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Transcript of Localiza institucional inglês
April, 2014
Localiza Rent a Car S.A.Institutional Presentation
1
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Rental
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 1Q14
Agenda
2
Company: milestones
Phase I – Rise to #1
1973 – Founded in Belo Horizonte/MG
Late 70’s - Acquisitions in the Northeast of Brazil
1981 – Brazilian car rental leader in # of branches
Phase II – Expansion
1984 – Expansion strategy by adjacencies: Franchising
1991 – Expansion strategy by adjacencies: Seminovos
1997 – PE firm DL&J enters at a market cap of US$ 150 mm
1997 – Expansion strategy by adjacencies: Fleet Rental
Phase III – Reaching Scale
2005 – IPO: market cap of US$ 295 mm
2011 – Rated as investment grade by Moody’s, Fitch and S&P in 2012
2012 – ADR level I
03/31/2014 – Market cap of US$3.1 bi with ADTV of R$49.4 million
1973 1982 1983 2004 2005 2014
3
Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
� 13.275 cars
� 176 locations in Brazil
� 63 locations in South America
� 37 employees
� 59.2% sold to final consumer
� 74 stores
� 1,003 employees
� 64,642 cars
� 4.0 million clients
� 301 locations
� 4,379 employees
� 32,009 cars
� 768 clients
� 353 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 1Q14 4
Company: Business platform divisions
Car Rental
Localiza car rental rents to individuals or businesses at airports and other locations.
The traditional backbone of Localiza. With its giant fleet that gets renewed annually, it lays the foundation for all scale effects captured by the group as a whole.
Fleet Rental
Offering customized fleet for 2-3 years terms.
Localiza Fleet is seen as an additional business that generates value by leveraging synergies created by the integrated platform approach.
Used car sales
Support area, with the objective to sell the Company’s used cars and add know-how in buying cars and estimating the residual value.
As a support business activity, Seminovosenables the sell roughly 65% of used cars directly to the final customer, thereby maximizing the residual value of used rental cars.
Franchising
Supplementary business, with the purpose to expand the brand’s network.
Franchising is seen as a primarily strategic business by management – the revenues generated are low, however brand and network expand at minimum capital expenditure.
5
6
Net car salerevenue R$25.51 year cycle
Car Rental Financial CyclePer car
R$27.0Car acquisition
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
Spread11.1p.p.
Total
1 ano
R$ % Seminovos % R$
Net revenues 19,7 100,0% 28,1 100,0% 47,8
Costs - fixed and variable (9,1) -46,1% (9,1)
SG&A (3,3) -17,0% (2,6) -9,4% (6,0)
Net revenues of car sold 25,5 90,6% 25,5
Book value of car sold (24,1) -85,8% (24,1)
EBITDA 7,3 36,8% 1,4 4,9% 8,6
Cars Depreciation (1,5) -5,2% (1,5)
Others depreciation (0,4) -1,9% (0,2) -0,8% (0,6)
Financial expenses (1,3) -4,6% (1,3)
Taxes (2,1) -10,5% 0,5 1,7% (1,6)
Net Income (Loss) 4,8 24,5% (1,1) -4,0% 3,7
NOPAT 4,6
ROIC 17,1%
Cost of debt after taxes 6,0%
Car Rental Seminovos
Per car soldPer operating car
7
Net car salerevenue R$24.4
2 year cycle
Fleet Rental Financial Cycle
Per car
Spread11.1p.p.
R$33.3Car acquisiton
1 2 3 4 5 6 19 20 21 22 23 24Expenses, interest and tax
Revenue
Total
2 anos
R$ % Seminovos % R$
Net revenues 36,9 100,0% 26,7 100,0% 63,7
Costs - fixed and variable (10,3) -28,0% (10,3)
SG&A (2,4) -6,5% (2,4) -8,9% (4,8)
Net revenues of car sold 24,4 91,1% 24,4
Book value of car sold (23,1) -86,2% (23,1)
EBITDA 24,2 65,5% 1,3 4,9% 25,5
Cars Depreciation (9,2) -34,3% (9,2)
Others depreciation (0,1) -0,2% - 0,0% (0,1)
Financial expenses (2,2) -8,2% (2,2)
Taxes (7,2) -19,6% 3,0 11,3% (4,2)
Net Income (Loss) 16,9 45,7% (7,0) -26,3% 9,9
Net Income (Loss) - per year 8,4 45,7% (3,5) -26,3% 4,9
NOPAT 5,7
ROIC 17,1%
Cost of debt after taxes 6,0%
Per operating car
Fleet Rental Seminovos
Per car sold
Spread (ROIC minus cost of debt after taxes)
(*) 2008 and 2012 ROIC were calculated excluding additional fleet depreciation that was treated as equity loss since they were extraordinary non-recurring events caused by external factors (IPI reduction for new cars), following the concepts recommended by Stern Stewart.
8
8.4% 8.8% 7.6% 7.3% 8.6%6.3% 6.0% 7.6%
21.3%17.0%
11.5%
16.9% 17.1% 16.1% 16.5%18.9%
2007 2008 2009 2010 2011 2012 2013 1Q14
12.9p.p.8.2p.p.
4.0p.p.9.6p.p. 8.5p.p. 11.3p.p.
9.8p.p.
ROIC Cost of debt after taxes
Financial crisis effect
10.5p.p.
Annualized
505.9 608.2 745.2
883.1 1,087.1 1,096.3
1,382.1 1,605.4 1,703.0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Rental revenues evolution
3.585,6 3.520,6 3.510,5 3.659,4 3.884,6 4.045,4 4.381,8 4.433,3 4.527,0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Localiza’s rental revenues at constant prices
Sector’s revenue at constant prices (ex- Localiza)
GDP 5.7% 3.2% 4.0% 6.1% 5.2% -0.3% 7.5% 2.7% 1.0%
Average GDP growth: 3.9%
Source: ABLA (Brazilian Car Rental Association) and Localiza. 9
The Company grew at an average of 4.2x GDP and 5.5x the sector.
Raisingmoney Buying
cars
Renting Cars SellingCars
Source: ABLA (Brazilian Car Rental Association) and Localiza.
Cash to renew the fleet or pay debt
$
Profitability comes from rental divisions
Competitive advantages: 40 years of experience in managing assets
$
10
Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of March, 2014.
BBB FitchBaa3 Moody’sBBB- S&P
BBB+ S&P B+ S&P B+ Fitch B1 Moody‘s
brAAA S&P Aa1.br Moody’sAAA(bra) Fitch
brAA- S&PA+ (bra) Fitch
brA S&P A (bra) Fitch
brA+ S&PA+ (bra) Fitch
A(bra) Fitch
Raisingmoney
Buyingcars
Renting CarsSellingCars
11
12
Competitive advantages: buying cars
Localiza buys cars with better conditions due to the volume of purchases.
Number of cars purchased - 2013
• Includes Franchising
78,779
18,8669,950
*
Source: each company website
Localiza’s share in the internal sales of the major OEMs - 2013
2.6%
Raisingmoney
Buyingcars
Renting CarsSellingCars
Localiza Unidas Locamerica
344
99 7842
108
153
55
13
The Company is present in 245 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know HowBrand Brazilian distribution
# o
f b
ran
ch
es
# o
f cit
ies
Source: Brand Analytics and each company website (Localiza and Peers, as of December, 2013)
479
316
Raisingmoney
Buyingcars
Renting CarsSellingCars
Localiza Unidas Hertz Avis
14
Sales to final consumer
Competitive advantages: selling cars
Selling directly to final consumer reduces depreciation.
Cars available for sale are used by car rental division during peaks of demand.
Raisingmoney
Buyingcars
Renting CarsSellingCars
Buffer: additional fleet
15
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Rental
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 1Q14
Agenda
16
Car Rental overview
65.9%Compact cars
2013 Fleet composition
70,717 cars
34.1%Others
Net Revenues (R$ million)
Corporate fleet size
47,517
64,688 70,717
2009 2011 2013
428.0 565.2
585.2 802.2
980.71,093.7 1,163.5
283.2 311.3
2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14
17
Drivers
Air traffic passengers - million
Source: BNDES, ANAC, IPEADATA and BCB
GDP per capita
(R$ thousands)
6.9 7.5 8.4 9.5 10.7 11.7 12.8 14.2 16.0 16.6
19.0 21.3 22.4
24.1
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
151180 200
240260 300
350380
415465
510545
622678
51%
38%37% 35%
31%27%
22% 20% 18% 16% 15% 15% 13% 12%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
Car rental affordability
29
7082 89 90
2003 2010 2011 2012 2013
Investments in Brazil (2014-2017)(R$ 3.982 billion)
1.505
1.100 867
510
Services andAgriculture
Industry Housing Infraestructure
18
Distribution
Car rental distribution (Brazil)
312 346 381 415 449 474 479 477
2007 2008 2009 2010 2011 2012 2013 1Q14
19Source: Abla and each company’s website (December 2013)
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil
2012 Share – Car Rental
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements.20
Rental RevenuesR$2,781.2 million
Others53.8%
30.9%
4.6%
6.5%Unidas
Fleet210,506 cars
Characteristics of Car Rental network in Brazil:
� Complex chain management
� High fixed-cost structure
� Market consolidated in airports and fragmented in off-airport locations
� High barrier to entry
� Capital intensive
35.5%
41.8%
2.5%Hertz
Others46.8%
2.8%Avis
6.1%Unidas
2.1%Avis
2.1 Hertz
2013 Industry overview
Source: ABLA, Companies’ Financial Statements. **Ouro Verde: Net Fleet Rental Revenue; Ouro Verde: EBITDA excludes selling of Martini Meat. ***Investiment = Average shareholders’ Equity + Average Net Debt
21
Gross RentalRevenues (R$ million)
1,821.8 567.0 356.9 N/A 216.8**
Fleet (End of period ) 117,759 38,292 28,265 29,247 18,616
ROIC(NOPAT/ Investment***):
2013 17.7% 6.8% 7.4% 7.2% 7.8%
2012 17.3% 3.9% 6.9% 7.0% 7.9%
Net Debt/ EBITDA 1.5x 2.2x 3.1x 3.9x 3.5x
Net Debt/ Equity 1.0x 0.9x 1.7x 2.7x 6.8x
22
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Rental
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 1Q14
Agenda
23
Number of clients
Fleet Rental overview
38.0%Compact cars
2013 Fleet composition
32,809 cars
62.0%Others
584687 760
2009 2011 2013
Net Revenues (R$ million)
219.8 268.4 303.2 361.1
455.0 535.7
575.9
141.8 143.2
2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14
2012 Share – Fleet Rental
24
Others65.5%
16.0%
1.6%
Unidas
Locamérica
Rental RevenuesR$3,448.8 million
Others70.1%
11.5% 0.9%
Unidas
Locamérica
Fleet279,042 cars
Characteristics of the Fleet Rental business in Brazil:
� Scale in purchasing cars of little relevance after initial scale (10,000 cars)
� Low fixed cost structure
� Risk of forecast of car residual value by the end of the contract (depreciation)
� Low entry barrier
17.6%
12.4%
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements.
7.1%
9.8%
7.0%
10.5%
25Source: ABLA 2012 Yearbook and Datamonitor
Low penetration of outsourced fleet in Brazil.
Outsourced fleet penetration
Corporate fleet:
5,000,000*
Rented (outsourced) fleet:
279,042
32,009
Brazilian Market World
5.4%8.9%
13.3%16.5%
24.5%
37.4%
46.9%
58.3%
Brazi
l
Poland
Cze
ch R
epublic
Ger
man
y
France
Spain Uk
Holla
nd
Drivers
*Estimated
26
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Rental
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 1Q14
Agenda
27
Combining Localiza’s brand with a growing network of stores
enables the Company to continuously sell thousands of cars at market prices.
# of points of sale
Car sales – operating data
32 35
4955
6673 74 74
2007 2008 2009 2010 2011 2012 2013 1Q14
28
Income increase and credit availability are the major drivers for car sales.
Source: O Estado de São Paulo, as of 08/16/13 (based on researches of Sindipeças) and Globo website, as of 03/10/2014.
Used car sales drivers: affordability and penetration
# of inhabitants per car 2012 –(Brazil 2013)
# of inhabitants per car - Brazil
4.4
4.2
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Brazil
Argentina
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
8.0 7.9 7.4
6.9 6.55.9 5.5 5.2
4.4
2005 2006 2007 2008 2009 2010 2011 2012 2013
7.06.7
7.1 7.3 7.1
8.48.9 9.0
9.4
1.6 1.82.3
2.73.0
3.3 3.5 3.6 3.6
29
4.4x3.7x
3.1x2.7x 2.4x 2.5x 2.5x
2005 2006 2007 2008 2009 2010 2011 2012 2013
2.6x
Brazilian car market: new x used car market and affordability
New cars
Used cars
Source: FENABRAVE (Autos + light commercial) and Anfavea
2.6x
30
2012 Up to 2 years409.121
2013 Brand new3,579,903
2013 Used cars9,434,225
0.7% 1.8% 13.9%
Car sales – operating data
Source: Anfavea and Fenabrave
30,093 34,281 34,519
47,285 50,772
56,644 62,641
12,934 17,449
2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14
# of cars sold (Quantity)
31
Examples
• Dealers• Fiat, VW, Ford, GM most
successful• Auto Brasil
• Rental operators• Locamerica, Hertz
• Retailers• “Loja do carro”
• “Auto malls” and “Cidade do automóvel”
Strengths*
• Brand and perceived image/ experience
• Support often directly from the OEM’s
• Flexibility in trade-in cars
• Strong media presence
• Tailored to popular customer demand at purchase, hence likely to be an attractive value proposition when for sale
• Often appeal to lower income classes, with older cars
• Occasionally specialized in niches
• Comfort and convenience
• Variety of models and brands
• Flexibility in exchange
Weaknesses*
• Used cars not a core business
• Cars often older than 2 years
• Stigma about heavy usage during rental car years
• Weak retail network• Geographical
concentration (SP)• Lower media
presence
• No brand recognition (lower reputation market)
• Financing options with higher interest rates
• Lower media presence
• Cars often older than 2 years
• It hasn’t been successful
Points of sale • 3,714 (Anfavea)• 25 (Unidas,
Locamerica, Avis and Hertz website).
• 45,600 (Fenauto) • 71 (Fenauto)
Main players
*Source: Roland Berger
32
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Rental
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 1Q14
Agenda
40%
60%
33
2013 Consolidated breakdownR$ million
Net Revenues EBITDA
11%
41%
48%
50%
16% 34%
Company’s profitability comes from Car Rental and Fleet Rental Divisions.
EBIT*
Net revenues EBITDA EBIT Net income
1,183.0 440.0 392.3 225.3
575.9 377.3 259.8 159.0
1,747.3 99.2 * *
Consolidated 3,506.2 916.5 652.1 384.3
*Seminovos results recorded in the Car Rental and Fleet Rental Division.
34
Consolidated Net RevenuesR$ million
655.0 842.9 898.5 1,175.3 1,450.0 1,646.7 1,758.9
429.5 459.3
850.5 980.8 922.4
1,321.9 1,468.1
1,520.0 1,747.3
363.8 485.8
2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14
Car Rental Used car sales
1,505.51,823.7
2,918.1 3,506.2
793.3
1,820.9
2,497.2
3,166.7
945.1
35
Consolidated EBITDA R$ million
In the Car Rental Division, EBITDA margin was 40.2% in 1Q14, 4.6 p.p. above the same quarter of 2013.
403.5 504.1 469.7649.5
821.3 875.6 916.5
217.2 249.1
2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14
Divisions 2007* 2008* 2009* 2010* 2011* 2012 2013 1Q13 1Q14
Car Rental 46.0% 45.9% 41.9% 45.3% 46.9% 40.9% 36.8% 35.6% 40.2%
Fleet Rental 71.3% 69.1% 68.7% 68.0% 68.6% 66.4% 65.5% 65.9% 62.0%
Rental Consolidated 54.5% 53.3% 51.1% 52.3% 53.8% 49.3% 46.5% 45.8% 47.2%
Used Car Sales 5.5% 5.6% 1.1% 2.6% 2.8% 4.2% 5.7% 5.6% 6.6%
(*)Up to 2011, accessories and freight of new cars were recorded as permanent assets and depreciated over the cars’ useful life.From 2012 on, such values have been accounted directly in the cost line, impacting EBITDA but reducing depreciation costs.
2,395.8
5,083.14,371.7
3,509.7 4,133.0
4,311.3
4,592.3 4,508.01,096.9
2007 2008 2009 2010 2011 2012 2013 1Q14
332.9
2,546.0 2,577.0
1,536.0 1,683.9
1,895.8
1,452.4 1,396.0
2007 2008 2009 2010 2011 2012 2013 1Q14
36
Average depreciation per carin R$
Robust used-carmarket
Financial crisis and IPI reduction effect
Robust used-car market
Financial crisis and IPI reduction effect
Depreciation Non recurring additional depreciation - IPI Effect
Depreciation Non recurring additional depreciation - IPI Effect
3,972.4
5,408.2
2,076.6
Average depreciation per car (R$) – Car Rental
Average depreciation per car (R$) – Fleet Rental
37
Consolidated net incomeR$ million
190.2127.4 116.3
250.5291.6
240.9
384.3
88.8 105.8
2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14
* Pro forma 2012 net income excluding additional depreciation, net of income tax.
336.3 *
Record
Strong net income growth even in a high interest scenario.
38
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Rental
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 1Q14
Agenda
39
Free cash flow - FCF
(*) Without the technical discount up to 2010
Free cash flow - R$ million 2007 2008 2009 2010 2011 2012 2013 1Q14
Op
era
tio
ns
EBITDA 403.5 504.1 469.7 649.5 821.3 875.6 916.5 249.1
Used car sale revenue, net from taxes (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,520.0) (1,747.3) (485.8)
Depreciated cost of cars sold (*) 760.0 874.5 855.1 1,203.2 1,328.6 1,360.2 1,543.8 432.0
(-) Income tax and social contribution (63.4) (52.8) (49.0) (57.8) (83.0) (100.9) (108.5) (31.7)
Change in working capital 13.3 (44.8) (11.5) 54.5 (83.9) 37.1 2.9 (44.4)
Cash provided before investment 262.9 300.2 341.9 527.5 514.9 652.0 607.4 119.2
Cap
ex -
Ren
ew
als
Used car sale revenue, net from taxes 850.5 980.8 922.4 1,321.9 1,468.1 1,520.0 1,747.3 302.9
Car investment for renewal (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,563.3) (1,818.7) (317.1)
Net investment for fleet renewal 11.5 (54.6) (25.5) (48.2) (36.4) (43.3) (72.4) (14.2)
Fleet renewal – quantity 30,093 34,281 34,519 47,285 50,772 56,644 62,641 10,880
Investment, other property and intangibles investments
(23.7) (39.9) (21.0) (51.1) (63.0) (80.2) (54.0) (9.8)
Free cash flow before growth and before interest 250.7 205.7 295.4 428.2 415.5 528.5 481.0 95.2
Cap
ex -
Gro
wth
Investment on cars for fleet (growth) (221.9) (299.9) (241.1) (540.3) (272.0) (55.5) (209.4) -
Cash provided by fleet decrease - - - - - - - 182.9
Change in accounts payable to car suppliers (51.0) (188.9) 241.1 111.3 32.7 (116.9) 89.7 (102.1)
Fleet growth(272.9
)(488.8) 0.0 (429.0) (239.3) (172.4) (119.7) 80.8
Fleet increase / (reduction) – quantity 7,957 9,930 8,642 18,649 9,178 2,011 7,103 (6,569)
Free cash flow after growth and before interest (22.2) (283.1) 295.4 (0.8) 176.2 356.1 361.3 176.0
40
Changes in net debt R$ million
- 1,207.9(34.3)
Financial expenses
(16.8)
IOC
Net debt 03/31/2014
FCF176,0
-1,332.8
Net debt12/31/2013
FCF after financial expenses
141.7
Net debt was reduced in R$124.9 million due to strong cash generation in the period.
41
Debt maturity profile (principal)R$ million
The Company maintains a strong cash position and comfortable debt maturity profile.
238.4 214.5
647.3 511.0
221.0 247.0 100.0 100.0
2014 2015 2016 2017 2018 2019 2020 2021
Cash
1,193.7
1,100.2
765.1
1,254.5 1,078.6
1,281.1 1,363.4 1,231.2 1,332.8 1,207.9 1,492.9
1,752.6 1,907.8
2,446.7 2,681.7 2,547.6 2,797.9 2,623.6
2007 2008 2009 2010 2011 2012 2013 1Q14
42
Debt - ratiosNet debt vs. Fleet value
BALANCE AT THE END OF PERIOD
2007(*) 2008(*) 2009(*) 2010(*) 2011 2012 2013 1Q14
Net debt / Fleet value 51% 72% 57% 52% 51% 48% 48% 46%
Net debt / EBITDA** 1.9x 2.5x 2.3x 2.0x 1.7x 1.4x 1.5x 1.2x
Net debt / Equity 1.3x 2.0x 1.5x 1.4x 1.2x 0.9x 1.0x 0.8x
EBITDA / Net financial expenses 5.4x 3.8x 4.2x 5.0x 4.6x 6.3x 8.3x 7.3x
(*) From 2007 to 2010, ratios based on USGAAP financial statements.**Annualized
Net debt Fleet value
Comfortable debt ratios.
43
Localiza Level I ADR
�Ticker Symbol: LZRFY
�CUSIP: 53956W300
�ISIN: US53956W3007
�Ratio: 1 Common Share : 1 ADR
�Exchange: OTC
�Depositary bank: Deutsche Bank Trust Company Americas
�ADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
�E-mail: [email protected]
�ADR website: www.adr.db.com
�Depositary bank’s local custodian: Banco Bradesco S/A, Brazil
44
Disclaimer
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 doesnot 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 anyother person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of theinformation 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 ExchangeAct of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-lookingstatements 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 itssubsidiaries 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 toLOCALIZA’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 securitiesto be made in the United States will be made by means of an offering memorandum that may be obtained from any underwriters we may appoint in connection with anoffering of securities in future. Such offering memorandum will contain, or incorporate by reference, detailed information about LOCALIZA and its business and financialresults, 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.
Website: www.localiza.com/ir E-mail: [email protected] Phone: 55 31 3247-7024
Roberto MendesCFO and IR
Nora LanariHead of IR
Eugênio MattarCEO