1 H09 Eng Completa
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    1 H09 Eng Completa 1 H09 Eng Completa Presentation Transcript

    • Localiza Rent a Car S.A. 2Q09 and1H09 Results (R$ millions - USGAAP) 1 July, 2009
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 2Q09 Financials 2
    • Integrated business platform 30,585 cars 21,638 cars 1.8 million clients 589 clients 204 locations 219 employees 2,650 employees Synergies: cost reduction cross selling bargaining power 7,966 cars 15,107 cars sold 222 locations in 9 countries 79% sold to final consumer 157 locations in Brazil 38 stores 65 locations in South America 430 employees 14 employees This integrated business platform gives Localiza flexibility and superior performance As of 06/31/2009 3
    • Breakdown Rentals Revenues EBITDA Net income Car rental 66% 54% 52% Fleet rental 34% 46% 48% Total 100% 100% 100% Consolidated Revenues EBITDA Net income Car rental 34% 51% 55% Fleet rental 18% 46% 41% Used car sales 47% 2% * Franchising 1% 1% 4% Total 100% 100% 100% * Used cars losses are allocated in the rental divisions As of 06/30/2009 4
    • Strategy by division Increase market leadership maintaining high return Core Businesses Add value to the brand by expanding the network in Brazil and South America Create value taking advantage of the integrated business platform synergies Support Add value to the businesses, reducing depreciation as a competitive advantage 5
    • Company’s structure BOARD OF DIRECTORS CEO Car Acquisition Legal COO Human Financial IT Resources Supply & Administration 6
    • Ownership breakdown Founders 13.1% 8.6% 12.8% 8.6% 56.9% Salim Eugenio Antonio Flavio Claudio Resende Resende Free-Float * Mattar Mattar 100% 100% 100% 100% 100% Localiza Rental Car Rental International 7 * includes 4,226,300 shares in treasury
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 2Q09 Financials 8
    • Growth opportunities GDP elasticity Rental divisions 5.9x GDP Sector: 2.6x GDP Source: Localiza, ABLA and Central Bank Consolidation Air traffic US market: 4 players 95% BR market: 4 players 40% 8.7% CAGR (2004/2008) 1,893 players 60% Growth forecast between 2% - 5% Source: Auto Rental News and estimates Source: Infraero, Gol and Tam Fleet outsourcing Credit cards Corporate target fleet of 500,000 cars 23.7% CAGR (2004/2008) Approximately 25% rented 41 mm holders (estimated) Replacement Source: Company estimates Source: Abecs and estimates Around 10 million cars insured Accident frequency of 15% p.a. Source: Susep, Denatran and estimates 9
    • Growth opportunities: GDP Rental revenues accumulated growth rate – rentals Localiza 5.9x Sector 2.6x GDP 2005 2006 2007 2008 GDP (real) Localiza (real) Sector (real) Localiza’s revenues have been growing 5.9x GDP. Source: Central Bank, Localiza and ABLA 10
    • Growth opportunities: consolidation Brazilian car rental agencies Airport locations Off-airport locations Localiza Others Localiza 274 Unidas 37 87 71 Avis 49 Hertz 29 Hertz 64 Avis Others 30 Unidas 1889 30 Off-airport market is fragmented among almost 2,000 small local car rental companies Source: Each company website as of June 30th , 2009 11
    • Growth opportunities: airport x off-airport markets Car rental revenues breakdown 100% 100% 100% 100% 100% 46% 41% 38% 34% 32% 54% 59% 62% 66% 68% 2005 2006 2007 2008 1H09 Off-airport Airport Strategy: to reduce airport dependence increasing off-airport volume of business 12
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 2Q09 Financials 13
    • Competitive advantages Scale Gains of Know-how Higher scale Strong brand Strong values competitiveness Integrated platform Geographical footprint High corporate governance standards Used car sales network Management model Lower depreciation Stable Management Owners involved Facilities Rating Market share increase Localiza reached the virtuous cycle 14
    • Competitive advantages: geographical footprint Nationwide Nationwide presence presence Strategic Strategic locations locations International International footprint footprint 426 locations in 9 countries in South America As of 06/31/2009 15
    • Competitive advantages: scale Locations in Brazil Cities in Brazil 361 299 273 192 79 55 93 59 101 78 Localiza* Unidas Hertz Avis Localiza Unidas Hertz Avis Localiza network is larger than the second, the third and the fourth competitors combined Source: Each company website as of June 30th , 2009 16
    • Competitive advantages: rating Moody’s debt rating as of Jan/09 (Global scale) S&P corporate credit rating as of Jan/09 (Global scale) Baa2 BBB Ba1 Ba2 BB B1 B+ B2 B Caa3 CCC+ CCC Enterprise Localiza Avis Budget Hertz Europcar Dollar Thrifty Enterprise Localiza Europcar Hertz Avis Budget Dollar Thrifty Moody’s corporate rating as of Jan/09 (Local Currency) Standard & Poors as of Apr/09 (Local Currency) Localiza Rent a Car S.A Aa2.br Localiza Rent a Car S.A brAA- Braskem S.A. Aa2.br Braskem S.A brAA+ Magnesita Refratários S.A. Aa2.br Magnesita Refratários S.A. brA- Gafisa S.A. Aa3.br Gafisa S.A. brA- CEMIG Aa1.br Brasil Telecom S.A brAA+ Duke Energy Aa2.br Duke Energy brAA- Lupatech A3.br Lupatech brA- Localiza has one of the best rating among its international peers S&P and Moody’s reassured Localiza’s rating on 2009. 17
    • Competitive advantages: used car sales network 35 stores in Brazil Logistic of distribution Know-how of used car market Selling to final consumers in order to have higher revenue per sold car Strategy: Add value to the businesses, reducing depreciation as a competitive advantage 18
    • Competitive advantages: lower depreciation Average depreciation per car - Car rental division 3,618.0 * 2,640.0 2,546.0 2,142.0 1,656.0 1,752.0 939.1 322.9 492.3 332.9 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 GDP 0.3% 4.3% 1.3% 2.7% 1.1% 5.7% 2.9% 3.7% 5.4% 5.1% Localiza 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Average purchase price (nominal) 13,788 14,575 14,586 15,600 16,140 19,960 24,350 25,840 25,650 27,740 Average sale price (nominal) 11,650 13,950 14,530 14,026 16,680 19,490 23,060 24,770 27,460 27,770 Average capex for renewal 2,138 635 56 1,574 (540) 470 1,290 1,070 (1,810) (30) Average sold fleet age 13.7 15.5 14.1 14.1 12.8 11.6 11.0 14.7 12.2 12.3 Average depreciation 2,640 3,618 2,142 1,656 1,752 323 492 939 333 2,546 % over average purchase price 19.1% 24.8% 14.7% 10.6% 10.9% 1.6% 2.0% 3.6% 1.3% 9.2% * 2008 depreciation was impacted by declining market conditions and IPI reduction (excise tax). The depreciation is calculated using the estimated sale price in the future (mark to market), net of the sales expenses. 19
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 2Q09 Financials 20
    • Localiza has been increasing its market share 2004 2008 22.4% 38.0% Car rental 10.2% 14.0% Fleet rental 15.5% 24.8% Consolidated Localiza is gaining market share… 21 Source: ABLA e Company, based on revenue
    • Growth with strong results Revenue evolution .8% : 30 GR CA 983 853 590 .5% CAGR: 16 448 251 303 873 151 191 679 89 429 555 86 90 85 270 286 281 331 127 145 160 221 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Car sold / EOP fleet 77% 74% 50% 31% 42% 57% 69% 55% 52% 50% 56% 45% 3% 504 EBITDA evolution 26. G R: CA 403 311 278 23.9% CAGR: 198 134 154 150 152 85 42 62 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 GDP 3.4 0.0 0.3 4.3 1.3 2.7 1.1 5.7 2.9 3.7 4.6 5.1 Average 1.9 4.4 … maintaining profitability. 22
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 2Q09 Financials 23
    • Car rental division Net revenues (R$ millions) 31.3% CAGR: 585.7 4.8% 442.7 357.2 271.3 278.6 291.9 -0.1% 197.1 141.0 140.8 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Average rented fleet (quantity) 2.4% -3.1% .6% CAG R: 34 21,848 20,833 21,341 21,550 20,888 15,937 12,842 9,402 6,654 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Even on this unfavorable scenario, revenues have grown 4.8% on 1H09. 24
    • Fleet rental division Net revenues (R$ millions) R: 2 1.3% CAG 276.9 228.2 % 190.2 19.1 149.2 152.1 127.8 127.7 % 15.5 76.2 66.0 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Average rented fleet (quantity) % % 18.6 11.9 : 23 .1% 19,391 19,005 CAGR 17,880 16,987 16,352 14,295 11,635 9,308 7,796 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 The revenues increased due to higher volume and prices. 25
    • Fleet investment Quantity 9,930 7,957 10,346 7,342 44,211 6,624 6,467 38,050 33,520 34,281 -9,774 8,703 30,093 26,105 23,174 23,632 -2,333 22,182 18,763 17,008 15,715 15,107 16,419 7,716 7,279 5,333 4,946 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Purchased cars Sold cars Net Investment (R$ millions) 352.1 207.7 340.0 241.8 1,335.3 208.6 190.1 1,060.9 252.9 930.3 983.2 -260.8 853.2 -60.2 690.0 700.3 493.1 590.3 491.7 448.2 413.1 475.7 303.0 222.8 152.3 136.1 196.3 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Purchases (accessories included) Used car sales revenue The car rental division fleet is already adjusted. 26
    • End of period fleet and utilization rates End of period fleet (quantity) : 21 .5% CAGR 62,515 -12.5% 59,690 52,223 53,476 46,003 23,403 20,376 35,865 17,790 21,638 28,699 14,630 11,762 9,168 35,686 39,112 39,314 24,103 31,373 30,585 19,531 2004 2005 2006 2007 2008 1H08 1H09 Car Rental Fleet Rental Utilization rates – Car rental division 76.2% 72.1% 72.8% 69.6% . 3.4 p.p 2.5 p.p. 1H08 1H09 2Q08 2Q09 2009 utilization rate goal: minimum of 72%. 27
    • Net revenue - Consolidated Average Rented fleet (quantity) 9.5% 3.5% .8 % R: 28 CAG 39,728 37,185 40,732 38,537 39,893 30,232 24,477 17,880 19,391 16,987 19,005 16,352 18,710 14,295 14,450 11,635 9,308 7,796 15,937 21,848 20,833 21,341 21,550 20,888 9,402 12,842 6,654 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Car rental Fleet rental Net revenues (R$ millions) 0.8% R: 3 1,855.7 CAG 1,531.7 -4.4% 1,145.4 983.2 -3.7% 853.2 902.8 862.7 876.9 634.4 590.3 432.3 416.5 448.2 491.7 413.1 303.0 872.5 678.5 % 222.8 196.3 331.4 428.7 555.1 411.1 9.4 449.6 5.1% 220.2 209.5 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Rentals Used car sales 28
    • EBITDA margin EBITDA consolidated (R$ millions) 6.4% R: 2 504.1 CAG 403.5 54.5 -8.1% 311.3 46.4 -11.7% 277.9 244.4 224.5 26.9 197.5 59.1 449.6 33.0 4.7 123.6 109.1 36.5 357.1 284.4 161.0 218.8 211.4 4.0% 219.8 13.2 -2 1.6 110.4 .6% 107.5 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Car Rental Used car sales Divisions 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Car Rental 40.1% 45.3% 42.0% 44.5% 44.3% 45.5% 39.4% 46.2% 37.9% Fleet Rental 63.4% 62.3% 69.1% 68.7% 67.0% 64.3% 67.1% 66.4% 68.8% Rentals - Consolidated 48.6% 51.0% 51.2% 52.6% 51.5% 51.4% 48.9% 52.7% 48.8% Used car sales 12.0% 13.2% 4.6% 5.4% 5.5% 6.7% 1.1% 5.9% 0.8% Seminovos EBITDA margin reflects the current market conditions. 29
    • Depreciation per car Car rental division (R$) 2,546.0 2,599.7 2,169.6 939.1 322.9 492.3 332.9 2004 2005 2006 2007 2008 1H09 2Q09 annualized Fleet rental division (R$) 5,083.1 4,557.6 3,794.7 2,981.3 2,383.3 2,395.8 1,845.5 2004 2005 2006 2007 2008 1H09 2Q09 annualized Depreciation rate is adjusted to the current market conditions. 30
    • Net Income - Consolidated Net Income (R$ millions) 190.2 - 46 138.2 .5 % 127.4 106.5 107.1 - 49 90.6 .4 % 57.3 53.6 27.1 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Reconciliation of EBITDA x Net Income 1H08 1H09 Var. R$ 2Q08 2Q09 Var. R$ EBITDA - Car rental and fleet rental 211.4 219.8 8.4 110.4 107.5 (2.9) EBITDA - Used car sales 33.0 4.7 (28.3) 13.2 1.6 (11.6) EBITDA Consolidated 244.4 224.5 (19.9) 123.6 109.1 (14.5) Depreciation of revenue-earning vehicles (30.4) (70.0) (39.6) (18.5) (40.1) (21.6) Other depreciation (8.5) (10.7) (2.2) (4.4) (5.4) (1.0) Financial expenses, net (52.7) (65.5) (12.8) (24.7) (26.8) (2.1) Income tax and social contribution (45.7) (21.0) 24.7 (22.4) (9.7) 12.7 Net income 107.1 57.3 (49.8) 53.6 27.1 (26.5) Main impacts on results: increase of depreciation and drop of the Seminovos EBITDA. 31
    • Free cash flow - FCF Free cash flow before growth (R$ millions) 504.6 8% 9. 36 % 250.7 .6 222.7 205.7 172 118.2 107.4 81.7 52.0 58.2 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09 Free cash flow - R$ millions 2004 2005 2006 2007 2008 1H08 1H09 EBITDA 197.5 277.9 311.3 403.5 504.1 244.4 224.5 Used car sales revenues (303.0) (448.2) (590.3) (853.2) (983.2) (491.7) (413.1) Cost of used car sales 248.7 361.2 530.4 760.0 874.5 434.2 384.1 EBITDA without used car sales revenues and costs 143.2 190.9 251.4 310.3 395.4 186.9 195.5 (-) Income tax and social contribution – current (40.9) (32.7) (42.7) (63.4) (52.8) (38.9) (26.9) Working capital variation 6.2 (24.2) (4.8) 13.3 (44.8) (19.1) (18.8) Cash provided before capex 108.5 134.0 203.9 260.2 297.8 128.9 149.8 Used car sales revenues 303.0 448.2 590.3 853.2 983.2 491.7 413.1 Capex of car – renewal (349.3) (496.0) (643.3) (839.0) (1,035.4) (504.0) (152.3) Change in amounts payable to car suppliers (capex) - - - - - - 98.4 Net capex for renewal (46.3) (47.8) (53.0) 14.2 (52.2) (12.3) 359.2 Capex - Property and equipment, net (10.2) (28.0) (32.7) (23.7) (39.9) (9.2) (4.4) Free cash flow before growth 52.0 58.2 118.2 250.7 205.7 107.4 504.6 Capex of car – growth (143.8) (194.0) (287.0) (221.9) (299.9) (196.3) - Change in amounts payable to car suppliers (capex) (21.9) (25.5) 222.0 (51.0) (188.9) 61.5 - Free cash flow (113.7) (161.3) 53.2 (22.2) (283.1) (27.4) 504.6 32
    • Net debt reconciliation Free Cash Flow 504.6 Net Debt Net Debt 12/31/2008 06/30/2009 -1,254.5 -22.4 -45.5 -817.8 Interest on Interest capital 2008 2009 Var. (R$) R$ millions Sep/08 Dec/08 Mar/09 Jun/09 Dec/Jun Gross debt (principal + interest) 1,352.0 1,384.4 1,198.8 1,208.3 -176.1 (-) Cash 151.0 129.9 185.2 390.5 260.6 Net debt 1,201.0 1,254.5 1,013.6 817.8 -436.7 Net debt was reduced in R$436.7 million. 33
    • Net debt x Fleet value (R$ millions) 1,752.6 1,492.9 1,437.5 1,247.7 1,254.5 900.2 817.8 765.1 612.2 535.8 440.4 281.3 2004 2005 2006 2007 2008 1H09 Net debt Fleet value End of period balances 2004 2005 2006 2007 2008 1H09 Net debt /Fleet value (USGAAP) 46% 60% 36% 51% 72% 57% Net debt / EBITDA (USGAAP) 1.4x 1.9x 1.4x 1.9x 2.5x 1.8x(*) Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.3x 1.8x 1.3x(*) Net debt / Equity (USGAAP) 1.0x 1.4x 0.7x 1.3x 2.0x 1.2x (*) annualized Indebtedness ratios have improved significantly on 1H09 over 2008. 34
    • Debt profile Debt profile (Principal – R$ millions) 520.4 2H R$170.4 335.9 1H R$350.0 110.0 109.6 66.8 0.4 2009 2010 2011 2012 2013 2014 Cash 390.5 The current cash is enough to pay the debt with maturity on the 1H2010. 35
    • RENT3 Performance RENT3 X IBOVESPA 25 200 180 20 160 140 15 216% 120 100 10 80 60 5 113% 40 20 0 0 RENT3 Volume RENT3 IBOVESPA Average daily trade volume (R$ millions) Average daily trading (# shares) 956,4 13,5 829,7 8% 10,7 729,5 687,5 10,6 670,9 5% 648,7 14 8,4 24 6,9 385,4 4,6 3,1 2005 2006 2007 2008 2009 1T09 2T09 2005 2006 2007 2008 2009 1T09 2T09 RENT3 was included in the Market Vectors Brazil Small-caps Index of Van Eck (USA). 36
    • Highlights Financials: Cash generation of R$ 504.6 million Net debt reduction of R$ 436.7 million The strong cash generation was the strategy adopted by the Company to make even stronger the financial solidity on a low liquidity scenario. 37
    • Highlights Fleet: Fleet adjustment with the reduction of 13,708 cars since the beginning of crisis 76.2% on 2Q09 Utilization rate 72,1% on 1H09 Restart of fleet renewal* * IPI reduction was extended up to September/09 with a gradual return starting in October/09 38
    • Differentiated, liquid and flexible asset Purchase Sale Net sale Average sale price 4Q08 2,712 6,646 3,934 27,880 1H09 5,333 15,107 9,774 26,850 Total 8,045 21,753 13,708 - Even on an unfavorable scenario, Localiza sold 21,753 cars with a drop of only 3.3% on average prices compared to the prices before crisis when we had high demand. Sales expenses went from 5.4% to 8.2% in the same period. Localiza’s business model, through an integrated platform, unique in the car rental industry, allows managing our differentiated asset, that are liquid and flexible, to quickly adapt the Company to macroeconomic conditions. 39
    • Highlights Distribution: Increase of the number of rental locations and stores # of corporate locations 199 204 178 145 117 +5 83 + 21 + 33 + 28 + 34 2004 2005 2006 2007 2008 1H09 # of used car sales stores 38 32 35 26 +3 13 13 +3 +6 + 13 2004 2005 2006 2007 2008 1H09 40
    • 2H09 perspectives Debt: Contract debt only to extend the amortization term Drop on the net financial expenses due to decrease of interest rate Car rental division: of maintenance Fleet renewal Reduction on the expenses of depreciation Minimum utilization rate of 72% on 2009 Fleet rental division: Increase the average rental rate for new contracts and renewals 41
    • 2010 perspectives Macroeconomic scenario after Real Plan of 1994 Fixed exchange rate Free floating exchange rate 2001 2008 1995 1998 Argentina Subprime 1973: 1º Oil Crash Creation of Russian crisis crisis PROER crisis 1979: 2º Oil Crash 2002 2 8 0 , 6 3 1997 2000 1994 Asian NASDAQ Lula’s 1987: NYSE Crash Mexico crisis crash election crisis 2 0 0 , 4 5 2009 1990: Collor plan Liquidity Crisis 1 2 0 , 2 7 4 0 , 9 4 ( 0 ) , 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e 9 - Localiza's fleet GDP Interest rate Average GDP 3.1% 1.9% 4.7% -0.5% Average Interest Rate 22.0% 10.8% 9.0% 5.2% Fleet growth (CAGR) 10.1% = 3.2X GDP 15.2% = 8.0X GDP 22.8% = 4.8X GDP - For 2010 the market expectation is 3.5% GDP growth and 4.5% real interest rate. Source: BACEN, Focus and Localiza 42
    • 2009 Forecast - Car rental financial cycle Current Scenario 1-year cycle Funding (PV) Net car sale revenue $27.7 $25.2 Revenue: 19.0 1 2 3 4 5 Expenses: (11.3) 8 9 10 11 12 $27.7 Car acquisition $30.8 Kd = $2.2 Ke = $0.9 Funding (FV) $3.1 Car rental Used cars Total Per operating car Per sold car 1 Year R$ % R$ % R$ Revenues 20,5 100,0% 27,0 100,0% 47,4 Additional revenue 0,5 2,0% 0,5 Cost (9,0) -44,0% (9,0) SG&A (2,3) -11,2% (2,2) -8,3% (4,5) Net car sale revenue 25,2 93,6% 25,2 Book value of car sale (24,7) -91,8% (24,7) EBITDA 9,2 44,8% 0,5 1,8% 9,6 Depreciation (non-vehicle) (0,5) -2,2% (0,1) -0,2% (0,5) Depreciation (vehicle) (1,9) -7,0% (1,9) Interest on debt (0,0) (2,2) -8,0% (2,2) Tax (2,6) -12,8% 1,1 4,0% (1,5) NET INCOME 6,1 29,7% (2,5) -9,4% 3,5 Return on asset 12,8% 43
    • 2009 Forecast - Fleet rental financial cycle Current Scenario Funding (PV) Net car sale revenue 2-year cycle 26.6 33.8 Revenue: 29.8 1 2 3 4 5 Expenses: (10.3) 20 21 22 23 24 33.8 Car acquisition 40.6 Kd = $4.7 Ke = $2.1 Funding (FV) $6.8 Fleet rental Used cars Total Per operating car Per sold car 2 Years 1Year R$ % R$ % R$ R$ Revenues 31,3 100,0% 28,1 100,0% 59,4 29,7 Additional revenue 0,6 2,2% 0,6 0,3 Cost (8,4) -27,0% (8,4) (4,2) SG&A (2,0) -6,4% (2,1) -7,5% (4,1) (2,0) Net car sale revenue 26,6 94,7% 26,6 13,3 Book value of car sale (26,0) -92,7% (26,0) (13,0) EBITDA 20,8 66,6% 0,6 2,1% 21,4 10,7 Depreciation (non-vehicle) (0,2) -0,5% 0,0 (0,2) (0,1) Depreciation (vehicle) (6,6) -23,5% (6,6) (3,3) Interest on debt (4,7) -16,7% (4,7) (2,4) Tax (6,2) -19,8% 3,2 11,4% (3,0) (1,5) NET INCOME 14,5 46,3% (7,5) -26,7% 7,0 3,5 Return on asset 10,3% 44
    • 2009 Forecast - Car rental financial cycle Scenario after fleet renewal 1-year cycle Funding (PV) Net car sale revenue $25.8 $25.2 Revenue: 19.0 1 2 3 4 5 Expenses: (11.3) 8 9 10 11 12 $25.8 Car acquisition $28.8 Kd = $2.1 Ke = $0.9 with IPI reduction Funding (FV) $3.0 Car rental Used cars Total Per operating car Per sold car 1 Year R$ % R$ % R$ Revenues 20,5 100,0% 27,0 100,0% 47,4 Additional revenue 0,5 2,0% 0,5 Cost (9,0) -44,0% (9,0) SG&A (2,3) -11,2% (2,2) -8,3% (4,5) Net car sale revenue 25,2 93,6% 25,2 Book value of car sale (24,7) -91,8% (24,7) EBITDA 9,2 44,8% 0,5 1,8% 9,6 Depreciation (non-vehicle) (0,5) -2,2% (0,1) -0,2% (0,5) Depreciation (vehicle) (1,0) -3,7% (1,0) Interest on debt (0,0) (2,1) -7,9% (2,1) Tax (2,6) -12,8% 0,8 3,0% (1,8) NET INCOME 6,1 29,7% (1,9) -7,0% 4,2 Return on asset 16,2% 45
    • Thank you! 46