Apresentação resultados eng 1T10 final

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Apresentação resultados eng 1T10 final

Apresentação resultados eng 1T10 final

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  • 1. 1Q10 Conference Call Presentation Results
    Presenters
    Marcos Lopes – CEO
    Francisco Lopes – COO
    Marcello Leone – CFO and IRO
  • 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 BrasilConsultoria 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. Program
    Highlights
    Operational Results
    Financial Results
    3
  • 4. Highlights
    4
  • 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% increasewhencompared 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.
    TheCompanyopened its newunits: Lopes Focus, Lopes ABC, newheadofficeof Rio de Janeiro, Lopes Curitiba, Habitcasa Campo Grande-RJ andHabitcasa Nova Iguaçu – RJ. In addition, threenew Pronto! storeswereopened in Sao Paulo. Throughthesenewunits, theCompanyseeks to strengthen its strategyofliquidity.
    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 Marginwas 36%.
    Lopes posted Pro-formaNet Income of R$12.4 million in 1Q10, up 296% year-on-year. Pro‑forma Net Marginwas 20% in 1Q10.
    5
  • 6. Operational Results
    6
  • 7. Launches
    GVS Launched
    UnitsLaunched
    (R$ MM)
    31%
    7
  • 8. Contracted Sales
    Contracted Sales
    UnitsSold
    (R$ MM)
    10,521
    2,545
    80%
    89%
    1,411
    5,556
    8
  • 9. Sales Speed over Supply
    Lopes' Consolidated Sales Speed
    Habitcasa’s Sales Speed
    9
    *Management information,
    The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
  • 10. Sales by Income Segment 1Q10
    Contracted Sales
    Total Contracted Sales = R$2,545 million
    1Q10
    1Q09
    UnitsSold
    Total unitssold = 10,521
    1Q10
    1Q09
    10
  • 11. Contracted Sales by Geographic Region
    Contracted Sales
    1Q10
    1Q09
    11
  • 12. PrimaryMarket
    Contracted Sales
    UnitsSold
    (R$ MM)
    76%
    12
  • 13. NewUnits – Lopes Focus
    Lopes Focus is thefirstunitexclusivelydedicated to thesalesofinventory.
    13
  • 14. 14
    NewUnits – Lopes ABC
    Lopes opened its unit in the ABC region, the third largest market in the state of São Paulo.
  • 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.
  • 16. 16
    New Units – Lopes Curitiba
    Lopes opened its headoffice in Curitiba, a regionwith great potential for theBrazilian real estatemarket.
  • 17. 17
    NewUnits – Habitcasa RJ: Campo Grande and Nova Iguaçu
  • 18. SecondaryMarket
    Contracted Sales
    UnitsSold
    (R$ MM)
    160%
    18
  • 19. Pronto!
    1Q10
    205 Stores
    4Q09
    152 Stores
    93 Stores
    3Q09
    23 Stores
    2Q09
    1Q09
    9 Stores
    19
  • 20. SecondaryMarket
    Sales Point
    (OwnedStores)
    Sales Point
    (Rede Pronto!)
    233%
    20
  • 21. 21
    NewUnits – Pronto! Moema, Pompéia and Vila Mariana
    Pronto! Moema
    Pronto! Vila Mariana
    Pronto! Pompéia
  • 22. CrediPronto!
    (R$ MM)
    CrediPronto!’s Financing
    (R$ MM)
    300%
    In 1Q10, CrediPronto! financed R$86.9 million, ammounting to 334 contracts. The average payment term in the period was 270 months.
    22
  • 23. CrediPronto!
    Mortgage Portfolio Evolution
    (R$ MM)
    Sincethebeginningof its operation, CrediPronto! alreadyfinanced R$291 million.
    23
  • 24. Some ExamplesofSuccessfulProjects 1Q10
    100% SOLD
    100% SOLD
    100% SOLD
    100% SOLD
    100% SOLD
    Liber Bosque dos Jequetibas
    São Paulo – January
    Living
    Atua Mooca II
    São Paulo – February
    Atua
    Espaço e Vida Ipoema II
    Mogi das Cruzes – March
    Helbor
    Helbor Sunshine
    Santos – March
    Helbor
    Arc de FrenceResidence
    Fortaleza –February
    Mota Machado
    100% SOLD
    100% SOLD
    100% SOLD
    100% SOLD
    100% SOLD
    0
    Novo Horizonte Jardins II
    Belo Horizonte – February
    Dominus
    Residencial dos Veleiros - 1ª Fase
    Parnamirim – January
    MRV
    In Breeini
    São Paulo– February
    Camargo Corrêa
    Tribeca
    São Paulo– March
    Even
    Helbor Home Flex Pacaembu
    São Paulo – January
    Helbor
    99% SOLD
    98% SOLD
    98% SOLD
    100% SOLD
    100% SOLD
    0
    Real CelebrationLifeClub
    Águas Claras – February
    Real Engenharia
    Serenitá
    Porto Alegre – January
    Goldstein / Cyrela
    Alameda Clube Residencial
    Curitiba – March
    Living
    Portal Bordon II – Fase 7
    Sumare – March
    Scopel
    Portal do Vale
    Taubaté – January
    Scopel
    24
  • 25. 25
    Some ExamplesofSuccessfulProjects 1Q10
    91% SOLD
    90% SOLD
    97% SOLD
    90% SOLD
    97% SOLD
    SohoOffice
    São Paulo – March
    Even
    Isla Life Style
    Guará – March
    EBM
    Code Campo Belo
    São Paulo – March
    Even
    Parque das Flores – Jardim
    São Paulo – March
    Agre
    Rossi Ideal Hortolândia – Cond Laranjeiras
    Hortolândia – March
    Rossi / Forn / GNO
    85% SOLD
    86% SOLD
    88% SOLD
    87% SOLD
    80% SOLD
    0
    Porto das Pedras
    Salvador – January
    TriploEngenharia
    Bella VittàJacareí
    Jacareí – March
    Scopel
    Rossi Ideal Hortolândia – Cond Pitangueiras
    Hortolância – March
    Rossi / Forn / GNO
    Livre Buritis – 1ª Etapa
    Goiania – March
    FR Incorporadora
    Belle Ville
    Campinas – March
    ACS
    67% SOLD
    69% SOLD
    70% SOLD
    78% SOLD
    73% SOLD
    Prado Gallerie
    Porto Alegre – January
    Goldsztein
    Blue Center
    Rio de Janeiro – February
    Disa Catisa
    Rossi Ideal Cores de Mogi
    Mogi das Cruzes – January
    Rossi
    Reserva Santa Luisa
    RibeirãoPreto – March
    Scopel
    Acquaplay – 3ª Fase
    Santos– February
    Tecnisa
    0
  • 26. Financial Results
    26
  • 27. Net Commission by Market
    Net Commission
    1Q09
    1Q10
    27
  • 28. Results 1Q10
    Without Pronto! and Credipronto!’s effect, Lopes’ EBITDA would’ve been R$24 millions, with a 40% margin and a Net Income of R$14 million, with a 23% margin.
    Brasília had a R$5,2 million Income, while Campinas had a R$1,5 million Income, what explains the minorities Interests of R$4,0 million.
    28
    1 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
    2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
  • 29. Gross and Net Revenue
    Net Revenue
    Gross Revenue
    (R$ MM)
    (R$ MM)
    82%
    81%
    29
  • 30. Costs of Services Provided and Operating Expenses
    1Q10 Operating Costs and Expenses
    (R$ MM)
    Other
    30
  • 31. Pro Forma EBITDA*
    Pro Forma EBITDA
    (R$ MM)
    36%
    293%
    16%
    Pro Forma EBITDA Margin
    EBITDA Pro Forma without Pronto! and CrediPronto! 1Q10
    (R$ MM)
    31
    * Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
  • 32. Pro Forma Net Income*
    Pro Forma Net Income
    (R$ MM)
    20%
    296%
    9%
    Pro Forma Net Margin
    Pro Forma Net Income without Pronto! and CrediPronto! 2009
    (R$ MM)
    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. 1,6
    Margin Analysis
    Net
    Margin
    Net Income
    EBITDA
    EBITDA Margin
    (R$MM)
    1Q09
    9%
    16%
    1Q10
    20%
    36%
    293%
    11p.p.
    20 p.p.
    296%
    33
    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 .
  • 34. 34
    CashGeneration
    * The payment of our acquisitions’ earn-out will occur on 2010 and 2011 and the amounts presented in the chart above are based on the current market conditions.
  • 35. Next Events
    35