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Apresentação 1 q12 eng

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  • 1. Localiza Rent a Car S.A. 1Q12 results R$ million, IFRS 1April 18, 2012
  • 2. HighlightsInvestment Grade in global scale and brAAA in national scaleby S&PIncluded at Bovespa and IBrx50 indexes starting 01/02/2012Increase in the ADTV to R$32 million in 1Q12(R$23 million in 2011)More than 500 rental locations 2
  • 3. Highlights Net Revenues - Consolidated Consolidated EBITDA 774.7 681.5 7% 13. 12.8 % 210.0 186.2 R$ millionR$ million 1Q11 1Q12 1Q11 1Q12 Consolidated net income End of period fleet 91,444 84,271 8.5% % 14.3 28,191 31,186 72.7R$ million 63.6 Quantity 56,080 60,258 1Q11 1Q12 1Q11 1Q12 Car rental Fleet rental 3
  • 4. Car Rental Division # daily rentals (thousand) 24.6% CAGR: 12,794 10,734 7,940 8,062 4,668 5,793 % 8.7% 3,411 19.2 3,063 3,330 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Net revenues (R$ million) : 24.9% CAGR 980.7 802.2 565.2 585.2 % 346.1 428.0 15.0 3% 22.258.6 267.9 233.02005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Revenue grew above volume due to the increase in the average rental rate per car. 4
  • 5. Fleet Rental Division # daily rentals (thousand) 19.2% CAGR: 9,603 8,044 7,099 6,437 5,144 3,351 4,188 19.4 % 15.9% 2,253 2,611 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Net revenues (R$ million) : 21.4% CAGR 455.0 361.1 303.2 % 219.8 268.4 0 % 23.8142.0 184.0 26. 129.5 104.62005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 The Fleet Rental is still presenting strong pace of growth with revenue’s improvement. 5
  • 6. Net Investment Fleet increase * (quantity) 18,649 9,178 9,930 8,642 7,957 65,934 7,342 10,346 59,950 47,285 50,772 (4,562) 44,211 43,161 (3,516) 38,050 34,281 34,519 33,520 30,09326,105 23,174 18,763 8,065 11,581 8,723 13,285 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Purchased cars Sold cars * It does not include theft / crashed cars. Net investment (R$ million) 588.5 308.4 354.5 1,910.4 210.4 281.8 1,776.5 341.5 243.5 1,468.1 1,335.3 1,321.9 1,204.2 1,060.9 980.8 (108.9) (123.8) 930.3 850.5 922.4 690.0 588.8 446.5 373.3 231.8 340.7 249.5 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Purchases (accessories included) Net used car sales revenues Car Rental fleet was reduced after the peak of summer vacation demand… 6
  • 7. Utilization rate – car rental division 1 0 0 . 0 % 9 5 . 0 % 9 0 . 0 % 69.9% 74.1% 68.9% 69.7% 68.9% 8 5 . 0 % 68.2% 8 0 . 0 %66.2% 66.3% 68.2% 7 7 5 0 . 0 . 0 % % 6 5 . 0 % 6 0 . 0 % 5 5 . 0 % 5 0 . 0 % 4 5 . 0 % 4 0 . 0 % 3 5 . 0 % 3 0 . 0 % 2 5 . 0 % 2 0 . 0 % 1 5 . 0 % 1 0 . 0 % 5 0 . % 0 . 0 %1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 ...to the maintenance of the utilization rate in healthy levels. 7
  • 8. End of period fleet Quantity % CAGR: 17 .9% 96,317 8.5 88,060 91,444 84,271 70,295 26,615 31,629 31,186 62,515 28,191 53,476 22,778 46,003 35,865 23,403 17,790 14,630 11,762 61,445 64,688 56,080 60,258 39,112 47,517 31,373 35,686 24,103 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Car rental Fleet rentalDespite of the reduction after peak of demand, end of period fleet grew 8.5% compared to the 1Q11. 8
  • 9. Ampliação da rede de distribuição de seminovos 80 66 55 49 32 35 26 13 2005 2006 2007 2008 2009 2010 2011 2012eCurrently, 8 stores are under construction with the objective of reaching 80 stores until December 2012. 9
  • 10. Consolidated net revenues R$ million : 22.7% CAGR 9% 16. 2,918.1 2,497.2 1,823.7 1,820.9 1,468.1 1,505.5 1,321.9 1,126.2854.9 980.8 922.4 1 3 .7 % 850.5 4% 588.8 23. 681.5 774.7446.5 1,175.3 1,450.0 373.3 842.9 898.5 340.7408.4 537.4 655.0 340.8 17 .8% 401.42005 2006 2007 2008 2009 2010 2011 1Q11 1Q12 Rentals Seminovos The growth was leveraged by the increase of 17.8% in the rental revenues. 10
  • 11. EBITDA R$ million 9.8% C A GR : 1 821.3 649.5 504.1 469.7 % 12.8 403.5 277.9 311.3 210.0 26.5% 186.2 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12Divisions 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 44.0% 42.0%Fleet Rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 66.0% 66.2%Rentals consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 50.7% 49.9%Used car sales 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.9% 2.6% Car rental margin was impacted by loss of scale, due to a lower growth rate. 11
  • 12. Average depreciation per car Financial crisis effect Hot used car market 2,546.0 2,577.0 1,965.8 1,536.0 1,683.9 939.1492.3 332.9 2005 2006 2007 2008 2009 2010 2011 1Q12 5,083.1 4,371.7 4,133.0 4,185.3 3,509.72,981.3 2,383.3 2,395.8 2005 2006 2007 2008 2009 2010 2011 1Q12 Depreciation is in line with the Company’s expectation for the current scenario. 12
  • 13. Consolidated net income R$ million % 16.4 291.6 250.5 190.2 138.2 127.4 116.3 106.5 14.3% 63.6 72.7 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12Reconciliation EBITDA x net income 2007 2008 2009 2010 2011 Var. R$ Var. % 1Q11 1Q12 Var. R$ Var. %EBITDA – Rentals and franchising 357.1 449.6 459.1 615.1 779.9 164.8 26.8% 172.9 200.2 27.3 15.8%EBITDA – Used car sales 46.4 54.5 10.6 34.4 41.4 7.0 20.3% 13.3 9.8 (3.5) -26.3%EBITDA Consolidated 403.5 504.1 469.7 649.5 821.3 171.8 26.5% 186.2 210.0 23.8 12.8%Cars depreciation (43.1) (178.5) (172.3) (146.3) (201.5) (55.2) 37.7% (46.3) (58.0) (11.7) 25.3%Other property and equipment depreciation (14.4) (18.3) (21.0) (21.1) (24.1) (3.0) 14.2% (6.1) (7.5) (1.4) 23.0%Financial expenses, net (74.4) (133.3) (112.9) (130.1) (179.0) (48.9) 37.6% (42.8) (43.6) (0.8) 1.9%Income tax and social contribution (81.4) (46.6) (47.2) (101.5) (125.1) (23.6) 23.3% (27.4) (28.2) (0.8) 2.9%Net income 190.2 127.4 116.3 250.5 291.6 41.1 16.4% 63.6 72.7 9.1 14.3% Net income grew of 14.3% was superior to the growth of 12.8% in the EBITDA. 13
  • 14. Free cash flow - FCFFree cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011 1Q12EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3 210.0 Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (373.3) Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6 340.7 (-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (29.6) Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) (29.8)Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9 118.0 Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1 373.3Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (249.5) Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) 123.8Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (16.8)Free cash flow before growth and interest 58.2 118.2 250.7 205.7 295.4 428.2 415.5 225.0Capex of car - growth (194.0) (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) - Change in accounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 111.3 32.7 (211.8)Free cash flow before interest (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 13.2Fleet increase (decrease) - quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178 (4,562) Cash generated before interest expenses was used for the reduction of the accounts payable to OEMs. (*) without technical discount deduction 14
  • 15. Debt profile R$ million Debt profile in 03/31/2012- principal (R$ million) 562.0 432.0 315.8 303.5 245.2102.9 26.0 52.02012 2013 2014 2015 2016 2017 2018 2019Cash712.7 Strong cash position and a comfortable debt profile. 15
  • 16. Debt – ratios R$ million Net debt x Fleet value 2,446.7 2,681.7 2,528.7 1,752.6 1,907.8 1,492.9 1,363.4 1,407.9 1,247.7 1,254.5 1,281.1 900.2 1,078.6 765.1 535.8 440.4 2005 2006 2007 2008 2009 2010 2011 1Q12 annualized Net debt Fleet valueEND OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011 1Q12Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51% 56%Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.7xNet debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.2xEBITDA / Net financial expenses 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 4.8x * annualized Comfortable debt ratios. 16
  • 17. Spread Spread 24.8% 21.3% 18.7% 17.0% 16.9% 17.1% 15.1% 11.2p.p. 11.5% 7.8p.p. 12.9p.p. 8.2p.p. 9.6p.p. 8.5p.p. 4.0p.p. 8.0p.p. 13.6% 10.9% 8.4% 8.8% 7.6% 7.3% 8.6% 7.1% 2005 2006 2007 2008 2009 2010 2011 1Q12 annualized Cost of debt after tax ROIC 2005 2006 2007 2008 2009 2010 2011 1Q12 aAverage capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3 2,677.7NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1% 21.9% 28.6% 28.9% 25.1%Turnover of average capital investment(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.60xROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.1%Interest on debt after tax 13.6% 10.9% 8.4% 8.8% 7.6% 7.3% 8.6% 7.1%Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5 8.0 ROIC and spread reflect the Company’s competitive strategy of pricing. 17
  • 18. Investment grade Global scale BBB- Baa3 BBB- National scale brAAA Aa1.br AA+(bra) Main highlights of the S&P upgrade report: Relevant market position of Localiza in the Brazilian car and fleet rental markets High operating efficiency Strong cash position Plenty of room in the contracted covenants Excellent presence in debt markets Solid relationships with banksFinancial discipline and conservative policies of the Company were recognized by the 3 main rating agencies. 18
  • 19. Thank you! www.localiza.com/ir E-mail: ri@localiza.com Phone: +55 31 3247-7024 DisclaimerThe material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary form and does not purport tobe complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representationor warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, asthe case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of LOCALIZA and its subsidiaries that may cause the actual resultsof the companies to be materially different from any future results expressed or implied in such forward-looking statements.Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to LOCALIZA’smanagement, LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of the forward-looking statement.Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933. Any offering of securities to be made inthe United States will be made by means of an offering memorandum that may be obtained from the underwriters. Such offering memorandum will contain, or incorporate by reference,detailed information about LOCALIZA and its business and financial results, as well as its financial statements.This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation noranything contained herein shall form the basis of any contract or commitment whatsoever. 19

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