CAR Inc annual results presentation. March 2015

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1 CAR Inc annual results presentation March 2015

2 Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of CAR Inc. (the Company ) for use in presentations by the Company at investor meetings and does not constitute a recommendation regarding the securities of the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of the Company's advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Company will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forwardlooking statements. The Company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments. This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States or to U.S. persons absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. This presentation and the information contained herein is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the United States, Canada, Australia, Japan, Hong Kong or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of U.S. or other national securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. No invitation is made by this presentation or the information contained herein to enter into, or offer to enter into, any agreement to purchase, acquire, dispose of, subscribe for or underwrite any securities, or structured products, and no offer is made of any shares in or debentures of a company for purchase or subscription, except as permitted under the laws of Hong Kong. By reviewing this presentation, you are deemed to have represented and agreed that you and any customers you represent are either (a) a qualified institutional buyer (within the meaning of Regulation 144A under the Securities Act), or (b) not a U.S. person and are outside of the United States and not acting for the account or benefit of a U.S. person (as defined in Regulation S under the Securities Act). You are also deemed to have represented and agreed that you and any customer you represent are professional investors as defined in the Securities and Futures Ordinance (Cap 571 Laws of Hong Kong) and any rules made under that Ordinance. 1

3 Agenda 2014 achievements Financial highlights Business strategies Q&A 2

4 achievements 3

5 2014 achievements 1 Dominant market leadership 63,522 Total fleet (1) 31% Market share (2) 2 Robust growth 34% Short-term rental revenue growth (3) 3 Strong and sustainable profitability 57% Adj. EBITDA margin (4) 20% Adj. net margin (4) 4 Strengthened financial profile IPO on HKEx BB+ Credit ratings (5) 5 Continue to deliver on our growth strategies 51% Mobile app (6) Partnership Notes: (1) As of Dec. 31, 2014 (2) Market share in China s short-term self-drive car rental market in 2013 in terms of revenue, according to Roland Berger (3) y.o.y short-term rental revenue growth (4) Margins calculated as percentage of rental revenue; Adjusted EBITDA is defined as profit or loss before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, foreign exchange gain or loss related to reorganization, and IPO-related expenses; Adjusted net profit is defined as profit or loss excluding share-based compensation, foreign exchange gain or loss related to reorganization, and IPO-related expenses (5) Obtained Ba1/BB+/BB+ corporate ratings from Moody s/s&p/fitch (6) Percentage of reservations made via mobile app for the month of Dec

6 2. Financial highlights 5

7 2014 results summary RMB in millions, unless otherwise noted y.o.y change Rental revenue 2,866 2, % Total revenue 3,520 2, % Gross profit 1, % Margin (1) 43% 28% +15 pp Adj. EBITDA (2) 1, % Margin (1) 57% 42% +15 pp Adj. net profit (3) 562 (155) F Margin (1) 20% N.A. F Basic EPS (RMB) 0.22 (0.12) F Total assets 9,842 6, % Total debt 3,611 3, % Cash (4) 2, % Net debt (4) / Adj. EBITDA 0.7x 3.2x 2.5x Notes: F = Favorable (1) As a percentage of rental revenue (2) Adjusted EBITDA is defined as profit or loss before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, foreign exchange gain or loss related to reorganization, and IPO-related expenses (3) Adjusted net profit is defined as profit or loss excluding share-based compensation, foreign exchange gain or loss related to reorganization, and IPO-related expenses (4) Include restricted cash of RMB2 million and RMB53 million and available-for-sale investments of nil and RMB1,070 million in cash and net debt calculation, respectively for 2013 and

8 Strong rental revenue growth Rental revenue RMB in millions 2, Y.o.Y CAGR +30% +55% 2, Leasing / others +134% +249% 449 1, Long-term rental +4% +48% 2, ,209 1,714 Short-term rental +34% +54%

9 Strong ST rental performance Avg. daily rental fleet (1) ST rental revenue 1,714 2,296 = days in year x x 33,475 37,755 RevPAC (2) = RMB in millions ADRR (3) % growth 13% growth +20% +11% RevPAC (2) Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 ADRR (3) Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Utilization (4) x Utilization (4) 57.9% 62.2% +4.3pp 60.5% 61.8% 57.4% 52.5% 60.9% 62.6% 63.7% 61.7% 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Notes: (1) Average daily short-term rental fleet is calculated by dividing the aggregate days of short-term rental vehicles in operation in a given period by the aggregate days of that period (2) RevPAC refers to average daily rental revenue per short-term rental vehicle, which is calculated by multiplying the average daily rental rate in a given period by the fleet utilization rate in that same period (3) Average daily rental rate is calculated by dividing short-term rental revenue in a given period by the fleet rental days in that period. Fleet rental days are the total rental days for all vehicles in short-term rental fleet in a given period (4) Fleet utilization rate is calculated by dividing the aggregate days that vehicles are rented out for short term rentals by the aggregate days that short-term rental vehicles are in operation 8

10 Sustainable profitability profile Profit margins Cost structure Gross margin (1) Major cost items as % of rental revenue 41% 43% 44% 46% 43% Interest 76% 10% 80% 11% 78% 11% 81% 10% 79% 11% 1Q'14 2Q'14 3Q'14 4Q' SG&A 11% 10% 11% 14% 12% Adj. EBITDA margin (1)(2) 57% 58% 57% 55% 57% Depreciation 24% 24% 23% 21% 23% 1Q'14 2Q'14 3Q'14 4Q' Adj. net profit margin (1)(3) DOE 32% 34% 33% 35% 34% 20% 21% 19% 19% 20% 1Q'14 2Q'14 3Q'14 4Q' Q'14 2Q'14 3Q'14 4Q' Notes: Where applicable, CAR s expenses figures have been adjusted for share-based compensation, reorganization related expenses as well as costs related to suspended fleet (1) As percentage of rental revenue (2) Adjusted EBITDA is defined as profit or loss before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, foreign exchange gain or loss related to reorganization, and IPO-related expenses (3) Adjusted net profit is defined as profit or loss excluding share-based compensation, foreign exchange gain or loss related to reorganization, and IPO-related expenses 9

11 Used car disposal Proven capabilities in used car disposal Proven residual value Sales of used vehicles RMB in millions 654 Cost of sales of used vehicles As % of sales of used vehicles % 105.5% % # of used vehicles disposed 15, % % ,986 5, , # of used vehicles sold # of used vehicles leased to franchisees Proven capabilities in managing the full life cycle of our rental vehicles 10

12 Strong financial position Strong balance sheet Healthy credit metrics RMB in millions Debt (1) / Assets 82% 72% 62% 37% Debt (1) / Adj. EBITDA 11.6x 9, x 4.2x 2.2x Total assets 3,768 5,058 6, Adj. EBITDA / Interest expense 5.3x x 2.7x 2.7x Cash (2) ,476 FFO (3) / Debt (1) 36.9% Rental vehicles 2,414 3,541 4,024 5,234 Total debt (1) 3,088 3,624 3,811 3, % 12.6% 15.3% Notes: (1) 2011 and 2012 debt amounts include amounts due to Legend Holdings (2) Includes restricted cash of RMB9 million, RMB9 million, RMB2 million and RMB53 million and available-for-sale investments of RMB0.1 million, nil, nil and RMB1,070 million, respectively for 2011 to 2014 (3) FFO (funds from operations) is defined as adjusted EBITDA minus net interest expense and taxes paid 11

13 Recent development: US$500mn bond offering Deal Size: Ratings: Bond offering overview US$500 million Ba1/BB+/BB+ (Moody s/s&p/fitch) Purpose of offering A Optimize funding structure and diversify funding sources B Lower financing costs Issue ratings: Ba1/BB+/BB+ (Moody s/s&p/fitch) Tenor: 5-year non-call 3-year Call date: 4 February, 2018 Maturity date: 4 February, 2020 Coupon: 6.125% Re-offer price/yield: / 6.375% C Expand access in offshore capital markets Debt maturity profile (Dec. 31, 2014) RMB in millions Actual maturity profile (excluding bond offering) 2,779 Offering format: Use of proceeds: Listing venue: Governing law: Details: 144A / RegS For capital expenditure and other general corporate purposes, including refinancing outstanding indebtedness, to enhance capital structure purposes SEHK listing New York law USD200,000/1,000 denoms E 2016E 2017E 2018E 2019E 2020E Pro forma maturity profile (1) 2,779 3, E 2016E 2017E 2018E 2019E 2020E Note: (1) Exchange rate: US$1.00 = RMB

14 3. Business strategies 13

15 Strengthen leadership position & become China s leading auto mobility solution provider Increase fleet utilization rate and operational efficiency Increase profitability Grow our rental fleet and expand our network coverage Higher market share Enhance customer experience and strengthen our brand Grow customer base and enhance loyalty Continue product innovation and expansion along value chain Capture growth opportunities 14

16 Continue product innovation and expansion along value chain ~US$0.9 bn 2013 short-term market size 217 MM licensed drivers ~US$24.0 bn 2013 short-term market size ~220 MM licensed drivers Auto mobility solution Chauffeured car service Car sharing / P2P Ride sharing / Shuttle service Along the value chain Used car sales Auto financial services Auto parts / maintenance Innovative auto ecosystem Internet of cars ( 车联网 ) Smart vehicles ( 智能汽车 ) Source: Roland Berger, for market size data. 15

17 collaboration CAR Inc. 神州租车 UCAR Inc. 优车科技 Benefits to CAR Co-brand 1 Increase revenue and profit 2 Improve fleet efficiency CAR Inc. 神州租车 UCAR Inc. 优车科技 3 Secure future strategic opportunities Mobile app Web Call center Mobile app Web Call center Initial 5-yr strategic collaboration under joint-brand UCAR 神州专车 for chauffeured car services UCAR rents LT/ST cars from CAR at prevailing market rates, and hires drivers from labor companies Both CAR and UCAR operate its own customer interface, such as mobile app and call center Commission will be charged for customer referrals CAR has priority right in UCAR s future fund raising competitive advantages Regulatory compliance Customer experience Cost structure 16

18 4. Q&A 17

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