apresentacao eng 1_q12
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TRANSCRIPT
1Q12 Results Webcast
May 15, 2012
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
Quarter Highlights
April 23rd we became a member of the select group of 126 companies
which currently trades on the Novo Mercado, with our shares being listed
under the ticker “LCAM3”;
On May 2, Fitch Ratings increased Locamerica’s ratings to A- (bra) which
places the company on a new level of Investment Grade;
Operating Margins soar to historical record in 1Q12;
Net profit increased 47.3% in 1Q12 over 1Q11, to R$7.9 million, with net
margin increasing by 2.0 p.p. to 10.5%;
ROIC LTM increased to 15.0% in the quarter, 2.8 percentage points above
1Q11, while ROE LTM was 16.3% in the period, a robust 9.5 p.p. higher
than the 1Q11 figure.
2
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
147.6196.8
272.5
63.3 75.1
64.5
112.4
118.2
26.4 19.8
2009 2010 2011 1Q11 1Q12
Net Rental Revenue Used Cars Sales Revenue
212.1
309.2
390.7
89.794.9
Consolidated Revenues
3
Consolidated Net Revenues – R$ Million
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
74.5
108.8
155.6
37.1 45.9
2009 2010 2011 1Q11 1Q12
EBITDA
4
¹ EBITDA Margin on Net Rental Revenue
EBITDA – R$ million
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
(8.5)
11.6
22.6
5.4
7.9
2009 2010 2011 1Q11 1Q12
Consolidated Net Income
5
Net Income– R$ million
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
15,535
21,913
27,262
22,288
28,631
2009 2010 2011 1Q11 1Q12
Fleet - End of Period
6
Fleet End of Period - Units
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
96.3%96.9% 96.9%
96.5% 96.6% 96.8%96.4% 96.1%
95.3%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
20,685 23,328 23,590
532
1,023 1,445
1,071
2,911 3,596
1Q11 4Q11 1Q12
Operating Deployment Demobilization
28,63127,262
22,288
Operating Performance
7
Final Fleet Breakdown Utilization Rate¹
¹ Average Rented Fleet / Average Operating Fleet
1.445 Operacional Implantação Desativação1.445 Operacional Implantação Desativação1.445 Operacional Implantação Desativação
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
21.6
27.8 33.6
29.4 26.4 27.9
34.2 29.7
19.8
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
42.2 46.5
51.6 56.5
63.3 68.0 69.1
72.1 75.1
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Consolidated Revenues
Rental Net Revenue– R$ Million
8
Used Car Sales Revenues – R$ Million
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
1,211
1,330
1,504
1,660
1,790 1,849
1,869
1,958
2,083
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
1,105
1,123
1,150 1,147
1,197
1,219
1,233 1,242 1,243
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Net Rental Revenues
9
Average Monthly Tariff – R$ # daily rentals - thousand
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
20.9
21.421.6
22.1
22.8
1Q11 2Q11 3Q11 4Q11 1Q12
Preço Médio de Venda
1,262 1,303
1,582
1,342
865
1Q11 2Q11 3Q11 4Q11 1Q12
Used Car Sales Net Revenues
10
Cars Sold¹ Average Selling Price¹
¹ Includes Total Loss sold ¹ Includes Total Loss sold
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
6.4% 6.5%6.1%
6.5% 6.6%
1Q11 2Q11 3Q11 4Q11 1Q12
R$ 342
R$ 321
R$ 298
R$ 316
R$ 295
2009 2010 2011 1Q11 1Q12
Operating Costs
11
Avg. Monthly Maintenance Cost per Vehicle¹ Depreciation / Avg. Fixed Assets²
² Vehicles and Acessories ¹ Average Operating Fleet
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
35.5
37.1
40.6
41.642.3
1Q11 2Q11 3Q11 4Q11 1Q12
9.6%
12.1%
10.5%
14.0%
11.9%
1Q11 2Q11 3Q11 4Q11 1Q12
SG&A Expenses
12
SG&A % / Net Revenue¹ Fleet per employee²
² Operating Fleet ¹ Consolidated Net Revenue
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
27.3 26.5 30.8 29.1
33.3
43.1% 39.0%44.5% 40.4% 44.3%
1Q11 2Q11 3Q11 4Q11 1Q12
37.1 36.9 41.1 40.4
45.9
58.6%54.3%
59.5% 56.1%61.1%
1Q11 2Q11 3Q11 4Q11 1Q12
EBITDA and EBITDA Margin¹
EBITDA and EBIT
13
EBIT and EBIT Margin²
² EBIT Margin on Rental Net Revenue ¹ EBITDA Margin on Rental Net Revenue
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
6.8%
11.6%
14.4%
15.2% 16.3%
12.3%13.6%
14.6%
14.9% 15.0%
1Q11 2Q11 3Q11 4Q11 1Q12
% ROE LTM % ROIC LTM
5.4 6.2 6.1
4.9
7.9
8.5% 9.2% 8.8%6.8%
10.5%
1Q11 2Q11 3Q11 4Q11 1Q12
Net Income and Returns
14
¹ Net Income / Rental Net Revenue
Net Income and Net Margin¹ ROE² and ROIC³
² ROE LTM = (Net Income / Average Equity last 5 quarters) x 100. Excludes CPC 39 effects. ³ ROIC LTM = (NOPLAT / Average Accounts Receivable – Suppliers + Fixed Assets) x 100.
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231 115.6
291.9
318.3
65.2
113.5 122.4
2009 2010 2011
50.4
195.9
178.4
49.0
68.3
26.4 19.8
1Q11 1Q12
22.6
48.6
4,467
11,040 11,052
2,828
5,473 5,489
2009 2010 2011
1,639
5,5635,567
1,692
2,318
1,262
865
1Q11 1Q12
430
1,453
Fleet Increase
Investment
15
Net Fleet CAPEX – R$ Million
Purchased Cars
Sold Cars
Purchases
Used Cars Sales Revenues
4.467
11.040 11.052
2.828
5.473 5.489
2009 2010 2011
Compra Receita de Venda
1.639
5.5635.567
4.467
11.040 11.052
2.828
5.473 5.489
2009 2010 2011
Compra Receita de Venda
1.639
5.5635.567
4.467
11.040 11.052
2.828
5.473 5.489
2009 2010 2011
Compra Receita de Venda
1.639
5.5635.567
4.467
11.040 11.052
2.828
5.473 5.489
2009 2010 2011
Compra Receita de Venda
1.639
5.5635.567
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
Cash
187.2
159.6
250.2
173.0 165.0
156.0
2012 2012 2013 2014 Up to 2016
343.2
Debt Amortization Schedule
Debt Profile - 03/31/2012
16
* Proforma after IPO
R: 228
G: 132
B: 106
R: 245
G: 209
B: 199
R: 238
G: 26
B: 47
R: 213
G: 213
B: 213
R: 90
G: 90
B: 90
R: 159
G: 159
B: 159
R: 192
G: 192
B: 192
R: 231
G: 231
B: 231
243.9
393.4
523.9560.6
404.6381.2
562.7
711.1750.5 750.5
2009 2010 2011 1Q12 1Q12 Proforma
Net Debt Fleet Value
Financial Ratios
17
Net Debt x Fleet Value
¹ Annualized
Balance at end of period 2009 2010 2011 1Q12¹1Q12¹
ProformaNet Debt / Fleet Value 64.0% 69.9% 73.7% 74.7% 53.9%
Net Debt / EBITDA 3.27 3.61 3.37 3.06 2.20
Net Debt / Equity 15.49 2.96 3.92 4.13 2.98EBITDA / Net financial expenses 1.35 2.42 1.87 2.02 2.02
¹
¹
Thank you!
www.locamerica.com.br/ri
Contact: [email protected]
+55 31 3316.1981
Legal Notice - This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Renner S.A. and are merely projections and, as such, are based exclusively on the expectations of the Company’s management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, the performance of the Brazilian economy, the sector and the international markets, and are therefore subject to change without prior notice.