(A free translation of the original in Portuguese) Companhia de Locação das Américas Quarterly information (ITR) and report on review of quarterly information
5 Results 3Q16 e 9M16 Net Income reached R$ 8.0 million in 3Q16, a 84.0% increase over that of 3Q15. Belo Horizonte, October 26th 2016 - Companhia de Locação das Américas (Locamerica) (BM&FBOVESPA: LCAM3) releases its results for the third quarter of 2016 in Brazilian Reais, with its financial statements presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB), also according to accounting practices adopted in Brazil. Financial and operating highlights In 3Q16 the net rental revenues reached R$102.0 million, 5.1% up compared to the same period of the previous year, marked by an increase of 4.3% in the volume of rental days and a modest increase of 0.8% in the average tariff. In 9M16 net rental revenues increased 4.4% YoY, mainly driven by an increase of 6.0% in the volume of rental days. Used car sales increased by 22.5% in 3Q16, a result of an increase of 9.3% in the number of cars sold and an increase of 12.1% in the average selling price. In 9M16 Seminovos revenues increased 9.9% YoY, also as a consequence of higher volume of cars sold and average selling price. At the end of the quarter, the inventory of cars for sale reached only 5.9% of the total fleet. Once again the Company had a positive result in the Seminovos segment, reaching R$ 7.7 million in 3Q16, representing a 7.7% gross margin, all time high for the Company. We believe the expansion of sales through our retail channel has been key to such a performance. Over again EBITDA reached a historical record, R$ 63.0 million in the quarter, 12.1% up over that of 3Q15. In 9M16 EBITDA increased by 13.5% (YoY) and EBITDA margin expanded by 4.9 p.p. (YoY). Along with EBITDA, in 3Q16 EBIT reached R$ 38.5 million, 21.1% up over that of 3Q15. EBIT margin expanded by 5.0 p.p. in the quarter, reaching 37.7%. In 9M16 EBIT reached R$ 112.0 million, 22.3% up compared to that of the same period of the previous year. Net income reached R$ 8.0 million in 3Q16, an increase of 84% over 3Q15. In 9M16 net income reached R$ 21.1 million, 30.2% higher than 9M15. We believe that both net income increase and strong cash generation in the period reflect the progress achieved through the implementation of value creation initiatives targeting: (i) improvement of Seminovos segment results; (ii) deleveraging; (iii) operating efficiency; (iv) control of SG&A expenses. As of 3Q16 (EoP) net debt reached R$ 624.5 million, a decrease of 10.0% over 3Q15 (EoP). Due to net cash generation and better operating results, Net Debt/Ebitda ratio once again decreased, reaching 2.55x. In 3Q16 the Company completed its 11st Debentures Issuance, amounting to R$ 190.0 million. After this issuance Locamerica improved its indebtedness profile and might not need to access debt market for the next 18 months. Financial and Operational Indicators Var. Var. 3Q16 3Q15 9M16 9M15 R$ Million 3Q16 x 3Q15 9M16 x 9M15 Total Net Revenue 201,7 178,4 13,1% 565,9 529,4 6,9% Net Rental Revenue 102,0 97,0 5,1% 304,4 291,5 4,4% Used Car Sales Net Revenue 99,7 81,4 22,5% 261,5 237,8 9,9% EBITDA 63,0 56,2 12,1% 186,4 164,3 13,5% EBITDA Margin¹ 61,7% 57,9% 3,8 p.p. 61,2% 56,3% 4,9 p.p. EBIT 38,5 31,8 21,1% 112,0 91,6 22,3% EBIT Margin¹ 37,7% 32,8% 5,0 p.p. 36,8% 31,4% 5,4 p.p. Net Income 8,0 4,4 84,0% 21,1 16,2 30,2% Net Margin¹ 7,9% 4,5% 3,4 p.p. 6,9% 5,6% 1,4 p.p. Operational Fleet - End of Period 22.791 22.730 0,3% 22.791 22.730 0,3% ¹ Margin over Net Rental Revenue.
Management Comments It is with great pleasure that we present the results of 3Q16. For one more quarter the numbers came in line with our strategic planning and represent, besides the maturation of value creation initiatives, the resiliency of the fleet outsourcing segment. More importantly, we would like to highlight the operating margins expansion. In 3Q16 and 9M16 EBIT margin reached 37.7% and 36.8%, respectively, an expansion of 5.0 p.p. and 5.4 p.p. over the same period of last year. Better results have enabled the Company to reach a meaningful net income expansion. As a consequence, net income reached R$8.0 million in 3Q16, an increase of 84.0% over 3Q15. In the Seminovos segment we are still investing in the expansion of our retail channel, whose results are substantially better than those of the wholesale channel. In 3Q16 the transactions made directly with end consumers represented 51.1% of the Seminovos segment revenues. The impact over the segment s gross profit, which totaled R$ 7.7 million in 3Q16 (the best result ever for the Company), is easily perceived. It is important to highlight that this strategy performed in the Seminovos segment has only been possible because the Company has been constantly investing in the improvement of its fleet quality since 2013. With a lower share of severe utilization vehicles in the fleet, the Company not only benefits in demobilization moments, but also has lower maintenance costs, which represented 27.9% of net rental revenues in 9M16, a result 1.5 p.p. better than that reported in 9M15. Once again the Company was able to maintain under control its SG&A expenses, which was 3.6% lower in 3Q16 (YoY), as a result of a strict cost discipline and the implementation of efficiency projects. Additionally, we believe that our current platform can handle a significantly bigger fleet so, consequently, we expect that these expenses can be diluted in a growth recovery scenario. In 3Q16 we were also able to maintain a very disciplined approach in working capital allocation. Despite the increase in both Rental revenues and Seminovos segment revenues, by the end of the quarter the Company presented a substantial decrease in both receivables and inventories accounts. This improvement in working capital, associated with a good operating performance, allowed the Company to achieve a strong cash generation. As a consequence, by the end of the quarter the Company s net debt was R$ 69.2 million lower than that of the same period of the previous year. Finally, yet importantly, we would like to highlight the conclusion, throughout the quarter, of the 11st Locamerica s Debentures Issuance, amounting to R$ 190.0 million. We believe this issuance highly improved the Company s indebtedness profile and liquidity position, since a significant part of the debts due in the next 18 months has been rolled over. After this issuance Locamerica might not need to access capital market in the near future. Over again we should emphasize that we expect to consolidate, throughout the coming quarters, the operating improvements that could already be seen throughout this year, in order to keep boosting our competitiveness. Our focus will continue to be on growing profitably, improving gradually operating efficiency metrics and maintaining a solid capital structure. Yours faithfully, Management. 2
I Sector Background Given the still recessive economic scenario, with high unemployment rates, low income growth and limited access to credit, sales of brand new cars in Brazil remained decreasing in 3Q16. Within this quarter, volume of brand new cars sold was 17.0% down over that of 3Q15. On the other hand, sales of used cars remained highly resilient and pretty stable compared to those of the same period of the previous year. Sales of vehicles in Brazil (thousands of units) Sales of used vehicles by age in Brazil (thousands of units) 23,5% Source: IBGE, ANFAVEA, FENABRAVE, FENAUTO The performance of the seminovos market, which encompasses vehicles with less than 3 years of use, has been even more important. In 3Q16, sales of vehicles in this segment increased by 23.5%, proving the segment competitiveness compared to that of other used cars. Additionally, we believe that lower average prices and, consequently, easier access to credit and lower prospective depreciation help to explain the better performance of the seminovos market in comparison with that of brand new cars. Moreover, we highlight that Locamerica s share in the seminovos market remains modest and, therefore, we believe that even in a negative scenario for the segment, with demand possibly migrating back to brand new cars, we would still be able to maintain our sales from an increased market-share. Used Vehicles Vs New Vehicles (3 Months Average) Locamerica s Volume of Sales and Market Share 3
II Fleet Composition At the end of 3Q16 the Company s total fleet totaled 26.236 cars, down 10.5% YoY. It is important to highlight that the decrease in total fleet is due to a meaningful reduction of vehicles in inventory (- 51.4%), which totaled 3.168 in 3Q15 and only 1.541 in 3Q16. This reduction represents an important improvement in the Company s working capital and positively impacted cash generation within the period. More importantly, operating fleet increased modestly by 0.3% in 3Q16 (YoY), despite the challenging scenario, positively affecting rental revenues. Total Fleet Breakdown (units) Fleet in Decomission III Commercial Performance New Contracts Commercial Pipeline (Number of Vehicles) The global value of new rental contracts signed in 3Q16 totaled R$ 41 million. As noted in previous quarters, the macro scenario remains causing a delay in the flow of new contracts. Furthermore, the Company has been very careful in the credit analysis of new clients, also impacting sales flow. 4
IV Financial Statements Total Net Revenues Revenues - R$ Million 3Q16 3Q15 Fleet Rental Revenue Var. 3Q16 x 3Q15 Net fleet rental revenues grew 5.1% YoY in 3Q16, from an increase of 4.3% in the number of rental days and a modest increase of 0.8% in the average rental tariff. In 9M16 revenues grew 4.4%, mainly driven by an increase of 6.0% in the volume of rental days in the period. 9M16 9M15 Var. 9M16 x 9M15 Gross Rental Revenue 112,4 106,9 5,2% 335,6 321,4 4,4% Used Car Sales 99,7 81,4 22,5% 261,5 237,8 9,9% Taxes (10,5) (9,9) 5,3% (31,2) (29,9) 4,4% Total Net Revenue 201,7 178,4 13,1% 565,9 529,4 6,9% 1 Renewals are not included. Net Rental Revenue 102,0 97,0 5,1% 304,4 291,5 4,4% Used Car Sales Net Revenue 99,7 81,4 22,5% 261,5 237,8 9,9% Net Rental Revenues (R$ million) # Daily Rentals (thousands) & Avg. Monthly Tariff (R$) +4,4% +5,1% Seminovos Revenues Seminovos Results - R$ Million 3Q16 3Q15 Var. 3Q16 x 3Q15 9M16 9MH15 Var. 9M16 x 9M15 Used Car Sales 99,7 81,4 22,5% 261,5 237,8 9,9% Cost of Vehicles Sold (92,0) (75,8) 21,4% (247,2) (234,2) 5,6% Seminovos Results 7,7 5,6 37,5% 14,2 3,7 289,2% Seminovos segment revenues grew 22.5% YoY in 3Q16, a result of both an increase in the volume of cars sold (+9.3%) and an increase in the average selling price (+12.1%). We maintain observing a maturation of our strategy concerning the retail channel, whose stores were responsible for 51.1% of the revenues within this segment. This increase in transactions made directly with end consumers has been positively contributing to a gross margin expansion in the Seminovos segment. In 3Q16, the segment s gross profit reached R$ 7.7 5
million, a new record high, representing a 7.7% gross margin. The Company remains focused in boosting sales through its retail channels, a strategy in line with the improvement of the fleet s utilization and quality. Used Car Sales (R$ million) Number of Cars Sold & Average Selling Price Operating Costs Operating Costs - R$ Million 3Q16 3Q15 Var. 3Q16 x 3Q15 9M16 9M15 Var. 9M16 x 9M15 Maintenance Costs (26,0) (25,3) 3,0% (72,6) (73,0) (0,5%) Personnel Costs (4,5) (4,4) 4,4% (12,4) (12,9) (3,8%) Subtotal Costs - Ex. Depreciation (30,6) (29,6) 3,2% (85,0) (85,9) (1,0%) % Net Rental Revenue (30,0%) (30,5%) 0,6 p.p. (27,9%) (29,5%) 1,5 p.p. Depreciation (23,6) (23,6) 0,3% (71,9) (70,2) 2,4% Cost of Vehicles Sold (92,0) (75,8) 21,4% (247,2) (234,2) 5,6% Total Operating Costs (146,2) (129,0) 13,3% (404,1) (390,2) 3,6% Operating costs of rental business, which exclude depreciation and cost of vehicles sold, increased 3.2% in 3Q16 and decreased 1.0% in 9M16. Reduction of maintenance costs within a higher rented fleet scenario is due to several initiatives seeking higher operating efficiency and better negotiations with suppliers. Average Utilization Rate (Rented Fleet/Operating Fleet) Average Fleet Age (In Months) 6
Throughout 3Q16 we were able to maintain a 96.3% utilization rate, in line with that of 3Q15. In the same period, the average age of our fleet reached 18.5 months, slightly above those observed during the previous quarters, due to the postponements in our contracts flow. Costs of Vehicles Depreciation The depreciation of vehicles is calculated by the difference between the car purchase price and the selling price estimated by the Company at the end of the contract, after deducting for sales expenses provision. In 3Q16 the depreciation of cars totaled R$23.6 million, in line with that of 3Q15. Depreciation Rate in Operating Fleet (% yearly) Depreciation by Operating Vehicle (R$ / Car) It is important to highlight that despite the good moment observed in the seminovos market in the last quarters, the Company has not made any meagningful changes in its accounting depreciation assumptions. Such decision proves how conservative the management is in relation to the depreciation rate, since the best result within the Seminovos segment is only accounted when the vehicle is definitely sold. Operating Expenses (SG&A) SG&A Expenses - R$ Million 3Q16 3Q15 Var. 3Q16 x 3Q15 9M16 9M15 Var. 9M16 x 9M15 Selling Expenses (10,9) (10,2) 6,0% (28,8) (26,1) 10,6% General and Administrative Expenses (6,6) (6,8) (2,7%) (21,4) (21,0) 2,0% Other (Expenses) Operational Revenue 0,5 (0,6) N/A 0,5 (0,5) N/A Total Operating Expenses (17,0) (17,6) (3,6%) (49,8) (47,6) 4,6% % Net Revenue 8,4% 9,9% (1,5 p.p.) 8,8% 9,0% (0,2 p.p.) % Net Rental Revenue 16,7% 18,2% (1,5 p.p.) 16,3% 16,3% 0,0 p.p. SG&A expenses totaled R$17.0 million in 3Q16, down 3.6% over those of the same period of last year. In 9M16 SG&A expenses totaled R$49.8 million, up 4.6% over those of the same period of last year. The increase of 6.0% YoY in selling expenses is due to the expansion of the Seminovos segment retail structure, partially offset by a decrease in the expenses related to provisions of doubtful accounts and non recoverable write offs of receivables. On the other hand, general and administrative expenses decreased 2.7%, reflecting the Company s effort in keeping operating expenses under control, from efficiency gains and optimizations. 7
Operating Results EBITDA (R$ million) EBIT (R$ million) In 3Q16 the Company reached historical EBITDA and EBIT records, R$ 63.0 million and R$ 38.5 million, respectively. Value creation initiatives, such as (i) improvement in the profitability of the Seminovos segment; (ii) higher efficiency in maintenance costs; (iii) strict control of operating expenses, have made EBITDA and EBIT grow 12.1% and 21.1%, respectively, faster than rental net revenues. EBITDA - R$ Million 3Q16 3Q15 Var. 3Q16 x 3Q15 9M16 9M15 Var. 9M16 x 9M15 Net Income 8,0 4,4 84,0% 21,1 16,2 30,2% (-) Financial Result 29,1 26,2 11,3% 87,7 72,7 20,7% (-) Provision IR/CS 1,3 1,3 7,1% 3,1 2,7 17,0% (-) Depreciation 24,5 24,4 0,3% 74,4 72,7 2,4% EBITDA 63,0 56,2 12,1% 186,4 164,3 13,5% EBITDA Margin 31,2% 31,5% (0,3 p.p.) 32,9% 31,0% 1,9 p.p. EBITDA Margin / Net Rental Revenues 61,7% 57,9% 3,8 p.p. 61,2% 56,3% 4,9 p.p. Net Financial Expenses Net Financial Expenses - R$ Million 3Q16 3Q15 Var. 3Q16 x 3Q15 9M16 9M15 Var. 9M16 x 9M15 Financial Expenses (35,9) (33,6) 6,8% (110,9) (91,3) 21,5% Financial Income 6,8 7,4 (8,9%) 23,1 18,6 24,6% Net Financial Expenses (29,1) (26,2) 11,3% (87,7) (72,7) 20,7% % Net Rental Revenues 28,5% 27,0% 1,6 p.p. 28,8% 24,9% 3,9 p.p. Financial results totaled R$29.1 million in 3Q16 and R$87.7 million in 9M16, an increase of 11.3% and 20.7% over those of last year s comparable periods. The increase in net financial expenses is mainly due to the increase in the CDI rate in the period. Within this quarter, the financial results represented 28.5% of rental net revenues, up 1.6 p.p. YoY. We should emphasize that this increase in financial expenses was totally offset by EBIT margin expansion (+5.0 p.p in the same period). 8
Net Income Net income totaled R$8.0 million in 3Q16, a remarkable increase of 84.0% over that of 3Q15. In 9M16 net income totaled R$ 21.1 million, an increase of 30.2% over that of the same period of the previous year. IV Fleet Investment In 3Q16 the Company purchased 2,021 vehicles and sold 3,359 vehicles. The increase in the volume of cars sold reflects the management s effort to optimize inventory levels, which reached the lowest level ever in this quarter. The marginal decline in the average purchase price is due to the trade down move made by some of our clients, who have been choosing more economical cars. CapEx Vehicles (R$ millions) Average price of purchased vehicle (R$ thousands) Fleet Increase (Units) 9
V Capital Structure Debt - R$ Million 3Q16 3Q15 Var. 3Q16 x 3Q15 2Q16 Var. 3Q16 x 2Q16 Cash 230,0 325,2 (29,3%) 215,8 6,6% Gross Debt 854,5 1.018,9 (16,1%) 831,2 2,8% Short Term Debt (%) 13,5% 21,2% (7,7 p.p.) 29,2% (15,7 p.p.) Long Term Debt (%) 86,5% 78,8% 7,7 p.p. 70,8% 15,7 p.p. Net Debt 624,5 693,7 (10,0%) 615,4 1,5% As of 3Q16 (EoP), the Company s net debt totaled R$ 624.5 million, down 10.0% over that of 3Q15. This decline in the Company s indebtedness is a consequence of cash generation obtained through solid operating results, associated with a substantial reduction of working capital, mainly related to Receivables and the Seminovos inventory. Additionally, after Locamerica s 11st Debentures issuance, concluded in 3Q16, approximately 86.5% of the Company s gross debt is due after 12 months, certainly a privileged liquidity position. The figure below shows the evolution of our net debt throughout the last twelve months. Clearly, the cash generation obtained through rental operations more than offset net capex, debt service and payment of interest on capital, resulting in a decrease of the Company s net indebtedness. Net Debt Evolution (R$ million) Schedule of Debt 3Q16 (R$ million) 3Q15 Rental Operations Net CapEx Financial Payment Expenses Dividend MTM Hedge 3Q16 Cash Leverage Indicators Ratios 3Q16 3Q15 Var. 3Q16 x 3Q15 2Q16 Var. 3Q16 x 2Q16 Net Debt / Fleet Value 69,6% 69,6% (0,1 p.p.) 61,9% 7,7 p.p. Net Debt / EBITDA 2,55x 3,17x (61,5 p.p.) 2,58x (3,4 p.p.) Net Debt / Equity 195,8% 213,0% (17,2 p.p.) 193,4% 2,4 p.p. EBITDA / Net Financial Expenses 2,09x 2,34x (24,0 p.p.) 2,09x 0,5 p.p. As of 3Q16 (EoP), Net Debt/EBITDA ratio was 2.55x, lower than that of 3Q15 (3.17x). This improvement results from both EBITDA LTM growth and net debt reduction. The Company believes that at the end of 3Q16 its leverage ratio was close to the ideal level of approximately 2.5x Net Debt/EBITDA. 10
VI Dividends and Interest on Equity In the twelve months period ended September 30,2016, the Company credited interest on shareholders equity in the amount of R$15.3 million, representing a dividend payout of 65.2% on net income for the year. The Company is listed on the Novo Mercado segment of the BM&FBOVESPA and, thereby, pays a minimum obligatory dividend payout of 25%. Approval date Total amount declared R$ Million Value per share - R$ Date of shareholding position 28/03/2016 3,905 0,0613253 28/03/2016 22/06/2016 5,680 0,0891986 27/06/2016 21/09/2016 5,715 0,0897434 26/09/2016 VII Ownership Structure Currently the Company has 65.075.322 shares outstanding and the free-float represents 53% of total shares. Ownership Structure 09/30/2016 47,0% 23,1% 10,0% 6,2% 13,7% * It includes 2.14% treasury shares 11
Webcast Presentation of 3Q16 Results Teleconference in Portuguese (Simultaneous Translation) October 27 th, 2016 - Thursday 10:00 AM Brasilia Time 8:00 AM New York Time 1:00 PM GMT +1 888 700-0802 (USA) +1 786 824-6977 (UK) +55 (11) 3193-1001 (Brazil) Teleconference code: Locamerica Webcast: www.locamerica.com.br/ri View slideshow on website: www.locamerica.com.br/ri About Locamerica We are one of the leading players in the fleet outsourcing segment in Brazil, with more than 30,000 cars. Our strong competitive position, focus and scale will allow us to continue consolidating the market organically. We have a widespread geographical scope, with a presence in 14 Brazilian states, which represent 95% of the potential fleet outsourcing market in the country. Our business is not cyclical, with long term contracts (12 to 60 months), annually adjusted by inflation and low fixed costs, which makes our cash flow more predictable and less risky. Our vision is To be the best fleet outsourcing Company and fastest growing in Brazil until 2016. Disclaimer The statements contained in this document relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Locamerica are merely projections and, as such, are based exclusively on the expectations of Management concerning the future of the business. These expectations depend, substantially, on the market conditions, the performance of the Brazilian economy, the sector and the international markets and, therefore, are liable to change without notice. 12
Operating Data OPERATIONAL DATA 2013 2014 2015 % Var. 15 x 14 3Q15 3Q16 % Var. Fleet at end of Period 28.265 30.424 31.184 2,5% 29.325 26.236 (10,5%) Fleet in Deployment 2.636 3.505 5.070 44,7% 3.427 1.904 (44,4%) Fleet being Demobilized 3.505 3.735 2.796 (25,1%) 3.168 1.541 (51,4%) Operating Fleet 22.124 23.184 23.318 0,6% 22.730 22.791 0,3% Average Operating Fleet 22.586 24.117 23.268 (3,5%) 23.089 24.086 4,3% Average Rented Fleet 21.130 22.868 22.382 (2,1%) 22.249 23.202 4,3% Average Utilization Rate 93,6% 94,8% 96,2% 1,4 p.p. 96,4% 96,3% 0,0 p.p. Average Age Operating Fleet (months) 18,3 17,9 15,8 (11,9%) 15,9 18,5 16,6% Average Monthly Tariff (R$) 1.407 1.502 1.609 7,1% 1.602 1.615 0,8% Average Daily Rental Tariff (R$) 46,9 50,1 53,6 7,1% 53,4 53,8 0,8% Number of Daily Rentals (in thousands) 7.606,8 8.232,3 8.057,4 (2,1%) 2.002,4 2.088,2 4,3% Investment in Fleet (R$ thousand) 362.578 517.859 509.888 (1,5%) 135.795 80.177 (41,0%) Depreciation of vehicles and accessories (R$ thousand) 72.912 80.839 95.036 17,6% 23.565 23.634 0,3% Depreciation / Average Permanent Assets (%) 9,1% 9,8% 10,6% 0,8 p.p. 10,5% 10,0% -0,5 p.p. Average Value of Total Fleet (R$ million) 768,3 886,2 993,6 12,1% 979,9 918,6 (6,3%) Average Value per Car (R$ thousand) 28,4 31,9 34,0 6,7% 34,0 34,2 0,7% Number of Cars Purchased 9.950 14.177 13.068 (7,8%) 3.374 2.021 (40,1%) Average Price of Purchase (R$ thousand) 36,4 36,5 39,0 6,8% 40,2 39,7 (1,4%) Number of Cars Sold 10.522 11.565 12.729 10,1% 3.074 3.359 9,3% Average Price of Sale (R$ thousand) 20,7 22,1 24,8 12,5% 26,5 29,7 12,1% Number of Employees 601 637 574 (9,9%) 591 586 (0,8%) Fleet per Employee 47,0 47,8 54,3 13,7% 49,6 44,8 (9,8%) 13
Income Statement (R$ thousands) Financial Statements 2013 2014 2015 Var. 3Q15 3Q16 Var. Operational Revenues Vehicle rentals 356.885 412.130 432.090 4,8% 106.916 112.432 5,2% Vehicle sales 218.128 255.383 316.251 23,8% 81.427 99.732 22,5% Sales taxes (34.074) (38.291) (40.125) 4,8% (9.928) (10.457) 5,3% 540.939 629.222 708.216 12,6% 178.415 201.707 13,1% Rental and vehicle sales costs Maintenance costs (101.692) (118.566) (113.112) (4,6%) (29.622) (30.569) 3,2% Depreciation costs (72.934) (80.840) (95.035) 17,6% (23.565) (23.635) 0,3% Cost of vehicles sold (227.764) (256.999) (309.356) 20,4% (75.809) (92.008) 21,4% (402.390) (456.405) (517.503) 13,4% (128.996) (146.212) 13,3% Gross profit 138.549 172.817 190.713 10,4% 49.419 55.495 12,3% Other operational revenues (costs) Sales (21.371) (27.111) (37.810) 39,5% (10.245) (10.856) 6,0% Administrative and general (37.084) (30.951) (25.324) (18,2%) (5.963) (5.783) (3,0%) Depreciation (2.841) (3.215) (3.413) 6,2% (860) (854) (0,7%) Other operational revenues (costs) 9.924 5.197 144 n.a. (579) 478 (182,6%) Operating income (EBIT) 87.177 116.737 124.310 6,5% 31.772 38.480 21,1% Financial income (expenses) Financial expenses (87.718) (151.450) (130.619) (13,8%) (33.600) (35.893) 6,8% Financial income 19.958 65.719 28.761 (56,2%) 7.444 6.783 (8,9%) Net financial income (expenses) (67.760) (85.731) (101.858) 18,8% (26.156) (29.110) 11,3% Earnings before taxes 19.417 31.006 22.452 (27,6%) 5.616 9.370 66,8% Income tax and social contributions Current (1.334) (10.597) (7.127) (32,7%) (1.938) 3.384 (274,6%) Deferred (1.857) 4.379 3.236 (26,1%) 685 (4.726) n.a. Net Income 16.226 24.788 18.561 (25,1%) 4.363 8.028 84,0% EBITDA 162.952 200.792 222.758 10,9% 56.197 62.969 12,1% 14
Balance Sheet (R$ thousands) ASSETS 2013 2014 2015 3Q16 CURRENT ASSETS Cash and cash equivalents 124.810 167.313 121.779 123.646 Marketable securities 72.026 35.306 156.411 99.345 Derivative financial instruments - - 3.495 14.210 327 Client receivables 112.161 118.194 121.724 97.645 Cars being demobilized for fleet renewal 84.001 95.809 78.960 43.755 Tax receivables 16.064 17.479 19.130 27.832 Prepaid expenses 8.259 6.140 5.321 8.083 Other accounts receivable 8.238 7.825 13.029 9.916 Total current assets 425.559 451.561 530.564 410.549 NON CURRENT ASSETS Marketable securities - - - - - - 6.667 Judicial deposits 6.156 7.294 8.699 9.967 Client receivables 1.431 6.861 6.353 5.283 Other long term assets 1.514 3.102 302 3.267 Fixed assets 733.905 890.832 998.756 871.038 Intangible assets 5.948 5.321 4.334 3.710 Total non-current assets 748.954 913.410 1.018.444 899.932 TOTAL ASSETS 1.174.513 1.364.971 1.549.008 1.310.481 LIABILITIES 2013 2014 2015 3Q16 CURRENT LIABILITIES Loans, financings and debentures 36.223 37.869 227.604 115.507 Suppliers 66.351 63.436 101.280 47.789 Credit Assignment with OEMs 45.043 78.761 159.826 59.292 Salaries and social contributions 3.156 3.358 3.075 5.395 Fiscal liabilities 12.118 2.431 1.493 2.056 Dividends payable 3.853 8.566 10.711 5.181 Other bills payable 17.097 837 22 454 Total current liabilities 183.841 195.258 504.011 235.674 NON CURRENT LIABILITIES Loans, financings and debentures 663.329 840.472 698.836 739.023 Provisions 2.595 2.595 2.595 2.595 Deferred tax liabilities 8.720 18.700 17.970 13.421 Tax payable and other debts 11.832 - - - - 862 Total non current liabilities 686.476 861.767 719.401 755.901 SHAREHOLDERS EQUITY Social Capital 299.279 299.279 299.279 299.279 Share issuances expenses (15.038) (15.038) (15.038) (15.038) Treasury shares - - (5.906) (5.906) (5.906) Equity valuation adjustment - - - - 4.864 (8.180) Capital reserve 6.161 6.743 7.014 7.558 Retained Earnings 13.794 22.868 35.383 35.383 Profit reserve - - - - - - 5.810 Total shareholders equity 304.196 307.946 325.596 318.906 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 1.174.513 1.364.971 1.549.008 1.310.481 15
Cash Flow (R$ thousands) CASH FLOW STATEMENT 2013 2014 2015 9M16 Cash flow from operating activities Profit (loss) for the year 16.226 24.788 18.561 21.110 Adjustments by: Income tax and social contribution 3.191 6.218 3.891 2.172 Depreciation and amortization 75.755 84.054 98.448 74.422 Residual value written-off of inventories 227.764 256.999 311.212 250.215 Residual value of cars stolen and written-off - - - - 11.157 11.779 Shared-based payment provision 755 582 271 544 Financial charges 72.792 90.381 121.040 97.814 Provision for doubtful credits 7.539 8.947 14.524 7.953 Provision for contingencies (456) - - - - - - Reversal of provision for impairment (5.143) (823) (139) - - Provision for profit sharing - - - - - - 613 Adjustment to Present Value - - - - - - 522 Financial chares related to credit with OEMs - - - - - - 8.830 Others - - - - - - 5.418 Adjusted Result 398.423 471.146 578.965 481.392 Changes in assets and liabilities Accounts receivable (19.091) (20.410) (17.564) 16.674 Recoverable taxes (4.155) (1.415) (12.979) (8.702) Net deferred taxes - - 14.359 2.506 - - Taxes paid in installments 739 (19.720) - - - - Prepaid expenses (2.912) 2.119 820 (3.381) Related parties (90) - - (282) - - Purchase of vehicles, net of suppliers (automakers) and finance leases (348.153) (483.139) (378.223) (301.836) Other assets (7.084) 11.464 (29) (501) Accounts payable to suppliers - excluding automakers 6.219 (3.917) 8.032 8.035 Other liabilities 11.687 (25.776) (5.253) 1.231 Net cash provided by (used in) operating activities 35.583 (55.289) 175.993 192.912 Cash flow from investing activities Acquisition of other fixed assets and intangible (9.697) (4.256) (3.682) (2.229) Acquisition of marketable securities 73.200 33.226 (121.105) 50.399 Net cash provided by (used in) investing activities 63.503 28.970 (124.787) 48.170 Cash flows from financing activities Fund-raising from loans, financing and debentures 351.739 358.575 114.766 230.310 Amortization of loans, financings and debentures (331.320) (189.600) (97.857) (345.594) Interest paid on loans, financings and debentures (75.132) (80.566) (110.636) (105.435) Issuance of shares and treasury shares acquired 105 (5.906) - - - - Distribution of interest on own equity (11.716) (13.681) (3.000) (18.496) Net cash provided by (used in) financing activities (66.324) 68.822 (96.727) (239.215) Increase (decrease) in cash and cash equivalents 32.762 42.503 (45.521) 1.867 Increase (decrease) in cash and cash equivalents At the beginning of period 92.048 124.810 167.300 121.779 At the end of period 124.810 167.313 121.779 123.646 16
(A free translation of the original in Portuguese) Report on review of quarterly information To the Board of Directors and Stockholders Companhia de Locação das Américas Introduction We have reviewed the accompanying interim accounting information of Companhia de Locação das Américas (the "Company"), included in the Quarterly Information Form (ITR) for the quarter ended September 30, 2016, comprising the balance sheet as at that date and the statements of income and comprehensive income for the quarter and nine-month period then ended, and the statements of changes in equity and cash flows for the nine-month period then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the Brazilian Securities Commission (CVM). 2 PricewaterhouseCoopers Auditores Independentes, Av. Francisco Matarazzo 1400, Torre Torino, São Paulo, SP, Brasil 05001-903, Caixa Postal 61005 - T: (11) 3674-2000, F: (11) 3674-2000, www.pwc.com/br
Other matters Statement of value added We have also reviewed the statement of value added for the nine-month period ended September 30, 2016. This statement is the responsibility of the Company's management, and is required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and is considered supplementary information under International Financial Reporting Standards (IFRS), which do not require the presentation of the statement of value added. This statement has been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in a manner consistent with the interim accounting information taken as a whole. Audit and review of prior-year information The Quarterly Information (ITR) mentioned in the first paragraph includes the accounting information corresponding to the statements of income, of comprehensive income for the quarter and nine-month period ended September 30, 2015, and changes in equity, cash flows and value added for the nine-month period ended September 30, 2015, obtained from the quarterly information as at that date, and to the balance sheet at December 31, 2015, obtained from the financial statements as at December 31, 2015, presented for comparison purposes. The review of the Quarterly Information (ITR) for the quarter ended September 30, 2015 and the audit of the financial statements for the year ended December 31, 2015 were conducted by other independent auditors, whose unqualified review and audit reports were dated November 10, 2015 and March 21, 2016, respectively. Belo Horizonte, October 26, 2016 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 Carlos Augusto da Silva Contador CRC 1SP197007/O-2 3
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 Índice DFs Individuais Balanço Patrimonial Ativo 1 Balanço Patrimonial Passivo 2 Demonstração do Resultado 3 Demonstração do Resultado Abrangente 4 Demonstração do Fluxo de Caixa 5 Demonstração das Mutações do Patrimônio Líquido DMPL - 01/01/2016 à 30/09/2016 6 DMPL - 01/01/2015 à 30/09/2015 7 Demonstração do Valor Adicionado 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Balanço Patrimonial Ativo (Reais Mil) Código da Conta Descrição da Conta Trimestre Atual 30/09/2016 Exercício Anterior 31/12/2015 1 Ativo Total 1.310.481 1.549.008 1.01 Ativo Circulante 410.549 530.564 1.01.01 Caixa e Equivalentes de Caixa 123.646 121.779 1.01.02 Aplicações Financeiras 99.672 170.621 1.01.02.01 Aplicações Financeiras Avaliadas a Valor Justo 99.672 170.621 1.01.02.01.03 Títulos e Valores Mobiliários 99.345 156.411 1.01.02.01.04 Instrumentos Financeiros Derivativos 327 14.210 1.01.03 Contas a Receber 105.188 132.380 1.01.03.01 Clientes 97.645 121.724 1.01.03.02 Outras Contas a Receber 7.543 10.656 1.01.06 Tributos a Recuperar 27.832 19.130 1.01.06.01 Tributos Correntes a Recuperar 27.832 19.130 1.01.07 Despesas Antecipadas 8.083 5.321 1.01.08 Outros Ativos Circulantes 46.128 81.333 1.01.08.01 Ativos Não-Correntes a Venda 46.128 81.333 1.01.08.01.01 Carros para desativação renovação de frota 43.755 78.960 1.01.08.01.02 Ativo mantido para venda 2.373 2.373 1.02 Ativo Não Circulante 899.932 1.018.444 1.02.01 Ativo Realizável a Longo Prazo 25.184 15.354 1.02.01.03 Contas a Receber 11.950 6.353 1.02.01.03.01 Clientes 5.283 6.353 1.02.01.03.02 Outras Contas a Receber 6.667 0 1.02.01.07 Despesas Antecipadas 619 0 1.02.01.08 Créditos com Partes Relacionadas 302 302 1.02.01.08.02 Créditos com Controladas 302 302 1.02.01.09 Outros Ativos Não Circulantes 12.313 8.699 1.02.01.09.03 Depositos Judiciais 9.967 8.699 1.02.01.09.04 Outros créditos 2.346 0 1.02.03 Imobilizado 871.038 998.756 1.02.03.01 Imobilizado em Operação 871.038 998.756 1.02.04 Intangível 3.710 4.334 1.02.04.01 Intangíveis 3.710 4.334 PÁGINA: 1 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Balanço Patrimonial Passivo (Reais Mil) Código da Conta Descrição da Conta Trimestre Atual 30/09/2016 Exercício Anterior 31/12/2015 2 Passivo Total 1.310.481 1.549.008 2.01 Passivo Circulante 235.674 504.011 2.01.01 Obrigações Sociais e Trabalhistas 5.395 3.075 2.01.01.01 Obrigações Sociais 5.395 3.075 2.01.02 Fornecedores 107.081 261.106 2.01.02.01 Fornecedores Nacionais 107.081 261.106 2.01.02.01.01 Fornecedores Nacionais 47.789 101.280 2.01.02.01.02 Cessão de créditos por fornecedores 59.292 159.826 2.01.03 Obrigações Fiscais 2.056 1.493 2.01.03.01 Obrigações Fiscais Federais 2.056 1.493 2.01.03.01.02 Outros impostos tributarios 2.056 1.493 2.01.04 Empréstimos e Financiamentos 106.680 227.604 2.01.04.01 Empréstimos e Financiamentos 106.680 227.604 2.01.04.01.01 Em Moeda Nacional 106.680 227.604 2.01.05 Outras Obrigações 14.462 10.733 2.01.05.02 Outros 14.462 10.733 2.01.05.02.01 Dividendos e JCP a Pagar 5.181 10.711 2.01.05.02.04 Outras Contas a pagar 454 22 2.01.05.02.07 Instrumentos financeiros derivativos 8.827 0 2.02 Passivo Não Circulante 755.901 719.401 2.02.01 Empréstimos e Financiamentos 739.023 698.836 2.02.01.01 Empréstimos e Financiamentos 739.023 698.836 2.02.01.01.01 Em Moeda Nacional 739.023 698.836 2.02.02 Outras Obrigações 862 0 2.02.02.02 Outros 862 0 2.02.02.02.04 Outras Contas a pagar 862 0 2.02.03 Tributos Diferidos 13.421 17.970 2.02.03.01 Imposto de Renda e Contribuição Social Diferidos 13.421 17.970 2.02.04 Provisões 2.595 2.595 2.02.04.01 Provisões Fiscais Previdenciárias Trabalhistas e Cíveis 2.595 2.595 2.02.04.01.02 Provisões Previdenciárias e Trabalhistas 2.595 2.595 2.03 Patrimônio Líquido 318.906 325.596 2.03.01 Capital Social Realizado 299.279 299.279 2.03.02 Reservas de Capital -13.386-13.930 2.03.02.01 Ágio na Emissão de Ações 4.505 4.505 2.03.02.04 Opções Outorgadas 3.053 2.509 2.03.02.05 Ações em Tesouraria -5.906-5.906 2.03.02.07 Gastos com emissão de ações -15.038-15.038 2.03.04 Reservas de Lucros 35.383 35.383 2.03.04.01 Reserva Legal 4.295 4.295 2.03.04.04 Reserva de Lucros a Realizar 31.088 31.088 2.03.05 Lucros/Prejuízos Acumulados 5.810 0 2.03.06 Ajustes de Avaliação Patrimonial -8.180 4.864 PÁGINA: 2 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Demonstração do Resultado (Reais Mil) Código da Conta Descrição da Conta 3.01 Receita de Venda de Bens e/ou Serviços 201.707 565.853 178.415 529.350 3.02 Custo dos Bens e/ou Serviços Vendidos -146.212-404.134-128.996-390.214 3.03 Resultado Bruto 55.495 161.719 49.419 139.136 3.04 Despesas/Receitas Operacionais -17.015-49.749-17.647-47.558 3.04.01 Despesas com Vendas -10.856-28.843-10.245-26.070 3.04.02 Despesas Gerais e Administrativas -6.637-21.408-6.823-20.989 3.04.04 Outras Receitas Operacionais 478 502 0 0 3.04.05 Outras Despesas Operacionais 0 0-579 -499 3.05 Resultado Antes do Resultado Financeiro e dos Tributos 38.480 111.970 31.772 91.578 3.06 Resultado Financeiro -29.110-87.727-26.156-72.693 3.06.01 Receitas Financeiras 6.783 23.148 7.444 18.574 3.06.02 Despesas Financeiras -35.893-110.875-33.600-91.267 3.07 Resultado Antes dos Tributos sobre o Lucro 9.370 24.243 5.616 18.885 3.08 Imposto de Renda e Contribuição Social sobre o Lucro -1.342-3.133-1.253-2.677 3.08.01 Corrente 3.384-961 -1.938-6.705 3.08.02 Diferido -4.726-2.172 685 4.028 3.09 Resultado Líquido das Operações Continuadas 8.028 21.110 4.363 16.208 3.11 Lucro/Prejuízo do Período 8.028 21.110 4.363 16.208 3.99 Lucro por Ação - (Reais / Ação) 3.99.01 Lucro Básico por Ação 3.99.01.01 ON 0,00000 0,33150 0,00000 0,25450 3.99.02 Lucro Diluído por Ação Trimestre Atual 01/07/2016 à 30/09/2016 Acumulado do Atual Exercício 01/01/2016 à 30/09/2016 Igual Trimestre do Exercício Anterior 01/07/2015 à 30/09/2015 Acumulado do Exercício Anterior 01/01/2015 à 30/09/2015 3.99.02.01 ON 0,00000 0,32180 0,00000 0,25330 PÁGINA: 3 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Demonstração do Resultado Abrangente (Reais Mil) Código da Conta Descrição da Conta Trimestre Atual 01/07/2016 à 30/09/2016 Acumulado do Atual Exercício 01/01/2016 à 30/09/2016 Igual Trimestre do Exercício Anterior 01/07/2015 à 30/09/2015 Acumulado do Exercício Anterior 01/01/2015 à 30/09/2015 4.01 Lucro Líquido do Período 8.028 21.110 4.363 16.208 4.02 Outros Resultados Abrangentes -1.991-13.044 5.970 7.498 4.03 Resultado Abrangente do Período 6.037 8.066 10.333 23.706 PÁGINA: 4 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Demonstração do Fluxo de Caixa - Método Indireto (Reais Mil) Código da Conta Descrição da Conta 6.01.01.02 Imposto de renda e contribuição social sobre o lucro 2.172 2.676 6.01.01.03 Depreciações e amortizações 74.422 72.703 6.01.01.04 Valor residual dos carros em desativação para renovação de frota baixado 6.01.02.02 Impostos a recuperar -8.702-7.101 6.01.02.04 Despesas antecipadas -3.381-5.343 6.01.02.06 Aquisição de veículos, líquido de fornecedores (montadoras) e arrendamentos financeiros -301.836-339.423 6.01.02.07 Outros ativos -501 465 6.01.02.08 Fornecedores 8.035 5.751 6.01.02.10 Outros passivos 1.231-4.010 6.02 Caixa Líquido Atividades de Investimento 48.170-91.492 6.02.01 Aquisição de outros imobilizados e intangivel -2.229-3.113 6.02.03 Aquisição de aplicações financeiras não consideradas como caixa e equivalente caixa 6.03 Caixa Líquido Atividades de Financiamento -239.215 17.404 6.03.05 Juros sobre capital próprio -18.496-3.000 6.03.06 Juros pagos sobre empréstimos, financiamentos, debêntures e ações preferenciais Acumulado do Atual Exercício 01/01/2016 à 30/09/2016 Acumulado do Exercício Anterior 01/01/2015 à 30/09/2015 6.01 Caixa Líquido Atividades Operacionais 192.912 64.187 6.01.01 Caixa Gerado nas Operações 481.392 423.989 6.01.01.01 Resultado do período 21.110 16.208 250.215 224.348 6.01.01.05 Encargos financeiros 97.814 86.252 6.01.01.06 Valor residual de veículos roubados e perda total 11.779 11.157 6.01.01.07 Provisão para crédito de liquidação duvidosa 7.953 9.622 6.01.01.08 Participação nos resultados 613 0 6.01.01.10 Provisão de pagamento baseado em ações 544-402 6.01.01.13 Ajuste a valor presente 522 0 6.01.01.14 Custos de cessão 8.830 823 6.01.01.15 Outros 5.418 602 6.01.02 Variações nos Ativos e Passivos -288.480-359.802 6.01.02.01 Contas a receber 16.674-10.141 50.399-88.379 6.03.01 Captação de empréstimos, financiamentos e debêntures 230.310 105.735 6.03.02 Amortização de empréstimos, financiamentos e debêntures -345.594-9.403-105.435-75.928 6.05 Aumento (Redução) de Caixa e Equivalentes 1.867-9.901 6.05.01 Saldo Inicial de Caixa e Equivalentes 121.779 167.300 6.05.02 Saldo Final de Caixa e Equivalentes 123.646 157.399 PÁGINA: 5 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Demonstração das Mutações do Patrimônio Líquido / DMPL - 01/01/2016 à 30/09/2016 (Reais Mil) Código da Conta Descrição da Conta Capital Social Integralizado Reservas de Capital, Opções Outorgadas e Ações em Tesouraria Reservas de Lucro Lucros ou Prejuízos Acumulados Outros Resultados Abrangentes Patrimônio Líquido 5.01 Saldos Iniciais 299.279-13.930 35.383 0 4.864 325.596 5.03 Saldos Iniciais Ajustados 299.279-13.930 35.383 0 4.864 325.596 5.04 Transações de Capital com os Sócios 0 544 0-15.300 0-14.756 5.04.03 Opções Outorgadas Reconhecidas 0 544 0 0 0 544 5.04.07 Juros sobre Capital Próprio 0 0 0-15.300 0-15.300 5.05 Resultado Abrangente Total 0 0 0 21.110-13.044 8.066 5.05.01 Lucro Líquido do Período 0 0 0 21.110 0 21.110 5.05.02 Outros Resultados Abrangentes 0 0 0 0-13.044-13.044 5.05.02.01 Ajustes de Instrumentos Financeiros 0 0 0 0-19.765-19.765 5.05.02.02 Tributos s/ Ajustes Instrumentos Financeiros 0 0 0 0 6.721 6.721 5.07 Saldos Finais 299.279-13.386 35.383 5.810-8.180 318.906 PÁGINA: 6 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Demonstração das Mutações do Patrimônio Líquido / DMPL - 01/01/2015 à 30/09/2015 (Reais Mil) Código da Conta Descrição da Conta Capital Social Integralizado Reservas de Capital, Opções Outorgadas e Ações em Tesouraria Reservas de Lucro Lucros ou Prejuízos Acumulados Outros Resultados Abrangentes Patrimônio Líquido 5.01 Saldos Iniciais 299.279-20.944 29.611 0 0 307.946 5.03 Saldos Iniciais Ajustados 299.279-20.944 29.611 0 0 307.946 5.04 Transações de Capital com os Sócios 0 0 0-11.934 0-11.934 5.04.07 Juros sobre Capital Próprio 0 0 0-11.934 0-11.934 5.05 Resultado Abrangente Total 0 0 0 16.208 7.498 23.706 5.05.01 Lucro Líquido do Período 0 0 0 16.208 0 16.208 5.05.02 Outros Resultados Abrangentes 0 0 0 0 7.498 7.498 5.05.02.01 Ajustes de Instrumentos Financeiros 0 0 0 0 7.498 7.498 5.06 Mutações Internas do Patrimônio Líquido 0 0 5.888 0 0 5.888 5.06.05 Reversão de dividendos mínimos obrigatórios 0 0 5.888 0 0 5.888 5.07 Saldos Finais 299.279-20.944 35.499 4.274 7.498 325.606 PÁGINA: 7 de 8
ITR - Informações Trimestrais - 30/09/2016 - COMPANHIA DE LOCAÇÃO DAS AMÉRICAS Versão : 1 DFs Individuais / Demonstração do Valor Adicionado (Reais Mil) Código da Conta Descrição da Conta Acumulado do Atual Exercício 01/01/2016 à 30/09/2016 Acumulado do Exercício Anterior 01/01/2015 à 30/09/2015 7.01 Receitas 589.920 548.049 7.01.01 Vendas de Mercadorias, Produtos e Serviços 597.873 558.290 7.01.02 Outras Receitas 0-619 7.01.04 Provisão/Reversão de Créds. Liquidação Duvidosa -7.953-9.622 7.02 Insumos Adquiridos de Terceiros -319.411-303.338 7.02.01 Custos Prods., Mercs. e Servs. Vendidos -44.551-48.564 7.02.02 Materiais, Energia, Servs. de Terceiros e Outros -9.873-9.463 7.02.04 Outros -264.987-245.311 7.03 Valor Adicionado Bruto 270.509 244.711 7.04 Retenções -74.422-72.703 7.04.01 Depreciação, Amortização e Exaustão -74.422-72.703 7.05 Valor Adicionado Líquido Produzido 196.087 172.008 7.06 Vlr Adicionado Recebido em Transferência 44.296 70.596 7.06.02 Receitas Financeiras 44.296 70.596 7.07 Valor Adicionado Total a Distribuir 240.383 242.604 7.08 Distribuição do Valor Adicionado 240.383 242.604 7.08.01 Pessoal 27.854 26.421 7.08.01.01 Remuneração Direta 21.820 20.189 7.08.01.02 Benefícios 3.890 4.065 7.08.01.03 F.G.T.S. 2.144 2.167 7.08.02 Impostos, Taxas e Contribuições 55.682 52.765 7.08.02.01 Federais 38.926 37.537 7.08.02.02 Estaduais 16.406 14.911 7.08.02.03 Municipais 350 317 7.08.03 Remuneração de Capitais de Terceiros 135.737 147.209 7.08.03.01 Juros 132.023 143.289 7.08.03.02 Aluguéis 3.714 3.920 7.08.04 Remuneração de Capitais Próprios 15.300 11.934 7.08.04.01 Juros sobre o Capital Próprio 15.300 11.934 7.08.05 Outros 5.810 4.275 7.08.05.01 Participação dos trabalhadores nos lucros 5.810 4.275 PÁGINA: 8 de 8
Balance sheet All amounts in thousands of reais (A free translation of the original in Portuguese) Assets 9/30/2016 12/31/2015 Liabilities and equity 9/30/2016 12/31/2015 Current assets Current liabilities Cash and cash equivalents (Note 4-a) 123,646 121,779 Borrowings and debentures (Note 13) 106,680 227,604 Marketable securities (Note 4-b) 99,345 156,411 Derivative financial instruments (Note 15) 8,827 Trade receivables (Note 5) 97,645 121,724 Trade payables (Note 11) 47,789 101,280 Derivative financial instruments (Note 15) 327 14,210 Transfer of credits by suppliers (Note 12) 59,292 159,826 Decommissioning cars for fleet renewal (Note 6) 43,755 78,960 Salaries, charges, and social contributions 5,395 3,075 Taxes recoverable 27,832 19,130 Taxes payable 2,056 1,493 Prepaid expenses 8,083 5,321 Dividends and interest on capital payable (Note 18) 5,181 10,711 Assets held for sale 2,373 2,373 Other payables 454 22 Other accounts receivable 7,543 10,656 235,674 504,011 410,549 530,564 Non-current assets Non-current liabilities Marketable securities (Note 4-b) 6,667 Borrowings and debentures (Note 13) 739,023 698,836 Trade receivables (Note 5) 5,283 6,353 Provision for contingencies (Note 14) 2,595 2,595 Prepaid expenses 619 Deferred taxes (Note 7) 13,421 17,970 Other receivables 2,346 Other payables 862 Deposits in court (Note 14) 9,967 8,699 Related parties (Note 17) 302 302 755,901 719,401 25,184 15,354 Total liabilities 991,575 1,223,412 Property and equipment (Note 9) 871,038 998,756 Intangible assets (Note 10) 3,710 4,334 Equity (Note 18) Share capital 299,279 299,279 899,932 1,018,444 Share issuance expenses (15,038) (15,038) Treasury shares (5,906) (5,906) Carrying value adjustments (8,180) 4,864 Capital reserve 7,558 7,014 Revenue reserves 35,383 35,383 Retained earnings 5,810 Total equity 318,906 325,596 Total assets 1,310,481 1,549,008 Total liabilities and equity 1,310,481 1,549,008 The accompanying notes are an integral part of this quarterly information. 1 of 42
Statement of income Quarters and nine-month periods ended September 30 (A free translation of the original in Portuguese) Quarters ended September 30 Nine-month periods ended September 30 2016 2015 2016 2015 Operating revenue (Note 19) 201,707 178,415 565,853 529,350 Cost of rental and sale of vehicles (Note 20) (146,212) (128,996) (404,134) (390,214) Gross profit 55,495 49,419 161,719 139,136 Selling expenses (Note 21) (10,856) (10,245) (28,843) (26,070) General and administrative expenses (Note 22) (6,637) (6,823) (21,408) (20,989) Other operating income (expenses) 478 (579) 502 (499) (17,015) (17,647) (49,749) (47,558) Profit before finance income (costs) and taxes 38,480 31,772 111,970 91,578 Finance income (Note 23) 6,783 7,444 23,148 18,574 Finance costs (Note 23) (35,893) (33,600) (110,875) (91,267) Finance costs, net (Note 23) (29,110) (26,156) (87,727) (72,693) Profit before income tax and social contribution 9,370 5,616 24,243 18,885 Current income tax and social contribution (Note 24) 3,384 (1,938) (961) (6,705) Deferred income tax and social contribution (Note 24) (4,726) 685 (2,172) 4,028 Profit for the period 8,028 4,363 21,110 16,208 Basic earnings per share - R$ (Note 26) 0.3315 0.2545 Diluted earnings per share - R$ (Note 26) 0.3218 0.2533 The accompanying notes are an integral part of this quarterly information. 2 of 42