Ohl Concesiones2009 Oficial Ing

Presentation:

OHL Concesiones

April 23rd, 2009

2

Contents

1. Basis of the Presentation 03

2. Investment Arguments and Criteria 05

9. Valuation 42Appendix

6. New Concessions 31

8. Strategy 397. Financing in Negotiation 36

3. Growth Process and Current Presence 08

5. 2008 and Key Magnitudes 17

Page

4. Organization and Human Resources 13

1. BASIS OF THE PRESENTATION

4

Basis of the Presentation

1. The consolidated figures included in this presentation are “Pro-Forma”, and cover, besides data on OHL Concesiones, S.L., information on those concessions that:

• Are property of other companies of the OHL Group• Are being transferred to OHL Concesiones, S.L., and• Are managed by OHL Concesiones

2. Accounting information, pertaining to both OHL Concesiones and each of the concession holders, was prepared according to International Financial Reporting Standards (IFRS), that are also followed to prepare the OHL Group’s Consolidated Annual Accounts, accordant to laws in effect and that may differ from the accounting rules applicable to concession holders in each country.

3. Any statement not expressely referred to historical data in this presentation including without limitation those related to the financial standing of the concession holders and of OHL Concesiones, as well as its operating development, business strategy, management plans and future operations objectives are to be considered estimations for the future. These estimations involve known and unknown risks; uncertainties and other factors that may cause that actual results of OHL Concesiones, its performance and achievements, or its business results and conditions may differ fundamentally from those foreseen or implicit in these estimations for the future.This presentation, including its estimations for the future are valid at today’s date and OHL Concesiones expressly waives any obligation or commitment to provide any updates or revisions of this information, any changes in its expectations; any change of the facts; conditions and circumstances that served as the basis to these estimations for the future, nor changes in the economic environment that OHL Concesiones expects to find in the future.

4. In this presentation only currently existing concessions are valued. Only in the “Future Value Hypothesis” there is a reference to the value of possible new concession business.

2. INVESTMENT ARGUMENTS AND CRITERIA

6

• Complementary with the rest of the OHL Group business.

• Selective high-yield investment with:

- Controlled-risk. - Self-financing capacity without recourse to OHL Group.

• Knowledge of customers, markets, technology and other aspects.

Investment Criteria

• Recurrent revenues and margins.

7

Investment Criteria

• Geographical scope:

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

• Selectively in other geographical areas.

• Interest percentage: We favour 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.

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

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

3. GROWTH PROCESS AND CURRENT PRESENCE

9

Core Business of OHL Group

• Wholly-owned OHL Group subsidiary, established on November 2000.

• With growing importance within OHL Group, currently accounting for 14% of revenues and 56% of EBITDA.

• Core business of OHL Group.

Revenues (€ Mn)

3,4663,328

436 542

0500

10001500200025003000350040004500

2007 2008

88%

12%

225 268

317340

0

100

200

300

400

500

600

700

2007 2008

44%

56%

42%

58%

EBITDA (€ Mn)

OHL Concesiones

Remainder of OHL Group

14%

86%

10

Proven Growth Track-Record

Revenues C.A.G.R. (2000-2008): 38.6% EBITDA C.A.G.R. (2000-2008): 42.2%

70

121

219

388

524 53

7

766 80

2

542

317

921

85

40

127 16

6

250

333

436

79

340

47

20

46 68 91

152

254

2000 2001 2002 2003 2004 2005 2006 2007 2008

OHL´s InvestementValueRevenues

EBITDA

Brazilian Federal Roads

Móstoles- Navalcarnero trainAragón Highway

Establishment of OHL

Concesiones, SL (with AECSA, M-

45 and 9% of Autovias)

94% holding in Autovias

Acquisition of I2000

Acquisition of Centrovias

and Fumisa

Awarding of Ruta 60 and Eje Aeropuerto

Awarding of CONMEX and

Port of Alicante

Acquisition of Intervias

Floatation of OHL Brasil

Acquisition of Amozoc-Perote

Acquisition of Vianorte and Toluca

Awarding of Oeste Light Rail

Strategic Definition Development

€ Mn

BicentenarioViaduct

LibramientoPuebla

Del Norte Highway

Consolidation

11

Highways4,400 km of toll highways.

- 4,234 km in operation.- 166 km under construction.Airports

Integral Management. More than 4 million passengers / year.

Ports30 hectares and 1,275 meters of berthing line in Commercial Ports.

Railways37 km of railways.

Details (main concessions)Concession Type Construction Operation Total

Highways 3 19 22Airports 0 1 1Ports 0 1 1Railways 1 1 2

Total 4 22 26

8

2224

26

8

20

05

1015202530

2001 mar-08 mar-09Total Concessions Highways

Number of Contracts4,400

4,012

801

0

1000

2000

3000

4000

2001 mar-08 mar-09

Total Km. Evolution

Transport Infrastructures Global Manager

Ranked 7th private transport infrastructure promoters in the world, ranking PWF 2008.

12

Geographic Presence

• Consolidated presence in attractive markets with outstanding growth potential markets.

• Experience and know-how to develop the activity in other markets.

Global PresenceGlobal Presence

4. ORGANIZATION AND HUMAN RESOURCES

14

Management Chart Summary: Main Concessions

OHL Concesiones

ARGENTINA BRAZIL CHILE SPAIN MEXICO

71%Autopista

Ezeiza-Cañuelas

100%

Autopista

Los Andes

75%Infraestructura

2000

100%

M-45

100%

Autopista M-12

Eje Aeropuerto

50%

Puerto de Alicante

51%

Metro Ligero

Oeste

Circuito Exterior

Mexiquense

55%

Amozoc-Perote

100%

Libramiento Nortede Puebla

100%

Autopista

Los Libertadores

100%

Autopista del Sol

100%

Viaducto

Bicentenario

87%

FASE I

100%

FASES II, III y IV

100%

CuritibaRio Grande do Sul

100%

Autovias

100%

Vianorte

100%

Centrovias

100%

Intervias

100%

Rio de Janeiro

Espírito Santo

100%

Curitiba

Florianópolis

São Paulo State

NetworkFederal Network

100%

São Paulo

Belo Horizonte

100%

São Paulo

Curitiba

95%

Autovía de Aragón

Tramo 1

100%

Cercanías Móstoles

Navalcarnero

60%

OHL Brasil

33%

Aeropuerto Int.

de Toluca

PERU

100%

Autopista del Norte

15

Organization Chart

Board of Directors____________________________

ChairmanJuan Villar-Mir de Fuentes

DirectorArgentina

DirectorBrazil

DirectorChile

DirectorSpain

Chief Executive OfficerJuan Osuna

Business Development Directors Ignacio García / Sergio Merino

Legal CounselM. Carmen Honrado

DirectorMexico

Chief Financing OfficerFelipe Ezquerra

Financial DirectorGabriel Núñez

Administration DirectorEugenio Mota

Chief Construction OfficerCarlos García-Faure

Technical DirectorPedro Martín

Human ResourcesArturo Pousa

Chief Opperating OfficerManuel Bejerano

Port DirectorFrancisco Oviedo

DirectorPeru

Board of Directors____________________________

ChairmanJuan Villar-Mir de Fuentes

DirectorArgentina

DirectorBrazil

DirectorChile

DirectorSpain

Chief Executive OfficerJuan Osuna

Business Development Directors Ignacio García / Sergio Merino

Legal CounselM. Carmen Honrado

DirectorMexico

Chief Financing OfficerFelipe Ezquerra

Financial DirectorGabriel Núñez

Administration DirectorEugenio Mota

Chief Construction OfficerCarlos García-Faure

Technical DirectorPedro Martín

Human ResourcesArturo Pousa

Chief Opperating OfficerManuel Bejerano

Port DirectorFrancisco Oviedo

DirectorPeru

16

Control of investment process:New concession tendering and negotiations to acquire new concessions need the approval of both the Strategy Committee of OHL Concessiones and the Investment Committee of OHL Group.

OHL Concesiones SL, business chairmanship, takes on the following functions:

• Analysis and management of business developments and tendering or acquisition processes.

• Financing and optimization of the concessions financial structure.

• Control and supervision of concessions in operation.

Local organizations take on the following functions:

• Identification of investment opportunities and cooperation in the preparation of tendering processes and in the negotiations to acquire concessions.

• Management of concessions in operation and in construction.

Human Resources

Staff 2008: 5,313 people

Geographical Breakdown 2008

8%

68%

6%

10% 1%7%

ArgentinaBrazilChileSpainMexicoHead Office

5,2532,859

60

47

0

2000

4000

6000

2007 20085.253

OHL Concesiones S.L. Sociedades concesionarias0OHL Concesiones, S.L. Concession Companies

5. 2008 AND KEY MAGNITUDES

18

General Environment

Variation in real GNP2008 2009 (E) 2010 (E)

USA 1.1% -1.2% 1.5%EU 0.7% -2.5% 0.2%

SPAIN 1.2% -2.8% 0.3%BRAZIL 5.1% -0.3% 3.5%MEXICO 1.4% -1.8% 1.1%

CHILE 3.4% 0.5% 2.3%PERU 9.8% 4.2% 4.8%

Source: BBVA study services, February 2009 and Focus Report fromBrazil’s Central Bank.

• Availability of financial resources, although with negative impacts:• Financial entities still maintain their appetite.• Developments public bank support.• Increase in bank spreads, term reduction and decrease in leverage levels.

• Concessions Business: Relatively good performance.• Growth in revenues:

•Traffic resistance.•Tolls indexed to inflation.

• Increase in business opportunities: • Lesser competition.• More government interests.

• Serious economic and financial world wide crisis.• Lesser impact in South America.

19

2008 Highlights (I)

Revenues performance 2007-2008 € Mn

404

542

0

200

400

600

2007 2008

Var. +34.2%

EBITDA performance 2007-2008 € Mn

358286

0

100

200

300

400

2007 2008

Var. +25.2%

• Good performance of Revenues and EBITDA with homogeneous growths of 34.2% y 25.2%

€ Mn 2007 2008Revenues 436 542

FUMISA sale (32) -Eje Aeropuerto Provision - -

Homogeneous Revenues 404 542

€ Mn 2007 2008EBITDA 317 340

FUMISA sale (31) -Eje Aeropuerto Provision - 18

Homogeneous EBITDA 286 358

Average exchange rate performance versus the Euro 08/07Currency Devaluation

Argentinean Peso 8.6%Chilean Peso 6.8%

Mexican Peso 8.5%Brazilian Real 0%

• Despite the negative impact of the exchange rates performance.

20

2008 Highlights (II)

Backlog Growth with:• Two concessions in Mexico: Libramiento Norte of Puebla with 32 km, in March of

2008 and the Bicentenario Viaduct with 32 km, in May of 2008.

• One concession in Peru: Autopista del Norte with 356 km in February of 2009.

In the financial field: Achieved the goals established.• Mexico: In November of 2008, first refinancing of Conmex (from 3.3 to 6.0 billion

Pesos) to obtain the funding for the initial investments of phase II and III (BBVA- Bancomer, Banobras and Banorte).

• Brazil: In June of 2008, refinancing of Autovias, Centrovias and Intervias up to 670 million Reais to fund initial investments of the federal concessions (Santander, Bradesco and Banco do Brasil).

• Spain: In June 2008 closing of the financing of the Aragón highway - tranche 1 for a total amount of 116.5 million Euros (BEI, ICO and DEPFA Bank).

21

2008 Highlights (III)

Operations:• In June 2008 , beginning of operation of sector 2 of the Los Andes highway, of 38.5 km, which

joins the cities of La Calera and Valparaiso.

• Completion of the operation of Amozoc – Perote in Mexico, since November of 2008.

• Federal highways in Brazil: After the signing of the contracts in February 2008, initiation of the works begun and service and conservation started in August of 2008. Construction of the toll booths and gradual collection of tolls since 28th of December 2008 (at the present moment 22 of the 29 booths are open).

• In December 2008 works where finalized and the operation of the Alicante Port begun.

Contractual Aspects:• In June 2008 the demand for the economical and financial upright of the Eje Aeropuerto

concession contract was presented.

• In January 2009 the Argentinean government announced a raise in AECSA´s light vehicle toll, which will permit an increase in income of approximately 90%, as per the upright process of the contract. This toll increase is in its final phase of implementation.

22

2008 Highlights (IV)

Disposals:

• Sale of 50% of FUMISA in February of 2008, with a net profit of 25.3 million Euros:

• Mature concession (5 pending years)• Complicated re-negotiation process.

Investments:

• The concession companies have invested a total of 810 million Euros.

€ MnArgentina 4

Brazil 324Chile 59

Spain 143Mexico 280TOTAL 810

23

2008 Traffic and Toll Performance

Good traffic performance in Latin America:Growths of more than 4% in mature concessions in Brazil, Chile and Argentina. Strong growths in concessions in initial phase: Amozoc-Perote 26.3% and Oeste Light Rail 42.5% (passengers).Growth in Autovias due to the opening of a new toll booth on July 2007, which has captured more traffic in comparison to the previous year. (Revenues +22% and EBITDA +26%).Excellent traffic performance in Conmex, with a 17% increase.Beginning of operations in the west tranche of los Andes highway (June 2008), and full operation of the Amozoc- Perote (November 2008).

2007/2008 Traffic and Toll PerformanceCompany Traffic Toll

Aecsa (1) -0.6% 15.1%Autovias (1) 30.8% 11.5%

Centrovias (1) 7.0% 11.5%Intervias (1) 4.0% 11.5%Vianorte (1) 6.8% 11.5%

Autopista del Sol (1) 8.5% 6.1%A. Los Libertadores (1) 5.7% 7.1%

A. Los Andes (1) (5) NA NA

M-45 (2) (4) -6.9% 4.2%Eje Aeropuerto (1) -6.9% 2.9%

Oeste Light Rail (3) 42.5% 4.1%Amozoc- Perote (1) 26.3% 3.8%

Conmex (1) 17.0% 3.8%(1) Nº of vehicles (Annual Average Daily Traffic)(2) Nº of vehicles (Average Daily Intensity)(3) Average daily passengers(4) Decrease in traffic does not affect revenues, since traffic is way above the maximum established as collection basis by the Comunidad de Madrid (shadow toll). The actual traffic is 22% above the maximum established by the Comunidad de Madrid.(5) Beginning of operations of the west tranche in June 2008.

24

Revenues and EBITDA Detail

(1) Classified in other operating revenues, and not included in the consolidated figures; (2) EBITDA/Revenues not including the guaranteed profitability of CONMEX and in 2007 without FUMISA; (3) % EBITDA/Revenues eliminating the canon to the Government expense of 5.4 € Mn/year; (4) the EBITDA includes an 18 € Mn provision for fixed assets impairment.

COUNTRY: Revenues Mn € EBITDA Mn € EBITDA/Revenues MarginCompany 2008 2007 Var.% 2008 2007 Var.% 2008 2007

Aecsa 11.3 10.7 5.6% 0.6 2.8 -78.6% 5.3% 26.2%ARGENTINA 11.3 10.7 5.6% 0.6 2.8 -78.6% 5.3% 26.2%

Autovias 68.9 56.4 22.2% 51.3 40.7 26.0% 74.5% 72.2%Centrovias 63.9 52.7 21.3% 48.7 36.8 32.3% 76.2% 69.8%

Intervias 77.9 69.2 12.6% 57.6 49.2 17.1% 73.9% 71.1%Vianorte 61.8 53.7 15.1% 47.1 38.8 21.4% 76.2% 72.3%BRAZIL 272.5 232.0 17.5% 204.7 165.5 23.7% 75.1% 71.3%

Autopista del Sol 31.5 29.1 8.2% 19.2 17.3 11.0% 78.1% 78.1%Autopista Los Libertadores 16.6 15.4 7.8% 12.3 11.6 6.0% 74.1% 75.3%

Autopista Los Andes 3.5 - n.a. 1.9 - n.a. 54.3% n.a.CHILE 51.6 44.5 16.0% 33.4 28.9 15.6% 75.2% 77.1%

Euroglosa M-45 11.1 10.4 6.7% 10.1 9.4 7.4% 91.0% 90.4%Autopista Eje Aeropuerto 5.5 5.7 -3.5% -16.8 2.2 n.a. 21.8% 38.6%

Oeste Light Rail 27.2 12.3 121.1% 7.5 4.8 56.3% 27.6% 39.0%SPAIN 43.8 28.4 54.2% 0.8 16.4 -95.1% 42.9% 57.8%Fumisa 0.0 32.5 n.a. 0.0 30.8 n.a. 94.8%

Amozoc-Perote 26.3 32.8 -19.8% 12.1 24.1 -49.8% 46.0% 73.5%Conmex 53.2 49.2 8.1% 46.0 42.5 8.2% 86.5% 86.4%

Rentabilidad garantizada (1) 0.0 0.0 - 60.1 24.9 141.4% n.a. n.a.MEXICO 79.5 114.5 -30.6% 118.2 122.3 -3.4% 73.1% 81.2%

TOTAL CONCESSIONS 458.7 430.1 6.6% 357.7 335.9 6.5% 68.8% 70.4%Central Offices and Others 83.7 5.4 n.a. -17.8 -18.9 -5.8%

TOTAL 542.4 435.5 24.5% 339.9 317.0 7.2%

(3)

(2)

(4)

(2)

(3)

(4)

25

Orderbook Geographical Breakdown

40%

8%

35%2% 2%

13%

ArgentinaBrazilChileSpainMexicoPeru

Orderbook Business Breakdown

90%

9% 1%

HighwaysRailwaysPorts

2008 Pro-forma* Orderbook: 51.5 € Bn

*According to subsidiaries consolidation method

Long Term Orderbook

Orderbook as of 31/12/07 46,175

+ Libramiento Norte de Puebla 434+ Elevated Viaduct Bicentenario 5,862+ Autopista del Norte (Peru) 1,065+ Orderbook variation (by exchange

rate fluctuations and others) -2,046

Pro-forma+ Orderbook as of 31/12/08 51,490

51,490

23,856

16,744

10,0358,5174,5663,208

46,175

06000

1200018000

2400030000

360004200048000

54000

2001 2002 2003 2004 2005 2006 2007 2008

C. A.G.R. + 48.7%

Long Term Orderbook Performance € Mn

(1) Includes the orderbook of 5 federal highways in Brazil, signed in February 2008. Does not include Fumisa which was sold in March 2008, nor the Libramiento de Puebla signed in March 2008.

(2) Includes the orderbook of Autopista del Norte, signed in February 2009.

(2)(1)

26

NA100%203356Pre-operationPeruAutopista del Norte (2)

-203356Total Peru

341.03,045342Total Mexico

165.077673Total Spain

77.9582343Total Chile

101.4

60%461413Pre-operationBrazilCuritiba-Rio Grande do Sul

85.79360Total Argentina

100%18,91148.255%179123OperationMexicoAmozoc-Perote

NA63.2100%1,18832ConstructionMexicoViaducto Bicentenario

77%

100%

87%

95%100%100%

100%75%75%

60%60%60%60%60%60%

60%60%

71%

% OHL OHL InvestmentValue

771.09,7774,400Total Toll Roads

77,3030.11168OperationSpainAutovía M-4510,575154.34279OperationSpainAutopista M 12

NA10.623356Pre-operationSpainAutovía de Aragón-Tramo 1

119,673228.91,544

52OperationMexicoConmex (Fase I)NA103ConstructionMexicoConmex (II, III y IV)

NA0.713432ConstructionMexicoLibramiento Norte de Puebla

13,786 (3)37.527692OperationChileAutopista Los Andes36,20613.7154119OperationChileAutopista Los Libertadores

5,0783,226Total Brazil71,20126.7152132OperationChileAutopista del Sol

Total Investment

101.4

85.7

NANANANA

79,582141,576

60,727103,786

214,720

Average Daily Traffic (1)

7581,082

816615247501

278320

93

402Pre-operationBrazilSão Paulo-Curitiba382

562320237376

218316

60

Km

Pre-operationBrazilCuritiba-Florianópolis

Pre-operationBrazilSão Paulo-Belo HorizontePre-operationBrazilRio de Janeiro-Espirito Santo

OperationBrazilInterviasOperationBrazilVianorte

OperationOperation

Operation

Stage

ArgentinaAecsa

BrazilAutoviasBrazilCentrovias

CountryToll Roads

NA100%203356Pre-operationPeruAutopista del Norte (2)

-203356Total Peru

341.03,045342Total Mexico

165.077673Total Spain

77.9582343Total Chile

101.4

60%461413Pre-operationBrazilCuritiba-Rio Grande do Sul

85.79360Total Argentina

100%18,91148.255%179123OperationMexicoAmozoc-Perote

NA63.2100%1,18832ConstructionMexicoViaducto Bicentenario

77%

100%

87%

95%100%100%

100%75%75%

60%60%60%60%60%60%

60%60%

71%

% OHL OHL InvestmentValue

771.09,7774,400Total Toll Roads

77,3030.11168OperationSpainAutovía M-4510,575154.34279OperationSpainAutopista M 12

NA10.623356Pre-operationSpainAutovía de Aragón-Tramo 1

119,673228.91,544

52OperationMexicoConmex (Fase I)NA103ConstructionMexicoConmex (II, III y IV)

NA0.713432ConstructionMexicoLibramiento Norte de Puebla

13,786 (3)37.527692OperationChileAutopista Los Andes36,20613.7154119OperationChileAutopista Los Libertadores

5,0783,226Total Brazil71,20126.7152132OperationChileAutopista del Sol

Total Investment

101.4

85.7

NANANANA

79,582141,576

60,727103,786

214,720

Average Daily Traffic (1)

7581,082

816615247501

278320

93

402Pre-operationBrazilSão Paulo-Curitiba382

562320237376

218316

60

Km

Pre-operationBrazilCuritiba-Florianópolis

Pre-operationBrazilSão Paulo-Belo HorizontePre-operationBrazilRio de Janeiro-Espirito Santo

OperationBrazilInterviasOperationBrazilVianorte

OperationOperation

Operation

Stage

ArgentinaAecsa

BrazilAutoviasBrazilCentrovias

CountryToll Roads

(1) Traffic figure corresponding to equivalent vehicles paying with the exception of M45 that shows the average daily intensity (ADI); (2) Contract signed in February 2009; (3) Traffic corresponding to west sector, began operations in June 2008.

Main concessions Key Data I (€ Mn)

27

Main Concessions Key Data II (€ Mn)

150.4921.4

52.4

9.7

25

63.4

OHL Investment Value

11,5491,772

300

111

424

937

Total Investment

74%60%Total Others

Passengers / Year

4.1 million

269,946

NA

6.9 million51%22 Km.2 LinesOperationSpainMetro Ligero Oeste

100%15 Km.1 LineConstructionSpainCercanías Móstoles-

Navalcarnero

33%

Airport, complementary and commercial

services

OperationMexicoToluca (Airport)

50%

% OHL

30 Ha. Inner Harbour

1,275 m. Berthing Line

OperatedFacilities

OperationSpainPuerto de Alicante

StageCountryOthers

TOTAL150.4921.4

52.4

9.7

25

63.4

OHL Investment Value

11,5491,772

300

111

424

937

Total Investment

74%60%Total Others

Passengers / Year

4.1 million

269,946

NA

6.9 million51%22 Km.2 LinesOperationSpainMetro Ligero Oeste

100%15 Km.1 LineConstructionSpainCercanías Móstoles-

Navalcarnero

33%

Airport, complementary and commercial

services

OperationMexicoToluca (Airport)

50%

% OHL

30 Ha. Inner Harbour

1,275 m. Berthing Line

OperatedFacilities

OperationSpainPuerto de Alicante

StageCountryOthers

TOTAL

28

Main Concessions Portfolio Life

The incorporation of the new concessions in 2008 and 2009 enlarges in a relevant way the average remaining period of the Portfolio.

9 10 10 10 1217 18 19 19 19 19

24 24 24 24 24 25 25 27 27 28 29 29 29

47

-11 -10 -11 -13 -15-11

-1-8 -10

-6-1 -1 -1 -1 -1 -1

-5 -6 -6-2 -1

-6-1 -3

-20

-10

0

10

20

30

40

50

Vianorte

Autovia

sCentro

vias

A. del

Sol

Ezeiza

-Cañ

uelas

A. Los l

ibertad

ores

A. Arag

ón T. 1Inter

vias

Euroglosa

45

A. Eje

Aerop

uerto

Móstoles

-Nav

alcarn

ero

R. Jan

eiro-E

. San

to

S. Pau

lo-Belo

Horiz

onte

S.Paulo-C

uritiba

Curitiba-F

lorianópolis

Curitiba-R

. Gra

nde do Sul

Autopist

a del

Norte

Amozoc-P

erote

A. Los A

ndesAlic

ante Port

Oeste

Light Rail

Libramien

to N. P

uebla

Circuito

Ext. Mex

iquense

Viaducto B

icentenari

o

Aeropuert

o Int. T

oluca

Years Remaining Years Passed

Duration (years)

29

Considering the canon paid for the award of the concession Viaducto Bicentenario (Intangible Fixed Assets), the total gross investment for the year 2008 committed by the concessions amounts to 810 million Euros.

Variation of Net and Gross Fixed Assets

Consolidated Gross Fixed Assets(€ Mn)

Total as of 12/2007 3,124

Investments 2008 770

FUMISA sale -138

Exchange Rate diferences -327

Total as of 12/2008 3,429

3,261-3,261100%Libramiento Puebla

46,657512,558559,21551%Metro Ligero Oeste

5,437157,343 162,78055%Amozoc-Perote

67,067-67,06760%S. Paulo-B. Horizonte

-25,104150,379 125,27560%Vianorte-14,126146,654 132,52860%Intervias-23,126148,780 125,65460%Centrovias-28,448168,739 140,29160%Autovias

337,0012,653,2742,990,275

12,65634,891 47,54750%Puerto de Alicante

18,31627,851 46,167OthersOTHER

-2,53182,682 80,151100%M45

-21,224319,909 298,685100%A. Eje Aeropuerto M12

25,0391,074 26,11395% Autovía de Aragón-T. 1

39,104-39,104100%Móstoles Navalcarnero

31,012-31,01260%-18,017104,750 86,73375%A. del Sol-21,820110,370 88,55075%A. Los Libertadores

19,789187,919 207,708100%A. Los Andes

132,162356,668 488,83087%Conmex

13,174-13,174100%Viaducto Bicentenario-60,07860,078 50%Fumisa

Percentage Integration

TOTAL

75,698-75,69860%S. Paulo-Curitiba

36,506-36,50660%R. Janeiro-E. Santo

-16,04282,629 66,58771%Aecsa

Global

Integration

-

2007

Curitiba-R. Gde. do Sul41,639

2008

41,63960%Curitiba-Florianópolis

DifferenceOHL %ConcessionCONTROL %Consolidated Net Fixed Assets Variation (€ Thousand)

3,261-3,261100%Libramiento Puebla

46,657512,558559,21551%Metro Ligero Oeste

5,437157,343 162,78055%Amozoc-Perote

67,067-67,06760%S. Paulo-B. Horizonte

-25,104150,379 125,27560%Vianorte-14,126146,654 132,52860%Intervias-23,126148,780 125,65460%Centrovias-28,448168,739 140,29160%Autovias

337,0012,653,2742,990,275

12,65634,891 47,54750%Puerto de Alicante

18,31627,851 46,167OthersOTHER

-2,53182,682 80,151100%M45

-21,224319,909 298,685100%A. Eje Aeropuerto M12

25,0391,074 26,11395% Autovía de Aragón-T. 1

39,104-39,104100%Móstoles Navalcarnero

31,012-31,01260%-18,017104,750 86,73375%A. del Sol-21,820110,370 88,55075%A. Los Libertadores

19,789187,919 207,708100%A. Los Andes

132,162356,668 488,83087%Conmex

13,174-13,174100%Viaducto Bicentenario-60,07860,078 50%Fumisa


TOTAL

75,698-75,69860%S. Paulo-Curitiba

36,506-36,50660%R. Janeiro-E. Santo

-16,04282,629 66,58771%Aecsa

Global

Integration

-

2007

Curitiba-R. Gde. do Sul41,639

2008

41,63960%Curitiba-Florianópolis

DifferenceOHL %ConcessionCONTROL %Consolidated Net Fixed Assets Variation (€ Thousand)

30

Financial Debt Variation (Non-Recourse to OHL)

-2,862-3,336-6,1982,8623,336 6,198Amozoc-Perote87,526174,772 262,29810,17329,240 39,41397,699204,012301,711Conmex

18,100-9,7148,386-9,3399,714 3758,7618,761Autovía de Aragón-T. 1

-13,46534,841 21,3762,1442,669 4,813-11,32137,510 26,189Vianorte44,31358,255 102,5688856,849 7,73445,19865,104 110,302Intervias55,90522,152 78,0573,5872,308 5,89559,49224,460 83,952Centrovias28,00762,256 90,263-3304,929 4,59927,67767,185 94,862Autovias

-2,81823,266 20,448-398658 260-3,21623,924 20,708Aecsa

119,519 1,728,033 91,6491,819,682223,579343,098211,1682,162,780 1,951,612TOTALOthers


Global

Integration

% CONTROLDifference20072008Difference20072008Difference20072008

Otros

Puerto de AlicanteFumisa

Viaducto BicentenarioLibramiento Puebla

Móstoles NavalcarneroMetro Ligero Oeste

Autopista M 12Autovía M-45A. Los Andes

A. Los LibertadoresA. del Sol

Curitiba-R. Gde. do SulCuritiba-Florianópolis

S. Paulo-CuritibaS. Paulo-B. Horizonte

R. Janeiro-E. Santo

Concessionaire

-67,09315,301

-66,970

72,713

-1,164-1,01761,291

-15,204-14,650

221,0111,929

709

252,325 29,312 66,970

447,913

239,166 76,697

156,434 119,890 140,710

185,23244,613

520,626

238,00275,680

217,725104,686126,060

221,0111,929

709

Consolidated Gross Debt

Financial Debt Variation (€ Thousand)

-2,536835

-20,8245623

5,28128,706

-629-1,514

104,102-4,618-8,0192,1161,5131,6313,017

795

15,805 483

20,824

1079,735

17,315 2,229

18,650 19,993 58,735

13,2691,318

5623

5,38838,441

16,686715

122,75215,37550,7162,1161,5131,6313,017795

Consolidated Cash and Equivalent

14,46628,829 43,295-64,557236,520 171,963

49774,468 74,965-535221,851 221,316

44,007438,178 482,185-5,281-107-5,388

-2,116-2,116-6,63181,975 75,344

-10,58699,897 89,311-42,811137,784 94,973

-23-23-56-56

-46,14646,146

-620-620-1,088-1,088

-86-86

-1,491

Consolidated Net Debt

-1,491

-2,862-3,336-6,1982,8623,336 6,198Amozoc-Perote87,526174,772 262,29810,17329,240 39,41397,699204,012301,711Conmex

18,100-9,7148,386-9,3399,714 3758,7618,761Autovía de Aragón-T. 1

-13,46534,841 21,3762,1442,669 4,813-11,32137,510 26,189Vianorte44,31358,255 102,5688856,849 7,73445,19865,104 110,302Intervias55,90522,152 78,0573,5872,308 5,89559,49224,460 83,952Centrovias28,00762,256 90,263-3304,929 4,59927,67767,185 94,862Autovias

-2,81823,266 20,448-398658 260-3,21623,924 20,708Aecsa

119,519 1,728,033 91,6491,819,682223,579343,098211,1682,162,780 1,951,612TOTALOthers


Global

Integration

% CONTROLDifference20072008Difference20072008Difference20072008

Otros

Puerto de AlicanteFumisa

Viaducto BicentenarioLibramiento Puebla

Móstoles NavalcarneroMetro Ligero Oeste

Autopista M 12Autovía M-45A. Los Andes

A. Los LibertadoresA. del Sol

Curitiba-R. Gde. do SulCuritiba-Florianópolis

S. Paulo-CuritibaS. Paulo-B. Horizonte

R. Janeiro-E. Santo

Concessionaire

-67,09315,301

-66,970

72,713

-1,164-1,01761,291

-15,204-14,650

221,0111,929

709

252,325 29,312 66,970

447,913

239,166 76,697

156,434 119,890 140,710

185,23244,613

520,626

238,00275,680

217,725104,686126,060

221,0111,929

709

Consolidated Gross Debt

Financial Debt Variation (€ Thousand)

-2,536835

-20,8245623

5,28128,706

-629-1,514

104,102-4,618-8,0192,1161,5131,6313,017

795

15,805 483

20,824

1079,735

17,315 2,229

18,650 19,993 58,735

13,2691,318

5623

5,38838,441

16,686715

122,75215,37550,7162,1161,5131,6313,017795

Consolidated Cash and Equivalent

14,46628,829 43,295-64,557236,520 171,963

49774,468 74,965-535221,851 221,316

44,007438,178 482,185-5,281-107-5,388

-2,116-2,116-6,63181,975 75,344

-10,58699,897 89,311-42,811137,784 94,973

-23-23-56-56

-46,14646,146

-620-620-1,088-1,088

-86-86

-1,491

Consolidated Net Debt

-1,491

6. NEW CONCESSIONS

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Viaducto Bicentenario, S.A. de C.V.

OHL Concesiones Stake 100 %

Client Government of Mexico

Concession Period May 2008 May 2038

Total Investment 1.2 billion Euros

Length 32 km

Toll Booths 20

• The toll fee is adjusted annually by the inflation (INPC), or in any period in which the index rises above 5%.

Viaducto Bicentenario


• Viaduct over the Mexico-Queretaro highway, one of the most congested in the country with an average daily traffic of 300,000 vehicles.

• It is estimated that the Viaduct will capture 10% of traffic in its first phase, but as the highway gradually enters into operation, the traffic will be incremented significantly.

• Structured in three phases with a similar investment for each phase. The second and third phases will begin when a certain level of traffic is achieved in phases one and two respectively.

33

1. Phase 1: Reversible three lane viaduct of 22 km of length between the border of the State of Mexico with the Federal District in “el Toreo” until the conexion of the Circuito Exterior Mexiquense with the Mexico-Queretaro highway.

• The first tranche of this phase is of 4.3 km in length, should begin operations this year.

2. Phase 2: Three lane viaduct of 22 km parallel to the viaduct of Phase 1. With the construction of this second viaduct the first viaduct ceases to be reversible.

• Beginning of construction is estimated for the year 2016, once it has reached a level of traffic of 50,000 vehicles.

3. Phase 3: 10 km prolongation of both viaducts towards the north, giving the concession a total of 32 km in length.

• Construction is estimated to begin in the year 2027 once it has reached a level of traffic of 180,000 vehicles per day.

• The project is integrated inside Valle de México metropolitan zone highway system, with connections to the Distrito Federal and Circuito Exterior Mexiquense’s future viaduct.

• The collection system is automatic with a barrier control at the entrance and is charged by actual km use.

• The vehicle identification system at the exit of the viaduct is done by a new portal frame developed jointly by OHL Concesiones and Indra .


34

Autopista del Norte, S.A.C.

OHL Concessions Stake 100 %

Client Transport and Communications Department

Concession Period February 2009February 2034

Total investment 203 million Euros

Length 356 km

Toll Booths 4

Peru• Politically and economically stable country.• Rated by rating agencies as “Investment Grade”

(Fitch, Standard & Poors).• Adequate legal frame work.• Great need for infrastructures.• OHL experience in Latin America.

Autopista del Norte

Autopista del Norte

Project Description• Duplication of the Panamerican Norte road from Pativilca, located at 150 km north of Lima, up to Trujillo,

with a total length of 356 km.• The concession includes the construction of 40 km bypasses in the most important cities together with

other smaller improvement works.• The road is a prolongation of the Autopista de Peaje Lima – Pativilca and its main objective is to

connect the city of Trujillo, and the ports of Salaverry and Chimbote with the city of Lima.

35

Autopista del Norte

• At the present time it has 3 toll booths. During the project’s construction one more toll booth will be implemented and the toll fares will increase, in a way that instead of collecting tolls only in one direction it will be done in both.

• It can be assumed that actual traffic is captive since there are no competitive alternative routes.

• Once the construction is finished the travel time from Lima to Trujillo can be reduced from 9 to 6 hours.

Contract• The concession begun operations on the 17th of March, one month after the signing of the contract,

and the government transferred the present collection to the concession.

• Toll Fare:• Once the works are finalized the vehicle that travels the 356 km will pay a subsidized toll of the

equivalent of 1.70 cents of a Euro per kilometre, therefore there is no practically no traffic decrease expected due to the increment of the fare.

• 50% is indexed to Peru’s inflation and the remainder 50% to the US Dollar exchange rate fluctuation and the USA inflation.

• The concession is responsible of the operation since the 17th of March. The collections from now on are for the concession company to finance the construction.

• The construction works are estimated to begin mid 2010 and to finalize in the year 2014.

• Minimum Income Guaranteed: The contract contemplates a minimum annual income guaranteed in US Dollars during the first 15 years of operations, which provides for approximately 85% of the financing needs.

7. FINANCING IN NEGOTIATION

37

BRAZIL• Federal Concessions Financing:

Preliminary Phase: Bridge loans in the financial market for each concession for a total amount of 400 million Reais signed in February and March 2009.

BNDES First Phase: Bridge loan for each concesion.

• Total amount: 1 billion Reais (approximately 330 million Euros).

• Credit for 3 concessions approved on 15 April, currently in signature stage.

• Credit for 2 concessions expected to be approved on the 15th of May.

• Term: 18 months.

• These funds insure the investment plan of 2009.

BNDES Second Phase: Long term debt for each concession, will be negotiated in the second half of 2009.

• Concessions of the State of São Paulo Financing:In the second half of 2009 the negotiation of the refinancing of the operation of June 2008 is expected to take place, for an amount of 670 million Reais and with a maturity date on January 2010.

Net Debt 12/08 / EBITDA 2008 = 1.9 times.

Financing in Negotiation (I)

38

Financing In Negotiation (II)

MEXICO• CONMEX

Final stage of the financing for the construction of Fases II and III.

• Total Amount: 12.5 billion Pesos (in comparison to the actual 6.0 billion Pesos).

• Final stage for the approval and due diligence.

• Estimated closing date: June 2009.

• VIADUCTO BICENTENARIOUnder negotiation the financing for the construction of Phase I.

• Estimated amount of 4.5 billion Pesos.

• Estimated closing date: third quarter of 2009.

OTHERS• Under study the financing for the Puebla (Mexico) ring road, Autovia del Norte (Peru) and the

Mostoles Navalcarnero Train (Spain).

8. STRATEGY

40

Business Strategy

• Consolidation and Growth:• Short term growth assured with the development of the current orderbook:

• 10 contracts awarded since June 2007.• Priority in closing the financial structures.• Investment programme according to OHL Group’s financial strategy.

• Optimization of actual contracts.• New projects:

• Selective analysis of opportunities.

• Geographical Location:

• Strategic countries; Brazil, Mexico, Chile, Peru and Spain.

• United States.

• European Union.

• Selectively in other geographical areas.

41

• Sectors:• With priority in highways, segment in which OHL Concesiones can claim

a deep expertise as operator.

• Also airports, commercial ports, and railways.

Business Strategy

• Financial Policy:• Financing equity with cash flow generated by the Group.• Optimization of every concession financing, within the reach of each

financial market, always in non-recourse basis and in local currency.

9. VALUATION

43

Valuation Criteria (I)

Global Criteria: Net Present Value coming from the discount of future shareholders’ cash flows.

• Cash Flows in €: Calculated on the basis of the local cash flows affected by hypothesis of parity change, according to inflation differential and starting from current exchange rates.

Concessions in operation: According to the updated financial model.Concessions under construction: According to the updated financial model used in the negotiation of the financing.

• Discount Rates: Reflect the cost of capital in € for each country taking into account:

Long term risk-free rate for each country in USD or €.Market Risk Premium: between 4.5% and 5.0%.Business Beta: 0.8.

Country Rating Long Term Risk Free Rate

Market Premium

Beta Base RateStandard & Poors Moody’s April 2009

Brazil BBB-/Stable/A-3 Ba1 6.0% 5.0 0.8 10.0%

Chile A+/Stable/A-1 A1 5.0% 4.5 0.8 8.6%Spain AA+/Stable/A-1+ Aaa 4.2% 4.5 0.8 7.8%

Mexico BBB+/Stable/A- 2 Baa1 5.8% 5.0 0.8 9.8%Peru BBB-/Stable/A-4 Ba1 6.5% 5.0 0.8 10.5%

44

Valuation Criteria (II)

• Aecsa and M-12 Eje Aeropuerto : Book value due to pending negotiation of financial re- equilibrium of the concession.

• Other minor concessions: Book value.

45

Criteria

•Valuation through discounted cash flows, following the global criteria.•Conservative 2009 traffic estimates, between -5% y 0% growth rate in comparison to 2008.•Starting from 2009, estimated traffic growths considering an elasticity between 1.1 and 1.2 times the Brazilian GDP growth.

•Federal concessions valued considering an initial BNDES financing with an average ratio of 50%.

The current market value does not represent the real value of OHL Brasil:

Reais/Share

Stock Exchange Average value Jan/April 09 14.1

Average Analysts value 22.8

DCF Value 36.0

OHL Brasil Valuation

46

Basic Valuation € Mn

CountryValuation Method Discount Rate Valuation

30/04/2009Valuation

30/04/2008Book Value31/12/2008

Argentina Book Value - 78.0 78.0 85.7

Brazil Discounted Cash Flows 10.0% 497.6 824.1 101.4

Chile Discounted Cash Flows 8.6% 455.2 604.4 77.9

Spain Discounted Cash Flows(except M-12 at B.Value)

7.8% 358.3 318.2 263.0

Mexico Discounted Cash Flows 9.8% 1,201.6 1,318.3 393.4

Peru Discounted Cash Flows 10.5% 45.4 - -

Other minor concessions Book Value - 4.7 4.7 4.8

Total 2,640.8 3,147.7 926.2

47

Valuation Performance

Base Value April 2008 3,147.7

Rolling forward 215.1

Exchange Rates -321

Discount Rates -129.4

New Businesses 166

Others (Projection Updates) -437.6

Base Value April 2009 2,640.8

Basic Valuation Performance

Adquisición de Intervias

Salida a Bolsa de OHL Brasil

Adquisición de Amozoc-Perote

3,147.72,640.8

-437.6-129.4

215.1

-321.0166.0

Base Value

April 2009

Others: Projection Updates

New Businesses

Discount Rates

Exchange Rates

Rolling forward

Base Value April 2008

INITIAL FINAL

-16.1%

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Improved Valuation € Mn

CountryValuation Method Discount Rate Valuation

30/04/2009Valuation

30/04/2008Book Value31/12/2008


Brazil Discounted Cash Flows 9.5% 534.5 875.9 101.4

Chile Discounted Cash Flows 8.1% 489.1 628.9 77.9

Spain Discounted Cash Flows(except M-12 at Book Value)

7.3% 381,3 328.5 263.0

Mexico Discounted Cash Flows 9.3% 1,345.8 1,437.7 393.4

Peru Discounted Cash Flows 10.0% 51.7 - -


Total 2,885.2 3,322.1 926.2

Assumptions: Discount rates half point below Basic Valuation.

49

Conservative Valuation € Mn

Assumptions: In 2009 discount rates one point over Basic Valuation; in 2008 discount rates half point over Basic Valuation.

CountryValuation Method

Discount RateValuation

30/04/2009Valuation

30/04/2008Book Value31/12/2008


Brazil Discounted Cash Flows 11,0% 432.0 776.2 101.4

Chile Discounted Cash Flows 9,6% 396.1 581.8 77.9

Spain Discounted Cash Flows(except M-12 at Book Value)

8,8% 318.7 308.7 263.0

Mexico Discounted Cash Flows 10,8% 955.1 1.211.5 393.4

Peru Discounted Cash Flows 11,5% 34.2 - -


Total 2,218.9 2,960.9 926.2

Ohl Concesiones2009 Oficial Ing

Economy & Finance

Transcript of Ohl Concesiones2009 Oficial Ing