1Q11 Presentation

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1Q11 Presentation

  1. 1. 1Q11 PresentationPresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IROBruno Gama - COO CrediPronto! 1
  2. 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 ended March31th 2010. 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 or itssubsidiaries 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. 3. Program I. Highlights II. Operational Results III. Credipronto! IV. Financial Results 3
  4. 4. Highlights 4
  5. 5. HighlightsCredipronto! received the first Earn-Out of R$30.9 million on May 11th, 2011.Contracted Sales totaled R$3.5 billion in 1Q11, 37% higher than the 1Q10, of which R$2.8 billion in the primarymarket alone.CrediPronto! granted mortgage loans worth R$209 million in the quarter, for total PSV of R$340 million. Theaccumulated origination reached over R$1 billion.In April, the volume of financing was over R$100 million, record for Credipronto!.Net revenue in 1Q11 came to R$77.4 million, 23% higher than 1Q10.EBITDA in 1Q11 was R$28.4 million, up 32% from 1Q10, with EBITDA Margin of 37%.Net income of LPS Brasil reached R$18.7 million in 1Q11, 15% higher than 1Q10. Net Income Assigned to LPSShareholders was R$16.5 million.The management will recommend, in a Shareholders’ Meeting to be called, the payment of Interest onCapital of R$3.8 million.We already concluded 3 acquisitions in 2011: Imobiliária Thá (Curitiba) and Erwin Maack (São Paulo) in the1Q11 and AçãoDall’Oca (Brasília) in the 2Q11. 5
  6. 6. LPS Brasil: Unique Business Platform Primary Market Secondary Market Mortgage Loan Contracted Sales Contracted Sales Financed Volume 19% 1Q11 x 1Q10 261% 1Q11 x 1Q10 141% 1Q11 x 1Q10 LPS Brasil Net Income 23% 1Q11 x 1Q10 6
  7. 7. Quarterly Performance – Compared Analysis Evolution of Net Revenue, EBITDA Margin, Net Income and Revenue, Margin, Net Margin 77 Regardless 63 seasonality, Net Net Revenue Revenue more 35 +120% (R$ million) than doubled 37% 34%EBITDA Margin (%) +164% 14% 17 17 17 The increase in 13 revenue and theNet Income ofthe Controlling leverage of -343% expenses Shareholders -7 (R$ million) increased the profitability 20% 21%Net Margin (%) -205% -20% 7 1Q09 1Q10 1Q11
  8. 8. Operational Results 8
  9. 9. Contracted Sales Contracted Sales Units Sold (R$ MM) 12,046 14% 10,521 1.387 3,479 404 37% 2,545 674 186 10,117 10,665 2,804 2,359 1Q10 1Q11 1Q10 1Q11 In this Quarter, We Achieved R$ 3.5 billion in Contracted Sales. 9
  10. 10. Gross and Net Revenue Gross Revenue Net Revenue (R$ MM) (R$ MM) 23% 23% 85.1 77.4 69.3 63.0 1Q10 1Q11 1Q10 1Q11 In This Quarter, We Recognized R$77.4 million in Net Revenue. 10
  11. 11. Sales Speed over Supply Lopes Consolidated Sales Speed Habitcasa’s Sales Speed 28% 59% 60% 24% 1Q10 1Q11 1Q10 1Q11*Management information, 11The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
  12. 12. Sales by Income Segment – Primary and Secondary Markets Contracted Sales Total Contracted Sales = R$3,479 million 1Q10 1Q11 19% 17% 12% 25% 24% 42% 23% 39% Units Sold Total units sold = 12,046 1Q10 1Q11 5% 13% 6% 41% 15% 31% 42% 47% 12
  13. 13. Contracted Sales by Geographic Region – Primary and Secondary Markets Contracted Sales 1Q10 1Q11 12% 12% 10% 11% 5% 48% 54% 2% 9% 14% 5% 18% São Paulo Rio de Janeiro Brasília Campinas South Other 13
  14. 14. Contracted Sales by Geographic Region – Primary and Secondary Markets Contracted Sales Contracted Sales= R$ 3.5 billion Secondary Market Primary Market 9% 13% 10% 15% 2% 45% 3% 11% 2% 59% 19% 12% São Paulo Rio de Janeiro Brasília Campinas South Other 14
  15. 15. LPS Brasil in the Mortgage Market CrediPronto! 15
  16. 16. CrediPronto! 1Q11 R$209MM in Average LTV of Average Rate Average Period 824 Contracts Mortgages 62% of 10,0% + TR of 291months In April, CrediPronto financed more than R$100 million, a record number for the Company. 16
  17. 17. CrediPronto! Financed Volume in Financed Volume Financed Volume - April 2011(R$ MM) (R$ MM) (R$ MM) Origination LTM: R$722.5 26% 209 101 86 101 141% 74 153% 50 87 40 1Q10 1Q11 jan/11 feb/11 mar/11 apr/11 apr/10 apr/11 In 1Q10, CrediPronto! financed R$209.4 million, growing 141% when compared to 1Q10. 17
  18. 18. CrediPronto! Accumulated Sales Volume * (R$ MM) 1,113 1,013 12% 928 854 804 727 654 591 529 474 437 385 331 291 217 247 The financing amount of CrediPronto! surpassed R$1.0 billion in March 2011.*Not including amortization. 18
  19. 19. Financial Results 19
  20. 20. Net Commission by Market Net Commission 3.0%2.8% 2.8% 2.8% 2.7% 2.7% 2.5% 2.6% 2.5% 2.5% 2.3% 2.3% 2.4% 2.2% 2.1% 2.1% 2.2% 2.1% 2.1% 2.1% São Paulo Rio de Janeiro Other Markets Brazil 1Q10 2Q10 3Q10 4Q10 1Q11 20
  21. 21. Results 1Q11 1Q11 Results (R$ thousands) LOPES PRONTO! OLÍMPIA CONSOLIDATED (+) Gross Revenue 69,416 15,317 329 85,062 Revenue from Real Estate Brokerage 65,791 15,317 329 81,437 Revenue to Accrue from Itaú Operations 3,625 3,625 (=) Net Revenue 63,177 13,940 282 77,399 (-) Operating Costs and Expenses -47,133 1,760 -3,098 -48,471 (-) Stock Option Expenses (CPC 10) -327 -327 (-) Expenses to Accrue from Itaú -238 -238 (=) EBITDA 15,479 15,700 -2,816 28,363 (=) EBITDA margin 25% 113% -999% 37% (=) Pro forma EBITDA1 15,804 16,814 -2,816 28,688 (=) Pro forma EBITDA margin 25% 121% -998% 37% (-) Depreciation and Amortization -6,119 -3,853 -8 -9,980 (+/-) Financial Result 10,330 3,065 656 7,921 (-) Income and social contribution taxes -7,034 -546 -18 -7,598 (=) Net Income for the year 12,656 8,236 -2,186 18,706 Net Margin 20% 59% -775% 24% Attributable to: Controlling Shareholders 16,514 Non-controlling Shareholders 2,192 21
  22. 22. EBITDA EBITDA (R$ Thousand) 37% 32% 34% 28,363 21,562 1Q10 1Q11 EBITDA Margin 22
  23. 23. Net Income Net Income (R$ Thousand 24% 25% 16% 18,706 16,188 1Q10 Net Margin 1Q11 Net Income 2,191 18,706 16,515 Net Income Assigned to Controlling Net Income Assigned to Non-Controlling 1Q11 Net Income - IFRS Shareholders Shareholders 23
  24. 24. Secondary Market Acquisition Pronto! Acquisitions 24
  25. 25. Secondary Market Acquisition Consolidating the Acquisitions Jan Feb Mar 2Q11 3Q11 X X X X X X X X X X X X 25
  26. 26. Shareholder Value Generation Shareholder Value Generation Net Income Attributable to Controlling Sahreholders of R$16.5 million Payment of Interest on Own Equity of $ 3.8 million Firts Earn-Out Installment of R$31 million * Bonus for professionals involved in the achievement of the goal. CEO and COO are not included. 26
  27. 27. Cash Position ASSETS Cash and Cash & Equivalents* R$ 230.7 million Receivable From Clients R$ 75.3 million Acquisitions Payment (R$ thousand) 2T11 Total Acquisitions- Primary 45,165 45,165 2T11 4T11 1T12 2T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 Total Acquisitions- Secondary 3,000 8,001 10,231 3,288 5,810 11,140 2,969 1,300 4,899 12,435 3,235 400 4,899 10,546 82,153 Total 127,318 27
  28. 28. Appendix 28
  29. 29. Primary Market Contracted Sales Units Sold (R$ Thousand) 2.804 5% 10.659 19% 2.804 10.117 10.659 2.359 1Q10 1Q11 1Q10 1Q11 29
  30. 30. Secondary Market Contracted Sales Units Sold (R$ Thousand) 1.387 674 564 260% 336 243% 823 338 187 404 1Q10 1Q11 1Q10 1Q11 Pronto! New Acquisitions Pronto! New Acquisitions 30
  31. 31. Next Events1Q11 Earnings Conference CallPortuguese EnglishDate: 05/16/2011, Monday Date: 05/16/2011, MondayTime: 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/lpsbrasil/ http://webcall.riweb.com.br/lpsbrasil/english/ CONTACTS Marcello Leone Fernando Bruni 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 31

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