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Apresentação resultados .ing.2010 final.v2

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  • 1. 2010 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 endedDecember 31th 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 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. Program I. Highlights II. Operational Results III. Credipronto! IV. Financial Results 3
  • 4. Highlights 4
  • 5. Highlights•In 2010, LPS Brasil was the absolute leader in the primary market, both in number of Launches and Sales aswell as in Revenues, EBITDA and Net Income.•LPS Brasil reached its highest levels of: Contracted Sales, Mortgages Sold, Net Revenue, EBITDA and NetIncome.•In 2010, LPS Brasil achieved R$15.6 billion in contracted sales, R$14.4 billion only in the primary market. In the4Q10, sales totaled R$4.7 billion, R$3.6 billion in the primary market.•LPS Brasil sold 56,633 units in 2010, 54% higher than 2009, and 34% of which in the low income segment. Wesold 17,408 in the 4Q10, 37% higher than 2009, and 34% of which in the low income segment (less than 150thousand).•LPS Brasil Net Revenues totaled R$338.7 million in 2010, the greatest in the sector of real estate brokerage. In4Q10, Net Revenues achieved R$108.4 million.•In 4Q10, CrediPronto! granted mortgage loans worth R$213 million, amounting to R$600 million in 2010,exceeding the guidance in 20%. The portfolio balance at the end of the period was R$707.1 million.•EBITDA was R$168.6 million in 2010, 68% higher than 2009. In 4Q10, it was R$60.5 million, an 18% growth over4Q09. EBITDA Margin was 50% in 2010 and 56% in 4Q10. 5
  • 6. Highlights•LPS Brasil posted Net Income of R$53.2 million in 4Q10, up 88% over the same period last year, and R$132million in 2010, 437% higher than 2009. Net Margin was 39% in 2010 and 49% in 4Q10.•In 2010, our operation in the Secondary Market, Pronto!, has already become profitable, with a Net Income ofR$13.6 million.•Net Income Assigned to LPS Shareholders was R$108.5 million in 2010 and the Net Income Assigned to Non-Controlling Shareholders was R$23.5 million.•In 2010, we announced a new partnership plan for the Company. The new plan comprehends moreexecutives, aiming at strengthening the relationship between the Company and its main talents and a longterm commitment. The new plan does not exceed the 5% dilution upper limit.•We started in 2010 our process of consolidation in the secondary market. We acquired 6 companies in thatyear and another 2 in 2011. Besides, we acquired the control of Patrimovel, market leader in Rio de Janeiro, inOctober 2010.•In the second half of 2010, we raised R$207 million through a primary offering. The proceeds will be used forour project of consolidation in the secondary market. 6
  • 7. LPS Brasil: Unique Business Platform Primary Market Secondary Market Mortgage Loan Contracted Sales Contracted Sales Financed Volume 49% 4Q10 x 4Q09 138% 4Q10 x 4Q09 216% 4Q10 x 4Q09 66% 2010 x 2009 111% 2010 x 2009 279% 2010 x 2009 LPS Brasil Net Income 51% 4Q10 x 4Q09 51% 2010 x 2009 7
  • 8. 4Q10 Performance - Comparative Analysis Net Revenue, EBITDA Margin, Net Income and Net Margin Analisys 108 Net Revenues 80 87Net Revenue R$225 63 R$339 Record in the (R$ million) Real Estate Services Sector. 60 48 38 EBITDA R$100 22 R$169(R$ million) Highest EBITDA of the history of the 56% Company, and a 48% 55% 34% Margin in the EBITDA 45% 50% same level as in Margin the IPO. 53 36Net Income R$25 27 (R$ million) 16 R$132 Highest Net Income of the 49% history of the 34% 41% Company.Net Margin 11% 26% 39% 2009 2010 8 1Q10 2Q10 3Q10 4Q10
  • 9. Operational Results 9
  • 10. Launches Launches Volume Units Launched (R$ MM) 80% 65% 106,084 65% 27,479 42% 64,255 15,271 10,857 39,491 6,599 27,791 4Q09 2009 4Q10 2010 4Q09 4Q10 2009 2010 10
  • 11. Contracted Sales Contracted Sales Units Sold (R$ MM) 15,630 56,633 2,716 1.267 54% 69% 36,888 9,257 1,376 599 4,736 14,364 17,408 53,917 12,731 3,061 500 37% 996 55% 458 35,512 210 8,658 4,236 16,412 2,851 12,273 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 In This Year, We Achieved Our Record in Contracted Sales 11
  • 12. Gross and Net Revenue Gross Revenue Net Revenue (R$ MM) (R$ MM) 50% 51% 373.3 338.7 50% 249.6 51% 224.7 119.3 108.4 79.5 71.8 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 In This Year, We Achieved Our Record in Revenues. 12
  • 13. Sales Speed over Supply Lopes Consolidated Sales Speed Habitcasa’s Sales Speed 61% 59% 34% 25% 2009 2010 2009 2010*Management information, 13The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches. The values are the average sales speed of the quarters.
  • 14. Sales by Income Segment – Primary and Secondary Markets VGV Contratado Contracted Sales Total Contracted Sales = R$4,736 million 4Q10 4Q09 13% 17% 23% 22% 20% 24% 40% 41% Units Sold Total units sold = 17,408 4Q10 4Q09 5% 6% 11% 14% 34% 40% 44% 46% 14
  • 15. Sales by Income Segment – Primary and Secondary Markets Contracted Sales Total Contracted Sales = R$ 15,630 million 2010 2009 13% 16% 23% 24% 25% 39% 22% 38% Units Sold Total units sold = 56,633 2010 2009 6% 6% 12% 15% 34% 40% 42% 45% 15
  • 16. Contracted Sales by Geographic Region – Primary and Secondary Markets Contracted Sales Total Contracted Sales = R$4,736 million 4Q09 4Q10 11% 9% 10% 12% 3% 46% 5% 52% 12% 14% 6% 19% São Paulo Rio de Janeiro Brasília Campinas South Region Other Markets 16
  • 17. Contracted Sales by Geographic Region – Primary and Secondary Markets Contracted Sales 2010 Total Contracted Sales = R$ 15,630 million Secondary Market Primary Market 11% 12% 10% 9% 4% 44% 8% 54% 12% 4% 19% 12% São Paulo Rio de Janeiro Brasília Campinas South Region Other Market 17
  • 18. New Stock Option Plan In 2011, we announced the new stock option model for the Company’s executives Objectives Partners To align the interests between executives and the Company’s Investors Associates To strenghthen the long term commitment Professional x Company creating a new concept of partnership Maintenance of 5% of maximum dilution approved in the original plan Employees The new plan comprehends more executives, aiming at strengthening the relationship between the Company and its main talents 18
  • 19. LPS Brasil in the Mortgage Market CrediPronto! 19
  • 20. CrediPronto! 2010 R$600 MM in Average LTV of Average Rate Average Period 2,176 Contracts Mortgages 62% of 10,1% + TR of 272 months 20
  • 21. CrediPronto! Financed Volume Accumulated Volume Sold* (R$ MM) (R$ MM) 804 600 279% 294% 213 216% 158 204 67 4Q09 4Q10 2009 2010 dec/09 dec/10 In 2010, CrediPronto! financed R$600 million, surpassing its financing guidance for the year. 21*It doesn’t include amortization.
  • 22. CrediPronto! Mortgages Portfolio (R$ MM) 707 297% 178 Opening portfolio balance Ending portfolio balance The Average Portfolio Balance in 2010 was R$403 million. 22
  • 23. CrediPronto! Accumulated Sales Volume * (R$ MM) 804 800 727 700 654 591 600 529 500 474 437 385 400 331 291 300 247 217 200 100 The financing amount of CrediPronto! grew by 12% per month in 2010.*Not including amortization. 23
  • 24. Financial Results 24
  • 25. Net Commission by Market Net Commission 3.0%2.8% 2.8% 2.8% 2.8% 2.7% 2.5% 2.5% 2.5% 2.6% 2.5% 2.5% 2.2% 2.1% 2.3% 2.3% 2.1% 2.1% 2.1% 2.1% São Paulo Rio de Janeiro Other Markets Brazil 4Q09 1Q10 2Q10 3Q10 4Q10 25
  • 26. Net Income 2010(R$ thousand) Net Income Assigned to LPS Shareholders ¹ Reported Net Net Income 2009 – Net Income 2010 - 108,527 108.527 Income 2009* IFRS** IFRS 132.03 132,031 1 49,997 49.997 23,981 23.981 Net Income Assigned to Non-Controlling 2009 2009 2010 Shareholders ² * According to BRGAAP standards ** Includes adjustments according to the CPCs published in 2010 23,504 23.504 1- LPS Shareholders through LPSB3 share When comparing and : 2- Subsidiaries Shareholders Net Income (R$ Thousand) 117% 108,527 49,997 2009 2010 26
  • 27. Results 2010 - IFRS 2010 Income (R$ thousand) 2010 Income Statements Lopes Pronto! Olímpia LPS Brasil Gross Revenue 335,750 36,724 863 373,337 Revenue from Real Estate Brokerage 321,250 (4,599) (44) 358,837 Revenue to Accrue from Itaú Operations 14,500 - - 14,500 Net Revenue 305,847 32,125 743 338,715 (-) Operating Costs and Expenses (148,440) (12,169) (6,025) (166,634) (-)Stock Option Expenses (CPC 10) (3,268) - - (3,268) (-) Expenses to Accrue from Itaú (952) - - (952) (-) Other nonrecurring revenues (expenses), net 724 - - 724 (=)EBITDA 153,911 19,956 (5,282) 168,586 EBITDA margin 50.3% 62.1% -711.0% 49.8% (-) Depreciation and Amortization (18,669) (3,361) (18) (22,048) (+/-) Financial Result 27,067 (1,532) 1,045 26,580 (-) Income and social contribution taxes (39,521) (1,486) (81) (41,088) (=) Net Income for the year 122,788 13,578 (4,336) 132,030 Net Margin 40% 42% -584% 39% Attributable to: LPS Brasil Shareholders 108,527 Non-Controlling Shareholders 23,504 27
  • 28. Net Income – IFRS Adjustments Reconciliation of BRGAAP Income and IFRS Income (R$ thousand) 5,631 11,255 11,148 4,570 7,650 23,948 3,725 2,573 108,524 97,481 BRGAAP Call Patrimóvel Negative Amortization Differed Financial Put Loss LPS Net Income Income Adjustment Goodwill of Intangible Income Tax Expense with Pernambuco Assigned to Assets Earn-Out LPS Shareholders IFRS 28
  • 29. EBITDA EBITDA (R$ Thousand) 50% 68% 45% 56% 71% 168,586 18% 100,310 51,086 60,461 4Q09 4Q10 2009 2010 EBITDA Margin 29
  • 30. Secondary Market Acquisition Acquisition July 8th, 2010 July 23rd, 2010 August 17th, 2010 September 9th, 2010 date Share 51% 51% 51% 51% R$17.3 million Payment R$7.1 million R$ 2.6 million R$11.7 millionAcquisition December 10th, 2010 December 20th, 2010 February 1st, 2011 March 21st, 2011 date Share 55% 51% 60% 60% Payment R$25.6 million R$ 15.5 million R$20.9 million R$8.41 million 30
  • 31. Cash Position ASSETS Cash and Cash & Equivalents* R$ 278.5 million Receivable From Clients R$ 78.9 million Acquisitions Payment (R$ thousand) 1Q11 2Q11 Total Aquisitions – Primary 86,185 5,648 91,833 4Q11 1Q12 4Q12 1Q13 3Q13 4Q13 1Q14 3Q14 4Q14 1Q15 Total Aquisition- Secondary 9,641 8,591 5,81 11,139 1,3 4,899 12,425 400 4,899 10,546 69,649 Total 161,482 31
  • 32. CrediPronto! (R$ thousand) P&L 2010 Amount financed 600,030 Portfolio opening balance 177,688 Portfolio ending balance 707,053 Portfolio average balance 403,587 Financial Margin 9,773 % Spread 2.42% (-) SalesTaxes -919 (-) Total costs and expenses -22,087 (-) Expenses Itaú -3,471 (-) Expenses Olímpia -12,551 (-) Commissions -5,945 (-) Insurance and sinister (+/-) -120 (+/-) Bank correspondance - (+) Other Revenues (Financial) 2,153 (-) Allowance for Doubtful Accounts -3,210 (-) IRPJ/CSLL 302 (=) Net result -13,988 % Net margin -143% 50% Profit Sharing -6,994*The managerial P&L measures the results of the JV. Olimpia’s Results and all Revenues and Expenses incurred by Itau are considered. 32• The numbers of the managerial P&L were audited for 2010 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.
  • 33. Appendix 33
  • 34. Primary Market Contracted Sales Units Sold (R$ MM) 14,364 53.917 2,008 6.763 66% 52% 4,236 12,356 16.412 47.154 49% 34% 627 8,658 35.512 2.041 2,851 3,610 12.273 14.371 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 Lopes Patrimóvel Lopes Patrimóvel 34
  • 35. Secondary Market Contracted Sales Units Sold (R$ MM) 1,267 253 2,716 111% 448 97% 500 1.013 2.268 138% 996 212 117% 599 373 1,376 210 288 458 623 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 Pronto! New Acquisitions Pronto! New Acquisitions 35
  • 36. Next Events4Q10 Earnings Conference CallPortuguese EnglishDate: 03/25/2010, Friday Date: 03/25/2010, FridayTime: 10h00 a.m. (BR Time) Time: 12h00 p.m. (BR Time) 09h00 a.m. (NY Time) 11h00 a.m. (NY Time)Telephone: (11) 4688-6361 Telephone Brazil: (11) 4688-6361Password: LPS Brasil Telephone US: +1 888-700-0802 Telephone other countries: +1 786 924-6977 Password: LPS BrasilReplay: Replay:http://webcall.riweb.com.br/lopes/ http://webcall.riweb.com.br/lopes/english/ CONTACTS Marcello Leone Samia Nemer CFO and IRO IR Manager Tel. +55 (11) 3067-0015 Tel. +55 (11) 3067-0257 E-mail: ri@lopes.com.br www.lopes.com.br/ir 36