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.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
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.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
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
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
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 product—it 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.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
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 world’s 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.
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
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the future of Pi Network currency.DOT TECH
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.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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
2. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
2
COMPETITIVE ADVANTAGES2
3. 3
1973
Founded in Belo
Horizonte with 6
VW Beetles
1979
Expasion to 11 capital
cities becoming market
leader in 1981
1984
Expansion strategy by
adjacencies:
Franchising
1991
Expansion strategy by
adjacencies:
Seminovos
1992
Internationalization
through Franchising
1997
PE firm DL&J enters at
a market cap of
US$150 mm
1999
Expansion strategy by
adjacencies: Fleet
Rental
2005
IPO with a Market Cap of
US$295 mm
2014
Beginning of
Digital Transformation
2017
Strategic partnership
with Hertz -
Phase I: Rise to #1 Phase II: Expansion
Phase III:
Reaching Scale
Phase IV: Digital
Transformation
COMPANY HISTORY:
MILESTONES
2018
Market Cap
US$5.8 Billion (03/30/18)
4. INTEGRATED
BUSINESS
PLATFORM
THIS INTEGRATED PLATFORM
GIVES LOCALIZA
FLEXIBILITY AND SUPERIOR
PERFORMANCE
4
• 133,777 CARS
• 7.9 MILLION CLIENTS
• 390 LOCATIONS
• 4,559 EMPLOYEES
CAR RENTAL FLEET RENTAL
•44,742 CARS
• 1,240 CLIENTS
• 284 EMPLOYEES
USED CAR SALES
• 45.7% SOLD TO FINAL CONSUMER
• 99 STORES
• 65 CITIES
• 1,170 EMPLOYEES
FRANCHISING
• 14,741 CARS
• 131 LOCATIONS IN BRASIL
• 70 LOCATIONS IN SOUTH AMERICA
• 36 EMPLOYEES
SYNERGIES:
BARGAINING POWER
COST REDUCTION
CROSS SELLING
OVERHEAD AND SUPPORT: 1,027
EMPLOYEES
5. COMPANY:BUSINESS PLATFORM DIVISIONS
CAR RENTAL FRANCHISING FLEET RENTAL USED CAR SALES
5
• HIGH FIXED COST STRUCTURE
• STANDARDIZED FLEET
• 1 YEAR CYCLE
• HIGHER ENTRY BARRIERS
• GAINS OF SCALE
• CAPITAL INTENSIVE
• CONCENTRATED AIRPORT MARKET
• FRAGMENTED OFF AIRPORT MARKET
RENTS TO INDIVIDUALS AND
COMPANIES AT AIRPORTS AND
OFF AIRPORT LOCATIONS.
CONTRIBUTES TO EXPAND
LOCALIZA’S NETWORK.
• HIGH PROFITABILITY
• LOW CONTRIBUTION TO EARNINGS
• RESPONSIBLE TO DEVELOP NEW
MARKETS
• LOW FIXED COST STRUCTURE
• CUSTOMIZED FLEET
• 2-3 YEARS CYCLE
• LOWER ENTRY BARRIERS
• CAPITAL INTENSIVE
OUTSOURCES FLEET FOR 2-3
YEARS’ TERM CONTRACTS.
SELLS THE USED CARS MAINLY TO
FINAL CONSUMERS AFTER THE
RENTAL AND ESTIMATES THE
RESIDUAL VALUES.
• EFFICIENCY AREA RESPONSIBLE TO SELL
CARS FROM RAC AND FLEET DIVISIONS
• KNOW HOW OF USED CARS MARKET
• LOW DEPENDENCE OF INTERMEDIATES
• ALLOWING FOR LOWER DEPRECIATION
6. 6
BIG NUMBERS
✓ Market leader with market cap of R$ 18.6 billion (US$ 5.8 bn) in March 30, 2018
✓ End of period fleet of 193,260 cars in 1Q18
✓ R$1.8 billion in net revenues in 1Q18
✓ Volume growth of 53.3% in the Car Rental Division in 1Q18
✓ ROIC of 14.2%, spread of 9.0 p.p in relation to cost of debt after taxes
7. Net Revenues
R$1,823
EBITDA
R$398
EBIT*
R$330
Consolidated breakdown – 1Q18
R$ million
7
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
COMPANY’S PROFITABILITY COMES FROM CAR RENTAL AND FLEET RENTAL DIVISIONS
R$ 59
15%
R$ 125
31%
R$ 214
54%
R$ 98 30%
R$ 232
70%
R$ 1,021
56%
R$ 203
11% R$ 599
33%
8. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
8
COMPETITIVE ADVANTAGES2
9. COMPETITIVE ADVANTAGES
PROFITABILITY COMES FROM RENTAL DIVISIONS
CASH TO RENEW THE FLEET OR PAY DEBT
RAISING
MONEY
BUYING
CARS
ALUGUEL
DE CARS
SELLING
CARS
9
RENTING
CARS
44 YEARS OF EXPERIENCE IN MANAGING ASSETS AND GENERATING VALUE.
10. COMPETITIVE ADVANTAGES
RAISING MONEY
INVESTMENT GRADE: LOWER SPREADS AND LONGER TENORS
Source: Bloomberg April, 2018.
BB Fitch
Ba2 Moody’s
BB+ S&P
B+ S&P
Ba3 Moody´s
BB S&P
B1 Moody´s
B+ S&P
Player A Player B/C Player D
brAAA S&P
Aa1.br Moody’s
AAA(bra) Fitch
A+(bra) Fitch
AA (bra) Fitch
brAA- S&P
A(bra) FitchNational scale
Global scale
10
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
LOCALIZA RAISES MONEY WITH BETTER CONDITIONS THEN ITS COMPETITORS.
11. COMPETITIVE ADVANTAGES
11
RAISING MONEY
2017 Bonds - R$ million
R$869
109.35% - 12/2017
R$700
107.25% - 05/2017
R$650
104.66% - 09/2017
CRI - R$370
99.0% - 02/2018
R$500
107.00% - 05/2017
Player B R$500
113.97% - 10/2017
R$ 350
103.49% - 10/2017
Player B R$300
128.68% - 04/17
Player C R$300
130.00% - 08/2017
Player A R$250
131.42% - 07/2017
R$216
111.30% - 12/2017
Player A R$150
119.00% - 07/2017
Player C R$100
113.15% - 11/2017
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
% CDI
Years
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
12. Number of cars purchased - 2017 Localiza’s share in the internal sales of the
OEMs* - 2017
Source: website of each company and ANFAVEA.
12
COMPETITIVE ADVANTAGES
BUYING CARS
140,751
55,076
39,304
19,747
Localiza* Player A Player B* Player C
*it includes 5,825 cars from Localiza´s and 1,944 from Unidas’ Brazilian Franchisees
8.4%
LOCALIZA BUYS CARS WITH BETTER CONDITIONS DUE TO THE VOLUME OF PURCHASES.
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
*it considers the 12 OEMs listed above
13. Most recognized and desired brand in the category
13
• Co-branding with Hertz, the most well-known brand, with presence
in +150 countries
• 24th most valuable brand in Brazil in 2017 (Interbrand ranking)
• Brand with the largest awareness and preference in the sector
• Presence online and offline
• Winner of Época ReclameAqui award for the 3rd consecutive year
• Customer superior satisfaction (NPS)
• Culture of delighting
• Modern and diversified fleet
Leader in loyalty and superior quality
COMPETITIVE ADVANTAGES
RENTING CARS
BRAZILIAN DISTRIBUTION
# OF LOCATIONS # OF CITIES
521
216
183
399
Localiza 1Q18 Competitors 2017
362
150 96
Localiza 1Q18 Player B 2017 Player A 2017
Source: website of each company on 12/31/2017
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
14. COMPETITIVE ADVANTAGENS
14
RAINSING
MONEY
BUYING CARS SELLING CARSFLEET RENTAL
New ways of developing technologies
with agility and customer collaboration
Innovations that generate strategic
information for the customer´s business and
added value for the business
Good interaction with customers,
facilitating the resolution of problems
FLEET RENTAL
15. 15
Distribution in Brazil
Digital Sale
99 points of sale
65 cities in Brazil
COMPETITIVE ADVANTAGES
SELLING CARS
Big data
Best understanding of
costumer preference
Pricing estimate
- Depreciation
+ Residual Value
Input for car purchase
Buffer: additional fleet
during peaks of demand
Sales to final consumer
Lower depreciation
Loyalty of customers,
generating good
repurchase rates and
indication
EFFICIENCY AREA TO REDUCE DEPRECIATION
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
16. 16
COMPETITIVE ADVANTAGES
WITH OPERATIONAL EXCELLENCE
CAR PREPARATION
• Quality control of the cars
delivered by OEM’S
• Car licensing
DELIVERY IN THE BRANCHES
• Transport tracking
• Logistic management
optimization
OPERATING CAR
• Maintanance and repair
• Traffic fines processing
• Licensing renewal
CAR DECOMISSIONING
• Car checking
• Preparation for sales
• Transportation to
Seminovos stores
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
17. 17
Anti fraudLocaliza FastChatbot® Digital register and
self check-in
Taylor-made solution for
fraud prevention in car
rentals
Mobile-based counter
bypass. Customers can pick-
up car bypassing our counter
Facebook / messenger
booking assistant
Automatic capture of the driver’s
license for new costumers and
expedite check-in.
Connected Fleet Mobile Solution
Integrated mobile solution to
fleet rental services for drivers
and contract manager.
Online Fleet Rental
Fast diagnosis and
friendly dashboard for
fleet manager.
Integrated technology solution that
increases competitive intelligence and
leverages productivity gains.
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
... AND INNOVATION
DIFFERENTIATED OFFER WITH HIGHER VALUE ADDED TO CUSTOMERS
18. R$38.2
Average car price
(2 years)
Car sale revenue
net of SG&A
R$36.0
1 year cycle
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
CAR RENTAL: FINANCIAL CYCLE 2017
Per car
18
Total
1 year
R$ % R$ % R$
Net revenues 19.6 100.0% 38.8 100.0% 58.4
Costs - fixed and variable (9.2) -47.1% (9.2)
SG&A (3.5) -18.0% (2.9) -7.4% (6.4)
Net revenues of car sold 36.0 92.6% 36.0
Book value of car sold (33.9) -87.2% (33.9)
EBITDA 6.9 34.9% 2.1 5.4% 9.0
Cars Depreciation (1.2) -3.2% (1.2)
Others depreciation (0.3) -1.3% (0.1) -0.3% (0.4)
Financial expenses (2.4) -6.3% (2.4)
Taxes (1.5) -7.6% 0.4 1.0% (1.1)
Net Income (Loss) 5.1 26.0% (1.3) -3.4% 3.8
NOPAT 5.7
ROIC (it consideres only cars in capital invested) 14.9%
Cost of debt after taxes 7.6%
Car Rental Seminovos
Per car soldPer operating car
19. 1 2 3 4 5 6 31 32 33 34 35 36Expenses, interest and tax
Revenue
Car sale revenue
net of SG&A
R$31.8
R$43.1
Average car price
(3 years)
3 year cycle
FLEET RENTAL: FINANCIAL CYCLE 2017
Per car
19
Total
3 years
R$ % Seminovos % R$
Net revenues 60.5 100.0% 34.1 100.0% 94.6
Costs - fixed and variable (17.9) -29.7% (17.9)
SG&A (5.1) -8.4% (2.4) -7.0% (7.5)
Net revenues of car sold 31.7 93.0% 31.7
Book value of car sold (28.7) -84.1% (28.7)
EBITDA 37.5 61.9% 3.0 8.9% 40.5
Cars Depreciation (9.3) -27.3% (9.3)
Others depreciation (0.3) -0.5% (0.1) -0.4% (0.4)
Financial expenses (6.5) -19.1% (6.5)
Taxes (8.4) -13.9% 2.9 8.6% (5.5)
Net Income (Loss) 28.8 47.6% (10.0) -29.4% 18.8
Net Income (Loss) - per year 9.6 47.6% (3.3) -29.4% 6.3
NOPAT 7.9
ROIC (it consideres only cars in capital invested) 18.4%
Cost of debt after taxes 7.6%
Per operating car
Fleet Rental Seminovos
Per car sold
20. ROIC versus COST OF DEBT AFTER TAXES
HIGHER SPREAD MEANS VALUE GENERATION FOR SHAREHOLDERS
ROIC considered each year´s effective income tax and social contribution rate
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
16.7%
17.8%
17.0%
15.4% 15.6%
14.2%
6.0%
8.0%
9.5%
10.2%
7.6%
5.2%
2013 2014 2015 2016 2017 1Q18
ROIC Cost of debt after taxes
9.8p.p.
10.7p.p.
7.5p.p.
5.2p.p.
8.0p.p.
*
9.0p.p.
2013 2014 2015 2016 2017 1Q18
ROE 29.0% 30.6% 24.3% 21.1% 25.6% 27.1%
20
21. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
21
COMPETITIVE ADVANTAGES2
22. 22
MARKET SIZE 2016:
R$5.8 BILLION
OTHERS
MARKET SIZE 2017:
R$6.5 BILLION
CAR RENTAL: MARKET SHARE
GROSS REVENUE - CAR RENTAL
Source: ABLA, considering the breakdown reported applied on the revenues
OTHERS
29.3%*
11.8%
6.7%
52.2%
32.3%*
13.9%
7.8%
46.0%
PLAYER B
PLAYER A
PLAYER B
PLAYER A
*Localiza’s market share includes revenues from franchisees in Brazil. There are no public data on the revenue of other players’ franchisees.
23. CAR RENTAL LOCATIONS IN BRAZIL
AIRPORT LOCATIONS OFF – AIRPORT LOCATIONS
Localiza
422
Player B
161
Player E
26
Player A
100
Others
7,850
23Source: ABLA, each company’s website on 03/31/2018 and Localiza’s 1Q18 Earnings Release.
1/3 OF CAR RENTAL’S
REVENUES COMES
FROM AIRPORT
LOCATIONS
OFF -AIRPORT
LOCATIONS
AIRPORT
LOCATIONS
OFF – AIRPORT MARKET IS STILL FRAGMENTED
Localiza
99
Player A
51
Player B
51
Player E
33
Others
38
Localiza Player A Player B Player E Others
24. 180
200 240
260
300 350 380 415
465
510 545
622
678
724
788
880
937
38% 37% 35%
31%
27% 22% 20%
18% 16% 15% 15% 13% 13% 12% 11% 9% 8%
-50
50
150
250
350
450
550
650
750
850
950
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Monthly minimun salary (R$) Daily rental price over minimum salary (%)
CAR RENTAL AFFORDABILITY
Source: BCB and Localiza rates
Sources: IPEADATA, Localiza’s loyalty program and BCB as of 2016
*Considering that each credit card owner owns 1,3 credit cards, BCB estimated that were 84
million active credit cards in Brazil in 2016.
CAR RENTAL: DRIVERS
24INCREASING AFFORDABILITY AND LOW PENETRATION BRINGS GROWTH OPPORTUNITIES.
3.1
3.8
4.3
5.7
6.4
7.6
7.9
2012 2013 2014 2015 2016 2017 1T18
LOCALIZA RAC USERS (MILLION)
84.0
64.0
7.9
Adult population (age>20
years) Class A+B+C
Credit Card owners Users
In million
*considering only the individual segment.
25. CAR RENTAL: DRIVERS
25
*
40.6
45.7
49.7
56.9
70.3
81.5
87.0 88.2 93.3 94.4 89.0 90.8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
AIRLINE MARKET EVOLUTION
RPK (REVENUE SEAT KILOMETER) IN MILLION
* Annualized with the available data until November/17
Source: ANAC
DEMAND FORECASTING
PASSANGERS ESTIMATE (IN MILLION)
Source: Ministério dos Transportes / Transportation Ministry (September/2017)
EVOLUTION IN AIRLINE MARKET BRINGS GROWTH OPPORTUNITIES .
201.3
267.8
401
2017 2027 2037
26. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
26
COMPETITIVE ADVANTAGES2
27. FLEET RENTAL: MARKET SHARE
GROSS REVENUE - FLEET RENTAL
27Source: ABLA, considering the breakdown reported applied on the revenues
MARKET SIZE 2017:
R$9 BILLION
MARKET SIZE 2016:
R$8 BILLION
8.4%
2.6%
3.6%
7.6%
77.9%OUTROS
PLAYER B
PLAYER C
PLAYER A
8.3%
2.6%
4.4%
5.5%
79.1%OTHERS
PLAYER B
PLAYER C
PLAYER A
28. FLEET RENTAL: DRIVERS
28
Corporate fleet:
5,000,000*
Rented fleet:
440,737**
39,738
BRAZILIAN MARKET
*Frost&Sullivan research
**Localiza estimates
WORLD
8.8% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Source: Datamonitor for European countries and Localiza’s estimate for Brazil
LOW PENETRATION OF RENTED FLEET IN BRAZIL
29. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
29
COMPETITIVE ADVANTAGES2
30. SEMINOVOS: NEW vs USED CAR MARKET (BRAZIL)
Source: Fenabrave (light and commercial cars) may 30,2018. 30
New cars
Used cars
TOTAL MARKET OF 12.5 MILLION CARS.
8.4
8.9 9.0
9.4
10.1 9.9 10.0
10.7
10.3
3.3 3.5 3.6 3.6 3.3
2.5
2.0 2.2 2.2
2010 2011 2012 2013 2014 2015 2016 2017 May/2018
Carros usados Carros novos
*
*
(*)Annualized
2.5x 2.5x2.6x 2.6x 3.1x 4.0x 5.0x 4.9x
4.7x
31. SEMINOVOS: DRIVERS
# OF INHABITANTS PER CAR – BRAZIL 2005 - 2016
AFFORDABILITY TO BUY CARS – AVERAGE PUBLIC PRICE
OF ECONOMIC CARS
AFFORDABILITY AND PENETRATION
7.9
7.7
7.3
6.9
6.5
6.0
5.7
5.3
5.0 4.9 4.8 4.8 4.8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
DEVELOPED COUNTRIES MAINTAIN A RATIO BETWEEN
2-1 INHABITANTS PER CAR
Source: Sindipeças – Current Fleet Report 2018, as of April 2018. Source: BCB and Localiza
Reference: for calculation was considered the cheapest car in our fleet
31
300 350
380 415
465 510 545
622
678
724
788 880
934 95484
71 69
61
55
51 49
43 43 43 41 41
47 47
-
10
20
30
40
50
60
70
80
90
-100
100
300
500
700
900
1,100
20052006200720082009201020112012201320142015201620172018
Minimum wage (R$) Minimum wages needed to buy a new car
32. 30.5%
Up to 2 years - 2017
296,756
SEMINOVOS: CARS SALES
OPERATING DATA
0.8%
Used cars – 2017
10,730,763
4.2%
Main players
Examples • Retailers • Dealers • Rental Operators
Points of sale • 48,000 (Fenauto) • 5,535 (Anfavea) • +132 (Unidas, Movida, Locamerica)
Source: Anfavea 2018 e Fenabrave / Unidas, Locamerica e Movida.
32
Brand new- 2017
2,172,235
33. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
33
COMPETITIVE ADVANTAGES2
34. 34
# of cars sold
# of rental days (thousand)– Car Rental
Fleet at end of the period
# of rental days (thousand) – Fleet Rental
1Q18 OPERATING HIGHLIGHTS
87,508
133,777
36,080
44,742
14,019
14,741
137,607
193,260
1Q17 1Q18
Car rental Fleet rental Franchising
20,309
25,288
1Q17 1Q18
5,309
8,139
1Q17 1Q18
2,930
3,576
1Q17 1Q18
36. CAR RENTAL
1,163.5 1,284.4 1,258.0
1,428.0
1,848.5
403.5
594.7
2013 2014 2015 2016 2017 1Q17 1Q18
Number of daily rentals (thousand)
STRONG VOLUME AND REVENUE GROWTH IN 1Q18
14,241.7 15,416.0 15,566.1
18,662.4
25,263.6
5,308.5
8,139.4
2013 2014 2015 2016 2017 1Q17 1Q18
Net revenues (R$ million)
36
37. 37
CAR RENTAL
Average daily rental rate – in R$ Utilization rate
OPERATIONAL EFFICIENCY AND PRICING MANAGEMENT STIMULATED DEMAND AND UTILIZATION
79.3
74.1 74.1 74.0 74.7
1Q17 2Q17 3Q17 4Q17 1Q18
75.8%
79.0%
81.0%
78.5% 78.7%
1Q17 2Q17 3Q17 4Q17 1Q18
New utilization rate presentation: considers only the period in which cars are available for rental at the locations
38. CAR RENTAL NETWORK EVOLUTION
Number of car rental locations Brazil and abroad
286 304 320 333 384 390
193 172 174 158
133 131
63 64 70 70 71 70
542 540 564 561 588 591
2013 2014 2015 2016 2017 1Q18
Localiza's branches - Brazil Franchisees' branches - Brazil Franchisees' branches - abroad
+6
6 CORPORATE LOCATIONS WERE ADDED TO THE NETWORK IN 1Q18
38
40. NET INVESTMENT
Fleet expansion (reduction)* (quantity)
STRONG GROWTH IN RAC MITIGATED THE NEED TO REDUCE FLEET AFTER SEASONAL DEMAND PEAK
40
Net investment in fleet (R$ million)
Cars purchased Cars sold Hertz Brasil
Purchases (includes accessories) Used car sales net revenues Hertz Brasil
69,744 79,804
64,032
87,833
143,414
15,123
23,847
62,641 70,621
64,305 68,449
90,554
20,309
25,288
2013 2014 2015 2016 2017 1Q17 1Q18
7,103
9,183
(273)
19,384
88,619
1,935
135,252
8,162
(5,186)
52,860
(1,441)
2,026.2
2,483.2
2,278.4
3,289.6
5,754.4
618.2 933.8
1,747.3 2,018.2 2,044.9
2,342.6
3,451.2
758.5 1,020.5
2013 2014 2015 2016 2017 1Q17 1Q18
465.0
278.9 233.5
947.0
61.95.,467.9
286.5
3,389.3
(140.3)
2,303.2
(86.7)
* It does not consider theft / crashed cars/written off.
41. 41
NUMBER OF POINTS OF SALE
74 75 77
84
99
88
99
62,641
70,621 64,305 68,449
90,554
20,309 25,288
-50,000
-30,000
-10,000
10,000
30,000
50,000
70,000
90,000
110,000
130,000
-10
10
30
50
70
90
110
130
150
2013 2014 2015 2016 2017 1Q17 1Q18
Points of sale Cars sold
STORES WILL BE OPENED THROUGHOUT THE YEAR TO SUPPORT FUTURE RENEWAL OF FLEET
42. 42
END OF PERIOD FLEET
52.9% GROWTH OF THE RAC FLEET, COMPARED WITH 1Q17
(Quantity)
70,717 77,573 76,755 94,156
135,578
87,508
133,777
32,809 34,312 33,948
34,960
44,877
36,080
44,742
14,233 13,339 13,992
14,015
13,824
14,019
14,741
117,759 125,224 124,695
143,131
194,279
137,607
193,260
2013 2014 2015 2016 2017 1Q17 1Q18
Car Rental Fleet Rental Franchising
43. 43
CONSOLIDATED NET REVENUES
(R$ million)
36.1% INCREASE IN CONSOLIDATED REVENUES IN 1Q18
1,758.9 1,874.0 1,883.1 2,096.8 2,607.1
581.1 802.2
1,747.3 2,018.2 2,044.9 2,342.5
3,451.2
758.5 1,020.5
3,506.2
3,892.2 3,928.0
4,439.3
6,058.3
1,339.6
1,822.7
2013 2014 2015 2016 2017 1Q17 1Q18
Rental Used car sales
44. 44
CONSOLIDATED EBITDA
(R$ million)
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
(**) Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
Divisions 2013 2014* 2015 2016 2017 1Q17 1Q18
Car Rental 36.8% 38.7% 31.8% 32.3% 34.9%** 36.6% 35.7%
Fleet Rental 65.5% 60.0% 62.2% 64.5% 61.9%** 63.0% 61.3%
Rental Consolidated 46.5% 45.3% 41.7% 42.3% 42.6%** 44.5% 42.2%
Used Car Sales 5.7% 6.0% 7.3% 5.5% 5.9% 5.0% 5.7%
EBITDA margin:
916.5 969.8 934.8
1,015.6
1,314.2
297.0
397.4
2013 2014 2015 2016 2017 Adjusted 1Q17 1Q18
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
74.0
33.8% GROWTH IN CONSOLIDATED EBITDA
45. 45
AVERAGE DEPRECIATION PER CAR
(In R$)
Fleet Rental
Car Rental
CAR PRICE INCREASES AND SALES EFFICIENCY CONTRIBUTED FOR LOWER DEPRECIATION ON RAC
1,452.4 1,270.0
622.1
1,251.2 1,250.1
1,484.8
715.9
2013 2014 2015 2016 2017 1Q17* 1Q18*
4,592.3 4,202.1 3,935.2 3,714.0
3,104.3 3,330.1 3,410.4
2013 2014 2015 2016 2017 1Q17* 1Q18*
*Annualized
46. 46
CONSOLIDATED EBIT
(R$ million)
652.1 726.7 735.5 771.1
1,043.1
230.1
329.9
2013 2014 2015 2016 2017 Adjusted 1Q17 1Q18
Divisions 2013 2014 2015 2016 2017 1Q17 1Q18
Car Rental 32.8% 36.2% 34.3% 30.2% 35.5%* 34.8% 38.8%
Fleet Rental 45.1% 44.3% 48.9% 51.2% 51.4%* 50.9% 48.0%
Consolidated 37.1% 38.8% 39.1% 36.8% 40.0%* 39.6% 41.1%
74.0
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
(*) Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
LOWER DEPRECIATION PER CAR ON RAC SEGMENT CONTRIBUTED TO 4 P.P. GAIN IN EBIT MARGIN
47. 47
CONSOLIDATED NET INCOME
(R$ million)
384.3 410.6 402.4 409.3
563.4
120.3
176.0
2013 2014 2015 2016 2017 Adjusted 1Q17 1Q18
Reconciliation EBITDA x Net income 2013 2014 2015 2016 2017* Var. R$ Var. % 1Q17 1Q18 Var. R$ Var. %
Consolidated EBITDA 916.5 969.8 934.8 1,015.6 1,314.2 298.6 29.4% 297.0 397.4 100.4 33.8%
Cars depreciation (229.0) (207.4) (163.6) (206.3) (232.0) (25.7) 12.5% (57.9) (56.9) 1.0 -1.7%
Other property depreciation and amortization (35.4) (35.7) (35.7) (38.2) (39.1) (0.9) 2.4% (9.0) (10.6) (1.6) 17.8%
EBIT 652.1 726.7 735.5 771.1 1,043.1 272.0 35.3% 230.1 329.9 99.8 43.4%
Financial expenses, net (110.6) (151.1) (202.7) (243.5) (315.0) (71.5) 29.4% (74.8) (88.9) (14.1) 18.9%
Income tax and social contribution (157.2) (165.0) (130.4) (118.3) (164.7) (46.4) 39.2% (35.0) (65.0) (30.0) 85.7%
Net income of the period 384.3 410.6 402.4 409.3 563.4 154.1 37.6% 120.3 176.0 55.7 46.3%
57.7
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation, after taxes
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
NEW RECORD NET INCOME: 46,3% GROWTH
48. FREE CASH FLOW
48
Free cash flow - R$ million 2013 2014 2015 2016 2017 1Q18
Operations
EBITDA 916.5 969.8 934.8 1,015.6 1,314.2* 397.4
Used car sale revenue, net from taxes (1,747.3) (2,018.2) (2,044.9) (2,342.5) (3,451.2) (1,020.5)
Depreciated cost of cars sold 1,543.8 1,777.0 1,769.1 2,102.5 3,106.6 928.1
(-) Income tax and social contribution (108.5) (113.1) (110.7) (93.3) (108.3) (33.3)
Change in working capital 2.9 (27.1) (30.0) 113.2 21.2 (49,0)
Cash generated by rental operations 607.4 588.4 518.3 795.5 882.5 222.7
Capex-renewal
Used car sale revenue, net from taxes – fleet renewal 1,747.3 2,018.2 2,036.3 2,342.5 3,451.2 962.4
Fleet renewal investment (1,819.7) (2,197.7) (2,278.4) (2,563.6) (3,660.9) (933.8)
Change in accounts payable to car suppliers – renewal 144.3 120.0 (75.4) 174.1 247.8 71.0
Net investment for fleet renewal 71.9 (59.5) (317.5) (47.0) 38.1 99.6
Fleet renewal – quantity 62,641 70,621 64,032 68,449 90,554 23,847
Investment, property and intangible (47.5) (46.3) (29.7) (42.2) (48.8) (6.1)
Free cash flow from operations, before growth 631.8 482.6 171.1 706.3 871.8 316.2
Capex-Growth
Fleet growth investment (209.4) (286.8) - (726.0) (1,807.0) -
Used car sale revenue, net from taxes – fleet reduction 8.6 58.1
Change in accounts payable to car suppliers – growth (54.6) 214.4 (45.8) 16.6 167.7 (364.9)
Hertz Brazil acquisition - fleet (286.5) -
Fleet growth capex (264.0) (72.4) (37.2) (709.4) (1,925.8) (306.8)
Fleet increase / (reduction) – quantity 7,103 9,183 (273) 19,384 52,860 (1,441)
Free cash flow after growth, and before interest and new HQ 367.8 410.2 133.9 (3.1) (1,054.0) 9.4
Capex-
non-
recurring
Hertz Acquisition (Except fleet) - - - - (46.7) -
Incurred one-time costs effect - - - - (74.0) -
New headquarters construction and furniture (6.5) (148.3) (30.7) (84.4) (126.2) -
Free cash flow before interest 361.3 261.9 103.2 (87.5) (1,300.9) 9.4
(*) Adjusted by one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
In the free cash flow, short-term financial assets were considered as cash equivalents since they have immediately liquidity.
49. 49
NET DEBT INCREASE OF R$122 MILLION MAINLY DUE TO REDUCTION OF ACCOUNTS PAYABLE
CHANGE IN NET DEBT
(R$ million)
50. 50
DEBT RATIOS
COMFORTABLE CAPITAL STRUCTURE
NET DEBT DISCOUNTING CREDIT CARD RECEIVABLES VERSUS FLEET VALUE
BALANCE AT THE END OF PERIOD 2013 2014 2015 2016 2017 1Q18
Net debt - credit card receivables / Fleet value 43% 35% 39% 44% 55% 57%
Net debt - credit card receivables / annualized EBITDA 1.3x 1.2x 1,5x 2.0x 2.9x 2.5x
Net debt - credit card receivables / Equity 0.9x 0.7x 0.7x 0.9x 1.5x 1.5x
EBITDA / Net financial expenses 8.3x 6.4x 4.6x 4.2x 4.2x 4.5x
1,190.0 1,164.1 1,418.6
2,038.8
3,843.2 3,966.2
2,797.9
3,296.3 3,642.7
4,623.6
7,038.7 6,987.7
2013 2014 2015 2016 2017 1Q18
Net debt - credit card receivables Fleet value
(R$ million)
51. 51
DEBT MATURITY PROFILE (PRINCIPAL)
(R$ million)
As of Mach 31, 2018
COMFORTABLE DEBT AND CASH PROFILE TO SUPPORT GROWTH
2,662.5
304.9 640.8
1,432.7
678.1 943.4 946.7 1,173.0
411.5
Cash and financial
assets
2018 2019 2020 2021 2022 2023 2024 2025 - 2032
2,378.4
52. ROIC versus COST OF DEBT AFTER TAXES
HIGHER SPREAD MEANS VALUE GENERATION FOR SHAREHOLDERS
ROIC considered each year´s effective income tax and social contribution rate
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
16.7%
17.8%
17.0%
15.4% 15.6%
14.2%
6.0%
8.0%
9.5%
10.2%
7.6%
5.2%
2013 2014 2015 2016 2017 1Q18
ROIC Cost of debt after taxes
9.8p.p.
10.7p.p.
7.5p.p.
5.2p.p.
8.0p.p.
*
9.0p.p.
2013 2014 2015 2016 2017 1Q18
ROE 29.0% 30.6% 24.3% 21.1% 25.6% 27.1%
52
53. 53
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary form and does not purport to be
complete. It is not intended to be relied upon as advice to potential investors. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the
accuracy, fairness, or completeness of the information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-
looking statements are only projections and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject
to many risks, uncertainties and factors relating to the operations and business environments of LOCALIZA and its subsidiaries that may cause the actual results of the companies to be materially
different from any future results expressed or implied in such forward-looking statements.
Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to LOCALIZA’s management,
LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of the forward-looking statement.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of
any contract or commitment whatsoever.
DISCLAIMER