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1
Presentation
February, 15 - 2008
2
Disclaimer
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
Agenda
Company Profile
New Opportunities
Awards
Federal Toll Roads Auction
4
Organizational Structure
100,0%
40.0%
100,0% 100,0% 100,0% 100,0%100,0%
60.0%
OHL Group
International Group of construction, concessions and services, listed in Madri Stock Exchange since 1991;Founded over 90 years ago and established in 16 countries;1995-2006 CAGR Net revenue of 32.2%.
• Fernão Dias• Régis Bittercourt• Curitiba – Div. SC/RS • Curitiba – Florianópolis• Div.ES/RJ – P. Río Niterói
FEDERALS
One of the core business of the OHL Group (57% of total EBITDA of the group in the 1H07;Global operator of infrastructures: roads, ports, airports and railways;Strong international experience in the development of efficient capital structure for projects;Strategic position in Latin America: Brazil, México e Chile;Expertise in Brazil through the OHL Brasil.
OHL Concesiones 60,0%
5
OHL Brasil – Timeline (until 12/31/2007)
Excellent strategic positioning and aggressive acquisition plan have positioned OHL Brasil towards expansion
32.7
158.8
268.3
2000 2001
92.7
2002 2003 2004
01-06 CAGR 67%
Net
Rev
enue
(in
R$
milli
ons
)
100%: Autovias
CentroviasIntervias
94% Autovias100%
Centrovias
94% Autovias
9% to 24%Autovias
100%: Autovias
Centrovias
2005
IPOOHL Brasil S.A.
389.1
100%Autovias
CentroviasInterviasVianorte
2006
430.3
2007
600 (Est)
Base Formation
Business feasibility analysis
Expansion Strategic Positioning
Acquisitions and privileged location
Current portfolio, future growth and Auctions
Note: Data above refer to December 31st of each period, excepted 2007 which consider the Market Consensus.
6
Brazilian Economic OutlookRiesgo País (EMBI Brasil b.p, EP – Source: JP Morgan) Inflation IPCA (Source: IBGE)
Interest rate (TJLP annual, EP – Source: BNDES) GDP (Source: IBGE)
Country Risk
6.9%
9.8%9.8%11.0%
10.0%10.0%
2001 2002 2003 2004 2005 2006
9.3%
5.7% 3.1%
12.5%
7.6%
7.7%
2001 2002 2003 2004 2005 20060
500
1,000
1,500
2,000
2,500
3,000
2001 2002 2003 2004 2005 20062001 2002 2003 2004 2005 2006
1.31%
2.66%
1.15%
5.71%
3.16%3.75%
2001 2002 2003 2004 2005 2006
7
Agenda
Company Profile
New Opportunities
Awards
Federal Toll Roads Auction
8
Timeline planned in the Bidding Documents
Event
AUCTION ……………………………………..……………………………………………..…… Octuber, 10 - 2007
Auction’s APPROVAL ……………………………………………………………….…….. December, 12 - 2007
Signature of the Concessions Agreements ……………..………………………………. February, 14 - 2008
Start of TOLL COLLECTION ………………….…………………………………………………. August - 2008
End of TOLL COLLECTION ………………………………………………..……………….…….. August - 2033
9
Auction’s summaryOHL Brasil obtained 2,078.8 km of the total of 2,600.8 km
• Auction based in the lowest tariff; • Concession period = 25 years;• Annual tariff readjustment by IPCA (CPI) – based jul/2007;• Maintenance of the economic-financial balance by the proposal’s IRR;• Traffic’s risk belongs to concessionaire.
RS
SC
PR
SP
MG
RJ
ES
Porto Alegre
Florianópolis
CuritibaSao Paulo
Belo Horizonte
Vitória
Río de Janeiro
Lot 1 BR-153/SPOHL Brasil didn’t present proposal
Lot 3 BR-393/RJOHL Brasil didn’t present proposal
Lot 5 Fernão Dias
Highway BR-381Section Belo Horizonte-São PauloLenght 562.1 km / 8 PlazasTarrif (R$) R$0.997Project IRR 8.55%
Tarrif (R$) R$2.540Project IRR 8.64%
Tarrif (R$) R$1.028Project IRR 8.00%
Tarrif (R$) R$1.364Project IRR 8.68%
Tarrif (R$) R$2.258Project IRR 8.01%
Lot 4Highway BR-101Section ES/RJ border – Río Niterói BridgeLenght 320.1 km / 5 Plazas
Auction
HighwaySectionLenght
Lot 2
Lot 6
Lot 7
HighwaySectionLenght
HighwaySectionLenght
BR-116Curitiba-SC/RS Border412.7 km / 5 Plazas
BR-116/376/101Curitiba-Florianópolis382.3 km / 5 Praças
Régis BittercourtBR-116São Paulo-Curitiba401.6 km / 6 Plazas
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Methodology of the Traffic Assumptions (Federal Toll Roads)
The best technology available for the traffic assumptions:Traffic counting in every road in the years 2002, 2005 and 2007;Performed Surveys of Origin - Destination;Configuration of a set of road connections relevant to each highway (lot), considering its size, capacity and preservation;Construction of travel matrices and distribution of them to different routes through specialized software;
Studies made together with the consultancy Steer Davies Gleave, OHL Concesiones and OHL Brasil;Projection of future traffic based on the projected GDP and elasticity calculated from historical data. The average elasticity considered in the proposals is between 1.1 and 1.2;The traffic forecasting also consider the impacts of improvements in the roads by the conclusion of investments.
Brazil’s GDP Growth Rates (annual)4.37%
4.10% 4.05% 4.00%3.75%
3.50%
3.00%
08 09 10 11-15 16-20 21-25 26-32
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CAPEX / OPEX (Federal Toll Roads)
CAPEX (R$ million real basis – data based jul/07)
OPEX (R$ million real basis – data based jul/07)
Total 2008-12:
R$ 4,158 M
Total 2008-12:
R$ 1,525 M
CAPEX: 2008-12:
Recovery of the roads;Toll Plazas, Equipments, Vehicles e OCC’s;Duplication works;Recovery of the infrastructure along the roads;Construction of citizens overpass, D Turns and
others.
2013-33Maintaining the infrastructure of roads;Construction of 3ª lanes.
OPEX: Administration and operations expenses;Users services;Maintenance of Roads and Equipments;Insurance and Guarantees;Federal Police Road;Supervisory Concession.
1.196
2,186 2,261
776
2008 2009 2010-12 2013-33
322977
6,714
226
2008 2009 2010-12 2013-33
12
Traffic and Results (proposal’s data)Traffic Total (million of vehicles-equivalents) Net Revenue (R$ million real basis – data based jul/07)
EBITDA (R$ million real basis – data based jul/07)
2009
478
10
503
11
516
13
566
12
540
14
593
15
620
16
648
17
677
18
707
2009
575
10
606
11
625
13
685
12
654
14
718
15
752
16
786
17
820
18
857
400
600
800
1,000
1,200
1,400
09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
2009
252
10
279
11
298
13
334
12
330
14
366
15
400
16
434
17
495
18
535
0
300
600
900
1,200
09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
400
700
1,000
1,300
1,600
09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
13
Revenue and EBITDA (Federal Toll Roads)
Results (R$ million real basis – data based jul/07)
6061,280
21,000
575
14,286
280253630
2009 2010 2011-12 2013-32
-30,0%
-10,0%
10,0%
30,0%
50,0%
70,0%
90,0%
Net Revenue EBITDA Average EBITDA margin
44% 46% 49%
66%
09-32 CAGR
Revenue: 3.6%
EBITDA: 4.9%
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Minas Gerais: Largest producer of coffee and milk;
Rio de Janeiro: Largest producer of oil and one of the main center of steel industry;
São Paulo;
Paraná: Responsible for 23% of Brazilian grains production and the Porto de Paranaguá is the major in grains exportation;
Santa Catarina: One of the state with the best economic development index and with an important food industry.
Currents Roads e Federal Toll Roads
Currents Roads: Federal Toll Roads:
The road network is located in 5 States: Minas Gerais, Rio de Janeiro, São Paulo, Paraná e Santa Catarina. This States accounts for approximately 50% of Brazilian population and 64% of the country’s GDP.
Population of 36 millions in the cities close to the roads. The operations area that holds approximately 69% of the Brazilian fleet of vehicles in 2006.
The prior portfolio was located in the São Paulo State;Sao Paulo: The main economy center and the biggest population in Brazil.
RS
SC
SP
MG
Florianópolis
Porto Alegre
CuritibaSãoPaulo
Belo Horizonte
Vitória
Río de JaneiroRJ
PR
ES
SP 2005 GDP per capita US$ thousandBrasil 4.79
Sudeste 6.35Minas Gerais 4.11Rio de Janeiro 6.59São Paulo 7.39
Sul 5.43Paraná 5.07Santa Catarina 5.97
15
CCR36%
Others26%
Ecorodovias9%
OHL Brasil18%
Triunfo4%
Bertin Equipav7%
Bertin Equipav
13%CCR12%
Others37%
Ecorodovias8%
Triunfo5%
OHL Brasil25%
OHL Brasil’s position
# of Concessions
Lenght and Toll Plazas
Market Share Brazil (per km)
Revenue (pro-forma 2006)1
Geographic Area
Portfolio2
Equivalents vehicles (daily)
4 of 37 (10.8%)
1.147 km / 23 Plazas
9%
R$ 589 millions
São Paulo Northeast
R$ 15.9 billions
303.5 thousand
9 of 44 (20.5%)
3.226 km / 52 Plazas
25%
R$ 1.1 billion
Brasil South and Southeast
R$ 57.8 billions
1,530.0 thousand
BEFORE AUCTION
MARKET SHARE BRAZIL (considering the Federal Toll Roads Auction)
Km REVENUE
Source: ABCR, ANTT and OHL Brasil
AFTER AUCTION
(1) Numbers of the 2006 results which includes revenue expected for 2009 and deflated for 2006 from the 5 lots of federal toll roads recently bided by OHL Brasil.
(2) Portfolio estimated by the sum of nominal net revenue coming from the remained term of the concessions projects.
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Agenda
Company Profile
New Opportunities
Awards
Federal Toll Roads Auction
17
Ongoing process of the improvement of the SãoPaulo State road network.
SP. 070 – Rod. Ayrton Senna/Carvalho Pinto 133 KmSP. 065 – Rod. Dom Pedro I 297 KmSP. 300 – Rod. Marechal Rondon (East Section) 361 KmSP. 300 – Rod. Marechal Rondon (West Section) 431 KmSP. 270 – Rod. Rap. Tavares 389 Km
1.611 Km
Section Lenght
1
It is a beltway-style road with the objective to improve the traffic logistic platform in the metropolitan region of São Paulo.
Rodoanel
1
5
32 Km
State Lots (SP):
Rodoanel:
234
Section Lenght
1
2
57 Km287 Km
New Possible Biddings 2008: São Paulo RoadsState Lots (SP)
23
1
4
5
West Section South Section (To be constructed and after became a concession)
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Agenda
Company Profile
New Opportunities
Awards
Federal Toll Roads Auction
19
Our AwardsIRGR (Investors Relations Global Rankings)
- 2006: OHL Brasil - “Award - Website: Financial disclosure best practices and Latin America earnings release, in Small/Mid cap category”
ABRASCA (Associação Brasileira das Companhias Abertas)- 2006: OHL Brasil - “Award - Annual Report”
IBTTA (International Bridge, Tunnel and Tumpike Association):
- 2005: INTERVIAS - “IBTTA Toll Excellence Awards”, category of Social Responsibility
- 2001: AUTOVIAS - “International Award IBTTA - Safety in Roads”.
In addiction to IBTTA, ours Concessionaries have already received others awards:
-2005: CENTROVIAS - Top of Quality Environmental, from the actions concerning the licenses for the duplication of SP-225 Road;
-2005: AUTOVIAS - Award Ambiental Von Martius, with the Education Program “Diffusion of Pau-Brasil Tree”;
-2003: INTERVIAS - Award Top of Ecology from ADBV, with the Program Environmental Management;
-2004: AUTOVIAS - Award “Denatran for Traffic Education” with the Program Friend from Road;
-2002: INTERVIAS - Award Volvo of Safety Traffic, with the School Project.
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