1. APIMEC
1Q06 Earnings Results
May 2006
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2. Note
Potential forward-looking statements in this presentation related to the Company’s
business prospects, projections, and operating and financial results are based on
Management beliefs and assumptions, as well as the information currently available
to the Company.
Forward-looking statements and information are not a guarantee of performance.
They involve risks, uncertainties and assumptions since they refer to future events,
and therefore depend on situations that may or not occur.
Future results and shareholder value creation may differ significantly from those
stated or suggested by the forward-looking statements. Many of the factors that will
determine these results and values are beyond OHL Brazil’s control and prediction
capacity.
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3. Agenda
Company Profile
1Q06 Highlights
1Q06 Earnings Results
Prospects
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4. Company Profile
1Q06 Highlights
1Q06 Earnings Results
Prospects
4

5. Ownership Breakdown and Capital Restructuring
OHL Group
International construction, concession
100.0% and service group
Operational for more than 90 years
FREE FLOAT Present in 16 countries
Listed in Spain since 1991
51.1% 40.0%
Ranked among Spain’s 6 most
transparent companies in 2005
Two independent core businesses:
8.9% Construction and Concessions
2005 Net Revenue: € 2.4 billion;
2005 EBITDA: € 285.4 million
1995-2005 Revenue CAGR of 32%
100.0% 100.0% 100.0%
Other Present in the Brazilian market through
Participations OHL Concesiones
Advanced stage of capital restructuring designed to rationalize and simplify our organization chart.
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6. OHL Concesiones
Share Length
Road Concessions
(%) (km)
Autovia M -45 100% 8.3
Spain
Autopista Nuevo Aeropuerto Barajas 100% 8.2
Intervias 60% 371.2
Autovias 60% 316.5
Centrovias 60% 219.5
Mexico Autopista del Sol 60% 140.0
Autopista Los Libertadores 58% 82.0
Camino Internacional Ruta 60 100% 92.4
Sistema Carretero del Oriente 77% 51.7
Autopista Amozoc Perote 67% 123.0
Brazil Autopista Ezeiza -Cañuelas 70% 60.1
Chile
Port Concessions:
Argentina Muelle Inflamables Barcelona 20%
Puerto de Alicante 50%
Airports:
Aeropuerto Internacional de México
Mé 50%
The Brazilian operation is an OHL Concesiones growth strategy.
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7. Location
... to the northwest of the city of São Paulo
The State of São Paulo accounts for around 22% of Brazil’s population and 35% of its GDP.
Operational Area: Map:
• Population of 4 million
• One of the main agribusiness
centers in Brazil
• Responsible for 32% of fuel
ethanol and 70% of orange-juice
exports
The toll roads operated by OHL Brasil
are the main access routes from the
production areas to:
São Paulo: the main consumption
center
The port of Santos: the main export
outlet
... allows OHL Brasil to capture the impact of industrial and agribusiness expansion.
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8. Corporate Governance
•Bovespa – Novo Mercado
•Strategic support and commitment from OHL Group.
•Transparency and protection of minority shareholders’ rights.
•100% tag-along rights
•Capital 100% comprised of common shares (equal rights for minority
shareholders).
•Free Float of 40%.
•Board of Directors made up of 7 members, 1 of whom independent.
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9. Company Profile
1Q06 Highlights
1Q06 Earnings Results
Prospects
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10. 1Q06 Highlights
•Traffic grew by 0.7% in the 1Q06 compared to 1Q05 . Autovias
recorded a 2.4% upturn and Centrovias, a 1.8% decline.
•Net Revenue increased 12.3% year-on-year.
•Adjusted EBITDA climbed 19.6% year-on-year to R$62.4 million, while
the EBITDA margin widened by 3.9% to 64.3%.
•Net income of R$ 17.6 million and net margin of 18.1%.
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11. Company Profile
1Q06 Highlights
1Q06 Earnings Results
Prospects
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12. Consolidated Traffic (Thousands of Vehicle-Equivalents)
Traffic Breakdown – 1Q06 Traffic Evolution
Intervias
Centrovias
Autovias
+0.7%
-7.2%
22.7%
54.6% 11,666
10,578 10,704
22.7%
4,549 4,840 4,466
4,344 4,642 4,448
1Q05 4Q05 1Q06
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13. Traffic Evolution and GDP
Year-on-year comparison:
OHL Traffic
GDP 6.7% 6.6%
4.9% 4.7%
4.0%
3.0% 2.8%
2.3%
1.4%
1.0% 1.0%
0.5%
0.2% 0.7%
2003 2004 2005 1Q05 2Q05 3Q05 4Q05 1Q06
-1.8%
-3.28 1.35 1.30 1.67 1.65 1.02 0.11
Period Elasticity
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14. Net Revenue (R$ thousand)
Revenue Breakdown– 1Q06 Net Revenue Evolution (R$ thousand)
+12.3% Intervias
-6.4%
Centrovias
Autovias
29.2%
40.3% 42,539
39,162
35,176
30.5% 32,180 29,594
27,776
23,539 29,109 28,382
1Q05 4Q05 1Q06
Electronic toll charges accounted for 40.08% of 1Q06 net revenue
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15. Adjusted EBITDA
% Chg. % Chg.
Adjusted EBITDA (R$ thousand) 1Q06 4Q05 1Q05
1Q06/4Q05 1Q06/1Q05
Net Service Revenue 97,137 103,827 86,491 -6.4% 12.3%
Cost of Services Rendered -50,546 -46,293 -43,093 9.2% 17.3%
Amortization and Depreciation 27,377 22,723 18,972 20.5% 44.3%
Other Revenue 110 - - - -
Operating Revenue (Expenses) -7,571 -9,367 -6,416 -19.2% 18.0%
EBITDA 66,507 70,890 55,954 -6.2% 18.9%
Fixed Encumbrance Paid -4,079 -4,070 -3,741 0.2% 9.0%
Adjusted EBITDA 62,428 66,820 52,213 -6.6% 19.6%
Adjusted EBITDA Margin w/out Net Revenue 64.3% 64.4% 60.4%
Adjusted EBITDA Adjusted EBITDA Margin (%)
(R$ Million)
69.1 65.5
66.8 64.4 64.3
62.4 62.9
60.4
58.7
52.2
1Q05 2Q05 3Q05 4Q05 1Q06 1Q05 2Q05 3Q05 4Q05 1Q06
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16. Financial Result
% Chg. % Chg.
Financial Result (R$ thousand) 1Q06 4Q05 1Q05
1Q06/4Q05 1Q06/1Q05
Financial Revenues 6,309 7,166 2,631 -12.0% 139.8%
Financial Expenses -10,733 -13,361 -19,073 -19.7% -43.7%
BNDES/CEF -7,568 -9,587 -9,710 -21.1% -22.1%
Other Financial Expenses -1,756 -1,801 -5,015 -2.5% -65.0%
Monetary correction of fixed concession charged -1,409 -1,973 -4,348 -28.6% -67.6%
Net Financial Result -4,424 -6,195 -16,442 -28.6% -73.1%
% Net Revenue -4.6% -6.0% -19.0%
Financial Expenses Breakdown (% of the total) IGP-M Evolution (%)
1Q06 4Q05
Fixed Concession Fixed Concession
charges charges
13.1% 14.8%
0.99
Other Fin. 16.4% Other Fin. 13.5%
70.5%
71.8% 0.70
BNDES/CEF BNDES/CEF 4Q05 1Q06
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17. Indebtedness
Gross Indebtedness (R$ million) Net Indebtedness (R$ million)
303.7
290.0
283.4 276.3 266.3
236.6
207.6
236.0 224.0 216.0
225.3
214.7
118.2
1.2x 91.7 103.0
0.9x
0.4x 0.5x 0.4x
67.7 66.0 67.4 51.0 51.6
1Q05 2Q05 3Q05 4Q05 1Q06 1Q05 2Q05 3Q05 4Q05 1Q06
Short Term debt Long Term Debt Net Debt/ Adjusted EBITDA (Last 12 months)
Amortization Schedule (R$ million) Charges (March 2006)
3%
TJLP
58,6 12% CDI
51,6 52,6
UNBNDES
44,4
85%
7,5 ... 100% of indebtedness
denominated in R$
2007 2008 2009 2010 2011
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18. Net Income (R$ million)
49.8%
-25.6
23.6 %
17.6
11.7
1Q05 4Q05 1Q06
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19. Capex (R$ million)
CAPEX (Real and Estimated) CAPEX Breakdown – 1Q06
200.0
191.8 Total Capex estimated for
2007 to 2009 27.0%
169.1 255.0
17.6% 55.4%
120.0
80.0
55.0
Schedule
Autovias and Intervias complete
12.1
their “Main Extensions”
1Q06
2004 2005 2006E 2007E 2008E 2009E Centrovias completes its own in
2007.
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20. 103,00
113,00
123,00
133,00
143,00
153,00
163,00
173,00
183,00
93,00
15/7/2005
22/7/2005
29/7/2005
5/8/2005
12/8/2005
19/8/2005
26/8/2005
2/9/2005
12/9/2005
19/9/2005
Share Performance
OHL
26/9/2005
3/10/2005
10/10/2005
BOVESPA
18/10/2005
25/10/2005
1/11/2005
9/11/2005
17/11/2005
24/11/2005
1/12/2005
Price
8/12/2005
20
15/12/2005
22/12/2005
29/12/2005
6/1/2006
(Base 100 on July 13, 2005)
13/1/2006
Traded Volume (no. of Shares)
20/1/2006
30/1/2006
6/2/2006
13/2/2006
20/2/2006
1/3/2006
8/3/2006
15/3/2006
22/3/2006
29/3/2006
5/4/2006
12/4/2006
20/4/2006
28/4/2006
8/5/2006
OHL; 140,56
BOVESPA; 157,98
0
200
400
600
800
1.000
1.200
1.400
No. Of Shares (thousand)

21. Social Responsibility
Summary of the Projects until December of 2005
Concessionaire Attended Schools Students Teachers
Autovias 94 77,000 526
Education
Centrovias 82 16,081 223
Intervias 48 37,669 1,633
Total 224 130,750 2,382
Summary of the Campaigns until December of 2005
Concessionaire Project Campaigns Services
Saúde na Estrada (Health on
Autovias 14 8,600
the Road)
Health Mais Saúde na Estrada (More
Centrovias 11 3,457
health on the road)
Saúde na Boléia (Health in the
Intervias 19 40,274
truck cabin)
Total 44 52,331
Seedling Plantation Seedling Plantation - to be
Concessionaire
(Amount) done (Amount)
Autovias 200,000 132,000
Environmental
Centrovias 120,000 10,000
Intervias 145,000 0
Total 465,000 142,000
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22. Company Profile
1Q06 Highlights
1Q06 Earnings Results
Prospects
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23. New Auctions: Federal, State and PPPs
Federal Lots: 07
Highway corridors are essential in connecting
Brazil’s richest areas
Road Extension No.of Plazas
Lot 1 BR 153/ SP - Divisa MG/SP 321,7 Km 04 plazas
Lot 2 BR 116/PR/SC - Curitiba - Divisa SC/RS 406,5 Km 05 plazas
Lot 3 BR 393/RJ - Divisa MG/RJ (Via Dutra) 200,5 Km 03 plazas
Lot 4 BR 101 - Divisa RJ/ES (Ponte Rio Niterói) 320,8 Km 05 plazas
Lot 5 BR 381- Belo Horizonte - São Paulo 561,5 Km 08 plazas
Lot 6 BR 116/SP/PR - São Paulo - Curitiba 401,7 Km 06 plazas
Lot 7 BR 376 - Curitiba - Florianópolis 367,6 Km 05 plazas
2580,3 Km 36 plazas
State Lots (SP): 02
Potential export corridor through Port of São
Sebastião
Road Extension No. of Plazas
Lot A SP 65 - Rodovia D. Pedro I 167,5 Km 02 plazas
Lot B SP 70 - Rodovia A.Senna/Carvalho Pinto 118,5 Km 04 plazas
286,0 Km 6 plazas
PPP MG 050 (MG): 01
Enormous synergy potential from our highway
network.
Road Extension No. of Plazas
PPP MG 050 – Betin – Divisa SP I 372,0 Km 06 plazas
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24. Investor Relations
OHL Brasil S.A. Contacts: Address:
Francisco Leonardo Moura da Costa Rua Pedroso Alvarenga, 990 – 5º
CFO and Investor Relations Officer Itaim Bibi – São Paulo – SP
francisco.leonardo@ohlbrasil.com.br CEP 04531-004
Tel.: (5511) 3074-2404
Alessandro Scotoni Levy
Financial and Investor Relations Manager
alessandro@ohlbrasil.com.br www.ohlbrasil.com.br
OBRASCON HUARTE LAIN BRASIL S.A.
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