OHL Brasil held a conference call to discuss its 4Q08 earnings results. Key highlights included:
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- Toll traffic across state concessions grew 2.6% year-over-year. Toll collection began on 3 federal concessions.
- Net income for 4Q08 was R$46.4 million, up 112.4% from 4Q07, driven by higher revenues and lower financial expenses.
- Leverage ratio remained stable at 1.1x and debt costs were primarily linked to CDI rates.
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2. 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
, y p j , , y
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
forward-looking depend, substantially, conditions,
government regulations, competitive pressures, the performance of the Brazilian economy and
the industry and are, therefore, subject to change without prior notice.
2
3. Key issues of the quarter
Traffic expansion
In 4Q08 the traffic volume in our concessionaires totaled 35.6 million toll paying vehicle-
equivalents, 2.6% higher than the same period in 2007;
4Q08 Results
Adjusted EBITDA: In 4Q08 we reached an Adjusted EBITDA of R$126.5 million
(+20.8%),
(+20 8%) Adjusted EBITDA Margin of 65 2%;
65.2%;
Financial Results: Our Net Financial Expenses fell 63.9%, against the 3Q08, totaling
R$19.7 million;
Net Income: The Company’s Net Income for 4Q08 was R$46.4 million, an increase of
p y
112.4% vs. 4Q07.
Toll Collection Begins – Federal Concession
In December 2008, 5 toll plazas on 3 federal concessionaires of OHL Brasil began
collecting. Until 03/16/2009, 20 toll plazas are operating.
3
5. Toll Tariff Performance – State Concessions
Average Toll Tariff (R$)
Toll Tariff Adjustment: Pursuant to the concession agreement of São Paulo state concessionaires,
on July 1st, 2008, toll tariffs were adjusted in 11.53% according to the accumulated variation of the
IGP-M (General Price Index) between June/2007 and May/2008.
+12.7%
+12.7% Average Toll Tariff %4Q08/ %4Q08/
4Q08 3Q08 4Q07
0.0% (in R$/Equiv-Vehicles) 3Q08 4Q07
0.0%
Autovias 5.50 5.51 4.92 -0.2% 11.8%
Centrovias 8.81 8.84 7.47 -0.3% 17.9%
Intervias 4.53 4.53 4.06 0.0% 11.6%
5.86 5.86
Vianorte 6.42 6.43 5.83 -0.2% 10.1%
5.20
Total: 5.86 5.86 5.20 0.0% 12.7%
4Q07 3Q08 4Q08
Centrovias’ Average Toll Tariff In 4Q08, Centrovias concessionaire’s average toll tariff grew 17.9%
over 4Q07 due to the end of the duplication of Rodovia Engenheiro Paulo Nilo Romano, SP-225.
5
6. Toll Collection Begins – Federal Concessions
Toll Paying Traffic - Federal Concessions
Traffic Federal Equivalent
Charge Period
g Tariff (R$)
( )
Concessions (2008) Vehicles
Planalto Sul from 12/19 to 12/31 128,096 2.70
Fernão Dias from 12/19 to 12/31 638,639 1.10
Régis Bittencourt from 12/29 to 12/31 230,922 1.50
Total 997,657
997 657 1.40
1 40*
* Average Tarrif
Toll Plazas and Collection Begins
UNTIL 03/16/2009 OPENING ESTIMATION
Toll Plazas -
Concessionaire Total of Toll Plazas Opening - 2008 Opening - 2009 March April May June
Operating
Planalto Sul 5 1 4 5
Fluminense 5 3 3 1 1
Fernão Dias 8 2 4 6 1 1
Régis Bittencourt 6 2 2 4 1 1
Litoral Sul 5 2 2 1 2
Total 29 5 15 20 4 3 1 1
6
7. Net Revenue Performance
Net Revenue (in R$ million) Net Revenue per Concessionaire – 4Q08
+16.3%
24.0%
24 0%
-4.8% 28.6%
203.7
193.9 1.3 Federal
Concessions
166.7 46.2 25.1%
43.0
22.3%
38.0
0.66%
58.2
55.1 Federal Concessions
48.3
48 3
48.0
Electronic Toll Collection (% Total Toll Revenue)
46.2
38.3 51.6% 51.4%
46.5%
51.3
51 3 50.2% 48.9%
42.1 48.3
48 3
45.2%
4Q07 3Q08 4Q08 50.4% 51.0%
45.6%
Autovias
Centrovias 54.2% 54.4%
49.0%
Intervias
Vianorte 46.3% 52.0% 51.3%
Federal
F d l
Concessions 4Q07 3Q08 4Q08
7
12. CapEx
CapEx* Breakdown 2008
C E *B kd Estimated C E
E ti t d CapEx – STATE (in R$ million)
$
Total Investments*: R$ 725 million
250
197
170
100
6.53% 7.88% 80
60 60
5.93%
5 93%
2007 2008 2009E 2010E 2011E 2012E 2013E
6.79%
72.87%
Federals Estimated C E *
E ti t d CapEx* - FEDERAL (i R$ million)
(in illi )
Federal Investments - initial works and 1.235 1.233
1,102
construction of toll plazas:
R$528.4 million were invested in our federal
concessionaires in 2008 for initial road recovery, 528 531
such as pavement and art works recovery,
improved signals and vegetation pruning; and 194
construction of toll plazas.
2008 2009E 2010E 2011E 2012E 2013E
* Not considering investments in subsidiaries, at the Company and reversion of unrealized profits on our construction companies
12
13. Indebtedness – Federal Concessions
Promissory Notes (PNs):
• In January 2009 we have issued R$200.0 million in Promissory Notes to meet the
commitments of investments in federal concessionaires. The re-payment of these PNs will be
with the resources from the bridge loan from BNDES.
Bridge Loan - BNDES:
• As the first phase of the long term financing, the company is negotiating a bridge loan with the
BNDES, which the first disbursement may occur in 1Q09;
• The loan tenor will be in 18 months and the cost close to 12.70% + 2.6% p.a..
Long-Term Financing - BNDES:
• On November 10th, 2008, BNDES approved the framing related to the long-term financing of
70% of the CAPEX of the first 6 years of our federal concessions;
• We believe that the closing of this long-term f
f financing operation will occur in approximately 8
months.
13
14. New Opportunities
OHL Brasil maintains its aim to grow and develop in the Brazilian market of
infrastructure concessions. To do this we continue to analyze new opportunities in the
sectors.
Federal Highways: BR-040, BR-381 e BR-116 (Minas Gerais State). 2,000 km with 3 lots.
Auction estimated to occur in 1H09;
State Highways in Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s.
Estimated to occur in 1H09;
Airports. G l ã (Ri d J
Ai t Galeão (Rio de Janeiro) and Vi
i ) d Viracopos (C(Campinas-SP): A
i SP) According t ANAC
di to ANAC,
the Bidding Documents will be announced in 2H09;
Railway. Expresso Aeroporto (28.3 km) - Trem de Guarulhos (20.8 km): Phase of
studies by the Government;
Secondary Market.
14