- Obrascon Huarte Lain Brasil S.A. announces its 2010 results, with 596.5 million toll-paying vehicle-equivalents (+33.6%), net revenue of R$ 2,184.5 million (+18.1%), adjusted EBITDA of R$ 942.1 million (+39.2%) and net income of R$ 304.2 million.
- In 2010, the company issued its first public debentures for state concessions totaling R$1.4 billion. Two concessionaires also issued $400 million in debentures.
- SPR was acquired by Vianorte, integrating the corporate structure. BNDES approved long
Oceaneering International reported record first quarter earnings for the period ending March 31, 2009. Revenue was $435 million and net income was $44.3 million, or $0.80 per share. This was an increase from the same period in 2008 due to growth in ROV and Subsea Projects operating profits. While first quarter results exceeded guidance, earnings are expected to decline for the rest of the year relative to 2008 due to anticipated decreases in demand, though the ROV business is expected to achieve profit growth. Full year 2009 EPS guidance was raised to a range of $3.10 to $3.60.
OHL Brasil announces financial results for 3Q08, with net revenue of R$203.6 million (up 20.3% from 3Q07), adjusted EBITDA of R$144.9 million (up 30.1% from 3Q07), and adjusted EBITDA margin of 71.1% (up 5.3 percentage points from 3Q07). Toll traffic increased 6.3% compared to 3Q07. Net income was R$30.8 million, up 12.0% from 3Q07. Investments in concessions totaled R$172.1 million in 3Q08 and R$395.5 million for the first 9 months of 2008.
The document provides an overview of AES Corporation's third quarter 2007 financial results. Some key points:
- Revenues increased 18% year-over-year to $3.5 billion while gross margin increased 2% to $840 million. Adjusted EPS was $0.18 compared to $0.30 in the prior year.
- Segment results were mixed - Latin America generation saw declines due to gas curtailments in Chile/Argentina while utilities saw gains from currency effects. North America generation saw improvements from higher prices.
- Cash flow was impacted by the sale of EDC in May 2007. Excluding EDC, cash flows would have been higher year-over-year.
-
This document appears to be the agenda for a budget town hall meeting at Florida International University on April 12, 2010. The agenda includes discussing FY10-11 budget expectations, providing a research update, highlighting new partnerships, and recognizing student achievements. It provides background on declining state funding for universities over the last decade and outlines FIU's budget plan for FY10-11, which anticipates cuts but also new sources of revenue from tuition increases and state stimulus funds. The document discusses recent research awards and grants received by FIU faculty and notes some new partnerships, including an agreement signed with Qingdao City Construction Investment Corp in China.
The document provides an overview and financial results of Deutsche Telekom for Q3 2011. Key highlights include:
- Group revenue decreased 4.1% to €11 billion, adjusted EBITDA decreased 2.7% to €3.9 billion.
- Germany achieved the highest adjusted EBITDA margin of 41.5% due to opex reductions of €0.3 billion.
- The US saw adjusted EBITDA growth of 9.2% and an improved adjusted EBITDA margin of 27.8%.
- Full year 2011 guidance was re-iterated.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
El Paso Corporation provides a third quarter 2008 financial and operational update. Key points include:
- Earnings were higher driven by growth in the pipeline and E&P businesses. However, results were impacted by $63 million from changes in fair value of power contracts.
- Cash flow from operations was over $2 billion for the first nine months of 2008.
- Capital expenditures totaled $1.9 billion through September 2008, with a planned $3 billion budget for 2009 focused on pipelines and E&P.
- Pipeline throughput increased 5% from 2007, and three expansion projects were placed in service. However, earnings were impacted by $12 million from hurricanes.
Tempo announced a 28% year-over-year growth in net revenues and 20% year-over-year growth in EBITDA. The company also saw a new CEO and initiated a second stock buyback program. Tempo will implement SAP software to consolidate acquired companies onto one platform. Overall, Tempo continued acquisitions and organic growth in 2008 but faced challenges from the global economic crisis, leading to a focus on efficiencies over market consolidation.
Oceaneering International reported record first quarter earnings for the period ending March 31, 2009. Revenue was $435 million and net income was $44.3 million, or $0.80 per share. This was an increase from the same period in 2008 due to growth in ROV and Subsea Projects operating profits. While first quarter results exceeded guidance, earnings are expected to decline for the rest of the year relative to 2008 due to anticipated decreases in demand, though the ROV business is expected to achieve profit growth. Full year 2009 EPS guidance was raised to a range of $3.10 to $3.60.
OHL Brasil announces financial results for 3Q08, with net revenue of R$203.6 million (up 20.3% from 3Q07), adjusted EBITDA of R$144.9 million (up 30.1% from 3Q07), and adjusted EBITDA margin of 71.1% (up 5.3 percentage points from 3Q07). Toll traffic increased 6.3% compared to 3Q07. Net income was R$30.8 million, up 12.0% from 3Q07. Investments in concessions totaled R$172.1 million in 3Q08 and R$395.5 million for the first 9 months of 2008.
The document provides an overview of AES Corporation's third quarter 2007 financial results. Some key points:
- Revenues increased 18% year-over-year to $3.5 billion while gross margin increased 2% to $840 million. Adjusted EPS was $0.18 compared to $0.30 in the prior year.
- Segment results were mixed - Latin America generation saw declines due to gas curtailments in Chile/Argentina while utilities saw gains from currency effects. North America generation saw improvements from higher prices.
- Cash flow was impacted by the sale of EDC in May 2007. Excluding EDC, cash flows would have been higher year-over-year.
-
This document appears to be the agenda for a budget town hall meeting at Florida International University on April 12, 2010. The agenda includes discussing FY10-11 budget expectations, providing a research update, highlighting new partnerships, and recognizing student achievements. It provides background on declining state funding for universities over the last decade and outlines FIU's budget plan for FY10-11, which anticipates cuts but also new sources of revenue from tuition increases and state stimulus funds. The document discusses recent research awards and grants received by FIU faculty and notes some new partnerships, including an agreement signed with Qingdao City Construction Investment Corp in China.
The document provides an overview and financial results of Deutsche Telekom for Q3 2011. Key highlights include:
- Group revenue decreased 4.1% to €11 billion, adjusted EBITDA decreased 2.7% to €3.9 billion.
- Germany achieved the highest adjusted EBITDA margin of 41.5% due to opex reductions of €0.3 billion.
- The US saw adjusted EBITDA growth of 9.2% and an improved adjusted EBITDA margin of 27.8%.
- Full year 2011 guidance was re-iterated.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
El Paso Corporation provides a third quarter 2008 financial and operational update. Key points include:
- Earnings were higher driven by growth in the pipeline and E&P businesses. However, results were impacted by $63 million from changes in fair value of power contracts.
- Cash flow from operations was over $2 billion for the first nine months of 2008.
- Capital expenditures totaled $1.9 billion through September 2008, with a planned $3 billion budget for 2009 focused on pipelines and E&P.
- Pipeline throughput increased 5% from 2007, and three expansion projects were placed in service. However, earnings were impacted by $12 million from hurricanes.
Tempo announced a 28% year-over-year growth in net revenues and 20% year-over-year growth in EBITDA. The company also saw a new CEO and initiated a second stock buyback program. Tempo will implement SAP software to consolidate acquired companies onto one platform. Overall, Tempo continued acquisitions and organic growth in 2008 but faced challenges from the global economic crisis, leading to a focus on efficiencies over market consolidation.
TI FY 2009 - 2009 Results and the 2010-2012 Strategic Plan UpdateGruppo TIM
Telecom Italia Group reported 2009 results and updated its 2010-2012 strategic plan, focusing on its domestic market. Key highlights include:
1) The company met or exceeded its 2009 targets, including generating over €6 billion in operating free cash flow and reducing net debt.
2) The strategic plan update emphasizes the domestic Italian and Brazilian markets, aiming to increase efficiency and maintain financial discipline.
3) Global economic growth is expected to be modest over the plan period, while the telecom market in Brazil is forecast to grow substantially faster than in Italy.
Liberty Global reported strong financial results for fiscal year 2007. Organic operating cash flow growth was 16% excluding acquisitions. The company achieved robust subscriber growth, increased bundling of services, and improved operating cash flow margins. Liberty Global also increased its tax loss carryforwards, generated significant free cash flow, and maintained a strong liquidity and leverage position providing flexibility for strategic initiatives.
Q2 2007 Motorola Inc. Earnings Conference Call Presentationfinance7
Motorola held an earnings conference call on July 19, 2007 to discuss its Q2 2007 financial results. It reported a GAAP operating loss of $158 million for Q2 2007, compared to a loss of $366 million in Q1 2007. However, excluding special items, its operating loss was $32 million for Q2 2007. Mobile Devices continued to face challenges, with an operating loss of $332 million for the quarter. However, Home and Networks Mobility reported solid results with an operating income of $191 million. Enterprise Mobility Solutions also performed well with an operating income of $303 million. Motorola emphasized its commitment to reducing costs and improving profitability across all business units.
- Benetton Group reported financial results for FY 2011 with revenues of €2.03 billion, a 1% decrease from FY 2010.
- Gross profit declined 6.9% to €882 million due to cost pressures and negative currency impacts. Operating expenses were reduced through cost cutting actions.
- Net income decreased 28.3% to €73 million, impacted by lower hedging gains compared to prior year and a lower tax rate.
- Emerging markets showed double digit revenue growth while traditional Western markets declined 4%. The wholesale channel was flat while direct sales declined slightly on a comparable basis.
- CC Media Holdings reported financial results for Q4 2008 and full year 2008. Revenue declined 14% to $1.6 billion in Q4 2008 and 3% to $6.7 billion for the full year.
- The company recognized a non-cash impairment charge of $5.3 billion in Q4 2008, consisting of $1.7 billion for FCC licenses and permits and $3.6 billion for goodwill.
- OIBDAN (operating income before depreciation and amortization) declined 50% to $309 million in Q4 2008 and 21% to $1.8 billion for the full year, as revenues declined across most divisions and markets due to weak advertising spending
Fiscal Forecast Presentation to Appropriations and Finance Committees Novembe...npuva
The document provides an overview of Connecticut's fiscal forecast for fiscal years 2010 through 2012, projecting budget deficits for each year. It outlines current services costs for major expenditure accounts, the status of budget reserve funds, revenue projections, and factors contributing to the projected deficits, including higher spending requirements, the Governor's recent budget recisions, and the discontinuation of one-time funding sources after fiscal year 2011. The document also reviews triggers related to deficit mitigation plans, sales tax reductions, and state employee retirement system contribution reductions based on revenue shortfalls.
The document summarizes Arteris' results for the fourth quarter and full year of 2013. It shows that toll revenues grew 9.1% in 2013 driven by suspended axles charges and tariff increases. However, one concession had to stop charging tolls at a major plaza due to a regulatory decision, impacting results. Overall, gross revenue increased 8.2% while costs grew at a slower pace than revenues, improving margins. Adjusted EBITDA was up 8.3% and net income increased year-over-year. The company also provided details on its debt profile and forecasted investments of R$1.8 billion for 2014 as it continues expanding and maintaining its highway concessions.
The enterprise workforce is rapidly changing. More than ever end-users are driving this change by forcing the adoption of new consumer tools within the enterprise. This has led to a proliferation of different tools and leads to a lack of control. This webinar will discuss how a combination of Alfresco 4, mobile apps and the cloud can help companies collaborate any device, from anywhere at any time.
- During the second quarter, 5 new toll plazas began operating in OHL Brasil's federal concessions, bringing the total to 27 out of 29.
- Due to the new toll plazas, toll-paying traffic grew 206.5% in the federal concessions compared to the second quarter of 2008.
- Net revenues increased 67.6% to R$287.3 million compared to the second quarter of 2008, while adjusted EBITDA grew 32.8% over the same period.
Alfresco’s CMIS Virtual Training introduces the CMIS specification which is currently in public review stage at OASIS. The session is designed to help developers exploit the most complete and first open source CMIS 1.0 implementation.
The session will first provide a broad overview on the CMIS spec domain model, services and bindings, then offer a sample CMIS SQL query webapp built using SpringMVC and the Apache Chemistry Atompub TCK on the client side, while leveraging the Alfresco CMIS 1.0 compliant ReST binding as reference server implement
A comprehensive introduction to CMIS and to the existing vendors and frameworks, with focus on the Apache Chemistry works and the OpenCMIS client capabilities. Finally a demo introducing OpenCMIS integration with Spring Surf working against an Alfresco reopsitory.
Professional development sessions were developed by Dianne Whaley at Highschool 1 Tacuarembo for June 22, 2012 to help teachers improve their skills. The sessions focused on using new technologies in the classroom to engage students and enhance learning. Teachers provided positive feedback on learning how to incorporate tools like online discussions and interactive presentations into their lessons.
Using the Power of Twitter: Building Online LearningLisa Thumann
This document discusses how to build online learning communities using social networks like Twitter. It explains that through following others, their posts can lead you to more resources like blogs, videos, and other people to follow. By reciprocating and sharing your own knowledge, the online community grows through this positive cycle of contribution and accumulation of knowledge from many individuals. The document encourages educators to sign up for services like Classroom 2.0 and Twitter, create profiles with their areas of expertise, and begin following and engaging with others to start developing their own online learning community.
This document provides a budget message for the City of Novi, Michigan for fiscal year 2010-2011. It discusses how the city has historically relied on manufacturing and transportation businesses but must now adapt to changing economic conditions. It outlines cost reductions made for the upcoming budget, including staff reductions, benefit changes, and other efficiency measures. The message emphasizes the need to plan long-term through fiscal analysis and budgeting conservatively to ensure financial stability in the face of declining revenues.
Eternit S.A., a Brazilian construction materials company, announced strong financial results for the fourth quarter and full year of 2010. Gross consolidated revenue reached R$280 million in 4Q10, a 41% increase over 4Q09. For the full year 2010, gross revenue was R$991 million, a 33% increase over 2009. Eternit achieved its goal of R$1 billion in annual revenue one year earlier than planned due to domestic market growth and investments made in recent years. Net income for 4Q10 was R$29 million, a 68% increase over 4Q09, with a net margin of 14%. Eternit expects continued growth in 2011 given ongoing government construction programs and expanding home mortgage
1. The document discusses opportunities for infrastructure projects in Brazil, including opportunities in Rio de Janeiro.
2. It outlines CCR's business accomplishments like investments and projects that have improved traffic flow.
3. The presentation discusses potential new infrastructure projects under consideration that could further increase CCR's earnings.
- Telecom Italia Group reported results for the first 9 months of 2010. Key financial achievements included net cash flow growth of €1 billion (+1.5 billion YoY) and adjusted net debt reduction of €1 billion.
- Group EBITDA was reported as down 0.6% YoY on an organic basis due to cost control efforts. Net income grew 57.2% YoY to €1.819 billion due to strong contributions from TIM Brasil.
- In the domestic Italian business, service revenues declined organically by 6.4% due to the difficult economic environment. However, cash costs were reduced by €936 million (-11%) through efficiency initiatives.
The document is the 2011 budget speech delivered by the Governor of Ekiti State, Nigeria, Dr. John Olukayode Fayemi, to the State House of Assembly. It summarizes the performance of the 2010 budget, outlines the strategic priorities of the 8-point agenda for 2011 which include improving infrastructure, education, health, industry and gender equality. It notes revenue challenges in 2010 including low internally generated revenue and high debt levels inherited from the previous government. The governor calls for a review of revenue allocation from the federal government to enable priority projects that will reduce poverty in the state.
The document provides an overview and highlights of Eucatex S.A. Indústria e Comércio for the fourth quarter of 2009. It summarizes that the judicial reorganization process concluded in November 2009 with approval. Key highlights included financial results with gross revenue up 5.8% in 4Q09 compared to 4Q08. The laminate flooring and paint segments grew 9% and 12% respectively in 2009. The new T-HDF/MDF plant is on track to start operations in 3Q10 and will expand capacity.
TI FY 2009 - 2009 Results and the 2010-2012 Strategic Plan UpdateGruppo TIM
Telecom Italia Group reported 2009 results and updated its 2010-2012 strategic plan, focusing on its domestic market. Key highlights include:
1) The company met or exceeded its 2009 targets, including generating over €6 billion in operating free cash flow and reducing net debt.
2) The strategic plan update emphasizes the domestic Italian and Brazilian markets, aiming to increase efficiency and maintain financial discipline.
3) Global economic growth is expected to be modest over the plan period, while the telecom market in Brazil is forecast to grow substantially faster than in Italy.
Liberty Global reported strong financial results for fiscal year 2007. Organic operating cash flow growth was 16% excluding acquisitions. The company achieved robust subscriber growth, increased bundling of services, and improved operating cash flow margins. Liberty Global also increased its tax loss carryforwards, generated significant free cash flow, and maintained a strong liquidity and leverage position providing flexibility for strategic initiatives.
Q2 2007 Motorola Inc. Earnings Conference Call Presentationfinance7
Motorola held an earnings conference call on July 19, 2007 to discuss its Q2 2007 financial results. It reported a GAAP operating loss of $158 million for Q2 2007, compared to a loss of $366 million in Q1 2007. However, excluding special items, its operating loss was $32 million for Q2 2007. Mobile Devices continued to face challenges, with an operating loss of $332 million for the quarter. However, Home and Networks Mobility reported solid results with an operating income of $191 million. Enterprise Mobility Solutions also performed well with an operating income of $303 million. Motorola emphasized its commitment to reducing costs and improving profitability across all business units.
- Benetton Group reported financial results for FY 2011 with revenues of €2.03 billion, a 1% decrease from FY 2010.
- Gross profit declined 6.9% to €882 million due to cost pressures and negative currency impacts. Operating expenses were reduced through cost cutting actions.
- Net income decreased 28.3% to €73 million, impacted by lower hedging gains compared to prior year and a lower tax rate.
- Emerging markets showed double digit revenue growth while traditional Western markets declined 4%. The wholesale channel was flat while direct sales declined slightly on a comparable basis.
- CC Media Holdings reported financial results for Q4 2008 and full year 2008. Revenue declined 14% to $1.6 billion in Q4 2008 and 3% to $6.7 billion for the full year.
- The company recognized a non-cash impairment charge of $5.3 billion in Q4 2008, consisting of $1.7 billion for FCC licenses and permits and $3.6 billion for goodwill.
- OIBDAN (operating income before depreciation and amortization) declined 50% to $309 million in Q4 2008 and 21% to $1.8 billion for the full year, as revenues declined across most divisions and markets due to weak advertising spending
Fiscal Forecast Presentation to Appropriations and Finance Committees Novembe...npuva
The document provides an overview of Connecticut's fiscal forecast for fiscal years 2010 through 2012, projecting budget deficits for each year. It outlines current services costs for major expenditure accounts, the status of budget reserve funds, revenue projections, and factors contributing to the projected deficits, including higher spending requirements, the Governor's recent budget recisions, and the discontinuation of one-time funding sources after fiscal year 2011. The document also reviews triggers related to deficit mitigation plans, sales tax reductions, and state employee retirement system contribution reductions based on revenue shortfalls.
The document summarizes Arteris' results for the fourth quarter and full year of 2013. It shows that toll revenues grew 9.1% in 2013 driven by suspended axles charges and tariff increases. However, one concession had to stop charging tolls at a major plaza due to a regulatory decision, impacting results. Overall, gross revenue increased 8.2% while costs grew at a slower pace than revenues, improving margins. Adjusted EBITDA was up 8.3% and net income increased year-over-year. The company also provided details on its debt profile and forecasted investments of R$1.8 billion for 2014 as it continues expanding and maintaining its highway concessions.
The enterprise workforce is rapidly changing. More than ever end-users are driving this change by forcing the adoption of new consumer tools within the enterprise. This has led to a proliferation of different tools and leads to a lack of control. This webinar will discuss how a combination of Alfresco 4, mobile apps and the cloud can help companies collaborate any device, from anywhere at any time.
- During the second quarter, 5 new toll plazas began operating in OHL Brasil's federal concessions, bringing the total to 27 out of 29.
- Due to the new toll plazas, toll-paying traffic grew 206.5% in the federal concessions compared to the second quarter of 2008.
- Net revenues increased 67.6% to R$287.3 million compared to the second quarter of 2008, while adjusted EBITDA grew 32.8% over the same period.
Alfresco’s CMIS Virtual Training introduces the CMIS specification which is currently in public review stage at OASIS. The session is designed to help developers exploit the most complete and first open source CMIS 1.0 implementation.
The session will first provide a broad overview on the CMIS spec domain model, services and bindings, then offer a sample CMIS SQL query webapp built using SpringMVC and the Apache Chemistry Atompub TCK on the client side, while leveraging the Alfresco CMIS 1.0 compliant ReST binding as reference server implement
A comprehensive introduction to CMIS and to the existing vendors and frameworks, with focus on the Apache Chemistry works and the OpenCMIS client capabilities. Finally a demo introducing OpenCMIS integration with Spring Surf working against an Alfresco reopsitory.
Professional development sessions were developed by Dianne Whaley at Highschool 1 Tacuarembo for June 22, 2012 to help teachers improve their skills. The sessions focused on using new technologies in the classroom to engage students and enhance learning. Teachers provided positive feedback on learning how to incorporate tools like online discussions and interactive presentations into their lessons.
Using the Power of Twitter: Building Online LearningLisa Thumann
This document discusses how to build online learning communities using social networks like Twitter. It explains that through following others, their posts can lead you to more resources like blogs, videos, and other people to follow. By reciprocating and sharing your own knowledge, the online community grows through this positive cycle of contribution and accumulation of knowledge from many individuals. The document encourages educators to sign up for services like Classroom 2.0 and Twitter, create profiles with their areas of expertise, and begin following and engaging with others to start developing their own online learning community.
This document provides a budget message for the City of Novi, Michigan for fiscal year 2010-2011. It discusses how the city has historically relied on manufacturing and transportation businesses but must now adapt to changing economic conditions. It outlines cost reductions made for the upcoming budget, including staff reductions, benefit changes, and other efficiency measures. The message emphasizes the need to plan long-term through fiscal analysis and budgeting conservatively to ensure financial stability in the face of declining revenues.
Eternit S.A., a Brazilian construction materials company, announced strong financial results for the fourth quarter and full year of 2010. Gross consolidated revenue reached R$280 million in 4Q10, a 41% increase over 4Q09. For the full year 2010, gross revenue was R$991 million, a 33% increase over 2009. Eternit achieved its goal of R$1 billion in annual revenue one year earlier than planned due to domestic market growth and investments made in recent years. Net income for 4Q10 was R$29 million, a 68% increase over 4Q09, with a net margin of 14%. Eternit expects continued growth in 2011 given ongoing government construction programs and expanding home mortgage
1. The document discusses opportunities for infrastructure projects in Brazil, including opportunities in Rio de Janeiro.
2. It outlines CCR's business accomplishments like investments and projects that have improved traffic flow.
3. The presentation discusses potential new infrastructure projects under consideration that could further increase CCR's earnings.
- Telecom Italia Group reported results for the first 9 months of 2010. Key financial achievements included net cash flow growth of €1 billion (+1.5 billion YoY) and adjusted net debt reduction of €1 billion.
- Group EBITDA was reported as down 0.6% YoY on an organic basis due to cost control efforts. Net income grew 57.2% YoY to €1.819 billion due to strong contributions from TIM Brasil.
- In the domestic Italian business, service revenues declined organically by 6.4% due to the difficult economic environment. However, cash costs were reduced by €936 million (-11%) through efficiency initiatives.
The document is the 2011 budget speech delivered by the Governor of Ekiti State, Nigeria, Dr. John Olukayode Fayemi, to the State House of Assembly. It summarizes the performance of the 2010 budget, outlines the strategic priorities of the 8-point agenda for 2011 which include improving infrastructure, education, health, industry and gender equality. It notes revenue challenges in 2010 including low internally generated revenue and high debt levels inherited from the previous government. The governor calls for a review of revenue allocation from the federal government to enable priority projects that will reduce poverty in the state.
The document provides an overview and highlights of Eucatex S.A. Indústria e Comércio for the fourth quarter of 2009. It summarizes that the judicial reorganization process concluded in November 2009 with approval. Key highlights included financial results with gross revenue up 5.8% in 4Q09 compared to 4Q08. The laminate flooring and paint segments grew 9% and 12% respectively in 2009. The new T-HDF/MDF plant is on track to start operations in 3Q10 and will expand capacity.
This document summarizes the key financial results of Itaú Unibanco Holding S.A. for the second quarter of 2011:
- Net income was R$3.6 billion, up 2.1% from the previous quarter. Recurring net income was R$3.3 billion, down 8.8% from the prior quarter.
- The loan portfolio totaled R$360.1 billion, up 4.4% from the previous quarter and 22.3% from a year ago.
- Non-interest expenses increased 3.7% compared to the previous quarter to R$8.0 billion, confirming a trend of deceleration.
Hexaware reported strong financial results for the fourth quarter of 2010, exceeding revenue guidance and improving operating margins. Revenues grew 9% quarter-over-quarter to $66.6 million driven by 8% volume growth. Operating margins expanded 290 basis points to 9.3% and profit after tax increased significantly. The company added 11 new clients during the quarter and ended the year with 174 active clients. For 2011, Hexaware expects to grow revenues at least 25% and maintain double-digit operating margins.
Campus Crest Communities, Inc. Reports Third Quarter 2011 Results
- Grew Same-Store Net Operating Income by 6.8% -
- Increased Occupancy at Existing 21 Wholly-Owned Operating Properties by 270 Basis Points and Average Rental Rate by 2.8% -
CHARLOTTE, N.C., Nov 01, 2011 (BUSINESS WIRE) --
Campus Crest Communities, Inc. (NYSE:CCG) (the "Company"), a leading developer, builder, owner and manager of high-quality, purpose-built student housing, today announced results for the three months ended September 30, 2011.
Sonae Sierra Brasil announces its financial results for the fourth quarter and full year of 2010. Key highlights include:
- Net revenue increased 7.7% in Q4 2010 and 20% for the full year.
- Adjusted EBITDA increased 19.4% in Q4 2010 and 42.1% for the full year.
- Occupancy rates reached 98% in 2010 compared to 97.2% in 2009.
The company remains optimistic about its performance in 2011 despite a more modest outlook for the Brazilian economy. New developments and expansions are expected to contribute to continued growth.
The document summarizes Minnesota's November 2010 forecast for fiscal years 2010-11 and 2012-13. It projects a $399 million surplus for FY 2010-11 due to expenditure savings, but a $6.2 billion shortfall for FY 2012-13 driven by a large gap between projected revenues and expenditures. Revenues are forecast to grow by 5% for FY 2012-13 while expenditures are projected to increase by 27.5% primarily due to one-time savings measures in FY 2010-11 that will not continue. The economic recovery is expected to be slower than anticipated with GDP growth of around 2.5-2.7% projected for the next few years.
CCR, the largest toll road operator in Latin America, announced an agreement to acquire ViaOeste for R$485 million plus interest. The acquisition is subject to regulatory approval and CCR appointing a representative to work with ViaOeste immediately. CCR expects to complete the transaction by the end of the second quarter of 2005. The CEO of CCR commented that the acquisition of ViaOeste aligns with their growth strategy of acquiring existing toll road operators.
Key figures at September 30, 2011 - Conference call on November 10, 2011ve-finance
- Veolia Environnement reported key figures for the nine months ending September 30, 2011, including revenue of €23.96 billion, up 15.8% at current exchange rates.
- Adjusted operating cash flow was €2.39 billion, up 1% at current exchange rates. Adjusted operating income was €1.25 billion, down 8.6% at current exchange rates.
- Net financial debt was €15.04 billion as of September 30, 2011.
This document announces TIM Participações S.A.'s consolidated results for the fourth quarter and full year of 2006. Some key highlights include:
- TIM launched "TIM Casa", a pioneering home phone service in Brazil using mobile handsets, reaching over 250,000 subscriptions in its first 3 months.
- TIM maintained its leadership in net service revenues, which grew 43.1% in the fourth quarter compared to the previous year.
- EBITDA grew 67.7% for the full year compared to 2005, with margins expanding. Net income turned positive in the fourth quarter after losses the previous year.
- Regulatory and accounting changes were implemented regarding interconnection charges
- LPS Brasil is a leading real estate brokerage firm in Brazil with a national footprint. It provides brokerage services for both primary and secondary markets.
- The presentation highlights LPS Brasil's scale and long operating history in Brazil, with over 230 developer clients. It also notes the company's focus on online marketing and growing mortgage joint venture.
- LPS Brasil has a simple and low risk business model, generating commissions from brokerage services without taking on development risk. The company sees opportunities to further grow its business through acquisitions and geographic expansion.
NAME_____________________________________________________________
Financial Statement Analysis
Exam 1
1. The 2011 financial statements for Leggett & Platt, Inc. report the following information:
Year ended December 31,
2011
2010
(In millions)
Depreciation and amortization expense
$ 98.1
$ 103.0
Property and equipment, net
580.6
624.2
Land
45.2
48.5
Accumulated depreciation and amortization
1,193.2
1.173.9
a. By what percentage are the assets ‘used up’ at the year-end 2011? What implication does this ratio have for future cash flows at Leggett & Platt?
b. Estimate the useful life on average for the Leggett & Platt depreciable assets.
2. Leggett & Platt, Inc. reported net sales of $3,636.0 million in 2011 and $3,359.1 million in 2010. The asset side of the balance sheet follows, below. Use this information to answer the required.
LEGGETT & PLATT, INCORPORATED
Consolidated Balance Sheets
December 31
2011
2010
(in millions)
Cash and cash equivalents
$ 236.3
$ 244.5
Accounts and other receivables, net of allowance of $24.3 and $22.1
503.6
478.9
Finished goods
261.3
241.1
Work in process
41.5
47.7
Raw materials and supplies
223.9
218.2
LIFO reserve
(85.7)
(71.7)
Total inventories, net
441.0
435.3
Other current assets
43.1
60.4
Total current assets
1,224.0
1,219.1
Machinery and equipment
1,120.1
1,136.6
Buildings and other
608.5
613.0
Land
45.2
48.5
Total property, plant and equipment
1,773.8
1,798.1
Less accumulated depreciation
1,193.2
1,173.9
Net property, plant and equipment
580.6
624.2
Goodwill
926.6
930.3
Other intangibles, less accumulated amortization of $76.9 and $65.9 at December 31, 2008 and 2007, respectively
116.6
152.3
Sundry
67.3
75.1
TOTAL ASSETS
$2,915.1
$3,001.0
Required:
a. What is the company’s gross amount of receivables at the end of 2011 and 2010?
b. Compute the common-sized gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.
c. Compute the allowance for doubtful accounts to gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.
d. Based on the ratios you calculated, form an opinion about the quality of the company’s accounts receivable.
3. Use the following selected balance sheet and income statement data for Mattel Inc. (in $ thousands) to compute:
a. return on equity
b. profit margin (PM)
c. asset turnover (AT)
d. financial leverage (FL) for fiscal 2011. Show that ROE = PM × AT × FL.
(in thousands)
2011
2010
Net sales
$ 6,266,037
$ 5,856,195
Operating income
1,041,101
901,902
Interest expense
75,332
64,839
Net income
768,508
684,863
Total assets
5,671,638
5,417,733
Total liabilities
3,061,035
2,789,149
4. Income statements and balance sheets follow for Snap-On Incorporated. Refer to these financial statements to answer the requirements.
Snap-On Incorporated
Cons.
Brasil Ecodiesel announces its fourth quarter and fiscal year 2008 results. Key points:
- Net revenue for 2008 increased 7.0% to R$351.0 million despite an 18.6% volume decline to 155,047 cubic meters, supported by higher sales prices.
- Fourth quarter net revenue was R$55.1 million and gross profit was R$1.2 million, demonstrating the company can generate positive results under new operating conditions.
- Challenges in 2008 included a sudden change in government biodiesel strategy, unprecedented commodity price volatility, and the cancellation of some auction contracts which impacted shipment volumes.
- Veolia exceeded its 2010 objectives, with an 8.5% increase in adjusted operating income to €2,056M.
- The company finalized the combination of Veolia Transport and Transdev, creating a unified public transport entity with 2010 pro forma revenue of €7,971M.
- For 2011, Veolia aims to continue organic growth of 4-8% in adjusted operating income, achieve over €250M in cost savings, generate positive free cash flow after dividend payments, and improve net income through further asset divestments totaling over €1.3 billion.
- Comgás had record expansion and investments in 2011, connecting over 1,100 km of network and 69,000 new gas meters.
- The company saw strong growth across all customer segments, especially residential, with over 109,000 new households connected.
- Financial results were positive, with net income growing 34.5% and EBITDA increasing 19.3% compared to 2010.
The document provides an economic update for Sri Lanka in April 2010. It summarizes that GDP growth was 3.5% in 2009, with services contributing most to the economy. Tourism arrivals increased 53.7% in March 2010. The BOI targets $5 billion in foreign investment over six years. Inflation decreased to 5.8% in April. Commercial bank lending to the private sector increased. It also discusses delays to Sri Lanka's 2010 budget and provides details on aid received from ADB and Japan. The Greece debt crisis is outlined, including a $145 billion bailout package agreed in May 2010.
The document summarizes Arteris' second quarter 2014 results conference call. It highlights a 1.5% increase in tolled traffic and 18.9% growth in net revenue compared to Q2 2013. EBITDA grew 3% over Q2 2013. Capex totaled R$426.1 million for the quarter. Management discussed operational and financial performance, strategy focused on economic, social and environmental sustainability, and estimated capex of R$1.8 billion for 2014.
O documento resume o desempenho financeiro e operacional da empresa no segundo trimestre de 2014. Houve crescimento de 1,5% no tráfego pedagiado e de 18,9% na receita líquida na comparação anual. O EBITDA aumentou 3% no trimestre. A empresa continua focada em investimentos, qualidade do atendimento e sustentabilidade.
The document summarizes Arteris' 1Q14 results conference call. It discusses the company's operational and financial performance for the quarter, including a 5.4% increase in tolled traffic and growth in revenue and EBITDA. It also outlines the company's strategy going forward, which focuses on efficient capex delivery, sustainability, operations, and strengthening its corporate image. The document notes Arteris plans to pay a 50% dividend for fiscal year 2013 results.
O documento resume o desempenho da empresa no primeiro trimestre de 2014, com crescimento de 5,4% no tráfego, 22,6% na receita líquida e 8,3% no EBITDA ajustado. A estratégia da empresa foca em investimentos, operações eficientes e fortalecimento da imagem corporativa. A política de remuneração aos acionistas prevê distribuição de 50% do lucro líquido ajustado em dividendos.
- As concessionárias estaduais tiveram forte crescimento no tráfego pedagiado de 10,7% impulsionado pelo início da cobrança dos eixos suspensos.
- A Autopista Litoral Sul interrompeu a cobrança na P5 impactando o resultado das concessões federais, com queda de 1,1% no tráfego.
- A receita bruta consolidada cresceu 8,2% em 2013, atingindo R$3,6 bilhões, com receita de pedágio de R$2,3 bilhões
- As rodovias estaduais tiveram expressivo crescimento no tráfego de veículos (+11,1%) impulsionado pelo início da cobrança dos eixos suspensos.
- A Autopista Litoral Sul interrompeu a cobrança na P5, impactando o resultado das concessões federais.
- A companhia apresentou crescimento de 9,6% na receita bruta e 6,9% nos custos totais, com EBITDA ajustado de R$381 milhões e lucro líquido de R$129 milh
This document summarizes the key information from CCR's third quarter 2013 results conference call. It shows that vehicle traffic grew 11.1% on state highways and 3.8% overall. Toll revenues increased 8.5% and adjusted EBITDA grew 10.6%. Cash costs declined slightly as a percentage of revenue. Gross debt increased 10.6% but remained at prudent levels. Overall, financial and operating metrics improved in the third quarter of 2013.
- The document summarizes the results of a 2Q13 earnings conference call for Arteris, a toll road operator in Brazil. It reported increased toll revenues and traffic volumes compared to 1Q13 and 2Q12. Adjusted EBITDA and net income were up for the quarter and half year period. Cash costs declined and margins increased. Total investments in road maintenance and infrastructure were lower in 2Q13 compared to prior periods. The company is on track to invest over R$1.3 billion in federal highways and R$140 million in state highways for 2013. Debt levels rose slightly but remained at comfortable ratios to cash flow.
O documento resume os resultados financeiros da Arteris no segundo trimestre de 2013, destacando:
1) Crescimento de 1,2% no tráfego total e aumentos moderados nas tarifas médias;
2) Aumento de 11,8% na receita de pedágio impulsionada pelas rodovias estaduais;
3) Melhora nas margens com redução dos custos caixa.
The document is a presentation of the 1Q13 results of Arteris, a toll road operator in Brazil. It summarizes key metrics such as toll traffic, toll tariffs, revenue, costs, EBITDA, net income, debt levels, and investments. The presentation contains forward-looking statements that are projections based on management's expectations and depend on factors such as market conditions, the economy, and the industry, so are subject to change. Traffic and revenue increased in the quarter compared to prior periods. Costs, financial expenses, and debt also increased while cash position, EBITDA margin, and net income remained stable or decreased slightly.
O documento apresenta os resultados financeiros e operacionais da Arteris no primeiro trimestre de 2013. Houve queda no tráfego e nas receitas, mas o lucro líquido se manteve estável em relação ao trimestre anterior. Os investimentos em ativos e manutenção de rodovias aumentaram no período.
The document summarizes Arteris' financial results for the fourth quarter and full year of 2012. It provides information on tolled traffic, toll tariffs, gross revenue composition, costs and expenses, and operational performance including adjusted EBITDA. Key highlights include a 3.9% increase in tolled traffic for 4Q12 compared to 4Q11 and a 6.7% increase in average toll tariff. Adjusted EBITDA was R$1,195 million for 2012 with a margin of 65.7%.
A apresentação fornece um resumo dos resultados financeiros da Arteris no quarto trimestre de 2012 e no ano de 2012. Os principais pontos são:
1) O tráfego total aumentou 1,5% no quarto trimestre e 4,1% em 2012 em comparação aos mesmos períodos do ano anterior.
2) A receita líquida aumentou 6,4% no quarto trimestre e 6,7% em 2012.
3) O EBITDA ajustado foi de R$349 milhões no quarto trimestre, com margem de 68,3
This document provides an overview of arteris, a Brazilian toll road company, and its new ownership structure with Abertis and Brookfield. Some key points:
1) arteris is Brazil's largest toll road operator by kilometers managed and has a presence in 5 key Brazilian states.
2) Abertis and Brookfield acquired arteris from OHL and now hold a 51% and 49% stake respectively.
3) Abertis is a world leader in transportation and telecom infrastructure and aims to generate value from arteris through its strong and recurrent cash generation.
Este documento fornece uma apresentação institucional da empresa arteris para janeiro de 2013. Contém informações sobre a história e perfil da companhia, sua nova estrutura acionária após a aquisição de participação da Abertis e Brookfield, as estratégias dessas empresas para a arteris, o marco regulatório e números do setor de concessões rodoviárias no Brasil.
Este documento apresenta os resultados financeiros da OHL Brasil para o terceiro trimestre de 2012. O tráfego total aumentou 7,1% em relação ao mesmo período do ano anterior. A receita líquida cresceu 4,2% e o lucro líquido aumentou 13,3%. No entanto, os custos operacionais também subiram significativamente, em 22,2% na comparação anual, pressionando as margens da empresa.
This document summarizes OHL Brasil's financial results for the third quarter of 2012. Some key points:
- Tolled traffic increased 7.1% compared to the third quarter of 2011. Average toll tariffs increased 5% year-over-year.
- Revenue was R$877 million, up 11.4% from the third quarter of 2011. Construction revenue was R$298 million.
- Adjusted EBITDA was R$339 million, up 20.4% from the third quarter of 2011, with an EBITDA margin of 63.1%.
- Net income was R$103 million, up significantly from R$89 million in the second quarter.
This document provides financial results and performance metrics for OHL Brasil for 2Q12 and comparisons to 1Q12 and 2Q11. Some key highlights:
- Tolled traffic increased 2.1% in 2Q12 compared to 2Q11. Toll tariffs increased 7.8% on average.
- Adjusted EBITDA was R$303 million in 2Q12, a 4.3% increase from 2Q11. Net income increased to R$161 million in 2Q12.
- Gross revenue composition was 31% from tolls, 24% from construction, and 16% from others.
- Total costs increased 21.6% in 1H12 compared
1) A OHL Brasil realizou uma teleconferência para apresentar os resultados do 2T12, com destaque para o crescimento de 2,1% no tráfego total e de 7,8% na tarifa média.
2) As receitas líquidas totalizaram R$781 milhões no 2T12, com os custos operacionais crescendo 5,6% em relação ao trimestre anterior.
3) O EBITDA ajustado consolidado se manteve praticamente estável em R$303 milhões no 2T12.
1) OHL Brasil reported its financial results for 1Q12, with total tolled traffic increasing 6.1% year-over-year to 170.6 million vehicle-equivalents.
2) Adjusted EBITDA was R$258 million, down 1.4% year-over-year, with an adjusted EBITDA margin of 41.4%.
3) Net income was R$105 million, up 48% year-over-year.
4) OHL Brasil also announced a 1:5 share split and a memorandum of understanding between its
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
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Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
1. Earnings Release 2010
Obrascon Huarte Lain Brasil S.A. March 25 th, 2011
Page 1 / 23
E-
Earnings Release
2010
São Paulo, March 25, 2011
2. Earnings Release 2010
March 25 th, 2011
Page 2 / 23
596,5 MILLION TOLL-PAYING VEHICLE-EQUIVALENTS (+33.6%), NET REVENUE OF R$ 2,184.5 MILLION
(+18,1%), ADJUSTED EBITDA OF R$ 942.1 MILLION (+39.2%) AND NET INCOME OF R$ 304.2 MILLION
São Paulo, March 25, 2011 – Obrascon Huarte Lain Brasil S.A. – OHL Brasil
(Novo Mercado da BM&FBOVESPA: OHLB3) announces its results for the year
DISCLOUSE AGENDA
2010, ended December 31, 2010. Financial and operating information below,
CONFERENCE CALL except when otherwise stated, is presented on a consolidated basis and in Reais,
according to Corporate Legislation.
Since 2010, the Company has been submitting its financial statements in
IN PORTUGUESE
Monday (March 28, 2011) compliance with accounting standards established by the International Accounting
09:00 (US Eastern Time) Standards Board - IASB (known as International Financial Reporting Standards -
10:00 (São Paulo)
Tel.: +55 (11) 4688-6361
IFRS) and reflected by CVM Instruction 457, July 13 2007 and amendments
Code: OHL thereto.
Replay: From March 28 to April 3
Fone: +55 (11) 4688-6312
Code: 7082638 HIGHLIGHTS 2010
WEBCAST
The audio for the video conference 1ST DEBENTURES ISSUANCE IN THE STATE CONCESSIONS
will be available live on the internet In 2010, Grupo OHL Brasil decided to extend the profile of its consolidated debt
through the link
http://webcall.riweb.com.br/ohlbrasil and adapt it to the profile of long-term concession projects, as well as to migrate
and will be available on the the debt with commercial banks to the market of fixed income institutional
company‟s website after the event.
investors. In April 2010 OHL Brasil concluded its first public issue of debentures for
state concessions, issuing R$1.4 billion in two tranches of 5 and 7 years, at an
average cost of CDI + 1.6%p.y. and IPCA + 8%p.y., respectively.
Yet within this same goal, in November 2010, two of the four concessionaires
(Autovias and Intervias) issued over $ 400 million in debentures with a maturity of
five years and interest rate CDI + 1.7% p.y.
INCORPORATION OF THE SPR BY VIANORTE
On December 17, 2010 SPR - Sociedade para Participações em Rodovias S/A
(“SPR”) was entirely acquired by Vianorte S.A., and OHL Brasil S.A. assumed
direct control of Vianorte S.A. The incorporation integrated the project of structure
reorganization of OHL Brasil Group, aiming at providing better economic efficiency
and better synergy, reducing operational and financial costs and simplifying the
corporate structure.
BM&FBovespa: OHLB3
Bloomberg: OHLB3 BZ
Thomson Reuters: OHLB3.BR APPROVAL OF THE TERMS OF LONG-TERM FINANCING FOR REGIS
BITTENCOURT CONCESSIONAIRE
Updated:03/24/2011
Closed Price: R$ 60,50 per share
On October 14, 2010, BNDES approved a long-term financial collaboration with
Market Cap.: R$ 4,2 billion Régis Bittencourt concessionaire on the amount of R$ 1.1 billion for the
implementation of investments to improve and recover the highway‟s infrastructure.
This approval is part of the overall financial plan for federal concessionaires in
which the BNDES has committed to finance up to 70% of major investments.
The Company expects that in the first half of 2011 the long term contract for the
other four federal concessions will be signed.
Investor Relations www.ohlbrasil.com.br ri@ohlbrasil.com.br
Rua Joaquim Floriano, 913, 6º andar - José Carlos Ferreira de Oliveira Filho CEO and IRO josecarlo@ohlbrasil.com.br
Itaim Bibi – São Paulo – SP - Alessandro Scotoni Levy IR Manager and Planning alessandro@ohlbrasil.com.br
CEP 04534-013
Phone: (+55 11) 3074-2409
3. Earnings Release 2010
March 25 th, 2011
Page 3 / 23
OBRASCON HUARTE LAIN BRASIL S.A.
CONSOLIDATED INCOME STATEMENT
(In thousands of Brazilian reais)
2009 Adjustment 2009 IFRS 2010 IFRS Var%
GROSS SERVICE REVENUE 1,301,777 670,192 1,971,969 2,342,622 18.8%
Toll plazas revenue 1,292,113 - 1,292,113 1,631,185 26.2%
State 840,539 - 840,539 971,562 15.6%
Autovias 211,077 - 211,077 243,855 15.5%
Centrovias 202,333 - 202,333 238,606 17.9%
Intervias 238,619 - 238,619 272,631 14.3%
Vianorte 188,510 - 188,510 216,470 14.8%
Federal 451,574 - 451,574 659,623 46.1%
Planalto Sul 60,854 - 60,854 77,603 27.5%
Fluminense 67,703 - 67,703 112,701 66.5%
Fernão Dias 95,179 - 95,179 134,928 41.8%
Régis Bittencourt 153,072 - 153,072 204,238 33.4%
Litoral Sul 74,766 - 74,766 130,153 74.1%
Accessory revenues 9,664 - 9,664 10,424 7.9%
Others - 57,102 57,102 83,186 45.7%
Construct revenue - 613,090 613,090 617,827 0.8%
DEDUCTIONS FROM REVENUE (112,768) (9,110) (121,878) (158,093) 29.7%
NET SERVICE REVENUE 1,189,009 661,082 1,850,091 2,184,529 18.1%
COST AND SERVICE EXPENSES (512,039) (684,143) (1,196,182) (1,350,320) 12.9%
Cost of services (excl. depreciation and amortization) (405,318) 17,513 (387,805) (460,112) 18.6%
Cost of construction services - (613,090) (613,090) (617,827) 0.8%
Administrative expenses (excl. depreciation and amortization) (94,726) (11,526) (106,252) (116,771) 9.9%
Directors' compensation (9,639) (1,282) (10,921) (12,526) 14.7%
Tax expenses (5,775) (21) (5,796) (2,199) -62.1%
Provision for highways's maintenance - (75,737) (75,737) (146,085) 92.9%
Other operating revenues, net 3,419 - 3,419 5,200 52.1%
EBITDA 676,970 (23,061) 653,909 834,209 27.6%
EBITDA margin 56.9% 35.3% 38.2%
DEPRECIATIONS AND AMORTIZATIONS (256,613) 111,884 (144,729) (181,460) 25.4%
Depreciation and amortization (248,480) 111,884 (136,596) (175,359) 28.4%
Amortization of goodwill on investments (8,133) - (8,133) (6,101) -25.0%
FINANCIAL RESULTS (155,585) (10,311) (165,896) (217,898) 31.3%
Financial revenues 33,246 62 33,308 92,792 178.6%
Financial expenses (188,831) (10,373) (199,204) (310,690) 56.0%
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 264,772 78,512 343,284 434,851 26.7%
INCOME TAX AND SOCIAL CONTRIBUTION (88,494) (27,438) (115,932) (130,602) 12.7%
Current (97,430) (16,072) (113,502) (147,243) 29.7%
Deferred 8,936 (11,366) (2,430) 16,641 -784.8%
NET INCOME FOR THE PERIOD 176,278 51,074 227,352 304,249 33.8%
Basic profit per share (in R$) 2.55887 3.30027 4.41652 33.8%
Numb er of shares (units) 68,888,888 68,888,888 68,888,888
4. Earnings Release 2010
March 25 th, 2011
Page 4 / 23
ECONOMIC AND FINANCIAL PERFORMANCE
GROSS SERVICE REVENUE
In fiscal year 2010, consolidated gross revenue reached R$ 2.3 billion, an increase
of 18.8% over the previous year. This total consists of toll plaza revenues,
construct revenues and other revenues (accessories, maintenance and road
paving), amounting respectively to R$ 1.6 billion, R$ 617.8 million and R$ 93.6
million.
Revenue Breakdown
2010 2009
4% 3%
26% 31%
70% 66%
Toll Plazas Construct Others Toll Plazas Construct Others
Toll Plazas Revenue
The state concessionaires accounted for 59.6% of the total amount collected from
tolls, closing the year with R$ 971.6 million (+15.6%) while the federal
concessionaires, which were in the process of opening markets in 2009, advanced
46.1%, and ended the year with R$ 659.6 million, growing its 34.9% share of total
revenues from tolls for 2009 to 40.4% in 2010. Consolidated toll revenues rose
26.2% in fiscal year 2010 against 2009 as a result of two main factors: (i) tolled
traffic growth (+33.6%) offset by a (ii) reduction of average toll tariff practiced (-
5.5%).
Tolled traffic: This year, tolled traffic totaled 596.5 million vehicle-equivalents,
33.6% higher than in 2009.
Var%
Vehicle-Equivalents 2010 2009
2010/2009
Autovias 41,849,580 37,653,446 11.1%
Centrovias 29,265,444 22,523,774 29.9%
Intervias 56,858,906 51,628,066 10.1%
Vianorte 31,466,466 28,545,634 10.2%
Total - State Concessions 159,440,396 140,350,920 13.6%
Planalto Sul 26,696,770 22,477,509 18.8%
Fluminense 43,491,756 27,081,364 60.6%
Fernão Dias 121,656,967 86,526,227 40.6%
Régis Bittencourt 136,158,667 102,048,021 33.4%
Litoral Sul 109,039,366 67,969,091 60.4%
Total - Federal Concessions 437,043,526 306,102,213 42.8%
Total 596,483,922 446,453,133 33.6%
5. Earnings Release 2010
March 25 th, 2011
Page 5 / 23
The 33.6% growth in total traffic tolled was due to (i) strong economic growth
concurrent with the resumption of industrial production, contributing to the increase
of traffic on the highways managed by the Company, (ii) the beginning of toll
collection in federal concessionaires plazas in 2009 and (iii) the charging of tolls in
both directions in four toll plazas by Centrovias concessionaire.
The strong economic growth in 2010, together with the resumption of industrial
production, was also confirmed by the growth of tolled traffic at Autovias, Intervias
and Vianorte concessionaires.
The 42.8% growth in tolled traffic in federal concessionaires was due to the
opening of 23 toll plazas in 2009 and 01 toll plaza in 2010. (ii) In September 2010,
the last toll plaza from Autopista Fernão Dias concessionaire located in the
municipality of Mairiporã came into operation.
The following charts illustrate the seasonality of the traffic on federal and state
concessionaires in 2010.
Federal Concessions - Seasonality 2010
1,20
ABCR BRA
1,15 OHL Federais
ABCR SP
1,10 Média Trim. OHL Federais
1,05
1,00
0,95
0,90
0,85
jan feb mar apr may jun jul aug sep oct nov dec
State Concessions - Seasonality 2010
1,20
ABCR BRA
1,15 OHL Estaduais
ABCR SP
1,10 Média Trim. OHL Estaduais
1,05
1,00
0,95
0,90
0,85
jan feb mar apr may jun jul aug sep oct nov dec
In the second half of 2010, four toll plazas managed by Centrovias concessionaire
started charging tolls in both directions and had their toll tariffs reduced by half. As
a result tolled traffic grew 29.9% and the average fare dropped 9.2% in the same
year.
Tolled traffic (measured in vehicle-equivalents) in 2010 was broken down as 61.9%
for trucks and heavy vehicles and 38.1% light vehicles for state concessionaires,
and 74.6% heavy vehicles and 25.4% light vehicles in federal concessionaires.
6. Earnings Release 2010
March 25 th, 2011
Page 6 / 23
Average toll tariff: Next, see the table with the consolidated comparative average
toll tariff evolution for each concessionaire:
Average Toll Tariff Var%
2010 2009
(in R$/Vehicle-Equivalents) 2010/2009
Autovias 5.83 5.61 3.9%
Centrovias 8.15 8.98 -9.2%
Intervias 4.79 4.62 3.7%
Vianorte 6.88 6.60 4.2%
State Concessions 6.09 5.99 1.7%
Planalto Sul 2.91 2.71 7.4%
Fluminense 2.59 2.50 3.7%
Fernão Dias 1.11 1.10 0.8%
Régis Bittencourt 1.50 1.50 0.0%
Litoral Sul 1.19 1.10 8.5%
Federal Concessions 1.51 1.48 2.3%
Total 2.73 2.89 -5.5%
In accordance with the concession agreements, toll tariffs are adjusted once a year
in compliance with criteria set in the contracts and the accumulated variation of
IGP-M index for state concessionaires and IPCA for federal concessionaires.
The increase of average toll tariffs of the Autovias, Intervias and Vianorte
concessionaires is explained by the contractual adjustment based on the IGP-M. At
Centrovias, despite the contract adjustment, average toll tariff dropped 9.2% due to
the fact that toll collection switched to bidirectional (both side directions) in four
plazas, and toll tariff were reduced by 50%.
On July 1st 2010, state concessionaires had adjustment toll tariff by 4.18%, and on
July 1st 2009 the adjustment was 3.64% according to the IGP-M variation
accumulated between June of the year prior to the adjustment and May of the year
when the adjustment was made.
Federal concessionaires, on the other hand, adjust their basic toll tariffs once a
year according to the cumulative variation of the IPCA, rounding the first decimal
place. Adjustments provided for concessionaires Fluminense and Litoral Sul always
occur in February, whereas Fernão Dias, Regis Bittencourt and Planalto Sul have
their adjustments implemented in December.
In December 2009, the tariff adjustment adopted by the Planalto Sul
concessionaire increased the toll tariff to R$ 2.90, taking into consideration (i) the
criterion for rounding the first decimal place, and (ii) IPCA variation between
December 2008 and November 2009 (+4.22%). In February 2010, the toll tariff
charged by concessionaires Fluminense and Litoral Sul also were increased, set at
R$ 2.60 and R$1.20 respectively. The toll tariff charged by concessionaires Fernão
Dias and Regis Bittencourt for the same comparable periods were not changed
due to the criterion of rounding place by the contracts.
In 2010, the average toll tariff dropped by 5.5% due to the fact that federal
concessionaires, which operate at lower tariffs, increased their share of total toll
revenue breakdown.
7. Earnings Release 2010
March 25 th, 2011
Page 7 / 23
Electronic Collection: The revenue from the electronic payment systems (AVI
System) at state concessionaires‟ toll plazas accounted for 56.4% of total revenue
in 2010 against 52.9% recorded last year. In the federal concessionaires the
average percentage of revenue from electronic billing was 35.7% versus 28.8% in
2009. Below we present a chart with quarterly figures for revenue by electronic
collection, starting in the first quarter of 2009:
AVI State Concessions
1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 2010
57.3%
56.7% 56.4%
56.0%
53.7% 53.8% 53.9%
53.0% 52.9%
50.7%
AVI Federal Concessions
1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 2010
36.9% 38.1%
35.4% 35.7%
30.2% 31.6%
29.6% 28.8%
27.5%
25.0%
Construct Revenue
The new accounting standards (ICPC-01 / IFRIC 12), which came into effect on
01/01/2010, have changed the way we record revenues from concession contracts
and now they also include revenues of works from investments in intangible assets.
This new form to enter revenues changed the Profit and Loss statement and
impacted the margins EBITDA, EBIT and Net Income, but had no impact on the
Company‟s Net Income volume, since the counterpart of this revenue, the cost of
work, in equal value (no margin of work) is rubric as “Cost of Construction
Services”.
In 2010, revenue from work grew 0.8% compared to the previous year, and 89.8%
of these works were performed in federal concessionaires due to larger
investments tied to concession contracts.
Other Revenues
The revenues from the exploration of the domain of the highway side areas by
concessionaires, as well as revenue from maintenance and paving of highways by
construction companies in the group OHL grew 40.2% in 2010.
8. Earnings Release 2010
March 25 th, 2011
Page 8 / 23
The concessionaires had R$ 10.4 million of revenue with exploration of the domain
of the highway side areas, with a growth of 7.9% compared to 2009. Revenues
from maintenance and paving were R$ 83.2 million, being 45.7% higher than 2009.
NET SERVICE REVENUE AND DEDUCTIONS FROM REVENUE
In the year ended December 31, 2010, the Company recorded net revenue of
services worth amounting to R$ 2.2 billion, an increase of 18.1% against 2009.
Deductions from revenue consists principally of taxes such as ISS, PIS and
COFINS have kept pace with increases in revenue from tolls and ended the year
with R$ 158.1 million, growing 29.7% vis-à-vis 2009. The taxes are calculated on
the revenues from tolls at the following rates: PIS (0.65%), COFINS (3.0%) and
ISS (5.0%).
COST AND SERVICE EXPENSES
Costs and operating expenses (excluding depreciation and amortization) grew
12.9% or R$ 154.1 million mainly as a result of the start-up and opening of toll
plazas in the federal concessionaires. It must be remembered that during 2009 23
toll plazas came into operation on the federal concessionaires and hence the
structure of costs and expenses related to staff and operations for these toll
increased.
With the adoption of new accounting standards (ICPC-01 / IFRIC 12), which came
into effect on 01/01/2010, two new costs started being recorded in the Company‟s
Results: (i) "Cost of Construction Services" as a counterpart to the "Construct
Revenue", already mentioned in the section contemplating gross revenues, and (ii)
"Provision for Highways‟ maintenance”, which regarding the provision for
investments on highway maintenance for future years.
Next we present a table with the composition of costs and expenses (excluding
depreciation and amortization):
Cost and Services Expenses ¹ Var%
2010 2009
(R$ Thousand) 2010/2009
Cost of construction services (617,827) (613,090) 0.8%
Outside services (173,541) (155,050) 11.9%
Personnel expenses (157,829) (114,026) 38.4%
Provision for highways's maintenance (146,085) (75,737) 92.9%
Routine maintenance (79,153) (78,606) 0.7%
Supervision and tecn. development fee (30,798) (28,379) 8.5%
Variable charge (state concessions) (30,355) (26,292) 15.5%
Insurance and guarantees (12,703) (13,007) -2.3%
Directors' compensation (12,526) (10,921) 14.7%
Consumption (6,176) (4,897) 26.1%
Tax expenses (2,199) (5,796) -62.1%
Transportation (1,448) (1,311) 10.5%
Other operating expenses, net (79,680) (69,070) 15.4%
Total (1,350,320) (1,196,182) 12.9%
¹ Excl. depreciation and amortization.
9. Earnings Release 2010
March 25 th, 2011
Page 9 / 23
Regarding the increase of R$ 154.1 million in costs and operating expenses the
following aspects stand out:
Constitution of the rubric "Cost of construction services" which includes
works undertaken by the concessionaires during the year, in that the largest
amount concerns the federal concessionaires;
Increase of R$ 70.3 million in "Provision for highways‟ maintenance”
because of the expectation of maintenance, according to the concession
contracts. It must be highlighted that the cash disbursements of such costs
will occur in subsequent years;
Increases in costs with "Personnel" and "Outsourced Services", in the
respective amounts of R$ 43.8 million and R$ 18.5 million, mainly due to the
growth in headcount and the expansion of federal concessionaires‟
operating structure with the opening of new toll plazas;
Growth of the cost relative to the "variable charge" in 2010, in line with the
increase in toll revenues (+15.6%) of the state concessionaires;
Reduction of R$ 3.6 million in "Tax expenses” due mainly to additional
installment plan devised for Vianorte concessionaire‟s debits with PIS /
COFINS taxes in 2009.
EBITDA AND ADJUSTED EBITDA
The operating income as measured by EBITDA amounted to R$ 834.2 million in
2010, showing an increase of 27.6% over the previous year. As a consequence,
the EBITDA margin increased 2.9 percentage points, going from 35.3% last year to
38.2% in 2010. The calculation considered the new accounting methodology
(ICPC-01 / IFRIC 12), which is reflected mainly in the acknowledgement of costs
concerning "Provision for maintenance of highways."
For the sake of comparison with data reported by the Company prior to the
adoption of those accounting practices, adjustments were made in the calculation
basis for reversal of the amount in "Provision for maintenance of highways” and for
the reversal of unrealized profits of the following companies: Latina Manutenção,
Latina Sinalização, and Paulista. Therefore, the Adjusted EBITDA for the year
2010 totaled R$ 942.1 million, which corresponds to a margin of 43.1% and
represents a strong growth over the margin of 36.6% recorded in 2009.
EBITDA
Var%
2010 2009 2010/2009
Net Revenue 2,184,529 1,850,091 18.1%
Cost and Service Expenses (1,350,320) (1,196,182) 12.9%
EBITDA 834,209 653,909 27.6%
EBITDA Margin 38.2% 35.3%
(+) Provision for highways's maintenance 146,085 75,737 92.9%
(-) Consolidation Adjustments ¹ (38,214) (52,676)
Adjusted EBITDA (before IFRS) 942,080 676,970 39.2%
EBITDA Margin 43.1% 36.6%
1) Consolidation adjustments and reversal of unrealized profit retention (EBITDA Constructors).
2) EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization).
3) Refers to the provision set for the maintenance of highways, in accordance with accounting pronouncement ICPC
01. EBITDA is not used in the accounting practices nor does it represent the cash flow for the periods presented.
Therefore, it should not be considered as an alternative for cash flow as an indicator of liquidity. EBITDA does not
have a standardized meaning and thus cannot be compared to the EBITDA of other companies.
10. Earnings Release 2010
March 25 th, 2011
Page 10 / 23
Below, a table with the calculation of EBITDA and Adjusted EBITDA for companies
in the Group.
Net Revenue Costs and Services ¹ Provision for Ajusted
Group Com panies Services Construct Total Cost of Cost of Total EBITDA highw ays's Ajusted EBITDA EBITDA
(R$ Thousand) Revenue (A) Revenue (B) (A + B) Services (A) Construction (A + B) m aintenance M argin
Service (B)
Autovias 224.711 4.327 229.038 (82.172) (4.327) (86.499) 142.539 28.570 171.109 74,7%
Centrovias 219.869 30.354 250.223 (70.056) (30.354) (100.410) 149.813 23.293 173.106 69,2%
Intervias 252.298 16.703 269.001 (91.854) (16.703) (108.557) 160.444 31.143 191.587 71,2%
Vianorte 199.120 11.333 210.453 (86.454) (11.333) (97.787) 112.666 41.141 153.807 73,1%
State Concessions 895.998 62.717 958.715 (330.536) (62.717) (393.253) 565.462 124.148 689.610 71,9%
Planalto Sul 69.990 66.380 136.370 (44.786) (66.380) (111.166) 25.204 3.204 28.408 20,8%
Fluminense 101.773 54.839 156.612 (54.437) (54.839) (109.276) 47.336 3.413 50.749 32,4%
Fernão Dias 123.486 180.198 303.684 (96.723) (180.198) (276.921) 26.763 5.388 32.151 10,6%
Régis Bittencourt 186.302 154.613 340.915 (86.876) (154.613) (241.489) 99.426 5.206 104.632 30,7%
Litoral Sul 118.933 99.080 218.013 (72.577) (99.080) (171.657) 46.356 4.726 51.082 23,4%
Federal Concessions 600.484 555.110 1.155.594 (355.399) (555.110) (910.509) 245.085 21.937 267.022 23,1%
Total Concessionaires 1.496.482 617.827 2.114.309 (685.935) (617.827) (1.303.762) 810.547 146.085 956.632 45,2%
OHL Holding - - - (14.270) - (14.270) (14.270) - (14.270)
Constructors - 267.818 267.818 - (229.604) (229.604) 38.214 - 38.214
Other companies and eliminations for consolidation - (197.598) (197.598) (282) 197.598 197.316 (282) - (282)
Total 1.496.482 688.047 2.184.529 (700.487) (649.833) (1.350.320) 834.209 146.085 980.294 44,9%
Consolidation adjusts ² - - - - - - - - (38.214)
Total Consolidated 1.496.482 688.047 2.184.529 (700.487) (649.833) (1.350.320) 834.209 146.085 942.080 43,1%
¹ Excl. depreciation and amortization.
² Adjustments for the elimination of unrealized profits by construction companies.
FINANCIAL RESULTS
Var%
Financial Result (R$ thousand) 2010 2009
2010/2009
Financial Revenues 92,647 33,058 180.3%
Financial Expenses (310,577) (198,736) 56.3%
Financial charges (236,154) (160,131) 47.5%
Monetary correction of fixed c. charge (55,149) (12,764) 332.1%
Other financial expenses (19,274) (25,841) -25.4%
Net Exchange Variation 32 (218) -114.7%
Net Financial Result (217,898) (165,896) 31.3%
In 2010, the net financial result was negative at R$ 217.9 million, compared to a
negative result of R$ 165.9 million recorded in 2009. The main factors contributing
to such variation include:
Increase of R$ 76 million in financial charges generated by (i) the issue of
debentures, which were realized by state concessionaires, and (ii) the
release of credit lines from BNDES for investments included in the federal
concession contracts and (iii) the passage of time effect (adjustment of
present value);
Increase of R$ 42.4 million in "Monetary Correction of Fixed Concession
Charge" caused by (i) the increase in the IGP-M inflation index in 2010,
which showed a growth of 11.3% over a negative variation of 1.7% in 2009;
Increase of R$ 59.6 million in revenues from financial investments due to
the increase of CDI plus the addition of the balance of financial investments.
11. Earnings Release 2010
March 25 th, 2011
Page 11 / 23
NET INCOME
In 2010, the consolidated net income grew 33.8% over the previous year. As
already mentioned, the main factors leading to the increase were: (i) star-up of
100% of the toll plazas operation in federal concessions; (ii) contractual tariff
adjustments, and (iii) two-way charging at the Centrovias toll plazas. Moreover, the
best performance of the economy impacted positively vehicle traffic tolled.
Net Income (R$ million)
304.2
227.4
2009 2010
INDEBTEDNESS
On December 31, 2010, the consolidated net debt (loans and financing plus
debentures minus cash and cash equivalents) of the company amounted to R$ 1.5
billion, an increase of $ 176.6 million or 13.1% over the same period last year.
Debt
31-dez-10 31-dez-09 Var%
(In thousands of Brazilian reais)
Gross Debt 2,788,542 1,793,933 55.4%
Short Term 1,234,363 946,883 30.4%
Long Term 1,554,179 847,050 83.5%
Cash and equivalents 1,168,288 442,192
Restricted cash investments ¹ 97,176 5,298
Net Debt 1,523,078 1,346,443 13.1%
¹ Short and long term.
This R$ 176.6 million increase was due mainly to the following:
Increase of R$ 1.8 billion due to the first issuance of debentures (totaling R$
1.4 billion) from the four state concession companies, conducted in April,
and the second issuance of debentures (totaling R$ 400 million), conducted
in November, from state concession companies Autovias and Intervias;
Increase of R$ 124.1 million due to disbursements for the BNDES bridge
loan for federal concessions;
Reduction of R$ 198 million related to the repaying of principal and interest
on bank credit agreements signed by Autovias and Intervias;
Reduction of R$ 753.3 million due to the repaying of promissory notes and
loans with BNDES on the part of the state concession companies;
12. Earnings Release 2010
March 25 th, 2011
Page 12 / 23
Reduction of R$ 818.0 million related to the increase in cash and
investments in the period;
Increase of R$ 48.8 million due to interest accrued and other transactions
involving interest and principal.
Debentures: In April 2010, the subsidiaries Autovias, Centrovias, Intervias and
Vianorte issued debentures, not convertible into shares, with real guarantees, in
the amount of R$ 1.4 billion. The funds raised were used for the early redemption
of debt (promissory notes), investments included in the concession agreement,
strengthening of working capital, and distribution of proceeds. The operations were
characterized by:
Autovias: issue of 405,000 debentures in two series: the first with a volume
of R$ 285 million, to pay CDI + 1.6% per year and with a maturity period of
five years; and the second with a volume of R$120 million, to pay IPCA +
8% per year and with a maturity period of seven years.
Centrovias: issue of 406,000 debentures in two series: the first with a
volume of R$ 286 million, to pay CDI + 1.7% per year and with a maturity
period of five years; and the second with a volume of R$ 120 million, to pay
IPCA + 8% per year and with a maturity period of seven years.
Intervias: issue of 308,000 debentures in a single series, with a volume of
R$ 308 million, to pay CDI + 1.5% per year and with a maturity period of five
years.
Vianorte: issue of 257,000 debentures in two series: the first with a volume
of R$ 157 million, to pay CDI + 1.7% per year and with a maturity period of
five years; and the second with a volume of R$100 million, to pay IPCA +
8% per year and with a maturity period of seven years.
Also in 2010, in the month of November, new issues from Autovias and Intervias
were approved under CVM Instruction 476, with restricted distribution efforts. At the
time, 4,000 non-convertible debentures were issued (3,000 by Intervias and 1,000
by Autovias), with real guarantees and a face value of R$ 100,000, to pay CDI +
1.7% per year and with a maturity period of five years. Together the operations
amounted to $ 400 million.
BNDES Loans: Since winning the auction for federal highways in 2007, the
Company has funds in the form of bridge loans and long term loans granted by
Banco Nacional de Desenvolvimento Econômico e Social - BNDES, to finance
investment programs of the five federal concession companies.
In mid 2009 the Company signed five contracts for bridge loans in the total amount
of R$ 1 billion to allow for continued investments until the signing of long-term
contracts. By December 31, 2010, R$ 907.5 million of this total had been
disbursed.
13. Earnings Release 2010
March 25 th, 2011
Page 13 / 23
Additionally, in October 2010, BNDES approved the granting of long-term financial
cooperation to Autopista Régis Bittencourt in the amount of R$ 1.1 billion. That
funding was divided into two credit categories: Credit A, amounting to R$ 446.4
million, with an amortization period of 144 months and a 12-month grace period,
and costing TJLP (long term interest rate) + 2.21% per year; and Credit B,
amounting to R$ 623.1 million, with an amortization period of 126 months and a
grace period extending up to June 15, 2014, and costing TJLP (long term interest
rate) + 2.21% per year.
The long-term financing from BNDES to concession companies Autopista Planalto
Sul SA, Autopista Fernão Dias SA, Autopista Litoral Sul SA, and Autopista
Fluminense SA are being examined by BNDES.
Indebtness (R$ million)
2,789
1,794 1,554
847
1,234
947
2009 2010
Short Term Long Term
On December 31, 2010, the consolidated gross debt (loans and financing plus
debentures) of the company amounted to R$ 2.8 billion, with 34.3% of this amount
corresponding to TJLP (long term interest rate) indexed contracts, 52.3% to CDI-
linked contracts, and 13.4% to contracts linked to IPCA (inflation).
Gross Debt
31-dez-10 31-dez-09 Var%
(In thousands of Brazilian reais)
Indexes
TJLP 961,874 890,361 8.0%
CDI 1,463,260 903,572 61.9%
IPCA 376,023 - -
Prepaid charges (12,615) - -
Total 2,788,542 1,793,933 55.4%
The net debt at the end of 2010 was R$ 1.5 billion, which represented 1.7 times the
Adjusted EBITDA minus the fixed concession charge paid in the last 12 months.
2.500
3,0
2.2
2.000 1.7
2,0
1.500
1,0
1.000 -
1,346.4 1,523.1
500 (1,0)
- (2,0)
2009 2010
Net Debt
Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months)
14. Earnings Release 2010
March 25 th, 2011
Page 14 / 23
On December 31, 2010, 97.3% of long-term debt consisted of debentures. The
amortization schedule of the Company's debt was:
Year R$ Thousand
2011 296,085
2012 334,375
2013 335,085
2014 335,794
2015 273,968
2016 116,031
2017 116,168
Total 1,807,506
FIXED CONCESSION CHARGE PAID
In accordance with conditions set out in the concession contracts, the state
concessions must pay a fixed charge to the concession authority for the granting of
the concession. In 2010, the state concessions paid the Granting Authority R$ 55.5
million in fixed charges.
Fixed Concession Charge Paid Var%
2010 2009
(R$ Thousand) 2010/2009
Total (55,517) (53,427) 3.9%
Autovias (5,846) (5,625) 3.9%
Centrovias (8,746) (8,417) 3.9%
Intervias (5,443) (5,238) 3.9%
Vianorte (35,482) (34,147) 3.9%
On December 31, 2010, the nominal value and the number of monthly installments
to be paid related to the fixed concession charge were represented as follows:
12/31/2010
Nominal Value (R$ thousand)
# of Monthly
Concessionaires
Short Term Long Term Total Payments
Autovias 6,151 42,246 48,397 92
Centrovias 9,203 60,835 70,038 89
Intervias 5,727 47,696 53,423 109
Vianorte 37,336 237,191 274,527 86
Total 58,417 387,968 446,385
INVESTMENTS
OHL Brazil companies invested about R$ 598.3 million in fixed and intangible
assets in 2010. A significant portion of that amount (88.8%) was allocated to
projects conducted by federal concessions. Still in the early stages of the
concession contract, the main investments in federal concessions include:
15. Earnings Release 2010
March 25 th, 2011
Page 15 / 23
Road enlargement at Serra do Cafezal (Rod. Régis Bittencourt)
Implementation of new toll plazas (Rod. Fernão Dias)
Paving and recovery of containing structures
Reinforcement and widening of bridges
Improved draining and lighting systems
Implementation of walkways
Investments in state concessions (R$ 57.1 million) were directed, mainly to projects
to split toll plazas (to have toll collection in both directions) in the municipality of
Brotas, Dois Córregos, Rio Claro, and Itirapina (Centrovias Concessionaire).
Additionally, we spent R$ 127.2 million in maintenance work for state highways
which, in turn, have already reached an advanced stage of maturity, investment-
wise. The funds were intended to preserve the roads, with the installation of
concrete barriers and the repair of guard rails.
With the adoption of new accounting standards (ICPC-01 / IFRIC 12), which came
into effect as of 01/01/2010, future investments in maintenance of roads are now
entered in the Company's results as "Provision for maintenance of Highways”
under "Cost of Services". Similarly, payments (cash flow) related to the
maintenance of highways are now entered in the "Cash Flow from Operating
Activities" and no longer under "Cash Flow from Investing Activities".
The following table shows the payment of fixed investments, intangibles and
highway maintenance.
2010 2009
IFRS IFRS
Capex Before Before
Cash Flow (R$ Thousand) IFRS (A + B) Intangible and Maintenance IFRS (A + B) Intangible and Maintenance
Property (A) Realized (B) Property (A) Realized (B)
Autovias 28,552 3,565 24,987 37,558 14,707 22,851
Centrovias 51,037 30,518 20,519 30,050 10,120 19,930
Intervias 60,408 10,818 49,590 40,960 19,000 21,960
Vianorte 44,270 12,174 32,096 28,976 15,720 13,256
State Concessions 184,267 57,075 127,192 137,544 59,547 77,997
Planalto Sul 60,746 60,746 - 65,412 65,412 -
Fluminense 51,735 51,735 - 98,521 98,521 -
Fernão Dias 176,811 176,811 - 182,415 182,415 -
Régis Bittencourt 147,633 147,633 - 199,619 199,619 -
Litoral Sul 94,250 94,250 - 139,440 139,440 -
Federal Concessions 531,175 531,175 - 685,407 685,407 -
Total 715,442 588,250 127,192 822,951 744,954 77,997
Others invest. and consolidation adjustments 10,031 10,031 - 5,833 5,833 -
Total 725,473 598,281 127,192 828,784 750,787 77,997
In accordance with the obligations of road maintenance and new investments in
intangible assets set out in the concession agreements, the Company expects to
invest in 2011 about R$ 930 million in federal concessions and R$ 135 million in
state concessions. Between 2012 and 2015, the Company intends to invest R$ 2.7
billion in federal concessions and R$ 570 million in state concessions.
16. Earnings Release 2010
March 25 th, 2011
Page 16 / 23
PERSONNEL
As a result of increased operations and improved quality of services provided in
2010, the workforce grew 21.8% over the previous year. The main indicators of this
increase include (i) the incorporation of the toll collection activity at the Fernão Dias
highway, which since the beginning of operations had been carried out by a third-
party company, and (ii) the split of charges (into both sides/ways of the highway) in
four toll plazas of the Centrovias operation.
Personnel 2010 2009 Var. %
OHL (Holding) 103 83 24.1%
State Concessions 1,302 1,228 6.0%
Autovias 193 194 -0.5%
Centrovias 328 252 30.2%
Intervias 542 543 -0.2%
Vianorte 239 239 0.0%
Federal Concessions 2,031 1,575 29.0%
Litoral Sul 302 258 17.1%
Planalto Sul 152 152 0.0%
Fluminense 234 219 6.8%
Fernão Dias 809 439 84.3%
Régis Bittencourt 534 507 5.3%
Paulista 203 203 0.0%
Latina Manutenção 1,491 1,095 36.2%
Latina Sinalização 176 171 2.9%
Total 5,306 4,355 21.8%
STOCK MARKETS
OHL Brazil”s market value at the end of the year amounted to R$ 4.1 billion, based
on the closing price of R$ 59.99 per share on 30/12/2010. That price represents a
gain of 76.44% over the closing price in the previous year. In the same period, the
Bovespa Index dropped 1.06%. Traded under the code OHLB3, the Company's
shares were present in 100% of the trading sessions of the BM&FBOVESPA;
transactions reached a total of about R$ 1.1 billion in the year.
195
Base 100 (12/30/2009)
170
145
120
95
70
12/30/09 01/30/10 02/28/10 03/31/10 04/30/10 05/31/10 06/30/10 07/31/10 08/31/10 09/30/10 10/31/10 11/30/10 12/31/10
OHLB3 IBOV
Daily Average ¹ 2010 2009 Var. %
Nº of Trades 183 145 26,2%
Volume (R$ Milion) 4,58 2,43 88,5%
¹ Lote Padrão
17. Earnings Release 2010
March 25 th, 2011
Page 17 / 23
Shares are part of the theoretical portfolio of indexes: IGC – Stock Index with
Distinguished Corporate Governance, ITAG - Stock Index with Distinguished Tag
Along, and SMLL - Small Cap Index.
SHAREHOLDING STRUCTURE
The Company‟s subscribed and paid-in capital was R$ 549.1 million on December
31, 2010, representing a single class of 68,888,888 common shares.
Partícipes em Brasil S.L.
14,7%
5,0% Credit Suisse Hedging Griffo
8,4%
Skopos Adm. de Recursos
60,0%
11,9% Kendall Develops S.L.
Others
ORGANIZATIONAL STRUCTURE
100%
100%
Participes en Brasil SL
60%
STATE TOLL ROADS FEDERAL TOLL ROADS
100% 100%
OTHER BUSINESS
100% 100% 100% 4.68%
18. Earnings Release 2010
March 25 th, 2011
Page 18 / 23
PORTFOLIO OF CONCESSION ASSETS
Below, we present the main information concerning our portfolio of concessions:
Fixed
Concession
Concessionaires Km Toll Plazas Concession Contract Index
Maturity
Charge
State Concessions
Autovias 316.6 5 ago-18 ago-18 IGP-M
Centrovias 218.2 5 jun-18 jun-19 IGP-M
Intervias 375.7 9 fev-20 jan-28 IGP-M
Vianorte 236.6 4 mar-18 mar-18 IGP-M
Federal Concessions
Planalto Sul 382.3 5 n.a. fev-33 IPCA
Fluminense 412.7 5 n.a. fev-33 IPCA
Fernão Dias 320.1 8 n.a. fev-33 IPCA
Régis Bittencourt 562.1 6 n.a. fev-33 IPCA
Litoral Sul 401.6 5 n.a. fev-33 IPCA
n.a. – not applicable
CORPORATE PROFILE
OHL Brasil is one of the largest companies in the highway concession sector by
kilometers administrated in Brazil, with 3,226 km in operation. Through its new
concessions, OHL Brasil administrates highways located in the states of São
Paulo, Minas Gerais, Rio de Janeiro, Santa Catarina and Paraná. Currently, it
holds 100% of capital in the following state concessions: Autovias, Centrovias,
Intervias and Vianorte; and in the following federal concessions: Autopista Fernão
Dias, Autopista Regis Bittencourt, Autopista Litoral Sul, Autopista Planalto Sul and
Autopista Fluminense.
OHL Brasil is a Brazilian company, 60.0% of the company's control being held by
OHL Concesiones, a Spanish corporation that, since November 2000, has
developed activities in the area of infrastructure promotion (ports, airports,
highways and railways), including project selection, participation in bidding,
financing, construction and operation of its projects. Currently, OHL Concesiones,
in addition to being the majority shareholder in OHL Brasil, administrates different
highway concession corporations in Spain, Chile, Peru, Mexico and Argentina.
OHL Concesiones is a wholly-owned subsidiary of OHL S.A., a Spanish company
and leader in the construction and concession sectors. Founded 98 years ago and
currently present in 21 countries, OHL S.A. has been listed on the Madrid Stock
Market since 1991.
For more information, access:
www.ohlbrasil.com.br
This release 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 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,
government regulations, competitive pressures, and the performance of the Brazilian economy and the
industry, and are, therefore, subject to change without prior notice.
19. Earnings Release 2010
March 25 th, 2011
Page 19 / 23
ANNEX 1 BALANCE SHEET
OBRASCON HUARTE LAIN BRASIL S.A.
BALANCE SHEET AS OF DECEMBER 31.2010 AND DECEMBER 31.2009
(In thousands of Brazilian reais)
2009 2009 IFRS Adjustment 2010 IFRS
ASSETS
CURRENT
Cash and equivalents 442,192 442,192 - 1,168,288
Trade accounts receivable 64,141 64,141 - 84,428
Trade accounts receivable - intercompany 87 87 - 89
Inventories 2,279 2,279 - 2,819
Prepaid expenses 6,762 6,762 - 5,702
Deferred income tax and social contribution 5,868 - (5,868) -
Recoverable taxes 13,550 13,550 - 24,680
Advances for new projects 256 256 - -
Restricted cash investments - - - 96,875
Other receivables 2,977 2,977 - 4,797
Total current assets 538,112 532,244 (5,868) 1,387,678
NONCURRENTS
Restricted cash investments 5,298 5,298 - 301
Collateral for agreements 98 98 - 97
Recoverable taxes 1,699 1,699 - -
Prepaid expenses 510 510 - 162
Deferred income tax and social contribution 14,089 61,530 47,441 88,151
Escrow deposits 10,660 10,660 - 14,290
Other receivables 72 72 - 51
Investments 1,053 1,053 - 1,053
Property and equipament 2,298,276 27,671 (2,270,605) 48,114
Intangible assets 342,077 2,826,779 2,484,702 3,281,580
Deferred 138,914 - (138,914) -
Total noncurrent assets 2,812,746 2,935,370 122,624 3,433,799
TOTAL ASSETS 3,350,858 3,467,614 116,756 4,821,477
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT
Loans and financing 946,883 946,883 - 938,278
Debentures - - - 296,085
Suppliers 55,076 55,076 - 71,124
Payroll taxes 33,358 33,358 - 40,810
Taxes payable 48,779 48,779 - 50,444
Deferred income tax and social contribution 1,057 - (1,057) -
Payables - intercompany 895 895 - 816
Collateral for agreements 20,411 20,411 - 24,397
Proposed dividends 41,866 41,866 - 68,650
Concession fee obligations 55,194 55,194 - 59,639
Provision for highways's maintenance - 62,474 62,474 38,990
Provision for highways's investment - 5,078 5,078 9,474
Risks civil, labor and tax 7,264 - (7,264) -
Other payables 10,958 10,958 - 38,591
Total current liabilities 1,221,741 1,280,972 59,231 1,637,298
NONCURRENT
Loans and financing 847,050 847,050 - 42,758
Debentures - - - 1,511,421
Concession fee obligations 320,576 320,576 - 316,066
Deferred revenue 452 452 - 501
Deferred income tax and social contribution 10,389 17,765 7,376 28,402
Provision for highways's maintenance - 78,756 78,756 124,331
Provision for highways's investment - 61,252 61,252 54,840
Risks civil, labor and tax 104 7,368 7,264 10,218
Other payables 2,241 2,241 - 8,861
Total noncurrent liabilities 1,180,812 1,335,460 154,648 2,097,398
SHAREHOLDERS' EQUITY
Capital 549,083 549,083 - 549,083
Legal reserves 26,640 26,640 - 41,093
Profit reserves 218,575 112,244 (106,331) 283,277
Retained earnings 176,278 185,486 9,208 235,599
Adjustment to shareholders' equity - exchange variation on capital (22,271) (22,271) - (22,271)
Total shareholders' equity 948,305 851,182 (97,123) 1,086,781
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,350,858 3,467,614 116,756 4,821,477
20. Earnings Release 2010
March 25 th, 2011
Page 20 / 23
ANNEX 2 FINANCIAL STATEMENTS OF INCOME
OBRASCON HUARTE LAIN BRASIL S.A.
CONSOLIDATED INCOME STATEMENT
(In thousands of Brazilian reais)
2009 Adjustment 2009 IFRS 2010 IFRS Var%
GROSS SERVICE REVENUE 1,301,777 670,192 1,971,969 2,342,622 18.8%
Toll plazas revenue 1,292,113 - 1,292,113 1,631,185 26.2%
State 840,539 - 840,539 971,562 15.6%
Federal 451,574 - 451,574 659,623 46.1%
Accessory revenues 9,664 - 9,664 10,424 7.9%
Others - 57,102 57,102 83,186 45.7%
Construct revenue - 613,090 613,090 617,827 0.8%
DEDUCTIONS FROM REVENUE (112,768) (9,110) (121,878) (158,093) 29.7%
NET SERVICE REVENUE 1,189,009 661,082 1,850,091 2,184,529 18.1%
COST OF SERVICES (643,577) (559,429) (1,203,006) (1,385,738) 15.2%
GROSS PROFIT 545,432 101,653 647,085 798,791 23.4%
OPERATING (EXPENSES) INCOME (125,075) (12,830) (137,905) (146,042) 5.9%
Administrative expenses (104,947) (11,527) (116,474) (130,416) 12.0%
Directors' compensation (9,639) (1,282) (10,921) (12,526) 14.7%
Tax expenses (5,775) (21) (5,796) (2,199) -62.1%
Amortization of goodwill on investments (8,133) - (8,133) (6,101) -25.0%
Other operating revenues, net 3,419 - 3,419 5,200 52.1%
NET FINANCIAL RESULTS (155,585) (10,311) (165,896) (217,898) 31.3%
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 264,772 78,512 343,284 434,851 26.7%
INCOME TAX AND SOCIAL CONTRIBUTION (88,494) (27,438) (115,932) (130,602) 12.7%
Current (97,430) (16,072) (113,502) (147,243) 29.7%
Deferred 8,936 (11,366) (2,430) 16,641 -784.8%
NET INCOME FOR THE PERIOD 176,278 51,074 227,352 304,249 33.8%
21. Earnings Release 2010
March 25 th, 2011
Page 21 / 23
ANNEX 3 CASH FLOW STATEMENTS
OBRASCON HUARTE LAIN BRASIL S.A.
STATEMENT OF CASH FLOWS
(In thousand of Brazilian reais)
2009 2009 IFRS Adjusment 2010 IFRS
CASH FLOW FROM OPERATING ACTIVITIES
NET INCOME 176,278 227,352 51,074 304,249
Adjusments to reconcile net income to net cash provided by operating
activities:
Depreciation amortization 248,480 136,596 (111,884) 175,359
Amortization of goodwill on investments 8,133 8,133 - 6,101
Writte-offs on property and equipment 5,863 1,053 (4,810) 1,879
Deferred income tax and social contribution (8,936) 2,430 11,366 (16,641)
Interest and monetary variation obligations to grant - 12,764 12,764 55,148
Revenue from restricted cash investments - (262) (262) (4,454)
Interest and monetary variation on loans and financing 170,196 160,175 (10,021) 111,627
Interest and monetary variation on debentures - - - 114,274
Financial expenses AVP - 9,294 9,294 7,780
Provision (reversal of) allowance for risks civil, labor and tax 4,327 4,492 165 3,061
Provision (reversal of) provision for maintenance - 3,940 3,940 15,569
Reversal of deferred revenue 23 - (23) -
Decrease (increase) in assets:
Trade accounts receivable (25,618) (25,692) (74) (20,287)
Payables - intercompany - - (2)
Inventories 1,111 1,111 - (540)
Prepaid expenses (6,105) (6,105) - 1,408
Recoverable taxes (1,657) (1,657) - (8,686)
Advances for new projects - (9) (9) 256
Other credits - 1,980 1,980 (1,820)
Collateral for agreements - (98) (98) 1
Escrow deposits - (5,888) (5,888) (3,630)
Other receivables (4,007) 74 4,081 21
Increase (decrease) in liabilities:
Trade accounts payable 41,109 38,662 (2,447) (14,408)
Trade accounts payable - intercompany - (83) (83) (79)
Collateral for agreements (1,554) (1,554) - 3,986
Payroll taxes 12,590 12,590 - 7,452
Taxes payable (6,418) (6,418) - 1,665
Deferred revenue - 23 23 49
Other payables - (9,272) (9,272) 34,920
Concession fee obligations - 240 240 304
Risks civil, labor and tax - (619) (619) (211)
Payment of interest - - - (79,979)
Provision for highways's investment (10,583) - 10,583 -
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 603,232 563,252 (39,980) 694,372
CASH FLOW FROM INVESTING ACTIVITIES
Increase in restricted deposits 240 - (240) -
Acquisition of property and equipment (786,894) (12,645) 774,249 (9,203)
Increase in intangible (4,104) (738,142) (734,038) (589,078)
Advances for new projects (9) - 9 -
Restricted cash investments - - - (182,686)
Redemption of deposits - - - 94,517
NET CASH USED IN INVESTING ACTIVITIES (790,767) (750,787) 39,980 (686,450)
CASH FLOW FROM FINANCING ACTIVITIES
Loans and financing
Borrowings 2,050,356 2,050,356 - 187,461
Payment of interest and principal (1,458,479) (1,458,479) - (1,065,169)
Debentures
Debentures Issued - - - 1,781,369
Payment of interest and principal - - - (88,137)
Payment of intercompany loans - - - -
Payment of concession fee obligations (53,427) (53,427) - (55,517)
Payment of dividends (25,007) (25,007) - (41,833)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 513,443 513,443 - 718,174
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 325,908 325,908 - 726,096
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 116,284 116,284 - 442,192
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 442,192 442,192 - 1,168,288