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Previous: VARIABLE ACCOUNT A OF KEYPORT BENEFIT LIFE INSURANCE CO, 497J, 2000-10-23 |
Next: SMARTDISK CORP, S-3, 2000-10-23 |
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 OCTOBER 23, 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 - September 30,1999 and 2000
2. Statements of Income for the nine months ended September 30, 1999 and 2000
3. Summary Financial Data by Business Segment for the nine months ended
September 30, 1999 and 2000
4. Selected Historical Financial and Other Data - 3Q1999, 3Q2000, nine months
ended September 30, 1999 and nine months ended September 30, 2000
5. Reclassification of certain Financial Statement itens
<PAGE>
TOTAL FLEET S.A.
BALANCE SHEETS - SEPTEMBER 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
ASSETS
( Unaudited )
September 30,
-----------------------
1999 2000
-------- --------
CURRENT ASSETS:
Cash and cash equivalents 5,917 8,243
Accounts receivable, net 4,877 12,957
Revenue-earning vehicles, net 73,757 54,690
Prepaid expenses and other 513 10,774
------ ------
85,064 86,664
------ ------
NONCURRENT ASSETS:
Revenue-earning vehicles, net 15,663 68,564
Escrow deposits 133 343
Deferred tax credits 277 1,405
------ ------
16,073 70,312
------ ------
PROPERTY AND EQUIPMENT, NET 188 168
------- -------
101,325 157,144
======= =======
<PAGE>
TOTAL FLEET S.A.
BALANCE SHEETS - SEPTEMBER 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
LIABILITIES AND SHAREHOLDERS' EQUITY
( Unaudited )
September 30,
-----------------------
1999 2000
CURRENT LIABILITIES: -------- --------
Short-term debt 2,161 3,295
Accounts payable 4,303 3,048
Payroll and related charges 1,039 1,856
Income and social contribution taxes 329 11,197
Taxes, other than on income 260 396
Advances from customers 4,028 845
------ ------
12,120 20,637
------ ------
NONCURRENT LIABILITIES:
Reserve for contingencies 688 1,568
Deferred tax liability 516 -
Other 126 357
----- -----
1,330 1,925
----- -----
SHAREHOLDERS' EQUITY: 87,875 134,582
------- -------
Total liabilities and shareholders' equity 101,325 157,144
======= =======
<PAGE>
TOTAL FLEET S.A.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
Nine months ended
September 30,
-------------------------
1999 2000
NET REVENUES: -------- -------
Vehicle rental 41,009 71,166
Used car sales 18,519 21,644
------ ------
Total revenues 59,528 92,810
------ ------
EXPENSES AND COSTS:
Direct operating (8,555) (14,197)
Cost of used car sales (15,374) (15,706)
Selling, general and administrative (7,317) (9,324)
Depreciation of vehicles (11,575) (22,583)
Other depreciation and amortization (57) (65)
------- -------
(42,878) (61,875)
------- -------
Operating income 16,650 30,935
FINANCIAL EXPENSE, NET (14,546) (343)
------- ------
Income before taxes 2,104 30,592
INCOME TAXES (569) (10,324)
----- -------
Net income 1,535 20,268
====== ======
<PAGE>
TOTAL FLEET S.A.
SUMMARY FINANCIAL DATA BY BUSINESS SEGMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
Nine months ended
September 30,
-------------------------
1999 2000
-------- -------
NET REVENUES:
Vehicle Rental 41,009 71,166
Used car sales 18,519 21,644
------ ------
59,528 92,810
------ ------
DEPRECIATION:
Vehicle Rental (11,575) (22,583)
Other (57) (65)
------ ------
(11,632) (22,648)
------ ------
OPERATING INCOME (LOSS):
Vehicle Rental 17,970 29,899
Used car sales 1,308 4,305
Corporate expenses (2,571) (3,204)
Other depreciation (57) (65)
------ ------
16,650 30,935
------ ------
OPERATING MARGIN:
Vehicle Rental 43.8% 42.0%
Used car sales 7.1% 19.9%
Total 27.9% 33.3%
<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>
9 months 9 months
ended ended
september 30, september 30,
3 Q 1999 3 Q 2000 1999 2000
-------- -------- ------------ ------------
STATEMENT OF OPERATIONS DATA:
Net revenues:
Vehicle Rental 15,454 25,319 41,009 71,166
Used car sales 6,434 5,978 18,519 21,644
------ ------ ------ ------
Total net revenues 21,888 31,297 59,528 92,810
Direct operating costs and expenses:
Vehicle Rental (3,129) (4,684) (8,555) (14,197)
Cost of used car sales (5,053) (4,315) (15,374) (15,706)
------ ------ ------- -------
Total direct operating costs and expenses (8,182) (8,999) (23,929) (29,903)
------ ------ ------- -------
Gross profit 13,706 22,298 35,599 62,907
Selling, general and administrative expenses:
Adverstising, promotion and selling:
Vehicle Rental (1,014) (1,906) (2,909) (4,487)
Used car sales (736) (555) (1,837) (1,633)
------ ------ ------ ------
Total adverstising, promotion and selling (1,750) (2,461) (4,746) (6,120)
General and administrative expenses (820) (983) (2,313) (2,968)
Other 8 (100) (258) (236)
----- ----- ----- -----
Total selling, general, administrative and other expenses (2,562) (3,544) (7,317) (9,324)
Depreciation expenses:
Vehicle depreciation expenses:
Vehicle Rental (4,623) (8,142) (11,575) (22,583)
Non-Vehicle depreciation and amortization expenses (21) (22) (57) (65)
------ ------ ------ -------
Total depreciation expenses (4,644) (8,164) (11,632) (22,648)
------ ------ ------ -------
Operating income 6,500 10,590 16,650 30,935
Financial Interest:
Expense (169) (153) (519) (844)
Income 267 284 728 451
Tax on financial revenues (10) (12) (26) (19)
Monetary variation and exchange loss (13) - (14,729) 5
Monetary variation and exchange gain - - - 64
----- ------ ------- ----
Financial interest (expense) income, net 75 119 (14,546) (343)
Income before taxes 6,575 10,709 2,104 30,592
Tax (expense) credit (1,704) (3,670) (569) (10,324)
------ ------ ----- ------
Net income 4,871 7,039 1,535 20,268
===== ===== ===== ======
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
9 months 9 months
ended ended
september 30, september 30,
STATEMENT OF OPERATIONS DATA 3 Q 1999 3 Q 2000 1999 2000
-------- -------- ------------ ------------
OTHER DATA :
EBITDA 11,144 18,754 28,282 53,583
Vehicle Depreciation Expense (4,623) (8,142) (11,575) (22,583)
------ ------ ------ ------
Adjusted EBITDA 6,521 10,612 16,707 31,000
===== ====== ====== ======
</TABLE>
<strong>Reclassification of Certain Financial Statement Items</strong>
1 - Reclassification of September 30, 1999 from Current Assets to Noncurrent
Assets related to Revenue-earning vehicle, net in the amount of R$15,663.
<PAGE>
<TABLE>
<CAPTION>
TOTAL FLEET S.A.
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
( Stated in thousands of Brazilian Reais unless otherwise indicated )
<S> <C> <C> <C> <C>
9 months 9 months
ended ended
september 30, september 30,
SELECTED OPERATING DATA: 3 Q 1999 3 Q 2000 1999 2000
-------- -------- ------------ ------------
Gross profit:
Vehicle Rental 12,325 20,635 32,454 56,969
Used Car Sales 1,381 1,663 3,145 5,938
------ ------ ------ ------
Total Gross Profit 13,706 22,298 35,599 62,907
Gross margin:
Vehicle Rental 79.75% 81.50% 79.14% 80.05%
Used Car Sales 21.46% 27.82% 16.98% 27.43%
Total Gross Margin (average) 62.62% 71.25% 59.80% 67.78%
Average Operating Fleet 5,803 9,517 5,037 9,056
Average Operating Fleet Age (months) 9.7 12,3 10.1 10.5
Number of Rental Days 501,900 849,000 1,301,610 2,413,290
Utilization Rates 96.11% 99.12% 95.70% 98.69%
Numbers of Cars Purchased 1,863 517 3,815 3,087
Average Purchase Price 14.36 22.70 14.85 17.06
Total Investment in Fleet 26,760.0 11,736.3 56,634.0 52,662.9
Numbers of Cars Sold 491 334 1,635 1,391
Average Car Price 13.10 17.53 11.33 15,26
Depreciation per car 3.19 3.42 3.06 3.32
Average Annual Revenue per Owned
Car in Operation.....(R$) 10,653.03 10,641.59 10,854.69 10,477.91
Average Rental Revenue per Rental
Car per Day.....(R$) 30.79 29.82 31.51 29.49
</TABLE>
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