Apresentacao eng 1_q12
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Apresentacao eng 1_q12 Presentation Transcript

  • 1. 1Q12 Results Webcast May 15, 2012
  • 2. Quarter Highlights April 23rd we became a member of the select group of 126 companies which currently trades on the Novo Mercado, with our shares being listed under the ticker “LCAM3”; On May 2, Fitch Ratings increased Locamerica’s ratings to A- (bra) which places the company on a new level of Investment Grade; Operating Margins soar to historical record in 1Q12; Net profit increased 47.3% in 1Q12 over 1Q11, to R$7.9 million, with net margin increasing by 2.0 p.p. to 10.5%; ROIC LTM increased to 15.0% in the quarter, 2.8 percentage points above 1Q11, while ROE LTM was 16.3% in the period, a robust 9.5 p.p. higher than the 1Q11 figure. 2
  • 3. Consolidated Revenues Consolidated Net Revenues – R$ Million 390.7 309.2 118.2 112.4 212.1 64.5 272.5 94.9 196.8 89.7 147.6 26.4 19.8 63.3 75.1 2009 2010 2011 1Q11 1Q12 Net Rental Revenue Used Cars Sales Revenue 3
  • 4. EBITDA EBITDA – R$ million 155.6 108.8 74.5 45.9 37.1 2009 2010 2011 1Q11 1Q12¹ EBITDA Margin on Net Rental Revenue 4
  • 5. Consolidated Net Income Net Income– R$ million 22.6 11.6 7.9 5.4 2009 2010 2011 1Q11 1Q12 (8.5) 5
  • 6. Fleet - End of Period Fleet End of Period - Units 28,631 27,262 21,913 22,288 15,535 2009 2010 2011 1Q11 1Q12 6
  • 7. Operating Performance Final Fleet Breakdown Utilization Rate¹ 28,631 27,262 96.9% 96.9% 3,596 96.3% 96.5% 96.6% 96.8% 96.4% 96.1% 2,911 1,445 95.3% 22,288 1,023 1,071 532 23,328 23,590 20,685 1Q11 4Q11 1Q12 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Operating Deployment Demobilization ¹ Average Rented Fleet / Average Operating FleetOperacional 1.445Operacional1.445 Operacional 1.445 Implantação Implantação Desativação Desativação Desativação 7
  • 8. Consolidated Revenues Rental Net Revenue– R$ Million Used Car Sales Revenues – R$ Million 75.1 72.1 68.0 69.1 63.3 56.5 51.6 46.5 42.2 33.6 34.2 27.8 29.4 27.9 29.7 26.4 21.6 19.81Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 8
  • 9. Net Rental Revenues Average Monthly Tariff – R$ # daily rentals - thousand 2,083 1,242 1,243 1,233 1,958 1,219 1,849 1,869 1,197 1,790 1,660 1,504 1,150 1,147 1,123 1,330 1,105 1,2111Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 9
  • 10. Used Car Sales Net Revenues Cars Sold¹ Average Selling Price¹ Preço Médio de Venda 22.8 1,582 22.1 1,303 1,342 1,262 21.6 21.4 865 20.9 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12¹ Includes Total Loss sold ¹ Includes Total Loss sold 10
  • 11. Operating CostsAvg. Monthly Maintenance Cost per Vehicle¹ Depreciation / Avg. Fixed Assets² R$ 342 R$ 321 6.5% 6.5% 6.6% 6.4% R$ 316 6.1% R$ 298 R$ 295 2009 2010 2011 1Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12¹ Average Operating Fleet ² Vehicles and Acessories 11
  • 12. SG&A Expenses SG&A % / Net Revenue¹ Fleet per employee² 42.3 14.0% 41.6 12.1% 11.9% 40.6 10.5% 9.6% 37.1 35.5 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12¹ Consolidated Net Revenue ² Operating Fleet 12
  • 13. EBITDA and EBIT EBITDA and EBITDA Margin¹ EBIT and EBIT Margin² 45.9 41.1 40.4 37.1 36.9 33.3 30.8 29.1 27.3 26.5 58.6% 59.5% 61.1% 54.3% 56.1% 43.1% 44.5% 40.4% 44.3% 39.0% 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12¹ EBITDA Margin on Rental Net Revenue ² EBIT Margin on Rental Net Revenue 13
  • 14. Net Income and Returns Net Income and Net Margin¹ ROE² and ROIC³ 7.9 16.3% 14.6% 15.2% 6.2 6.1 13.6% 5.4 12.3% 4.9 15.0% 14.4% 14.9% 11.6% 9.2% 10.5% 8.5% 8.8% 6.8% 6.8% 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 % ROE LTM % ROIC LTM¹ Net Income / Rental Net Revenue ² ROE LTM = (Net Income / Average Equity last 5 quarters) x 100. Excludes CPC 39 effects. ³ ROIC LTM = (NOPLAT / Average Accounts Receivable – Suppliers + Fixed Assets) x 100. 14
  • 15. 5.473 5.489 5.473 5.489 Investment 4.467 2.8282.828 Fleet Increase 2009 2010 2011 2010Compra Cars 2011 Purchased Receita de Venda Compra Sold Cars Receita de Venda 5,567 5,563 5.567 5.563 1,453 5.567 5.563 11,040 11,052 11.040 11.052 430 2,318 11.040 11.052 1,639 1,692 5,473 5,489 1,262 1.639 4,4679 865 5.473 2,828 5.489 4.467 5.473 5.489 2.828 2009 2010 2011 1Q11 1Q122.828 Net Fleet CAPEX – R$ Million 2009 2010 2011 Purchases 2010 Compra 2011 Receita de Venda Compra Used Cars Sales Revenues Receita de Venda 195.9 178.4 318.3 291.9 48.6 22.6 50.4 68.3 49.0 115.6 113.5 122.4 26.4 65.2 19.8 2009 2010 2011 1Q11 1Q12 15
  • 16. Debt Profile - 03/31/2012 Debt Amortization Schedule 250.2 159.6 173.0 165.0 2012 2012 2013 2014 Up to 2016 Cash 187.2 156.0 343.2* Proforma after IPO 16
  • 17. Financial Ratios Net Debt x Fleet Value 750.5 750.5 711.1 562.7 560.6 523.9 393.4 404.6 381.2 243.9 ¹ ¹ 2009 2010 2011 1Q12 1Q12 Proforma Net Debt Fleet Value 1Q12¹ Balance at end of period 2009 2010 2011 1Q12¹ Proforma Net Debt / Fleet Value 64.0% 69.9% 73.7% 74.7% 53.9% Net Debt / EBITDA 3.27 3.61 3.37 3.06 2.20 Net Debt / Equity 15.49 2.96 3.92 4.13 2.98 EBITDA / Net financial expenses 1.35 2.42 1.87 2.02 2.02¹ Annualized 17
  • 18. Thank you! www.locamerica.com.br/ri Contact: ri@locamerica.com.br +55 31 3316.1981Legal Notice - This release contains forward-looking statements relating to the prospects of the business, estimates for operating andfinancial results, and those related to growth prospects of Lojas Renner S.A. and are merely projections and, as such, are based exclusivelyon the expectations of the Company’s management concerning the future of the business. Such forward-looking statements dependsubstantially on changes in market conditions, the performance of the Brazilian economy, the sector and the international markets, and aretherefore subject to change without prior notice.