1. Localiza Rent a Car S.A.
3Q05 Results Presentation
November 9, 2005
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2. 3Q05 Highlights
Record Net Income of R$79.7 million in the first nine months of 2005.
EBITDA (R$ 70.8 million) was 31% higher than 3Q04’s.
Car rental and fleet rental and management business revenues were
31% higher when compared to 3Q04
36% increase in car rental business volume.
32% increase in fleet rental business volume.
Utilization rate of 63.7% in car rental segment, 8.3 percentage points
higher when compared to 2Q05.
Localiza wins Troféu Transparência 2005 (Transparency Award 2005),
which is organized by ANEFAC, in Non Public Company category.
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3. Consolidated Performance
(R$ million, USGAAP)
EBITDA
Net Revenue
5%
CAGR: +1
18%
634 CAGR: +
532
477 210
+31 %
+49% 152
150
228 71
153
54
2002 2003 2004 3Q04 3Q05 2004 3Q04
2002 2003 3Q05
Net Income Net Debt
- 5%
%*
19
CAGR: +
9%
CAGR +1 367
106
281
91
349
- 23%
197
69*
64*
29
27 87
22
2002 2003 2004 3Q04 3Q05 2002 2003 2004 2Q05 3Q05
* Pro forma result disregarding mark-to-market (MTM) of derivatives
contracts.
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4. Business Volume Evolution
Rental Days thousand
%
CAGR: 4.4 +36.2%
2,413 876
2,213
643
1,839
2002 2003 2004 3Q04 3Q05
62.9% 60.6%
Utilization Rate 63.7%
67.4% 66.6%
CAGR: -1
3.3 %
3,729
3,119 +31.7%
2,806
869
660
2002 2003 2004 3Q04 3Q05
94.7% 95.8%
Utilization Rate 95.3%
99.5% 95.4%
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5. Performance by Segment
(R$ million, USGAAP)
Net Revenue EBITDA
166
2%
+6
1%
97 +4
103
44
76
Car Sales 51 10
31
+34%
7
+41%
69 34
Car Rental 52 24
3Q04 3Q05 3Q04 3Q05
+24% +18%
60
26
48 22
Car Sales
21 (1)
17 (1)
+25% 10%
39 27
31 23
Fleet
Rental
3Q04 3Q05 3Q04 3Q05
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6. 3Q05 EBITDA by Segment
(R$ million, USGAAP)
Margin
31%
% of Total
0.9 71
27 1%
37%
44
62%
Car Rental Fleet Rental Franchising Total 100%
and Mgmt
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7. Net Income by Segment
(9M04 / 9M05)
(R$ million, USGAAP)
Fleet and
Total
Used Cars
+4 %
80
77
+30%
+3 %
59
51
-7 % 49
46
31%
27% 17%
31%
33% 51% 12%
47%
+64%
1.5 1.4
9M04 9M05
9M04 9M05
9M04 9M05 9M04 9M05 9M04 9M05
-10%
-9%
(19)
Net Margin (31)
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8. Net Income Evolution
(R$ million, USGAAP)
Net Revenue
Direct Costs
+209.3
Depreciation Operating
Net
Expenses Financial
-135.0 Non
Expenses
-10.7 Operating
Taxes
-18.2 Result
-35.9
-6.5 -0.2
76.9 79.7
3.6%
Net Income Net Income
9M04 9M05
Net Margin: 12.2%
Net Margin: 17.4%
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9. Investment in Fleet
Investment in Fleet (1) Investment in Fleet
# of Cars
(R$ million, USGAAP) (R$ million, USGAAP)
Purchased
3Q05 3Q04
399 15,468
9M05
143
Localiza 32
35
Total Fleet 72
493 22,182
2004
Total 104 178
15,062
2003 288
# of Cars
8,411
3,647
Purchased
2002 11,758
215
2001 15,364
248
2000 186 11,811
(1) Including acessories expenditure
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10. Used Car Sales
Car Rental
# of Cars Sold Sold Cars Fleet Management
Average Age (Months)
34.1
15,715
15,468 28.5
13,331
33.5
10,430 25.6
14,846 28.3
20.5
6,173
15.5 13.4 10.4
14.1 12.8 11.4
2000 2001 2002 2003 2004
2000 2001 2002 2003 2004 9M05 3Q05
Net Revenue of Car Sales (R$ million, USGAAP)
348
303
190 251
89 151
2000 2001 2002 2004 9M05
2003
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11. Net Debt* / Fleet Value
*excluding short-term credits
59.1% 60.1% 57.6%
57.4%
51.8%
53.1%
47.3% 49.2%
41.3%
23.7%
2002 2003 2004 2Q05 3Q05
1997 1998 1999 2000 2001
Our Net Debt/Fleet Value ratio has remained stable at approximately 50%
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12. Industry Benchmarks – LTM 3Q05 (1)
489 (3)
EBITDA (US$ MM) (3)
391(3)
110 2,471 489
EBITDA Margin 66.5% (2) 35.0% 32.3% 12.2% 30.6%
(63) (3)
36 (3)
39 (3)
Net Income 54
393
(US$ MM)
Net Margin 3.6% -3.9%
5.6% 1.1%
23.5% (2)
P/E 2006(3) (x) 8.7 n.d. 12.7 4.0 3.7
14.6
EV/EBITDA 2006(3) (x) 4.7 n.d. 6.0 11.0
RENT3 Performance since IPO: +83% (5) Trading Volume – Average Daily: R$3.4
million (5)
RENT 3 Relative Performance x IBOV: +55% (5)
(1) LTM September 05 (Localiza, Dollar Thrifty); LTM June 05 (Hertz, Sixt and Avis Europe)
(2) Only considering car rental, fleet rental and franchising revenues
(3) Translated to US Dollars at average rate R$2.411 / US$1.00 and €0.797 / US$1.00
(4) Source: Yahoo Finance, considering shares prices in November 4, 2005
(5) From May 23 (Initial Public Offering date) to November 8, 2005
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13. Disclaimer - Forward Looking Statements
The material that follows 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 to be complete.
It is not intended to be relied upon as advice to potential investors. No representation or 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, as the 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 results of 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’s management,
LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update
any of the forward-looking statement.
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