Non-deal Roadshow Localiza - Goldman Sachs (inglês)
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Transcript of Non-deal Roadshow Localiza - Goldman Sachs (inglês)
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Localiza Rent a Car S.A.
Confins airport branch – Belo Horizonte
24h reservation0800 979 2000
www.localiza.com
2
Integrated business platform
Data-base: 9M07
This integrated business platform gives Localiza superior performance
Synergies:
cost reduction
cross selling
bargaining power
7, 102 cars179 agenciesin 9 countries
22,585 cars sold32 points of sale83% sold to final consumer
28,080 cars172 agencies1.2 million clients
16,600 cars405 clients
1.861 employees 173 employees
407 employees24 employees
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Cor
e B
usin
esse
sSu
ppor
t
Increase market leadership maintaining high return
Create value taking advantage of the integrated business platform synergies
Add value to the brand by expanding the network in Brazil and South America
Strategy by division
Add value to the businesses, reducing depreciation as a competitive advantage
4
Revenues Ebitda Profit
Car rental 31% 48% 54%
Fleet rental 17% 42% 45%
Used cars 51% 9% *
Franchising 1% 1% 1%
Total 100% 100% 100%
2006
*Profit (loss) alocated in the rental divisions
Breakdown per division
Revenue
Car rental31%
Fleet rental17%
Seminovos52%
Franchising1%
Profit
Car rental54%
Fleet rental45%
Franchising2%
EBITDA
Car rental48%
Fleet rental42%
Franchising1%
Seminovos9%
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Growth opportunities
Air traffic
GDP elasticity
Consolidation
Credit cards
Replacement
Fleet outsourcing
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2004 2005 2006
5.7x
Source: Bacen, Abla and Localiza
Accumulated growth rate – rentals
Growth opportunities: GDP
Localiza’s average annual revenue growth was 5.7x the average annual GDP.The Brazilian car rental market grew 2.6x the GDP in the same period.
2.6x
GDP Sector Localiza
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Number of travelers has increased 13% CAGR
Localiza has strong leadership in airports
Localiza’s airport agencies has been grown in average 2 times faster than the number of passengers deplaned
Air traffic evolution(Millions of passengers per year)
CAGR: +13%
Growth opportunities: Air traffic
7183
96 102
2003 2004 2005 2006
Source: Infraero
Air traffic is an important driver for car rental industry
8
Source: Abecs
CAGR: +18%
# of credit cards (million)
Growth opportunities: Credit cards
79 million credit cards
39,5 million credit cards holders
37% of car rental revenues camethrough credit cards in 2006
Having a credit card is a requirement to rent a car in Brazil and in USA
48 5368
79
2003 2004 2005 2006
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Localiza is very well positioned to capture this growth due to its geographic footprint
Growth opportunities: Replacement market
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 (2.5 x the car rental division in 2006)
Source: Fenaseg and Denatran
10
Growth opportunities: Fleet outsourcing
Focus of corporations on their core businesses Focus of corporations on their core businesses
Fixed asset reduction by companies (increase their asset turnover)Fixed asset reduction by companies (increase their asset turnover)
Renting a fleet can be more economic than owning itRenting a fleet can be more economic than owning it
Large potential market with low penetration due to lack of culture Large potential market with low penetration due to lack of culture
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All others19%
Avis Budget7%
Hertz9%
Enterprise65%
Airport segment* US$10BN
Off-airport segment* US$10BN
Source:*Avis presentation nov/06 - local segment share amounts are company estimates** National/Alamo prospectus, NYSE/SEC, September 20, 2006
USA: 4 companies hold 93% of market share (Auto Rental News)
US Market share 2005
Growth opportunities: Consolidation
Enterprise / Vanguard
27%
Avis/Budget32%
Hertz28%
DTG11%
Others2%
12
Growth opportunities: Consolidation
The main car rental networks are concentrated in airport market Off-airport market is fragmented among almost 2,000 small local car rental companies
Source: *Localiza as of 08/07/07**Each company website, 08/07/07*** Assuming that each local player has one agency
Off-airport segment*agencies
Airport segment* agencies
Airport and off airport market - Brazil
Others***1948
Localiza*215
Unidas**47
Avis**50
Hertz**61
Localiza*83
Others**41
Hertz**31
Avis**32
Unidas**31
13Source: ABLA and Company, based on revenues
Localiza is increasing its market share
Localiza’s market share – car and fleet rental
2004 2005
15.5% 17.9% 20.5%
2006
2006 car rental market share
13.3%29.0%
2006 fleet rental market share
Localiza Localiza Localiza
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Pricingstrategy
Highercompetitiveness
Market shareincrease
Gains of scale Integrated platform
Geographical distributionYield managementLower interest rate
Know-howStrong brand
State of the art ITDepreciation
Car resale inventory as a buffer
Competitive advantages
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Competitive Advantages: Integrated business platform
Franchising
Car rental Fleet rental
Used Car Sales
This integrated business platform gives Localiza superior performance
Localiza
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International footprint
International footprint
Strategic locationsStrategic locations
Nationwidepresence
Nationwidepresence
Competitive Advantages: Largest distribution
351 agencies in 9 countries
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Competitive Advantages: Largest distribution
Localiza network is larger than the second, the third and the fourth competitors combined in number of agencies and cities.
Agencies in Brazil
Source: Each company website as of August 7,2007
298
92 82 78
Localiza Hertz Avis Unidas
213
65 57 50
Localiza Hertz Avis Unidas
Cities in Brazil
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Yield management allows Localiza to be more competitive and profitable
CompetitionCompetition
MarketMarket
EventsEvents
DemandDemand
Volume per customerVolume per customer
Localiza adjusts its prices based on supply & demand according to:
Competitive Advantages: Yield management
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Competitive Advantages: credit with lower interest rate
Standard & Poors’ corporate rating as of May, 2007 (Local Currency)
Localiza Rent a Car S.A. brAA-/ Stable /--
CPFL Energia S.A brAA-/ Stable /--
Unibanco Asset Management brAA+/ Positive /brA-1
TAM S.A. brAA-/ Stable /--
Gerdau S.A. brAA+/ Watch Positive /--
Klabin S.A. brAA-/ Stable /--
Banco Citibank S.A. brAA+/ Positive /brA-1
Banco Votorantim S.A. brAA+/ Stable /brA-1
Localiza has one of the best rating among its international peers
Enterprise Localiza Avis Budget Hertz Europcar DollarThrifty
Vanguard
Moody’s debt rating as of August, 2007 (Global scale)Baa2
Ba1Ba2
Ba3 Ba3
B1 B1
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Deep knowledge of the businessState-of-the-art systemsOperational excellenceAdoption of best practicesStable management
Competitive Advantages: Know-how
Localiza has a strong know-how in car rental industry
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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
Most consumed car rental brand according to America Economia Magazine ranking
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Proprietary softwaresSpeed in transaction timeBetter operational controlCustomer satisfactionOn-line networkCost reduction
Competitive Advantages: State of the art IT
GPS
Hand held
IT provides all the information necessary for decision-making
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Localiza has the lowest depreciation rate among its peers
Competitive Advantages: Depreciation
Depreciation: Localiza vs. Peers (% over car rental revenues)
Localiza (car rental division) 5%
Hertz 22%
DTG 23%
Sixt 22%
Average depreciation per car Real increase in the new car prices
416.5
939.1
492.3 322.9
1,52.3
1.0 p.p.0.9p.p.
3.7p.p.
9.8p.p.
4.7p.p.
(1.000)
(500)
-
500
1.000
1.500
2.000
2003 2004 2005 2006 9M07 annualized
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
Depreciation vs. Car prices increase
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Localiza has better conditions due to its large scale
In 2006 Localiza purchased almost R$1 billion in cars
Localiza and its Franchisees represented in 2006
3.9% of FIAT internal car sales
2.7% of GM internal car sales
1.8% of the Brazilian internal car sales
Competitive Advantages: Depreciation Strong ties with the automakers
Purchased cars
15,062
22,182
26,105
33,520
2003 2004 2005 2006
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Competitive Advantages: Car resale inventory as a buffer
2006- Rented cars
1 13 25 37 49 61 73 85 97 109 121 133 145 157 169 181 193 205 217 229 241 253 265 277 289 301 313 325 337 349 361
marjan abr mai jun julfev ago set out nov dez
Buffer
Buffer Buffer
Buffer
Car resale inventory is used as a buffer during peaks of demand
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Financials
27
9M07 Car rental financial cycle
28.9Financial payment
Financing
25.8
Net car sales revenues
25.4
25.8Car acquisition
1 2 3 4 5 8 9 10 11 12
Revenues = 19.3
Expenses = 10.9
1-year cycle
Per operating carR$ % R$ %
Car rental revenue 19,3 100,0% 27,2 100,0%Costs (8,2) -42,3% (0,1) -0,3%SG&A (2,7) -14,0% (1,8) -6,4%Net car sale revenue 25,4Book value of car sale (24,3) -89,4%
EBITDA 8,4 43,7% 1,0 3,8%Depreciation (0,5) -2,8% (0,2) -0,9%Interest on debt (0,1) -0,6% (1,5) -5,4%Interest on equity (1,7) -6,3%Tax ( 30% ) (2,3) -12,1% 0,7 2,6%
NET INCOME 5,4 28,1% (1,7) -6,2%Net income per car/year
Car rental Used cars
R$ 3,8 or 15% of purchase price
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9M07 Fleet rental financial cycle
36.0Financial payment
Financing
32.2
Net car sales revenues
27.3
1 2 3 4 5 20 21 22 23 24
Revenues = 31.0
Expenses = 9.7
32.2Car acquisition
2-year cycle
Per operating carR$ % R$ %
Fleet rental revenue 31,0 100,0% 28,8 100,0%Costs (8,2) -26,6% (0,1) -0,3%SG&A (1,5) -4,8% (1,4) -5,0%Net car sale revenue 27,3Book value of car sale 0,0% (26,5) -92,1%
EBITDA 21,3 68,7% 0,8 2,7%Depreciation (0,1) -0,3% (3,9) -13,5%Interest on debt (0,1) -0,4% (2,7) -9,2%Interest on equity (2,7) -9,4%Tax ( 30% ) (6,3) -20,4% 2,5 8,8%
NET INCOME 15,0 48,3% (5,9) -20,6%Net income per car/year
Fleet rental Used cars
R$ 4,5 or 14% of purchase price
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3Q07 Highlights(R$ million, USGAAP)
Total net revenue
382.8
286.8
3Q06 3Q07
Rrental revenue (rental and franchising)
168.3143.2
3Q06 3Q07
EBITDA
104.7
80.3
3Q06 3Q07
Net income
50.4
36.3
3Q06 3Q07
33.5%
30.4%38.8%
17.5%
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127 145 160 221 270 286 281 331 429 555 485191 251
303448
590 633
151898586 90
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9M07
4262
150154134
85
288311
278
198152
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9M07
22.355
28.699
35.865
46.003 44.680
14.339
19.82124.579 22.845
11.00610.783
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9M07
CAGR: 16.9%
CAGR: 24.9%
CAGR: 15.0%
34.4%
25.3%
26.6%
Aluguéis Venda de carros
Localiza has been presenting a consistent growth…(R$ millions. USGAAP)
Revenue evolution
EBITDA evolution
EOP fleet evolution
Daily rental evolution – car rental
714.1
1,035.2
1,292.61,435.6
537.7 518.1643.0
761.0 739.5875.7
1,085.2 1,059.51,230.61,317.4 1,299.,0
1Q 2Q 3Q 4Q
Thou
sand
s
2004 2005 2006 2007
Daily rental evolution – fleet rental
705.9
953.91,089.5
1,318.3
751.0 689.7 659.8
763.0 765.0869.0
1,005.6 1,022.5 1,070.81,199.2
1,254.7
1Q 2Q 3Q 4Q
Thou
sand
s
2004 2005 2006 2007
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...maintaining profitability...
324,9 420,5 547,4 399,0 479,1141,3 166,4143,6 214,5
6,5
7,7
5,8
5,6
632,8
377,4
590,3
303,0
448,2
8,2
1,91,9
2004 2005 2006 9M06 9M07 3Q06 3Q07
160,0216,0
281,8209,4 251,0
75,4 91,5
26,834,5
22,059,0
36,6
4,0 12,2
3,2
1,2
2,9 2,92,4
0,91,0
2004 2005 2006 9M06 9M07 3Q06 3Q07
(R$ million, USGAAP)
109,1142,4
199,6150,1 166,9
55,1 61,0
-38,0-18,6 -63,3 -44,8 -34,5 -19,2 -11,4
0,80,4
2,11,6
1,9
0,22,1
2004 2005 2006 9M06 9M07 3Q06 3Q07
Rental Used car sale Franchising
Net revenue EBITDA
Net income
90,6106,5
138,2106,8
134,3
36,350,4
CAGR (*): 23.5% 24.4%
35.3%
634,4
876,91.145,4
782,2
1.117,5
286,8382,8
197,8
278,2 311,5233,8
288,4
80,3 104,7
30.4%
23.4%
33.5%
42.9%CAGR (*): 34.4%CAGR (*): 25.5%
29.4% 30.2% 20.1%17.8%
35.0%30.5% 19.9%
21.4%
30.5%40.2% 11.1%
10.4%
32
…and consistent EBITDA margins
Margin per division 2004 2005 2006 9M6
43.5%
69.0%
52.5%
5.8%
41.4%
57.8%
42.1%
69.1%
51.5%
4.5%
37.7%
56.1%
9M07
Car Rental 40.1% 45.3% 43.6%
Fleet Rental 63.4% 62.4% 68.7%
Consolidated Rental 49.2% 51.4% 52.4%
Seminovos (Used car sales) 12.1% 13.2% 5.5%
Franchising 18.5% 39.0% 51.8%
Total EBITDA / rental revenue 59.7% 64.9% 59.5%
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Localiza’s car rental division continues to increase its network…
Owned car rental agencies
172145
11783
2004 2005 2006 9M07
3428
27
27 new agencies
34
...with the highlight for the increase on off-airport agencies
Car rental revenue breakdown
The geographical expansion strategy protects Localiza from the air-traffic crisis.
Revenue increase
2006 3Q07 9M07
Airports 16.0% 8.7%
17.8%
12.1%
Off-airports 46.7% 24.1%
Off-airport agencies Airport agencies
53% 54% 59% 62%
47% 46% 41% 38%
2004 2005 2006 9M07
100% 100% 100%100%
35
Solid improvement of productivity...
493,1
690,0
930,3
506,2607,0
303,0448,2
590,3 632,8377,4
2004 2005 2006 9M06 9M07
26,133,5
17,718,823,2
14,922,2 21,6
15,722,5
2004 2005 2006 9M06 9M07
# of cars - thousands Net investment – R$ million
+6.5+7.3
+10.3
2.8
+190.1+241.8
+340.0
128.8-0.9
-25.8
Purchased Sold
The increase of productivity reduced the investment in fleet
60,6% 58,8%65,5% 66,4% 69,3%
2004 2005 2006 9M06 9M07
Utilization rate – car rental division
4.9 p.p. 2.9 p.p.
Buying and selling of cars
36
…and low cost of depreciation…
2003 2004 2005 2006 9M07
Increase of new car (Pálio) 14.0% 17.4% 9.4% 4.0% 3.8%
Inflation IPCA 9.3% 7.6% 5.7% 3.1% 2.8%
Real increase in the new car prices 4.7 p.p. 9.8 p.p. 3.7 p.p. 0.9 p.p. 1.0 p.p.
% depreciation over rental revenues 9.2% 1.8% 2.9% 5.2% 1.6%
Average depreciation per car Real increase in the new car prices
416.5
939.1
492.3 322.9
1,52.3
1.0 p.p.0.9p.p.
3.7p.p.
9.8p.p.
4.7p.p.
(1.000)
(500)
-
500
1.000
1.500
2.000
2003 2004 2005 2006 9M07 anualizado
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
37
...contribute to the reduced net investment for fleet renewal…
Net investment per car – R$ Thds. 2004 2005 2006
Average purchase price 21.9 26.0 27.6
Average selling price 18.8 23.4 25.0
Net investment 3.1 2.6 2.6
% over average purchase price 14.2% 10.0% 9.4%
Average net investment per car for renewal– R$ thd
9M07
27.7
27.4
0.3
1.1%
The increase in the new car price in line with inflation contributes for thereduction of the expenditure for fleet renewal.
0.3
2.62.63.1
1.0p.p.0.9p.p.
3.7p.p.
9.8p.p.
0
3 ,5
2004 2005 2006 9M07
0 ,0 %
Net investment per car Real increase in the new car prices
38
30,3 32,7
340,7
99,5
2004 2005 2006 9M07
9.8p.p.
3.7p.p.
0.9p.p. 1.0p.p.
…resulting in the increase of the free cash flow
2004 2005 2006 9M07
EBITDA after taxes 156.9 245.5 268.8 243.9
Working capital variation 15.7 49.9 (217.4) 81.9
Cash generated by operating activities 141.2 195.5 486.2 162.0
Net car acquisition –renewal (100.6) (134.8) (112.9) (42.9)
Free cash flow before growth 30.3 32.7 340.7 99.5
Car acquisition - growth (143.8) (194.0) (287.0) -
Free cash flow (113.5) (161.3) 53.7 99.5
(R$ millions. USGAAP)
* Impact on the cash flow due to extraordinary increase in automakers account
262.7%7.6%118,7
222,0 *
Cars purchased (thousands) 22,2 26,1 33,5 21,6
Cars sold (thousands) 15,7 18,8 23,2 22,6
Free cash flow before growth
39
The debt was elongated and the cost of debt was reduced
* Annualized
Final period balance 2004 2005 2006 9M07
Net debt / fleet 46% 60% 36% 49%
Net debt / Net equity 49% / 51% 58% / 42% 41% / 59% 52% / 48%
Net debt / EBITDA (USGAAP) 1.3x 1.9x 1.4x 1.6x*
Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.1x*
Net debt / Market cap 35% 30% 10% 16%
Net Debt (R$ million) 281 539 443 616
(R$ millions. USGAAP)
CDI + 0.44%2nd debentures issue
108.5% of CDI1st debentures issue
Debt amortization chronogram
66.766.767.0
0.9
350.9
0.9
117.3116.5
2007 2008 2009 2010 2011 2012 2013 2014
40
Constant increase in the value added to shareholders
2004 2005 20069M07
annualized
ROIC 24.6%
16.9%
7.7
509,206
39,340
24.8% 18.7% 19.5%
WACC nominal 15.7% 11.0% 10.8%
Spread (ROIC-WACC) - p.p. 9.2 7.7 8.6
Capital investment - R$ Thds. (1) 608,207 988,112 1,183,338
EVA - R$ Thds. 55,703 76,346 102,154
EVA increase 16,363 20,643 25,808
(1) For the EVA® calculation. we used the Average Capital of the period
55.7 39.3 76.3 102.2 10.8%11.0%
16.9% 15.7%19.5%18.7%
24.8%24.6%
-
100
200
2004 2005 2006 9M07 anualizado0%
20%
40%
EVA WACC ROIC
R$
/ mil
EVA
Variation
0,7 p.p.
(0,2) p.p.
0,9
195,226
25,808
-
41
RENT3 liquidity
0
5
10
15
20
25
23-M
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6-Jul
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2-Jan
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6-Sep
21-S
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Pric
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20
40
60
80
100
120
Vol
ume-
R$
thou
sand
Volume RENT3 RENT3 IBOVESPA
RENT3 X IBOV
388%
150%
From 05/23/05 (IPO) to 09/28/07
2005 2006 2007
13.7 10.6
4.6
2005 2006 9M07
Performance RENT3 IBOV
2005 +149% +38%
2006 +124% +33%
2007 -13% +36%
Since IPO +388% +150%
RENT3 was the 62ª most traded stock at Bovespa in the last 12 months
132%29%
Average daily traded volumeR$ million
42
Total Net Revenue (rentals and car resale) 717.89 - - 2,045.62 -Rental Net Revenue 316.20 8,328.37 1,727.10 1,717.03 1,787.75EBITDA 177.33 3,140.82 646.41 595.784 352.89EBITDA Margin (over rental revenues) 56.09% 37.71% 37.43% 34.70% 19.74%Net Income 78.49 168.47 23.71 107.131 1.08Net Margin (rentals) 24.82% 2.02% 1.37% 6.24% 0.06%P/E 2007 17.88 16.41 13.34 11.53 28.31EV/EBITDA 2007 10.39 8.06 29.55 4.01 3.43Coverage South
AmericaWorldwide USA Germany and
abroadEurope,
Middle East and Africa
Source: Reuters Knowledge on 09/18/2007. US$ thousand, converted to US Dollar at the EOP exchange rate.
Industry benchmarks - LTM
43
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 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.J
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 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.J
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RI Localiza:www.localiza.com/irtel: (31) 3247-7039