1. Conference Call
2Q08 Earnings Results
August 15, 2008
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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.
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3. Key issues of the quarter
Traffic expansion
- In 2Q08 the traffic volume in our concessionaires totaled 32.3 million toll paying vehicle-
equivalents, 12.1% higher than the same period in 2007;
2Q08 Results
- In 2Q08 we reached an Adjusted EBITDA of R$ 107.8 million (+24.7%), and Net Income
of R$ 18.9 million (+12,9%);
Federal Concessions
- Initial Works, Toll Plazas and Future Prospects.
Change in accounting practices
- Among the main changes brought by Law 11,638/07, which impact the Company’s
Quarterly Financial Information, is the mandatory booking at present value of significant
long-term assets and long-term liabilities,
- Major accounts affected were: “Concession Right” (Asset) and “Concession fee
obligation” (Liabilities) ;
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4. Traffic Performance
Traffic Performance (in ‘000 equiv.-vehicle) – “Autovias adjust.”
+12.1% +9.6%
+9.4%
61,815
56,413
32,295
28,796 29,520 14,022
12,824
7,383
6,568 6,639
24,801
23,662
11,759 13,042
12,278
9,751 10,657
4,811 5,238 5,419
5,139 5,884 6,451 10,175 12,335
2Q07 1Q08 2Q08 1H07 1H08
Autovias
Centrovias
Intervias
Vianorte
Autovias Adjustment: considering average traffic volume between São Simão and Sta. Rita toll plazas in 2Q08, 1Q08 and 1H08
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5. Toll Tariff Performance
Average Toll Tariff (R$) – “Autovias adjust”
+7.3%
+6.6%
+0.5%
5.72 5.75 5.73
5.36 5.38
2Q07 1Q08 2Q08 1H07 1H08
- In 2Q08, Centrovias concessionaire’s average toll tariff grew 4.3% over 1Q08 due to the end
of the duplication of Rodovia Engenheiro Paulo Nilo Romano, SP-225 in the stretch between
Itirapina and Dois Córregos.
Autovias Adjustment: considering average traffic volume between São Simão and Sta. Rita toll plazas in 2Q08, 1Q08 and 1H08
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6. Net Revenue Performance
Net Revenue (in R$ million) Net Revenue per Concessionaire
+20.6%
20,6% 23%
+9.9%
9,9%
25%
171.4
156.0
29%
142.2
39.5
35.6 23%
33.7
49.1
44.4
44.3
Electronic Toll Collection (% Total Toll Revenue)
36.3 39.1
31.4 49.7%
46.2% 47.1%
39.8 43.7 45.1% 48.6%
32.8 44.5%
45.6% 46.7% 48.6%
2Q07 1Q08 2Q08
49.0% 49.7% 52.4%
Autovias
Centrovias 49.4%
46.0% 46.9%
Intervias
2Q07 1Q08 2Q08
Vianorte
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7. Adjusted EBITDA and Margin
Adjusted EBITDA (in R$ million)
Ajusted EBTDA (R$ millions)
65.8%
62.6% 62.9%
60.8% 59.6%
58.0%
111.4 107.8
104.4
93.0
86.4
79.8
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
Adjusted EBITDA Adjusted EBITDA Margin (%)
EBITDA and Adjusted EBITDA (R$ thousand) 2Q08 1Q08 2Q07 2Q08/1Q08 2Q08/2Q07 1H08 1H07 1H08/1H07
NET SERVICE REVENUE 171,441 156,012 142,157 9.9% 20.6% 327,453 279,823 17.0%
Cost and Service Expenses (51,916) (51,225) (44,477) 1.3% 16.7% (103,141) (91,031) 13.3%
EBITDA 119,525 104,787 97,680 14.1% 22.4% 224,312 188,792 18.8%
EBITDA Margin (%) 69.7% 67.2% 68.7% 68.5% 67.5%
(-) Fixed Concession Charge Paid (11,763) (11,760) (11,265) 0.0% 4.4% (23,523) (22,531) 4.4%
Adjusted EBITDA 107,762 93,027 86,415 15.8% 24.7% 200,789 166,261 20.8%
Adjusted EBITDA Margin (%) 62.9% 59.6% 60.8% 61.3% 59.4%
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8. Financial Result
Financial Result (R$ thousand) 2Q08 1Q08 2Q07 2Q08/1Q08 2Q08/2Q07 1H08 1H07 1H08/1H07
Financial Revenues 3,668 2,190 2,472 67.5% 48.4% 5,858 7,502 -21.9%
Financial Expenses (41,310) (34,718) (23,472) 19.0% 76.0% (76,028) (51,927) 46.4%
BNDES/CEF (6,804) (7,587) (8,540) -10.3% -20.3% (14,391) (17,240) -16.5%
Other Financial Expenses (12,512) (13,217) (8,787) -5.3% 42.4% (25,729) (18,778) 37.0%
Monetary Correction of Fixed
Concession Charge* (21,994) (13,914) (6,145) 58.1% 257.9% (35,908) (15,909) 125.7%
Net Exchange Variation 66 (21) 18 -414.3% 266.7% 45 44 2.3%
Net Financial Result (37,576) (32,549) (20,982) 15.4% 79.1% (70,125) (44,381) 58.0%
% Net Services Revenue (21.9%) (20.9%) (14.8%) (21.4%) (15.9%)
Financial Expenses Breakdown (% total of the financial expenses)
IGP-M - FGV
53,2%
Monetary Correction of Fixed
40,1% 4.34%
Concession Charge
37,4%
36,4% 38,1% 2.38%
30,3%
26,2% Other Financial Expenses
21,9% 16,5%BNDES/CEF 0.35%
2Q07 1Q08 2Q08
2Q07 1Q08 2Q08
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9. Net Income
Results Evolution (in R$ thousand)
31,577 - 2,293
- 2,320
- 978 - 4,141
- 3,696
1,196 - 1,941
- 15,849
602 18,893
16,736
Net Income Gross Deductions Costs Variable G&A Deprec. and Financial Financial Monetary Non Net Income
2Q07 Revenues Change Expenses Amort. Revenues Expenses Correction Operating 2Q08
of Fixed Income
Concession
Charge
12.9%
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10. Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
Indebtness (R$ million) 1.5x 1.5x
1.4x 1.3x
691 685 1.1x
1.1x 1.1x
590 585
537 517 511
353 0.8x 0.8x
375
327 250
274 262 246
407 394
75 76 429 416 467 456 429 416 465
263 335 291 316 332
199 186 116
110 200 204
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
Short Term Long Term Net Debt Net Debt/ Adjusted EBITDA
Debt Cost Breakdown Debt Amortization Schedule (in R$ million)
59.6% 61.6%
56.5% CDI 332.4
261.3
TJLP
42.4% 39.6% 37.8%
45.9
24.6 14.4 6.3
1.1% 0.7% 0.6% Other
jul/08 to jul/09 to 2010 2011 2012 2013
4Q07 1Q08 2Q08
jun/09 dec/09
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11. CapEx
CapEx Breakdown 2Q08 Estimated CapEx – STATE (in R$ million)
R$ 96.0 million
250
210
188
Other
8.4% 10.3% 118
12.8%
70
50 47
2006 2007 2008/E 2009/E 2010/E 2011/E 2012/E
8.2%
10.8%
49.4%
Estimated CapEx* - FEDERAL (in R$ million)
Federals
1,196
986
776 831
Initial works for 368
roads’ recovery
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
* Estimated CapEx in our proposals (date based jul/07)
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12. Federal Concessions
Investments. Initial Works:
- R$55.0 million were invested in federal concessionaires in 1H08. In 2Q08 along,
R$47.4 million were invested in roads’ initial recovery services such as: small works,
hole filling, sign improvements and weed cutting.
Operations Start and Charging Tolls:
- The beginning in charging tolls should happen until year end, while the user services
such as roadside assistance, emergency medical assistance, toll free phone numbers,
traffic inspection vehicles, fire fighting and animal apprehension services will begin
during the month of August.
Toll Plazas:
- Out of the 29 toll plazas on 5 federal lots, 22 are under construction and 7 of them lack
the appropriate environmental permits or eminent domain agreements where the toll
plazas are to be built.
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13. 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.
2nd Round of São Paulo State Concessions. 5 lots, totaling 1,763 km. Ayrton
Senna/Carvalho Pinto, Dom Pedro I, Raposo Tavares, Marechal Rondon (East and West).
Estimated to occur in September 2008;
Bahia State. 681 km. Estimated to occur in 2H08;
3rd Round of Federal Concessions. Totaling 4,000 km. estimated to occur in 2H08 and
2009;
Minas Gerais State. 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in
1H09;
Expresso Aeroporto/ Trem de Guarulhos (railway). Initial Phase of studies by the
Government;
Secondary Market.
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