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Apresentação resultados 3 t12 inglês

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  • 1. 3Q12 PresentationPresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IROBruno Gama - COO CrediPronto! 1
  • 2. 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 endedSeptember 30th 2012. It should not be considered as a recommendation for prospective investors to sell,purchase or subscribe for securities of the Company. The information presented herein is in summary form anddoes not purport to be complete. No reliance should be placed on the accuracy completeness of theinformation contained herein, and no representation or warranty, express or implied, is given on behalf of theCompany or its 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
  • 3. Schedule I. Highlights II. Operational Results III. Credipronto! IV. Financial Results 3
  • 4. Highlights 4
  • 5. Highlights Despite of 25%1 decrease in volume of launches from the market in the first 9 months of the year, LPS presented the same levels of launches as last year and grew 5% in volume of transactions closed. Total transactions closed of R$5.0 billion, up 16% from 3Q11; Total transactions closed in the primary market of R$3.8 billion, up 14% from 3Q11; Total transactions closed in the secondary market of R$1.2 billion, up 23% from 3Q11; Net Revenue of R$111.5 million, increasing 24% from 3Q11*; EBITDA of R$42.2 million, with margin of 38%, increasing 92% from 3Q11*; Net Income of Controlling Shareholders before IFRS was R$25.5 million, with net margin of 23%, increasing 94% from 3Q11*; CrediPronto! originated mortgage loans worth R$362 million in 3Q12, bringing the total in 9M12 to R$1.1 billion. *Ex-Earn Out 1 - Source: Lopes Market Intelligence. It considers vertical residential projects, business units and flat/hotels launched in the most important brazilian regions. 5
  • 6. Operational Results 6
  • 7. Transactions Closed Transactions Closed Number of Transactions Closed (R$ thousand) (R$ thousand) +16% +16% 15,061 4,975 12,929 2,536 4,286 1,181 2,057 0,960 12,525 3,793 10,872 3,326 3Q11 3Q12 3Q11 3Q12 Secondary Market Primary Market The Transactions Closed in 3Q12 achieved a growth of 16% over the same period last year. 7
  • 8. Sales Speed over Supply Lopes Consolidated Sales Speed Habitcasa’s Sales Speed 38.2% 22.8% 20.9% 34.7% 2Q12 3Q12 2Q12 3Q12 8
  • 9. Transactions Closed by Income Segment – Primary and Secondary Markets Transactions Closed R$ 4,286 million R$ 4,975 million 3Q11 3Q12 11% 7% 36% 34% 31% 31% 22% 28% Units 12,929 units 15,061 units 3Q11 3Q12 9% 10% 12% 19% 34% 42% 36% 37% <150 150-350 350-600 >600 9
  • 10. Transactions Closed by Region – Primary and Secondary Market Transactions Closed 3Q11 3Q12 5% 6% 4% 5% 12% 15% 8% 47% 50% 4% 24% 20% São Paulo Brasília Nordeste Rio de janeiro Sul Outros 10
  • 11. Breakdown of Transactions Closed Breakdown – Transactions Closed 45% 44% 52% 47% 32% 24% 35% 28% 22% 24% 21% 24% 3Q11 3Q12 9M11 9M12 Non-Listed Homebuilders Listed Homebuilders Secondary Market 11
  • 12. Launches and Transactions Closed – Primary Market 9M12 Transactions Closed – Launches 9M12 Launches 9M12 Primary Market 9M12 Market* LPS LPS -25% -1% +5% 51,0 17,3 17,0 10,5 10,0 38,0 9M11 9M12 9M11 9M12 9M11 9M12 Despite the 25% decrease in the volume of launches of the market, LPS presented the same levels of launches as last year and growth in the volume of transactions closed. * Source: Lopes Market Intelligence. It considers vertical residential projects, business units and flat/hotels launched in the most important brazilian regions.
  • 13. Breakdown Homebuilders Breakdown – Homebuilders Breakdown Top 5 Homebuilders 4.7% 4.0% 4.1% 3.6% 5.1% 4.4% 4.4% 44% 43% 6.1% 5.1% 51% 47% 46% 5.3% 4.4% 5.2% 5.0% 6.1% 5.6% 4.9% 53% 56% 54% 5.3% 6.2% 49% 57% 7.1% 6.1% 12.2% 9.5% 8.9% 7.6% 6.2%#Homebuilders 292 301 236 272 308 2010 2011 1Q12 2Q12 3Q12 2010 2011 1Q12 2Q12 3Q12 Other Homebuilders Top 10 Homebuilders 1st 2nd 3rd 4th 5th 13
  • 14. LPS Brasil in the Mortgage Market CrediPronto! 14
  • 15. CrediPronto! 3Q12 R$362MM in Average LTV of Average Rate Average Period 1,134 Contracts Mortgages 60,19% of 9,3% + TR of 311 months 15
  • 16. CrediPronto! Financed Volume Financed Volume 9M12 (R$ MM) (R$ MM) +1% +19% 358 362 1,063 895 3Q11 3Q12 9M11 9M12 In the third quarter of 2012, the CrediPronto! financed R $ 362 million, achieving an accumulated volume of R$ 1,063 million in 9M12, that means an increase of 19% compared the same period of the previous year. 16
  • 17. CrediPronto! Mortgages Portfolio (R$ MM) +10% 2,492 2,266 Starting Portfolio Ending Portfolio Balance Balance The Average Portfolio Balance in 3Q12 was R$2.3 billion. 17
  • 18. CrediPronto! Ending Portfolio Balance (R$ MM) 2.492 2.266 2.097 1.883 1.756 1.573 1.380 1.162 881 707 517 392 aug/10 nov/10 jan/11 mar/11 apr/11 aug/11 nov/11 jan/12 mar/12 apr/12 aug/12 jun/10 jul/10 sep/10 oct/10 dec/10 feb/11 may/11 jun/11 jul/11 sep/11 oct/11 dec/11 feb/12 may/12 jun/12 jul/12 sep/12 The ending portfolio balance grew an average of 7% per month since jun/10 and it’s already at 2.5 billion. 18
  • 19. Financial Results 19
  • 20. Net Commission by Market Net Comssion Fee 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 BRAZIL 2.3% 2.4% 2.4% 2.4% 2.3% 2.4% 2.4% Primary SP 2.9% 3.0% 2.9% 3.1% 2.8% 3.1% 3.0% Habitcasa 1.9% 1.9% 2.1% 2.1% 2.0% 1.9% 2.1% RJ 2.2% 2.0% 2.2% 2.1% 2.1% 2.1% 2.0% Other Markets 2.1% 2.1% 2.1% 2.1% 2.1% 2.0% 2.1% Secondary SP 2.2% 2.3% 2.3% 2.4% 2.2% 2.2% 2.4% RJ 2.4% 2.5% 2.4% 2.3% 2.3% 2.0% 2.3% Other Markets 2.1% 2.4% 2.4% 2.5% 2.3% 2.5% 2.1% 20
  • 21. Gross and Net Revenue Gross Revenue Net Revenue (R$ MM) (R$ MM) 115.2 +18% 97.9Earn out Itaú 7.8 +24% Earn Out Itaú 7.8 126.9 111.5 107.4 90.1 3Q11 3Q12 3Q11 3Q12 This quarter we have achieved R$ 111.5 million in net revenue. 21
  • 22. Gross Revenue Reconciliation 3Q12 - Gross Revenue Reconciliation (R$ Million) Contracted Sales (a) 4,975 Net Comission (b) 2.38% Gross Brokerage 118.3 Revenue (a) x (b) Revenue to Accrue from Itaú 3.6 Operations Other revenues 5.8 Ajustment to Present Value (0.8) Gross Revenue 126.9 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 contracted sales 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. 22
  • 23. Results 3Q12 Results 3Q12 Before IFRS (R$ thousand) Lauches Pronto! CrediPronto! Consolidated Gross Service Revenue 93,180 27,957 5,765 126,901 Revenue from Real Estate Brokerage 89,555 27,957 5,765 123,276 Revenue to Accrue from Itaú Operations 3,625 - - 3,625 Earn Out - - - - Net Operating Revenue 81,853 24,559 5,135 111,546 (-)Costs and Expenses (35,103) (14,386) (4,375) (53,865) (-)Holding (11,365) (3,540) - (14,905) (-) Stock Option Expenses CPC10 (384) - - (384) (-) Expenses to Accrue from Itaú (238) - - (238) (=)EBITDA 34,762 6,633 760 42,155 EBITDA Margin 42.5% 27.0% 14.8% 37.8% (+/-) Other nonrecurring results - - - - (-)Depreciation and amortization (3,484) (875) (16) (4,376) (+/-) Financial Result 4,469 404 17 4,891 (-)Income tax and social contribution (8,099) (2,318) 106 (10,311) (=)Net income before IFRS* 27,648 3,843 867 32,359 Net Margin before IFRS 33.8% 15.7% 16.9% 29.0% (=)Net income after IFRS 21,399 (2,622) 867 19,645 Net Operating Margin 26.1% -10.7% 16.9% 17.6% (-) Non-controlling Shareholders (2,943) (=) Net Income Attributable to Controlling Shareholders After IFRS 16,702 Net Margin Controlling Shareholders 15.0% *We co nsider the net inco me ajusted by no n cash IFRS 3 effects (B usiness Co mbinatio n) the best net inco me indicato r 23
  • 24. Net Income 3Q12 by segment Net Income from launches 3Q12 (R$Thousand) 34% 3,385 4,710 26% 5,498 574 27,648 21,399 Launches Net Earnout impact Non-cash Taxes over Amortization of Launches NetIncome After IFRS call/put effect intangible assets intangible assets Income Before IFRS Net Income from Pronto! 3Q12 (R$ R$Thousand) 16% 3,843 5,761 2,622 0 1,317 -11% 613 Pronto! Net Earnout Impact Non-cash Taxes over Amortization of Pronto! NetIncome after IFRS call/put effect intangible assets intangible assets Income Before IFRS 24
  • 25. Results 3Q12 - Launches Results Launches 3Q12 Before IFRS (R$ thousand) 3Q12 3Q11 ∆% (=)Transactions Closed 3,793,350 3,326,106 14.0% (=)Gross Revenue 93,180 80,981 15.1% (-)Deductions (11,327) (13,035) -13.1% (=)Net Revenue 81,853 67,946 20.5% (-)Costs and Expenses (47,091) (41,285) 14.1% (=)EBITDA 34,762 26,661 30.4% EBITDA Margin 42.5% 39.2% + 3.2 p.p. (-)Depreciation and amortization (3,484) (2,489) 40.0% (+/-)Financial Result 4,469 6,930 -35.5% (-)Income tax and social contribution (8,099) (6,981) 16.0% (=)Net Income 27,648 24,121 14.6% Net Margin 33.8% 35.5% - 1.7 p.p. 25
  • 26. Results 3Q12 – Launches before IFRS Launches Launches EBITDA & Margin Net Income & Margin before IFRS (R$ Thousand) (R$ Thousand) +30% +15% 34,762 27,648 24,121 26,661 39.2% 42.5% 35.5% 33.8% 3Q11 3Q12 3Q11 3Q12 26
  • 27. Results 3Q12 – Pronto! Results Pronto! 3Q12 Before IFRS (R$ thousand) 3Q12 3Q11 ∆% (=)Transactions Closed 1,181,439 959,976 23.1% (=)Gross Revenue 27,957 25,868 8.1% (-)Deductions (3,398) (4,164) -18.4% (=)Net Revenue 24,559 21,704 13.2% (-)Costs and Expenses (17,926) (20,499) -12.6% (=)EBITDA 6,633 1,205 450.5% EBITDA Margin 27.0% 5.6% + 21.5 p.p. (-)Depreciation and amortization (875) (1,317) -33.5% (+/-)Financial Result 404 503 -19.7% (-)Income tax and social contribution (2,318) (1,622) 42.9% (=)Net Income 3,843 (1,231) -412.2% Net Margin 15.7% -5.7% + 21.3 p.p. 27
  • 28. Results 3Q12 – Pronto! Before IFRS Pronto! Pronto! EBITDA & Margin Net Income & Margin before IFRS (R$ Thousand) (R$ Thousand) +450% +412% 6,633 3,843 27.0% 5.6% 1,205 15.7% -5.7% -1,231 3Q11 3Q12 3Q11 3Q12 28
  • 29. Operational Expenses Evolution of Operational Expenses* (R$ MM) +1% 68.5 69.4 3.7 4.4 Non recurring expenses 3Q12 (R$ million) M&A Costs 2,0 64.8 65.0 Consulting Services 0,4 Total 2,4 3Q11 3Q12 CrediPronto! Launches + Secondary (Pronto!) 29 * Does not consider IFRS
  • 30. EBITDA EBITDA* Margin EBITDA¹(%) (R$ MM) 29.5 +92% Earn Out Itaú 7.5 42.2 (37.8%) 21.9 (24.4%) 3Q11 3Q12* We consider the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the companyperformance indicator 30¹ The 2011 margin does not consider Itaú Earn Out net of taxes.
  • 31. IFRS Impacts – Net Income before non-controlling shareholders Before Description IFRS Effects* After IFRS IFRS Net Operating Revenue 111,546 111,546 Costs and Expenses -69,392 0 -69,392 Depreciation and Amortization -4,376 -10,471 -14,847 (1) Finance Result 4,891 -5,628 -737 (2) Operational Profit 42,670 -16,099 26,571 (1)+(2) Income tax and social contribution -10,311 3,385 -6,926 (3) Net Income 32,359 -12,714 19,645 (1)+(2)+(3) Non-controlling Shareholders -6,906 3963 -2,943 (4) Net Income attributable to controlling shareholders 25,453 -8,751 16,702 (1)+(2)+(3)+(4) * IFRS 3 non cash effects (business combination) (1) Amortization of Intangible Assets (2) 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 (3) Deferred Income Tax over effects of call and put on LPS Brasil. (4) Effects related to deferred income tax and intangible assets amortization on non-controlling shareholders. 31
  • 32. Net Income Attributable to Controlling Shareholders Net Income Attributable to Controlling Net Income Attributable to Controlling Shareholders After IFRS (shareholders of LPB3) Shareholders before IFRS * (shareholders of LPB3) Net Margin¹ Net Margin¹ (R$ Million) (R$ Million) 29.7Earn out Itaú 7.0 20.2 +94% -26% Earn out Itaú 7.0 25.5 (23%) 22.7 (23%) 16.7 13.1 (35%) (15%) 3Q11 3Q12 3Q11 3Q12¹ The 2011 margin does not consider Itaú Earn Out net of taxes. 32*We consider the net income ajusted by non cash IFRS 3 effects (Business Combination) the best net income indicator
  • 33. Next Events 3Q12 Earnings Conference Call Portuguese English Date: 11/14/2012, Wednesday Date: 11/14/2012, Wednesday Time: 10h00 a.m. (BR Time) Time: 12h00 p.m. (BR Time) 07h00 a.m. (NY Time) 09h00 a.m. (NY Time) Telephone: (11) 2188 0155 Telephone Brazil: +55 (11) 2188 0155 Password: Lopes Telephone US: (+1) 646 843 6054 Telephone other countries: (+44) 203 051 6929 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 33