustment on state and federal concessions • Toll Plazas revenues growth (+13.6% on 4Q11 x 4Q10 and +16.4% on 2011 x 2010) • Construction revenue growth (+ 88.7% on 4Q11 x 4Q10 and 45.1% on 2011 x 2010) 5
  • 6. Operational Performance Adjusted EBITDA and Adjusted EBITDA Margin (R$ million) 1,195 1200 80,0% 980 183 70,0% 1000 EBITDA 146 60,0% 800 45.7% 46.0% 44.9% 44.1% 50,0% Provision for High. Maint. 39.0% 600 40,0% Adjusted EBITDA Margin 339 1,012 304 30,0% 400 267 834 43 20,0% 36 58 200 295 268 10,0% 209 0 0,0% 4Q10 3Q11 4Q11 2010 2011 It is important to note that from October 1, 2011 the company started to disregard, for the calculation of adjusted EBITDA, the reversion of construction companies EBITDAs, since this adjustment is not reflected in the companys investments figures. 6
  • 7. Financial Result Net Financial Result (R$ million) (218) (207) 44% (61) (56) (39) 4Q10 3Q11 4Q11 2010 2011 7
  • 8. Net Income Evolution Net Income (R$ million) 500,0 450,0 400,0 350,0 300,0 250,0 34% 200,0 404 150,0 304 100,0 138 50,0 78 105 - 4Q10 3Q11 4Q11 2010 2011 Additional Dividends: The companys proposal for the result of 2011 is the distribution, through dividends, of 52.63% of the net profit for the exercise ended December 31, 2011, after the formation of the legal reserve, totaling R$ 195.2 million, because of the companys cash availability and limited expectation of new business opportunities in the short term. 8
  • 9. Indebtness 2.500 2,5 1,6 1,6 1,5Debt Var% Var%2.000 4Q11 3Q11 4Q10 1,5(In thousands of Brazilian reais) 4Q11/3Q11 4Q11/4Q10 1.500Gross Debt 3,098,442 2,962,623 2,788,542 4.6% 11.1% 0,5 Short Term 426,332 552,017 1,234,363 -22.8% -65.5% 1.000 (0,5) 1.797 Long Term 2,672,110 2,410,606 1,554,179 10.8% 71.9% 1.523 1.611 Cash and equivalents 1,178,454 1,250,731 1,168,288 -5.8% 0.9% 500 (1,5) Restricted investments ¹ 123,169 101,072 97,176 21.9% 26.7% - (2,5)Net Debt 1,796,819 1,610,820 1,523,078 11.5% 18.0% 4Q10 3Q11 4Q11 Net Debt / Adjusted EBITDA¹ Short and long term 0.7% 12.9% TJLP BNDES 48.7% CDI 48.7% Debentures 50.6% 38.4% IPCA Others • It should be noted that the long-term financing lines for the federal concession investment program, approved by BNDES, helped the company extend its debt profile. 9
  • 10. Investments – Cash Disbursements Fixed and Intagible Assets (R$ million) 31 Federal Concessions State Concessions 835 1 12 8 10 294 230 138 173 1Q11 2Q11 3Q11 4Q11 2011 Additionally, we spent around R$ 39.5 million on maintenance and conservation on state concessions in 4Q11. In 2011, this amount totaled R$ 131.2 million. 10

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