The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
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Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can i use my minded pi coins I need some funds.DOT TECH
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If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. đ I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
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The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new productâit signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
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Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
⢠The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
⢠The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
⢠The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
⢠Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and assetâs value is determined by companyâs performance. There are two major types of equity securities: common stock and preferred stock.
ď Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the companyâs board of director or the business decisions to be made.
ď Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for companyâs growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
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Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Â
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
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Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the worldâs largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
what is the future of Pi Network currency.DOT TECH
Â
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. 1. Company overview
2. Main business divisions
ď Car Rental
ď Fleet Rental
ď Seminovos
3. Financials
Appendix: Earnings release 1Q15
Agenda
2
3. Company: milestones
Phase I â Rise to #1
1973 â Founded in Belo
Horizonte/MG
Late 70âs - Acquisitions in the
Northeast of Brazil
1981 â Brazilian car rental leader in
# of branches
Phase II â Expansion
1984 â Expansion strategy by
adjacencies: Franchising
1991 â Expansion strategy by
adjacencies: Seminovos
1997 â Expansion strategy by
adjacencies: Fleet Rental
1997 â PE firm DL&J enters at a
market cap of US$ 150 mm
Phase III â Reaching Scale
2005 â IPO: market cap of US$ 295
mm
2011 â Rated as investment grade by
Moodyâs, Fitch and S&P in 2012
2012 â ADR level I
12/31/2014 â Market cap of about
US$3.0 bi with ADTV of US$14.0
million
1973 1982 1983 2004 2005 2014
3
4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
ď 13,272 cars
ď 172 locations in Brazil
ď 68 locations in South America
ď 38 employees
ď 60.4% sold to final consumer
ď 76 stores
ď 1.009 employees
ď 71,343 cars
ď 4.5 million clients
ď 309 locations
ď 4,401 employees
ď 33,500 cars
ď 799 clients
ď 390 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 1Q15 4
Car Rental Fleet Rental
SeminovosFranchising
5. 5
2014 Consolidated breakdown
R$ million
Companyâs 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
ďź High fixed cost
ďź Standard fleet
ďź 1 year cycle
ďź High entry barriers
ďź Gains of scale
ďź Intensive capital
ďź Consolidated in airport
market
ďź Fragmented off airport
market
ďź Support area
ďź Reduces depreciation
ďź Know How of used cars
market
ďź Low dependence on
intermediates
ďź Supplementary
business
ďź Important for
distribution
ďź High profitability
ďź 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 Localizaâs network.
Fleet Rental
Outsources fleet for 2-3
years term contracts.
Used Car Sales
Sells the used cars mainly
to final consumers after
the rental and estimates
the residual values.
ďź Low fixed cost
ďź Customized fleet
ďź 3 years cycle
ďź Low entry barriers
ďź Intensive capital
7. 7
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
8. 8
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 31 32 33 34 35 36Expenses, 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
9. Raising
money Buying
cars
Renting Cars Selling
Cars
Cash to renew the fleet or pay debt
$
Profitability comes from rental divisions
Competitive advantages
$
9
42 years of experience in managing assets and generating value.
10. Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with better conditions when compared to competitors.
As of May, 2015.
BBB Fitch
Baa3 Moodyâs
BBB- S&P
Baa1 Moody´s
BBB+ S&P
B1 Moody´s
B+ S&P
Ba3 Moody´s
BB- S&P
BB- Fitch
brAAA S&P
Aa1.br Moodyâs
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
10
Investment grade: lower spreads and longer tenors
Source:Â Bloomberg and companies website
11. 11
Competitive advantages: buying cars
Localiza buys cars with better conditions due to the volume of purchases.
Number of cars purchased - 2014
* Includes Franchising
86,426
22,920 17,246 14,177
Localiza Unidas Movida Locamerica
*
Source: each company website and ANFAVEA
Localizaâs share in the internal sales of the
major OEMs - 2014
3.6%
Raising
money
Buying
cars
Renting Cars
Selling
Cars
12. 108
157
82
82
12
The Company is present in 243 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know HowBrand Brazilian distribution 2014
#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
13. 13
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
14. 7.3%
8.6%
6.3% 6.0%
8.0% 8.7%
16.9% 17.1% 16.1% 16.5% 17.5% 16.8%
2010 2011 2012 2013 2014 1Q15*
14
ROIC versus cost of debt after taxes
9.6p.p. 8.5p.p. 9.5p.p.
9.8p.p.
ROIC and spread remained at a healthy level.
ROIC Cost of debt after taxes
10.5p.p.
8.1p.p.
*Annualized
15. Localiza Unidas Locamerica Ouro Verde JSL
Localiza Unidas Locamerica Ouro Verde JSL
Localiza vs. players
Profitability
Source: Companiesâ Financial Statements.
* Includes 19,208 cars from Movida - RAC
15
ROIC 2014
ROE 2014
Frota 125,224 40,296 30,291 25,326 49,429*
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%
9.1% 8.5% 7.6%
30.6%
8.2%7.1%
10.9%
7.1%
17. 17
1. Company overview
2. Main business divisions
ď Car Rental
ď Fleet Rental
ď Seminovos
3. Financials
Appendix: Earnings release 1Q15
Agenda
18. 18
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 71,343
2012 2013 2014 1Q15
Car rental distribution (Brazil)
474 479 476 481
2012 2013 2014 1Q15
Fleet reduction after the end of summer holidays.
19. 19
Drivers
Source: BCB and Localiza rates
151
180 200
240
260 300
350
380
415
465
510
545
622
678
724
51%
38%
37% 35%
31%
27%
22% 20% 18% 16% 15% 15% 13% 13% 12%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
Car rental affordability
Source: IPEADATA and Localizaâs loyalty program.
4 million
84 million
Adult population
(age > 20 years)
Class A+B+C
15 million
Adult population
(age > 20 years)
Class A+B
Increasing affordability and low penetration in leisure trips brings growth opportunities.
20. 20
Drivers
# domestic air traffic passengers
In million
Investments per industry
(In billions of Reais)
Source: Exame Magazine, December 2014.
70
82
89 90 96
122
2010 2011 2012 2013 2014 2017E
Source: ANAC
2017 estimates: BOEING
The strong pipeline of investments tend to benefit
the corporate segment.
Air traffic growth supporting demand at the airports.
21. 21Source: RAIS 2012 and each companyâs 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. 22
Market Share â Car Rental 2014
Fleet
332,485 cars
Source: ABLA and Companiesâ Financial Statements and estimates.
23.3%
2.4%
6.9%
5.8%
2.1%
61.6%
Localizaâs market share is about 2x higher than the 2nd and 3rd players together.
Movida
Unidas
Franchising
25.7%
Others
Avis
23. 23
1. Company overview
2. Main business divisions
ď Car Rental
ď Fleet Rental
ď Seminovos
3. Financials
Appendix: Earnings release 1Q15
Agenda
24. 24
Number of clients
Fleet Rental overview
35.0%
Compact cars
2014 Fleet composition
34,312 cars
65.0%
Others
729
760 798 799
2012 2013 2014 1Q15
End of period fleet
32,104 32,809 34,312 33,500
2012 2013 2014 1Q15
25. 25
Source: ABLA, Datamonitor and Localiza
Low penetration of rented fleet in Brazil.
Rented fleet penetration
Corporate fleet:
4,000,000*
Rented fleet:
440,737
34,312
Brazilian Market World
8.1% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Drivers
*Localiza estimates
27. 27
1. Company overview
2. Main business divisions
ď Car Rental
ď Fleet Rental
ď Seminovos
3. Financials
Appendix: Earnings release 1Q15
Agenda
28. 28
Efficiency gain on car sales
# of points of sale
Car sales â operating data
55
66
73 74 75
76
2010 2011 2012 2013 2014 1Q15
47,285 50,772
56,664
62,641
70,621
17,449
2010 2011 2012 2013 2014 1Q15
# Number of cars sold (quantity)
29. 29
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 â (Brazil 2014)
4.2
4.0
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Argentina
Brazil
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
Affordability to buy cars â Public Price of
the most basic Gol
300Â 350Â 380Â
415Â 465Â 510Â
545Â
622Â 678Â 724Â
84Â
71Â 69Â
61Â
55Â
51Â
49Â
43Â 43Â 43Â
 â
 10
 20
 30
 40
 50
 60
 70
 80
 90
 â
 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
30. 8.4 8.9 9.0 9.4
10.1
3.3 3.5 3.6 3.6 3.3
30
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
31. 31
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 â operating data
Source: Anfavea and Fenabrave
Examples
⢠Retailers
⢠âLoja do carroâ
⢠Dealers
⢠Fiat, VW, Ford,
GM most
successful
⢠Auto Brasil
⢠Rental operators
⢠Locamerica, Hertz
⢠âAuto mallsâ and
âCidade do
automĂłvelâ
Points of sale ⢠45,600 (Fenauto) ⢠3,714 (Anfavea)
⢠+57 (Unidas, Movida,
Locamerica and
others).
⢠71 (Fenauto)
Main players
32. 32
1. Company overview
2. Main business divisions
ď Car Rental
ď Fleet Rental
ď Seminovos
3. Financials
Appendix: Earnings release 1Q15
Agenda
33. 802.2
980.7
1,093.7 1,163.5 1,284.4
311.3 310.1
2010 2011 2012 2013 2014 1Q14 1Q15
33
Net Revenues (R$ million)
# Daily Rentals (thousands)
Car Rental Division
The low levels of economic activity and consumer sentiment impacted the Car Rental volume.
10,734
12,794 13,749 14,242 15,416
3,773 3,812
2010 2011 2012 2013 2014 1Q14 1Q15
34. 234 247 272 286 304 309
181 202 202 193 172 172
61 47 50 63 64 68
2010 2011 2012 2013 2014 1Q15
Car Rental network evolution
5 new owned rental locations were added to the network in 1Q15.
# of car rental locations (Brazil and abroad)
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad
476 496 524 542 540
+5
549
+4
35. 35
Utilization rate evolution â Car Rental Division
The lower utilization rate results from the anticipation of purchases in 4Q14
due to reinstatement of the IPI tax and a lower than expected demand.
69.1%
68.9%
70.8%
66.8%
69.9%
66.3%
2010 2011 2012 2013 2014 1Q15
36. 361.1
455.0
535.7 575.9 571.9
143.2 148.9
2010 2011 2012 2013 2014 1Q14 1Q15
8,044
9,603
10,601 10,844 10,363
2,623 2,746
2010 2011 2012 2013 2014 1Q14 1Q15
36
Net Revenues (R$ million)
# Daily Rentals (thousands)
Fleet Rental Division
The exploitation of market opportunities contributed to growth resumption in the Fleet Rental.
37. 1,910.4
1,776.5 1,618.8
2,026.2
2,483.2
317.1 349.0
1,321.9 1,468.1 1,520.0
1,747.3
2,018.2
485.8 543.9
2010 2011 2012 2013 2014 1Q14 1Q15
Purchases (includes accessories) Used car sales net revenues
Cars purchased Cars sold
37
Net investment
Fleet Expansion* (quantity)
The 12.0% net revenue growth was due to an increase in the average price of cars sold
which reflected the increase in the new car prices.
Net Investment in Fleet (R$ million)
65,934 59,950 58,655
69,744
79,804
10,880 10,640
47,285
50,772 56,644
62,641
70,621
17,449 17,449
2010 2011 2012 2013 2014 1Q14 1Q15
9,178 2,011
7,10318,649
(6.569)
308.4
98.8
588.5 278.9
* It does not include theft / crashed cars.
(168.7)
(6.809)
(194.9)
9,183
465.0
38. 38
End of period fleet
Quantity
After the end of summer vacations, the corporate fleet of the Car Rental Division
was reduced by 6,230 cars.
61,445 64,688 65,086 70,717 77,573
64,642 71,343
26,615 31,629 32,104 32,809
34,312
32,009
33,50010,652
12,958 14,545
14,233
13,339
13,275
13,272
2010 2011 2012 2013 2014 1Q14 1Q15
98,712
109,275 111,735 117,759
125,224
Car Rental Fleet Rental Franchising
109,926
118,115
39. 1,175.3 1,450.0 1,646.7 1,758.9 1,874.0
459.3 463.1
1,321.9
1,468.1 1,520.0 1,747.3
2,018.2
485.8 543.9
2010 2011 2012 2013 2014 1Q14 1Q15
Consolidated net revenues
R$ million
Net revenues grew 6.5% in 1Q15 when compared with 1Q14.
Rental Used car sales
2,918.1
3,506.2
3,892.2
2,497.2
3,166.7
945.1 1,007.0
40. 40
Consolidated EBITDA
R$ million
Strategic consultancy expenses and an increase in doubtful accountsâ provisions
impacted the EBITDA in 1Q15.
649.5
821.3 875.6 916.5 969.8
249.1 245.0
2010 2011 2012 2013 2014 1Q14 1Q15
(*)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 1Q14 1Q15
Car Rental 45.3% 46.9% 40.9% 36.8% 38.7% 40.2% 34.4%
Fleet Rental 68.0% 68.6% 66.4% 65.5% 60.0% 62.0% 59.3%
Rental Consolidated 52.3% 53.8% 49.3% 46.5% 45.3% 47.2% 42.5%
Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 6.6% 8.8%
41. 166.7 207.7 197.9 259.8 253.4
63.1 64.5
315.4
388.0
267.9
392.3 473.3
121.8 121.8
2010 2011 2012 2013 2014 1T14 1T15
Fleet Rental Car Rental
41
Consolidated EBIT
R$ million
Divisions 2010 2011 2012* 2013 2014 1T14 1T15
Car Rental 38.5% 38.8% 23.7% 32.8% 36.2% 38.2% 38.7%
Fleet Rental 46.2% 45.6% 36.9% 45.1% 44.3% 44.1% 43.3%
Consolidated 41.0% 41.1% 28.3% 37.1% 38.8% 40.3% 40.2%
482.1
595.7 610.3 652.1
726.7
184.9 186.3
144.5
* 2012 EBIT was affect ed by the additional depreciation of R$144.5 million, related to IPI reduction.
Lower depreciation offsetting lower EBITDA margin. Stable EBIT margin compared with last year.
EBIT margin calculated over rental revenues
(seminovos results recorded in the Car Rental and Fleet Rental Divisions):
*
42. **IPI Effect
3,509.7
4,133.0
4,311.3
4,592.3
4,202.1 4,642.01,096.9**
2010 2011 2012 2013 2014 1Q15*
1,536.0 1,683.9
1,895.8
1,452.4 1,270.0
778.4
2,076.6**
2010 2011 2012 2013 2014 1Q15*
42
Average depreciation per car
in R$
3,972.4
5,408.2
Car Rental
Fleet Rental
*Annualized
*Annualized
The reflex of the increase in new car prices on the prices of the used cars
contributed to a lower depreciation in the Car Rental Division.
43. 250.5
291.6
240.9
384.3 410.6
105.8 100.3
2010 2011 2012 2013 2014 1Q14 1Q15
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 *
Increase in financial expenses negatively impacted the net income by roughly R$10.0 million.
44. 44
Free cash flow - FCF (*) Without the technical discount up to 2010
Free cash flow - R$ million 2010 2011 2012 2013 2014 1Q15
Operations
EBITDA 649.5 821.3 875.6 916.5 969.8 245.0
Used car sale revenue, net from taxes (1,321.9) (1,468.1) (1,520.0) (1,747.3) (2,018.2) (543.9)
Depreciated cost of cars sold (*) 1,203.2 1,328.6 1,360.2 1,543.8 1,777.0 463.1
(-) Income tax and social contribution (57.8) (83.0) (100.9) (108.5) (113.1) (29.9)
Change in working capital 54.5 (83.9) 37.1 2.9 (27.1) (29.9)
Cash provided by rental operations 527.5 514.9 652.0 607.4 588.4 104.4
Capex-
Renewals
Used car sale revenue, net from taxes 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 331.7
Fleet renewal investment (1,370.1) (1,504.5) (1,563.3) (1,819.7) (2,197.7) (349.0)
Net investment for fleet renewal (48.2) (36.4) (43.3) (72.4) (179.5) (17.3)
Fleet renewal â quantity 47,285 50,772 56,644 62,641 70,621 10,640
Investment, other property and intangibles investments (50.6) (59.9) (77.8) (47.5) (46.3) (6.1)
Free cash flow before growth, new headquarters (HQ) and interest 428.7 418.6 530.9 487.5 362.6 81.0
Capex-Growth
Fleet growth investment (540.3) (272.0) (55.5) (209.4) (286.8) -
Cash generated by fleet reduction - - - - - 212.2
Change in accounts payable to car suppliers 111.3 32.7 (116.9) 89.7 334.4 (266.3)
Fleet growth (429.0) (239.3) (172.4) (119.7) 47.6 (54.1)
Fleet increase / (reduction) â quantity 18,649 9,178 2,011 7,103 9,183 (6,809)
Free cash flow after growth, and before interest and new HQ (0.3) 179.3 358.5 367.8 410.2 26.9
Capexâ
HQ
Investment in the construction of the new HQ (0.5) (3.1) (2.4) (6.5) (55.7) (24.6)
Marketable securities â new HQ - - - - (92.6) -
New headquarters construction (0.5) (3.1) (2.4) (6.5) (148.3) (24.6)
Free cash flow before interest (0.8) 176.2 356.1 361.3 261.9 2.3
45. 45
- 1,385.0
(48.0)
Financial
Expenses
Net debt
03/31/2015
FCF Before
new
headquarters
capex
26.9
-1,322.3
Net debt
12/31/2014
(17.0)
Dividends(24.6)
New
headquarters
Changes in net debt
R$ million
The balance payable to automakers was reduced by R$266.3 million, due to the fleet reduction
after summer vacation peak of demand, impacting free cash flow in 1Q15.
46. 1,281.1 1,363.4 1,231.2 1,332.8 1,322.3 1,385.0
2,446.7
2,681.7
2,547.6
2,797.9
3,296.3 3,129.0
2010 2011 2012 2013 2014 1Q15
46
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2010(*) 2011 2012 2013 2014 1Q15
Net debt / Fleet value 52% 51% 48% 48% 40% 44%
Net debt / EBITDA** 2.0x 1.7x 1.4x 1.5x 1.4x 1.4x
Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8x 0.8x
EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.4x 5.1x
(*) 2010 ratios based on USGAAP financial statements
**Annualized
Net debt Fleet value
Comfortable debt ratios.
47. 227.9
600.7 518.3
221.0
544.5 445.0
147.5
2015 2016 2017 2018 2019 2020 2021
47
Debt maturity profile (principal)
R$ million
The new issuance and prepayment in 2Q15, aim at increasing the Companyâs debt duration.
Cash
1,373.2
1,346.9
As of March 31, 2015
After the initiatives to improve debt maturity profile
203.9 302.7
397.3
221.0
594.5 595.0
447.5
1,429.2
2015 2016 2017 2018 2019 2020 2021
Cash
903.9
48. 48
Localiza Level I ADR
ďTicker Symbol: LZRFY
ďCUSIP: 53956W300
ďISIN: US53956W3007
ďRatio: 1 Common Share : 1 ADR
ďExchange: OTC
ďDepositary bank: Deutsche Bank Trust Company Americas
ďADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
ďE-mail: adr@db.com
ďADR website: www.adr.db.com
ďDepositary bankâs 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
EugĂŞnio 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 LOCALIZAâs 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.
Maria Carolina Costa
IR Manager
Mariana Campolina
IR Manager