Institutional Presentation 1Q17
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1 Institutional Presentation 1Q17
2 Unidas At a Glance Key Brazilian car rental company, with nationwide operations in car rental, fleet management solutions and used cars sales Integrated business model that leverages on economies of scale in all stages, maximizing return to shareholders Most profitable company in the RaC segment 2, with increasing utilization rate Strong brand, with high quality standards, proven by several indicators, and focused on customer satisfaction Experienced management team with a proven track record, coupled with high standards of corporate governance Total Fleet: 53,611 1 Recent entry of Enterprise, largest car rental company worldwide, enhancing Unidas expertise and best practices Source: Company Notes: 1 As of 1Q17. It considers franchises fleet of 1,492 vehicles. 2 Based on EBITDA margin, calculated over rental revenues of the last twelve months (consider RAC s Franchise financial information), and comparing with Localiza and Movida (based on publicly available information). 2
3 Successful Track-Record Growth History Future Foundation Unidas was founded in 1985 through the merger of 5 car rental companies and the entry of 2 investors SAG and Growth In 2001, SAG Group acquired Unidas In 2004, the first store for Used Vehicle Sales was opened In 2005, the franchise business model ( Franquia Chave na Mão ) was launched Total fleet CAGR : 12.5% p.a. Restructuring Period Restructuring process with focus on growth, profitability and service quality R$300 mm investment by Vinci, Gávea and Kinea, 3 wellknown Brazilian private equity firms Cost of debt Reduction Consolidation Period Acquisition of Best Fleet, fleet management company focused on the premium segment Strategic partnerships with Enterprise (largest car rental company in the world by revenue and fleet) and TAM (largest airline operating in Brazil) Enterprise and Growth Consolidation Enterprise, world s number one car rental company by revenue and fleet, acquired a 20% stake in Unidas Next Level of Growth IPO Primary proceeds to accelerate growth Maintain focus on: Profitable growth Service quality Financial discipline Cost management 3
4 Unidas Macro Recent Operational Developments Despite the challenging macroeconomic scenario, Unidas has delivered superior results GDP (%) Inflation (IPCA Index, %) Interest Rate (SELIC, EoP, %) 1.9% 3.0% 10.7% 14.25% 13.50% 0.5% 5.8% 5.9% 6.4% 6.9% 7.25% 10.00% 11.75% -3.8% -3.6% Rental Revenues (R$ mm) 1 EBIT Margin (%) 2 ROIC (%) 3,4 396 CAGR : 14.6% % 22.5% 18.4 p.p. 27.3% 29.1% 31.8% 8.3% 10.2 p.p. 12.6% 13.0% 14.0% 3.8% Double Digit Growth With High and Stable Profitability And Increasing Return on Investments Sources: IBGE, Brazilian Central Bank and Company Notes: 1 Considers franchisee results 2 EBIT margin based on rental revenues 3 ROIC is calculated as NOPAT (defined as EBIT after effective income taxes) divided by the average Invested Capital (Net PP&E of vehicles only + Net Working Capital) 4 Considers effective tax rate 4
5 Enterprise Transaction Overview Enterprise, world s largest car rental company, acquired a 20% stake in Unidas Shareholder Structure Pre-Transaction Structure Enterprise Highlights 1 st Best International Car Rental and Top 3 Brands in Customer Satisfaction in the USA 1 Principal 34.8% 21.7% 21.7% 21.7% Largest car rental company in the world (by revenue, fleet and employees) 1.9mm Vehicles 51% of Market Share in the USA Post-Transaction Structure "Take care of your customers and employees first, and profits will follow." Key Transaction Governance Highlights Jack C. Taylor. Founder of Enterprise 20.0% Principal 34.8% 15.1% 15.1% 15.1% Appointment of 1 member to the Board of Directors Participation in the Strategy Committee Unidas/Enterprise commercial agreement was extended until 2031 Sources: Company and Enterprise Notes: 1 Temkin Experience Ratings Enterprise and National (2016) and Alamo (2015) 5
6 Integrated and Diversified Business Model Total Fleet : 53,611 vehicles % Rent-a-Car (RaC) LTM 2017 Net Revenues: R$351.0 mm (CAGR 13-17LTM = 15.4%) Fleet Size: 27,054 1 Airport Stores: 30 (54.6% of RAC total revenues) 2 Out of Airport: 69 (45.4% of RAC total revenues) % Franchise LTM 2017 Net Revenues: R$33.4 mm (CAGR 13-17LTM = 2.6%) Fleet Size: 4, % Fleet Management LTM 2017 Net Revenues: R$328.2 mm (CAGR 13-17LTM = 3.4%) Fleet Size: 21, Franchise Stores (128) Own Stores (99) Used Cars Sales LTM 2017 Number of cars sold: 19,751 Net Revenues: R$638.5 mm (CAGR 13-17LTM = 19.7%) ~70% of sales through retail stores % Used Cars Stores (45) (Own and Franchise) Source: Company Notes: 1 As of 1Q17 2 LTM results. # % of Net Revenue 1Q17 6
7 140,0 120,0 100,0 80,0 60,0 40,0 20,0 0,0 Rent-a-Car Third key player in the fragmented RaC segment Outsize Room for Growth and Efficiency Improvements Market Share (%) 1 Strong Growth Already Happening Rental Days (# thousand) Others 49.5% 7.6% CAGR 1Q13-1Q17 : 25.9% 13.4% 29.5% 1,802 Utilization Rate (%) and Average Ticket per Day (R$/Day) 2 1,007 1,239 1, % 77.4% 73.3% 77.3% 83.3% 1Q13 1Q14 1Q15 1Q16 1Q17 Utilization Rate Rate per Day 1Q13 1Q14 1Q15 1Q16 1Q17 RAC Rentals - Own Stores RAC Rentals - Franchises Client Base Mix by Revenue Corporate 60% Replacement 6% Leisure 34% Corporate 65% LTM Replacement 13% Leisure 22% Own Stores Franchise Stores 1Q13 1Q14 1Q15 1Q16 1Q Sources: ABLA and players that disclose such information Notes: 1. Based on gross revenue, considering franchise s gross revenue 2. Average ticket calculated as Gross Revenue divided by the number of rental days (do not consider franchise information) 7
8 Franchises Unidas has an unique and compelling franchise model Franchise Overview Franchises Stores Network Strong Growth Avenue # of Franchisees Q13 1Q14 1Q15 1Q16 1Q17 RAC Used Car sales Rapid development of our service network Franchises standardization, ensuring quality of service Integrated operations (Franchise + Own Stores) Lower investment required for opening the service point by the Franchisee Different franchise programs Source: Company 8
9 Fleet Outsourcing Unidas has a strong position in the fragmented Fleet Outsourcing segment, a diversified client base and is uniquely positioned to take advantage of significant growth upside Significant Space for Growth Market Share (%) 1 Others 64.4% 4th player¹ in the fragmented Fleet Management market Fleet in 1Q17 of 21,937 cars 6.6% 12.3% 7.8% 5.1% 3.8% Net Revenue in 1Q17 LTM of R$ million Acyclical business, with predictable revenues even in unfavorable economic scenarios Low fixed costs Low Concentration Top Customers 2 (in terms of Revenues) Different Fleet Sizes and Low Concentration 16.2% 13.3% 8.8% Top 10 Top 20 Top 30 Breakdown of Customer Base 2 (in terms of # customers) 1, % 75.1% Number of vehicles > % 500 a % 100 a % 50 a % 1 a % Unique positioning and significant potential to increase profitability Balanced client base, with a mix between large and medium/small companies Presence in diversified segments and geographies Sources: ABLA and Companies releases Notes: figures. Based on total revenue LTM Results. Does not consider non-current events 9
10 Used Cars Sales Unidas has two efficient channels for fleet sales in its used cars sales business: (i) own and franchise stores (retail, ~70% of total cars sold); and (ii) wholesale Countrywide Coverage Distribution Platform Focus on Retail approx. 70% of total cars sold Higher average price of sale Improvement in resulting depreciation Franchising used cars sales stores Increase in capillarity Low Capex requirement Reduction of logistics costs Cash generation for the purchase of new vehicles Conservative depreciation policy Used Cars Stores Used Cars Sales¹ (Own and Franchise) 28% 72% Used Cars Stores (45) (Own and Franchise) Own Stores Franchise Stores Sources: ABLA and Companies Releases Note: 1 Considering the total sale of own and franchise stores of 1Q17 LTM. 10
11 Company Highlights Industry Growth Opportunities Robust Foundations with Strong Upside Potential Well-know Brand and Superior Customer Satisfaction Solid Financial Results Top-Notch Sponsorship and Aligned Management Team Enterprise: Mainly Changes Company Growth Opportunities
12 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 1 Significant Industry Growth Opportunities Good long-term prospects will drive industry growth in the short and long term Fast Growing Industry Low Penetration & Increasing Affordability Fragmented Market Although with Strong Entry Barriers in RaC 70.0% 60.0% Fleet Management - Underpenetrated Market 58.3% RaC Market Share (by car rental fleet)¹ (2016) 50.0% 46.9% 40.0% 30.0% 20.0% 10.0% 5.4% 8.9% 37.4% 24.5% 15.8% 16.5% 13.3% 49.5% 42.9% 7.6% Top 3 players 51% 0.0% RaC - Car Rental Affordability 20.0% 20.8% 16.3% 16.2% 16.5% 15.2% 13.3% 11.8% 10.1% 8.4% Daily Rental Price Over Minimum Wage (%) Monthly Minimum Wage (R$) Others 7% 93% Top 3 players (2016) Sources: ABLA (Brazilian Car Rental Association) and Companies Releases Notes: 1 Brazilian Market is considering the RAC Gross Revenue for the market share and for American Market is considering the RAC Total Fleet. 12
13 2 Consolidated Business Model with Strong Upside Potential Unidas is uniquely positioned in its 4 key platforms to benefit from additional upsides Fundraising Purchase of New Vehicles Ratings bra+ Stable outlook Used Car Sales AA-(bra) Stable outlook Marginal Cost of Debt Long Term (1) Contracted in 2017: CDI % (1) Considering the 9 th Debentures Issuance and the 7th Commercial Paper Issuance. New vehicles purchased directly from manufacturer (28,928 purchased vehicles in 1Q17 LTM) Fleet reached 52,119 cars as of 1Q17 (2) (2) Do not consider Franchise information Rental Revenues Retail Stores (Own and Franchise): Concentrates the majority of company s revenue used car sales approx 70% Wholesale: sales made through car auctions or through used car dealers Rent-a-Car + Franchise Fleet & Management Highly predictable used car sales volume and mix An integrated business model designed to create value through: (i) complementary business segments (cross-selling opportunities); (ii) economies of scale and (iii) operational efficiencies 13
14 3 Customer Satisfaction Client focus to ensure high quality of all services offered Customer Programs Superior Clients Perception - % of very satisfied customers 1 A Marketing Efforts in Stores 68.2% 64.1% 64.0% 65.2% 62.0% 60.6% 59.6% 55.9% B Mystery Shopper Program 54.1% 53.6% 50.9% 51.6% 48.8% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Results affect stores commission, which impacts employees remuneration Source: Company Note: 1. Based on Internal Survey (ISEU) 14
15 3 Street Furniture Rio de Janeiro 600 pieces of furniture March/April São Paulo 540 pieces of furniture March/April 15
16 4 Solid Financial Results Unidas has combined sound growth and high profitability Rental Revenues (R$ mm) 1 Consolidated EBIT (R$ mm) and EBIT Margin (%) 2,3 % of Rental Revenues 44.2% 51.9% 55.8% 48.1% 53.5% 46.5% 52.1% 47.9% 53.9% 46.1% 22.5% % % 31.2% 29.1% CAGR 12-1T17 LTM : 17.6% CAGR 12-1T17 LTM : 8.4% Q17 LTM EBIT EBIT Margin Adjusted Earnings (R$ mm) and Net Margin (%) 2, % 8.7% 6.8% 7.2% 6.4% 20,0% 10,0% 0,0% ,0% -20,0% -30,0% ,0% -50,0% -60,0% 10-70,0% 0-80,0% Q17 LTM Q17 LTM Fleet Outsourcing RAC + Franchises Adjusted Earnings Adjusted Net Margin Source: Company Notes: 1. Revenues include Best Fleet s figures, consolidated as of March 6 th, Margin based on the rental revenues 3. Consolidated EBIT adjusted for non-recurring depreciation resulted from IPI reduction and other non-recurring items 4. Consolidated Net Income adjusted for deferred taxes, non-recurring depreciation resulted from IPI reduction and other non-recurring items, based on rental revenues 16
17 4 Solid Financial Results (Cont d) with high return on investments aligned with a healthy balance sheet ROIC 1 Net Debt (R$ mm) and Net Debt/EBITDA (x) 2 Covenant limit: < 3.5x 4 8.3% 12.6% 13.0% 14.0% 13.0% 2.2x 2.2x 2.2x x 2.3x Q17 LTM Net Debt + Automakers (OEMs) x Fleet Value Q17 Net Debt Net Debt / EBITDA Covenant Limit Principal Amortization Schedule Principal Amortization Schedule in R$347 MM R$419 MM % 2Q17 3Q17 4Q17 120% Total % % 1, , % 30.3% 16.2% 12.3% 12.3% 60% 40% 20% 0% 1Q16 1Q17 Net Debt Automakers Fleet Value Total % -40% Source: Company Note: 1. ROIC is calculated as NOPAT (defined as EBIT after effective income taxes) divided by the average Invested Capital (Net PP&E of vehicles only + Net Working Capital) 2. Net Debt in 2013 affected by the issuance of the 3 rd Series of Debentures, used to fund Best Fleet acquisition Principal Payment % considering the Total Principal Payment 3. Balance: Accounting Gross Debt, including interest and deducting funding costs. 2017: Principal amortization regarding only April/2017 to December/
18 5 Management with Industry Experience and Unique Controlling Standards Unidas has a sound management, with aligned incentives and effective controlling measures Top-Notch Sponsorship Short-term Incentives Principal Gestão de Activos e Consultoria Administrativa e Financeira Management Team Years of Experience Years with Unidas CEO Officers Managers Key Performance Indicators ROIC Revenues Cash Flow Pedro Almeida Chief Executive Officer 27 7 Regional Managers Branches Operational Cost/Revenues Customer Satisfaction Employee Satisfaction Carlos Sarquis Chief Operating Officer 25 5 Long-term Incentives Gisomar Marinho 1 Chief Financial Officer 25 5 First Stock Option Plans Stock Option Amount: 2.3mm Vesting period: 25% of total options per year Second Stock Option Plans Stock Option Amount: 1.5mm Vesting period: 25% of total options per year Fernando Ribaldo Ribeiro Fleet Management Officer 22 3 Internal Controls Levi Avila da Fonseca Used Cars Officer 18 5 Paulo Chequetti RaC Sales Officer Gisomar Marinho is also Investor Relations Officer 18
19 6 Enterprise: What Changes? Enterprise brings strong expertise and best practices to leverage Unidas operational performance Key Success Factor What Changes? 1 Buy Well Largest purchaser of vehicles in the world Brings leverage upon global vehicle suppliers # of Purchased Cars per Year ( 000) >1, Clients satisfaction 3 2 Rent Well Strong referral to global clients with local footprint Exchange best practices on operations and sales Innovation and technology know-how 61% 61% 59% 53% 51% 50% Avg.:52% 3 Sell Well Strong expertise as one of the world s largest sellers of vehicles # of Vehicles Sold per Year ( 000) ~1, Credit Ranking 4 Fund Well Potential re-rating improvements Improve working capital management Baa1 n.a. Ba3 BBB+ B+ BB- Source: Companies and Temkin Group Notes: 1 LTM Results 2 Estimates based on total fleet of 1.9mm vehicles Temkin Experience Ratings, an annual ranking of companies based on a survey of 10,000 U.S. consumers 19
20 7 Company Growth Opportunities Unidas aims to keep its sustainable growth strategy with maintenance of high returns and financial discipline, while leveraging Enterprise expertise to improve even more operational efficiency RaC Financial Discipline Optimize Capital Structure Reduce Funding Costs 5 Gain Share on Corporate Reinforce Strong Presence on Leisure Innovation Improve Yield Management Improve Customer Service 1 Increase Efficiency Fixed Cost Dilution Target Variable Costs Reduction Fleet Management Explore underpenetrated segments and geographies More competitive pricing through larger scale Enterprise Leverage on Enterprise s expertise Innovation and mobility trends Know-how Client Referral (Top Line) 20
21 RaC: Growth Strategy Unidas has mapped different growth avenues among the RaC segment RaC Leisure Low rental frequency RaC segment of higher profitability 30/40% of the demand arises from the agencies Insurance Replacement In the past, irrelevant segment in the Unidas s growth strategy (due to the large number of refusals) Opportunity to leverage the company's performance through a high quality service Corporates Low price as entry barrier Quality service is highly recognized Strong presence of intermediary agencies Brand Value Free Sale Tier 1 Services Improve Yield Management Store Expansion Commercial Focus Leverage on Enterprise Brands System and process integration Leverage Enterprise Unidas penetration in the market: Medium Unidas penetration in the market: Medium Unidas penetration in the market: Low 21
22 RaC: Unparalleled Network of Strategic Partnerships Strategic partnerships are key to driving growth and global brand awareness, while have a significant impact on sales Latam: Partnership Overview Automakers: Nissan Partnership Example Exclusive partnership between Unidas and LatAm was established since Jan/2013, creating special car rental terms for customers who travel with TAM Airlines As result of an important Project in partnership with Nissan, Unidas was the first car rental Company in Brazil to launch Kicks in its fleet Market share 1,2 26% 39% 35% Urban Mobility Opportunity Global Brands Allow drivers to have access to cars that meet the company s requirement Monthly contracts with significant discount No renewal costs Sources: Companies Notes: 1. Considers only Azul/TudoAzul, TAM/Multiplos and Gol/Smiles. Estimated TAM domestic revenue based on LATAM s financials 2. Domestic revenue includes other revenues in addition to passenger revenue 22
23 Disclaimer The material that follows is a presentation of operating and financial information of UNIDAS on the day of the presentation. This is a summary of information that has no intention to be complete and should not be considered by prospective investors as investment advice. There is no pronouncement or given any warranty as to the accuracy, adequacy or completeness of the information presented here in, that should not be used as a basis for investment decisions. Such information and forward-looking statements are only predictions and are not guarantees of future performance. Investors should be cautioned that such statements and information contained herein are, and will be, as the case may be, subject to risks, uncertainties and factors relating to the operations and business environment of UNIDAS and its subsidiaries, pursuant to which the actual results of the companies may differ materially from future results expressed or implied by the statements and information presented herein. 23
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