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APIMECAPIMEC1Q06 Earnings Results1Q06 Earnings Results
MayMay 20062006
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Note
Potential forward-looking statements in this presentation related to the Company’s business prospects, projections, and operating and financial results are based on Management beliefs and assumptions, as well as the information currently available to the Company.
Forward-looking statements and information are not a guarantee of performance. They involve risks, uncertainties and assumptions since they refer to future events,and therefore depend on situations that may or not occur.
Future results and shareholder value creation may differ significantly from those stated or suggested by the forward-looking statements. Many of the factors that will determine these results and values are beyond OHL Brazil’s control and prediction capacity.
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Prospects
Company Profile
1Q06 Earnings Results
1Q06 Highlights
Agenda
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Prospects
Company Profile
1Q06 Earnings Results
1Q06 Highlights
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Ownership Breakdown and Capital Restructuring
Advanced stage of capital restructuring designed to rationalize and simplify our organization chart.
Other Participations
100.0% 100.0% 100.0%
51.1%
FREE FLOAT
8.9%
100.0%
40.0%
International construction, concession and service group
Operational for more than 90 years
Present in 16 countries
Listed in Spain since 1991
Ranked among Spain’s 6 most transparent companies in 2005
Two independent core businesses: Construction and Concessions
2005 Net Revenue: € 2.4 billion; 2005 EBITDA: € 285.4 million
1995-2005 Revenue CAGR of 32%
Present in the Brazilian market through OHL Concesiones
OHL Group
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OHL Concesiones
140.060%Autopista del Sol
20%Muelle Inflamables Barcelona
50%Puerto de Alicante
Airports:
Length(km)
Share (%)
8.3100%Autovia M -45
8.2100%Autopista Nuevo Aeropuerto Barajas
50%Aeropuerto Internacional de México
70% 60.1Autopista Ezeiza -Cañuelas
77%
100%
58%
60%
60%
60%
Port Concessions:
51.7Sistema Carretero del Oriente
92.4Camino Internacional Ruta 60
82.0Autopista Los Libertadores
219.5Centrovias
316.5Autovias
371.2Intervias
60%Autopista del Sol
20%Muelle Inflamables Barcelona
50%Puerto de Alicante
(%)Road Concessions
8.3100%Autovia M -45
8.2100%Autopista Nuevo Aeropuerto Barajas
50%Aeropuerto Internacional de Mé
100%
58%
60.1Autopista Ezeiza -Cañuelas
51.7Sistema Carretero del Oriente
92.4Camino Internacional Ruta 60
82.0
219.5Centrovias
316.5Autovias
371.2Intervias
Mexico
Argentina
ChileBrazil
Spain
The Brazilian operation is an OHL Concesiones growth strategy.
67% 123.0Autopista Amozoc Perote
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• Population of 4 million
• One of the main agribusiness centers in Brazil
• Responsible for 32% of fuel ethanol and 70% of orange-juice exports
Location
The State of São Paulo accounts for around 22% of Brazil’s population and 35% of its GDP.... to the northwest of the city of São Paulo
Operational Area: Map:
The toll roads operated by OHL Brasil are the main access routes from the production areas to:
São Paulo: the main consumption center
The port of Santos: the main export outlet
... allows OHL Brasil to capture the impact of industrial and agribusiness expansion.
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Corporate Governance
•Bovespa – Novo Mercado
•Strategic support and commitment from OHL Group.
•Transparency and protection of minority shareholders’ rights.
•100% tag-along rights
•Capital 100% comprised of common shares (equal rights for minority shareholders).
•Free Float of 40%.
•Board of Directors made up of 7 members, 1 of whom independent.
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Prospects
Company Profile
1Q06 Earnings Results
1Q06 Highlights
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1Q06 Highlights
•Traffic grew by 0.7% in the 1Q06 compared to 1Q05 . Autoviasrecorded a 2.4% upturn and Centrovias, a 1.8% decline.
•Net Revenue increased 12.3% year-on-year.
•Adjusted EBITDA climbed 19.6% year-on-year to R$62.4 million, while the EBITDA margin widened by 3.9% to 64.3%.
•Net income of R$ 17.6 million and net margin of 18.1%.
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Prospects
Company Profile
1Q06 Earnings Results
1Q06 Highlights
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Consolidated Traffic (Thousands of Vehicle-Equivalents)
22.7%
22.7%
54.6%
Traffic Breakdown – 1Q06 Traffic Evolution
4,344 4,642 4,448
4,840 4,466
10,57811,666 10,704
4,549
1Q05 4Q05 1Q06
InterviasCentroviasAutovias
+0.7%
-7.2%
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Traffic Evolution and GDP
-1.8%
6.7%
3.0%
4.7%
6.6%
1.0%
0.2%0.5%
4.9%
2.8%
4.0%
1.0%1.4%
2.3%
2003 2004 2005 1Q05 2Q05 3Q05 4Q05
OHL Traffic
GDP
Period Elasticity
-3.28 1.35 1.30 1.67 1.65 1.02 0.11
Year-on-year comparison:
0.7%
1Q06
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Net Revenue (R$ thousand)
Revenue Breakdown– 1Q06
29.2%40.3%
30.5%
Net Revenue Evolution (R$ thousand)
23,539 29,109 28,382
27,77632,180 29,594
35,176
42,539 39,162
1Q05 4Q05 1Q06
InterviasCentroviasAutovias
+12.3% -6.4%
Electronic toll charges accounted for 40.08% of 1Q06 net revenue
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Adjusted EBITDA
Adjusted EBITDA Margin (%)Adjusted EBITDA(R$ Million)
62.466.869.1
52.2
1Q05 2Q05 3Q05 4Q05 1Q06
58.7
64.364.465.5
60.4
1Q05 2Q05 3Q05 4Q05 1Q06
62.9
Net Service Revenue 97,137 103,827 86,491 -6.4% 12.3%Cost of Services Rendered -50,546 -46,293 -43,093 9.2% 17.3%Amortization and Depreciation 27,377 22,723 18,972 20.5% 44.3%Other Revenue 110 - - - -Operating Revenue (Expenses) -7,571 -9,367 -6,416 -19.2% 18.0%EBITDA 66,507 70,890 55,954 -6.2% 18.9%Fixed Encumbrance Paid -4,079 -4,070 -3,741 0.2% 9.0%Adjusted EBITDA 62,428 66,820 52,213 -6.6% 19.6%Adjusted EBITDA Margin w/out Net Revenue 64.3% 64.4% 60.4%
Adjusted EBITDA (R$ thousand) 1Q06 4Q05 1Q05 % Chg.1Q06/4Q05
% Chg.1Q06/1Q05
16
0.99
0.70
4Q05 1Q06
1Q06
BNDES/CEF
Other Fin.
Fixed Concession charges
Financial Result
Financial Expenses Breakdown (% of the total) IGP-M Evolution (%)
16.4%70.5%
13.1%
4Q05
BNDES/CEF
Other Fin.
Fixed Concession charges
13.5%
71.8%
14.8%
Financial Revenues 6,309 7,166 2,631 -12.0% 139.8%Financial Expenses -10,733 -13,361 -19,073 -19.7% -43.7%BNDES/CEF -7,568 -9,587 -9,710 -21.1% -22.1%Other Financial Expenses -1,756 -1,801 -5,015 -2.5% -65.0%Monetary correction of fixed concession charged -1,409 -1,973 -4,348 -28.6% -67.6%Net Financial Result -4,424 -6,195 -16,442 -28.6% -73.1%% Net Revenue -4.6% -6.0% -19.0%
% Chg.1Q06/4Q05
% Chg.1Q06/1Q05Financial Result (R$ thousand) 1Q06 4Q05 1Q05
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Indebtedness
Gross Indebtedness (R$ million)
Charges (March 2006)Amortization Schedule (R$ million)
Net Indebtedness (R$ million)
51.0 51.667.7
214.7236.0
276.3 266.3303.7
4Q05 1Q061Q05
Short Term debt Long Term Debt Net Debt/ Adjusted EBITDA (Last 12 months)
66.0
224.0
290.0
2Q05
67.4
216.0
283.4
3Q05
225.3
236.6
207.6
91.7
1Q05 2Q05 3Q05
118.2
4Q05
1.2x0.9x
0.4x 0.5x
... 100% of indebtedness denominated in R$
TJLPCDIUNBNDES
85%
12%
3%
103.0
1Q06
0.4x
58,651,6 52,6
44,4
7,5
2007 2008 2009 2010 2011
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Net Income (R$ million)
17.6
23.6
11.7
1Q05 4Q05 1Q06
-25.6%
49.8%
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Capex (R$ million)
Autovias and Intervias complete their “Main Extensions”
Centrovias completes its own in 2007.
Schedule
CAPEX Breakdown – 1Q06CAPEX (Real and Estimated)
169.1
191.8200.0
120.0
80.0
55.0
2004 2005 2006E 2007E 2008E 2009E
Total Capex estimated for2007 to 2009
255.027.0%
55.4%17.6%
12.1
1Q06
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Share PerformancePrice
(Base 100 on July 13, 2005)
OHL; 140,56BOVESPA; 157,98
93,00
103,00
113,00
123,00
133,00
143,00
153,00
163,00
173,00
183,00
8/5/
2006
28/4
/200
620
/4/2
006
12/4
/200
65/
4/20
0629
/3/2
006
22/3
/200
615
/3/2
006
8/3/
2006
1/3/
2006
20/2
/200
613
/2/2
006
6/2/
2006
30/1
/200
620
/1/2
006
13/1
/200
66/
1/20
0629
/12/
2005
22/1
2/20
0515
/12/
2005
8/12
/200
51/
12/2
005
24/1
1/20
0517
/11/
2005
9/11
/200
51/
11/2
005
25/1
0/20
0518
/10/
2005
10/1
0/20
053/
10/2
005
26/9
/200
519
/9/2
005
12/9
/200
52/
9/20
0526
/8/2
005
19/8
/200
512
/8/2
005
5/8/
2005
29/7
/200
522
/7/2
005
15/7
/200
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OHL
BOVESPA
Traded Volume (no. of Shares)
0
200400
600800
1.0001.200
1.400
No.
Of S
hare
s (th
ousa
nd)
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Social Responsibility
Concessionaire Attended Schools Students Teachers Autovias 94 77,000 526
Centrovias 82 16,081 223Intervias 48 37,669 1,633
Total 224 130,750 2,382
Concessionaire Project Campaigns Services
Autovias Saúde na Estrada (Health on the Road) 14 8,600
Centrovias Mais Saúde na Estrada (More health on the road) 11 3,457
Intervias Saúde na Boléia (Health in the truck cabin) 19 40,274
Total 44 52,331
Concessionaire Seedling Plantation (Amount)
Autovias 200,000
Centrovias 120,000
Intervias 145,000
Total 465,000 142,000
Environmental
Seedling Plantation - to be done (Amount)
132,000
10,000
0
Summary of the Projects until December of 2005
Education
Summary of the Campaigns until December of 2005
Health
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Prospects
Company Profile
1Q06 Earnings Results
1Q06 Highlights
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New Auctions: Federal, State and PPPs
Federal Lots:Highway corridors are essential in connecting Brazil’s richest areas
State Lots (SP):Potential export corridor through Port of São Sebastião
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07
Road Extension No. of Plazas
Lot ASP 70 - Rodovia A.Senna/Carvalho Pinto
167,5 Km 02 plazasLot B
SP 65 - Rodovia D. Pedro I118,5 Km 04 plazas
286,0 Km 6 plazas
Road Extension No.of Plazas
Lot 1 BR 153/ SP - Divisa MG/SP 321,7 Km 04 plazasLot 2 BR 116/PR/SC - Curitiba - Divisa SC/RS 406,5 Km 05 plazasLot 3 BR 393/RJ - Divisa MG/RJ (Via Dutra) 200,5 Km 03 plazasLot 4 BR 101 - Divisa RJ/ES (Ponte Rio Niterói) 320,8 Km 05 plazasLot 5 BR 381- Belo Horizonte - São Paulo 561,5 Km 08 plazasLot 6 BR 116/SP/PR - São Paulo - Curitiba 401,7 Km 06 plazasLot 7 BR 376 - Curitiba - Florianópolis 367,6 Km 05 plazas
2580,3 Km 36 plazas
PPP MG 050 (MG):Enormous synergy potential from our highway network.
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Road Extension No. of Plazas
PPP 372,0 Km 06 plazasMG 050 – Betin – Divisa SP I
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Investor Relations
OBRASCON HUARTE LAIN BRASIL S.A.
OHL Brasil S.A. Contacts: Address:
Francisco Leonardo Moura da CostaFrancisco Leonardo Moura da CostaCFO and Investor Relations [email protected]
Alessandro Scotoni Alessandro Scotoni LevyLevyFinancial and Investor Relations [email protected]
Rua Pedroso Alvarenga, 990 – 5ºItaim Bibi – São Paulo – SPCEP 04531-004Tel.: (5511) 3074-2404
www.ohlbrasil.com.br
