Apresentação 3 q12 engfinal
description
Transcript of Apresentação 3 q12 engfinal
1October 17, 2012
Localiza Rent a Car S.A.3Q12 and 9M12 results
R$ million, IFRS
2
117,4136,6
3Q11 3Q12
12.2%16.4%
Net Revenues – Car Rental Division
R$
mill
ion
Net revenues- Fleet Rental Division
R$
mill
ion
Net Revenues - Consolidated
Highlights
3 6 2 .9
3 9 4 .6 3 9 4 .7
4 12 .3
3 Q11 3 Q12
13.6%
807.0757.5
Rental Seminovos
R$
mill
ion 6.5%
241,8 271,2
3Q11 3Q12
435 464
3Q11 3Q12
# of car rental locations (Brazil)
+29
3
Net revenues (R$ million)
# daily rentals (thousand)
Car Rental Division
The improvement of the economic activity positively impacted the rental volumes.
4,668 5,7937,940 8,062
10,73412,794
9,470 10,188
3,227 3,524
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
CAGR: 22.3%
7.6%
9.2%
271.2241.8
803.4714.2
980.7802.2
585.2565.2
428.0346.1
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
CAGR: 23.2%12.5%
12.2%
4
312346
381415
449 464
279
2006 2007 2008 2009 2010 2011 9M12
Evolution in the number of car rental locations
15 rental locations were added to the Brazilian network.
# of car rental locations (Brazil)
+15
5
Net revenues (R$ million)
# daily rentals (thousand)
Fleet Rental Division
Revenues grew above volumes due to the increase in the average rental rate.
136.6184.0 219.8 268.4303.2 361.1
455.0
332.9397.8
117.4
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
CAGR: 19.9%
19.5%
16.4%
4,188 5,1446,437 7,099 8,044
9,6037,086 7,911
2,461 2,663
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
CAGR: 18.1%
11.6%
8.2%
6
Purchases (accessories included) Net used car sales revenues
Net Investment
In 3Q12, the Company resumed its fleet expansion by adding 3,747 cars to service the demand...
Fleet increase * (quantity)
33,520 38,05044,211 43,161
65,934
18,83823,17430,093 34,281 34,519
47,285
15,091
40,75938,160
9,493
59,950
13,635
42,88050,772
37,694
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
10,346 7,957
18,6499,930 8,642
Purchased cars Sold Cars
466 (2,121)
(4,142) 3,747
9,178
* It does not include theft / crashed cars.
Net investment (R$ million)
930,3 1.060,91.335,3 1.204,2
1.910,4 1.776,5
495,9588,8850,5 980,8 922,4
1.321,9 1.468,11.157,3
394,6 394,7294,2
1.119,8 1.124,41.088,0
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
341.5 210.4
308.4(32.9)354.5 281.8
588.5
(100.4) 101.2
31.8
7
68.2% 68.9% 68.2% 74.2% 70.8%69.7% 68.9%
0 .0 %
5 .0 %
1 0 .0 %
1 5 .0 %
2 0 .0 %
2 5 .0 %
3 0 .0 %
3 5 .0 %
4 0 .0 %
4 5 .0 %
5 0 .0 %
5 5 .0 %
6 0 .0 %
6 5 .0 %
7 0 .0 %
7 5 .0 %
8 0 .0 %
8 5 .0 %
9 0 .0 %
9 5 .0 %
1 0 0 .0 %
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
Utilization rate
...maintaining the utilization rate above 70%.
Car rental
8
End of period fleetQuantity
Fleet is adjusted to demand.
35,686 39,112 47,517 61,445 64,688 57,077 61,30314,630 17,790 23,403
22,77826,615 31,629
30,732 32,027
31,373
2006 2007 2008 2009 2010 2011 9/30/2011 9/30/2012
CAGR: 15.9%
46,003 53,476 62,515
Car Rental Fleet Rental
70,29588,060 93,33087,809
6.3%96,317
9
Evolution of the number of Seminovos’ points of sale
7 points of sale were opened to sustain fleet renewal.
# of points of sale (Brazil)
32 3549 55
6673
26
2006 2007 2008 2009 2010 2011 9M12
+7
10
Consolidated net revenuesR$ million
Rental revenues grew 13.6% in the quarter. Seminovos revenues were impacted by the IPI reduction.
537.4 655.0 842.9 898.5 1,175.3 1,450.01,057.4 1,213.9
362.9 412.3
588.8850.5
980.8 922.4
1,321.91,088.0
1,157.3
394.6 394.7
1,468.1
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
Rental Seminovos
CAGR: 21.0%
1,126.21,505.5
1,823.72,145.4
2,371.22,918.1
757.5 807.0
10.5%
6.5%
13.6%14.8%
1,820.9
2,497.2
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Consolidated EBITDA R$ million
EBITDA margin was impacted by the increase in properties rentals and personnel expenses.
Divisions 2006 2007 2008 2009 2010 2011 9M11 9M12
43.5%
66.7%
50.7%
2.6%
43.8%*
67.0%*
51.1%*
3.1%
41.1%
66.3%
49.4%
4.2%
43.9%*
66.8%*
51.2%*
2.8%
43.5%
67.5%
51.2%
5.6%
3Q11 3Q12
40.7%
66.7%
Rental Consolidated 52.4% 53.6% 49.3% 53.1%* 49.5%
4.9%
45.7%*
68.3%*
1.9%
39.8%
67.5%
1.1%
42.7%
70.7%
4.6%
45.0%
70.3%
5.5%
Car Rental
Fleet Rental
Used Car Sales
*It considers not only the adjustment of the accessories but also the reversal of the non-recurring provisions of R$10.6 million in 3Q11.
223.7216.2
649.3603.0
821.3649.5
469.7504.1403.5311.3
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
3.5%
CAGR: 21.4%7.7%
Proforma EBITDA margin for rental divisions:
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Average depreciation per carin R$
1,683.90
4,647.40
3,084.40
939.10332.90
1,536.00
2,577.002,546.00
2006 2007 2008 2009 2010 2011 9M12 3Q12* Annualized
* *
Hot used car market
Financial crisis effect
Reflex of the IPI reduction
4,133.00
5,549.30 5,831.20
2,383.30 2,395.803,509.70
4,371.705,083.10
2006 2007 2008 2009 2010 2011 9M12 3Q12 * Annualized* *
Hot used car market
Financial crisis effectReflex of the IPI reduction
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Breakdown of the car depreciationin R$
Car rental
* Annualized depreciation of the cars purchased after the IPI reduction.
Average depreciation per car of the cars purchased after the IPI reduction is in line with previous years’ depreciation.
1,199.90 1,304.80
4,050.80
1,213.80
2010 2011 3Q12 3Q12*
1,536.00 1,683.90
Cars’ average depreciation Accessories’ average depreciation
*
Cars purchased after the IPI reduction
Cars purchased before the IPI reduction
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Additional depreciation as a result of the IPI reduction R$ million
Additional depreciation Cars by year of maturity of estimated useful life (quantity)
Accounted Estimated
2Q12 3Q12 Subtotal After 3Q12
85.0 20.0 105.0 (*) 11.0 116.0 28,433 8,059 133 4 36,629
73.3% 17.2% 90.5% 9.5% 100.0% 77.6% 22.0% 0.4% 0.0% 100.0%
15.0 4.5 19.5 (*) 45.0 64.5 2,703 9,772 10,954 3,381 26,810
23.3% 6.9% 30.2% 69.8% 100.0% 10.1% 36.4% 40.9% 12.6% 100.0%
Consolidated 100.0 24.5 124.5 (*) 56.0 180.5 31,136 17,831 11,087 3,385 63,439
Fleet rental
Car rental
Total 2012 2013 2014 2015 Total Division
90.5% of the additional depreciation in car rental division was already accounted.
Fleet as of Sep/12
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Consolidated net incomeR$ million
Excluding the additional depreciation of R$24.5 million, deduced of the income tax, 3Q12 net income would have reached R$87.6 million.
Reconciliation EBITDA x net income 2009 2010 2011Var. R$ 9M11 9M12 Var. R$ Var. % Var. R$
171.8 603.0
(143.5)
(17.4)
(137.8)
(91.4)
212.9
(55.2)
7.5 7.7%46.3649.3
(309.8) (32.6)
(23.9)
(108.2)
115.9%
(52.6)
(166.3)
(6.5)
29.6
38.8
37.4%
-21.5%
154.8 (58.1)
-42.5%
-27.3%
(3.4)
19.4
5.2
(3.9)
(3.0)
(48.9)
(23.6)
41.1
821.3
(201.5)
(24.1)
(179.0)
(125.1)
291.6
Var. %
26.5%
37.7%
14.2%
37.6%
23.3%
16.4%
469.7
(172.3)
(21.0)
(112.9)
(47.2)
116.3
649.5
(146.3)
(21.1)
(130.1)
(101.5)
250.5
3Q11 3Q12 Var. %
Consolidated EBITDA 216.2 223.7 3.5%
60.5%
68.0%
-39.0%
-16.1%
-5.2%
Cars depreciation (53.9) (86.5)
Other property and equipament depreciation (5.0) (8.4)
Financial expenses, net (49.8) (30.4)
Income tax and social contribution (32.2) (27.0)
Net income 75.3 71.4
71.475.3
154.8
212.9
291.6250.5
116.3127.4
190.2
138.2
2006 2007 2008 2009 2010 2011 9M11 9M12 3Q11 3Q12
16.4%
-5.2%
-27.3%
1616
Free cash flow - FCF
(*) Without technical discount deduction up to 2010 (see item 17 – Glossary, page 23)
Free cash flow - R$ million 2006 2007 2008 2009 2010 2011 9M12
Net capex for renewal (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) (24.3)
Change in accounts payable to car suppliers (capex) 222.0 (51.0) (188.9) 241.1 111.3 32.7 (206.0)
Net capex for fleet growth (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (148.8)Fleet increase – quantity 10,346 7,957 9,930 8,642 18,649 9,178 (2,121)
Fleet renewal - quantity
EBITDA 311.3 403.5 504.1 469.7 649.5 821.3 649.3
Used car sales net revenues (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,157.3)
Depreciated cost of used car sales (*) 530.4 760.0 874.5 855.1 1,203.2 1,328.6 1,038.3
(-) Income tax and social contribution (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (77.7)
Working capital variation (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) 0.4
Cash provided before capex 205.4 262.9 300.2 341.9 527.5 514.9 453.0
Used car sales net revenues 588.8 850.5 980.8 922.4 1,321.9 1,468.1 1,100.1
Capex of car - renewal (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,124.4)
23,174 30,093 34,281 34,519 47,285 50,772 40,759
Capex – other property and equipment (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (64.2)
Free cash flow before growth 118.2 250.7 205.7 295.4 428.2 415.5 364.5
Capex of car for fleet (growth) reduction (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) 57.2
Free cash flow after growth 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 215.7
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Debt profileR$ million
Debt profile as of 09/30/2012- principal
The Company is still presenting strong cash position and comfortable debt profile.
The “all in” debt cost was CDI + 107 bps.
52.0176.0 220.8 192.1
562.0432.0
26.012.7
2012 2013 2014 2015 2016 2017 2018 2019Cash429.4
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Debt - ratiosNet debt x Fleet value
END OF PERIOD BALANCE 2006 2007 2008 2009 2010 2011 (**)
52% 51%
1.7x
1.2x
4.6x
2.0x
1.4x
EBITDA / Net financial expenses 4.8x 5.4x 3.8x 4.2x 5.0x 6.0x
57%
2.3x
1.5x
72%
2.5x
2.0x
UntilSep/12(**)
Net debt / Fleet value 36% 51% 54%
Net debt / EBITDA (*) 1.4x 1.9x 1.5x
Net debt / Equity 0.7x 1.3x 1.1x
(*) annualized(**) From January 1st 2011, consider financial statements in IFRS
440.4765.1
1,254.5 1,078.61,281.1 1,363.4 1,326.11,247.7
1,492.91,752.6 1,907.8
2,446.7 2,681.7 2,447.1
2006 2007 2008 2009 2010 2011 Until set/12
Net debt Fleet value
Comfortable debt ratios.
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Spread
2006 2007 2008 2009 2010 2011
1,984.6 2,445.3
28.9%
0.59x
17.1%
8.60%
8.5
28.6%
0.59x
16.9%
7.33%
9.6
1,642.3
32.1%*
0.53x
17.0%
8.84%
Average capital investment - R$ million 986.2 1,137.5
8.2
1,702.3
21.9%
0.53x
11.5%
7.59%
4.0
2,613.2
NOPAT Margin(over rental net revenues) 34.5% 36.9% 25.3%*
Turnover of average capital investment(over rental net revenues) 0.55x 0.58x 0.62x
ROIC 18.7% 21.3% 15.7%
Interest on debt after tax 10.90% 8.40% 6.67%
Spread (ROIC – Interest after tax) - p.p. 7.8 12.9 9.0
9M12 a
10.90%8.40% 8.84% 7.59% 7.33% 8.60% 6.67%
18.70%21.25%
17.03%11.54%
16.94% 17.12% 15.70%
2006 2007 2008 2009 2010 2011 9M12annualized
Cost of debt after tax ROIC
7.8p.p. 12.9p.p.8.2p.p. 4.0p.p. 9.6p.p. 8.5p.p. 9.0p.p.
(*) 2008 and 2012 NOPAT were calculated excluding additional fleet depreciation that was treated as equity loss since they were extraordinary non-recurring events caused by external factors (IPI reduction for new cars), following the concepts recommended by Stern Stewart.
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Disclaimer
Thank you!
The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of LOCALIZA and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements.
Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to LOCALIZA’smanagement, 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.
www.localiza.com/irE-mail: [email protected]: +55 31 3247-7024
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Localiza ADR level I
Ticker Symbol: LZRFY CUSIP: 53956W300ISIN: US53956W3007Ratio: 1 Ordinary Share : 1 ADRExchange: OTCDepositary bank: Deutsche Bank Trust Company AmericasADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London) E-mail: [email protected] website: www.adr.db.comDepositary bank’s local custodian: Banco Bradesco S/A, Brazil