9 m11 results

9M11 Results

21/11/2011

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 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.

OHL Group

Results

Opportunities

Company Profile – OHL Group

1

4.417 km

37 km

80 hectares

2 million pass./year

TOLL ROADS

• 9

• 1 Argentina

• 3 Chile

• 6 Mexico

• 3 Spain

• 1 Peru

RAILWAYS

• 2 Spain

COMMERCIAL

PORTS

• 1 Spain

• 1 India

AIRPORTS

• 1 Mexico

MARINAS

• 4 Spain

2,431 berths

PARKING FACILITIES

• 1 Brazil

NATIONAL

CONSTRUCTION

• Civil Projects

• Buildings Construction

• Urban Services and

Infrastructures

INTERNATIONAL

CONSTRUCTION

• EUA

• México, Chile and Peru

• Central Europe

• Qatar and Argélia

CONCESSIONS

INDUSTRIAL

• Refinery

• Gas

• Petrochemical

• Energy

• Lands Movements

• Fire protection systems

ENVIRONMENTAL

• Sea and brackish water

Desalination

• Urban and Industrial

Water Purification

• Potable water treatment

DEVELOPMENTS

• Tourist Complexes

• Malls

Company Profile – Geographical Presence

2

Company Profile – OHL Group

OHL Group OHL Concesiones

3

International Group of construction, concessions and services,

listed in the Madrid Stock Exchange since 1991

Founded over 98 years ago and established in 21 countries

Portfolio of € 78 bn (9M11)

Summary of results:

Strategic position in Latin America: Brazil, México and Chile

Global operator of infrastructures: roads, ports, airports and railways

Expertise in Brazil through OHL Brasil

Broad international experience in the developing of efficient capital

structure for projects

Summary of results:

Revenue (Mn Euros) 2009 2010 9M11

OHL S.A 4,780 100% 4,910 100% 3,587 100%

Construction 3,426 72% 3,071 63% 1,972 55%

Others Activities 213 4% 330 7% 364 10%

Concessions 1,142 24% 1,509 31% 1,252 35%

EBITDA (Mn Euros) 2009 2010 9M11

OHL S.A 763 100% 1,005 100% 838 100%

Construction 310 41% 240 24% 183 22%

Others Activities 18 2% 18 2% 17 2%

Concessions 436 57% 747 74% 639 76%

Revenue (Mn Euros) 2009 2010 9M11

OHL Concesiones 1,142 100% 1,509 100% 1,252 100%

Argentina 10 1% 14 1% 11 1%

Brasil 432 38% 646 43% 555 44%

Chile 53 5% 68 4% 26 2%

Espanha 57 5% 75 5% 69 6%

México 65 6% 89 6% 81 6%

Peru 8 1% 14 1% 14 1%

Outros 518 45% 603 40% 497 40%

EBITDA (Mn Euros) 2009 2010 9M11

OHL Concesiones 436 100% 747 100% 639 100%

Argentina (3) -1% (3) 0% (4) -1%

Brasil 248 57% 356 48% 303 47%

Chile 39 9% 50 7% 20 3%

Espanha 21 5% 26 3% 45 7%

México * 133 31% 284 38% 255 40%

Peru 5 1% 8 1% 10 2%

Outros (8) -2% 27 4% 10 2%

Company Profile – Investment Criteria

4

Geographical Scope:

Strategic Countries like Brazil, Mexico, Chile, Peru and Spain

Selectively in other geographical areas

Level of Ownership: We favor majority holdings that confer decision-taking and control powers in

each concession.

Profitability: A 15% target in Euros, taking into account the effect of possible parity changes,

estimated as inflation differential.

Equity: Financed with cash flow put up by the Group.

Debt: Non-recourse and in local currency, free from exchange rate risk.

Company Profile – Corporate Structure

5

AUTOVIAS

FERNÃO DIAS

FLUMINENSE

PLANALTO SUL

LITORAL SUL

RÉGIS BITTENCOURT

LATINA MANUTENÇÃO

FEDERAL TOLL ROADSSTATE TOLL ROADS

CENTROVIAS

INTERVIAS

VIANORTE

OTHER BUSINESS

LATINA SINALIZAÇÃO

PAULISTA

INFRAESTRUTURA

100%

4.68%

100%

100%

100%

100%

PARTÍCIPES EN BRASIL

OHL S.A.

OHL CONCESIONES SL

100%

100%

60%

Company Profile – OHL Brasil’s Concessions

6

One of the largest companies in Brazil in the sector of

toll roads concessions in terms of kilometers under

management, with 3,226 km

OHL Brasil consolidated its participation in the main

economic axes of the country

There are approximately 35 million people living near

our highways

The states in which we operate hold more than 2/3 of

the Brazilian fleet of vehicles

Company Profile – Terms of the Concessions

Portfolio Life: The average remaining term of our concessions’ portfolio is 16.6 years.

7

Years pending Years elapsed

7 8

17

7

22 22 22 22 22

13 13 11

13 3 3 3 3 3

Portfolio – State Concessions

Description

OHL Brasil Stake 100 %

Length 1,147 km

Nº of toll plazas 23

Portfolio Average Life 9.8 years

Equiv. Vehicles – 3Q11 (mn) 48.4

Employees – 3Q11 1,335

Average Tariff – 3Q11 R$ 6.19

Estimated Invest. – (2012-2015) R$ 570 million

Net Debt – 3Q11 R$ 699 million

Notes: Net revenue without revenue from construction services.

Calculated in accordance with BR GAAP (before IFRS).

* Excl. Fixed C. Charge

Net Revenue, Margin and Adjusted EBITDA *

288

8

360 465 507 546

617 724 776

896

729

184 265 301 338 395

494 525

634

527

51.1% 57.0% 59.4% 61.9% 64.0%68.2% 67.7%

70.8% 71.4%

-10,0%

20,0%

50,0%

80,0%

110,0%

-100 200 300 400 500 600 700 800 900

1.000 1.100 1.200 1.300 1.400 1.500

2003 2004 2005 2006 2007 2008 2009 2010 9M11

Net Revenue (R$ mn) Adjusted EBITDA (R$ mn) * Adjusted EBITDA Margin (%)

Portfolio – Federal Concessions

Description

OHL Brasil Stake 100 %

Length 2,079 km

Nº of toll plazas 29

Portfolio Average Life 22 years

Equiv. Vehicles – 3Q11 (mn) 122.8

Employees – 3Q11 2,161

Average Tariff – 3Q11 R$ 1.69

Estimated Invest. – (2012-2015) R$ 2.7 billion

Net Debt – 3Q11 R$ 925 billion

Notes: Net revenue without revenue from construction services.

Calculated in accordance with BR GAAP (before IFRS).

Net Revenue, Margin and Adjusted EBITDA

9

48

100 128 138 138 140 152

170 180 182 188

-26

25

53 61 58 60 70 79 88 88 101

25.0%

41.4%

44.2%42.0% 42.9%

46.1% 46.5%48.8% 48.3%

53,6%

0,0%

25,0%

50,0%

-50

40

130

220

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1T11 2T11 3Q11

Net Revenue (R$ mn) Adjusted EBITDA (R$ mn) Adjusted EBITDA Margin (%)

OHL Group

Results

Opportunities

Macroeconomic Scenario

GDP (%) Interest rate – EoP (%)

Inflation rate (%) Exchange rate – EoP (R$)

Source: IBGE, FGV, BACEN, CETIP, Relatório Focus (07/01/2011) e BNDES

24.9

16.3 17.8 18.1

13.2 11.2

13.7

8.7 10.7

12.5 12.5 10.0 11.0

9.8 9.8

6.9 6.3 6.3 6.0

6.0 6.0 6.0

-

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E

CDI TJLP

3.7 3.6 3.6

2.8 2.8 2.6

3.3

2.5 2.2

3.5

2.9 2.7

2.3 2.1

1.8

2.3

1.7 1.7 1.6 1.7

-

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E

R$ / € R$ / US$

2.7

1.1

5.7

3.2

4.0

6.1

5.2

(0.6)

7.5

3.9 4.1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E

25.3

8.7

12.4

1.2

3.8

7.8 9.8

(1.7)

11.3

6.0 5.0

12.5

9.3 7.6

5.7

3.1 4.5

5.9 4.3

5.9 6.2 5.1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E

IGP-M IPCA

10

Traffic

11

Vehicle-Equivalents (Thousand) 9M11 9M10Var%

9M11/9M10

State Concessions 135,432.70 116,071.66 16.7%

Autovias 32,011.46 31,044.58 3.1%

Centrovias 35,278.10 19,524.92 80.7%

Intervias 43,567.20 42,231.23 3.2%

Vianorte 24,575.94 23,270.93 5.6%

Federal Concessions 359,636.87 312,239.98 15.2%

Planalto Sul 20,890.00 19,727.59 5.9%

Fluminense 34,678.68 31,295.99 10.8%

Fernão Dias 113,278.57 83,658.18 35.4%

Régis Bittencourt 106,269.41 99,651.33 6.6%

Litoral Sul 84,520.22 77,906.89 8.5%

Total 495,069.57 428,311.64 15.6%

Traffic

In the second half of 2010, four toll plazas run by Centrovias started

tolling in both directions, reducing the rate by half

The toll plazas are located at the cities of Brotas, Dois Córregos,

Itirapina and Rio Claro

In September 2010, the last toll plaza of the Fernão Dias Highway,

located in the municipality of Mairiporã, went into operation

This toll plaza represents about 21% of all traffic toll fees for utility

Centrovias Fernão Dias

Before event After event

12

-

3,0

6,0

9,0

12,0

15,0

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Centrovias (MN Equiv. Vehicles)

-

10,0

20,0

30,0

40,0

50,0

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Fernão Dias (MN Equiv. Vehicles)

Traffic

Commercial Passenger

13

Commercial vs. Passenger (%) Electronic Toll Collection (AVI)

74% 76% 75% 73% 72%77% 76% 75% 73% 76% 76%

26% 24% 25% 27% 28%23% 24% 25% 27% 24% 24%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Federal Concessions

58%61% 62% 61% 60%

63% 63% 62% 60%62% 64%

42%39% 38% 39% 40%

37% 37% 38% 40%38% 36%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

State Concessions

25.0%27.5%

29.6% 30.2% 31.6%

35.4%36.9% 38.1%

39.8%42.5%

44,2%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

AVI Federal Concessions

50.7% 53.0% 53.7% 53.8% 53.9% 56.0% 56.7% 57.3% 58.0% 60.0% 61,7%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

AVI State Concessions

Average Toll Tariff

Federal Concessions:

Tariff readjustment IPCA

fev/12E 6.4%

dez/11E 6.7%

fev/11 6.0%

dez/10 5.9%

State Concessions:

Tariff readjustment IGPM Tariff readjustment IPCA

jul/12E 5.5%

jul/11 6.6%

jul/10 5.2%

jul/12E 4.5%

jul/11 9.8%

jul/10 4.2%

Average Toll Tariff (R$ / Vehicle-Equivalents) 9M11 9M10Var%

9M11/9M10

State Concessions 5.84 6.16 -5.2%

Autovias 6.16 5.79 6.4%

Centrovias 5.57 8.95 -37.8%

Intervias 5.05 4.77 5.9%

Vianorte 7.22 6.83 5.6%

Federal Concessions 1.68 1.51 11.0%

Planalto Sul 3.10 2.90 6.9%

Fluminense 2.78 2.59 7.3%

Fernão Dias 1.30 1.10 18.2%

Régis Bittencourt 1.70 1.50 13.4%

Litoral Sul 1.36 1.19 14.0%

Total 2.82 2.77 1.6%

55 92 168

247 277 384

474

624 887

793

58.7% 57.8%

62.8% 63.4% 64.5%62.3%

65.4%

52.4%

59.2%60.5%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

-50

100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950

1.000 1.050 1.100 1.150 1.200 1.250 1.300 1.350

2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11

Adjusted EBITDA (R$ mn) ¹ Adjusted EBITDA Margin (%)

-8

3 25

77 99

75

105

176

304

226

300

2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11

93 159

268 389 430

616 725

1.189

1.497

1.090 1.279

2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11

¹ Excl. fixed charge

² 2010, 9M10 and 9M11 Net Income in IFRS

645

14 Obs.: Net revenue without construction revenues

Calculated in accordance with BRGAAP (before IFRS).

100 99 105 108 111 127 142

446

596

495 428

2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11

OHL Brasil’s Performance

Net Revenue (R$ MN) – Excl. Construct ion Revenue Consolidated Traffic Evolution (MN Equiv. Vehicles)

Margin and Adjusted EBITDA ¹ (R$ MN) Net Income ² (R$ MN)

645

Indebtedness

15

256

408 401 407 364

194 200

91 98 106 115 125 135

63

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Gross Indebtedness (R$ MN) Leverage Ratio and Net Debt (R$ MN)

Debt Cost Breakdown (%) Debt Amortization Schedule (R$ MN)

1.158 1.197

735 947

1.784

1.186 1.281 1.234 873 908

552

267

739

922 847

37 1.287 1.223

1.554

1.882 1.862 2.411

1.425

1.936

1.657 1.794 1.822

2.474 2.504

2.789 2.754 2.770

2.963

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Total

Long Term

Short Term

1.174 1.291 1.325 1.346 1.354 1.450 1.455 1.523 1.453

1.575 1.611

2,5 2,6 2,4

2,2

1,9 1,8 1,7 1,7 1,6 1,6 1,6

(2,5)

(1,5)

(0,5)

0,5

1,5

2,5

-

500

1.000

1.500

2.000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Net Debt Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months)

44,4%

42,6%

13,0%

TJLP

CDI

IPCA

44,4%

55,3%

0,3%

BNDES

Debentures

Others

Performed Investments on Federal Highways

16

Accumulated Evolution of

Performed Investments (R$ MN)

623

1.215

1.790

2.391

2008 2009 2010 9M11

+ 601

+ 575

+ 592

Main Projects in Progress

Autopista Fluminense

Duplication of 59.6 km of the BR 101/RJ between the

cities of Macaé and Campos dos Goytacazes, started in

mid-August, shortly after obtaining the construction license

from IBAMA. In this first phase, there will be an investment

of about R$ 200 million. Altogether, the project includes the

duplication of 176.6 km.

Autopista Fernão Dias

Construction of the second stage of the Betim (MG) City

Belt, by about 9 km. The connection of two ends of the

road will enable the creation of an alternative to long

distance traffic. The project foresees a total investment of

R$ 35 million. Work began in October.

17

Main Projects in Progress

Autopista Régis Bittencourt

Construction of the initial and final portions of the second

runway of the Serra do Cafezal (BR 116/SP), with 11 km

long, close to Juquitiba and Miracatu cities. Altogether,

there will be 30 km of highway that will be duplicated. The

release of the license related to the central stretch

depends on the conclusion of the analysis performed by

the environmental agency. In total, will be invested

approximately R$ 560 million in this project.

Autopista Planalto Sul

Duplication of 25 km of the BR-116 from Curitiba to

Mandirituba, started in October. There an investment of R$

62 million .

18

Federal

CAPEX

Next 5 years

R$ 3,6 bn

Today: Credit line of R$ 3.7 billion with BNDES

Until September 2011 R$ 1.3 billion had already been disbursed in 5 federal

concessions

Financing the Capex for the first 8 years

Around 69% of the Financed Capex

Grace period of 2 years

Repayment period in 12 years

Cost: TJLP + 200-300 bps margin

It will be concluded in 2011

BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC).

Cash generation of federal and state concessions

Additional financing through debentures in state concessions

Leverage rate below 3.5x (Net Debt/EBITDA)

R$1,7 bn

Performed / Disbursed (until Mar/2011) Not Disbursed Credit Expected Amount to be Performed

Federal

CAPEX

Next. 5 anos

R$ 3.6 bn

R$1.7 bi

Federal

CAPEX

Next 5 years

R$ 3.5 bn

R$ 1 bn

BN

DE

S1

O

HL

R$ 2 bn

R$ 0.9 bn

R$ 1,0 bn

R$ 0.5 bn

Financing Plan for Federal Concessions

R$ 1.9 bn

16

Panorama of loans with BNDES

20

Planalto Sul Fluminense Fernão Dias Régis Bittencourt Litoral Sul Total

Current contract Long Term Bridge Loan Long Term Long Term Long Term -

Signature of the current contract mar/11 aug/09 jul/11 jan/10 jul/11 -

Expiration date of current contract 12/15/2025 12/15/2011 03/15/2026 12/15/2024 07/15/2026 -

Principal amount taken up to 9/302011 (R$

MM)162 143 350 422 208 1,285

Limit long-term credit - contracted /

expected (R$ MM)331 781 703 1,069 810 3,694

Fundable% on CAPEX 68% 66% 70% 65% 68% 68%

Forecasting loan signing long-term Signed dec/11 Signed Signed Signed -

Current phase of the long-term loan SignedApproved by the

board of BNDESSigned Signed Signed -

OHL Group

Results

Opportunities

Coverage: 475.9 km (BA-698 – ES, km 458.4)

Terms of Concession: 25 years

Conditions: the lowest tariff

Investments: about R$ 2,35 billion (R$ 893 million in the first five years)

Operation Costs (25 years): R$ 1,64 billion

Toll Plazas: 7

Toll Tariff: R$ 6.80 per 100 Km

Estimated Revenue (25 years): R$ 6,7 billion

Federal Government – BR 101/ES/BA

Source: ANTT - Jan/2010

New Opportunities

20

Coverage: 817 km (BR-393 RJ – BR-116 BA)



Investments: about R$ 3,55 billion (R$ 870 million in the

first five years)

Operation Costs (25 years): R$ 1,73 billion

Toll Plazas: 8




Federal Government – BR-116/MG

New Opportunities

22

Coverage: 937 km (Federal District – Juiz de Fora)



Investments: about R$ 2,77 billion (R$ 1,29 billion in the

first five years)

Operation Costs (25 years): 2,02 billion

Toll Plazas: 12




Federal Government – BR-040 (DF/GO/MG)

New Opportunities

21

New Opportunities

Tamoios Highway (SP-099)

24

R$ 110 MM

(2% Gross Revenue)

R$ 808 MM

(5% Gross Revenue)

R$ 18,686 MM

R$ 16,169 MM

R$ 5,489 MM

PV: R$ 2,212 MM

Total: R$ 3,535 MM

PV: R$ 6,274 MM

Total: R$ 11,489 MM

New Opportunities – Airports (summary of modeling results)

17

NPV Project ¹ (minimum value of the auction, to

be recognized to the FNAC

during the contract)

Investments ²

Revenues ³

Variable Contribution ³

(to be recognized to the FNAC

during the contract)

R$ 2,293 MM

R$ 521 MM

R$ 75 MM

PV: R$ 4,771 MM

Total: R$ 6,241 MM

R$ 1,866 MM

(10% Gross Revenue)

Guarulhos Viracopos Brasília

Note: Values correspond to 100% of the concession.

1. NPV discounted at the rate (real WACC) of 6.46%. Amount to be paid by the Concessionaire - SPE consists of the successful Bidder (51%) and Infraero (49%).

2. PV discounted at the rate (real WACC) of 6.46%. Total amount already includes the effect of REIDI and maintenance investments.

3. PV discounted at the rate (real WACC) of 6.46%. Amount to be paid by the Concessionaire - SPE consists of the successful Bidder (51%) and Infraero (49%).

New Opportunities – Airports (model assumptions)

18

Projected Demand

Macro Economic

Assumptions

Tariff Structure

Variable Contribution

Concession Term

GDP Growth (until 2014): LDO ¹

Rate decreasing income elasticity of demand at 0.25% p.a.

WACC = 6.46% real

Model in real terms – without inflation

Connection Tariff: R$ 7.00 (domestic and international)

Incorporation of ATAERO: 20.75%

Viracopos’s tariff adjusted to Category 1

Payment to be made by the Concessionaire during the contract for the

National Fund for Civil Aviation (FNAC) to the investments in other airports

Guarulhos: 10% Gross Revenue

Viracopos: 5% Gross Revenue

Brasília: 2% Gross Revenue

Guarulhos: 20 years

Viracopos: 30 years

Brasília: 25 years

¹ Lei de Diretrizes Orçamentárias (Budget Guidelines Law

Florianópolis City Belt – Proposal

27

contorno florianopolisok_20mbps .avi

Alessandro Scotoni Levy

IR Officer

[email protected]

R. Joaquim Floriano, 913 – 5º andar

Itaim Bibi – São Paulo – SP

CEP 04534-013

Tel: +55 11 3074-2410

Visit our website:

www.ohlbrasil.com.br/ir

9 m11 results

Technology