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 Brasilâs management concerning the future of the business and its
continued access to capital to fund the Companyâs 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.
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7. EBITDA â Federal Concessions Only
EBITDA- Federal Concessions
EBITDA F d lC i Var%
V %
4Q09 3Q09
(R$ thousand) 4Q09/3Q09
Net Services Revenue 137,815 127,598 8.0%
Costs and Service Expenses (76,465) (75,112) 1.8%
Costs of Services (Ex Amort & Depre )
(Ex. Amort. Depre.) (59,166)
(59 166) (55,311)
(55 311) 7.0%
7 0%
Grant Authority Costs (7,000) (8,757) -20.1%
General & Administrative Expenses (Ex. Amort. & Depre.) (10,088) (10,446) -3.4%
Directors' Compensation (725) (677) 7.1%
Tax Expenses 205 (1) n.r.
nr
Other Revenues/ Expenses 309 80 286.3%
EBITDA 61,350 52,486 16.9%
EBITDA Margin (%) 44.5% 41.1%
The following two factors explain the increase of EBITDA in our Federal Concessions
during this quarter:
Increase in Net Revenues in the period due to the operation of 28 out of the 29 toll
plazas throughout the 4Q09.
Increase of 1.8% in Operating Costs and Expenses quarter on quarter, basically due to:
(i) the increase of 7.0% in "Operating Costs (Ex Amortization and Depreciation)" due to
the higher costs with routine road maintenance; and (ii) the 20.1% reduction in
âExpenses with the Concession Authorityâ due to the lower expenditures in the quarter
with âInspection Fundsâ.
Inspection Funds .
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11. Indebtedness
BNDES Bridge Loan (Federal Concessions):
Credit line totaling R$ 1.0 billion structured with of the "BNDES Bridge Loan" for the federal concessions in June
2009;
Until January 31 2009 already had been disbursed R$798 4 million
31, R$798.4 million.
BNDES Long-Term Loan (Federal Concessions):
Material delivered and beginning of studies;
The first payments of this credit line are expected for 2Q10.
Long-Term Loan (State Concessions):
On February 18, 2010, the state concessions Autovias, Centrovias, Intervias and Vianorte registered at the
Brazilian Financial and Capital Markets Associations (ANBIMA) a request for a R$1.1 billion debentures issue by
the concessions.
The proceeds from the issue will used primarily:
i. to refinance the R$700 million in promissory notes issued in November 2009 and due in April 2010 at the
concessions Autovias, Centrovias and Intervias;
ii. to repay the debt held by Vianorte at the BNDES of approximately R$50 million; and
iii. for additional funds of R$350.0 million for investments and dividend payments at the four state
concessions.
i
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12. CapEx
CapEx Breakdown 4Q09 â R$138 3 million*
C E B kd R$138.3 illi *
3.47%
16.28%
16 28% 7.10%
7 10%
5.84%
1.89%
9.16%
21.01%
8.58%
26.67%
Estimated investments for the next 5 years (2010 to 2014), as scheduled under the
concession agreements:
State Concessions: R$598 million;
St t C i illi
Federal Concessions: R$3.8 billion.
* Not considering investments in other subsidiaries, holding and adjustments of consolidation.
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13. New Opportunities
Federal Highways:
3rd Stage / 1st Phase: BR-040, BR-381 and BR-116 (Minas Gerais State). 2,000 km with 3
lots. Auction ti t d to
l t A ti estimated t occur i 2010
in 2010;
3rd Stage / 2nd Phase: BR-101/ES, BR-101/BA and BR-470/SC. 1,600 km with 3 lots. No
estimate date for the auction.
State Highways:
Minas Gerais: 16 lots with 7,000 km. Concessions or PPPâs. Estimated to occur in 2010;
, ;
SĂŁo Paulo: Rodoanel: South and East stretches with Public Hearing on 20/01/10, estimated
bidding to 1Q10. Forecast PPP Tamoios highway.
Airports:
GaleĂŁo (Rio de Janeiro) and Viracopos (Campinas SP) Are expected the concession of
(Campinas-SP).
these two airports to privately-owned enterprise.
PPP - Aeroporto Internacional de São Gonçalo do Amarante (Natal/RN). Estimated to
occur 2010/2011.
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