1Q10 Results Conference Call Panelist



1Q10 Results Conference Call Panelist
Speech - 1Q10 Results
1Q10 Results Conference Call
Good Morning everyone. On behalf of OHL Brasil, I would like to thank you for attending our
conference call to discuss the financial results of the first quarter of 2010. Here with me I
have Mr. Alessandro Levy, investor relations manager, and Murilo Tarini and Andrea
Gabrielli, members of the IR team.
As usual, I will make a comment on the main issues of the results of our operations in the
first quarter, followed by a question and answer period. I believe you already have our
presentation with you, and it is also available on our website. It is essential to have it to
follow our conference call.
Slide 3 shows the growth in toll-paying traffic at our concessions in the first quarter of 2010,
which increased by 107.4% from the same period a year earlier. This growth was driven by
the recovery in the Brazilian economy in the period, which fueled growth of 11.6% in traffic
volume at the state concessions; and by the inauguration of new toll plazas at the federal
concessions, for which toll-paying increased by 195.7%, due to the fact that 28 toll plazas
operated during the first quarter of 2010, while in the first quarter of last year only 5 toll
plazas operated during the entire quarter, with another 17 plazas inaugurated during the
In comparison with the fourth quarter of 2009, traffic volume at our concessions decreased
by 3.5%, with traffic volume at the state concessions down 6.8% in the period, and traffic
volume at the federal concessions down 2.4%, influenced by the cyclical components.
Remember that due to seasonality, the first quarter of the year is typically weaker than in the
fourth quarter.
A highlight was the growth of 15.6% in toll-paying traffic on the Centrovias concession, which
was boosted by the closure of the Highway SP-304 (the Luís de Queiroz Highway). The
highway was closed on February 1st on the stretch linking São Pedro to Santa Maria da
Serra, and was only reopened on February 20th, and during this period one of the detours
was Highway SP-225 of Centrovias.
Speech - 1Q10 Results
Slide 4 presents the evolution in the average tolls of our concessions. As you can see, the
average toll of the state concessions increased by 0.8% in relation to the previous quarter
and by 4.2% in relation to the same quarter of last year, basically reflecting the contractual
increases of 3.64% in tolls in July 2009, which was based on the cumulative variation in the
IGP-M inflation index from June 2008 to May 2009.
Toll increases also occurred at the federal concessions during the quarter. In February 2010,
the basic tolls at the Fluminense and Litoral Sul concessions were increased based on the
criterion of rounding up the first decimal place and adding the cumulative variation in the
IPCA inflation index from February 2009 to January 2010 (which resulted in an increase of
Note that tolls at the Planalto Sul, Fernão Dias and Régis Bittencourt highways are adjusted
in December of each year by the same rounding criterion and based on the cumulative
variation in the IPCA index from December of the prior year to November of the year of the
adjustment. Note that tolls at the Fernão Dias and Régis Bittencourt concessions were not
adjusted due to the rounding criteria for the basic toll stated in the concession contracts.
Slide 5 shows the evolution in net service revenue in the first quarter of 2009, which
increased by 54.4% from the same quarter of 2009 to end the period at R$ 336.5 million.
This increase reflects the growth in toll-paying traffic, especially due to the start of toll
collection at the federal concessions, the higher traffic at state concessions and the
contractual toll increase implemented at the state and federal concessions, as mentioned on
the previous slide.
Note the share of electronic toll collection in the quarter of 53.9% at the state concessions
and of 31.6% at the federal concessions.
Moving on to Slide 6, consolidated EBITDA in the first quarter grew to R$ 202.9 million, up
114.5% from the same quarter a year ago, with EBITDA margin expanding from 43.4% to
60.3%. The R$108.3 million increase in EBITDA in comparison with 1Q09 is mainly due to
the revenue growth in the period, which was driven by the factors mentioned above.
Speech - 1Q10 Results
A highlight in the period was operating costs and expenses, which remained stable in
relation to the previous quarter and increased by 8.3% from the same quarter a year earlier,
due primarily to the inauguration of toll plazas in the first quarter of 2009. 28 toll plazas
operated during the entire first quarter of this year, while in the first quarter of last year, only
5 operated during the entire quarter and another 17 were inaugurated in the period.
Slide 7 presents EBITDA in the first quarter for each of our concessions. The state
concessions averaged EBITDA margin of 74.8%, while the federal concessions averaged
EBITDA margin of 42.7%. Note that the Fernão Dias concession posted EBITDA margin of
17.2%, since one of its 8 toll plazas was not yet operational. The toll plaza is expected to be
inaugurated in June this year.
The adjustments with the consolidation are composed of the costs and expenses of the
holding company OHL Brasil and of SPR, which is the controlling shareholder of Vianorte,
and the adjustments to eliminate any unrealized profits between the group's companies.
Slide 8 shows our net financial expenses, which increased by 10.8% from the last quarter of
2009, basically reflecting:
the increase of R$9.4 million in expenses with “Monetary Restatement of the
Fixed Fee”, due to the inflation measured by the IGP-M inflation index in the period of
2.8%, and the "Adjustment to Present Value" of the same item; and
the decrease of R$4.1 million in the line “Other Financial Expenses”, due,
among other factors, to the lower expenses with IOF tax.
On Slide 9, as a result of the items commented on in the previous slides, and especially the
positive revenue impact from the 28 toll plazas at the federal concessions operating during
the entire quarter, our consolidated net income ended the first quarter of the year at R$56.4
million, increasing by R$52.4 million from the same quarter of last year.
Slide 10 shows the company's financial leverage, with net debt ending the quarter at R$1
billion and 354 million, increasing by 0.6% in relation to the fourth quarter of last year.
Speech - 1Q10 Results
With net debt remaining practically stable in relation to the previous quarter, and EBITDA in
the last 12 months increasing, our financial leverage as measured by the Net Debt/EBITDA
ratio, less the payment of the Fixed Fee in the last 12 months, declined from 2.2 times in the
fourth quarter of last year to 1.9 times at the end of this first quarter.
Slide 11 shows that the financial structure for the financial and state concessions are
advancing as planned in terms of the investment timetable.
The federal concessions have received approval for a BNDES bridge-loan worth R$ 1 billion,
which will precede the long-term financing to be contracted at the BNDES itself.
Of this loan, the 5 federal concessions have already received, as of March 31, a total of R$
798.4 million, with the remaining R$ 201.6 million to be disbursed over the coming months in
accordance with the progress of the investments.
Also regarding the BNDES, we are structuring the long-term operation for our federal
concessions, and based on our estimates the first disbursement should occur at the end of
the second quarter and start of the third quarter of this year at the concession Autopista
Regis Bittencourt. And the financing of the other federal concessions should occur
In addition to the BNDES operations, the state concessions Autovias, Centrovias, Intervias
and Vianorte state concluded their debentures issue worth R$1 billion and 373 million reais.
The proceeds from the issue were used primarily:
to refinance the R$700 million in promissory notes issued in November 2009
and due in April 2010 at the concessions Autovias, Centrovias and Intervias;
to settle the promissory notes issued in February 2010 used to prepay the
R$50 million in debt held by Vianorte at the BNDES; and
the additional funds of R$622.8 million will be allocated to future investments
and to pay dividends at these concessions.
Speech - 1Q10 Results
Slide 12 presents a summary of the main details of the debentures issue of the state
concessions, which was used to refinance the group's short-term debt.
The issue was made in two series: a portion of R$ 1 billion and 33 million reais linked to the
CDI overnight rate with a term of 5 years and an average cost of CDI + 1.6% per annum;
and another portion of R$ 340 million reais linked to the IPCA inflation rate with a term of 7
years and a cost IPCA + 8%. The debentures transaction was settled on April 26 and 27,
Slide 13 shows that the investments made in the first quarter by the concessions of OHL
Brasil totaled R$ 128.6 million, of which approximately 71% was invested at the federal
concessions, given their higher funding requirements, in accordance with their investment
program for the initial years.
The volume of investment in the quarter came in below our estimates, mainly due to the
heavy rainfall in the period. We expect to increase the volume of works in subsequent
quarters in order to meet our estimate for this year of approximately 1 billion reais in
In the period between 2010 and 2014, we expect to invest R$598 million reais in our state
concessions and R$3.8 billion in our federal concessions in order to meet the obligations
provided for in the concession contracts.
That concludes my initial comments, so let's go straight into the question and answer
Thank you very much.
Questions and Answer Seccion
Operator: Excuse me. Ladies and gentlemen we will now start the Q&A session. I would like
to mention that the first part of this session will give priority to the comments of analysts and
investors. Once this stage is finished we will open for questions from journalists who might
Speech - 1Q10 Results
be connected. To ask a question please dial star one (*1), to remove your question from the
list dial star two (*2)
Our first question comes from Mr. Eduardo Couto from Goldman Sachs.
Mr. Eduardo Couto: Good morning Francisco, good morning Alessandro. My question
regards CAPEX. As you mentioned, there was rain and your CAPEX, especially in federal
concessions, ended up being relatively small compared to the yearly guidance.
My question is if there is risk of our having this year something similar to what happened last
year, in which you ended up spending around 60% of the initial Capex guidance for the year
in the federal concessions. I would like you to talk a bit more about the Capex for the year in
the federal concessions.
Mr. Francisco Leonardo Moura da Costa: Ok Eduardo, thank you for the question. My
comment about it is that indeed there was a rather strong rainy season at the beginning of
the quarter; besides, we continue having the issue of the environmental licensing which has
been progressing in a rhythm which does not fully attend our needs.
What we expect is a bit more celerity in obtaining the licenses and we are ready and intend
to execute the investment program for the year within the budget. As far as OHL is
concerned, there is no expectation of diminishing investments in relation to what has been
programmed. There are financial resources for this, the projects are getting ready and the
licenses are being released, so we intend to deliver our chronogram.
Mr. Eduardo Couto: Francisco, which are the main projects facing licensing problems?
Mr. Francisco Leonardo Moura da Costa: The execution of all projects requires
environmental licensing. As this investment is very large, I mean, the amount of licenses
required from us by the respective entities is fairly large. There is a natural limitation from
these entities in promptly complying with the requests for licensing.
Speech - 1Q10 Results
It would be important to mention, for instance, that now we will start the duplication works of
Serra do Cafezal. We have already managed to obtain the licensing for a section of
approximately 12 km (we remind you that Serra do Cafezal has 36 km as a whole) and we
will start the execution this year with the licensing at hand for one third of the project, a
significant amount.
As to the other duplications, in Fluminense we are also very much engaged in obtaining the
licenses. The main project might be the duplication, the beginning of the duplication of Serra
do Cafezal, something in relation to the duplication of highways, of highway 101 of
Fluminense, and other projects such as the construction of a large quantity of footbridges,
device returns; these are the investments budgeted and forecasted for this year.
Mr. Eduardo Couto: Just one last question in relation to the toll plaza at Fernão Dias; what
is missing for the startup of this toll plaza? Is it also environmental licensing?
Mr. Francisco Leonardo Moura da Costa: No. The toll plaza has already been built, we
are finishing it. In order to start building the licensing must have been previously granted.
What happens is that the normal pace of the construction works was heavily impacted by the
rain at the beginning of the year, but it is under way and now and we forecast its start up for
June, June/July, end of May/June ... we have to finish it. Now we will start testing the
collection equipment, we must have this toll plaza working over the next weeks.
Mr. Eduardo Couto: Francisco, do you have any idea as to what the Ebitda margin in/ at
Fernão Dias should be once this toll plaza becomes operational?
Mr. Francisco Leonardo Moura da Costa: It should be in line with the other
Mr. Eduardo Couto: Ok thank you.
Speech - 1Q10 Results
Mr. Francisco Leonardo Moura da Costa: Welcome Eduardo.
Operator: Our next question comes from Ms. Vanessa Ferraz from HSBC.
Ms. Vanessa Ferraz: Good morning, in fact I have two questions: I would like to understand
how are the rebuilding works of that section of Fernão Dias, I think it is km 77, where there
was a sliding at the end of February.
I would like to understand how the reconstruction works of this section are progressing, how
you see it and how this could affect the beginning of the toll collection there in Mairiporã,
right ahead?
And my second question regards to BNDES. What is the amount you expect will be
disbursed for this year and for the next years?
Mr. Francisco Leonardo Moura da Costa: Good morning Vanessa, thank you for the
questions. As to your first question, the reconstruction works of km 77 of Fernão Dias are
progressing fast. We have already built the hillside containment in the South track.
As to now we are still utilizing the bypass, but we are already projecting the utilization of a
highway section in the South track, which will become the north track for as long as the
construction of the viaduct takes.
This usually lasts a bit, there are problems regarding underground water, we need to
complete the drainage and to reinforce the walls of the hillside which has slid.
In relation to the impact of this in terms of toll collection I would say it is none. The toll plaza
is not operational as of today, so it has not been suffering any loss in terms of revenue. The
toll plaza will be operating before the opening of the North track and then there might be
some revenue loss, which will be minimized through the utilization of a section of the South
Speech - 1Q10 Results
track. The loss in revenues we effectively incur will be covered by insurance, so we are not
worried about that.
In relation to your second question on BNDES, the structuring of the long-term financing is
progressing as usual. BNDES itself has already signaled that the first contract should be
signed by June/July. The amount of the disbursement you asked about will depend basically
on the progression of the works.
BNDES disburses pari passu, according to the investment already materialized. There is no
way to estimate the value. We can say that if we have a forecast of R$ 800 million in
investments for this year, what we can do is calculate something around 65 to 70% of this
amount. This would be the value to be disbursed by BNDES - round figures.
Going back to the issue of the North track of Fernão Dias, I would like to inform that at our
presentation at APIMEC on Monday we will comment in detail this project of recovery. One
of the company’s Operations Directors will be present.
Ms. Vanessa Ferraz: Ok thank you.
Mr. Francisco Leonardo Moura da Costa: Welcome.
Operator: Our next question comes from Mr. Marcelo Günther with Banco Safra.
Mr. Marcelo Günther: Good morning Francisco. In fact the question refers to the Ebitda
margin of federal concessionaires. In fact if we excluded the result at Fernão Dias, Ebitda
margin of the federal concessions would have been something around 65.2%, while in the
state concessions the margin is much higher.
I understand the highways have different characteristics, but I would like to understand which
level you expect to reach once the federal concessions mature. Thank you.
Speech - 1Q10 Results
Mr. Francisco Leonardo Moura da Costa: Good morning Marcelo.
Mr. Marcelo Günther: Good morning.
Mr. Francisco Leonardo Moura da Costa: As to the question on Ebitda margin in the
federal concessions there are two sets of concessionaires with fairly distinct characteristics.
Federal highways, as it has happened at the auction, have tighter revenues in spite of the
higher traffic. The improvement in the margin will be based very much on the administration
of operational costs.
Specifically in this case since the beginning we knew - since the proposal - that Ebitda
margins in the federal concessions would reach at most something around 45 to 50% (of the
state ones), therefore they are a bit distant. There is no expectation as to the Ebitda margin
of federal concessions matching that of the state ones. The characteristics of the
concessions are different.
As soon as the toll plaza 1 at Fernão Dias enters into operation we will see an improvement
in the average of the toll plazas (which nowadays is around 42.7, including Fernão Dias) and
then it should reach some 45, 50. After that it is up to the management of each
concessionaire. This means permanent work, constant reduction of costs. That improves the
Mr. Marcelo Günther: Ok thank you.
Mr. Francisco Leonardo Moura da Costa: Welcome Marcelo.
Operator: Excuse me ladies and gentlemen, analysts and investors, in order to ask
questions please dial star one (*1).
Our next question comes from Augusto Ensiki with Morgan Stanley.
Speech - 1Q10 Results
Mr. Augusto Ensiki: Hi good morning. A quick question on tariff adjustment: tariffs have not
been rounded up at Fernão Dias and Régis Bittencourt. Why was there no impact at Litoral
Sul, which went from 1.10 to 1.17? Thank you.
Mr. Francisco Leonardo Moura da Costa: Good morning Augusto. Litoral Sul went from
1.10 to 1.17.
Mr. Alessandro Scotoni Levy: Augusto, this is Alessandro speaking. In fact there
happened an adjustment at Litoral Sul; the ones that did not have any adjustment were
Régis and another… not Planalto, Fernão Dias.
Neither Régis nor Fernão Dias had any adjustment because when it happened there was no
change in the decimal place to be charged at the toll plaza.
All the other ones had. Litoral had as well, but it happened in 1Q. That is why we start from
1.10 and go up to 1.17. I do not know if I explained well, I do not know if you understood.
Mr. Francisco Leonardo Moura da Costa: This is an average tariff for the quarter and
since it was not adjusted at the beginning of 1Q (it was adjusted within 1Q, in February) then
we do not round up the average tariff.
Mr. Augusto Ensiki: But then Litoral Sul has been adjusted to 1.20, right?
Mr. Francisco Leonardo Moura da Costa: That is right, 1.20. But in average if you
consider the months in which it was not adjusted it makes 1.17.
Mr. Augusto Ensiki: Right, that is clear. But the base at Litoral Sul was 1.10, right?
Mr. Francisco Leonardo Moura da Costa: Correct.
Mr. Augusto Ensiki: So Fernão Dias also has the same base?
Speech - 1Q10 Results
Mr. Alessandro Scotoni Levy: In fact that is true. You are referring to the tariffs applied at
the toll plaza. The tariff of the proposal, which is the base for the adjustment of three decimal
places, in fact is not 1.10, it is 1.08.
So when you adjust one it might go up to the second decimal place, to a higher decimal
place, the other might not. This was the case between Litoral Sul and Fernão Dias.
Mr. Augusto Ensiki: Ok, understood.
Mr. Alessandro Scotoni Levy: That is the point. This is commutative, so next year … at the
end of this year and the beginning of …
Mr. Augusto Ensiki: This effect disappears.
Mr. Alessandro Scotoni Levy: This effect is commutative and it will be applied as of next
Mr. Augusto Ensiki: At Fernão Dias and Régis?
Mr. Alessandro Scotoni Levy: Exactly.
Mr. Augusto Ensiki: Ok thank you very much.
Operator: Our next question comes from Mr. Stephen Trent from Citigroup.
Ms. Virgínia Costa: Hi, Virgínia Costa speaking on behalf of Stephen Trent. I have two
questions: do you expect any growth for this year? What growth do you expect for this year?
Do you have plans to invest in other infrastructure projects in Brazil?
Mr. Alessandro Scotoni Levy: Hello, this is Alessandro speaking. Virgínia, how are you?
Speech - 1Q10 Results
Ms. Virgínia Costa: How are you Alessandro?
Mr. Alessandro Scotoni Levy: Your first question was in terms of growth. We saw in this
quarter in the state concessions a fairly robust growth of 11.6%. In fact what we forecast for
this year is to grow in line with the growth in the economy. We have seen a consensus in the
market talking about GDPs around 5%, 6% for this year and industrial production around
10%, 11%.
We will follow this because everything in the economy flows through the highways, so the
tendency for us is to be aligned with this. I would not like to say exactly how much we
foresee because there are elasticity factors which are also embedded in all of this and which
we will get to know along the year.
As regards the new investments in other areas, in fact nowadays the company has been
studying mainly highway concession projects, projects that we understand might show up
still in this year. We have already heard a lot of talks about Rodoanel, we heard about the
federal concessions of the third phase that might happen in Minas and Espírito Santo.
At the same time we have been thinking about and studying this, but we still do not have any
forecast as a consequence of the agents themselves (the Government) that decide on the
tender offers of these new projects.
Our expectation is that this will happen as soon as possible. We know about the World Cup,
the Olympic Games here in Brazil. Investments are necessary and here we are studying all
of them, but without any forecast as to when they will occur.
Ms. Virgínia Costa: This is an election year. Do you think this might imply in a delay on the
concessions for these other projects?
Speech - 1Q10 Results
Mr. Alessandro Scotoni Levy: We believe, yes, that this could be very much responsive to
delays, especially those related to the elections.
Ms. Virgínia Costa: Perfect, thank you Alessandro.
Operator: Excuse me, our next question comes from Mr. Alexandre Amson from Santander.
Mr. Alexandre Amson: Hi, good morning everyone. I have a quick question in relation to the
financial result, more specifically the monetary correction of the fixed onus which presented
9.4 million growth. I imagine that a large part of it is derived from the present value
adjustment. I would like to understand what is the factor behind this adjustment which
caused this great change. Thank you.
Mr. Alessandro Scotoni Levy: Ok Alexandre, Alessandro speaking. You have seen the
impact of the variation of IGP-M in the year … not in the year, in the period in 2.8%. We must
stress also that nowadays we apply the adjustment to the present value in the balance sheet
a consequence of all onus payable to the granting power.
So when this goes to the result, the monetary correction carries both IGP-M (which is 2.8%)
and the cost of bringing this back to present value. Nowadays we utilize in all our
adjustments to present value in all our companies 5% per year.
So this means one-fourth, approximately one-fourth to be weighted and added to 2.8%. In
fact this is applied to the average outstanding balance in the period adjusted to present
value, which corresponds to approximately 10 million, 12 million, which is the financial result.
Basically the calculation takes into consideration both IGP-M and the corresponding interest
rate used to calculate the present value (5% per annum).
Mr. Alexandre Amson: Great, thank you. So confirming there was no change in the
accounting practices?
Speech - 1Q10 Results
Mr. Alessandro Scotoni Levy: No, no change. In fact if you had, for instance, IGP-M at
almost zero, you should not have any financial expense from monetary correction, right?
However, this shows up because of the adjustment to present value. If you have zero IGP-M
in the period you will still have an increase in financial expenses because you are bringing to
present value and this costs 5% per annum.
Mr. Alexandre Amson: Perfect, thank you very much.
Operator: Our next question comes from Mr. Marcelo Günther with Banco Safra.
Mr. Marcelo Günther: Just one more question: in fact the leverage level fell to 1.9x in this
quarter. I understand this derives from Capex being smaller than one-quarter of your
guidance for 2010.
I would just like you to talk a bit about when you think this leverage will peak up and well, if
you could talk about leverage from now on, please.
Mr. Alessandro Scotoni Levy: Hi Marcelo, this is Alessandro, how are you?
Mr. Marcelo Günther: How are you Alessandro?
Mr. Alessandro Scotoni Levy: Fine. Talking about leverage we have to take two things into
consideration: one, we have to consider first of all the speed of the investments we have to
make, because much of our indebtedness is a function of the level of investments that we
have especially in the federal concessionaries.
As Francisco has already mentioned, there are many factors that might contribute to
increase or lower the speed of such investments in relation to the index, to net debt/Ebitda.
This will, to a large extent, be a function of the speed of Capex.
Speech - 1Q10 Results
Another point, we also have, as we have shown on the slide, some covenants at the state
concessionaires as a function of our indebtedness of 3.5x Ebitda. When we manage our
indebtedness we take all this into consideration.
We cannot imagine taking the indebtedness of the company much beyond 3x Ebitda, since
Ebitda tends to grow especially as a function of the growth we might see in the future of this
country, but always as a function of the works.
It is hard to say how long this indebtedness will last, it is hard to forecast. The company
understands we should not issue any covenant. That is basically it.
Mr. Marcelo Günther: Ok thank you.
Operator: Excuse me, our next question comes from Mr. Leonardo Iscutti with Banco
Espírito Santo.
Mr. Leonardo Scutti: Good morning everyone. Could you comment on the traffic in April
and early May? That is the first question. The second, how is the traffic in the federal
highways in relation to the initial proposal made in 2007? Thank you.
Mr. Francisco Leonardo Moura da Costa: Leonardo, this is Francisco. I will hand the
second question over to Alessandro, but as to the first one our company usually does not
disclose any future information, any forecasts, so I am sorry, I am not able to answer your
question. As to the federal highways I will hand over to Alessandro.
Mr. Alessandro Scotoni Levy: Hi Leonardo. We had already commented on our
expectation as to the growth in traffic for Brazil this year. As to the forecasted growth in April
… not forecasted, effective, this belongs to 2Q results and we will comment at the proper
Speech - 1Q10 Results
Now talking about the federal proposals, our proposal today, if you consider the second year
of concession - because to talk about the magnitude of the proposal you must first make
reference to the year of the proposal - talking about the third year, looking at the third year
and taking 1Q (which would be the third year of the proposal), we will be at around 15% of
the proposal, that means improving in relation to the difference between the proposal and
the reality.
It is worth remembering that at the proposal the yearly growth forecast was around 4%,
4.5%. At the state concessions we are seeing something around 11.5% in the quarter, so we
should have a very good recovery in some years if Brazil keeps on growing at these levels
and reach the proposal in some years. That is basically it.
Mr. Leonardo Scutti: Ok thank you very much.
Operator: Excuse me, we remind the analysts and investors that in order to ask questions
please dial star one (*1).
Excuse me. Since there are no questions from analysts and investors I would now like to
open the Q&A session to journalists. In case you have questions please dial star one (*1). In
case you have questions, please dial star one (*1). Thank you.
Excuse me, since there are no further questions we will give the floor back to OHL’s
Directors for their final remarks.
Mr. Francisco Leonardo Moura da Costa: Thank you very much for participating in our
teleconference. I thank your presence and your time. Once again feel comfortable to get in
touch with us, especially with the IR management with Alessandro, with Murilo.
Thank you and on Monday I would like to remind you that we have a presentation at
APIMEC where we will discuss in more detail the question of investments and especially
these events at km 77 of Fernão Dias. Thank you very much and have a good day.
Speech - 1Q10 Results
Operator: The teleconference of OHL Brasil is closed. We thank you for the participation
and have a good day. Thank you.

Documentos relacionados

Conference Call Transcription 1st Quarter 2015 Earnings Results

Conference Call Transcription 1st Quarter 2015 Earnings Results affect the future results of QGEP and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Lincoln Rumenos G...

Leia mais