apimec resultados2 q06 eng
TRANSCRIPT
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PUBLIC MEETINGPUBLIC MEETING2Q06 RESULTS2Q06 RESULTS
August 2006August 2006
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Forward-looking statements
Potential forward-looking statements in this presentation related to the Company’s business prospects, projections, and operating and financial results are based on Management beliefs and assumptions, as well as the information currently available to the Company.
Forward-looking statements and information are not a guarantee of performance. They involve risks, uncertainties and assumptions since they refer to future events,and therefore depend on situations that may or not occur.
Future results and shareholder value creation may differ significantly from those stated or suggested by the forward-looking statements. Many of the factors that will determine these results and values are beyond OHL Brazil’s control and prediction capacity.
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Outlook
Company Overview
2Q06 Results
2Q06 Highlights
Agenda
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Outlook
Company Overview
2Q06 Results
2Q06 Highlights
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Ownership Structure and Restructuring
52.1%
FREE FLOAT
7.9%
100.0%
40.0%
Latina Manutenção
100.0% 100.0% 100.0%Paulista
Infra-estrutura SPR OHLParticipações STP
100.0% 100.0% 100.0% 4.68%100.0%
4.86%
Ownership Restructuring concluded on June/2006. Main benefit: use of the fiscal goodwill from the acquisition of the concessionaires.We are waiting for BNDES’s authorization to conclude the acquisition of Vianorte.
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OHL Concesiones and OHL Group
Mexico
Argentina
ChileBrazil
Spain
The Brazilian operation is strategic for OHL Concesiones growth goal.
140.060%Autopista del Sol
20%Muelle Inflamables Barcelona
50%Puerto de
Airports:
Length(Km)
Share (%)Toll Road Concessions
8,3100%Autovia M - 45
8,2100%Autopista Nuevo Aeropuerto Barajas
50%
70%
77%
100%
58%
60%
60%
60%
60,1Autopista Ezeiza - Cañuelas
51,7Sistema Carretero del Oriente
92,4Camino Internacional Ruta 60
82,0Autopista Los Libertadores
219,5Centrovias
316,5Autovias
371,2Intervias
60%Autopista del Sol
20%Muelle Inflamables Barcelona
50%Puerto de Alicante
:
(Km)(%)
8.3100%
8.2100%Autopista Nuevo Aeropuerto Barajas
50%
100%
58%
Aeropuerto Internacional de México
Port Concessions
60.1
51.7Sistema Carretero del Oriente
92.4Camino Internacional Ruta 60
82.0
219.5Centrovias
316.5Autovias
371.2Intervias
67% 123.0Autopista Amozoc Perote
International construction, concession and service group
Operational for more than 90 years
Present in 16 countries
Listed in Spain since 1991
Ranked among Spain’s 6 most transparent companies in 2005
Two independent core businesses: Construction and Concessions.
Net revenue in 2005: € 2.4bn; and EBITDA in 2005: € 285.4mm
1995-2005 Revenue CAGR of 32%
Present in the Brazilian market through OHL Concesiones
OHL Group
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• Population of 4 mm inhabitants
• One of the main agribusiness center in Brazil
• Responsible for 32% of fuel ethanol and for 70% of orange juice exports
Location
The State of São Paulo accounts for around 22% of Brazil’s population and 35% of its GDP.... to the northwest of the city of São Paulo...
Operating Area: Map:
Vianorte
The toll roads operated by OHL Brasilare the main access routes from the production areas to:
São Paulo: the main consumption center
The port of Santos: the main export corridor
... allows OHL Brasil to capture the impact of industrial and agribusiness expansion.
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Corporate Governance
Novo Mercado – Bovespa
Strategic support and commitment from OHL Group.
Transparency and protection to minority shareholders’ interest.
100% Tag-Along.
Capital structure with 100% of voting shares (equal rights for minority shareholders).
40% Free Float.
Board of Directors with 7 member, being 1 independent.
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Outlook
Company Overview
2Q06 Results
2Q06 Highlights
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2Q06 Highlights
Traffic grew 5.1% in 2Q06 versus 1Q06.
Net services revenue went up by 8.8% when comparing 2Q05 to 2Q06.
Adjusted EBITDA of R$64.9 million and Adjusted EBITDA Margin of 63.9%
Conclusion of our Ownership Restructuring Process.
Net income grows 132.3% in three months.
Acquisition of Vianorte – at the final stage.
44.44% share appreciation until August 7, 2006.
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Outlook
Company Overview
2Q06 Results
2Q06 Highlights
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Traffic Breakdown – 2Q06 Traffic performance (in Vehicle-Equiv.)
22.4%
55.9%21.7%
-1.9%5.1%
4,650 4,448 4,617
4,608 4,466 4,473
11,771 10,704 11,535
0
5,000
10,000
15,000
20,000
25,000
2Q05 1Q06 2Q06
InterviasCentroviasAutovias
Consolidated Traffic (Thousands of Vehicle-Equivalents)
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Traffic vs. GDP
Year-on-year comparison:
Period Elasticity
-3.28 1.35 1.30 1.67 1.65 1.00 0.11
-1.8%
6.7%
3.0%
4.7%
6.6%
1.0%
0.2%0.5%
4.9%
2.8%
1.0%
2.3%
4.0%
2003 2004 2005 1Q05 2Q05 3Q05 4Q05
OHL Traffic
GDP
1.4%
0.7%
1Q06
3.4%
-1.9%
2Q06
0.21 ???
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Net Revenue (R$ Thousand)
Revenues Breakdown – 2Q06 Net Revenue Performance (R$ Thousand)
Electronic toll collection corresponded 44.82% in 2Q06
29.1%
29.1%
41.9%
25,696 28,382 29,523
28,414 29,594 29,542
39,219 39,162 42,509
0
20,000
40,000
60,000
80,000
100,000
120,000
2Q05 1Q06 2Q06
8,8%4,6%
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Adjusted EBITDA
Adjusted EBITDA Margin (%)Adjusted EBITDA
(R$ Million)
64.364.465.5
60.4
1Q05 2Q05 3Q05 4Q05 1Q06
62.962.466.869.1
52.2
1Q05 2Q05 3Q05 4Q05 1Q06
58.7
64.9
2Q06
63.9
2Q06
Net Services Revenue 101,574 97,137 93,329 4.6% 8.8% 198,711 179,819 10.5%Cost of Services Rendered (51,319) (50,546) (45,605) 1.5% 12.5% (101,865) (88,698) 14.8%Amortization and Depreciation 28,424 27,377 22,907 3.8% 24.1% 55,801 41,879 33.2%Other Revenues 58 110 - -47.3% - 168 - -Operating (Expenses) Revenue (9,779) (7,571) (8,183) 29.2% 19.5% (17,350) (14,599) 18.8%EBITDA 68,958 66,507 62,448 3.7% 10.4% 135,465 118,401 14.4%Fixed concession charges paid (4,079) (4,079) (3,747) 0.0% 8.9% (8,158) (7,479) 9.1%Adjusted EBITDA 64,879 62,428 58,701 3.9% 10.5% 127,307 110,922 14.8%Adjusted EBITDA Margin (%) 63.9% 64.3% 62.9% 64.1% 61.7%
Adjusted EBITDA (R$ thousand) 2Q06 1Q06 2Q05 1H06 1H05Var % 2Q/1Q06
Var % 2Q/2Q05
Var % 1H/1H05
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0.70
1Q06 2Q06
Financial Result
Financial Result Breakdown (% of total) IGP-M Performance (%)
2Q06
10.8%
26.4%62.8%
Fixed concession charges
Other Fin.
BNDES/CEF
Other Fin.
BNDES/CEF
1Q06
13.1%
16.4%
70.5%
0.70
Fixed concession charges
Financial Revenues 5,204 6,309 3,200 -17.5% 62.6% 11,513 5,831 97.4%Financial Expenses (12,043) (10,733) (10,408) 12.2% 15.7% (22,776) (29,481) -22.7%BNDES/CEF (7,560) (7,568) (8,250) -0.1% -8.4% (15,128) (17,960) -15.8%Other Financial Expenses (3,178) (1,756) (1,592) 81.0% 99.6% (4,934) (6,607) -25.3%Monetary correction of fixed concession charge (1,305) (1,409) (566) -7.4% 130.6% (2,714) (4,914) -44.8%Net Financial Result (6,839) (4,424) (7,208) 54.6% -5.1% (11,263) (23,650) -52.4%% Net Services Revenue 6.7% 4.6% 7.7% 5.7% 13.2%
1H06 1H05 Var % 1H/1H05
Var % 2Q/1Q06
Var % 2Q/2Q05Financial Result(R$ thousand) 2Q06 1Q06 2Q05
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Indebtedness
Total Debt (R$ MM)
Charges (June 2006)Amortization Schedule (R$ MM)
Net Debt (R$ MM)
51.0 51.667.7
214.7236.0
276.3 266.3303.7
4Q05 1Q061Q05
Short Term Debt Long Term Debt Net Debt / Adjusted EBITDA (LTM)
66.0
224.0
290.0
2Q05
67.4
216.0
283.4
3Q05
225.3
236.6
207.6
91.7
1Q05 2Q05 3Q05 4Q05
1.2x0.9x
0.4x
... 100% of our debt is R$
TJLPCDIUNBNDES
1Q06
74,5
199,2
273.7
2Q06
200.3
2Q06
0.8x
7.2
47.657.356.3
76.9
28.4
Jul/Dec 2006 2007 2008 2009 2010 2011
2.8%
118,2 103,0
0.5x 0.4x
87.7%
9.5%
118.2 103.0
74.5
199.2
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Net Income (R$ Million)
40.8
17.617.5
2Q05 1Q06 2Q06
132.3%
133.8%
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Capex
Autovias and Intervias are developing pavement recovering works and improvement at disposals of the toll roads.
Centrovias continues with the duplication of SP-225, expected to be concluded on 2007.
Schedule
CAPEX Breakdown – 2Q06CAPEX (Real and Estimated)
169.1
191.8200.0
120.0
80.,0
55.0
2004 2005 2006E 2007E 2008E 2009E
Total in the period between2007 and 2009
255.0*
71.5
1H06
*Capex outlook for Autovias, Centrovias and Intervias.
19.4%
32.8%
45.8%
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Share PerformancePricing
OHL; 144,44
BOVESPA; 146,38
OHL
BOVESPA
Traded Volume (No. Of Shares)
93,00
103,00
113,00
123,00
133,00
143,00
153,00
163,00
173,00
183,00
27/7
/200
6
18/7
/200
6
7/7/
2006
28/6
/200
6
19/6
/200
6
7/6/
2006
29/5
/200
6
18/5
/200
6
9/5/
2006
27/4
/200
6
17/4
/200
6
5/4/
2006
27/3
/200
6
16/3
/200
6
7/3/
2006
22/2
/200
6
13/2
/200
6
2/2/
2006
23/1
/200
6
12/1
/200
6
3/1/
2006
22/1
2/20
05
13/1
2/20
05
2/12
/200
5
23/1
1/20
05
11/1
1/20
05
1/11
/200
5
21/1
0/20
05
11/1
0/20
05
30/9
/200
5
21/9
/200
5
12/9
/200
5
31/8
/200
5
22/8
/200
5
11/8
/200
5
2/8/
2005
22/7
/200
5
(Base 100 on July 13, 2005)
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
No.
Of S
hare
s (th
ousa
nd)
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Social Responsibility
Name of Project No. of campaigns People attended
Autovias Saúde na Estrada 15 9,371
CentroviasMais Saúde na
Estrada 14 4,195Intervias Saúde na Boléia 21 41,495
InterviasPosto do
Caminhoneiro 1 13,768
Total 51 68,829
Health
Summary of campaigns undertaken through June, 2006
Concessionaire Schools attended BenefitedStudents Teachers
MonitoredAutovias 94 88,000 721
Centrovias 107 32,721 1,030Intervias 230 170,661 7,013
Total 431 291,382 8,764
Quantitative summary of projects through June, 2006
Education
No. of seedlings
Autovias 150,000Centrovias 65,000Intervias 0
Total 215,000532,000
Environment
No. of seedlings planted
242,000145,000145,000
Magazine No. of Editions Periodicity Impression
Porta-luvas 2 Quarterly 300,000
Culture (OHL Brasil)
Concessionaire
Concessionaireto be planted
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Outlook
Company Overview
2Q06 Results
2Q06 Highlights
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New Bidding: Federal, State and PPP
Federal Lots:Highway corridors are essential in connecting Brazil’s richest areas
State Lots (SP):Potential export corridor through Port of SãoSebastião
02
07
Road Extension # of Plazas
Lot ASP 70 - Rodovia A.Senna/Carvalho Pinto
167.5 Km 02 plazasLot B
SP 65 - Rodovia D. Pedro I118.5 Km 04 plazas
286.0 Km 6 plazas
Road Extension # of Plazas
Lot 1 BR 153/ SP - Divisa MG/SP 321.7 Km 04 plazasLot 2 BR 116/PR/SC - Curitiba - Divisa SC/RS 406.5 Km 05 plazasLot 3 BR 393/RJ - Divisa MG/RJ (Via Dutra) 200.5 Km 03 plazasLot 4 BR 101 - Divisa RJ/ES (Ponte Rio Niterói) 320.8 Km 05 plazasLot 5 BR 381- Belo Horizonte - São Paulo 561.5 Km 08 plazasLot 6 BR 116/SP/PR - São Paulo - Curitiba 401.7 Km 06 plazasLot 7 BR 376 - Curitiba - Florianópolis 367.6 Km 05 plazas
2580.3 Km 36 plazas
PPP MG 050 (MG):Enormous synergy potential from our highway network.
01
PPP 372.0 Km 06 plazasMG 050 – Betin – Divisa SP I
Road Extension # of Plazas
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Investor Relations
OBRASCON HUARTE LAIN BRASIL S.A.
OHL Brasil S.A. Contacts: Address:
Francisco Leonardo Francisco Leonardo MouraMoura dada CostaCostaCFO and [email protected]
Alessandro Alessandro ScotoniScotoni LevyLevyFinancial and Investor Relations [email protected]
Rua Joaquim Floriano, 913 – 6º andarItaim Bibi – São Paulo – SPCEP 04534-013Ph.: (5511) 3074-2404
www.ohlbrasil.com.br