Transcript
0
2006 Results presentation(R$ millions - USGAAP)
Localiza Rent a Car S.A.
1
109,1
199,6142,4
-63,3-18,6 -38,0
1,9
0,12,5
2004 2005 2006
30%
18%
2006 highlights: growth with profitability
6.654 9.402 12.8427.796
11.635
9.308
2004 2005 2006
14.450
24.47718.710
65,5%58,8%60,6%
2004 2005 2006
(R$ millions. USGAAP)
44,5
57,4
75,6
2004 2005 2006
Average rented fleet Car rental utilization rate
Net income EVA
30%
19%
41%
31%
25%
37%
7 P.P.
31%40%
90.6106.9
138.229%
32%
Car rentalFleet rental
Used car salesRental Franchising
2
2006 highlights: Recognition
Standard & Poor’s rating upgraded to ‘brAA-’ in national scale and ‘BB’
in global scale. same as sovereign risk. with stable outlook
Included in IBrX (between the 100 most traded shares)
Included in ISE – Corporate Sustainability Index (34 companies)
“Best Company for Shareholders” by Capital Aberto magazine. between
Companies of up to R$ 5 BI market share
3
2006 highlights: Footprint expansion
145 117
83
12/31/04 12/31/05 12/31/06
24% increase in the number of owned car rental agencies
100% increase in the number of used car points of sales
26
1313
31/12/2004 12/31/05 12/31/06
Owned car rental agencies Used car points of sales
41%24% 100%
32*
* Until the end of 1H07
4
2006 highlights: On airport and off-airport growth
Consolidation is happening mainly on off-airport agencies
46.7%49.6%Off-airport agencies
16.0%17.2%Airport agencies
Revenue growthVolume growth2006/2005 (%)
Elasticity on airport in 2006 was 2 times the growth of domestic deplanement
14,3% 14,0%
1,5% 0,2%
27,2%
20,4%
12,3% 9,8%
1T06 2T06 3T06 4T06
Domestic deplanement increase x Localiza – daily rentals on airports
Daily rental volume on airportsDomestic deplanement
5
2006 highlights: Revenues evolution
532 634877
1,145
2003 2004 2005 2006
Consolidated net revenues
CAGR: 29%313
286
210
152
2003 2004 2005 2006
Consolidated EBITDA
CAGR: 27%
(R$ million. USGAAP)
6
Financials
7
(R$ million. USGAAP)
Net income reconciliation
-1.0
2005Net income
2006Net income
106.5
+268.5Revenues
-215.5Costs
-25.7SG&A
Depreciation-14,0
+19.1+126.4 -49.5Interest
Taxes
138.2
-6.8
+29.8%
+142.1 -166.1
Rental = +61.3 milhõesUsed cars = - 34.0milhões
-15,7
EBITDA variation = + 27.3 milhões
Other items variation = + 4.4 milhões
+6.1
StockOptions
-10,0
8
(R$ million. USGAAP)
2006 cash generation
70.8 162.2Cash and cash
equivalents in the beggining of the period:
Operating activities
Investmentactivities
The cash generation for operating activities (R$31 mi), excluding the investment on fleet growth (R$287 mi), was R$ 318 million
431.2
60.1
530.4
+31.3
Acquisitions(growth/renew)
Depreciated cost ofsold vehicles
-930.3
Cash and cash equivalents in the end
of the period:
9
Investiment in fleet
Fleet growth (thousand) Net investment
2004 2005 2006
(R$ million. USGAAP)
84%80%76%
16%20%24%
287.1
52.9
143.8
46.3
194.1
47.7
+6.5 +7.3 +10.3
2004 2005 2006 Renew
Growth
690.0
493.1
930.3
448.2 303.0
590.3
2004 2005 2006
22.18226.105
33.520
15.71518.763
23.174
2004 2005 2006
Purchases Sales
Number - thousand Net investment - million
190.1
241.8
340.0
10
Net debt (R$ million) USGAAPRating S&P – BrAA- / Stable
(R$ million. USGAAP)
Indebtness
42% / 58%50% / 50%33% / 67%Net debt / equity
36%60%46%Net debt / fleet
200620052004
The Company will pursue a net debt/equity structure that adds maximum value for shareholders
The Company will pursue a net debt/equity structure that adds maximum value for shareholders
281
539443
2004 2005 2006
11
(R$ million. USGAAP)
EBITDA margin per segment
42.4%
4.6%
69.3%
21.2%
4.6%
42.3%
2006
45.3%41.7%TOTAL
10.5%8.2%Seminovos
63.6%65.2%Aluguel
27.9%28.4%TOTAL
14.4%15.3%Seminovos
46.3%42.6%Aluguel
20052004A
lugu
el fr
otas
Alu
guel
car
ros
The drop of 4 p.p. in the car rental margin was compensated bythe increase of 5.7 p.p. in the fleet rental margin
12
(R$ milhlion. USGAAP)
EBITDA margin per segment
27.3%
39.0%
4.6%
51.7%
32.6%33.1%TOTAL
47.6%41.5%Franchising
13.7%13.2%Seminovos
52.5%51.5%Aluguel
Con
solid
ado
42.4%
4.6%
69.3%
21.2%
4.6%
42.3%
2006
45.3%41.7%TOTAL
10.5%8.2%Seminovos
63.6%65.2%Aluguel
27.9%28.4%TOTAL
14.4%15.3%Seminovos
46.3%42.6%Aluguel
20052004A
lugu
el fr
otas
Alu
guel
car
ros
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Indexes: ROIC
19.8%24.1%29.3%24.5%ROIC
3.1%5.7%7.6%9.3%IPCA – inflation index
4,0%9,4%17,4%14,0%Average increase in the car price
2006200520042003
The 4 p.p. decrease in the ROIC in 2006 was mainly due to the slow down of the asset turnover:1. Stable tariffs in the car rental2. 5% increase in the new car prices in 20063. Impact of inflation in the fixed costs
The 4 p.p. decrease in the ROIC in 2006 was mainly due to the slow down of the asset turnover:1. Stable tariffs in the car rental2. 5% increase in the new car prices in 20063. Impact of inflation in the fixed costs
R$ / million
1,8
75,644,5
57,4
11,8%
24,1% 18,4%15,8%
19,8%
24,1%
29,3%
24,6%
-
25,0
50,0
75,0
100,0
2003 2004 2005 2006-5,0%
5,0%
15,0%
25,0%
35,0%
EVA WACC nominal ROIC
-4 p.p.
14
Indexes: WACC
11.8%15.8%18.4%24.1%WACC
42% / 58%50% / 50%33% / 67%27% / 73%Third party’s capital x equity
12.6%18.1%21.8%26.9%Cost of own capital
10.7%13.5%11.5%16.6%Third party cost of capital
2.4%4.0%5.4%8.4%Sovereign risk
15.0%19.0%16.2%23.3%Average CDI
2006200520042003
The ROIC decrease was partially offset by the reduction of 4 p.p. in WACC from 15.8% to 11.8%The ROIC decrease was partially offset by the reduction of 4 p.p. in WACC from 15.8% to 11.8%
R$ / million
1,8
75,644,5
57,4
11,8%
24,1% 18,4%15,8%
19,8%
24,1%
29,3%
24,6%
-
25,0
50,0
75,0
100,0
2003 2004 2005 2006-5,0%
5,0%
15,0%
25,0%
35,0%
EVA WACC nominal ROIC
-4 p.p.
15
1,8
75,644,5
57,4
11,8%
24,1% 18,4%15,8%
19,8%
24,1%
29,3%
24,6%
-
25,0
50,0
75,0
100,0
2003 2004 2005 2006-5,0%
5,0%
15,0%
25,0%
35,0%
EVA WACC nominal ROIC
Indexes: EVA
75.657.444.51.8EVA – R$ million
8.068.3210.830.55Spread (ROIC – WACC) percentage points
937.8689.4410.8323.5Average invested capital – R$ million
2006200520042003
Localiza continues to present low volatility in spread.
In 2006 EVA grew 29.9% in accordance with the average rented fleet growth
Localiza continues to present low volatility in spread.
In 2006 EVA grew 29.9% in accordance with the average rented fleet growth
R$ / million
32%
16
ROE – return on equity
OBS: ROE was calculated dividing net income by average equity of the year. excluding the income of the year
Localiza was the 13th among the largest 500 companies in Brasilwith consistent ROE in the last 5 years, by 2006 FGV ranking
Localiza was the 13th among the largest 500 companies in Brasilwith consistent ROE in the last 5 years, by 2006 FGV ranking
29%
39%37%
2004 2005 2006
17
Perspectives
18
2007 perspectives:Utilization rate and real increase in the car price
2007 perspectives: Utilization rate of 70% in the car rentalReal increase in the new car prices in line with inflation
Average depreciationper car
Real decrease in theused car price
Real increase in theused car price
65.5%58.8%60.6%62.9%67.4%74.0%74.1%Utilization rate
5.2%2.9%1.8%9.2%9.3%11.9%13.8%% over rental revenue
939.1 492.3 322.9 1.752.3 1.656.2 2.142.5 3.617.7 Average depreciation per car
Car Rental
0.88%3.71%9.82%4.65%-5.14%-0.95%.-4.07%Real increase (decrease) in the new car price
3.14%5.69%7.60%9.30%12.53%7.67%5.97%IPCA- inflation
4.02%9.40%17.42%13.95%7.39%6.72%1.90%Increase of new car price (Pálio)
2006200520042003200220012000
Real increase x depreciation
3.617,7
2.142,51.656,2
1.752,3 322,9 492,3939,1
0,9p.p.
-4,1p.p.
-1,0p.p.
-5,1p.p.
4,7p.p.
9,8p.p.
3,7p.p.
(2.000,0)
(1.000,0)
-
1.000,0
2.000,0
3.000,0
4.000,0
2000 2001 2002 2003 2004 2005 2006
-6,0%
-2,0%
2,0%
6,0%
10,0%
19
2007 Perspectives: Consolidation
CAGR: + 11%
Car rental market revenues Localiza revenues(excluding car sales)
Localiza corporation grew 30.2% in 2006. ABLA estimated the market growth in 12%Perspective: Localiza’s growth of at lease 20% in business volume in 2007
Others84%
Localiza16%
Others82%
Localiza18%
Others80%
Localiza20%
Market share of Localiza Group
2004 2005 2006E
281331
429
2003 2004 2005
CAGR: + 24%
2,3502,680 2,910
2003 2004 2005
R$ / million
20
2007 perspectives:Management proposals for RENT3
New dividend policy in line with the high cash generation and the low indebted
Split of the shares (each one will be converted into 3) for the increase of the negotiability index
21
Strategies
Short-term:
To reinvest cash in our growth
To maintain profitability (ROE, net margin, EBITDA margin)
To add value to the company (EVA)
Long-term:
To expand business scale through organic growth and new agencies
To distribute excess cash
Localiza’s remuneration is aligned with the short-term strategies (variable remuneration) and long-term strategies (stock option)
22
RENT3 performance
Localiza was the Best Company for ShareholdersResearch by Economática. Stern & Stewart, IBGC and FEA/USP – companies up to R$ 5 bi market cap
Localiza was the Best Company for ShareholdersResearch by Economática. Stern & Stewart, IBGC and FEA/USP – companies up to R$ 5 bi market cap
Average daily traded volume (RS million)
4,570
10,581
6,124
11,804
2005 2006 4T05 4T06
+132%+93%
Source: Capital Aberto magazine
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Disclaimer - Forward looking statements
The material that follows 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 1934. 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 1933. 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.
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Thank you!
Localiza’s IR:www.localiza.com/riPhone: 55 (31) 3247-7039
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Addendum
26
Growth opportunities
Air traffic
GDP elasticity
Consolidation
Credit cards
Replacement
Fleet outsorcing
27
Source: Bacen, Localiza
The average car rental division volume growth was8.4 x GDP over the last five years
0%
20%
40%
60%
80%
100%
120%
140%
Localiza – daily rentals volume GDP
2001 2002 2003 2004 2005
CAGR: 18.3%
CAGR: 2.2%
8.4x
Accumulated growth rate – car rental
Growth opportunities: GDP
-20%
28
High leverage of car rental on
air travel
Air traffic has increased 11%
p.a. over the last 2 years due
to the success of low cost -
low fare airlines
Localiza is the absolute leader
in airport branches in Brazil
Air traffic evolution(Millions of passengers per year)
CAGR: +11%
Growth opportunities: Air traffic
8396 102
2004 2005 2006
29
Source: ABECS
CAGR: +21%
# of credit card (million)
Growth opportunities: Credit cards
Number of credit cards increased 21% per year over the last 2 years 78 million credit cards in BrazilEvery credit card user is a Localiza potential customer
5368
78
2004 2005 2006
30
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
Localiza is very well positioned to capture this growth due to its geographic footprint
Growth opportunities: Replacement market
31
Focus of corporations on their core businessesFocus of corporations on their core businesses
Fixed asset reduction by companiesFixed asset reduction by companies
Economic growthEconomic growth
Large potential market with low penetrationLarge potential market with low penetration
Growth opportunities: Fleet outsourcing
32
Growth opportunities: Consolidation
DTG11%
Vanguard20%
Hertz28%
Avis Budget32%
Other2%
Enterprise7%
All others19%
Avis Budget7%
Hertz9%
Enterprise65%
Source:*Avis presentation nov/06 - local segment share amounts are company estimates** National/Alamo prospectus, NYSE/SEC, September 20, 2006
US airport segment* - US$10BN US off-airport segment* - US$10BN
USA: 5 companies hold 92% of market shareEurope: 6 companies hold 74% of market share**
US Market share 2005
33Source: ABLA
Localiza is the consolidator in a fragmented industry
Growth opportunities: Consolidation
Localiza’s Market share - Brazil
2004 Market share 2005 Market share
16%
18%7% 4% 4%
Localplayers
69%
Unidas Avis Hertz
2006E Market share
20%
34
Off-airport agencies
Growth opportunities: Consolidation
Airport agencies
41
55
45
88
9/ 30/ 2005 9/ 30/ 2006
9.8%
60.0%96
133Owned agencies
The share in off-airport agencies is growing faster in volume and revenue
46.7%49.6%Off-airport agencies
16.0%17.2%Airport agencies
Revenue growthVolume growth
2006/2005 (%)
35
Bargainingpower
Highercompetitiveness
Market shareexpansion
Scale gainsIntegrated platform
Geographical distributionYield managementBargaining power
Credit with lower interest rateKnow-how
DepreciationStrong brand
IT
Competitive advantages
36
Franchising
Car rental
Competitive Advantages: Integrated business platform
Fleet rental
Used Car Sales
37
International footprint
International footprint
Strategic locationsStrategic locations
Nationwidepresence
Nationwidepresence
Competitive Advantages: Largest distribution
326 agencies in 9 countries
38
278
86
83
74
Localiza Hertz Avis Unidas
Localiza network is larger than the second, the third and the fourthcompetitors combined.
(number of agencies in Brazil)
243**278*
* As of September 30, 2006 ** As of January 29,2007
Competitive Advantages: Largest distribution
39
Yield management allows Localiza to be more competitive
Day of the weekDay of the week
Month of the yearMonth of the year
EventsEvents
CityCity
Volume per customerVolume per customer
Competitors’ monitoringCompetitors’ monitoring
Localiza adjusts its prices based on supply & demand
Competitive Advantages:Yield management
40
Localiza Group has the largest fleet in South America:52,733 cars in 2006
Localiza purchased more than US$1,0 billion worth of cars from 2001-2005*
Localiza and its Franchisees represent
1,9% of the Brazilian internal car sales
3,9% of GM internal car sales
3,3% of FIAT internal car sales
Localiza enjoys better price conditions due to its large scale
*90.4 thousand cars between 2001-2005 calculated on average purchase price of 2005
Competitive Advantages:Bargaining power
15 . 3 6 411. 7 5 8
15 . 0 6 2
2 2 . 18 22 6 . 10 5
3 3 . 5 2 0
2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
41
Competitive Advantages:Credit access
BB / Stable /--Localiza Rent a Car S.A.
A-/ Stable / A-2Enterprise Rent-Car Co.
BB+/ Stable /--Avis Budget Car Rental
B+/ Stable /--Vanguard (National / Alamo)
BB-/ Stable /--Hertz Corp.
Global Scale
brAA-/ Stable /--Localiza Rent a Car S.A.
brAA/ Positive /brA-1Banco Citibank S.A.
brAA+/ Positive /brA-1Banco Itaú S.A.
brAA+/ Positive /brA-1Banco Bradesco S.A
brA+/ Positive /--CPFL Energia S.A.
brAA+/ Positive /--Gerdau S.A.
brA+/ Stable /--TAM S.A.
Local Currency
Standard & Poor’s as of January 19, 2007
42
Deep knowledge of the businessState-of-the-art systemsOperational excellenceAdoption of best practicesStable management
15Used car operating officerMarco Guimarães
33Vice-presidentAntonio Resende
20CFORoberto Mendes
21Total fleet operating officerDaltro Barbosa
26Localiza operating officerGina Rafael
33
33
Eugênio Mattar
CEOSalim Mattar
Experienceat LocalizaTitleName
Vice-president
15Investor relationsSilvio Guerra
24Aristides Newton Franchising vice-president
Competitive Advantages:Know-how
Integrated Business Platform
Largest Distribution
Yield Management
Bargainingpower
Credit access
Depreciation
Experiencedmanagement
Brand recognition
State-of-the-artsystems
43
Car prices and accurate forecasts of depreciation (car rental)
26%*25%23%----National Alamo (USA)
23%23%22%----Hertz (USA)
4.1%2.9%1.8%9.2%9.3%11.9%13.8%Localiza (car rental division)
Until Set/06200520042003200220012000% over rental revenue
Competitive Advantages:Depreciation
Depreciation (car rental)
* Until Jun/06
Source: National/Alamo prospectus, Sep 20, 2006, p.11 and Hertz prospectus, Nov 21,2006, p.12 and 17
Average depreciationper car
Real decrease in theused car price
Real increase in theused car price
Real increase x depreciation
3.617,7
2.142,51.656,2
1.752,3 322,9 492,3939,1
0,9p.p.
-4,1p.p.
-1,0p.p.
-5,1p.p.
4,7p.p.
9,8p.p.
3,7p.p.
(2.000,0)
(1.000,0)
-
1.000,0
2.000,0
3.000,0
4.000,0
2000 2001 2002 2003 2004 2005 2006
-6,0%
-2,0%
2,0%
6,0%
10,0%
44
Top of mindTop of mind
High quality of services
Customer satisfaction
Strong nationwide presence
International franchising program
High standards of ethical behavior
Competitive Advantages:Brand recognition
Integrated Business Platform
Largest Distribution
Yield Management
Brand recognition
Bargainingpower
Credit access
Depreciation
State-of-the-artsystems
Experiencedmanagement
45
IT allows Localiza:Speed in transaction timeBetter operational controlCustomer satisfactionOn-line networkCost reduction
Competitive Advantages:IT
Integrated Business Platform
Largest Distribution
Yield Management
Brand recognition
Bargainingpower
Credit access
Depreciation
State-of-the-artsystems
Experiencedmanagement
46
Financial Cycles
47
Car rental financial cycle
115Financial payment
Financing
100
Car Sales Revenue
102
Revenues = 114,58
Expenses = 62,84
100Car acquisition
(List price net of dealers discount = 125)
*
Consolidated net margin is 19,3% of car rental revenues (if 100% leveraged).
R$ % R$ % R$ %
Car rental revenue 114,58 100,0% 102,20 100,0% 216,78 100,0%Costs (46,00) -40,1% (46,00)SG&A (16,84) -14,7% (7,15) (23,99)Book value of car resale (91,99) -90,0% (91,99) -3,8%
EBITDA 51,75 45,2% 3,06 3,0% 54,81 25,3%Depreciation (8,20) -8,0% (8,20) -3,8%Interest (15,00) -14,7% (15,00) -6,9%Tax (30%) (15,52) -13,5% 6,04 5,9% (9,48) -4,4%
NET INCOME 36,22 31,6% (14,10) -13,8% 22,12 10,2%% over car rental revenue
Car Rental Car Resale (Seminovos) Consolidated
31,6% -12,3% 19,3%
Revenue per car sold** 102,20SG&A (7%) (7,15)Safety Margin (3%) (3,06) Book value after 12 months 91,99
** Depreciation over list price: 100-(102.2/125)x100 = 18,2%
Principal 100,00Interest (CDI + 1 p.p.) 15,00Financial payment 115,00
48
R$ % R$ % R$ %
Fleet rental Revenue 53,64 100,0% 102,20 100,0% 155,84 100,0%Costs (14,24) -26,5% (14,24) -9,1%SG&A (3,97) -7,4% (7,15) (11,12) -7,1%Book value of car resale (91,99) -90,0% (91,99) -59,0%
EBITDA 35,43 66,0% 3,06 3,0% 38,49 24,7%Depreciation (8,20) -8,0% (8,20) -5,3%Interest (15,00) -14,7% (15,00) -9,6%Tax (30%) (10,63) -19,8% 6,04 5,9% (4,59) -2,9%
NET INCOME 24,80 46,2% (14,10) -13,8% 10,70 6,9%% over fleet rental revenue
Fleet Rental Car Resale (Seminovos) Consolidated
46,2% -26,3% 20,0%
Fleet rental financial cycle
Financing
100
115Financial payment
100Car acquisition
(List price net of dealers discount = 125)
Car Sales Revenue
102
Revenues = 53,64
Expenses = 18,21
Consolidated net margin is 20% of fleet rental revenues (if 100% leveraged).
Revenue per car sold** 102,20SG&A (7%) (7,15)Safety Margin (3%) (3,06) Book value after 12 months 91,99
** Depreciation over list price: 100-(102.2/125)x100 = 18,2%
Principal 100,00Interest (CDI + 1 p.p.) 15,00Financial payment 115,00
*
49
Depreciation rate evolutionx
Seminovos EBITDA margin
50
+ 0.06%+ 3.71%+ 9.82%+ 4.65%- 5.14%- 0.95%- 4.07%Real increase(decrease)
1.44%5.69%7.60%9.30%12.53%7.67%5.97%IPCA inflation
1.50%9.40%17.42%13.95%7.39%6.72%1.90%New car priceincrease (Palio)
1Q06200520042003200220012000
Evolution of car prices increase
-4.1% -5.1%
-1,0%
4.7%
9.8%
3.7%
0.1%
-6.0%
-2.0%
2.0%
6.0%
10.0%
2000 2001 2002 2003 2004 2005 1Q06
51
100.00100.00100.00100.00100.00100.00100.00Car purchase price
13%10%6%3%3%3%3%EBITDA margin
16.2511.606.953.303.153.002.85EBITDA
8.758.408.057.707.357.006.65SG&A (7%)
100.00100.00100.0099.0094.5090.0085.50Book Value
0%0%0%1.0%5.5%10.0%14.5%Depreciation rate
125.00120.00115.00110.00105.00100.0095.00Sale price
Exemple 7Exemple 6Exemple 5Exemple 4Exemple 3Exemple 2Exemple 1
Average 3.0% 9.6%
Depreciation rate = {(sale price – 10% of sale price) / Car purchase price}-1where 10% = selling expenses (7%) + safety margin (3%)
Depreciation rate X Seminovos EBITDA margin
52
Retail x replacement x mini-lease
53
0,50
2
57,0
95%
60,0
Mini-lease
2,00
8
56,0
80%
70,0
Replacement
5,00*Total fixed cost
Interactions (0.25 each)
Revenue
Utilization rate
Rate index
20
60,0
60%
100,0
Retail
Car rental - Gross profit per segment
* It does not include 5% airport fees
Reservation
Pick up
Usage
After-salesCar return
Volume 36% 64%Revenue 58% 42%
56,554,055,0Contribution margin
54
Performance - RENT3
Performance: RENT3 2005 + 149% X IBOV + 38%RENT3 2006 + 124% X IBOV + 33%RENT3 since IPO + 459% X IBOV + 84%
Average daily trading volume in 2006: R$ 10,5 million
10
15
20
25
30
35
40
45
50
55
60
65
70
23-M
ay7-J
un21
-Jun
5-Jul
19-Ju
l2-A
ug16
-Aug
30-A
ug14
-Sep
28-S
ep13
-Oct
27-O
ct11
-Nov
28-N
ov12
-Dec
26-D
ec10
-Jan
24-Ja
n8-F
eb22
-Feb
10-M
ar24
-Mar
7-Apr
25-A
pr10
-May
24-M
ay7-J
un22
-Jun
6-Jul
20-Ju
l3-A
ug17
-Aug
31-A
ug15
-Sep
29-S
ep16
-Oct
30-O
ct14
-Nov
30-N
ov14
-Dec
Pric
e
0
20
40
60
80
100
120
Vol
ume-
R$
thou
sand
Volume RENT3 RENT3 IBOVESPA
RENT3 X IBOV
De 23/05/05 (IPO) a 31/12/06.
R$64,25
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