Consolidated Results 2011

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1 SAG GEST Soluções Automóvel Globais, SGPS, SA Listed Company Estrada de Alfragide, nº 67, Amadora Registered Share Capital: 169,764,398 euros Registered at the Amadora Registrar of Companies under the single registration and taxpayer no ANNOUNCEMENT Consolidated Results 2011 SAG S CONSOLIDATED TURNOVER IN 2011 WAS MILLION EBITDA WAS 79.4 MILLION NET CONSOLIDATED LOSSES WERE 21.0 MILLION NET PROFIT FROM OPERATIONAL BUSINESS CONDUCTED IN PORTUGAL (AUTOMOTIVE DISTRIBUTION AND RETAIL) WAS 19.3 MILLION Preliminary remark: With the R$ 300 million capital increase at the Unidas Affiliate on 13 July 2011 and the resulting entrance of three new Investors in the company s shareholder structure, SAG Gest now holds a 52.7% stake in that Affiliate s share capital. Following the agreements entered into by SAG Gest and Unidas s new Shareholders under this operation, and in accordance with the International Financial Reporting Standards (IFRS), the Unidas Affiliate is now consolidated in SAG Gest s Consolidated Financial Statements using the Proportional Consolidation Method. This change caused significant impacts on SAG Gest s Consolidated Financial Statements. With the adoption of the accounting standards (IFRS) applicable to this type of situation, net profit for the year increased by Eur 28.3, a nonrecurrent impact resulting from the recognition in the Profit and Loss of the balance of Cumulative Translation Adjustments associated with the Unidas Affiliate, which had been recorded in Consolidated Shareholders Equity. Therefore, comparability of SAG Gest s Consolidated Financial Statements as at 31 December 2011 with previously reported Consolidated Financial Statements has been affected. 1. GENERAL COMMENT In 2011, a corporate reorganization process was implemented at SAG, with the objective of concentrating resources on business areas with higher growth and return potential, and therefore several strategically important transactions were completed to ensure the Group s sustainable growth. In this context, the Unidas Affiliate registered share capital was increased by BRL 300 million. This share capital increase was fully subscribed and paid up by three new Shareholders (Investment Funds managed by Gávea Investimentos, Kinea Investimentos and Vinci Capital). This will enable Unidas to take advantage of the opportunities offered by the Brazilian market in the coming years. In Europe, non-strategic assets were sold, namely SAG s entire interest in the Ecometais Subsidiary, a company operating in the recycling and fragmentation of end-of-life vehicles and, 1

2 more importantly, SAG withdrew from fleet management operations which were conducted in partnership with Banco Santander Consumer in Portugal, Spain and Poland, having sold to a competitor, together with its partner, the business in Portugal (Multirent), and selling the remaining business (Spain and Poland) to Banco Santander Consumer. In what relates to the traditional business in Portugal, automotive importation, wholesale and retail, 2011 was marked by a clearly adverse environment which resulted in a decrease in turnover and results due to worsening of market conditions which were particularly felt in the second Half of the year. In spite of this, SAG strengthened the competitive position of the Brands it represents, and consolidated the leadership it already had in the light passenger car segment, while achieving the leadership position in the extended light vehicle market (light passenger cars (PC) and light commercial vehicles (LCV)), with its highest market share ever. In Brazil, 2011 represents the start of a new period in the life of the Unidas Affiliate, now a strongly capitalized company that has all the resources required to ensure a healthy sustained growth in both areas of its activities, fleet management and rent-a-car, which will enable it to contribute again in a significant and positive way to SAG s future results. This is of particular importance given the difficult context which SAG s business will face in Portugal in the near future. 2. BUSINESS ACTIVITIES 2.1. Portugal Automotive Retail Both the PC and LCV markets reached in 2011 their lowest level since 1987, the last year of import quotas. Indeed, sales of Light Vehicles (LV) combining both those markets were 188,367 units, a 30% decrease vs The passenger car market was the main factor influencing that development, with a 31.3% decrease and a total of units sold. Sales of light commercial vehicles decreased 23.6% to units, following an increase of 17.4% in Total sales of light vehicles of the Brands distributed by SIVA were units, a 21.3% decrease when compared to 2010 in a market that retracted 30.0%. The Company therefore recovered its leadership position in the Portuguese light vehicles market, achieving its highest market shares ever: 14.1%. In the Passenger Car market, the market share was also high: 15.8%. Also in this case, the decrease of 23.8% ( units) in sales was clearly lower than the decrease in the overall market (31.3%), with SIVA ranking first again among importers of vehicles of this segment. In the Passenger Car market, Volkswagen was the Brand recording the highest market share gains (1.3% vs 2010), ending 2011 in the ranking s second position with a 9.7% share. The Brand sold passenger cars, 20.9% less than in the previous year, in a market that declined 31.3%. Audi achieved in 2011 its highest market share ever in Portugal: 4.32%, corresponding to the sale of vehicles, 21.2% less than in Škoda sold units, a 1.8% share in the PC market (2.0% in 2010). The Brand s performance was affected by the significant decline in the private Client segment, in which the brand has traditionally held a stronger position. Volkswagen Commercial Vehicles was the only brand in its market increased sales vs This performance resulted in a 2.2 pp market share increase, considering the segments where it was present, and in the gain o 4 positions in the related sales ranking. 2

3 2.2. Brazil The portfolio of the Fleet Management (Renting) business, which accounts for approximately 60% of the Unidas Affiliate total revenue, was rebalanced, and the average number of vehicles was reduced from in 2010 to an average of in 2011, in spite of the fleet s return to growth from the 2 nd half of 2011 onwards, following the Affiliate s capital increase. In spite of this reduction, profitability of the portfolio of vehicles of this segment did improve Renting agreements were signed, a 49% increase when compared to the contracts signed in The own store network of the Rent-a-Car business had a 7% increase in the number of daily rentals, which increased from to thousand. Improved occupancy rates and increased average rental ticket ensured a 17% increase in net revenue, (excluding Franchises) in Brazilian Reals. In the semi-new car sale area, the measures adopted by the Brazilian government at the end of 2010 caused a slowdown in automotive retail business during the first nine months of 2011, and this resulted in lower sales in this segment when compared to the previous year. From October 2011 onwards, stricter credit terms implemented by financial institutions caused a decrease in sales, in both to End Customer and in the wholesale channel. This process resulted in a reduction in the number of units sold and in total sales, which were also affected by increased discounts offered in both channels. In 2011, the Unidas Affiliate sold vehicles, of which (72.8%) directly to the End Customer, and (27.2%) to used car dealers, which represented a decrease of approximately 30% in relation to the total number of vehicles sold in 2010, i.e., vehicles, directly resulting from the fleet reduction during the first nine months of the year. Following the Company s share capital increase in July 2011, the Unidas Affiliate is now implementing its development plan involving its two areas of operation, which will enable significant growth in the renting and rent-a-car businesses throughout 2012 and provide again profitability levels compatible with investments made in that Affiliate. 3. CONSOLIDATED RESULTS 2011 Consolidated Revenue in 2011 was Eur million. In 2011, revenue from business conducted in Portugal suffered the impact of an adverse macroeconomic context. In the area of Automotive Distribution, revenue was Eur million, and Automotive Retail recorded revenues of million, i.e., a decrease of Eur 96.7 and Eur 47.3 million, respectively, when compared to The Unidas Affiliate Unidas activity, in Brazil, contributed Eur million to the Consolidated Revenue. Due to the above mentioned change in consolidation method, it is not possible to establish a comparison with the Company s contribution in On a 100% basis, the Company s contribution would have been Eur million, which compares to Eur million in EBITDA generated by SAG Gest s activities in Portugal was Eur 24.8 million, a 30.3% decrease when compared to The Unidas Affiliate contributed Eur 54.5 million, and therefore consolidated EBITDA totaled Eur 79.4 million. Consolidated EBIT in 2011 was Eur 35.5 million, and was impacted by the change in Unidas consolidation method. With this change, the relative weight of the Unidas Affiliate depreciation charge in the total consolidated depreciation expenses declined significantly when compared to previous years. In Portugal, EBIT was Eur 21.8 million, a 32.5% decrease vs. 2010, essentially explained by the already mentioned volume reduction and increased provision charges in view of the automotive market development prospects in Portugal, where additional reductions in volume could negatively affect net sales prices. 3

4 The Consolidated Financial Income / (Expense) represented an expense of 62,8 million in In Portugal, Financial Income / (Expense) (excluding Results from Affiliates) increased 43%, reflecting tighter credit supply and the resulting increase in credit spreads applied by most Financial Institutions. The changes in financial expenses in Brazil results essentially from the change in the Unidas Affiliate consolidation method. SAG s Consolidated Net Profit / (Loss) attributable to SAG Gest represented a loss of Eur 21.0 million. This result essentially reflects the negative contribution of the Unidas Affiliate which, in Euros, was a loss of Eur 15.3 million. In turn, contribution from business conducted by the Group in Portugal to the Consolidated Net Profit / (Loss) (excluding interest from the holding company and results from Affiliates) was a profit of Eur 19.3 million. The SAG Group Consolidated Net Debt was Eur million as at 31 December 2011, a Eur 90.0 million decrease when compared to the amount recorded in December This change basically results from the double effect of the significant reduction in the Unidas Affiliate net debt and from the change in the consolidation method of this Affiliate. In Portugal, Net Debt increased Eur 73.9 million. The Consolidated Equity as at the end of 2011 was Eur 30.5 million. The Eur 64.9 million decrease versus the amount reported on 31 December 2010 (Eur 95.4 million) includes: the negative impact from movements resulting from the change in the Unidas Affiliate consolidation method (Eur 4 million); the negative effects of the exchange rate decline of the Brazilian Real against the Euro during the 2 nd Half of 2011 (Eur 13 million); the recurring results of the operations during the period (a net loss of Eur 21 million) the capital losses recognized as the result of the divestment from the Ecometais Subsidiary and from minority interests in the Affiliates jointly held with Santander Consumer (Eur 28 million). Alfragide, 4 April 2012 José Maria Cabral Vozone Investor Relations 4

5 CONSOLIDATED INCOME STATEMENT 12-MONTH PERIOD ENDED 31 DECEMBER UNIDAS PORTUGAL Consolidated EUR ('000) % Change % Change % Change Sales ,7% ,9% ,2% Services Rendered ,3% ,8% ,9% Turnover ,3% ,7% ,7% Effective Margin ,9% ,8% ,9% % Effective Margin 54,0% 45,0% 9,0% 14,2% 14,1% 0,2% 25,3% 23,8% 1,5% SG&A - Comercial Costs (5.081) (6.360) -20,1% (11.278) (14.896) -24,3% (16.359) (21.256) -23,0% SG&A - Vehicle Costs (23.339) (32.503) -28,2% (1.966) (3.394) -42,1% (25.305) (35.898) -29,5% Sub Total Variable Costs (28.420) (38.863) -26,9% (13.244) (18.290) -27,6% (41.664) (57.153) -27,1% SG&A - Non Variable Costs (16.416) (20.575) -20,2% (14.086) (17.945) -21,5% (30.503) (38.520) -20,8% Payroll Expenses (19.420) (25.778) -24,7% (25.366) (27.797) -8,7% (44.786) (53.574) -16,4% Sub Total Overheads (35.836) (46.353) -22,7% (39.452) (45.741) -13,7% (75.289) (92.094) -18,2% Taxes ,0% (2.955) (706) 318,5% (1.672) ,7% Operating Costs (62.973) (81.076) -22,3% (55.651) (64.737) -14,0% ( ) ( ) -18,6% EBITDA ,0% ,3% ,6% % EBITDA 25,1% 20,1% 4,9% 4,4% 5,0% -0,6% 10,1% 9,7% 0,4% Depretiation and Amortization (38.581) (63.394) -39,1% (2.616) (3.211) -18,5% (41.197) (66.605) -38,1% Gains/(Losses) on Assets Sold - (2.866) 100,0% ,1% 45 (2.602) -101,7% Provisions (2.328) (3.111) -25,1% (422) (405) 4,3% (2.751) (3.515) -21,8% EBIT (3.673) 471,3% ,3% ,2% % EBIT 6,3% -1,1% 7,4% 3,9% 4,5% -0,7% 4,5% 2,7% 1,8% Dividends and Investments Gains - - 0,0% (1.669) ,6% (1.669) ,6% Interest (31.238) (37.407) -16,5% (7.040) (9.818) -28,3% (38.278) (47.225) -18,9% Other Finantial Costs (6.376) (7.986) -20,2% (16.513) (6.675) 147,4% (22.889) (14.661) 56,1% Financial Income (37.614) (45.394) 17,1% (25.221) (16.321) -54,5% (62.836) (61.714) -1,8% EBT (23.977) (49.066) 51,1% (3.408) ,4% (27.385) (33.172) 17,4% % EBT -11,0% -15,0% 4,0% -0,6% 2,2% -2,8% -3,5% -3,2% -0,3% Net Profit excluding sold affiliated companies attributable to SAG Gest (15.344) (35.462) 56,7% (6.073) ,4% (21.417) (24.697) 13,3% Net Income from Affiliated companies - - (996) (2.502) -60,2% (996) (2.502) -60,2% Losses on Ecometais - - (6.790) - (6.790) - Losses on Santander Consumer Iber-Rent SL - - (19.413) - (19.413) - Losses on Santander Consumer Multirent Sp z.o.o. - - (633) - (633) - Change of Unidas Consolidation Method Net Profit attributable to SAG Gest (35.462) 136,5% (33.905) ,3% (20.978) (27.199) 22,9% % Net Profit 5,9% -10,9% 16,8% -6,0% 1,2% -7,2% -2,7% -2,6% -0,1% 5

6 CONSOLIDATED INCOME STATEMENT 3-MONTH PERIOD ENDED 31 DECEMBER UNIDAS - 4 th QUARTER PORTUGAL - 4th QUARTER CONSOLIDATED - 4th QUARTER EUR ('000) % Change % Change % Change Sales ,7% ,8% ,1% Services Rendered ,3% ,0% ,9% Turnover ,2% ,8% ,3% Effective Margin ,0% ,6% ,8% % Effective Margin 58,9% 38,8% 20,1% 11,3% 13,0% -1,7% 21,8% 20,9% 0,9% SG&A - Comercial Costs (819) (1.719) -52,3% (3.164) (3.773) -16,1% (3.984) (5.492) -27,5% SG&A - Vehicle Costs (4.092) (8.571) -52,3% 263 (934) -128,2% (3.829) (9.505) -59,7% Sub Total Variable Costs (4.911) (10.291) -52,3% (2.901) (4.707) -38,4% (7.813) (14.997) -47,9% SG&A - Non Variable Costs (2.764) (5.010) -44,8% (2.474) (4.446) -44,4% (5.238) (9.456) -44,6% Payroll Expenses (3.502) (6.589) -46,9% (6.272) (7.540) -16,8% (9.774) (14.128) -30,8% Sub Total Overheads (6.266) (11.599) -46,0% (8.747) (11.986) -27,0% (15.013) (23.585) -36,3% Taxes ,4% (961) (8) 12519,6% (685) ,7% Operating Costs (10.901) (21.209) -48,6% (12.609) (16.700) -24,5% (23.510) (37.909) -38,0% EBITDA ,9% ,3% ,5% % EBITDA 29,2% 14,0% 15,1% 1,6% 4,4% -2,8% 7,7% 7,3% 0,3% Depretiation and Amortization (7.562) (13.439) -43,7% (631) (688) -8,3% (8.193) (14.127) -42,0% Gains/(Losses) on Assets Sold 476 (650) 173,2% 1 (354) -100,2% 476 (1.004) -147,4% Provisions (401) (985) -59,3% (834) (206) 304,4% (1.234) (1.191) 3,6% EBIT (3.075) 204,1% ,4% ,4% % EBIT 8,7% -3,6% 12,3% 0,5% 3,7% -3,2% 2,3% 1,5% 0,8% Dividends and Investments Gains - - 0,0% (1.848) (9) 20542,8% (1.848) (9) 20542,8% Interest (2.895) (8.779) -67,0% (1.557) (2.624) -40,7% (4.451) (11.404) -61,0% Other Finantial Costs (1.036) (2.718) -61,9% (4.595) (2.156) 113,1% (5.632) (4.875) 15,5% Financial Income (3.931) (11.498) 65,8% (8.000) (4.790) -67,0% (11.931) (16.287) 26,7% EBT (729) (14.573) 95,0% (7.378) ,7% (8.107) (12.160) 33,3% % EBT -2,0% -17,0% 15,0% -5,7% 1,2% -6,9% -4,9% -4,4% -0,5% Net Profit excluding sold affiliated companies attributable to SAG Gest (380) (13.355) 97,2% (7.129) ,0% (7.509) (12.078) 37,8% Net Income from Affiliated companies - - (0) (1.992) -100,0% (0) (1.992) -100,0% Losses on Ecometais - - (10) - (10) - Losses on Santander Consumer Iber-Rent SL Losses on Santander Consumer Multirent Sp z.o.o Change of Unidas Consolidation Method Net Profit attributable to SAG Gest (380) (13.355) 97,2% (7.139) (715) 899,0% (7.519) (14.070) 46,6% % Net Profit -1,0% -15,6% 14,6% -5,5% -0,4% -5,1% -4,5% -5,0% 0,5% 6

7 CONSOLIDATED BALANCE SHEET CONSOLIDATED ASSETS Property, Plant and Equipment Intangible Assets Investment in Associates Prepayments on Investments Other Financial Assets - 13 Investment Property Deferred Income Tax Assets Total - Non-Current Assets Inventories Account Receivable Current Income Tax Taxes - Other Than Income Tax Cash and Cash Equivalents Total - Current Assets Total Assets EQUITY Registered Share Capital Own Shares - Par Value (16.771) (16.771) Own Shares - Share Premium (16.357) (16.357) Share Premium Consolidation Adjustments: Cumulative Translation Adjustment (18.438) First Consolidation Adjustments ( ) ( ) Reserve for Revalution Reserves: Legal Reserve Other Reserves Retained Earnings Brought Forward Net Profit For The Year attributable for SAG Gest (20.978) (27.199) Sub-Total Minority Interests Total Equity LIABILITIES Bank Loans Deferred income tax Liabilities Accounts Payable (Medium and Long Term) Provisions Total - Non-Current Liabilities Bank Loans Accounts Payable (Short Term) Current Income Tax Taxes - Other Than Income Tax Total - Current Liabilities Total Liabilities Total Equity and Liabilities

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