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 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
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.
2
7. EBITDA – per concessionaire (R$ thousand)
Cost and
Net Services EBITDA
Concessionaire Service EBITDA
Revenue Margin
Expenses
Autovias 54,804 (13,070) 41,734 76.2%
Centrovias 51,957 (11,376) 40,581 78.1%
Intervias 61,950 (14,436) 47,514 76.7%
Vianorte 49,155 (10,869) 38,286 77.9%
State Concessions 217,866 (49,751) 168,115 77.2%
Planalto Sul 17,527 (10,529) 6,998 39.9%
Fluminense 23,469 (12,338) 11,131 47.4%
Fernão Dias 27,223 (21,192) 6,031 22.2%
Régis Bitttencourt 44,815 (19,839) 24,976 55.7%
Litoral Sul 27,102 (16,135) 10,967 40.5%
Federal Concessions 140,136 (80,033) 60,103 42.9%
Total 358,002 (129,784) 228,218 63.7%
Consolidation adjusts (4,228) (4,228)
Total Consolidated 358,002 (134,012) 223,990 62.6%
It is worth noting that the Fernão Dias concession recorded an EBITDA margin of 22.2% due to
the fact that one of the 8 toll plazas was not operating (Plaza 1).
The inauguration of Plaza 1 in Fernão Dias concession is expected for early September, 2010.
7
9. Net Income
Results Evolution (iR$ thousand)
78,489 (7,796)
(5,764)
(554) 1,738 (18,474)
10,403
10 403 (22,253)
(22 253)
(11,392)
(7,583)
62,571
45,757
Net Income Gross Deductions Costs Grant Authority G&A Deprec. and Financial Financial Monetary IR&SC Net Income
2Q09 Revenues Expenses Expenses Amort. Revenues Expenses Correction Taxes 2Q10
of Fixed
Concession
Charge
+36.1%
9
10. Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
2,473
2.5x 2.6x 2.4x
2 4x 2.2x
22
1,936 1.9x
1,794 1,821 1.9x 1.8x
1,657 1,287 1.4x
1,425 37 1.1x
739
1,037 267 847
1,012 922
690 1,784 1,450
1,291 1,325 1,346 1,354
935 1,158 1,197
, ,
1,186 1,174
355 933 947 915
735 652
335 471
79 102
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Long Term Short Term Net Debt Net Debt/ (EBITDA/Fixed Concession Charge Paid ) (LTM)
Debt Cost Breakdown Debt Amortization Schedule (in R$ million)
Outros
0.1%
1,186.4
1.186,4
IPCA
14.2% TJLP
36.0%
CDI 248.1
248,1 241.5
241,5 236.4
236,4
49.7% 159.0
159,0 174.1
174,1 114.1
114,1 114.2
114,2
jul/10 to
jul/10 à jul/11 to
jul/11 à 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017
jjun/11
jun/11
j dec/11
dez/11
10
11. Indebtedness
BNDES Bridge Loan (Federal Concessions):
In 2Q10, R$38.8 million were disbursed by the federal concessions. By June 30, 2010, R$837.2 million had
, y y , ,
already been disbursed of the R$1.0 billion made available by the “BNDES Bridge Loan” contracted by the
federal concessions.
BNDES Long Term Loan (Federal Concessions):
The Company is structuring the long-term financing of the federal concessions with the BNDES. The
signatures of these credit line contracts are expected to take place until the end of 2010.
Debentures (State Concessions):
( )
Autovias, Centrovias, Intervias and Vianorte state concessions have concluded their debenture issuance
operation in the amount of R$1,372.8 million on April 30, 2010. The settlement took place between April 26
and 27, 2010.
The resources from the issuance were chiefly allocated to: (i) refinancing of promissory notes issued in
November 2009 with a combined value of R$700 million, falling due in April 2010, from the Autovias,
Centrovias and Intervias concessions; (ii) settlement of the promissory notes issued in February 2010 and
used to pay Vianorte debt to the BNDES, in the amount of R$50 million, in advance and; (iii) additional
resources in the amount of R$622.8 million allocated to future investments and the payment of dividends of
these concessions.
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12. CapEx
CapEx Breakdown 2Q10 – R$181 9 million*
C E B kd R$181.9 illi *
3.84%
12.47%
12 47% 10.18%
10 18%
8.73%
18.25%
7.37%
8.38%
5.10%
25.68%
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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