Apresentação institucional 1 t13 en

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Apresentação institucional 1 t13 en

  1. 1. .1st Quarter, 20131Institutional Presentation
  2. 2. DisclaimerThis presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for or purchaseany securities neither does this presentation nor anything contained herein form the basis to any contract orcommitment whatsoever.The material that follows contains general business information about LPS Brasil – Consultoria de Imóveis S.A(“LPS”) as of March 31st, 2013. It is not intended to be relied upon as advice to potential investors. Theinformation does not purport to be complete and is in summary form. No reliance should be placed on theaccuracy, fairness, or completeness of the information presented herein and no representation or warranty,express or implied, is made concerning the accuracy, fairness, or completeness of the information presentedherein.This presentation contains statements that are forward-looking and are only predictions, not guarantees offuture performance. Investors are warned that these forward-looking statements are and will be subject tomany risks, uncertainties, and factors related to the operations and business environments of LPS and itssubsidiaries such as competitive pressures, the performance of the Brazilian economy and the industry, changeson market conditions, among other factors disclosed in LPS filed disclosure documents. Such risks may cause theactual results of the companies to be materially different from any future results expressed or implied in suchforward-looking statements.LPS believes that based on information currently available to LPS management, the expectations andassumptions reflected in the forward-looking statements are reasonable. Lastly, LPS expressly refuses any duty toupdate any of the forward-looking statements contained herein.2
  3. 3. Investment Highlights
  4. 4. Awards and recognitions | Recently“The hearts of 96% of peoplebeat stronger for Lopes”In research conducted in São Paulo, IBOPE Intelligence, revealed that1:• 9 out of 10 residents of the city know the brand Lopes• 96% would consider the brand when buying• 67% had any contact with the company, and among these, 76% would recommend LopesThe 200 best Brazilian companies | 2012 Época Negócios 360º Guide2Evaluation of 6 scopes:• Financial results• HR Practices• Governance• Environmental• Process of innovation• Future vision1) Survey conducted between Jul 26, 2012 and Aug 08, 2012. 2) October, 2012 issue. Preparation: Fundação Dom Cabral.Ranking:50º: Lopes68º: Homebuilder85º: Homebuilder96º: Homebuilder104º: Shopping Mall117º: HomebuilderTop of Mind IBOPE4
  5. 5. Awards and recognitions| 2012Master Imobiliário AwardAward organized by Sindicato da Habitação de São Paulo (Secovi-SP) and Federação Internacional dasProfissões Imobiliárias, suported by Grupo EstadoLopes was awarded in the segment “Institucional” by 2011 Annual Report of the Brazilian Real Estate MarketTop Imobiliário AwardConsidered the main award of the real estate industry in BrazilLopes has been winning every Top Imobiliário since its first edition in 1993Ranking Valor 1000Listed by Valor Econômico as one of the 1000 largest business groups in BrazilHighlighted as the 20th higher net margin among all groups8th place in value generation among service companiesIG/ Insper AwardAssertive M&A strategy, expanding the business to other regions of the countryLopes was considered the largest company in real estate brokerage and consulting in Brazil, in the last five yearsVII Award Relatório BancárioCrediPronto! was awarded in the segment “Best Online File Management”Highlight for the efficiency in the mortgage approval5
  6. 6.  Mr. Francisco Lopesinitiates its activitiesintermediatingproperties193540´s50´s60´s70´s80´s90´s00´s Launch one of thefirst buildings underthe condominiumconcept First TVadvertisement fora real estatedevelopment Start of long termpartnership withGomes de AlmeidaFernandez (Gafisa) Launch and sell of 14office buildings at Av.Paulista Launch and sell of 11office buildings at the FariaLima region Creation of the launchingsystem with sales standsand marketing materials,attracting customersspecially during weekends Becomes reference in realestate launchings andpresents its new logo Identification of MarginalPinheiros as an attractivearea and launch one ofthe first buildings in theregion Start up of sales of hotelcondominium (Flats) Partner of Grupo EspíritoSanto in selling one of thelargest launching in Lisboa:Parque dos Príncipes Introduction of theconcept of condominiumclubs First “Top Imobiliário”award, in 1993 – LargestBrokerage Company Lopes becomes an important player at thesegment of gated communities 7 acquisitions in the primary market Triples in size in a decade, strengthening itsleadership Wins its 16th consecutive “Top Imobiliário”award Lopes’ IPO Lopes starts its geographic expansion process Lopes’ website become leader on real statemarket Joint Venture with Itaú Bank in order to createCrediPronto, our mortgage company The company’s firstlogoThe Brokerage Market Has No Other Company With Our Historyand Track Record2010s6 More than 300 clients in theprimary market (homebuilders)divided between listed and non-listed companies 5 acquisitions in the primarymarket and 13 acquisitions in thesecondary market The secondary market hasbecome responsible for 26% oftotal sales Breakeven point of LPS Brasil’sstake in Credipronto! in 4Q12 Credipronto! has reachedR$ 2.8 billion in average portfoliobalance on March 2013 Lopes’ follow-on
  7. 7. Asset LightServices companyLow execution riskTopmanagementteam of industry Unique positionin the primarymarket BrazilianUniqueopportunityto consolidatethe secondarymarketCrediPronto!Mortgage companywith Highest %growth of Brazilsince 2009.LPS BrasilInvestment Highlights7
  8. 8. Joint Venture with Banco Itaú toprovide mortgage loansLow, mid and high-income segmentsMortgage LoanPrimary Market Secondary MarketFocus on secondary market, with aunique model of own stores and anetwork of licensed brokersGrowth through acquisitionsLPS Brasil: Unique Business Platform+Top vehicle to Invest in Brazilian Real Estate Market.8
  9. 9. Management TeamTop Management Team in IndustryPartners & AssociatesSumming up over 300Years of Real EstateExperienceOver 30 Partners & Associates with stock Investmentand long term alignment with companyRetention / Incentive tool for Top PerformingEmployeesPartnership Program:9
  10. 10. Asset LightService Based Business ModelMortgageBusinessBrokerageBusiness Immediate simple revenuerecognition Asset light Yearly Investment = Depreciation Easy short term adjustment inG&A, in case of a marketdownturn. Asset light Inexistence of physical offices(operates inside brokeragestores) Mortgage portfolio generatesrecurring cashflow.PrimaryMarketSecondaryMarket10
  11. 11. Virtuous Cycle of the Business Model Creating Strong Barriers to EntryStrong Established Base Leading, nationally recognized brand Present in 10 Brazilian states and in the FederalDistrict Extensive distribution channel Database with more than 2 million clients More than 300 homebuilder clientsLeadership and Wide Range of ProductsIndisputable Sales Performance Total transactions closed of R$ 4.4 billion in1Q13, up 9% from 1Q12. CrediPronto! originatedR$ 381 million in1Q13 and R$ 4 billion since its creation in2008. Most visited website in the real estatesector: more than 15 million visitors in 2012.Retention of Talent Largest sales force: more than 15,000independent brokers Attracts and maintains its sales force Leader in the primary market One-stop-shop: unique andcomplete solution for the client : unique platform todevelop the secondary market : partnership with oneof the largest retail banks in theworld, Itaú-Unibanco11
  12. 12. Institutional WebsiteVisits on www.lopes.com.brSource: Google Analytics,The most visitedwebsite in the realestate marketStrong investmentin online mediaIncreasedgeneration ofLeadsHigher salesconversion• Over 15 million unique visitors in 2012• Mobile version compatible with over 5 thousandkinds of cell phones• App for IPhone (more than 18,000 downloads)• App for Android• First brokerage company to launch an App for iPad• Leader in presence in social networks• More than 500,000 fans on Facebook12
  13. 13. LPS Brasil’s Market Mix*Others: Northeast, Espírito Santo, Minas Gerais and Goiás (until 3Q12).59%53% 56%49% 50% 47% 47%52% 51% 50% 50% 52% 54%5%5%10%19% 18% 24%21%25%22% 21% 20%20% 19%14%17%9%12%9%8%7%4%4% 5% 4%4% 4%10%11% 12%10%11%12%12%10%12% 12% 15% 13% 14%12% 14% 12% 9% 12%9%13%8% 12% 11% 11% 11% 10%1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13São Paulo Rio de Janeiro Brasília South Others*13
  14. 14. LPS Brasil’s total transactions closedTransactions Closed(R$ billion)2.54.99.4 8.714.4 14.4 14.43.0 3.20.30.30.70.61.33.8 4.60.9 1.12006 2007 2008 2009 2010 2011 2012 1Q12 1Q13Primary market Secondary market18.22.85.210.19.315.719.0144,0 4,4
  15. 15. LPS Brasil in the Primary Market
  16. 16. Market IntelligenceBrazil still represents a case for growth in the primary marketMexicoUnits launched:700 thousand/year ²BrazilUnits launched:183 thousand/year ¹Launches by Market – Brazil – 2012Source: ¹ LPS Market Intelligence ² Infonavit, Softec and others (considering new homes from homebuilders and self construction).28.511.13.93.3 3.0 2.7 2.4 2.2 2.0 2.0 1.9 1.5 1.3 1.1 1.0 0.7 0.310.8MRSPGreaterRJBHDFP.AlegreSalvadorFortalezaSantosCuritibaGoiâniaRecifeFlorianópolisVitóriaCampinasManausNatalBelémOthers79.7 million / 183 thousand unitsTotal Brazil16
  17. 17. Growth 2007 - 2030Demographic Bonus Population Pyramid (millions of people)Social classes1Population from 18 to 64 years oldNumber of Families by Income Segment (millions)40%60%80%100%1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050Economically active population = 15 – 64 year-oldDependence Index(8%) 78% 160% 233% 291% 433%2009 2020eSource: IBGE, Bird, Febraban and FGV 1) Source: PNAD/IBGE Preparation: Bradesco. Take into account RO, AC, AM, AP, PA and RR regions31.715.58.43.31.1 0.329.1 27.621.8114.31.6Up toR$1kR$1k toR$2kR$2k toR$4kR$4k toR$8kR$8k toR$16kAboveR$ 16k2007A2030EThe demographic bonus, combined with economic growth, will lead 35.6 million people to move up from D and E classes to A, B and C classesover the next 10 years. These families will certainly be seeking better living conditions.Significant Creation of Demand1764%36%82%18%A, B and C classes D and E classes
  18. 18. National footprintStake(%)Payment(R$ million)Stake(%)Payment(R$ million)São Paulo Campinas100% 49.5251% 29.21 São José dosCampos51% 10.21 51% 15.01Rio de Janeiro Federal District51% 60.5251% 142.22Espírito Santo Bahia60% 11.32Minas Gerais Pernambuco100% 4.1251% 5.51Sul Ceará100% 41.02 60% 8.1251% 36.7118Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and sales player1) Considering the base scenario of the acquisition 2) Concluded AcquisitionsgreenfieldgreenfieldgreenfieldgreenfieldCEPRRJBASPRSESSCPEMGDFCE
  19. 19. HIGHMEDIUM-HIGHECONOMICHOTELSales Expertise in all Market SegmentsSão Paulo/SPIbis Budget SP - Mar/13163 un. – R$ 340,000LocationSalesValinhos/SPFloratta – Sep/12192 un. – R$ 3,820/m²LocationSales100% sold.Developer : YouCASE81% sold.Developer : EngeluxCASESão Paulo/SPParque da Cidade – Sep/12612 un. – R$ 14,200/m²LocationSales100% sold.Developer : OdebrechtCASESão Paulo/SPJardim das Perdizes – Mar/13640 un. – R$ 8,200/ m²LocationSales70% sold.Developer : PDG / TecnisaCASE19BUSINESS UNITS Rio de Janeiro/RJPorto Atlântico – Mar/13804 un. – R$ 15,382/m²LocationSales100% sold.Developer: OdebrechtCASE
  20. 20. Transactions Closed – Primary Market(R$ billion)2.54.99.48.714.4 14.4 14.43.0 3.22006 2007 2008 2009 2010 2011 2012 1Q12 1Q13Transactions Closed – Primary MarketLPS Brasil took advantage of Listed Homebuilders growth through Capital raisings.(equity + debt)20
  21. 21. (R$ Billion)Primary MarketBreakdown – Transactions Closed 1Q1350%44%39% 42% 41%50%56%61% 58% 59%2010 2011 2012 1Q12 1Q13Listed Non-Listed26%44%30%Limited exposure to large homebuilders2144%31%26%Non-listed Homebuilders Listed HomebuildersSecondary market
  22. 22. 49%53% 55%64%51%47% 45%36%2010 2011 2012 1Q13Other Homebuilders Top 10 homebuilders in salesBreakdown HomebuildersBreakdown Top 5 HomebuildersBreakdown – Homebuilders7.6%9.5% 9.3% 7.1%7.1%5.3% 6.8%4.6%6.1%5.2%5.5%4.6%6.1%5.1% 4.8%4.5%4.7% 4.0% 4.0%4.3%2010 2011 2012 1Q131st 2nd 3rd 4th 5th22
  23. 23. R$/m2Real Estate Market Overview – Prices* Launches occurred in residential vertical in SP Capital Source: EMBRAESPEvolution of Average Launches’ Prices in SP23NominalINCC Adjusted1,480 1,480 1,680 1,710 1,860 2,120 2,450 2,7703,160 3,170 3,380 3,290 3,5503,9305,3006,7507,3308,1601996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q135,3004,9605,360 5,160 5,130 5,410 5,700 5,550 5,6905,230 5,2704,880 4,810 4,9706,3007,460 7,5608,1701996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q13
  24. 24. 151133115Jan-09Feb-09Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09Jan-10Feb-10Mar-10Apr-10May-10Jun-10Jul-10Aug-10Sep-10Oct-10Nov-10Dec-10Jan-11Feb-11Mar-11Apr-11May-11Jun-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Expectation Index Lopes Confidence Index Present Situation Index(basis: jan/2009 = 100)Source: Lopes Market IntelligenceLopes’ Confidence Index (LCI)Lopes is the first company to create a Real Estate Consumer Confidence Index.Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in theshort term, housing purchase tendency.The sample has 524 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3months and are interested in purchasing a new home.Lopes’ Confidence Indexes (LCI)24The survey take into account theopinion for the next 6 months aboutthe situation of Brazil’s economy, thefinancials of household and theintention to acquire a propertyThe survey take into account thecurrent opinion about the situation ofBrazil’s economy, the financials ofhousehold and the intention toacquire a propertyThe survey take into account thesummation of the present situationindex and the expectation index
  25. 25. LPS Brasil in the Low Income Segment
  26. 26. HABITCASA: Focus on Low Income SegmentFocus on Low Income SegmentUnits up to R$ 300 thousandThe Habitcasa brand is applied in all Lopes’ markets26
  27. 27. 1Q121Q121Q131Q13Number of Transactions ClosedTransactions Closed12,708 unitsTransactions Closed by Price Segment – Primary and Secondary MarketsR$ 4.0 billion R$ 4.4 billion6%26%27%40%43%35%13%9%11,404 units2710%31%24%35%32%36%20%12%
  28. 28. LPS Brasil in the Secondary Market
  29. 29.  Present in 10 states and the FederalDistrict– Covers 85% of the Brazilian GDPin 2010, combined 1– 74 own stores– 126 licensed brokers– Strong presence in São Pauloand Rio de Janeiro Unique one-stop-shop business model Solid client base Strong internet presence Diversified products in the portfolioUnique Platform Poised for GrowthWell Defined Acquisition Model with a Successful TrackRecord Appreciation and alignment of interests– Earn-out– 51% ownership stakeNatural Consolidator Potential synergies:– Scale and reach: network effect– Access to mortgage financing– Expertise of LPS Brasil managementPronto!: A Natural Consolidator Acquisition strategy:– Companies with expertise in their regional markets– Companies with limited access to capital– Well positioned in relevant markets– Widespread network Successful acquisitions through the years– 19 acquisitions since July 2010 focused on thesecondary market– Benchmark for future partners– Accretion291 – Source: IBGE
  30. 30. Pronto!Pronto has 200 stores in 10 States + Federal District : 74 owned stores and126 licensed brokersAcquisitions** Average of 40% in downpayment and 60% in earn outs linked performance 1) Considering the base scenario of the acquisitionStake(%)Payment(R$ million)Stake(%)Payment(R$ million)51% 10.01 55% 25.6151% 6.61 51% 17.3160% 24.31 51% 15.5160% 20.91 51% 11.7151% 12.21 51% 7.1160% 8.41 51% 2.6151% 4.9130
  31. 31. Transactions Closed Historical in the Secondary MarketTransactions Closed – Secondary Market( R$ billion)0.3 0.30.7 0.61.33.84.60.91.111%7% 7% 6%8%21%24% 24%26%2006 2007 2008 2009 2010 2011 2012 1Q12 1Q13Strong growth of Secondary Market in our transactions closed.1Q13 secondary sales reached 26% of total sales (R$1.1 billion).Secondary Market Sales over totalTransactions ClosedSecondary MarketTransactions Closed31
  32. 32. CrediPronto!
  33. 33. Source: Abecip, Brazil Central Bank, Federal Reserve, Haver. Preparation: Goldman SachsMortgage MarketMortgage Market as a % of GDP | Brazil 2011, others 201085%63% 63% 62% 61% 60%52%41%36%23%22%16%10%5% 5%33
  34. 34. Growth Drivers Housing deficit– 7.2 million houses (2009) Incipient mortgage loan market Declining interest rates Rising employees’ income Growing availability of long-term funding Increasing secondary market financing Increasing family turnoverMarket Potential for Real Estate FinancingSource: Bacen and ABECIPNotes:1 Data from 2006, except for Brazil (2009)2 FGV’s Center for Social Studies, 20103 Represents the number of times a family moves to a different house during their lifetime. Source: Credit SuisseMortgage Loan Access (% by Social Class)27.7%5.0%3.0%1.7%Classes A and B Class C Class D Class E4.0x1.8x9.0 – 10.0xG-7 Mexico BrazilFamily Turnover35.46.77.96.35.81991 2000 2006 2007 2008Quantitative Housing Shortage (millions of homes)34
  35. 35. Strengthening of mortgage origination and other related services.Leadership positionin their respectivemarketsManagementExcellenceHigh Value BrandsJoint Venture Lopes ItaúLopes and Itaú created the first and biggest pure mortgage company of Brazil. Direct and exclusive access to itscustomer database Seamlessly integrated operation withLopes’ sales process, including anincentive compensation plan Lopes media exposure Service excellence Competitive financing terms andconditions Speed and quality of processing Experienced credit analysis Successful exposure to the lendingbusiness and in joint ventures35
  36. 36. Differentiated Model: One-Stop-ShopWinning Model Secondary Market: a significant potential for origination 74 own stores and 126 licensed real estate brokers in 10states and the Federal District Selective acquisitions to replicate the successful formulaused in the primary market 33% of Pronto!’s contracted sales are financed byCredipronto! Distinctive channel for clients in the secondary market Over R$ 3.9 billion in financing Incipient market in Brazil with huge expansion potential 50% of CrediPronto! transactions are originated throughPronto! Use of LPS Brasil’s platform and significant reduction inCAPEX requirementFocusRelevanceGrowthPotentialSynergies36
  37. 37. 37Volume of OriginationThe Average PortfolioBalance in 1Q13 was R$ 2.8billion.3223811Q12 1Q13Volume of origination accumulated11783,959jan/10 mar/132,124%2,7712,986Ending portfoliobalance 1Q12Ending portfoliobalance 1Q131) Does not include amortization50%Portfolio BalanceCrediPronto!18%( R$ million) ( R$ million)( R$ million)
  38. 38. Ending Portfolio BalanceCrediPronto!(R$ MM)The ending portfolio balance grew an average of 6.3% per month since jun/10 and it’s alreadyR$ 3 billion.383925177078811,1621,4541,7561,9892,2662,4922,7712,986jun/10sep/10dec/10mar/10jun/11sep/11dec/11mar/12jun/12sep/12dec/12mar/13
  39. 39. Credipronto!: Unique Partnership to Capture Mortgage Loan Market PotentialEvolution of Origination (base 100 = Jan-10)1Business Highlights Profit Sharing with limited credit risk Leverage on LPS Brazil’s points of sale Differentiated process of approval and release of funds Unprecedented credit in the marketInnovative Real Estate Financing Process1 ABECIP2 Bacen* Excluding Caixa+MarketLeaderLargest Private Bankin BrazilHigh Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2Credit Analysis Assessment ofthe PropertyLegal Analysis Issuance of theContractRelease ofResources24 hoursUntil 3workingdays2workingdays3workingdays5workingdaysEfficiency in Release of CreditRanking of Real Estate Financing 1Q13 (R$ mm)8,6281,6391,411 1,3961,102249 91 44 34381Caixa Itaú Banco doBrasilSantander Bradesco HSBC Banrisul Poupex Citibank7.9% Market Share*20% of Itaú100168 177245 241376411 432 370 433416506438125145 147 144179209 198 189209243 251 2451,4% 1,9% 1,7% 2,4% 2,4% 3,0% 2,8% 3,1% 2,8% 3,0% 2,4% 2,9% 2,5%4,7%5,8% 5,1%6,1% 5,7%7,3%6,4% 6,8% 6,9% 7,4% 7,5%8,5% 7,9%-15,0%-10,0%-5,0%0,0%5,0%10,0%1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13Credipronto! Mercado Market Share CDP! Market Share CDP!(Private Banks)2,02039
  40. 40. Operational Highlights
  41. 41. 3,044 3,2299591,1241Q12 1Q13Primary market Secondary market4,3534,003Transactions Closed(R$ MM)Transactions ClosedNumber of Transactions ClosedTransactions Closed in 1Q13 increased 9% compared to 1Q129%41-10%10.3109.1902.3982.2141Q12 1Q13Primary market Secondary market12,70811,404
  42. 42. Financial Highlights
  43. 43. 1Q13 Financial Highlights86.098.71Q12 1Q1315%Net RevenueNet Income Attributable to ControllingShareholders before IFRS1Net Margin (%)13.819.21Q12 1Q13EBITDA2EBITDA Margin (%)30.91Q12 1Q1324.916% 19% 28.9% 31.3%24%1) We consider the net income adjusted by non cash IFRS 3 effects (Business Combination) the most accurate net income indicator. 2) Includes results from subsidiaries and companies under shared-control, in accordancewith equity accounting, and results from non-controlling shareholders. Note: EBITDA is not an accounting measure and does not represent the cash flow for the reported periods, and therefore should not be used as an alternativeto cash flow as a measure of liquidity. The Company’s EBITDA was calculated in accordance with CVM Instruction 52. Adjusted by non recurring effects with the closing of LPS Goiania. 4340%
  44. 44. 1Q13 Results44Results 1Q13 Before IFRS(R$ thousand)Lauches Pronto! CrediPronto! ConsolidatedGross Service Revenue 84,685 24,398 3,287 112,370Revenue from Real Estate Brokerage 81,060 24,398 3,287 108,745Revenue to Accrue from Itaú Operations 3,625 - - 3,625Earn Out - - - -Net Operating Revenue 74,415 21,439 2,895 98,749(-)Costs and Expenses (33,547) (14,182) (2,220) (49,948)(-)Holding (14,190) (4,088) - (18,278)(-) Stock Option Expenses CPC10 (303) - - (303)(-) Expenses to Accrue from Itaú (238) - - (238)(+/-) Equity Equivalence - - 961(=)EBITDA 26,136 3,169 1,636 30,941EBITDA Margin 35.1% 14.8% 56.5% 31.3%(+/-) Other nonrecurring results (826) - - -(-)Depreciation and amortization (2,672) (771) - (3,443)(+/-) Financial Result 2,724 340 0 3,065(-)Income tax and social contribution (1,659) (2,076) (2,256) (5,991)(=)Net income before IFRS 23,704 663 (620) 23,747Net Margin before IFRS 31.9% 3.1% -21.4% 24.0%(-) Non-controlling Shareholders (4,526)(=) Net Income Attributable to Controlling Shareholders Before IFRS* 19,221Net Margin Controlling Shareholders 19.5%*We consider the net income ajusted by non cash IFRS 3 effects (Business Combination) the best net income indicator
  45. 45. Lopes Net Commission45Net Comssion Fee1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13BRAZIL 2,3% 2,4% 2,4% 2,4% 2,3% 2,4% 2,4% 2,4% 2,4%PrimarySP 2,9% 3,0% 2,9% 3,1% 2,8% 3,1% 3,0% 2,9% 2,9%Habitcasa 1,9% 1,9% 2,1% 2,1% 2,0% 1,9% 2,1% 2,0% 2,4%RJ 2,2% 2,0% 2,2% 2,1% 2,1% 2,1% 2,0% 2,2% 2,2%Other Markets 2,1% 2,1% 2,1% 2,1% 2,1% 2,0% 2,1% 2,1% 2,1%SecondarySP 2,2% 2,3% 2,3% 2,4% 2,2% 2,2% 2,4% 2,2% 2,3%RJ 2,4% 2,5% 2,4% 2,3% 2,3% 2,0% 2,3% 2,2% 2,3%Other Markets 2,1% 2,4% 2,4% 2,5% 2,3% 2,5% 2,1% 2,5% 2,0%
  46. 46. CrediPronto!1 – Weighted average portfolio balance• The numbers of the managerial P&L were audited for 2012 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.P&L* 2012(R$ thousands)46TotalExecuted contracts 1,503,028Opening portfolio 1,767,940Closing portfolio 2,771,051Average portfolio balance12,069,854Financial Margin 46,655% Spread 2.3%(-) Sales taxes -3,756(-) Total costs and expenses -58,099(-) Backoffice Expenses -14,193(-) Sales Expenses -20,383(-) Commissions paid -14,574(-) Insurance and claims (+/-) -1,091(+) Other revenues (Financ.) 288(-) ADA -8,146(-) IRPJ/CSLL (Itaú Balance) -6,636(=) Net result -21,836% Net Margin -50.90%50% Profit Sharing -10,918(+) Retention of Commissions 2,972CrediPronto! Result (LPS) -7,946
  47. 47. CrediPronto!47CrediPronto! achieved breakeven point in November 2012, marking the moment the operation becameprofitableBreakeven Point CrediPronto!1Q122Q123Q124Q12 -92-2.375-3.120-2.359-650365193Out, 12 Nov, 12 Dez, 12
  48. 48. Allowance for Doubtful AccountsExample of P&L with a financing contractfor a $200 unit:Ex: Sale for$300Ex: Sale for$150Month 8$100-$60+$200$240Month 1$100-$60-$40Month 2$100-$60-$5$35Month 5$100-$60-$25$15+$100: Profit forthe bank-$50: Lossof the bankSale of therecoveredpropertyRecovery ofProperty¹ Including general allowanceDefaultFinancial MarginExpenses¹Specific AllowanceResult48
  49. 49. Additional Information
  50. 50. Lopes’ Contracted Sales Seasonality* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.30%Average of HistoricalSeasonality of thefourth quarter:5017% 18%14%23%15%19% 19%21%21%31%22%32%24% 25%27%26%25%22% 23%29% 28% 26%24%26%37%29%41%16%33%30% 30% 27%2005 2006 2007 2008* 2009 2010 2011 20121Q 2Q 3Q 4Q
  51. 51. Ownership StructureTotal of 114,157,316 common sharesOwnership Structure | Apr, 1332%23%0.2%45%Rosediamond Chairman and Vice Chairman Management Free Float51
  52. 52. Company RoadmapAchieve dominant position in Secondary Market,Growing from 26% to 40/50% of our SalesLong Term Strategic GoalsMantain Leadership in Primary MarketGrow the Mortgage Portfolio, achieving highprofitability levelsDevelop other Opportunities tied to Services inReal Estate Market.52
  53. 53. ContactsINVESTOR RELATIONS CONTACTE mail: ri@lopes.com.brWebsite: www.lopes.com.br/ri53

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