2. Company Overview
OHL Brasil is one of Brazil’s largest companies 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).
2
3. 2006 Highlights
Traffic grew 4.7% in 2006 compared to 2005; in a pro forma
manner, the growth was 2.0%
Net services revenues climbed 10.6% comparing 2006 to
2005.
Adjusted EBITDA of R$277.5 million and Adjusted EBITDA
margin of 64.5% of Net Services Revenue in 2006, with a
growth of 12.4% over Adjusted EBITDA of R$246.8 million
in 2005.
Net income recorded a 29.5% increase comparing 2006 to
2005.
61.06% appreciation of our shares until March 14, 2007.
3
4. 2006 Material Facts
Conclusion of the corporate restructution process in 2006.
Promissory Notes Issue in SPR.
Acquisition of concessionarie Vianorte.
Extension of the terms of the Intervias and Centrovias
concessions.
4
5. Traffic Performance
Traffic Breakdown – 2006 Traffic Performance (in thousand Equiv.-Vehicle)
17.0% Vianorte
Intervias
3% 10.5% Centrovias
Autovias
2,306
22%
11,666 12,580 12,240
53%
22%
4,840 4,986 5,199
4,642 4,830 5,009
4Q05 3Q06 4Q06
Average Toll Tariff Var % Var % Var %
4Q06* 3Q06 4Q05 2006* 2005
(in R$/Equiv-Vehicles) 4Q/3Q06 4Q/4Q05 2006/2005
Autovias 6,93 6,94 6,80 (0,1%) 2,0% 6,93 6,34 9,4%
Centrovias 7,16 7,17 7,16 (0,2%) (0,1%) 7,16 6,90 3,8%
Intervias 3,90 3,91 3,93 (0,2%) (0,7%) 3,93 3,76 4,4%
Vianorte 5,49 - - - - 5,49 - -
Total Concessionnaries 5,35 5,29 5,30 1,1% 0,9% 5,33 5,04 5,8%
* Considering the acquisition of Vianorte in December 2006.
5
7. Adjusted EBITDA and Adjusted EBITDA Margin
In R$ million
12.4%
277.5
272.5
5.2% 10.4%
246.8
77.0
73.2 72.0
66.8
66.9% 65.1%
65.1% 64.5%
64.4% 63.4%
63.0%
4Q05 3Q06 4Q06(pf) 4Q06 2005 2006(pf) 2006
pf – Pro forma, Not considering the acquisition of Vianorte in December 2006.
7
8. Net Financial Result
Var % Var % Var %
Financial Result (R$ thousand) 4Q06 3Q06 4Q05 2006 2005
4Q/3Q06 4Q/4Q05 2006/2005
Financial Revenues 4.424 2.134 7.162 107,3% (38,2%) 17.940 20.756 (13,6%)
Financial Expenses (20.044) (10.802) (13.361) 85,6% 50,0% (53.518) (50.956) 5,0%
BNDES/CEF (7.690) (7.428) (9.587) 3,5% (19,8%) (30.246) (37.934) (20,3%)
Other Financial Expenses (9.433) (1.816) (1.801) 419,4% 423,8% (16.079) (9.456) 70,0%
Monetary Correction of Fixed Concession Charge (2.921) (1.558) (1.973) 87,5% 48,0% (7.193) (3.566) 101,7%
Net Exchange Variation (5) - 4 - (225,0%) 22 218 (89,9%)
Net Financial Result (15.625) (8.668) (6.195) 80,3% 152,2% (35.556) (29.982) 18,6%
% Net Services Revenue 12,8% 7,9% 6,0% 8,3% 7,7%
Financial Expenses Breakdown (% of total)
2006 2005
Fixed concession
Fixed concession charge
charge
7%
13% Other financial
expenses 19%
30% 56%
74%
Other financial
expenses BNDES/CEF
BNDES/CEF
8
9. Net Income
In R$ million
29.5%
99.4
-21.9%
76.8
-18.5%
23.6 22.6
18.4
4Q05 3Q06 4Q06 2005 2006
9
10. Net Debt
In R$ million
Our debt is 100% 429.1
denominated Reais
1.5x
204.4
Net Debt
Adjust EBITDA
(Last 12 months)
118.2 0.8x
0.5x
4Q05 3Q06 4Q06
In October, SPR effected a R$220 million Promissory Notes Issue
Incorporation of R$108.1 million of Vianorte indebtedness.
10
11. CAPEX
In R$ million
CAPEX Real and Estimated CAPEX Breakdown – 2006
220,0³
200,0¹
191,8 Between 2008 and 2010
188,1² 292,0³
169,1 1.5%
140,0
19.9%
29.2%
80,0
72,0
49.4%
2004 2005 2006 2007E 2008E 2009E 2010E
¹ CAPEX Estimated 2006
² CAPEX Real 2006
³ Estimated Capex for Autovias, Centrovias, Intervias and Vianorte.
Schedule
Autovias, Intervias and Vianorte concluded their “Main Expansion Projects” and 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.
11
13. 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.
13
