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  • *Maro, 2013

  • *Viso geral da CompanhiaPrincipais divises de negciosAluguel de carrosAluguel de frotasSeminovosConsolidadoDvida e caixaApndiceEarnings release 4T12

    Agenda

  • *A Companhia: principais acontecimentos

    *

  • *Sinergias:poder de barganhareduo de custocross sellingNmeros do 4T12A plataforma integrada proporciona Localiza flexibilidade e performance superior.A Companhia: plataforma integrada de negcios 65.086 carros 3,1 milhes de clientes 272 agncias 4.475 colaboradores

    14.545 carros202 agncias no Brasil 50 agncias no exterior39 colaboradores

    67,7% vendido a consumidor final73 lojas1.002 colaboradores

    32.104 carros729 clientes350 colaboradores

    *

  • *A Companhia: Divises da plataforma de negciosVenda de seminovos

    rea de suporte com o objetivo de vender os carros seminovos da Companhia, alm de adicionar know-how na compra dos carros e auxiliar na estimativa do valor residual do carro.

    Sendo uma atividade de suporte ao negcio, o Seminovos permite a venda de 70% dos carros seminovos diretamente ao consumidor final, maximizando o valor residual dos carros usados no aluguel.

    *

  • *R$27,9Compra do carroReceita na venda do carro R$24,4Ciclo de 1 anoCiclo financeiro do aluguel de carrosR$25,9sem IPI (7%)(*) Excluindo o efeito adicional da depreciao relativo reduo do IPI(**) ROIC sobre o custo de compra do carro sem o IPI: 19,0%Spread11.4p.p.

  • *Ciclo de 2 anosSpread9.0p.p.

    Ciclo financeiro do aluguel de frotasReceita na venda do carro R$23,2R$35,4Compra do carroR$32,9sem IPI (7%)(*) Excluindo o efeito adicional da depreciao relativo reduo do IPI(**) ROIC sobre o custo de compra do carro sem o IPI: 16,4%

  • *Evoluo das receitas de aluguelCAGR: 16,4%CAGR: 5,8%Receitas de aluguel da Localiza a preos constantesReceita do setor a preos constantesEm 2011 a Companhia cresceu 5,9x PIB e o setor 1,9x.16,0%5,1%Fonte: ABLA

    PIB5,7%3,2%4,0%6,1%5,2%-0,3%7,5%2,7%CAGR:4,0%

    Grf1

    594.0140620364

    692.7397149021

    819.3121188338

    943.2214515236

    1156.5901242226

    1168.3563448574

    1483.48137

    1720.9

    receita preos 2011

    Receita da Localiza

    IPCAReceita Consolidada (Localiza)PIB realPIB nominalElasticidade (Receita/ PIB)

    AnoefetivomdioEfetivonominalreal a preos de 2011Var %N ndicemdia (acumulada)CAGRVar %N ndicemdia (acumulada)CAGRrealnominal

    nmero ndiceVar %.aanmero ndiceVar %.aaNmero ndice (base 2011 = 100)Var %.aaNmero ndiceNmero ndice (base 2011 = 100)receitaVar %n ndicemdia (acumulada)CAGRreceitaVar %n ndicemdia (acumulada)CAGRmdiaCAGRmdia (acumulada)CAGR

    020042,398.927.6%2,318.156.6%69.87.61.08143.343414.4- 0100.0594.0100.05.7%100.014.2%100.0

    120052,535.405.7%2,477.396.9%74.65.71.06133.219520.025.5%125.525.5%25.5%692.716.6%116.616.6%16.6%3.2%103.23.2%3.2%10.6%110.610.6%10.6%5.35.32.42.4

    220062,615.053.1%2,581.034.2%77.73.11.03126.048650.025.0%156.925.2%25.2%819.318.3%137.917.4%17.4%4.0%107.23.6%3.6%10.4%122.010.5%10.5%4.94.92.42.4

    320072,731.624.5%2,675.023.6%80.54.51.04122.211771.818.7%186.223.1%23.0%943.215.1%158.816.7%16.7%6.1%113.84.4%4.4%12.3%137.111.1%11.1%3.83.82.12.1

    420082,892.865.9%2,826.925.7%85.15.91.06116.993988.628.1%238.624.3%24.3%1,156.622.6%194.718.2%18.1%5.2%119.74.6%4.6%13.9%156.211.8%11.8%4.03.92.12.1

    520093,017.594.3%2,965.104.9%89.34.31.04110.4751,057.67.0%255.220.9%20.6%1,168.41.0%196.714.7%14.5%-0.3%119.33.6%3.6%6.8%166.910.8%10.8%4.14.01.91.9

    620103,195.895.9%3,114.505.0%93.85.91.06105.9101,400.732.4%338.022.8%22.5%1,483.527.0%249.716.8%16.5%7.5%128.24.3%4.2%16.4%194.211.7%11.7%3.93.91.91.9

    720113,403.736.5%3,321.206.6%100.06.51.07100.01,720.922.9%415.322.8%22.6%1,720.916.0%289.716.7%16.4%2.7%131.74.0%4.0%9.9%213.411.5%11.4%4.14.12.02.0

    3.25.65.6

    * Receita AC, AF e faturamento franqueados (Fonte: Market Share_planilhas 2010)4.1

    Setor

    IPCAReceita (Setor)PIB realPIB nominalElasticidade (Receita/ PIB)

    AnoefetivomdioEfetivonominalreal a preos de 2011Var %N ndicemdia (acumulada)CAGRVar %N ndicemdia (acumulada)CAGRrealnominal

    nmero ndiceVar %.aanmero ndiceVar %.aaNmero ndice (base 2011 = 100)Var %.aaNmero ndiceNmero ndice (base 2011 = 100)receitaVar %n ndicemdia (acumulada)CAGRreceitaVar %n ndicemdia (acumulada)CAGRmdiaCAGRmdia (acumulada)CAGR

    020042,579.817.6%2,318.156.6%69.87.61.08143.3432,680- 0100.03,841.6100.05.7%100.014.2%100.0

    120052,661.935.7%2,477.396.9%74.65.71.06133.2192,9108.6%108.68.6%8.6%3,876.70.9%100.90.9%0.9%3.2%103.23.2%3.2%10.6%110.610.6%10.6%0.30.30.80.8

    220062,810.363.1%2,581.034.2%77.73.11.03126.0483,1708.9%118.38.8%8.8%3,995.73.1%104.02.0%2.0%4.0%107.23.6%3.6%10.4%122.010.5%10.5%0.60.60.80.8

    320072,956.464.5%2,675.023.6%80.54.51.04122.2113,49010.1%130.29.2%9.2%4,265.26.7%111.03.6%3.5%6.1%113.84.4%4.4%12.3%137.111.1%11.1%0.80.80.80.8

    420083,110.745.9%2,826.925.7%85.15.91.06116.9933,99014.3%148.910.5%10.5%4,668.09.4%121.55.0%5.0%5.2%119.74.6%4.6%13.9%156.211.8%11.8%1.11.10.90.9

    520093,314.584.3%2,965.104.9%89.34.31.04110.4754,3709.5%163.110.3%10.3%4,827.73.4%125.74.7%4.7%-0.3%119.33.6%3.6%6.8%166.910.8%10.8%1.31.31.01.0

    620103,479.945.9%3,114.505.0%93.85.91.06105.9105,11016.9%190.711.4%11.4%5,412.012.1%140.95.9%5.9%7.5%128.24.3%4.2%16.4%194.211.7%11.7%1.41.41.01.0

    72011- 06.5%3,321.206.6%100.06.51.07100.05,69011.4%212.311.4%11.4%5,690.05.1%148.15.8%5.8%2.7%131.74.0%4.0%9.9%213.411.5%11.4%1.41.41.01.0

    1.62.82.8

    20042005200620072008200920102011

    414.4520.0650.0771.8988.61,057.61,400.71,720.9

    25.5%25.0%18.7%28.1%7.0%32.4%22.9%

    2,6802,9103,1703,4903,9904,3705,1105,690

    8.6%8.9%10.1%14.3%9.5%16.9%11.4%

    3.2%4.0%6.1%5.2%-0.3%7.5%2.7%

    8.16.33.15.4-21.14.38.42.06

    2.72.31.72.8-28.92.24.2-1.86

    receita preos 2011

    000

    000

    000

    000

    000

    000

    000

    000

    Localiza

    Sector

    GDP

    Rental revenues real growth elasticity x GDP

    PIB valores correntes

    0

    0

    0

    0

    0

    0

    0

    0

    Deflator PIB

    0

    0

    0

    0

    0

    0

    0

    0

    Data4380 - PIB mensal - Valores correntes (R$ milhes) - R$ (milhes)4381 - PIB acumulado no ano - Valores correntes (R$ milhes) - R$ (milhes)4382 - PIB acumulado dos ltimos 12 meses - Valores correntes (R$ milhes) - R$ (milhes)

    Jan-900.20.20.7

    Feb-900.40.71.1

    Mar-900.81.41.8

    Apr-900.72.12.5

    May-900.82.93.3

    Jun-900.83.74

    Jul-900.94.54.9

    Aug-9015.65.9

    Sep-901.16.77

    Oct-901.48.18.3

    Nov-901.79.79.9

    Dec-901.811.511.5

    Jan-912213.3

    Feb-912.44.415.3

    Mar-912.6717.1

    Apr-9131019.4

    May-913.513.522.2

    Jun-914.217.725.6

    Jul-914.622.329.3

    Aug-915.327.533.5

    Sep-915.633.137.9

    Oct-917.640.744.1

    Nov-919.249.951.7

    Dec-9110.460.360.3

    Jan-92131371.2

    Feb-9216.329.385.2

    Mar-9219.749102.3

    Apr-9223.872.8123.1

    May-9230.1102.9149.7

    Jun-9237.3140.2182.8

    Jul-9246.1186.3224.4

    Aug-9256.7243275.8

    Sep-9270.8313.8341

    Oct-9290.4404.1423.8

    Nov-92110.5514.7525.1

    Dec-92126.3641641

    Jan-93159.9159.9787.9

    Feb-93206.1366977.7

    Mar-93299.6665.61,257.50

    Apr-93368.41,034.001,602.20

    May-93481.61,515.602,053.60

    Jun-93613.22,128.802,629.50

    Jul-93846.62,975.403,430.00

    Aug-931,150.204,125.604,523.60

    Sep-931,572.505,698.106,025.30

    Oct-932,106.007,804.108,040.90

    Nov-932,799.7010,603.7010,730.00

    Dec-933,493.4014,097.1014,097.10

    Jan-944,441.004,441.0018,378.30

    Feb-945,766.2010,207.3023,938.40

    Mar-948,669.0018,876.3032,307.80

    Apr-9412,848.9031,725.2044,788.30

    May-9420,512.4052,237.6064,819.10

    Jun-9433,098.3085,335.8097,304.20

    Jul-9441,030.40126,366.20137,487.90

    Aug-9443,868.90170,235.10180,206.60

    Sep-9443,598.40213,833.50222,232.50

    Oct-9445,763.30259,596.80265,889.80

    Nov-9445,937.90305,534.70309,028.00

    Dec-9443,670.00349,204.70349,204.70

    Jan-9545,937.4045,937.40390,701.00

    Feb-9549,835.8095,773.10434,770.50

    Mar-9561,156.40156,929.50487,257.90

    Apr-9558,538.60215,468.20532,947.70

    May-9556,314.10271,782.30568,749.40

    Jun-9555,928.60327,710.80591,579.60

    Jul-9558,279.00385,989.90608,828.30

    Aug-9560,913.80446,903.60625,873.20

    Sep-9561,066.80507,970.50643,341.70

    Oct-9564,524.80572,495.30662,103.20

    Nov-9567,741.50640,236.80683,906.80

    Dec-9565,404.10705,640.90705,640.90

    Jan-9661,914.7061,914.70721,618.30

    Feb-9661,010.30122,925.10732,792.80

    Mar-9662,770.80185,695.90734,407.30

    Apr-9664,261.20249,957.10740,129.80

    May-9668,908.60318,865.70752,724.30

    Jun-9669,652.60388,518.30766,448.40

    Jul-9673,164.90461,683.30781,334.30

    Aug-9673,085.30534,768.50793,505.80

    Sep-9670,186.00604,954.50802,625.00

    Oct-9676,244.10681,198.70814,344.30

    Nov-9680,327.30761,526.00826,930.10

    Dec-9682,439.60843,965.60843,965.60

    Jan-9776,544.8076,544.80858,595.70

    Feb-9769,226.80145,771.60866,812.20

    Mar-9767,758.40213,530.00871,799.80

    Apr-9772,745.80286,275.80880,284.40

    May-9777,958.60364,234.40889,334.30

    Jun-9781,810.20446,044.60901,491.90

    Jul-9781,092.00527,136.60909,419.00

    Aug-9780,340.60607,477.20916,674.30

    Sep-9779,382.50686,859.70925,870.80

    Oct-9785,529.10772,388.80935,155.80

    Nov-9784,869.70857,258.50939,698.20

    Dec-9781,888.10939,146.60939,146.60

    Jan-9878,127.6078,127.60940,729.40

    Feb-9873,538.10151,665.70945,040.70

    Mar-9876,913.10228,578.80954,195.40

    Apr-9879,691.90308,270.70961,141.50

    May-9884,274.10392,544.80967,457.00

    Jun-9885,246.00477,790.80970,892.80

    Jul-9884,787.10562,578.00974,588.00

    Aug-9883,517.50646,095.50977,764.90

    Sep-9881,238.80727,334.30979,621.20

    Oct-9884,553.10811,887.30978,645.20

    Nov-9884,739.00896,626.40978,514.40

    Dec-9882,649.40979,275.70979,275.70

    Jan-9979,306.2079,306.20980,454.30

    Feb-9978,524.90157,831.10985,441.10

    Mar-9985,320.70243,151.80993,848.70

    Apr-9986,404.50329,556.301,000,561.30

    May-9988,430.20417,986.501,004,717.40

    Jun-9991,514.50509,500.901,010,985.90

    Jul-9989,064.60598,565.601,015,263.30

    Aug-9989,291.10687,856.601,021,036.90

    Sep-9986,896.60774,753.301,026,694.70

    Oct-9993,280.10868,033.301,035,421.70

    Nov-9998,205.00966,238.401,048,887.80

    Dec-9998,761.301,064,999.701,064,999.70

    Jan-0091,192.6091,192.601,076,886.30

    Feb-0089,353.00180,545.601,087,714.40

    Mar-0089,100.70269,646.301,091,494.30

    Apr-0090,029.00359,675.301,095,118.60

    May-0098,148.40457,823.701,104,836.80

    Jun-00103,004.20560,827.901,116,326.70

    Jul-00101,404.80662,232.801,128,666.90

    Aug-00102,371.60764,604.301,141,747.40

    Sep-0096,904.20861,508.601,151,755.00

    Oct-00104,817.00966,325.501,163,291.70

    Nov-00106,834.901,073,160.401,171,921.50

    Dec-00106,321.601,179,482.001,179,482.00

    Jan-01101,873.90101,873.901,190,163.20

    Feb-0199,978.80201,852.701,200,789.00

    Mar-01105,475.90307,328.501,217,164.20

    Apr-01107,002.10414,330.601,234,137.30

    May-01111,418.40525,749.001,247,407.30

    Jun-01105,917.60631,666.601,250,320.70

    Jul-01108,944.20740,610.901,257,860.10

    Aug-01110,244.10850,854.901,265,732.60

    Sep-01105,062.60955,917.501,273,891.00

    Oct-01114,176.901,070,094.501,283,251.00

    Nov-01117,611.701,187,706.201,294,027.80

    Dec-01114,429.801,302,136.001,302,136.00

    Jan-02112,179.60112,179.601,312,441.70

    Feb-02110,052.20222,231.701,322,515.10

    Mar-02115,637.00337,868.701,332,676.20

    Apr-02120,299.40458,168.101,345,973.50

    May-02124,666.70582,834.901,359,221.80

    Jun-02125,751.00708,585.901,379,055.20

    Jul-02125,668.30834,254.201,395,779.30

    Aug-02125,228.80959,482.901,410,764.00

    Sep-02121,289.101,080,772.001,426,990.50

    Oct-02130,929.201,211,701.301,443,742.80

    Nov-02135,194.601,346,895.801,461,325.60

    Dec-02130,926.201,477,822.001,477,822.00

    Jan-03129,392.70129,392.701,495,035.20

    Feb-03128,202.00257,594.801,513,185.00

    Mar-03133,986.30391,581.001,531,534.30

    Apr-03137,600.30529,181.301,548,835.20

    May-03142,330.30671,511.601,566,498.80

    Jun-03140,303.70811,815.401,581,051.50

    Jul-03141,286.80953,102.201,596,670.00

    Aug-03142,502.401,095,604.601,613,943.70

    Sep-03146,086.201,241,690.901,638,740.80

    Oct-03152,695.601,394,386.501,660,507.20

    Nov-03152,652.601,547,039.101,677,965.30

    Dec-03152,908.901,699,948.001,699,948.00

    Jan-04147,296.40147,296.401,717,851.70

    Feb-04140,745.50288,042.001,730,395.20

    Mar-04151,581.50439,623.501,747,990.50

    Apr-04153,068.90592,692.401,763,459.10

    May-04163,284.00755,976.401,784,412.70

    Jun-04167,458.30923,434.701,811,567.30

    Jul-04164,556.001,087,990.601,834,836.40

    Aug-04166,360.901,254,351.601,858,695.00

    Sep-04164,494.601,418,846.201,877,103.30

    Oct-04171,571.701,590,417.801,895,979.30

    Nov-04175,391.601,765,809.501,918,718.30

    Dec-04175,688.501,941,498.001,941,498.00

    Jan-05167,348.50167,348.501,961,551.20

    Feb-05157,972.20325,320.701,978,779.00

    Mar-05168,842.20494,162.901,996,041.10

    Apr-05174,036.40668,199.302,017,010.10

    May-05178,714.30846,913.702,032,442.00

    Jun-05181,814.801,028,728.502,046,800.20

    Jul-05177,507.101,206,235.602,059,752.10

    Aug-05183,406.001,389,641.602,076,797.50

    Sep-05181,803.901,571,445.502,094,106.50

    Oct-05188,842.501,760,288.002,111,375.50

    Nov-05193,858.401,954,146.402,129,839.20

    Dec-05193,092.602,147,239.002,147,239.00

    Jan-06182,558.40182,558.402,162,448.90

    Feb-06176,778.50359,336.902,181,255.20

    Mar-06186,407.10545,743.902,198,820.00

    Apr-06182,323.00728,066.902,207,106.60

    May-06196,432.90924,499.902,224,825.20

    Jun-06198,625.501,123,125.402,241,635.90

    Jul-06199,648.201,322,773.502,263,776.90

    Aug-06205,321.301,528,094.802,285,692.20

    Sep-06198,747.801,726,842.602,302,636.10

    Oct-06210,072.601,936,915.202,323,866.20

    Nov-06217,897.702,154,812.902,347,905.50

    Dec-06214,671.102,369,484.002,369,484.00

    Jan-07207,646.30207,646.302,394,571.90

    Feb-07198,028.40405,674.702,415,821.80

    Mar-07212,139.80617,814.502,441,554.50

    Apr-07211,806.70829,621.202,471,038.30

    May-07225,232.401,054,853.602,499,837.70

    Jun-07224,942.301,279,795.902,526,154.50

    Jul-07222,545.901,502,341.802,549,052.30

    Aug-07229,310.201,731,652.002,573,041.20

    Sep-07221,509.301,953,161.302,595,802.80

    Oct-07236,445.902,189,607.202,622,176.00

    Nov-07238,323.302,427,930.502,642,601.60

    Dec-07233,413.502,661,344.002,661,344.00

    Jan-08234,345.60234,345.602,688,043.30

    Feb-08226,356.90460,702.502,716,371.80

    Mar-08233,673.20694,375.702,737,905.20

    Apr-08242,222.00936,597.702,768,320.50

    May-08254,822.701,191,420.402,797,910.80

    Jun-08261,466.901,452,887.302,834,435.40

    Jul-08265,042.301,717,929.602,876,931.80

    Aug-08262,570.001,980,499.602,910,191.60

    Sep-08260,078.502,240,578.102,948,760.80

    Oct-08276,639.102,517,217.202,988,954.00

    Nov-08268,166.002,785,383.303,018,796.80

    Dec-08246,819.703,032,203.003,032,203.00

    Jan-09243,770.70243,770.703,041,628.10

    Feb-09234,953.60478,724.303,050,224.80

    Mar-09250,676.00729,400.303,067,227.60

    Apr-09253,179.10982,579.403,078,184.60

    May-09264,321.301,246,900.603,087,683.20

    Jun-09270,462.301,517,363.003,096,678.70

    Jul-09270,895.001,788,258.003,102,531.40

    Aug-09277,382.402,065,640.403,117,343.80

    Sep-09278,153.702,343,794.103,135,419.00

    Oct-09284,249.902,628,044.003,143,029.80

    Nov-09298,001.602,926,045.603,172,865.40

    Dec-09313,358.403,239,404.003,239,404.00

    Jan-10283,098.70283,098.703,278,732.00

    Feb-10276,565.40559,664.103,320,343.80

    Mar-10295,904.60855,568.703,365,572.40

    Apr-10297,345.501,152,914.203,409,738.80

    May-10312,832.401,465,746.503,458,249.90

    Jun-10316,919.101,782,665.703,504,706.70

    Jul-10318,291.002,100,956.703,552,102.70

    Aug-10323,221.302,424,178.003,597,941.50

    Sep-10321,926.102,746,104.103,641,714.00

    Oct-10336,583.803,082,687.903,694,047.90

    Nov-10345,097.103,427,785.003,741,143.40

    Dec-10342,299.803,770,084.903,770,084.90

    Jan-11320,535.20320,535.203,807,521.40

    Feb-11316,508.30637,043.503,847,464.30

    Mar-11325,029.10962,072.603,876,588.80

    Apr-11331,080.901,293,153.603,910,324.30

    May-11354,428.001,647,581.503,951,919.80

    Jun-11358,017.802,005,599.303,993,018.50

    Jul-11347,358.902,352,958.204,022,086.30

    Aug-11355,297.202,708,255.404,054,162.30

    Sep-11344,050.403,052,305.804,076,286.60

    Oct-11360,440.803,412,746.604,100,143.50

    Nov-11366,508.303,779,254.904,121,554.70

    Dec-11363,758.404,143,013.304,143,013.30

    Jan-12338,560.10338,560.104,161,038.30

    Feb-12337,606.80676,166.904,182,136.70

    Mar-12357,182.101,033,349.004,214,289.70

    Apr-12355,964.601,389,313.604,239,173.40

    May-12375,060.701,764,374.204,259,806.10

    Jun-12378,267.702,142,642.004,280,056.00

    Jul-12375,882.602,518,524.604,308,579.80

    FonteBCB-Depec

    Data4381 - PIB acumulado no ano - Valores correntes (R$ milhes) - R$ (milhes)4382 - PIB acumulado dos ltimos 12 meses - Valores correntes (R$ milhes) - R$ (milhes)

    Dec-031,699,948.001,699,948.00

    Dec-041,941,498.001,941,498.00

    Dec-052,147,239.002,147,239.00

    Dec-062,369,484.002,369,484.00

    Dec-072,661,344.002,661,344.00

    Dec-083,032,203.003,032,203.00

    Dec-093,239,404.003,239,404.00

    Dec-103,770,084.903,770,084.90

    Dec-114,143,013.304,143,013.30

    Total geral25,004,218.2025,004,218.20

    PIB Nominal

    Data4381 - PIB acumulado no ano - Valores correntes (R$ milhes) - R$ (milhes)variao

    Dec-031,699,948

    Dec-041,941,49814.2%

    Dec-052,147,23910.6%

    Dec-062,369,48410.4%

    Dec-072,661,34412.3%

    Dec-083,032,20313.9%

    Dec-093,239,4046.8%

    Dec-103,770,08516.4%

    Dec-114,143,0139.9%

    TAXAS ANUAIS (YoY) DE VARIAO DO DEFLATOR IMPLCITO DO PIBVARIAO ACUMULADA EM 4 TRIMESTRESVARIAES ANUAIS

    12345678910111213141516171819202122232425262728293031323334353637383940414243444546474849505152535455

    Valor Adicionado a preos bsicosImpostos s/ produtosPIB a preos de mercadotica da Ofertatica da DemandaPIB a preos bsicosImpostos s/ produtosPIB a preos de mercadotica da Ofertatica da DemandaPIB a preos bsicosImpostos s/ produtosPIB a preos de mercadotica da Ofertatica da DemandaDeflator Implcito do PIB (divulgao IBGE) - %

    AgropecuriaIndstriaServiosConsumo das FamliasConsumo das ISFLSFConsumo do GovernoInvestimento (FBKF)Variao de EstoquesExportaesImportaes (-)AgropecuriaIndstriaServiosConsumo das FamliasConsumo das ISFLSFConsumo do GovernoInvestimento (FBKF)Variao de EstoquesExportaesImportaes (-)AgropecuriaIndstriaServiosConsumo das FamliasConsumo das ISFLSFConsumo do GovernoInvestimento (FBKF)Variao de EstoquesExportaesImportaes (-)Metodologia AntigaMetodologia Nova

    TotalAgriculturaPecuriaTotalExtrativa MineralIndstria de TransformaoConstruo CivilProduo e Distribuio de Eletricidade, gs e guaTotalComrcioTransportes, armazenagem e correioServios de InformaoIntermediao Financeira, seguros, prev. complementar e serviosAtividades Imobilirias e aluguelOutros ServiosAdministrao, sade e educao pblicasTotalAgriculturaPecuriaTotalExtrativa MineralIndstria de TransformaoConstruo CivilProduo e Distribuio de Eletricidade, gs e guaTotalComrcioTransportes, armazenagem e correioServios de InformaoIntermediao Financeira, seguros, prev. complementar e serviosAtividades Imobilirias e aluguelOutros ServiosAdministrao, sade e educao pblicasTotalAgriculturaPecuriaTotalExtrativa MineralIndstria de TransformaoConstruo CivilProduo e Distribuio de Eletricidade, gs e guaTotalComrcioTransportes, armazenagem e correioServios de InformaoIntermediao Financeira, seguros, prev. complementar e serviosAtividades Imobilirias e aluguelOutros ServiosAdministrao, sade e educao pblicasFBKFPIB

    1990q01Mar-90

    1990q02Jun-90

    1990q03Sep-90

    1990q04Dec-90

    1991q01Mar-91

    1991q02Jun-91

    1991q03Sep-91

    1991q04Dec-91

    1992q01Mar-92

    1992q02Jun-92

    1992q03Sep-92

    1992q04Dec-92

    1993q01Mar-93

    1993q02Jun-93

    1993q03Sep-93

    1993q04Dec-93

    1994q01Mar-94

    1994q02Jun-94

    1994q03Sep-94

    1994q04Dec-94

    1995q01Mar-95

    1995q02Jun-95

    1995q03Sep-95

    1995q04Dec-95

    1996q01Mar-9619.34%20.53%19.37%-3.82%13.14%49.72%5.52%34.93%10.21%24.19%3.33%4.56%16.18%6.63%92.21%37.70%11.34%27.02%15.06%15.89%8.85%18.60%

    1996q02Jun-9618.63%10.59%17.51%44.11%9.23%42.41%2.93%20.23%27.44%20.65%4.27%13.55%80.78%7.34%79.25%21.09%11.26%22.00%10.06%8.22%7.54%7.22%

    1996q03Sep-9614.33%5.56%13.29%7.84%4.83%21.53%-1.73%15.47%29.32%19.14%3.83%13.94%77.16%6.46%58.67%18.19%11.92%17.78%6.75%4.05%9.11%5.27%

    1996q04Dec-9620.93%0.75%18.25%2.67%23.44%13.69%29.64%15.33%5.19%21.63%9.47%6.33%79.62%6.66%39.30%27.46%18.84%13.44%34.26%5.25%10.67%2.06%18.30%8.87%17.09%11.89%12.62%30.88%8.70%21.07%16.32%21.18%5.46%9.61%63.07%6.67%63.24%25.33%13.52%19.95%16.39%8.49%8.69%7.99%199612/1/9618.30%8.87%17.09%11.89%12.62%30.88%8.70%21.07%16.32%21.18%5.46%9.61%63.07%6.67%63.24%25.33%13.52%19.95%16.39%8.49%8.69%7.99%199617.417.11996100.0100.0100.0

    1997q01Mar-9712.63%-0.77%10.89%17.13%13.21%-14.57%18.73%11.34%0.43%12.22%11.15%15.61%-49.82%2.60%25.91%16.02%7.77%10.32%15.83%6.71%7.48%2.61%16.60%3.88%14.97%16.70%12.54%10.53%11.56%15.52%13.31%18.25%7.16%11.74%40.88%5.70%47.12%20.59%12.53%15.74%16.66%6.21%8.53%4.48%199712/1/978.65%0.53%7.65%8.56%7.87%-3.04%8.27%8.46%7.82%8.95%5.88%13.78%13.22%3.15%17.33%7.53%7.53%8.36%8.81%5.37%4.11%4.70%19978.37.61997105.4107.697.9

    1997q02Jun-9710.94%-2.42%9.22%3.78%12.50%1.93%14.19%8.44%14.50%10.91%7.15%20.47%13.61%3.09%20.38%10.44%9.22%9.37%17.24%5.83%4.42%4.34%14.64%0.66%12.85%7.28%13.31%3.17%14.55%12.44%10.88%15.86%7.79%13.42%24.71%4.81%33.95%17.80%11.97%12.61%18.37%5.48%7.71%3.59%199812/1/983.98%6.24%4.24%3.22%5.10%-11.97%3.30%6.06%19.10%3.63%2.15%-0.58%35.35%9.37%4.27%-0.01%3.85%4.15%4.79%2.21%1.03%3.31%19984.94.21998107.7112.296.0

    1997q03Sep-9710.90%0.16%9.54%-3.34%17.59%-3.24%20.86%8.77%20.58%9.45%6.64%7.50%50.60%3.31%13.88%7.81%9.60%7.79%16.69%5.84%1.34%3.79%13.76%-0.58%11.90%4.16%16.72%-1.92%20.89%10.80%9.84%13.47%8.49%11.13%23.74%3.98%23.99%15.09%11.64%10.02%21.13%5.89%5.55%3.16%199912/1/996.40%25.01%8.48%-0.36%10.44%51.70%11.97%0.91%12.05%5.50%11.05%5.87%3.05%-1.62%-2.15%12.13%4.85%9.02%5.18%9.30%39.66%55.10%19995.78.51999117.7121.796.7

    1997q04Dec-971.58%4.94%2.08%22.52%-8.80%7.37%-15.22%5.72%-1.30%4.22%0.20%13.80%20.67%3.27%10.90%-2.12%4.35%6.78%-10.14%3.51%3.31%7.83%8.65%0.53%7.65%8.56%7.87%-3.04%8.27%8.46%7.82%8.95%5.88%13.78%13.22%3.15%17.33%7.53%7.53%8.36%8.81%5.37%4.11%4.70%200012/1/006.02%7.19%6.18%9.73%12.27%63.68%11.31%5.81%11.80%3.34%11.79%21.29%107.70%-12.16%-1.24%-9.48%6.06%5.82%4.74%13.14%4.04%8.51%20008.46.22000133.2129.2103.1

    1998q01Mar-986.14%6.74%6.20%-4.54%6.81%-13.80%3.22%10.26%28.30%6.77%0.42%11.90%342.16%10.13%7.73%1.48%4.97%6.59%9.36%3.50%10.78%4.10%7.19%2.28%6.60%3.92%6.42%-2.15%4.88%8.24%14.85%7.71%3.49%12.94%60.57%4.86%12.97%4.13%6.85%7.54%7.41%4.59%4.65%4.99%200112/1/017.94%15.68%8.97%10.06%6.96%-1.07%8.17%7.79%3.05%8.16%10.44%10.85%0.86%23.55%4.15%1.12%10.26%8.16%11.09%11.44%22.47%25.00%20017.492001148.4140.8105.4

    1998q02Jun-985.17%9.31%5.64%7.65%5.01%-26.01%2.99%8.48%21.41%5.07%3.86%6.49%29.43%9.61%4.00%4.01%3.85%4.74%5.48%2.64%3.10%3.75%5.85%5.19%5.78%5.19%4.64%-9.00%2.19%8.23%16.56%6.34%2.77%10.26%63.12%6.28%8.97%2.67%5.53%6.46%4.81%3.81%4.35%4.87%200212/1/0210.38%11.63%10.56%18.31%12.03%11.21%9.29%15.49%22.18%9.00%8.29%5.15%10.48%22.04%4.42%6.88%10.00%8.27%12.49%15.22%22.27%19.99%200210.210.62002171.0155.7109.8

    1998q03Sep-983.60%4.26%3.70%13.08%4.48%-6.58%3.24%4.39%15.50%2.55%2.55%-2.86%2.26%9.06%2.90%0.24%2.80%3.52%3.12%1.83%1.53%2.92%4.08%6.31%4.36%9.39%1.67%-9.67%-1.76%7.09%15.46%4.62%1.78%6.76%44.94%7.81%6.25%0.88%3.93%5.37%1.53%2.84%4.44%4.62%200312/1/0314.10%11.38%13.73%21.85%17.40%18.13%21.24%6.03%14.80%11.94%20.94%16.30%12.60%15.14%8.04%7.58%9.19%16.33%7.17%12.41%10.78%12.21%20031513.72003192.2177.1108.6

    1998q04Dec-981.49%4.73%1.85%-4.50%4.06%-2.37%3.55%1.87%12.54%0.93%1.73%-8.93%-1.14%8.85%2.87%-5.32%3.65%2.00%1.65%0.98%-9.09%2.81%3.98%6.24%4.24%3.22%5.10%-11.97%3.30%6.06%19.10%3.63%2.15%-0.58%35.35%9.37%4.27%-0.01%3.85%4.15%4.79%2.21%1.03%3.31%200412/1/047.29%12.81%8.04%3.65%13.57%21.52%11.42%15.51%18.43%4.92%9.71%7.61%13.97%-10.33%1.15%7.57%5.96%6.19%8.80%10.27%8.57%4.75%20048.282004212.0191.3110.8

    1999q01Mar-993.63%22.79%5.77%8.27%1.49%13.13%0.27%1.67%5.22%4.17%5.68%16.27%5.85%-2.26%-4.49%9.29%4.35%6.42%2.06%5.89%37.72%45.12%3.42%10.08%4.17%5.90%3.84%-5.80%2.63%4.04%13.16%3.07%3.35%0.63%8.07%6.38%1.30%1.97%3.69%4.15%2.94%2.73%7.43%11.58%200512/1/057.38%6.18%7.21%-8.98%5.28%29.70%2.80%4.46%5.61%10.11%8.18%12.83%9.77%27.39%4.36%5.32%12.19%6.74%11.96%5.68%-6.83%-6.39%20057.27.52005224.0205.1109.2

    1999q02Jun-996.07%20.68%7.71%-6.80%12.87%49.36%17.13%1.23%6.15%4.89%8.57%2.17%-2.58%-2.27%-2.64%11.71%4.69%7.52%3.61%8.81%32.83%49.14%3.68%13.01%4.73%1.37%5.92%10.48%6.47%2.26%9.58%3.06%4.56%0.01%1.33%3.74%-0.33%3.96%3.90%4.85%2.48%4.28%15.21%22.16%200612/1/066.51%3.98%6.15%1.23%6.12%24.27%5.01%1.94%4.87%7.15%7.14%5.64%3.47%3.98%2.03%12.54%8.70%4.95%8.26%3.63%-0.22%-7.28%20064.32006232.2217.7106.6

    1999q03Sep-994.71%28.59%7.33%-11.47%9.90%75.96%9.52%-0.58%17.46%4.17%9.30%-3.47%2.44%-1.37%-0.26%9.02%5.37%9.16%5.96%9.75%42.48%60.02%3.97%19.14%5.65%-4.64%7.36%30.82%8.16%1.02%10.35%3.47%6.34%-0.33%1.42%0.97%-1.10%6.10%4.48%6.34%3.25%6.33%25.96%37.56%200712/1/076.28%3.45%5.86%8.81%3.33%-12.04%4.41%10.12%1.51%7.34%9.58%5.98%6.05%4.22%5.34%5.34%11.04%5.17%8.00%4.71%-1.63%-3.21%2007243.1230.5105.5

    1999q04Dec-9910.75%27.78%12.66%14.71%17.17%65.71%20.49%1.43%19.32%8.39%19.61%10.90%5.21%-0.82%-1.36%18.58%5.09%12.71%9.34%12.72%44.39%63.45%6.40%25.01%8.48%-0.36%10.44%51.70%11.97%0.91%12.05%5.50%11.05%5.87%3.05%-1.62%-2.15%12.13%4.85%9.02%5.18%9.30%39.66%55.10%200812/1/087.66%12.37%8.33%12.79%8.73%50.27%6.95%5.45%-5.33%6.77%9.92%9.83%2.75%-11.34%3.68%10.06%13.99%6.08%10.06%9.94%15.85%12.35%2008267.3249.7107.0

    2000q01Mar-006.47%1.73%5.88%7.44%19.04%97.40%22.21%3.27%13.97%1.87%15.14%13.06%76.00%-13.10%-1.45%-9.91%5.82%3.83%-5.29%28.59%-1.22%14.96%7.06%19.26%8.47%-0.06%14.64%74.69%17.05%1.32%14.25%4.92%13.27%5.55%24.59%-4.11%-1.45%6.93%5.22%8.31%3.29%15.21%28.20%46.82%200912/1/098.66%-1.24%7.19%6.34%10.31%-36.84%18.81%16.86%6.12%8.22%9.05%7.88%0.89%6.94%7.71%10.04%8.86%6.08%8.85%8.28%-5.53%-4.41%2009289.4267.6108.1

    2000q02Jun-005.21%5.08%5.20%7.37%9.32%76.66%6.27%6.54%14.54%3.14%11.77%25.29%107.05%-13.29%-1.89%-8.50%6.22%6.77%0.23%9.71%10.02%11.81%6.82%15.02%7.80%4.17%13.69%79.67%13.99%2.71%16.26%4.47%14.00%10.33%52.13%-6.50%-1.28%1.54%5.61%8.12%2.44%15.36%21.42%36.43%201012/1/108.07%9.18%8.23%2.39%9.41%65.34%2.19%11.35%10.95%7.99%4.37%10.49%0.56%9.01%4.33%10.31%11.99%6.21%11.34%3.31%3.34%-8.45%2010299.0289.6103.2

    2000q03Sep-008.43%10.98%8.77%26.67%11.85%47.69%11.02%7.31%10.56%5.80%16.24%33.29%124.42%-11.39%-2.08%-7.04%5.33%6.58%1.23%8.91%2.99%3.40%7.70%10.86%8.10%13.51%14.01%70.08%14.13%4.69%14.39%4.85%15.67%20.66%80.94%-9.21%-1.72%-2.36%5.64%7.42%1.28%14.85%11.47%21.22%201112/1/116.77%8.11%6.97%8.32%5.65%45.46%-1.69%7.92%0.83%7.12%6.92%8.76%-1.32%4.26%7.68%9.50%7.80%6.78%5.41%3.96%15.01%6.18%2011310.8309.8100.3

    2000q04Dec-004.18%10.52%4.96%-0.09%10.20%47.63%8.56%5.99%8.76%2.50%5.15%14.48%127.30%-11.30%0.49%-12.41%6.53%5.94%21.64%6.97%4.75%5.81%6.02%7.19%6.18%9.73%12.27%63.68%11.31%5.81%11.80%3.34%11.79%21.29%107.70%-12.16%-1.24%-9.48%6.06%5.82%4.74%13.14%4.04%8.51%20123/1/126.56%7.50%5.20%6.99%3.94%33.98%-3.44%7.74%1.83%7.64%5.28%10.23%-1.15%4.49%8.64%11.02%8.54%6.81%6.69%4.03%13.23%8.41%2012323.3325.999.2

    2001q01Mar-019.34%14.88%10.10%7.96%12.28%0.16%14.18%6.88%16.71%8.09%12.46%2.49%-1.30%24.07%3.27%0.75%11.35%11.29%7.49%-1.16%15.09%11.76%6.73%10.43%7.21%9.88%10.90%37.58%9.93%6.70%12.63%4.81%11.25%18.56%67.44%-4.50%-0.07%-7.12%7.41%7.61%7.93%5.83%7.92%8.10%20135.50%

    2001q02Jun-017.00%21.51%8.87%16.79%1.41%8.73%-0.12%3.40%2.59%8.60%11.12%23.15%-5.24%22.75%4.15%2.05%10.40%7.33%9.60%14.54%19.25%24.70%7.16%14.46%8.11%12.75%8.65%24.15%7.98%5.85%9.65%6.16%11.03%18.58%36.41%2.94%1.43%-4.46%8.45%7.73%10.28%7.07%10.57%11.29%20145.00%

    2001q03Sep-016.42%14.82%7.53%-3.59%7.52%12.45%7.96%9.99%-1.39%6.88%5.07%6.97%21.24%23.79%4.94%-5.15%10.63%7.73%5.44%13.96%31.83%36.69%6.68%15.32%7.81%5.76%7.62%16.18%7.32%6.51%6.51%6.43%8.23%11.81%20.63%12.71%3.20%-3.95%9.54%7.96%11.22%8.38%18.25%19.42%20154.68%

    2001q04Dec-019.20%12.61%9.64%19.03%7.05%-19.22%11.51%11.18%-6.02%9.08%13.77%10.72%-11.29%23.41%4.15%6.65%9.00%6.90%19.33%19.66%22.53%28.62%7.94%15.68%8.97%10.06%6.96%-1.07%8.17%7.79%3.05%8.16%10.44%10.85%0.86%23.55%4.15%1.12%10.26%8.16%11.09%11.44%22.47%25.00%20164.50%

    2002q01Mar-028.97%15.55%9.84%20.01%3.40%-34.30%-0.28%15.52%20.85%10.40%-1.01%32.53%14.37%19.13%6.70%10.78%9.57%6.76%11.82%13.86%8.59%11.84%7.90%15.87%8.95%13.24%4.79%-9.38%4.64%9.88%4.47%8.73%7.21%16.85%4.68%22.32%4.97%3.58%9.83%7.16%12.10%15.13%20.57%25.16%20174.50%

    2002q02Jun-0212.94%7.62%12.19%13.82%17.94%-27.73%20.40%18.24%28.04%10.89%8.22%8.90%19.66%19.26%6.12%11.76%9.84%6.40%18.19%14.45%6.94%3.77%9.46%12.53%9.86%12.45%9.06%-17.59%9.95%13.75%11.09%9.33%6.63%13.37%10.49%21.49%5.46%6.12%9.70%6.97%14.23%15.16%17.00%19.70%20184.50%

    2002q03Sep-0210.98%8.72%10.67%28.80%11.33%12.16%8.03%16.14%21.61%9.35%12.60%2.22%-9.00%22.51%4.74%11.92%10.26%7.97%11.49%16.72%19.99%18.62%10.56%11.07%10.62%19.96%10.06%-15.85%9.92%15.42%16.65%9.91%8.61%11.82%1.94%21.22%5.39%10.27%9.64%7.05%15.41%16.12%15.77%16.09%20194.25%

    2002q04Dec-028.56%14.41%9.37%12.45%15.23%91.69%9.09%11.87%20.46%5.83%11.86%-12.78%23.63%26.08%0.48%-5.43%10.31%11.78%9.74%15.10%40.69%40.90%10.38%11.63%10.56%18.31%12.03%11.21%9.29%15.49%22.18%9.00%8.29%5.15%10.48%22.04%4.42%6.88%10.00%8.27%12.49%15.22%22.27%19.99%20204.25%

    2003q01Mar-0313.23%13.31%13.25%22.29%21.79%147.86%29.47%-0.55%-6.19%8.93%35.20%-18.69%7.42%18.09%6.09%-2.63%10.02%19.01%3.67%11.75%57.33%56.17%11.38%11.12%11.36%19.29%16.42%45.21%16.15%11.30%14.03%8.65%16.46%-4.71%8.79%21.50%4.31%3.50%10.10%11.31%10.45%14.68%31.94%29.14%

    2003q02Jun-0311.96%15.01%12.37%22.63%13.88%33.82%17.37%0.08%8.56%10.10%23.02%4.39%13.07%19.59%9.18%-1.49%9.82%19.07%6.20%13.86%25.46%30.11%11.12%12.88%11.37%21.73%15.23%64.36%15.46%6.60%8.93%8.48%20.08%-5.68%7.61%21.56%5.07%0.14%10.09%14.44%7.62%14.29%34.54%35.35%

    2003q03Sep-0315.36%11.51%14.84%21.36%18.12%1.91%21.63%8.47%23.36%13.59%18.69%32.88%16.00%15.90%7.36%10.74%9.11%15.84%16.86%13.69%-0.17%1.01%12.26%13.50%12.44%20.10%16.97%56.72%18.92%4.74%10.14%9.60%21.50%2.50%14.70%19.69%5.73%0.21%9.85%16.39%9.09%13.42%26.09%29.46%

    2003q04Dec-0315.72%6.33%14.41%22.60%16.54%-19.37%18.51%15.52%36.02%14.67%10.83%43.09%13.63%9.12%9.51%25.48%7.97%11.83%3.31%10.64%-9.92%-16.48%14.10%11.38%13.73%21.85%17.40%18.13%21.24%6.03%14.80%11.94%20.94%16.30%12.60%15.14%8.04%7.58%9.19%16.33%7.17%12.41%10.78%12.21%

    2004q01Mar-048.29%4.31%7.71%11.88%9.30%-20.57%3.43%21.84%38.53%7.27%3.51%54.28%18.90%-7.93%4.79%16.58%-2.26%5.41%5.46%9.51%-10.69%-13.51%12.84%9.11%12.32%18.72%14.56%-6.62%15.23%11.48%26.55%11.46%13.67%31.45%15.38%8.80%7.69%12.40%6.02%12.81%7.48%11.96%-1.66%-2.18%

    2004q02Jun-048.21%9.65%8.41%15.89%15.48%77.92%9.64%20.28%20.75%4.14%9.30%12.79%14.35%-16.31%-0.89%8.61%4.51%5.69%2.20%9.46%18.02%7.75%11.83%8.02%11.30%17.19%15.02%1.71%13.17%16.50%29.48%9.87%10.58%33.46%15.68%0.50%5.10%15.09%4.73%9.52%6.46%11.04%-0.82%-5.72%

    2004q03Sep-046.79%19.08%8.43%-6.02%14.68%41.47%14.00%12.91%9.21%4.40%12.69%-9.91%7.14%-10.94%-0.54%5.04%14.63%6.85%9.34%11.33%18.86%12.26%9.67%10.05%9.72%10.82%14.21%11.15%11.56%17.63%24.94%7.55%9.27%18.81%13.28%-6.41%3.11%13.46%6.08%7.40%4.97%10.51%3.82%-3.16%

    2004q04Dec-046.04%17.46%7.52%-13.72%14.32%10.96%17.37%8.72%9.68%4.04%12.71%-2.32%15.80%-6.14%1.26%1.23%7.56%6.60%16.43%10.38%7.94%13.18%7.29%12.81%8.04%3.65%13.57%21.52%11.42%15.51%18.43%4.92%9.71%7.61%13.97%-10.33%1.15%7.57%5.96%6.19%8.80%10.27%8.57%4.75%

    2005q01Mar-056.82%14.79%7.92%-23.08%10.60%47.26%10.22%6.47%4.34%8.87%12.87%6.83%10.86%6.35%4.85%4.42%14.29%7.35%13.77%9.58%5.45%3.12%6.94%15.25%8.05%-5.99%13.70%39.48%12.82%11.64%10.37%5.34%11.88%0.90%12.06%-7.26%1.21%4.75%10.01%6.65%10.62%10.10%12.47%9.13%

    2005q02Jun-055.91%5.79%5.91%-21.41%5.13%14.67%3.21%5.18%9.05%10.29%7.94%10.79%13.88%36.33%5.94%4.92%9.92%7.36%12.12%6.91%-10.26%-5.14%6.37%13.97%7.39%-17.20%10.94%26.84%10.90%8.16%7.89%6.87%11.40%0.93%11.97%4.08%2.88%3.86%11.32%7.04%13.02%9.38%4.64%5.48%

    2005q03Sep-058.45%0.65%7.29%13.75%4.03%16.94%1.72%4.28%5.87%10.34%5.21%15.67%12.83%33.09%5.20%6.31%9.80%5.86%9.83%3.82%-11.92%-10.53%6.80%9.10%7.13%-13.46%8.18%20.97%7.64%6.04%7.11%8.34%9.43%7.67%13.29%16.08%4.30%4.22%10.29%6.76%13.07%7.45%-3.30%-0.58%

    2005q04Dec-058.34%5.05%7.87%12.10%2.34%47.36%-2.51%2.30%3.20%10.91%7.46%17.54%2.87%32.53%1.79%5.64%14.40%6.52%12.49%3.02%-7.73%-11.02%7.38%6.18%7.21%-8.98%5.28%29.70%2.80%4.46%5.61%10.11%8.18%12.83%9.77%27.39%4.36%5.32%12.19%6.74%11.96%5.68%-6.83%-6.39%

    2006q01Mar-066.44%2.41%5.85%4.92%2.00%42.68%-2.85%0.77%2.89%8.40%5.19%14.86%2.09%17.68%1.35%11.46%8.85%5.63%9.53%2.60%-8.87%-11.06%7.29%3.44%6.73%-1.50%3.39%30.12%-0.06%3.12%5.19%9.97%6.46%14.74%7.55%29.66%3.47%7.09%10.85%6.33%11.09%4.08%-9.73%-9.56%

    2006q02Jun-066.60%2.23%5.96%0.46%6.14%28.79%5.64%0.23%2.77%6.89%5.84%8.34%5.97%5.95%2.24%10.00%7.90%4.59%7.52%3.21%-1.90%-9.19%7.44%2.60%6.74%7.02%3.66%33.17%0.54%1.91%3.65%9.11%5.95%13.97%5.77%21.76%2.60%8.37%10.31%5.65%9.97%3.19%-7.70%-10.54%

    2006q03Sep-066.76%2.85%6.20%-2.68%8.64%31.30%8.02%1.55%5.36%6.90%8.79%3.20%1.77%-5.98%2.51%13.87%11.77%4.84%10.53%4.57%3.79%-4.07%7.04%3.14%6.47%3.45%4.86%36.45%2.14%1.23%3.58%8.25%6.87%10.65%3.17%10.93%1.98%10.27%10.76%5.39%10.14%3.39%-3.49%-8.87%

    2006q04Dec-066.16%8.15%6.45%-0.79%7.37%1.93%8.65%5.04%8.51%6.58%8.34%-2.14%3.98%3.40%1.99%14.60%6.68%4.79%5.85%4.04%5.18%-5.06%6.51%3.98%6.15%1.23%6.12%24.27%5.01%1.94%4.87%7.15%7.14%5.64%3.47%3.98%2.03%12.54%8.70%4.95%8.26%3.63%-0.22%-7.28%

    2007q01Mar-078.44%2.96%7.65%17.90%5.62%-17.64%9.97%6.82%4.50%8.81%8.52%-0.54%3.11%17.72%3.31%6.68%15.04%4.85%10.02%4.11%5.63%0.78%7.02%4.10%6.60%4.27%6.96%9.18%8.01%3.41%5.26%7.31%7.93%2.08%3.69%4.85%2.53%11.25%10.21%4.78%8.39%4.00%3.19%-4.42%

    2007q02Jun-078.22%4.78%7.73%23.23%1.88%-17.80%2.05%10.67%4.73%9.53%10.06%2.12%4.27%16.13%6.55%5.13%15.54%6.14%9.97%4.53%-0.72%-1.54%7.40%4.69%7.02%10.45%5.85%-1.78%7.08%6.01%5.75%7.96%8.97%0.65%3.30%7.54%3.62%9.92%12.04%5.17%8.92%4.33%3.43%-2.48%

    2007q03Sep-074.90%6.85%5.16%-4.66%3.09%-21.95%5.62%11.66%0.49%6.58%10.42%7.65%4.39%1.96%5.17%3.33%9.92%5.30%6.76%4.53%-4.16%-5.97%6.89%5.69%6.72%9.52%4.43%-14.41%6.44%8.65%4.48%7.84%9.39%1.82%3.96%9.40%4.27%7.27%11.58%5.28%7.96%4.34%1.15%-3.08%

    2007q04Dec-073.97%-0.52%3.30%-2.62%2.96%11.37%0.89%10.91%-3.38%4.88%9.24%14.32%11.77%-14.09%6.27%6.37%5.61%4.43%6.61%5.49%-5.70%-5.18%6.28%3.45%5.86%8.81%3.33%-12.04%4.41%10.12%1.51%7.34%9.58%5.98%6.05%4.22%5.34%5.34%11.04%5.17%8.00%4.71%-1.63%-3.21%

    2008q01Mar-084.60%12.66%5.74%18.05%-1.13%15.50%-5.58%8.08%-3.73%5.81%7.04%13.44%7.61%-10.54%5.58%7.81%9.91%4.83%7.66%6.50%-3.60%-1.81%5.36%5.87%5.43%9.29%1.74%-4.69%0.84%10.33%-0.55%6.62%9.15%9.47%7.11%-2.70%5.89%5.66%9.91%5.16%7.50%5.28%-3.65%-3.72%

    2008q02Jun-086.79%12.92%7.63%22.16%6.50%41.51%4.81%5.36%-4.56%5.29%9.51%10.89%5.37%-20.94%2.40%11.72%12.36%5.06%11.03%7.94%3.94%3.31%5.09%7.90%5.48%9.91%2.93%8.95%1.57%8.95%-2.85%5.62%9.05%11.60%7.32%-11.54%4.82%7.33%9.33%4.91%7.88%6.17%-2.41%-2.38%

    2008q03Sep-089.05%10.11%9.21%7.67%13.81%81.42%12.80%3.16%-8.88%6.97%9.40%7.49%-1.35%-6.21%4.39%11.83%12.35%6.72%9.62%10.67%16.87%10.12%6.16%8.70%6.52%12.80%5.86%37.74%3.66%6.72%-5.16%5.75%8.87%11.42%5.70%-13.05%4.63%9.44%9.97%5.29%8.60%7.84%3.16%1.92%

    2008q04Dec-0810.11%14.19%10.73%-2.52%14.78%58.66%14.53%5.76%-4.09%9.03%13.76%8.42%0.34%-7.41%2.46%9.03%19.94%7.64%11.76%14.49%46.47%37.26%7.66%12.37%8.33%12.79%8.73%50.27%6.95%5.45%-5.33%6.77%9.92%9.83%2.75%-11.34%3.68%10.06%13.99%6.08%10.06%9.94%15.85%12.35%

    2009q01Mar-099.53%-0.81%7.97%-5.41%15.17%3.24%23.03%11.88%-2.44%8.84%13.86%11.65%-0.91%-7.94%6.47%11.20%14.69%6.42%11.32%13.12%26.63%26.81%8.81%8.86%8.83%6.21%12.53%46.48%13.33%6.28%-5.04%7.50%11.46%9.26%0.79%-10.75%3.93%10.90%15.07%6.44%10.91%11.23%22.66%18.57%

    2009q02Jun-097.83%-1.85%6.43%-3.44%10.93%-45.42%21.91%16.81%-0.42%8.09%10.17%11.08%-0.61%9.25%7.38%9.40%6.29%6.48%5.38%10.72%5.88%4.19%9.03%5.21%8.48%-1.77%13.60%21.87%17.65%9.12%-4.01%8.19%11.60%9.43%-0.62%-3.21%5.17%10.33%13.37%6.78%9.47%11.84%23.42%18.86%

    2009q03Sep-098.11%-2.83%6.48%20.76%4.53%-52.86%11.07%20.77%12.43%8.89%8.10%5.68%4.25%12.96%7.27%11.10%9.02%6.02%8.77%7.29%-11.41%-4.86%8.85%2.00%7.85%1.39%10.92%-15.45%17.09%13.97%1.21%8.71%11.31%9.07%0.81%1.65%5.92%10.19%12.47%6.64%9.32%11.05%14.86%14.71%

    2009q04Dec-098.81%-0.19%7.43%24.99%10.88%-38.63%19.63%16.45%15.04%6.92%4.54%3.65%0.99%14.16%9.60%8.51%6.32%5.35%9.37%2.71%-28.64%-29.27%8.66%-1.24%7.19%6.34%10.31%-36.84%18.81%16.86%6.12%8.22%9.05%7.88%0.89%6.94%7.71%10.04%8.86%6.08%8.85%8.28%-5.53%-4.41%

    2010q01Mar-107.32%7.03%7.28%0.85%9.15%3.76%7.15%13.33%12.65%7.17%2.79%6.60%0.93%17.82%5.68%8.48%7.51%6.66%8.05%2.08%-15.06%-22.28%8.13%0.61%7.02%7.94%8.93%-36.35%15.06%17.11%9.93%7.82%6.50%6.99%1.33%13.62%7.48%9.36%7.27%6.16%8.14%5.90%-13.28%-14.25%

    2010q02Jun-107.64%11.84%8.18%-6.27%9.98%117.57%0.37%10.71%12.16%8.10%7.09%10.08%0.12%9.39%4.95%7.06%13.13%6.30%12.56%3.27%3.34%-9.02%8.05%3.84%7.43%7.14%8.67%-14.83%9.55%15.48%13.20%7.81%5.78%6.84%1.51%13.46%6.83%8.74%8.93%6.10%9.84%4.11%-13.85%-17.04%

    2010q03Sep-108.67%11.18%9.03%7.11%12.12%114.18%3.23%10.26%12.85%7.36%3.38%8.04%2.50%3.40%3.61%11.00%13.14%5.53%11.86%3.41%8.97%-4.84%8.12%7.26%7.99%4.23%10.58%25.36%7.22%12.52%13.20%7.38%4.44%7.23%1.10%10.72%5.87%8.77%9.93%5.94%10.47%2.93%-9.35%-17.24%

    2010q04Dec-108.74%7.15%8.55%12.44%7.17%54.72%-0.16%12.00%6.92%9.23%4.40%16.90%-1.21%6.96%3.22%14.34%13.80%6.40%12.63%4.45%15.94%1.68%8.07%9.18%8.23%2.39%9.41%65.34%2.19%11.35%10.95%7.99%4.37%10.49%0.56%9.01%4.33%10.31%11.99%6.21%11.34%3.31%3.34%-8.45%

    2011q01Mar-117.56%9.65%7.88%11.38%10.43%70.17%4.14%8.82%2.40%6.08%9.99%5.19%-2.32%4.23%5.73%6.95%6.20%6.66%3.43%4.80%14.58%1.00%8.13%9.76%8.37%5.03%9.79%82.65%1.80%10.36%8.36%7.69%6.12%9.91%-0.24%5.85%4.37%9.88%11.55%6.23%10.16%3.96%10.49%-2.65%

    2011q02Jun-119.28%6.94%8.95%26.12%6.42%49.66%-0.65%8.39%-0.69%8.79%4.30%7.18%-0.81%7.95%6.71%14.92%11.97%6.61%8.84%3.94%11.98%2.28%8.56%8.58%8.58%15.04%8.90%66.34%1.55%9.81%5.13%7.89%5.41%9.11%-0.47%5.58%4.83%11.83%11.32%6.30%9.35%4.10%12.65%0.01%

    2011q03Sep-115.87%9.52%6.39%0.18%2.83%29.30%-3.86%7.20%-0.30%7.73%7.55%14.22%-2.63%3.38%8.95%8.93%8.47%7.31%5.40%3.71%15.66%5.20%7.83%8.30%7.91%12.99%6.49%47.38%-0.30%9.00%1.98%7.97%6.47%10.73%-1.74%5.50%6.15%11.25%10.22%6.73%7.88%4.17%14.41%2.52%

    2011q04Dec-114.80%6.72%5.08%-8.51%4.03%43.30%-5.36%7.55%2.02%6.08%6.27%8.52%0.33%1.70%9.27%7.48%5.36%6.64%4.28%3.61%17.55%15.39%6.77%8.11%6.97%8.32%5.65%45.46%-1.69%7.92%0.83%7.12%6.92%8.76%-1.32%4.26%7.68%9.50%7.80%6.78%5.41%3.96%15.01%6.18%

    2012q01Mar-126.53%7.03%6.61%5.61%2.59%17.27%-3.81%7.86%6.38%8.20%3.00%11.27%-1.60%5.24%9.65%13.28%9.32%6.77%9.38%5.04%7.17%10.74%6.56%7.50%6.69%6.99%3.94%33.98%-3.44%7.74%1.83%7.64%5.28%10.23%-1.15%4.49%8.64%11.02%8.54%6.81%6.69%4.03%13.23%8.41%

    2012q02Jun-124.50%8.34%5.05%4.41%1.69%20.92%-5.20%4.64%2.35%5.62%5.08%7.97%-2.41%-1.89%8.79%9.42%5.26%6.24%5.28%4.00%19.46%21.06%5.38%7.86%5.74%1.17%2.79%27.01%-4.54%6.78%2.56%6.86%5.46%10.37%-1.55%2.05%9.15%9.73%6.93%6.73%5.87%4.04%15.04%13.08%

    F515649:Cuidado com a frmula, pois os dados de valores contm uma coluna a mais, a de variao de estoques, enquanto os dados reais no.

    Attribute VB_Name = "EstaPasta_de_trabalho"Attribute VB_Base = "0{00020819-0000-0000-C000-000000000046}"Attribute VB_GlobalNameSpace = FalseAttribute VB_Creatable = FalseAttribute VB_PredeclaredId = TrueAttribute VB_Exposed = TrueAttribute VB_TemplateDerived = FalseAttribute VB_Customizable = True

    Attribute VB_Name = "Plan12"Attribute VB_Base = "0{00020820-0000-0000-C000-000000000046}"Attribute VB_GlobalNameSpace = FalseAttribute VB_Creatable = FalseAttribute VB_PredeclaredId = TrueAttribute VB_Exposed = TrueAttribute VB_TemplateDerived = FalseAttribute VB_Customizable = True

    Grf1

    3841.5967332469

    3876.6780199329

    3995.7221795432

    4265.1501241477

    4668.0099086061

    4827.7453077

    5412.001

    5690

    receita preos 2011

    Receita da Localiza

    IPCAReceita Consolidada (Localiza)PIB realPIB nominalElasticidade (Receita/ PIB)

    AnoefetivomdioEfetivonominalreal a preos de 2011Var %N ndicemdia (acumulada)CAGRVar %N ndicemdia (acumulada)CAGRrealnominal

    nmero ndiceVar %.aanmero ndiceVar %.aaNmero ndice (base 2011 = 100)Var %.aaNmero ndiceNmero ndice (base 2011 = 100)receitaVar %n ndicemdia (acumulada)CAGRreceitaVar %n ndicemdia (acumulada)CAGRmdiaCAGRmdia (acumulada)CAGR

    020042,398.927.6%2,318.156.6%69.87.61.08143.343414.4- 0100.0594.0100.05.7%100.014.2%100.0

    120052,535.405.7%2,477.396.9%74.65.71.06133.219520.025.5%125.525.5%25.5%692.716.6%116.616.6%16.6%3.2%103.23.2%3.2%10.6%110.610.6%10.6%5.35.32.42.4

    220062,615.053.1%2,581.034.2%77.73.11.03126.048650.025.0%156.925.2%25.2%819.318.3%137.917.4%17.4%4.0%107.23.6%3.6%10.4%122.010.5%10.5%4.94.92.42.4

    320072,731.624.5%2,675.023.6%80.54.51.04122.211771.818.7%186.223.1%23.0%943.215.1%158.816.7%16.7%6.1%113.84.4%4.4%12.3%137.111.1%11.1%3.83.82.12.1

    420082,892.865.9%2,826.925.7%85.15.91.06116.993988.628.1%238.624.3%24.3%1,156.622.6%194.718.2%18.1%5.2%119.74.6%4.6%13.9%156.211.8%11.8%4.03.92.12.1

    520093,017.594.3%2,965.104.9%89.34.31.04110.4751,057.67.0%255.220.9%20.6%1,168.41.0%196.714.7%14.5%-0.3%119.33.6%3.6%6.8%166.910.8%10.8%4.14.01.91.9

    620103,195.895.9%3,114.505.0%93.85.91.06105.9101,400.732.4%338.022.8%22.5%1,483.527.0%249.716.8%16.5%7.5%128.24.3%4.2%16.4%194.211.7%11.7%3.93.91.91.9

    720113,403.736.5%3,321.206.6%100.06.51.07100.01,720.922.9%415.322.8%22.6%1,720.916.0%289.716.7%16.4%2.7%131.74.0%4.0%9.9%213.411.5%11.4%4.14.12.02.0

    3.25.65.6

    * Receita AC, AF e faturamento franqueados (Fonte: Market Share_planilhas 2010)4.1

    Setor

    IPCAReceita (Setor)PIB realPIB nominalElasticidade (Receita/ PIB)

    AnoefetivomdioEfetivonominalreal a preos de 2011Var %N ndicemdia (acumulada)CAGRVar %N ndicemdia (acumulada)CAGRrealnominal

    nmero ndiceVar %.aanmero ndiceVar %.aaNmero ndice (base 2011 = 100)Var %.aaNmero ndiceNmero ndice (base 2011 = 100)receitaVar %n ndicemdia (acumulada)CAGRreceitaVar %n ndicemdia (acumulada)CAGRmdiaCAGRmdia (acumulada)CAGR

    020042,579.817.6%2,318.156.6%69.87.61.08143.3432,680- 0100.03,841.6100.05.7%100.014.2%100.0

    120052,661.935.7%2,477.396.9%74.65.71.06133.2192,9108.6%108.68.6%8.6%3,876.70.9%100.90.9%0.9%3.2%103.23.2%3.2%10.6%110.610.6%10.6%0.30.30.80.8

    220062,810.363.1%2,581.034.2%77.73.11.03126.0483,1708.9%118.38.8%8.8%3,995.73.1%104.02.0%2.0%4.0%107.23.6%3.6%10.4%122.010.5%10.5%0.60.60.80.8

    320072,956.464.5%2,675.023.6%80.54.51.04122.2113,49010.1%130.29.2%9.2%4,265.26.7%111.03.6%3.5%6.1%113.84.4%4.4%12.3%137.111.1%11.1%0.80.80.80.8

    420083,110.745.9%2,826.925.7%85.15.91.06116.9933,99014.3%148.910.5%10.5%4,668.09.4%121.55.0%5.0%5.2%119.74.6%4.6%13.9%156.211.8%11.8%1.11.10.90.9

    520093,314.584.3%2,965.104.9%89.34.31.04110.4754,3709.5%163.110.3%10.3%4,827.73.4%125.74.7%4.7%-0.3%119.33.6%3.6%6.8%166.910.8%10.8%1.31.31.01.0

    620103,479.945.9%3,114.505.0%93.85.91.06105.9105,11016.9%190.711.4%11.4%5,412.012.1%140.95.9%5.9%7.5%128.24.3%4.2%16.4%194.211.7%11.7%1.41.41.01.0

    72011- 06.5%3,321.206.6%100.06.51.07100.05,69011.4%212.311.4%11.4%5,690.05.1%148.15.8%5.8%2.7%131.74.0%4.0%9.9%213.411.5%11.4%1.41.41.01.0

    1.62.82.8

    20042005200620072008200920102011

    414.4520.0650.0771.8988.61,057.61,400.71,720.9

    25.5%25.0%18.7%28.1%7.0%32.4%22.9%

    2,6802,9103,1703,4903,9904,3705,1105,690

    8.6%8.9%10.1%14.3%9.5%16.9%11.4%

    3.2%4.0%6.1%5.2%-0.3%7.5%2.7%

    8.16.33.15.4-21.14.38.42.06

    2.72.31.72.8-28.92.24.2-1.86

    receita preos 2011

    100100100

    116.6200868254100.9131954529103.16

    137.9280679021104.0120152374107.245136

    158.7877311002111.0254516627113.7763647824

    194.7075327236121.5122313128119.6586028416

    196.688331056125.6702783485119.2637294523

    249.7384262107140.8789463288128.24428828

    289.7069463474148.1154945483131.7453573501

    Localiza

    Sector

    GDP

    Rental revenues real growth elasticity x GDP

    PIB valores correntes

    594.0140620364

    692.7397149021

    819.3121188338

    943.2214515236

    1156.5901242226

    1168.3563448574

    1483.48137

    1720.9

    Deflator PIB

    0

    0

    0

    0

    0

    0

    0

    0

    Data4380 - PIB mensal - Valores correntes (R$ milhes) - R$ (milhes)4381 - PIB acumulado no ano - Valores correntes (R$ milhes) - R$ (milhes)4382 - PIB acumulado dos ltimos 12 meses - Valores correntes (R$ milhes) - R$ (milhes)

    Jan-900.20.20.7

    Feb-900.40.71.1

    Mar-900.81.41.8

    Apr-900.72.12.5

    May-900.82.93.3

    Jun-900.83.74

    Jul-900.94.54.9

    Aug-9015.65.9

    Sep-901.16.77

    Oct-901.48.18.3

    Nov-901.79.79.9

    Dec-901.811.511.5

    Jan-912213.3

    Feb-912.44.415.3

    Mar-912.6717.1

    Apr-9131019.4

    May-913.513.522.2

    Jun-914.217.725.6

    Jul-914.622.329.3

    Aug-915.327.533.5

    Sep-915.633.137.9

    Oct-917.640.744.1

    Nov-919.249.951.7

    Dec-9110.460.360.3

    Jan-92131371.2

    Feb-9216.329.385.2

    Mar-9219.749102.3

    Apr-9223.872.8123.1

    May-9230.1102.9149.7

    Jun-9237.3140.2182.8

    Jul-9246.1186.3224.4

    Aug-9256.7243275.8

    Sep-9270.8313.8341

    Oct-9290.4404.1423.8

    Nov-92110.5514.7525.1

    Dec-92126.3641641

    Jan-93159.9159.9787.9

    Feb-93206.1366977.7

    Mar-93299.6665.61,257.50

    Apr-93368.41,034.001,602.20

    May-93481.61,515.602,053.60

    Jun-93613.22,128.802,629.50

    Jul-93846.62,975.403,430.00

    Aug-931,150.204,125.604,523.60

    Sep-931,572.505,698.106,025.30

    Oct-932,106.007,804.108,040.90

    Nov-932,799.7010,603.7010,730.00

    Dec-933,493.4014,097.1014,097.10

    Jan-944,441.004,441.0018,378.30

    Feb-945,766.2010,207.3023,938.40

    Mar-948,669.0018,876.3032,307.80

    Apr-9412,848.9031,725.2044,788.30

    May-9420,512.4052,237.6064,819.10

    Jun-9433,098.3085,335.8097,304.20

    Jul-9441,030.40126,366.20137,487.90

    Aug-9443,868.90170,235.10180,206.60

    Sep-9443,598.40213,833.50222,232.50

    Oct-9445,763.30259,596.80265,889.80

    Nov-9445,937.90305,534.70309,028.00

    Dec-9443,670.00349,204.70349,204.70

    Jan-9545,937.4045,937.40390,701.00

    Feb-9549,835.8095,773.10434,770.50

    Mar-9561,156.40156,929.50487,257.90

    Apr-9558,538.60215,468.20532,947.70

    May-9556,314.10271,782.30568,749.40

    Jun-9555,928.60327,710.80591,579.60

    Jul-9558,279.00385,989.90608,828.30

    Aug-9560,913.80446,903.60625,873.20

    Sep-9561,066.80507,970.50643,341.70

    Oct-9564,524.80572,495.30662,103.20

    Nov-9567,741.50640,236.80683,906.80

    Dec-9565,404.10705,640.90705,640.90

    Jan-9661,914.7061,914.70721,618.30

    Feb-9661,010.30122,925.10732,792.80

    Mar-9662,770.80185,695.90734,407.30

    Apr-9664,261.20249,957.10740,129.80

    May-9668,908.60318,865.70752,724.30

    Jun-9669,652.60388,518.30766,448.40

    Jul-9673,164.90461,683.30781,334.30

    Aug-9673,085.30534,768.50793,505.80

    Sep-9670,186.00604,954.50802,625.00

    Oct-9676,244.10681,198.70814,344.30

    Nov-9680,327.30761,526.00826,930.10

    Dec-9682,439.60843,965.60843,965.60

    Jan-9776,544.8076,544.80858,595.70

    Feb-9769,226.80145,771.60866,812.20

    Mar-9767,758.40213,530.00871,799.80

    Apr-9772,745.80286,275.80880,284.40

    May-9777,958.60364,234.40889,334.30

    Jun-9781,810.20446,044.60901,491.90

    Jul-9781,092.00527,136.60909,419.00

    Aug-9780,340.60607,477.20916,674.30

    Sep-9779,382.50686,859.70925,870.80

    Oct-9785,529.10772,388.80935,155.80

    Nov-9784,869.70857,258.50939,698.20

    Dec-9781,888.10939,146.60939,146.60

    Jan-9878,127.6078,127.60940,729.40

    Feb-9873,538.10151,665.70945,040.70

    Mar-9876,913.10228,578.80954,195.40

    Apr-9879,691.90308,270.70961,141.50

    May-9884,274.10392,544.80967,457.00

    Jun-9885,246.00477,790.80970,892.80

    Jul-9884,787.10562,578.00974,588.00

    Aug-9883,517.50646,095.50977,764.90

    Sep-9881,238.80727,334.30979,621.20

    Oct-9884,553.10811,887.30978,645.20

    Nov-9884,739.00896,626.40978,514.40

    Dec-9882,649.40979,275.70979,275.70

    Jan-9979,306.2079,306.20980,454.30

    Feb-9978,524.90157,831.10985,441.10

    Mar-9985,320.70243,151.80993,848.70

    Apr-9986,404.50329,556.301,000,561.30

    May-9988,430.20417,986.501,004,717.40

    Jun-9991,514.50509,500.901,010,985.90

    Jul-9989,064.60598,565.601,015,263.30

    Aug-9989,291.10687,856.601,021,036.90

    Sep-9986,896.60774,753.301,026,694.70

    Oct-9993,280.10868,033.301,035,421.70

    Nov-9998,205.00966,238.401,048,887.80

    Dec-9998,761.301,064,999.701,064,999.70

    Jan-0091,192.6091,192.601,076,886.30

    Feb-0089,353.00180,545.601,087,714.40

    Mar-0089,100.70269,646.301,091,494.30

    Apr-0090,029.00359,675.301,095,118.60

    May-0098,148.40457,823.701,104,836.80

    Jun-00103,004.20560,827.901,116,326.70

    Jul-00101,404.80662,232.801,128,666.90

    Aug-00102,371.60764,604.301,141,747.40

    Sep-0096,904.20861,508.601,151,755.00

    Oct-00104,817.00966,325.501,163,291.70

    Nov-00106,834.901,073,160.401,171,921.50

    Dec-00106,321.601,179,482.001,179,482.00

    Jan-01101,873.90101,873.901,190,163.20

    Feb-0199,978.80201,852.701,200,789.00

    Mar-01105,475.90307,328.501,217,164.20

    Apr-01107,002.10414,330.601,234,137.30

    May-01111,418.40525,749.001,247,407.30

    Jun-01105,917.60631,666.601,250,320.70

    Jul-01108,944.20740,610.901,257,860.10

    Aug-01110,244.10850,854.901,265,732.60

    Sep-01105,062.60955,917.501,273,891.00

    Oct-01114,176.901,070,094.501,283,251.00

    Nov-01117,611.701,187,706.201,294,027.80

    Dec-01114,429.801,302,136.001,302,136.00

    Jan-02112,179.60112,179.601,312,441.70

    Feb-02110,052.20222,231.701,322,515.10

    Mar-02115,637.00337,868.701,332,676.20

    Apr-02120,299.40458,168.101,345,973.50

    May-02124,666.70582,834.901,359,221.80

    Jun-02125,751.00708,585.901,379,055.20

    Jul-02125,668.30834,254.201,395,779.30

    Aug-02125,228.80959,482.901,410,764.00

    Sep-02121,289.101,080,772.001,426,990.50

    Oct-02130,929.201,211,701.301,443,742.80

    Nov-02135,194.601,346,895.801,461,325.60

    Dec-02130,926.201,477,822.001,477,822.00

    Jan-03129,392.70129,392.701,495,035.20

    Feb-03128,202.00257,594.801,513,185.00

    Mar-03133,986.30391,581.001,531,534.30

    Apr-03137,600.30529,181.301,548,835.20

    May-03142,330.30671,511.601,566,498.80

    Jun-03140,303.70811,815.401,581,051.50

    Jul-03141,286.80953,102.201,596,670.00

    Aug-03142,502.401,095,604.601,613,943.70

    Sep-03146,086.201,241,690.901,638,740.80

    Oct-03152,695.601,394,386.501,660,507.20

    Nov-03152,652.601,547,039.101,677,965.30

    Dec-03152,908.901,699,948.001,699,948.00

    Jan-04147,296.40147,296.401,717,851.70

    Feb-04140,745.50288,042.001,730,395.20

    Mar-04151,581.50439,623.501,747,990.50

    Apr-04153,068.90592,692.401,763,459.10

    May-04163,284.00755,976.401,784,412.70

    Jun-04167,458.30923,434.701,811,567.30

    Jul-04164,556.001,087,990.601,834,836.40

    Aug-04166,360.901,254,351.601,858,695.00

    Sep-04164,494.601,418,846.201,877,103.30

    Oct-04171,571.701,590,417.801,895,979.30

    Nov-04175,391.601,765,809.501,918,718.30

    Dec-04175,688.501,941,498.001,941,498.00

    Jan-05167,348.50167,348.501,961,551.20

    Feb-05157,972.20325,320.701,978,779.00

    Mar-05168,842.20494,162.901,996,041.10

    Apr-05174,036.40668,199.302,017,010.10

    May-05178,714.30846,913.702,032,442.00

    Jun-05181,814.801,028,728.502,046,800.20

    Jul-05177,507.101,206,235.602,059,752.10

    Aug-05183,406.001,389,641.602,076,797.50

    Sep-05181,803.901,571,445.502,094,106.50

    Oct-05188,842.501,760,288.002,111,375.50

    Nov-05193,858.401,954,146.402,129,839.20

    Dec-05193,092.602,147,239.002,147,239.00

    Jan-06182,558.40182,558.402,162,448.90

    Feb-06176,778.50359,336.902,181,255.20

    Mar-06186,407.10545,743.902,198,820.00

    Apr-06182,323.00728,066.902,207,106.60

    May-06196,432.90924,499.902,224,825.20

    Jun-06198,625.501,123,125.402,241,635.90

    Jul-06199,648.201,322,773.502,263,776.90

    Aug-06205,321.301,528,094.802,285,692.20

    Sep-06198,747.801,726,842.602,302,636.10

    Oct-06210,072.601,936,915.202,323,866.20

    Nov-06217,897.702,154,812.902,347,905.50

    Dec-06214,671.102,369,484.002,369,484.00

    Jan-07207,646.30207,646.302,394,571.90

    Feb-07198,028.40405,674.702,415,821.80

    Mar-07212,139.80617,814.502,441,554.50

    Apr-07211,806.70829,621.202,471,038.30

    May-07225,232.401,054,853.602,499,837.70

    Jun-07224,942.301,279,795.902,526,154.50

    Jul-07222,545.901,502,341.802,549,052.30

    Aug-07229,310.201,731,652.002,573,041.20

    Sep-07221,509.301,953,161.302,595,802.80

    Oct-07236,445.902,189,607.202,622,176.00

    Nov-07238,323.302,427,930.502,642,601.60

    Dec-07233,413.502,661,344.002,661,344.00

    Jan-08234,345.60234,345.602,688,043.30

    Feb-08226,356.90460,702.502,716,371.80

    Mar-08233,673.20694,375.702,737,905.20

    Apr-08242,222.00936,597.702,768,320.50

    May-08254,822.701,191,420.402,797,910.80

    Jun-08261,466.901,452,887.302,834,435.40

    Jul-08265,042.301,717,929.602,876,931.80

    Aug-08262,570.001,980,499.602,910,191.60

    Sep-08260,078.502,240,578.102,948,760.80

    Oct-08276,639.102,517,217.202,988,954.00

    Nov-08268,166.002,785,383.303,018,796.80

    Dec-08246,819.703,032,203.003,032,203.00

    Jan-09243,770.70243,770.703,041,628.10

    Feb-09234,953.60478,724.303,050,224.80

    Mar-09250,676.00729,400.303,067,227.60

    Apr-09253,179.10982,579.403,078,184.60

    May-09264,321.301,246,900.603,087,683.20

    Jun-09270,462.301,517,363.003,096,678.70

    Jul-09270,895.001,788,258.003,102,531.40

    Aug-09277,382.402,065,640.403,117,343.80

    Sep-09278,153.702,343,794.103,135,419.00

    Oct-09284,249.902,628,044.003,143,029.80

    Nov-09298,001.602,926,045.603,172,865.40

    Dec-09313,358.403,239,404.003,239,404.00

    Jan-10283,098.70283,098.703,278,732.00

    Feb-10276,565.40559,664.103,320,343.80

    Mar-10295,904.60855,568.703,365,572.40

    Apr-10297,345.501,152,914.203,409,738.80

    May-10312,832.401,465,746.503,458,249.90

    Jun-10316,919.101,782,665.703,504,706.70

    Jul-10318,291.002,100,956.703,552,102.70

    Aug-10323,221.302,424,178.003,597,941.50

    Sep-10321,926.102,746,104.103,641,714.00

    Oct-10336,583.803,082,687.903,694,047.90

    Nov-10345,097.103,427,785.003,741,143.40

    Dec-10342,299.803,770,084.903,770,084.90

    Jan-11320,535.20320,535.203,807,521.40

    Feb-11316,508.30637,043.503,847,464.30

    Mar-11325,029.10962,072.603,876,588.80

    Apr-11331,080.901,293,153.603,910,324.30

    May-11354,428.001,647,581.503,951,919.80

    Jun-11358,017.802,005,599.303,993,018.50

    Jul-11347,358.902,352,958.204,022,086.30

    Aug-11355,297.202,708,255.404,054,162.30

    Sep-11344,050.403,052,305.804,076,286.60

    Oct-11360,440.803,412,746.604,100,143.50

    Nov-11366,508.303,779,254.904,121,554.70

    Dec-11363,758.404,143,013.304,143,013.30

    Jan-12338,560.10338,560.104,161,038.30

    Feb-12337,606.80676,166.904,182,136.70

    Mar-12357,182.101,033,349.004,214,289.70

    Apr-12355,964.601,389,313.604,239,173.40

    May-12375,060.701,764,374.204,259,806.10

    Jun-12378,267.702,142,642.004,280,056.00

    Jul-12375,882.602,518,524.604,308,579.80

    FonteBCB-Depec

    Data4381 - PIB acumulado no ano - Valores correntes (R$ milhes) - R$ (milhes)4382 - PIB acumulado dos ltimos 12 meses - Valores correntes (R$ milhes) - R$ (milhes)

    Dec-031,699,948.001,699,948.00

    Dec-041,941,498.001,941,498.00

    Dec-052,147,239.002,147,239.00

    Dec-062,369,484.002,369,484.00

    Dec-072,661,344.002,661,344.00

    Dec-083,032,203.003,032,203.00

    Dec-093,239,404.003,239,404.00

    Dec-103,770,084.903,770,084.90

    Dec-114,143,013.304,143,013.30

    Total geral25,004,218.2025,004,218.20

    PIB Nominal

    Data4381 - PIB acumulado no ano - Valores correntes (R$ milhes) - R$ (milhes)variao

    Dec-031,699,948

    Dec-041,941,49814.2%

    Dec-052,147,23910.6%

    Dec-062,369,48410.4%

    Dec-072,661,34412.3%

    Dec-083,032,20313.9%

    Dec-093,239,4046.8%

    Dec-103,770,08516.4%

    Dec-114,143,0139.9%

    TAXAS ANUAIS (YoY) DE VARIAO DO DEFLATOR IMPLCITO DO PIBVARIAO ACUMULADA EM 4 TRIMESTRESVARIAES ANUAIS

    12345678910111213141516171819202122232425262728293031323334353637383940414243444546474849505152535455

    Valor Adicionado a preos bsicosImpostos s/ produtosPIB a preos de mercadotica da Ofertatica da DemandaPIB a preos bsicosImpostos s/ produtosPIB a preos de mercadotica da Ofertatica da DemandaPIB a preos bsicosImpostos s/ produtosPIB a preos de mercadotica da Ofertatica da DemandaDeflator Implcito do PIB (divulgao IBGE) - %

    AgropecuriaIndstriaServiosConsumo das FamliasConsumo das ISFLSFConsumo do GovernoInvestimento (FBKF)Variao de EstoquesExportaesImportaes (-)AgropecuriaIndstriaServiosConsumo das FamliasConsumo das ISFLSFConsumo do GovernoInvestimento (FBKF)Variao de EstoquesExportaesImportaes (-)AgropecuriaIndstriaServiosConsumo das FamliasConsumo das ISFLSFConsumo do GovernoInvestimento (FBKF)Variao de EstoquesExportaesImportaes (-)Metodologia AntigaMetodologia Nova

    TotalAgriculturaPecuriaTotalExtrativa MineralIndstria de TransformaoConstruo CivilProduo e Distribuio de Eletricidade, gs e guaTotalComrcioTransportes, armazenagem e correioServios de InformaoIntermediao Financeira, seguros, prev. complementar e serviosAtividades Imobilirias e aluguelOutros ServiosAdministrao, sade e educao pblicasTotalAgriculturaPecuriaTotalExtrativa MineralIndstria de TransformaoConstruo CivilProduo e Distribuio de Eletricidade, gs e guaTotalComrcioTransportes, armazenagem e correioServios de InformaoIntermediao Financeira, seguros, prev. complementar e serviosAtividades Imobilirias e aluguelOutros ServiosAdministrao, sade e educao pblicasTotalAgriculturaPecuriaTotalExtrativa MineralIndstria de TransformaoConstruo CivilProduo e Distribuio de Eletricidade, gs e guaTotalComrcioTransportes, armazenagem e correioServios de InformaoIntermediao Financeira, seguros, prev. complementar e serviosAtividades Imobilirias e aluguelOutros ServiosAdministrao, sade e educao pblicasFBKFPIB

    1990q01Mar-90

    1990q02Jun-90

    1990q03Sep-90

    1990q04Dec-90

    1991q01Mar-91

    1991q02Jun-91

    1991q03Sep-91

    1991q04Dec-91

    1992q01Mar-92

    1992q02Jun-92

    1992q03Sep-92

    1992q04Dec-92

    1993q01Mar-93

    1993q02Jun-93

    1993q03Sep-93

    1993q04Dec-93

    1994q01Mar-94

    1994q02Jun-94

    1994q03Sep-94

    1994q04Dec-94

    1995q01Mar-95

    1995q02Jun-95

    1995q03Sep-95

    1995q04Dec-95

    1996q01Mar-9619.34%20.53%19.37%-3.82%13.14%49.72%5.52%34.93%10.21%24.19%3.33%4.56%16.18%6.63%92.21%37.70%11.34%27.02%15.06%15.89%8.85%18.60%

    1996q02Jun-9618.63%10.59%17.51%44.11%9.23%42.41%2.93%20.23%27.44%20.65%4.27%13.55%80.78%7.34%79.25%21.09%11.26%22.00%10.06%8.22%7.54%7.22%

    1996q03Sep-9614.33%5.56%13.29%7.84%4.83%21.53%-1.73%15.47%29.32%19.14%3.83%13.94%77.16%6.46%58.67%18.19%11.92%17.78%6.75%4.05%9.11%5.27%

    1996q04Dec-9620.93%0.75%18.25%2.67%23.44%13.69%29.64%15.33%5.19%21.63%9.47%6.33%79.62%6.66%39.30%27.46%18.84%13.44%34.26%5.25%10.67%2.06%18.30%8.87%17.09%11.89%12.62%30.88%8.70%21.07%16.32%21.18%5.46%9.61%63.07%6.67%63.24%25.33%13.52%19.95%16.39%8.49%8.69%7.99%199612/1/9618.30%8.87%17.09%11.89%12.62%30.88%8.70%21.07%16.32%21.18%5.46%9.61%63.07%6.67%63.24%25.33%13.52%19.95%16.39%8.49%8.69%7.99%199617.417.11996100.0100.0100.0

    1997q01Mar-9712.63%-0.77%10.89%17.13%13.21%-14.57%18.73%11.34%0.43%12.22%11.15%15.61%-49.82%2.60%25.91%16.02%7.77%10.32%15.83%6.71%7.48%2.61%16.60%3.88%14.97%16.70%12.54%10.53%11.56%15.52%13.31%18.25%7.16%11.74%40.88%5.70%47.12%20.59%12.53%15.74%16.66%6.21%8.53%4.48%199712/1/978.65%0.53%7.65%8.56%7.87%-3.04%8.27%8.46%7.82%8.95%5.88%13.78%13.22%3.15%17.33%7.53%7.53%8.36%8.81%5.37%4.11%4.70%19978.37.61997105.4107.697.9

    1997q02Jun-9710.94%-2.42%9.22%3.78%12.50%1.93%14.19%8.44%14.50%10.91%7.15%20.47%13.61%3.09%20.38%10.44%9.22%9.37%17.24%5.83%4.42%4.34%14.64%0.66%12.85%7.28%13.31%3.17%14.55%12.44%10.88%15.86%7.79%13.42%24.71%4.81%33.95%17.80%11.97%12.61%18.37%5.48%7.71%3.59%199812/1/983.98%6.24%4.24%3.22%5.10%-11.97%3.30%6.06%19.10%3.63%2.15%-0.58%35.35%9.37%4.27%-0.01%3.85%4.15%4.79%2.21%1.03%3.31%19984.94.21998107.7112.296.0

    1997q03Sep-9710.90%0.16%9.54%-3.34%17.59%-3.24%20.86%8.77%20.58%9.45%6.64%7.50%50.60%3.31%13.88%7.81%9.60%7.79%16.69%5.84%1.34%3.79%13.76%-0.58%11.90%4.16%16.72%-1.92%20.89%10.80%9.84%13.47%8.49%11.13%23.74%3.98%23.99%15.09%11.64%10.02%21.13%5.89%5.55%3.16%199912/1/996.40%25.01%8.48%-0.36%10.44%51.70%11.97%0.91%12.05%5.50%11.05%5.87%3.05%-1.62%-2.15%12.13%4.85%9.02%5.18%9.30%39.66%55.10%19995.78.51999117.7121.796.7

    1997q04Dec-971.58%4.94%2.08%22.52%-8.80%7.37%-15.22%5.72%-1.30%4.22%0.20%13.80%20.67%3.27%10.90%-2.12%4.35%6.78%-10.14%3.51%3.31%7.83%8.65%0.53%7.65%8.56%7.87%-3.04%8.27%8.46%7.82%8.95%5.88%13.78%13.22%3.15%17.33%7.53%7.53%8.36%8.81%5.37%4.11%4.70%200012/1/006.02%7.19%6.18%9.73%12.27%63.68%11.31%5.81%11.80%3.34%11.79%21.29%107.70%-12.16%-1.24%-9.48%6.06%5.82%4.74%13.14%4.04%8.51%20008.46.22000133.2129.2103.1

    1998q01Mar-986.14%6.74%6.20%-4.54%6.81%-13.80%3.22%10.26%28.30%6.77%0.42%11.90%342.16%10.13%7.73%1.48%4.97%6.59%9.36%3.50%10.78%4.10%7.19%2.28%6.60%3.92%6.42%-2.15%4.88%8.24%14.85%7.71%3.49%12.94%60.57%4.86%12.97%4.13%6.85%7.54%7.41%4.59%4.65%4.99%200112/1/017.94%15.68%8.97%10.06%6.96%-1.07%8.17%7.79%3.05%8.16%10.44%10.85%0.86%23.55%4.15%1.12%10.26%8.16%11.09%11.44%22.47%25.00%20017.492001148.4140.8105.4

    1998q02Jun-985.17%9.31%5.64%7.65%5.01%-26.01%2.99%8.48%21.41%5.07%3.86%6.49%29.43%9.61%4.00%4.01%3.85%4.74%5.48%2.64%3.10%3.75%5.85%5.19%5.78%5.19%4.64%-9.00%2.19%8.23%16.56%6.34%2.77%10.26%63.12%6.28%8.97%2.67%5.53%6.46%4.81%3.81%4.35%4.87%200212/1/0210.38%11.63%10.56%18.31%12.03%11.21%9.29%15.49%22.18%9.00%8.29%5.15%10.48%22.04%4.42%6.88%10.00%8.27%12.49%15.22%22.27%19.99%200210.210.62002171.0155.7109.8

    1998q03Sep-983.60%4.26%3.70%13.08%4.48%-6.58%3.24%4.39%15.50%2.55%2.55%-2.86%2.26%9.06%2.90%0.24%2.80%3.52%3.12%1.83%1.53%2.92%4.08%6.31%4.36%9.39%1.67%-9.67%-1.76%7.09%15.46%4.62%1.78%6.76%44.94%7.81%6.25%0.88%3.93%5.37%1.53%2.84%4.44%4.62%200312/1/0314.10%11.38%13.73%21.85%17.40%18.13%21.24%6.03%14.80%11.94%20.94%16.30%12.60%15.14%8.04%7.58%9.19%16.33%7.17%12.41%10.78%12.21%20031513.72003192.2177.1108.6

    1998q04Dec-981.49%4.73%1.85%-4.50%4.06%-2.37%3.55%1.87%12.54%0.93%1.73%-8.93%-1.14%8.85%2.87%-5.32%3.65%2.00%1.65%0.98%-9.09%2.81%3.98%6.24%4.24%3.22%5.10%-11.97%3.30%6.06%19.10%3.63%2.15%-0.58%35.35%9.37%4.27%-0.01%3.85%4.15%4.79%2.21%1.03%3.31%200412/1/047.29%12.81%8.04%3.65%13.57%21.52%11.42%15.51%18.43%4.92%9.71%7.61%13.97%-10.33%1.15%7.57%5.96%6.19%8.80%10.27%8.57%4.75%20048.282004212.0191.3110.8

    1999q01Mar-993.63%22.79%5.77%8.27%1.49%13.13%0.27%1.67%5.22%4.17%5.68%16.27%5.85%-2.26%-4.49%9.29%4.35%6.42%2.06%5.89%37.72%45.12%3.42%10.08%4.17%5.90%3.84%-5.80%2.63%4.04%13.16%3.07%3.35%0.63%8.07%6.38%1.30%1.97%3.69%4.15%2.94%2.73%7.43%11.58%200512/1/057.38%6.18%7.21%-8.98%5.28%29.70%2.80%4.46%5.61%10.11%8.18%12.83%9.77%27.39%4.36%5.32%12.19%6.74%11.96%5.68%-6.83%-6.39%20057.27.52005224.0205.1109.2

    1999q02Jun-996.07%20.68%7.71%-6.80%12.87%49.36%17.13%1.23%6.15%4.89%8.57%2.17%-2.58%-2.27%-2.64%11.71%4.69%7.52%3.61%8.81%32.83%49.14%3.68%13.01%4.73%1.37%5.92%10.48%6.47%2.26%9.58%3.06%4.56%0.01%1.33%3.74%-0.33%3.96%3.90%4.85%2.48%4.28%15.21%22.16%200612/1/066.51%3.98%6.15%1.23%6.12%24.27%5.01%1.94%4.87%7.15%7.14%5.64%3.47%3.98%2.03%12.54%8.70%4.95%8.26%3.63%-0.22%-7.28%20064.32006232.2217.7106.6

    1999q03Sep-994.71%28.59%7.33%-11.47%9.90%75.96%9.52%-0.58%17.46%4.17%9.30%-3.47%2.44%-1.37%-0.26%9.02%5.37%9.16%5.96%9.75%42.48%60.02%3.97%19.14%5.65%-4.64%7.36%30.82%8.16%1.02%10.35%3.47%6.34%-0.33%1.42%0.97%-1.10%6.10%4.48%6.34%3.25%6.33%25.96%37.56%200712/1/076.28%3.45%5.86%8.81%3.33%-12.04%4.41%10.12%1.51%7.34%9.58%5.98%6.05%4.22%5.34%5.34%11.04%5.17%8.00%4.71%-1.63%-3.21%2007243.1230.5105.5

    1999q04Dec-9910.75%27.78%12.66%14.71%17.17%65.71%20.49%1.43%19.32%8.39%19.61%10.90%5.21%-0.82%-1.36%18.58%5.09%12.71%9.34%12.72%44.39%63.45%6.40%25.01%8.48%-0.36%10.44%51.70%11.97%0.91%12.05%5.50%11.05%5.87%3.05%-1.62%-2.15%12.13%4.85%9.02%5.18%9.30%39.66%55.10%200812/1/087.66%12.37%8.33%12.79%8.73%50.27%6.95%5.45%-5.33%6.77%9.92%9.83%2.75%-11.34%3.68%10.06%13.99%6.08%10.06%9.94%15.85%12.35%2008267.3249.7107.0

    2000q01Mar-006.47%1.73%5.88%7.44%19.04%97.40%22.21%3.27%13.97%1.87%15.14%13.06%76.00%-13.10%-1.45%-9.91%5.82%3.83%-5.29%28.59%-1.22%14.96%7.06%19.26%8.47%-0.06%14.64%74.69%17.05%1.32%14.25%4.92%13.27%5.55%24.59%-4.11%-1.45%6.93%5.22%8.31%3.29%15.21%28.20%46.82%200912/1/098.66%-1.24%7.19%6.34%10.31%-36.84%18.81%16.86%6.12%8.22%9.05%7.88%0.89%6.94%7.71%10.04%8.86%6.08%8.85%8.28%-5.53%-4.41%2009289.4267.6108.1

    2000q02Jun-005.21%5.08%5.20%7.37%9.32%76.66%6.27%6.54%14.54%3.14%11.77%25.29%107.05%-13.29%-1.89%-8.50%6.22%6.77%0.23%9.71%10.02%11.81%6.82%15.02%7.80%4.17%13.69%79.67%13.99%2.71%16.26%4.47%14.00%10.33%52.13%-6.50%-1.28%1.54%5.61%8.12%2.44%15.36%21.42%36.43%201012/1/108.07%9.18%8.23%2.39%9.41%65.34%2.19%11.35%10.95%7.99%4.37%10.49%0.56%9.01%4.33%10.31%11.99%6.21%11.34%3.31%3.34%-8.45%2010299.0289.6103.2

    2000q03Sep-008.43%10.98%8.77%26.67%11.85%47.69%11.02%7.31%10.56%5.80%16.24%33.29%124.42%-11.39%-2.08%-7.04%5.33%6.58%1.23%8.91%2.99%3.40%7.70%10.86%8.10%13.51%14.01%70.08%14.13%4.69%14.39%4.85%15.67%20.66%80.94%-9.21%-1.72%-2.36%5.64%7.42%1.28%14.85%11.47%21.22%201112/1/116.77%8.11%6.97%8.32%5.65%45.46%-1.69%7.92%0.83%7.12%6.92%8.76%-1.32%4.26%7.68%9.50%7.80%6.78%5.41%3.96%15.01%6.18%2011310.8309.8100.3

    2000q04Dec-004.18%10.52%4.96%-0.09%10.20%47.63%8.56%5.99%8.76%2.50%5.15%14.48%127.30%-11.30%0.49%-12.41%6.53%5.94%21.64%6.97%4.75%5.81%6.02%7.19%6.18%9.73%12.27%63.68%11.31%5.81%11.80%3.34%11.79%21.29%107.70%-12.16%-1.24%-9.48%6.06%5.82%4.74%13.14%4.04%8.51%20123/1/126.56%7.50%5.20%6.99%3.94%33.98%-3.44%7.74%1.83%7.64%5.28%10.23%-1.15%4.49%8.64%11.02%8.54%6.81%6.69%4.03%13.23%8.41%2012323.3325.999.2

    2001q01Mar-019.34%14.88%10.10%7.96%12.28%0.16%14.18%6.88%16.71%8.09%12.46%2.49%-1.30%24.07%3.27%0.75%11.35%11.29%7.49%-1.16%15.09%11.76%6.73%10.43%7.21%9.88%10.90%37.58%9.93%6.70%12.63%4.81%11.25%18.56%67.44%-4.50%-0.07%-7.12%7.41%7.61%7.93%5.83%7.92%8.10%20135.50%

    2001q02Jun-017.00%21.51%8.87%16.79%1.41%8.73%-0.12%3.40%2.59%8.60%11.12%23.15%-5.24%22.75%4.15%2.05%10.40%7.33%9.60%14.54%19.25%24.70%7.16%14.46%8.11%12.75%8.65%24.15%7.98%5.85%9.65%6.16%11.03%18.58%36.41%2.94%1.43%-4.46%8.45%7.73%10.28%7.07%10.57%11.29%20145.00%

    2001q03Sep-016.42%14.82%7.53%-3.59%7.52%12.45%7.96%9.99%-1.39%6.88%5.07%6.97%21.24%23.79%4.94%-5.15%10.63%7.73%5.44%13.96%31.83%36.69%6.68%15.32%7.81%5.76%7.62%16.18%7.32%6.51%6.51%6.43%8.23%11.81%20.63%12.71%3.20%-3.95%9.54%7.96%11.22%8.38%18.25%19.42%20154.68%

    2001q04Dec-019.20%12.61%9.64%19.03%7.05%-19.22%11.51%11.18%-6.02%9.08%13.77%10.72%-11.29%23.41%4.15%6.65%9.00%6.90%19.33%19.66%22.53%28.62%7.94%15.68%8.97%10.06%6.96%-1.07%8.17%7.79%3.05%8.16%10.44%10.85%0.86%23.55%4.15%1.12%10.26%8.16%11.09%11.44%22.47%25.00%20164.50%

    2002q01Mar-028.97%15.55%9.84%20.01%3.40%-34.30%-0.28%15.52%20.85%10.40%-1.01%32.53%14.37%19.13%6.70%10.78%9.57%6.76%11.82%13.86%8.59%11.84%7.90%15.87%8.95%13.24%4.79%-9.38%4.64%9.88%4.47%8.73%7.21%16.85%4.68%22.32%4.97%3.58%9.83%7.16%12.10%15.13%20.57%25.16%20174.50%

    2002q02Jun-0212.94%7.62%12.19%13.82%17.94%-27.73%20.40%18.24%28.04%10.89%8.22%8.90%19.66%19.26%6.12%11.76%9.84%6.40%18.19%14.45%6.94%3.77%9.46%12.53%9.86%12.45%9.06%-17.59%9.95%13.75%11.09%9.33%6.63%13.37%10.49%21.49%5.46%6.12%9.70%6.97%14.23%15.16%17.00%19.70%20184.50%

    2002q03Sep-0210.98%8.72%10.67%28.80%11.33%12.16%8.03%16.14%21.61%9.35%12.60%2.22%-9.00%22.51%4.74%11.92%10.26%7.97%11.49%16.72%19.99%18.62%10.56%11.07%10.62%19.96%10.06%-15.85%9.92%15.42%16.65%9.91%8.61%11.82%1.94%21.22%5.39%10.27%9.64%7.05%15.41%16.12%15.77%16.09%20194.25%

    2002q04Dec-028.56%14.41%9.37%12.45%15.23%91.69%9.09%11.87%20.46%5.83%11.86%-12.78%23.63%26.08%0.48%-5.43%10.31%11.78%9.74%15.10%40.69%40.90%10.38%11.63%10.56%18.31%12.03%11.21%9.29%15.49%22.18%9.00%8.29%5.15%10.48%22.04%4.42%6.88%10.00%8.27%12.49%15.22%22.27%19.99%20204.25%

    2003q01Mar-0313.23%13.31%13.25%22.29%21.79%147.86%29.47%-0.55%-6.19%8.93%35.20%-18.69%7.42%18.09%6.09%-2.63%10.02%19.01%3.67%11.75%57.33%56.17%11.38%11.12%11.36%19.29%16.42%45.21%16.15%11.30%14.03%8.65%16.46%-4.71%8.79%21.50%4.31%3.50%10.10%11.31%10.45%14.68%31.94%29.14%

    2003q02Jun-0311.96%15.01%12.37%22.63%13.88%33.82%17.37%0.08%8.56%10.10%23.02%4.39%13.07%19.59%9.18%-1.49%9.82%19.07%6.20%13.86%25.46%30.11%11.12%12.88%11.37%21.73%15.23%64.36%15.46%6.60%8.93%8.48%20.08%-5.68%7.61%21.56%5.07%0.14%10.09%14.44%7.62%14.29%34.54%35.35%

    2003q03Sep-0315.36%11.51%14.84%21.36%18.12%1.91%21.63%8.47%23.36%13.59%18.69%32.88%16.00%15.90%7.36%10.74%9.11%15.84%16.86%13.69%-0.17%1.01%12.26%13.50%12.44%20.10%16.97%56.72%18.92%4.74%10.14%9.60%21.50%2.50%14.70%19.69%5.73%0.21%9.85%16.39%9.09%13.42%26.09%29.46%

    2003q04Dec-0315.72%6.33%14.41%22.60%16.54%-19.37%18.51%15.52%36.02%14.67%10.83%43.09%13.63%9.12%9.51%25.48%7.97%11.83%3.31%10.64%-9.92%-16.48%14.10%11.38%13.73%21.85%17.40%18.13%21.24%6.03%14.80%11.94%20.94%16.30%12.60%15.14%8.04%7.58%9.19%16.33%7.17%12.41%10.78%12.21%

    2004q01Mar-048.29%4.31%7.71%11.88%9.30%-20.57%3.43%21.84%38.53%7.27%3.51%54.28%18.90%-7.93%4.79%16.58%-2.26%5.41%5.46%9.51%-10.69%-13.51%12.84%9.11%12.32%18.72%14.56%-6.62%15.23%11.48%26.55%11.46%13.67%31.45%15.38%8.80%7.69%12.40%6.02%12.81%7.48%11.96%-1.66%-2.18%

    2004q02Jun-048.21%9.65%8.41%15.89%15.48%77.92%9.64%20.28%20.75%4.14%9.30%12.79%14.35%-16.31%-0.89%8.61%4.51%5.69%2.20%9.46%18.02%7.75%11.83%8.02%11.30%17.19%15.02%1.71%13.17%16.50%29.48%9.87%10.58%33.46%15.68%0.50%5.10%15.09%4.73%9.52%6.46%11.04%-0.82%-5.72%

    2004q03Sep-046.79%19.08%8.43%-6.02%14.68%41.47%14.00%12.91%9.21%4.40%12.69%-9.91%7.14%-10.94%-0.54%5.04%14.63%6.85%9.34%11.33%18.86%12.26%9.67%10.05%9.72%10.82%14.21%11.15%11.56%17.63%24.94%7.55%9.27%18.81%13.28%-6.41%3.11%13.46%6.08%7.40%4.97%10.51%3.82%-3.16%

    2004q04Dec-046.04%17.46%7.52%-13.72%14.32%10.96%17.37%8.72%9.68%4.04%12.71%-2.32%15.80%-6.14%1.26%1.23%7.56%6.60%16.43%10.38%7.94%13.18%7.29%12.81%8.04%3.65%13.57%21.52%11.42%15.51%18.43%4.92%9.71%7.61%13.97%-10.33%1.15%7.57%5.96%6.19%8.80%10.27%8.57%4.75%

    2005q01Mar-056.82%14.79%7.92%-23.08%10.60%47.26%10.22%6.47%4.34%8.87%12.87%6.83%10.86%6.35%4.85%4.42%14.29%7.35%13.77%9.58%5.45%3.12%6.94%15.25%8.05%-5.99%13.70%39.48%12.82%11.64%10.37%5.34%11.88%0.90%12.06%-7.26%1.21%4.75%10.01%6.65%10.62%10.10%12.47%9.13%

    2005q02Jun-055.91%5.79%5.91%-21.41%5.13%14.67%3.21%5.18%9.05%10.29%7.94%10.79%13.88%36.33%5.94%4.92%9.92%7.36%12.12%6.91%-10.26%-5.14%6.37%13.97%7.39%-17.20%10.94%26.84%10.90%8.16%7.89%6.87%11.40%0.93%11.97%4.08%2.88%3.86%11.32%7.04%13.02%9.38%4.64%5.48%

    2005q03Sep-058.45%0.65%7.29%13.75%4.03%16.94%1.72%4.28%5.87%10.34%5.21%15.67%12.83%33.09%5.20%6.31%9.80%5.86%9.83%3.82%-11.92%-10.53%6.80%9.10%7.13%-13.46%8.18%20.97%7.64%6.04%7.11%8.34%9.43%7.67%13.29%16.08%4.30%4.22%10.29%6.76%13.07%7.45%-3.30%-0.58%

    2005q04Dec-058.34%5.05%7.87%12.10%2.34%47.36%-2.51%2.30%3.20%10.91%7.46%17.54%2.87%32.53%1.79%5.64%14.40%6.52%12.49%3.02%-7.73%-11.02%7.38%6.18%7.21%-8.98%5.28%29.70%2.80%4.46%5.61%10.11%8.18%12.83%9.77%27.39%4.36%5.32%12.19%6.74%11.96%5.68%-6.83%-6.39%

    2006q01Mar-066.44%2.41%5.85%4.92%2.00%42.68%-2.85%0.77%2.89%8.40%5.19%14.86%2.09%17.68%1.35%11.46%8.85%5.63%9.53%2.60%-8.87%-11.06%7.29%3.44%6.73%-1.50%3.39%30.12%-0.06%3.12%5.19%9.97%6.46%14.74%7.55%29.66%3.47%7.09%10.85%6.33%11.09%4.08%-9.73%-9.56%

    2006q02Jun-066.60%2.23%5.96%0.46%6.14%28.79%5.64%0.23%2.77%6.89%5.84%8.34%5.97%5.95%2.24%10.00%7.90%4.59%7.52%3.21%-1.90%-9.19%7.44%2.60%6.74%7.02%3.66%33.17%0.54%1.91%3.65%9.11%5.95%13.97%5.77%21.76%2.60%8.37%10.31%5.65%9.97%3.19%-7.70%-10.54%

    2006q03Sep-066.76%2.85%6.20%-2.68%8.64%31.30%8.02%1.55%5.36%6.90%8.79%3.20%1.77%-5.98%2.51%13.87%11.77%4.84%10.53%4.57%3.79%-4.07%7.04%3.14%6.47%3.45%4.86%36.45%2.14%1.23%3.58%8.25%6.87%10.65%3.17%10.93%1.98%10.27%10.76%5.39%10.14%3.39%-3.49%-8.87%

    2006q04Dec-066.16%8.15%6.45%-0.79%7.37%1.93%8.65%5.04%8.51%6.58%8.34%-2.14%3.98%3.40%1.99%14.60%6.68%4.79%5.85%4.04%5.18%-5.06%6.51%3.98%6.15%1.23%6.12%24.27%5.01%1.94%4.87%7.15%7.14%5.64%3.47%3.98%2.03%12.54%8.70%4.95%8.26%3.63%-0.22%-7.28%

    2007q01Mar-078.44%2.96%7.65%17.90%5.62%-17.64%9.97%6.82%4.50%8.81%8.52%-0.54%3.11%17.72%3.31%6.68%15.04%4.85%10.02%4.11%5.63%0.78%7.02%4.10%6.60%4.27%6.96%9.18%8.01%3.41%5.26%7.31%7.93%2.08%3.69%4.85%2.53%11.25%10.21%4.78%8.39%4.00%3.19%-4.42%

    2007q02Jun-078.22%4.78%7.73%23.23%1.88%-17.80%2.05%10.67%4.73%9.53%10.06%2.12%4.27%16.13%6.55%5.13%15.54%6.14%9.97%4.53%-0.72%-1.54%7.40%4.69%7.02%10.45%5.85%-1.78%7.08%6.01%5.75%7.96%8.97%0.65%3.30%7.54%3.62%9.92%12.04%5.17%8.92%4.33%3.43%-2.48%

    2007q03Sep-074.90%6.85%5.16%-4.66%3.09%-21.95%5.62%11.66%0.49%6.58%10.42%7.65%4.39%1.96%5.17%3.33%9.92%5.30%6.76%4.53%-4.16%-5.97%6.89%5.69%6.72%9.52%4.43%-14.41%6.44%8.65%4.48%7.84%9.39%1.82%3.96%9.40%4.27%7.27%11.58%5.28%7.96%4.34%1.15%-3.08%

    2007q04Dec-073.97%-0.52%3.30%-2.62%2.96%11.37%0.89%10.91%-3.38%4.88%9.24%14.32%11.77%-14.09%6.27%6.37%5.61%4.43%6.61%5.49%-5.70%-5.18%6.28%3.45%5.86%8.81%3.33%-12.04%4.41%10.12%1.51%7.34%9.58%5.98%6.05%4.22%5.34%5.34%11.04%5.17%8.00%4.71%-1.63%-3.21%

    2008q01Mar-084.60%12.66%5.74%18.05%-1.13%15.50%-5.58%8.08%-3.73%5.81%7.04%13.44%7.61%-10.54%5.58%7.81%9.91%4.83%7.66%6.50%-3.60%-1.81%5.36%5.87%5.43%9.29%1.74%-4.69%0.84%10.33%-0.55%6.62%9.15%9.47%7.11%-2.70%5.89%5.66%9.91%5.16%7.50%5.28%-3.65%-3.72%

    2008q02Jun-086.79%12.92%7.63%22.16%6.50%41.51%4.81%5.36%-4.56%5.29%9.51%10.89%5.37%-20.94%2.40%11.72%12.36%5.06%11.03%7.94%3.94%3.31%5.09%7.90%5.48%9.91%2.93%8.95%1.57%8.95%-2.85%5.62%9.05%11.60%7.32%-11.54%4.82%7.33%9.33%4.91%7.88%6.17%-2.41%-2.38%

    2008q03Sep-089.05%10.11%9.21%7.67%13.81%81.42%12.80%3.16%-8.88%6.97%9.40%7.49%-1.35%-6.21%4.39%11.83%12.35%6.72%9.62%10.67%16.87%10.12%6.16%8.70%6.52%12.80%5.86%37.74%3.66%6.72%-5.16%5.75%8.87%11.42%5.70%-13.05%4.63%9.44%9.97%5.29%8.60%7.84%3.16%1.92%

    2008q04Dec-0810.11%14.19%10.73%-2.52%14.78%58.66%14.53%5.76%-4.09%9.03%13.76%8.42%0.34%-7.41%2.46%9.03%19.94%7.64%11.76%14.49%46.47%37.26%7.66%12.37%8.33%12.79%8.73%50.27%6.95%5.45%-5.33%6.77%9.92%9.83%2.75%-11.34%3.68%10.06%13.99%6.08%10.06%9.94%15.85%12.35%

    2009q01Mar-099.53%-0.81%7.97%-5.41%15.17%3.24%23.03%11.88%-2.44%8.84%13.86%11.65%-0.91%-7.94%6.47%11.20%14.69%6.42%11.32%13.12%26.63%26.81%8.81%8.86%8.83%6.21%12.53%46.48%13.33%6.28%-5.04%7.50%11.46%9.26%0.79%-10.75%3.93%10.90%15.07%6.44%10.91%11.23%22.66%18.57%

    2009q02Jun-097.83%-1.85%6.43%-3.44%10.93%-45.42%21.91%16.81%-0.42%8.09%10.17%11.08%-0.61%9.25%7.38%9.40%6.29%6.48%5.38%10.72%5.88%4.19%9.03%5.21%8.48%-1.77%13.60%21.87%17.65%9.12%-4.01%8.19%11.60%9.43%-0.62%-3.21%5.17%10.33%13.37%6.78%9.47%11.84%23.42%18.86%

    2009q03Sep-098.11%-2.83%6.48%20.76%4.53%-52.86%11.07%20.77%12.43%8.89%8.10%5.68%4.25%12.96%7.27%11.10%9.02%6.02%8.77%7.29%-11.41%-4.86%8.85%2.00%7.85%1.39%10.92%-15.45%17.09%13.97%1.21%8.71%11.31%9.07%0.81%1.65%5.92%10.19%12.47%6.64%9.32%11.05%14.86%14.71%

    2009q04Dec-098.81%-0.19%7.43%24.99%10.88%-38.63%19.63%16.45%15.04%6.92%4.54%3.65%0.99%14.16%9.60%8.51%6.32%5.35%9.37%2.71%-28.64%-29.27%8.66%-1.24%7.19%6.34%10.31%-36.84%18.81%16.86%6.12%8.22%9.05%7.88%0.89%6.94%7.71%10.04%8.86%6.08%8.85%8.28%-5.53%-4.41%

    2010q01Mar-107.32%7.03%7.28%0.85%9.15%3.76%7.15%13.33%12.65%7.17%2.79%6.60%0.93%17.82%5.68%8.48%7.51%6.66%8.05%2.08%-15.06%-22.28%8.13%0.61%7.02%7.94%8.93%-36.35%15.06%17.11%9.93%7.82%6.50%6.99%1.33%13.62%7.48%9.36%7.27%6.16%8.14%5.90%-13.28%-14.25%

    2010q02Jun-107.64%11.84%8.18%-6.27%9.98%117.57%0.37%10.71%12.16%8.10%7.09%10.08%0.12%9.39%4.95%7.06%13.13%6.30%12.56%3.27%3.34%-9.02%8.05%3.84%7.43%7.14%8.67%-14.83%9.55%15.48%13.20%7.81%5.78%6.84%1.51%13.46%6.83%8.74%8.93%6.10%9.84%4.11%-13.85%-17.04%

    2010q03Sep-108.67%11.18%9.03%7.11%12.12%114.18%3.23%10.26%12.85%7.36%3.38%8.04%2.50%3.40%3.61%11.00%13.14%5.53%11.86%3.41%8.97%-4.84%8.12%7.26%7.99%4.23%10.58%25.36%7.22%12.52%13.20%7.38%4.44%7.23%1.10%10.72%5.87%8.77%9.93%5.94%10.47%2.93%-9.35%-17.24%

    2010q04Dec-108.74%7.15%8.55%12.44%7.17%54.72%-0.16%12.00%6.92%9.23%4.40%16.90%-1.21%6.96%3.22%14.34%13.80%6.40%12.63%4.45%15.94%1.68%8.07%9.18%8.23%2.39%9.41%65.34%2.19%11.35%10.95%7.99%4.37%10.49%0.56%9.01%4.33%10.31%11.99%6.21%11.34%3.31%3.34%-8.45%

    2011q01Mar-117.56%9.65%7.88%11.38%10.43%70.17%4.14%8.82%2.40%6.08%9.99%5.19%-2.32%4.23%5.73%6.95%6.20%6.66%3.43%4.80%14.58%1.00%8.13%9.76%8.37%5.03%9.79%82.65%1.80%10.36%8.36%7.69%6.12%9.91%-0.24%5.85%4.37%9.88%11.55%6.23%10.16%3.96%10.49%-2.65%

    2011q02Jun-119.28%6.94%8.95%26.12%6.42%49.66%-0.65%8.39%-0.69%8.79%4.30%7.18%-0.81%7.95%6.71%14.92%11.97%6.61%8.84%3.94%11.98%2.28%8.56%8.58%8.58%15.04%8.90%66.34%1.55%9.81%5.13%7.89%5.41%9.11%-0.47%5.58%4.83%11.83%11.32%6.30%9.35%4.10%12.65%0.01%

    2011q03Sep-115.87%9.52%6.39%0.18%2.83%29.30%-3.86%7.20%-0.30%7.73%7.55%14.22%-2.63%3.38%8.95%8.93%8.47%7.31%5.40%3.71%15.66%5.20%7.83%8.30%7.91%12.99%6.49%47.38%-0.30%9.00%1.98%7.97%6.47%10.73%-1.74%5.50%6.15%11.25%10.22%6.73%7.88%4.17%14.41%2.52%

    2011q04Dec-114.80%6.72%5.08%-8.51%4.03%43.30%-5.36%7.55%2.02%6.08%6.27%8.52%0.33%1.70%9.27%7.48%5.36%6.64%4.28%3.61%17.55%15.39%6.77%8.11%6.97%8.32%5.65%45.46%-1.69%7.92%0.83%7.12%6.92%8.76%-1.32%4.26%7.68%9.50%7.80%6.78%5.41%3.96%15.01%6.18%

    2012q01Mar-126.53%7.03%6.61%5.61%2.59%17.27%-3.81%7.86%6.38%8.20%3.00%11.27%-1.60%5.24%9.65%13.28%9.32%6.77%9.38%5.04%7.17%10.74%6.56%7.50%6.69%6.99%3.94%33.98%-3.44%7.74%1.83%7.64%5.28%10.23%-1.15%4.49%8.64%11.02%8.54%6.81%6.69%4.03%13.23%8.41%

    2012q02Jun-124.50%8.34%5.05%4.41%1.69%20.92%-5.20%4.64%2.35%5.62%5.08%7.97%-2.41%-1.89%8.79%9.42%5.26%6.24%5.28%4.00%19.46%21.06%5.38%7.86%5.74%1.17%2.79%27.01%-4.54%6.78%2.56%6.86%5.46%10.37%-1.55%2.05%9.15%9.73%6.93%6.73%5.87%4.04%15.04%13.08%

    F515649:Cuidado com a frmula, pois os dados de valores contm uma coluna a mais, a de variao de estoques, enquanto os dados reais no.

    Attribute VB_Name = "EstaPasta_de_trabalho"Attribute VB_Base = "0{00020819-0000-0000-C000-000000000046}"Attribute VB_GlobalNameSpace = FalseAttribute VB_Creatable = FalseAttribute VB_PredeclaredId = TrueAttribute VB_Exposed = TrueAttribute VB_TemplateDerived = FalseAttribute VB_Customizable = True

    Attribute VB_Name = "Plan12"Attribute VB_Base = "0{00020820-0000-0000-C000-000000000046}"Attribute VB_GlobalNameSpace = FalseAttribute VB_Creatable = FalseAttribute VB_PredeclaredId = TrueAttribute VB_Exposed = TrueAttribute VB_TemplateDerived = FalseAttribute VB_Customizable = True

  • *Spread

    7,8p.p.12,9p.p.8,2p.p.4,0p.p.9,6p.p.8,5p.p.9,8p.p.

    (*) Os NOPATs de 2008 e 2012 foram calculados excluindo a depreciao adicional da frota, que foi tratada como perda de patrimnio, por ser evento extraordinrio no-recorrente, causado por fatores externos (queda do IPI de carros novos), seguindo os conceitos recomendados pela Stern Stewart

    Grf1

    0.1090.187

    0.0840.2125123813

    0.088440.170296563

    0.07590.1154073622

    0.073260.1693887299

    0.0860.1712497804

    0.063360.161

    Custo da dvida aps impostos

    ROIC

    Plan1

    ok

    Receita20042005200620072008

    Aluguel carros31.151.620.841.349.1

    Aluguel frotas5.47.56.15.15.4

    36.559.126.946.454.5

    SIM

    200420052006200720082009201020112012

    Spread (ROIC - Juros aps impostos)7.7%11.2%7.8%12.9%8.2%4.0%9.6%8.5%9.8%

    Custo da dvida aps impostos16.90%13.60%10.90%8.40%8.84%7.59%7.33%8.60%6.34%

    ROIC24.6%24.8%18.7%21.3%17.0%11.5%16.9%17.1%16.10%

    ok

    20072008

    1Q14,69720,097

    2Q14,34721,550

    3Q15,65322,700

    4Q18,98022,772

    ok

    20072008

    1Q104.4137.6

    2Q98.7141.0

    3Q108.0151.9

    4Q131.6155.2

    ok

    20072008

    1Q13,32515,720

    2Q13,94116,987

    3Q14,65218,532

    4Q15,24620,291

    ok

    20072008

    1Q53.361.6

    2Q56.366.0

    3Q58.473.2

    4Q60.276.1

    ok

    20072008

    1Q8,8709,292

    2Q6,0067,716

    3Q7,70910,627

    4Q7,5086,646

    ok

    20072008

    1Q244.2268.9

    2Q174.1222.8

    3Q214.5302.9

    4Q220.3188.6

    7.9%263.0%68.1%

    30.332.7118.7199.5

    11.9%103.1%112.1%

    200420052006200720083T08

    Free cash flow before growth52.058.2118.2250.7205.7-8.7

    Aumento real do preo do carro novo9.80%3.70%0.90%0.60%0.60%

    30.132.5118.4199.6

    SIM

    8.0%264.3%68.6%

    ok

    CompradosVendidos

    6,467200422,18215,71513

    7,342200526,10518,76313

    10,346200633,52023,17426

    7,957200738,05030,09332

    SIM9,930200844,21134,28135

    8,9044T0716,4127,508

    (3,934)4T082,7126,646

    ok

    investimentoinvestimento

    Compras (*)Receita de venda

    190.12004493.1303.0190.1

    241.82005690.0448.2241.8

    340.02006930.3590.3340.0

    SIM207.720071,060.9853.2207.7

    352.120081,335.3983.2352.1

    233.64T07453.9220.3233.6

    (91.6)4T0897.0188.6-91.6

    -00

    ok

    Frota Total

    SIM20042005200620072008At set/08Var.2T08

    Aluguel de Carros19,53124,10331,37335,68639,11244,21513.0%36,092

    Aluguel de Frota9,16811,76214,63017,79023,40322,481-3.9%20,679

    28,69935,86546,00353,47662,51566,6966.7%56,771

    200420052006200720081T082014

    Dvida281.3535.8440.4765.11,254.5838.666

    Valor da frota612.2900.21247.71492.91,752.61465.1

    0.51249246430.5723841376

    1T07

    SIM46770%

    107950%

    Plan1

    Frota mdia ac af

    Free cash flow before growth

    R$ millions

    Free cash flow before growth

    Receita lquida

    EBITDA

    &A

    Page &P

    41.6%

    37.3%

    50.0%

    Spread (ROIC - Juros aps impostos)

    Custo da dvida aps impostos

    ROIC

    EVA

    77,3

    10,9%

    Lucro lquido

    Compras (*)

    Receita de venda

    R$ milions

    241.8

    340.0

    190.1

    207.7

    Purchases (accessories included ) Used car sales revenue

    7.342

    10.346

    6.467

    7.957

    Aluguel de Carros

    Aluguel de Frota

    Quantity

    End of period fleet (*)

    46,003

    35,865

    28,699

    Car rental Fleet rental

    53,476

    Net investment

    222,0 (1)

    1,4p.p.

    352.1

    9.930

    62,515

    31.6%

    Dvida

    Valor da frota

    R$ millions

    Net debt x Fleet value

    1,254.5

    Net debt Fleet value

    9.6%

    12,7%

    R$ millions

    EBITDA

    36.5

    59.1

    26.9

    46.4

    17.4%

    Car rental Fleet rental

    54.5

    Compras Vendas

    20.0%

    Quantity

    Average rented fleet

    33.1%

    Quantity

    Average rented fleet

    17.9%

    2007

    2008

    R$ millions

    Revenues

    26.4%

    R$ millions

    Revenues

    53,0

    Quantity

    Sold cars

    R$ millions

    Net revenues

    11

    Seminovos

    20042005200620072008

    AC6,6549,40212,84215,93721,78136.7%

    AF7,7969,30811,63514,29517,88925.1%

    Total16,45420,71526,48332,23941,67826.2%

    29.3%

    2007 2008

    2007 2008

    2007 2008

    2007 2008

    2007 2008

    2007 2008

    7,342

    10,346

    6,467

    7,957

    Bought cars Sold cars Points of sale

    Quantity

    9,930

    (*) Fleet at end of period is net of losses from theft and accidents

    16.454

    20.715

    26.483

    32.239

    25,1%

    41.678

    36,7%

    Aluguel de carros

    Aluguel de frotas

    R$ milhes

    Frota mdia alugada

    RESULTADO CONSOLIDADO20042005200620072008

    20042005200620072008Receita lquida:

    Receita634.4876.91145.41531.71855.730.8%Aluguel de carros197.1271.3357.2442.7585.7

    Seminovos303448.2590.3853.2983.2Aluguel de frota127.8149.2190.2228.2276.9

    Aluguis331.4428.7555.1678.5872.5Total aluguel324.9420.5547.4670.9862.6

    29.4%29.5%22.2%28.6%Venda de carros - aluguel de carros213.1369.9454.9687757.6

    Venda de carros - aluguel de frota89.978.3135.4166.2225.6

    Total venda de carros303448.2590.3853.2983.2

    Franchising6.58.27.77.69.9

    Total receita lquida634.4876.91145.41531.71855.7

    LL20072008

    1T157.7199.3

    2T155.0207.0

    3T166.4225.1

    4T191.8231.320.6%

    TF20072008

    1T53.261.6

    2T56.366.0

    3T58.473.2

    4T60.276.1

    SN20072008

    1T192.8209.6

    2T119.8159.3

    3T158.0232.1

    4T162.1115.1

    20072008

    1Q403.7470.5

    2Q331.1432.3

    3Q382.8530.4

    4Q414.1422.5

    Aluguis

    Seminovos

    R$ millions

    Net revenues

    EBITDA

    2007

    Aluguel de carros196.849%

    Aluguel de frotas156.839%

    Franchising3.51%

    Seminovos46.411%

    Total403.5100%

    Receita

    2007

    Aluguel de carros442.729%

    Aluguel de frotas228.215%

    Franchising7.60%

    Seminovos853.256%

    Total1531.7100%

    20042005200620072008

    EBITDA197.5277.9311.3403.5504.1

    Seminovos36.559.1026.9046.4054.50

    Aluguis161.0218.8284.4357.1449.6

    2007AluguelSeminovosTotal

    1T84.613.698.2

    2T76.88.785.5

    3T92.512.2104.6

    4T103.511.8115.2

    2008AluguelSeminovosTotal

    1Q101.019.8120.8

    2Q110.513.2123.6

    3Q115.618.3133.9

    4Q122.63.1125.89.2%

    RESULTADO DE SEMINOVOS20042005200620072008

    Aluguel de carros31.151.620.841.349.1

    Aluguel de frotas5.47.56.15.15.4

    36.559.126.946.454.5

    1,145.4

    634.4

    876.9

    1,531.7

    1,855.7

    28.6%

    2.0%

    R$ millions

    Net revenues per quarter

    Aluguis

    Seminovos

    R$ millions

    EBITDA

    311.3

    197.5

    277.9

    403.5

    504.1

    25.9%

    9.2%

    R$ millions

    EBITDA per quarter

    Aluguel de carros

    Aluguel de frotas

    EBITDA Seminovos por diviso

    Lucro Lquido20042005200620072008

    Aluguel e franchising90.6106.5138.2190.2127.48.9%

    17.5%29.8%37.6%-33.0%

    20072008

    1T45.453.5

    2T38.453.6

    3T50.450.1

    4T55.9(29.8)

    Lucro Lquido

    R$ millions

    Net income

    R$ milhes

    Lucro lquido por trimestre

    (29,8)

  • *

    Captao de recursosAluguel de carrosVenda decarros

    Aquisio decarrosCaixa para renovar a frota ou pagar dvida

    $$

    Rentabilidade vem das divises de aluguel

    Vantagens competitivas: 40 anos de experincia administrando ativos

  • *Escala GlobalA Localiza capta recursos com menores spreads quando comparada aos concorrentes nacionais.Vantagens competitivas: captao de recursosEscala NacionalGrau de investimento: menores spreads e maiores prazosEm fevereiro 2013.

    Captao de recursosAluguel de carrosVenda decarrosAquisio decarros

    BBB- FitchBaa3 MoodysBBB- S&PBBB+ S&PB+ S&PB+ FitchB1 Moody's

    brAAA S&P Aa1.br MoodysAA+(bra) FitchA+ (bra) FitchbrA S&