1
Localiza Rent a Car S.A.
July, 2009
2Q09 and1H09 Results (R$ millions - USGAAP)
2
Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
3
Integrated business platform
This integrated business platform gives Localiza flexibility and superior performance
Synergies:
cost reduction
cross selling
bargaining power
� 7,966 cars
� 222 locations in 9 countries
� 157 locations in Brazil
� 65 locations in South America
� 14 employees
� 15,107 cars sold
� 79% sold to final consumer
� 38 stores
� 430 employees
� 30,585 cars
� 1.8 million clients
� 204 locations
� 2,650 employees
� 21,638 cars
� 589 clients
� 219 employees
As of 06/31/2009
4
* Used cars losses are allocated in the rental divisions
Breakdown
100%100%100%Total
4%1%1%Franchising
*2%47%Used car sales
41%46%18%Fleet rental
55%51%34%Car rental
Net incomeEBITDARevenues
100%100%100%Total
48%46%34%Fleet rental
52%54%66%Car rental
Net incomeEBITDARevenues
Rentals
Consolidated
As of 06/30/2009
5
Co
re B
usin
esses
Su
pp
ort
� Increase market leadership maintaining high return
�Create value taking advantage of the integrated business platform synergies
�Add value to the brand by expanding the network in Brazil and South America
Strategy by division
�Add value to the businesses, reducing depreciation as a competitive advantage
6
Company’s structure
BOARD OF DIRECTORS
CEO
COO
Car Acquisition
Legal
Financial ITHuman
ResourcesSupply &
Administration
7* includes 4,226,300 shares in treasury
100%100%100% 100%100%
EugenioMattar
AntonioClaudio Resende
FlavioResende Free-Float *
13.1% 8.6% 12.8% 8.6% 56.9%
SalimMattar
Founders
Ownership breakdown
Localiza Car Rental
RentalInternational
8
Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
9
Growth opportunities
Air traffic8.7% CAGR (2004/2008)
Growth forecast between 2% - 5%
GDP elasticityRental divisions 5.9x GDP
Sector: 2.6x GDP
ConsolidationUS market: 4 players 95% BR market: 4 players 40%
1,893 players 60%
Credit cards23.7% CAGR (2004/2008)
41 mm holders (estimated)Replacement
Around 10 million cars insuredAccident frequency of 15% p.a.
Fleet outsourcingCorporate target fleet of 500,000 cars
Approximately 25% rented
Source: Localiza, ABLA and Central Bank
Source: Infraero, Gol and Tam
Source: Abecs and estimates
Source: Susep, Denatran and estimates
Source: Company estimates
Source: Auto Rental News and estimates
10
Localiza’s revenues have been growing 5.9x GDP.
Source: Central Bank, Localiza and ABLA
Growth opportunities: GDP
5.9x
Localiza
GDP
Sector
2.6x
2005 2006 2007 2008
GDP (real) Localiza (real) Sector (real)
Rental revenues accumulated growth rate – rentals
11
Others
1889
Localiza
274 Unidas
71 Avis
49
Hertz
64
Growth opportunities: consolidation
Airport locations Off-airport locations
Brazilian car rental agencies
Off-airport market is fragmented among almost 2,000 small local car rental companies
Source: Each company website as of June 30th , 2009
Unidas
30
Avis
30
Hertz
29
Others
37
Localiza
87
12
100% 100% 100% 100%
Strategy: to reduce airport dependence increasing off-airport volume of business
Car rental revenues breakdown
54% 59% 62% 66% 68%
46% 41% 38% 34% 32%
2005 2006 2007 2008 1H09
Off-airport Airport
100%
Growth opportunities: airport x off-airport markets
13
Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
14
Highercompetitiveness
Market shareincrease
Gains of scale
Scale
Know-how
Strong brand
Strong values
Integrated platform
Geographical footprint
High corporate governance standards
Used car sales network
Management model
Lower depreciation
Stable Management
Owners involved
Facilities
Rating
Competitive advantages
Localiza reached the virtuous cycle
15
International footprint
International footprint
Strategic locations
Strategic locations
Nationwidepresence
Nationwidepresence
Competitive advantages: geographical footprint
426 locations in 9 countries in South America
As of 06/31/2009
16
78
59
55
Localiza Unidas Hertz Avis
Competitive advantages: scale
101
93
79
Localiza* Unidas Hertz Avis
Localiza network is larger than the second, the third and the fourth competitors combined
Source: Each company website as of June 30th , 2009
Locations in Brazil Cities in Brazil
361
273192
299
17
Competitive advantages: rating
Enterprise Localiza Avis Budget Hertz Europcar Dollar Thrifty
Moody’s debt rating as of Jan/09 (Global scale)
Baa2Ba1
Ba2B1
B2
Caa3
S&P and Moody’s reassured Localiza’s rating on 2009.
A3.brLupatech
Aa2.brDuke Energy
Aa1.brCEMIG
Aa3.brGafisa S.A.
Aa2.brMagnesita Refratários S.A.
Aa2.brBraskem S.A.
Aa2.brLocaliza Rent a Car S.A
Moody’s corporate rating as of Jan/09 (Local Currency)
Enterprise Localiza Europcar Hertz Avis Budget Dollar Thrifty
S&P corporate credit rating as of Jan/09 (Global scale)
brA-Lupatech
brAA-Duke Energy
brAA+Brasil Telecom S.A
brA-Gafisa S.A.
brA-Magnesita Refratários S.A.
brAA+Braskem S.A
brAA-Localiza Rent a Car S.A
Standard & Poors as of Apr/09 (Local Currency)
BBB
BB
B+B
CCC+CCC
Localiza has one of the best rating among its international peers
18
Competitive advantages: used car sales network
35 stores in Brazil
Strategy: Add value to the businesses, reducing depreciation as a competitive advantage
� Logistic of distribution
� Know-how of used car market
� Selling to final consumers in order to have higher revenue per sold car
19
322.9 492.3939.1
332.9
2,546.02,640.0
3,618.0
1,752.01,656.02,142.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Competitive advantages: lower depreciation
The depreciation is calculated using the estimated sale price in the future (mark to market), net of the sales expenses.
Localiza 1999 2000 2001 2002 2003 2004 2005 2006 2007
Average purchase price (nominal) 13,788 14,575 14,586 15,600 16,140 19,960 24,350 25,840 25,650
Average sale price (nominal) 11,650 13,950 14,530 14,026 16,680 19,490 23,060 24,770 27,460
Average capex for renewal 2,138 635 56 1,574 (540) 470 1,290 1,070 (1,810)
Average sold fleet age 13.7 15.5 14.1 14.1 12.8 11.6 11.0 14.7 12.2
Average depreciation 2,640 3,618 2,142 1,656 1,752 323 492 939 333
% over average purchase price 19.1% 24.8% 14.7% 10.6% 10.9% 1.6% 2.0% 3.6% 1.3%
2008
27,740
27,770
(30)
12.3
2,546
9.2%
* 2008 depreciation was impacted by declining market conditions and IPI reduction (excise tax).
Average depreciation per car - Car rental division
*
5.4%0.3% 4.3% 1.3% 2.7% 1.1% 5.7% 2.9% 3.7% 5.1%GDP
20
Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
21Source: ABLA e Company, based on revenue
Consolidated
2004
Car rental
Fleet rental
2008
Localiza has been increasing its market share
Localiza is gaining market share…
22.4% 38.0%
10.2% 14.0%
15.5% 24.8%
22
Growth with strong results
504
134 154 150 152
198
278311
403
856242
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
331 429 555 679873191 251 303
448
590
853
983
2812862702211601451279086 85
89151
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
CAGR: 26.3%
CAGR: 23.9%
EBITDA evolution
Revenue evolution
CAGR: 16.5%
CAGR: 30.8%
… maintaining profitability.
Car sold / EOP fleet 45%56%50%52%55%69%57%42%31%50%74%77%
4.41.9Average
5.14.63.72.95.71.12.71.34.30.30.03.4GDP
23
Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
24
Car rental division
20,88821,55021,34120,83321,848
15,93712,842
9,4026,654
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
CAGR: 34.6%-3.1%
140.8141.0
291.9278.6
585.7
442.7357.2
271.3197.1
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
CAGR: 31.3%
-0.1%
4.8%
2.4%
Even on this unfavorable scenario, revenues have grown 4.8% on 1H09.
Net revenues (R$ millions)
Average rented fleet (quantity)
25
Fleet rental division
19,00516,987
19,39116,352
17,880
14,29511,635
9,3087,796
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
CAGR: 23.1%11.9%
76.266.0
152.1127.7
276.9
228.2190.2
149.2127.8
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
CAGR: 21.3%
15.5%
19.1%
18.6%
The revenues increased due to higher volume and prices.
Net revenues (R$ millions)
Average rented fleet (quantity)
26
493.1690.0
930.31,060.9
1,335.3
700.3
152.3
475.7
136.1303.0
448.2590.3
853.2983.2
491.7 413.1222.8 196.3
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Purchased cars Sold cars
Purchases (accessories included) Used car sales revenue
The car rental division fleet is already adjusted.
241.8
340.0
190.1
207.7352.1
252.9-60.2
208.6
-260.8
22,18226,105
33,52038,050
44,211
23,632
5,333
16,419
4,946
15,71518,763
23,174
30,09334,281
17,008 15,107
7,716 7,279
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
7,34210,346
6,467
7,9579,930
8,703
-2,333
6,624
-9,774
Fleet investment
Net Investment (R$ millions)
Quantity
27
72.8%76.2%
72.1%69.6%
1H08 1H09 2Q08 2Q09
24,103 31,373 35,686 39,112 39,31430,585
9,16811,762
14,63017,790
23,403 20,37621,638
19,531
2004 2005 2006 2007 2008 1H08 1H09
CAGR: 21.5%
28,69935,865
46,00353,476
62,51559,690 52,223
-12.5%
2.5 p.p.3.4 p.p.
2009 utilization rate goal: minimum of 72%.
End of period fleet and utilization rates
Utilization rates – Car rental division
End of period fleet (quantity)
Car Rental Fleet Rental
28
9,402 12,842 15,937 21,848 20,833 21,341 21,550 20,8887,7969,308
11,63514,295
17,880 16,352 19,391 16,987 19,005
6,654
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
3.5%
CAGR: 28.8%
14,45018,710
24,47730,232
39,728 38,537 39,893
9.5%
37,185 40,732
872.5411.1 449.6
209.5 220.2
303.0448.2
590.3
853.2
983.2
491.7 413.1
222.8 196.3331.4 428.7 555.1 678.5
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
-3.7%
CAGR: 30.8%
634.4876.9
1,145.4
1,531.71,855.7
432.3 416.5
-4.4%
902.8 862.7
5.1%9.4%
Net revenue - ConsolidatedAverage Rented fleet (quantity)
Rentals Used car sales
Net revenues (R$ millions)
Car rental Fleet rental
29
161.0218.8
284.4357.1
449.6
211.4 219.8110.4 107.5
36.5
59.126.9
46.4
54.5
33.0 4.7
13.2 1.6
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
48.8%52.7%48.9%51.4%51.5%52.6%51.2%51.0%48.6%Rentals - Consolidated
1.1%
67.1%
39.4%
1H09
6.7%
64.3%
45.5%
1H08
5.5%
67.0%
44.3%
2008
4.6%
69.1%
42.0%
2006
5.9%
66.4%
46.2%
2Q08
5.4%
68.7%
44.5%
2007
0.8%13.2%12.0%Used car sales
68.8%62.3%63.4%Fleet Rental
37.9%45.3%40.1%Car Rental
2Q0920052004Divisions
CAGR: 26.4%
277.9
197.5
403.5
504.1
311.3 -11.7%
123.6 109.1
Seminovos EBITDA margin reflects the current market conditions.
-8.1%
244.4 224.5
-2.6%4.0%
EBITDA margin
EBITDA consolidated (R$ millions)
Car Rental Used car sales
30
2,169.62,599.7
322.9 492.3
2,546.0
332.9939.1
2004 2005 2006 2007 2008 1H09 2Q09
3,794.7
4,557.6
1,845.5
2,981.3
5,083.1
2,395.82,383.3
2004 2005 2006 2007 2008 1H09 2Q09
annualized
Depreciation rate is adjusted to the current market conditions.
Depreciation per car
Car rental division (R$)
Fleet rental division (R$)
annualized
31
27.153.657.3
107.190.6
106.5
138.2
190.2
127.4
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
107.1
(45.7)
(52.7)
(8.5)
(30.4)
244.4
33.0
211.4
1H08
57.3
(21.0)
(65.5)
(10.7)
(70.0)
224.5
4.7
219.8
1H09
(49.8)
24.7
(12.8)
(2.2)
(39.6)
(19.9)
(28.3)
8.4
Var. R$
(14.5)109.1123.6EBITDA Consolidated
(26.5)
12.7
(2.1)
(1.0)
(21.6)
(11.6)
(2.9)
Var. R$
27.153.6Net income
(9.7)(22.4)Income tax and social contribution
(26.8)(24.7)Financial expenses, net
(5.4)(4.4)Other depreciation
(40.1)(18.5)Depreciation of revenue-earning vehicles
1.6 13.2 EBITDA - Used car sales
107.5110.4 EBITDA - Car rental and fleet rental
2Q092Q08Reconciliation of EBITDA x Net Income
- 49.4%
Main impacts on results: increase of depreciation and drop of the Seminovos EBITDA.
- 46.5%
Net Income - ConsolidatedNet Income (R$ millions)
32
52.0 58.2118.2
250.7205.7
107.4
504.6
81.7
222.7
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
98.4------Change in amounts payable to car suppliers (capex)
(27.4)
61.5
(196.3)
107.4
(9.2)
(12.3)
(504.0)
491.7
128.9
(19.1)
(38.9)
186.9
434.2
(491.7)
244.4
1H08
504.6
-
-
504.6
(4.4)
359.2
(152.3)
413.1
149.8
(18.8)
(26.9)
195.5
384.1
(413.1)
224.5
1H09
(283.1)
(188.9)
(299.9)
205.7
(39.9)
(52.2)
(1,035.4)
983.2
297.8
(44.8)
(52.8)
395.4
874.5
(983.2)
504.1
2008
(22.2)53.2 (161.3)(113.7)Free cash flow
(51.0)222.0 (25.5)(21.9)Change in amounts payable to car suppliers (capex)
(221.9)(287.0)(194.0)(143.8)Capex of car – growth
250.7 118.2 58.2 52.0 Free cash flow before growth
(23.7)(32.7)(28.0)(10.2)Capex - Property and equipment, net
14.2 (53.0)(47.8)(46.3)Net capex for renewal
(839.0)(643.3)(496.0)(349.3)Capex of car – renewal
853.2 590.3 448.2 303.0 Used car sales revenues
260.2 203.9 134.0 108.5 Cash provided before capex
13.3 (4.8)(24.2)6.2 Working capital variation
(63.4)(42.7)(32.7)(40.9)(-) Income tax and social contribution – current
310.3 251.4 190.9 143.2 EBITDA without used car sales revenues and costs
760.0 530.4 361.2 248.7 Cost of used car sales
(853.2)(590.3)(448.2)(303.0)Used car sales revenues
403.5 311.3 277.9 197.5 EBITDA
2007200620052004Free cash flow - R$ millions
369.
8%
172.6%
Free cash flow before growth (R$ millions)
Free cash flow - FCF
33
-45.5-22.4
504.6
-1,254.5-817.8
Var. (R$)20092008
1,013.6
185.2
1,198.8
Mar/09
-436.7
260.6
-176.1
Dec/Jun
1,208.31,384.41,352.0Gross debt (principal + interest)
390.5129.9151.0(-) Cash
1,254.5
Dec/08
817.8
Jun/09
1,201.0Net debt
Sep/08R$ millions
Net debt was reduced in R$436.7 million.
Net debt reconciliation
InterestInterest on capital
Net Debt12/31/2008
Net Debt 06/30/2009
Free Cash Flow
34
Net debt Fleet value
281.3535.8 440.4
765.1
1,254.5
817.8612.2
900.2
1,247.71,492.9
1,752.6
1,437.5
2004 2005 2006 2007 2008 1H09
2.0x
1.8x
2.5x
72%
2008
1.2x1.3x0.7x1.4x1.0xNet debt / Equity (USGAAP)
1.3x(*)1.3x1.0x1.5x1.1xNet debt / EBITDA (BRGAAP)
1.8x(*)1.9x1.4x1.9x1.4xNet debt / EBITDA (USGAAP)
57%51%36%60%46%Net debt /Fleet value (USGAAP)
1H092007200620052004End of period balancesEnd of period balancesEnd of period balancesEnd of period balances
Indebtedness ratios have improved significantly on 1H09 over 2008.
Net debt x Fleet value
(R$ millions)
(*) annualized
35
The current cash is enough to pay the debt with maturity on the 1H2010.
335.9
110.0 109.666.8
520.4
0.4
2009 2010 2011 2012 2013 2014
390.5
Cash
1H
R$350.0
2H
R$170.4
Debt profile
Debt profile(Principal – R$ millions)
36
RENT3 X IBOVESPA
0
5
10
15
20
25
0
20
40
60
80
100
120
140
160
180
200
RENT3 Volume RENT3 IBOVESPA
RENT3 Performance
216%
113%
RENT3 was included in the Market Vectors Brazil Small-caps Index of Van Eck (USA).
Average daily trade volume (R$ millions) Average daily trading (# shares)
829,7729,5 687,5 648,7 670,9
385,4
956,4
2005 2006 2007 2008 2009 1T09 2T09
4,6
10,6
13,5
8,46,9
3,1
10,7
2005 2006 2007 2008 2009 1T09 2T09
245% 14
8%
37
� Cash generation of R$ 504.6 million
� Net debt reduction of R$ 436.7 million
Highlights
Financials:
The strong cash generation was the strategy adopted by the Company to make even stronger the financial solidity on a low liquidity scenario.
38
� Fleet adjustment with the reduction of 13,708 cars since the beginning of crisis
� Utilization rate
� Restart of fleet renewal*
Highlights
Fleet:
* IPI reduction was extended up to September/09 with a gradual return starting in October/09
76.2% on 2Q09
72,1% on 1H09
39
Differentiated, liquid and flexible asset
Even on an unfavorable scenario, Localiza sold 21,753 cars with a drop of only 3.3% on average prices compared to the prices before crisis when we had high demand.
Sales expenses went from 5.4% to 8.2% in the same period.
21,753
15,107
6,646
Sale
-13,7088,045Total
26,8509,7745,3331H09
27,8803,9342,7124Q08
Average sale price
Net salePurchase
Localiza’s business model, through an integrated platform, unique in the car rental industry, allows managing our differentiated asset, that are liquid and flexible, to quickly adapt the Company to macroeconomic conditions.
40
83117
145178
199 204
2004 2005 2006 2007 2008 1H09
+ 34
# of corporate locations
13 13
2632 35
38
2004 2005 2006 2007 2008 1H09
# of used car sales stores
+ 28+ 33 + 21
+ 5
Highlights
� Increase of the number of rental locations and stores
Distribution:
+ 13+ 6
+ 3+ 3
41
Car rental division:
� Fleet renewal Reduction on the expenses
� Minimum utilization rate of 72% on 2009
2H09 perspectives
Fleet rental division:
� Increase the average rental rate for new contracts and renewals
Debt:
� Contract debt only to extend the amortization term
� Drop on the net financial expenses due to decrease of interest rate
of maintenance
of depreciation
42
(4 ,0 )
4 ,0
1 2 ,0
2 0 ,0
2 8 ,0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e-9
9
2 7
4 5
6 3
Localiza's fleet GDP Interest rate
Source: BACEN, Focus and Localiza
Macroeconomic scenario after Real Plan of 1994
-22.8% = 4.8X GDP15.2% = 8.0X GDP10.1% = 3.2X GDPFleet growth (CAGR)
5.2%9.0%10.8%22.0%Average Interest Rate
-0.5%4.7%1.9%3.1%Average GDP
Free floating exchange rateFixed exchange rate
2008 Subprime
crisis
1997 Asian crisis
1998 Russian
crisis�1973: 1º Oil Crash
�1979: 2º Oil Crash
�1987: NYSE Crash
�1990: Collor plan
1994 Mexico crisis
2002 Lula’s
election
2001 Argentina
crisis
2009 Liquidity
Crisis
1995 Creation of
PROER 2000
NASDAQcrash
2010 perspectives
For 2010 the market expectation is 3.5% GDP growth and 4.5% real interest rate.
43
2009 Forecast - Car rental financial cycle
Current Scenario
$30.8Funding (FV)
Funding (PV)
$27.7
Net car sale revenue
$25.2
$27.7Car acquisition
1 2 3 4 5 8 9 10 11 12Expenses: (11.3)
1-year cycle
Revenue: 19.0
Kd = $2.2Ke = $0.9
$3.1
Total
1 Year
R$ % R$ % R$
Revenues 20,5 100,0% 27,0 100,0% 47,4
Additional revenue 0,5 2,0% 0,5
Cost (9,0) -44,0% (9,0)
SG&A (2,3) -11,2% (2,2) -8,3% (4,5)
Net car sale revenue 25,2 93,6% 25,2
Book value of car sale (24,7) -91,8% (24,7)
EBITDA 9,2 44,8% 0,5 1,8% 9,6
Depreciation (non-vehicle) (0,5) -2,2% (0,1) -0,2% (0,5)
Depreciation (vehicle) (1,9) -7,0% (1,9)
Interest on debt (0,0) (2,2) -8,0% (2,2)
Tax (2,6) -12,8% 1,1 4,0% (1,5)
NET INCOME 6,1 29,7% (2,5) -9,4% 3,5
Return on asset 12,8%
Car rental Used cars
Per operating car Per sold car
44
33.8Car acquisition 40.6
Funding (FV)
Funding (PV)
33.8
Net car sale revenue
26.6
1 2 3 4 5 20 21 22 23 24
2-year cycle
Expenses: (10.3)
Revenue: 29.8
Kd = $4.7Ke = $2.1
$6.8
2009 Forecast - Fleet rental financial cycle
Current Scenario
2 Years 1Year
R$ % R$ % R$ R$
Revenues 31,3 100,0% 28,1 100,0% 59,4 29,7
Additional revenue 0,6 2,2% 0,6 0,3
Cost (8,4) -27,0% (8,4) (4,2)
SG&A (2,0) -6,4% (2,1) -7,5% (4,1) (2,0)
Net car sale revenue 26,6 94,7% 26,6 13,3
Book value of car sale (26,0) -92,7% (26,0) (13,0)
EBITDA 20,8 66,6% 0,6 2,1% 21,4 10,7
Depreciation (non-vehicle) (0,2) -0,5% 0,0 (0,2) (0,1)
Depreciation (vehicle) (6,6) -23,5% (6,6) (3,3)
Interest on debt (4,7) -16,7% (4,7) (2,4)
Tax (6,2) -19,8% 3,2 11,4% (3,0) (1,5)
NET INCOME 14,5 46,3% (7,5) -26,7% 7,0 3,5
Return on asset 10,3%
TotalFleet rental Used cars
Per operating car Per sold car
45
Total
1 Year
R$ % R$ % R$
Revenues 20,5 100,0% 27,0 100,0% 47,4
Additional revenue 0,5 2,0% 0,5
Cost (9,0) -44,0% (9,0)
SG&A (2,3) -11,2% (2,2) -8,3% (4,5)
Net car sale revenue 25,2 93,6% 25,2
Book value of car sale (24,7) -91,8% (24,7)
EBITDA 9,2 44,8% 0,5 1,8% 9,6
Depreciation (non-vehicle) (0,5) -2,2% (0,1) -0,2% (0,5)
Depreciation (vehicle) (1,0) -3,7% (1,0)
Interest on debt (0,0) (2,1) -7,9% (2,1)
Tax (2,6) -12,8% 0,8 3,0% (1,8)
NET INCOME 6,1 29,7% (1,9) -7,0% 4,2
Return on asset 16,2%
Car rental Used cars
Per operating car Per sold car
$28.8Funding (FV)
Funding (PV)
$25.8
Net car sale revenue
$25.2
$25.8Car acquisition
with IPI reduction
1 2 3 4 5 8 9 10 11 12Expenses: (11.3)
1-year cycle
Revenue: 19.0
Kd = $2.1Ke = $0.9
$3.0
2009 Forecast - Car rental financial cycle
Scenario after fleet renewal
46
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