4 q10

Earnings Release 2010
Obrascon Huarte Lain Brasil S.A. March 25 th, 2011
Page 1 / 23

E-

Earnings Release

2010

São Paulo, March 25, 2011

March 25 th, 2011
Page 2 / 23

596,5 MILLION TOLL-PAYING VEHICLE-EQUIVALENTS (+33.6%), NET REVENUE OF R$ 2,184.5 MILLION
(+18,1%), ADJUSTED EBITDA OF R$ 942.1 MILLION (+39.2%) AND NET INCOME OF R$ 304.2 MILLION
São Paulo, March 25, 2011 – Obrascon Huarte Lain Brasil S.A. – OHL Brasil
(Novo Mercado da BM&FBOVESPA: OHLB3) announces its results for the year
DISCLOUSE AGENDA
2010, ended December 31, 2010. Financial and operating information below,
CONFERENCE CALL except when otherwise stated, is presented on a consolidated basis and in Reais,
according to Corporate Legislation.

Since 2010, the Company has been submitting its financial statements in
IN PORTUGUESE
Monday (March 28, 2011) compliance with accounting standards established by the International Accounting
09:00 (US Eastern Time) Standards Board - IASB (known as International Financial Reporting Standards -
10:00 (São Paulo)
Tel.: +55 (11) 4688-6361
IFRS) and reflected by CVM Instruction 457, July 13 2007 and amendments
Code: OHL thereto.
Replay: From March 28 to April 3
Fone: +55 (11) 4688-6312
Code: 7082638 HIGHLIGHTS 2010
WEBCAST
The audio for the video conference 1ST DEBENTURES ISSUANCE IN THE STATE CONCESSIONS
will be available live on the internet In 2010, Grupo OHL Brasil decided to extend the profile of its consolidated debt
through the link
http://webcall.riweb.com.br/ohlbrasil and adapt it to the profile of long-term concession projects, as well as to migrate
and will be available on the the debt with commercial banks to the market of fixed income institutional
company‟s website after the event.
investors. In April 2010 OHL Brasil concluded its first public issue of debentures for
state concessions, issuing R$1.4 billion in two tranches of 5 and 7 years, at an
average cost of CDI + 1.6%p.y. and IPCA + 8%p.y., respectively.

Yet within this same goal, in November 2010, two of the four concessionaires
(Autovias and Intervias) issued over $ 400 million in debentures with a maturity of
five years and interest rate CDI + 1.7% p.y.

INCORPORATION OF THE SPR BY VIANORTE
On December 17, 2010 SPR - Sociedade para Participações em Rodovias S/A
(“SPR”) was entirely acquired by Vianorte S.A., and OHL Brasil S.A. assumed
direct control of Vianorte S.A. The incorporation integrated the project of structure
reorganization of OHL Brasil Group, aiming at providing better economic efficiency
and better synergy, reducing operational and financial costs and simplifying the
corporate structure.
BM&FBovespa: OHLB3
Bloomberg: OHLB3 BZ
Thomson Reuters: OHLB3.BR APPROVAL OF THE TERMS OF LONG-TERM FINANCING FOR REGIS
BITTENCOURT CONCESSIONAIRE
Updated:03/24/2011
Closed Price: R$ 60,50 per share
On October 14, 2010, BNDES approved a long-term financial collaboration with
Market Cap.: R$ 4,2 billion Régis Bittencourt concessionaire on the amount of R$ 1.1 billion for the
implementation of investments to improve and recover the highway‟s infrastructure.
This approval is part of the overall financial plan for federal concessionaires in
which the BNDES has committed to finance up to 70% of major investments.

The Company expects that in the first half of 2011 the long term contract for the
other four federal concessions will be signed.

Investor Relations www.ohlbrasil.com.br ri@ohlbrasil.com.br

Rua Joaquim Floriano, 913, 6º andar - José Carlos Ferreira de Oliveira Filho CEO and IRO josecarlo@ohlbrasil.com.br
Itaim Bibi – São Paulo – SP - Alessandro Scotoni Levy IR Manager and Planning alessandro@ohlbrasil.com.br
CEP 04534-013
Phone: (+55 11) 3074-2409

March 25 th, 2011
Page 3 / 23

OBRASCON HUARTE LAIN BRASIL S.A.

CONSOLIDATED INCOME STATEMENT

(In thousands of Brazilian reais)

2009 Adjustment 2009 IFRS 2010 IFRS Var%

GROSS SERVICE REVENUE 1,301,777 670,192 1,971,969 2,342,622 18.8%
Toll plazas revenue 1,292,113 - 1,292,113 1,631,185 26.2%
State 840,539 - 840,539 971,562 15.6%
Autovias 211,077 - 211,077 243,855 15.5%
Centrovias 202,333 - 202,333 238,606 17.9%
Intervias 238,619 - 238,619 272,631 14.3%
Vianorte 188,510 - 188,510 216,470 14.8%
Federal 451,574 - 451,574 659,623 46.1%
Planalto Sul 60,854 - 60,854 77,603 27.5%
Fluminense 67,703 - 67,703 112,701 66.5%
Fernão Dias 95,179 - 95,179 134,928 41.8%
Régis Bittencourt 153,072 - 153,072 204,238 33.4%
Litoral Sul 74,766 - 74,766 130,153 74.1%
Accessory revenues 9,664 - 9,664 10,424 7.9%
Others - 57,102 57,102 83,186 45.7%
Construct revenue - 613,090 613,090 617,827 0.8%

DEDUCTIONS FROM REVENUE (112,768) (9,110) (121,878) (158,093) 29.7%

NET SERVICE REVENUE 1,189,009 661,082 1,850,091 2,184,529 18.1%

COST AND SERVICE EXPENSES (512,039) (684,143) (1,196,182) (1,350,320) 12.9%
Cost of services (excl. depreciation and amortization) (405,318) 17,513 (387,805) (460,112) 18.6%
Cost of construction services - (613,090) (613,090) (617,827) 0.8%
Administrative expenses (excl. depreciation and amortization) (94,726) (11,526) (106,252) (116,771) 9.9%
Directors' compensation (9,639) (1,282) (10,921) (12,526) 14.7%
Tax expenses (5,775) (21) (5,796) (2,199) -62.1%
Provision for highways's maintenance - (75,737) (75,737) (146,085) 92.9%
Other operating revenues, net 3,419 - 3,419 5,200 52.1%

EBITDA 676,970 (23,061) 653,909 834,209 27.6%
EBITDA margin 56.9% 35.3% 38.2%

DEPRECIATIONS AND AMORTIZATIONS (256,613) 111,884 (144,729) (181,460) 25.4%
Depreciation and amortization (248,480) 111,884 (136,596) (175,359) 28.4%
Amortization of goodwill on investments (8,133) - (8,133) (6,101) -25.0%

FINANCIAL RESULTS (155,585) (10,311) (165,896) (217,898) 31.3%
Financial revenues 33,246 62 33,308 92,792 178.6%
Financial expenses (188,831) (10,373) (199,204) (310,690) 56.0%

INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 264,772 78,512 343,284 434,851 26.7%

INCOME TAX AND SOCIAL CONTRIBUTION (88,494) (27,438) (115,932) (130,602) 12.7%
Current (97,430) (16,072) (113,502) (147,243) 29.7%
Deferred 8,936 (11,366) (2,430) 16,641 -784.8%

NET INCOME FOR THE PERIOD 176,278 51,074 227,352 304,249 33.8%

Basic profit per share (in R$) 2.55887 3.30027 4.41652 33.8%

Numb er of shares (units) 68,888,888 68,888,888 68,888,888

March 25 th, 2011
Page 4 / 23

ECONOMIC AND FINANCIAL PERFORMANCE

GROSS SERVICE REVENUE

In fiscal year 2010, consolidated gross revenue reached R$ 2.3 billion, an increase
of 18.8% over the previous year. This total consists of toll plaza revenues,
construct revenues and other revenues (accessories, maintenance and road
paving), amounting respectively to R$ 1.6 billion, R$ 617.8 million and R$ 93.6
million.

Revenue Breakdown

2010 2009

4% 3%

26% 31%

70% 66%

Toll Plazas Construct Others Toll Plazas Construct Others

Toll Plazas Revenue

The state concessionaires accounted for 59.6% of the total amount collected from
tolls, closing the year with R$ 971.6 million (+15.6%) while the federal
concessionaires, which were in the process of opening markets in 2009, advanced
46.1%, and ended the year with R$ 659.6 million, growing its 34.9% share of total
revenues from tolls for 2009 to 40.4% in 2010. Consolidated toll revenues rose
26.2% in fiscal year 2010 against 2009 as a result of two main factors: (i) tolled
traffic growth (+33.6%) offset by a (ii) reduction of average toll tariff practiced (-
5.5%).

Tolled traffic: This year, tolled traffic totaled 596.5 million vehicle-equivalents,
33.6% higher than in 2009.

Var%
Vehicle-Equivalents 2010 2009
2010/2009

Autovias 41,849,580 37,653,446 11.1%

Centrovias 29,265,444 22,523,774 29.9%
Intervias 56,858,906 51,628,066 10.1%
Vianorte 31,466,466 28,545,634 10.2%

Total - State Concessions 159,440,396 140,350,920 13.6%

Planalto Sul 26,696,770 22,477,509 18.8%

Fluminense 43,491,756 27,081,364 60.6%
Fernão Dias 121,656,967 86,526,227 40.6%
Régis Bittencourt 136,158,667 102,048,021 33.4%
Litoral Sul 109,039,366 67,969,091 60.4%
Total - Federal Concessions 437,043,526 306,102,213 42.8%
Total 596,483,922 446,453,133 33.6%

March 25 th, 2011
Page 5 / 23

The 33.6% growth in total traffic tolled was due to (i) strong economic growth
concurrent with the resumption of industrial production, contributing to the increase
of traffic on the highways managed by the Company, (ii) the beginning of toll
collection in federal concessionaires plazas in 2009 and (iii) the charging of tolls in
both directions in four toll plazas by Centrovias concessionaire.

The strong economic growth in 2010, together with the resumption of industrial
production, was also confirmed by the growth of tolled traffic at Autovias, Intervias
and Vianorte concessionaires.

The 42.8% growth in tolled traffic in federal concessionaires was due to the
opening of 23 toll plazas in 2009 and 01 toll plaza in 2010. (ii) In September 2010,
the last toll plaza from Autopista Fernão Dias concessionaire located in the
municipality of Mairiporã came into operation.

The following charts illustrate the seasonality of the traffic on federal and state
concessionaires in 2010.

Federal Concessions - Seasonality 2010
1,20
ABCR BRA
1,15 OHL Federais
ABCR SP
1,10 Média Trim. OHL Federais

1,05

1,00

0,95

0,90

0,85
jan feb mar apr may jun jul aug sep oct nov dec

State Concessions - Seasonality 2010
1,20
ABCR BRA
1,15 OHL Estaduais
ABCR SP
1,10 Média Trim. OHL Estaduais

1,05

1,00

0,95

0,90

0,85
jan feb mar apr may jun jul aug sep oct nov dec

In the second half of 2010, four toll plazas managed by Centrovias concessionaire
started charging tolls in both directions and had their toll tariffs reduced by half. As
a result tolled traffic grew 29.9% and the average fare dropped 9.2% in the same
year.

Tolled traffic (measured in vehicle-equivalents) in 2010 was broken down as 61.9%
for trucks and heavy vehicles and 38.1% light vehicles for state concessionaires,
and 74.6% heavy vehicles and 25.4% light vehicles in federal concessionaires.

March 25 th, 2011
Page 6 / 23

Average toll tariff: Next, see the table with the consolidated comparative average
toll tariff evolution for each concessionaire:

Average Toll Tariff Var%
2010 2009
(in R$/Vehicle-Equivalents) 2010/2009

Autovias 5.83 5.61 3.9%

Centrovias 8.15 8.98 -9.2%

Intervias 4.79 4.62 3.7%

Vianorte 6.88 6.60 4.2%
State Concessions 6.09 5.99 1.7%
Planalto Sul 2.91 2.71 7.4%

Fluminense 2.59 2.50 3.7%
Fernão Dias 1.11 1.10 0.8%
Régis Bittencourt 1.50 1.50 0.0%
Litoral Sul 1.19 1.10 8.5%

Federal Concessions 1.51 1.48 2.3%
Total 2.73 2.89 -5.5%

In accordance with the concession agreements, toll tariffs are adjusted once a year
in compliance with criteria set in the contracts and the accumulated variation of
IGP-M index for state concessionaires and IPCA for federal concessionaires.

The increase of average toll tariffs of the Autovias, Intervias and Vianorte
concessionaires is explained by the contractual adjustment based on the IGP-M. At
Centrovias, despite the contract adjustment, average toll tariff dropped 9.2% due to
the fact that toll collection switched to bidirectional (both side directions) in four
plazas, and toll tariff were reduced by 50%.

On July 1st 2010, state concessionaires had adjustment toll tariff by 4.18%, and on
July 1st 2009 the adjustment was 3.64% according to the IGP-M variation
accumulated between June of the year prior to the adjustment and May of the year
when the adjustment was made.

Federal concessionaires, on the other hand, adjust their basic toll tariffs once a
year according to the cumulative variation of the IPCA, rounding the first decimal
place. Adjustments provided for concessionaires Fluminense and Litoral Sul always
occur in February, whereas Fernão Dias, Regis Bittencourt and Planalto Sul have
their adjustments implemented in December.

In December 2009, the tariff adjustment adopted by the Planalto Sul
concessionaire increased the toll tariff to R$ 2.90, taking into consideration (i) the
criterion for rounding the first decimal place, and (ii) IPCA variation between
December 2008 and November 2009 (+4.22%). In February 2010, the toll tariff
charged by concessionaires Fluminense and Litoral Sul also were increased, set at
R$ 2.60 and R$1.20 respectively. The toll tariff charged by concessionaires Fernão
Dias and Regis Bittencourt for the same comparable periods were not changed
due to the criterion of rounding place by the contracts.

In 2010, the average toll tariff dropped by 5.5% due to the fact that federal
concessionaires, which operate at lower tariffs, increased their share of total toll
revenue breakdown.

March 25 th, 2011
Page 7 / 23

Electronic Collection: The revenue from the electronic payment systems (AVI
System) at state concessionaires‟ toll plazas accounted for 56.4% of total revenue
in 2010 against 52.9% recorded last year. In the federal concessionaires the
average percentage of revenue from electronic billing was 35.7% versus 28.8% in
2009. Below we present a chart with quarterly figures for revenue by electronic
collection, starting in the first quarter of 2009:

AVI State Concessions

1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 2010

57.3%
56.7% 56.4%
56.0%

53.7% 53.8% 53.9%
53.0% 52.9%

50.7%

AVI Federal Concessions

1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 2010

36.9% 38.1%
35.4% 35.7%
30.2% 31.6%
29.6% 28.8%
27.5%
25.0%

Construct Revenue

The new accounting standards (ICPC-01 / IFRIC 12), which came into effect on
01/01/2010, have changed the way we record revenues from concession contracts
and now they also include revenues of works from investments in intangible assets.
This new form to enter revenues changed the Profit and Loss statement and
impacted the margins EBITDA, EBIT and Net Income, but had no impact on the
Company‟s Net Income volume, since the counterpart of this revenue, the cost of
work, in equal value (no margin of work) is rubric as “Cost of Construction
Services”.

In 2010, revenue from work grew 0.8% compared to the previous year, and 89.8%
of these works were performed in federal concessionaires due to larger
investments tied to concession contracts.

Other Revenues

The revenues from the exploration of the domain of the highway side areas by
concessionaires, as well as revenue from maintenance and paving of highways by
construction companies in the group OHL grew 40.2% in 2010.

March 25 th, 2011
Page 8 / 23

The concessionaires had R$ 10.4 million of revenue with exploration of the domain
of the highway side areas, with a growth of 7.9% compared to 2009. Revenues
from maintenance and paving were R$ 83.2 million, being 45.7% higher than 2009.

NET SERVICE REVENUE AND DEDUCTIONS FROM REVENUE

In the year ended December 31, 2010, the Company recorded net revenue of
services worth amounting to R$ 2.2 billion, an increase of 18.1% against 2009.

Deductions from revenue consists principally of taxes such as ISS, PIS and
COFINS have kept pace with increases in revenue from tolls and ended the year
with R$ 158.1 million, growing 29.7% vis-à-vis 2009. The taxes are calculated on
the revenues from tolls at the following rates: PIS (0.65%), COFINS (3.0%) and
ISS (5.0%).

COST AND SERVICE EXPENSES

Costs and operating expenses (excluding depreciation and amortization) grew
12.9% or R$ 154.1 million mainly as a result of the start-up and opening of toll
plazas in the federal concessionaires. It must be remembered that during 2009 23
toll plazas came into operation on the federal concessionaires and hence the
structure of costs and expenses related to staff and operations for these toll
increased.

With the adoption of new accounting standards (ICPC-01 / IFRIC 12), which came
into effect on 01/01/2010, two new costs started being recorded in the Company‟s
Results: (i) "Cost of Construction Services" as a counterpart to the "Construct
Revenue", already mentioned in the section contemplating gross revenues, and (ii)
"Provision for Highways‟ maintenance”, which regarding the provision for
investments on highway maintenance for future years.

Next we present a table with the composition of costs and expenses (excluding
depreciation and amortization):

Cost and Services Expenses ¹ Var%
2010 2009
(R$ Thousand) 2010/2009

Cost of construction services (617,827) (613,090) 0.8%
Outside services (173,541) (155,050) 11.9%
Personnel expenses (157,829) (114,026) 38.4%
Provision for highways's maintenance (146,085) (75,737) 92.9%
Routine maintenance (79,153) (78,606) 0.7%
Supervision and tecn. development fee (30,798) (28,379) 8.5%

Variable charge (state concessions) (30,355) (26,292) 15.5%
Insurance and guarantees (12,703) (13,007) -2.3%
Directors' compensation (12,526) (10,921) 14.7%
Consumption (6,176) (4,897) 26.1%
Tax expenses (2,199) (5,796) -62.1%
Transportation (1,448) (1,311) 10.5%

Other operating expenses, net (79,680) (69,070) 15.4%

Total (1,350,320) (1,196,182) 12.9%

¹ Excl. depreciation and amortization.

March 25 th, 2011
Page 9 / 23

Regarding the increase of R$ 154.1 million in costs and operating expenses the
following aspects stand out:

 Constitution of the rubric "Cost of construction services" which includes
works undertaken by the concessionaires during the year, in that the largest
amount concerns the federal concessionaires;
 Increase of R$ 70.3 million in "Provision for highways‟ maintenance”
because of the expectation of maintenance, according to the concession
contracts. It must be highlighted that the cash disbursements of such costs
will occur in subsequent years;
 Increases in costs with "Personnel" and "Outsourced Services", in the
respective amounts of R$ 43.8 million and R$ 18.5 million, mainly due to the
growth in headcount and the expansion of federal concessionaires‟
operating structure with the opening of new toll plazas;
 Growth of the cost relative to the "variable charge" in 2010, in line with the
increase in toll revenues (+15.6%) of the state concessionaires;
 Reduction of R$ 3.6 million in "Tax expenses” due mainly to additional
installment plan devised for Vianorte concessionaire‟s debits with PIS /
COFINS taxes in 2009.

EBITDA AND ADJUSTED EBITDA

The operating income as measured by EBITDA amounted to R$ 834.2 million in
2010, showing an increase of 27.6% over the previous year. As a consequence,
the EBITDA margin increased 2.9 percentage points, going from 35.3% last year to
38.2% in 2010. The calculation considered the new accounting methodology
(ICPC-01 / IFRIC 12), which is reflected mainly in the acknowledgement of costs
concerning "Provision for maintenance of highways."

For the sake of comparison with data reported by the Company prior to the
adoption of those accounting practices, adjustments were made in the calculation
basis for reversal of the amount in "Provision for maintenance of highways” and for
the reversal of unrealized profits of the following companies: Latina Manutenção,
Latina Sinalização, and Paulista. Therefore, the Adjusted EBITDA for the year
2010 totaled R$ 942.1 million, which corresponds to a margin of 43.1% and
represents a strong growth over the margin of 36.6% recorded in 2009.

EBITDA
Var%
2010 2009 2010/2009
Net Revenue 2,184,529 1,850,091 18.1%
Cost and Service Expenses (1,350,320) (1,196,182) 12.9%
EBITDA 834,209 653,909 27.6%

EBITDA Margin 38.2% 35.3%

(+) Provision for highways's maintenance 146,085 75,737 92.9%
(-) Consolidation Adjustments ¹ (38,214) (52,676)
Adjusted EBITDA (before IFRS) 942,080 676,970 39.2%
EBITDA Margin 43.1% 36.6%

1) Consolidation adjustments and reversal of unrealized profit retention (EBITDA Constructors).
2) EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization).
3) Refers to the provision set for the maintenance of highways, in accordance with accounting pronouncement ICPC
01. EBITDA is not used in the accounting practices nor does it represent the cash flow for the periods presented.
Therefore, it should not be considered as an alternative for cash flow as an indicator of liquidity. EBITDA does not
have a standardized meaning and thus cannot be compared to the EBITDA of other companies.

March 25 th, 2011
Page 10 / 23

Below, a table with the calculation of EBITDA and Adjusted EBITDA for companies
in the Group.

Net Revenue Costs and Services ¹ Provision for Ajusted
Group Com panies Services Construct Total Cost of Cost of Total EBITDA highw ays's Ajusted EBITDA EBITDA
(R$ Thousand) Revenue (A) Revenue (B) (A + B) Services (A) Construction (A + B) m aintenance M argin
Service (B)
Autovias 224.711 4.327 229.038 (82.172) (4.327) (86.499) 142.539 28.570 171.109 74,7%
Centrovias 219.869 30.354 250.223 (70.056) (30.354) (100.410) 149.813 23.293 173.106 69,2%
Intervias 252.298 16.703 269.001 (91.854) (16.703) (108.557) 160.444 31.143 191.587 71,2%
Vianorte 199.120 11.333 210.453 (86.454) (11.333) (97.787) 112.666 41.141 153.807 73,1%
State Concessions 895.998 62.717 958.715 (330.536) (62.717) (393.253) 565.462 124.148 689.610 71,9%
Planalto Sul 69.990 66.380 136.370 (44.786) (66.380) (111.166) 25.204 3.204 28.408 20,8%
Fluminense 101.773 54.839 156.612 (54.437) (54.839) (109.276) 47.336 3.413 50.749 32,4%
Fernão Dias 123.486 180.198 303.684 (96.723) (180.198) (276.921) 26.763 5.388 32.151 10,6%
Régis Bittencourt 186.302 154.613 340.915 (86.876) (154.613) (241.489) 99.426 5.206 104.632 30,7%
Litoral Sul 118.933 99.080 218.013 (72.577) (99.080) (171.657) 46.356 4.726 51.082 23,4%
Federal Concessions 600.484 555.110 1.155.594 (355.399) (555.110) (910.509) 245.085 21.937 267.022 23,1%
Total Concessionaires 1.496.482 617.827 2.114.309 (685.935) (617.827) (1.303.762) 810.547 146.085 956.632 45,2%
OHL Holding - - - (14.270) - (14.270) (14.270) - (14.270)
Constructors - 267.818 267.818 - (229.604) (229.604) 38.214 - 38.214
Other companies and eliminations for consolidation - (197.598) (197.598) (282) 197.598 197.316 (282) - (282)
Total 1.496.482 688.047 2.184.529 (700.487) (649.833) (1.350.320) 834.209 146.085 980.294 44,9%
Consolidation adjusts ² - - - - - - - - (38.214)
Total Consolidated 1.496.482 688.047 2.184.529 (700.487) (649.833) (1.350.320) 834.209 146.085 942.080 43,1%

¹ Excl. depreciation and amortization.
² Adjustments for the elimination of unrealized profits by construction companies.

FINANCIAL RESULTS

Var%
Financial Result (R$ thousand) 2010 2009
2010/2009

Financial Revenues 92,647 33,058 180.3%
Financial Expenses (310,577) (198,736) 56.3%
Financial charges (236,154) (160,131) 47.5%
Monetary correction of fixed c. charge (55,149) (12,764) 332.1%
Other financial expenses (19,274) (25,841) -25.4%
Net Exchange Variation 32 (218) -114.7%

Net Financial Result (217,898) (165,896) 31.3%

In 2010, the net financial result was negative at R$ 217.9 million, compared to a
negative result of R$ 165.9 million recorded in 2009. The main factors contributing
to such variation include:

 Increase of R$ 76 million in financial charges generated by (i) the issue of
debentures, which were realized by state concessionaires, and (ii) the
release of credit lines from BNDES for investments included in the federal
concession contracts and (iii) the passage of time effect (adjustment of
present value);
 Increase of R$ 42.4 million in "Monetary Correction of Fixed Concession
Charge" caused by (i) the increase in the IGP-M inflation index in 2010,
which showed a growth of 11.3% over a negative variation of 1.7% in 2009;
 Increase of R$ 59.6 million in revenues from financial investments due to
the increase of CDI plus the addition of the balance of financial investments.

March 25 th, 2011
Page 11 / 23

NET INCOME

In 2010, the consolidated net income grew 33.8% over the previous year. As
already mentioned, the main factors leading to the increase were: (i) star-up of
100% of the toll plazas operation in federal concessions; (ii) contractual tariff
adjustments, and (iii) two-way charging at the Centrovias toll plazas. Moreover, the
best performance of the economy impacted positively vehicle traffic tolled.

Net Income (R$ million)

304.2
227.4

2009 2010

INDEBTEDNESS

On December 31, 2010, the consolidated net debt (loans and financing plus
debentures minus cash and cash equivalents) of the company amounted to R$ 1.5
billion, an increase of $ 176.6 million or 13.1% over the same period last year.

Debt
31-dez-10 31-dez-09 Var%
Gross Debt 2,788,542 1,793,933 55.4%

Short Term 1,234,363 946,883 30.4%

Long Term 1,554,179 847,050 83.5%
Cash and equivalents 1,168,288 442,192
Restricted cash investments ¹ 97,176 5,298
Net Debt 1,523,078 1,346,443 13.1%

¹ Short and long term.

This R$ 176.6 million increase was due mainly to the following:

 Increase of R$ 1.8 billion due to the first issuance of debentures (totaling R$
1.4 billion) from the four state concession companies, conducted in April,
and the second issuance of debentures (totaling R$ 400 million), conducted
in November, from state concession companies Autovias and Intervias;
 Increase of R$ 124.1 million due to disbursements for the BNDES bridge
loan for federal concessions;
 Reduction of R$ 198 million related to the repaying of principal and interest
on bank credit agreements signed by Autovias and Intervias;
 Reduction of R$ 753.3 million due to the repaying of promissory notes and
loans with BNDES on the part of the state concession companies;

March 25 th, 2011
Page 12 / 23

 Reduction of R$ 818.0 million related to the increase in cash and
investments in the period;
 Increase of R$ 48.8 million due to interest accrued and other transactions
involving interest and principal.

Debentures: In April 2010, the subsidiaries Autovias, Centrovias, Intervias and
Vianorte issued debentures, not convertible into shares, with real guarantees, in
the amount of R$ 1.4 billion. The funds raised were used for the early redemption
of debt (promissory notes), investments included in the concession agreement,
strengthening of working capital, and distribution of proceeds. The operations were
characterized by:

 Autovias: issue of 405,000 debentures in two series: the first with a volume
of R$ 285 million, to pay CDI + 1.6% per year and with a maturity period of
five years; and the second with a volume of R$120 million, to pay IPCA +
8% per year and with a maturity period of seven years.
 Centrovias: issue of 406,000 debentures in two series: the first with a
volume of R$ 286 million, to pay CDI + 1.7% per year and with a maturity
period of five years; and the second with a volume of R$ 120 million, to pay
IPCA + 8% per year and with a maturity period of seven years.
 Intervias: issue of 308,000 debentures in a single series, with a volume of
R$ 308 million, to pay CDI + 1.5% per year and with a maturity period of five
years.
 Vianorte: issue of 257,000 debentures in two series: the first with a volume
of R$ 157 million, to pay CDI + 1.7% per year and with a maturity period of
five years; and the second with a volume of R$100 million, to pay IPCA +
8% per year and with a maturity period of seven years.

Also in 2010, in the month of November, new issues from Autovias and Intervias
were approved under CVM Instruction 476, with restricted distribution efforts. At the
time, 4,000 non-convertible debentures were issued (3,000 by Intervias and 1,000
by Autovias), with real guarantees and a face value of R$ 100,000, to pay CDI +
1.7% per year and with a maturity period of five years. Together the operations
amounted to $ 400 million.

BNDES Loans: Since winning the auction for federal highways in 2007, the
Company has funds in the form of bridge loans and long term loans granted by
Banco Nacional de Desenvolvimento Econômico e Social - BNDES, to finance
investment programs of the five federal concession companies.

In mid 2009 the Company signed five contracts for bridge loans in the total amount
of R$ 1 billion to allow for continued investments until the signing of long-term
contracts. By December 31, 2010, R$ 907.5 million of this total had been
disbursed.

March 25 th, 2011
Page 13 / 23

Additionally, in October 2010, BNDES approved the granting of long-term financial
cooperation to Autopista Régis Bittencourt in the amount of R$ 1.1 billion. That
funding was divided into two credit categories: Credit A, amounting to R$ 446.4
million, with an amortization period of 144 months and a 12-month grace period,
and costing TJLP (long term interest rate) + 2.21% per year; and Credit B,
amounting to R$ 623.1 million, with an amortization period of 126 months and a
grace period extending up to June 15, 2014, and costing TJLP (long term interest
rate) + 2.21% per year.

The long-term financing from BNDES to concession companies Autopista Planalto
Sul SA, Autopista Fernão Dias SA, Autopista Litoral Sul SA, and Autopista
Fluminense SA are being examined by BNDES.

Indebtness (R$ million)

2,789

1,794 1,554

847

1,234
947

2009 2010

Short Term Long Term

On December 31, 2010, the consolidated gross debt (loans and financing plus
debentures) of the company amounted to R$ 2.8 billion, with 34.3% of this amount
corresponding to TJLP (long term interest rate) indexed contracts, 52.3% to CDI-
linked contracts, and 13.4% to contracts linked to IPCA (inflation).

Gross Debt
31-dez-10 31-dez-09 Var%
Indexes
TJLP 961,874 890,361 8.0%

CDI 1,463,260 903,572 61.9%
IPCA 376,023 - -

Prepaid charges (12,615) - -

Total 2,788,542 1,793,933 55.4%

The net debt at the end of 2010 was R$ 1.5 billion, which represented 1.7 times the
Adjusted EBITDA minus the fixed concession charge paid in the last 12 months.
2.500
3,0
2.2
2.000 1.7
2,0
1.500
1,0
1.000 -
1,346.4 1,523.1
500 (1,0)

- (2,0)
2009 2010

Net Debt
Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months)

March 25 th, 2011
Page 14 / 23

On December 31, 2010, 97.3% of long-term debt consisted of debentures. The
amortization schedule of the Company's debt was:

Year R$ Thousand
2011 296,085
2012 334,375
2013 335,085
2014 335,794
2015 273,968
2016 116,031
2017 116,168
Total 1,807,506

FIXED CONCESSION CHARGE PAID

In accordance with conditions set out in the concession contracts, the state
concessions must pay a fixed charge to the concession authority for the granting of
the concession. In 2010, the state concessions paid the Granting Authority R$ 55.5
million in fixed charges.

Fixed Concession Charge Paid Var%
2010 2009
(R$ Thousand) 2010/2009

Total (55,517) (53,427) 3.9%

Autovias (5,846) (5,625) 3.9%

Centrovias (8,746) (8,417) 3.9%
Intervias (5,443) (5,238) 3.9%

Vianorte (35,482) (34,147) 3.9%

On December 31, 2010, the nominal value and the number of monthly installments
to be paid related to the fixed concession charge were represented as follows:

12/31/2010
Nominal Value (R$ thousand)
# of Monthly
Concessionaires
Short Term Long Term Total Payments

Autovias 6,151 42,246 48,397 92
Centrovias 9,203 60,835 70,038 89
Intervias 5,727 47,696 53,423 109
Vianorte 37,336 237,191 274,527 86
Total 58,417 387,968 446,385

INVESTMENTS

OHL Brazil companies invested about R$ 598.3 million in fixed and intangible
assets in 2010. A significant portion of that amount (88.8%) was allocated to
projects conducted by federal concessions. Still in the early stages of the
concession contract, the main investments in federal concessions include:

March 25 th, 2011
Page 15 / 23

 Road enlargement at Serra do Cafezal (Rod. Régis Bittencourt)
 Implementation of new toll plazas (Rod. Fernão Dias)
 Paving and recovery of containing structures
 Reinforcement and widening of bridges
 Improved draining and lighting systems
 Implementation of walkways

Investments in state concessions (R$ 57.1 million) were directed, mainly to projects
to split toll plazas (to have toll collection in both directions) in the municipality of
Brotas, Dois Córregos, Rio Claro, and Itirapina (Centrovias Concessionaire).

Additionally, we spent R$ 127.2 million in maintenance work for state highways
which, in turn, have already reached an advanced stage of maturity, investment-
wise. The funds were intended to preserve the roads, with the installation of
concrete barriers and the repair of guard rails.

With the adoption of new accounting standards (ICPC-01 / IFRIC 12), which came
into effect as of 01/01/2010, future investments in maintenance of roads are now
entered in the Company's results as "Provision for maintenance of Highways”
under "Cost of Services". Similarly, payments (cash flow) related to the
maintenance of highways are now entered in the "Cash Flow from Operating
Activities" and no longer under "Cash Flow from Investing Activities".

The following table shows the payment of fixed investments, intangibles and
highway maintenance.

2010 2009
IFRS IFRS
Capex Before Before
Cash Flow (R$ Thousand) IFRS (A + B) Intangible and Maintenance IFRS (A + B) Intangible and Maintenance
Property (A) Realized (B) Property (A) Realized (B)
Autovias 28,552 3,565 24,987 37,558 14,707 22,851
Centrovias 51,037 30,518 20,519 30,050 10,120 19,930
Intervias 60,408 10,818 49,590 40,960 19,000 21,960
Vianorte 44,270 12,174 32,096 28,976 15,720 13,256
State Concessions 184,267 57,075 127,192 137,544 59,547 77,997
Planalto Sul 60,746 60,746 - 65,412 65,412 -
Fluminense 51,735 51,735 - 98,521 98,521 -
Fernão Dias 176,811 176,811 - 182,415 182,415 -
Régis Bittencourt 147,633 147,633 - 199,619 199,619 -
Litoral Sul 94,250 94,250 - 139,440 139,440 -
Federal Concessions 531,175 531,175 - 685,407 685,407 -
Total 715,442 588,250 127,192 822,951 744,954 77,997
Others invest. and consolidation adjustments 10,031 10,031 - 5,833 5,833 -
Total 725,473 598,281 127,192 828,784 750,787 77,997

In accordance with the obligations of road maintenance and new investments in
intangible assets set out in the concession agreements, the Company expects to
invest in 2011 about R$ 930 million in federal concessions and R$ 135 million in
state concessions. Between 2012 and 2015, the Company intends to invest R$ 2.7
billion in federal concessions and R$ 570 million in state concessions.

March 25 th, 2011
Page 16 / 23

PERSONNEL

As a result of increased operations and improved quality of services provided in
2010, the workforce grew 21.8% over the previous year. The main indicators of this
increase include (i) the incorporation of the toll collection activity at the Fernão Dias
highway, which since the beginning of operations had been carried out by a third-
party company, and (ii) the split of charges (into both sides/ways of the highway) in
four toll plazas of the Centrovias operation.

Personnel 2010 2009 Var. %

OHL (Holding) 103 83 24.1%

State Concessions 1,302 1,228 6.0%
Autovias 193 194 -0.5%
Centrovias 328 252 30.2%
Intervias 542 543 -0.2%
Vianorte 239 239 0.0%

Federal Concessions 2,031 1,575 29.0%
Litoral Sul 302 258 17.1%
Planalto Sul 152 152 0.0%
Fluminense 234 219 6.8%
Fernão Dias 809 439 84.3%
Régis Bittencourt 534 507 5.3%

Paulista 203 203 0.0%
Latina Manutenção 1,491 1,095 36.2%
Latina Sinalização 176 171 2.9%

Total 5,306 4,355 21.8%

STOCK MARKETS

OHL Brazil”s market value at the end of the year amounted to R$ 4.1 billion, based
on the closing price of R$ 59.99 per share on 30/12/2010. That price represents a
gain of 76.44% over the closing price in the previous year. In the same period, the
Bovespa Index dropped 1.06%. Traded under the code OHLB3, the Company's
shares were present in 100% of the trading sessions of the BM&FBOVESPA;
transactions reached a total of about R$ 1.1 billion in the year.

195
Base 100 (12/30/2009)

170

145

120

95

70
12/30/09 01/30/10 02/28/10 03/31/10 04/30/10 05/31/10 06/30/10 07/31/10 08/31/10 09/30/10 10/31/10 11/30/10 12/31/10

OHLB3 IBOV

Daily Average ¹ 2010 2009 Var. %
Nº of Trades 183 145 26,2%
Volume (R$ Milion) 4,58 2,43 88,5%
¹ Lote Padrão

March 25 th, 2011
Page 17 / 23

Shares are part of the theoretical portfolio of indexes: IGC – Stock Index with
Distinguished Corporate Governance, ITAG - Stock Index with Distinguished Tag
Along, and SMLL - Small Cap Index.

SHAREHOLDING STRUCTURE

The Company‟s subscribed and paid-in capital was R$ 549.1 million on December
31, 2010, representing a single class of 68,888,888 common shares.

Partícipes em Brasil S.L.
14,7%

5,0% Credit Suisse Hedging Griffo

8,4%
Skopos Adm. de Recursos
60,0%
11,9% Kendall Develops S.L.

Others

ORGANIZATIONAL STRUCTURE

100%

100%

Participes en Brasil SL
60%

STATE TOLL ROADS FEDERAL TOLL ROADS

100% 100%

OTHER BUSINESS
100% 100% 100% 4.68%

March 25 th, 2011
Page 18 / 23

PORTFOLIO OF CONCESSION ASSETS

Below, we present the main information concerning our portfolio of concessions:

Fixed
Concession
Concessionaires Km Toll Plazas Concession Contract Index
Maturity
Charge
State Concessions
Autovias 316.6 5 ago-18 ago-18 IGP-M
Centrovias 218.2 5 jun-18 jun-19 IGP-M
Intervias 375.7 9 fev-20 jan-28 IGP-M
Vianorte 236.6 4 mar-18 mar-18 IGP-M
Federal Concessions
Planalto Sul 382.3 5 n.a. fev-33 IPCA
Fluminense 412.7 5 n.a. fev-33 IPCA
Fernão Dias 320.1 8 n.a. fev-33 IPCA
Régis Bittencourt 562.1 6 n.a. fev-33 IPCA
Litoral Sul 401.6 5 n.a. fev-33 IPCA

n.a. – not applicable

CORPORATE PROFILE

OHL Brasil is one of the largest companies in the highway concession sector by
kilometers administrated in Brazil, with 3,226 km in operation. Through its new
concessions, OHL Brasil administrates highways located in the states of São
Paulo, Minas Gerais, Rio de Janeiro, Santa Catarina and Paraná. Currently, it
holds 100% of capital in the following state concessions: Autovias, Centrovias,
Intervias and Vianorte; and in the following federal concessions: Autopista Fernão
Dias, Autopista Regis Bittencourt, Autopista Litoral Sul, Autopista Planalto Sul and
Autopista Fluminense.

OHL Brasil is a Brazilian company, 60.0% of the company's control being held by
OHL Concesiones, a Spanish corporation that, since November 2000, has
developed activities in the area of infrastructure promotion (ports, airports,
highways and railways), including project selection, participation in bidding,
financing, construction and operation of its projects. Currently, OHL Concesiones,
in addition to being the majority shareholder in OHL Brasil, administrates different
highway concession corporations in Spain, Chile, Peru, Mexico and Argentina.
OHL Concesiones is a wholly-owned subsidiary of OHL S.A., a Spanish company
and leader in the construction and concession sectors. Founded 98 years ago and
currently present in 21 countries, OHL S.A. has been listed on the Madrid Stock
Market since 1991.

For more information, access:
www.ohlbrasil.com.br

This release contains forward-looking statements relating to the prospects of the business, estimates for
operating and financial results, and those related to growth prospects of OHL Brasil. These are merely
projections and, as such, are based exclusively on the expectations of OHL Brasil’s management
concerning the future of the business and its continued Access to capital to fund the Company’s
business plan. Such forward-looking statements depend substantially on changes in market conditions,
government regulations, competitive pressures, and the performance of the Brazilian economy and the
industry, and are, therefore, subject to change without prior notice.

March 25 th, 2011
Page 19 / 23

ANNEX 1 BALANCE SHEET

BALANCE SHEET AS OF DECEMBER 31.2010 AND DECEMBER 31.2009


2009 2009 IFRS Adjustment 2010 IFRS
ASSETS
CURRENT
Cash and equivalents 442,192 442,192 - 1,168,288
Trade accounts receivable 64,141 64,141 - 84,428
Trade accounts receivable - intercompany 87 87 - 89
Inventories 2,279 2,279 - 2,819
Prepaid expenses 6,762 6,762 - 5,702
Deferred income tax and social contribution 5,868 - (5,868) -
Recoverable taxes 13,550 13,550 - 24,680
Advances for new projects 256 256 - -
Restricted cash investments - - - 96,875
Other receivables 2,977 2,977 - 4,797
Total current assets 538,112 532,244 (5,868) 1,387,678
NONCURRENTS
Restricted cash investments 5,298 5,298 - 301
Collateral for agreements 98 98 - 97
Recoverable taxes 1,699 1,699 - -
Prepaid expenses 510 510 - 162
Deferred income tax and social contribution 14,089 61,530 47,441 88,151
Escrow deposits 10,660 10,660 - 14,290
Other receivables 72 72 - 51
Investments 1,053 1,053 - 1,053
Property and equipament 2,298,276 27,671 (2,270,605) 48,114
Intangible assets 342,077 2,826,779 2,484,702 3,281,580
Deferred 138,914 - (138,914) -
Total noncurrent assets 2,812,746 2,935,370 122,624 3,433,799
TOTAL ASSETS 3,350,858 3,467,614 116,756 4,821,477
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT
Loans and financing 946,883 946,883 - 938,278
Debentures - - - 296,085
Suppliers 55,076 55,076 - 71,124
Payroll taxes 33,358 33,358 - 40,810
Taxes payable 48,779 48,779 - 50,444
Deferred income tax and social contribution 1,057 - (1,057) -
Payables - intercompany 895 895 - 816
Collateral for agreements 20,411 20,411 - 24,397
Proposed dividends 41,866 41,866 - 68,650
Concession fee obligations 55,194 55,194 - 59,639
Provision for highways's maintenance - 62,474 62,474 38,990
Provision for highways's investment - 5,078 5,078 9,474
Risks civil, labor and tax 7,264 - (7,264) -
Other payables 10,958 10,958 - 38,591
Total current liabilities 1,221,741 1,280,972 59,231 1,637,298
NONCURRENT
Loans and financing 847,050 847,050 - 42,758
Debentures - - - 1,511,421
Concession fee obligations 320,576 320,576 - 316,066
Deferred revenue 452 452 - 501
Deferred income tax and social contribution 10,389 17,765 7,376 28,402
Provision for highways's maintenance - 78,756 78,756 124,331
Provision for highways's investment - 61,252 61,252 54,840
Risks civil, labor and tax 104 7,368 7,264 10,218
Other payables 2,241 2,241 - 8,861
Total noncurrent liabilities 1,180,812 1,335,460 154,648 2,097,398
SHAREHOLDERS' EQUITY
Capital 549,083 549,083 - 549,083
Legal reserves 26,640 26,640 - 41,093
Profit reserves 218,575 112,244 (106,331) 283,277
Retained earnings 176,278 185,486 9,208 235,599
Adjustment to shareholders' equity - exchange variation on capital (22,271) (22,271) - (22,271)
Total shareholders' equity 948,305 851,182 (97,123) 1,086,781
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,350,858 3,467,614 116,756 4,821,477

March 25 th, 2011
Page 20 / 23

ANNEX 2 FINANCIAL STATEMENTS OF INCOME


CONSOLIDATED INCOME STATEMENT


2009 Adjustment 2009 IFRS 2010 IFRS Var%

GROSS SERVICE REVENUE 1,301,777 670,192 1,971,969 2,342,622 18.8%
Toll plazas revenue 1,292,113 - 1,292,113 1,631,185 26.2%

State 840,539 - 840,539 971,562 15.6%

Federal 451,574 - 451,574 659,623 46.1%

Accessory revenues 9,664 - 9,664 10,424 7.9%

Others - 57,102 57,102 83,186 45.7%

Construct revenue - 613,090 613,090 617,827 0.8%

DEDUCTIONS FROM REVENUE (112,768) (9,110) (121,878) (158,093) 29.7%

NET SERVICE REVENUE 1,189,009 661,082 1,850,091 2,184,529 18.1%

COST OF SERVICES (643,577) (559,429) (1,203,006) (1,385,738) 15.2%

GROSS PROFIT 545,432 101,653 647,085 798,791 23.4%

OPERATING (EXPENSES) INCOME (125,075) (12,830) (137,905) (146,042) 5.9%
Administrative expenses (104,947) (11,527) (116,474) (130,416) 12.0%
Directors' compensation (9,639) (1,282) (10,921) (12,526) 14.7%
Tax expenses (5,775) (21) (5,796) (2,199) -62.1%
Amortization of goodwill on investments (8,133) - (8,133) (6,101) -25.0%
Other operating revenues, net 3,419 - 3,419 5,200 52.1%

NET FINANCIAL RESULTS (155,585) (10,311) (165,896) (217,898) 31.3%

INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 264,772 78,512 343,284 434,851 26.7%

INCOME TAX AND SOCIAL CONTRIBUTION (88,494) (27,438) (115,932) (130,602) 12.7%
Current (97,430) (16,072) (113,502) (147,243) 29.7%
Deferred 8,936 (11,366) (2,430) 16,641 -784.8%

NET INCOME FOR THE PERIOD 176,278 51,074 227,352 304,249 33.8%

March 25 th, 2011
Page 21 / 23

ANNEX 3 CASH FLOW STATEMENTS

STATEMENT OF CASH FLOWS

(In thousand of Brazilian reais)

2009 2009 IFRS Adjusment 2010 IFRS

CASH FLOW FROM OPERATING ACTIVITIES
NET INCOME 176,278 227,352 51,074 304,249
Adjusments to reconcile net income to net cash provided by operating
activities:
Depreciation amortization 248,480 136,596 (111,884) 175,359
Amortization of goodwill on investments 8,133 8,133 - 6,101
Writte-offs on property and equipment 5,863 1,053 (4,810) 1,879
Deferred income tax and social contribution (8,936) 2,430 11,366 (16,641)
Interest and monetary variation obligations to grant - 12,764 12,764 55,148
Revenue from restricted cash investments - (262) (262) (4,454)
Interest and monetary variation on loans and financing 170,196 160,175 (10,021) 111,627
Interest and monetary variation on debentures - - - 114,274
Financial expenses AVP - 9,294 9,294 7,780

Provision (reversal of) allowance for risks civil, labor and tax 4,327 4,492 165 3,061

Provision (reversal of) provision for maintenance - 3,940 3,940 15,569
Reversal of deferred revenue 23 - (23) -

Decrease (increase) in assets:
Trade accounts receivable (25,618) (25,692) (74) (20,287)
Payables - intercompany - - (2)
Inventories 1,111 1,111 - (540)
Prepaid expenses (6,105) (6,105) - 1,408
Recoverable taxes (1,657) (1,657) - (8,686)
Advances for new projects - (9) (9) 256
Other credits - 1,980 1,980 (1,820)
Collateral for agreements - (98) (98) 1
Escrow deposits - (5,888) (5,888) (3,630)
Other receivables (4,007) 74 4,081 21

Increase (decrease) in liabilities:
Trade accounts payable 41,109 38,662 (2,447) (14,408)
Trade accounts payable - intercompany - (83) (83) (79)
Collateral for agreements (1,554) (1,554) - 3,986
Payroll taxes 12,590 12,590 - 7,452
Taxes payable (6,418) (6,418) - 1,665
Deferred revenue - 23 23 49
Other payables - (9,272) (9,272) 34,920
Concession fee obligations - 240 240 304
Risks civil, labor and tax - (619) (619) (211)
Payment of interest - - - (79,979)
Provision for highways's investment (10,583) - 10,583 -

NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 603,232 563,252 (39,980) 694,372

CASH FLOW FROM INVESTING ACTIVITIES
Increase in restricted deposits 240 - (240) -
Acquisition of property and equipment (786,894) (12,645) 774,249 (9,203)
Increase in intangible (4,104) (738,142) (734,038) (589,078)
Advances for new projects (9) - 9 -
Restricted cash investments - - - (182,686)
Redemption of deposits - - - 94,517

NET CASH USED IN INVESTING ACTIVITIES (790,767) (750,787) 39,980 (686,450)

CASH FLOW FROM FINANCING ACTIVITIES
Loans and financing
Borrowings 2,050,356 2,050,356 - 187,461
Payment of interest and principal (1,458,479) (1,458,479) - (1,065,169)
Debentures
Debentures Issued - - - 1,781,369
Payment of interest and principal - - - (88,137)
Payment of intercompany loans - - - -
Payment of concession fee obligations (53,427) (53,427) - (55,517)
Payment of dividends (25,007) (25,007) - (41,833)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 513,443 513,443 - 718,174

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 325,908 325,908 - 726,096

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 116,284 116,284 - 442,192

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 442,192 442,192 - 1,168,288

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