Localiza institucional eng final
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Transcript of Localiza institucional eng final
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1 November, 2013
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1. Company overview
2. Main business divisions
Car Rental
Fleet Outsourcing
Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
Earnings release 3Q13
Agenda
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Company: milestones
Phase I – Rise to #1
1973 – Founded in Belo Horizonte/MG
Late 70’s - Acquisitions in the
Northeast of Brazil
1981 – Brazilian car rental leader in #
of branches
Phase II – Expansion
1984 – Expansion strategy by
adjacencies: Franchising
1991 – Expansion strategy by
adjacencies: Seminovos
1997 – PE firm DL&J enters at a market
cap of US$ 150 mm
1997 – Expansion strategy by
adjacencies: Fleet Outsourcing
Phase III – Reaching Scale
2005 – IPO: market cap of US$ 295 mm
2011 – Rated as investment grade by
Moody’s, Fitch and S&P in 2012
2012 – ADR level I
09/30/2013 – Market cap of US$2.8 bi
with ADTV of R$42.7 million
1973 1982 1983 2004 2005 2013
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Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
13.985 cars
191 locations in Brazil
62 locations in South America
38 employees
61.6 % sold to final consumer
74 stores
1,000 employees
70,406 cars
3.7 million clients
286 locations
4,374 employees
32,809 cars
755 clients
350 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 3Q13
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Company: Business platform divisions
Car Rental
Localiza car rental rents to
individuals or businesses
at airports and other
locations.
The traditional backbone of
Localiza. With its giant fleet
that gets renewed annually,
it lays the foundation for all
scale effects captured by
the group as a whole.
Fleet Outsourcing
Total Fleet, offering
customized fleet for 2-3
years terms.
Total Fleet is seen as an
additional business that
generates value by
leveraging synergies
created by the integrated
platform approach.
Used car sales
Support area, with the
objective to sell the
Company’s used cars and
add know-how in buying
cars and estimating the
residual value.
As a support business
activity, Seminovos enables
the sell roughly 70% of
used cars directly to the
final customer, thereby
maximizing the residual
value of used rental cars.
Franchising
Supplementary business,
with the purpose to expand
the brand’s network.
Franchising is seen as a
primarily strategic business
by management – the
revenues generated are
low, however brand and
network expand at
minimum capital
expenditure.
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R$28.4
Car acquisition
Net car sale
revenue
R$24.4 1 year cycle
2012 - Car Rental Financial Cycle
R$26.4
without IPI (7%)
1 2 3 4 5 6 7 8 9 10 11 12 Expenses, interest and tax
Revenue
(*) Excluding additional depreciation effect related to IPI reduction
(**) ROIC over the car acquisition cost without IPI: 18.7%
Spread
11.1p.p.
Total
1 year
R$ % R$ % R$
Net revenues 20.4 100.0% 27.1 100.0% 47.5
Costs (8.9) -43.6% (8.9)
SG&A (3.2) -15.6% (2.7) -10.0% (5.9)
Net car sale revenue 24.4 90.0% 24.4
Book value of car sale (23.2) -85.5% (23.2)
EBITDA 8.3 40.9% 1.2 4.5% 9.6
Depreciation (vehicle) (1.9) (*) -7.0% (1.9)
Depreciation (non-vehicle) (0.4) -1.8% (0.2) -0.9% (0.6)
Interest on debt (1.7) -6.4% (1.7)
Tax (2.4) -11.7% 0.8 2.9% (1.6)
NET INCOME 5.6 27.3% (1.9) -6.9% 3.7
NOPAT 4.9
ROIC (**) 17.4%
Cost of debt (average CDI + 1.19%) after tax 6.3%
per operating car per operating car2012Car Rental Seminovos
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R$36.1
Car acquisition
Net car sale
revenue
R$23.2 2 year cycle
2012 - Fleet Outsourcing Financial Cycle
Spread
8.7p.p.
R$33.6
without IPI (7%)
1 2 3 4 5 6 19 20 21 22 23 24 Expenses, interest and tax
Revenue
(*) Excluding additional depreciation effect related to IPI reduction
(**) ROIC over the car acquisition cost without IPI: 16.1%
Total
2 years
R$ % R$ % R$
Net revenues 35.3 100.0% 25.6 100.0% 60.9
Costs (9.6) -27.3% - 0.0% (9.6)
SG&A (2.2) -6.3% (2.4) -9.3% (4.6)
Net car sale revenue 23.2 90.7% 23.2
Book value of car sale (22.5) -88.0% (22.5)
EBITDA 23.4 66.4% 0.7 2.7% 24.1
Depreciation (vehicle) (8.6) (*) -33.7% (8.6)
Depreciation (non-vehicle) (0.1) -0.2% - 0.0% (0.1)
Interest on debt (2.9) -11.3% (2.9)
Tax (7.0) -19.9% 3.2 12.7% (3.8)
NET INCOME 16.3 46.3% (7.6) -29.6% 8.8
NET INCOME per year 8.2 46.3% (3.8) -29.6% 4.4
NOPAT 5.4
ROIC (**) 15.0%
Cost of debt (average CDI + 1.19%) after tax 6.3%
2012Fleet Rental Seminovos
per operating car per operating car
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Spread (ROIC minus cost of debt after taxes)
ROIC Cost of debt after taxes
(*) 2008 and 2012 ROIC 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.
10.9%8.4% 8.8%
7.6% 7.3% 8.6% 6.3% 5.3%
18.7%21.3%
17.0%
11.5%
16.9% 17.1% 16.1% 16.2%
2006 2007 2008 2009 2010 2011 2012 9M13
7.8p.p. 12.9p.p. 8.2p.p.
4.0p.p. 9.6p.p. 8.5p.p.
10.9p.p. 9.8p.p.
Annualized
Financial crisis effect
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505.9 608.2 745.2
883.1 1,087.1 1,096.3
1,382.1 1,605.4 1,703.0
2004 2005 2006 2007 2008 2009 2010 2011 2012
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Rental revenues evolution
3.585,6 3.520,6 3.510,5 3.659,4 3.884,6 4.045,4 4.381,8 4.433,3 4.527,0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Localiza’s rental revenues at constant prices
Sector’s revenue at constant prices (ex- Localiza)
In 2012 the Company grew 6.8x GDP and 5.5x the sector.
GDP 5.7% 3.2% 4.0% 6.1% 5.2% -0.3% 7.5% 2.7% 0.9%
Average GDP growth: 3.9%
Source: ABLA (Brazilian Car Rental Association) and Localiza.
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Raising
money
Renting cars Selling
cars Buying
cars
Cash to renew the fleet or pay debt
$
$
Profitability comes from rental divisions
Competitive advantages: 40 years of experience in managing assets
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Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of October, 2013.
BBB- S&P
Baa3 Moody’s
BBB- Fitch
BBB+ S&P B+ S&P B+ Fitch B1 Moody's
brAAA S&P
Aa1.br Moody’s
AA+(bra) Fitch
brAA- S&P
A+ (bra) Fitch
brA S&P
A (bra) Fitch
brA+ S&P
A (bra) Fitch
Raising money
Buying cars
Renting Cars Selling Cars
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Competitive advantages: buying cars
Localiza buys cars with better conditions due to the volume of purchases.
Number of cars purchased - 2012
* Includes Franchising
Localiza Unidas Locamerica
67,492
15,3769,522
*
Source: each company website
Localiza’s share in the internal sales of the major
OEMs - 2012
2.1%
Raising money
Buying cars
Renting Cars Selling Cars
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110
145
51
13
The Company is present in 254 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know How Brand Brazilian distribution
# o
f b
ran
ch
es
# o
f c
itie
s
Localiza Hertz Unidas Avis
Source: Brand Analytics and each company website (Localiza and Peers, as of September , 2013)
477
306
Raising money
Buying cars
Renting Cars Selling Cars
343
86 7138
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Sales to final consumer
Competitive advantages: selling cars
Selling directly to final consumer reduces depreciation.
Cars available for sale are used by car rental division during peaks of demand.
Raising money
Buying cars
Renting Cars Selling Cars
Buffer: additional fleet
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Roland Berger*: 2012 Industry overview
Source: ABLA, Companies’ Financial Statements. *Roland Berger report on Brazilian car rental industry **Ouro Verde: Net Rental Revenue, operates only fleet rental
***Investiment = Average shareholders’ Equity + Average Net Debt 15
Gross Rental Revenues
(R$ million) 1,703.0 435.6 336.9 807.5 151.1**
Fleet (End of period ) 109,194 33,187 29,252 22,200 15,836
ROIC (NOPAT/
Investment***)
17.3% 3.9% 6.9% 6.9% 8.9%
Strenghts*
• Unrivaled local scale
• Strong footprint
• Synergies
• Stable management
• Takes advantage of
synergies provided by
the integrated platform
• Capitalized by
three Private
Equity funds in
2011
• Local expertise
• Synergies with its
rental businesses
• Brazil’s second
player in the fleet
rental business
• Successful IPO
04/2012
• Strong local
footprint
• Integrated
business model
with own used
car sales
The company was not
analised by Roland
Berger
Weaknesses*
• Weak global footprint
• Limited access to
international
customers
• Weak footprint
• Relatively weak
brand
• Unclear priorities
between rental and
fleet
• Used car sales
retail network
• Weaker score from
rating agencies
• No synergy effects
from major car
rental activities
• Weaker score from
rating agencies
• Weak international
brand
• Limited scale when
purchasing cars,
because other
divisions active in
other segments (e.g.
trucks)
The company was not
analised by Roland
Berger
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1. Company overview
2. Main business divisions
Car Rental
Fleet Outsourcing
Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
Earnings release 3Q13
Agenda
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346.1 428.0
565.2 585.2
802.2
980.71,093.7
803.4 853.1
2006 2007 2008 2009 2010 2011 2012 9M12 9M13
17
Car Rental overview
63.4% Economic cars
2012 Fleet composition
65,086 cars
36.6% Others
Net Revenues (R$ million)
Corporate fleet size
39,112
61,445 65,086
2008 2010 2012
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Drivers
71
128154
179 193
2003 2009 2010 2011 2012
Air traffic passengers - million Investments in Brazil (2013-2016)
(US$ 300 billion)
Source: BNDES, INFRAERO, IPEADATA and BCB
202
132
79 7251
36
GDP per capita
(R$ thousands)
6.9 7.5 8.4 9.5
10.7 11.7 12.8
14.2 16.0 16.6
19.0 21.3
22.4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
151
180 200
240260 300
350380
415465
510545
622
51%
38%37% 35%
31%27%
22% 20%18% 16% 15% 15% 13%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
Car rental affordability
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Distribution
Car rental distribution (Brazil)
254 279 312 346381 415 449 474 477
2005 2006 2007 2008 2009 2010 2011 2012 9M13
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Localiza376
Hertz69
Unidas103
Avis23
Outros2213
Localiza101
Hertz41
Unidas42
Avis28
Outros24
20 Source: Abla and each company’s website (September, 2013)
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil
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2012 Share – Car Rental
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements. 21
Rental Revenues R$2,781.2 million
Others
53.8%
30.9%
4.6%
6.5%
Unidas
Fleet 210,506 cars
Characteristics of Car Rental network in Brazil:
Complex chain management
High fixed-cost structure
Market consolidated in airports and fragmented in off-airport locations
High barrier to entry
Capital intensive
35.5% 41.8%
2.5%
Hertz
Others
46.8%
2.8%
Avis 6.1%
Unidas
2.1%
Avis 2.1
Hertz
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1. Company overview
2. Main business divisions
Car Rental
Fleet Outsourcing
Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
Earnings release 3Q13
Agenda
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184.0 219.8 268.4 303.2
361.1 455.0
535.7
397.8 432.9
2006 2007 2008 2009 2010 2011 2012 9M12 9M13
23
Number of clients
Fleet Outsourcing overview
40.0% Economic cars
2012 Fleet composition
32,104 cars
60.0% Others
622699 729
2008 2010 2012
Net Revenues (R$ million)
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24 Source: ABLA and Datamonitor
Approximately 50% of targeted fleet is outsourced.
Outsourced fleet penetration
Corporate fleet:
5,000,000*
Targeted fleet:
500,000
Rented (outsourced) fleet:
279,042
32,104
Brazilian Market World
5.4%8.9%
13.3%16.5%
24.5%
37.4%
46.9%
58.3%
Bra
zil
Poland
Cze
ch R
epublic
Ger
man
y
France
Spain
Uk
Holla
nd
Drivers
*Estimated
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2012 Share – Fleet Outsourcing
25
Others
65.5%
16.0%
1.6%
Unidas
Locamérica
Rental Revenues R$3,448.8 million
Others
70.1%
11.5% 0.9%
Unidas
Locamérica
Fleet 279,042 cars
Characteristics of the Fleet Outsourcing business in Brazil:
Scale of little relevance after initial scale (10,000 cars)
Risk of forecast of car residual value by the end of the contract (depreciation)
Low entry barrier
17.6%
12.4%
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements.
7.1%
9.8%
7.0%
10.5%
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1. Company overview
2. Main business divisions
Car Rental
Fleet Outsourcing
Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
Earnings release 3Q13
Agenda
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Combining Localiza’s brand with a growing network of stores
enables the Company to continuously sell thousands of cars at market prices.
# of points of sale
Car sales – operating data
2632 35
49 55
6673 74
2006 2007 2008 2009 2010 2011 2012 9M13
+1
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Income increase and credit availability are the major drivers for car sales.
Source: O Estado de São Paulo, as of 08/16/13 (based on researches of Sindipeças).
Used car sales drivers: affordability and penetration
# of inhabitants per car (2012) # of inhabitants per car - Brazil
5.2
4.2
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Brazil
Argentina
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
8.0 7.9 7.4
6.9 6.55.9 5.5 5.2
2005 2006 2007 2008 2009 2010 2011 2012
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2.9
3.8
6.0 5.8
8.0
9.9
10.7
12.9
7.06.7
7.1 7.3 7.1
8.48.9 9.0
1.6 1.82.3
2.73.0
3.3 3.5 3.6
29
4.4x 3.7x
3.1x 2.7x 2.4x 2.5x 2.5x
2005 2006 2007 2008 2009 2010 2011 2012
2.6x
Brazilian car market: new x used car market and affordability
Individuals with
affordability to
buy a car*
New cars
Used cars
Source: FENABRAVE (Autos + light commercial) and Bradesco
* Population with affordability to buy a new compact car (R$25,000) with 20% downpayment, prices as of December 2012
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2012 Up to 2 years
409.121
2012 Brand new
3,634,421 2012 Used cars
9,011,470
0.6% 1.6% 13.9%
Car sales – operating data
Source: Fenabrave 2012 Yearbook.
23,174 30,093
34,281 34,519
47,285 50,772
56,644
42,880 44,642
2006 2007 2008 2009 2010 2011 2012 9M12 9M13
# of cars sold (Quantity)
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Examples
• Dealers
• Fiat, VW, Ford, GM most
successful
• Auto Brasil
• Rental operators
• Locamerica, Hertz
• Retailers
• “Loja do carro”
• “Auto malls” and
“Cidade do
automóvel”
Strengths*
• Brand and perceived
image/ experience
• Support often directly
from the OEM’s
• Flexibility in trade-in cars
• Strong media presence
• Tailored to popular
customer demand at
purchase, hence likely
to be an attractive value
proposition when for
sale
• Often appeal to lower
income classes, with
older cars
• Occasionally
specialized in niches
• Comfort and
convenience
• Variety of models
and brands
• Flexibility in
exchange
Weaknesses*
• Used cars not a core
business
• Cars often older than 2
years
• Stigma about heavy
usage during rental car
years
• Weak retail network
• Geographical
concentration (SP)
• Lower media presence
• No brand recognition
(lower reputation
market)
• Financing options with
higher interest rates
• Lower media
presence
• Cars often older than
2 years
• It hasn’t been
successful
Points of sale • 3,714 (Anfavea) • 25 (Unidas, Locamerica,
Avis and Hertz website). • 45,600 (Fenauto) • 71 (Fenauto)
Main players
*Source: Roland Berger
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32
1. Company overview
2. Main business divisions
Car Rental
Fleet Outsourcing
Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
Earnings release 3Q13
Agenda
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2012 Consolidated breakdown R$ million
Net Revenues EBITDA
7%
41% 52%
48%
17%35%
Company’s profitability comes from Car Rental and Fleet Outsourcing Divisions.
EBIT*
42%
58%
Rental Seminovos
Net revenues EBITDA EBIT Net income
1,111.0 456.2 267.9 131.7
535.7 355.9 197.9 109.2
1,520.0 63.5 * *
Consolidated 3,166.7 875.6 465.8 240.9
*Seminovos results recorded in the Car Rental and Fleet Outsourcing Division.
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Consolidated Net Revenues R$ million
Rental Seminovos
537.4 655.0 842.9 898.5 1,175.3 1,450.0 1,646.7 1,213.9 1,300.6
588.8 850.5
980.8 922.4
1,321.9
1,468.1 1,520.0
1,157.3 1,241.8
2006 2007 2008 2009 2010 2011 2012 9M12 9M13
1,126.2
1,505.5 1,823.7
2,918.1
2,371.2 2,542.4
1,820.9
2,497.2
3,166.7
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Divisions 2006 2007 2008 2009 2010 2011 2012 9M12 9M13
Car Rental 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 40.9% 41.1% 36.7%
Fleet Outsourcing 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 66.4% 66.3% 65.8%
Rental Consolidated 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 49.3% 49.4% 46.6%
Used Car Sales 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 4.2% 4.2% 6.0%
311.3 403.5504.1 469.7
649.5821.3 875.6
649.3 680.5
2006 2007 2008 2009 2010 2011 2012 9M12 9M13
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Consolidated EBITDA R$ million
Excluding accessories and freight of new cars, recorded in the cost line, Car Rental EBITDA margin in 3Q13 would be 40.3%.
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2,383.3 2,395.8
5,083.1 4,371.73,509.7 4,133.0
5,408.2 4,661.0
2006 2007 2008 2009 2010 2011 2012 9M13
939.1332.9
2,546.0 2,577.0
1,536.0 1,683.9
3,972.4
1,307.9
2006 2007 2008 2009 2010 2011 2012 9M13
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Average depreciation per car
in R$
Annualized
Robust used-car market
Financial crisis and
IPI reduction effect
IPI reduction effect
Annualized
Robust used-car market
IPI reduction effect Financial crisis and
IPI reduction effect
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138.2
190.2
127.4 116.3
250.5
291.6
240.9
154.8
294.4
2006 2007 2008 2009 2010 2011 2012 9M12 9M13
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Consolidated net income R$ million
* Pro forma 2012 net income excluding additional depreciation, net of income tax.
336.3 *
237.0 *
Record
Net income for 9M13 was higher than the net income of all previous years.
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1. Company overview
2. Main business divisions
Car Rental
Fleet Outsourcing
Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
Earnings release 3Q13
Agenda
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39 39
Free cash flow
(*) Without the technical discount up to 2010
Free cash flow - R$ million 2006 2007 2008 2009 2010 2011 2012 9M13
EBITDA 311.3 403.5 504.1 469.7 649.5 821.3 875.6 680.5
Used car sale revenue, net from taxes (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,520.0) (1,241.8)
Depreciated cost of cars sold (*) 530.4 760.0 874.5 855.1 1,203.2 1,328.6 1,360.2 1,091.7
(-) Income tax and social contribution (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (100.9) (73.2)
Change in working capital (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) 37.1 (5.1)
Cash provided before investment 205.4 262.9 300.2 341.9 527.5 514.9 652.0 452.1
Used car sale revenue, net from taxes 588.8 850.5 980.8 922.4 1,321.9 1,468.1 1,520.0 1,241.8
Car investment for renewal (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,563.3) (1,284.9)
Net investment for fleet renewal (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) (43.3) (43.1)
Fleet renewal – quantity 23,174 30,093 34,281 34,519 47,285 50,772 56,644 44,642
Investment,other property and intangibles
investments (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (80.2) (42.4)
Free cash flow before growth and before interest 118.2 250.7 205.7 295.4 428.2 415.5 528.5 366.6
Investment on cars for fleet (growth) /reduction (287.0) (221.9) (299.9) (241.1) (540.3) (272.0)
(55.5) (187.5)
Change in accounts payable to car suppliers 222.0 (51.0) (188.9) 241.1 111.3 32.7 (116.9) (10.8)
Fleet growth (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (172.4) (198.3)
Fleet increase / (reduction) – quantity 10,346 7,957 9,930 8,642 18,649 9,178 2,011 6,514
Free cash flow after growth and before interest 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 356.1 168.3
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Changes in net debt R$ million
Net debt was reduced by R$8.3 million in 9M13, even after the
Company’s share buybacks in the amount of R$ 36.8 million.
- 1,222.9
(72.2)
Financial expenses
(51.0)
Interest on own capital and dividends
Net debt
09/30/2013
FCF 168.3
-1,231.2
Net debt
12/31/2012
FCF after financial
expenses
96.1
(36.8)
Company’s share buybacks
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Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF
PERIOD 2006(*) 2007(*) 2008(*) 2009(*) 2010(*) 2011 2012
Until
Sep/13
Net debt / Fleet value 36% 51% 72% 57% 52% 51% 48% 44%
Net debt / EBITDA (**) 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.4x 1,3x
Net debt / Equity 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 0.9x 0.8x
EBITDA / Net financial expenses 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 6.3x 9.4x
(*) From 2006 to 2010, ratios based on USGAAP financial statements.
(**) Annualized
Net debt Fleet value
Comfortable debt ratios.
440.4 765.1
1,254.5 1,078.6
1,281.1 1,363.4 1,231.2 1,222.9 1,247.7 1,492.9
1,752.6 1,907.8
2,446.7 2,681.7 2,547.6 2,759.7
2006 2007 2008 2009 2010 2011 2012 9M13
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24.6 231.3 170.6
641.3 511.0
221.0 247.0 100.0 100.0
2013 2014 2015 2016 2017 2018 2019 2020 2021
54.6 270.3 209.6
592.3 462.0
146.0 172.0
2013 2014 2015 2016 2017 2018 2019 2020 2021
As of September 30,2013:
42
Debt maturity profile (principal) R$ million
After 7th debenture issuance:
Cash
791.0
534.5
Cash
1,131.0
426.5
The Company continues presenting a strong cash position and comfortable debt maturity profile.
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Localiza Level I ADR
Ticker Symbol: LZRFY
CUSIP: 53956W300
ISIN: US53956W3007
Ratio: 1 Common Share : 1 ADR
Exchange: OTC
Depositary bank: Deutsche Bank Trust Company Americas
ADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
E-mail: [email protected]
ADR website: www.adr.db.com
Depositary bank’s local custodian: Banco Bradesco S/A, Brazil
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44
Disclaimer
Disclaimer
The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary form and does not purport to
be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation
or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as
the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of LOCALIZA and its subsidiaries that may cause the actual results
of the companies to be materially different from any future results expressed or implied in such forward-looking statements.
Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to LOCALIZA’s
management, LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of the forward-looking statement.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933. Any offering of securities to be made in
the United States will be made by means of an offering memorandum that may be obtained from any underwriters we may appoint in connection with an offering of securities in future.
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.
Website: www.localiza.com/ir E-mail: [email protected] Phone: 55 31 3247-7024
Roberto Mendes
CFO and IR
Nora Lanari
Head of IR