Apresentação 4 q11 e 2011 eng final
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1 February 6, 2012 Localiza Rent a Car S.A. 4Q11 and 2011 results R$ million, IFRS
description
Transcript of Apresentação 4 q11 e 2011 eng final
1February 6, 2012
Localiza Rent a Car S.A.4Q11 and 2011 results
R$ million, IFRS
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Highlights
� Investment grade by Moody’s and Fitch
� Included at Bovespa Index starting 01/02/2012
� Elected the best CEO, CFO and IR of the transportationsector by Institutional Investor Magazine ranking
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1,175.3
1,3 2 1.91,4 6 8 .1
1,4 50 .0
2 0 10 2 0 11
Rentals Used car sales
Consolidated net income
Highlights
Consolidated EBITDA
64.688
31.629
61.445
26.615
2010 2011
9.4%
End of period fleet
88,06096,317
Qu
an
tity
Car rental Fleet rental
R$ m
illio
n
649.5 821.3
2010 2011
26.5%
Net Revenues - Consolidated
R$ m
illio
n
2,918.12,497.2 16.9%
23.4%
291.6250.5
2010 2011
16.4%R$
milli
on
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Car Rental Division
Revenues from the Car Rental division grew 3.8x in six years.
# daily rentals (thousand)
Net revenues (R$ million)
3,4114,668
5,793
7,940 8,062
10,734
12,794
3,015 3,324
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
CAGR: 24.6%
19.2% 10.3%
266.5235.7
980.7
802.2
585.2565.2428.0
346.1258.6
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
CAGR: 24.9%
22.3% 13.1%
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Fleet Rental Division# daily rentals (thousand)
Net revenues (R$ million)
3,3514,188
5,1446,437
7,0998,044
9,603
2,182 2,517
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
CAGR: 19.2%
15.4%
19.4%
142.0184.0
219.8268.4
303.2361.1
455.0
100.8 122.0
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
CAGR: 21.4%
26.0%21.0%
Revenues from the Fleet Rental division grew 3.2x in six years.
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Net Investment
In 2011 there were added 9,178 cars to the fleet with an investment of R$308.4 million.
Fleet increase * (quantity)
Purchased cars Sold cars
Purchases (accessories included) Net used car sales revenues
Net investment (R$ million)
26,10533,520
38,05044,211 43,161
18,76323,174
30,09334,281 34,519
13,078
25,327
59,950
21,790
65,934
12,799
47,285 50,772
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
7,34210,346 7,957
18,649
9,930 8,642
12,5288,712
9,178
690.0930.3
1,060.9
1,335.31,204.2
1,910.41,776.5
656.7446.5
588.8
850.5980.8 922.4
1,321.91,468.1
382.3 380.2
720.0
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
243.5341.5 210.4
308.4
354.5281.8
588.5
337.7 276.5
* It does not include theft / crashed cars.
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Utilization rate and average fleet age
Car rental division
In 4Q11, utilization rate presented a growth of 2.6 p.p when compared to 4Q10.
66.2% 69.9% 68.2% 68.9% 69.7% 68.9%66.3%74.1%
6.35.5
6.3 6.56.66.9 7.3 7.3
0 .0 %
1 0 .0 %
2 0 .0 %
3 0 .0 %
4 0 .0 %
5 0 .0 %
6 0 .0 %
7 0 .0 %
8 0 .0 %
9 0 .0 %
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Utilization rate Average operating fleet age
14.2 13.5 13.5 13.6 13.413.3 15.3 18.7 Average sold fleet
age (month)
Elections’ effect
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Distribution
# of used car sales stores
2632 35
4955 66
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2005 2006 2007 2008 2009 2010 2011
279 312 346 381 415 449
254
2005 2006 2007 2008 2009 2010 2011
# of rental locations in Brazil
Company is still expanding its footprint.
+11
+34
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End of period fleetQuantity
31,373 35,686 39,11247,517
61,445 64,68811,76214,630
17,79023,403
22,778
26,61531,629
24,103
2005 2006 2007 2008 2009 2010 2011
Consolidated fleet grew 2.7x in six years.
35,86546,003 53,476
62,51570,295
88,060
Car rental Fleet rental
CAGR: 17.9%
9.4%96,317
10
408.4 537.4 655.0 842.9 898.5 1,175.3 1,450.0
339.9 392.5
446.5588.8
850.5980.8 922.4
1,468.1
382.3 380.2
1,321.9
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Consolidated net revenuesR$ million
Net revenue grew 3.4x in six years.
Rentals Seminovos
854.91,126.2
1,505.51,823.7 1,820.9
2,497.2
CAGR: 22.7%2,918.1
722.2 772.77.0%
15.5%23.4%
16.9%
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EBITDA R$ million
EBITDA grew 26.5% in the year versus a 23.4% growth in rental revenues, in 2011.
2.8%
53.8%
68.6%
46.9%
2011
2.6%
52.3%
68.0%
45.3%
2010
5.6%
53.3%
69.1%
45.9%
2008
53.6%51.5%51.1%54.5%52.9%53.6%Rentals consolidated
2.1%
67.8%
47.1%
4Q11
3.5%
69.6%
43.7%
4Q10
1.1%
68.7%
41.9%
2009
4.6%
71.4%
43.4%
2006
5.5%
71.3%
46.0%
2007
13.2%Used car sales
65.5%Fleet Rental
47.5%Car rental
2005Divisions
277.9 311.3403.5
504.1 469.7
649.5
821.3
188.3 218.3
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
CAGR: 19.8%
26.5%15.9%
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1,318.01,580.5
1,331.01,492.3
1,251.9
1,986.01,942.5 1,993.2
1,536.0 1,683.9
332.9
2,546.0 2,577.0
939.1492.3
2005 2006 2007 2008 2009 2010 2011
Average depreciation per car – car rental
Hot used car market
Financial crisis effect
Trend of a higher depreciation due to higher sales expenses, in 5Q11.
* Annualized
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11* 4Q10* 4Q11*
R$ per quarter
R$ per year
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R$ per quarter
3,509.74,133.0
2,395.8
5,083.14,371.7
2,383.32,981.3
2005 2006 2007 2008 2009 2010 2011
Average depreciation per car – fleet rental
Depreciation increase reflects the market conditions for higher end cars.
* Annualized
3,254.43,693.9
4,049.34,241.8 3,990.64,277.2
2,989.4
4,020.8
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11* 4Q10* 4Q11*
R$ per year
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Consolidated net incomeR$ million
The increase in the basic interest rate and in depreciation have impacted 2011 net income.
78.769.4
291.6250.5
116.3127.4
190.2138.2
106.5
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
13.4%
16.4%
9.3
(3.9)
0.1
(1.0)
(15.9)
30.0
(5.2)
35.2
Var. R$
41.1
(23.6)
(48.9)
(3.0)
(55.2)
171.8
7.0
164.8
Var. R$
190.2
(81.4)
(74.4)
(14.4)
(43.1)
403.5
46.4
357.1
2007
127.4
(46.6)
(133.3)
(18.3)
(178.5)
504.1
54.5
449.6
2008
291.6
(125.1)
(179.0)
(24.1)
(201.5)
821.3
41.4
779.9
2011
16.4%
23.3%
37.6%
14.2%
37.7%
26.5%
20.3%
26.8%
Var. %
116.3
(47.2)
(112.9)
(21.0)
(172.3)
469.7
10.6
459.1
2009
250.5
(101.5)
(130.1)
(21.1)
(146.3)
649.5
34.4
615.1
2010
15.9%218.3188.3EBITDA Consolidated
13.4%
13.1%
-0.2%
17.2%
37.9%
-39.4%
20.1%
Var. %
78.769.4Net income
(33.7)(29.8)Income tax and social contribution
(41.2)(41.3)Financial expenses, net
(6.8)(5.8)Other property and equipment depreciation
(57.9)(42.0)Cars depreciation
8.013.2EBITDA – Used car sales
210.3175.1EBITDA – Rentals and franchising
4Q114Q10Reconciliation EBITDA x net income
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Free cash flow - FCF
Positive free cash flow before interest in 2011, even after expanding the fleet by 9,178 cars.
(*) without technical discount deduction
18,649
(0.8)
111.3
(540.3)
428.2
(51.1)
(48.2)
(1,370.1)
1,321.9
527.5
54.5
(57.8)
1,203.2
(1,321.9)
649.5
2010
9,1788,6429,9307,95710,3467,342Fleet increase - quantity
176.2
32.7
(272.0)
415.5
(63.0)
(36.4)
(1,504.5)
1,468.1
514.9
(83.9)
(83.0)
1,328.6
(1,468.1)
821.3
2011
295.4
241.1
(241.1)
295.4
(21.0)
(25.5)
(947.9)
922.4
341.9
(11.5)
(49.0)
855.1
(922.4)
469.7
2009
(283.1)
(188.9)
(299.9)
205.7
(39.9)
(54.6)
(1,035.4)
980.8
300.2
(44.8)
(52.8)
874.5
(980.8)
504.1
2008
(22.2)53.2 (161.3)Free cash flow after growth and before interest
(51.0)222.0 (25.5)Change in accounts payable to car suppliers (capex)
(221.9)(287.0)(194.0)Capex of car - growth
250.7 118.2 58.2 Free cash flow before growth and interest
(23.7)(32.7)(28.0)Capex – other property and equipment, net
11.5 (54.5)(49.5)Net capex for renewal
(839.0)(643.3)(496.0)Capex of car - renewal
850.5 588.8 446.5 Used car sales net revenues
262.9 205.4 135.7 Cash provided before capex
13.3 (4.8)(24.2)working capital variation
(63.4)(42.7)(32.7)(-) Income tax and social contribution
760.0 530.4 361.2 Depreciated cost of used car sales (*)
(850.5)(588.8)(446.5)Used car sales net revenues
403.5 311.3 277.9 EBITDA
200720062005Free cash flow - R$ million
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Changes in cash and debt evolutionR$ million
65.5% of the cash generated was invested in expanding fleet by 9,178 cars.
- 1,363.4
(179.0)
Interest
(79.5)
Dividends and interest on own
capital
Net debt12/31/2011
FCF beforegrowth
415.5
-1,281.1
Net debt12/31/2010
(272.0)
Investment in fleetincrease
Variation onpayables –automakers
32.7
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Debt profileR$ million
Cash strengthening for an eventual adverse scenario.
94.8
232.5312.8 303.4
562.0
432.0
26.0 52.0
2011 2012 2013 2014 2015 2016 2017 2018
Cash
711.0
2019
Improving duration from 3.8 years in 2011 to 4.3 years in 2012.
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Debt – ratiosR$ million
The Company is still presenting conservative indebtedeness ratios.
Net debt Fleet value
4.6x5.0x 4.2x 3.8x 5.4x 4.8x 3.3x EBITDA / Net financial expenses
1.4x
2.0x
52%
2010
1.5x
2.3x
57%
2009
2.0x
2.5x
72%
2008
1.2x1.3x0.7x1.4xNet debt / Equity
1.7x1.9x1.4x1.9xNet debt / EBITDA
51%51%36%60%Net debt / Fleet value
2011200720062005END OF PERIOD BALANCE
535.8 440.4765.1
1,254.51,078.6
1,281.1 1,363.4
900.21,247.7
1,492.91,752.6
1,907.8
2,446.7 2,681.7
2005 2006 2007 2008 2009 2010 2011
Net debt x Fleet value
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Spread
8.5
8.6%
17.1%
0.59x
28.9%
2,445.3
2011
9.6
7.3%
16.9%
0.59x
28.6%
1,984.6
2010
8.2
8.8%
17.0%
0.53x
32.1%
1,642.3
2008
4.0
7.6%
11.5%
0.53x
21.9%
1,702.3
2009
12.97.811.2Spread (ROIC – Interest after tax) - p.p.
8.4%10.9%13.6%Interest on debt after tax
21.3%18.7%24.8%ROIC
0.58x0.55x0.67xTurnover of average capital investment (over rental net revenues)
36.9%34.5%37.0%NOPAT margin (over rental net revenues)
1,137.5 986.2 606.3 Average capital investment - R$ million
200720062005
Spread
13.6%10.9%
8.4% 8.8% 7.6% 7.3% 8.6%
24.8%
18.7%21.3%
17.0%
11.5%
16.9% 17.1%
2005 2006 2007 2008 2009 2010 2011
Interest on debt after tax ROIC
11.2p.p.7.8p.p. 12.9p.p.
8.2p.p.4.0p.p. 9.6p.p. 8.5p.p.
ROIC reflects the pricing strategy of the Company for consolidating the market.
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2012 Macroeconomic scenario
11.00%
9.75%9.50% 9.50%
10.00%10.00%
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
3,00%
2,50%
2,90%
3,40%3,70%
2,60%
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
Source: BR Central Bank – Market forecast system as of 01/20/2012 and Focus Bulletin
GDP evolution forecastAccumulated in 4 quarters
Interest rate evolution forecast
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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/ir
E-mail: [email protected]
Phone: +55 31 3247-7024
