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This document provides an overview of OHL Brasil's 2nd Annual Investor Conference. It includes information about OHL Group's business structure, portfolio, results, and OHL Brasil's corporate structure. OHL Group is an international construction and concessions company operating in 16 countries. OHL Brasil operates several toll road concessions in Brazil, including over 2,000 km of federal toll roads and 1,100 km of Sao Paulo state toll roads. The conference will provide updates on OHL Brasil's portfolio, results, traffic numbers, new federal concessions, and opportunities in Brazil.
Apres Citi V4
- 1. 2nd Annual Citi Brazil Equity Conference Intercontinental Hotel - São Paulo Wednesday, June 24, 2009 - Friday, June 26, 2009 Company Presentation June 24, 2009 1
- 2. 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 , y p j , , y 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 forward-looking depend, substantially, 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. Agenda Company Profile Portfolio P tf li OHL Brasil’s Results Traffic Federal Concessions New Opportunities 3
- 4. Company Profile – OHL Group Business Structure NATIONAL INTERNATIONAL CONCESSIONS ENVIRONMENTAL DEVELOPMENTS INDUSTRIAL CONSTRUCTION CONSTRUCTION • Civil Projects • Latin America • Buildings Construction • USA and Canada • Sea and brackish water • Tourist Complexes • Refinery Desalination • Urban Services and • Central Europe p • Malls • Gas Infrastructures • Urban and Industrial • Eastern Europe • Petrochemical Water Purification • Potable water treatment • Energy • Lands Movements • Fire protection p systems TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING PORTS FACILITIES •9 • 2 Spain • 1 Mexico p • 4 Spain • 1 Spain • 1 Brazil • 1 Argentina • 3 Chile • 5 Mexico • 3 Spain • 1 Peru 4
- 5. Company Profile – OHL Group OHL Group G OHL Concesiones C i International Group of construction, concessions and Strategic position in Latin America: Brazil, México e Chile; services, listed in the Madrid Stock Exchange since 1991; Global operator of infrastructures: roads, ports, airports and Founded over 98 years ago and established in 16 countries; railways; Portfolio of € 59 bn (+55%) in 2008; Expertise in Brazil through OHL Brasil; Unique Spanish builder with financial rating; Broad international experience in the developing of efficient Compromised with the maintenance of the "Investment capital structure for projects. Grade" obtained in 2001. Summary of results: Summary of results: Revenue (Euros M) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var. OHL S.A SA 3,764 3 764 100% 4,009 4 009 100% 6% OHL Concessiones 436 100% 542 100% 25% National Construction 1,974 52% 1,786 45% -9% Argentina 11 2% 11 2% 6% International Construction 1,162 31% 1,429 36% 23% Brazil 232 53% 273 50% 17% Environment 117 3% 120 3% 3% Chile 45 10% 52 10% 16% Developments 76 2% 106 3% 39% Spain 28 7% 44 8% 54% Industrial - 0% 26 1% n/a Mexico 115 26% 80 15% -31% 31% Concessions 436 12% 542 14% 25% Other 5 1% 84 15% 1450% EBITDA (Euros M) 2007 2008 Var. EBITDA (Euros M) 2007 2008 Var. OHL S.A 543 100% 608 100% 12% OHL Concessiones 317 100% 340 100% 7% National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% -79% 79% International Construction 87 16% 111 18% 28% Brazil 166 52% 205 60% 24% Environment 13 2% 19 3% 48% Chile 29 9% 33 10% 16% Developments 8 1% 15 2% 86% Spain 16 5% 1 0% -95% Industrial - 0% 2 0% n/a Mexico 122 39% 118 35% -3% Concessions 317 58% 340 56% 7% Other (19) -6% (18) -5% -6% 5
- 6. Company Profile – Corporate Structure 100.0% 100.0% Participes en Brasil S.L. SPAIN 60.0% BRAZIL 40.0% 40 0% FEDERAL TOLL ROADS SAO PAULO STATE TOLL ROADS OTHER BUSINESS 100.0% 100.0% Estimated 2009 Total Year - 2008 Total Total extension (km) 2,079 Total extension (km) 1,147 100.0% Toll Plazas 29 Toll Plazas 23 Vehicle-Equivalents (mn) 285 Vehicle-Equivalents (mn) 141 Employees* 1,216 Employees* 1,179 Net Revenue (R$ mn) 724 100.0% 100 0% Net Revenue (R$ mn) 389 EBITDA (R$ mn) 50 Adjusted EBITDA (R$ mn) 494 Net Debt (R$ mn)* 236 Net Debt (R$ mn)* 949 100.0% SPR 4.68% * Data from 1Q09 6
- 7. Company Profile - OHL Brasil’s Timeline Base Formation Strategic Positioning Expansion Beginning of 94% 100% IPO ANTT’s Activities Autovias Autovias OHL Brasil Auction 100% 100% Autovias Litoral Sul 9% to 24% 100% 100% Centrovias Planato Sul Autovias Centrovias Intervias Intervias Fluminense Vianorte Régis Bittencourt Fernão Dias 1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 … 725.0 615.8 Ne Revenues (R mm) CAGR = 55.7% 430.3 R$ 1999: Merger in 389.1 389 1 Spain between OH and Lain 268.3 158.8 92.7 et 32.7 Business feasibility Acquisitions and Current portfolio, Public analysis privileged location Auctions and future growth 7
- 8. Company Profile – OHL Brasil’s Concessions The largest company in Brazil active in the sector of toll roads concessions in terms of kilometers under management, g , with 3,226 km; High Market-Share. 22% in terms of managed km; OHL Brasil consolidated its participation in the main economic axes of the country; There are approximately 35 million people living near our highways; The states in which we operate hold more than 2/3 of the Brazilian fleet of vehicles. 8
- 9. Company Profile – Terms of the Concessions Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years. 24 24 24 24 24 19 9 10 9 9 1 1 1 1 1 11 11 11 Years pending Years elapsed 9
- 10. Portfolio – São Paulo State Concessions State Concessions State Concessions OHL Brasil Stake 100 % Length 1,147 km No. No of toll plazas 23 plazas Portfolio Average Life 11.8 years Eqv. Vehicles - 2008 (mn) 141.1 Employees – 1Q09 1,179 1 179 Average Tariff – 1Q09 R$ 5.89 Invest. Estimated – (5 Year) R$ 470 million Net Debt – 1Q09 (R$ mn) 949.5 949 5 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 68.2% 68 2% 64.0% 61.9% 59.5% 57.1% 51.6% 50.7% 724 617 507 546 465 494 360 395 310 302 338 266 160 183 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 10
- 11. Portfolio – Autovias Autovias S.A. SA Autovias OHL Brasil Stake 100 % Length 316 km No. No of toll plazas 5 plazas Concession Ending Aug/2018 Eqv. Vehicles - 2008 (mn) 38.0 Employees – 1Q09 185 Average Tariff – 1Q09 R$ 5.51 Invest. Estimated – (5 Year) R$ 110 million Net Debt – 1Q09 (R$ mn) 289.0 289 0 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 71.4% 68.8% 66.2% 62.2% 62.0% 60.9% 60.3% 183 150 121 131 107 103 95 79 80 66 59 66 40 48 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 11
- 12. Portfolio – Centrovias Centrovias S.A. SA Centrovias OHL Brasil Stake 100 % Length 218 km No. No of toll plazas 5 plazas Concession Ending Jun/2019 Eqv. Vehicles - 2008 (mn) 22.2 Employees – 1Q09 174 Average Tariff – 1Q09 R$ 8.86 Invest. Estimated – (5 Year) R$ 99 million Net Debt – 1Q09 (R$ mn) 251.7 251 7 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 71.4% 71 4% 65.2% 66.0% 64.9% 62.8% 60.1% 56.9% 170 140 121 127 121 108 82 92 81 76 70 70 40 49 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 12
- 13. Portfolio – Intervias Intervias S A S.A. Intervias OHL Brasil Stake 100 % Length 376 km No. No of toll plazas 9 plazas Concession Ending Jan/2029 Eqv. Vehicles - 2008 (mn) 51.8 Employees – 1Q09 566 Average Tariff – 1Q09 R$ 4.53 Invest. Estimated – (5 Year) R$ 130 million Net Debt – 1Q09 (R$ mn) 350.4 350 4 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 71.5% 71 5% 68.0% 68.6% 68.4% 63.2% 56.3% 49.0% 207 184 162 172 144 148 118 126 102 113 110 91 58 56 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 13
- 14. Portfolio – Vianorte Vianorte S.A. SA Vianorte OHL Brasil Stake 100 % Length 237 km No. No of toll plazas 4 plazas Concession Ending Mar/2018 Eqv. Vehicles - 2008 (mn) 29.1 Employees – 1Q09 254 Average Tariff – 1Q09 R$ 6.44 Invest. Estimated – (5 Year) R$ 131 million Net Debt – 1Q09 (R$ mn) 58.4 58 4 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 57.3% 51.5% 45.7% 42.1% 38.3% 35.4% 31.3% 164 143 118 117 126 87 94 72 74 49 58 45 23 31 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 14
- 15. Portfolio – Federal Concessions Federal Concessions Federal Concessions OHL Brasil Stake 100 % Length 2,079 km No. No of toll plazas 29 plazas Portfolio Average Life 24 years Employees – 1Q09 1,216 Tariff – 1Q09 R$ 1 54 1.54 Invest. Estimated – (5 Year) R$ 4,296 million Net Debt – 1Q09 (R$ mn) 236.5 Revenues, EBITDA and EBITDA Margin 30.0% 25.8% 7.6% 119 126 96 48 31 38 7 -26 -54.8% 1Q09 E2Q09 E2Q09* E3Q09 E3Q09* E4Q09 E4Q09* Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin * 2º Quarter, 3º Quarter and 4º Quarter are estimates of the Company 15
- 16. Portfolio – Autopista Planalto Sul Planalto Sul S.A. SA Autopista Planalto Sul OHL Brasil Stake 100 % Length 413 km No. No of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 1Q09 109 Tariff – 1Q09 R$ 2 70 2.70 Invest. Estimated – (5 Year) R$ 407 million Net Debt – 1Q09 (R$ mn) 22.1 Main Commitments: Capital Structure – 1Q09 • 25.4 km of highway widening. • 48.3 km-long 3rd lane. R$ 25.0 mn R$ 66.2 mn • 10.2 km-long lateral lanes. • Construction of 7 overpasses. 16.2% • Construction of 9 user service centers. 43.0% • Renovation of the entire highway. 40.7% R$ 62.7 mn Debt Intercompany Loans p y Capital p 16
- 17. Portfolio – Autopista Fluminense Fluminense S.A. SA Autopista Fluminense OHL Brasil Stake 100 % Length 320 km No. No of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 1Q09 170 Tariff – 1Q09 R$ 2 50 2.50 Invest. Estimated – (5 Year) R$ 640 million Net Debt – 1Q09 (R$ mn) 33.2 Main Commitments: Capital Structure – 1Q09 • 176 6 km of highway widening 176.6 widening. • 3.8 km-long lateral lanes. R$ 37.0 mn R$ 48.4 mn • 28.3 km alternate roads/loops. • Construction of 17 overpasses. 24.9% 32.7% • Construction of 7 user service centers. • Implementation or renovation of weighing stations. i hi t ti 42.4% 42 4% • Renovation of the entire highway. R$ 62.9 mn Debt Intercompany Loans p y Capital p 17
- 18. Portfolio – Autopista Fernão Dias Fernão Dias S.A. SA Autopista Fernão Dias OHL Brasil Stake 100 % Length 562 km No. No of toll plazas 8 plazas Concession Ending Feb/2033 Employees – 1Q09 378 Tariff – 1Q09 R$ 1 10 1.10 Invest. Estimated – (5 Year) R$ 765 million Net Debt – 1Q09 (R$ mn) 66.9 Main Commitments: Capital Structure – 1Q09 • 88 km long 3rd lane km-long lane. • 94.16 km-long lateral lanes. R$ 63.0 mn R$ 108.7 mn • 10.3 km alternate roads/loops. • Construction of 50 overpasses. 22.0% • Construction of 12 user service centers. 37.9% • Implementation or renovation of 40.1% weighing stations. i hi t ti • Renovation of the entire highway. R$ 115.5 mn Debt Intercompany Loans Capital 18
- 19. Portfolio – Autopista Régis Bittencourt Régis Bittencourt S.A. SA Autopista Régis Bittencourt OHL Brasil Stake 100 % Length 402 km No. No of toll plazas 6 plazas Concession Ending Feb/2033 Employees – 1Q09 394 Tariff – 1Q09 R$ 1 50 1.50 Invest. Estimated – (5 Year) R$ 1,474 million Net Debt – 1Q09 (R$ mn) 66.1 Main Commitments: Capital Structure – 1Q09 • 30.5 km of highway widening. • 104.9 km-long 3rd lane. R$ 54.0 mn R$ 95.3 mn • 109.6 km-long lateral lanes. • 23.6 km alternate roads/loops. 19.7% 34.8% • Construction of 51 overpasses. • Construction of 9 user service centers. 45.5% • Implementation or renovation of weighing stations. • Renovation of the entire highway. R$ 124.6 mn Debt Intercompany Loans p y Capital p 19
- 20. Portfolio – Autopista Litoral Sul Litoral Sul S A S.A. Autopista Litoral Sul OHL Brasil Stake 100 % Length 382 km No. No of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 1Q09 165 Tariff – 1Q09 R$ 1 10 1.10 Invest. Estimated – (5 Year) R$ 1,010 million Net Debt – 1Q09 (R$ mn) 48.2 Main Commitments: Capital Structure – 1Q09 • 30 km long 3rd lane km-long lane. • 79.7 km-long lateral lanes. R$ 51.0 mn R$ 101.2 mn • 94.7 km alternate roads/loops. • Construction of 39 overpasses. 22.9% • Construction of 8 user service centers. 45.6% • Implementation or renovation of 31.5% weighing stations. i hi t ti • Renovation of the entire highway R$ 70.0 mn Debt Intercompany Loans Capital 20
- 21. OHL Brasil’s Results Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million) 129 725 CAGR 02-08 = 4.30% 120 616 111 108 101.6% 430 105 389 39.7% 100 99 268 64 218 159 34 93 32 31 156 2002 2003 2004 2005 2006 2007 2008 1Q09 2008 1Q09 2002 2003 2004 2005 2006 2007 Federal Concessions State Concessions Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million) 65.4% 64.5% 105 62.8% 62 8% 63.4% 99 62.3% 62 3% 474 63.3%* 77 58.8% 384 75 57.8% 277 37.4% -57.2% 247 25 168 108* 3 9 4 92 55 93 81 (8) 2002 2003 2004 2005 2006 2007 2008 1Q09 2002 2003 2004 2005 2006 2007 2008 1Q09 * Adjusted EBITDA and Adjusted EBITDA Margin Excluding the Federal Concessions. 21
- 22. Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) 1,425 267 2.5x 1,012 1 012 1,037 1.9x 1.4x 1.5x 1.4x 691 690 1.3x 1.1x 1.0x 1.1x 585 537 517 518 1174 933 935 1158 250 375 355 915 246 407 399 652 335 291 316 335 416 467 456 437 416 471 110 119 79 102 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Long -Term Short - Term Net Debt Net Debt/Adjusted EBITDA (12 months) Debt Cost Breakdown Debt Amortization Schedule (in R$ million) 88.7% 88 7% 91.4% CDI 1,158.3 59.6% 39.6% 11.3% 209.5 8.2% TJLP 0,7% 25.3 20.8 11.4 0.0% Other 0.4% 1Q08 4Q08 1Q09 apr/09 to apr/10 to 2011 2012 2013 mar/10 dec/10 22
- 23. Investments Estimated* CapEx – State (R$ million) Estimated* CapEx – Federal (R$ million) 1,235 1,233 1,102 528 531 197 194 170 80 60 60 100 27 223 2008 2009E 2010E 2011E 2012E 2013E 2008 2009E 2010E 2011E 2012E 2013E State Concessions: R$470 million Federal Concessions: R$4.3 billion * Base March/2009 23
- 24. Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR Passenger/Light – Vehicles (adjusted series base 100 = 2002) series* 160 ABCR SP OHL States ABCR BRA 150 140 130 120 110 100 90 80 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Commercial/Heavy – Vehicles (adjusted series* base 100 = 2002) 160 ABCR SP OHL States ABCR BRA 150 140 130 120 110 100 90 80 Jan 05 Jan-05 May 05 May-05 Sep 05 Sep-05 Jan 06 Jan-06 May 06 May-06 Sep 06 Sep-06 Jan 07 Jan-07 May 07 May-07 Sep 07 Sep-07 Jan 08 Jan-08 May 08 May-08 Sep 08 Sep-08 Jan 09 Jan-09 May 09 May-09 *Adjusted historic series due the split of São Simão toll plaza in Autovias. 24
- 25. Traffic – OHL State Concessions x Proxies Industry Payroll v s Passenger Vehicles (adjusted series base 100 = 2002) Payroll** v.s. series* 160 150 Ind. Brazil OHL Passenger Vehicles 140 130 120 110 100 00 90 80 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Industry Output ** v.s. Commercial Vehicles (adjusted series* base 100 = 2002) 180 Ind. Bra. Ind. SP OHL Comercial Vehicles 170 160 150 140 130 120 110 100 90 80 Jan-05 J 05 May-05 M 05 Sep-05 S 05 Jan-06 J 06 May-06 M 06 Sep-06 S 06 Jan-07 J 07 May-07 M 07 Sep-07 S 07 Jan-08 J 08 May-08 M 08 Sep-08 S 08 Jan-09 J 09 May-09 M 09 *Adjusted historic series due the split of São Simão toll plaza in Autovias. **Source: IBGE 25
- 26. Traffic – Seasonality: Total Vehicles 1,20 ABCR BRA OHL States 1,15 ABCR SP Quarterly Average OHL States 1,10 , 1,05 1,00 0,95 0,90 0 90 0,85 j jan feb mar apr may jun p y j j jul aug sep oct nov dec g p 26
- 27. Traffic – Seasonality: Passenger / Light Vehicles 1,20 ABCR BRA OHL States 1,15 ABCR SP Quarterly Average OHL States 1,10 1,05 1,00 0,95 0,90 0 90 0,85 j jan feb mar apr may jun y j j jul aug sep oct nov dec g 27
- 28. Traffic – Seasonality: Commercial / Heavy Vehicles 1,20 ABCR BRA OHL States 1,15 ABCR SP Quarterly Average OHL States 1,10 , 1,05 1,00 0,95 0,90 0 90 0,85 jan feb mar apr may jun jul aug sep oct nov dec 28
- 29. Federal Concessions – Toll Plazas Operating T ll Pl O ti Toll Plazas 2009 2009: UNTIL 06/23/2009 Opening - Opening - Opening - Opening - Opening - Opening - Toll Plazas - Concessionaire Total Toll Plazas 2008 Jan/2009 Feb/2009 Mar/2009 May/2009 June/2009 Operating Planalto Sul 1 1 3 5 5 Fluminense 3 1 4 5 Fernão Dias 2 1 1 3 7 8 Régis Bittencourt Ré i Bitt t 2 1 2 1 6 6 Litoral Sul 2 1 2 5 5 Total 5 2 10 5 3 2 27 29 Opening Estimation: Concessionaire July/09 Oct/09 Total Planalto Sul - Fluminense 1 1 Fernão Dias 1 1 Régis Bittencourt - Litoral Sul - Total 1 1 2 29
- 30. Federal Concessions - Traffic and Tariff Traffic – Federal Concessions 1Q09: %1Q09/ %1Q09/ Vehicle-Equivalents 1Q09 4Q08 1Q08 4Q08 1Q08 Planalto Sul 3,814,815 128,096 - n.r. n.a. Fluminense 2,792,000 - - n.a. n.a. Fernão Dias 11,297,273 638,639 - n.r. n.a. Régis Bittencourt 12,078,667 12 078 667 230,922 230 922 - n.r. nr n.a. na Litoral Sul 3,955,455 - - n.a. n.a. Total - Federal Concessions: 33,938,210 997,657 - n.r. n.a. The toll tariffs offered in the federal auctions of October/07 were adjusted based on the variation of the IPCA from June 2007 to the month prior of the initiation of the toll charge at the first toll plaza of each concession. Average T ll Tariff A Toll T iff 1Q09 (in R$/Equiv-Vehicles) Planalto Sul 2.70 Fluminense 2.50 Fernão Dias 1.10 Régis Bittencourt 1.50 Litoral Sul 1.10 Average - Federal Concessions: 1.54 30
- 31. Federal Concessions - EBITDA 1Q09 1Q08 Var %. Ajusted EBITDA (R$ thousand) Federal OHL Brasil - Consolidated OHL Brasil Concessions (1)/(4) (3)/(4) Ex-Federal (1) (3) (4) (2) NET SERVICE REVENUE 170,114 47,805 217,919 156,012 9.0% 39.7% Costs and Service Expenses (49,340) (73,963) (123,303) (50,906) -3.1% 142.2% Costs of Services (Ex. Amort. and Depre.) (29,323) (55,028) (84,351) (28,747) 2.0% 193.4% Grant Authority Expenses (5,765) (9,364) (15,129) (5,319) 8.4% 184.4% General & Administrative Expenses (Ex. Amort.) (12,125) (9,327) (21,452) (14,888) -18.6% 44.1% Directors Directors' Compensation (2,476) (2 476) (102) (2,578) (2 578) (1,963) (1 963) 26.1% 26 1% 31.3% 31 3% Tax Expenses (797) (142) (939) (323) 146.7% 190.7% Other Revenues/ Expenses 1,146 - 1,146 334 243.1% 243.1% EBITDA 120,774 (26,158) 94,616 105,106 14.9% -10.0% EBITDA Margin (%) 71.0% 71 0% -54.7% -54 7% 43.4% 43 4% 67.4% 67 4% (-) Fixed Concession Charge Paid (13,118) - (13,118) (11,760) 11.5% 11.5% Adjusted EBITDA 107,656 (26,158) 81,498 93,346 15.3% -12.7% Adjusted EBITDA Margin (%) 63.3% -54.7% 37.4% 59.8% The negative federal concessions’ EBITDA in 1Q09 is due to following factors: On that period, the booking of all costs and expenses, including the pre-operating costs and expenses, were posted directly to the Subsidiaries, and the Company Financial p p y p y Statements (due to the extinction of deferred expenses, including the pre-operating costs and expenses introduced by MP- 449/08 in January, 2009); and Partial toll collection at the federal concession (22 of 29 plazas), gradual start up ( p ), g p collection throughout the quarter. 31
- 32. Federal Concessions – Estimative Net Revenue (R$ million) Year 2 or 2009 Proposal Data* Potential - 29 Toll Plazas Perform ed/Estim ated ANTT* Proposal Data* 26.2% 60.5% 64.8% Potential - 29 Toll Plazas -20.8% 27.2% 30.5% Perform ed/Estim ated -37.7% -37 7% -21.4% -21 4% 2.6% 2 6% ANTT* -39.3% -23.4% -2.6% 163.3 156.1 155.6 148.9 127.5 128.0 126.2 117.5 121.1 119.0 94.7 95.6 90.4 94.4 99.1 47.8 1Q09 2Q09 3Q09 4Q09 Proposal Data* p Potential - 29 Toll Plazas Performed/Estimated ANTT* * Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002-2008) 2002-2008). ANTT Revenues: traffic ANTT x current tariffs. 32
- 33. Federal Concessions – Estimative Costs (R$ million) Year 2 or 2009 Proposal Data Perform ed/Estim ated ANTT Proposal Data 5.6% -11.7% Perform ed/Estim ated -5.3% 5.3% -16.4% 16.4% ANTT 13.3% 19.7% 101.3 101 3 101.3 101 3 101.3 101 3 101.3 101 3 89.5 89.5 88.3 89.5 88.3 89.5 88.3 74.0 1Q09 2Q09 3Q09 4Q09 Proposal Data Performed/Estimated ANTT Adjusted data with inflation from July/07 to June/09: 11.04% 33
- 34. Federal Concessions – Indebtedness Issuance of R$400 million of P I f illi f Promissory N t i Notes: In 1Q09 the federal concessions issued R$400 through Promissory Notes; This Notes have a cost of CDI + 5% p.y. and a maturity of 180 days; The payment of these Notes will occur with the 1st disbursement of the BNDES bridge- loan. Approval by BNDES of R$756.4 million as part of the R$1 billion bridge-loan: The BNDES already approved 3 bridge loans: R$331.8 million to Autopista Régis Bittencourt S.A, R$204.0 million to Autopista Fernão Dias S.A and R$220.6 million to Autopista Litoral Sul S.A; The approval of the funds to Planalto Sul and Fluminense are expected to occur in June 2009 and the total limit available for the 5 concessions through this bridge-loan will reach R$1 0 billion; R$1.0 This bridge-loan will have the maturity of 18 months and precedes the long-term loan, also with BNDES. 34
- 35. Federal Concessions – Financing Plan R$ 4.8 bn Financing the Cape for the first 6 years; Capex ears Around 69% of the Capex Grace period of 2 years; Repayment period in 10 years; p y p y R$ 2.3 bn Cost: TJLP + 200-300 bps margin. BNDES Long-term financing is estimated to the beginning of 2010. Bridge Loan of approximately R$ 1 billion with BNDES; Federal CAPEX R$756 million already approved by BNDES management; 6 years R$ 1 bn R$244 million remaining to be approved by BNDES; Maturity of 18 months and cost lower than 10.0% p.y; R$830 mn Cash generation of federal and state concessions; Leverage in State Concessions; OHL R$670 mn Financing through CCB’s in State Concessions; Currently Leverage Ratio low than 3x (Net Debt/EBITDA); Possibility to increase the leverage ratio; R$ ??? Additional leverage capacity on State concessions due to annual EBITDA growth. th 35
- 36. New Opportunities OHL Brasil maintains its aim to grow and develop the Brazilian market of infrastructure concessions. To do this we continue to analyze new opportunities in the sectors. Federal Highways: BR-040, BR-381 e BR-116 (Minas Gerais State). 2,000 km with 3 lots. Auction estimated to occur in 2H09; State Highways in Minas Gerais. 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2009; Airports. Galeão (Rio de Janeiro) and Viracopos (Campinas-SP). According to ANAC, the Bidding Documents will be announced in 2H09; Secondary Market. 36
- 37. Company Presentation 2nd Annual Citi Brazil Equity Conference Contacts OHL Brasil S.A.: Rua Joaquim Floriano, 913 – 6º andar Francisco Leonardo Moura da Costa Itaim Bibi – São Paulo – SP CFO and IR Director CEP 04534-013 francisco.leonardo@ohlbrasil.com.br Fone.: (5511) 3074-2404 Alessandro Scotoni Levy IR Manager Visit our new website: alessandro@ohlbrasil.com.br alessandro@ohlbrasil com br www.ohlbrasil.com.br Vinicius Romboli Narcizo Investment Analyst vinicius@ohlbrasil.com.br Murilo Tarini June 24 , 2009 IR Analyst murilo@ohlbrasil.com.br 37