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LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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 121,394 85,362
Accounts receivable, net 19,006 25,865
Revenue-earning vehicles, net 114,055 104,113
Prepaid expenses and other 9,774 15,709
----- ------
264,229 231,049
------- -------
NONCURRENT ASSETS:
Revenue-earning vehicles, net 10,987 86,205
Escrow deposits 9,555 13,653
Prepaid expenses 3,724 2,968
Receivables from related parties 1,462 1,474
Compulsory loans 4,851 5,535
Deferred tax credits 17,864 10,576
Recoverable taxes and other 942 949
--- ---
49,385 121,360
------ -------
PROPERTY AND EQUIPMENT, NET 7,564 7,807
----- -----
321,178 360,216
======= =======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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 12,761 13,680
Accounts payable 9,065 14,727
Payroll and related charges 3,921 5,103
Taxes, other than on income 1,080 1,298
Income and social contribution taxes 3,696 7,636
Advances from customers 4,102 1,307
Other 203 39
--- --
34,828 43,790
------ ------
NONCURRENT LIABILITIES:
Long-term debt 172,200 174,730
Reserve for contingencies 15,625 18,580
Other 222 3,105
--- -----
188,047 196,415
------- -------
MINORITY INTEREST 59 129
SHAREHOLDERS' EQUITY: 98,244 119,882
------ -------
Total liabilities and shareholders' equity 321,178 360,216
======= =======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
( Stated in thousands of Brazilian Reais )
( Unaudited )
NET REVENUES:
Car rental 20,938 25,098
Fleet management 12,407 21,209
Franchising 1,090 1,547
Used car sales 18,529 19,375
------ ------
Total revenues 52,964 67,229
------ ------
EXPENSES AND COSTS:
Direct operating (9,880) (13,547)
Cost of used car sales (16,703) (14,421)
Selling, general and administrative (7,091) (8,963)
Depreciation of vehicles (7,951) (10,996)
Other depreciation and amortization (579) (754)
---- ----
(42,204) (48,681)
------- -------
Operating income 10,760 18,548
------ ------
FINANCIAL EXPENSE, NET (21,373) (999)
OTHER NONOPERATING INCOME (EXPENSE), NET (13) 2
--- -
Income (loss) before taxes and minority interest 10,626 17,551
------ ------
INCOME TAXES 2,342 (6,046)
----- ------
Net income (loss) before minority interest (8,284) 11,505
MINORITY INTEREST (21) (27)
--- ---
Net income (loss) (8,305) 11,478
====== ======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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:
Car rental 20,938 25,098
Fleet management 12,407 21,209
Franchising 1,090 1,547
Used car sales 18,529 19,375
------ ------
52,964 67,229
------ ------
DEPRECIATION:
Car rental (4,393) (3,983)
Fleet management (3,558) (7,013)
Other (579) (754)
---- ----
(8,530) (11,750)
------ -------
OPERATING INCOME (LOSS):
Car rental 6,010 9,482
Fleet management 6,569 8,326
Franchising 646 641
Used car sales 390 3,540
Corporate expenses (2,276) (2,686)
Other depreciation (579) (754)
---- ----
10,760 18,549
------ ------
OPERATING MARGIN:
Car rental 28,7% 37,8%
Fleet management 52,9% 39,3%
Franchising 59,3% 41,4%
Used car sales 2,1% 18,3%
Total 20,3% 27,6%
<PAGE>
LOCALIZA RENT A CAR S A AND SUBSIDIARIES
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:
Car rental 20,938 25,098
Fleet management 12,407 21,209
------ ------
Total vehicle rental 33,345 46,307
Used car sales 18,529 19,375
Franchising 1,090 1,547
----- -----
Total net revenues 52,964 67,229
Direct operating costs and expenses:
Car rental (7,792) (8,090)
Fleet management (1,644) (4,551)
------ ------
Total vehicle rental (9,436) (12,641)
Franchising (444) (906)
Car rental (12,568) (8,804)
Fleet management (4,135) (5,617)
------ ------
Cost of used car sales (16,703) (14,421)
------- -------
Total direct operating costs and expenses (26,583) (27,968)
------- -------
Gross profit 26,381 39,261
Selling, general and administrative expenses:
Adverstising, promotion and selling:
Car rental (2,743) (3,544)
Fleet management (636) (1,319)
Used car sales (1,436) (1,414)
------ ------
Total adverstising, promotion and selling (4,815) (6,277)
General and administrative expenses (2,132) (2,568)
Other (144) (118)
---- ----
Total selling, general, administrative and other expenses (7,091) (8,963)
Depreciation expenses:
Vehicle depreciation expenses:
Car rental (4,393) (3,983)
Fleet management (3,558) (7,013)
------ ------
Total vehicle depreciation expenses (7,951) (10,996)
Non-Vehicle depreciation and amortization expenses (579) (754)
---- ----
Total depreciation expenses (8,530) (11,750)
------ -------
Operating income 10,760 18,548
Financial Interest:
Expense (6,194) (7,333)
Income 6,497 3,660
Present Value Adjustment FND 201 -
Tax on financial revenues (231) (5)
Monetary variation and exchange loss (53,218) 4,344
Monetary variation and exchange gain 31,572 (1,665)
------ ------
Financial interest (expense) income, net (21,373) (999)
Non-Operating (expense) income, net (13) 2
--- -
Income/loss before taxes (10,626) 17,551
Tax (expense) credit 2,342 (6,046)
Minority interest (21) (27)
--- ---
Net income (loss) (8,305) 11,478
====== ======
<PAGE>
LOCALIZA RENT A CAR S A AND SUBSIDIARIES
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
( Stated in thousands of Brazilian Reais unless otherwise indicated )
STATEMENT OF OPERATIONS DATA 1 Q 1999 1 Q 2000
-------- --------
OTHER DATA :
EBITDA 19,290 30,299
Vehicle Depreciation Expense (7,951) (10,996)
------ -------
Adjusted EBITDA 11,339 19,303
====== ======
SELECTED OPERATING DATA:
Gross profit:
Car Rental 13,146 17,008
Fleet Management 10,763 16,658
Franchising 646 641
Used Car Sales 1,826 4,954
----- -----
Total Gross Profit 26,381 39,261
Gross margin:
Car Rental 62.79% 67.77%
Fleet Management 86.75% 78.54%
Franchising 59.27% 41.44%
Used Car Sales 9.85% 25.57%
Total Gross Margin (average) 49.81% 58.40%
Average Operating Fleet:
Car Rental 5.354 5.375
Fleet Management 4.459 8.391
----- -----
Total 9.813 13.766
Average Operating Fleet Age (months) 8.8 8.6
Number of Rental Days:
Car Rental 343.551 367.061
Daily Rental Days to Total Fleet's replacement service (7.935) (5.831)
------ ------
Total 335.616 361.230
Fleet Management 391.470 732.690
Utilization Rates:
Car Rental 71.30% 75.88%
Fleet Management 97.55% 97.02%
Numbers of Cars Purchased:
Car Rental 545 305
Fleet Management 697 1.765
--- -----
Numbers of Cars Purchased Total 1.242 2.070
Average Purchase Price 14.55 14.60
Car Rental 7,519.2 4,684.7
Fleet Management 10,549.3 25,541.7
-------- --------
Total Investment in Fleet 18,068.5 30,226.4
Numbers of Cars Sold:
Car Rental 1.297 868
Fleet Management 415 541
--- ---
Numbers of Cars Sold Total 1.712 1.409
Average Car Price 10.71 13.41
Depreciation per car 3.24 3.19
Average Annual Revenue per Owned
Car in Operation:
Car Rental 15,642.88 18,677.58
Fleet Management 11,129.85 10,109.95
Average Rental Revenue per Rental
Car per Day:
Car Rental (deducted Green Line Days ) 62.39 69.48
Fleet Management 31.69 28.95
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