This document provides an overview of OHL Brasil's 2010 earnings results conference call. It includes information on traffic levels, toll tariffs, revenues, costs, EBITDA, financial results, and debt levels. Key points include a 13.6% increase in state concession traffic and a 42.8% increase in federal concession traffic compared to 2009. Net revenue grew 18.1% to over R$2 billion while adjusted EBITDA increased 39.2% to R$942 million. Net income grew 33.8% to R$304 million. Gross indebtedness increased but leverage ratios improved.

1. Conference Call
2010 Earnings Results
March 28th, 2011
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2. NOTICE
This presentation contains forward-looking statements relating to the prospects of the
business, estimates for operating and financial results, and those related to growth prospects
of OHL Brasil, these are merely projections and, as such, are based exclusively on the
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, the performance of the Brazilian economy and
the industry and are, therefore, subject to change without prior notice.
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3. IFRS – MAIN CHANGES IN ACCOUNTING STANDARDS
From 2010, the Company shall submit financial statements in accordance with accounting standards
established by the International Accounting Standards Board - IASB (known as International Financial
Reporting Standards - IFRS) and reflected by CVM Instruction 457, July 13 2007 and amendments thereto.
PAST PRESENT
Permanent Assets Intangible Assets
Classification
* Others assets of the company remain the same.
Useful lives of assets/term Term Contract/Curve
contract Traffic
Amortization
* The differences between the tax bases and accounting bases should generate new effects related to deferred taxes (temporary differences).
Results Toll Results Construction
and Tolls
Revenues
* Revenue from construction is determined by the fair value of their service, without margin.
Fixed assets and Results (provision)
depreciation
Maintenances Expenses
* The provision for maintenance is recognized by the present value.
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4. TRAFFIC
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%
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5. TOLL TARIFF
Average Tariff
( R$ / Veic. 2010 2009 2010/2009 Var%
SUBSEQUENT EVENTS
Equiv.)
Autovias 5.83 5.61 3.9%
Centrovias 8.15 8.98 -9.2% End 2010 / End 2009 /
Tarifa aplicada Var %
Intervias 4.79 4.62 3.7% Begin 2011 Begin 2010
Vianorte 6.88 6.60 4.2%
Planalto 3.10 2.90 6.9%
Estaduais 6.09 5.99 1.7%
Fluminense 2.80 2.60 7.7%
Planalto Sul 2.91 2.71 7.4%
Fernão Dias 1.30 1.10 18.2%
Fluminense 2.59 2.50 3.7%
Régis Bittencourt 1.70 1.50 13.3%
Fernão Dias 1.11 1.10 0.8%
Litoral Sul 1.40 1.20 16.7%
Régis Bittencourt 1.50 1.50 0.0%
Litoral Sul 1.19 1.10 8.5%
Federais 1.51 1.48 2.3%
Total 2.73 2.89 -5.5%
State Concessions
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%.
Federal Concessions
In December 2009, the tariff adjustment adopted by the Planalto Sul concessionaire increased the toll tariff to R$ 2.90, taking
into consideration the criterion for rounding the first decimal place and 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$1.20 respectively.
The toll tariff charged by concessionaires Fernão Dias and Regis Bittencourt for the same comparable periods were not
changed due to the criterion of rounding place by the contracts.
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6. NET REVENUE
Net Revenue
Group Companies Services Construct Total
(R$ Thousand) Revenue (A) Revenue (B) (A + B)
Autovias 224,711 4,327 229,038
Centrovias 219,869 30,354 250,223
Intervias 252,298 16,703 269,001
Vianorte 199,120 11,333 210,453
State Concessions 895,998 62,717 958,715
Planalto Sul 69,990 66,380 136,370
Fluminense 101,773 54,839 156,612
Fernão Dias 123,486 180,198 303,684
Régis Bittencourt 186,302 154,613 340,915
Litoral Sul 118,933 99,080 218,013
Federal Concessions 600,484 555,110 1,155,594
Total Concessionaires 1,496,482 617,827 2,114,309
OHL Holding and other companies - 70,220 70,220
Total 1,496,482 688,047 2,184,529
Construct Revenue (B)
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”.
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7. COSTS
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
Cost of construction services and Provisions for highway´s maintenance
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.
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8. EBITDA AND ADJUSTED EBITDA
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).
Adjusted EBITDA
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.
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9. FINANCIAL RESULT
Var%
Financial Result (R$ thousand) 2010 2009
2010/2009 IGP-M - Quartely
Financial Revenues 92,647 33,058 180.3%
Financial Expenses (310,577) (198,736) 56.3%
Financial charges (236,154) (160,131) 47.5% 3.15%
2.08%
Monetary correction of fixed c. charge (55,149) (12,764) 332.1%
-0.11%
Other financial expenses (19,274) (25,841) -25.4%
4Q09 3Q10 4Q10
Net Exchange Variation 32 (218) -114.7%
Net Financial Result (217,898) (165,896) 31.3%
IPCA - Quartely
2.21%
1.06%
Result 0.50%
4Q09 3Q10 4Q10
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:
CDI –Quartely Average
(i) Increase of R$ 76 million in financial charges;
(ii) Increase of R$ 42.4 million in "Monetary Correction of Fixed Concession Charge” caused by
the increase in the IGP-M inflation index in 2010; 10.5% 10.7%
8.5%
(iii) Increase of R$ 59.6 million in revenues from financial investments .
4Q09 3Q10 4Q10
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10. NET INCOME
RESULTS EVOLUTION
Net Income (R$ million)
33.8%
304.2
227.4
2009 2010
Main Factors of increasing:
(i) Star-up of 100% of the toll plazas operation in federal concessions;
(ii) Contractual tariff adjustments;
(iii) Two-way charging at the Centrovias toll plazas.
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11. INDEBTNESS
GROSS INDEBTNESS (R$ MN) LEVERAGE RATIO AND NET DEBT (R$ MN)
2,789 2,5 2,6 3,0
2,4
2,2 2,5
2,474 2,504
2.000 1,9 1,8 1,7 1,7 2,0
1,936 1,5
1,794 1,822 1,554
1,658 1,223 1.500 1,0
1,287
1,425 37
739 0,5
267 847 1.000
922 -
1,450 1,456 1,523 (0,5)
1,784 1,291 1,325 1,346 1,355
1,174
1,158 1,197 1,186 1,281 1,234 500 (1,0)
947
735 (1,5)
- (2,0)
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Short Term Long Term
Net Debt Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months)
DEBT COST BREAKDOWN AMORTIZATION SCHEDULE OF DEBENTURES (R$ MN)
97.3% of long-term debt consisted of debentures.
0,7%
13,4%
34,3% 34,5%
64,8%
52,3%
296.1 334.4 335.1 335.8
274.0
116.0 116.2
TJLP CDI IPCA BNDES Debentures Others
2011 2012 2013 2014 2015 2016 2017
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12. INDEBTNESS
BNDES Bridge Loan (Federal Concessions)
In mid 2009 the Company signed five contracts for bridge loans in the 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.
BNDES Long Term Loan (Federal Concessions)
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% p.y.; 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% p.y.
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13. ISSUANCE OF DEBENTURES – 2010
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.
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.
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14. CAPEX AND MAINTENANCE
2010
IFRS
Capex Before
Part.% Intangible and Maintenance
Cash Flow (R$ Thousand) IFRS (A + B)
Property (A) Realized (B)
Autovias 28,552 3.9% 3,565 24,987
Centrovias 51,037 7.0% 30,518 20,519
Intervias 60,408 8.3% 10,818 49,590
Vianorte 44,270 6.1% 12,174 32,096
State Concessions 184,267 25.4% 57,075 127,192
Planalto Sul 60,746 8.4% 60,746 -
Fluminense 51,735 7.1% 51,735 -
Fernão Dias 176,811 24.4% 176,811 -
Régis Bittencourt 147,633 20.3% 147,633 -
Litoral Sul 94,250 13.0% 94,250 -
Federal Concessions 531,175 73.2% 531,175 -
Total 715,442 98.6% 588,250 127,192
Others invest. and consolidation adjustments 10,031 1.4% 10,031 -
Total 725,473 100.0% 598,281 127,192
Estimated investments
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.
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