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Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
Apresentação 3 q12 engfinal
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Apresentação 3 q12 engfinal

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  • 1. Localiza Rent a Car S.A. 3Q12 and 9M12 results R$ million, IFRS 1October 17, 2012
  • 2. Highlights Net Revenues – Car Rental Division Net revenues- Fleet Rental Division % 1 2.2 % 16.4R$ million R$ million 271,2 136,6 241,8 117,4 3Q11 3Q12 3Q11 3Q12 Net Revenues - Consolidated # of car rental locations (Brazil) +29 464 6.5% 807.0 435 R$ million 757.5 3 9 4 .6 3 9 4 .7 % 3 6 2 .9 13.6 4 12 .3 3 Q11 3 Q12 3Q11 3Q12 Rental Seminovos 2
  • 3. Car Rental Division # daily rentals (thousand) .3 % R: 22 CAG % 12,794 7 .6 10,734 10,188 9,470 7,940 8,062 % 4,668 5,793 9 .2 3,227 3,524 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 Net revenues (R$ million) : 23 .2 % 980.7 5% CAGR 802.2 12. 803.4 585.2 714.2 565.2 2% 428.0 12.346.1 241.8 271.22006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 The improvement of the economic activity positively impacted the rental volumes. 3
  • 4. Evolution in the number of car rental locations # of car rental locations (Brazil) +15 449 464 415 381 346 3122792006 2007 2008 2009 2010 2011 9M12 15 rental locations were added to the Brazilian network. 4
  • 5. Fleet Rental Division # daily rentals (thousand) 18.1% CAGR: % 11.6 9,603 8,044 % 6,437 7,099 7,086 7,911 8.2 5,144 4,188 2,461 2,663 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 Net revenues (R$ million) : 19.9% CAGR 5% 361.1 455.0 19. 397.8 303.2 332.9 268.4 219.8 4%184.0 16. 136.6 117.42006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 Revenues grew above volumes due to the increase in the average rental rate. 5
  • 6. Net Investment Fleet increase * (quantity) 18,649 9,178 9,930 8,642 (2,121) 10,346 7,957 65,934 59,950 466 47,285 50,772 44,211 43,161 40,759 42,88033,520 38,050 34,281 34,519 38,160 37,694 (4,142) 3,747 30,093 23,174 18,83815,091 9,493 13,635 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 Purchased cars Sold Cars * It does not include theft / crashed cars. Net investment (R$ million) 588.5 308.4 354.5 1.910,4 31.8 (32.9) 341.5 210.4 281.8 1.776,5 1.335,3 1.321,9 1.468,1 1.204,2 1.119,8 1.088,0 1.124,4 1.157,3 101.2930,3 1.060,9 980,8 922,4 (100.4) 850,5 588,8 495,9 394,7 294,2 394,6 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 Purchases (accessories included) Net used car sales revenues In 3Q12, the Company resumed its fleet expansion by adding 3,747 cars to service the demand... 6
  • 7. Utilization rate Car rental 1 0 0 . 0 % 74.2% 9 5 0 . % 68.9% 69.7% 70.8% 9 0 . 0 %68.2% 68.9% 68.2% 8 8 7 5 0 5 . 0 0 . 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 . 0 % 1 5 0 . % 1 0 . 0 % 5 . 0 % 0 . 0 %1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 ...maintaining the utilization rate above 70%. 7
  • 8. End of period fleet Quantity 15.9% CAGR: 6.3 % 88,060 96,317 87,809 93,330 70,295 31,629 32,027 62,515 26,615 30,732 53,476 22,77846,003 23,40314,630 17,790 61,445 64,688 57,077 61,303 39,112 47,51731,373 35,686 2006 2007 2008 2009 2010 2011 9/30/2011 9/30/2012 Car Rental Fleet Rental Fleet is adjusted to demand. 8
  • 9. Evolution of the number of Seminovos’ points of sale # of points of sale (Brazil) +7 73 66 55 49 32 35 262006 2007 2008 2009 2010 2011 9M12 7 points of sale were opened to sustain fleet renewal. 9
  • 10. Consolidated net revenues R$ million 21.0% 2,918.1 5% CAGR: 2,497.2 10. 2,371.2 2,145.4 1,823.7 1,820.9 1,468.1 1,505.5 1,321.9 1,157.3 %1,126.2 980.8 922.4 1,088.0 6.5 807.0 850.5 757.5 588.8 1,450.0 1,175.3 1,057.4 8% 1,213.9 394.6 13.6% 394.7 537.4 655.0 842.9 898.5 14. 362.9 412.3 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12 Rental SeminovosRental revenues grew 13.6% in the quarter. Seminovos revenues were impacted by the IPI reduction. 10
  • 11. Consolidated EBITDA R$ million CAGR: 21.4% 821.3 7.7% 649.5 603.0 649.3 469.7 403.5 504.1 3.5%311.3 216.2 223.7 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12Proforma EBITDA margin for rental divisions:Divisions 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12Car Rental 42.7% 45.0% 43.5% 39.8% 43.5% 43.9%* 43.8%* 41.1% 45.7%* 40.7%Fleet Rental 70.7% 70.3% 67.5% 67.5% 66.7% 66.8%* 67.0%* 66.3% 68.3%* 66.7%Rental Consolidated 52.4% 53.6% 51.2% 49.3% 50.7% 51.2%* 51.1%* 49.4% 53.1%* 49.5%Used Car Sales 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.1% 4.2% 1.9% 4.9%*It considers not only the adjustment of the accessories but also the reversal of the non-recurring provisions of R$10.6 million in 3Q11. EBITDA margin was impacted by the increase in properties rentals and personnel expenses. 11
  • 12. Average depreciation per car in R$ Reflex of the IPI reduction 4,647.40 Financial crisis effect 3,084.40 Hot used car market 2,546.00 2,577.00 1,536.00 1,683.90 939.10 332.90 2006 2007 2008 2009 2010 2011 9M12 * 3Q12 * * Annualized Reflex of the IPI reduction Financial crisis effect 5,549.30 5,831.20 5,083.10 Hot used car market 4,371.70 4,133.00 3,509.702,383.30 2,395.80 2006 2007 2008 2009 2010 2011 9M12 * 3Q12 * * Annualized 12
  • 13. Breakdown of the car depreciation in R$ Car rental 4,050.80 1,536.00 1,683.90 1,199.90 1,304.80 1,213.80 2010 2011 3Q12 * 3Q12 * Cars purchased after Cars purchased before the IPI reduction the IPI reduction Cars’ average depreciation Accessories’ average depreciation * Annualized depreciation of the cars purchased after the IPI reduction.Average depreciation per car of the cars purchased after the IPI reduction is in line with previous years’ depreciation. 13
  • 14. Additional depreciation as a result of the IPI reduction R$ million Fleet as of Sep/12 Additional depreciation Cars by year of maturity of estimated useful life (quantity) Division Accounted Estimated Total 2012 2013 2014 2015 Total 2Q12 3Q12 Subtotal After 3Q12 85.0 20.0 105.0 (*) 11.0 116.0 28,433 8,059 36,629 Car rental 133 4 73.3% 17.2% 90.5% 9.5% 100.0% 77.6% 22.0% 0.4% 0.0% 100.0% 15.0 4.5 19.5 (*) 45.0 64.5 2,703 9,772 10,954 3,381 26,810Fleet rental 23.3% 6.9% 30.2% 69.8% 100.0% 10.1% 36.4% 40.9% 12.6% 100.0%Consolidated 100.0 24.5 124.5 (*) 56.0 180.5 31,136 17,831 11,087 3,385 63,439 90.5% of the additional depreciation in car rental division was already accounted. 14
  • 15. Consolidated net income R$ million % 16 . 4 291.6 250.5 -27.3 212.9 % 190.2 154.8 138.2 127.4 -5.2% 116.3 75.3 71.4 2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12Reconciliation EBITDA x net income 2009 2010 2011Var. R$ Var. % 9M11 9M12 Var. R$ Var. % 3Q11 3Q12 Var. R$ Var. %Consolidated EBITDA 469.7 649.5 821.3 171.8 26.5% 603.0 649.3 46.3 7.7% 216.2 223.7 7.5 3.5% (172.3) (146.3) (201.5) (55.2) 37.7% (143.5) (309.8) (166.3) 115.9% (53.9) (86.5) (32.6) 60.5%Cars depreciationOther property and equipament depreciation (21.0) (21.1) (24.1) (3.0) 14.2% (17.4) (23.9) (6.5) 37.4% (5.0) (8.4) (3.4) 68.0%Financial expenses, net (112.9) (130.1) (179.0) (48.9) 37.6% (137.8) (108.2) 29.6 -21.5% (49.8) (30.4) 19.4 -39.0%Income tax and social contribution (47.2) (101.5) (125.1) (23.6) 23.3% (91.4) (52.6) 38.8 -42.5% (32.2) (27.0) 5.2 -16.1%Net income 116.3 250.5 291.6 41.1 16.4% 212.9 154.8 (58.1) -27.3% 75.3 71.4 (3.9) -5.2% Excluding the additional depreciation of R$24.5 million, deduced of the income tax, 3Q12 net income would have reached R$87.6 million. 15
  • 16. Free cash flow - FCFFree cash flow - R$ million 2006 2007 2008 2009 2010 2011 9M12EBITDA 311.3 403.5 504.1 469.7 649.5 821.3 649.3Used car sales net revenues (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,157.3)Depreciated cost of used car sales (*) 530.4 760.0 874.5 855.1 1,203.2 1,328.6 1,038.3(-) Income tax and social contribution (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (77.7)Working capital variation (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) 0.4Cash provided before capex 205.4 262.9 300.2 341.9 527.5 514.9 453.0Used car sales net revenues 588.8 850.5 980.8 922.4 1,321.9 1,468.1 1,100.1Capex of car - renewal (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,124.4)Net capex for renewal (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) (24.3)Fleet renewal - quantity 23,174 30,093 34,281 34,519 47,285 50,772 40,759Capex – other property and equipment (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (64.2)Free cash flow before growth 118.2 250.7 205.7 295.4 428.2 415.5 364.5Capex of car for fleet (growth) reduction (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) 57.2Change in accounts payable to car suppliers (capex) 222.0 (51.0) (188.9) 241.1 111.3 32.7 (206.0)Net capex for fleet growth (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (148.8)Fleet increase – quantity 10,346 7,957 9,930 8,642 18,649 9,178 (2,121)Free cash flow after growth 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 215.7 (*) Without technical discount deduction up to 2010 (see item 17 – Glossary, page 23) 16
  • 17. Debt profile R$ million Debt profile as of 09/30/2012- principal 562.0 432.0 176.0 220.8 192.1 12.7 26.0 52.02012 2013 2014 2015 2016 2017 2018 2019Cash429.4 The Company is still presenting strong cash position and comfortable debt profile. The “all in” debt cost was CDI + 107 bps. 17
  • 18. Debt - ratios Net debt x Fleet value 2,446.7 2,681.7 2,447.1 1,907.8 1,752.6 1,492.9 1,363.4 1,247.7 1,254.5 1,281.1 1,326.1 1,078.6 765.1 440.4 2006 2007 2008 2009 2010 2011 Until set/12 Net debt Fleet value UntilEND OF PERIOD BALANCE 2006 2007 2008 2009 2010 2011 (**) Sep/12(**)Net debt / Fleet value 36% 51% 72% 57% 52% 51% 54%Net debt / EBITDA (*) 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.5xNet debt / Equity 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.1xEBITDA / Net financial expenses 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 6.0x (*) annualized (**) From January 1st 2011, consider financial statements in IFRS Comfortable debt ratios. 18
  • 19. Spread 21.25% 18.70% 17.03% 17.12% 16.94% 15.70% 11.54% 7.8p.p. 12.9p.p. 8.2p.p. 9.6p.p. 8.5p.p. 4.0p.p. 9.0p.p. 10.90% 8.40% 8.84% 7.59% 7.33% 8.60% 6.67% 2006 2007 2008 2009 2010 2011 9M12 annualized Cost of debt after tax ROIC 2006 2007 2008 2009 2010 2011 9M12 aAverage capital investment - R$ million 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3 2,613.2NOPAT Margin(over rental net revenues) 34.5% 36.9% 32.1%* 21.9% 28.6% 28.9% 25.3%*Turnover of average capital investment(over rental net revenues) 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.62xROIC 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.7%Interest on debt after tax 10.90% 8.40% 8.84% 7.59% 7.33% 8.60% 6.67%Spread (ROIC – Interest after tax) - p.p. 7.8 12.9 8.2 4.0 9.6 8.5 9.0(*) 2008 and 2012 NOPAT were calculated excluding additional fleet depreciation that was treated as equity loss since they wereextraordinary non-recurring events caused by external factors (IPI reduction for new cars), following the concepts recommended by SternStewart. 19
  • 20. 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
  • 21. 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 21

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