This document summarizes Localiza Rent a Car's integrated business platform and growth opportunities as of 2006. The platform generates synergies through cost reductions, cross-selling, and bargaining power. Localiza is the market leader in Brazil and has expanded to 9 countries with 327 agencies. The summary identifies growth opportunities in air traffic, GDP growth, credit card expansion, fleet outsourcing, and market consolidation. Localiza is well-positioned for continued growth and benefits from competitive advantages including its integrated platform, largest distribution network, yield management, and brand recognition.
Localiza Rent a Car S.A. is a car rental company operating in Brazil and South America since 1973. It has three main business divisions: car rental, fleet rental, and used car sales (Seminovos). The document provides an overview of each division and their financial cycles. It also outlines Localiza's competitive advantages in raising money, buying cars, renting cars, and selling cars. Localiza has the largest market share in both the car rental and fleet rental markets in Brazil. Financial metrics show Localiza has higher profitability and lower debt ratios than its competitors.
This document provides an overview of Localiza Rent a Car S.A., including:
- The company's history and growth through phases of rising to #1 in Brazil, expansion, and reaching scale.
- Details on its integrated business platform and main divisions of car rental, fleet rental, and used car sales.
- Financial details on the rental cycles and profitability of each division.
- Competitive advantages through scale in purchasing cars, extensive network, experience managing fleets, and selling directly to consumers.
- Industry drivers like economic growth and trends in car rental distribution in Brazil.
The document provides an overview of Localiza Rent a Car S.A., a Brazilian car rental company. It discusses the company's history and expansion since 1973, its integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions, and key financial metrics for each division. The document also reviews the Brazilian car rental market landscape, Localiza's competitive advantages in raising money, buying cars, renting cars, and selling used cars. In addition, it discusses the car rental industry trends, Localiza's market share and distribution network in Brazil.
Localiza is a Brazilian car rental company with over 40 years of experience in managing vehicle fleets. It operates in three main divisions: car rental, fleet rental, and used car sales. Localiza has a large scale of operations in Brazil, with competitive advantages in raising capital, purchasing vehicles, and renting cars. It is the market leader in both car and fleet rental. Profitability comes primarily from the rental divisions due to financial cycles that provide positive spreads between revenues and costs. Localiza also benefits from selling used rental vehicles directly to consumers.
Localiza is a Brazilian car rental company with over 40 years of experience in managing vehicle fleets. It operates in three main divisions: car rental, fleet rental, and used car sales. Localiza has a large scale of operations in Brazil, with competitive advantages in raising capital, purchasing vehicles, and renting cars. It has a profitable business model in each division and maintains healthy profitability levels and debt ratios compared to competitors. Localiza's integrated business platform allows it flexibility and superior financial performance.
This document provides an overview of Localiza Rent a Car S.A., a car rental company based in Brazil. It discusses the company's history and growth, business divisions including car rental, fleet rental, and used car sales. It provides financial details on the profitability and cycles of each division. The document also analyzes Localiza's competitive advantages such as scale, brand recognition, and distribution network. It includes charts showing market share and performance metrics comparing Localiza to competitors.
Localiza is a Brazilian car rental company with three main business divisions: car rental, fleet rental, and used car sales (Seminovos). It has grown organically and through acquisitions since 1973 to become the largest car rental company in Brazil with over 13,000 vehicles. Localiza benefits from scale advantages in purchasing fleet vehicles and an integrated business platform allowing synergies across divisions. Financial results are driven by car rental and fleet rental with high returns on capital and spreads above cost of debt.
The document provides an overview of Localiza Rent a Car S.A., a Brazilian car rental company. It discusses the company's history and growth, its integrated business platform consisting of car rental, fleet outsourcing, used car sales and franchising divisions, and the financial cycles and competitive advantages of each division. Key metrics on the company's revenues, fleet size, market share, and financial performance are presented. The document also reviews industry trends in car rental and fleet outsourcing in Brazil.
Localiza Rent a Car S.A. is a car rental company operating in Brazil and South America since 1973. It has three main business divisions: car rental, fleet rental, and used car sales (Seminovos). The document provides an overview of each division and their financial cycles. It also outlines Localiza's competitive advantages in raising money, buying cars, renting cars, and selling cars. Localiza has the largest market share in both the car rental and fleet rental markets in Brazil. Financial metrics show Localiza has higher profitability and lower debt ratios than its competitors.
This document provides an overview of Localiza Rent a Car S.A., including:
- The company's history and growth through phases of rising to #1 in Brazil, expansion, and reaching scale.
- Details on its integrated business platform and main divisions of car rental, fleet rental, and used car sales.
- Financial details on the rental cycles and profitability of each division.
- Competitive advantages through scale in purchasing cars, extensive network, experience managing fleets, and selling directly to consumers.
- Industry drivers like economic growth and trends in car rental distribution in Brazil.
The document provides an overview of Localiza Rent a Car S.A., a Brazilian car rental company. It discusses the company's history and expansion since 1973, its integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions, and key financial metrics for each division. The document also reviews the Brazilian car rental market landscape, Localiza's competitive advantages in raising money, buying cars, renting cars, and selling used cars. In addition, it discusses the car rental industry trends, Localiza's market share and distribution network in Brazil.
Localiza is a Brazilian car rental company with over 40 years of experience in managing vehicle fleets. It operates in three main divisions: car rental, fleet rental, and used car sales. Localiza has a large scale of operations in Brazil, with competitive advantages in raising capital, purchasing vehicles, and renting cars. It is the market leader in both car and fleet rental. Profitability comes primarily from the rental divisions due to financial cycles that provide positive spreads between revenues and costs. Localiza also benefits from selling used rental vehicles directly to consumers.
Localiza is a Brazilian car rental company with over 40 years of experience in managing vehicle fleets. It operates in three main divisions: car rental, fleet rental, and used car sales. Localiza has a large scale of operations in Brazil, with competitive advantages in raising capital, purchasing vehicles, and renting cars. It has a profitable business model in each division and maintains healthy profitability levels and debt ratios compared to competitors. Localiza's integrated business platform allows it flexibility and superior financial performance.
This document provides an overview of Localiza Rent a Car S.A., a car rental company based in Brazil. It discusses the company's history and growth, business divisions including car rental, fleet rental, and used car sales. It provides financial details on the profitability and cycles of each division. The document also analyzes Localiza's competitive advantages such as scale, brand recognition, and distribution network. It includes charts showing market share and performance metrics comparing Localiza to competitors.
Localiza is a Brazilian car rental company with three main business divisions: car rental, fleet rental, and used car sales (Seminovos). It has grown organically and through acquisitions since 1973 to become the largest car rental company in Brazil with over 13,000 vehicles. Localiza benefits from scale advantages in purchasing fleet vehicles and an integrated business platform allowing synergies across divisions. Financial results are driven by car rental and fleet rental with high returns on capital and spreads above cost of debt.
The document provides an overview of Localiza Rent a Car S.A., a Brazilian car rental company. It discusses the company's history and growth, its integrated business platform consisting of car rental, fleet outsourcing, used car sales and franchising divisions, and the financial cycles and competitive advantages of each division. Key metrics on the company's revenues, fleet size, market share, and financial performance are presented. The document also reviews industry trends in car rental and fleet outsourcing in Brazil.
This presentation provides an overview of Localiza, a car rental company in Brazil. It discusses the company's history and growth, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions. It highlights the company's competitive advantages including its scale in purchasing cars, large network of locations, innovation, and expertise in managing assets and selling used cars. Financial information is presented on the profitability of each business division with car rental and fleet rental being the most profitable. The presentation concludes with an agenda covering the company overview, its main business divisions, and financials.
This document provides an agenda and overview of Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet rental, and used car sales. It outlines Localiza's competitive advantages such as its scale, brand recognition, and expertise in managing large fleets of vehicles. The document also reviews the growth drivers for the car rental market in Brazil and Localiza's leadership position within the industry.
Localiza Rent a Car S.A. provides an institutional presentation covering their business divisions and financial information. The presentation includes:
1) An overview of the company including key milestones and an integrated business platform across car rental, fleet outsourcing, and used car sales.
2) Details on the main business divisions including operating data and fleet composition for car rental, fleet outsourcing, and used car sales.
3) Consolidated financial information and industry data on the car rental and fleet outsourcing sectors in Brazil.
The summary provides a high-level view of the key sections and information covered in Localiza's institutional presentation.
Localiza Rent a Car S.A. is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil. The presentation provides an overview of Localiza's business divisions, including car rental, fleet rental, and used car sales ("Seminovos"). It discusses Localiza's competitive advantages in raising money, buying cars, renting cars, and selling cars. Financial information is presented on the profitability and returns generated by each business division.
Localiza Rent a Car S.A. is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil. The presentation provides an overview of Localiza's business divisions including car rental, fleet rental, and used car sales. It discusses the company's financial performance and competitive advantages in raising capital, purchasing vehicles, renting cars, and selling used vehicles. Localiza has an integrated business model that provides synergies across its divisions.
Localiza Rent a Car S.A. is a Brazilian car rental company that has grown to become the largest in Brazil over 41 years. It operates in three main divisions: car rental, fleet rental, and used car sales. Car rental makes up the majority of revenues and profits by renting vehicles to individuals and businesses. Fleet rental provides customized fleets for longer term contracts. Used car sales supports the other divisions by reselling vehicles. Localiza has competitive advantages over peers in raising capital at lower costs, bulk purchasing of vehicles, extensive distribution network, and expertise in fleet management that together have allowed it to significantly outperform market and GDP growth.
This presentation provides an overview of a car rental company, including:
1. The company has grown to become the largest car rental company in Brazil through acquisitions and expansion strategies since being founded in 1973.
2. It operates four main divisions: car rental, fleet rental, used car sales, and franchising.
3. The financials show the car rental and fleet rental divisions are the most profitable parts of the business due to synergies across the integrated platform and expertise in managing assets.
2.5
1.9
1.4
1.3
1.2
1.1
Brazil
4.4
Mexico
6.3
Argentina
7.5
Chile
5.6
Colombia
6.1
Peru
7.9
Used car penetration (2012)
USA
Germany
United Kingdon
France
Japan
South Kor
Brazil
Mexico
Argentina
Chile
Colombia
Peru
45%
40%
35%
30%
25%
20%
15%
10%
5
This document provides an overview of Localiza Rent a Car S.A., including:
1. Localiza has grown significantly since its founding in 1973, becoming the Brazilian car rental leader through acquisitions and expansion into adjacent businesses like fleet rental and used car sales.
2. The company has an integrated business platform across its four divisions that provides synergies and flexibility.
3. Localiza has several competitive advantages, including scale in purchasing cars that allows it to negotiate better prices, a large network of locations across Brazil, and expertise in managing assets over the rental lifecycle.
Localiza Rent a Car S.A. is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil. The presentation discusses Localiza's business divisions, which include car rental, fleet rental, and used car sales ("Seminovos"). It provides an overview of each division and highlights Localiza's competitive advantages, such as its scale, brand recognition, and expertise in managing assets and generating value. Financial information is presented showing Localiza's profitability, return on invested capital, and debt ratios compared to its competitors.
This document provides an overview and agenda for a company earnings release for the first quarter of 2013. It includes sections on the company overview, main business divisions of car rental, fleet rental, and used car sales. It also discusses consolidated figures, debt and cash, and provides an appendix. Graphics and tables provide details on the financial performance and market share of the company's business divisions over time.
This presentation provides an overview of Localiza, a car rental company based in Brazil. It discusses Localiza's history and growth, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions. It highlights the company's competitive advantages including scale in purchasing cars, large network of locations, innovation, and expertise in managing assets and used car sales. Financial information is presented on the car rental and fleet rental divisions showing their profitability and returns above Localiza's cost of debt. The Brazilian car rental and fleet rental market is also summarized, noting the fragmented nature of off-airport locations and low penetration of fleet rentals as drivers of future growth opportunities.
1. The document provides an overview of Localiza, a Brazilian car rental company, outlining its history, business divisions, financial performance, and competitive advantages.
2. Localiza's main business divisions are car rental, fleet rental, and used car sales. It has grown significantly since being founded in 1973 and now has a market capitalization of $3.7 billion.
3. Localiza benefits from scale advantages in purchasing vehicles, its large network of locations, and selling most used rental cars directly to consumers.
Localiza Rent a Car is the largest car rental company in Brazil, with over 280 branches across 6 countries. It has the largest fleet in South America of over 37,000 cars. Localiza has several competitive advantages including its integrated business platform, largest distribution network, leadership position, and strong brand recognition.
Localiza Rent a Car is the largest car rental company in Brazil, with over 280 branches across 6 countries. It has the largest fleet in South America of over 37,000 cars. Localiza has several competitive advantages including its integrated business platform, largest distribution network, leadership position, and strong brand recognition. It is focused on further consolidation in the industry and expanding into new markets like airport rentals and fleet replacement as the Brazilian economy and credit markets continue to grow.
This document provides an overview and financial information for Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet outsourcing, and used car sales. It highlights Localiza's competitive advantages such as scale in purchasing cars which allows it to negotiate better prices, its large network of locations across Brazil including areas competitors do not operate, and its expertise in managing fleets and selling used cars. Charts and tables show the growth and financial performance of Localiza's divisions from 2006 to 2013.
This document provides an overview and financial information for Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet outsourcing, and used car sales. It highlights Localiza's competitive advantages such as scale in purchasing cars which allows it to negotiate better prices, its large network of locations across Brazil including areas competitors do not operate, and its expertise in managing fleets and selling used cars. Charts and tables show the growth and financial performance of Localiza's divisions from 2006 to 2013.
This presentation provides an overview of Localiza, a car rental company in Brazil. It discusses Localiza's history and growth, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions. It highlights the company's competitive advantages including scale in purchasing cars which enables better prices, large network of locations across Brazil, innovation through new technologies, and expertise in used car sales. Financial information shows the car rental and fleet rental divisions drive most of the company's profitability.
This investor presentation summarizes Localiza's business divisions and financial performance:
- Localiza is the largest car rental company in Brazil with over 127,000 vehicles and 507 locations. It has a 33.7% market share in car rental.
- The fleet rental division has over 44,000 vehicles and 1,173 clients, with significant room for growth in Brazil's fragmented market.
- Localiza sells used rental vehicles and has deep expertise in residual values, achieving high profitability from this segment.
- The presentation provides an overview of Localiza, a car rental company in Brazil, outlining its business divisions, financial performance, and competitive advantages.
- Localiza has three main business divisions: car rental, fleet rental, and used car sales ("Seminovos"). Car rental and fleet rental make up the majority of profits.
- Localiza has competitive advantages in raising capital due to its investment grade credit ratings, buying cars in large volumes, operating in more cities than competitors, and innovating through new technologies.
- The integrated business platform and over 40 years of experience in fleet management allow Localiza to generate profits by renting cars and selling used cars.
Primero corporate presentation march 2014 v2primero_mining
- Primero provides a corporate update for March 2014 including cautionary statements about forward-looking information and use of terms like measured, indicated, and inferred resources.
- It discusses the company's investment opportunity as a mid-tier gold producer with a portfolio of long-life, high-grade assets located in safe jurisdictions and plans for significant growth.
- Primero focuses on maintaining a strong balance sheet, measured growth, disciplined cost management, and operating in low-risk jurisdictions.
Evalueserve is a global knowledge process outsourcing firm that provides custom research services including intellectual property services. They have operations centers in several countries and expertise across many industries. Their intellectual property group in China aims to bridge language gaps in patent research by providing services in Chinese, Japanese, Korean, and English to analyze foreign patents and assess freedom to operate in markets like China.
This presentation provides an overview of Localiza, a car rental company in Brazil. It discusses the company's history and growth, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions. It highlights the company's competitive advantages including its scale in purchasing cars, large network of locations, innovation, and expertise in managing assets and selling used cars. Financial information is presented on the profitability of each business division with car rental and fleet rental being the most profitable. The presentation concludes with an agenda covering the company overview, its main business divisions, and financials.
This document provides an agenda and overview of Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet rental, and used car sales. It outlines Localiza's competitive advantages such as its scale, brand recognition, and expertise in managing large fleets of vehicles. The document also reviews the growth drivers for the car rental market in Brazil and Localiza's leadership position within the industry.
Localiza Rent a Car S.A. provides an institutional presentation covering their business divisions and financial information. The presentation includes:
1) An overview of the company including key milestones and an integrated business platform across car rental, fleet outsourcing, and used car sales.
2) Details on the main business divisions including operating data and fleet composition for car rental, fleet outsourcing, and used car sales.
3) Consolidated financial information and industry data on the car rental and fleet outsourcing sectors in Brazil.
The summary provides a high-level view of the key sections and information covered in Localiza's institutional presentation.
Localiza Rent a Car S.A. is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil. The presentation provides an overview of Localiza's business divisions, including car rental, fleet rental, and used car sales ("Seminovos"). It discusses Localiza's competitive advantages in raising money, buying cars, renting cars, and selling cars. Financial information is presented on the profitability and returns generated by each business division.
Localiza Rent a Car S.A. is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil. The presentation provides an overview of Localiza's business divisions including car rental, fleet rental, and used car sales. It discusses the company's financial performance and competitive advantages in raising capital, purchasing vehicles, renting cars, and selling used vehicles. Localiza has an integrated business model that provides synergies across its divisions.
Localiza Rent a Car S.A. is a Brazilian car rental company that has grown to become the largest in Brazil over 41 years. It operates in three main divisions: car rental, fleet rental, and used car sales. Car rental makes up the majority of revenues and profits by renting vehicles to individuals and businesses. Fleet rental provides customized fleets for longer term contracts. Used car sales supports the other divisions by reselling vehicles. Localiza has competitive advantages over peers in raising capital at lower costs, bulk purchasing of vehicles, extensive distribution network, and expertise in fleet management that together have allowed it to significantly outperform market and GDP growth.
This presentation provides an overview of a car rental company, including:
1. The company has grown to become the largest car rental company in Brazil through acquisitions and expansion strategies since being founded in 1973.
2. It operates four main divisions: car rental, fleet rental, used car sales, and franchising.
3. The financials show the car rental and fleet rental divisions are the most profitable parts of the business due to synergies across the integrated platform and expertise in managing assets.
2.5
1.9
1.4
1.3
1.2
1.1
Brazil
4.4
Mexico
6.3
Argentina
7.5
Chile
5.6
Colombia
6.1
Peru
7.9
Used car penetration (2012)
USA
Germany
United Kingdon
France
Japan
South Kor
Brazil
Mexico
Argentina
Chile
Colombia
Peru
45%
40%
35%
30%
25%
20%
15%
10%
5
This document provides an overview of Localiza Rent a Car S.A., including:
1. Localiza has grown significantly since its founding in 1973, becoming the Brazilian car rental leader through acquisitions and expansion into adjacent businesses like fleet rental and used car sales.
2. The company has an integrated business platform across its four divisions that provides synergies and flexibility.
3. Localiza has several competitive advantages, including scale in purchasing cars that allows it to negotiate better prices, a large network of locations across Brazil, and expertise in managing assets over the rental lifecycle.
Localiza Rent a Car S.A. is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil. The presentation discusses Localiza's business divisions, which include car rental, fleet rental, and used car sales ("Seminovos"). It provides an overview of each division and highlights Localiza's competitive advantages, such as its scale, brand recognition, and expertise in managing assets and generating value. Financial information is presented showing Localiza's profitability, return on invested capital, and debt ratios compared to its competitors.
This document provides an overview and agenda for a company earnings release for the first quarter of 2013. It includes sections on the company overview, main business divisions of car rental, fleet rental, and used car sales. It also discusses consolidated figures, debt and cash, and provides an appendix. Graphics and tables provide details on the financial performance and market share of the company's business divisions over time.
This presentation provides an overview of Localiza, a car rental company based in Brazil. It discusses Localiza's history and growth, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions. It highlights the company's competitive advantages including scale in purchasing cars, large network of locations, innovation, and expertise in managing assets and used car sales. Financial information is presented on the car rental and fleet rental divisions showing their profitability and returns above Localiza's cost of debt. The Brazilian car rental and fleet rental market is also summarized, noting the fragmented nature of off-airport locations and low penetration of fleet rentals as drivers of future growth opportunities.
1. The document provides an overview of Localiza, a Brazilian car rental company, outlining its history, business divisions, financial performance, and competitive advantages.
2. Localiza's main business divisions are car rental, fleet rental, and used car sales. It has grown significantly since being founded in 1973 and now has a market capitalization of $3.7 billion.
3. Localiza benefits from scale advantages in purchasing vehicles, its large network of locations, and selling most used rental cars directly to consumers.
Localiza Rent a Car is the largest car rental company in Brazil, with over 280 branches across 6 countries. It has the largest fleet in South America of over 37,000 cars. Localiza has several competitive advantages including its integrated business platform, largest distribution network, leadership position, and strong brand recognition.
Localiza Rent a Car is the largest car rental company in Brazil, with over 280 branches across 6 countries. It has the largest fleet in South America of over 37,000 cars. Localiza has several competitive advantages including its integrated business platform, largest distribution network, leadership position, and strong brand recognition. It is focused on further consolidation in the industry and expanding into new markets like airport rentals and fleet replacement as the Brazilian economy and credit markets continue to grow.
This document provides an overview and financial information for Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet outsourcing, and used car sales. It highlights Localiza's competitive advantages such as scale in purchasing cars which allows it to negotiate better prices, its large network of locations across Brazil including areas competitors do not operate, and its expertise in managing fleets and selling used cars. Charts and tables show the growth and financial performance of Localiza's divisions from 2006 to 2013.
This document provides an overview and financial information for Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet outsourcing, and used car sales. It highlights Localiza's competitive advantages such as scale in purchasing cars which allows it to negotiate better prices, its large network of locations across Brazil including areas competitors do not operate, and its expertise in managing fleets and selling used cars. Charts and tables show the growth and financial performance of Localiza's divisions from 2006 to 2013.
This presentation provides an overview of Localiza, a car rental company in Brazil. It discusses Localiza's history and growth, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions. It highlights the company's competitive advantages including scale in purchasing cars which enables better prices, large network of locations across Brazil, innovation through new technologies, and expertise in used car sales. Financial information shows the car rental and fleet rental divisions drive most of the company's profitability.
This investor presentation summarizes Localiza's business divisions and financial performance:
- Localiza is the largest car rental company in Brazil with over 127,000 vehicles and 507 locations. It has a 33.7% market share in car rental.
- The fleet rental division has over 44,000 vehicles and 1,173 clients, with significant room for growth in Brazil's fragmented market.
- Localiza sells used rental vehicles and has deep expertise in residual values, achieving high profitability from this segment.
- The presentation provides an overview of Localiza, a car rental company in Brazil, outlining its business divisions, financial performance, and competitive advantages.
- Localiza has three main business divisions: car rental, fleet rental, and used car sales ("Seminovos"). Car rental and fleet rental make up the majority of profits.
- Localiza has competitive advantages in raising capital due to its investment grade credit ratings, buying cars in large volumes, operating in more cities than competitors, and innovating through new technologies.
- The integrated business platform and over 40 years of experience in fleet management allow Localiza to generate profits by renting cars and selling used cars.
Primero corporate presentation march 2014 v2primero_mining
- Primero provides a corporate update for March 2014 including cautionary statements about forward-looking information and use of terms like measured, indicated, and inferred resources.
- It discusses the company's investment opportunity as a mid-tier gold producer with a portfolio of long-life, high-grade assets located in safe jurisdictions and plans for significant growth.
- Primero focuses on maintaining a strong balance sheet, measured growth, disciplined cost management, and operating in low-risk jurisdictions.
Evalueserve is a global knowledge process outsourcing firm that provides custom research services including intellectual property services. They have operations centers in several countries and expertise across many industries. Their intellectual property group in China aims to bridge language gaps in patent research by providing services in Chinese, Japanese, Korean, and English to analyze foreign patents and assess freedom to operate in markets like China.
This document profiles 14 young travel professionals working in various sectors of the travel industry. It provides brief descriptions of their roles, accomplishments, and backgrounds. The professionals work for travel agencies, cruise lines, and travel companies in roles such as travel agent, vice president, director, and manager. They are leading efforts in areas like operations, sales, marketing, and business development. The document aims to recognize up-and-coming talent in the industry.
CBS-880 is suitable for sealing all types of thermoplastic materials and bags. This sealer can be used in a variety of fields such as the food, medical, and cosmetic industries. Can seal 20-30 6” poly bags in one minute. Optional embossing wheel allows operator to include a message on the seal line of the bag.
Elfiq Multiple Is Ps For Cost Control & PerformanceBryanHildebrand
The document discusses how organizations can use multiple internet service providers (ISPs) to improve performance and control costs. It notes that common issues with a single ISP include outages averaging 1.7 per month and link saturation that hurts productivity. The solution presented is to use Elfiq Networks' link balancing technology to distribute traffic across multiple cheaper ISPs, improving reliability and throughput while reducing costs by up to 30% with payback in around 6 months. Elfiq models are presented ranging from small office to large enterprise solutions.
This document provides a walkthrough guide for Microsoft SharePoint 2010. It begins with an introduction to SharePoint 2010 and its key capabilities such as sites, communities, content, search, insights, and composite applications. The document then outlines seven walkthroughs that demonstrate how to access and use various SharePoint 2010 features through a fictional manufacturing company example. The walkthroughs cover configuring and customizing team sites, using social and collaboration features, managing content and metadata, utilizing business intelligence tools, and building customized solutions. The goal is to highlight the major functional areas of SharePoint 2010 and how they can help meet everyday business needs when combined.
First round selections for Islamic Art Exhibit case. Steve Brantley
This document provides the first round selections for an Islamic Art exhibit being curated at a library to support a reading and discussion series on Muslim Journeys occurring in the Spring of 2014. The exhibit and discussion series will take place at the Booth Library of Eastern Illinois University.
Schiller, Jan: Karl Polanyi und der NeoliberalismusJan_Schiller
In seinem Hauptwerk „The Great Transformation“ von 1944 beschreibt Karl Polanyi den gesellschaftlichen Strukturwandel am Beginn der Moderne. Die tiefgehenden Umwälzungen hin zum liberalistischen Marktsystem bedeuteten ein großes Maß an persönlichem und gesellschaftlichem Leid, weshalb es auch immer wieder Bestrebungen gab, die negativen Auswirkungen des Marktmechanismus zu begrenzen. Diese kollektivistischen Strömungen bildeten zusammen mit der Implementierung des modernen Marktsystems eine Doppelbewegung, die für Polanyi den zentralen Begriff der Gesellschaftstransformation des 19. Jahrhunderts darstellt. Es sollen nun im Folgenden die historischen Grundlagen und die Struktur dieser Doppelbewegung eingehend dargestellt und die theoretische Konzeption Polanyis verdeutlicht werden. Im Anschluss daran soll der Versuch unternommen werden, einen historischen und theoretischen Bezug zwischen dem klassischen Liberalismus des ausgehenden 19. Jahrhunderts und dem sogenannten Neoliberalismus des letzten Jahrhunderts herzustellen, indem beide in ihren Grundzügen und folgenreichen Anwendungen untersucht werden.
Anhand der Kontinuitäten und Korrekturen des Neoliberalismus soll dann mit Hilfe Polanyis Ansatz gezeigt werden, warum das liberalistische Marktsystem in seinen theoretischen Grundzügen keine Weiterentwicklung erfahren hat und die negativen Folgen des Marktmechanismus unverändert auftreten.
For medical device (MD) comapnies, we offer a multichannel, holistic model to bolster their bottom lines when marketing to healthcare professionals (HCPs) - including Accountable Care Organizations (ACOs) - and contending with healthcare reform such PPACA, new sales channels, advanced analytics and oher factors.
This paper aims to develop a stress test framework to simulate the spread of negative feedback effects in a financial system. The framework models a system of 10 interconnected banks over a period of 2 weeks and allows various shocks to be imposed, such as asset price declines or bank defaults. It seeks to account for both direct effects, like bank defaults, as well as indirect effects like fire sales and funding liquidity dry-ups, which can further spread the crisis. The framework is intended to provide regulators a tool to better understand systemic risk and the potential impact of shocks on the financial system.
This document discusses the Christian family as a covenant relationship based on God's faithful love. It emphasizes that families are meant to reflect God's self-sacrificing love through genuine care between parents and children. Additionally, it presents the family as the foundation of both the church and society, where children are nurtured to become good members of both. The document encourages envisioning one's future family as continuing this covenantal love.
The document discusses strategies for using paid search marketing (PPC) to generate targeted traffic and convert visitors into customers. It outlines best practices for conducting keyword research, creating optimized ad campaigns, tracking results, and establishing conversion funnels to guide visitors through the purchasing process. The goal is to help businesses improve their online presence, generate more qualified leads, and increase sales and profits.
Experian Marketing Services' highly anticipated, annual report provides a fresh perspective on the digital landscape and how brands can influence more meaningful connections with customers. A marketer’s analysis shouldn’t start with a technology or a channel, but with a deeper understanding of customers and how they live and consume information in this digital world.
The document discusses slavery in the United States between 1800-1850. It notes that slavery was already present in the 1700s but increased dramatically in the late 18th century. The invention of the cotton gin in 1793 made cotton farming highly profitable and increased demand for slave labor. Over 1 million slaves were transported from older slave states to new states in the South to work on cotton plantations. This led to debates between abolitionists who opposed slavery and slave owners who argued slaves benefited from being cared for. The tensions ultimately led to the Civil War.
PetroSync - API Specification Q1 9th Edition Quality Management System Traini...PetroSync
This four-days course will provide an informative look at the requirements, interpretations, and practical applications of the quality management principles as based on the 9th Edition of API Specification Q1, Specification for Quality Management System Requirements for Manufacturing Organizations for the Petroleum and Natural Gas Industry.
This document summarizes a presentation about advanced AWS CloudFormation and CLI tools. It discusses organizing CloudFormation templates by layers and environments, applying service-oriented architecture, using nested stacks, validating templates, deploying software and data with AWS::CloudFormation::Init, and debugging with CloudWatch Logs. It also provides an example of using the AWS CLI to launch a demo CloudFormation stack and discusses when scripting with the CLI is recommended.
1) Cross-application integration in SAP systems allows exchange of data between different systems using ALE (Application Link Enabling) and IDOCs (Intermediate Documents).
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3) Setting up communication between systems involves defining logical systems, assigning clients, and maintaining RFC destinations.
This document provides an overview of Localiza Rent a Car S.A., including:
1. The company has three main business divisions: car rental, fleet rental, and used car sales (Seminovos).
2. Localiza has grown significantly since its founding in 1973, becoming the largest car rental company in Brazil through acquisitions and strategic expansion.
3. The company has a large integrated business platform that provides synergies across its divisions and competitive advantages over peers in areas like purchasing power and brand recognition.
This document provides an overview of Localiza Rent a Car S.A., including:
1. The company has three main business divisions: car rental, fleet rental, and used car sales (Seminovos).
2. Localiza has grown significantly since its founding in 1973, becoming the largest car rental company in Brazil through acquisitions and strategic expansion.
3. The company has a large integrated business platform that provides synergies across its divisions and competitive advantages over peers in areas like purchasing power and brand recognition.
This document provides an overview of Localiza Rent a Car S.A., including:
1. The company has three main business divisions: car rental, fleet rental, and used car sales (Seminovos).
2. Localiza has grown significantly since its founding in 1973, becoming the largest car rental company in Brazil through acquisitions and strategic expansion.
3. The company has a large integrated business platform that provides synergies across its divisions and competitive advantages over peers in areas like purchasing power and brand recognition.
Deutsche Bank Roadshow - 15th Annual Latin America Conference CitibankLocaliza
- Localiza is an integrated car rental company operating in Brazil and other South American countries with 145 agencies and over 15,000 vehicles
- In 2006, the company had net revenues of R$1.145 billion, EBITDA of R$313 million, and net income of R$138.2 million
- Localiza has a large integrated platform that provides competitive advantages through economies of scale, bargaining power, and operational synergies
Roadshow Deutsche Bank 15ªConferêNcia Anual Citibank Latam(InglêS)Localiza
Localiza Rent a Car S.A. presented its 2006 results and growth opportunities. Some key highlights:
- Localiza has an integrated business platform with 145 agencies, 15,265 cars, and 1,688 employees, giving it superior performance.
- Growth opportunities include increasing market share in core businesses, expanding in Brazil and South America, and taking advantage of synergies across the platform.
- The company has competitive advantages like its large distribution network, yield management, lower cost of credit, and bargaining power from large fleet purchases.
- In 2006, revenues grew 29% to R$1.145 billion while EBITDA rose 13% to R$313 million, demonstrating strong financial
Deutsche Bank Roadshow 15th Annual Latin America Conference CitibankLocaliza
Localiza Rent a Car S.A. presented its 2006 results and growth opportunities. Some key highlights:
- Localiza has an integrated business platform with 145 agencies, 15,265 cars, and 1,688 employees, giving it superior performance.
- Growth opportunities include increasing market share in core businesses, expanding in Brazil and South America, and taking advantage of synergies across the platform.
- The company has competitive advantages like its large distribution network, yield management, lower cost of credit, and bargaining power from large fleet purchases.
- In 2006, revenues grew 29% to R$1.145 billion while EBITDA rose 13% to R$313 million, demonstrating strong financial
This presentation provides an overview of Localiza, a Brazilian car rental company. It discusses the company's history and milestones, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions, competitive advantages in raising money, buying cars, renting cars, innovation, and selling used cars. Financial information is presented on the car rental and fleet rental divisions. The presentation also reviews market drivers, locations, and Localiza's leading market share positions in both the car rental and fleet rental markets in Brazil.
1. The document provides an overview of Localiza, a car rental company in Brazil, outlining its history, business divisions, financial performance, and competitive advantages.
2. Localiza's main business divisions are car rental, fleet rental, and used car sales. It has grown significantly since being founded in 1973 and now has a market capitalization of $3.7 billion.
3. Localiza has competitive advantages over competitors in raising money, buying cars, renting cars, and selling used cars due to its scale, brand recognition, and expertise in fleet management from over 40 years of experience in the industry.
Localiza is a Brazilian car rental company that was founded in 1973. It has since grown to become the largest car rental company in Brazil, with a market share of over 20%. The presentation provides an overview of Localiza's main business divisions - car rental, fleet rental, and used car sales (Seminovos). It highlights Localiza's competitive advantages in raising capital, purchasing vehicles, renting vehicles, and selling used cars. Localiza has consistently achieved higher profitability than its competitors, as demonstrated by its return on invested capital and debt ratios. The presentation also outlines the growth opportunities in the car rental market in Brazil.
Localiza is a car rental company based in Brazil that has grown to become the largest car rental company in the country. The presentation provides an overview of Localiza's business divisions including car rental, fleet rental, and used car sales. It highlights Localiza's competitive advantages such as its scale in purchasing cars which allows it to obtain better prices, its large network of locations across Brazil, and its innovations in technology. The financials section shows that Localiza has consistently achieved higher profitability measures like return on invested capital compared to its competitors due to its integrated business model.
Localiza is a Brazilian car rental company founded in 1973. It has since grown to become the largest car rental company in Brazil through a strategy of expansion into adjacent businesses. It operates four main divisions: car rental, fleet rental, used car sales, and franchising. The presentation provides an overview of each division and highlights Localiza's competitive advantages in raising capital, purchasing vehicles, renting vehicles, and selling used vehicles. It also reviews the company's financial performance and profitability metrics compared to its main competitors in Brazil.
This document provides an overview of a car rental company with three main divisions: car rental, fleet rental, and used car sales (Seminovos). It discusses the company's history and expansion, integrated business platform and synergies, financial performance of each division, and competitive advantages. The company has a large scale national presence in Brazil, investment grade ratings, and benefits from being the largest car purchaser in the country. It has a profitable business model focused on car rental and fleet rental.
This document provides an overview of Localiza, a car rental company in Brazil. It discusses Localiza's business divisions including car rental, fleet rental, and used car sales. It highlights Localiza's competitive advantages such as its scale in purchasing cars which allows it to negotiate better prices. It also notes Localiza's network reach and innovations that enhance customer service. Financial information shows Localiza has higher profitability and lower debt ratios than competitors. The car rental market in Brazil is seen as having growth opportunities due to increasing affordability and infrastructure investments.
This document provides an overview of a car rental company with three main divisions: car rental, fleet rental, and used car sales (Seminovos). It discusses the company's history and expansion, integrated business platform and synergies across divisions. Financial details are given for each division showing profitability comes mainly from car and fleet rental. The company has competitive advantages in raising capital, purchasing vehicles, nationwide presence, and innovation. It has higher profitability and lower debt ratios than competitors.
Localiza completa 3 q10 eng (outubro-nova versão)Localiza
Localiza Rent a Car reported record results for the third quarter of 2010, with consolidated net revenue increasing 52.2% to R$673.6 million and net income growing 263.6% to R$74.9 million. The company also saw record numbers of cars sold, end of period fleet size, and fleet utilization rates. Localiza has an integrated business platform across car rentals, sales, and fleet management that has driven continued growth and profitability gains.
Similar to Roadshow Deutsche Bank - 15ª Conferência Anual Citibank Latam (inglês) (15)
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.
2. Integrated business platform
As of December 31, 2006
This integrated business platform gives us superior performance
Synergies:
cost reduction
cross selling
bargaining power
182 agencies
in 9 countries
6,730 cars
26 points of sale
79% sold to final
consumer
145 agencies
31,373 cars
1,000,000 individuals and
14,000 corporations
15,265 cars
(635 managed)
350 clients
1.688 employees
156 employees
15 employees 350 employees
Overhead = 124 employees
3. 2
CoreBusinessesSupport
Increase market leadership maintaining high return
Create value taking advantage of the synergies of the
integrated business platform
Add value to the brand by expanding the network in
Brazil and South America
Strategy by segment
Add value to the businesses of the platform as a
competitive advantage, reducing depreciation costs
6. 5
Source: Bacen, Localiza
Accumulated growth rate – car rental
Growth opportunities: GDP
Source: Bacen, Localiza
Localiza – Daily volume GDP
7.7x
The average car rental division volume growth was
7.7 x GDP over the last 3 years
2003 2004 2005 2006
7. 6
Number of travellers has
increased 13% on the last 3
years
Localiza is the absolute leader
in airport branches in Brazil
In 2006 Localiza Car Rental
Division grew 2 times faster
than the number of passengers
Air traffic evolution
(Millions of passengers per year)
CAGR: +13%
Growth opportunities: Air traffic
71
83
96
102
2003 2004 2005 2006
Source: infraero
8. 7
Source: www.abecs.
CAGR: +18%
# of credit cards (million)
Growth opportunities: Credit cards
48
53
68
78
2003 2004 2005 2006
78 million credit cards in Brazil
35.5 million potential Localiza customers
37% of car rental revenues came
through credit cards in 2006
9. 8
Localiza is very well positioned to capture this growth
due to its geographic footprint
Growth opportunities: Replacement market
Replacement is a growing market in Brazil
Brazil has 34 million cars but only 9.2 million
insured
The accident rate is 16.5% / year
The potential market is 10.6 million of daily
rentals (2.5 x the car rental division in 2006)
Source: FENASEG -
10. 9
Growth opportunities: Fleet outsourcing
Focus of corporations on their core businessesFocus of corporations on their core businesses
Fixed asset reduction by companies (increase their asset turnover)Fixed asset reduction by companies (increase their asset turnover)
Renting a fleet is more economic than owning itRenting a fleet is more economic than owning it
Large potential market with low penetration due to lack of habitLarge potential market with low penetration due to lack of habit
11. 10
DTG
11%
Vanguard
20%
Hertz
28%
Avis Budget
32%
Other
2%
Enterprise
7%
All others
19%
Avis Budget
7%
Hertz
9%
Enterprise
65%
US airport segment*
US$10BN
US off-airport segment*
- US$10BN
Source:*Avis presentation nov/06 - local segment share amounts are company estimates
** National/Alamo prospectus, NYSE/SEC, September 20, 2006
USA: 5 companies hold 92% of market share
Europe: 6 companies hold 74% of market share**
US Market share 2005
Growth opportunities: Consolidation
12. 11
Source: ABLA
Growth opportunities: Consolidation
Localiza’s market share – Car and Fleet - Brazil
2004 2005
16% 18%
7% 4% 4%
Local
players
69%
Unidas
Avis Hertz
2006E
20%
Localiza corporation grew 30.2% in 2006.
ABLA estimated the market growth in 12%
Localiza grew more than 2x the market in 2006
13. 12
1960
Unidas
74
Avis
83
Hertz
86
Localiza
203
Hertz
33
Avis
31
Unidas
31
Localiza
76
Others
48
Growth opportunities: Off-airport market
In the airports the market is concentrated in the hands of the networks
Off-airport market is fragmented mainly among 1.960 small car rental companies
Source: 1964 companies as of ABLA’s report
* Localiza as of 12/31/06
**Each company website, 01/07/07
*** Assuming that each local player has one agency
BR on airport segment*
agencies
BR off-airport segment*
agencies
Others***
Airport and off airport market - Brazil
Localiza is the consolidator in a fragmented industry!
*
**
*
**
** **
**
**
14. 13
Growth opportunities: On airport and off-airport growth
14,3% 14,0%
1,5% 0,2%
27,2%
20,4%
12,3% 9,8%
1T06 2T06 3T06 4T06
Consolidation is happening mainly on the off-airport agencies
Volume growth Revenue growth
Airport 17.2% 16.0%
Off-airport 49.6% 46.7%
2006 / 2005 Growth (Car rental division)
Elasticity on airport in 2006 was 2 times the growth of domestic deplanements
Domestic deplanements increase x Localiza (rentals on airports)
Daily rental volume on airportsDomestic deplanement
54% 59%
46% 41%
2005 2006
Of f- airport x On - airport share
On-airport agenciesOff-airport agencies
+5 p.p.
-5 p.p.
100% 100%
2006
16. 15
Competitive Advantages: Integrated business platform
Franchising
Car rental Fleet rental
Used Car Sales
This integrated business platform gives us superior performance
18. 17
Competitive Advantages: Largest distribution
279
86
83
74
Localiza Hertz Avis Unidas
243**
279*
Localiza network is larger than
the second, the third and the fourth competitors combined.
(number of agencies in Brazil)
* As of December 31, 2006 ** As of January 29,2007
19. 18
Yield management allows Localiza to be more
competitive and profitable
Month of the yearMonth of the year
Day of the weekDay of the week
EventsEvents
CityCity
Volume per customerVolume per customer
Competitors’ monitoringCompetitors’ monitoring
Localiza adjusts its prices based on supply & demand
Competitive Advantages: Yield management
20. 19
Competitive Advantages: credit with lower interest rate
Global Scale
Localiza Rent a Car S.A. BB / Stable /--
Hertz Corp. BB-/ Stable /--
Vanguard (National / Alamo) B+/ Stable /--
Avis Budget Car Rental BB+/ Stable /--
Enterprise Rent-Car Co. A-/ Stable / A-2
brAA-/ Stable /--Localiza Rent a Car S.A.
brAA/ Positive /brA-1Banco Citibank S.A.
brAA+/ Positive /brA-1Banco Itaú S.A.
brAA+/ Positive /brA-1Banco Bradesco S.A
brA+/ Positive /--CPFL Energia S.A.
brAA+/ Positive /--Gerdau S.A.
brA+/ Stable /--TAM S.A.
Local Currency
Standard & Poor’s as of January 2007
Localiza has the best rating among its international peers
considering the debt currency
21. 20
Deep knowledge of the business
State-of-the-art systems
Operational excellence
Adoption of best practices
Stable management
Competitive Advantages: Know-how
15SeminovosMarco Guimarães
33Vice-presidentAntonio Resende (Founder)
21CFORoberto Mendes
22Total FleetDaltro Barbosa
26Car rentalGina Rafael
33
33
Eugênio Mattar (Founder)
CEO and Chairman of the BoardSalim Mattar (Founder)
Experience in
Localiza
ResponsibilityName
Vice-president
15Investor relationsSilvio Guerra
24Aristides Newton Franchising
We believe this experienced team will run the business for the next ten years
22. 21
Top of mindTop of mind
High quality of services
Customer satisfaction
Strong nationwide presence
International franchising program
High standards of ethical behavior
Competitive Advantages: Brand recognition
23. 22
Speed in transaction time
Better operational control
Customer satisfaction
On-line network
Cost reduction
Competitive Advantages: State of the art IT
24. 23
Localiza enjoys better price and conditions due to its large scale
Localiza purchased more than US$1,2 billion worth of cars from 2003-2006*
Localiza and its Franchisees represented in 2006
3,9% of FIAT internal car sales
2.7% of GM internal car sales
1,8% of the Brazilian internal car sales
*96.9 thousand cars between 2003-2006 calculated on average purchase price of 2006
Competitive Advantages: Bargaining power
15.062
22.182
26.105
33.520
2003 2004 2005 2006
25. 24
When car prices go up more than inflation, depreciaton decreases
% over rental revenue 2000 2001 2002 2003 2004 2005 2006
Localiza (car rental division) 13.8% 11.9% 9.3% 9.2% 1.8% 2.9% 5.2%
Hertz (USA) - - - - 22% 23% 23% *
National / Alamo (USA) - - - - 22% 23% 23% *
Competitive Advantages: Depreciation
Depreciation cost over the car rental revenue
* Until Set/06
Source: National/Alamo prospectus, Sep 20, 2006, p.11 Hertz prospectus, Nov 21,2006, p.12 and 17, Avis 2006 10K
Average depreciation
per car
Real decrease in the
new car price
Real increase in the
new car price
3.617,7
2.142,5
1.656,2
1.752,3
322,9 492,3
939,1
0,9p.p.
-4,1p.p.
-1,0p.p.
-5,1p.p.
4,7p.p.
9,8p.p.
3,7p.p.
(2.000,0)
(1.000,0)
-
1.000,0
2.000,0
3.000,0
4.000,0
2000 2001 2002 2003 2004 2005 2006
-6,0%
-2,0%
2,0%
6,0%
10,0%
Avis / Budget (USA) - - - - 26% 29% 31%
Average depreciation per year (R$1 thousand) over average price of purchased car in
2005 and 2006 (R$25 thousand) = 4% depreciation
28. 27
13 13
26
15
2003 2004 2005 2006
2006 highlights: Footprint expansion
Owned car rental agencies Used car points of sales
41%
24%
100%
32*
24% increase in the number of owned car rental agencies
100% increase in the number of used car points of sales
* Until the end of 1H07
17%
71
83
117
145
2003 2004 2005 2006
30. 29
2006 cash generation
Cash and cash
equivalents in
01/01/06:
Cash and cash
equivalents in
12/31/06:
See addendum 2
(R$ million. USGAAP)+313.7
70.8 30.1
Operating
activities
Financing and
other
activities
The cash generation of R$ 957 MM was larger than the needs to renew 23,174 cars
(R$643.3MM) and also to grow 28.8% = 10,346 cars (R$287.0MM)
957.0
60.1
-127.5
Acquisitions
to renew
23,174 cars
Investment in
Liquid securities
in short-term
-643.3
-287.0
Acquisitions
to growth
10,346 cars
-930.3
31. 30
Investment in fleet
(R$ million. USGAAP)
Net investment per car (R$ ‘000)
2004 2005 2006
Average price purchased cars
Average price sold cars
Net
% over purchase price
22,2
19,3
26,4
23,9
27,7
25,4
2,9 2,5 2,3
13.1% 9.5% 8.3%
Fleet growth (thousand)
+10.3+7.3+6.5
2004 2005 2006
690.0
493.1
930.3
448.2
303.0
590.3
2004 2005 2006
22.182
26.105
33.520
15.715
18.763
23.174
2004 2005 2006
Purchases Sales
Number - thousand Net investment - million
190.1
241.8
340.0
Net investment per car to renew the fleet is declining from 13.1% to 8.3% due to
the fact that new car prices are increasing in line with inflation
Net investment per car to renew the fleet is declining from 13.1% to 8.3% due to
the fact that new car prices are increasing in line with inflation
32. 31
Net debt (R$ million) USGAAP
Rating S&P – BrAA- / Stable
(R$ million. USGAAP)
Indebtness
2003 2004 2005 2006
Net debt / fleet market value 22%
27% / 73%
0.57x
Net debt / EBITDA (BRGAAP) 0.61x 1.1x 1.5x 1.0X
46% 60% 36%
Net debt / equity 33% / 67% 50% / 50% 42% / 58%
Net debt / EBITDA (USGAAP) 1.34x 1.89x 1.42x
After the extraordinary dividend, the debt/equity leverage will return
to a level (estimated 53% / 47%) that maximizes value for the shareholders
After the extraordinary dividend, the debt/equity leverage will return
to a level (estimated 53% / 47%) that maximizes value for the shareholders
87
281
539
443
2003 2004 2005 2006
2006 operating
cash flow was
58% of the debt
at the end of
2005
See addendum 3
33. 32
WACC
2003 2004 2005 2006 2007E*
WACC 24.1% 18.4% 15.8% 11.8%
10.7%
12.6%
42% / 58%
11.2%
8.7%
14.0%
53% / 47%
Third party cost of capital 16.6% 11.5% 13.5%
Cost of own capital 26.9% 21.8% 18.1%
Third party’s capital x equity 27% / 73% 33% / 67% 50% / 50%
The 4 p.p. WACC decrease was offset by the reduction of 4 p.p. in ROICThe 4 p.p. WACC decrease was offset by the reduction of 4 p.p. in ROIC
R$ / million
1,8
75,6
44,5
57,4
11,8%
24,1% 18,4%
15,8%
19,8%
24,1%
29,3%
24,6%
-
25,0
50,0
75,0
100,0
2003 2004 2005 2006
-5,0%
5,0%
15,0%
25,0%
35,0%
EVA WACC nominal ROIC
-4 p.p.
* 2007 Estimate considering the R$ 196.7 million extraordinary dividend
34. 33
ROIC
2003 2004 2005 2006
ROIC 24.5% 29.3% 24.1% 19.8%
Average increase in the car price 14,0% 17,4% 9,4% 4,0%
IPCA – inflation index 9.3% 7.6% 5.7% 3.1%
The 4 p.p. decrease in the ROIC in 2006 was mainly due to the slow down of the asset turnover:
• Stable tariffs in the car rental
• 4% increase in the new car prices in 2006
• Impact of inflation in operating costs
The 4 p.p. decrease in the ROIC in 2006 was mainly due to the slow down of the asset turnover:
• Stable tariffs in the car rental
• 4% increase in the new car prices in 2006
• Impact of inflation in operating costs
R$ / million
1,8
75,6
44,5
57,4
11,8%
24,1% 18,4%
15,8%
19,8%
24,1%
29,3%
24,6%
-
25,0
50,0
75,0
100,0
2003 2004 2005 2006
-5,0%
5,0%
15,0%
25,0%
35,0%
EVA WACC nominal ROIC
-4 p.p.
35. 34
1,8
75,6
44,5
57,4
11,8%
24,1% 18,4%
15,8%
19,8%
24,1%
29,3%
24,6%
-
25,0
50,0
75,0
100,0
2003 2004 2005 2006
-5,0%
5,0%
15,0%
25,0%
35,0%
EVA WACC nominal ROIC
Spread and EVA
2003 2004 2005 2006
Average invested capital – R$ million 323.5 410.8 689.4 937.8
Spread (ROIC – WACC) percentage points 0.55 10.83 8.32 8.06
EVA – R$ million 1.8 44.5 57.4 75.6
Localiza continues to present low spread volatility
In 2006 EVA grew 32% in accordance with the 31% growth in rented fleet
Localiza continues to present low spread volatility
In 2006 EVA grew 32% in accordance with the 31% growth in rented fleet
R$ / million
32%
36. 35
Localiza and peers spread
Localiza Hertz* Avis* DTG*
8.0p.p.
-3.4p.p.
-6.9p.p.
-2.2p.p
2006
*Source: Morgan Stanley reports - Hertz 12/26/2006, Avis 09/05/2006 and DTG 09/28/2006
37. 36
ROE – return on equity
OBS: ROE was calculated dividing net income by average equity of the year. excluding the income of the year
In 2006 Localiza equity grew R$ 156 MM due to the follow-on
Localiza was the 13th among the largest 500 companies in Brasil
with consistent ROE in the last 5 years, by 2006 FGV ranking
Localiza was the 13th among the largest 500 companies in Brasil
with consistent ROE in the last 5 years, by 2006 FGV ranking
39% 39% 37%
29%
2003 2004 2005 2006
39. 38
2007 perspectives
74% 74%
67%
63% 61% 59%
66%
70%
2000 2001 2002 2003 2004 2005 2006 2007
minimum 25% growth in volume
minimum 25 new agencies
EBITDA margin of 42%
utilization rate of 70%
Utilization rate - car rental division
Increasing the utilization rate will allow the increase of the asset turnover
minimum 15% growth in volume
EBITDA margin of 65%
40. 39
2007 perspectives: Management proposals for RENT3
Extraordinary distribution of dividends
R$ 196.7 million that added to the sum already distributed of R$ 35.2 million (as of
interests over own capital) reach R$ 3.45 per share or 12% over RENT3 quote beginning
2006
Split of the shares
Each one will be converted into 3 for the increase of the negotiability index
41. 40
2007 perspectives: Localiza’s strategies to add value
ROIC – WACC = SPREAD
Gains of scale:
• Organic growth
Increase revenue:
• Increase volume
• Keep flat rates
Reduce assets:
• Increase utilization rate
Capital structure optimization:
• Optimize capital structure
(own vs third parties capital)
• To maintain proper leverage for fast growth
Margin x Asset
turnover Low volatility
Operating income x (1- taxes) / revenue
Revenue / asset
Reduce income tax:
• Quarterly payment of interest on own capital
42. 41
Strategies
Short-term:
To maintain fast growth volume
To increase our geographical footprint
To maintain profitability through scale and productivity
Long-term:
To expand business scale mainly through organic growth
To add value to the shareholders through new dividend policy
Localiza’s compensation system is aligned with the short-term (variable
remuneration) and long-term strategies (stock option with 3 to 11 years vesting)
44. 43
Recognition
Standard & Poor’s rating upgraded to ‘brAA-’ in national scale and ‘BB’
in global scale. same as sovereign risk. with stable outlook
Included in IBrX (between the 100 most traded shares)
Included in ISE – Corporate Sustainability Index (34 companies)
“Best Company for Shareholders” by Capital Aberto magazine. between
Companies of up to R$ 5 BI market share
The best subsequent public offer among the listed companies by
Infomoney, in a survey among the brokers registered in BOVESPA
46. 45
RENT3 performance
Localiza was the Best Company for Shareholders in 2006
(companies up to R$ 5 bi market cap)
Research by Economática. Stern & Stewart, IBGC, FEA/USP and Capital Aberto Magazine
Localiza was the Best Company for Shareholders in 2006
(companies up to R$ 5 bi market cap)
Research by Economática. Stern & Stewart, IBGC, FEA/USP and Capital Aberto Magazine
Source: Capital Aberto magazine
Average daily traded volume (R$ million)
4,6
10,6
19,2
9,1
2005 2006 jan/07 feb/07
+130%
+111%
48. 47
Disclaimer - Forward looking statements
The material that follows is a presentation of general background information about LOCALIZA as of the date of the
presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to
potential investors. 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.
50. 49
Revenue per car sold** 102,20
SG&A (7%) (7,15)
Safety Margin (3%) (3,06)
Book value after 12 months 91,99
Car rental financial cycle
115
Financial payment
Financing
100
Car Sales Revenue
102
** Depreciation over list price:
100-(102.2/125)x100 = 18,2%
100
Car acquisition
(List price net of dealers
discount = 125)
Holding cost of cars after tax with 3% margin = depreciation + financial cost.
Either the leverage is through third party financing or shareholder’s capital.
Principal 100,00
Interest (CDI + 1 p.p.) 15,00
Financial payment 115,00
Depreciation = estimated price of selling after one year, net of SG&A and safety
margin minus price of purchase. Depreciation rate: 100-(102.2*0.9) = 8.02%
51. 50
Car rental financial cycle
115
Financial payment
Financing
100
Car Sales Revenue
102
Revenues = 114,58
Expenses = 62,84
100
Car acquisition
(List price net of dealers
discount = 125)
*
Consolidated net margin is 19,3% of car rental revenues (if 100% leveraged).
R$ % R$ % R$ %
Car rental revenue 114,58 100,0% 102,20 100,0% 216,78 100,0%
Costs (46,00) -40,1% (46,00)
SG&A (16,84) -14,7% (7,15) (23,99)
Book value of car resale (91,99) -90,0% (91,99) -3,8%
EBITDA 51,75 45,2% 3,06 3,0% 54,81 25,3%
Depreciation (8,20) -8,0% (8,20) -3,8%
Interest (15,00) -14,7% (15,00) -6,9%
Tax (30%) (15,52) -13,5% 6,04 5,9% (9,48) -4,4%
NET INCOME 36,22 31,6% (14,10) -13,8% 22,12 10,2%
% over car rental revenue
Car Rental Car Resale (Seminovos) Consolidated
31,6% -12,3% 19,3%
Revenue per car sold** 102,20
SG&A (7%) (7,15)
Safety Margin (3%) (3,06)
Book value after 12 months 91,99
** Depreciation over list price:
100-(102.2/125)x100 = 18,2%
Principal 100,00
Interest (CDI + 1 p.p.) 15,00
Financial payment 115,00
52. 51
R$ % R$ % R$ %
Fleet rental Revenue 53,64 100,0% 102,20 100,0% 155,84 100,0%
Costs (14,24) -26,5% (14,24) -9,1%
SG&A (3,97) -7,4% (7,15) (11,12) -7,1%
Book value of car resale (91,99) -90,0% (91,99) -59,0%
EBITDA 35,43 66,0% 3,06 3,0% 38,49 24,7%
Depreciation (8,20) -8,0% (8,20) -5,3%
Interest (15,00) -14,7% (15,00) -9,6%
Tax (30%) (10,63) -19,8% 6,04 5,9% (4,59) -2,9%
NET INCOME 24,80 46,2% (14,10) -13,8% 10,70 6,9%
% over fleet rental revenue
Fleet Rental Car Resale (Seminovos) Consolidated
46,2% -26,3% 20,0%
Fleet rental financial cycle
Financing
100
115
Financial payment
100
Car acquisition
(List price net of dealers
discount = 125)
Revenues = 53,64
Car Sales Revenue
102
Expenses = 18,21
Consolidated net margin is 20% of fleet rental revenues (if 100% leveraged).
Revenue per car sold** 102,20
SG&A (7%) (7,15)
Safety Margin (3%) (3,06)
Book value after 12 months 91,99
** Depreciation over list price:
100-(102.2/125)x100 = 18,2%
Principal 100,00
Interest (CDI + 1 p.p.) 15,00
Financial payment 115,00
*
54. 53
Pro-forma cash flow: net cash provided by operating activities
Year Ended Year Ended Year Ended Variation Variation
2.004 2.005 2.006 Acum 2006-2005 %
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 90.568 106.519 138.233 31.714 29,8%
Adjustments to reconcile net income to net cash
provided by ( used in ) operating activities:
Depreciation and amortization (including goodwill) 23.353 42.969 56.989 14.020 32,6%
Vehicles written off as a result of theft 2.609 4.275 5.159 884 20,7%
Cost of used car sales 248.651 361.171 530.439 169.268 46,9%
Deferred income taxes (179) 11.275 7.950 (3.325) -29,5%
Provision for doubtful accounts (236) 578 (446) (1.024) -177,2%
Provision for contingencies 8.414 284 (2.012) (2.296) -808,5%
Realized gains on derivatives 25 1.706 - (1.706) -100,0%
Exchange variation, net (17.428) (31.987) (8.153) 23.834 -74,5%
Unrealized (gain) loss on derivatives 49.030 504 23.016 22.512 4466,7%
Compensation expense - Stock Options 12.404 7.828 1.704 (6.124) -78,2%
Other 1.198 (2.465) (117) 2.348 -95,2%
418.409 502.657 752.762 250.105 49,8%
(Increase) decrease in operating assets:
Accounts receivable (7.579) (39.091) (35.572) 3.519 -9,0%
Escrow deposits (996) (3.498) (670) 2.828 -80,8%
Accrued interest income on marketable securities - - (4.531) (4.531)
Recoverable taxes (1.830) (8.986) (2.019) 6.967 -77,5%
Other 6.169 (5.554) (7.879) (2.325) 41,9%
(4.236) (57.129) (50.671) 6.458 -11,3%
Increase (decrease) in operating liabilities:
Accounts payable (22.917) (18.817) 220.256 239.073 -1270,5%
Payroll and related charges 1.753 1.176 4.605 3.429 291,6%
Income tax and social contribution 2.108 (134) 5.343 5.477 -4087,3%
Taxes, other than on income (2.210) 481 387 (94) -19,5%
Advances from customers 732 1.740 (1.109) (2.849) -163,7%
Reserve for contingencies (483) (803) (334) 469 -58,4%
Loans and debt and debentures - accrued interest expense, net 1.690 12.645 (6.766) (19.411) -153,5%
Deffered revenues - - 22.008 22.008
Other 403 1.273 10.528 9.255 727,0%
(18.924) (2.439) 254.918 257.357 -10551,7%
Net cash provided by operating activities 395.249 443.089 957.009 513.920 116,0%
55. 54
Pro-forma cash flow: investment and financing activities
Year Ended Year Ended Year Ended Variation Variation
2.004 2.005 2.006 Acum 2006-2005 %
CASH FLOWS FROM ( USED IN ) INVESTING ACTIVITIES:
Purchases of marketable securities - - (140.674) (140.674)
Proceeds from sales of marketable securities - - 13.146
Sub-total (127.528)
Car purchase (493.109) (690.040) (930.318) (240.278) 34,8%
Close out of derivatives contracts - - -
Additions to property and equipment, net (10.209) (27.974) (31.185) (3.211) 11,5%
Cash paid on settlement of derivatives contracts (4.034) (66.160) (3.074) 63.086 -95,4%
Acquisitions of former franchisees - - (1.502) (1.502)
Net cash provided by investing activities (507.352) (784.174) (1.093.607) (309.433) 39,5%
CASH FLOWS FROM ( USED IN ) FINANCING ACTIVITIES:
Long-term debt:
Proceeds 2.954 139.000 (139.000) -100,0%
Short-term loans: -
Proceeds 332.791 971.945 361.425 (610.520) -62,8%
Repayments (200.732) (1.177.803) (371.346) 806.457 -68,5%
Debentures: -
Captações 350.000 (350.000) -100,0%
Transaction with related parties: -
Capital increase 16.030 15.372 150.126 134.754 876,6%
Dividends (cash) (50.000) (4.000) (5.595) (1.595) 39,9%
Dividends (interest on capital) (18.859) (12.016) (38.665) (26.649) 221,8%
Net cash used in financing activities 82.184 282.498 95.945 (186.553) -66,0%
NET INCREASE IN CASH AND CASH EQUIVALENTS (29.919) (58.587) (40.653) 17.934 -30,6%
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 159.264 129.345 70.758 (58.587) -45,3%
CASH AND CASH EQUIVALENTS AT END OF
YEAR 129.345 70.758 30.105 (40.653) -57,5%
(29.919) (58.587) (40.653) 17.934 -30,6%
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest 24.825 105.167 77.848 (27.319) -26,0%
Income tax and social contribution 34.337 33.613 32.850 (763) -2,3%
59.162 138.780 110.698 (28.082) -20,2%
56. 55
Working capital
WORKING CAPITAL
Year Ended Year Ended Year Ended
2.004 2.005 2.006
ASSETS
Accounts receivable, net 54.821 93.334 134.786
Deferred income tax and social contribution 2.043 2.890 2.173
other 3.363 14.739 12.561
60.227 110.963 149.520
Escrow deposits 18.949 23.267 23.913
Deferred income tax and social contribution 13.865 11.191 11.387
Compulsory loans 83 83 83
other 254 2.820 2.034
33.151 37.361 37.417
subtotal 93.378 148.324 186.937
LIABILITIES
Total accounts payable: 58.753 39.398 264.156
Accounts payable to automakers 48.448 22.853 244.935
Other accounts payable 10.305 16.545 19.221
Payroll and related charges 13.315 14.491 22.397
Deferred revenues - - 1.280
Income tax and social contribution 1.793 1.659 3.633
Deferred income tax and social contribution 15.396 24.338 30.608
Taxes other tha income 2.380 4.693 5.476
Advances from customers 5.579 7.319 6.210
other 1.511 13.171 12.463
98.727 105.069 346.223
Reserve for contingencies 52.371 53.210 47.533
Deferred revenues - - 11.369
Deferred income tax and social contribution 5.734 6.246 7.402
Taxes other tha income 2.680 - 8.020
60.785 59.456 74.324
subtotal 159.512 164.525 420.547
WORKING CAPITAL (66.134) (16.201) (233.610)
% OVER REVENUES -10,4% -1,8% -20,4%
57. 56
Working capital without account payable to automakers
Year Ended Year Ended Year Ended
2.004 2.005 2.006
ASSETS
Accounts receivable, net 54.821 93.334 134.786
Deferred income tax and social contribution 2.043 2.890 2.173
other 3.363 14.739 12.561
60.227 110.963 149.520
Escrow deposits 18.949 23.267 23.913
Deferred income tax and social contribution 13.865 11.191 11.387
Compulsory loans 83 83 83
other 254 2.820 2.034
33.151 37.361 37.417
subtotal 93.378 148.324 186.937
LIABILITIES
Total accounts payable: 58.753 39.398 264.156
Accounts payable excluding payable do automakers 10.305 16.545 19.221
Payroll and related charges 13.315 14.491 22.397
Deferred revenues - - 1.280
Income tax and social contribution 1.793 1.659 3.633
Deferred income tax and social contribution 15.396 24.338 30.608
Taxes other tha income 2.380 4.693 5.476
Advances from customers 5.579 7.319 6.210
other 1.511 13.171 12.463
50.279 82.216 101.288
Reserve for contingencies 52.371 53.210 47.533
Deferred revenues - - 11.369
Deferred income tax and social contribution 5.734 6.246 7.402
Taxes other tha income 2.680 - 8.020
60.785 59.456 74.324
subtotal 111.064 141.672 175.612
WORKING CAPITAL (17.686) 6.652 11.325
% OVER REVENUES -2,8% 0,8% 1,0%
WORKING CAPITAL WITHOUT ACCOUNT PAYABLE TO AUTOMAKERS
59. 58
Cost of third party capital
R$ / million
We estimated that the cost of third party capital will decrease 3 p.p. due to CDI rate decrease
60. 59
Cost of own capital
R$ / million
In 2007 the difference between the cost of own capital and third party capital cost will be 5.3 p.p. .
In 2006 this difference was 1.9 p.p.