Apresentação resultados eng 1 t10.final


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Apresentação resultados eng 1 t10.final

  1. 1. 1Q10 Conference Call Presentation Results Presenters Marcos Lopes – CEO Francisco Lopes – COO Marcello Leone – CFO and IRO
  2. 2. Forward-looking statements This 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 information contained 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 Brasil Consultoria de Imóveis S.A and its subsidiaries (“Lopes” or the “Company”) as of and for the period ended March 31st, 2010. 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 and does not purport to be complete. No reliance should be placed on the accuracy completeness of the information contained herein, and no representation or warranty, express or implied, is given on behalf of the Company 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 believes they are based on reasonable assumptions by Management, forward-looking statements rely on current expectations 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 conditions and results of operations, which therefore could materially differ from those anticipated in forward-looking statements 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 these forward-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 neither Management, nor the Company or its subsidiaries undertake any obligation to release publicly any revision to these forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipated events. 2
  3. 3. Program I. Highlights II. Operational Results III. Financial Results 3
  4. 4. Highlights 4
  5. 5. Highlights Contracted sales totaled R$2.5 billion in 1Q10, 80% higher than 1Q09. Lopes sold 10,521 units in Brazil in 1Q10, an 89% increase when compared to the 1Q09, of which 41% were in the low-income segment (units priced up to R$150k). Consolidated Sales Speed Over Supply stood at 43%, when isolating the low-income segment, Habitcasa´s Sales Speed Over Supply was 61%, both among one of the largest sales speed of the sector. The State of São Paulo accounted for R$1.5 billion of our contracted sales, positioning Lopes as the leader in the biggest Brazilian market. In the markets of Brasília and the South Region, Lopes also stood up as the leader with R$350 million and R$244 million sales respectively. The Company opened its new units: Lopes Focus, Lopes ABC, new head office of Rio de Janeiro, Lopes Curitiba, Habitcasa Campo Grande-RJ and Habitcasa Nova Iguaçu – RJ. In addition, three new Pronto! stores were opened in Sao Paulo. Through these new units, the Company seeks to strengthen its strategy of liquidity. In 1Q10, CrediPronto! granted mortgage loans worth R$87 million .Since the beginning of its operations until March this year, the amount financed by Credipronto! already reached R$291 million. Lopes Net Revenue totaled R$63 million, an increase of 82% when compared to the 1Q09. Pro-forma EBITDA in 1Q10 was R$22.4 million, an increase of 293% over 1Q09. Pro-forma EBITDA Margin was 36%. Lopes posted Pro-forma Net Income of R$12.4 million in 1Q10, up 296% year-on-year. Pro-forma Net Margin was 20% in 1Q10. 5
  6. 6. Operational Results 6
  7. 7. Launches GVS Launched Units Launched (R$ MM) 31% 86% 13,971 2,897 2,212 7,496 1Q09 1Q10 1Q09 1Q10 7
  8. 8. Contracted Sales Contracted Sales Units Sold (R$ MM) 2,545 10,521 404 187 80% 89% 1,411 5,556 72 197 10,117 2,359 1,339 5,359 1Q09 1Q10 1Q09 1Q10 Primary Market Secondary Market Primary Market Secondary Market 8
  9. 9. Sales Speed over Supply Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed 42.7% 69.7% 61.0% 26.5% 4Q09 1Q10 4Q09 1Q10 *Management information, 9 The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
  10. 10. Sales by Income Segment 1Q10 Contracted Sales Total Contracted Sales = R$2,545 million 1Q10 1Q09 19% 17% 23% 17% 24% 24% 36% 40% Units Sold Total units sold = 10,521 1Q10 1Q09 6% 5% 13% 13% 40% 41% 42% 42% 10
  11. 11. Contracted Sales by Geographic Region Contracted Sales 1Q09 1Q10 16% 12% 41% 10% 7% 6% 5% 5% 54% 6% 14% 24% São Paulo Brasília Campinas Rio de Janeiro South Region Other 11
  12. 12. Primary Market Contracted Sales Units Sold (R$ MM) 89% 76% 2,359 10,117 1,339 5,359 1Q09 1Q10 1Q09 1Q10 12
  13. 13. New Units – Lopes Focus Lopes Focus is the first unit exclusively dedicated to the sales of inventory. 13
  14. 14. New Units – Lopes ABC Lopes opened its unit in the ABC region, the third largest market in the state of São Paulo. 14
  15. 15. New Units – Lopes Rio de Janeiro (new head office) Lopes opened its new head office in Rio de Janeiro to better meet the potential of this market. 15
  16. 16. New Units – Lopes Curitiba Lopes opened its head office in Curitiba, a region with great potential for the Brazilian real estate market. 16
  17. 17. New Units – Habitcasa RJ: Campo Grande and Nova Iguaçu 17
  18. 18. Secondary Market Contracted Sales Units Sold (R$ MM) 105% 160% 404 187 197 72 1Q09 1Q10 1Q09 1Q10 18
  19. 19. Pronto! 1Q10 205 Stores 4Q09 152 Stores 3Q09 93 Stores 2Q09 23 Stores 1Q09 9 Stores 19
  20. 20. Secondary Market Sales Point Sales Point (Owned Stores) (Rede Pronto!) 233% 175 30 9 - 1Q09 1Q10 1Q09 1Q10 20
  21. 21. New Units – Pronto! Moema, Pompéia and Vila Mariana Pronto! Moema Pronto! Vila Mariana Pronto! Pompéia 21
  22. 22. CrediPronto! (R$ MM) CrediPronto!’s Financing (R$ MM) 300% 86.9 21.7 1Q09 1Q10 In 1Q10, CrediPronto! financed R$86.9 million, ammounting to 334 contracts. The average payment term in the period was 270 months. 22
  23. 23. CrediPronto! Mortgage Portfolio Evolution (R$ MM) 290.9 247.4 216.7 jan/10 feb/10 mar/10 Since the beginning of its operation, CrediPronto! already financed R$291 million. 23
  24. 24. Some Examples of Successful Projects 1Q10 Liber Bosque dos Jequetibas Atua Mooca II Espaço e Vida Ipoema II Helbor Sunshine Arc de Frence Residence São Paulo – January São Paulo – February Mogi das Cruzes – March Santos – March Fortaleza –February Living Atua Helbor Helbor Mota Machado Novo Horizonte Jardins II Residencial dos Veleiros - 1ª Fase In Breeini Tribeca Helbor Home Flex Pacaembu Belo Horizonte – February Dominus Parnamirim – January MRV 0 São Paulo– February Camargo Corrêa São Paulo– March Even São Paulo – January Helbor Real Celebration Life Club Serenitá Alameda Clube Residencial Portal Bordon II – Fase 7 Portal do Vale Águas Claras – February Porto Alegre – January 0 Curitiba – March Sumare – March Taubaté – January 24 Real Engenharia Goldstein / Cyrela Living Scopel Scopel
  25. 25. Some Examples of Successful Projects 1Q10 SohoOffice Isla Life Style Code Campo Belo Parque das Flores – Jardim Rossi Ideal Hortolândia – Cond Laranjeiras São Paulo – March Guará – March São Paulo – March São Paulo – March Hortolândia – March Even EBM Even Agre Rossi / Forn / GNO Porto das Pedras Bella Vittà Jacareí Rossi Ideal Hortolândia – Cond Pitangueiras Livre Buritis – 1ª Etapa Belle Ville Salvador – January Jacareí – March 0 Hortolância – March Goiania – March Campinas – March Triplo Engenharia Scopel Rossi / Forn / GNO FR Incorporadora ACS Reserva Santa Luisa Acquaplay – 3ª Fase Rossi Ideal Cores de Mogi Blue Center Prado Gallerie 25 Ribeirão Preto – March Scopel Santos– February Tecnisa 0 Mogi das Cruzes – January Rossi Rio de Janeiro – February Disa Catisa Porto Alegre – January Goldsztein
  26. 26. Financial Results 26
  27. 27. Net Commission by Market Net Commission 1Q09 2.64% 2.48% 2.39% 1.90% São Paulo Rio de Janeiro Other Markets Brazil 1Q10 2.84% 2.47% 2.59% 2.25% São Paulo Rio de Janeiro Other Markets Brazil 27
  28. 28. Results 1Q10 A Pronto! will Results 1Q10 present positive (R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED results until the end of 2010 Net Revenue 60,481 2355 118 62,954 Operating Costs and Expenses (35,949) (3,066) (1,321) (40,336) Stock Option Expenses (CPC 10) (818) (818) Expenses Accrual from Itaú (238) (238) Pro-Forma EBITDA1 24,294 (711) (1,203) 22,380 CrediPronto!’s revenue Pro-Forma EBITDA Margin 40% -30% -1020% 36% doesn’t include Pro-Forma Net Income2 14,032 (976) (627) 12,429 the financial Pro-Forma Net Income Margin 23% -41% -532% 20% spread from the mortgages Without Pronto! and Credipronto!’s Brasília had a R$5,2 million Income, effect, Lopes’ EBITDA would’ve been while Campinas had a R$1,5 million R$24 millions, with a 40% margin and Income, what explains the minorities a Net Income of R$14 million, with a Interests of R$4,0 million. 23% margin. 1 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses. 28 2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
  29. 29. Gross and Net Revenue Gross Revenue Net Revenue (R$ MM) (R$ MM) 81% 82% 69.3 63.0 38.3 34.7 1Q09 1Q10 1Q09 1Q10 29
  30. 30. Costs of Services Provided and Operating Expenses 1Q10 Operating Costs and Expenses (R$ MM) 4.7 Other R$3.4 MM Itaú’s Expenses to Accrue R$0.2 MM 43.8 35.7 Depreciation R$2.4 MM Stock Option Expenses (CPC 10) R$0.8 MM 3.4 Other Total Operating Costs Pronto! and Operating Costs and Expenses Credipronto! Costs and Expenses 30
  31. 31. Pro Forma EBITDA* Pro Forma EBITDA (R$ MM) 36% 293% 16% 22.4 22,4 5.7 5,7 1Q09 1Q10 Pro Forma EBITDA Margin EBITDA Pro Forma without Pronto! and CrediPronto! 1Q10 (R$ MM) (0.8) (1.9) 21.6 22.4 24.3 EBITDA Stock Option Pro Forma EBITDA Pronto! and Pro Forma EBITDA Expenses (CPC 10) CrediPronto!'s without Pronto! and EBITDA CrediPronto! * Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses. 31
  32. 32. Pro Forma Net Income* Pro Forma Net Income (R$ MM) 20% 296% 9% 12.4 3.1 1Q09 1Q10 Pro Forma Net Margin Pro Forma Net Income without Pronto! and CrediPronto! 2009 (R$ MM) (0.8) (1.6) 11.6 12.4 14.0 Accounting Stock Option Pro Forma Net Income Pronto! Pro Forma Net Income Net Income Expenses (CPC 10) Net Income and CrediPronto! without Pronto! and CrediPronto! 32 * Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on Net Income excluding the effects of stock option expenses.
  33. 33. Margin Analysis (R$MM) EBITDA Net EBITDA Margin Net Income Margin 1Q09 5.7 16% 3.1 9% 1Q10 22.4 36% 12.4 20% 293% 20 p.p. 296% 11 p.p. With an EBITDA margin of 36% and net margin of 20%, Lopes continued for the fourth consecutive quarter to present the best margins among the brokerage companies . 33
  34. 34. Cash Generation Assets Cash and Cash & Equivalents R$ 154 million Receivable From Clients R$ 66.9 million 34
  35. 35. Next Events 1Q10 Results Conference Call Portuguese English Date: 05/18/2010, Tuesday Date: 05/18/2010, Tuesday Time: 10h00 a.m. (BR Time) Time: 12h00 p.m. (BR Time) 08h00 a.m. (NY Time) 10h00 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/lopes/20100518/index.asp http://webcall.riweb.com.br/lopes/20100518/english/index.asp CONTACTS Marcello Leone Samia Nemer CFO and IRO IR Coordinator Tel. +55 (11) 3067-0015 Tel. +55 (11) 3067-0257 E-mail: ri@lopes.com.br www.lopes.com.br/ir 35