Professional Documents
Culture Documents
Car Rental
Fleet Rental
76,755 cars
33,948 cars
849 clients
320 locations
384 employees
4,766 employees
Synergies:
bargaining power
cost reduction
cross selling
Franchising
Seminovos
13,992 cars
77 stores
47 cities
35 employees
1,000 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 4Q15
Competitive advantages
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Raising
money
Renting Cars
Buying
cars
Selling
Cars
National Scale
brAA+ S&P
Aa2.br Moodys
AAA(bra) Fitch
brAA- S&P
A+ (bra) Fitch
brA S&P
A- (bra) Fitch
brAA- S&P
A+(bra) Fitch
BBB- Fitch
Ba2 Moodys
BB+ S&P
Baa1 Moodys
BBB+ S&P
B1 Moodys
B+ S&P
Ba3 Moodys
BB- S&P
BB- Fitch
A(bra) Fitch
Global Scale
As of March, 2016.
Raising
money
Renting Cars
Buying
cars
Selling
Cars
45,308 *
28,551
Localiza
Movida
13,355
8,730
Unidas
Locamerica
4.2%
* In 2015 Localiza bought 68,319 cars, Including Franchising.
Localiza buys cars with better conditions due to the volume of purchases.
Source: each company website and ANFAVEA
Renting Cars
Buying
cars
Client Oriented
Brazilian distribution
# of branches*
Brand
490
Selling
Cars
484
45
146
80.7%
185
108
Localiza
Competitors
# of cities**
442
Focus in Technology
155
Localiza
Unidas
95
107
Hertz
Movida
43
Avis
Buying
cars
Renting Cars
Selling
Cars
CONNECTED FLEET
Buying
cars
Renting Cars
Selling
Cars
Information/mobility:
Ipad for Salesmen
Support sale
Access to the database
Customer registration
Agility in car sales
16.9%
17.1%
ROIC
16.1%
16.5%
17.5%
17.0%
15.8%
9.6p.p.
8.5p.p.
9.8p.p.
10.5p.p.
9.5p.p.
6.3p.p.
7.5p.p.
9.5%
Cost of debt
after taxes 7.3%
8.6%
2010
2011
8.0%
6.3%
6.0%
2012
2013
2014
2015
Considering the effective income tax and social contribution rate in 2015, ROIC would have
been 17.0% and the spread, 7.5p.p..
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Profitability
17.0%
Localiza
8.1%
9.1%
Unidas
2014
Locamerica
2014
6.5%
8.4%
ROE 2015
24.3%
Localiza
Fleet
7.1%
8.2%
Unidas
2014
Locamerica
2014
5.0%
4.5%
RAC+Fleet Rental
RAC+Fleet 2014
Fleet Rental
RAC+Fleet Rental
124,695
40,296
30,291
28,813
53,439
Reference
ROIC = NOPAT (considering the effective tax rate) / (Average net debt + average equity)
ROE = Net income / Equity at the beginning of the year
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1.7x
Localiza
2.2x
Unidas
2014
3.3x
3.8x
4.3x
Locamerica
2014
Ouro Verde
JSL
Consolidated
0.8x
1.0x
Localiza
Unidas
2014
2.2x
Locamerica
2014
Ouro Verde
JSL
Consolidated
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Net Revenues
R$3,928
R$ 608
16%
R$ 1,275
32%
R$ 2,045
52%
EBITDA
R$935
R$ 378
40%
R$ 407
44%
EBIT*
R$735
Net Income
R$402
R$ 438
60%
R$ 297
40%
R$ 177
44%
R$ 225
56%
R$ 150
16%
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
2,497.2
1,321.9
2,918.1
1,468.1
3,166.7
1,520.0
3,506.2
1,747.3
3,892.2
3,928.0
2,018.2
2,044.9
1,175.3
1,450.0
1,646.7
1,758.9
1,874.0
1,883.1
1,035.2
553.0
482.2
2010
2011
2012
2013
2014
2015
4Q14
Consolidated net revenues grew 0.9% in 2015 when compared with 2014
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Consolidated EBITDA
R$ million
(*)From 2012 on, accessories and freight of new cars have been accounted directly in the cost line, impacting EBITDA but
reducing depreciation costs.
The R$35.0 million drop in EBITDA was more than offeset by the reduction of
R$43.7 million in depreciation
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Consolidated EBIT
R$ million
610.3 *
*2012 EBIT was impacted by R$144.5 million of additional depreciation related to IPI (sales tax) reduction.
15
336.3 *
* Pro forma 2012 net income excluding additional depreciation related to the IPI tax reduction, net of income tax.
2010
2011
2012
2013
2014
Consolidated EBITDA
649.5
821.3
875.6
916.5
969.8
934.8 (35.0)
Cars depreciation
(9.6) -4.0%
10.8 -19.7%
(144.5)
237.6 228.0
-3.6%
(9.0) (9.0)
(130.1) (179.0) (138.7) (110.6) (151.1) (202.7) (51.6) 34.1% (31.6) (43.5) (11.9) 37.7%
250.5
291.6
49.1
240.9
384.3
410.6
402.4
(8.2)
-2.0%
14.4 -36.0%
102.2 105.9
3.7
3.6%
2015
355.3
432.9
2016
2017
770.0
672.5
670.0
572.5
2020
2021
619.5
246.2
2018
2019
1,385.1
New debentures issuance
1,585.1*
Cash
*In 01/31/2016 Localizas cash position was R$1,337.0 after the payment to OEMs.
Debt - ratios
Net debt vs. Fleet value
3,642.7
3,296.3
2,681.7
2,446.7
1,281.1
1,363.4
2010
2,797.9
2,547.6
1,332.8
1,231.2
2011
2012
2013
Net debt
1,322.3
1,588.6
2014
2015
Fleet value
2010(*)
2011
2012
2013
2014
2015
52%
51%
48%
48%
40%
44%
2.0x
1.7x
1.4x
1.5x
1.4x
1.7x
1.4x
1.2x
0.9x
1.0x
0.8x
0.8x
5.0x
4.6x
6.3x
8.3x
6.4x
4.6x
CUSIP: 53956W300
ISIN: US53956W3007
Ratio: 1 Common Share : 1 ADR
Exchange: OTC
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Disclaimer
Eugnio Mattar
CEO
Roberto Mendes
CFO and IR
Website: www.localiza.com/ir
Nora Lanari
Head of IR
E-mail: ri@localiza.com
Mariana Campolina
IR Manager
Phone: 55 31 3247-7024
The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary
form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. No representation or warranty, express or
implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements are only projections and are not guarantees of future performance. Investors are cautioned
that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and
business environments of LOCALIZA and its subsidiaries that may cause the actual results of the companies to be materially different from any future results
expressed or implied in such forward-looking statements.
Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information
currently available to LOCALIZAs management, LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of
the forward-looking statement.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation nor anything
contained herein shall form the basis of any contract or commitment whatsoever.
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