The 4Q22 earnings presentations include information from Localiza and Locamerica consolidated since July 1st, 2022. However, we will bring the quarterly proforma results from 1Q21 to 2Q22, adding the two companies together. In this release, the annual comparisons will be based on historical proforma numbers from both companies.
The proforma results are based on available information directly attributable to the business combination and are factually supportable. This presentation is intended exclusively to illustrate the business combination's impact on the Company's historical financial information, as if the transaction had taken place on January 1st, 2021. There is no assurance by the Company or the auditors that the actual result of the relevant transaction if taken place on January 1st, 2022 or on January 1st,, 2021, would have been as presented.
2
BUSINESS COMBINATION ONE -OFFS
In this quarter, we will highlight the business combination related effects (one-offs), as it follows:
Description
EBITDA Impact
Net Income Impact
Integration expenses (One-Off)
(77.1)
(50.9)
Discontinued Operation (Acelero and Willz) (One-Off)
(32.0)
(21.1)
Fleet write-up amortization (Temporary)
-
(91.6)
Customer relationship amortization (Temporary)
-
(6.2)
Depreciation of other assets (Acelero and Willz) (One-Off)
-
(0.7)
Tax loss write-off
-
(23.8)
We highlight the assets recognized in the business combination context that will impact the result through their amortization:
Fleet write-up (accounting for the differential between the fair value net cost of sales and the book value of the acquired fleet): amortization similar to the criteria used for fleet vehicles depreciation or in the case of car write-off;
Customer relationship write-up (accounting for the fair value of customer relationship)
3
QUARTERLY HIGHLIGHTS
Car purchase and sales
Quantity (does not considers theft / crashed cars written-off)
55,865
37,202
97.358
End of Period Fleet
Quantity
152,102 591.041
488.235 (49,296) 65,549
86,553 259.596
194.047
61.362
24.160
41.493
294.188
331.445
4Q214Q22
Cars purchased
Cars sold
Net Revenue - Car Rental
R$ million, including royalties
1.999,6
(345.2)
1.861,4
207.0
2021
Net Addition
2022
Carve-Out
Car Rental
Fleet Rental
Net Revenue - Fleet Rental
R$ million, including telemetry and Localiza+ revenues
497,21.341,1
843,9
58.9%
3Q22
Recomposition
4Q22
4Q21
Growth
4Q22
Carve-Out
Car Rental
4
CAR RENTAL
Net revenue
R$ million, including royalties
7.421,8
5.787,6
28.2%
1.744,9
6.7%
1.861,4
2021 proforma
2022 proforma
4Q21 proforma
4Q22
Rental days
In thousands
73.110
4.0%
76.026
19.252 -7.3% 17.855
2021 proforma
2022 proforma
4Q21 proforma
4Q22
6.7% GROWTH IN THE QUARTERLY NET REVENUE YEAR OVER YEAR, EVEN WITH THE CARVE-OUT EFFECTS, DEMONSTRATING EFFICIENT MIX AND
PRICE MANAGEMENT.
5
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Disclaimer
Localiza Rent a Car SA published this content on 20 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2023 14:34:10 UTC.
Localiza Rent a Car S.A. specializes in renting vehicles. Net sales break down by activity as follows:
- car renting (80.8%);
- automotive fleet long-term renting (19.2%): to companies.
At the end of 2021, the group operated a fleet of 289,796 vehicles, including 289,739 company-owned.
Brazil accounts for 99.5% of net sales.