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Conferences and Non-deal Roadshow - October 2008
 

Conferences and Non-deal Roadshow - October 2008

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    Conferences and Non-deal Roadshow - October 2008 Conferences and Non-deal Roadshow - October 2008 Presentation Transcript

    • Localiza Rent a Car S.A. 3Q08 Results (R$ million - USGAAP) Confins airport branch – Belo Horizonte 24h reservation 0800 979 2000 www.localiza.com 1 November, 2008
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 3Q Financials • Strategies for the current scenario 2
    • Integrated business platform 44,215 cars 22,481 cars 1.5 million clients 568 clients 194 agencies 2,321 employees 205 employees Synergies: cost reduction cross selling bargaining power 9,348 cars 27,635 cars sold 213 agencies in 9 countries 82% sold to final 137 agencies in Brazil consumer 33 points of sale 18 employees 468 employees This integrated business platform gives Localiza superior performance Date: 9M08 3
    • 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 4
    • Breakdown per division Revenues EBITDA Net Income Franchising Franchising Franchising 1% 1% Car rental 11% 1% 29% Fleet rental 36% 49% Used car Car rental sales 39% Fleet rental 63% 55% 15% Revenues EBITDA Net income Car rental 29% 49% 54% Fleet rental 15% 39% 45% Used car sales 55% 11% * Franchising 1% 1% 1% Total 100% 100% 100% * Used car results are alocated in the rental divisions Date: 2007 5
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 3Q Financials • Strategies for the current scenario 6
    • Growth opportunities GDP elasticity Consolidation Air traffic Fleet outsourcing Credit cards Replacement 7
    • Growth opportunities: GDP Revenues accumulated growth rate – rentals Localiza 5.9x Sector 2.4x GDP 2004 2005 2006 2007 Localiza’s revenue has been growing 5.9x the GDP. The Brazilian car rental market grew 2.4x the GDP in the same period. Source: Bacen, Abla and Localiza 8
    • Growth opportunities: consolidation Brazilian market 2008 (# of agencies) Airport agencies Off-airport agencies Localiza* Hertz** Others*** 240 68 Unidas** 32 Localiza* 60 Avis** 82 31 Avis** 49 Unidas** Hertz** 35 32 Others 1901 Off-airport market is fragmented among almost 2,000 small local car rental companies Fonte: *Localiza em 30/06/08; **Site de cada empresa em 22/08/2008; ***Supondo que cada locadora local tenha uma agência 9
    • Growth opportunities: airport x off-airport markets Car rental division Car rental revenues growth Car rental revenues breakdown 100% 100% 100% 100% 2006 2007 Up to Sep/08 41% 38% 34% 46% Airports 16% 14% 24% 54% 59% 62% 66% Off-airport 47% 28% 49% 2005 2006 2007 Up to Sep/08 Off-airports Airports Off-airport revenues have grown 2x faster than on-airports. 10
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 3Q Financials • Strategies for the current scenario 11
    • Competitive advantages Gains of Higher scale Integrated platform competitiveness Geographical distribution Rating Used car sales network Lower depreciation Know-how Strong brand Market share increase 12
    • Competitive advantages: largest distribution Nationwide Nationwide presence presence Strategic Strategic locations locations International International footprint footprint 407 agencies in 9 countries Date: 9M08 13
    • Competitive advantages: largest distribution Agencies in Brazil Cities in Brazil 322 229 275 184 80 54 322 95 229 62 100 68 Localiza Hertz Unidas Avis Localiza Unidas Hertz Avis Localiza network is larger than the second, the third and the fourth competitors combined in number of agencies and cities. Source: Each company website as of August 22nd , 2008 14
    • Competitive advantages: rating Moody’s debt rating as of August, 2007 (Global scale) Baa2 Ba1 Ba2 Ba3 Ba3 B1 B1 Enterprise Localiza Avis Budget Hertz Europcar Dollar Vanguard Thrifty Moody’s corporate rating as of September, 2008 (Local Currency) Localiza Rent a Car S.A. Aa2.br Braskem S.A. Aa2.br Magnesita Refratarios S.A. Aa2.br Companhia Siderurgica Nacional - CSN Aa1.br Companhia Energetica de Minas Gerais - CEMIG Aa3.br Duke Energy Int. Geração Paranapanema S.A. Aa2.br Rio Grande Energia S.A. - RGE Aa2.br Localiza has one the best rating among its international peers 15
    • Competitive advantages: lower depreciation 32 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 Car sales inventory as a buffer of the car rental during peaks of demand 16
    • Competitive advantages: depreciation 2 9 % 3,618.0 24% 3 , 8 0 0 . 0 22% 2,640.0 19% 19% 18% 2 , 8 0 0 . 0 2,142.0 17% 1,656.0 1,752.0 11% 1 , 8 0 0 . 0 9% 939.1 8% 4% 7% 777.0 5% 322.9 492.3 7% 6% 332.9 8 0 0. 0 6% 3% 2% 0% 0% -1% 1 - % 2 ( 0 0. ) 0 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 6.0 Average depreciation Growth of purchase price (%) Growth of sale price (%) Localiza 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Average purchase price (nominal) 12,635 13,788 14,575 14,586 15,600 16,140 19,960 24,350 25,840 25,650 27,600 Average sale price (nominal 10,770 11,362 13,464 13,971 14,026 16,680 19,490 23,060 24,770 27,460 27,930 Average capex for renewal 1,865 2,426 1,111 615 1,574 (540) 470 1,290 1,070 (1,810) (330) Average sold fleet age 16.4 13.7 15.5 14.1 14.1 12.8 11.6 11.0 14.7 12.2 12.2 Average depreciation 3,285 2,640 3,618 2,142 1,656 1,752 323 492 939 333 777 % over average purchase price 26.0% 19.1% 24.8% 14.7% 10.6% 10.9% 1.6% 2.0% 3.6% 1.3% 2.8% The depreciation is calculated using the estimated sale price in the future, net of the sales expenses. 17
    • Agenda • Company • Drivers of growth • Competitive advantages • Growth with profitability • 3Q Financials • Strategies for the current scenario 18
    • Localiza has been increasing its market share 2004 2007 Localiza 33.0% 22.4% Hertz 6.0% Car rental Others Avis 50.0% 17.0% Unidas 6.0% 5.0% Total Fleet 10.2% 13.2% Unidas 8.4% Fleet rental Others 78,4% 15.5% 22.1% Consolidated Localiza is gaining market share… 19 Source: ABLA e Company, based on revenue
    • Growth with strong results Revenue evolution % :30.3 GR CA 853 .5% CAGR: 16 590 448 191 251 303 89 151 555 679 86 90 85 270 286 281 331 429 127 145 160 221 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Car sold / EOP fleet 77% 74% 50% 31% 42% 57% 69% 55% 52% 50% 56% 45% EBITDA evolution 6% : 27. 403 GR CA 311 278 23.9% CAGR: 198 134 154 150 152 85 42 62 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 GDP% 3.4 0.0 0.3 4.3 1.3 2.7 1.1 5.7 2.9 3.7 5.4 Average 1.9 4.4 … without loosing profitability. 20
    • Agenda • Company • Drivers of growth • Competitive advantages • Grow with profitability • 3Q Financials • Strategies for the current scenario 21
    • Average rented fleet evolution Average rented fleet 38,517 33.4% CAGR: 27.9% 30,232 28,877 17,069 24,477 Quantity 22.9% 22.2% 18,710 14,295 13,973 14,450 25.0% 19.4% 11,635 9,308 24.1% 43.9% 7,796 21,448 41.3% 36.6% 15,937 12,842 14,904 9,402 6,654 2004 2005 2006 2007 Up to sep/07 Up to sep/08 Car rental Fleet rental Car rental Fleet rental 22,700 18,532 % Quantity Quantity 45.0 15,653 14,652 26.5% 3Q07 3Q08 3Q07 3Q08 3Q08 growth still strong... 22
    • Revenues evolution Net revenue 28.3% 4.2% R: 3 1,531.7 CAG 1,433.3 1,145.4 R$ million 1,117.5 8 5 3 .2 7 9 4 .7 876.9 5 9 0 .3 6 3 2 .8 38.6% 634.4 4 4 8 .2 530.4 3 0 3 .0 29.5% 22.2% 31.8% 382.8 29.4% 6 7 8 .5 6 3 8 .6 3 0 2 .9 5 5 5 .1 2 14 .5 % 3 3 1.4 4 2 8 .7 4 8 4 .7 35.2 2 2 7 .5 16 8 .3 2004 2005 2006 2007 Up to Sep/07 Up to Sep/08 3Q07 3Q08 Rental Used car sales Fleet rental Car rental 151.9 R$ million % 40.6 R$ million 73.2 108.0 58.4 25.3% 3Q07 3Q08 3Q07 3Q08 ...reflecting in the revenue increase... 23
    • EBITDA evolution EBITDA : 26.9% 403.5 C A GR % 378.3 46.4 31.2 311.3 51.3 288.3 277.9 R$ million 26.9 34.5 197.5 59.1 36.5 25.6% 357.1 28.8% 327.0 30.0% 284.4 35.9% 218.8 253.8 161.0 2004 2005 2006 2007 Up to Sep/07 Up to Sep/08 Rental Used car sales EBITDA per quarter 8.3% 133.9 120.9 123.6 98.1 104.6 R$ million 85.5 28.0% 1Q 2Q 3Q 2007 2008 ...maintaining strong profitability... 24
    • EBITDA margin per division EBITDA Breakdown - 2007 EBITDA Breakdown – 2008 YTD Car Rental Car Rental Fleet Rental Fleet Rental 50% 49% 35% 39% Franchising Franchising Used Car Sale Used Car Sale 1% 1% 14% 11% Divisions 2004 2005 2006 2007 Up to sep/07 Up to sep/08 3Q07 3Q08 Car Rental 39.3% 45.0% 41.9% 44.5% 43.7% 44.3% 46.0% 41.9% Fleet Rental 63.4% 62.3% 69.1% 68.7% 68.7% 66.3% 71.9% 69.7% Rentals consolidated 48.6% 51.0% 51.2% 52.6% 52.4% 51.2% 55.0% 50.8% Used car salesSeminovos 12.0% 13.2% 4.6% 5.4% 5.5% 6.5% 5.6% 6.0% Total EBITDA / rental revenues 59.6% 64.8% 56.1% 59.5% 59.5% 59.2% 62.2% 58.9% ...and consistent margins. 25
    • Net income evolution Net income 190.2 157.2 138.2 134.3 R$ million 106.5 90.6 17.1% 28.0% CAGR: 2004 2005 2006 2007 Up to Sep/07 Up to Sep/08 Net income per quarter 53.5 53.6 50.4 50.1 45.4 38.4 R$ million 1Q 2Q 3Q 2007 2008 26
    • Fleet: purchases and sales 7,957 13,864 10,346 7,342 (947) 6,467 41,499 38,050 33,520 Quantity 30,093 26,105 27,635 22,182 23,174 21,638 22,585 18,763 15,715 2004 2005 2006 2007 Up to Sep/07 Up to Sep/08 Purchases Sales Purchases and sales per quarter 7,240 8,703 17,867 (2,079) 16,419 Quantity 10,627 9,292 7,213 7,716 1Q08 2Q08 3Q08 The growth of 7,240 cars in the 3Q08... 27
    • Fleet: net investment Net investment * 207.7 443.6 340.0 241.8 (25.8) 1,238.3 190.1 1,060.9 930.3 853.2 794.7 690.0 R$ million 590.3 607,0 632,8 493.1 448.2 303.0 2004 2005 2006 2007 Up to Sep/07 Up to Sep/08 * Includes accessories Purchases Sales Net investment per quarter 235.1 252.9 538,0 (44.3) 475,7 302,9 268,9 224,6 222,8 1Q08 2Q08 3Q08 …demanded a net investment of R$ 235.1 million 28
    • Fleet: utilization rate End of period fleet * : 23.1% 3% 66.696 CAGR 49. 53.476 46.003 44.680 22,481 Quantity 35.865 21.6% 17,790 35.4% 28.699 24.4% 14,630 28.3% 16,600 11,762 % 9,168 13.7% 5 7 .5 44,215 30.2% 31,373 35,686 % 28,080 19,53123.4 24,103 2004 2005 2006 2007 Up to Sep/07 Up to Sep/08 Car rental Fleet rental Utilization rate evolution Car Rental Division 69.3% 68.3% 70.5% 66.1% Up to Sep/07 Up to Sep/08 3Q07 3Q08 The purchases will be reduced in the 4Q08 so the utilization rate returns to previous level. * Losses from theft and accidents are deducted from the fleet at the end of period 29
    • Net debt reconciliation + 136.4 FCF before growth Rental Capex Capex Working Taxes Capex growth Stock Dividends Interest EBITDA renewal other capital repurchase 288.4 -767.9 -1.201.1 Net debt -30.0 -34.7 -35.5 -30.1 -46.7 Net debt 12/31/2007 -51.8 -86.9 09/30/2008 -405.9 - 436.0 - 133.6 Discretionary Dividends and investments Interests on equity Debt increased due to the strong growth in fleet. 30
    • Net debt x fleet value 1,956.9 1,492.9 R$ million 1,247.7 1.201,0 900.2 767.9 612.2 539.3 443.1 281.3 2004 2005 2006 2007 Up to Sep/08 Net debt Fleet value SALDOS EM FINAL DE PERÍODO 2004 2005 2006 2007 Up to Sep/08 Net debt /Fleet value 46% 60% 36% 51% 61% Net debt / EBITDA (USGAAP) 1.4x 1.9x 1.4x 1.9x 2.4x* Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.4x 1.7x* * Annualized 31
    • Debt on September 30th, 2008 (Principal) R$ millions Start Type Currency Interest rate Principal Due date September-08 Guaranteed Account Real CDI + 157bps 33.8 November-08 February-08 Resolution 2770 Real* CDI + 130bps 2.2 January-09 February-08 Resolution 2770 Real* 105,2% CDI 15.0 February-09 September-08 Working Capital Real CDI + 95bps 169.5 March-09 March-08 Compror Real CDI + 99bps 33.3 April-09 January-08 Resolution 2770 Real* CDI + 115bps 74.5 May-09 Short term subtotal 328.3 April-05 1st Debentures Real 108,5% CDI 350.0 April-10 April-08 NCC - Commercial Banking Note Real 106,9% CDI 35.0 April-11 September-08 3rd Debentures Real CDI + 180bps 300.0 September-11 June-07 BNDES Real TJLP + 380bps 3.5 May-12 April-08 CCB - Commercial Credit Note Real CDI + 150bps 86.0 April-13 July-07 2nd Debentures Real CDI + 44bps 200.0 July-14 Long term subtotal 974.5 Gross Debt 1,302.8 Cash Equivalent 140.4 Net Debt 1,162.4 Short term debt (R$328.3) – Cash equivalent (R$140.4) = Short term net debt (R$187.9) 32
    • Debt profile (R$ mm) Debt profile on 09/30/2008 420.1 350.0 $420.1 335.0 -300.0 420,1 $35.0 +174.4 +300.0 294.5 335.0 300.0 294.5 113.1 109.7 66.7 33.8 35.0 2008 2009 2010 2011 2012 2013 2014 33
    • Free cash flow - FCF 250.7 R$ milliion 136,5 118.2 52.0 58.2 2004 2005 2006 2007 Up to Sep/08 Free cash flow – FCF   (R$ million) 2004 2005 2006 2007 Up to  Sep/08 EBITDA Consolidated 197.5 277.9 311.3 403.5 378.3 Used car sales revenue (303.0) (448.2) (590.3) (853.2) (794.7) Cost of used car sales 248.7 361.2 530.4 760.0 704.8 EBITDA provided by rental operating activities, before tax 143.1 190.9 251.4 310.3 288.4 (‐) Tax on income – current (40.9) (32.7) (42.7) (63.4) (51.8) Working capital variation (1) 6.2 (24.2) (4.8) 13.3 (35.5) Cash provided by rental operating activities 108.4 134.0 204.0 260.3 201.2 Used car sales revenue 303.0 448.2 590.3 853.2 794.7 Capex of vehicles ‐ renovation (349.3) (496.0) (643.3) (839.0) (824.6) Net car capex ‐ renewal (46.3) (47.8) (53.0) 14.2 (30.0) Capex ‐ other (10.2) (28.0) (32.7) (23.7) (34.7) Free cash flow before growth 52.0 58.2 118.2 250.7 136.5 Net capex for vehicles ‐ growth (143.8) (194.0) (287.0) (221.9) (413.7) Change in amount payable to cars suppliers (capex) (1) (21.9) (25.5) 222.0 (51.0) 7.8 Free cash flow after growth (113.7) (161.3) 53.2 (22.3) (269.4) Capex for growth in 2008 will be reduced by decreasing of 4,000 cars in the fleet. 34
    • EVA 1 4 0 . 0 9.1% 124.7 3 1 . % 0 24.6% 24.8% 114.3 50.0% 21.3% 1 0 0 . 0 18.7% 2 1 . % 0 37.3% 76.2 19.0% 6 0 . 0 16.9% 41.6% 15.7% 1 1 . % 0 11.0% 11.2% 10.9% 55.5 2 0 . 0 39.2 1 . % 0 2004 2005 2006 2007 2008 Annualized EVA(*) (R$ million) Nominal WACC ROIC 2004 2005 2006 2007 2008 Annualized Average investment capital– R$ million 507.4  606.3  986.2  1.137.5  1.547.9 NOPAT margin (1) 37.8% 35.2% 33.4% 35.6% 34.5% Turnover of average investment capital (1) 0.65x  0.70x  0.56x  0.60x  0.55x  ROIC 24.6% 24.8% 18.7% 21.3% 19.0% Cost of debt (2)(3) 11.6% 13.6% 10.9% 8.4% 8.2% Cost of equity(3) 20.0% 16.2% 11.0% 11.5% 11.3% Nominal WACC(3) 16.9% 15.7% 11.0% 11.2% 10.9% Spread (ROIC ‐ WACC) ‐ p.p. 7.7  9.1  7.7  10.1  8.1  EVA ‐ R$ million 39.2 55.5 76.2 114.3 124.7 EVA increase – R$ million ‐ 16.3 20.7 38.1 10.3 (1) Margin and turnover calculated over rental revenue. (2) Cost of debt after taxes. (3) Calculated using long term premises Rates increase and fleet reduction will contribute to the improvement of the ROIC. 35
    • Agenda • Company • Drivers of growth • Competitive advantages • Grow with profitability • 3Q Financials • Strategies for the current scenario 36
    • Strategies for the current scenario 1. To maintain a lean Company 2. To reduce the non-car capex, postponing investments 3. To raise fleet utilization in the car rental division to a minimum of 72% 4. To increase car and fleet rental rates to compensate the increase on the interests rate and depreciation 5. To adjust the Company growth in line with cash generation Concluding: To maximize the use of resources searching the best results 37
    • Strategies for the current scenario: ownership breakdown Long term management commitment Position Name Years with the Co. Founders Free-float* CEO – Founder Salim Mattar 35 50.01% 49.99% COO - Founder Eugênio Mattar 35 CFO Roberto Mendes 23 Managing Director – Gina Rafael 28 Car Rental Managing Director – Daltro Leite 23 Fleet Rental Managing Director – Marco Antonio 18 Used Car Sales The main founders continue in the Company followed by a very stable management. * Includes 2,283,000 shares on treasury 38
    • Thank you! 39
    • 2007 Car rental financial cycle Funding (PV) 1-year cycle Net car sale revenue $25.8 $26.3 Revenue: 19.6 1 2 3 4 5 Expenses: (10.9) 8 9 10 11 12 Interest per car $3.1: $2.0 - interest on debt $1.1 - interest on equity $25.8 $28.9 Car acquisition Funding (FV) Car rental Used cars Total Per operating car Per sold car 1 Year R$ % R$ % R$ Revenues 19,6 100,0% 27,4 100,0% 47,0 Additional revenue 0,7 2,5% 0,7 Cost (8,1) -41,5% (8,1) SG&A (2,8) -14,2% (1,8) -6,6% (4,6) Net car sale revenue 26,3 95,9% 26,3 Book value of car sale (24,6) -89,7% (24,6) EBITDA 8,7 44,3% 1,7 6,2% 10,4 Depreciation (non-vehicle) (0,6) -3,3% (0,1) -0,2% (0,7) Depreciation (vehicle) (0,3) -1,2% (0,3) Interest on debt (2,0) -7,1% (2,0) Tax (2,4) -12,2% 0,2 0,9% (2,3) NET INCOME 5,7 28,8% (0,5) -1,8% 5,1 Return on asset 19,9% 40
    • 2007 Fleet rental financial cycle Funding (PV) Net car sale revenue 32.2 2-year cycle 27.5 Revenue: 30.7 1 2 3 4 5 Expenses: (9.6) 20 21 22 23 24 Interest per car $8.1: $3.6 - interest on debt $4.5 - interest on equity 32.2 Car acquisition 40.3 Funding (FV) Fleet rental Used cars Total Per operating car Per sold car 2 Years 1Year R$ % R$ % R$ R$ Revenues 30,7 100,0% 28,5 100,0% 59,2 29,6 Additional revenue 0,5 1,9% 0,5 0,3 Cost (8,1) -26,3% (8,1) (4,0) SG&A (1,5) -5,0% (1,5) -5,3% (3,0) (1,5) Net car sale revenue 27,5 96,6% 27,5 13,8 Book value of car sale (26,7) -93,5% (26,7) (13,3) EBITDA 21,1 68,7% 0,9 3,1% 22,0 11,0 Depreciation (non-vehicle) (0,2) -0,7% (0,2) (0,1) Depreciation (vehicle) (4,8) -16,8% (4,8) (2,4) Interest on debt (3,6) -12,7% (3,6) (1,8) Tax (6,4) -20,7% 2,3 8,2% (4,0) (2,0) NET INCOME 14,5 47,3% (5,2) -18,1% 9,3 4,7 Return on asset 14,5% 41
    • Financial cycle for 2009 scenario – Car rental Increasing rates to face interest rate and depreciation Funding (PV) 1-year cycle Net car sale revenue $25,3 $25,8 Receita: 19,6 1 2 3 4 5 Expenses: (10,9) 8 9 10 11 12 Interest per car $ 4,1: $3.0 – interest on debt $1,1 – interest on equity $25,8 $29,9 Car acquisition Funding (FV) Car rental Seminovos Total Per operating car Per sold car 1 year R$ % R$ % R$ Revenues 21,2 100,0% 26,4 100,0% 47,6 Additional revenues 0,7 2,7% 0,7 Costs (8,1) -38,4% (8,1) SG&A (2,8) -13,2% (1,8) -6,7% (4,6) Net car sale revenue 25,3 96,0% 25,3 Book value of car sale (24,0) -90,9% (24,0) EBITDA 10,3 48,4% 1,3 5,1% 11,6 Depreciation (non-vehicle) (0,6) -3,1% (0,1) -0,2% (0,7) Depreciation (vehicle) (0,9) -3,4% (0,9) Interest on debt (3,0) -11,4% (3,0) Tax (2,9) -13,6% 0,8 3,0% (2,1) Net income 6,7 31,8% (1,8) -6,9% 4,9 Return on asset 19,0% 42