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2008 Results 2008 results Vasco de Mello February 27 th , 2008 Disclaimer All data contained in this presentation may contain confidential and/or privileged information, and it is exclusively intended for its addressees. Unauthorized copy, reproduction or distribution is strictly prohibited. This presentation is provided “as is” without any express or implied warranty. The information here in are provided for general purposes only and do not constitute professional advice. This presentation may contain forward-looking information and statements that could, ultimately, prove in accurate, due to unexpected risks and uncertainties, such as economic and market conditions in the geographic areas that are or will be major markets for this company, changes in laws and regulations, inflation, fluctuations in currency exchange rates, traffic volumes, or any legal issues against this company that may affect its business. All data referred in this document must be reported to the document’s date. Although every reasonable effort is made to present current and accurate information, Brisa makes no guarantees of any kind. The company declines any responsibility to update, revise or correct any of the information hereby contained. 2008 overview Very difficult macro conditions… A historical year - Equity markets down (PSI 20: -50%; motorway operators: -40%) - Steep increase in fuel price (up 30% by July and 11% FY average) - Portuguese GDP did not grow (recession in 4Q08: -2.0% QoQ) Under this environment Brisa fulfilled its goals - Positive toll revenues growth. Total revenues up 6% - Operational Costs growth < 10% - EBITDA margin > 70% Finally a new concession agreement was aproved - 3 extra years - Allowing corporate restructuring New business was added - Brisal was fully open 1 2 - Baixo Tejo and Litoral Oeste concessions were awarded 1 Final award in Jan 09 2 Final award in Feb 09 … but Brisa delivered 3 Equity markets Stock performance in line Dividend per share with markets Cents of Euro 31 31 Reuters BRI-LB Bloomberg BRI PL 27 28 2005 2006 2007 2008 Brisa -47% PSI20 -51% Dividend Yield Year end share price January 2008 December 2008 5.8% th 3.8% 6 largest Portuguese company 3.0% 3.1% 7.1% weight in PSI 20 index Market cap of €3.0 bn 2005 2006 2007 2008 A 31 cents dividend per share will be maintained 4 2008 Financial Figures 2008 Business Development 2009 Outlook 2008 financial figures YE08 IFRS figures Euro million 2007 2008 % Operating revenues 646.5 686.0 + 6% Toll revenues 575.7 582.6 + 1% EBITDA 459.5 482.7 + 5% EBITDA margin 71.1% 70.4% - 0.7 pp EBIT 281.4 276.6 - 2% EBIT margin 43.5% 40.3% - 3.2 pp EBT 223.0 183.9 -18% Decline impacted Net Profit 259.4 151.8 - 41% by 2007 tax benefit (€89M) Positive operational performance 6 2008 financial figures YE08 operating revenues Euro million 2007 2008 % Tolls 575.7 582.6 +1% Service areas 11.9 11.6 -3% Lower traffic * Equipment sales: +€4.4M Motoring 41.1 49.0 +19% Car inspections: +€2.2M Settlement of the toll collection in Other 17.8 42.9 +141% the Circular Sul de Braga stretch (+€23.9M) TOTAL 646.5 686.0 +6% * Includes ETC equipment sales New concession agreement provided extra €24M 7 2008 financial figures Toll revenues & growth per concession euro million +0.9% +1.2% 5.7M -0.6M (+ 5.1M) 582.6M (+ 6.9M) +2.0% -2.0% 14.2M (+ 11.8M) 530.4M (- 11.4M) +0.3% 32.9M (+ 1.5M) Brisa Atlântico Brisal Northwest Consolidation Total Concession (50% stake) Parkway adjustments 1 extra growth 1Intragroup toll transactions, between Brisa, Atlântico and Brisal Brisa compensated by other concessions 8 2008 financial figures Brisa concession toll revenue growth 1Q08 2Q08 3Q08 4Q08 FY08 Like-for-like +2.2% -6.6% -6.6% -7.7% -4.9% Easter effect +2.1% -2.2% 0.0% 0.0% 0.0% Shadow tolls competition -0.3% -0.5% -0.7% -1.0% -0.6% A10 Cannibalization -0.1% -0.4% 0.0% 0.0% -0.1% Brisal Cannibalization -0.0% -1.2% -1.8% -2.9% -1.5% Truck strike -0.0% -0.7% 0.0% 0.0% -0.2% AADT (organic) Adjusted ADT +0.5% -1.6% -4.1% -3.8% -2.5% Leap year +1.0% +0.0% +0.0% +0.0% +0.3% Mix effect 1 0.0% ++0.4% +0.1% -0.8% -0.2% New stretches +0.5% +0.4% +0.1% +0.0% +0.2% Tariff increase +2.6% +2.6% +2.6% +2.6% +2.6% Total +6.3% -3.2% -3.8% -5.9% -2.0% 1 Includes traffic & tariff increase mix Organic growth was down only 2.5% 9 2008 financial figures Toll revenues Revenue per Revenue per motorway class Class 4 Class 1 NWP – 1% A1 – 41% 11% 68% A17 – 2% Class 3 A15 – 1% A14 – 1% 2% A13 – 2% A12 – 2% Class 2 A10 – 1% 19% A9 - 5% A2 - 17% A8 -5% A3 - 8% A6 - 4% A4 - 5% A5 - 5% Transaction structure: - Via Verde 60.4% - Manual 39.6% No change on traffic mix – low exposure 10 2008 financial figures Traffic figures total circulation 7.44 x 10 9 (-4.5%) Brisa ADT % Impacted by Brisal cannibalization A1 34 198 -7.0% (opened in May 08) A2 16 842 -2.1% A3 17 190 -5.0% Impacted by shadow toll A4 23 818 -6.2% A5 68 341 -0.6% Commuting traffic uphold A6 5 446 -4.5% A9 26 302 -5.6% Impact from macro conditions A10 7 682 +11.7% Ramp up A12 22 302 -0.7% A13 5 109 -0.7% A14 5 473 -6.6% TOTAL 20 335 -4.9% 11 2008 financial figures Traffic figures Atlântico ADT % Atlântico shows growth due to induced A8 20 730 +1.2% traffic from fully opened Brisal 9 A15 5 299 -3.6% Total circulation: 0.87 x 10 (+1%) TOTAL 16 421 +0.7% Brisal ADT % Brisal still on a early stage Traffic ramp up is occurring due to the A17 1 6 387 41.1% network completion (May 2008) TOTAL 6 387 41.1% Total circulation: 0.17 x 10 9 1 2007 network (Last 61km opened in May 2008) NWP ADT % Parkway 12 121 -2.9% Tariffs were raised by 25% last April TOTAL 12 121 -2.9% Growing above peers 12 2008 financial figures Consolidated operating costs breakdown Euro million 2007 2008 % Cost of goods 4.5 6.5 + 45% Equipment acquisition: €2.7M NWP: €2.9M External 89.8 98.7 + 10% Brisal: €2.3M Business development: €3.8M Personnel 86.5 93.3 + 8% Total employees: 2 880 (-15) Other 6.2 4.8 - 25% Cost growth: Like-for-like: €1.5M (+1.7%) Op costs 187.0 203.3 + 9% Lower capitalization: €1.7M (+1.9%) New business: €1.4M (+1.6%) Layoff costs: €1.0M (+1.2%) Dep & prov 178.1 206.2 + 16% Pension fund: €1.3M (+1.5%) Depreciation of the last stretches built on the A10 of the A10, the A17 (Brisal) & widening works Opex grew only 1.3% without new business 13 2008 financial figures Operating cost growth Euro million +2.3% 8.7% +1.1% +4.4M +2.1M +16.3M +4.0% + 7.3 M +1.3% + 2.5 M Brisa Business Brisal Northwest concession development Parkway Total Opex growth under 9%, impacted by new business 14 2008 financial figures Operating costs growth Q on Q Consolidated Brisa Concession 28.4% 12.3% 7.3% 8.7% 6.3% 3.7% 3.2% 1.8% +2.5 M€ 1Q08 2Q08 3Q08 4Q08 12M08 1Q08 2Q08 3Q08 4Q08 12M08 -3.7% -7.4% Significant cost management effort in 2H08 15 2008 financial figures Margins per business Consolidated EBITDA margin Brisa concession EBITDA margin 74% 68%76% 76% 75% 75% 71% 75% 70% 69% 67% 76% 1Q08 2Q08 3Q08 4Q08 FY08 67%1Q08 2Q08 3Q08 4Q08 FY08 Consolidated EBIT margin Brisa concession EBIT margin 51% 49% 49% 45% 48% 48% 41% 40% 39% 18% 35% 1Q08 2Q08 3Q08 4Q08 FY09 1Q08 2Q08 3Q08 4Q08 9M08 Strong operational margins 16 2008 financial figures Financials & net profit Financial expenses breakdown: Brisa €132.6M Euro million 2007 2008 % Atlântico €13.6M Other €2.3M EBIT 281.4 276.6 -2% New business: Brisal €32.7M Net financials (58.4) (92.6) -59% NWP €15.0M Financial income 20.5 19.7 -4% Financial expenses 123.4 196.2 +59% Financial expenses change: Investment income 44.4 83.9 +89% ∆ Debt +€36.7M ∆ Interest rates +€11.5M EBT 223.0 183.9 -18% Lower capitalization +€11.9M Other financials +€12.7M Taxes & Min. 36.4 (32.1) N/A Investment Income: Net profit 259.4 151.8 -41% Sale of 0.94% of Abertis for €89.6M (+ €38.3M) CCR/Brazil: €44.6M (+€1.8M) Net profit declined impacted by 2007 tax credit (€89M) 17 2008 financial figures Capex Investment per 2008 Euro million concession Brisa concession 1 106.6 New stretches (net of subsidies) 9.8 Brisa Major repairs 15.1 37% Widening works 61.1 Brisal 14% Other 20.6 Other Brisal (70%) 36.1 1% Atlântico (50%) 1.7 Douro Litoral (55%) 2 137.3 Other (100%) 5.2 Douro Litoral TOTAL 286.9 48% 1 Due to the new concession agreement Brisa accounts an extra intangible asset of €158M (not mentioned above as Capex) 2 Of the total investment €115.7M corresponds to an intangible asset – the awarding fee Investments contained below targets 18 2008 financial figures Balance sheet Euro million 2007 2008 % Assets 5 359.0 5 593.8 +4% Non current 4 890.3 5 157.4 +5% Current 274.3 252.6 -8% Deferred tax 194.4 183.8 -6% Equity & min 1 691.3 1 372.7 - 19% Liabilities 3 667.7 4 221.1 +15% M/Long term fin.
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