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1Q10 final

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  • 1. Localiza Rent a Car S.A. 1Q10 Results - R$ millions, USGAAP April 14th, 2010 1
  • 2. 1Q10 Highlights R$ millions 1Q09 1Q10 Variation Net revenue 446.1 563.9 26.4% EBITDA 115.4 132.1 14.5% Net income 30.2 48.8 61.6% Net margin 6.8% 8.7% 1.9p.p. Quantity 1Q09 1Q10 Variation Purchased cars 387 11,486 11,099 Sold cars 7,828 10,948 3,120 End of period fleet 54,817 70,608 15,791 Localiza is back to high levels of growth. 2
  • 3. Car Rental Division Net revenue (R$ million) 3.8% 29.2% CAGR: 585.7 607.8 442.7 357.2 271.3 20.1% 151.1 181.4 2005 2006 2007 2008 2009 1Q09 1Q10 # daily rentals (thousand) % 1.5% : 32.5 CAGR 7,940 8,062 5,793 4,668 3,411 21.4% 1,952 2,369 2005 2006 2007 2008 2009 1Q09 1Q10 The 21.4% growth in rentals was partially offset by the drop of 1.1% in the average rental rate, due to the option of insurance contracting. 3
  • 4. Car Rental Division # daily rentals (thousand) 5% 17. 1% 25. 0% 22. 711.2 835.4 722.1 811.3 591.6 649.2 Jan Feb Mar 2009 2010 # daily rentals jan feb m ar apr m ay jun jul aug sep oct nov dec 2005 2006 2007 2008 2009 2010 In the 1Q10, daily rentals grew 21.4%. 4
  • 5. Car Rental Division Utilization rate x purchases 9 0 0 . % 76.2% 68.6% 67.6% 8 0 0 . % 64.5% 66.2% 7 0 0 . % 16.1 15.3 6 0 0 . % 5 0 0 . % 9.7 4 0 0 . % 3 0 0 . % 2.4 2 0 0 . % 0.0 1 0 0 . % 0 0 . % 1Q09 2Q09 3Q09 4Q09 1Q10 Utilization rate # of purchased cars (thousand) With the reduction of the purchase levels in the 1Q10, utilization rate grew. 5
  • 6. Fleet Rental Division Net revenue (R$ million) % : 22.9 CAGR 13.2 % 313.4 276.9 228.2 190.2 149.2 % 11.2 75.9 84.4 2005 2006 2007 2008 2009 1Q09 1Q10 # daily rentals (thousand) :2 4.3% 10.3% CAGR 7,099 6,437 5,144 4,188 3,351 6.2% 1,780 1,890 2005 2006 2007 2008 2009 1Q09 1Q10 Revenues grew above volume, due to an increase of 4,9% in the average rental rate. 6
  • 7. Used car sales # of sold cars % : 22.3 CAGR 34,281 0 .7% 34,519 30,093 23,174 18,763 9% 39. 10,948 7,828 2005 2006 2007 2008 2009 1Q09 1Q10 # of sold cars % .6 .9 % 7.8 % 48 4,213 41 3,577 2 3,158 2,836 2,521 2,471 Jan Feb Mar 2009 2010 Sale’s volumes are back to pre-crisis levels. 7
  • 8. Car Rental Division Average age of operational fleet (month) 9.5 6.3 6.9 2008 2009 1Q10 The average age of the operating fleet is returning to pre-crisis levels. Average age of sold cars (month) 18.7 16.6 12.3 2008 2009 1Q10 8
  • 9. Consolidated net revenues R$ million : 28 .4% CAGR 1,855.7 1,856.3 1,531.7 1,145.4 876.9 26.4% 563.9 446.1 2005 2006 2007 2008 2009 1Q09 1Q10 Consolidated net revenues grew 26.4% in the 1Q10. 9
  • 10. Consolidated EBITDA margin R$ million : 22.0% - 6.8 CAGR % 504.1 469.7 403.5 277.9 311.3 % 1 4 .5 115.4 132.1 2005 2006 2007 2008 2009 1Q09 1Q10 Divisions 2005 2006 2007 2008 2009 1Q09 1Q10 Car rental 45.3% 42.0% 44.5% 44.3% 40.3% 40.8% 40.6% Fleet rental 62.3% 69.1% 68.7% 67.0% 66.5% 65.2% 64.5% Rental consolidated 51.0% 51.2% 52.6% 51.5% 49.3% 49.0% 48.3% Used car sales 13.2% 4.6% 5.4% 5.5% 1.1% 1.4% 0.8% EBITDA margins remained stable. 10
  • 11. Depreciation per car R$ Car Rental Division 2,546.0 2,577.0 1,318.0 939.1 492.3 332.9 2005 2006 2007 2008 2009 1Q10 Fleet Rental Division 5,083.1 4,371.7 3,254.4 2,981.3 2,383.3 2,395.8 2005 2006 2007 2008 2009 1Q10 Average depreciation per car fell again in the 1Q10. 11
  • 12. Net income R$ million 190.2 138.2 127.4 116.3 106.5 61.6% 48.8 30.2 2005 2006 2007 2008 2009 1Q09 1Q10 Reconciliation of EBITDA x Net Income 2008 2009 Var. R$ 1Q09 1Q10 Var. R$ EBITDA - Car rental and fleet rental 449.6 459.1 9.5 112.3 129.6 17.3 EBITDA - Used car sales 54.5 10.6 (43.9) 3.1 2.5 (0.6) EBITDA Consolidated 504.1 469.7 (34.4) 115.4 132.1 16.7 Depreciation of revenue-earning vehicles (178.5) (172.3) 6.2 (29.9) (30.7) (0.8) Other depreciation (18.3) (21.0) (2.7) (5.3) (5.1) 0.2 Financial expenses, net (133.3) (112.9) 20.4 (38.8) (28.2) 10.6 Income tax and social contribution (46.6) (47.2) (0.6) (11.2) (19.3) (8.1) Net income 127.4 116.3 (11.1) 30.2 48.8 18.6 Net income grew 61.6% in the 1Q10. 12
  • 13. Free cash flow - FCF Free cash flow - R$ million 2005 2006 2007 2008 2009 1Q10 EBITDA 277.9 311.3 403.5 504.1 469.7 132.1 Used car sales revenues (448.2) (590.3) (853.2) (983.2) (924.5) (295.4) Cost of used car sales 361.2 530.4 760.0 874.5 855.1 275.3 EBITDA without used car sales revenues and costs 190.9 251.4 310.3 395.4 400.3 112.0 (-) Income tax and social contribution – current (32.7) (42.7) (63.4) (52.8) (49.0) (15.6) Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 1.7 Cash provided before capex 134.0 203.9 260.2 297.8 339.8 98.1 Used car sales revenues 448.2 590.3 853.2 983.2 924.5 295.4 Capex of car – renewal (496.0) (643.3) (839.0) (1,035.4) (963.1) (297.1) Change in amounts payable to car suppliers (capex) - - - - 15.2 (15.2) Net capex for renewal (47.8) (53.0) 14.2 (52.2) (23.4) (16.9) Capex - Property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (7.7) Free cash flow before growth 58.2 118.2 250.7 205.7 295.4 73.5 Capex of car – growth (194.0) (287.0) (221.9) (299.9) (241.1) (14.6) Change in amounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 (8.7) Free cash flow (161.3) 53.2 (22.2) (283.1) 295.4 50.2 The Company generated R$50.2 million of free cash flow in the 1Q10, even with a small increase in the fleet. 13
  • 14. Net debt reconciliation R$ million Free cash flow 50.2 Net debt Net debt 12/31/2009 03/31/2010 -1,078.6 -1,062.1 (8.9) Interest on (24.8) own capital Interest and others Net debt was reduced by R$16.5 million. 14
  • 15. Debt – profile and costs R$ million Debt profile (principal) on 03/31/10 225.0 239.6 200.7 205.4 211.8 160.0 2010 2011 2012 2013 2014 2015 250.8 Cash Stand by* *Stand by refers to R$100 MM limit with BNDES, with term of drawing until sept/2010 Gross debt - principal Average effective cost 2010 2011 2012 2013 2014 2015 Total Working Capital CDI + 1.25%pa - 204.5 58.0 73.0 45.0 60.0 440.5 Debentures - 2nd Issuance CDI + 0.59%pa - - 66.6 66.6 66.8 - 200.0 Commercial Papers 108.9% of CDI 200.0 - - - - - 200.0 Debentures - 1st Issuance, Total CDI +2.02%pa - - 100.0 100.0 100.0 100.0 400.0 Fleet BNDES TJLP + 3.80%pa 0.7 0.9 0.4 - - - 2.0 Total gross debt - principal - 200.7 205.4 225.0 239.6 211.8 160.0 1,242.5 Cash and cash equivalents (250.8) - - - - - (250.8) Total net debt - principal - (50.1) 205.4 225.0 239.6 211.8 160.0 991.7 Debt profile was extended. 15
  • 16. Debt – ratios R$ million 1,907.8 1,907.7 1,752.6 1,492.9 1,247.7 1,254.5 1,078.6 1,062.1 900.2 765.1 535.8 440.4 2005 2006 2007 2008 2009 1Q10 Net debt Fleet value BALANCE AT THE END OF THE PERIOD 2005 2006 2007 2008 2009 1Q10 Net debt / Fleet value (USGAAP) 60% 36% 51% 72% 57% 56% Net debt / EBITDA (USGAAP) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x* Net debt / EBITDA (BRGAAP) 1.5x 1.0x 1.3x 1.8x 1.7x 1.3x* Net debt / Equity (USGAAP) 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x * annualized Indebtedness ratios improved and remain comfortable. 16
  • 17. Thank you! 17