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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 OCTOBER 23, 2000
LOCALIZA RENT A CAR S.A.
TOTAL FLEET S.A.
LOCALIZA SYSTEM LTDA.
PRIME PRESTADORA DE SERVICOS S/C 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 Rent a Car S.A . and subsidiaries
1. Consolidated Balance Sheets - September 30,1999 and 2000
2. Consolidated 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>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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 107,590 35,992
Marketable securities - 75,210
Accounts receivable, net 21,044 32,588
Revenue-earning vehicles, net 142,854 135,081
Prepaid expenses and other 12,459 19,726
------- -------
283,947 298,597
------- -------
NONCURRENT ASSETS:
Revenue-earning vehicles, net 15,663 68,564
Escrow deposits 11,488 14,609
Prepaid expenses 3,347 2,592
Receivables from related parties 1,444 1,456
Compulsory loans 5,417 2,063
Deferred tax credits 14,782 10,847
Recoverable taxes and other 1,023 871
------ -------
53,164 101,002
------ -------
PROPERTY AND EQUIPMENT, NET 7,466 7,571
------- -------
344,577 407,170
======= =======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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 loans 2,161 3,295
Current portion of long-term debt 9,797 9,396
Accounts payable 9,220 23,355
Payroll and related charges 4,879 6,727
Taxes, other than on income 1,221 1,236
Income and social contribution taxes 979 15,187
Advances from customers 4,076 863
Other 252 1,999
------ ------
32,585 62,058
------ ------
NONCURRENT LIABILITIES:
Long-term debt 192,230 184,370
Reserve for contingencies 18,529 21,473
Deferred tax liability 647 -
Tax, other than on income 126 435
------- -------
211,532 206,278
------- -------
MINORITY INTEREST 114 100
SHAREHOLDERS' EQUITY: 100,346 138,734
------- -------
Total liabilities and shareholders' equity 344,577 407,170
======= =======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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:
Car rental 61,570 73,533
Fleet management 41,038 71,134
Franchising 3,498 4,540
Used car sales 63,553 62,661
------- -------
Total revenues 169,659 211,868
------- -------
EXPENSES AND COSTS:
Direct operating (31,803) (41,396)
Cost of used car sales (54,828) (44,940)
Selling, general and administrative (23,976) (28,734)
Depreciation of vehicles (21,947) (35,694)
Other depreciation and amortization (1,696) (2,219)
------- ------
(134,250) (152,983)
------- -------
Operating income 35,409 58,885
FINANCIAL EXPENSE, NET (34,619) (13,170)
OTHER NONOPERATING INCOME (EXPENSE), NET (17) 6
------ ------
Income before taxes and minority interest 773 45,721
------ ------
INCOME TAXES (1,771) (15,324)
------ ------
Net income (loss) before minority interest (998) 30,397
MINORITY INTEREST (38) (67)
------ ------
Net income (loss) (1,036) 30,330
======= ======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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:
Car rental 61,570 73,533
Fleet management 41,038 71,134
Franchising 3,498 4,540
Used car sales 63,553 62,661
------- -------
169,659 211,868
------- -------
DEPRECIATION:
Car rental (10,372) (13,112)
Fleet management (11,575) (22,582)
Other (1,696) (2,219)
------ ------
(23,643) (37,913)
------ ------
OPERATING INCOME (LOSS):
Car rental 18,584 24,605
Fleet management 20,124 29,921
Franchising 1,609 1,774
Used car sales 3,788 12,950
Corporate expenses (7,000) (8,146)
Other depreciation (1,696) (2,219)
------ ------
35,409 58,885
------ ------
OPERATING MARGIN:
Car rental 30.2% 33.5%
Fleet management 49.0% 42.1%
Franchising 46.0% 39.1%
Used car sales 6.0% 20.7%
Total 20.9% 27.8%
<PAGE>
<TABLE>
<CAPTION>
LOCALIZA RENT A CAR S A AND SUBSIDIARIES
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:
Car rental 21,877 25,542 61,570 73,533
Fleet management 15,440 25,309 41,038 71,134
------ ------ ------- -------
Total vehicle rental 37,317 50,851 102,608 144,667
Used car sales 24,662 23,424 63,553 62,661
Franchising 1,251 1,483 3,498 4,540
------ ------ ------- -------
Total net revenues 63,230 75,758 169,659 211,868
Direct operating costs and expenses:
Car rental (7,328) (8,201) (22,643) (24,486)
Fleet management (2,950) (4,675) (7,271) (14,144)
------ ------ ------ ------
Total vehicle rental (10,278) (12,876) (29,914) (38,630)
Franchising (867) (1,000) (1,889) (2,766)
Cost of used car sales (20,325) (16,457) (54,828) (44,940)
------- ------- ------- -------
Total direct operating costs and expenses (31,470) (30,333) (86,631) (86,336)
------- ------- ------- -------
Gross profit 31,760 45,425 83,028 125,532
Selling, general and administrative expenses:
Adverstising, promotion and selling:
Car rental (3,325) (4,245) (9,971) (11,330)
Fleet management (771) (1,906) (2,068) (4,487)
Used car sales (1,626) (1,735) (4,937) (4,771)
------ ------ ------ ------
Total adverstising, promotion and selling (5,722) (7,886) (16,976) (20,588)
General and administrative expenses (2,245) (2,340) (6,721) (7,748)
Other 6 (125) (279) (398)
----- ------ ------ ------
Total selling, general, administrative and other expenses (7,961) (10,351) (23,976) (28,734)
Depreciation expenses:
Vehicle depreciation expenses:
Car rental (2,155) (5,598) (10,372) (13,112)
Fleet management (4,623) (8,142) (11,575) (22,582)
------ ------ ------ ------
Total vehicle depreciation expenses (6,778) (13,740) (21,947) (35,694)
Non-Vehicle depreciation and amortization expenses (563) (716) (1,696) (2,219)
----- ------ ------ ------
Total depreciation expenses (7,341) (14,456) (23,643) (37,913)
------ ------- ------- -------
Operating income 16,458 20,618 35,409 58,885
Financial Interest:
Expense (5,597) (5,395) (17,578) (21,883)
Income 4,296 4,502 16,748 12,094
Tax on financial revenues (415) (228) (1,032) (102)
Monetary variation and exchange loss (15,798) (4,560) (74,031) (5,486)
Monetary variation and exchange gain 7,381 1,752 41,274 2,207
------ ------ ------- ------
Financial interest (expense) income, net (10,133) (3,929) (34,619) (13,170)
Non-Operating (expense) income, net (9) (5) (17) 6
----- ------ ------ ------
Income before taxes 6,316 16,684 773 45,721
Tax (expense) credit (1,930) (5,755) (1,771) (15,324)
Minority interest (5) (18) (38) (67)
----- ------ ------ ------
Net income (loss) 4,381 10,911 (1,036) 30,330
===== ====== ====== ======
</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 23,799 35,074 59,052 96,798
Vehicle Depreciation Expense (6,778) (13,740) (21,947) (35,694)
------ ------- ------- -------
Adjusted EBITDA 17,021 21,334 37,105 61,104
====== ====== ====== ======
</TABLE>
<strong>Reclassification of Certain Financial Statement Items</strong>
In order to conform with the presentation in the 2000 and in the 1999 financial
statements, certain amounts in Localiza's results of operations for 1999 have
been reclassified.
1 - Reclassification of September 30, 1999 Assets related to
Revenue-earning vehicle net, from Current Assets to Noncurrent Assets in the
amount of R$15,663.
2 - Reclassification of September 30, 1999 Liabilities related to debt from
Short-term loans to Current portion of long-term debt in the amount of R$9,797.
3 - Reclassification of September 30, 1999 Liabilities related to Reserve for
contigencies from Current liabilities to Noncurrent liabilities in the amount
of R$490.
4 - Reclassification of 3Q1999 and nine months ended in September 30, 1999
expenses related to fiscal litigation from Other Selling, General and
Administrative Expenses to Car Rental Direct Operating Costs in the amount
of R$237 and R$674 respectively.
5 - Reclassification of 2Q1999 and consequently of nine months ended in
September 30, 1999 expenses related to allowance for doubtful accounts from Car
Rental and Fleet Management to Used Car Sales Advertising, Promotion and
Selling Expenses in the total amount of R$232.
<PAGE>
<TABLE>
<CAPTION>
LOCALIZA RENT A CAR S A AND SUBSIDIARIES
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:
Car Rental 14,549 17,341 38,927 49,047
Fleet Management 12,490 20,634 33,767 56,990
Franchising 384 483 1,609 1,774
Used Car Sales 4,337 6,967 8,725 17,721
------ ------ ------ -------
Total Gross Profit 31,760 45,425 83,028 125,532
Gross margin:
Car Rental 66.50% 67.89% 63.22% 66.70%
Fleet Management 80.89% 81.53% 82.28% 80.12%
Franchising 30.70% 32.57% 46.00% 39.07%
Used Car Sales 17.59% 29.74% 13.73% 28.28%
Total Gross Margin (average) 50.23% 59.96% 48.94% 59.25%
Average Operating Fleet:
Car Rental 5,277 5,309 5,136 5,223
Fleet Management 5,803 9,517 5,037 9,056
----- ------ ------ ------
Total 11,080 14,826 10,173 14,279
Average Operating Fleet Age (months) 8.2 10.7 8.6 9.7
Number of Rental Days:
Car Rental 346,735 373,163 1,018,774 1,074,996
Daily Rental Days to Total Fleet's replacement service (5,790) (6,019) (20,051) (18,458)
------- ------- --------- ----------
Total 340,945 367,144 998,723 1,056,538
Fleet Management 501,900 849,000 1,309,200 2,413,290
Utilization Rates:
Car Rental 71.42% 76.40% 72.66% 75.11%
Fleet Management 96.10% 99.12% 96.27% 98.70%
Numbers of Cars Purchased:
Car Rental 1,497 1,652 3,272 3,177
Fleet Management 1,863 517 3,815 3,087
----- ----- ----- -----
Numbers of Cars Purchased Total 3,360 2,169 7,087 6,264
Average Purchase Price 14.21 16.53 14.35 15.93
Total Investment in Fleet 47,757.9 35,850.8 101,667.7 99,802.6
Numbers of Cars Sold:
Car Rental 1,490 1,234 3,947 2,964
Fleet Management 491 334 1,582 1,391
----- ----- ------ -----
Numbers of Cars Sold Total 1,981 1,568 5,529 4,355
Average Car Price 12.06 14.39 11.24 13.97
Depreciation per car 2.45 3.71 2.88 3.33
Average Annual Revenue per Owned
Car in Operation:
Car Rental 16,447.72 19,139.71 16,027.81 18,805.84
Fleet Management 10,642.77 10,637.39 10,863.08 10,473.20
Average Rental Revenue per Rental
Car per Day:
Car Rental(deducted Total Fleet's replacement service) 64.17 69.57 61.65 69.60
Fleet Management 30.76 29.81 31.35 29.48
</TABLE>
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