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February, 2015.
Localiza Rent a Car S.A.
1
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 4Q14
Agenda
2
Company: milestones
Phase I – Rise to #1
1973 – Founded in Belo
Horizonte/MG
Late 70’s - Acquisitions in the
Northeast of Brazil
1981 – Brazilian car rental leader in
# of branches
Phase II – Expansion
1984 – Expansion strategy by
adjacencies: Franchising
1991 – Expansion strategy by
adjacencies: Seminovos
1997 – PE firm DL&J enters at a
market cap of US$ 150 mm
1997 – Expansion strategy by
adjacencies: Fleet Rental
Phase III – Reaching Scale
2005 – IPO: market cap of US$ 295
mm
2011 – Rated as investment grade by
Moody’s, Fitch and S&P in 2012
2012 – ADR level I
12/31/2014 – Market cap of about
US$3.0 bi with ADTV of US$14.0
million
1973 1982 1983 2004 2005 2014
3
Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
 13,339 cars
 172 locations in Brazil
 64 locations in South America
 37 employees
 58.7% sold to final consumer
 75 stores
 998 employees
 77,573 cars
 4.3 million clients
 304 locations
 4,491 employees
 34,312 cars
 798 clients
 387 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 4Q14 4
Car Rental Fleet Rental
SeminovosFranchising
5
2014 Consolidated breakdown
R$ million
Company’s profitability comes from
Car Rental and Fleet Rental Divisions.
12%
35%
52%
35%
65%
Net Revenues
R$3,892
EBITDA
R$970
52%
15%
33%
EBIT*
R$726
R$2,018
R$1,302
R$572
R$120
R$507
R$343
R$253
R$473
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
6
 High fixed cost
 Standard fleet
 1 year cycle
 High entry barriers
 Gains of scale
 Intensive capital
 Consolidated market in
airports
 Fragmented market off
airports
 Support area
 Reduction of
depreciation
 Know How of used cars
market
 Sales to the final
consumer
 Low dependence on
intermediates
 Supplementary
business
 Important for
distribution
 High profitability
 Low contribution in
results
Company: Business platform divisions
Car Rental
Rents to individuals and
companies at airports
and off airport locations.
Franchising
Contributes to expand
the Localiza’s network.
Fleet Rental
Outsources fleet for 2-3
years term contracts.
Used Car Sales
Sells the used cars after
the rental and estimates
the residual values.
 Low fixed cost
 Customized fleet
 3 years cycle
 Low entry barriers
 Intensive capital
1,462.8
1,699.2 1,802.5 1,821.8
2010 2011 2012 2013
Rental revenues evolution
4,637.6 4,692.1 4,791.3 4,698.2
2010 2011 2012 2013
Localiza’s rental revenues at constant prices
Sector’s revenue at constant prices (ex- Localiza)
GDP 7.5% 2.7% 1.0% 2.5%
Average GDP growth: 2.7%
Source: ABLA (Brazilian Car Rental Association) and Localiza. 7
The Company grew at an average of 2.8x GDP and 19.0x the sector.
8
Net car sale
revenue
R$26.21 year cycle
Car Rental Division - Financial Cycle
Per car
R$27.8
Average car price
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
Spread
9.5p.p.
Total
1 year
R$ % R$ % R$
Net revenues 20.9 100.0% 29.0 100.0% 49.8
Costs - fixed and variable (9.4) -44.9% (9.4)
SG&A (3.4) -16.3% (2.8) -9.6% (6.2)
Net revenues of car sold 26.2 90.4% 26.2
Book value of car sold (24.8) -85.6% (24.8)
EBITDA 8.1 38.7% 1.4 4.7% 9.5
Cars Depreciation (1.3) -4.4% (1.3)
Others depreciation (0.4) -1.7% (0.2) -0.6% (0.5)
Financial expenses (1.7) -6.0% (1.7)
Taxes (2.3) -11.1% 0.5 1.9% (1.8)
Net Income (Loss) 5.4 25.9% (1.3) -4.4% 4.1
NOPAT 5.3
ROIC (it considers the effect of the average book value of the car in its useful life) 17.5%
Cost of debt after taxes 8.0%
Car Rental Seminovos
Per car soldPer operating car
9
Net car sale
revenue
R$24.4
3 year cycle
Fleet Rental Division - Financial Cycle
Per car
Spread
9.5p.p.
1 2 3 4 5 6 19 20 21 22 23 24Expenses, interest and tax
Revenue
R$33.3
Average car price
Total
3 years
R$ % Seminovos % R$
Net revenues 55.7 100.0% 26.9 100.0% 82.6
Costs - fixed and variable (18.6) -33.4% (18.6)
SG&A (3.7) -6.7% (2.5) -9.3% (6.2)
Net revenues of car sold 24.4 90.7% 24.4
Book value of car sold (21.2) -78.9% (21.2)
EBITDA 33.4 60.0% 3.2 11.8% 36.6
Cars Depreciation (12.6) -46.9% (12.6)
Others depreciation (0.1) -0.2% (0.1) -0.2% (0.2)
Financial expenses (4.4) -16.3% (4.4)
Taxes (10.0) -17.9% 4.2 15.5% (5.8)
Net Income (Loss) 23.3 41.8% (9.7) -36.1% 13.6
Net Income (Loss) - per year 7.8 41.8% (3.2) -36.1% 4.5
NOPAT 5.6
ROIC (it considers the effect of the average book value of the car in its useful life) 17.5%
Cost of debt after taxes 8.0%
Per operating car
Fleet Rental Seminovos
Per car sold
Raising
money Buying
cars
Renting Cars Selling
Cars
Cash to renew the fleet or pay debt
$
Profitability comes from rental divisions
Competitive advantages
$
10
41 years of experience in managing assets and generating value.
Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with better conditions when compared to competitors.
As of December, 2014.
BBB Fitch
Baa3 Moody’s
BBB- S&P
BBB+ S&P
B1 Moody´s
B+ S&P
BB- Fitch
brAAA S&P
Aa1.br Moody’s
AAA(bra) Fitch
brAA- S&P
A+ (bra) Fitch
brA S&P
A (bra) Fitch
A+ (bra) Fitch A(bra) Fitch
Raising
money
Buying
cars
Renting Cars
Selling
Cars
11
Investment grade: lower spreads and longer tenors
Source: Bloomberg and companies website
12
Competitive advantages: buying cars
Localiza buys cars with better conditions due to the volume of purchases.
Number of cars purchased - 2014
* Includes Franchising
** 2013 data
86,426
18,866
9,950
Localiza Unidas Locamerica
*
Source: each company website and ANFAVEA
Localiza’s share in the internal sales of the
major OEMs - 2014
3.6%
Raising
money
Buying
cars
Renting Cars
Selling
Cars
** **
108
157
82
55
13
The Company is present in 243 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know HowBrand Brazilian distribution
#ofbranches#ofcitiesSource: Each company website
As of December, 2014
476 402
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Localiza     Unidas Hertz       Movida Avis
348
105 78 60 42
Localiza Competitors
14
Sales to final consumer
Competitive advantages: selling cars
Selling directly to final consumer reduces depreciation.
Cars available for sale are used during peaks of demand.
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Buffer: additional fleet
7.3%
8.6%
6.3% 6.0%
8.0%
16.9% 17.1% 16.1% 16.5% 17.5%
2010 2011 2012 2013 2014
15
Spread
ROIC versus cost of debt after taxes
9.6p.p. 8.5p.p. 9.5p.p.
9.8p.p.
ROIC Cost of debt after taxes
10.5p.p.
NOPAT of 2012 was calculated excluding additional fleet depreciation, which was treated as an asset loss since it
was a nonrecurring event caused by external factors (reduction in IPI tax on new cars), in accordance with the
concepts recommended by Stern Stewart.
Localiza Unidas Locamerica* Ouro Verde JSL Movida
Localiza Unidas Locamerica* Ouro Verde JSL Movida
Profitability
Localiza vs. players
Source: Companies’ Financial Statements.
*9M14 data
** Total of light vehicles. 16,000 cars will be transfer to Movida
16
ROIC 2014
ROE 2014
Frota 125,224 40,296 30,291 25,326 47,000** 19,208
13.7%
WACC
Reference
ROIC = NOPAT / (Average net debt + average equity)
ROE = Net income / Equity at the beginning of the year
Consolidated
Consolidated
17.5%
8.1% 9.2% 8.5% 7.6%
4.4%
30.6%
7.6%7.1%
10.9%
7.1% 7.5%
0.8x  1.0x 
2.0x 
8.5x 
3.5x 
1.6x 
Localiza Unidas* Locamerica* Ouro Verde JSL Movida
1.4x  2.2x 
3.2x  3.7x  4.2x 
9.8x 
Localiza Unidas Locamerica* Ouro Verde JSL Movida
17
Net Debt / EBITDA - 2014
Net Debt / Equity - 2014
Source: Companies’ Financial Statements.
*9M14 data
** The accounts payable to automakers is included in the debt
Debt ratios
Localiza vs. players
Consolidated
Consolidated
**
**
18
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 4Q14
Agenda
19
Car Rental overview
63.9%
Compact cars
2014 Fleet composition
77,573 cars
36.1%
Others
Corporate fleet size
65.086
70.717 77.573
2012 2013 2014
Car rental distribution (Brazil)
415
449
474 479 476
2010 2011 2012 2013 2014
20
Drivers
# domestic air traffic passengers
In million
Source: BCB and Localiza rates
151
180 200
240
260 300
350
380
415
465
510
545
622
678
51%
38%
37% 35%
31%
27%
22% 20% 18% 16% 15% 15% 13% 12%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
Car rental affordability
Investments per industry
(In billions of Reais)
Source: IPEADATA and Localiza’s loyalty program.
Source: Exame Magazine, December 2014.
4 million
84 million
Adult population
(age > 20 years)
Class A+B+C
15 million
Adult population
(age > 20 years)
Class A+B
Opportunity: Low penetration in leisure trips
Penetration: 4.8% on A, B and C classes.
70
82 89 90 96
122
2010 2011 2012 2013 2014 2017E
Source: ANAC
2017 estimates: BOEING
21Source: RAIS 2012 and each company’s website
As of December 31, 2014
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil
Others
5,111
39.5% 7.5%
8.2%
6.5%
2.9%
1,9%
33.5%
22
31.8% 4.1%
7.4%
4.5%
3.1%
1.5%
47.5%
47.0% 35.9%
Others
Movida
Avis
Hertz
Unidas
Others
Movida
Avis
Hertz
Unidas
Market Share – Car Rental
2013
Rental Revenues
R$3,055.8 million
Fleet
222,554 cars
Source: ABLA and Companies’ Financial Statements and estimates.
Franchising
Franchising
Sources: EUROMONITOR from 2008 to 2012 and ABLA for 2013
23
Market Share Evolution – Car Rental
33.2%
29.5%
37.8%
40.5% 41.8%
47.0%
5.2% 6.2% 6.9% 6.1% 6.1% 8.2%
2.9% 2.5% 2.9% 2.9% 2.8%
2.9%2.6% 2.3% 2.6% 2.5% 2.5% 6.5%
56.1%
59.5%
49.8% 48.0%
46.8%
35.4%
2008 2009 2010 2011 2012 2013
Localiza
Hertz
Avis
Unidas
Others
Based on Revenues
24
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 4Q14
Agenda
25
Number of clients
Fleet Rental overview
35.0%
Compact cars
2014 Fleet composition
34,312 cars
65.0%
Others
729
760 798
2012 2013 2014
End of period fleet
32,104 32,809 34,312
2012 2013 2014
26
Source: ABLA, Datamonitor and Localiza
Low penetration of rented fleet in Brazil.
Rented fleet penetration
Corporate fleet:
4,000,000*
Rented fleet:
307,336
32,809
Brazilian Market World
8.1% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Drivers
*Localiza estimates
Market Share – Fleet Rental
2013
27
Rental Revenues
R$3,464.2 million
Fleet
307,336 cars
Source: ABLA, Companies’ Financial Statements and estimates
Locamerica
10.3%
Unidas
9.1%
Ouro Verde 
4.9%
18.4%
Others
57.2%
11.3% Unidas
7.1%
Locamerica
10.3%
JSL
10.0%
Ouro Verde
6.0%
ALD
4.8%
Others
50.5%
28
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 4Q14
Agenda
29
Efficiency gain on car sales
# of points of sale
Car sales – operating data
55
66
73 74 75
2010 2011 2012 2013 2014
47,285
50,772
56,664
62,641
70,621
2010 2011 2012 2013 2014
# Number of cars sold (quantity)
30
Source: O Estado de São Paulo newspaper, as of 08/16/13 (based on researches of Sindipeças) and Globo website, as of 03/10/2014.
Used car sales drivers:
affordability and penetration
# of inhabitants per car 2012 – (Brazil 2013)
# of inhabitants per car - Brazil
4.4
4.2
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Brazil
Argentina
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
5.9 5.5 5.2
4.4
2010 2011 2012 2013
Affordability to buy cars – Public Price of
the most basic Gol
300 
350  380 
415 
465  510 
545 
622  678  724 
84 
71  69 
61 
55 
51 
49 
43  43  43 
 ‐
 10
 20
 30
 40
 50
 60
 70
 80
 90
 ‐
 100
 200
 300
 400
 500
 600
 700
 800
 900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Minimum wage (R$) Minimum wages to buy a new car
8.4 8.9 9.0 9.4
10.1
3.3 3.5 3.6 3.6 3.3
31
2.5x 2.5x
2010 2011 2012 2013 2014
2.6x
Brazilian car market:
new x used car market and affordability
New cars
Used cars
Source: FENABRAVE (light and commercial cars)
2.6x
Total market of 13.4 million cars.
3.1x
32
2013 Up to 2 years
409,121
2014 Brand new
3,328,716
2014 Used cars
10,051,296
0.7% 1.8% 13.9%
Car sales – operating data
Source: Anfavea and Fenabrave
Examples
• Retailers
• “Loja do carro”
• Dealers
• Fiat, VW, Ford,
GM most
successful
• Auto Brasil
• Rental operators
• Locamerica, Hertz
• “Auto malls” and
“Cidade do
automóvel”
Points of sale • 45,600 (Fenauto) • 3,714 (Anfavea)
• 25 (Unidas,
Locamerica, Avis
and Hertz website).
• 71 (Fenauto)
Main players
33
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 4Q14
Agenda
802.2
980.7 1,093.7 1,163.5 1,284.4
310.4 331.2
2010 2011 2012 2013 2014 4Q13 4Q14
34
Net Revenues (R$ million)
# Daily Rentals (thousands)
Car Rental Division
The net revenues increased 10.4% in 2014
10,734
12,794 13,749 14,242 15,416
3,714 3,898
2010 2011 2012 2013 2014 4Q13 4Q14
234 247 272 286 304
181 202 202 193 172
61 47 50 63 64
2010 2011 2012 2013 2014
Car Rental network evolution
18 new owned rental locations were added to the network in 2014.
# of car rental locations (Brazil and abroad)
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad
476 496 524 542 540
+18
36
Utilization rate evolution – Car Rental Division
Higher utilization rate reduced the invested capital in fleet.
69.1%
68.9%
70.8%
66.8%
69.9%
2010 2011 2012 2013 2014
361.1
455.0
535.7 575.9 571.9
142.9 146.7
2010 2011 2012 2013 2014 4Q13 4Q14
8,044
9,603
10,601 10,844 10,363
2,669 2,644
2010 2011 2012 2013 2014 4Q13 4Q14
37
Net Revenues (R$ million)
# Daily Rentals (thousands)
Fleet Rental Division
The contracted revenue increased 25% in 2014 and reached R$808.3 million.
1,910.4
1,776.5 1,618.8
2,026.2
2,483.2
553.8
877.4
1,321.9 1,468.1 1,520.0
1,747.3
2,018.2
505.6 553.0
2010 2011 2012 2013 2014 4Q13 4Q14
Purchases (includes accessories) Used car sales net revenues
Cars purchased Cars sold
38
Net investment
Fleet Expansion* (quantity)
Around 7,600 cars were acquired in advance in 4Q14 due the IPI tax reinstatement in 2015.
Net Investment in Fleet (R$ million)
65,934 59,950 58,655
69,744
79,804
18,588
27,066
47,285
50,772 56,644
62,641
70,621
17,999 18,468
2010 2011 2012 2013 2014 4Q13 4Q14
9,178 2,011
7,10318,649
589
308.4
98.8
588.5 278.9
* It does not include theft / crashed cars.
48.2
8,598
324.4
9,183
465.0
39
End of period fleet
Quantity
In the Car Rental division, around 7,600 cars were acquired in advance in 4Q14, due the IPI
tax reinstatement in 2015.
By the end of 2014, 1,942 cars in the Fleet Rental division were being prepared to be
delivered to the clients.
61,445 64,688 65,086 70,717 77,573
26,615
31,629 32,104
32,809
34,31210.652
12,958 14,545
14,233
13,339
2010 2011 2012 2013 2014
98,712
109,275 111,735
117,759
125,224
Car Rental Fleet Rental Franchising
1,175.3 1,450.0 1,646.7 1,758.9 1,874.0
458.3 482.2
1,321.9
1,468.1 1,520.0 1,747.3
2,018.2
505.6 553.0
2010 2011 2012 2013 2014 4Q13 4Q14
Consolidated net revenues
R$ million
11.0% increase of consolidated net revenues in 2014.
Rental Used car sales
2,918.1
3,506.2
3,892.2
2,497.2
3,166.7
963.9 1,035.2
41
Consolidated EBITDA
R$ million
EBITDA grew 5.8% in the 2014.
649.5
821.3 875.6 916.5 969.8
236.0 237.6
2010 2011 2012 2013 2014 4Q13 4Q14
(*)From 2012 on, accessories and freight of new cars have been accounted directly in the cost line, impacting EBITDA
but reducing depreciation costs.
Divisions 2010* 2011* 2012 2013 2014 4Q13 4Q14
Car Rental 45.3% 46.9% 40.9% 36.8% 38.7% 37.3% 37.1%
Fleet Rental 68.0% 68.6% 66.4% 65.5% 60.0% 64.7% 55.5%
Rental Consolidated 52.3% 53.8% 49.3% 46.5% 45.3% 46.0% 42.6%
Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 4.9% 5.8%
**IPI Effect
3,509.7
4,133.0
4,311.3
4,592.3
4,202.1 4,626.01,096.9**
2010 2011 2012 2013 2014 4Q14
1,536.0 1,683.9
1,895.8
1,452.4 1,270.0 1,136.5
2,076.6**
2010 2011 2012 2013 2014 4Q14
42
Average depreciation per car
in R$
3,972.4
5,408.2
Car Rental
Fleet Rental
*Annualized
*
*
*Annualized
250.5
291.6
240.9
384.3 410.6
90.0 102.2
2010 2011 2012 2013 2014 4Q13 4Q14
43
Consolidated net income
R$ million
* Pro forma 2012 net income excluding additional depreciation related to the IPI tax reduction, net of income tax.
336.3 *
Net income increased 6.8% in 2014.
44
Free cash flow - FCF
(*) Without the technical discount up to 2010
Free cash flow - R$ million 2010 2011 2012 2013 2014
Operations
EBITDA 649.5 821.3 875.6 916.5 969.8
Used car sale revenue, net from taxes (1,321.9) (1,468.1) (1,520.0) (1,747.3) (2,018.2)
Depreciated cost of cars sold (*) 1,203.2 1,328.6 1,360.2 1,543.8 1,777.0
(-) Income tax and social contribution (57.8) (83.0) (100.9) (108.5) (113.1)
Change in working capital 54.5 (83.9) 37.1 2.9 (27.3)
Cash provided by rental operations 527.5 514.9 652.0 607.4 588.2
Capex-
Renewals
Used car sale revenue, net from taxes 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2
Fleet renewal investment (1,370.1) (1,504.5) (1,563.3) (1,819.7) (2,197.7)
Net investment for fleet renewal (48.2) (36.4) (43.3) (72.4) (179.5)
Fleet renewal – quantity 47,285 50,772 56,644 62,641 70,621
Investment, other property and intangibles investments (50.6) (59.9) (77.8) (47.5) (46.0)
Free cash flow before growth, new HQ and interest 428.7 418.6 530.9 487.5 362.7
Capex-
Growth
Fleet growth investment (540.3) (272.0) (55.5) (209.4) (286.9)
Change in accounts payable to car suppliers 111.3 32.7 (116.9) 89.7 334.4
Fleet growth (429.0) (239.3) (172.4) (119.7) 47.5
Fleet increase / (reduction) – quantity 18,649 9,178 2,011 7,103 9,183
Free cash flow after growth, and before interest and before new headquarters (0.3) 179.3 358.5 367.8 410.2
Capex–
HQ
Investment in the construction of the new headquarters (0.5) (3.1) (2.4) (6.5) (55.7)
Marketable securities – new headquarters - - - - (92.6)
New headquarters construction (0.5) (3.1) (2.4) (6.5) (148.3)
Free cash flow before interest (0.8) 176.2 356.1 361.3 261.9
45
The strong cash generation allowed net debt to remain stable,
even after investments in the new headquarters.
(*) Before new headquarters capex
Changes in net debt
R$ million
1,281.1 1,363.4 1,231.2 1,332.8 1,322.3
2,446.7
2,681.7
2,547.6
2,797.9
3,296.3
2010 2011 2012 2013 2014
46
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2010(*) 2011 2012 2013 2014
Net debt / Fleet value 52% 51% 48% 48% 40%
Net debt / EBITDA 2.0x 1.7x 1.4x 1.5x 1.4x
Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8x
EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.4x
(*) 2010 ratios based on USGAAP financial statements
Net debt Fleet value
Comfortable debt ratios.
-
248.6
555.9 511.7
221.0
544.5
445.0
147.5
2014 2015 2016 2017 2018 2019 2020 2021
47
Debt maturity profile (principal)
R$ million
Total cash of R$1,482.8 million if we consider the R$92.6 million in marketable securities
investment for the new headquarters.
Cash
1,390.2
1,316.2
As of December 31, 2014
48
Localiza Level I ADR
Ticker Symbol: LZRFY
CUSIP: 53956W300
ISIN: US53956W3007
Ratio: 1 Common Share : 1 ADR
Exchange: OTC
Depositary bank: Deutsche Bank Trust Company Americas
ADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
E-mail: adr@db.com
ADR website: www.adr.db.com
Depositary bank’s local custodian: Banco Bradesco S/A, Brazil
49
Disclaimer
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
Roberto Mendes
CFO and IR
Nora Lanari
Head of IR
Eugênio Mattar
CEO
The 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 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 projections 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.
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.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation nor anything
contained herein shall form the basis of any contract or commitment whatsoever.

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Institucional Presentation - February/15

  • 2. 1. Company overview 2. Main business divisions  Car Rental  Fleet Rental  Seminovos 3. Financials Appendix: Earnings release 4Q14 Agenda 2
  • 3. Company: milestones Phase I – Rise to #1 1973 – Founded in Belo Horizonte/MG Late 70’s - Acquisitions in the Northeast of Brazil 1981 – Brazilian car rental leader in # of branches Phase II – Expansion 1984 – Expansion strategy by adjacencies: Franchising 1991 – Expansion strategy by adjacencies: Seminovos 1997 – PE firm DL&J enters at a market cap of US$ 150 mm 1997 – Expansion strategy by adjacencies: Fleet Rental Phase III – Reaching Scale 2005 – IPO: market cap of US$ 295 mm 2011 – Rated as investment grade by Moody’s, Fitch and S&P in 2012 2012 – ADR level I 12/31/2014 – Market cap of about US$3.0 bi with ADTV of US$14.0 million 1973 1982 1983 2004 2005 2014 3
  • 4. Company: integrated business platform Synergies: bargaining power cost reduction cross selling  13,339 cars  172 locations in Brazil  64 locations in South America  37 employees  58.7% sold to final consumer  75 stores  998 employees  77,573 cars  4.3 million clients  304 locations  4,491 employees  34,312 cars  798 clients  387 employees This integrated business platform gives Localiza flexibility and superior performance. Based on the 4Q14 4 Car Rental Fleet Rental SeminovosFranchising
  • 5. 5 2014 Consolidated breakdown R$ million Company’s profitability comes from Car Rental and Fleet Rental Divisions. 12% 35% 52% 35% 65% Net Revenues R$3,892 EBITDA R$970 52% 15% 33% EBIT* R$726 R$2,018 R$1,302 R$572 R$120 R$507 R$343 R$253 R$473 *Seminovos results recorded in the Car Rental and Fleet Rental Divisions
  • 6. 6  High fixed cost  Standard fleet  1 year cycle  High entry barriers  Gains of scale  Intensive capital  Consolidated market in airports  Fragmented market off airports  Support area  Reduction of depreciation  Know How of used cars market  Sales to the final consumer  Low dependence on intermediates  Supplementary business  Important for distribution  High profitability  Low contribution in results Company: Business platform divisions Car Rental Rents to individuals and companies at airports and off airport locations. Franchising Contributes to expand the Localiza’s network. Fleet Rental Outsources fleet for 2-3 years term contracts. Used Car Sales Sells the used cars after the rental and estimates the residual values.  Low fixed cost  Customized fleet  3 years cycle  Low entry barriers  Intensive capital
  • 7. 1,462.8 1,699.2 1,802.5 1,821.8 2010 2011 2012 2013 Rental revenues evolution 4,637.6 4,692.1 4,791.3 4,698.2 2010 2011 2012 2013 Localiza’s rental revenues at constant prices Sector’s revenue at constant prices (ex- Localiza) GDP 7.5% 2.7% 1.0% 2.5% Average GDP growth: 2.7% Source: ABLA (Brazilian Car Rental Association) and Localiza. 7 The Company grew at an average of 2.8x GDP and 19.0x the sector.
  • 8. 8 Net car sale revenue R$26.21 year cycle Car Rental Division - Financial Cycle Per car R$27.8 Average car price 1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax Revenue Spread 9.5p.p. Total 1 year R$ % R$ % R$ Net revenues 20.9 100.0% 29.0 100.0% 49.8 Costs - fixed and variable (9.4) -44.9% (9.4) SG&A (3.4) -16.3% (2.8) -9.6% (6.2) Net revenues of car sold 26.2 90.4% 26.2 Book value of car sold (24.8) -85.6% (24.8) EBITDA 8.1 38.7% 1.4 4.7% 9.5 Cars Depreciation (1.3) -4.4% (1.3) Others depreciation (0.4) -1.7% (0.2) -0.6% (0.5) Financial expenses (1.7) -6.0% (1.7) Taxes (2.3) -11.1% 0.5 1.9% (1.8) Net Income (Loss) 5.4 25.9% (1.3) -4.4% 4.1 NOPAT 5.3 ROIC (it considers the effect of the average book value of the car in its useful life) 17.5% Cost of debt after taxes 8.0% Car Rental Seminovos Per car soldPer operating car
  • 9. 9 Net car sale revenue R$24.4 3 year cycle Fleet Rental Division - Financial Cycle Per car Spread 9.5p.p. 1 2 3 4 5 6 19 20 21 22 23 24Expenses, interest and tax Revenue R$33.3 Average car price Total 3 years R$ % Seminovos % R$ Net revenues 55.7 100.0% 26.9 100.0% 82.6 Costs - fixed and variable (18.6) -33.4% (18.6) SG&A (3.7) -6.7% (2.5) -9.3% (6.2) Net revenues of car sold 24.4 90.7% 24.4 Book value of car sold (21.2) -78.9% (21.2) EBITDA 33.4 60.0% 3.2 11.8% 36.6 Cars Depreciation (12.6) -46.9% (12.6) Others depreciation (0.1) -0.2% (0.1) -0.2% (0.2) Financial expenses (4.4) -16.3% (4.4) Taxes (10.0) -17.9% 4.2 15.5% (5.8) Net Income (Loss) 23.3 41.8% (9.7) -36.1% 13.6 Net Income (Loss) - per year 7.8 41.8% (3.2) -36.1% 4.5 NOPAT 5.6 ROIC (it considers the effect of the average book value of the car in its useful life) 17.5% Cost of debt after taxes 8.0% Per operating car Fleet Rental Seminovos Per car sold
  • 10. Raising money Buying cars Renting Cars Selling Cars Cash to renew the fleet or pay debt $ Profitability comes from rental divisions Competitive advantages $ 10 41 years of experience in managing assets and generating value.
  • 11. Competitive advantages: raising money Global Scale National Scale Localiza raises money with better conditions when compared to competitors. As of December, 2014. BBB Fitch Baa3 Moody’s BBB- S&P BBB+ S&P B1 Moody´s B+ S&P BB- Fitch brAAA S&P Aa1.br Moody’s AAA(bra) Fitch brAA- S&P A+ (bra) Fitch brA S&P A (bra) Fitch A+ (bra) Fitch A(bra) Fitch Raising money Buying cars Renting Cars Selling Cars 11 Investment grade: lower spreads and longer tenors Source: Bloomberg and companies website
  • 12. 12 Competitive advantages: buying cars Localiza buys cars with better conditions due to the volume of purchases. Number of cars purchased - 2014 * Includes Franchising ** 2013 data 86,426 18,866 9,950 Localiza Unidas Locamerica * Source: each company website and ANFAVEA Localiza’s share in the internal sales of the major OEMs - 2014 3.6% Raising money Buying cars Renting Cars Selling Cars ** **
  • 13. 108 157 82 55 13 The Company is present in 243 cities where the other largest networks do not operate. Competitive advantages: renting cars Know HowBrand Brazilian distribution #ofbranches#ofcitiesSource: Each company website As of December, 2014 476 402 Raising money Buying cars Renting Cars Selling Cars Localiza     Unidas Hertz       Movida Avis 348 105 78 60 42 Localiza Competitors
  • 14. 14 Sales to final consumer Competitive advantages: selling cars Selling directly to final consumer reduces depreciation. Cars available for sale are used during peaks of demand. Raising money Buying cars Renting Cars Selling Cars Buffer: additional fleet
  • 15. 7.3% 8.6% 6.3% 6.0% 8.0% 16.9% 17.1% 16.1% 16.5% 17.5% 2010 2011 2012 2013 2014 15 Spread ROIC versus cost of debt after taxes 9.6p.p. 8.5p.p. 9.5p.p. 9.8p.p. ROIC Cost of debt after taxes 10.5p.p. NOPAT of 2012 was calculated excluding additional fleet depreciation, which was treated as an asset loss since it was a nonrecurring event caused by external factors (reduction in IPI tax on new cars), in accordance with the concepts recommended by Stern Stewart.
  • 16. Localiza Unidas Locamerica* Ouro Verde JSL Movida Localiza Unidas Locamerica* Ouro Verde JSL Movida Profitability Localiza vs. players Source: Companies’ Financial Statements. *9M14 data ** Total of light vehicles. 16,000 cars will be transfer to Movida 16 ROIC 2014 ROE 2014 Frota 125,224 40,296 30,291 25,326 47,000** 19,208 13.7% WACC Reference ROIC = NOPAT / (Average net debt + average equity) ROE = Net income / Equity at the beginning of the year Consolidated Consolidated 17.5% 8.1% 9.2% 8.5% 7.6% 4.4% 30.6% 7.6%7.1% 10.9% 7.1% 7.5%
  • 17. 0.8x  1.0x  2.0x  8.5x  3.5x  1.6x  Localiza Unidas* Locamerica* Ouro Verde JSL Movida 1.4x  2.2x  3.2x  3.7x  4.2x  9.8x  Localiza Unidas Locamerica* Ouro Verde JSL Movida 17 Net Debt / EBITDA - 2014 Net Debt / Equity - 2014 Source: Companies’ Financial Statements. *9M14 data ** The accounts payable to automakers is included in the debt Debt ratios Localiza vs. players Consolidated Consolidated ** **
  • 18. 18 1. Company overview 2. Main business divisions  Car Rental  Fleet Rental  Seminovos 3. Financials Appendix: Earnings release 4Q14 Agenda
  • 19. 19 Car Rental overview 63.9% Compact cars 2014 Fleet composition 77,573 cars 36.1% Others Corporate fleet size 65.086 70.717 77.573 2012 2013 2014 Car rental distribution (Brazil) 415 449 474 479 476 2010 2011 2012 2013 2014
  • 20. 20 Drivers # domestic air traffic passengers In million Source: BCB and Localiza rates 151 180 200 240 260 300 350 380 415 465 510 545 622 678 51% 38% 37% 35% 31% 27% 22% 20% 18% 16% 15% 15% 13% 12% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Monthly minimum salary (R$) Daily rental price over minimum salary (%) Car rental affordability Investments per industry (In billions of Reais) Source: IPEADATA and Localiza’s loyalty program. Source: Exame Magazine, December 2014. 4 million 84 million Adult population (age > 20 years) Class A+B+C 15 million Adult population (age > 20 years) Class A+B Opportunity: Low penetration in leisure trips Penetration: 4.8% on A, B and C classes. 70 82 89 90 96 122 2010 2011 2012 2013 2014 2017E Source: ANAC 2017 estimates: BOEING
  • 21. 21Source: RAIS 2012 and each company’s website As of December 31, 2014 Off-airport market is still fragmented. Airport locations Off-airport locations Car Rental Locations in Brazil Others 5,111
  • 22. 39.5% 7.5% 8.2% 6.5% 2.9% 1,9% 33.5% 22 31.8% 4.1% 7.4% 4.5% 3.1% 1.5% 47.5% 47.0% 35.9% Others Movida Avis Hertz Unidas Others Movida Avis Hertz Unidas Market Share – Car Rental 2013 Rental Revenues R$3,055.8 million Fleet 222,554 cars Source: ABLA and Companies’ Financial Statements and estimates. Franchising Franchising
  • 23. Sources: EUROMONITOR from 2008 to 2012 and ABLA for 2013 23 Market Share Evolution – Car Rental 33.2% 29.5% 37.8% 40.5% 41.8% 47.0% 5.2% 6.2% 6.9% 6.1% 6.1% 8.2% 2.9% 2.5% 2.9% 2.9% 2.8% 2.9%2.6% 2.3% 2.6% 2.5% 2.5% 6.5% 56.1% 59.5% 49.8% 48.0% 46.8% 35.4% 2008 2009 2010 2011 2012 2013 Localiza Hertz Avis Unidas Others Based on Revenues
  • 24. 24 1. Company overview 2. Main business divisions  Car Rental  Fleet Rental  Seminovos 3. Financials Appendix: Earnings release 4Q14 Agenda
  • 25. 25 Number of clients Fleet Rental overview 35.0% Compact cars 2014 Fleet composition 34,312 cars 65.0% Others 729 760 798 2012 2013 2014 End of period fleet 32,104 32,809 34,312 2012 2013 2014
  • 26. 26 Source: ABLA, Datamonitor and Localiza Low penetration of rented fleet in Brazil. Rented fleet penetration Corporate fleet: 4,000,000* Rented fleet: 307,336 32,809 Brazilian Market World 8.1% 8.9% 13.3% 16.5% 24.5% 37.4% 46.9% 58.3% Drivers *Localiza estimates
  • 27. Market Share – Fleet Rental 2013 27 Rental Revenues R$3,464.2 million Fleet 307,336 cars Source: ABLA, Companies’ Financial Statements and estimates Locamerica 10.3% Unidas 9.1% Ouro Verde  4.9% 18.4% Others 57.2% 11.3% Unidas 7.1% Locamerica 10.3% JSL 10.0% Ouro Verde 6.0% ALD 4.8% Others 50.5%
  • 28. 28 1. Company overview 2. Main business divisions  Car Rental  Fleet Rental  Seminovos 3. Financials Appendix: Earnings release 4Q14 Agenda
  • 29. 29 Efficiency gain on car sales # of points of sale Car sales – operating data 55 66 73 74 75 2010 2011 2012 2013 2014 47,285 50,772 56,664 62,641 70,621 2010 2011 2012 2013 2014 # Number of cars sold (quantity)
  • 30. 30 Source: O Estado de São Paulo newspaper, as of 08/16/13 (based on researches of Sindipeças) and Globo website, as of 03/10/2014. Used car sales drivers: affordability and penetration # of inhabitants per car 2012 – (Brazil 2013) # of inhabitants per car - Brazil 4.4 4.2 4.0 3.6 2.1 2.0 1.9 1.8 1.2 Brazil Argentina Russia South Korea Japan France Germany United Kingdon USA 5.9 5.5 5.2 4.4 2010 2011 2012 2013 Affordability to buy cars – Public Price of the most basic Gol 300  350  380  415  465  510  545  622  678  724  84  71  69  61  55  51  49  43  43  43   ‐  10  20  30  40  50  60  70  80  90  ‐  100  200  300  400  500  600  700  800  900 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Minimum wage (R$) Minimum wages to buy a new car
  • 31. 8.4 8.9 9.0 9.4 10.1 3.3 3.5 3.6 3.6 3.3 31 2.5x 2.5x 2010 2011 2012 2013 2014 2.6x Brazilian car market: new x used car market and affordability New cars Used cars Source: FENABRAVE (light and commercial cars) 2.6x Total market of 13.4 million cars. 3.1x
  • 32. 32 2013 Up to 2 years 409,121 2014 Brand new 3,328,716 2014 Used cars 10,051,296 0.7% 1.8% 13.9% Car sales – operating data Source: Anfavea and Fenabrave Examples • Retailers • “Loja do carro” • Dealers • Fiat, VW, Ford, GM most successful • Auto Brasil • Rental operators • Locamerica, Hertz • “Auto malls” and “Cidade do automóvel” Points of sale • 45,600 (Fenauto) • 3,714 (Anfavea) • 25 (Unidas, Locamerica, Avis and Hertz website). • 71 (Fenauto) Main players
  • 33. 33 1. Company overview 2. Main business divisions  Car Rental  Fleet Rental  Seminovos 3. Financials Appendix: Earnings release 4Q14 Agenda
  • 34. 802.2 980.7 1,093.7 1,163.5 1,284.4 310.4 331.2 2010 2011 2012 2013 2014 4Q13 4Q14 34 Net Revenues (R$ million) # Daily Rentals (thousands) Car Rental Division The net revenues increased 10.4% in 2014 10,734 12,794 13,749 14,242 15,416 3,714 3,898 2010 2011 2012 2013 2014 4Q13 4Q14
  • 35. 234 247 272 286 304 181 202 202 193 172 61 47 50 63 64 2010 2011 2012 2013 2014 Car Rental network evolution 18 new owned rental locations were added to the network in 2014. # of car rental locations (Brazil and abroad) Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad 476 496 524 542 540 +18
  • 36. 36 Utilization rate evolution – Car Rental Division Higher utilization rate reduced the invested capital in fleet. 69.1% 68.9% 70.8% 66.8% 69.9% 2010 2011 2012 2013 2014
  • 37. 361.1 455.0 535.7 575.9 571.9 142.9 146.7 2010 2011 2012 2013 2014 4Q13 4Q14 8,044 9,603 10,601 10,844 10,363 2,669 2,644 2010 2011 2012 2013 2014 4Q13 4Q14 37 Net Revenues (R$ million) # Daily Rentals (thousands) Fleet Rental Division The contracted revenue increased 25% in 2014 and reached R$808.3 million.
  • 38. 1,910.4 1,776.5 1,618.8 2,026.2 2,483.2 553.8 877.4 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 505.6 553.0 2010 2011 2012 2013 2014 4Q13 4Q14 Purchases (includes accessories) Used car sales net revenues Cars purchased Cars sold 38 Net investment Fleet Expansion* (quantity) Around 7,600 cars were acquired in advance in 4Q14 due the IPI tax reinstatement in 2015. Net Investment in Fleet (R$ million) 65,934 59,950 58,655 69,744 79,804 18,588 27,066 47,285 50,772 56,644 62,641 70,621 17,999 18,468 2010 2011 2012 2013 2014 4Q13 4Q14 9,178 2,011 7,10318,649 589 308.4 98.8 588.5 278.9 * It does not include theft / crashed cars. 48.2 8,598 324.4 9,183 465.0
  • 39. 39 End of period fleet Quantity In the Car Rental division, around 7,600 cars were acquired in advance in 4Q14, due the IPI tax reinstatement in 2015. By the end of 2014, 1,942 cars in the Fleet Rental division were being prepared to be delivered to the clients. 61,445 64,688 65,086 70,717 77,573 26,615 31,629 32,104 32,809 34,31210.652 12,958 14,545 14,233 13,339 2010 2011 2012 2013 2014 98,712 109,275 111,735 117,759 125,224 Car Rental Fleet Rental Franchising
  • 40. 1,175.3 1,450.0 1,646.7 1,758.9 1,874.0 458.3 482.2 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 505.6 553.0 2010 2011 2012 2013 2014 4Q13 4Q14 Consolidated net revenues R$ million 11.0% increase of consolidated net revenues in 2014. Rental Used car sales 2,918.1 3,506.2 3,892.2 2,497.2 3,166.7 963.9 1,035.2
  • 41. 41 Consolidated EBITDA R$ million EBITDA grew 5.8% in the 2014. 649.5 821.3 875.6 916.5 969.8 236.0 237.6 2010 2011 2012 2013 2014 4Q13 4Q14 (*)From 2012 on, accessories and freight of new cars have been accounted directly in the cost line, impacting EBITDA but reducing depreciation costs. Divisions 2010* 2011* 2012 2013 2014 4Q13 4Q14 Car Rental 45.3% 46.9% 40.9% 36.8% 38.7% 37.3% 37.1% Fleet Rental 68.0% 68.6% 66.4% 65.5% 60.0% 64.7% 55.5% Rental Consolidated 52.3% 53.8% 49.3% 46.5% 45.3% 46.0% 42.6% Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 4.9% 5.8%
  • 42. **IPI Effect 3,509.7 4,133.0 4,311.3 4,592.3 4,202.1 4,626.01,096.9** 2010 2011 2012 2013 2014 4Q14 1,536.0 1,683.9 1,895.8 1,452.4 1,270.0 1,136.5 2,076.6** 2010 2011 2012 2013 2014 4Q14 42 Average depreciation per car in R$ 3,972.4 5,408.2 Car Rental Fleet Rental *Annualized * * *Annualized
  • 43. 250.5 291.6 240.9 384.3 410.6 90.0 102.2 2010 2011 2012 2013 2014 4Q13 4Q14 43 Consolidated net income R$ million * Pro forma 2012 net income excluding additional depreciation related to the IPI tax reduction, net of income tax. 336.3 * Net income increased 6.8% in 2014.
  • 44. 44 Free cash flow - FCF (*) Without the technical discount up to 2010 Free cash flow - R$ million 2010 2011 2012 2013 2014 Operations EBITDA 649.5 821.3 875.6 916.5 969.8 Used car sale revenue, net from taxes (1,321.9) (1,468.1) (1,520.0) (1,747.3) (2,018.2) Depreciated cost of cars sold (*) 1,203.2 1,328.6 1,360.2 1,543.8 1,777.0 (-) Income tax and social contribution (57.8) (83.0) (100.9) (108.5) (113.1) Change in working capital 54.5 (83.9) 37.1 2.9 (27.3) Cash provided by rental operations 527.5 514.9 652.0 607.4 588.2 Capex- Renewals Used car sale revenue, net from taxes 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 Fleet renewal investment (1,370.1) (1,504.5) (1,563.3) (1,819.7) (2,197.7) Net investment for fleet renewal (48.2) (36.4) (43.3) (72.4) (179.5) Fleet renewal – quantity 47,285 50,772 56,644 62,641 70,621 Investment, other property and intangibles investments (50.6) (59.9) (77.8) (47.5) (46.0) Free cash flow before growth, new HQ and interest 428.7 418.6 530.9 487.5 362.7 Capex- Growth Fleet growth investment (540.3) (272.0) (55.5) (209.4) (286.9) Change in accounts payable to car suppliers 111.3 32.7 (116.9) 89.7 334.4 Fleet growth (429.0) (239.3) (172.4) (119.7) 47.5 Fleet increase / (reduction) – quantity 18,649 9,178 2,011 7,103 9,183 Free cash flow after growth, and before interest and before new headquarters (0.3) 179.3 358.5 367.8 410.2 Capex– HQ Investment in the construction of the new headquarters (0.5) (3.1) (2.4) (6.5) (55.7) Marketable securities – new headquarters - - - - (92.6) New headquarters construction (0.5) (3.1) (2.4) (6.5) (148.3) Free cash flow before interest (0.8) 176.2 356.1 361.3 261.9
  • 45. 45 The strong cash generation allowed net debt to remain stable, even after investments in the new headquarters. (*) Before new headquarters capex Changes in net debt R$ million
  • 46. 1,281.1 1,363.4 1,231.2 1,332.8 1,322.3 2,446.7 2,681.7 2,547.6 2,797.9 3,296.3 2010 2011 2012 2013 2014 46 Debt - ratios Net debt vs. Fleet value BALANCE AT THE END OF PERIOD 2010(*) 2011 2012 2013 2014 Net debt / Fleet value 52% 51% 48% 48% 40% Net debt / EBITDA 2.0x 1.7x 1.4x 1.5x 1.4x Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8x EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.4x (*) 2010 ratios based on USGAAP financial statements Net debt Fleet value Comfortable debt ratios.
  • 47. - 248.6 555.9 511.7 221.0 544.5 445.0 147.5 2014 2015 2016 2017 2018 2019 2020 2021 47 Debt maturity profile (principal) R$ million Total cash of R$1,482.8 million if we consider the R$92.6 million in marketable securities investment for the new headquarters. Cash 1,390.2 1,316.2 As of December 31, 2014
  • 48. 48 Localiza Level I ADR Ticker Symbol: LZRFY CUSIP: 53956W300 ISIN: US53956W3007 Ratio: 1 Common Share : 1 ADR Exchange: OTC Depositary bank: Deutsche Bank Trust Company Americas ADR broker helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London) E-mail: adr@db.com ADR website: www.adr.db.com Depositary bank’s local custodian: Banco Bradesco S/A, Brazil
  • 49. 49 Disclaimer Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024 Roberto Mendes CFO and IR Nora Lanari Head of IR Eugênio Mattar CEO The 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 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 projections 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. 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. This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.