This document summarizes the business of Localiza, an integrated vehicle rental company in Brazil. It outlines Localiza's competitive advantages including its large scale, network of locations, and synergies across business units. The document also reviews Localiza's financial performance, showing consistent growth and profitability above industry levels. It identifies opportunities for further expansion through organic growth and industry consolidation. Brazil's improving macroeconomic conditions and trends of increasing consumption and investment are expected to drive continued growth in the vehicle rental market.
This document provides an overview of a company's integrated business platform, financial performance, growth track record, management structure, and strategy. Key points include:
1) The company operates in the car rental and sales industry with over 4,000 employees across hundreds of locations in Brazil and South America.
2) Financially, the car rental division generates higher margins than the used car sales division on an annual cycle, while fleet rental generates higher margins than used car sales on a two-year cycle.
3) Over the past decade the company has achieved strong and consistent revenue and profitability growth through expanding its operations, pricing strategy, and managing its assets efficiently.
The document discusses the drivers and growth opportunities for Localiza's car and fleet rental business. Strong investments in infrastructure, rising incomes, and increasing consumption are fueling demand for rental vehicles. Localiza is well positioned to capitalize on these trends through organic expansion of its network and pursuit of consolidation opportunities in the fragmented off-airport market.
The document discusses the company as an integrated business platform in the car rental industry in Brazil, highlighting its growth opportunities from investments in sectors driving demand, rising incomes increasing affordability, and an outsourcing trend providing opportunities in fleet rental. The company has leveraged these drivers through organic expansion of its network and pursuit of market share gains in a still consolidating industry.
This document provides an overview of an integrated business platform company. It discusses the company's car rental and fleet rental divisions, used car sales business, competitive advantages, and financial performance. The company has experienced strong growth in revenues and profitability in recent years due to organic expansion, industry consolidation opportunities, and positive macroeconomic drivers in Brazil such as rising incomes, infrastructure investments, and increased consumer spending. The company is well positioned for continued growth through further network expansion and increasing penetration in the underserved used car and fleet rental markets.
This document provides an overview of a company's integrated business platform for car rentals and sales. It summarizes the company's operations, competitive advantages, financial performance, and growth track record. Key details include the company operating over 200 rental locations in Brazil and South America, with over 4,000 employees. The financial section shows the one-year and two-year rental cycles and margins achieved from rental and used car sales. The company aims to profit from managing its fleet of rental cars as assets. Finally, the summary highlights the company's stable management team and consistent revenue growth averaging 15.9% annually over the past decade.
This document discusses Localiza Rent a Car S.A.'s integrated business platform and growth opportunities. It has a fleet of over 61,000 cars across 234 locations in Brazil and South America. The company has opportunities to grow through consolidating the fragmented vehicle rental market, outsourcing from corporate fleets, and investing in Brazil's large planned infrastructure investments between 2011-2014. Localiza's integrated platform provides flexibility, scale, and synergies across its rental, sales, and fleet management operations.
This document discusses an integrated business platform company that operates in the car rental and used car sales industries in Brazil. It provides an overview of the company's operations, competitive advantages, and financial performance. Some key points:
- The company has over 4,000 employees and operates across Brazil and South America with over 250 locations.
- It benefits from synergies across its rental and used car sales divisions, with flexible and liquid assets that allow it to manage costs and profitability.
- Financial results show strong and consistent growth over time, with higher profitability than competitors and returns above the company's cost of debt.
- The company has consistently gained market share through organic expansion of locations across Brazil.
Localiza Rent a Car S.A. provides an integrated business platform across Brazil and South America with over 63,500 vehicles, 28,654 clients, and 3,641 employees. The company has opportunities for growth through infrastructure investments, economic expansion increasing the middle class and consumption, and consolidation of the fragmented rental car market. Localiza maintains competitive advantages through its experience, brand recognition, financing capabilities, nationwide network of locations, and efficient used car sales model.
This document provides an overview of a company's integrated business platform, financial performance, growth track record, management structure, and strategy. Key points include:
1) The company operates in the car rental and sales industry with over 4,000 employees across hundreds of locations in Brazil and South America.
2) Financially, the car rental division generates higher margins than the used car sales division on an annual cycle, while fleet rental generates higher margins than used car sales on a two-year cycle.
3) Over the past decade the company has achieved strong and consistent revenue and profitability growth through expanding its operations, pricing strategy, and managing its assets efficiently.
The document discusses the drivers and growth opportunities for Localiza's car and fleet rental business. Strong investments in infrastructure, rising incomes, and increasing consumption are fueling demand for rental vehicles. Localiza is well positioned to capitalize on these trends through organic expansion of its network and pursuit of consolidation opportunities in the fragmented off-airport market.
The document discusses the company as an integrated business platform in the car rental industry in Brazil, highlighting its growth opportunities from investments in sectors driving demand, rising incomes increasing affordability, and an outsourcing trend providing opportunities in fleet rental. The company has leveraged these drivers through organic expansion of its network and pursuit of market share gains in a still consolidating industry.
This document provides an overview of an integrated business platform company. It discusses the company's car rental and fleet rental divisions, used car sales business, competitive advantages, and financial performance. The company has experienced strong growth in revenues and profitability in recent years due to organic expansion, industry consolidation opportunities, and positive macroeconomic drivers in Brazil such as rising incomes, infrastructure investments, and increased consumer spending. The company is well positioned for continued growth through further network expansion and increasing penetration in the underserved used car and fleet rental markets.
This document provides an overview of a company's integrated business platform for car rentals and sales. It summarizes the company's operations, competitive advantages, financial performance, and growth track record. Key details include the company operating over 200 rental locations in Brazil and South America, with over 4,000 employees. The financial section shows the one-year and two-year rental cycles and margins achieved from rental and used car sales. The company aims to profit from managing its fleet of rental cars as assets. Finally, the summary highlights the company's stable management team and consistent revenue growth averaging 15.9% annually over the past decade.
This document discusses Localiza Rent a Car S.A.'s integrated business platform and growth opportunities. It has a fleet of over 61,000 cars across 234 locations in Brazil and South America. The company has opportunities to grow through consolidating the fragmented vehicle rental market, outsourcing from corporate fleets, and investing in Brazil's large planned infrastructure investments between 2011-2014. Localiza's integrated platform provides flexibility, scale, and synergies across its rental, sales, and fleet management operations.
This document discusses an integrated business platform company that operates in the car rental and used car sales industries in Brazil. It provides an overview of the company's operations, competitive advantages, and financial performance. Some key points:
- The company has over 4,000 employees and operates across Brazil and South America with over 250 locations.
- It benefits from synergies across its rental and used car sales divisions, with flexible and liquid assets that allow it to manage costs and profitability.
- Financial results show strong and consistent growth over time, with higher profitability than competitors and returns above the company's cost of debt.
- The company has consistently gained market share through organic expansion of locations across Brazil.
Localiza Rent a Car S.A. provides an integrated business platform across Brazil and South America with over 63,500 vehicles, 28,654 clients, and 3,641 employees. The company has opportunities for growth through infrastructure investments, economic expansion increasing the middle class and consumption, and consolidation of the fragmented rental car market. Localiza maintains competitive advantages through its experience, brand recognition, financing capabilities, nationwide network of locations, and efficient used car sales model.
This document provides an overview of a company's integrated business platform for car rentals and sales. It discusses the company's competitive advantages including its large fleet size, widespread locations, and ability to leverage synergies across business units. Financial details are presented showing strong profitability and returns from both the car rental and sales divisions. The company has demonstrated consistent growth and profitability over time through a focus on managing assets and pricing strategy, as well as a stable and experienced management team.
This document provides an overview of Localiza, an integrated business platform in Brazil. It discusses Localiza's competitive advantages including its scale, synergies across business lines, and flexible asset base. The document also reviews Localiza's financial performance, growth drivers in the Brazilian market such as rising incomes and infrastructure investments, and opportunities for further expansion organically and through consolidation. Localiza has demonstrated strong profitability and growth above industry levels due to leveraging competitive advantages within a favorable macroeconomic environment in Brazil.
1. The document provides an overview of Localiza, an integrated car rental and used car sales company in Brazil.
2. It discusses Localiza's financial performance, growth opportunities in the Brazilian market, and competitive advantages such as its integrated business platform and efficient financial cycle.
3. Key drivers of growth for Localiza's business include increasing GDP per capita and consumer spending in Brazil, investments in infrastructure, and trends toward outsourcing fleet management.
v2_ApresentaçãO Localiza Ndr E ConferêNcias EngLocaliza
Localiza Rent a Car S.A. reported its financial results for the fourth quarter and full year of 2009. Despite challenging economic conditions, Localiza's integrated business model proved effective in maintaining performance. For the full year 2009, net revenue was relatively flat while EBITDA declined 6.8% and net income fell 11.1 million reais. However, in the fourth quarter revenues increased 30.4%, EBITDA rose 2.5%, and net income turned positive to 38.4 million reais compared to a loss in the prior year period. Localiza's car rental division saw increases in both revenues and daily rentals in the fourth quarter, signaling a resumption of growth.
v3_Apresentação Localiza N D R E Conferências EngLocaliza
Localiza's integrated business platform proved effective during the economic crisis, giving it flexibility and superior performance. The document outlines Localiza's business model, which includes car rental and used car sales divisions in Brazil and other South American countries. It also discusses Localiza's financial cycle for car rentals and fleet rentals, showing revenues, expenses, profits, and returns on assets. Finally, it identifies growth opportunities for Localiza through industry consolidation, air travel growth, fleet outsourcing, credit cards, and higher elasticity of its revenues to GDP growth compared to sector peers.
This document provides financial data and analysis for Leggett & Platt from 1996-2006. It summarizes that Leggett & Platt saw record sales and earnings in 2006, with sales increasing primarily through acquisitions. Earnings also benefited from several unusual items. The company focuses on using cash flows to fund capital expenditures, acquisitions, and dividend payments, maintaining debt at targeted levels. Key factors that impact the company's business are market demand, raw material costs, energy costs, and competition across its five business segments which produce a wide range of components and finished products.
Localiza Rent a Car S.A. presented its 3Q06 results, highlighting significant growth. Key points include:
- 62.8% growth in net income and increases in car rental business volume of 40.5% and fleet rental volume of 23.2%.
- Expansion of integrated business platform to 133 agencies, 14,250 cars, and presence in 8 countries.
- Strategies focus on organic growth, market consolidation, and scale gains to expand business volume and achieve long-term profitable growth.
- Leggett & Platt is an American manufacturing company that saw net sales grow at an average annual rate of 8.4% between 1996 and 2006, reaching $5.5 billion in 2006.
- Gross profit margins increased over the decade from 18.1% to 21.2%, while operating margins grew from 8.1% to 9.1% and net earnings margins increased from 4.7% to 5.7%.
- Return on equity also improved over the period, rising from 10.1% in 2003 to 13.1% in 2006, while earnings per share grew at a compound annual rate of 7.2%.
omnicom group Q4 2005 Investor Presentation finance22
The document summarizes Omnicom Group's financial results for the full year 2005. Some key highlights include:
- Revenue for 2005 increased 7.5% to $10.481 billion compared to 2004, with organic revenue growth of 7.3%.
- Net income for 2005 grew 9.3% to $790.7 million from $723.5 million in 2004.
- Earnings per share increased 11.1% to $3.88 per diluted share in 2005, up from $3.48 per diluted share in 2004.
- Advertising revenue grew the most at 9.1% for the full year, while public relations growth was the slowest at 2.
The document summarizes Nationwide Financial's 2004 annual report. It discusses how in 2004, Nationwide Financial implemented changes to better align its operations with key market segments. This included appointing new leadership and instilling greater financial discipline. As a result, Nationwide Financial's total revenues increased 6% to $4.2 billion and net operating earnings rose 17% to $531 million in 2004. Looking ahead to 2005, Nationwide Financial's top priority will be strengthening its operating model while building platforms to capture growth opportunities by focusing on financial discipline, distribution strategy, and understanding consumer needs.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
omnicom group Q2 2005 Investor Presentationfinance22
- Omnicom Group presented financial results for the second quarter and first half of 2005, with revenue up 8.6% and 8.2% respectively compared to the same periods in 2004.
- Net income saw even stronger growth of 9.6% and 10.1% for the quarter and year to date.
- Revenue growth was driven by a combination of organic growth, foreign exchange impacts, and acquisitions, with organic growth accounting for the majority at 7.0% and 6.4% respectively.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
1 Q09 Earnings Eng Final[20090421134102809]Sang Park
The document provides LG Electronics' earnings release for the first quarter of 2009. It summarizes key financial results including:
- Consolidated sales of KRW 15.89 trillion, up 10.7% year-over-year but down 7.5% quarter-over-quarter. The operating profit margin was 0.12%.
- Sales and profit results for each business sector, including home entertainment, mobile communications, home appliances, and air conditioning. Most sectors saw sales growth year-over-year despite the economic recession.
- Parent company sales of KRW 7.07 trillion, up 2.1% year-over-year, with an operating profit of KRW 437 billion,
The document is the 2002 annual report for FedEx. It highlights that in fiscal year 2002:
- Revenues increased 5% to a record $20.6 billion.
- Net income increased 22% to a record $710 million.
- Diluted earnings per share increased 18% to a record $2.34.
The report discusses how FedEx executed well despite a sluggish economy by containing costs, matching resources to demand, and capitalizing on opportunities through its diversified business units. It expresses confidence that ongoing efforts to improve productivity and focus on customers will help increase performance as the economy recovers.
The document provides instructions on how to convert amounts of money between different world currencies using current exchange rates. It lists several major currencies like the US Dollar, Euro, British Pound, and their exchange rates. Examples are given of how to calculate the equivalent amount for a given currency conversion, such as converting US Dollars to Mexican Pesos or British Pounds to US Dollars.
Warning: These Retirement Statistics are UnsettlingII Journals
Not enough Americans are saving for retirement. Those that are, aren't saving enough. Financial literacy, Social Security strategies and planning for the potential of disability are all falling short.
Author James Thompson will discuss a Thomas Jefferson not familiar to most Jeffersonians. This “savage from the mountains of America” aspired to join the world’s most elegant (and effete) society. He had a lot to learn. He changed as he did.
Chart Book and Financial Market Update (4/21/14)advisorshares
Take a look at this week’s Chart Book from Accuvest Global Advisors with updates on the following:
Global Financial Conditions
Global Equity Markets
Interest Rates and Fixed Income
The Economy
Major Currencies
Commodities
Investor Sentiment
Accuvest Global Advisors is a California based RIA and sub-advisor of the AdvisorShares Accuvest Global Opportunities ETF (ACCU) and the AdvisorShares Accuvest Global Long Short ETF (AGLS).
The document discusses how the internet was useful for gaining feedback on a film project from the target audience through social media sites like Facebook. This helped improve the film. YouTube provided examples of similar films for inspiration. Photoshop and iMovie were used to create promotional materials and edit the film. Practice filming preliminaries helped learn camera skills before shooting the final film. The camcorder captured footage and made it easy to transfer to the computer for editing.
Este documento contiene una colección de fotos familiares que documentan las actividades y vacaciones de una familia compuesta por Nadia, Pablo, Paola y Dino. Las fotos muestran a Dino participando en eventos deportivos y escolares, así como también de vacaciones familiares en Claromeco, donde se aprecian actividades en la playa y en su casa de vacaciones.
This document provides an overview of a company's integrated business platform for car rentals and sales. It discusses the company's competitive advantages including its large fleet size, widespread locations, and ability to leverage synergies across business units. Financial details are presented showing strong profitability and returns from both the car rental and sales divisions. The company has demonstrated consistent growth and profitability over time through a focus on managing assets and pricing strategy, as well as a stable and experienced management team.
This document provides an overview of Localiza, an integrated business platform in Brazil. It discusses Localiza's competitive advantages including its scale, synergies across business lines, and flexible asset base. The document also reviews Localiza's financial performance, growth drivers in the Brazilian market such as rising incomes and infrastructure investments, and opportunities for further expansion organically and through consolidation. Localiza has demonstrated strong profitability and growth above industry levels due to leveraging competitive advantages within a favorable macroeconomic environment in Brazil.
1. The document provides an overview of Localiza, an integrated car rental and used car sales company in Brazil.
2. It discusses Localiza's financial performance, growth opportunities in the Brazilian market, and competitive advantages such as its integrated business platform and efficient financial cycle.
3. Key drivers of growth for Localiza's business include increasing GDP per capita and consumer spending in Brazil, investments in infrastructure, and trends toward outsourcing fleet management.
v2_ApresentaçãO Localiza Ndr E ConferêNcias EngLocaliza
Localiza Rent a Car S.A. reported its financial results for the fourth quarter and full year of 2009. Despite challenging economic conditions, Localiza's integrated business model proved effective in maintaining performance. For the full year 2009, net revenue was relatively flat while EBITDA declined 6.8% and net income fell 11.1 million reais. However, in the fourth quarter revenues increased 30.4%, EBITDA rose 2.5%, and net income turned positive to 38.4 million reais compared to a loss in the prior year period. Localiza's car rental division saw increases in both revenues and daily rentals in the fourth quarter, signaling a resumption of growth.
v3_Apresentação Localiza N D R E Conferências EngLocaliza
Localiza's integrated business platform proved effective during the economic crisis, giving it flexibility and superior performance. The document outlines Localiza's business model, which includes car rental and used car sales divisions in Brazil and other South American countries. It also discusses Localiza's financial cycle for car rentals and fleet rentals, showing revenues, expenses, profits, and returns on assets. Finally, it identifies growth opportunities for Localiza through industry consolidation, air travel growth, fleet outsourcing, credit cards, and higher elasticity of its revenues to GDP growth compared to sector peers.
This document provides financial data and analysis for Leggett & Platt from 1996-2006. It summarizes that Leggett & Platt saw record sales and earnings in 2006, with sales increasing primarily through acquisitions. Earnings also benefited from several unusual items. The company focuses on using cash flows to fund capital expenditures, acquisitions, and dividend payments, maintaining debt at targeted levels. Key factors that impact the company's business are market demand, raw material costs, energy costs, and competition across its five business segments which produce a wide range of components and finished products.
Localiza Rent a Car S.A. presented its 3Q06 results, highlighting significant growth. Key points include:
- 62.8% growth in net income and increases in car rental business volume of 40.5% and fleet rental volume of 23.2%.
- Expansion of integrated business platform to 133 agencies, 14,250 cars, and presence in 8 countries.
- Strategies focus on organic growth, market consolidation, and scale gains to expand business volume and achieve long-term profitable growth.
- Leggett & Platt is an American manufacturing company that saw net sales grow at an average annual rate of 8.4% between 1996 and 2006, reaching $5.5 billion in 2006.
- Gross profit margins increased over the decade from 18.1% to 21.2%, while operating margins grew from 8.1% to 9.1% and net earnings margins increased from 4.7% to 5.7%.
- Return on equity also improved over the period, rising from 10.1% in 2003 to 13.1% in 2006, while earnings per share grew at a compound annual rate of 7.2%.
omnicom group Q4 2005 Investor Presentation finance22
The document summarizes Omnicom Group's financial results for the full year 2005. Some key highlights include:
- Revenue for 2005 increased 7.5% to $10.481 billion compared to 2004, with organic revenue growth of 7.3%.
- Net income for 2005 grew 9.3% to $790.7 million from $723.5 million in 2004.
- Earnings per share increased 11.1% to $3.88 per diluted share in 2005, up from $3.48 per diluted share in 2004.
- Advertising revenue grew the most at 9.1% for the full year, while public relations growth was the slowest at 2.
The document summarizes Nationwide Financial's 2004 annual report. It discusses how in 2004, Nationwide Financial implemented changes to better align its operations with key market segments. This included appointing new leadership and instilling greater financial discipline. As a result, Nationwide Financial's total revenues increased 6% to $4.2 billion and net operating earnings rose 17% to $531 million in 2004. Looking ahead to 2005, Nationwide Financial's top priority will be strengthening its operating model while building platforms to capture growth opportunities by focusing on financial discipline, distribution strategy, and understanding consumer needs.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
omnicom group Q2 2005 Investor Presentationfinance22
- Omnicom Group presented financial results for the second quarter and first half of 2005, with revenue up 8.6% and 8.2% respectively compared to the same periods in 2004.
- Net income saw even stronger growth of 9.6% and 10.1% for the quarter and year to date.
- Revenue growth was driven by a combination of organic growth, foreign exchange impacts, and acquisitions, with organic growth accounting for the majority at 7.0% and 6.4% respectively.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
1 Q09 Earnings Eng Final[20090421134102809]Sang Park
The document provides LG Electronics' earnings release for the first quarter of 2009. It summarizes key financial results including:
- Consolidated sales of KRW 15.89 trillion, up 10.7% year-over-year but down 7.5% quarter-over-quarter. The operating profit margin was 0.12%.
- Sales and profit results for each business sector, including home entertainment, mobile communications, home appliances, and air conditioning. Most sectors saw sales growth year-over-year despite the economic recession.
- Parent company sales of KRW 7.07 trillion, up 2.1% year-over-year, with an operating profit of KRW 437 billion,
The document is the 2002 annual report for FedEx. It highlights that in fiscal year 2002:
- Revenues increased 5% to a record $20.6 billion.
- Net income increased 22% to a record $710 million.
- Diluted earnings per share increased 18% to a record $2.34.
The report discusses how FedEx executed well despite a sluggish economy by containing costs, matching resources to demand, and capitalizing on opportunities through its diversified business units. It expresses confidence that ongoing efforts to improve productivity and focus on customers will help increase performance as the economy recovers.
The document provides instructions on how to convert amounts of money between different world currencies using current exchange rates. It lists several major currencies like the US Dollar, Euro, British Pound, and their exchange rates. Examples are given of how to calculate the equivalent amount for a given currency conversion, such as converting US Dollars to Mexican Pesos or British Pounds to US Dollars.
Warning: These Retirement Statistics are UnsettlingII Journals
Not enough Americans are saving for retirement. Those that are, aren't saving enough. Financial literacy, Social Security strategies and planning for the potential of disability are all falling short.
Author James Thompson will discuss a Thomas Jefferson not familiar to most Jeffersonians. This “savage from the mountains of America” aspired to join the world’s most elegant (and effete) society. He had a lot to learn. He changed as he did.
Chart Book and Financial Market Update (4/21/14)advisorshares
Take a look at this week’s Chart Book from Accuvest Global Advisors with updates on the following:
Global Financial Conditions
Global Equity Markets
Interest Rates and Fixed Income
The Economy
Major Currencies
Commodities
Investor Sentiment
Accuvest Global Advisors is a California based RIA and sub-advisor of the AdvisorShares Accuvest Global Opportunities ETF (ACCU) and the AdvisorShares Accuvest Global Long Short ETF (AGLS).
The document discusses how the internet was useful for gaining feedback on a film project from the target audience through social media sites like Facebook. This helped improve the film. YouTube provided examples of similar films for inspiration. Photoshop and iMovie were used to create promotional materials and edit the film. Practice filming preliminaries helped learn camera skills before shooting the final film. The camcorder captured footage and made it easy to transfer to the computer for editing.
Este documento contiene una colección de fotos familiares que documentan las actividades y vacaciones de una familia compuesta por Nadia, Pablo, Paola y Dino. Las fotos muestran a Dino participando en eventos deportivos y escolares, así como también de vacaciones familiares en Claromeco, donde se aprecian actividades en la playa y en su casa de vacaciones.
The WTO was established on January 1, 1995 to replace the General Agreement on Tariffs and Trade (GATT) and embody the results of the Uruguay Round negotiations. It administers trade agreements negotiated by its member states covering trade in goods, services, and intellectual property. The WTO has expanded membership beyond GATT to include 150 countries and has a broader scope and stronger enforcement mechanisms compared to GATT.
Social Media is already impacting community associations. From management companies and property managers to the homeowners, the impact is here to stay and will grow. Are you prepared?
The research was a vital component in order to create ancillary texts and a music video. Blogger was used to post research, ideas, and receive feedback. A MacBook Pro was used to store footage and documents and post to the blog. YouTube was used for research, tutorials, and to present drafts of the video. Safari found inspiration images. Animoto and Word presented ideas visually and analyzed materials. iMovie planned and edited the video. Scribd hosted documents. Twitter promoted the artist. A Nikon camera captured footage. Photoshop created the digipak and advert. Instagram and Flickr edited photos. These technologies helped produce the ancillary texts and video to a professional standard.
This document provides announcements for upcoming events at Oriole-York Mills United Church and Centennial-Japanese United Church located in Willowdale, Ontario. It announces events in September and October such as a Terry Fox donation month, welcome back Sunday with a BBQ, a bus trip to Niagara-on-the-Lake, a food and craft bazaar, and courses on happiness and Reiki healing. It also lists regular activities like weekly worship services, meetings, and food donations for the local food bank.
ZSO nr 1 w Chojnie - program Leonardo da VinciEDUinspiracje
Zespół Szkół Ponadgimnazjalnych nr 1 w Chojnie, laureat w kategorii instytucjonalnej programu Leonardo da Vinci - konkurs EDUinspiracje 2013 za projekt "Staże hotelarzy"
Final project fracking example power point only fall 2013 1Altman Heddens
The document discusses hydraulic fracturing (fracking) and its implications for a rural landowner in Ohio. It provides background on the fracking process and its controversy, noting debates around economic benefits versus environmental and health risks. The landowner's neighbor signed a gas lease for $4,000 per acre, and the document explores factors for the landowner to consider, like revenue, jobs, and uncertainty around long term impacts. It summarizes different stakeholder perspectives and the complex, uncertain research landscape around fracking.
The document discusses various technologies the author learned about through creating a music magazine project. The author recorded audio clips using an Edirol recorder to collect audience feedback. Adobe Audition allowed editing of audio files, such as deleting unwanted background noise. A blog platform like Blogger made it easy to publish posts and receive feedback. A USB stick stored all work files. PowerPoint and SlideShare helped create and share presentations. Adobe Photoshop was used extensively to manipulate images, such as cropping, changing colors, and adding effects to create the desired aesthetic for presenting an artist. Learning to use these technologies helped improve the author's skills and create a more professional product.
Our media product is aimed at people over the age of 15 based on audience research and the violent and abusive content. A questionnaire provided information about the wants and needs of the target audience. The product depicts dangerous behavior, strong violence, and intimidation which would not be suitable for those under 15 according to UK media ratings guidelines. The target age range identified was 15 to 25 years old.
Este documento presenta una autobiografía de una estudiante de 21 años llamada Narcisa Macanchi Procel que vive en Machala, Ecuador con sus padres y su hijo. Actualmente cursa el quinto año de la carrera de Bioquímica y Farmacia en la Universidad Técnica de Machala y se describe a sí misma como una estudiante responsable, amable, cooperativa y dedicada a la lectura y la capacitación constante.
This document discusses an integrated business platform and its car rental operations. It provides financial details for the company's car rental and fleet rental divisions over 1-year and 2-year cycles. The company manages a large fleet of cars and has a stable management team with succession planning. It has achieved strong revenue and profitability growth over time through its pricing strategy and focus on assets and profitability from its rental divisions.
Localiza Rent a Car S.A. provides an integrated business platform across Brazil and South America with over 63,500 vehicles, 28,654 clients, and 3,641 employees. The company has opportunities for growth through infrastructure investments, economic expansion increasing the middle class and consumption, and consolidation of the fragmented rental car market. Localiza maintains competitive advantages through its experience, brand recognition, financing capabilities, nationwide network of locations, and efficient used car sales model.
ApresentaçãO Localiza Ndr E ConferêNcias EngLocaliza
Localiza Rent a Car S.A. reported its financial results for the fourth quarter and full year of 2009. Net revenue was up 30.4% in 4Q09 compared to 4Q08. EBITDA increased 2.5% and net income swung to a profit of R$38.4 million in 4Q09 from a loss in 4Q08. For the full year 2009, net revenue was flat but EBITDA declined 6.8% and net income fell R$11.1 million compared to 2008. Localiza's integrated business platform and flexible model helped it navigate the economic crisis period.
This document provides an overview of a car rental company including:
1. The company has over 480 branches across 8 countries in South America, is the largest car rental company in the region, and has a proven track record of growth and profitability.
2. The company has an integrated business platform with synergies across its divisions that provides flexibility and superior performance.
3. Financially, the company has stable one and two year cycles for its car rental and fleet rental divisions respectively that generate consistent profits through prudent asset management and pricing strategies.
Localiza's flexible business model proved effective during the economic crisis period. In the 4th quarter of 2009, Localiza resumed revenue and profit growth. For the full year 2009, Localiza's net revenue was stable while EBITDA declined 6.8% and net income declined R$11.1 million compared to 2008. Localiza has continued expanding its car rental network during the crisis, growing its number of locations.
Localiza's flexible business model proved effective during the economic crisis period. While EBITDA declined 6.8% in 2009, net revenues were stable and net income declined only 8.7%. The fourth quarter saw a return to revenue and income growth, with net revenues up 30.4% and net income rebounding from a loss to a gain of R$38.4 million. Localiza's diversified fleet, integrated business platform, and focus on costs and asset management allowed it to maintain profitability and flexibility during the difficult economic environment.
Localiza Rent a Car reported financial results for the first quarter of 2012 with several highlights:
- Revenue grew 16.4% compared to the first quarter of 2011 to R$774.7 million driven by a 17.8% increase in rental revenues.
- EBITDA increased 12.8% to R$210 million compared to the first quarter of 2011.
- Net income grew 14.3% to R$72.7 million compared to the first quarter of 2011.
Localiza Rent a Car reported financial results for the first quarter of 2012 with the following highlights:
- Revenue grew 16.9% to R$774.7 million driven by a 17.8% increase in rental revenues.
- EBITDA increased 12.8% to R$210 million due to revenue growth partially offset by lower margins in the car rental division.
- Net income increased 14.3% to R$72.7 million outpacing the growth in EBITDA due to improved performance below the EBITDA line.
Localiza Rent a Car S.A. reported strong financial results for 4Q11 and full year 2011. Net revenues grew 16.9% in 2011 to R$2.9 billion, while consolidated EBITDA increased 26.5% to R$821 million. The company's car and fleet rental divisions both experienced significant growth in daily rentals and revenues over the past six years. Localiza also increased its fleet size by over 18,000 vehicles in 2011 through continued investment in its business.
This presentation discusses LAN's financial results for the fourth quarter and full year of 2008. Some key points:
- For 2008, LAN saw a 28.6% increase in revenues and an 8.9% growth in capacity, with an EBITDAR margin of 19.2% excluding fuel hedging gains.
- For the fourth quarter of 2008, LAN had a 76.2% increase in operating income and a 48.3% increase in EBITDAR, driven by higher yields and lower fuel costs. The EBITDAR margin reached 27.3%.
- LAN's passenger business saw a 21.5% increase in revenues for 4Q08 from a 10.
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
Localiza Rent a Car S.A. operates an integrated business platform in the car rental industry in Brazil with over 39,000 vehicles, 1.6 million clients, and over 2,500 employees. The presentation discusses the company's competitive advantages, growth opportunities from consolidation in the fragmented off-airport market, elasticity to GDP growth, and increasing credit card usage. It also provides a breakdown of the company's revenues and EBITDA by division for 2008, showing the car rental division as the main contributor.
Hyundai Commercial presented its 2012 financial results showing:
1) Operating income slightly decreased from the previous year due to increases in other operating expenses from government regulations.
2) While ordinary income decreased due to one-time factors, the company's fundamentals remained solid with a high return on assets of 3.01%.
3) The company maintained disciplined asset diversification across its financial businesses and stable capital levels above regulatory requirements.
- The company reported first quarter 2005 earnings per share of $0.64, up from $0.53 in the first quarter of 2004.
- Fleet Management Solutions revenue increased 10% and earnings increased 28% compared to the prior year period.
- The company is increasing its full year 2005 earnings forecast to a range of $3.30 to $3.40 per share.
- The company reported first quarter 2005 earnings per share of $0.64, up from $0.53 in the first quarter of 2004. This included a one-time recovery and excluded gains from real estate sales.
- Fleet Management Solutions revenue increased 10% and operating revenue grew 5% compared to the prior year, driven by acquisitions and commercial rental growth. This led to a 28% increase in net earnings before tax.
- Supply Chain Solutions revenue rose 8% due to new business, but earnings declined due to lower margins in some automotive accounts. Dedicated Contract Carriage earnings also declined due to contract losses and higher costs.
Localiza Rent a Car S.A. released its 3Q12 and 9M12 results. Some key highlights include:
- Net revenues for the car rental division increased 12.2% in 3Q12 compared to 3Q11. Fleet rental division revenues grew 16.4%.
- Consolidated net revenues increased 6.5% to R$807 million in 3Q12. The number of car rental locations in Brazil grew by 29 to 464.
- Fleet investment resumed with the addition of 3,747 cars in 3Q12 to meet demand. The utilization rate was maintained above 70%.
- Rental revenues grew 13.6% in 3Q12 while used
Localiza Rent a Car S.A. reported financial results for the third quarter and first nine months of 2012. Net revenues for the car rental division increased 12.2% in the third quarter compared to the same period last year. The number of car rental locations in Brazil grew by 29, reaching 464 locations in total. Fleet size and net investment increased substantially compared to prior periods as the company continued to grow its operations.
Localiza is the largest car rental company in Brazil, operating car rental, fleet rental, and used car sales divisions. Over its 39 years in business, Localiza has established competitive advantages through its scale in Brazil, experience managing a large fleet of vehicles, and integrated business model. The document reviews Localiza's history, business segments, financial performance, and competitive position in the Brazilian car rental market.
Localiza is the largest car rental company in Brazil, operating car rental, fleet rental, and used car sales divisions. Over its nearly 40 years in business, Localiza has grown organically and through acquisitions to become the market leader in Brazil with over 60,000 vehicles and a presence in over 450 locations across the country. The company benefits from scale advantages in purchasing vehicles, strong brand recognition, and distribution network that allows it to generate higher profitability than competitors.
Localiza is a Brazilian car rental company founded in 1973. It has grown to become the market leader through strategic acquisitions and expanding into new business divisions over time, including fleet rental, used car sales, and franchising. It has an integrated business platform with synergies across divisions. Localiza has several competitive advantages including its scale in purchasing cars, brand recognition, distribution network, and operational excellence. It aims to continue its strategy of innovation and providing higher value services to customers.
✓ Apresentação institucional de uma das principais locadoras de veículos do Brasil com valor de mercado de R$15,8 bilhões em 30/06/18
✓ Divisões de negócios incluem aluguel de carros, gestão de frotas, seminovos e franquias, com destaque para as divisões de aluguel e gestão de frotas
✓ Vantagens competitivas incluem liderança no mercado, aquisição de veículos em maior volume e melhores condições, e plataforma integrada de neg
Localiza is a Brazilian car rental company that presented at an investor relations presentation in July 2018. The presentation included sections on the company overview, main business divisions, financials, and appendix. Localiza operates in car rental, franchising, fleet rental, and used car sales. It has a market cap of US$4.1 billion and an integrated business platform that provides flexibility and superior performance. Localiza has competitive advantages through its scale in purchasing cars, market leadership in renting cars, and efficiency in selling used cars.
O documento fornece uma visão geral da Localiza, líder de mercado no setor de aluguel de veículos com valor de mercado de R$15,8 bilhões em 30/06/18. Apresenta os principais números da companhia, como uma frota de 208.552 veículos no 2T18, e R$3,6 bilhões em receita líquida no 1S18. Detalha também as vantagens competitivas da Localiza, como maior volume de compra de veículos que permite melhores condições de aquisição, e ampla presença
Localiza is a Brazilian car rental company that held an investor relations presentation in July 2018. The presentation included sections on the company overview, main business divisions, financials, and appendix. Localiza has grown significantly since being founded in 1973, currently has a market capitalization of $4.1 billion, and operates across multiple business divisions including car rental, fleet rental, used car sales, and franchising. The integrated business platform provides synergies and flexibility. Financial results show strong profitability, with the car rental and fleet rental divisions contributing most of the earnings. Localiza has several competitive advantages including scale, brand recognition, an efficient used car sales program, and innovation.
O documento fornece uma visão geral da Localiza, líder de mercado no setor de aluguel de veículos com valor de mercado de R$15,8 bilhões em 30/06/18. Apresenta os principais números da companhia, como uma frota de 208.552 veículos no 2T18, e R$3,6 bilhões em receita líquida no 1S18. Detalha também as vantagens competitivas da Localiza, como maior volume de compra de veículos que permite melhores condições, e liderança no aluguel de
- The company exceeded 200,000 vehicles in its fleet for the first time at the end of 2Q18, with 208,552 vehicles. Car rental and fleet rental volumes grew 47.9% and 21.4% respectively in 2Q18.
- Consolidated net revenues increased 29.3% in 2Q18. Excluding the impacts of a truck drivers' strike and payroll, EBITDA would have grown approximately 30% and net income 32% compared to 2Q17.
- The end of period fleet grew strongly, with a 45% increase in car rental vehicles and the company surpassing 200,000 total vehicles for the first time.
1) A empresa superou a marca de 200 mil carros na plataforma no 2T18, com crescimento de 47,9% no aluguel de carros e 21,4% na gestão de frotas.
2) O EBITDA consolidado foi de R$347,6 milhões no 2T18, um crescimento de 16,4% em relação ao ano anterior, apesar dos impactos da greve de caminhoneiros.
3) A receita líquida consolidada cresceu 29,3% no 2T18, totalizando R$1,74 bil
The document reports on Localiza's performance in the first quarter of 2018. It shows that Localiza increased its market share in the car rental market to 52.2% and maintained its market share in the fleet rental market. Localiza's key operating metrics like number of cars sold, rental days, and fleet size all grew compared to the first quarter of 2017. The company experienced strong revenue, income, and cash flow growth. Consolidated revenues grew 36.1% and EBITDA grew 33.8% compared to the first quarter of 2017.
O documento apresenta os resultados financeiros e operacionais da Localiza no 1T18. A Localiza teve forte crescimento no período, com aumento de 38% na receita líquida e 46,3% no lucro líquido em comparação com o mesmo período do ano anterior. A participação de mercado da Localiza no mercado de aluguel de carros foi de 52,2%, mantendo a liderança no setor.
Localiza is a Brazilian car rental company founded in 1973. It has since expanded into several business divisions including car rental, fleet rental, used car sales, and franchising. The presentation provides an overview of Localiza's history, competitive advantages, financial performance, and each of its main business divisions. Localiza has achieved significant growth and scale, with a market capitalization of over $5 billion as of March 2018. Its integrated business platform and 44 years of experience in fleet management have allowed it to generate higher returns than its cost of debt.
1) A Localiza é líder de mercado no aluguel de carros e gestão de frotas no Brasil, com valor de mercado de R$18,6 bilhões em abril de 2018.
2) A empresa tem vantagens competitivas como maior escala de operação, reconhecimento da marca, tecnologia e excelência operacional.
3) As divisões de aluguel de carros e gestão de frotas são as mais rentáveis e geram caixa para renovar a frota e pagar dívidas.
This document provides an overview of Localiza, a Brazilian car rental company. It discusses Localiza's business divisions including car rental, fleet rental, used car sales, and franchising. It highlights Localiza's competitive advantages such as its integrated business platform, leadership in car purchasing which allows better conditions, largest distribution network in Brazil, and innovation in digital technologies. Financial information is presented showing Localiza's profitability comes primarily from its car rental and fleet rental divisions. [/SUMMARY]
1. Apresenta visão geral da Localiza, sua história, principais divisões de negócios e dados financeiros do 1T18.
2. Destaca as vantagens competitivas da Localiza, incluindo captação de recursos em melhores condições, maior volume de compra de carros e liderança no aluguel de carros.
3. Explica o ciclo financeiro do aluguel de carros, onde a receita da venda dos carros no final do ciclo de um ano compensa os custos fixos e variáveis.
1) A Localiza é líder no mercado brasileiro de aluguel de carros com valor de mercado de R$18,6 bilhões e frota de 193.260 carros no 1T18.
2) Sua principal fonte de receita e lucratividade está nas divisões de aluguel de carros e gestão de frotas.
3) As vantagens competitivas incluem maior escala de operação, reconhecimento da marca, excelência operacional e inovação tecnológica.
Localiza is a Brazilian car rental company founded in 1973. It has grown to become a market leader through strategic acquisitions and expanding into adjacent business areas like used car sales, fleet rental, and franchising. The presentation reviews Localiza's business divisions and competitive advantages, including its integrated business platform, scale in purchasing cars, brand recognition, and focus on innovation. Financial information for the first quarter of 2018 shows the company's profitability comes mainly from car rental and fleet rental.
Localiza is a Brazilian car rental company founded in 1973. It has grown to become the market leader through strategic acquisitions and expanding into adjacent business lines like fleet rental, used car sales, and franchising. The presentation reviews Localiza's history, integrated business platform, financial performance, and competitive advantages. It achieves higher profitability than peers through scale benefits, lower funding costs, and operational efficiencies across its business divisions.
O documento apresenta a Localiza, líder no mercado brasileiro de aluguel de carros. Resume suas principais divisões de negócios, dados financeiros de 2017 e vantagens competitivas, como escala de operações, marca reconhecida e excelência operacional. A Localiza tem foco em geração de valor para acionistas com rentabilidade consistente e retorno sobre capital investido acima do custo da dívida.
O documento apresenta a Localiza, líder no mercado brasileiro de aluguel de carros. Resume suas principais divisões de negócios, vantagens competitivas e desempenho financeiro, destacando o aluguel de carros e gestão de frotas como suas divisões mais rentáveis.
- The company reported strong growth in 2017 with net revenue reaching R$6.1 billion, a 36.5% increase. Fleet size ended at 194,279 cars.
- Net income increased 37.6% to R$563.4 million. The company acquired Hertz operations in Brazil and integrated them.
- Car rental segment saw 48.2% volume growth in 4Q17 and net revenue growth of 35.4% for the year. Fleet rental also experienced solid gains.
- The company invested heavily in fleet expansion, adding over 52,000 cars. Free cash flow before growth spending was R$871.8 million.
Elevate Your Nonprofit's Online Presence_ A Guide to Effective SEO Strategies...TechSoup
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In Odoo, we can set a default value for a field during the creation of a record for a model. We have many methods in odoo for setting a default value to the field.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
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Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
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ملزمة تشريح الجهاز الهيكلي (نظري 3)
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تتميز هذهِ الملزمة بعِدة مُميزات :
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How to Manage Reception Report in Odoo 17Celine George
A business may deal with both sales and purchases occasionally. They buy things from vendors and then sell them to their customers. Such dealings can be confusing at times. Because multiple clients may inquire about the same product at the same time, after purchasing those products, customers must be assigned to them. Odoo has a tool called Reception Report that can be used to complete this assignment. By enabling this, a reception report comes automatically after confirming a receipt, from which we can assign products to orders.
2. Agenda
1. The Company
2. Drivers and opportunities
3. Competitive advantages
4. Financials
5. 2012 Brazilian Macroeconomic scenario
2
3. Company: integrated business platform
64,688cars 31,629 cars
2.8 million clients 687 clients
247 locations 312 employees
4,090 employees
Synergies:
bargaining power
cost reduction
cross selling
12,958 cars 74.6% sold to final consumer
202 locations in Brazil 66 stores
47 locations in South America 37 cities
32 employees 870 employees
1,251 employees in franchisee Deactivated fixed asset sale
locations
This integrated business platform gives Localiza flexibility and superior performance.
3
Based on the 4Q11
4. Car rental financial cycle
1-year cycle
Car sale revenue
$26.2
Revenue
1 2 3 4 5 Expenses, interest and tax 8 9 10 11 12
$27.9
Car acquisition
Car Rental Seminovos Total
per operating car per operating car 1 year
R$ % R$ % R$
Revenues 19.9 100.0% 29.1 100.0% 48.9
Cost (8.2) -41.3% (8.2)
SG&A (2.7) -13.5% (2.9) -9.9% (5.5)
Net car sale revenue 26.2 90.1% 26.2
Book value of car sale (25.5) -90.0% (25.5)
EBITDA 9.0 45.2% 0.7 2.4% 9.7
Depreciation (vehicle) (1.7) -5.8% (1.7)
Depreciation (non-vehicle) (0.3) -1.7% (0.1) (0.5)
Interest on debt (2.4) -8.2% (2.4)
Tax (2.6) -13.0% 1.0 3.6% (1.5)
NET INCOME 6.1 30.4% (2.4) -8.4% 3.6
NOPAT 5.3
ROIC * 17.5% Spread
Cost of debt after tax 8.6% 8.9p.p.
* Investment in cars and PP&E (8%) 4
5. Fleet rental financial cycle
2-year cycle Net car sale revenue
$26.4
Revenue
1 2 3 4 5 Expenses, interest and tax 20 21 22 23 24
$33.8
Car acquisition
Fleet Rental Seminovos Total
per operating car per operating car 2 years
R$ % R$ % R$
Revenues 34.0 100.0% 28.7 100.0% 62.7
Cost (9.7) -28.7% (9.7)
SG&A (1.8) -5.3% (2.3) -7.9% (4.1)
Net car sale revenue 26.4 92.1% 26.4
Book value of car sale (25.0) -90.0% (25.0)
EBITDA 22.4 66.0% 1.4 5.0% 23.8
Depreciation (vehicle) (8.3) -28.8% (8.3)
Depreciation (non-vehicle) (0.1) -0.1% (0.1)
Interest on debt (4.0) -14.1% (4.0)
Tax (6.7) -19.8% 3.3 11.4% (3.5)
NET INCOME 15.6 46.0% (7.6) -26.5% 8.0
NET INCOME per year 7.8 46.0% (3.8) -26.5% 4.0
NOPAT (annualized) 5.4
ROIC 16.1% Spread
Cost of debt after tax 8.6% 7.5p.p.
5
6. Company: managing assets
Targeted spread
Equity
Pricing strategy
Assets (cars)
Funding
Assets (cash)
Debt Profitability comes from Cash to renew the fleet
rental divisions
Flexible and liquid assets.
6
7. Company: stable management
BOARD OF DIRECTORS
CEO Salim Mattar – 38y
Car
Acquisition
Legal
COO Eugênio Mattar – 38y
Human Administration
Financial Resources IT
Gina Rafael – 30y
Bruno Roberto Mendes – 26y Daltro Leite – 26y
Andrade – 19y
João Andrade – 7y
Localiza has a lean and efficient structure.
Marco Antônio The succession process is already planned.
Guimarães – 21y
7
9. Company: GDP elasticity
Rental revenues growth elasticity x GDP
Localiza
5.5x
Sector
GDP 2.8x
2005 2006 2007 2008 2009 2010
The drivers combined with Localiza’s competitive advantages resulted in a growth above the industry level.
9
11. Company: recognitions and rewards
2011 Valor 200
8th Company in growth and profitability
Maiores e Melhores do Transporte 2011 (Biggest & Best of Transportation)
The best Company of the vehicle rental sector
BRIC Breakout
One of the 5 top picks Brazil for 2012
Exame Magazine
Among the 5 best Companies of the consumer sector, in the article “Where to invest in 2012”
Institutional Investor’s ranking:
11
12. Agenda
1. The Company
2. Drivers and opportunities
3. Competitive advantages
4. Financials
5. 2012 Brazilian Macroeconomic scenario
12
14. Car rental drivers: investments
Investments in Brazil Investments by sector
12.3%
20.8%
154
137
R$85.8 bn R$150.4 bn 106
18.7%
38
R$16.8 bn 7 6 5 3
19.5%
n
as
i ty
ng
as
e
n
s
io
ag
er
ti o
en
g
ic
si
at
th
il/
ew
rta
tr
ou
ic
Ar
O
O
ec
R$174.6 bn
un
/s
o
H
sp
El
er
m
at
an
m
W
co
Tr
le
18.4%
Te
R$28.7 bn
Invested
To be invested
R$456 bn to be invested.
14
Source: EXAME yearbook, 2011-2012
15. Car rental drivers: income and affordability
GDP per capita
(R$ thousands) 21.3
19.0
16.0 16.6
14.2
11.7 12.8
10.7
8.4 9.5
6.9 7.5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Car rental affordability
545
51% 510
465
415
38% 380
37% 35% 350
300
260
240
180 200
151 31%
27%
22% 20%
18% 16% 15% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Monthly m inim um salary (R$) Daily rental price over m inim um salary (%)
Income increase and stable daily rental rates increased car rental affordability.
15
Source: IBGE and Valor website
16. Car rental drivers: consumption
A and B classes - million Potential consumption of Brazilians in 2011 - billion
31 Total population
%
% 55.0 R$ 2,500
13 53.8 20
A and B
classes
2003 2009 2014e R$ 930
Air traffic passengers - million Credit card holders - million
%
20.3
% 16.2 179 % 35.3
%
% 154 .0 % 13.3 69
80.3 128 200
45 51
71
15
2003 2009 2010 2011 2003 2009 2010 2011
Strong domestic drivers leads to higher volumes.
16
Source: FGV, BCB, Infraero, Gol, Abecs and Exame (Dec/2011)
17. Car rental opportunities: consolidation
Car rental locations in Brazil
Airport locations Off-airport locations
Localiza
Others 349 Hertz
Avis 31 Localiza 76 Unidas
30 100 72
Avis
24
Others
Unidas 2004
27 Hertz
41
Off-airport market is still fragmented.
17
Source: ABLA and each company website (January, 2012)
18. Car rental strategy: organic growth
Brazilian distribution Network expansion in Brazil
415 449
381
312 346
254 279
2011 Branches
2005 2006 2007 2008 2009 2010 2011
Owned 13
Franchised 23
Total 36
Localiza’s network is still being expanded.
18
19. Fleet rental drivers: outsourcing trend
Outsourced fleet penetration
Brazilian Market World (%)
58.3
Corporate fleet:
46.9
4,200,000
37.4
Targeted fleet: 24.5
16.5
500,000 13.3
8.9
5.4
Rented fleet:
nd
l
232,000
d
in
k
ce
y
zi
lic
U
n
an
a
ra
la
an
la
b
Sp
m
ol
B
pu
Po
Fr
er
H
Re
G
ch
ze
C
31,629
Less than 50% of targeted fleet is rented.
19
Source: ABLA and Datamonitor
20. Used car sales drivers: affordability and penetration
Middle class - million Car purchase affordability
1 6 0 6 0 0
148 128 510 545
465
115
1 4 0
113 104 415
5 0 0
94.9
1 2 0
97 93 380
%
19.1 80
4 0 0
1 0 0
66
. 8% 350
8 0 3 0 0
43 6 0
300
240 260 75 68
2 0 0
58
4 0
180 200 56 52 1 0 0
2 0
151
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2003 2009 2014e
Number of minimum w ages to buy a new car Monthly minimum salary (R$)
# of inhabitants per car (2009) # of inhabitants per car - Brazil
USA 1.2
8.0 7.9
Italy 1.5
7.4
France 1.7
6.9
UK 1.8 6.5
Germany 1.8
Mexico 3.6
Brazil 6.5
2005 2006 2007 2008 2009
Income increase and credit availability are the major drivers for car sales.
Source: Bradesco, ANFAVEA, Exame (Dec/2011), PIB per capita: IPEADATA. 20
21. Brazilian car market: new cars x used cars
New cars X used cars
8,862,951
8,429,309
7,260,054
Used cars
7,016,576 7,114,870 7,071,525
6,743,699
2.5x 2.6x
2.3x
3.0x 2.7x
4.3x 3.7x
New cars
3,329,170 3,425,499
3,009,482
2,671,338
2,342,059
1,620,657 1,830,402
2005 2006 2007 2008 2009 2010 2011
Used car market is currently 2.5x the new car market.
21
Source: FENABRAVE (Autos + light commercial)
22. Brazilian car market : 2011 market share
Localiza used cars x Car market
Used cars sold: 50,772
0.6% 1.5% 10.6%
0KM
Used Up to 2 years
3,425,499
8,862,951 476,827
Used Seminovos 0km Seminovos 2 years old Seminovos
22
Source: Fenabrave 2011
23. Brazilian car market: monthly sale per store
Monthly sale / lots*
109
96 91 90
82 84 81
48
FIAT VW FORD GM SEMINOVOS* SECTOR RENAULT PEUGEOT
2010**
* Average sales per lots (excluding auto malls – 10 stores)
** Total sales divided by the number of dealers
Localiza Seminovos monthly sale per store is in line with market average.
23
Source: Anfavea (National OEM’s Association); number of dealers from each OEM association website (nov/11 )
24. Used car sales strategy: network expansion
Brazilian distribution New lots
66
49 55 Points of
32 35 Status
26 sale
13
In construction and
14
prospection
2005 2006 2007 2008 2009 2010 2011
The network is being expanded to support rentals’ growth.
24
25. Used car sales: sold cars evolution
Monthly average of sold cars
4,545
4,359
4,159
3,940
3,860
2010 1Q11 2Q11 3Q11 4Q11
Sales profile
39% 51% 43% 42% 41%
61% 49% 57% 58% 59%
2010 1Q11 2Q11 3Q11 4Q11
Financed In cash
The increase on sales was supported by the opening of new points of sale.
The macro prudential measures impacted the sales profile in the 1Q11.
25
26. Agenda
1. The Company
2. Drivers and opportunities
3. Competitive advantages
4. Financials
5. 2012 Brazilian Macroeconomic scenario
26
27. Competitive advantages: 38 years of experience in managing assets
Profitability comes from rental divisions
Renting cars Selling
Raising Buying cars
money cars
$
$
Cash to renew the fleet or pay debt
27
28. Competitive advantages: raising money
Raising Buying Selling
Renting cars
money cars cars
Investment grade: lower spreads and longer terms
Global Scale
BBB- Fitch
Baa3 Moody’s BBB+ S&P B+ S&P B+ Fitch B2 Moody's
BBB- S&P
National Scale Aa1.br Moody’s
AA+(bra) Fitch A (bra) Fitch BBB+ (bra) Fitch A- (bra) Fitch
brAAA S&P
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of April, 2011. 28
29. Competitive advantages: buying cars
Raising Buying Selling
Renting cars
money cars cars
Better conditions due to higher volumes
Localiza’ share in national sales of the main Purchases by brand in 2011
automakers in 2011: GM, FIAT, VW, Ford
and Renault
Renault
Others
Ford 9.9%
1.3%
11.0%
2.3%
Fiat
GM
39.3%
21.0%
VW
17.5%
Localiza announced the purchase of 100,000 cars for 2H11 and 2012.
29
30. Competitive advantages: renting cars
Raising Buying Selling
Renting cars
money cars cars
Brand Know How Brazilian distribution
450
# of branches
270
54
99
117
# of cities
315
80 75
40
Localiza Hertz Unidas Avis
The Company is present in 213 cities where the other largest networks do not operate.
30
Source: Each company website (January, 2012)
31. Competitive advantages: selling cars
Raising Buying Selling
Renting cars
money cars cars
Sales to final consumer Buffer: additional fleet
Selling directly to final consumer reduces depreciation.
Cars available for sale are used by the car rental division during peaks of demand.
31
32. Agenda
1. The Company
2. Drivers and opportunities
3. Competitive advantages
4. Financials
5. 2012 Brazilian Macroeconomic scenario
32
33. Highlights
Investment grade by Moody’s and Fitch
Included at Bovespa Index starting 01/02/2012
Elected the best CEO, CFO and IR of the transportation
sector by Institutional Investor Magazine ranking
33
34. Highlights
Net Revenues - Consolidated
Consolidated EBITDA
2,918.1
16.9%
R$ million
2,497.2
%
R$ million
1,3 2 1. 9
1,4 6 8 .1 649.5 26.5 821.3
23.4%
1,175.3 1,4 50 . 0
2 0 10 2 0 11 2010 2011
Rentals Used car sales
Consolidated net income End of period fleet
96,317
88,060
9.4%
R$ million
Quantity
31.629
26.615
291.6
16.4%
250.5
61.445 64.688
2010 2011 2010 2011
Car rental Fleet rental
34
35. Car Rental Division
# daily rentals (thousand)
24.6 % 12,794
CAGR: 10,734
7,940 8,062
5,793
4,668 1 0 .3 %
3,411
19 .2% 3,015 3,324
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Net revenues (R$ million)
: 24.9% 980.7
CAGR
802.2
565.2 585.2
%
13.1
428.0
346.1
258.6 3%
22. 235.7 266.5
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Revenues from the Car Rental division grew 3.8x in six years.
35
37. Net Investment
Fleet increase * (quantity)
18,649 9,178
9,930 8,642 65,934
10,346 7,957 59,950
7,342 47,285 50,772
12,528
44,211 43,161 8,712
38,050 34,281 34,519
33,520 30,093
26,105 25,327
23,174 21,790
18,763
12,799 13,078
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Purchased cars Sold cars
* It does not include theft / crashed cars.
Net investment (R$ million)
588.5 308.4
354.5 1,910.4
281.8 1,776.5
341.5 210.4 337.7
1,468.1 276.5
243.5 1,335.3 1,321.9
1,204.2
1,060.9 980.8
930.3 850.5 922.4
690.0 720.0 656.7
588.8
446.5 382.3 380.2
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Purchases (accessories included) Net used car sales revenues
In 2011 there were added 9,178 cars to the fleet with an investment of R$308.4 million.
37
38. Utilization rate and average fleet age
Car rental division
Elections’ effect
74.1%
9 0. %
0
66.2% 69.9% 66.3% 68.2% 68.9% 69.7% 68.9% 8 0. %
0
7 0. %
0
7.3 7.3 6 0. %
0
6.9 6.6 6.3 6.3 6.5 5 0. %
0
5.5 4 0. %
0
3 0. %
0
2 0. %
0
1 0. %
0
0 . %
0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Average sold fleet
18.7 15.3 13.3 13.4 13.6 13.5 13.5 14.2
age (month)
Utilization rate Average operating fleet age
In 4Q11, utilization rate presented a growth of 2.6 p.p when compared to 4Q10.
38
39. Distribution
# of rental locations in Brazil
+34
415 449
346 381
279 312
254
2005 2006 2007 2008 2009 2010 2011
# of used car sales stores
+11
55 66
49
32 35
26
13
2005 2006 2007 2008 2009 2010 2011
Company is still expanding its footprint.
39
40. End of period fleet
Quantity
.9%
CAGR: 17 96,317
88,060 9 .4 %
70,295 31,629
62,515 26,615
46,003 53,476 22,778
35,865 23,403
17,790
14,630
11,762 61,445 64,688
47,517
31,373 35,686 39,112
24,103
2005 2006 2007 2008 2009 2010 2011
Car rental Fleet rental
Consolidated fleet grew 2.7x in six years.
40
41. Consolidated net revenues
R$ million
: 22.7%
CAGR 9%2,918.1
2,497.2 16.
1,823.7 1,820.9 1,468.1
1,505.5 1,321.9
1,126.2 980.8 922.4
854.9
588.8
850.5 722.2 7.0% 772.7
446.5 1,175.3 1,450.0 380.2
382.3
842.9 898.5 4%
408.4 537.4 655.0
23. 339.9 15.5% 392.5
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Rentals Seminovos
Net revenue grew 3.4x in six years.
41
42. EBITDA
R$ million
9.8%
CAGR: 1 821.3
649.5
504.1 469.7
%
15.9
403.5
277.9 311.3
2 6 .5 % 188.3 218.3
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Divisions 2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 43.7% 47.1%
Fleet Rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 69.6% 67.8%
Rentals consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 51.5% 53.6%
Used car sales 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.5% 2.1%
EBITDA grew 26.5% in the year versus a 23.4% growth in rental revenues, in 2011.
42
43. Average depreciation per car – car rental
R$ per year
Financial crisis effect
Hot used car market 2,546.0 2,577.0
1,536.0 1,683.9
939.1
492.3 332.9
2005 2006 2007 2008 2009 2010 2011
R$ per quarter
1,942.5 1,993.2 1,986.0
1,492.3 1,580.5
1,318.0 1,251.9 1,331.0
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11* 4Q10* 4Q11*
* Annualized
Trend of a higher depreciation due to higher sales expenses, in 4Q11.
43
44. Average depreciation per car – fleet rental
R$ per year
5,083.1
4,371.7 4,133.0
3,509.7
2,981.3
2,383.3 2,395.8
2005 2006 2007 2008 2009 2010 2011
R$ per quarter
4,241.8 3,990.6 4,020.8 4,049.3 4,277.2
3,693.9
3,254.4
2,989.4
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11* 4Q10* 4Q11*
* Annualized
Depreciation increase reflects the market conditions for higher end cars.
44
45. Consolidated net income
R$ million
%
16.4
291.6
250.5
190.2
138.2 127.4
106.5 116.3 13.4%
69.4 78.7
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Reconciliation EBITDA x net income 2007 2008 2009 2010 2011 Var. R$ Var. % 4Q10 4Q11 Var. R$ Var. %
EBITDA – Rentals and franchising 357.1 449.6 459.1 615.1 779.9 164.8 26.8% 175.1 210.3 35.2 20.1%
EBITDA – Used car sales 46.4 54.5 10.6 34.4 41.4 7.0 20.3% 13.2 8.0 (5.2) -39.4%
EBITDA Consolidated 403.5 504.1 469.7 649.5 821.3 171.8 26.5% 188.3 218.3 30.0 15.9%
Cars depreciation (43.1) (178.5) (172.3) (146.3) (201.5) (55.2) 37.7% (42.0) (57.9) (15.9) 37.9%
Other property and equipment depreciation (14.4) (18.3) (21.0) (21.1) (24.1) (3.0) 14.2% (5.8) (6.8) (1.0) 17.2%
Financial expenses, net (74.4) (133.3) (112.9) (130.1) (179.0) (48.9) 37.6% (41.3) (41.2) 0.1 -0.2%
Income tax and social contribution (81.4) (46.6) (47.2) (101.5) (125.1) (23.6) 23.3% (29.8) (33.7) (3.9) 13.1%
Net income 190.2 127.4 116.3 250.5 291.6 41.1 16.4% 69.4 78.7 9.3 13.4%
The increase in the basic interest rate and in depreciation have impacted 2011 net income.
45
46. Free cash flow - FCF
Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011
EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3
Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1)
Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6
(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0)
working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9)
Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9
Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1
Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5)
Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4)
Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0)
Free cash flow before growth and interest 58.2 118.2 250.7 205.7 295.4 428.2 415.5
Capex of car - growth (194.0) (287.0) (221.9) (299.9) (241.1) (540.3) (272.0)
Change in accounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 111.3 32.7
Free cash flow after growth and before interest (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2
Fleet increase - quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178
Positive free cash flow before interest in 2011, even after expanding the fleet by 9,178 cars.
(*) without technical discount deduction 46
47. Changes in cash and debt evolution
R$ million
FCF before
growth
415.5
Variation on
payables –
automakers
Net debt 32.7 Net debt
12/31/2010 12/31/2011
-1,281.1 - 1,363.4
(79.5)
(179.0) Dividends and
interest on own
(272.0) Interest capital paid
Investment in fleet
increase
65.5% of the cash generated was invested in expanding fleet by 9,178 cars.
47
48. Debt profile
R$ million
562.0
432.0
312.8 303.4
232.5
94.8 26.0 52.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
Cash
711.0
Improving duration from 3.8 years in 2011 to 4.3 years in 2012.
Cash strengthening for an eventual adverse scenario.
48
49. Debt – ratios
R$ million
Net debt x Fleet value
2,446.7 2,681.7
1,907.8
1,752.6
1,492.9 1,363.4
1,247.7 1,254.5 1,281.1
1,078.6
900.2 765.1
535.8 440.4
2005 2006 2007 2008 2009 2010 2011
Net debt Fleet value
END OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011
Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51%
Net debt / EBITDA 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x
Net debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x
EBITDA / Net financial expenses 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x
The Company is still presenting conservative indebtedeness ratios.
49
50. Spread
Spread
24.8%
21.3%
18.7% 17.0% 17.1%
16.9%
11.2p.p. 11.5%
7.8p.p. 12.9p.p.
8.2p.p. 9.6p.p. 8.5p.p.
4.0p.p.
13.6%
10.9%
8.4% 8.8% 7.6% 7.3% 8.6%
2005 2006 2007 2008 2009 2010 2011
Interest on debt after tax ROIC
2005 2006 2007 2008 2009 2010 2011
Average capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3
NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1% 21.9% 28.6% 28.9%
Turnover of average capital investment
(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x
ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1%
Interest on debt after tax 13.6% 10.9% 8.4% 8.8% 7.6% 7.3% 8.6%
Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5
ROIC reflects the pricing strategy of the Company for consolidating the market.
50
51. Agenda
1. The Company
2. Drivers and opportunities
3. Competitive advantages
4. Financials
5. 2012 Brazilian Macroeconomic scenario
51
52. 2012 Macroeconomic scenario
GDP evolution forecast
Accumulated in 4 quarters
3.70%
3.40%
2.90%
2.70% 2.60% 2.50%
4Q 11
1Q 12
2Q 12
3Q 12
4Q 12
1Q 13
Interest rate evolution forecast
11.00%
10.00% 10.00%
9.75%
9.50% 9.50%
1Q 12
2Q 12
3Q 12
4Q 12
1Q 13
4Q 11
52
Source: BR Central Bank – Market forecast system as of 01/20/2012 and Focus Bulletin
53. IR Team
Roberto Mendes Silvio Guerra Nora Lanari
CFO - RI RI RI
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
Disclaimer
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. This presentation is strictly confidential and may not be disclosed to any other person. 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.
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. Any offering of securities to be made in
the United States will be made by means of an offering memorandum that may be obtained from the underwriters. Such offering memorandum will contain, or incorporate by reference,
detailed information about LOCALIZA and its business and financial results, as well as its financial statements.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein
shall form the basis of any contract or commitment whatsoever.
53