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Previous: M&R CAPITAL MANAGEMENT INC, 13F-HR, 2000-05-15 |
Next: RESORTQUEST INTERNATIONAL INC, 10-Q, 2000-05-15 |
TOTAL FLEET S.A.
BALANCE SHEETS - MARCH 31, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
ASSETS
( Unaudited )
-------- --------
31.03.99 31.03.00
-------- --------
CURRENT ASSETS:
Cash and cash equivalents 5,500 1,384
Accounts receivable, net 3,690 7,008
Revenue-earning vehicles, net 50,080 35,999
Prepaid expenses and other 660 5,699
--- -----
59,930 50,090
------ ------
NONCURRENT ASSETS:
Revenue-earning vehicles, net 10,987 86,205
Escrow deposits 31 238
Deferred tax credits 2,704 848
----- ---
13,722 87,291
------ ------
PROPERTY AND EQUIPMENT, NET 204 192
--- ---
73,856 137,573
====== =======
TOTAL FLEET S.A.
BALANCE SHEETS - MARCH 31, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
LIABILITIES AND SHAREHOLDERS' EQUITY
( Unaudited )
-------- --------
31.03.99 31.03.00
-------- --------
CURRENT LIABILITIES:
Short-term debt - 4,774
Accounts payable 2,835 6,928
Payroll and related charges 871 1,281
Income and social contribution taxes - 4,223
Taxes, other than on income 187 349
Advances from customers 4,070 1,265
----- -----
7,963 18,820
----- ------
NONCURRENT LIABILITIES:
Reserve for contingencies 255 730
Deferred tax liability 134 -
Other 51 236
-- ---
440 966
--- ---
SHAREHOLDERS' EQUITY: 65,453 117,787
------ -------
Total liabilities and shareholders' equity 73,856 137,573
====== =======
TOTAL FLEET S.A.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
-------- --------
31.03.99 31.03.00
-------- --------
NET REVENUES:
Vehicle rental 12,427 21,220
Used car sales 4,799 7,505
----- -----
Total revenues 17,226 28,725
------ ------
EXPENSES AND COSTS:
Direct operating (2,524) (4,583)
Cost of used car sales (4,135) (5,617)
Selling, general and administrative (2,191) (2,960)
Depreciation of vehicles (3,558) (7,014)
Other depreciation and amortization (18) (22)
--- ---
(12,426) (20,196)
------- -------
Operating income 4,800 8,529
----- -----
FINANCIAL EXPENSE, NET (14,868) (187)
Income (loss) before taxes (10,068) 8,342
------- -----
INCOME TAXES 2,568 (2,769)
----- ------
Net income (loss) (7,500) 5,573
====== =====
TOTAL FLEET S.A.
SUMMARY FINANCIAL DATA BY BUSINESS SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
-------- --------
1 Q 1999 1 Q 2000
-------- --------
NET REVENUES:
Vehicle rental 12,427 21,220
Used car sales 4,799 7,505
------ ------
17,226 28,725
------ ------
DEPRECIATION:
Vehicle rental (3,558) (7,014)
Other (18) (22)
--- ---
(3,576) (7,036)
------ ------
OPERATING INCOME (LOSS):
Vehicle rental 5,468 8,304
Used car sales 265 1,280
Corporate expenses (915) (1,033)
Other depreciation (18) (22)
--- ---
4,800 8,529
----- -----
OPERATING MARGIN:
Vehicle rental 44,0% 39,1%
Used car sales 5,5% 17,1%
Total 33,3% 29,7%
TOTAL FLEET S.A
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
( Stated in thousands of Brazilian Reais unless otherwise indicated )
1 Q 1999 1 Q 2000
-------- --------
STATEMENT OF OPERATIONS DATA:
Net revenues:
Vehicle rental 12,427 21,220
Used car sales 4,799 7,505
----- -----
Total net revenues 17,226 28,725
Direct operating costs and expenses:
Vehicle rental (2,524) (4,583)
Used car sales (4,135) (5,617)
------ ------
Total direct operating costs and expenses (6,659) (10,200)
------ -------
Gross profit 10,567 18,525
Selling, general and administrative expenses:
Adverstising, promotion and selling:
Vehicle rental (877) (1,319)
Used car sales (399) (608)
---- ----
Total adverstising, promotion and selling expenses (1,276) (1,927)
General and administrative expenses (787) (959)
Other (128) (74)
---- ---
Total selling, general, administrative and other expenses (2,191) (2,960)
Depreciation expenses:
Vehicle depreciation expenses (3,558) (7,014)
Non-Vehicle depreciation and amortization expenses (18) (22)
--- ---
Total depreciation expenses (3,576) (7,036)
------ ------
Operating income 4,800 8,529
Financial Interest:
Expense (334) (345)
Income 187 93
Tax on financial revenues (8) (5)
Monetary variation and exchange loss (14,713) 6
Monetary variation and exchange gain - 64
----- --
Financial interest (expense) income, net (14,868) (187)
Income/loss before taxes (10,068) 8,342
Tax (expense) credit 2,568 (2,769)
----- ------
Net income (loss) (7,500) 5,573
------ -----
STATEMENT OF OPERATIONS DATA 1 Q 1999 1 Q 2000
--------- --------
OTHER DATA :
EBITDA 8,376 15,565
Vehicle Depreciation Expense (3,558) (7,014)
------ ------
Adjusted EBITDA 4,818 8,551
===== =====
TOTAL FLEET S.A.
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
( Stated in thousands of Brazilian Reais unless otherwise idicated )
SELECTED OPERATING DATA: 1 Q 1999 1 Q 2000
-------- --------
Gross profit:
Vehicle Rental 9,903 16,637
Used Car Sales 664 1,888
--- -----
Total Gross Profit 10,567 18,525
Gross margin:
Vehicle rental 79.69% 78.40%
Used Car Sales 13.84% 25.16%
Total Gross Margin (average) 61.34% 64.49%
Average Operating Fleet 4.459 8.391
Average Operating Fleet Age (months) 10.6 8.9
Number of Rental Days 391.470 732.690
Utilization Rates 97.55% 97.02%
Numbers of Cars Purchased 697 1.765
Average Purchase Price 15.13 14.47
Total Investment in Fleet 10,549 25,542
Numbers of Cars Sold 415 541
Average Car Price 11.56 13.53
Depreciation per car 3.19 3.34
Average Monthly Net Revenue
per Car (R$) 952.33 868.85
Average Annual Revenue per Owned
Car im Operation (R$) 11,147.79 10,115.20
Average Rental Revenue per Rental
Car per Day (R$) 31.74 28.96
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