Apresentação 2 q12 eng
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Apresentação 2 q12 eng Apresentação 2 q12 eng Presentation Transcript

  • Localiza Rent a Car S.A. 2Q12 and 1H12 results R$ million, IFRS 1July 18, 2012
  • HighlightsReflexes of the tax reduction (IPI) for new cars from May 21, 2012 toAugust 31, 2012 that might be extended: Drop in the residual value expected for cars after their useful life. In the 2Q12 an amount of R$100.1 million was recognized as additional depreciation Increase of pre-owned car sales sold for fleet renewal: April: 3,876; May: 4,917 and June: 5,711 cars (all time high) The Company expects that the reduction in sale prices will be offset by the reduction of purchase prices with the IPI reduction (with no impact on the CAPEX for fleet renewal)Utilization rate of 74.2% in the Car Rental divisionFree cash flow of R$242.3 million in the 1H12 2
  • Car Rental Division # daily rentals (thousand) 24.6 % 12,794 CAGR: 10,734 7,940 8,062 6 .8 % 5,793 6,243 6,664 4 .9 % 4,6683,411 3,179 3,3342005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 Net revenues (R$ million) 24.9 % 980.7 CAGR: 802.2 585.2 1 2 .7 % 565.2 1 0 .4 % 532.3 428.0 472.4 346.1258.6 239.4 264.32005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 Revenue grew above volume due to the increase in the average rental rate per car. 3
  • Fleet Rental Division # daily rentals (thousand) 19.2% CAGR: 9,603 8,044 6,437 7,099 1 3 .5 % 5,144 4,625 5,248 1 1 .2 % 4,1883,351 2,372 2,6372005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 Net revenues (R$ million) 21.4% CAGR: 455.0 361.1 268.4 303.2 21.1% 261.3 1 8 .7 % 219.8 215.7 184.0142.0 131.8 111.02005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 Revenues reflect the interest and depreciation assumptions at the time of the agreement. 4
  • Net Investment Fleet increase * (quantity) 18,649 9,178 9,930 8,642 65,934 10,346 7,957 59,950 7,342 47,285 4,608 44,211 43,161 50,772 (5,868) 38,050 34,281 34,519 8,124 (1,306) 33,520 30,093 28,66726,105 27,789 23,174 24,059 21,921 20,602 18,763 14,504 12,478 13,198 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 * It does not include theft / crashed cars. Purchased cars Sold cars Net investment (R$ million) 588.5 308.4 354.5 1,910.4 210.4 281.8 1,776.5 341.5 1,468.1 132.3 243.5 1,335.3 1,321.9 (134.2) 1,204.2 241.1 1,060.9 980.8 (10.3) 930.3 850.5 922.4 825.6 690.0 693.3 762.7 588.8 628.5 593.8 446.5 352.7 379.0 389.3 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 Purchases (accessories included) Net used car sales revenues Car purchases were adjusted to improve fleet productivity… 5
  • Utilization rate – car rental division 1 0 0 . % 0 9 5 . % 0 9 0 . % 0 69.7% 74.2% 8 5 . % 068.2% 68.9% 68.9% 68.2% 8 0 . % 0 7 5 . % 0 7 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 . % 01Q11 2Q11 3Q11 4Q11 1Q12 2Q12 ...resulting in higher utilization rate. 6
  • End of period fleet Quantity -2.5% .9% CAGR: 17 96,317 92,154 89,848 88,060 70,295 26,615 31,629 28,654 62,515 31,412 53,476 22,778 46,003 23,40335,865 14,630 17,79011,762 61,445 64,688 63,500 58,436 35,686 39,112 47,51724,103 31,373 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 Car rental Fleet rental Fleet is adjusted to demand. 7
  • Seminovos network increase # of points of sale +5 71 66 55 49 32 35 26132005 2006 2007 2008 2009 2010 2011 1H12 Used car sales network has increased by 5 stores. 8
  • Average monthly car sales per street store 82 82 82 74 73 74 70 592008 2009 2010 2011 1Q12 Apr-12 May-12 Jun-12 Number of sold cars is weighed by number of opened stores in the period Productivity has improved, contributing to the reduction of fixed cost per car sold. 9
  • Consolidated net revenues R$ million : 22.7% 9% 16. 2,918.1 CAGR 2,497.2 7% 1,823.7 1,820.9 1,468.1 12. 1,505.5 1,321.9 1,564.3 1,387.9 1,126.2 8%854.9 980.8 922.4 4% 762.7 11. 850.5 23. 693.3 706.4 789.6 588.8 1,450.0 4%446.5 898.5 1,175.3 15. 352.7 .2% 389.3 655.0 842.9 694.6 801.6 3408.4 537.4 353.7 1 400.32005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12 Rentals Seminovos In the 2Q12, net revenues grew due to the increase of 13.2% in rental revenues and 10.4% in Seminovos revenues 10
  • EBITDA R$ million : 19.8% CAGR 821.3 649.5 10.1% 403.5 504.1 469.7 425.7 7.5% 311.3 386.8 277.9 200.6 215.7 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12Divisions 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 45.1% 41.3% 46.1% 40.6%Fleet rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 67.1% 66.0% 68.5% 65.8%Rental consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 52.0% 49.4% 53.1% 48.9%Seminovos 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.7% 3.9% 3.6% 5.1% EBITDA margin in the 2Q12 was impacted by non-recurring expenses. 11
  • Average depreciation per car Hot used car market Financial crisis effect 5,468.2 Reflex of the 2,546.0 2,577.0 1,683.9 2,062.3 IPI reduction 1,536.0 492.3 939.1 332.9 2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12* * Annualized 5,083.1 5,406.32,981.3 4,371.7 3,509.7 4,133.0 4,289.3 Reflex of the 2,383.3 2,395.8 IPI reduction 2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12* * Annualized Depreciation was impacted by the decrease in car prices due to the IPI reduction... 12
  • Consolidated net income R$ million % 16.4 291.6 250.5 -39.4 190.2 % 138.2 127.4 137.6 -85.5 106.5 116.3 % 83.4 74.0 10.7 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12EBITDA x net income Reconciliation 2009 2010 2011 Var. R$ Var. % 1H11 1H12 Var. R$ Var. % 2Q11 2Q12 Var. R$ Var. %Consolidated EBITDA 469.7 649.5 821.3 171.8 26.5% 386.8 425.7 38.9 10.1% 200.6 215.7 15.1 7.5% (172.3) (146.3) (201.5) (55.2) 37.7% (89.7) (223.3) (133.6) 148.9% (43.3) (165.3) (122.0) 281.8%Car depreciationOther property and equipment dep. (21.0) (21.1) (24.1) (3.0) 14.2% (12.3) (15.6) (3.3) 26.8% (6.3) (8.1) (1.8) 28.6%Financial expenses, net (112.9) (130.1) (179.0) (48.9) 37.6% (88.0) (77.7) 10.3 -11.7% (45.2) (34.1) 11.1 -24.6%Income tax and social contribution (47.2) (101.5) (125.1) (23.6) 23.3% (59.2) (25.7) 33.5 -56.6% (31.8) 2.5 34.3 -107.9%Net income 116.3 250.5 291.6 41.1 16.4% 137.6 83.4 (54.2) -39.4% 74.0 10.7 (63.3) -85.5% …reducing the net income of the period. Excluding the additional depreciation, 1H12 net income would have reached R$149.5 million (8.6% above 1H11). 13
  • Free cash flow - FCFFree cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011 1H12EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3 425.7Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (762.7)Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6 687.7(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (54.9)Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) (18.9)Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9 276.9Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1 762.7Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (628.5)Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) 134.2Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (36.0)Free cash flow before growth 58.2 118.2 250.7 205.7 295.4 428.2 415.5 375.1Capex 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 (132.8)Net capex for fleet growth (219.5) (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (132.8)Fleet increase – quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178 (5,868)Free cash flow after growth (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 242.3 Company is still presenting strong cash generation. 14 (*) Without tecnical discount deduction up to 2010 (see item 18 – Glossary)
  • Debt profile R$ million Debt profile in 06/30/2012- principal (R$ million) 562.0 432.0 323.5 303.5 161.816.5 26.0 52.02012 2013 2014 2015 2016 2017 2018 2019Cash673,9 Strong cash position and comfortable debt profile. In the 1H12, all in spread was of 1.3p.p. above the Selic rate. 15
  • Changes in net debt in 1H12 (R$ million) FCF 242.3 Net debt Net debt12/31/2011 06/30/2012- 1,363.4 - 1,254.9 (54.9) (78.9) Interest Dividends Net debt was reduced by R$108.5 million (-8.0%). 16
  • Debt – ratios R$ million 2,446.7 2,681.7 2,391.2 1,752.6 1,907.8 1,492.9 1,363.4 1,247.7 1,254.5 1,281.1 1,254.9 1,078.6 900.2 765.1 535.8 440.4 2005 2006 2007 2008 2009 2010 2011 1H12 Net debt Fleet valueEND OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011(**) 1H12 (**)Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51% 52%Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.5xNet debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.1xEBITDA / Financial expenses, net 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 5.5x (*) annualized (**) From January 1st 2011, adress financial statements in IFRS The Company presents conservative indebtedness ratios. 17
  • Spread Spread 24.80% 21.25% 18.70% 17.03% 16.94% 17.12% 11.2p.p. 15.10% 7.8p.p. 12.9p.p. 11.54% 8.2p.p. 9.6p.p. 8.5p.p. 8.1p.p. 13.60% 4.0p.p. 10.90% 8.40% 8.84% 7.59% 8.60% 7.33% 7.05% 2005 2006 2007 2008 2009 2010 2011 1H12 annualized Cost of debt after tax ROIC 2005 2006 2007 2008 2009 2010 2011 1H12 aAverage capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3 2,645.6NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1%* 21.9% 28.6% 28.9% 24.9%*Turnover of average capital investment(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.61xROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.1%Interest on debt after tax 13.60% 10.90% 8.40% 8.84% 7.59% 7.33% 8.60% 7.05%Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5 8.1 ROIC and spread reflect the Company’s competitive pricing strategy. 18 * Excludes additional fleet depreciation, following the concept recommended by Stern Stewart
  • Localiza ADR level ITicker Symbol: LZRFYCUSIP: 53956W300ISIN: US53956W3007Ratio: 1 Ordinary Share : 1 ADRExchange: OTCDepositary bank: Deutsche Bank Trust Company AmericasADR broker helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London)E-mail: adr@db.comADR website: www.adr.db.comDepositary bank’s local custodian: Banco Bradesco S/A, Brazil 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. 20