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1
APIMEC3Q06 Earnings Results
November 2006
2
Notice
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.
3
New Concessionaire
Company Overview
3Q06 Results
3Q06 Highlights
Agenda
Outlook
Other Information
4
Company Overview
5
Ownership Structure
We are waiting for BNDES’s authorization to conclude the acquisition of Vianorte.
52,.%
FREE FLOAT
7.9%
100.0%
40.0%
Latina Manutenção
100.0% 100.0% 100.0%Paulista
Infra-estrutura SPR OHLParticipações STP
100.0% 100.0% 100.0% 4.68%100.0%
4.86%
6
OHL Concesiones and OHL Group
Mexico
Argentina
ChileBrazil
Spain
The Brazilian operation is important for OHL Concesiones growing strategy.
140,060%Autopista del Sol
20%Muelle Inflamables Barcelona
50%Puerto de
(Km)(%)Toll Road Concessions
8,3100%Autovia M - 45
8,2100%Autopista Nuevo Aeropuerto Barajas
50%
70%
77%
100%
58%
60%
60%
60%
Port Concessions
60,1Autopista Ezeiza - Cañuelas
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
Airports:
Length Share (%)
8,3100%
8,2100%Autopista Nuevo Aeropuerto Barajas
50%
100%
58%
Aeropuerto Internacional de México
60,1
51,7Sistema Carretero del Oriente
92,4Camino Internacional Ruta 60
82,0
219,5Centrovias
316,5Autovias
371,2Intervias
67% 123,0Autopista Amozoc Perote
International construction, concession and service group
Operational for more than 90 years
Present in 16 countiesListed in Spain since 1991Ranked among Spain’s 6 most
transparent companies in 2005Two independent core
businesses: Construction and Concessions.
Net revenue in 2005: € 2.4bn; and 2005 EBITDA: € 285.4mm
1995-2006 CAGR Revenue of 32%Present in the Brazilian market
through OHL Concesiones
OHL Group
60% 236,6Vianorte
7
• Population of 4 million inhabitants
• One of the main agribusiness center in Brazil
• Responsible for 32% of fuel ethanol and for 70% of the orange juice export
Location
The state of São Paulo accounts for around 22% of the Brazilian population and 35% of its GDP.... to the Northwest of the city of São Paulo...
Operating Area: Map:
The toll roads operated by OHL Brasilare the main routes from the production areas to:
São Paulo: the main consumption center
Santos Port: the main export corridor in Brazil
... which allows OHL Brasil to capture the impact of industrial and agribusiness expansion.
8
Corporate Governance
Novo Mercado – Bovespa
Strategic support and commitment from OHL Group.
Transparency and protection to minority shareholders’ interest.
100% tag-along rights.
Capital structure with 100% of voting shares (equal rights for minority shareholders).
40% Free Float.
Board of Directors with 7 members, being 1 independent.
9
3Q06 Highlights
10
3Q06 Highlights
Traffic grew 2.8% in 3Q06 versus 3Q05.
Net services revenue went up 7.7% when comparing 3Q06 with 2Q06.
Adjusted EBITDA of R$73.2 million and Adjusted EBITDA margin of 66.9%.
First SPR Promissory Note issue.
Net income grows 52.3% year-on-year.
Acquisition of the Concessionaire Vianorte – at the final stage.
53.89% share appreciation until October 31, 2006.
11
3Q06 Results
12
Consolidated Traffic
Traffic Breakdown – 3Q06 Traffic Performance (in thousand Vehicle-Equiv.)
4,661 4,617 4,830
4,864 4,473 4,986
12,262 11,53512,580
0
5,000
10,000
15,000
20,000
25,000
3Q05 2Q06 3Q06
2.8%8.6%
21.6%
56.2%22.3%
Intervias
Centrovias
Autovias
13
Traffic vs. GDP
Year-on-year comparison:
Period elasticity
OHL Traffic
GDP
-3.28 1.35 1.30 1.67 1.65 1.00 0.11
-1.8%
6.7%
3.0%
4.7%
6.6%
1.0%
0.2%0.5%
4.9%
2.8%
1.0%
2.3%
4.0%
2003 2004 2005 1Q05
1.4%
0.7%
3.4%
-1.9%
2T06
-
-
2003 2004 2005 2Q05 3Q05 4Q05 1Q06
-
2Q06
0.21
0.5%
-3.84
2.8%
3Q06
???
14
Net Revenue
Revenue Breakdown – 3Q06 Net Revenue Performance (R$ thousand)
Electronic toll collection corresponded to 45.70% of the total collection in 3Q06
41.6%
30.1%
28.2%
Intervias
Centrovias
Autovias
3,7%
7.7%
28,659 29,523 30,881
32,091 29,542 32,986
44,739 42,50945,550
0
20,000
40.000
60,000
80,000
100,000
120,000
3Q05 2Q06 3Q06
15
Adjusted EBITDA
Adjusted EBITDA Margin (%)Adjusted EBITDA (R$ million)
64.364.465.5
60.4
1Q05 2Q05 3Q05 4Q05 1Q06
62.962.466.869.1
52.2
1Q05 2Q05 3Q05 4Q05 1Q06
58.7
64.9
2Q06
63.9
2Q06
73.2
3Q06
66.9
3Q06
Receita Líquida de Serviços 109.418 101.574 105.489 7,7% 3,7% 308.129 285.308 8,0%Custos dos Serviços Prestados (51.634) (51.319) (47.210) 0,6% 9,4% (153.499) (135.908) 12,9%Amortização e Depreciação 31.741 28.424 23.301 11,7% 36,2% 87.542 65.180 34,3%Outras Receitas 0 58 0 -100,0% - 168 0 -(Despesas) Receitas Operacionais (12.261) (9.779) (8.435) 25,4% 45,4% (29.611) (23.034) 28,6%EBITDA 77.264 68.958 73.145 12,0% 5,6% 212.729 191.546 11,1%Ônus Fixo pago (4.066) (4.079) (4.080) -0,3% -0,3% (12.224) (11.568) 5,7%EBITDA Ajustado 73.198 64.879 69.065 12,8% 6,0% 200.505 179.978 11,4%% EBITDA Ajustado S/ Rec. Líquida 66,9% 63,9% 65,5% 65,1% 63,1%
EBITDA Ajustado (R$ mil) 3T06 2T06 3T05 Var % 3T/2T06
Var % 3T/3T05 9M06 9M05 Var %
9M06/9M05
16
2Q06
Financial Result
Financial Result Breakdown (% of total) IGP-M Performance (%)
3Q06
10.8%
26.4%62.8%
Fixed concession charges
Other Fin.
BNDES/CEF
2Q060.70
16.9%
14.4%
68.7%
Other Fin.
BNDES/CEF3Q06
0.80
Receitas Financeiras 2.146 5.204 8.010 -58,8% -73,2% 13.659 13.841 -1,3%Despesas Financeiras (10.814) (12.043) (8.147) -10,2% 32,7% (33.590) (37.628) -10,7%BNDES/CEF (7.428) (7.560) (10.387) -1,7% -28,5% (22.556) (28.347) -20,4%Outras Despesas Financeiras (1.828) (3.178) (1.081) -42,5% 69,1% (6.762) (7.688) -12,0%Atualização Monetária (1.558) (1.305) 3.321 19,4% -146,9% (4.272) (1.593) 168,2%Resultado Financeiro Líquido (8.668) (6.839) (137) 26,7% 6227,0% (19.931) (23.787) -16,2%% Receita Líquida 7,9% 6,7% 0,1% 6,5% 8,3%
Var % 9M06/9M05
Var % 3T/2T06
Var % 3T/3T05 9M06 9M05Resultado Financeiro (R$ mil) 3T06 2T06 3T05
Fixed concession charges
17
Indebtedness
51.0 51.667.7
214.7236.0
276.3 266.3303.7
4Q05 1Q061Q05
Short Term Debt
66.0
224.0
290.0
2Q05
67.4
216.0
283.4
3Q05
225.3
74,5
199,2
273.7
2Q06
74.5
199.2
Charges (September 2006)Amortization Schedule (R$ million)
Total debt (R$ million) Net debt (R$ million)
74,5
199,2
261.9
3Q06
75.7
186.2
236.6
207.6
91.7
1Q05 2Q05 3Q05 4Q05
1.2x0.9x
0.4x
1Q06
200.3
2Q06
0.8x0.5x 0.4x
118.2 103.0
204.4
3Q06
0.8x
Net debt / Adjusted EBITDA (LTM)
7.5
47.857.556.5
77.6
14.9
Oct/Dec2006
2007 2008 2009 2010 2011
2,8%
86,9%
TJLPCDIOutros
9,6%
Long Term Debt
18
Net Income
23,989
40,812
22,608
53,173
80,986
3Q05 2Q06 3Q06 9M05 9M06
52.3%- 5.8%
- 44.6%
Net Income Performance (R$ thousand)
19
Capex
Autovias and Intervias are repairing paving and remodeling certain facilities at the toll roads.
Centrovias continue with the duplication of SP-225, expected to be concluded in 2007.
Schedule
CAPEX Breakdown – 3Q06CAPEX (Real and Estimated)
169.1
191.8200.0
120.0
80.0
55.0
2004 2005 2006E 2007E 2008E 2009E
Total in the period between2007 and 2009
255.0*
127.4
9M06
*Capex outlook for Autovias, Centrovias and Intervias.
25.2%
50.9%
23.9%
20
New Concessionaire
21
New Concessionaire: Vianorte
Beginning of concession: 1998
End of concession: 2018
Total length: 236,6 KmToll Plazas: 4
Toll road network map:
22
Year 9 Months
New Concessionaire: Vianorte
Revenue Breakdown – 9M06*
31.6%23.0%
23.2% 22.2%
Traffic Performance (in thousand Vehicle Equiv.)
15,907 16,987 17,677 18,021 18,494 19,044
24,97724,26723,76222,85321,595
2001 2002 2003 2004 2005 2006
CAGR 3.7%
* pro forma, considering the acquisition of Vianortesince January 1st, 2006.
23
New Concessionaire: Vianorte
EBITDA Margin (%)
Receita Líquida de Serviços 92.623 85.367 8,5% 116.681 107.640 8,4%EBITDA 42.230 35.026 20,6% 49.206 45.179 8,9%
Margem EBITDA 45,6% 41,0% 42,2% 42,0%EBIT 19.217 8.011 139,9% 15.831 19.852 -20,3%
Margem EBIT 20,7% 9,4% 13,6% 18,4%Resultado antes de IR e CS 8.510 (2.867) -396,8% 206 7.932 -97,4%Lucro Líquido 8.510 (450) -1991,2% 166 5.121 -96,8%
Margem líquida 9,2% -0,5% 0,1% 4,8%Patrimonio Líquido: 119.230 107.193 11,2% 110.719 91.731 20,7%Dívida Líquida: 97.736 91.034 7,4% 99.758 77.496 28,7%
Destaques Vianorte (R$ Mil) 9M06 9M05 2005 2004 Var % Var %
42.2%42.0%40.6%37.7%
33.7%
41.1%
45.6%
20052004200320022001 9M05 9M06
15.0
50.055.0
60.0
2006 (E) 2007 (E) 2008 (E) 2009 (E)
48.5
Capex (Real and Estimated)(R$ Thousand)
9M06
24
Other Information
25
Promissory Note Issue - SPR
180 days + 180 days (new issue, optional)
102.75% of CDI
Qualified investors
R$ 220 MM in 200 notes of R$ 1MM eachTotal issue
Payment of Vianorte (estimated amount: R$ 100 million)Working capital
OHL Brasil S.A.
Term
Remuneration
Guarantee
Target investors
Use of proceeds
SPR – Sociedade para Participações em Rodovias S.A.Issuer Wholly-owned subsidiary of OHL Brasil and controller of
Vianorte
26
Share Appreciation until October 31, 2006Pricing
(Base 100 on July 13, 2005)
16/1
0
27/9
11/9
23/84/8
19/73/7
14/6
29/5
11/5
24/44/4
17/31/3
9/2
23/15/1
19/1
2
1/12
14/1
1
26/1
0
7/10
21/92/9
17/81/8
14/7
93,00
103,00
113,00
123,00
133,00
143,00
153,00
163,00
173,00
183,00
OHL – 53.89%BOVESPA – 51.85%
Traded VolumeNumber of shares traded
0
200
400
600
800
1.000
1.200
1.400
23/1
011
/10
2/10
21/9
12/9
31/8
22/8
10/81/8
21/7
12/73/7
22/6
12/61/6
23/5
12/53/5
20/4
10/4
30/3
21/3
10/31/3
16/27/2
27/1
17/16/1
27/1
216
/12
7/12
28/1
117
/11
7/11
26/1
017
/10
5/10
26/9
15/95/9
25/8
16/85/8
27/7
18/7
27
Social Responsibility
Name of Project Campaigns Attendance
Autovias Saúde na Estrada 16 10,028
Centrovias Mais Saúde na
Estrada 15 4,503Intervias Saúde na Boléia 21 41,749
Intervias Posto do
Caminhoneiro 1 13,131
Total 53 69,411
Health
Concessionaire Schools Served Students Benefited
Teachers Monitored
Autovias 94 88,000 721Centrovias 107 32,721 1,030Intervias 186 172,069 7,085
Total 431 292,790 8,836
Quantitative summary of projects until September 2006
Education
# of seedlings to be planted
Autovias 150,000Centrovias 66,362Intervias 0
Total 216,362577,238
Environment
# of seedlings planted
243,000189,238145,000
Magazine # of editions Periodicity # of Impression
Porta-luvas 2 Quarterly 300,000
Culture (OHL Brasil)
Quantitative summary of projects until September 2006
Concessionaire
Concessionaire
28
Outlook
29
New Biddings: Federal, State and PPP
Federal Lots:Highway corridors are essential in connecting Brazil’s richest areas
State Lots (SP):Potential export corridor through the Port of SãoSebastião
02
07
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 Length # 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
PPPs :PPP projects are a great opportunity for OHL Brazil growth.
03
PPP 372.0 Km 06 plazasMG 050 - Betin - Divisa SPPPP 637.0 Km 07 plazasBR 116/BA e BR 324/BAPPP 111.0 Km 01 plazaSP 099 - Tamoios
1120.0 Km 14 plazas
PPP
PPP
PPP
Road Length # of Plazas
Road Length # of Plazas
30
Investor Relations
OBRASCON HUARTE LAIN BRASIL S.A.
OHL Brasil S.A. Contacts: Address:
Francisco Leonardo Francisco Leonardo MouraMoura dada CostaCostaChief Financial and Investor Relations [email protected]
Alessandro Alessandro ScotoniScotoni LevyLevyFinancial and Investor Relations [email protected]
Rua Joaquim Floriano, 913 – 6º andarItaim Bibi – São Paulo – SPCEP 04534-013Phone: (5511) 3074-2404
www.ohlbrasil.com.br