Disclaimer
This material has been prepared by MOVIDA and may contain forward-looking statements regarding future events or results. Such information reflects the beliefs and assumptions of the Company's management and is based on currently available information. Forward-looking statements are subject to, among other things, market conditions, government regulations, industry performance and the Brazilian economy. Operating data may affect MOVIDA's future performance and may lead to results that are materially different from those expressed in such forward-looking statements.
This presentation is summarized and does not purport to be complete. The Company's shareholders and potential investors must read this presentation in conjunction with the Quarterly Information.
Movida consolidated 2023
Evolution with significant increase in GTF margin and operational improvements with productivity gains in RAC
Fleet Management
Rent-a-Car
Used car sales
Net Revenue
Net revenue
Net revenue
R$ 2.3 bn+32.7%
R$ 2.8 bn+10.1%
R$5.2 bn+4.3%
Adj. EBITDA
R$ 1.7 bn+38.1%¹
Total fleet 131 kAdj. EBITDA
+16.4%
R$ 1.6 bn+6.6%¹
Total fleet 113 k+1.4%
Adj. EBITDA margin
5.1%
Cars sold 76 k
-7.9 p.p.¹
+5.2%
Adj. EBITDA margin
Total occupancy rate²
72.1%
70.0%
+2.8 p.p¹
+7.0 p.p.
¹Considers EBITDA without excess PIS/COFINS credit in 2022 for purposes of comparable bases and disregards non-recurring effects realized in 4Q23 ²Rented Fleet/Total Fleet (daily average)
3
Consolidated
Variations 2023 vs 2022
Total net revenueRental net revenueRental adj. EBITDATotal adj. EBITDA
Total fleet (end of period)
R$ 10.3 bn+11.2%
R$5.1 bn+19.4%
R$3.3 bn+20.7%¹
R$ 3.5 bn+5.1%¹
244 k+8.9%
Strategic priorities and deliverables for 2023
Agility in executing strategic planning with a focus on gaining efficiency and productivity to generate value
Increased productivity of invested capital and fleet efficiency
Debt cost reduction
Improvement in the debt profile | Financial management
¹Rented Fleet/Total Fleet (daily average); ²Yield calculated by dividing the monthly revenue per operational car by the average fleet acquisition ticket in RAC
New funding made in 2023
• Total value of funding: R$3.0 billion (CDI + 1.9% p.a)
Leverage 3.1x (net debt/EBITDA)
Solid capital structure for sustainable development plan without the need for additional capital
Residual value of RAC fleet by purchase cycle
Improvement in the purchasing mix, commercial conditions with automakers and adequacy of fixed assets reflect a new average depreciation rate of ~8% p.a. from 1Q24
Normalization of the RAC fleet's depreciation rate stabilizes margins and enables better reading of the segment's profitability
¹Operational fleet and end-of-period stock.
Consolidated results
Rental EBITDA of R$3.3 billion showed growth of 20.7% and surpassed the rental revenue expansion of 19.4%
Net Revenue (R$ million)
10,342
9,300
1,404
2,627
1,222
2,493
1,154
1,340
4Q22
5000,0
4500,0
4000,0
3500,0
5,017
3000,0
2500,0
2000,0
1500,0
1000,0
500,0
-
4,283
5,232
5,110
4Q23
Net Revenue from Rentals
2022
Used Car Sales Net Revenue
Adjusted EBIT (R$ million)
Increase in the annual depreciation rate of ~6% p.a. to ~8% p.a.
477
90 |
387 |
4Q22
2,214
2023
372 22
53%
from GTF
1,814
594
350
4Q23
EBIT from Rentals
1,621
2022
EBIT from Used Car Sales
196 | 1,618 |
2023
66%
from GTF
(1) Variations considers EBITDA and EBIT from 2022 without surplus PIS/COFINS credit and from 2023 excludes non-recurring effects
858888
12%
Adjusted EBITDA (R$ million)
3,349
88%
106 |
753 |
96%
41 | 847 |
4%
4Q22
Adjusted Rental EBITDA Margin (%)
61.6%
4QT22
4Q23
EBITDA Rentals
63.3%
4Q4T2233
19%651
81%2,698
Used car sales EBITDA
63.0%
2022
Rental EBITDA Margin
3,522 265
3,256
2022
2023
63.7%
8%
92%
2023
Reconciliation of adjusted net income
(in R$ million)
Non-recurring effects:
Adjustment in the residual value of the RAC fleet based on the purchase fleet with the highest average ticket and worst purchase conditions
(1) Amortization of the goodwill parcel attributed to added value from companies acquired (due to previous periods)
(2) Write-off of deferred income tax on incorporations with reduced tax burden in the coming periods
Non-recurring events related to store closures, staff reductions, strategic planning consultancy
Effect of early debt settlement on financial resultsIR (income tax) of non-recurring items
Normalization of the RAC depreciation rate around 8% p.a. since 1Q24
Simplification of the corporate structure with a reduction in the fiscal tax of
R$ 32 million per year
(cash effect)
Reduction of costs and expenses
(operational and financial) and implementation of new pricing and asset turnover tools
Priorities 2024
Generation of value for shareholders will be through price increases in RAC, productivity gains in Used Cars Sales and greater capital allocation in GTF
8
¹Yield calculated by dividing the monthly revenue per operational car by the average fleet acquisition ticket in RAC;. ²The content of this slide reflects a simulation exercise based on information already public and disclosed by the company. This information does not reflect the formalization of the Company's official guidance or projection.
Preview of the 1º bimester of 2024 (unaudited)
Reversal of the loss into profit shows that assertive initiatives conducted throughout 2023 have already started to reflect positively on the results
1°bimester 2024
1°bimester 2023
Variation %
OBS: Previews results non-audited ¹ Does not consider RAC operation in Portugal
Inflection point for value generation
ROIC of the 1st bim/24 higher than the debt cost and projects a sustainable ROIC spread after the implementation of ongoing actions
Evolution of ROIC
Implementation improvements:
1) RAC price increase
2) Greater productivity in
Used Cars
3) More capital allocation in GTF
2200222*
2023
1° Bimester of 1°Bim24 2024
ROIC with all the improvements in ROIC com todas as melhorias em implementation implantação
Cost of debt SELIC rate
CDI + 3.2% p.a.
CDI + 2.2% p.a.
CDI + 2.2% p.a.
CDI + 2.2% p.a.
13.75%
11.75%
11.25%
10.25%
RReetoturnrno osonbirneveosCteadpictapl iItnavle(sRtOidICo)(ROIC)
CAuvsteoramgeédpiosdt-etadxívciodsatsopfódseibmtpostos
*Does not consider a non-recurring effect on the Used Car margin. ROIC calculation considers an income tax rate of 34%.
The content of this slide reflects a simulation exercise based on information already public and disclosed by the company. This information does not reflect the formalization of the Company's official guidance or projection.
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Movida Participações SA published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 02:59:09 UTC.