Call presentation 3 q11
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- Traffic on OHL Brasil's highways increased 5.0% in 3Q11 compared to 3Q10 and 15.6% for the first nine months of 2011, driven by the implementation of bidirectional tolling and the opening of a new toll plaza. - Gross revenue grew 27% in 3Q11 versus 3Q10 due to tariff increases, bidirectional tolling, and the new toll plaza. EBITDA increased 49% and net income grew 49%. - The company took on additional long-term debt to fund investments, lengthening its debt profile. Net debt increased 10.7% over 3Q10 but the net debt to EBITDA ratio remained stable.
Call presentation 3 q11
- 1. Conference Call Results 3Q11 São Paulo, November 11, 2011
- 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 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.
- 3. Traffic Var% Var% Var% Vehicle-Equivalents (Thousand) 3Q11 2Q11 3Q10 9M11 9M10 3Q11/2Q11 3Q11/3Q10 9M11/9M10 State Concessions 48,374 45,054 42,382 7.4% 14.1% 135,433 116,072 16.7% Autovias 11,326 10,735 11,247 5.5% 0.7% 32,011 31,045 3.1% Centrovias 12,616 11,597 7,438 8.8% 69.6% 35,278 19,525 80.7% Intervias 15,681 14,518 15,380 8.0% 2.0% 43,567 42,231 3.2% Vianorte 8,751 8,203 8,317 6.7% 5.2% 24,576 23,271 5.6% Federal Concessions 122,764 117,996 110,574 4.0% 11.0% 359,637 312,240 15.2% Planalto Sul 6,815 6,981 6,769 -2.4% 0.7% 20,890 19,728 5.9% Fluminense 11,917 11,212 10,868 6.3% 9.6% 34,679 31,296 10.8% Fernão Dias 39,635 37,210 31,081 6.5% 27.5% 113,279 83,658 35.4% Régis Bittencourt 36,142 35,296 34,747 2.4% 4.0% 106,269 99,651 6.6% Litoral Sul 28,254 27,298 27,108 3.5% 4.2% 84,520 77,907 8.5% Total 171,138 163,050 152,956 5.0% 11.9% 495,070 428,312 15.6% Factors that influenced the growth of traffic: • Implementation of bidirectional collection in four toll plazas by Centrovias concessionaire. • Opening of the last toll plaza by Fernão Dias concesionaire.
- 4. Toll Tariff Var% Var% Var% Average Toll Tariff (R$ / Vehicle-Equivalents) 3Q11 2Q11 3Q10 9M11 9M10 3Q11/2Q11 3Q11/3Q10 9M11/9M10 State Concessions 6.19 5.64 6.24 9.7% -0.7% 5.84 6.16 -5.2% Autovias 6.52 5.96 5.91 9.4% 10.4% 6.16 5.79 6.4% Centrovias 5.91 5.37 8.67 10.0% -31.8% 5.57 8.95 -37.8% Intervias 5.35 4.88 4.88 9.8% 9.7% 5.05 4.77 5.9% Vianorte 7.66 6.96 7.01 10.0% 9.3% 7.22 6.83 5.6% Federal Concessions 1.69 1.69 1.51 0.0% 11.9% 1.68 1.51 11.0% Planalto Sul 3.10 3.10 2.90 0.0% 6.9% 3.10 2.90 6.9% Fluminense 2.80 2.80 2.60 0.0% 7.7% 2.78 2.59 7.3% Fernão Dias 1.30 1.30 1.10 0.0% 18.2% 1.30 1.10 18.2% Régis Bittencourt 1.70 1.70 1.50 0.0% 13.6% 1.70 1.50 13.4% Litoral Sul 1.40 1.40 1.20 0.0% 16.7% 1.36 1.19 14.0% Total 2.96 2.78 2.82 6.3% 5.0% 2.82 2.77 1.6% Main events of the period: • Tariff adjustments (+9.77%) applied to state concessionaires in July 1, 2011 based in the cumulative IGP-M in the last 12 months before the readjustment date. • Bidirectional collection in four toll plazas by Centrovias concessionaire.
- 5. Gross Revenue Composition Gross Revenue (R$ million) 24% 15% 787 683 637 25 Toll Plazas 31 Construction 27 256 198 Others 179 454 507 431 3Q10 2Q11 3Q11 Main events of the period: • Tariff adjustments (+9.77%) applied to state concessionaires in 07/01/2011 based in the cumulative IGP-M. • Implementation of bidirectional collection in four toll plazas by Centrovias concessionaire. • Expansion of revenue resulting from the opening of the toll plaza located in the Fernão Dias highway in Sept/2010. • Tariff adjustments applied to federal concessionaires by the end of last year and early this year.
- 6. Operational Performance EBITDA and Margin (R$ million) 500,0 400,0% 450,0 350,0% 400,0 24% 300,0% 350,0 25% 250,0% 295 300,0 200,0% 239 236 EBITDA 250,0 150,0% 200,0 40.1% 40.1% 100,0% 37.0% EBITDA Margin 150,0 50,0% 100,0 0,0% 50,0 -50,0% 0,0 -100,0% 3Q10 2Q11 3Q11 The Adjusted EBITDA adjusted for the reversal of the provision of maintenance and the elimination of unrealized profits by building societies amounted to R$ 316.1 million in 3T11, indicating growth of 21.7% compared to 3Q10.
- 7. Financial Result Net Financial Result (R$ million) (52) (52) (39) 3Q10 2Q11 3Q11
- 8. Profit Evolution Net Income (R$ million) 200,0 180,0 160,0 49% 140,0 120,0 100,0 80,0 138 60,0 93 90 40,0 20,0 - 3Q10 2Q11 3Q11
- 9. Indebtness Debt Var% Var% 1.7 2,5 3Q11 2Q11 3Q10 2.000 1.6 1.6 (In thousands of Brazilian reais) 3Q11/2Q11 3Q11/3Q10 1,5 Gross Debt 2,962,623 2,769,673 2,504,026 7.0% 18.3% 1.500 0,5 Short Term 552,017 908,081 1,281,268 -39.2% -56.9% 1.000 1,575 1,611 (0,5) Long Term 2,410,606 1,861,592 1,222,758 29.5% 97.1% 1,455 500 (1,5) Cash and equivalents 1,250,731 1,132,439 981,125 10.4% 27.5% Restricted investments ¹ 101,072 62,533 67,445 61.6% 49.9% - 3Q10 2Q11 3Q11 (2,5) Net Debt 1,610,820 1,574,701 1,455,456 2.3% 10.7% Net Debt / Adjusted EBITDA ¹ Short and long term • The long-term financing approved by the Brazilian Economic and Social Development Bank (BNDES) in recent months for the investment program of the federal concessionaires Fernão Dias and Litoral Sul, contributed to lengthening the debt profile. • The Company expects the conclusion of analysis and approval of long-term financing by BNDES for the concessionaire Autopista Fluminense.
- 10. Investments – Cash Disbursements Fixed and Intagible Assets (R$ million) 30 Federal Concessions State Concessions + 59 + 38 541 12 10 8 230 173 138 1Q11 2Q11 3Q11 9M11 Additionally, we spent R$ 31.4 million in maintenance work for state highways in 3T11. In 9M11, the amount totaled R$ 91.7 million.