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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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 AUGUST 11, 2000
TOTAL FLEET S.A.
--------------------------------------------------
(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>
Total Fleet S.A.
1. Balance Sheets - June 30,1999 and 2000
2. Statements of Income for the six months ended June 30, 1999 and 2000
3. Statements of Cash Flows for the six months ended June 30, 1999 and 2000
4. Summary Financial Data by Business Segment for the six months ended
June 30, 1999 and 2000
5. Selected Historical Financial and Other Data - 2Q1999, 2Q2000, 1H1999 and
1H2000
<PAGE>
TOTAL FLEET S.A.
BALANCE SHEETS - JUNE 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
ASSETS
( Unaudited )
June 30,
-----------------------
1999 2000
-------- --------
CURRENT ASSETS:
Cash and cash equivalents 8,681 3,882
Accounts receivable, net 3,851 8,920
Revenue-earning vehicles, net 21,126 43,593
Prepaid expenses and other 892 7,478
------ -------
34,550 63,873
------ -------
NONCURRENT ASSETS:
Revenue-earning vehicles, net 50,442 80,533
Escrow deposits 87 289
Deferred tax credits 1,519 1,089
------ ------
52,048 81,911
------ ------
PROPERTY AND EQUIPMENT, NET 208 184
------ -------
86,806 145,968
====== =======
<PAGE>
TOTAL FLEET S.A.
BALANCE SHEETS - JUNE 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
LIABILITIES AND SHAREHOLDERS' EQUITY
( Unaudited )
June 30,
-----------------------
1999 2000
CURRENT LIABILITIES: -------- --------
Short-term debt - 3,046
Accounts payable 1,997 3,411
Payroll and related charges 1,046 1,786
Income and social contribution taxes - 7,213
Taxes, other than on income 207 374
Advances from customers 4,977 1,126
----- ------
8,227 16,956
----- ------
NONCURRENT LIABILITIES:
Reserve for contingencies 503 1,172
Deferred tax liability 383 -
Other 75 297
--- -----
961 1,469
--- -----
SHAREHOLDERS' EQUITY: 77,618 127,543
------ -------
Total liabilities and shareholders' equity 86,806 145,968
======= =======
<PAGE>
TOTAL FLEET S.A.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
Six months ended June 30,
-------------------------
1999 2000
NET REVENUES: -------- -------
Vehicle rental 25,555 45,847
Used car sales 12,085 15,666
------ ------
Total revenues 37,640 61,513
------ ------
EXPENSES AND COSTS:
Direct operating (5,426) (9,513)
Cost of used car sales (10,321) (11,391)
Selling, general and administrative (4,755) (5,780)
Depreciation of vehicles (6,952) (14,441)
Other depreciation and amortization (36) (43)
------- -------
(27,490) (41,168)
------- -------
Operating income 10,150 20,345
FINANCIAL EXPENSE, NET (14,621) (462)
------- ------
Income (loss) before taxes (4,471) 19,883
INCOME TAXES 1,135 (6,654)
----- -----
Net income (loss) (3,336) 13,229
====== ======
<PAGE>
TOTAL FLEET S.A.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 2000
(Stated in thousands of Brazilian reais)
Six months ended June 30,
-------------------------
1999 2000
-------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (3,336) 13,229
Non-cash adjustments-
Depreciation and amortization 7,822 14,461
Allowance for doubtful accounts - 58
Deferred taxes on income (1,136) (538)
Reserve for contingencies 477 767
Accrued interest expense 321 -
Accrued interest income (5) -
Monetary restatement, net - 18
Foreign exchange loss - short-term debt, net 14,675 342
------ ------
18,818 28,337
------ ------
(Increase) decrease in assets:
Accounts receivable (3,851) (4,325)
Revenue-earning vehicles-
Additions:
New acquisitions (31,597) (42,300)
Assumption of debt (22,659) -
Capital increase (34,975) -
Proceeds from sales 10,321 11,390
Stolen vehicles, net of recoveries 93 491
Discount for damaged cars sold 297 569
Prepaid expenses (1,361) (1,224)
Escrow deposits (81) (87)
Other (365) (6,020)
------ ------
(84,178) (41,506)
------ ------
<PAGE>
TOTAL FLEET S.A.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 2000
(Stated in thousands of Brazilian reais)
Six months ended June 30,
-------------------------
1999 2000
-------- -------
Increase (decrease) in liabilities:
Accounts payable 1,418 672
Payroll and related charges 1,088 (309)
Income and social contribution taxes - 7,191
Taxes other than on income 207 73
Advances from customers 4,977 (1,333)
Reserve for contingences (17) -
Other 654 -
------ -----
8,327 6,294
------ -----
Net cash provided by/(used in) operating activities (57,033) (6,875)
------ -----
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (244) (15)
---- ---
Net cash used in investing activities (244) (15)
---- ---
CASH FLOWS FROM FINANCING ACTIVITIES:
Short term loans
Proceeds - 27,080
Repayments - (27,341)
Transactions with related parties-
Proceeds:
Assumption of debt 22,659 -
Capital increase-capitalization of debt (37,899) -
Aditions paid-in capital
Cash 13,695 7,160
Capitalizations of debt 37,899 -
Capital increase:
With revenue earning vehicles 34,975 -
With payroll charges (733) -
With advances from customers (4,648) -
------ ------
Net cash provided by (used in) financing activities 65,948 6,899
------ ------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,671 9
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 10 3,873
----- -----
CASH AND CASH EQUIVALENTS AT END OF PERIOD 8,681 3,882
===== =====
<PAGE>
TOTAL FLEET S.A.
SUMMARY FINANCIAL DATA BY BUSINESS SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
Six months ended June 30,
-------------------------
1999 2000
-------- -------
NET REVENUES:
Vehicle Rental 25,555 45,847
Used car sales 12,085 15,666
------ ------
37,640 61,513
------ ------
DEPRECIATION:
Vehicle Rental (6,952) (14,441)
Other (36) (43)
------ ------
(6,988) (14,484)
------ ------
OPERATING INCOME (LOSS):
Vehicle Rental 11,282 19,312
Used car sales 663 3,197
Corporate expenses (1,759) (2,121)
Other depreciation (36) (43)
------ ------
10,150 20,345
------ ------
OPERATING MARGIN:
Vehicle Rental 44.1% 42.1%
Used car sales 5.5% 20.4%
Total 27.0% 33.1%
<PAGE>
<TABLE>
<CAPTION>
TOTAL FLEET S.A.
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
( Stated in thousands of Brazilian Reais unless otherwise indicated )
<S> <C> <C> <C> <C>
2 Q 1999 2 Q 2000 1 H 1999 1 H 2000
-------- -------- -------- --------
STATEMENT OF OPERATIONS DATA:
Net revenues:
Vehicle Rental 13,128 24,627 25,555 45,847
Used car sales 7,286 8,161 12,085 15,666
------ ------ ------ ------
Total net revenues 20,414 32,788 37,640 61,513
Direct operating costs and expenses:
Vehicle Rental (2,902) (4,930) (5,426) (9,513)
Cost of used car sales (6,186) (5,774) (10,321) (11,391)
------ ------ ------- -------
Total direct operating costs and expenses (9,088) (10,704) (15,747) (20,904)
------ ------- ------- -------
Gross profit 11,326 22,084 21,893 40,609
Selling, general and administrative expenses:
Adverstising, promotion and selling:
Vehicle Rental (1,018) (1,262) (1,895) (2,581)
Used car sales (702) (470) (1,101) (1,078)
------ ------ ------ ------
Total adverstising, promotion and selling (1,720) (1,732) (2,996) (3,659)
General and administrative expenses (706) (1,026) (1,493) (1,985)
Other (138) (62) (266) (136)
----- ----- ----- -----
Total selling, general, administrative and other expenses (2,564) (2,820) (4,755) (5,780)
Depreciation expenses:
Vehicle depreciation expenses:
Vehicle Rental (3,394) (7,427) (6,952) (14,441)
Non-Vehicle depreciation and amortization expenses (18) (21) (36) (43)
------ ------ ------ -------
Total depreciation expenses (3,412) (7,448) (6,988) (14,484)
------ ------ ------ -------
Operating income 5,350 11,816 10,150 20,345
Financial Interest:
Expense (16) (346) (350) (691)
Income 274 74 461 167
Tax on financial revenues (8) (2) (16) (7)
Monetary variation and exchange loss (3) (1) (14,716) 5
Monetary variation and exchange gain - - - 64
----- ------ ------- ----
Financial interest (expense) income, net 247 (275) (14,621) (462)
Income/loss before taxes 5,597 11,541 (4,471) 19,883
Tax (expense) credit (1,433) (3,885) 1,135 (6,654)
------ ------ ----- ------
Net income (loss) 4,164 7,656 (3,336) 13,229
===== ===== ====== ======
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
STATEMENT OF OPERATIONS DATA 2 Q 1999 2 Q 2000 1 H 1999 1 H 2000
-------- -------- -------- --------
OTHER DATA :
EBITDA 8,762 19,264 17,138 34,829
Vehicle Depreciation Expense (3,394) (7,427) (6,952) (14,441)
------ ------ ------ ------
Adjusted EBITDA 5,368 11,837 10,186 20,388
===== ====== ====== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TOTAL FLEET S.A.
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
( Stated in thousands of Brazilian Reais unless otherwise indicated )
<S> <C> <C> <C> <C>
SELECTED OPERATING DATA: 2 Q 1999 2 Q 2000 1 H 1999 1 H 2000
-------- -------- -------- --------
Gross profit:
Vehicle Rental 10,226 19,697 20,129 36,334
Used Car Sales 1,100 2,387 1,764 4,275
------ ------ ------ ------
Total Gross Profit 11,326 22,084 21,893 40,609
Gross margin:
Vehicle Rental 77.89% 79.98% 78.77% 79.25%
Used Car Sales 15.10% 29.25% 14.60% 27.29%
Total Gross Margin (average) 55.48% 67.35% 58.16% 66.02%
Average Operating Fleet 4,850 9,261 4,655 8,826
Average Operating Fleet Age (months) 10.2 10.2 10.3 9.6
Number of Rental Days 415,830 832,110 807,300 1,564,290
Utilization Rates 95.26% 99.84% 96.35% 98.46%
Numbers of Cars Purchased 1,255 805 1,952 2,570
Average Purchase Price 15.40 19.11 15.30 15.92
Total Investment in Fleet 19,325.0 15,384.9 29,874.0 40,926.6
Numbers of Cars Sold 676 516 1,091 1.057
Average Car Price 10.78 15.60 11.08 14.54
Depreciation per car 2.80 3.21 2.99 3.27
Average Annual Revenue per Owned
Car in Operation.....(R$) 10,826.47 10,637.25 10,980.38 10,389.08
Average Rental Revenue per Rental
Car per Day.....(R$) 31.57 29.60 31.65 29.31
</TABLE>
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