Localiza Rent a Car S.A.
|
|
- Lillian McBride
- 6 years ago
- Views:
Transcription
1 Localiza Rent a Car S.A. Confins airport branch Belo Horizonte 24h reservation
2 Integrated business platform 28,080 cars 172 agencies 1.2 million clients 16,600 cars 405 clients employees 173 employees Synergies: cost reduction cross selling bargaining power 24 employees 7, 102 cars 179 agencies in 9 countries 22,585 cars sold 32 points of sale 83% sold to final consumer 407 employees This integrated business platform gives Localiza superior performance Data-base: 9M07 2
3 Strategy by division Increase market leadership maintaining high return Core Businesses Add value to the brand by expanding the network in Brazil and South America Create value taking advantage of the integrated business platform synergies Support Add value to the businesses, reducing depreciation as a competitive advantage 3
4 Breakdown per division 2006 Revenue EBITDA Profit Seminovos 52% Franchising 1% Car rental 31% Fleet rental 17% Seminovos 9% Fleet rental 42% Franchising 1% Car rental 48% Fleet rental 45% Franchising 2% Car rental 54% Revenues Ebitda Profit Car rental 31% 48% 54% Fleet rental 17% 42% 45% Used cars 51% 9% * Franchising 1% 1% 1% Total 100% 100% 100% *Profit (loss) alocated in the rental divisions 4
5 Growth opportunities GDP elasticity Consolidation Air traffic Fleet outsourcing Credit cards Replacement 5
6 Growth opportunities: GDP Accumulated growth rate rentals 2.6x 5.7x GDP Sector Localiza Localiza s average annual revenue growth was 5.7x the average annual GDP. The Brazilian car rental market grew 2.6x the GDP in the same period. Source: Bacen, Abla and Localiza 6
7 Growth opportunities: Air traffic 71 Air traffic evolution (Millions of passengers per year) 83 CAGR: +13% Number of travelers has increased 13% CAGR Localiza has strong leadership in airports Localiza s airport agencies has been grown in average 2 times faster than the number of passengers deplaned Air traffic is an important driver for car rental industry Source: Infraero 7
8 Growth opportunities: Credit cards # of credit cards (million) 48 CAGR: +18% million credit cards 39,5 million credit cards holders % of car rental revenues came through credit cards in 2006 Having a credit card is a requirement to rent a car in Brazil and in USA Source: Abecs 8
9 Growth opportunities: Replacement market Replacement is a growing market in Brazil Brazil has 34 million cars but only 9.2 million insured The accident rate is 16.5% / year The potential market is 10.6 million of daily rentals (2.5 x the car rental division in 2006) Localiza is very well positioned to capture this growth due to its geographic footprint Source: Fenaseg and Denatran 9
10 Growth opportunities: Fleet outsourcing Large potential market with low penetration due to lack of culture Focus of corporations on their core businesses Fixed asset reduction by companies (increase their asset turnover) Renting a fleet can be more economic than owning it 10
11 Growth opportunities: Consolidation US Market share 2005 Airport segment* US$10BN DTG 11% Others 2% Enterprise / Vanguard 27% Off-airport segment* US$10BN All others 19% Avis Budget Hertz 28% Avis/Budget 32% Enterprise 65% Hertz 9% 7% USA: 4 companies hold 93% of market share (Auto Rental News) Source:*Avis presentation nov/06 - local segment share amounts are company estimates ** National/Alamo prospectus, NYSE/SEC, September 20,
12 Growth opportunities: Consolidation Airport and off airport market - Brazil Airport segment* agencies Off-airport segment* agencies Avis** 32 Unidas** 31 Others** 41 Localiza* 215 Hertz** 61 Avis** 50 Unidas** 47 Hertz** 31 Localiza* 83 Others*** 1948 Source: *Localiza as of 08/07/07 **Each company website, 08/07/07 *** Assuming that each local player has one agency The main car rental networks are concentrated in airport market Off-airport market is fragmented among almost 2,000 small local car rental companies 12
13 Localiza is increasing its market share Localiza s market share car and fleet rental Localiza Localiza Localiza 15.5% 17.9% 20.5% 2006 car rental market share 2006 fleet rental market share 29.0% 13.3% Source: ABLA and Company, based on revenues 13
14 Competitive advantages Gains of scale Market share increase Integrated platform Geographical distribution Yield management Lower interest rate Know-how Strong brand State of the art IT Depreciation Car resale inventory as a buffer Pricing strategy Higher competitiveness 14
15 Competitive Advantages: Integrated business platform Car rental Fleet rental Localiza Franchising Used Car Sales This integrated business platform gives Localiza superior performance 15
16 Competitive Advantages: Largest distribution Nationwide presence Strategic locations International footprint 351 agencies in 9 countries 16
17 Competitive Advantages: Largest distribution Agencies in Brazil Cities in Brazil Localiza Hertz Avis Unidas Localiza Hertz Avis Unidas Localiza network is larger than the second, the third and the fourth competitors combined in number of agencies and cities. Source: Each company website as of August 7,
18 Competitive Advantages: Yield management Localiza adjusts its prices based on supply & demand according to: Competition Market Demand Events Volume per customer Yield management allows Localiza to be more competitive and profitable 18
19 Competitive Advantages: credit with lower interest rate Moody s debt rating as of August, 2007 (Global scale) Baa2 Ba1 Ba2 Ba3 Ba3 B1 B1 Enterprise Localiza Avis Budget Hertz Europcar Dollar Thrifty Vanguard Standard & Poors corporate rating as of May, 2007 (Local Currency) Localiza Rent a Car S.A. braa-/ Stable /-- TAM S.A. braa-/ Stable /-- Gerdau S.A. braa+/ Watch Positive /-- CPFL Energia S.A braa-/ Stable /-- Klabin S.A. braa-/ Stable /-- Banco Citibank S.A. braa+/ Positive /bra-1 Banco Votorantim S.A. braa+/ Stable /bra-1 Unibanco Asset Management braa+/ Positive /bra-1 Localiza has one of the best rating among its international peers 19
20 Competitive Advantages: Know-how Deep knowledge of the business State-of-the-art systems Operational excellence Adoption of best practices Stable management Localiza has a strong know-how in car rental industry 20
21 Competitive Advantages: Brand recognition Top of mind High quality of services Customer satisfaction Strong nationwide presence International franchising program High standards of ethical behavior Most consumed car rental brand according to America Economia Magazine ranking 21
22 Competitive Advantages: State of the art IT Hand held GPS Proprietary softwares Speed in transaction time Better operational control Customer satisfaction On-line network Cost reduction IT provides all the information necessary for decision-making 22
23 Competitive Advantages: Depreciation Depreciation vs. Car prices increase (500) (1.000) 1, p.p. 4.7p.p p.p p.p. 1.0 p.p M07 annualized Average depreciation per car Real increase in the new car prices 11% 9% 7% 5% 3% 1% -1% -3% -5% Depreciation: Localiza vs. Peers (% over car rental revenues) Localiza (car rental division) 5% Hertz 22% DTG 23% Sixt 22% Localiza has the lowest depreciation rate among its peers 23
24 Competitive Advantages: Depreciation Strong ties with the automakers Purchased cars 33,520 26,105 22,182 15, In 2006 Localiza purchased almost R$1 billion in cars Localiza and its Franchisees represented in % of FIAT internal car sales 2.7% of GM internal car sales 1.8% of the Brazilian internal car sales Localiza has better conditions due to its large scale 24
25 Competitive Advantages: Car resale inventory as a buffer Rented cars Buffer Buffer Buffer Buffer jan fev mar abr mai jun jul ago set out nov dez Car resale inventory is used as a buffer during peaks of demand 25
26 Financials 26
27 9M07 Car rental financial cycle Financing year cycle Net car sales revenues 25.4 Revenues = Expenses = Car acquisition 28.9 Financial payment Per operating car Car rental Used cars R$ % R$ % Car rental revenue 19,3 100,0% 27,2 100,0% Costs (8,2) -42,3% (0,1) -0,3% SG&A (2,7) -14,0% (1,8) -6,4% Net car sale revenue 25,4 Book value of car sale (24,3) -89,4% EBITDA 8,4 43,7% 1,0 3,8% Depreciation (0,5) -2,8% (0,2) -0,9% Interest on debt (0,1) -0,6% (1,5) -5,4% Interest on equity (1,7) -6,3% Tax ( 30% ) (2,3) -12,1% 0,7 2,6% NET INCOME 5,4 28,1% (1,7) -6,2% Net income per car/year R$ 3,8 or 15% of purchase price 27
28 9M07 Fleet rental financial cycle Financing year cycle Net car sales revenues 27.3 Revenues = Expenses = Car acquisition 36.0 Financial payment Per operating car Fleet rental Used cars R$ % R$ % Fleet rental revenue 31,0 100,0% 28,8 100,0% Costs (8,2) -26,6% (0,1) -0,3% SG&A (1,5) -4,8% (1,4) -5,0% Net car sale revenue 27,3 Book value of car sale 0,0% (26,5) -92,1% EBITDA 21,3 68,7% 0,8 2,7% Depreciation (0,1) -0,3% (3,9) -13,5% Interest on debt (0,1) -0,4% (2,7) -9,2% Interest on equity (2,7) -9,4% Tax ( 30% ) (6,3) -20,4% 2,5 8,8% NET INCOME 15,0 48,3% (5,9) -20,6% Net income per car/year R$ 4,5 or 14% of purchase price 28
29 3Q07 Highlights (R$ million, USGAAP) Total net revenue Rrental revenue (rental and franchising) % % Q06 3Q07 3Q06 3Q07 EBITDA Net income % % Q06 3Q07 3Q06 3Q07 29
30 Localiza has been presenting a consistent growth (R$ millions. USGAAP) Revenue evolution CAGR: 16.9% M07 EOP fleet evolution CAGR: 15.0% 34.4% Aluguéis Venda de carros 26.6% Thousands Daily rental evolution car rental 1, , ,299.,0 1, , , , , Q 2Q 3Q 4Q M07 EBITDA evolution CAGR: 24.9% % Thousands Daily rental evolution fleet rental 1, , , , , , , Q 2Q 3Q 4Q M07 30
31 ...maintaining profitability... (R$ million, USGAAP) Net revenue EBITDA CAGR (*): 34.4% 42.9% 1.145, ,5 876,9 7,7 5,6 634,4 8,2 782,2 590,3 5,8 632,8 6,5 448,2 377,4 303,0 30.2% 29.4% 20.1% 547,4 324,9 420,5 399,0 479,1 33.5% 382,8 286,8 1,9 1,9 214,5 143,6 17.8% 141,3 166,4 CAGR (*): 25.5% 23.4% 311,5 278,2 288,4 2,9 3,2 26,8 233,8 2,9 197,8 34,5 59,0 2,4 1,2 22,0 36,6 30.5% 35.0% 281,8 19.9% 251,0 216,0 209,4 160,0 30.4% 104,7 80,3 1,0 12,2 4,0 0,9 21.4% 75,4 91, M06 9M07 3Q06 3Q M06 9M07 3Q06 3Q07 Net income CAGR (*): 23.5% 24.4% 138,2 134,3 1,9 106,8 106,5 2,1 90,6 35.3% 1,6 2,1 0,2 50,4 40.2% 199,6 11.1% 36,3 30.5% 142,4 150,1 166,9 0,4 0,8 10.4% 109,1 55,1 61,0-18,6-38,0-63,3-44,8-34,5-19,2-11, M06 9M07 3Q06 3Q07 Rental Used car sale Franchising 31
32 and consistent EBITDA margins Margin per division M6 9M07 Car Rental 40.1% 45.3% 42.1% 43.5% 43.6% Fleet Rental 63.4% 62.4% 69.1% 69.0% 68.7% Consolidated Rental 49.2% 51.4% 51.5% 52.5% 52.4% Seminovos (Used car sales) 12.1% 13.2% 4.5% 5.8% 5.5% Franchising 18.5% 39.0% 37.7% 41.4% 51.8% Total EBITDA / rental revenue 59.7% 64.9% 56.1% 57.8% 59.5% 32
33 Localiza s car rental division continues to increase its network Owned car rental agencies M07 27 new agencies 33
34 ...with the highlight for the increase on off-airport agencies Car rental revenue breakdown Revenue increase Q07 9M07 100% 100% 100% 100% 47% 46% 41% 38% Airports 16.0% 8.7% 12.1% 53% 54% 59% 62% Off-airports 46.7% 17.8% 24.1% M07 Off-airport agencies Airport agencies The geographical expansion strategy protects Localiza from the air-traffic crisis. 34
35 Solid improvement of productivity... Utilization rate car rental division 4.9 p.p. 2.9 p.p. 60,6% 58,8% 65,5% 66,4% 69,3% The increase of productivity reduced the investment in fleet M06 9M07 Buying and selling of cars # of cars - thousands Net investment R$ million , ,1 22,2 23,2 21,6 18,8 15,7 17,7 14, , ,0 22,5 590,3 493,1 506,2 448,2 377,4 303, ,0 632, M06 9M M06 9M07 Purchased Sold 35
36 and low cost of depreciation (500) (1.000) 1, p.p p.p. 3.7p.p p.p. 1.0 p.p M07 anualizado 11% 9% 7% 5% 3% 1% -1% -3% -5% Average depreciation per car Real increase in the new car prices M07 Increase of new car (Pálio) 14.0% 17.4% 9.4% 4.0% 3.8% Inflation IPCA 9.3% 7.6% 5.7% 3.1% 2.8% Real increase in the new car prices 4.7 p.p. 9.8 p.p. 3.7 p.p. 0.9 p.p. 1.0 p.p. % depreciation over rental revenues 9.2% 1.8% 2.9% 5.2% 1.6% 36
37 3,5 0 0,0 %...contribute to the reduced net investment for fleet renewal Average net investment per car for renewal R$ thd p.p p.p. 0.9p.p p.p M07 Net investment per car Real increase in the new car prices Net investment per car R$ Thds Average purchase price Average selling price Net investment % over average purchase price 14.2% 10.0% 9.4% 9M % The increase in the new car price in line with inflation contributes for the reduction of the expenditure for fleet renewal. 37
38 resulting in the increase of the free cash flow Free cash flow before growth (R$ millions. USGAAP) 9.8p.p. 340,7 222,0 * 7.6% 30,3 32,7 3.7p.p % 118,7 0.9p.p. 99,5 1.0p.p M07 * Impact on the cash flow due to extraordinary increase in automakers account M07 EBITDA after taxes Working capital variation (217.4) 81.9 Cash generated by operating activities Net car acquisition renewal (100.6) (134.8) (112.9) (42.9) Free cash flow before growth Car acquisition - growth (143.8) (194.0) (287.0) - Free cash flow (113.5) (161.3) Cars purchased (thousands) 22,2 26,1 33,5 21,6 Cars sold (thousands) 15,7 18,8 23,2 22,6 38
39 The debt was elongated and the cost of debt was reduced (R$ millions. USGAAP) Debt amortization chronogram 108.5% of CDI 1 st debentures issue CDI % 2 nd debentures issue Final period balance M07 Net debt / fleet 46% 60% 36% 49% Net debt / Net equity 49% / 51% 58% / 42% 41% / 59% 52% / 48% Net debt / EBITDA (USGAAP) 1.3x 1.9x 1.4x 1.6x* Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.1x* Net debt / Market cap 35% 30% 10% 16% Net Debt (R$ million) * Annualized 39
40 Constant increase in the value added to shareholders EVA % R$ / mil % 16.9% 15.7% % 18.7% 19.5% 11.0% 10.8% M07 anualizado 20% 0% EVA WACC ROIC ROIC 24.6% M07 annualized 24.8% 18.7% 19.5% WACC nominal 16.9% 15.7% 11.0% 10.8% Spread (ROIC-WACC) - p.p Capital investment - R$ Thds. (1) 509, , ,112 1,183,338 EVA - R$ Thds. 39,340 55,703 76, ,154 EVA increase 16,363 20,643 25,808 Variation 0,7 p.p. (0,2) p.p. 0,9 195,226 25,808 - (1) For the EVA calculation. we used the Average Capital of the period 40
41 RENT3 liquidity RENT3 X IBOV Average daily traded volume R$ million % Volume-R$ thousand May 7-Jun 21-Jun 5-Jul 19-Jul 2-Aug 16-Aug 30-Aug 14-Sep 28-Sep 13-Oct 27-Oct 11-Nov 28-Nov 12-Dec 26-Dec 10-Jan 24-Jan 8-Feb 22-Feb 10-Mar 24-Mar 7-Apr 25-Apr 10-May 24-May 7-Jun 22-Jun 6-Jul 20-Jul Price % % Aug 17-Aug 31-Aug 15-Sep 29-Sep 16-Oct 30-Oct 14-Nov 30-Nov 14-Dec 2-Jan 16-Jan 31-Jan 14-Feb 2-Mar 16-Mar 30-Mar 16-Apr 30-Apr 15-May 29-May 13-Jun 27-Jun 12-Jul 26-Jul 9-Aug 23-Aug 6-Sep 21-Sep M07 Performance RENT3 IBOV % +38% Volume RENT3 RENT3 IBOVESPA 150% From 05/23/05 (IPO) to 09/28/ % +33% % +36% Since IPO +388% +150% RENT3 was the 62ª most traded stock at Bovespa in the last 12 months
42 Industry benchmarks - LTM Total Net Revenue (rentals and car resale) , Rental Net Revenue , , , , EBITDA , EBITDA Margin (over rental revenues) 56.09% 37.71% 37.43% 34.70% 19.74% Net Income Net Margin (rentals) 24.82% 2.02% 1.37% 6.24% 0.06% P/E EV/EBITDA Coverage South America Worldwide USA Germany and abroad Europe, Middle East and Africa Source: Reuters Knowledge on 09/18/2007. US$ thousand, converted to US Dollar at the EOP exchange rate. 42
43 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 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 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.j 43
44 Thank you! RI Localiza: tel: (31)
LOCAMERICA Investors Institutional Presentation
228, 132, 106 85, 134, 180 233, 234, 235 254, 221, 34 LOCAMERICA Investors Institutional Presentation 90, 90, 90 1, 64, 148 226, 31, 29 History of Entrepreneurship and Growth 1993 2000 2008 2012 2015/16
More informationOPERATING CONTEXT 2Q18
OPERATING CONTEXT 2Q18 Company overcame the mark of 200 k cars, ending 2Q18 with 208,552 cars in its fleet 47.9% growth in RAC and 21.4% in Fleet Rental volumes Short term cash management for reduction
More information3Q18 OPERATING HIGHLIGHTS
3Q18 OPERATING HIGHLIGHTS Average rented fleet Car Rental Average rented fleet Fleet Rental 72,200 98,199 36,009 43,421 3Q17 3Q18 3Q17 3Q18 # of cars sold Fleet at end of the period 23,941 30,084 185,390
More information185,390 cars Fleet as of 09/30/2017
3Q17 and 9M17 Earnings Release 185,390 cars Fleet as of 09/30/2017 Localiza acquired Hertz Brasil in September and took over the operation of 17 franchised locations in the end of the first semester. In
More information4Q17 and 2017 Earnings Release. Earnings Release 4Q17 and 2017
4Q17 and 2017 Earnings Release Earnings Release 4Q17 and 2017 Dear Investors, In 2017, our team set audacious goals for growth, value creation, customer satisfaction and brand positioning, even in an adverse
More informationINSTITUTIONAL PRESENTATION 3Q18. p. 1
INSTITUTIONAL PRESENTATION 3Q18 p. 1 Market under transformation and with high growth potential Company ready to capture increase in profitability PROFITABILITY Scale business with high dilution potencial
More information2Q16 and 1H16 Earnings Release. 2Q16 Highlights % 73.7% 69.0% 70.7% 71.1% 66.3% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
2Q16 and 1H16 Earnings Release 2Q16 Highlights Net revenues Car Rental Division (R$ million) Net revenues Fleet Rental Division (R$ million) 296.4 327.8 149.9 159.5 2Q15 2Q16 2Q15 2Q16 Rental days evolution
More informationMerger Presentation 90, 90, 90
228, 132, 106 85, 134, 180 233, 234, 235 254, 221, 34 Merger Presentation 90, 90, 90 1, 64, 148 226, 31, 29 December 2017 UNIDAS TRACK-RECORD 1985-2000 2001-2009 2010-2012 2013-2015 2016 Foundation SAG
More informationInvestor Presentation 3Q16
Investor Presentation 3Q16 Who are we? Largest mall company in Latin America The most efficient company with the best margins The only shopping mall company in Brazil with nationwide presence Portfolio
More informationInstitutional Presentation March, p. 1
Institutional Presentation March, 2017 p. 1 Investment Highlights Profitability and Growth Supported by Five Pillars Market under transformation and with high growth potential Large and growing market
More informationAPRESENTAÇÃO DE RESULTADOS 2T18 INSTITUTIONAL PRESENTATION 2T18. p. 1
APRESENTAÇÃO DE RESULTADOS 2T18 INSTITUTIONAL PRESENTATION 2T18 p. 1 Investment Highlights Profitability and Growth Supported by Five Pillars Market under transformation and with high growth potential
More information4Q17 and 2017 Earnings Release
4Q17 and 2017 Earnings Release Dear Investors, The Company remains focused on its strategy of growth with profitability, surpassing the mark of 208 thousand cars in fleet. In 2Q18, we maintained a strong
More information1Q17. BH Shopping, Belo Horizonte
BH Shopping, Belo Horizonte Discussion Material May, 2017 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of
More informationDiscussion Material November, ParkShoppingSãoCaetano São Caetano (SP) 1
Discussion Material November, 2017 ParkShoppingSãoCaetano São Caetano (SP) 1 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based
More informationEarnings Release. Release
Earnings Release Release 3rd Quarter, 2018 3Q18 Results OPERATING HIGHLIGHTS ¹ 6,00 0 5,00 0 4,00 0 Numbers of Daily Rentals (thousand) Fleet Management 3,461 +64.2% 5,684 Record 3,00 0 2,50 0 2,00 0 Numbers
More informationQ Results presentation
Q1 2016 Results presentation 12 May 2016 1 Disclaimer This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of Telepizza Group, S.A. ( Telepizza" or
More informationNew growth cycle and value innovation. May, 2013
New growth cycle and value innovation May, 2013 Disclaimer The information contained herein has been prepared by Odontoprev S.A. ( OdontoPrev or the Company ) and this material does not constitute offering
More informationInvestor Presentation 4Q16
Investor Presentation 4Q16 1 Who we are? Largest mall company in Latin America The only shopping mall company in Brazil with nationwide presence Portfolio with 44 regional malls, almost 8% of the total
More informationInstitutional Presentation 3Q14
Institutional Presentation 3Q14 1 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III. 3Q14 RESULTS IV. GROWTH OPPORTUNITIES 2 Cetip s Timeline 1986 Cetip starts its operations 1994 Beginning of OTC Derivatives
More informationITR - Interim Financial Information - 06/30/ LOCALIZA RENT A CAR SA Version: 1. Capital Structure 1. Cash Proceeds 2. Balance Sheet Assets 3
ITR Interim Financial Information 06/30/2018 LOCALIZA RENT A CAR SA Version: 1 Contents Company Information Capital Structure 1 Cash Proceeds 2 Individual Interim Financial Information Balance Sheet Assets
More informationConference Call Second Quarter 2013 Financial Results. Presentation3
Conference Call Second Quarter 2013 Financial Results Presentation3 August 2, 2013 Agenda 1 Agenda 1 2 Opening Remarks 2Q13 Highlights 3 Operating and Financial Review 4 Closing Remarks 5 Q&A 2 1 Alicorp
More informationLooking to the medium term
Looking to the medium term Issued: 4 September 2013 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not
More informationInstitutional Presentation 1Q14
Institutional Presentation 1Q14 1 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III. 1Q14 RESULTS IV. GROWTH OPPORTUNITIES 2 Cetip s Timeline 1984 Cetip is established as a not-for-profit organization 1986
More informationInstitutional Presentation. November/December 2010
Institutional Presentation November/December 2010 Market Campaign 2 Gross Revenue (R$ Million) and EBITDA Margin (%) ¹ Success Track Record Foundation Strengthening/Expansion Operating Leverage 1,205 1,080
More informationCredit Opinion: Localiza Rent a Car S.A.
Credit Opinion: Localiza Rent a Car S.A. Global Credit Research - 02 Mar 2016 Belo Horizonte, Brazil Ratings Category Outlook Corporate Family Rating Senior Unsecured -Dom Curr NSR Corporate Family Rating
More informationInvestor Update 3Q10
Investor Update 3Q10 SULAMÉRICA AT A GLANCE Largest independent Brazilian insurance group Solid reputation and widely-recognized brandname Multiline insurance business supported by high-quality products
More informationSulAmérica. Brazil 2008 UBS Pactual Ninth Annual CEO Conference February 19, 2008
SulAmérica Brazil 2008 UBS Pactual Ninth Annual CEO Conference February 19, 2008 Disclaimer The material that follows is a presentation of general background information about Sul América S.A. ( SulAmérica
More informationForward-Looking Statements
JPM-0807 1 Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
More informationAgenda. 1. Highlights FY 2012 Results. 2. Operational Performance Priorities for Financials. 5. Conclusion
1MARCH 2013 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve
More informationSixt Aktiengesellschaft. December, 2012
Sixt Aktiengesellschaft December, 2012 Table of Contents Executive Summary Business Overview Corporate Timeline Key Development Major Investments in the Company Evolution Organizational Structure Operating
More informationEarnings Conference Call 3Q17. October 26 th, 2017
Earnings Conference Call 3Q17 October 26 th, 2017 Agenda Highlights Sector Background Operating Performance Financial Performance Q&A 2 Agenda Highlights Sector Background Operating Performance Financial
More informationEarnings Release 2nd Quarter 2017
Earnings Release 2 nd Quarter 2017 1 São Paulo, July 31 st, 2017 Banco PAN S.A. ( PAN, Bank, Banco PAN or Company ) and its subsidiaries, pursuant to legal provisions, hereby releases its results for the
More informationResponsible investment in growth
Responsible investment in growth Issued: 17 June 2014 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not
More information2Q15 Earnings Release
2Q15 Earnings Release Barueri, August 4, 2015 - Smiles S.A. (BM&FBOVESPA: SMLE3), one of the largest loyalty programs in Brazil with over 10 million members, announces today its results for 2Q15. The financial
More informationInvestor Presentation
March, 2010 1 Disclaimer This document can contain statements which constitute forward-looking statements. Such forward-looking statements are dependent on estimates, data or methods that may be incorrect
More informationBrazil. Results January 30 th, 2014
Brazil Results 2013 January 30 th, 2014 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private
More informationInvestors and Analysts Presentation: 9M 2010 Financial Results
Investors and Analysts Presentation: 9M 2010 Financial Results Moscow, 30 November 2010 Disclaimer This presentation contains "forward-looking statements" which include all statements other than statements
More informationInvestor Presentation
Investor Presentation 3Q10 Growth for the next 115 years SULAMÉRICA TODAY A Unique Kind of Insurance Company Ranking as independent pure play Brazilian insurance company not owned by a bank #1 Ranking
More information1Q15 Earnings Release
1Q15 Earnings Release Barueri, April 28, 2015 - Smiles S.A. (BM&FBOVESPA: SMLE3), one of the largest loyalty programs in Brazil with over 10 million members, announces today its results for 1Q15. The financial
More informationFourth Quarter 2016 Performance Summary
Fourth Quarter 2016 Performance Summary Operational and Financial Highlights - 2016 Net profit rises by +2.5% to Euros 545.5 million Recurring sales (excluding Raw Materials and Others) rise by +4.5% (+4.6%
More informationBoard of Directors Zurich, 24 March, 2009 Dufry Presentation - Full Year 2009 Results
Dufry Presentation - Full Year 2009 Results March 2010 1 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future.
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationMarisa at a Glance. Largest women fashion and underwear retailer in Brazil. Focus on the middle class. 63 years of track record.
Institutional Presentation May 2012 Marisa at a Glance 63 years of track record Financial services platform Focus on the middle class Largest women fashion and underwear retailer in Brazil Multiformat
More informationHertz Investor Presentation. November 5, 2013 Citi North American Credit Conference New York City, NY
Hertz Investor Presentation November 5, 2013 Citi North American Credit Conference New York City, NY Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements
More informationInstitutional Presentation. February/March 2011
Institutional Presentation February/March 2011 Marketing Campaign SHARE THE NEW WORLD Technology, Software (SaaS), Social Network and Consulting 2 Gross Revenue (R$ Million) and EBITDA Margin (%) ¹ 3 Success
More informationInvestor Presentation
Investor Presentation 4Q10 Growth for the next 115 years SULAMÉRICA TODAY A Unique Kind of Insurance Company Ranking as independent pure play Brazilian insurance company not owned by a bank #1 Strong brand
More informationHertz Investor Presentation. December 3, 2013 BAML Leveraged Finance Conference Boca Raton, FL
Hertz Investor Presentation December 3, 2013 BAML Leveraged Finance Conference Boca Raton, FL Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements
More informationRetail credit origination monthly average of R$1,894 million in 1Q17, versus R$1,825 million in 4Q16 and R$1,486 million in 1T16;
São Paulo, May 08, 2017 Banco Pan S.A. ( Pan, Bank or Company ) and its subsidiaries, pursuant to legal provisions, hereby releases its results for the quarter ended on March 31, 2017 accompanied by the
More informationGrupo Supervielle 2Q16 Earnings Conference Call
Grupo Supervielle 2Q16 Earnings Conference Call Disclaimer This presentation contains certain forward-looking statements that reflect the current views and/or expectations of Grupo Supervielle and its
More informationInstitutional Presentation. March
Institutional Presentation March 2013 Marisa at a glance Largest women fashion and lingerie retailer in Brazil 64 years of track record Focus on the middle class National footprint 2 Multiformat store
More informationEarnings Release 3Q16. Earnings Release 3Q16. Page 1 of 21
Earnings Release 3Q16 Page 1 of 21 São Paulo, November 07, 2016 Banco Pan S.A. ( Pan, Bank or Company ) and its subsidiaries, pursuant to legal provisions, hereby releases its results for the quarter ended
More informationInstitutional Presentation
Institutional Presentation SULAMÉRICA BUSINESS MODEL Largest independent Brazilian insurer, with leadership position in different segments 120 years of successful history in Brazil One-stop shop for financial
More informationThis presentation may include references and statements, planned synergies, estimates, projections of results, and future strategy for Banco do
This presentation may include references and statements, planned synergies, estimates, projections of results, and future strategy for Banco do Brasil, its Associated and Affiliated Companies, and Subsidiaries.
More informationInstitutional Presentation. July / Aug 2010
Institutional Presentation July / Aug 2010 Market Campaign 2 Success Track Record Foundation Strengthening / Expansion Operating Leverage 1,153 1,080 25.2% Gross Revenue (R$ million) and EBITDA Margin
More information1Q17 C o n f e re n c e C a l l
1Q17 C o n f e re n c e C a l l Disclaimer The statements in this presentation constitute projections or forward-looking statements. Such statements are subject to known and unknown risks and uncertainties
More informationCFA Institute Research Challenge. Team K
CFA Institute Research Challenge Hosted by CFA Society Brazil Team K Localiza Rent a Car 30 Raiting 12m Price Target Price Ticker Trading Data HOLD 44.40 BRL 41.00 BRL RENT3 Market Cap (BRL mn) 8,564 Last
More informationResults 2Q18. August 2, 2018
Results August 2, 2018 Highlights Indicators Var. x 2Q17 Operating Income (R$ MM) 42.8 +92.7% Operating Margin 1.8% +0.8 p.p. Net operating revenues: R$2.4 billion (+9.0% vs. 2Q17) ASK (BN) 10.7 +2.2%
More information163,28,22 230,203,96 191,191,191 0,51,153 26,173, ,219, ,64, ,160,98
1 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and
More informationInstitutional Presentation 4Q14/2014
Institutional Presentation 4Q14/2014 1 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III. 4Q14 RESULTS IV. GROWTH OPPORTUNITIES 2 Cetip s Timeline 1986 Cetip starts its operations 1994 Beginning of OTC
More informationEARNINGS RELEASE 1Q18 RESULTADOS
EARNINGS RELEASE 1Q18 CONFERENCE CALL IN ENGLISH May 11 th, 2018 - Friday 10:00 a.m. (US ET) 11:00 a.m. (BRT) / 3:00 p.m. (London) Connecting Number: +1 (412) 317 6776 Code: Valid Webcast: click here Valid
More informationWebcast Third Quarter 2005 Results. Presentation:11/10/05 Paulo Penido Pinto Marques Director of Finance and Investor Relations
Webcast Third Quarter 2005 Results Presentation:11/10/05 Paulo Penido Pinto Marques Director of Finance and Investor Relations Disclaimer Declarations relative to business perspectives of the Company,
More informationFixed Income November, ParkShoppingSãoCaetano São Caetano (SP) 1
Fixed Income November, 2017 ParkShoppingSãoCaetano São Caetano (SP) 1 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations
More information2Q17 Results Presentation
2Q17 Results Presentation August 9, 2017 p. 1 2Q17 Highlights Growth of 97.4% in Net Income, reaching R$11.1 million in the quarter, Growth of 42.3% in the number of RAC daily rentals, to a record 2.7
More informationGrowth and diversification. 7 March 2017
Growth and diversification 7 March 2017 LEGAL NOTICE 2 This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not constitute
More informationResponsible investment in growth
Responsible investment in growth Issued: 1 March 2016 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not
More informationBrazil. January September November 4 th, 2014
1 Brazil January September 2014 November 4 th, 2014 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private
More informationInvestor Presentation
March, 2010 1 Disclaimer This document can contain statements which constitute forward-looking statements. Such forward-looking statements are dependent on estimates, data or methods that may be incorrect
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationEarnings Presentation
Earnings Presentation 4 th Quarter, 2016 Disclaimer: This presentation may include references and statements on expectations, planned synergies, growth estimates, projections of results, and future strategies
More informationInstitutional Presentation
Institutional Presentation SulAmérica and Industry SULAMÉRICA BUSINESS MODEL Largest independent Brazilian insurer Multiline model One-stop shop and strong product cross selling Disciplined underwriting,
More information140k. 90k DIVERSIFICATION AND FLEXIBILITY. TOTAL FIBERS 3.5 million tpy. TOTAL LAND 490k hectares. TOTAL CAPACITY 3.5 million tpy. 1.
PRESENTATION 2Q18 1 DIVERSIFICATION AND FLEXIBILITY TOTAL LAND 490k hectares TOTAL FIBERS 3.5 million tpy BLEACHED PULP 1.5 mi tpy TOTAL CAPACITY 3.5 million tpy MARKET PULP 1.5 mi tpy Long fiber / Fluff
More informationEarnings Presentation FIRST QUARTER 2016
Earnings Presentation FIRST QUARTER 2016 Agenda 1 Highlights of the period 2 Consolidated overview 3 Overview by Business Units 4 Overview by Country 5 Balance Sheet Financials 6 Q&A First Quarter Highlights
More informationRASSINI Automotive Industry
RASSINI Market Outperformer 12M FWD Price Target P$49.0 Price 43.31 12M Price Range 28.8 / 39.4 Shares Outstanding 320 Market Cap (Mill) 13,865 Float 30.0% Net Debt (Mill) 1,867 EV (Mill) 16,345 Dividend
More informationRoadshow Presentation
Roadshow Presentation Secondary Offering Selling Shareholder: LQ Inversiones Financieras S.A. January 2014 Statements made in this presentation written or oral that relate to BCH s future performance or
More informationDiscussion Material October, 2017
Discussion Material October, 2017 ParkShoppingCanoas Parque Getúlio Vargas, Canoas (RS) 1 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they
More informationInstitutional Presentation. September/October 2010
Institutional Presentation September/October 2010 Market Campaign 2 Success Track Record Foundation Strengthening / Expansion Operating Leverage 1,153 1,080 25.2% Gross Revenue (R$ million) and EBITDA
More information4Q16. Discussion Material
Discussion Material - 2016 March, 2017 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Company s management
More informationCorporate Presentation. As of December 31, Banco de Chile
Corporate Presentation As of December 31, 2014 Banco de Chile I. Introduction to Banco de Chile Introduction to Banco de Chile: Leading Financial Institution in Profitability and Soundness As of December
More informationInstitutional Presentation 2016
1 Institutional Presentation 2016 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III. 2016 IV. GROWTH OPPORTUNITIES 2 Cetip Overview Cetip is Latin America s largest depositary of private fixed income securities
More informationEUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS
AVOCA CAPITAL LEVERAGED LOANS EUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS OUTLOOK 1 AVOCA CAPITAL INTRODUCTION Avoca is a large and long established European leveraged loan manager Top 5
More information4Q16 Earnings Release
4Q16 Earnings Release Barueri, February 15, 2017 Smiles S.A. (BM&FBOVESPA: SMLE3) one of the largest loyalty programs in Brazil with over 12 million members, announces today its 4Q16 results. The financial
More informationOn track! Results for Q1 Q3 2017
On track! Results for Q1 Q3 2017 Technology-based financial services Investment highlights in Q1 Q3 2017 and forecast for 2017 Key figures for Q1 Q3 2017 (yoy) Revenue: 143.7 million (+27%) EBIT: 18.6
More informationAES Tietê records 14% growth in 1Q05 EBITDA
AES Tietê records 14% growth in 1Q05 EBITDA 1Q05 Net Income: R$ 97.1 million São Paulo, May 10, 2005 AES Tietê S.A. (Bovespa: GETI3 and GETI4; OTC: CDEEY and CDOY), today announced its results for the
More informationJune Woongjin Coway
June 2006 Woongjin Coway 0 Disclaimer This presentation contains historical information of the Company which should not be regarded as an indication of future performance or results. This presentation
More informationHürriyet Investor Presentation. July 2007
Hürriyet Investor Presentation July 2007 1 Notice This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part of it shall form the basis of or
More informationThird Quarter 2016 Performance Summary
Third Quarter 2016 Performance Summary Operational and Financial Highlights - 9M 2016 Sales of the Bioscience Division grow by +6.5%, increasing Grifols revenues to EUR 2,951.7 million over EUR 1,000 million
More informationJune IMC: Merger with Sapore
June 2018 IMC: Merger with Sapore Disclaimer The material that follows is a presentation of general background information about International Meal Company Alimentação S.A. ( IMC or the Company ) as of
More information3Q17 and 9M17 Results NOVEMBER 2017
3Q17 and 9M17 Results NOVEMBER 2017 Brazilian Fertilizer Market The Company & Financial Highlights Outlook In thousands of metric tons BRAZILIAN FERTILIZER MARKET - DELIVERIES +9.8% +1.3% +6.7% +3.3% 22,294
More informationConference Call 4Q11 Results. March 09, 2012
Conference Call 4Q11 Results March 09, 2012 Financial Highlights Net Revenues (R$ mm) Adjusted Op. Expenses (ex-d&a) R$ mm % of Net Revenues - 6.3 p.p. +12.1% + 33.1% 557.5 741.8 35.1% 25.5% 26.5% 25.9%
More informationFY 2017 Presentation
FY 2017 Presentation 1 2 At a glance Overview FY 2017 YoY revenue growth of 2.2% to EUR 82.5 mn (FY 2016: EUR 80.7 mn) in a challenging year after 13.5% decline at the end of H1/17 (compared YoY) New order
More informationNKT. Annual Report 2010 Live presentation 1 March 2011 at 11:00 am. NKT Holding A/S / IR presentation / Annual Report
NKT Annual Report 2010 Live presentation 1 March 2011 at 11:00 am NKT Holding A/S / IR presentation / Annual Report 2010 1 Agenda NKT Group 2010 in headlines Expectations 2011 Financial results 2010 NKT
More informationBBVA CONTINENTAL. Investors Report. Fourth Quarter 2017
CONTINENTAL Investors Report Fourth Quarter 2017 DISCLAIMER This document has been elaborated as a part of the information policies and transparency of and contains public information, own source and provided
More informationCFA Institute Research Challenge. Hosted by CFA Society Brazil Team K
CFA Institute Research Challenge Hosted by CFA Society Brazil Team K Localiza Rent a Car Raiting HOLD 12m Price Target 44.20 BRL Price 40.80 BRL Ticker RENT3 Trading Data Market Cap (BRL mn) 8,641 Last
More informationCorporate Presentation. As of December 31, Banco de Chile
Corporate Presentation As of December 31, 2015 Banco de Chile Chile: Macro Environment and Financial System Economic Highlights Solid economic fundamentals Output (YoY%) 6 Labor Market (% and YoY%, respectively)
More informationBanco Santander (Brasil) S.A.
Banco Santander (Brasil) S.A. 9M09 IFRS Results Pro forma October 28th, 2009 Table of Contents 2 Macroeconomic Scenario and Financial System 9M09 - Strategy -Results - Business Macroeconomic Scenario 3
More informationPublic Tender Offer for Braas Monier Building Group S.A.
Public Tender Offer for Braas Monier Building Group S.A. SEPTEMBER 15, 2016 Important Notice This presentation has been prepared by Standard Industries, Inc. ( Standard Industries ) and is for information
More information2 nd QUARTER 2015 RESULTS
2 nd QUARTER 2015 RESULTS DASA announces growth of 9.6% in Gross Revenue of R$815.0 million in DASA ON Bovespa: DASA3 Last Quoted price: R$10.00 Average daily trade volume R$0.5 Million in Market value
More informationEarnings Results. Second Quarter 2015
Earnings Results Second Quarter 2015 Forward Looking Statements This presentation contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve
More informationBrazil. Results 1H13. July 30 th, 2013
Brazil Results 1H13 July 30 th, 2013 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities
More informationVITRO Conglomerates. Quarterly Report July 29, VITRO Market Outperformer 12M FWD Price Target P$73.0
Quarterly Report VITRO Market Outperformer 12M FWD Price Target P$73.0 Price 61.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.6 Market Cap (Mill) 1,564 Float 20% Net Debt ( Mill) -424 EV Adj.
More information