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Previous: SCNV ACQUISITION CORP, 10QSB, 2000-05-22 |
Next: AMERICAN TOWER CORP /MA/, 424B3, 2000-05-22 |
WASHINGTON, D.C. 20549
----------------------
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13 a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR MAY 19, 2000
LOCALIZA SYSTEM LTDA.
--------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Avenida Bernardo Monteiro, 1563
Funcionarios 30150 - 902
Belo Horizonte, Minas Gerais, Brazil
-------------------------------------
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F)
FORM 20-F ___X___ FORM 40-F _______
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of
1934.)
YES ______ NO ___X___
(If "yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b)): notapplicable
<PAGE>
Localiza System Ltda
1. Balance Sheets - December 31, 1998 and 1999
2. Consolidated Statements of Income for the years ended December 31,
1997, 1998 and 1999
3. Consolidated statements of Cash Flows for the years ended December 31,
1997, 1998 and 1999
LOCALIZA SYSTEM LTDA.
CONSOLIDATED BALANCE SHEETS
(Stated in thousands of Brazilian reais
----------------------------------------
and thousands of U.S. dollars)
------------------------------
A S S E T S
<TABLE>
<CAPTION> December 31,
----------------------------------------
1998 1999 1999
---- ---- ----
R$ R$ US$
<S> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents 224 102 57
Accounts receivable 1,189 2,098 1,173
Other receivables 276 489 273
------------ ----------- ------------
1,689 2,689 1,503
------------ ----------- ------------
NONCURRENT ASSETS:
Escrow deposits 77 85 48
Receivable from related party 18 18 10
Income and social contribution taxes 25 272 152
------------ ----------- ------------
120 375 210
------------ ----------- ------------
INVESTMENTS 9 - -
GOODWILL - 437 244
OFFICE EQUIPMENT, NET 228 247 138
------------ ----------- ------------
237 684 382
------------ ----------- ------------
Total assets 2,046 3,748 2,095
============ =========== ============
</TABLE>
<PAGE>
LOCALIZA SYSTEM LTDA.
CONSOLIDATED BALANCE SHEETS
(Stated in thousands of Brazilian reais
---------------------------------------
and thousands of U.S. dollars)
------------------------------
LIABILITIES AND SHAREHOLDERS'INVESTMENT
---------------------------------------
<TABLE>
<CAPTION>
December 31,
--------------------------------------------
1998 1999 1999
---- ---- ----
R$ R$ US$
<S> <C> <C> <C>
CURRENT LIABILITIES:
Suppliers 23 268 150
Payroll and related charges 254 379 212
Advances from franchisees 168 141 79
Income and social contribution taxes 185 246 138
Taxes, other than income 142 134 75
Other 122 157 88
------------- ------------- ------------
894 1,325 742
------------- ------------- ------------
NONCURRENT LIABILITIES:
Reserve for contingencies 483 721 403
Income and social contribution taxes 3 2 1
Other - 39 22
------------- ------------- ------------
486 762 426
------------- ------------- ------------
SHAREHOLDERS' INVESTMENT:
Capital 459 1,200 670
Retained earnings 207 461 257
------------- ------------- ------------
666 1,661 927
------------- ------------- ------------
Total liabilities and shareholders'
investment 2,046 3,748 2,095
============= ============= ============
</TABLE>
<PAGE>
LOCALIZA SYSTEM LTDA.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1997, 1998 AND 1999
(Stated in thousands of Brazilian reais
---------------------------------------
and thousands of U.S. dollars, except per share data)
-----------------------------------------------------
<TABLE>
<CAPTION>
1997 1998 1999 1999
---- ---- ---- ----
R$ R$ R$ US$
<S> <C> <C> <C> <C>
GROSS REVENUES:
Royalties and advertising fees 2,953 3,937 4,568 2,553
Initial franchise fees 783 792 607 339
------------- ------------ ---------- -------------
3,736 4,729 5,175 2,892
Deductions from gross revenue (140) (199) (371) (207)
------------- ------------ ---------- -------------
Net revenue 3,596 4,530 4,804 2,685
------------- ------------ ---------- -------------
EXPENSES AND COSTS:
Direct operating 2,113 2,343 2,655 1,484
Selling, general and administrative 110 74 107 60
Depreciation and amortization 21 25 80 45
------------- ------------ ---------- -------------
2,244 2,442 2,842 1,589
------------- ------------ ---------- -------------
Income from operations 1,352 2,088 1,962 1,096
FINANCIAL INCOME, NET 79 65 216 121
EQUITY IN SUBSIDIARIES 7 2 (92) (51)
GOODWILL AMORTIZATION - - (31) (17)
NONOPERATING EXPENSES, NET (11) (22) - -
------------- ------------ ---------- -------------
Income before income tax and social
contribution tax 1,427 2,133 2,055 1,149
------------- ------------ ---------- -------------
INCOME AND SOCIAL CONTRIBUTION TAXES
(451) (556) (506) (283)
------------- ------------ ---------- -------------
Net income 976 1,577 1,549 866
============= ============ ========== =============
Earnings per thousand shares 2.30 4.20 2.68 1.50
============= ============ ========== =============
Average shares outstanding 423,667 375,000 576,411 576,411
============= ============ ========== =============
</TABLE>
<PAGE>
LOCALIZA SYSTEM LTDA.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1997, 1998 AND 1999
(Stated in thousands of Brazilian reais
----------------------------------------
and thousands of U.S. dollars)
------------------------------
<TABLE>
<CAPTION>
1997 1998 1999 1999
---- ---- ---- ----
R$ R$ R$ US$
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 976 1,577 1,549 866
Non-cash adjustments-
Depreciation 21 25 80 45
Equity in affiliate (7) (2) 92 51
Office equipment write off 3 15 - -
Deferred taxes (2) (1) (247) (138)
Goodwill amortization - - 31 17
Reserves for contingencies 33 36 238 133
------------ ----------- ----------- -----------
1,024 1,650 1,743 974
------------ ----------- ----------- -----------
(INCREASE) DECREASE IN ASSETS:
Accounts receivable (60) (350) (500) (279)
Refundable expenses (1) (130) (13) (7)
Recoverable taxes (111) (87) - -
Advances to suppliers 46 - - -
Escrow deposits (32) (26) (8) (4)
Prepaid expenses and other (45) - - -
------------ ----------- ----------- -----------
(203) (593) (521) (290)
------------ ----------- ----------- -----------
INCREASE (DECREASE) IN LIABILITIES:
Suppliers (9) - (252) (141)
Payroll and related charges 68 22 78 44
Taxes, other than income 15 114 (85) (48)
Advances from franchisees (113) (3) (27) (15)
Income and social contribution taxes (87) 89 117 65
Other 2 (17) 13 7
------------ ----------- ----------- -----------
(124) 205 (156) (88)
------------ ----------- ----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 697 1,262 1,066 596
------------ ----------- ----------- -----------
</TABLE>
<PAGE>
LOCALIZA SYSTEM LTDA.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1997, 1998 AND 1999
(Stated in thousands of Brazilian reais
-----------------------------------------
and thousands of U.S. dollars)
------------------------------
<TABLE>
<CAPTION>
1997 1998 1999 1999
---- ---- ---- ----
R$ R$ R$ US$
<S> <C> <C> <C> <C>
CASH FLOWS FROM INVESTING ACTIVITIES:
Initial consolidation of Localiza Master Franchisee Argentina S.A. - - (121) (67)
Goodwill on acquisition of investment - - (467) (261)
Additions to office equipment (137) (44) (46) (26)
----------- ----------- ----------- -----------
Net cash used in investing activities (137) (44) (634) (354)
----------- ----------- ----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments to related parties (17) - - -
Capital increase (reduction) (218) - 741 414
Dividends (974) (1,220) (1,295) (724)
----------- ----------- ----------- -----------
Net cash used in financing activities (1,209) (1,220) (554) (310)
----------- ----------- ----------- -----------
NET DECREASE IN CASH AND
CASH EQUIVALENTS
(649) (2) (122) (68)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 875 226 224 125
----------- ----------- ----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 226 224 102 57
=========== =========== =========== ===========
Supplemental disclosures of cash flow information-
Interest paid 1 - - -
Income taxes paid 358 409 159 89
----------- ----------- ----------- -----------
359 409 159 89
=========== =========== =========== ===========
</TABLE>
<PAGE>
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