Results Presentation 1Q17 April 28, 2017
Obs.: References are in slide 8. 2 1Q17 Highlights JSL Consolidated Consolidated Net Revenue of R$1.8 billion in 1Q17 (+17.6% YoY), demonstrating the Company's resilience; Net Revenue from Services of R$1.3 billion in 1Q17 (+5.6% YoY); Net Revenue from Sale of Assets¹ of R$457.7 million in 1Q17 (+75.9% YoY), underlining the Company s ability to sell its assets; EBITDA of R$307.1 million (+5.2% YoY) and EBITDA Margin of 23.7% in 1Q17 (-0.1 p.p. YoY); Net Investment of R$154 million in 1Q17 (-38.6% YoY); Free Cash Flow to Firm of R$141 million in the last 12 months. Movida s IPO in February 2017: raised a total of R$600 million and strengthened our capital structure.
Obs.: References are in slide 8. Net Revenue 3 Logística Movida 6.2% increase in total net revenue in 1Q17 73.1% increase in revenue from sale of assets in 1Q17 35.6% increase in net revenue from RAC in 1Q17 3,644.0 920.1 976.9 873.7 877.9 46.5 99.0 321.4 1Q16 1Q17 9M15 Sale of Assets Services 405.5 213.4 615.1 369.4 146.3 198.4 201.0 45.9 47.3 1Q16 1Q17 9M15 GTF RAC Sale of Assets 589.1 1,213.5 423.4 5.6% decrease in revenue in 1Q17 Dealerships Consolidated¹ 17.6% increase in total net revenue in 1Q17 5.2% increase in net revenue from services² in 1Q17 75.9% increase in net revenue from sale of assets² 211.8 200.0 1Q16 1Q17 1,757.8 1,494.9 1,757.8 886.0 1,494.9 1,117.8 1,062.8 886.0 1,334.05.4 1,117.8 1,062.8 260.2 457.7 5.4 1,009.6 28.2 211.8 4.5 200.0 10.6 260.2 457.7 1,009.6 835.5 211.8 4.5 1Q16 200.0 10.6 1Q17 9M15 1Q16 1Q17 Dealerships Leasing 9M15 Sale of Assets² 9M16 Se Dealerships Leasing Sale of Assets² Services²
EBITDA and Net Income Movida Logística 4 Consolidated EBITDA 600.0 400.0 291.9 +5.2% 307.1 In 1Q17, the logistics EBITDA totaled R$216.1 million (-2.6% YoY), while 110.0% the EBITDA margin was 24.6% (-0.8 p.p. YoY). the reduction was mainly due to the idleness of assets within our clients that are not yet operating at full capacity given the economic deceleration in Brazil occurred in the last years. 60.0% 200.0 - (200.0) 23.8% 1Q16 11.2 (7.0) 0.7% -0.1 p.p. -0.4% EBITDA Net Income 23.7% 21.5% 1Q17 46.8 0.8% In Movida, the 1Q17 EBITDA totaled R$85.1 10.0% million (+15.4%) in an year-over-year comparison, and the EBITDA Margin was 20.4% 34.7%, a drop of 3.7 p.p. in an year-over-year comparison. Such margin reduction is related to the increase in administrative expenses, mainly as a result of administrative -40.0% team structuring -2.8% and an increase in provisions for losses. (183.2) Net Income We reported a Net Loss of R$7.0 million in 1Q17 impacted by macroeconomic factors such as the economic deceleration and the consequent reduction in the volume of production for logistic clients.
JSL Consolidated Investments 5 618 Investment 1Q17 Maintenance 404 464 Expansion 214 154 Gross Capex Revenue from Sale of Assets Net Capex R$ 601 million invested in light vehicles in 3Q16 Gross Investment in 1Q17 was R$618 million divided into: Gross Investment 65% in maintenance: R$31.6 million in JSL Logística and R$369,0 million in Movida, as well as R$3.7 million in Dealerships. 35% in expansion, mainly R$147.6 million in JSL Logística, R$65,1 million in Movida and R$1.4 million in Other. Revenue from Sale of Assets in the period was R$464 million, which resulted in net investment of R$154 million in the quarter.
JSL Consolidated Indebtedness on 3/31/2017 Value of Assets / Net Debt + Confirming Payable - Suppliers 4,861 565 - Confirming Payable Asset/Debt ratio of 1.1 x 5,256 3,119 - Light Asset/Debt ratio of 1.3 x 6,219 3,516 - Light 4,295 - Net Debt 2,137 - Heavy 2,702 - Heavy 1,076 Net Debt + Suppliers Confirming Net Debt Evolution + Confirming Payable - Suppliers (2,586) Book Value + Assets available for sales 177 550 209 Market Value Leverage Indicators 3/31/2017 Net Debt + Confirming Payable / EBITDA-A 1.9x Net Debt + Confirming Payable / EBITDA 4.5x 1,474 (782) (9) 4,970 4,861 EBITDA-A / Net Interest + Confirming Payable Interest 4.0x Net Debt 1Q16 EBITDA Cost Sale of Assets Financial Result Dividends + Interest Capital Gross Capex Working Capital IPO Movida and Sale of Shares Others Net Debt 1Q17
JSL Consolidated Results 1Q17 - Reported results JSL consolidated Logística Movida Concessionárias Leasing Consolidated¹ Gross Revenue 1,142.0 641.1 217.9 10.7 1,966.9 Net Revenue 976.9 615.1 200.0 10.6 1,757.8 Net revenue from services 877.9 245.7 197.1 10.6 1,297.2 EBIT 105.8 67.7 (1.8) (0.4) 171.2 EBIT Margin * 12.1% 27.5% -0.9% -3.9% 13.2% EBITDA 216.1 85.1 0.2 5.7 307.1 EBITDA Margin * 24.6% 34.7% 0.1% 54.2% 23.7% EBITDA-A 314.0 434.6 2.2 5.7 745.8 EBITDA-A Margin 32.1% 70.7% 1.1% 54.2% 42.4% Net Result - - - - (7.0) Net Margin - - - - -0.4% LTM - Reported results JSL consolidated Logística Movida Concessionárias Leasing Consolidated¹ Gross Revenue 4,785.1 2,140.8 893.0 34.5 7,659.0 Net Revenue 4,081.3 2,039.8 823.8 34.3 6,786.0 Net revenue from services 3,729.8 847.8 802.6 34.3 5,233.4 EBIT 330.9 206.4 (29.7) (1.4) 506.1 EBIT Margin * 8.9% 24.3% -3.6% -4.2% 9.7% EBITDA 788.0 280.5 (6.2) 17.4 1,076.1 EBITDA Margin * 21.1% 33.1% -0.8% 50.7% 20.6% EBITDA-A 1,132.5 1,397.2 13.6 17.4 2,549.9 EBITDA-A Margin 27.7% 68.5% 1.6% 50.7% 37.6% Net Result - - - - (201.3) Net Margin - - - - -3.0% * Calculated on net revenue from services Obs.: References are in slide 8. 7
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 Considers eliminations between JSL Logística and Movida Slide 3: ¹ Considers eliminations between companies of the group; ² Considers eliminations between Logística and Movida Slide 8: ¹ Considers eliminations between companies of the group JSL S.A. Investor Relations Phone: (11) 2377-7178 / Fax: (11) 2377-7836 email: ri@jsl.com.br www.jsl.com.br/ri