Earnings Release 4Q16 March 24, 2017

Transcription

1 Earnings Release 4Q16 March 24, 2017

2 2 Main Highlights of 4Q16 and 2016 JSL Consolidated Consolidated net revenue of R$1.8 billion in 4Q16 (+11.9% y/y), totaling the record amount of R$6.7 billion in 2016 (+12.5% y/y), despite the recession in the country; Net revenue from services of R$1.4 billion in 4Q16 (+5.4% y/y), totaling R$5.4 billion in 2016 (+5.8% y/y); Net revenue from sale of assets¹ of R$376.7 million in 4Q16, (+44.1% y/y), reaching R$1.3 billion in 2016 (+50.6% y/y), proving the Company s sales capacity; EBITDA of R$188.5 million and EBITDA Margin of 13.8% in 4Q16, totaling R$1.06 billion (-2.9% y/y) and EBITDA Margin of 19.7% in 2016; Excluding extraordinary effects, EBITDA and EBITDA Margin totaled R$280.9 million and 19.7% in 4Q16, reaching R$1.14 billion and 21.3% in 2016, respectively; Net investment of R$349.3 million in 4Q16, totaling R$1.1 billion in 2016; Free cash flow to firm of R$269 million in Subsequent Events Movida IPO in February 2017, raising of R$600 million and strengthening the capital structure. Renegotiation of R$1 billion of debt in March 2017, part of financial liabilities management.

3 NOTE: The references are in slide 8 3 Net Revenue Logistics Movida 6.5% increase in net revenue from services in % increase in RAC net revenue in % increase in revenue from sale of assets in , , , , , , T T T15 4T16 Venda de Ativos 2015 Serviços % decrease in revenue in 2016 Dealerships1.009,6 3, , , T15 4T Consolidated¹ % increase in total net revenue 11.2% increase in net revenue from services² 50.6% increase in net revenue from sale of assets² 5, , , , Q15 4Q ,564. 1, , , , , ,2 207,3 1T15 1T LTM 4T15 4T Serviços² Venda de Ativos² Concessionárias Leasing

4 EBITDA and Net Income Consolidated EBITDA 1.200, ,0 800,0 600,0 400,0 200,0 - (200,0) % % -33.9% -8.2 p.p. (150.4) -8.6% , % 21.5% - 2.9% -1.8 p.p (183.2) 0.8% -2.7% 1, % In 2016, EBITDA from logistics totaled R$793.7 million (-5.0% y/y), whereas EBITDA Margin was 20.5%. Adjusted EBITDA by extraordinary items in the 160,0% year amounted to R$851.1 million, with a margin of 21.9%. Among the extraordinary items are: items related to the acquisition of companies, due to price 110,0% adjustments, and write-off of goodwil. Movida Logistics 60,0% 10,0% -40,0% In 2016 EBITDA of Movida totaled R$269.1 million +10.2% compared to the previous year, with EBITDA Margin of 31.4%, a decrease of 7.7 p.p. for the year. This margin decrease reflects the accelerated expansion and expenditures for the opening of 36 used vehicle stores and 29 RAC stores in 2016, which are in process of become mature. 4Q15 4Q EBITD A Net Income Net Income We recorded Net Loss of R$183.2 million in 2016 and R$150.4 million in the 4Q16, impacted by the following extraordinary non-recurring events in the last quarter: Operational expenses due to adjustments in purchase prices of certain companies and write-off of goodwill, amongst others, in the total gross amount of R$82,7 million; Financial expenses due to adjustments in purchase prices of aquisitions for a total gross amount of R$39,9 million. NOTE: The references are in slide 8 4

5 JSL Consolidated Investments Investments ,487 Maintenance 1,105 1,374 Expansion 1,382 1,114 Gross Capex Revenue with Assets Net Capex R$601 milhões investidos em veículos leves no 3T16 Gross Investment Gross investment in 2016 was R$2.5 billion divided in: 44% maintenance Capex of which R$181.1 million Logistics, R$896.3 million Movida and R$27.6 million Dealerships. 56% in expansion, composed mainly of R$521.6 million Logistics and R$859 million Movida and others R$1.7 million. Revenue from sales of assets for the period was R$1.4 billion, resulting in a net investment of R$1.1 billion for the year. 5

6 JSL Consolidated Indebtedness as of Dec 31, 2016 Value of Assets / Net Debt + Suppliers Drawee Risk C Asset/Debt Ratio 5, x - Supplier / Drawee Risk 5,568 3,099 - Light Asset/Debt Ratio 1.2 x 6,216 3,538 - Light 4,706 - Net Debt 2,469 - Heavy 2,679 - Heavy Net Debt + Suppliers Drawee Risk Net Fixed Assets + Goods Available for sale FIPE Table Evolution of Net Debt + Suppliers / Drawee Risk 406 4,648 1,061 1, , ,258 4,688 12/31/2016 Leverage Indicators with Movida IPO Net Debt / EBITDA-A 1.8x Net Debt / EBITDA 3.9x EBITDA-A/ Net Interest 4.3x Net Debt + Drawee Risk/ EBITDA-A 2.0x Net Debt + Drawee Risk / EBITDA 4.4x EBITDA-A/ Net Interest 3.7x Net Debt 4Q15 EBITDA Cost Sale of Assets Financial Result Dividends + Interest Capital Gross Capex Working Capital Others Net Debt 4Q16 Net Debt 4Q16 with Movida IPO

7 NOTE: References in slide 8 JSL Consolidated Debt Profile 7 With Debt Extension 2,350 Short Term Long Term 1, , , ,193 1,197 1,483 1, EBITDA-A LTM Liquidity until 2025 Gross Debt Suppliers Confirming Debt Renegotiation Extension of Debt On March 9, 2017, as part of the management of financial liabilities, the Company completed the contracting of two new financing, extinguishing the two previous others. The new contract has maturities starting in 2019 and ending in 2023, thus helping to extend the amortization debt profile. In the table above we show the consolidated amortization schedule based on the current maturities versus the new maturities considering the extension of the debt.

8 NOTE: References in slide 8 JSL Consolidated Results 8 4Q16 - Reported results JSL consolidated Logística Movida Concessionárias Leasing Consolidated¹ Gross Revenue 1, ,916.8 Net Revenue 1, ,751.1 Net revenue from services ,368.8 EBIT (29.1) (0.0) 30.3 EBIT Margin * 1.7% 18.6% -14.1% -0.1% 2.2% EBITDA (13.8) EBITDA Margin * 13.9% 26.2% -6.6% 55.2% 13.8% EBITDA-A (5.0) EBITDA-A Margin 22.4% 61.9% -2.4% 55.2% 31.5% Net Result (150.4) Net Margin % Reported results JSL consolidated Logística Movida Concessionárias Leasing Consolidated¹ Gross Revenue 4, , ,383.8 Net Revenue 4, , ,739.4 Net revenue from services 3, ,381.3 EBIT (34.1) (1.7) EBIT Margin * 8.8% 22.3% -4.1% -6.0% 9.3% EBITDA (9.4) ,060.9 EBITDA Margin * 20.5% 31.4% -1.1% 47.1% 19.7% EBITDA-A 1, , ,350.0 EBITDA-A Margin 26.0% 65.3% 1.5% 47.1% 34.9% Net Result (183.2) Net Margin % * Calculated on net revenue from services

9 Some of the statements and considerations contained herein constitute additional information, which was not audited or reviewed by auditors, and are based on Management s current assumptions and prospects. Such additional information may lead to material changes in future results, performance and events. Actual results, performance and events may be materially different from those expressed or implied by these statements due to several factors, such as general and economic conditions in Brazil and other countries, levels of interest, inflation and foreign-exchange rates, changes in laws and regulations, as well as general competitive factors (on a global, regional or national basis). Therefore, the Company s Management is not liable for conformity and accuracy of any additional information that is not audited or reviewed by auditors, and included in this report. Such information should be independently analyzed and interpreted by shareholders and market agents, who should carry out their own analyses and take their own conclusions on the results stated herein. References in slides: Slide 2: ¹ Takes into account eliminations among JSL Logística, Movida, Dealerships and Leasing; ² Takes into account eliminations between JSL Logística and Movida Slide 3: ¹ Takes into account eliminations between group companies; ² Takes into account eliminations between Logistics and Movida Slide 8: ¹ Takes into account eliminations between group companies JSL S.A. Investor Relations Telephone: (11) / Fax: (11) ri@jsl.com.br