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Presentation:

OHL Concesiones




                April 23rd, 2009
Contents
                                         Page
1. Basis of the Presentation              03
2. Investment Argument...
1. BASIS OF THE PRESENTATION
Basis of the Presentation

1.   The consolidated figures included in this presentation are “Pro-Forma”, and cover, besides...
2. INVESTMENT ARGUMENTS AND CRITERIA
Investment Criteria



• Recurrent revenues and margins.


• Selective high-yield investment with:

   - Controlled-risk.
...
Investment Criteria

• Geographical scope:
  • Strategic Countries like Brazil, Mexico, Chile, Peru and Spain.

  • Select...
3. GROWTH PROCESS AND CURRENT
   PRESENCE
Core Business of OHL Group

                                                 Revenues
• Wholly-owned OHL Group            ...
Proven Growth Track-Record
 Establishment                                                                                 ...
Transport Infrastructures Global Manager

      Highways
4,400 km of toll highways.                      Details (main con...
Geographic Presence

Global Presence



                                 • Consolidated presence in
                      ...
4. ORGANIZATION AND HUMAN RESOURCES
Management Chart Summary: Main Concessions

                                                                              ...
Organization Chart
                                                    Board of Directors
                                ...
Human Resources

    OHL Concesiones SL, business                        Staff 2008: 5,313 people
    chairmanship, takes ...
5. 2008 AND KEY MAGNITUDES
General Environment

• Serious economic and financial world wide crisis.
• Lesser impact in South America.
               ...
2008 Highlights (I)

•         Good performance of Revenues and EBITDA with homogeneous growths of
          34.2% y 25.2%...
2008 Highlights (II)

Backlog Growth with:
 • Two concessions in Mexico: Libramiento Norte of Puebla with 32 km, in March ...
2008 Highlights (III)

Operations:
 • In June 2008 , beginning of operation of sector 2 of the Los Andes highway, of 38.5 ...
2008 Highlights (IV)

Disposals:

      • Sale of 50% of FUMISA in February of 2008, with a net profit of 25.3 million Eur...
2008 Traffic and Toll Performance

                                                                                       ...
Revenues and EBITDA Detail
 COUNTRY:                                             Revenues Mn €                            ...
Long Term Orderbook

   Long Term Orderbook Performance € Mn                                                              ...
Main concessions Key Data I (€ Mn)
                                                                                       ...
Main Concessions Key Data II (€ Mn)

                                                   Operated              Total       ...
Vi




                                                                                                                   ...
Variation of Net and Gross Fixed Assets
Consolidated Net Fixed Assets Variation (€ Thousand)
                             ...
Financial Debt Variation (Non-Recourse to OHL)
 Financial Debt Variation (€ Thousand)
                                    ...
6. NEW CONCESSIONS
Viaducto Bicentenario

                                                               Viaducto Bicentenario
 Viaducto Bice...
Viaducto Bicentenario
1.   Phase 1: Reversible three lane viaduct of 22 km of length between the border of the State of
  ...
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
Ohl Concesiones2009 Oficial Ing
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Transcript of "Ohl Concesiones2009 Oficial Ing"

  1. 1. Presentation: OHL Concesiones April 23rd, 2009
  2. 2. Contents Page 1. Basis of the Presentation 03 2. Investment Arguments and Criteria 05 3. Growth Process and Current Presence 08 4. Organization and Human Resources 13 5. 2008 and Key Magnitudes 17 6. New Concessions 31 7. Financing in Negotiation 36 8. Strategy 39 9. Valuation 42 Appendix 2
  3. 3. 1. BASIS OF THE PRESENTATION
  4. 4. Basis of the Presentation 1. The consolidated figures included in this presentation are “Pro-Forma”, and cover, besides data on OHL Concesiones, S.L., information on those concessions that: • Are property of other companies of the OHL Group • Are being transferred to OHL Concesiones, S.L., and • Are managed by OHL Concesiones 2. Accounting information, pertaining to both OHL Concesiones and each of the concession holders, was prepared according to International Financial Reporting Standards (IFRS), that are also followed to prepare the OHL Group’s Consolidated Annual Accounts, accordant to laws in effect and that may differ from the accounting rules applicable to concession holders in each country. 3. Any statement not expressely referred to historical data in this presentation including without limitation those related to the financial standing of the concession holders and of OHL Concesiones, as well as its operating development, business strategy, management plans and future operations objectives are to be considered estimations for the future. These estimations involve known and unknown risks; uncertainties and other factors that may cause that actual results of OHL Concesiones, its performance and achievements, or its business results and conditions may differ fundamentally from those foreseen or implicit in these estimations for the future. This presentation, including its estimations for the future are valid at today’s date and OHL Concesiones expressly waives any obligation or commitment to provide any updates or revisions of this information, any changes in its expectations; any change of the facts; conditions and circumstances that served as the basis to these estimations for the future, nor changes in the economic environment that OHL Concesiones expects to find in the future. 4. In this presentation only currently existing concessions are valued. Only in the “Future Value Hypothesis” there is a reference to the value of possible new concession business. 4
  5. 5. 2. INVESTMENT ARGUMENTS AND CRITERIA
  6. 6. Investment Criteria • Recurrent revenues and margins. • Selective high-yield investment with: - Controlled-risk. - Self-financing capacity without recourse to OHL Group. • Complementary with the rest of the OHL Group business. • Knowledge of customers, markets, technology and other aspects. 6
  7. 7. Investment Criteria • Geographical scope: • Strategic Countries like Brazil, Mexico, Chile, Peru and Spain. • Selectively in other geographical areas. • Interest percentage: We favour majority holdings that confer decision-taking and control powers in each concession. • Profitability: A 15% target in Euros, taking into account the effect of possible parity changes, estimated as inflation differential. • Equity: Financed with cash flow put up by the Group. • Debt: Non-recourse and in local currency, free from exchange rate risk. 7
  8. 8. 3. GROWTH PROCESS AND CURRENT PRESENCE
  9. 9. Core Business of OHL Group Revenues • Wholly-owned OHL Group (€ Mn) subsidiary, established on November 4500 2000. 4000 14% 542 436 3500 12% 3000 • With growing importance within OHL 2500 Group, currently accounting for 14% 2000 3,466 3,328 88% 86% of revenues and 56% of EBITDA. 1500 1000 500 • Core business of OHL Group. 0 2007 2008 EBITDA (€ Mn) 700 600 500 340 56% 400 317 58% 300 200 44% OHL Concesiones 268 225 100 42% Remainder of OHL Group 0 2007 2008 9
  10. 10. Proven Growth Track-Record Establishment Brazilian Federal Acquisition of Acquisition of Bicentenario Floatation of OHL 94% holding of OHL Roads Vianorte and Toluca Viaduct Centrovias Awarding of Brasil in Autovias Concesiones, SL Libramiento Acquisition of and Móstoles- CONMEX and (with AECSA, M- Puebla Awarding of Oeste Navalcarnero train Fumisa Intervias Acquisition of Acquisition of Awarding of Ruta 60 Port of Alicante 45 and 9% of Light Rail Aragón Highway Del Norte Highway Amozoc-Perote I2000 and Eje Aeropuerto Autovias) Strategic Definition Development Consolidation OHL´s Investement 1 92 Value Revenues 2 80 6 76 EBITDA € Mn 2 7 54 4 53 52 6 43 8 38 0 34 3 7 33 31 0 4 25 25 9 21 6 16 2 7 15 1 12 12 91 85 79 70 68 40 46 47 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 Revenues C.A.G.R. (2000-2008): 38.6% EBITDA C.A.G.R. (2000-2008): 42.2% 10
  11. 11. Transport Infrastructures Global Manager Highways 4,400 km of toll highways. Details (main concessions) - 4,234 km in operation. Concession Construction Operation Total - 166 km under construction. Type Airports Highways 3 19 22 Integral Management. More than 4 million Airports 0 1 1 passengers / year. Ports 0 1 1 Ports Railways 1 1 2 30 hectares and 1,275 meters of berthing line in Commercial Ports. Total 4 22 26 Railways 37 km of railways. Number of Contracts Total Km. Evolution 4,400 4,012 30 4000 25 26 24 3000 20 22 20 15 2000 10 801 8 8 1000 5 0 0 2001 mar-08 mar-09 2001 mar-08 mar-09 Total Concessions Highways Ranked 7th private transport infrastructure promoters in the world, ranking PWF 2008. 11
  12. 12. Geographic Presence Global Presence • Consolidated presence in attractive markets with outstanding growth potential markets. • Experience and know-how to develop the activity in other markets. 12
  13. 13. 4. ORGANIZATION AND HUMAN RESOURCES
  14. 14. Management Chart Summary: Main Concessions OHL Concesiones PERU ARGENTINA BRAZIL SPAIN MEXICO CHILE 100% Circuito Exterior 71% 100% 60% 100% 87% Autopista Autopista Mexiquense FASE I Autopista del Norte OHL Brasil M-45 Ezeiza-Cañuelas Los Andes 100% 100% 75% 55% 100% Infraestructura Autopista Autopista M-12 Amozoc-Perote FASES II, III y IV 2000 Los Libertadores Eje Aeropuerto 95% 100% São Paulo State 100% Federal Network Autovía de Aragón Libramiento Norte Network Autopista del Sol Tramo 1 de Puebla 100% 100% 100% Autovias Rio de Janeiro 50% Viaducto Espírito Santo Puerto de Alicante Bicentenario 100% 100% São Paulo Centrovias 51% 33% Belo Horizonte Metro Ligero Aeropuerto Int. Oeste de Toluca 100% 100% São Paulo Intervias Curitiba 100% Cercanías Móstoles 100% Navalcarnero 100% Curitiba Vianorte Florianópolis 100% Curitiba Rio Grande do Sul 14
  15. 15. Organization Chart Board of Directors ____________________________ Chairman Juan Villar-Mir de Fuentes Chief Executive Officer Juan Osuna Legal Counsel Business Development Directors M. Carmen Honrado Ignacio García / Sergio Merino Financial Director Gabriel Núñez Chief Construction Officer Technical Director Carlos García-Faure Pedro Martín Administration Director Chief Financing Officer Eugenio Mota Felipe Ezquerra Chief Opperating Officer Port Director Manuel Bejerano Francisco Oviedo Human Resources Arturo Pousa Director Director Director Director Director Director Peru Argentina Brazil Spain Mexico Chile 15
  16. 16. Human Resources OHL Concesiones SL, business Staff 2008: 5,313 people chairmanship, takes on the following functions: 6000 60 • Analysis and management of business 4000 47 developments and tendering or acquisition 5,253 2000 processes. 2,859 0 • Financing and optimization of the concessions 2007 2008 5.253 financial structure. 0 OHL Concesiones, S.L. Sociedades concesionarias Concession Companies OHL Concesiones S.L. • Control and supervision of concessions in operation. Geographical Breakdown 2008 Local organizations take on the following functions: Argentina 1% 8% 10% • Identification of investment opportunities and 7% Brazil 6% cooperation in the preparation of tendering Chile processes and in the negotiations to acquire Spain concessions. Mexico 68% Head Office • Management of concessions in operation and in construction. Control of investment process: New concession tendering and negotiations to acquire new concessions need the approval of both the Strategy Committee of OHL Concessiones and the Investment Committee of OHL Group. 16
  17. 17. 5. 2008 AND KEY MAGNITUDES
  18. 18. General Environment • Serious economic and financial world wide crisis. • Lesser impact in South America. Variation in real GNP 2008 2009 (E) 2010 (E) USA 1.1% -1.2% 1.5% EU 0.7% -2.5% 0.2% SPAIN 1.2% -2.8% 0.3% BRAZIL 5.1% -0.3% 3.5% MEXICO 1.4% -1.8% 1.1% CHILE 3.4% 0.5% 2.3% PERU 9.8% 4.2% 4.8% Source: BBVA study services, February 2009 and Focus Report from Brazil’s Central Bank. • Concessions Business: Relatively good performance. Growth in revenues: • •Traffic resistance. •Tolls indexed to inflation. Availability of financial resources, although with negative impacts: • • Financial entities still maintain their appetite. • Developments public bank support. • Increase in bank spreads, term reduction and decrease in leverage levels. Increase in business opportunities: • • Lesser competition. • More government interests. 18
  19. 19. 2008 Highlights (I) • Good performance of Revenues and EBITDA with homogeneous growths of 34.2% y 25.2% Revenues performance 2007-2008 € Mn EBITDA performance 2007-2008 € Mn 358 400 542 286 600 Var. +25.2% 404 300 Var. +34.2% 400 200 200 100 0 0 2007 2008 2007 2008 € Mn 2007 2008 € Mn 2007 2008 EBITDA 317 340 Revenues 436 542 FUMISA sale (31) - FUMISA sale (32) - Eje Aeropuerto Provision - 18 Eje Aeropuerto Provision - - Homogeneous EBITDA 286 358 Homogeneous Revenues 404 542 • Despite the negative impact of the exchange rates performance. Average exchange rate performance versus the Euro 08/07 Devaluation Currency Argentinean Peso 8.6% Chilean Peso 6.8% Mexican Peso 8.5% Brazilian Real 0% 19
  20. 20. 2008 Highlights (II) Backlog Growth with: • Two concessions in Mexico: Libramiento Norte of Puebla with 32 km, in March of 2008 and the Bicentenario Viaduct with 32 km, in May of 2008. • One concession in Peru: Autopista del Norte with 356 km in February of 2009. In the financial field: Achieved the goals established. • Mexico: In November of 2008, first refinancing of Conmex (from 3.3 to 6.0 billion Pesos) to obtain the funding for the initial investments of phase II and III (BBVA- Bancomer, Banobras and Banorte). • Brazil: In June of 2008, refinancing of Autovias, Centrovias and Intervias up to 670 million Reais to fund initial investments of the federal concessions (Santander, Bradesco and Banco do Brasil). • Spain: In June 2008 closing of the financing of the Aragón highway - tranche 1 for a total amount of 116.5 million Euros (BEI, ICO and DEPFA Bank). 20
  21. 21. 2008 Highlights (III) Operations: • In June 2008 , beginning of operation of sector 2 of the Los Andes highway, of 38.5 km, which joins the cities of La Calera and Valparaiso. • Completion of the operation of Amozoc – Perote in Mexico, since November of 2008. • Federal highways in Brazil: After the signing of the contracts in February 2008, initiation of the works begun and service and conservation started in August of 2008. Construction of the toll booths and gradual collection of tolls since 28th of December 2008 (at the present moment 22 of the 29 booths are open). • In December 2008 works where finalized and the operation of the Alicante Port begun. Contractual Aspects: • In June 2008 the demand for the economical and financial upright of the Eje Aeropuerto concession contract was presented. • In January 2009 the Argentinean government announced a raise in AECSA´s light vehicle toll, which will permit an increase in income of approximately 90%, as per the upright process of the contract. This toll increase is in its final phase of implementation. 21
  22. 22. 2008 Highlights (IV) Disposals: • Sale of 50% of FUMISA in February of 2008, with a net profit of 25.3 million Euros: Mature concession (5 pending years) • • Complicated re-negotiation process. Investments: • The concession companies have invested a total of 810 million Euros. € Mn Argentina 4 Brazil 324 Chile 59 Spain 143 Mexico 280 TOTAL 810 22
  23. 23. 2008 Traffic and Toll Performance Good traffic performance in Latin America: 2007/2008 Traffic and Toll Performance Growths of more than 4% in mature Company Traffic Toll concessions in Brazil, Chile and Argentina. Aecsa (1) -0.6% 15.1% Strong growths in concessions in initial phase: Autovias (1) 30.8% 11.5% Amozoc-Perote 26.3% and Oeste Light Rail Centrovias (1) 7.0% 11.5% 42.5% (passengers). Intervias (1) 4.0% 11.5% Growth in Autovias due to the opening of a Vianorte (1) 6.8% 11.5% new toll booth on July 2007, which has captured more traffic in comparison to the Autopista del Sol (1) 8.5% 6.1% previous year. (Revenues +22% and EBITDA A. Los Libertadores (1) 5.7% 7.1% +26%). A. Los Andes (1) (5) NA NA Excellent traffic performance in Conmex, with M-45 (2) (4) -6.9% 4.2% a 17% increase. Eje Aeropuerto (1) -6.9% 2.9% Beginning of operations in the west tranche of Oeste Light Rail (3) 42.5% 4.1% los Andes highway (June 2008), and full operation of the Amozoc- Perote (November Amozoc- Perote (1) 26.3% 3.8% 2008). Conmex (1) 17.0% 3.8% (1) Nº of vehicles (Annual Average Daily Traffic) (2) Nº of vehicles (Average Daily Intensity) (3) Average daily passengers (4) Decrease in traffic does not affect revenues, since traffic is way above the maximum established as collection basis by the Comunidad de Madrid (shadow toll). The actual traffic is 22% above the maximum established by the Comunidad de Madrid. (5) Beginning of operations of the west tranche in June 2008. 23
  24. 24. Revenues and EBITDA Detail COUNTRY: Revenues Mn € EBITDA Mn € EBITDA/Revenues Margin Company 2008 2007 Var.% 2008 2007 Var.% 2008 2007 Aecsa 11.3 10.7 5.6% 0.6 2.8 -78.6% 5.3% 26.2% ARGENTINA 11.3 10.7 5.6% 0.6 2.8 -78.6% 5.3% 26.2% Autovias 68.9 56.4 22.2% 51.3 40.7 26.0% 74.5% 72.2% Centrovias 63.9 52.7 21.3% 48.7 36.8 32.3% 76.2% 69.8% Intervias 77.9 69.2 12.6% 57.6 49.2 17.1% 73.9% 71.1% Vianorte 61.8 53.7 15.1% 47.1 38.8 21.4% 76.2% 72.3% BRAZIL 272.5 232.0 17.5% 204.7 165.5 23.7% 75.1% 71.3% (3) 78.1% (3) Autopista del Sol 31.5 29.1 8.2% 19.2 17.3 11.0% 78.1% Autopista Los Libertadores 16.6 15.4 7.8% 12.3 11.6 6.0% 74.1% 75.3% Autopista Los Andes 3.5 - n.a. 1.9 - n.a. 54.3% n.a. CHILE 51.6 44.5 16.0% 33.4 28.9 15.6% 75.2% 77.1% Euroglosa M-45 11.1 10.4 6.7% 10.1 9.4 7.4% 91.0% 90.4% (4) (4) Autopista Eje Aeropuerto 5.5 5.7 -3.5% -16.8 2.2 n.a. 21.8% 38.6% Oeste Light Rail 27.2 12.3 121.1% 7.5 4.8 56.3% 27.6% 39.0% SPAIN 43.8 28.4 54.2% 0.8 16.4 -95.1% 42.9% 57.8% Fumisa 0.0 32.5 n.a. 0.0 30.8 n.a. 94.8% Amozoc-Perote 26.3 32.8 -19.8% 12.1 24.1 -49.8% 46.0% 73.5% Conmex 53.2 49.2 8.1% 46.0 42.5 8.2% 86.5% 86.4% Rentabilidad garantizada (1) 24.9 141.4% 0.0 0.0 - 60.1 n.a. n.a. (2) 81.2% (2) MEXICO 79.5 114.5 -30.6% 118.2 122.3 -3.4% 73.1% TOTAL CONCESSIONS 458.7 430.1 6.6% 357.7 335.9 6.5% 68.8% 70.4% Central Offices and Others 83.7 5.4 n.a. -17.8 -18.9 -5.8% TOTAL 542.4 435.5 24.5% 339.9 317.0 7.2% (1) Classified in other operating revenues, and not included in the consolidated figures; (2) EBITDA/Revenues not including the guaranteed profitability of CONMEX and in 2007 without FUMISA; (3) % EBITDA/Revenues eliminating the canon to the Government expense of 5.4 € Mn/year; (4) the EBITDA includes an 18 € Mn provision for fixed assets impairment. 24
  25. 25. Long Term Orderbook Long Term Orderbook Performance € Mn Orderbook Geographical Breakdown 51,490 2% 2% Argentina 54000 46,175 Brazil 35% 48000 C. A.G.R. + 48.7% 40% Chile 42000 Spain 36000 Mexico 30000 23,856 13% 8% Peru 24000 16,744 18000 8,517 10,035 12000 Orderbook Business Breakdown 3,208 4,566 6000 0 1% 9% 2007 (1) 2008 (2) 2001 2002 2003 2004 2005 2006 Highways (1) Includes the orderbook of 5 federal highways in Brazil, signed in February 2008. Does not include Fumisa which was sold in March 2008, nor the Libramiento de Puebla signed in March Railways 2008. Ports (2) Includes the orderbook of Autopista del Norte, signed in February 2009. 90% Orderbook as of 31/12/07 46,175 + Libramiento Norte de Puebla 434 2008 Pro-forma* Orderbook: 51.5 € Bn + Elevated Viaduct Bicentenario 5,862 + Autopista del Norte (Peru) 1,065 *According to subsidiaries consolidation method + Orderbook variation (by exchange -2,046 rate fluctuations and others) Pro-forma+ Orderbook as of 31/12/08 51,490 25
  26. 26. Main concessions Key Data I (€ Mn) Total OHL Investment Average Daily Toll Roads Country Stage Km % OHL Traffic (1) Investment Value Aecsa Argentina Operation 60 93 71% 85.7 214,720 Total Argentina 60 93 85.7 Brazil Operation 316 320 60% 103,786 Autovias Centrovias Brazil Operation 218 278 60% 60,727 Intervias Brazil Operation 376 501 60% 141,576 Vianorte Brazil Operation 237 247 60% 79,582 101.4 Rio de Janeiro-Espirito Santo Brazil Pre-operation 320 615 60% NA São Paulo-Belo Horizonte Brazil Pre-operation 562 816 60% NA Brazil Pre-operation 402 1,082 60% NA São Paulo-Curitiba Curitiba-Florianópolis Brazil Pre-operation 382 758 60% NA Brazil Pre-operation 413 461 60% Curitiba-Rio Grande do Sul Total Brazil 3,226 5,078 101.4 Autopista del Sol Chile Operation 132 152 75% 26.7 71,201 Autopista Los Libertadores Chile Operation 119 154 75% 13.7 36,206 13,786 (3) Autopista Los Andes Chile Operation 92 276 100% 37.5 Total Chile 343 582 77.9 Autovía M-45 Spain Operation 8 116 100% 77,303 0.1 Autopista M 12 Spain Operation 9 427 100% 10,575 154.3 Autovía de Aragón-Tramo 1 Spain Pre-operation 56 233 95% NA 10.6 Total Spain 73 776 165.0 Conmex (Fase I) Mexico Operation 52 87% 119,673 1,544 228.9 Conmex (II, III y IV) Mexico Construction 103 100% NA Amozoc-Perote Mexico Operation 123 179 55% 48.2 18,911 Libramiento Norte de Puebla Mexico Construction 32 134 100% 0.7 NA Viaducto Bicentenario Mexico Construction 32 1,188 100% 63.2 NA Total Mexico 342 3,045 341.0 (2) Autopista del Norte Peru Pre-operation 356 203 100% NA Total Peru 356 203 - Total Toll Roads 4,400 9,777 77% 771.0 (1) Traffic figure corresponding to equivalent vehicles paying with the exception of M45 that shows the average daily intensity (ADI); (2) Contract signed in February 2009; (3) Traffic corresponding to west sector, began operations in June 2008. 26
  27. 27. Main Concessions Key Data II (€ Mn) Operated Total OHL Investment Passengers / Others Country Stage % OHL Facilities Investment Value Year 22 Km. Operation 6.9 million Metro Ligero Oeste Spain 937 51% 63.4 2 Lines Cercanías Móstoles- 15 Km. Spain Construction 424 100% 25 NA Navalcarnero 1 Line 30 Ha. Inner Harbour Operation Puerto de Alicante Spain 111 50% 9.7 269,946 1,275 m. Berthing Line Airport, complementary Operation 4.1 million Toluca (Airport) Mexico 300 33% 52.4 and commercial services 1,772 60% 150.4 Total Others TOTAL 11,549 74% 921.4 27
  28. 28. Vi -20 -10 0 10 20 30 40 50 an or te Au 9 t o Ce via s nt 10 ro -11 -10 vi a Ez A. ei de s 10 lS A. za- o Lo C a s ñu l 10 -11 -13 e Duration (years) lib er las ta A. 12 do -15 Ar ag re s ón 17 -11 T In . 1 te E -1 18 r A. uro via s M ós Eje glo -8 19 sa to Ae 4 le ro s- N pu 5 19 R a -10 er t S. . Ja val ca o ne Pa -6 19 i rn ul o- ro-E ero Be .S -1 19 lo a Years Remaining Ho nto S. riz Cu Pa -1 24 Cu riti ulo ont e b -C rit ib a-F ur -1 24 lo iti a- r R ba . G ian -1 óp 24 Au ra n de olis to pi -1 24 st do a Su l Am del -1 24 oz No rt e oc - 25 A. Pe Lo rot e s Main Concessions Portfolio Life A average remaining period of the Portfolio. -5 25 Al nd ic e a O Li es nte s -6 27 br te am Po Ci Li ie rc gh rt nt -6 ui 27 o to tR a Ex N. Vi Pu il Years Passed -2 28 a d t. M eb uc ex la iq Ae to B -1 ue 29 ro n pu ice nt s e er en -6 to 29 ar In io t. To -1 29 lu The incorporation of the new concessions in 2008 and 2009 enlarges in a relevant way the ca -3 47 28
  29. 29. Variation of Net and Gross Fixed Assets Consolidated Net Fixed Assets Variation (€ Thousand) Consolidated Gross Fixed Assets CONTROL % Concession OHL % 2008 2007 Difference (€ Mn) Aecsa 71% 66,587 -16,042 82,629 60% 140,291 -28,448 168,739 Autovias Total as of 12/2007 3,124 60% 125,654 -23,126 148,780 Centrovias 60% 132,528 -14,126 146,654 Intervias Investments 2008 770 60% 125,275 -25,104 150,379 Vianorte FUMISA sale -138 R. Janeiro-E. Santo 60% 36,506 36,506 - S. Paulo-B. Horizonte 60% 67,067 67,067 - Exchange Rate diferences -327 60% 75,698 75,698 S. Paulo-Curitiba - Total as of 12/2008 3,429 Curitiba-Florianópolis 60% 41,639 41,639 - 60% 31,012 31,012 Curitiba-R. Gde. do Sul - Global 75% 86,733 -18,017 104,750 A. del Sol Considering the canon paid for the A. Los Libertadores 75% 88,550 -21,820 110,370 Integration award of the concession Viaducto A. Los Andes 100% 207,708 19,789 187,919 Bicentenario (Intangible Fixed M45 100% 80,151 -2,531 82,682 Assets), the total gross investment for A. Eje Aeropuerto M12 100% 298,685 -21,224 319,909 the year 2008 committed by the Autovía de Aragón-T. 1 95% 26,113 1,074 25,039 concessions amounts to 810 million Metro Ligero Oeste 51% 559,215 46,657 512,558 Euros. Móstoles Navalcarnero 100% 39,104 39,104 - Conmex 87% 488,830 132,162 356,668 Amozoc-Perote 55% 162,780 5,437 157,343 Libramiento Puebla 100% 3,261 3,261 - Viaducto Bicentenario 100% 13,174 13,174 - Fumisa 50% -60,078 60,078 Percentage Puerto de Alicante 50% 47,547 12,656 34,891 Integration OTHER Others 46,167 18,316 27,851 TOTAL 2,990,275 2,653,274 337,001 29
  30. 30. Financial Debt Variation (Non-Recourse to OHL) Financial Debt Variation (€ Thousand) Consolidated Cash and Consolidated Gross Debt Consolidated Net Debt Equivalent Concessionaire % CONTROL 2008 2007 Difference 2008 2007 Difference 2008 2007 Difference 20,708 -3,216 260 -398 20,448 -2,818 23,924 658 23,266 Aecsa 94,862 27,677 4,599 -330 90,263 28,007 67,185 4,929 62,256 Autovias 83,952 59,492 5,895 3,587 78,057 55,905 24,460 2,308 22,152 Centrovias 110,302 45,198 7,734 885 102,568 44,313 65,104 6,849 58,255 Intervias 26,189 -11,321 4,813 2,144 21,376 -13,465 37,510 2,669 34,841 Vianorte 795 709 R. Janeiro-E. Santo 709 795 -86 -86 3,017 1,929 S. Paulo-B. Horizonte 1,929 3,017 -1,088 -1,088 1,631 1,011 1,011 1,631 -620 -620 S. Paulo-Curitiba 1,513 22 Curitiba-Florianópolis 22 1,513 -1,491 -1,491 2,116 2,116 -2,116 -2,116 Curitiba-R. Gde. do Sul Global 50,716 126,060 -14,650 -8,019 75,344 -6,631 140,710 58,735 81,975 A. del Sol Integration 15,375 104,686 -15,204 -4,618 89,311 -10,586 119,890 19,993 99,897 A. Los Libertadores 122,752 217,725 61,291 104,102 156,434 18,650 94,973 -42,811 137,784 A. Los Andes 715 75,680 -1,017 -1,514 74,965 497 76,697 2,229 74,468 Autovía M-45 16,686 -629 221,316 -535 238,002 239,166 17,315 -1,164 221,851 Autopista M 12 8,761 8,761 375 -9,339 8,386 18,100 9,714 -9,714 Autovía de Aragón-T. 1 38,441 520,626 72,713 28,706 482,185 44,007 447,913 9,735 438,178 Metro Ligero Oeste 5,388 5,281 -5,388 -5,281 107 -107 Móstoles Navalcarnero 301,711 97,699 39,413 10,173 262,298 87,526 204,012 29,240 174,772 Conmex 6,198 2,862 -6,198 -2,862 3,336 -3,336 Amozoc-Perote 23 23 -23 -23 Libramiento Puebla 56 56 -56 -56 Viaducto Bicentenario -66,970 -20,824 -46,146 66,970 20,824 46,146 Percentage Fumisa Integration 44,613 1,318 15,301 835 43,295 14,466 29,312 483 28,829 Puerto de Alicante 185,232 13,269 -67,093 -2,536 171,963 -64,557 252,325 15,805 236,520 Others Otros 343,098 223,579 119,519 1,819,682 1,728,033 91,649 TOTAL 2,162,780 1,951,612 211,168 30
  31. 31. 6. NEW CONCESSIONS
  32. 32. Viaducto Bicentenario Viaducto Bicentenario Viaducto Bicentenario, S.A. de C.V. OHL Concesiones Stake 100 % Client Government of Mexico Concession Period May 2008 May 2038 Total Investment 1.2 billion Euros Length 32 km Toll Booths 20 • Viaduct over the Mexico-Queretaro highway, one of the most congested in the country with an average daily traffic of 300,000 vehicles. • It is estimated that the Viaduct will capture 10% of traffic in its first phase, but as the highway gradually enters into operation, the traffic will be incremented significantly. • The toll fee is adjusted annually by the inflation (INPC), or in any period in which the index rises above 5%. • Structured in three phases with a similar investment for each phase. The second and third phases will begin when a certain level of traffic is achieved in phases one and two respectively. 32
  33. 33. Viaducto Bicentenario 1. Phase 1: Reversible three lane viaduct of 22 km of length between the border of the State of Mexico with the Federal District in “el Toreo” until the conexion of the Circuito Exterior Mexiquense with the Mexico-Queretaro highway. • The first tranche of this phase is of 4.3 km in length, should begin operations this year. 2. Phase 2: Three lane viaduct of 22 km parallel to the viaduct of Phase 1. With the construction of this second viaduct the first viaduct ceases to be reversible. • Beginning of construction is estimated for the year 2016, once it has reached a level of traffic of 50,000 vehicles. 3. Phase 3: 10 km prolongation of both viaducts towards the north, giving the concession a total of 32 km in length. • Construction is estimated to begin in the year 2027 once it has reached a level of traffic of 180,000 vehicles per day. • The project is integrated inside Valle de México metropolitan zone highway system, with connections to the Distrito Federal and Circuito Exterior Mexiquense’s future viaduct. • The collection system is automatic with a barrier control at the entrance and is charged by actual km use. • The vehicle identification system at the exit of the viaduct is done by a new portal frame developed jointly by OHL Concesiones and Indra . 33
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