2. Company Overview
OHL Brasil is the third largest Company in the toll road concessions
sector in Brazil measured by gross service revenues and kilometers
of toll roads operated, with 910 kilometers of operations. OHL Brasil
manages 9.4% of the total Brazilian toll roads currently under
concession, and 8.7% of total gross revenues generated in the sector.
Consistent cash generation and financial strength: strong Adjusted EBITDA
growth and low indebtedness level;
Privileged location area: Autovias, Centrovias and Intervias are interconnected
and located in one of the main agribusiness centers in Brazil;
High growth potential: capitalized for acquisitions and to participate in new
bidding programs;
Controlling Shareholder broad experience – OHL Concesiones;
Corporate governance best practices (Bovespa’s “Novo Mercado” – OHLB3, with
a 40% free float).
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3. 2Q06 Highlights
5.1% traffic growth in 2Q06 versus 1Q06.
Net services revenue grew by 8.8% quarter over quarter.
Adjusted EBITDA of R$64.9 million and Adjusted EBITDA
margin of 63.9%.
Conclusion of the Ownership Restructuring Process.
Net Income grew by 132.3% in the quarter.
Acquisition process of the concessionaire Vianorte – at
the conclusion stage.
44.44% appreciation of our shares until August 07, 2006.
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4. Ownership Restructuring
The ownership restructuring process was concluded on June,
2006. Main advantage: use of the fiscal benefit resulting from the
goodwill of the acquisition of the concessionaires.
Currently we are waiting for BNDES’s authorization for the
conclusion of the acquisition of Vianorte.
Current Ownership Structure
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7. Adjusted EBITDA and Adjusted EBITDA Margin
In R$ million
14.8%
127.3
110.9
10.5%
3.9%
64.9
62.4
58.7
64.1%
64.3%
63.9% 61.7%
62.9%
2Q05 1Q06 2Q06 1H05 1H06
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8. Net Financial Result
Var % Var % Var %
Financial Result (R$ thousand) 2Q06 1Q06 2Q05 1H06 1H05
2Q/1Q06 2Q/2Q05 1H/1H05
5,204 6,309 -17.5% 62.6%
Financial Revenues 3,200 11,513 5,831 97.4%
(12,043) (10,733) (10,408) 12.2% 15.7%
Financial Expenses (22,776) (29,481) -22.7%
(7,560) (7,568) -0.1% -8.4%
BNDES/CEF (8,250) (15,128) (17,960) -15.8%
(3,178) (1,756) 81.0% 99.6%
Other Financial Expenses (1,592) (4,934) (6,607) -25.3%
(1,305) (1,409) -7.4% 130.6%
Monetary correction of fixed concession charge (566) (2,714) (4,914) -44.8%
54.6% -5.1%
Net Financial Result (6,839) (4,424) (7,208) (11,263) (23,650) -52.4%
% Net Services Revenue 6.7% 4.6% 7.7% 5.7% 13.2%
Financial Expenses Breakdown (% of total)
2Q06 1Q06
Fixed concession
charges
Fixed concession
charges 13.1%
10.8%
Other Fin.
26.4%
Other Fin. 16.4%
70.5%
62.8%
BNDES/CEF BNDES/CEF
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9. Net Income
In R$ million
133.8%
40.8
132.3%
17.6
17.5
2Q05 1Q06 2Q06
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10. Net Debt
In R$ million
Currently our debt is
100% denominated in
Reais
207.6 200.3
103.0
0.9x
0.8x
0.4x
2Q05 1Q06 2Q06
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11. Capex
In R$ million
CAPEX Breakdown – 2Q06
CAPEX Real and Estimated
200.0 Period between2007 to 2009
191.8
255.0*
169.1
120.0
19.4%
71.5
80.0 32.8%
55.0
1H06
45.8%
2004 2005 2006E 2007E 2008E 2009E
*Estimated capex for Autovias, Centrovias and Intervias.
Schedule
Autovias and Intervias are working in the pavement recovery and on the improvement of
some toll road’s facilities.
Centrovias continue with the duplication of SP- 225, expected to be concluded in 2007.
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13. Forward-looking Statement
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.
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