Company Presentation December 2012

Transcription

1 Company Presentation December 2012

2 Disclaimer This presentation contains forward-looking statements concerning the business prospects, estimates of operating and financial results and growth outlook of OHL Brasil, which are based exclusively on the expectations of the management of OHL Brasil concerning the future of its business and its continued access to capital to fund its business plan. These forward-looking statements may be affected by on changes in market conditions, government regulations, industry performance, new highway privatization programs, the economic scenario and other factors, as well as the risks described in the disclosure documents filed by OHL Brasil, and are subject to change without prior notice. 2

3 Centrovias (SP) OHL and the toll-road industry

4 OHL Brasil History and profile Net Revenue R$ million Adjusted EBITDA R$ million ,712 1,195 CAGR % CAGR % Largest company in Brazil s toll-road industry in kilometers managed: 3,226 km in operation Merger in Spain of OH and Lain 1999 Launch of operations in Brazil Acquisition of 6% of Autovias State Autovias Acquisition Centrovias Acquisition Federal 2004 Intervias Acquisition 2005 Vianorte Acquisition 2006 IPO OHL Brasil Presence in 5 states that concentrate: 65% of the country s GDP 43% of the country s population 2/3 of the country s vehicle fleet Launches operations of Litoral Sul, Planalto Sul, Fluminense, Régis Bittencourt and Fernão Dias 2008 ANTT s 2 nd Round Auction of the Federal Highway Concession Program % market share of total kilometers of highway operated under concession 16% market share of total toll plazas revenues of highway operated under concession Traffic: million vehicles in

5 OHL Group: Global Presence OHL S.A. Group Global infrastructure operator Global Revenue: Global EBITDA: Founded over 100 years ago with presence in more than 30 countries Spain 6% Concessions 34% Spain 7% 76% Concessions Construction Development Industrial Rest of World 94% 66% Other Activities Rest of World 93% 24% Other Activities Concessions Total 2011: 4.9 billion Total 2011: 1.2 billion 6% 7% Revenue Contribution EBITDA Contribution 7% 43*% Highways 1% 1% 2% 3% 1% -1% 45% 45% Airports Railroads Ports * Includes adjustments for guaranteed returns by the granting power, which are classified as other operating income, not part of the 'Revenues presented 5

6 Concessions in Brazil History of the Regulatory Framework 1993 Passing of Law establishing concession contracts and bidding processes 1993 Launch of federal highway concession program / Law authorizes federal government to delegate to states and municipalities the management and operation of certain federal highways States of São Paulo, Paraná and Rio Grande do Sul conduct their own highway concession programs Launch of restructuring process in the transportation sector by the federal government, creating CONIT, ANTT and DNIT Creation of São Paulo State Public Transportation Services Regulatory Agency (ARTESP) Dissolution of DNER; DNIT and ANTT assume respectively highway construction / maintenance projects and the regulation, granting and supervision of concessions Basic principles Operation of highways delegated to the private sector through concession contracts Granting of concession preceded by bidding process Charging of tolls Economic and financial equilibrium Annual toll adjustment based on inflation Concessionaires assume operational risks and investments in highways Public assets returned in good conditions at the end of the concession period Responsibilities Concession Authority Grant the right to operate public assets Improve transportation infrastructure Operate highways Provide high quality services to users Concessionaire User Regulatory Agency Develop concession models Manage contracts and ensure economic and financial equilibrium Supervise and control compliance with contractual terms Reduction in Accidents Reduction in Brazil Cost Dramatic increase in service quality 6

7 Concessions in Brazil Highways - Federal In operation Projected First round 1,473.5 km Third round Phase 1 2,046.0 km BR 040 RJ-MG Rio de Janeiro - Juiz de Fora km BR 116 RJ Rio de Janeiro - Teresópolis - Além Paraíba km BR 101 RJ Ponte Rio-Niterói 13.2 km BR 116 RJ-SP Rio de Janeiro - São Paulo 402 km BR 290 RS Osório - Porto Alegre km BR RS Pólo de Pelotas km Second round Phase 1 2,620.8 km BR 116 SP-PR São Paulo - Curitiba km BR 381 MG-SP Belo Horizonte - São Paulo km BR BR 101 PR + SC Curitiba - Florianópolis km BR 101 RJ Rio de Janeiro - Espírito Santo km BR 153 SP São Paulo - Paraná km BR 116 SC Curitiba (SC and RS) km BR 393 RJ-MG Minas Gerais - Rio de Janeiro km Second round Phase km BR 116 / 324 BA BR Feira de Santana km BR Salvador - Feria km BR BR BA km BR BA Aratu 4.0 km Highways - State, Municipal and PPPs State Contracts 10,054 km PPPs Contracts 377 km BR 040 DF-MG Brasília - Junction BR km BR 040 MG Junction BR 262/381 (BH) - BR km BR 040 MG Junction BR 356 (BH) - Juiz de Fora km BR 116 MG BA-MG / MG-RJ km BR 381 MG Junction MG 020 (BH) - Gov. Valadares km Third round Phase km BR 060 DF-GO Junction DF 001 (Brasília) - BR km BR 153 GO Junction BR GO/MG Border km BR 101 ES RJ-ES / ES-BA km BR 101 BA ES-BA - Junction BR km BR 470 SC Navegantes - SC/RS km Airports In operation Projected State Airport PAX / year State Airport PAX / year RN São G. Amarante 2.3 million* RJ Galeão 15 million SP Guarulhos 30 million MG Confins 9.3 million SP Viracopos 7.5 million NE / N TBD n.a. DF Brasília 15 million * Estimated. Airport under construction SP (4) 18 5,299 km RS / PR 13 4,270 km RJ / BA / ES km MG km PE 1 6 km Municipal Contracts 35 km RJ 1 35 km 7

8 Intervias (SP) The Sector in numbers Freight transport matrix National vehicle fleet MM 61% Highway 39.6 Air Pipeline 0.4% 4% 14% Waterway 21% Rail Light Commercial Motorcycle Other General conditions of Brazil s highways Public Highways Very poor 9% Excellent 3% Concession Highways Poor Fair 12% 1% Poor 20% 25% Good 45% Excellent Good 42% 32% Fair Source: CNT 2011 Highway Survey and Denatran 8

9 The Sector in numbers Brazil s Road Network Paved Under Concession Unpaved 7% Under Concession 34% 16% 12% Concessionaires São Paulo: 19 Paraná: 6 86% 14% 7% R.G. do Sul: 7 PE/BA/ES/MG/RJ: 9 Paved No Concession 93% 31% Federais: MM Km 214,413 Km 15,473 Km Key figures in the private sector ( ) R$ 8.3 bi Taxes R$14 bi Investments 27,000 Km Paving and Resurfacing 47,000 Jobs +R$35 MM Social Responsibility 55 Concessionaires 15,500 Km Granted R$1.5 bi Vehicles 2011 Source: ABCR 9

10 OPERATIONAL IMPROVEMENT REVENUE GROWTH OHL Brasil Strategic positioning and business fundamentals Maximize current portfolio Contractual addendums Federal: Improvement of Investments predicted in the contract State: Possible additional Investments Increase traffic through expansion / improvement projects New Businesses Bidding on new assets Highways / Airports / Ports / Urban Mobility Acquisitions in the secondary market Concessions of logistics infrastructure and transportation assets in Brazil Capital Discipline Minimum required return Project: Depends on the % of financing Shareholder: 12% real Each concession has a Project Finance structure Financing of up to 70% of projects (BNDES) Longer debt terms Lower debt costs Debt in local currency Low leverage and relevant cash position Fire power for new projects Management Financial Autonomy + Operational Leverage Majority Interest + Control of Assets Economies of scale and synergies Task force for environmental licensing CAPEX discipline New technologies Expertise in analysis and forecasting Traffic Construction costs 10

11 OHL Brasil Current Portfolio Toll Plaza Revenue 2011 EBITDA % 8% 14% 12% 6% 17% Federal 11% 7% 4% 13% 14% 16% 7% 5% 3% 15% 19% 17% State Key financial data for concessions R$ MM State Net Revenue Adjusted EBITDA Adjusted EBITDA Margin 75.1% 74.5% 77.0% 78.4% 78.9% 65.6% 67.9% 70.2% 71.5% 60.5% % Federal Net Revenue Adjusted EBITDA Adjusted EBITDA Margin 53.6% 41.4% 44.2% 42.0% 42.9% 46.1% 46.5% 48.8% 48.3% 49.4% 50.8% 48.1% 49.6% M12 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 * Excludes revenue from construction * Excludes revenue from construction 11

12 OHL Brasil Current Portfolio: State Concessions (2011) Length km Toll Plazas 5 Duration August 2018 Vehicle Equivalents 42.9 MM Net Revenue R$ 252 MM Adjusted EBITDA R$ 193 MM Length km Toll Plazas 5 Duration June Vehicle Equivalents 47.6 MM Net Revenue R$ 254 MM Adjusted EBITDA R$ 194 MM Length km Toll Plazas 9 Duration January 2028 Vehicle Equivalents 58.5 MM Net Revenue R$ 291 MM Adjusted EBITDA R$ 215 MM Length km Toll Plazas 4 Duration March 2018 Vehicle Equivalents 33.1 MM Net Revenue R$ 231 MM Adjusted EBITDA R$ 178 MM 12

13 OHL Brasil Current Portfolio: Federal Concessions (2011) Length km Toll Plazas 5 Duration February 2033 Vehicle Equivalents 27.9 MM Net Revenue R$ 200 MM Adjusted EBITDA R$ 32 MM Length km Toll Plazas 6 Duration February 2033 Vehicle Equivalents MM Net Revenue R$ 490 MM Adjusted EBITDA R$ 133 MM Length km Toll Plazas 5 Duration February 2033 Vehicle Equivalents 46.8 MM Net Revenue R$ 215 MM Adjusted EBITDA R$ 61 MM Lengtth km Toll Prazas 5 Duration February 2033 Vehicle Equivalents MM Net Revenue R$ 313 MM Adjusted EBITDA R$ 67 MM Length km Toll Plazas 8 Duration February 2033 Vehicle Equivalents MM Net Revenue R$ 392 MM Adjusted EBITDA R$ 81 MM 13

14 Concessions in Brazil Rate of return on projects and the new market reality Evolution of the real interest rate* 25.04% 26.36% 15.93% 18.26% 14.78% 10.71% 8.86% 5.75% 12.69% 7.90% 12.59% 11.53% 7.00% 6.06% 5.30% 3.59% 4.79% 1.73% 1.76% E 2013E * CDI annual IPCA annual (sources: CETIP e IPEA) 1990s Start of concession program Unknown regulatory framework Higher execution risk Higher country risk Lower competition for assets OHL State Concessions 2000s Political and economic stability BNDES financing up to 70% of the capex OHL Federal Concessions 2007 OHL breaks the paradigm of high toll tariffs New reality Regulatory framework well consolidated Execution track record Brazil reaches investment grade Strong competition for projetcs Airport Bids Guarulhos / Viracopos / Brasília IRR* 17-20% * Real Project IRRs (contract) ** Estimates based on information from market s analysts Profitability achieved despite low tolls tariffs and capex execution IRR* 8-9% IRR** <8% Marginal IRR Discussion to determine IRRs applied to the contract addendums in force 14

15 Highlights Operating and Financial

16 Tolled Traffic Last 12 months 2011 Var. 2010x2011 9M12 Var. 9M12 x 9M11 3Q12 State 182, % 139, % 50,351 Autovias 42, % 32, % 11,656 Centrovias 47, % 37, % 13,446 Intervias 58, % 44, % 16,069 Vianorte 33, % 25, % 9,180 Federal 487, % 375, % 128,053 Planalto 27, % 20, % 7,029 Fluminense 46, % 36, % 12,183 Fernao 153, % 119, % 41,253 Regis 143, % 108, % 37,100 Litoral 115, % 90, % 30,488 Total 669, % 515, % 178,404 21% 18% 23% 6% 7% 9% 5% 4% 7% 62.8% growth at Centrovias in 2011 compared to 2010 due to the implementation of bidirectional toll collection at the four toll plazas Elasticity Federal State GDP 11.01% 13.50% Growth of 25.9% at Autopista Fernão Dias in 2011 compared to 2010 due to the inauguration of its last toll plaza in September % 6.19% 6.72% 3.96% 3.16% 7.53% 3.88% 6.09% 5.17% -0.33% 2.73% 3.02% 2.33% % Toll Plaza Autopista Fernão Dias (MG) 16

17 Tolled Traffic Commercial vs. Light - % Vehic. Equivalents State 61.4% 62.3% 62.9% 63.3% 61.1% 60.0% 61.1% 62.3% 64.0% 61.7% 60.1% 60.1% 61.5% 63.6% 58.4% 41.6% 38.6% 37.7% 38.9% 40.0% 37.1% 36.7% 38.9% 39.9% 37.7% 36.0% 38.3% 39.9% 38.5% 36.4% Electronic Toll Collection (AVI) - % Vehic. Equivalents 60.0% 61.7% 61.2% 60.8% 62.4% 62.9% 50.7% 53.0% 53.7% 53.8% 53.9% 56.0% 56.7% 57.3% 58.0% 42.5% 44.2% 44.3% 46.9% 47.0% 44.8% 39.8% 36.9% 38.1% 35.4% 25.0% 27.5% 29.6% 31.6% 30.2% Commercial Light State Federal 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Federal 74.0% 76.3% 75.4% 73.3% 72.0% 76.5% 76.4% 73.6% 72.6% 76.1% 76.3% 74.3% 72.1% 75.4% 74.8% 26.0% 23.7% 24.6% 26.7% 28.0% 23.5% 23.6% 26.4% 27.4% 23.9% 23.7% 25.7% 27.9% 24.6% 25.2% Commercial Light 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 17

18 Average toll tariff Avg Toll Tariff (R$ / Vehicles Equivalents) 3Q12 2Q12 3Q11 Var 3Q12/2Q12 Var. 3Q12/3Q11 State % 4.5% Autovias % 3.6% Centrovias % 4.3% Intervias % 5.0% Vianorte % 4.6% Federal % 5.9% Planalto Sul % 6.5% Fluminense % 10.7% Fernão Dias % 7.7% Régis Bittencourt % 5.7% Litoral Sul % 1.3% Total % 5.0% The tolls charged by state concessionaires are adjusted annually, on July 1 of each year, by the annual rate of inflation measured by IGP-M index. On federal highways the adjustments are implemented each year based on IPCA inflation in the 12 months as from the previous adjustment, and adopting the criteria of rounding to the first decimal place. The toll adjustment is implemented in February for Autopista Fluminense and Autopista Litoral Sul and in December for Autopistas Fernão Dias, Régis Bittencourt and Planalto Sul. 18

19 Financial Highlights Traffic MM vehicle equivalent units Gross Revenue R$ MM M11 9M12 3Q11 3Q ,899 1,631 1,395 1, M11 9M12 3Q11 3Q12 Others Construction Toll Adjusted EBITDA and Margin* R$ MM / % Net Income R$ MM H11 1H1 62,6% 65,8% 66,7% 65,4% 70,5% 68,3% M11 9M12 3Q11 3Q12 * Excludes revenue from construction M11 9M12 3Q11 3Q12 Toll Plaza - Autovias (SP) 19

20 Costs and Expenses R$ thousand (1,905) (204) Cash Cost (1,533) (183) Cost of Construction Services (175) (146) Provision for highway Maintenance Depreciation and Amortization (896) (618) (602) (493) (65) (72) (43) (51) (594) (621) (256) (298) (142) (166) Q11 3Q12 Cash costs as % Net Revenue (ex. construction) 37.4% 34.2% 29.5% 31.7% Q11 3Q12 1% 1% 2% Cash Costs - 2Q12 3% 6% 5% 14% 12% 28% Third party services Personnel Conservation Inspection fee 28% Costs with granting authority Insurance and Guarantees Management compensation Civil, labor and Tax risks Tax expenses Other 20

21 ,287 1,223 1,554 1,882 1,862 2,411 2,672 2,690 2,713 2,747 Indebtedness Gross Debt R$ MM Short term Long term 2,963 3,098 3,104 3,145 3,200 2,789 2,754 2,770 2,474 2,504 1,936 1,657 1,794 1,822 1,425 1,784 1,158 1,197 1,186 1,281 1, Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Amortization Schedule R$ MM Debt Composition (3Q12) Leverage Ratio and Net Debt R$ MM CDI + 1.5% up to 1.7% IPCA + 8% 28.7% 12.7% 58.6% Debentures TJLP + 2.2% up to 2.6% 41.3% Other 0.2% State 41.6% BNDES 58.6% Other 0.5% 57.9% Federal ,174 1,291 1,325 1,346 1,354 1,450 1,455 1,523 1, ,139 2,237 1,797 1,883 1,575 1,611 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Net Debt Net Debt/Adjusted EBITDA - Fixed Concession Charge (last 12 months) 21

22 Autopista Fernão Dias: Improvements on the highway INVESTMENTS and construction timetable

23 Investments Total R$ 000 Highway Maintenance 1,259,569 48% 1,007, ,676 10% 13% 828, ,188 28% 679,527 77, , ,192 1,114, , , , , , ,281 31,370 48, , , M 3Q11 3Q12 Intangible / Fixed Assets State 5% 20% 11% 19% Intangible and fixed assets Maintenance 23% 22% 23

24 Investments Main works completed and ongoing projects Repaving Ongoing projects - Federal Duplication of 59.6 km of the BR 101/RJ between the cities of Macaé and Campos de Goytacazes, which was begun in the 3Q11, as soon as the construction license was obtained from IBAMA. Approximately R$ 200 million will be invested in this first phase. Altogether the project includes the duplication of176.6 km Grass cutting Before After Construction of the second phase of Betim (MG) belt, a 9 km bypass. Connecting the two extremities of the highway will make it possible to create an alternative route for long-distance through traffic. Expected investment in the project is around R$40 million. Construction began in October Drainage Before After Construction of the initial and final stretches of the second lane on Serra do Cafezal Highway (BR 116/SP), on 11 km of road near the cities of Juquitiba and Miracatu. In all, 30 km of highway will be expanded. Receiving the license for the central stretch is pending conclusion of a study by the environmental agency. In all, R$ 700 million should be invested in this project. Signage Before After Construction of a total of 12.2 km of side streets in municipalities of Camburiú (SC), Tijucas (SC), Itapema (SC) e Itajaí (SC). Completion of a traffic interchange in the industrial district of São José dos Pinhais (PR), and a traffic interchange at the junction of the Contorno Leste Curitiba. Completion of the structural reinforcement and extension of two (2) viaducts and construction of two (2) walkways and one (1) operational base in Biguaçu (SC). Duplication of 25 km of Highway BR-116, between Curitiba and Mandirituba, which was begun in October The project will require investments of approximately R$ 70 million. Before After 24

25 OPPORTUNITIES

26 Opportunities Highways Next Federal Highways Antes BR-116/MG (25 years) Strech of Highway BR-116 in the state of Minas Gerais between Além Paraíba and Divida Alegre. Connects the strech of BR- 393 RJ and BR-116 BA already granted, for a total of 817 km 8 toll plazas Toll Tariff: R$ 6.41 (Per Plaza) Revenue: R$ 13.6 billion Estimated Capex: R$ 5.07 billion Term: 25 years Auction: January/2013 Programed Federal Highways BR-040 (DF/GO/MG) (25 years) Strech of Highway BR-040 starting in the Federal District, at the interchange with Highway BR 251, and ending in Juiz de Fora (MG) at the start of the strech granted to the operator CONCER, for a total of 937 km in 11 toll plazas Toll Tariff: R$ 4.22 (Per Plaza) Revenue: R$ 16.0 billion Estimated Capex: R$ 6.63 billion Term: 25 years Auction: Janeiro/2013 Source: ANTT, Federal Government and Internal Studies (Base Date: Jan/12) 26

27 Opportunities Airports Galeão (RJ) Passangers/Year 2011: 15.0 million Freight (t)/year 2011: million Projected Investment throught 2014: R$ million Salvador (BA) Passengers/Year 2011: 8,4 million Freight (t)/ Year 2011: 74.0 million Projected Investment throught 2014: R$ million Confins (MG) Passanger/Year 2011: 9.4 million Freight (t)/year 2011: 23.0 million Projected Investment through 2014: R$ million 27

28 Appendices

29 Capital Markets Stock Performance (Basis 100) Composition of Free Float 9/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/2012 R$ (+52,5%) Market Cap R$ 6.41 billions 59,175 (+4,3%) Individuals Institutional Foreign 2.3% 41.3% 56.4% Institutional Brazilian OHLB3 Shares: 344,444,440 Free Float: 40% Stock Liquidity Analyst Coverage Financial Trading Volume (daily average) R$ MM Ágora Banco do Brasil Barclays Citigroup Coinvalores Credit Suisse Fator Corretora Goldman Sachs Planner JP Morgan Merrill Lynch Morgan Stanley UBS Santander Votorantim Itaú 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Number of trades (daily average) 1, ,390 Total: 16 institutions Dividends Year Div. / Share Payout 2010 R$ % 2011 R$ % 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 29

30 Macroeconomic Scenario GDP (%) E 2013E -0.6 Interest Rates (%) Inflation (%) 24.9 CDI TJLP 25.3 IGP-M IPCA E 2013E , E 2013E * Source: IBGE, FGV, BACEN, CETIP, Focus Report and BNDES 30

31 Financing BNDES R$ 000 Debentures R$ 000 Planalto Amount Cost Term Max. % Financed Subcredit A TJLP % a.a. 144 months Subcredit B TJLP % p.a. 138 months Subcredit C TJLP % p.a. 120 months Total % Fernão Amount Cost Term Max. % Financed Subcredit A TJLP % p.a. 144 months Subcredit B TJLP % p.a. 138 months Subcredit C TJLP % p.a. 123 months Total % Régis Amount Cost Term Max. % Financed Subcredit A TJLP % p.a. 144 months Subcredit B TJLP % p.a. 126 months Total % Litoral Amount Cost Term Max. % Financed Subcredit A TJLP % p.a. 144 months Subcredit B TJLP % p.a. 120 months Subcredit C ¹ TJLP 120 months Total % Fluminense Amount Cost Term Max. % Financed Subcredit A TJLP % p.a. 144 months Subcredit B TJLP % p.a. 125 months Subcredit C ¹ TJLP 125 months Total % Autovias Issue Cost Due 1 st Series CDI + 1.6% p.a. March-15 2 nd Series IPCA + 8% p.a. March-17 2 nd Issue CDI + 1.7% p.a. November-15 Total National Global Centrovias Issue Cost Due 1 st Series CDI + 1.7% p.a. March-15 Aa2.br Ba2 2 nd Series IPCA + 8% p.a. March-17 Total National Global Intervias Issue Cost Due 1 st Issue CDI + 1.5% p.a. March-15 Aa1.br Baa3 2 nd Issue CDI + 1.7% p.a. November-15 Total National Global Vianorte Issue Cost Due 1 st Series CDI + 1.7% p.a. March-15 Aa3.br Ba2 2 nd Series IPCA + 8% p.a. March-17 Total National Global General Total Rating Moody's Aa2.br Ba1 Rating Moody's Rating Moody's Rating Moody's General Total ¹ Resources destinated to social investments 31

32 Social Responsibility OHL Brasil maintains social programs in the areas of Education, Traffic Safety, Health, Culture and Volunteer Work, as well as Campaigns to Raise Awareness Education and Traffic Safety 14k Teachers* 310k Students* Environment Investment in environmental programs that improve the quality of life of users and people living in communities near the highways Schools* 10th year of the traffic education and humanization program that prepares public school teachers to teach citizenship in the classroom Raise awareness on environmental preservation 86 Schools*** 32,884 Students*** 2,168 Educators*** Raise driver awareness on vehicle and traffic safety 8 th edition** 1,500 service events** Planting of Seedlings Reforestation and recovery o f degraded areas Over 1 MM native and riparian seedlings planted Teach drivers how to use equipment and accessories and safety tips Teach cyclists practical tips on traffic safety 12 th edition** 2,979 service events** 3,200 cyclists served since 2006 Protecting Wildlife Monitoring and preventing accidents involving animals on the highway 11,230 animals rescued in 2011 Encourage pedestrians and cyclists to cross safely and use the pedestrian overpasses 15 th edition** 2,556 service events** * Involved in project since 2011 ** In 2011 *** In last 3 years 32

33 Social Responsibility Health Culture Sports Medial orientation for truckers and free tests for glycaemia, triglycerides, cholesterol, blood pressure, body mass, oral cancer and hear exams. Vaccination against yellow fever and hepatitis B Sponsoring of social inclusion projects 15 th edition 2,556 participants Support for cultural projects using funds under the Rouanet Law Ribeirão Preto National Book Fair Caminhos da Leitura: itinerant book fair Feira do that promotes access to reading Kimono de Ouro Sponsorship of judo athletes Over 400 youths Ribeirão Preto Symphonic Orchestra: sponsorship of the country s second oldest orchestra Basquete Cidadão Support for developing athletes from local schools for children 7 years and older Over 150 athletes Bolshoi Theatre School: sponsorship of the only Bolshoi school outside of Russia 8 th Chorando Sem Parar Festival 33

34 Ownership Structure OHL S.A. 100% OHL CONCESIONES 60% STATE CONCESSIONS 100% FEDERAL CONCESSIONS 100% OTHER BUSINESS AUTOVIAS PLANALTO SUL 100% LATINA MANUTENÇÃO CENTROVIAS FLUMINENSE 100% LATINA SINALIZAÇÃO INTERVIAS VIANORTE FERNÃO DIAS RÉGIS BITTENCOURT 100% 4.68% PAULISTA INFRA LITORAL SUL 34

35 Term of the Concessions Average duration of concessions in our portfolio is 15.9 years Years elapsed Years pending State Concessions Federal Concessions 35

36 R. Joaquim Floriano, 913 6º andar Itaim Bibi São Paulo SP CEP Tel: Visit our website: Investor Relations