OHL Brasil is the second largest toll road operator in Brazil, operating 1,147 km of toll roads. In 1Q07, OHL Brasil saw consolidated traffic and net service revenue growth of 8.4% and 9.2% respectively compared to 1Q06. Adjusted EBITDA grew 7.9% to R$79.8 million in 1Q07 with an adjusted EBITDA margin of 58%. Net income for 1Q07 was R$9.2 million. OHL Brasil plans to invest R$220 million in CAPEX in 2007 and R$292 million between 2008-2010, focusing on road maintenance and duplicating sections of toll roads.

1. 1Q07 Earnings
Results
Conference call
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2. Company Overview
OHL Brasil is the second largest company in the toll road concession
sector in Brazil measured by gross services revenue and kilometers
of toll road operated, with 1,147 km of operations. OHL Brasil
manages 11.6% of the total Brazilian toll roads currently under
concession in Brazil.
Consistent cash generation and financial strength: strong
Adjusted EBITDA growth and low indebtedness level;
Privileged location: Autovias, Centrovias, Intervias and Vianorte
are interconnected and located in one of the main agribusiness
center in Brazil;
High growth potential: capitalized to participate in new toll road
concession bidding programs;
Controlling shareholder broad experience – OHL Concesiones;
Corporate governance best practices (Bovespa’s Novo Mercado
– OHLB3, with a 40% free float).
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3. 1Q07 Highlights
The traffic consolidated in terms pro forma growth 8.4% in
1Q07 comparing to 1Q06. Not considering the Vianorte’s traffic
in 1Q06, the traffic consolidated growth 40.8% in 1Q07.
Net services revenue growth in pro forma terms of 9.2%
comparing 1Q07 to 1Q06. Not considering the Vianorte in 1Q06,
the net services growth 41,7% in 1Q07.
Adjusted EBITDA of R$79.8 million and Adjusted EBITDA
margim of 58% of the net revenue in 1Q07, with a growth in pro
forma terms of 7.9% over Adjusted EBITDA of R$74 million in
1Q06.
Net income in 1Q07 amounted to R$9.2 million.
81.1% aprreciation of our shares until May 04,2007.
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4. Traffic Performance
Traffic Breakdown – 1Q07 Traffic Performance (in thousand Equiv.-Vehicle)
Vianorte
Intervias
30,000 % .6% Centrovias
.8 11
40 Autovias
25,000 6,257
2,306
23% 18%
20,000
12,240 11,384
18% 15,000 10,704
41% 10,000
5,199 4,940
4,466
5,000
4,448 5,009 5,036
-
1Q06 4Q06 1Q07
Average Toll Tariff Var % Var %
1Q07 4Q06 1Q06
(in R$/Equiv-Vehicles) 1Q07/4Q06 1Q07/1Q06
Autovias 6.89 6.93 6.92 (0.7%) (0.6%)
Centrovias 7.17 7.16 7.17 0.2% (0.1%)
Intervias 3.90 3.90 3.94 (0.1%) (1.1%)
Vianorte 5.55 5.49 - 1.0% -
Total: 5.40 5.35 5.35 1.0% 0.9%
Total (pro forma *): 5.40 5.35 5.36 1.0% 0.7%
* Pro forma : Considering the acquisition of Vianorte in January 01, 2006
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5. Net Revenue Performance
Revenue Breakdown – 1Q07 Net Revenue Performance (R$ thousand)
Vianorte
Intervias
160,000 Centrovias
.7%
.7% 12 Autovias
140,000 41
120,000 31,831
23% 23% 11,619
100,000
44,230 41,156
80,000 39,162
24%
30%
60,000
34,365 32,714
40,000 29,594
20,000 31,992 31,964
28,382
-
1Q06 4Q06 1Q07
Net Services Revenue Var % Var %
1Q07 4Q06 1Q06
(R$ thousand) 1Q07/4Q06 1Q07/1Q06
Autovias 31,964 31,992 28,382 (0.1%) 12.6%
Centrovias 32,714 34,365 29,594 (4.8%) 10.5%
Intervias 41,156 44,230 39,162 (7.0%) 5.1%
Vianorte 31,831 11,619 - 174.0% -
Total: 137,666 122,206 97,137 12.7% 41.7%
Total (pro forma*) : 137,666 143,617 126,088 (4.1%) 9.2%
* Pro forma : Considering the acquisition of Vianorte in January 01, 2006
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6. Adjusted EBITDA and Adjusted EBITDA Margin
In R$ thousand
87,292
79,847 79,847
76,978
73,987
62,428
64.3%
63.0% 60.8%
58.7% 58.0%
58.0%
1Q06 4Q06 1Q07 1Q06 4Q06 1Q07
Pro forma: Considering the acquisition
of Vianorte since January 01, 2006
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7. Net Financial Result
Var % Var %
Financial Result (R$ thousand) 1Q07 4Q06 1Q06
1Q07/4Q06 1Q07/1Q06
Financial Revenues 5,030 4,424 6,240 13.7% (19.4%)
Financial Expenses (24,360) (20,044) (10,712) 21.5% 127.4%
BNDES/CEF (8,700) (7,690) (7,567) 13.1% 15.0%
Other Financial Expenses (9,991) (9,433) (1,736) 5.9% 475.5%
Monetary Correction of Fixed Concession Charge (5,669) (2,921) (1,409) 94.1% 302.3%
Net Exchange Variation 26 (5) 48 - (45.8%)
Net Financial Result (19,304) (15,625) (4,424) 23.5% 336.3%
% Net Services Revenue 14.0% 12.8% 4.6%
Financial Expenses Breakdown (% of total)
1Q07 4Q06 1Q06
M. C. of Fixed M. C. of Fixed
M. C. of Fixed Concession Concession
Concession Charge Charge
Charge BNDES/CEF 15% BNDES/CEF 13%
23%
36% 38%
Other Fin. 16%
71%
47%
41%
Other Fin. Other Fin. BNDES/CEF
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8. Net Income
In R$ thousand
18,433
17,566
9,152
1Q06 4Q06 1Q07
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9. Net Debt
In R$ million
429.1
Our debt is 100% 416.3
denominated Reais
Net Debt
1.5x Adjust EBITDA
1.4x (Last 12 months)
103.0
0.4x
1Q06 4Q06 1Q07
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10. CAPEX
In R$ million
CAPEX Real and Estimated CAPEX Breakdown – 1T07
220.0¹
191.8 Between 2008 and 2010
188.1 292,0³
169.1
16% 18%
140.0
80.0 33%
48.5 33%
72.0
2004 2005 2006 2007E 2008E 2009E 2010E
³ Estimated Capex for Autovias, Centrovias, Intervias and Vianorte.
Programação
Autovias, Intervias and Vianorte are currently carrying out paving repairs and remodeling
certain facilities at the toll roads.
Centrovias continue to duplicate the SP-225, expected to be concluded by 2007.
We plan to invest R$220 million in 2007 and R$292 million between 2008 and 2010.
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11. ago-05
ago-05
set-05
out-05
out-05
nov-05
dez-05
jan-06
OHL – 81.1%
jan-06
fev-06
BOVESPA – 95.7%
mar-06
mar-06
abr-06
mai-06
11
jun-06
jun-06
jul-06
ago-06
ago-06
set-06
out-06
nov-06
nov-06
dez-06
jan-07
fev-07
mar-07
mar-07
abr-07
Share Performance since IPO
Until 05/04/2007

12. 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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