presentacion brasil 150208 ing

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


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%




Lot 4Highway BR-101Section ES/RJ border – Río Niterói BridgeLenght 320.1 km / 5 Plazas

Auction

HighwaySectionLenght

Lot 2

Lot 6

Lot 7



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

10

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

11

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%

14

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.

16

Agenda

Company Profile

New Opportunities

Awards


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)

18

Agenda

Company Profile

New Opportunities

Awards


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.