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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
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)
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
Percentage Integration
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
Percentage Integration
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
32
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
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 .
Viaducto Bicentenario
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%
48
Improved 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 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 - -
Other minor concessions Book Value - 4.8 4.7 4.8
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
Argentina Book Value - 78.0 78.0 85.7
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 - -
Other minor concessions Book Value - 4.8 4.7 4.8
Total 2,218.9 2,960.9 926.2