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Conference Call

 Results 3Q12




  São Paulo, November 13, 2012


                                 1
Legal 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.




                                                                                                                     2
Tolled Traffic


                                                    Var          Var.                             Var.
                   3Q12      2Q12      3Q11                                9M12      9M11
                                                 3Q12/2Q12    3Q12/3Q11                        9M12 x 9M11

State               50,351    45,513    48,374        10.6%         4.1%   139,908   135,433          3.3%
  Autovias          11,656    10,743    11,326         8.5%         2.9%    32,629    32,011          1.9%
  Centrovias        13,446    11,877    12,616        13.2%         6.6%    37,189    35,278          5.4%
  Intervias         16,069    14,570    15,681        10.3%         2.5%    44,686    43,567          2.6%
  Vianorte           9,180     8,323     8,751        10.3%         4.9%    25,405    24,576          3.4%

Federal            128,053   120,992   122,764         5.8%         4.3%   375,646   359,637          4.5%
  Planalto           7,029     6,886     6,815         2.1%         3.1%    20,838    20,890          -0.2%
  Fluminense        12,183    11,588    11,917         5.1%         2.2%    36,497    34,679          5.2%
  Fernao            41,253    38,703    39,635         6.6%         4.1%   119,060   113,279          5.1%
  Regis             37,100    35,431    36,142         4.7%         2.6%   108,547   106,269          2.1%
  Litoral           30,488    28,384    28,254         7.4%         7.9%    90,704    84,520          7.3%

Total              178,404   166,505   171,138         7.1%         4.2%   515,554   495,070          4.1%




                                                                                                              3
Toll Tariff



Avg Toll Tariff
                                                     Var         Var.                          Var.
(R$ / Vehicles      3Q12      2Q12      3Q11                              9M12     9M11
                                                  3Q12/2Q12   3Q12/3Q11                     9M12/9M11
Equivalents)
State                  6.46      6.21      6.19        4.1%        4.5%     6.30     5.84        7.8%
Autovias               6.76      6.57      6.52        2.8%        3.6%     6.63     6.16        7.7%
Centrovias             6.16      5.92      5.91        4.2%        4.3%     6.00     5.57        7.8%
Intervias              5.62      5.36      5.35        4.8%        5.0%     5.45     5.05        7.9%
Vianorte               8.01      7.65      7.66        4.7%        4.6%     7.79     7.22        7.9%

Federal                1.79      1.79      1.69        0.0%        5.9%     1.78     1.68        6.1%
Planalto Sul           3.30      3.30      3.10        0.0%        6.5%     3.30     3.10        6.5%
Fluminense             3.10      3.10      2.80        0.0%       10.7%     3.06     2.78       10.3%
Fernão Dias            1.40      1.40      1.30        0.0%        7.7%     1.40     1.30        7.7%
Régis Bittencourt      1.80      1.80      1.70        0.0%        5.7%     1.80     1.70        5.8%
Litoral Sul            1.42      1.42      1.40        0.0%        1.3%     1.40     1.36        2.9%
Total                  3.11      3.00      2.96        3.5%        5.0%     3.01     2.82        6.7%




                                                                                                        4
Gross Revenue Composition

                        Gross Revenue (R$ million)

                                   11.4%


                                                     877
                  787               794
                                                      25
                  25                 31
                                            24       298     31

                  256        31     263
                                           261              263
                             198
                                                                   Others
                                                                   Construction
                                                                   Toll
                                                     554
                  506               500    496              500
                             454




                            2Q11           1Q12             2Q12
                 3Q11               2Q12             3Q12




                                                                                  5
Costs and Services Expenses


                                                                                          Var%          Var%                                  Var%
Costs and Services Expenses (R$ Thousand)             3Q12        2Q12        3Q11                                  9M12        9M11
                                                                                      3Q12/2Q12     3Q12/3Q11                            9M12/9M11
 Third Party Services                              (46,221)    (47,441)    (44,065)       -2.6%         4.9%     (137,712)   (133,765)        2.9%
 Personnel                                         (46,319)    (48,516)    (38,991)       -4.5%        18.8%     (139,878)   (120,419)       13.9%
 Conservation                                      (22,855)    (24,460)    (17,146)       -6.6%        33.3%      (74,940)    (64,864)       13.4%
 Inspection fee                                     (8,682)     (8,685)     (8,156)        0.0%         6.4%      (25,965)    (24,415)        6.0%
 Costs w ith granting authority                    (10,080)     (8,822)     (9,344)       14.3%         7.9%      (27,427)    (24,710)        9.9%
 Insurance and guarantees                           (5,523)     (5,824)     (3,369)       -5.2%        63.9%      (14,716)    (13,253)        9.9%
 Directors' compensation                            (3,866)     (3,868)     (3,307)       -0.1%        16.9%      (10,827)     (9,608)       11.3%
 Civil, labor and tax risks                         (1,777)       (678)       (953)      162.1%        86.5%       (2,662)      3,624              -
 Tax expenses                                         (610)     (1,147)       (719)      -46.8%        -15.2%      (2,845)     (1,916)       32.7%
 Other operating expenses, net                     (20,533)    (27,858)    (16,084)      -26.3%        27.7%      (74,660)    (56,368)       24.5%
Total (Cash Costs)                                (166,466)   (177,299)   (142,134)       -6.1%         17.1%    (511,632)   (445,694)       12.9%
% Cash Costs / Net Revenue (excl. construction)      31.7%       36.9%       29.5%      -5.2 p.p.     2.2 p.p.      34.6%       33.3%       1.3 p.p.
 Cost of construction services                    (297,785)   (263,399)   (256,277)       13.1%        16.2%     (822,583)   (596,944)       27.4%
 Provision for maintenance in highw ays            (72,430)    (49,421)    (43,416)       46.6%        66.8%     (167,819)   (147,228)       12.3%
 Depreciation and amortization                     (65,478)    (59,992)    (50,856)        9.1%        28.8%     (179,347)   (149,328)       16.7%
Total                                             (602,159)   (550,111)   (492,683)        9.5%         22.2% (1,681,381) (1,339,194)        20.4%




                                                                                                                                                       6
Operational Performance


                                          Adjusted EBITDA and Adjusted EBITDA Margin (R$ million)


                                                                                                                                  EBITDA
                                                                                                          892
                                                                                                                  965
                                         70.5%
                                                                                       68.3%                                      Provision for High. Maint.
                       1000                                     63.1%
                                                                                                          66.7%   65.4%   70,0%
                         900                                                                                                      Adjusted EBITDA Margin
                                                                                                                  168
                                                                                                          147
                                                                                                                          60,0%
                         800
                         700                                                                                              50,0%
                         600
                         500                                                            358
                                          339
                         400                                     303
                                                                                                                  797     30,0%
                                                                                                          745
                         300               43                                           72
                                                                  49                                                      20,0%
                         200
                                          295                                          286                                10,0%
                                                                 254
                         100
                            0                                                                                             0,0%
                                         3Q11                   2Q12                   3Q12               9M11    9M12




* The Adjusted EBITDA Margin considers the Net Operating Revenues, excluding the Construction Revenues.
                                                                                                                                                        7
Financial Result



                                                                                                    Var%        Var%                                 Var%
Financial Result (R$ Thousand)                                 3Q12         2Q12       3Q11                                9M12        9M11
                                                                                                3Q12/2Q12   3Q12/3Q11                           9M12/9M11
 Financial Income                                            19,220       23,733     47,568        -19.0%      -59.6%    83,643     124,014        -32.6%
 Interest Receivable                                            258        (4,278)    2,932       -106.0%      -91.2%       771        8,000       -90.4%
 Financial Investments                                       18,811       27,889     39,879        -32.6%      -52.8%    73,962     110,391        -33.0%
 Financial Charges - Reversal of Present Value Adjustments           51         -          -            -           -      8,433           -             -
 Other Revenues                                                 100          122      4,757        -18.0%      -97.9%       477        5,623       -91.5%
 Financial Expenses                                          (85,695)     (87,214)   (85,975)       -1.7%       -0.3%   (260,378)   (274,695)       -5.2%
 Financial Charges                                           (61,592)     (65,730)   (77,261)       -6.3%      -20.3%   (200,993)   (231,498)      -13.2%
 Monetary Adjustment of Concession Charges                   (14,532)     (12,453)    (7,566)       16.7%       92.1%    (32,029)    (27,747)       15.4%
 Financial Charges - Reversal of Present Value Adjustments    (6,063)      (5,897)    2,039          2.8%     -397.4%    (18,350)     (3,800)      382.9%
 Other Expenses                                               (3,508)      (3,134)    (3,187)       11.9%       10.1%     (9,006)    (11,650)      -22.7%
 Net Exchange Variation                                          -            (24)     (493)         n.a.        n.a.        (22)       (482)         n.a.
 Financial Result                                            (66,475)     (63,505)   (38,900)        4.7%       70.9%   (176,757)   (151,163)       16.9%




                                                                                                                                                             8
Net Income Evolution


                              Net Income (R$ million)
   500,0

   450,0

   400,0

   350,0

   300,0

   250,0

   200,0

   150,0                                            300    297

   100,0
            138
    50,0                89            103

      -
           3Q11        2Q12          3Q12           9M11   9M12




                                                                  9
Indebtedness
                   Debt                                                                                       Var%         Var%
                                                                  3Q12             2Q12       3Q11
                   (In thousands of Brazilian reais)                                                      3Q12/2Q12    3Q12/3Q11

                   Gross Debt                                 3,199,636     3,144,590     2,962,623            1.8%           8.0%
                    Short Term                                 452,674        431,973      552,017            4.8%          -18.0%
                    Long Term                                 2,746,962     2,712,617     2,410,606           1.3%           14.0%
                   Cash Position                               962,807      1,005,605     1,351,803           -4.3%         -28.8%
                    Cash and equivalents                       848,760        889,289     1,250,731           -4.6%         -32.1%
                    Restricted investments ¹                   114,047        116,316      101,072            -2.0%          12.8%
                   Net Debt                                   2,236,829     2,138,985     1,610,820            4.6%          38.9%
                   ¹ Short and long term

                   Gross Debt Profile                                                                        Leverage Ratio and Net Debt
                                                                                                                                                          1.9
                                                                                                2.000                                 1.8
                                                                                                                1.5


                                                                                                1.500
                                                       0.2%
        12.7%
                                                                                                                                     2.139               2.237
                            TJLP                                          BNDES                 1.000
                                           41.3%                                                               1.611
                            CDI                                           Debentures
28.7%                                                                                            500
                58.6%                                          58.6%
                            IPCA                                          Others

                                                                                                      -
                                                                                                               3Q11                  2Q12                3Q12

                                                                                                                       Net Debt / Adjusted EBITDA –
                                                                                                                       Fixed Concession Charge (Last 12 months)
                                                                                                                       Net Debt



                                                                                                                                                                  10
Investments – Cash Disbursements


           Intangible and Fixed Assests and Highway Maintenance (R$ million)



           337,725
                                                             317,981
           39,466                      279,047
                                                 317,981     34,419
                                                                 324,816
                                       21,813
                             279,047
                                                 34,419          48,978
                             21,813


           298,259                     257,231               283,562
                                                 283,562         275,838
                            257,231




                              1Q12                2Q12             3Q12
            4T11
           4Q11                         1T12
                                       1Q12                   2T12
                                                              2Q12

                    Intangível e and Fixed Assets
                      Intangible Imobilizado           Manutenção
                                                        Highway Maintenance



                                                                               11
ri@ohlbrasil.com.br


R. Joaquim Floriano, 913 – 6º andar
Itaim Bibi – São Paulo – SP
CEP 04534-013
Tel: +55 11 3074-2410


Visit our website:
www.ohlbrasil.com.br/ir




                                      Investor Relations

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Apresentação call 3 t12_eng

  • 1. Conference Call Results 3Q12 São Paulo, November 13, 2012 1
  • 2. Legal 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. 2
  • 3. Tolled Traffic Var Var. Var. 3Q12 2Q12 3Q11 9M12 9M11 3Q12/2Q12 3Q12/3Q11 9M12 x 9M11 State 50,351 45,513 48,374 10.6% 4.1% 139,908 135,433 3.3% Autovias 11,656 10,743 11,326 8.5% 2.9% 32,629 32,011 1.9% Centrovias 13,446 11,877 12,616 13.2% 6.6% 37,189 35,278 5.4% Intervias 16,069 14,570 15,681 10.3% 2.5% 44,686 43,567 2.6% Vianorte 9,180 8,323 8,751 10.3% 4.9% 25,405 24,576 3.4% Federal 128,053 120,992 122,764 5.8% 4.3% 375,646 359,637 4.5% Planalto 7,029 6,886 6,815 2.1% 3.1% 20,838 20,890 -0.2% Fluminense 12,183 11,588 11,917 5.1% 2.2% 36,497 34,679 5.2% Fernao 41,253 38,703 39,635 6.6% 4.1% 119,060 113,279 5.1% Regis 37,100 35,431 36,142 4.7% 2.6% 108,547 106,269 2.1% Litoral 30,488 28,384 28,254 7.4% 7.9% 90,704 84,520 7.3% Total 178,404 166,505 171,138 7.1% 4.2% 515,554 495,070 4.1% 3
  • 4. Toll Tariff Avg Toll Tariff Var Var. Var. (R$ / Vehicles 3Q12 2Q12 3Q11 9M12 9M11 3Q12/2Q12 3Q12/3Q11 9M12/9M11 Equivalents) State 6.46 6.21 6.19 4.1% 4.5% 6.30 5.84 7.8% Autovias 6.76 6.57 6.52 2.8% 3.6% 6.63 6.16 7.7% Centrovias 6.16 5.92 5.91 4.2% 4.3% 6.00 5.57 7.8% Intervias 5.62 5.36 5.35 4.8% 5.0% 5.45 5.05 7.9% Vianorte 8.01 7.65 7.66 4.7% 4.6% 7.79 7.22 7.9% Federal 1.79 1.79 1.69 0.0% 5.9% 1.78 1.68 6.1% Planalto Sul 3.30 3.30 3.10 0.0% 6.5% 3.30 3.10 6.5% Fluminense 3.10 3.10 2.80 0.0% 10.7% 3.06 2.78 10.3% Fernão Dias 1.40 1.40 1.30 0.0% 7.7% 1.40 1.30 7.7% Régis Bittencourt 1.80 1.80 1.70 0.0% 5.7% 1.80 1.70 5.8% Litoral Sul 1.42 1.42 1.40 0.0% 1.3% 1.40 1.36 2.9% Total 3.11 3.00 2.96 3.5% 5.0% 3.01 2.82 6.7% 4
  • 5. Gross Revenue Composition Gross Revenue (R$ million) 11.4% 877 787 794 25 25 31 24 298 31 256 31 263 261 263 198 Others Construction Toll 554 506 500 496 500 454 2Q11 1Q12 2Q12 3Q11 2Q12 3Q12 5
  • 6. Costs and Services Expenses Var% Var% Var% Costs and Services Expenses (R$ Thousand) 3Q12 2Q12 3Q11 9M12 9M11 3Q12/2Q12 3Q12/3Q11 9M12/9M11 Third Party Services (46,221) (47,441) (44,065) -2.6% 4.9% (137,712) (133,765) 2.9% Personnel (46,319) (48,516) (38,991) -4.5% 18.8% (139,878) (120,419) 13.9% Conservation (22,855) (24,460) (17,146) -6.6% 33.3% (74,940) (64,864) 13.4% Inspection fee (8,682) (8,685) (8,156) 0.0% 6.4% (25,965) (24,415) 6.0% Costs w ith granting authority (10,080) (8,822) (9,344) 14.3% 7.9% (27,427) (24,710) 9.9% Insurance and guarantees (5,523) (5,824) (3,369) -5.2% 63.9% (14,716) (13,253) 9.9% Directors' compensation (3,866) (3,868) (3,307) -0.1% 16.9% (10,827) (9,608) 11.3% Civil, labor and tax risks (1,777) (678) (953) 162.1% 86.5% (2,662) 3,624 - Tax expenses (610) (1,147) (719) -46.8% -15.2% (2,845) (1,916) 32.7% Other operating expenses, net (20,533) (27,858) (16,084) -26.3% 27.7% (74,660) (56,368) 24.5% Total (Cash Costs) (166,466) (177,299) (142,134) -6.1% 17.1% (511,632) (445,694) 12.9% % Cash Costs / Net Revenue (excl. construction) 31.7% 36.9% 29.5% -5.2 p.p. 2.2 p.p. 34.6% 33.3% 1.3 p.p. Cost of construction services (297,785) (263,399) (256,277) 13.1% 16.2% (822,583) (596,944) 27.4% Provision for maintenance in highw ays (72,430) (49,421) (43,416) 46.6% 66.8% (167,819) (147,228) 12.3% Depreciation and amortization (65,478) (59,992) (50,856) 9.1% 28.8% (179,347) (149,328) 16.7% Total (602,159) (550,111) (492,683) 9.5% 22.2% (1,681,381) (1,339,194) 20.4% 6
  • 7. Operational Performance Adjusted EBITDA and Adjusted EBITDA Margin (R$ million) EBITDA 892 965 70.5% 68.3% Provision for High. Maint. 1000 63.1% 66.7% 65.4% 70,0% 900 Adjusted EBITDA Margin 168 147 60,0% 800 700 50,0% 600 500 358 339 400 303 797 30,0% 745 300 43 72 49 20,0% 200 295 286 10,0% 254 100 0 0,0% 3Q11 2Q12 3Q12 9M11 9M12 * The Adjusted EBITDA Margin considers the Net Operating Revenues, excluding the Construction Revenues. 7
  • 8. Financial Result Var% Var% Var% Financial Result (R$ Thousand) 3Q12 2Q12 3Q11 9M12 9M11 3Q12/2Q12 3Q12/3Q11 9M12/9M11 Financial Income 19,220 23,733 47,568 -19.0% -59.6% 83,643 124,014 -32.6% Interest Receivable 258 (4,278) 2,932 -106.0% -91.2% 771 8,000 -90.4% Financial Investments 18,811 27,889 39,879 -32.6% -52.8% 73,962 110,391 -33.0% Financial Charges - Reversal of Present Value Adjustments 51 - - - - 8,433 - - Other Revenues 100 122 4,757 -18.0% -97.9% 477 5,623 -91.5% Financial Expenses (85,695) (87,214) (85,975) -1.7% -0.3% (260,378) (274,695) -5.2% Financial Charges (61,592) (65,730) (77,261) -6.3% -20.3% (200,993) (231,498) -13.2% Monetary Adjustment of Concession Charges (14,532) (12,453) (7,566) 16.7% 92.1% (32,029) (27,747) 15.4% Financial Charges - Reversal of Present Value Adjustments (6,063) (5,897) 2,039 2.8% -397.4% (18,350) (3,800) 382.9% Other Expenses (3,508) (3,134) (3,187) 11.9% 10.1% (9,006) (11,650) -22.7% Net Exchange Variation - (24) (493) n.a. n.a. (22) (482) n.a. Financial Result (66,475) (63,505) (38,900) 4.7% 70.9% (176,757) (151,163) 16.9% 8
  • 9. Net Income Evolution Net Income (R$ million) 500,0 450,0 400,0 350,0 300,0 250,0 200,0 150,0 300 297 100,0 138 50,0 89 103 - 3Q11 2Q12 3Q12 9M11 9M12 9
  • 10. Indebtedness Debt Var% Var% 3Q12 2Q12 3Q11 (In thousands of Brazilian reais) 3Q12/2Q12 3Q12/3Q11 Gross Debt 3,199,636 3,144,590 2,962,623 1.8% 8.0% Short Term 452,674 431,973 552,017 4.8% -18.0% Long Term 2,746,962 2,712,617 2,410,606 1.3% 14.0% Cash Position 962,807 1,005,605 1,351,803 -4.3% -28.8% Cash and equivalents 848,760 889,289 1,250,731 -4.6% -32.1% Restricted investments ¹ 114,047 116,316 101,072 -2.0% 12.8% Net Debt 2,236,829 2,138,985 1,610,820 4.6% 38.9% ¹ Short and long term Gross Debt Profile Leverage Ratio and Net Debt 1.9 2.000 1.8 1.5 1.500 0.2% 12.7% 2.139 2.237 TJLP BNDES 1.000 41.3% 1.611 CDI Debentures 28.7% 500 58.6% 58.6% IPCA Others - 3Q11 2Q12 3Q12 Net Debt / Adjusted EBITDA – Fixed Concession Charge (Last 12 months) Net Debt 10
  • 11. Investments – Cash Disbursements Intangible and Fixed Assests and Highway Maintenance (R$ million) 337,725 317,981 39,466 279,047 317,981 34,419 324,816 21,813 279,047 34,419 48,978 21,813 298,259 257,231 283,562 283,562 275,838 257,231 1Q12 2Q12 3Q12 4T11 4Q11 1T12 1Q12 2T12 2Q12 Intangível e and Fixed Assets Intangible Imobilizado Manutenção Highway Maintenance 11
  • 12. ri@ohlbrasil.com.br R. Joaquim Floriano, 913 – 6º andar Itaim Bibi – São Paulo – SP CEP 04534-013 Tel: +55 11 3074-2410 Visit our website: www.ohlbrasil.com.br/ir Investor Relations