Apresentação resultados 1 t12 inglês vf
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Apresentação resultados 1 t12 inglês vf Apresentação resultados 1 t12 inglês vf Presentation Transcript

  • 1Q12 PresentationPresentersFrancisco Lopes – COOMarcello Leone – CFO and IROBruno Gama - COO CrediPronto! 1
  • Forward-looking statementsThis presentation does not constitute or form part of any offer, or invitation or solicitation of any offer to purchase,sell or subscribe for shares or other securities of the Company, nor shall this presentation or any informationcontained herein form the basis of, or act as inducement to enter into, any contract or commitment whatsoever.This presentation contains financial and other information related to the business operations of Lopes –LPS BrasilConsultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended March31st 2012. It should not be considered as a recommendation for prospective investors to sell, purchase orsubscribe for securities of the Company. The information presented herein is in summary form and does notpurport to be complete. No reliance should be placed on the accuracy completeness of the informationcontained herein, and no representation or warranty, express or implied, is given on behalf of the Company orits subsidiaries as to the accuracy completeness of the information presented herein.This presentation contains forward-looking statements. Investors are advised that whilst the Company believesthey are based on reasonable assumptions by Management, forward-looking statements rely on currentexpectations and projections about future events and financial trends, and are not a guarantee of future results.Forward-looking statements are subject to risks and uncertainties that affect or may affect business conditionsand results of operations, which therefore could materially differ from those anticipated in forward-lookingstatements due to several factors, including competitive pressures, Brazilian macroeconomic conditions,performance of the industry, changes in market conditions, and other factors expressed or implied in theseforward-looking statements or disclosed by the Company elsewhere, factors currently deemed immaterial.The forward-looking statements contained herein speak only as of the date they are made and neitherManagement, nor the Company or its subsidiaries undertake any obligation to release publicly any revision tothese forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipatedevents. 2
  • Program I. Highlights II. Operational Results III. Credipronto! IV. Financial Results 3
  • Highlights 4
  • Highlights Best first quarter in the company’s history, with sales of R$4.0 billion; PSV launched in the quarter reached a historic record of R$3.6 billion, growing 14% over the 1Q11; Net revenue of R$88.4 million, up 14% from 1Q11; EBITDA 39% higher than 1Q11, achieving R$25.2 million; 54% growth in CrediPronto! origination from 1Q11, with R$322 million in mortgage loans in 1Q12; Conclusion of three acquisitions in the quarter: LPS Foco, LPS Piccoloto and LPS Cappucci.*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our 5standart from now.
  • Operational Results 6
  • Contracted Sales Contracted Sales Units Sold (R$ million) +15% +5% 4,003 12,708 12,046 3,479 1,387 2,398 0,959 0,674 10,659 10,310 2,804 3,044 1Q11 1Q12 1Q11 1Q12 Secondary Market Primary Market In This Quarter, We Achieved Our Best First Quarter in Contracted Sales. 7
  • Sales Speed over Supply Lopes Consolidated Sales Speed Habitcasa’s Sales Speed 39.6% 21.6% 35.3% 16.2% 4Q11 1Q12 4Q11 1Q12 8*Informações Gerenciais O VSO é calculado com base nos valores de VGV vendido mediante estoque e lançamento, e foi apresentado o número médio de cada ano.
  • Sales by Income Segment – Primary and Secondary Markets Contracted Sales Total Contracted Sales = R$ 4,003 million 1Q11 1Q12 12% 10% 25% 35% 31% 39% 23% 24% Units Sold Total units sold = 12,708 1Q11 1Q12 6% 9% 15% 31% 13% 43% 35% 47% <150 150-350 350-600 >600 9
  • Contracted Sales by Geographic Region – Primary and Secondary Markets Contracted Sales 1Q11 1Q12 12% 11% 11% 12% 50% 4% 51% 9% 22% 18% São Paulo Rio de janeiro Brasília Sul Others 10
  • Breakdown of Contracted Sales Breakdown – Contracted Sales 1Q12 Primary Market (R$ BI) 1.8 (44%) 1.0 50% 56% 58% (24%) 1.3 50% 44% 42% (32%) 2010 2011 1Q12 Secondary Market Non-Listed Homebuilders Listed Homebuilders Top 10 clients 11
  • Evolution of Launches – Listed Homebuilders and Lopes Evolution of Launches 1Q12 -34% 7,171 4,755 +14% 3,611 3,171 1Q11 1Q12* 1Q11 1Q12 Listed Homebuilders* Value based on the previous Listed Homebuilders - does not include Living, JHSF and CR2 in the 1Q11 or 1Q12.
  • Breakdown Homebuilders Breakdown – Homebuilders Breakdown Top 5 Clients (R$ BI) 4.7% 4.0% 4.1% 6.1% 5.1% 4.4% 47% 44% 51% 5.2% 5.0% 6.1% 56% 53% 5.3% 6.2% 49% 7.1%Nº 301Homebuilders 292 236 9.5% 8.9% 7.6% 2010 2011 1Q12 2010 2011 1Q12 Demais Clientes Other Clients 10 Maiores Clientes Top 10 clients in sales 1st 2nd 3rd 4th 5th 13
  • Seasonality 41% 37% 32% 33% Average of historical 31% 30% 30% 29% 29% 28% 26% 27% seasonality of the first 25% 23% 23% 24% 25% 24% quarter: 21% 22% 22% 18% 19% 19%17% 14% 16% 15% 17.9% 2005 2006 2007 2008* 2009 2010 2011
  • LPS Brasil in the Mortgage Market CrediPronto! 15
  • CrediPronto! 1Q12 R$322MM in Average LTV of Average Rate Average Period 1,087 Contracts Mortgages 59% of 10% + TR of 311 months 16
  • CrediPronto! Financed Volume Accumulated Volume Sold* (R$ MM) (R$ MM) +54% +137% 322 2,397 209 1,013 1Q11 1Q12 1Q11 1Q12 CrediPronto! granted mortgage loans worth R$322 millions in 1Q12, 54%higher than 1Q11. 17*It doesn’t include amortization.
  • CrediPronto! Mortgages Portfolio (R$ MM) +13% 1,989 1,768 Starting Portfolio Ending Portfolio Balance Balance The Average Portfolio Balance in 1Q12 was R$1.8 billion. 18
  • CrediPronto! Accumulated Sales Volume * (R$ MM) 2.397 2.153 1,956 1,698 1,461 1,219 1,013 854 727 591 474 385 291 217 The CrediPronto! exceeded the $ 2.3 billions in financing since the beginning of the operation.*Not including amortization. 19
  • Financial Results 20
  • Net Commission by Market Net Commission Net Comssion Fee 1Q12 4Q11 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 BRAZIL 2.3% 2.4% 2.4% 2.4% 2.3% 2.5% 2.6% 2.4% Primary SP 2.8% 3.1% 2.9% 3.0% 2.9% 3.1% 3.2% 3.0% Habitcasa 2.0% 2.1% 2.1% 1.9% 1.9% 1.9% 1.9% 1.8% RJ 2.1% 2.1% 2.2% 2.0% 2.2% 2.1% 2.1% 2.2% Other Markets 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.3% 2.1% Secondary SP 2.2% 2.4% 2.3% 2.3% 2.2% 2.3% 2.2% 2.2% RJ 2.3% 2.3% 2.4% 2.5% 2.4% 2.3% - - Other Markets 2.3% 2.5% 2.4% 2.4% 2.1% - - - 21
  • Gross and Net Revenue Gross Revenue Net Revenue (R$ MM) (R$ MM) +18% +14% 100.6 85.1 88.4 77.4 1Q11 1Q12 1Q11 1Q12 This quarter we have achieved 14% growth in net income compared to 1Q11. 22
  • Gross Revenue Reconciliation 1Q12 - Gross Revenue Reconciliation (R$ Million) Contracted Sales (a) 4,003 Net Comission (b) 2.31% Gross Brokerage 92.5 Revenue (a) x (b) Revenue to Accrue from Itaú 3.6 Operations Other revenues 4.5 Gross Revenue 100.6 IMPORTANT CRITERIA FOR CONTRACTED SALES The contracted sales released in the quarter is exclusively based on the invoiced sales, which multiplied by the net commission result in the gross revenue of the quarter. Thus, the R$4 billion in contracted sales in the 1Q12 meets all the criteria for accounting the Company’s gross revenue, even including the contract approval by the homebuilder. Additional sales generated during this same period, that do not meet all the accounting criteria were not considered as contracted sales of the period.
  • Results 1Q12 Results 1Q12 (R$ thousand) LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED Gross Service Revenue 73,405 22,724 4,496 100,625 Revenue from Real Estate Brokerage 69,780 22,724 4,496 97,000 Revenue to Accrue from Itaú Operations 3,625 - - 3,625 Earn Out - - - - Net Operating Revenue 64,541 20,003 3,833 88,377 (-)Costs and Expenses (44,644) (14,670) (3,396) (62,710) (-) Stock Option Expenses CPC10 (235) - - (235) (-) Expenses to Accrue from Itaú (238) - - (238) (=)EBITDA 19,424 5,333 437 25,194 EBITDA Margin 30.1% 26.7% 11.4% 28.5% (+/-) Other nonrecurring results - - - - (-)Depreciation and amortization (7,685) (5,923) (12) (13,620) (+/-) Financial Result 18,682 3,262 56 22,000 (-)Income tax and social contribution (10,078) (1,478) (426) (11,982) (=)Net income in period 20,343 1,194 55 21,592 Net Operating Margin 31.5% 6.0% 1.4% 24.4% (=)Net Income in Period - Non-controlling Shareholders (247) - Controlling Shareholders 21.345 Net Margin after Minority Interest 24.2% 24
  • Net Income 1Q12 Net Income from Launches 1Q12 Net Income from Pronto! 1Q12 32% 22% 894 1,144 22% 4,405 12,317 4,433 6% 20,343 1,194 5,124 2,796 14,361 4,284 0 1,227Net Income Earnout Non-cash Taxes over Amortization Ajusted Net Income Earnout Non-cash Taxes over Amortization M&A Costs Ajusted impact call/put intangible of intangible Net Income Impact call/put intangible of intangible Net Income effect assets assets effect assets assets 25
  • Operational Expenses Evolution of Operational Expenses* (R$ MM) +7% -16% 74,993 71,252 5,820 3,707 66,013 63,183 59,210 3,416 17,897 3,396 3,098 18,326 16,133 9,982 59,787 49,219 51,276 46,130 46,464 1Q11 2Q11 3Q11 4Q11 1Q12 CrediPronto! Acquisitions Organic (pre-M&A) 26 * Não considera IFRS
  • EBITDA EBITDA Margin EBITDA(%) (R$ Milhares) +39% 29% 23% 25,194 18,128 1Q11 1Q12 27*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be ourstandart from now.
  • IFRS Impacts – Net Income before non-controlling shareholders Before Description IFRS Effects* After IFRS IFRS Net Operating Revenue 88,377 88,377 Costs and Expenses -63,183 0 -63,183 Depreciation and Amortization -4,063 -9,557 -13,620 (1) Finance Result 5,732 16,268 22,000 (2) Operational Profit 26,863 6711 33,574 (1)+(2) Income tax and social contribution -9,186 -2796 -11,982 (3) Net Income 17,677 3915 21,592 (1)+(2)+(3) * IFRS 15 non cash effects (business combination) (1) Amortization of Intangible Assets (1) Combined effects: i) Gains and losses with net non-cash effects of call and put options from controlled companies, based on the fair value according to future estimates and ii) non-cash impacts from payable earnouts (1) Deferred Income Tax over effects of call and put on LPS Brasil. 28
  • Net Income - Net Income after non-controlling shareholders Net Income Attributable to Controlling Net Income Attributable to Controlling Shareholders Shareholders before IFRS * Net Margin Net Margin (R$ Thousand) +29% 24% +27% 16% 21% 14% 21,345 13,768 16,514 10,872 1Q11 1Q12 1Q11 1Q12 29
  • 1Q12 Acquisitions 1Q12 Data da March 2nd 2012 March 12th 2012 March 15th 2012 Aquisição Participação 51% 51% 51% Pagamento R$ 15 million R$ 10 million R$ 6,6 million 30
  • Cash Position ASSETS Cash and Cash & Equivalents* R$ 218.4million Receivable From Clients R$ 94.2 millionAcquisition Payment Schedule(R$ million) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 TOTAL Acquisition - 8.4 7.1 9.3 17.3 2.9 3.3 13.1 18.0 3.2 8.7 14.2 17.8 - 8.0 - - 131.4 Secondary 31
  • Next Events 1Q12 Earnings Conference Call Portuguese English Date: 05/11/2012, Friday Date: 05/11/2012, Friday Time: 11h00 a.m. (BR Time) Time: 12h30 p.m. (BR Time) 10h00 a.m. (NY Time) 11h30 a.m. (NY Time) Telephone: (11) 4688-6361 Telephone Brazil: (11) 4688-6361 Password: Lopes Telephone US: +1 888-700-0802 Telephone other countries: +1 786 924-6977 Password: Lopes Replay: Replay: http://webcall.riweb.com.br/lpsbrasil/ http://webcall.riweb.com.br/lpsbrasil/english/ CONTACTS Marcello Leone IR CFO and IRO Tel. +55 (11) 3067-0218 Tel. +55 (11) 3067-0015 E-mail: ri@lopes.com.br www.lopes.com.br/ir 32