1. Conference Call
1Q08 Earnings Results
May 16, 2008
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2. Overview
OHL Brasil is the largest road operator in the country in terms of managed kilometers,
with 3,226 km. OHL Brasil manages 25% of the total Brazilian toll roads currently under
concession in Brazil.
Controlling shareholder broad experience. OHL Concesiones;
Consistent cash generation and financial strength. Strong Adjusted EBITDA growth
and low indebtedness level;
Potential for Growth. High potential for expansion through Public Auction and Acquisitions
in the Secondary Market;
NOVO MERCADO. Corporate governance best practices (Bovespa’s Novo Mercado –
OHLB3, with a 40% free float).
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3. New Portfolio
The 5 toll roads won by OHL Brasil in the last auction promoted by ANTT added 2,078
kilometers of highways in the portfolio managed by the Company, which became with
3,226 km under management.
High Market-Share. After the our performance in the last Federal Roads Auction, we have
increased our market share from 9% to 25% in terms of managed kms;
Privileged Location. OHL Brasil consolidated its participation in the main economic axes
of the country;
Large Population. We have incremented our participation in a region with high population
density, 77 hab./km² against 22 hab./km² in the national average. There are approximately
35 million people living close to our highways. If we considering the States in which we
operate they are 90 million people or 50% of the Brazilian population;
Fleet of Vehicles. The States in which we operate hold more than 2/3 of the Brazilian fleet
of vehicles, according to Anfavea.
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4. Traffic Performance
Traffic Performance (in ‘000 equiv.-vehicle) Traffic Performance (in ‘000 equiv.-vehicle) – “Autovias adjust.”
17.2% 6.9%
- 6.8% - 6.8%
34,724
32,359
31,667
27,617 29,520
7,064 27,617
6,639
7,064
6,257 6,639
6,257
12,833 11,759
12,833 11,759
11,384 11,384
5,553 5,238
4,940 5,553 5,238
4,940
9,273 8,723
5,036 5,036 6,216 5,884
1Q07 4Q07 1Q08 1Q07 4Q07 1Q08
Vianorte
Intervias
Centrovias
Autovias Autovias Adjustment: Traffic’s Average in São
Simão and Sta. Rita toll plazas in 4Q07 and 1Q08
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5. Toll Tariff Performance
Average Toll Tariff (R$) Average Toll Tariff (R$) – “Autovias adjust”
- 3.8% 5.9%
0.4% 0.3%
5.70 5.72
5.40
5.40
5.20 5.22
1Q07 4Q07 1Q08 1Q07 4Q07 1Q08
Autovias Adjustment: Traffic’s Average in São
Simão and Sta. Rita toll plazas in 4Q07 and 1Q08
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6. Net Revenue Performance
Net Revenue (in R$ thousand) Net Revenue per Concessionaire
13.3% 23%
- 6.4% 25%
29%
166,680
156,012 23%
137,666
37,983
35,553
31,831
48,312 44,364 Electronic Toll - AVI (% Toll Revenue)
41,156
38,289 46.5%
46,5% 47.1%
47,1%
36,326 44.2%
44,2%
32,714
45.4%
45,4% 45.1%
45,1%
42,096 39,769 41,4%
41.4%
31,964
46.7%
46,7%
45.6%
45,6%
1Q07 4Q07 1Q08 44.2%
44,2%
49.1%
49,1% 49.7%
49,7%
Vianorte 46.3%
46,3%
Intervias
Centrovias 44.6%
44,6% 46.4%
46,4% 46.9%
46,9%
Autovias
1Q07 4Q07 1Q08
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7. Adjusted EBITDA and Margin
Adjusted EBITDA (in R$ thousand)
16.5%
- 10.9%
104,367
93,027
79,847
62.6%
59.6%
58.0%
1Q07 4Q07 1Q08
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8. Financial Result
Var % Var %
Financial Result (in R$ thousand) 1Q07 4Q07 1Q08
1Q08/4Q07 1Q08/1Q07
Financial revenues 5,030 2,209 2,190 (0.9%) (56.5%)
Financial expenses (24,360) (33,851) (32,652) (3.5%) 34.0%
BNDES/CEF (8,700) (7,933) (7,587) (4.4%) (12.8%)
Other financial expenses (9,991) (8,891) (13,217) 48.7% 32.3%
Monetary Correction of Fixed Concession Charge (5,669) (17,027) (11,848) (30.4%) 109.0%
Net Exchange Variation 26 (119) (21) (82.4%) (180.8%)
Net Financial Result (19,304) (31,761) (30,483) (4.0%) 57.9%
% Net Revenue 14.0% 19.1% 19.5%
Financial Expenses Breakdown (% total of the financial expenses)
50.3% IGP-M (FGV)
40.5% Other financial expenses 3.54%
30.6% 36.3% Monetary correction of fixed
26.3%
concession charge 2.38%
26.6%
23.2% BNDES/CEF
23.4% 1.11%
17.4%
1Q07 4Q07 1Q08
1Q07 4Q07 1Q08
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9. Net Income
Results Evolution (in R$ thousand)
18,346 -2,763
-3,798
-11,179
9,152 -56 -824
8,878
Net Net. . .
Costs Expenses Financ. Non IT/SC Net
Income Revenue G&A Result. Oper. Income
1Q07 Result
. 1Q08
- 3.0%
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10. Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
1.5x
1.4x 1.5x
1.3x
691 1.1x 1.1x
590 585 0.8x 0.8x
537 517 511
0.4x
375
327 335 291
266 274 262
407 394 467 456
52 429 420 429 416
75 76
263 250 246 316
215 199 186 110 116 200 204
103
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08
Short Term Long Term Net Debt Net Debt / Adj. EBITDA (LTM)
Debt Cost Breakdown Amortization Schedule (in R$ million)
316
56.5% 59.6% CDI 260
53.5%
45.1% 42.4% 39.6% TJLP
71
1.4% 1.1% 0.7% Other 24 14 6
1Q07 4Q07 1Q08 apr/08 to apr/09 to 2010 2011 2012 2013
mar/09 dec/09
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11. CapEx
CapEx Breakdown 1Q08 Estimated CapEx – STATE (in R$ thousand)
R$ 49.6 million
250
210
188
Other 118
11% 2%
23% 70
50 47
2006 2007 2008/E 2009/E 2010/E 2011/E 2012/E
16%
15% 33%
Estimated CapEx* - FEDERAL (in R$ thousand)
Federals
1,196
986
776 831
Initial work of road recovery 368
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
* Estimated CapEx in our proposals (date based jul/07)
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12. Share Performance – OHLB3
Until 05/12/2008
Performance Share in 2008
120 116.3
OHLB3
Ibovespa
110.2
Date based 12/28/07 = 100
110
100
90
80
70
01/17/08 02/06/08 02/26/08 03/17/08 04/06/08 04/26/08 05/12/08
Performance Share since IPO Volume Traded x Shares Traded
Daily Volume Traded
Federal Auction Volume Traded MA 90 traded
Date based 07/15/05 = 100
70 700
Shares Traded MA 90 trades
Thousand Shares
300 272.3
250 In R$ million 50 500
200
30 300
150 145.3
100 10 100
0
oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 apr-08 oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 apr-08
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13. New Opportunities
OHL Brasil maintains its aim to grow and develop the Brazilian market of toll road
concessions. To do this we continue to analyze new opportunities in the sector.
2nd Round of São Paulo State Concessions. 5 lots, totaling 1,500 kms. Estimated to
occur even in 2008. The roads are Ayrton Senna/Carvalho Pinto, Dom Pedro I, Raposo
Tavares, Marechal Rondon (Leste e Oeste);
3rd Round of Federal Concessions. Totaling 4,059 km. Estimated to occur even in 2008;
Minas Gerais State. 16 lots with 7,000 kms. Estimated to occur in 1H09;
Federal Concessions in Bahia State . 637 km. Estimated to occur in 2H08;
PPP’s (Public and Private Partnerships);
Secondary Market.
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14. 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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