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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
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 - June 30,1999 and 2000
2. Consolidated Statements of Income for the six months ended June 30,
1999 and 2000
3. Consolidated 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
6. Reclassification of Certain Financial Statement Itens
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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 111,783 21,427
Marketable securities - 70,549
Accounts receivable, net 17,427 22,264
Revenue-earning vehicles, net 85,916 117,631
Prepaid expenses and other 6,639 17,508
------- -------
221,765 249,379
------- -------
NONCURRENT ASSETS:
Revenue-earning vehicles, net 50,442 80,533
Escrow deposits 10,564 13,974
Prepaid expenses 3,535 2,781
Receivables from related parties 1,464 1,456
Compulsory loans 4,830 2,063
Deferred tax credits 16,031 10,428
Recoverable taxes and other 901 1,025
------ -------
87,767 112,260
------ -------
PROPERTY AND EQUIPMENT, NET 7,424 7,690
------- -------
316,956 369,329
======= =======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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 loans - 3,046
Current portion of long-term debt 4,484 4,607
Accounts payable 10,163 13,238
Payroll and related charges 4,695 6,509
Taxes, other than on income 1,019 1,177
Income and social contribution taxes 392 8,984
Advances from customers 4,996 1,144
Other 364 2,366
------ ------
26,113 41,071
------ ------
NONCURRENT LIABILITIES:
Long-term debt 176,950 180,000
Reserve for contingencies 17,417 19,956
Deferred tax liability 385 -
Tax, other than on in income 75 367
------- -------
194,827 200,323
------- -------
MINORITY INTEREST 51 112
SHAREHOLDERS' EQUITY: 95,965 127,823
------- -------
Total liabilities and shareholders' equity 316,956 369,329
======= =======
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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:
Car rental 39,693 47,991
Fleet management 25,598 45,825
Franchising 2,247 3,057
Used car sales 38,891 39,237
------- -------
Total revenues 106,429 136,110
------- -------
EXPENSES AND COSTS:
Direct operating (20,658) (27,521)
Cost of used car sales (34,503) (28,483)
Selling, general and administrative (16,015) (18,382)
Depreciation of vehicles (15,169) (21,954)
Other depreciation and amortization (1,133) (1,503)
------ ------
(87,478) (97,843)
------- -------
Operating income 18,951 38,267
FINANCIAL EXPENSE, NET (24,486) (9,241)
OTHER NONOPERATING INCOME (EXPENSE), NET (8) 11
------ ------
Income (loss) before taxes and minority interest (5,543) 29,037
------ ------
INCOME TAXES 159 (9,569)
----- ------
Net income (loss) before minority interest (5,384) 19,468
MINORITY INTEREST (33) (49)
----- ------
Net income (loss) (5,417) 19,419
====== ======
<PAGE>
LOCALIZA RENT A CAR S.A.
AND SUBSIDIARIES
CONSOLIDATED 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 (5,417) 19,419
Non-cash adjustments-
Depreciation and amortization 19,362 23,457
Allowance for doubtful accounts 419 23
Monetary restatementof compulsory loans, net - 3,472
Present Value Adjustement - FND (179) -
Deferred taxes on income (692) (76)
Reserve for contingencies 2,591 1,965
Accrued interest expense 9,795 10,579
Accrued interest income - (5,495)
Foreign exchange gain (loss)- short-term debt 2,100 (170)
Foreign exchange gain (loss)- long-term debt, net 56,080 725
Other monetary restatement - (26)
Other (102) -
------ ------
83,957 53,873
------ ------
(Increase) decrease in assets:
Accounts receivable 1,268 (3,523)
Revenue-earning vehicles-
New acquisitions (55,808) (66,063)
Proceeds from sales 34,503 28,483
Stolen vehicles, net of recoveries 423 1,186
Discount for damaged cars sold 1,155 1,418
Prepaid expenses (3,677) (1,464)
Escrow deposits (2,984) (536)
Income and social contribution taxes (146) -
Recoverable taxes and other (895) (8,003)
------ ------
(26,161) (48,502)
------ ------
<PAGE>
LOCALIZA RENT A CAR S.A.
AND SUBSIDIARIES
CONSOLIDATED 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 (2,013) 8,727
Payroll and related charges 259 122
Income and social contribution taxes - 10,044
Advances from customers 163 (1,350)
Taxes other than on income 45 (608)
Reserve for contingences (669) (275)
Other 407 (38)
----- ------
(1,808) 16,622
------ ------
Net cash provided by/(used in) operating activities 55,988 21,993
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Marketable securities - 12,796
Additions to property and equipment (690) (1,876)
----- ------
Net cash used in investing activities (690) 10,920
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt - (8,983)
Short-term loans-
Proceeds - 27,127
Repayments (13,404) (27,341)
Dividends (5,167) (7,526)
Other - (1,756)
------ ------
Net cash provided by (used in) financing activities (18,571) (18,479)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 36,727 14,434
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 75,056 6,993
------- ------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 111,783 21,427
======= ======
Supplemental disclosures of cash flow information -
Cash paid during the year for:
Interest 9,212 8,983
Income and social contribution taxes 146 6,197
<PAGE>
LOCALIZA RENT A CAR S.A. AND SUBSIDIARIES
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:
Car rental 39,693 47,991
Fleet management 25,598 45,825
Franchising 2,247 3,057
Used car sales 38,891 39,237
------- -------
106,429 136,110
------- -------
DEPRECIATION:
Car rental (8,217) (7,514)
Fleet management (6,952) (14,440)
Other (1,133) (1,503)
------ ------
(16,302) (23,457)
------ ------
OPERATING INCOME (LOSS):
Car rental 9,515 17,106
Fleet management 13,022 19,335
Franchising 1,225 1,291
Used car sales 1,083 7,718
Corporate expenses (4,761) (5,680)
Other depreciation (1,133) (1,503)
------ ------
18,951 38,267
------ ------
OPERATING MARGIN:
Car rental 24.0% 35.6%
Fleet management 50.9% 42.2%
Franchising 54.5% 42.2%
Used car sales 2.8% 19.7%
Total 17.8% 28.1%
<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>
2 Q 1999 2 Q 2000 1 H 1999 1 H 2000
-------- -------- -------- --------
STATEMENT OF OPERATIONS DATA:
Net revenues:
Car rental 18,755 22,893 39,693 47,991
Fleet management 13,191 24,616 25,598 45,825
------ ------ ------ ------
Total vehicle rental 31,946 47,509 65,291 93,816
Used car sales 20,362 19,862 38,891 39,237
Franchising 1,157 1,510 2,247 3,057
------ ------ ------- -------
Total net revenues 53,465 68,881 106,429 136,110
Direct operating costs and expenses:
Car rental (7,523) (8,196) (15,315) (16,286)
Fleet management (2,677) (4,918) (4,321) (9,469)
------ ------ ------ ------
Total vehicle rental (10,200) (13,114) (19,636) (25,755)
Franchising (578) (860) (1,022) (1,766)
Cost of used car sales (17,800) (14,062) (34,503) (28,483)
------- ------- ------- -------
Total direct operating costs and expenses (28,578) (28,036) (55,161) (56,004)
------- ------- ------- -------
Gross profit 24,887 40,845 51,268 80,106
Selling, general and administrative expenses:
Adverstising, promotion and selling:
Car rental (3,903) (3,541) (6,646) (7,085)
Fleet management (667) (1,262) (1,303) (2,581)
Used car sales (1,869) (1,622) (3,305) (3,036)
------ ------ ------ ------
Total adverstising, promotion and selling (6,439) (6,425) (11,254) (12,702)
General and administrative expenses (2,344) (2,840) (4,476) (5,408)
Other (141) (155) (285) (272)
----- ----- ------ ------
Total selling, general, administrative and other expenses (8,924) (9,420) (16,015) (18,382)
Depreciation expenses:
Vehicle depreciation expenses:
Car rental (3,824) (3,531) (8,217) (7,514)
Fleet management (3,394) (7,427) (6,952) (14,440)
------ ------ ------ ------
Total vehicle depreciation expenses (7,218) (10,958) (15,169) (21,954)
Non-Vehicle depreciation and amortization expenses (554) (749) (1,133) (1,503)
----- ------ ------ ------
Total depreciation expenses (7,772) (11,707) (16,302) (23,457)
------ ------- ------- -------
Operating income 8,191 19,718 18,951 38,267
Financial Interest:
Expense (5,952) (9,155) (12,146) (16,488)
Income 5,940 3,932 12,437 7,592
Present Value Adjustment FND (21) - 180 -
Tax on financial revenues (386) 131 (617) 126
Monetary variation and exchange loss (5,015) (5,270) (58,233) (926)
Monetary variation and exchange gain 2,321 2,120 33,893 455
------ ------ ------- ------
Financial interest (expense) income, net (3,113) (8,242) (24,486) (9,241)
Non-Operating (expense) income, net 5 9 (8) 11
----- ------ ------ ------
Income/loss before taxes 5,083 11,485 (5,543) 29,037
Tax (expense) credit (2,183) (3,522) 159 (9,569)
Minority interest (12) (22) (33) (49)
----- ----- ------ ------
Net income (loss) 2,888 7,941 (5,417) 19,419
===== ===== ====== ======
</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 15,963 31,425 35,253 61,723
Vehicle Depreciation Expense (7,218) (10,958) (15,169) (21,954)
------ ------- ------- -------
Adjusted EBITDA 8,745 20,467 20,084 39,769
====== ====== ====== ======
</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 2Q1999 and 1H1999 expenses related to fiscal litigation
from Other Selling, General and Administrative Expenses to Car Rental Direct
Operating Costs in the amount of R$216 and R$437 respectively.
2 - Reclassification of 2Q1999 and consequently of 1H1999 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$199.
3 - Reclassification of 2Q1999 and consequently of 1H1999 expenses related to
tax on other operational revenues from Financial Interest Expenses to Other
Selling, General and Administrative Expenses in the amount of R$231.
<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>
SELECTED OPERATING DATA: 2 Q 1999 2 Q 2000 1 H 1999 1 H 2000
-------- -------- -------- --------
Gross profit:
Car Rental 11,232 14,697 24,378 31,705
Fleet Management 10,514 19,698 21,277 36,356
Franchising 579 650 1,225 1,291
Used Car Sales 2,562 5,800 4,388 10,754
------ ------ ------ ------
Total Gross Profit 24,887 40,845 51,268 80,106
Gross margin:
Car Rental 59.89% 64.20% 61.42% 66.06%
Fleet Management 79.71% 80.02% 83.12% 79.34%
Franchising 50.04% 43.05% 54.52% 42.23%
Used Car Sales 12.58% 29.20% 11.28% 27.41%
Total Gross Margin (average) 46.55% 59.30% 48.17% 58.85%
Average Operating Fleet:
Car Rental 4,777 4,986 5,066 5,181
Fleet Management 4,850 9,261 4,655 8,826
----- ------ ----- ------
Total 9,627 14,247 9,721 14,007
Average Operating Fleet Age (months) 8.8 9.7 8.8 9.2
Number of Rental Days:
Car Rental 328,488 334,772 672,039 701,833
Daily Rental Days to Total Fleet's replacement service (6,326) (6,608) (14,261) (12,439)
------- ------- ------- ---------
Total 322,162 328,164 657,778 689,394
Fleet Management 415,830 832,110 807,300 1.564,290
Utilization Rates:
Car Rental 75.56% 74.60% 73.30% 74.43%
Fleet Management 95.26% 99.84% 96.35% 98.46%
Numbers of Cars Purchased:
Car Rental 1,230 1,220 1,775 1,525
Fleet Management 1,255 805 1,952 2,570
----- ----- ----- -----
Numbers of Cars Purchased Total 2,485 2,025 3,727 4,095
Average Purchase Price 14.42 16.65 14.46 15.62
Total Investment in Fleet 35,841.2 33,725.3 53,909.7 63,951.7
Numbers of Cars Sold:
Car Rental 1,160 862 2,457 1,730
Fleet Management 676 516 1,091 1,057
----- ----- ------ -----
Numbers of Cars Sold Total 1,836 1,378 3,548 2,787
Average Car Price 10.83 14.05 10.78 13.73
Depreciation per car 3.00 3.08 3.12 3.13
Average Annual Revenue per Owned
Car in Operation:
Car Rental 15,703.32 18,364.60 15,671.94 18,526.96
Fleet Management 10,878.43 10,632.50 10,998.85 10,384.09
Average Rental Revenue per Rental
Car per Day:
Car Rental (deducted Green Line Days ) 58.22 69.76 60.34 69.61
Fleet Management 31.72 29.58 31.71 29.29
</TABLE>
<PAGE>
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