3Q17 Results Presentation

Transcription

1 3Q17 Results Presentation November 9, 2017 p. 1

2 3Q17 Highlights Net Revenue of R$675.7 million 40.1% Number of daily rentals reached 3.0 million 32.3% Net Income of R$14.1 million 15.7% Record 11,277 Used Cars sold Monthly revenue per GTF car of R$1, % Annualized ROIC of 8.5% in 3Q17 exceeding the cost of debt after taxes EBITDA of R$84.2 million 18.4% Note: Compared to 3Q16 p. 2

3 Recognition and Marketing USED CARS SALES (SEMINOVOS) CAMPAIGNS Increase of over 190% in the number of leads generated since January No Caminho das Férias, in July Dia dos Pais, in August Sonho Antecipado, in September Six months of free fuel 20,000 km of advantages MARKETING INITIATIVES Ads using trays in airports, we have expanded this initiative to nine locations* Launched our new website, which is 1 responsive, with an online customer service via chat 10% growth in audience and 16% growth in conversion through the platform Sales channel adequacy growth of 68.1% in revenue from the mobile app quarter over quarter COMPANY THAT BEST COMMUNICATES AWARD CECOM award of Companies that Best Communicate with Journalists Retail September/17 *Santos Dumond, Congonhas, Cumbica, Porto Alegre, Curitiba, Belem, Manaus, Salvador and Recife p. 3

4 Innovation Final 1st stage 86 startups selected out of a total of 140 registrations 2nd stage 25 startups undergone a detailed analysis 3rd stage 13 startups selected to participate in Demoday, on October 5, startups selected: Commercial, IT, HR, Financial, Marketing and Operations MOVIDA PREMIUM Audi, BMW, Mini, Jaguar, Land Rover and Porsche GTF fleet of 153 luxury cars Revenue per car five times higher than Company s average RAC operation in their previously controlling s dealers p. 4

5 Rent-a-car (RAC) Total fleet and points of sale (number) ,848 53,149 49,135 42, ,126 Net revenue (R$ million) % 19, Fleet - End of the Period Number of points of sales Cars per store Average monthly revenue per cars (R$) Gross margin (%) 1, , , , , % 45.2% 50.5% 53.9% 54.9% 53.0% 1,660.0 p. 5

6 Fleet Management and Outsourcing (GTF) Total fleet (number) Net revenue (R$ million) 17,667 15,597 15,088 17,212 15, % 17, % Fleet - End of the Period Average monthly revenue per cars (R$) Gross margin (%) +16.1% p.p , , , , , % 44.9% 53.4% 60.1% 49.6% 60.8% p. 6

7 Used Cars Sales (Seminovos) Volume of cars sales (number) Net revenue (R$ million) ,996 32, ,036 1, % 0 5,977 20,915 8,771 11, Number of Cars Sold Number of Stores Average ticket (R$) 35, % 37,184 Gross margin (%) 32,307 31, % , , % % 5.3% 6.3% 4.8% - Number of Cars Sold Monthly per Store Average Price of Sold Cars (R$) p. 7

8 EBIT R$ million and Margin (%) EBITDA R$ million and Margin (%) EBITDA and EBIT R$ million RAC 37.7% 34.1% GTF 51.0% 65.3% 31 Used Cars (Seminovos) 3Q16 3Q17 22 (11) (18) -4.0% -4.4% 3Q16 3Q17 3Q16 3Q17 3Q16 3Q % % % 50.6% 24 (12) (20) -4.3% -4.8% 13 3Q16 3Q17 3Q16 3Q17 Lower RAC margin impacted by higher expenses Higher GTF margin due to increased revenue per car Movida Seminovos margin remained flat due to the effect of the depreciation rate p. 8

9 Stolen Cars (Claimed) R$ million Accounting effect (non-cash) 0.5% 0.5% 0.5% % 0.4% % % Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Note: Including misappropriation. # Stolen Cars % of Total Fleet Impact on Result (2.4) (8.4) (8.5) (9.6) (13.6) (12,7) (13.9) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 01% -01% ONGOING INITIATIVES Monitoring new types of fraud and theft Improved biometric facial recognition system Higher number of trackers used in the fleet, especially in risk areas lower exposure Integration of the locking and validation system with reserve platforms p. 9

10 Effective Losses on Accounts Receivable (PDD) R$ million Default Indicators 1Q17 2Q17 3Q17 Overdue from 31 to 90 days/service Revenue 8.8% 13.4% 6.5% PDA Reversal*/Balance (beginning of period) 5.4% 8.4% 32.8% 5.0 * Recovery of overdue receivables (5.0) 23.0% (10.0) 23.0% 18.0% 13.0% - (5.0) (10.0) (15.0) (20.0) (25.0) (6.3) (6.1) (5.7) (8.8) (12.2) (13,7) 0.4% -1.6% -1.3% -1.2% -1.8% -2.2% -2.1% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q % (15.0) 13.0% (20.0) (25.0) 8.0% (30.0) 3.0% (35.0) -2.0% (40.0) -7.0% (18.1) (23.5) -1.3% -1.3% 9M16 9M17 8.0% 3.0% -2.0% -7.0% Allowance for Doubtful Accounts (R$ millon) % of Total Revenue ONGOING INITIATIVES Revenue: Revision of credit limits and improved processes Collection initiatives: Massive collection ruler (blocking default customers and negative credit report entry) and adjustment of the internal structure to assist customers with financial issues Legal initiatives: Creation of the reconciliation week with the Local Department of Justice (CEJUSC) p. 10

11 Damaged Cars (Total Loss) R$ million % 0.1% 0.4% 0.3% 0.9% % % % 01% 01% (3.5) 47 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 # Damaged Cars Sold % of Total Fleet (1.2) Impact on Result (4.5) (4.1) -01% -01% -01% ONGOING INITIATIVES Stabilization of the flow of damaged cars sales pointing towards recurring levels of sales for the coming quarters (7.1) (10.4) (11.5) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 p. 11

12 Consolidated Results R$ million Net revenue EBITDA and Margin¹ 2,359 1, % 1, EBIT and Margin¹ 46.9% 42.2% 33.9% 31.4% 35.0% 32.7% % EBITDA EBITDA Margin Net income and Margin¹ 60% 50% 40% 30% 20% 10% -10% -20% -30% 23.4% % % 23.9% % 25.4% +22.2% % 20% 15% 10% 05% 7.2% % % 4.9% 6.0% 5.5% % ¹On net revenue from services Net Income Net Margin¹ p. 12

13 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Cash, Indebtedness and Amortization Profile R$ million Net Debt: R$965 mi R$1,954 mi (gross) 1, Other Promissory Notes August/2018 Local Bonds - GTF September/2018 Long Term R$ 816 mi Confirming Payables Last maturity - April/ Cash Up to Sept/2018 Oct. to Dec/ going forward Debt Ratios 3Q16 4Q16 1Q17 2Q17 3Q17 Net Debt / Net Property and Equipment 0.5x 0.4x 0.3x 0.3x 0.4x Net Debt / LTM EBITDA 3.5x 3.4x 2.3x 2.8x 3.2x Net Debt / Equity 1.3x 1.3x 0.5x 0.6x 0.8x EBITDA / Net Interest 2.1x 1.8x 2.7x 2.4x 2.4x CDI Curve -5.9 p.p and 2018 Dividends: 25% Source: CDI CETIP Curve p. 13

14 CAPEX and FCFF R$ million CAPEX LTM 3Q16 LTM 3Q17 Fleet 1,484 2,190 Renewal 1,535 1,405 Expansion Points of Sale 30 5 Other Total 1,524 2,205 Revenue from the Sale of Assets 968 1,402 Net CAPEX INCREASE IN NET CAPEX TO R$650 MILLION IN 2017 APPROVED BY THE BOARD Free Cash Flow to the Firm Q16 LTM 3Q17 LTM EBITDA Non-Cash Cost¹ ,325 Taxes + Working Capital² Operating Cash Flow ,663 1,440 1,828 Renewal Capex (128) (484) (906) (858) (1,419) Cash Generated before Growth Expansion Capex (660) (918) (834) (666) (786) Free Cash Flow to the Firm (292) (474) (77) (84) (377) ¹ Referring to the Cost from the sale of assets used in the provision of services ² Sum of changes in the following Balance Sheet accounts: accounts receivable, recoverable taxes, escrow deposits, other receivables, prepaid expenses, trade accounts payable, related parties, labor and tax liabilities, accounts payable and advances, legal and administrative claims, and income tax and social contribution. p. 14

15 Financial Strategy R$ million Capitalization through IPO 1 By the end of 2018 Board Commitment Maintenance of low leverage (2.0x) Optimization of the Capital Structure 1 In progress Adjustment of the debt amortization profile Assessment of the debt instrument alternatives Constant p. 15

16 Final Remarks Optimization of the RAC processes Attract demand with exclusive profile in the GTF segment Focus on execution Detailed analysis and monitoring of the maturation of Movida Seminovos stores Declining interest rates, low inflation and healthy competition Continuous focus on ROIC and Net Income p. 16

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