Apimec Resultados2 Q06 Eng

450 views

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
450
On SlideShare
0
From Embeds
0
Number of Embeds
13
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Apimec Resultados2 Q06 Eng

  1. 1. PUBLIC MEETING 2Q06 RESULTS August 2006 1
  2. 2. Forward-looking statements 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. 2
  3. 3. Agenda Company Overview 2Q06 Highlights 2Q06 Results Outlook 3
  4. 4. Company Overview 2Q06 Highlights 2Q06 Results Outlook 4
  5. 5. Ownership Structure and Restructuring 100.0% FREE FLOAT 52.1% 40.0% 7.9% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 4.68% Latina Paulista OHL SPR STP Manutenção Infra-estrutura Participações 4.86% Ownership Restructuring concluded on June/2006. Main benefit: use of the fiscal goodwill from the acquisition of the concessionaires. We are waiting for BNDES’s authorization to conclude the acquisition of Vianorte. 5
  6. 6. OHL Concesiones and OHL Group Share Length OHL Group Toll Road Concessions (%) (Km) Autovia M - 45 100% 8.3 8,3 International construction, Spain Autopista Nuevo Aeropuerto Barajas 100% 8.2 8,2 concession and service group Intervias 60% 371,2 371.2 Operational for more than 90 Autovias 60% 316,5 316.5 years Centrovias 60% 219,5 219.5 Present in 16 countries Mexico Autopista del Sol 60% 140.0 Listed in Spain since 1991 Autopista Los Libertadores 58% 82,0 82.0 Camino Internacional Ruta 60 100% 92,4 92.4 Ranked among Spain’s 6 most transparent companies in 2005 Sistema Carretero del Oriente 77% 51,7 51.7 Autopista Amozoc Perote 67% 123.0 Two independent core businesses: Construction and Brazil Autopista Ezeiza - Cañuelas 70% 60,1 60.1 Concessions. Chile Port Concessions Net revenue in 2005: € 2.4bn; and Argentina Muelle Inflamables Barcelona 20% EBITDA in 2005: € 285.4mm Puerto de Alicante 50% 1995-2005 Revenue CAGR of 32% Airports: : Present in the Brazilian market Aeropuerto Internacional de México 50% through OHL Concesiones The Brazilian operation is strategic for OHL Concesiones growth goal. 6
  7. 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. Operating Area: Map: • Population of 4 mm inhabitants • One of the main agribusiness center in Brazil Vianorte • Responsible for 32% of fuel ethanol and for 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 corridor ... allows OHL Brasil to capture the impact of industrial and agribusiness expansion. 7
  8. 8. Corporate Governance Novo Mercado – Bovespa Strategic support and commitment from OHL Group. Transparency and protection to minority shareholders’ interest. 100% Tag-Along. Capital structure with 100% of voting shares (equal rights for minority shareholders). 40% Free Float. Board of Directors with 7 member, being 1 independent. 8
  9. 9. Company Overview 2Q06 Highlights 2Q06 Results Outlook 9
  10. 10. 2Q06 Highlights Traffic grew 5.1% in 2Q06 versus 1Q06. Net services revenue went up by 8.8% when comparing 2Q05 to 2Q06. Adjusted EBITDA of R$64.9 million and Adjusted EBITDA Margin of 63.9% Conclusion of our Ownership Restructuring Process. Net income grows 132.3% in three months. Acquisition of Vianorte – at the final stage. 44.44% share appreciation until August 7, 2006. 10
  11. 11. Company Overview 2Q06 Highlights 2Q06 Results Outlook 11
  12. 12. Consolidated Traffic (Thousands of Vehicle-Equivalents) Traffic Breakdown – 2Q06 Traffic performance (in Vehicle-Equiv.) Intervias Centrovias Autovias 5.1% 25,000 -1.9% 22.4% 20,000 15,000 11,771 11,535 10,704 55.9% 21.7% 10,000 4,608 4,466 4,473 5,000 4,650 4,448 4,617 0 2Q05 1Q06 2Q06 12
  13. 13. Traffic vs. GDP Year-on-year comparison: OHL Traffic GDP 6.7% 6.6% 4.9% 4.7% 4.0% 3.4% 3.0% 2.8% 2.3% 1.4% 1.0%1.0% 0.5% 0.7% 0.2% 2003 2004 2005 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 -1.8% -1.9% -3.28 1.35 1.30 1.67 1.65 1.00 0.11 0.21 ??? Period Elasticity 13
  14. 14. Net Revenue (R$ Thousand) Revenues Breakdown – 2Q06 Net Revenue Performance (R$ Thousand) 8,8% 120,000 4,6% 100,000 29.1% 80,000 42,509 39,219 39,162 41.9% 60,000 29,594 29,542 40,000 28,414 29.1% 20,000 25,696 28,382 29,523 0 2Q05 1Q06 2Q06 Electronic toll collection corresponded 44.82% in 2Q06 14
  15. 15. Adjusted EBITDA Var % Var % Var % Adjusted EBITDA(R$ thousand) 2Q06 1Q06 2Q05 1H06 1H05 2Q/1Q06 2Q/2Q05 1H/1H05 Net Services Revenue 101,574 97,137 93,329 4.6% 8.8% 198,711 179,819 10.5% Cost of Services Rendered (51,319) (50,546) (45,605) 1.5% 12.5% (101,865) (88,698) 14.8% Amortization and Depreciation 28,424 27,377 22,907 3.8% 24.1% 55,801 41,879 33.2% Other Revenues 58 110 - -47.3% - 168 - - Operating (Expenses) Revenue (9,779) (7,571) (8,183) 29.2% 19.5% (17,350) (14,599) 18.8% EBITDA 68,958 66,507 62,448 3.7% 10.4% 135,465 118,401 14.4% Fixed concession charges paid (4,079) (4,079) (3,747) 0.0% 8.9% (8,158) (7,479) 9.1% Adjusted EBITDA 64,879 62,428 58,701 3.9% 10.5% 127,307 110,922 14.8% Adjusted EBITDA Margin (%) 63.9% 64.3% 62.9% 64.1% 61.7% Adjusted EBITDA Adjusted EBITDA Margin (%) (R$ Million) 69.1 65.5 66.8 64.9 64.4 64.3 62.4 62.9 63.9 60.4 58.7 52.2 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 15
  16. 16. Financial Result Var % Var % Var % Financial Result(R$ thousand) 2Q06 1Q06 2Q05 1H06 1H05 2Q/1Q06 2Q/2Q05 1H/1H05 Financial Revenues 5,204 6,309 3,200 -17.5% 62.6% 11,513 5,831 97.4% Financial Expenses (12,043) (10,733) (10,408) 12.2% 15.7% (22,776) (29,481) -22.7% BNDES/CEF (7,560) (7,568) (8,250) -0.1% -8.4% (15,128) (17,960) -15.8% Other Financial Expenses (3,178) (1,756) (1,592) 81.0% 99.6% (4,934) (6,607) -25.3% Monetary correction of fixed concession charge (1,305) (1,409) (566) -7.4% 130.6% (2,714) (4,914) -44.8% Net Financial Result (6,839) (4,424) (7,208) 54.6% -5.1% (11,263) (23,650) -52.4% % Net Services Revenue 6.7% 4.6% 7.7% 5.7% 13.2% Financial Result Breakdown (% of total) IGP-M Performance (%) 2Q06 1Q06 Fixed concession Fixed concession charges charges 10.8% 13.1% 0.70 0.70 Other Fin. 16.4% 26.4% Other Fin. 62.8% 70.5% BNDES/CEF BNDES/CEF 1Q06 2Q06 16
  17. 17. Indebtedness Total Debt (R$ MM) Net Debt (R$ MM) 303.7 290.0 283.4 276.3 273.7 266.3 236.6 207.6 236.0 224.0 216.0 200.3 225.3 199,2 214.7 199.2 118.2 91.7 103.0 1.2x 0.9x 0.8x 0.5x 0.4x 0.4x 67.7 66.0 67.4 74.5 74,5 51.0 51.6 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 Short Term Debt Long Term Debt Net Debt / Adjusted EBITDA (LTM) Amortization Schedule (R$ MM) Charges (June 2006) 2.8% 76.9 TJLP 9.5% CDI 56.3 57.3 UNBNDES 47.6 28.4 87.7% 118,2 103,0 7.2 ... 100% of our debt is R$ Jul/Dec 2006 2007 2008 2009 2010 2011 17
  18. 18. Net Income (R$ Million) 133.8% 40.8 132.3% 17.5 17.6 2Q05 1Q06 2Q06 18
  19. 19. Capex CAPEX (Real and Estimated) CAPEX Breakdown – 2Q06 200.0 191.8 Total in the period between 2007 and 2009 169.1 255.0* 19.4% 45.8% 32.8% 120.0 71.5 80.,0 55.0 Schedule 1H06 Autovias and Intervias are developing pavement recovering works and improvement at disposals of the toll roads. Centrovias continues with the 2004 2005 2006E 2007E 2008E 2009E duplication of SP-225, expected to be concluded on 2007. *Capex outlook for Autovias, Centrovias and Intervias. 19
  20. 20. 93,00 103,00 113,00 123,00 133,00 143,00 153,00 163,00 173,00 183,00 22/7/2005 2/8/2005 11/8/2005 22/8/2005 31/8/2005 OHL 12/9/2005 21/9/2005 BOVESPA Share Performance 30/9/2005 11/10/2005 21/10/2005 1/11/2005 11/11/2005 23/11/2005 2/12/2005 13/12/2005 22/12/2005 3/1/2006 12/1/2006 20 23/1/2006 Pricing 2/2/2006 13/2/2006 22/2/2006 7/3/2006 (Base 100 on July 13, 2005) 16/3/2006 Traded Volume (No. Of Shares) 27/3/2006 5/4/2006 17/4/2006 27/4/2006 9/5/2006 18/5/2006 29/5/2006 7/6/2006 19/6/2006 28/6/2006 7/7/2006 18/7/2006 27/7/2006 0 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 No. Of Shares (thousand) OHL; 144,44 BOVESPA; 146,38
  21. 21. Social Responsibility Quantitative summary of projects through June, 2006 Students Teachers Concessionaire Schools attended Benefited Monitored Education Autovias 94 88,000 721 Centrovias 107 32,721 1,030 Intervias 230 170,661 7,013 Total 431 291,382 8,764 Summary of campaigns undertaken through June, 2006 Concessionaire Name of Project No. of campaigns People attended Autovias Saúde na Estrada 15 9,371 Mais Saúde na Health Centrovias Estrada 14 4,195 Intervias Saúde na Boléia 21 41,495 Posto do Intervias Caminhoneiro 1 13,768 Total 51 68,829 No. of seedlings Concessionaire No. of seedlings planted to be planted Autovias 242,000 150,000 Environment Centrovias 145,000 65,000 Intervias 145,000 0 Total 532,000 215,000 Culture Magazine No. of Editions Periodicity Impression (OHL Brasil) Porta-luvas 2 Quarterly 300,000 21
  22. 22. Company Overview 2Q06 Highlights 2Q06 Results Outlook 22
  23. 23. New Bidding: Federal, State and PPP Federal Lots: 07 Highway corridors are essential in connecting Brazil’s richest areas Road Extension # 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 # 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 # of Plazas PPP MG 050 – Betin – Divisa SP I 372.0 Km 06 plazas 23
  24. 24. Investor Relations OHL Brasil S.A. Contacts: Address: Francisco Leonardo Moura da Costa Rua Joaquim Floriano, 913 – 6º andar CFO and IRO Itaim Bibi – São Paulo – SP francisco.leonardo@ohlbrasil.com.br CEP 04534-013 Ph.: (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. 24

×