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Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
Results presentation 4 q13_2013_eng_vfinal
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Results presentation 4 q13_2013_eng_vfinal

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  • 1. 1 2013/4Q13 Presentation Presenters Marcos Lopes – CEO Francisco Lopes – COO Marcello Leone – CFO and IRO Bruno Gama - COO CrediPronto!
  • 2. 2 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 (“LPS” or the “Company”) as of and for the period ended December 31th 2013. 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. Forward-looking statements
  • 3. 3 Schedule I. Highlights II. Operational Results III. Credipronto! IV. Financial Results
  • 4. 4 Highlights
  • 5. 2013 Highlights 5  Total transactions closed reached a record R$ 19.9 billion.  We had the best year ever in transactions closed in the primary market in our history. Transactions closed in the primary market totaled R$ 14.9 billion, an increase of 4% when compared to 2012.  A record of R$ 4.9 billion in transactions closed in the secondary market, up 7% from 2012.  Net revenue came to R$ 503.8 million, up 22% from 2012.  EBITDA of R$ 222.4 million, and adjusted EBITDA by non-recurring effects of R$ 171.9 million, the best indicators ever achieved by the company.  EBITDA Margin adjusted by non-recurring effects of 38.4%, 290 bps above 2012.  Net income of controlling shareholders before IFRS was R$ 142.1 million, with net margin of 28.2%. Up 65% from 2012 and increase of 730 bps of net margin.  Credipronto! originated a volume of R$ 2.0 billion, up 34% from 2012.  Credipronto!’s mortgage loan portfolio reached R$ 4.0 billion, an increase of 45% from 2012.  We recognized R$ 57.7 million in 2013 from the second stake of Credipronto!’s earnout
  • 6. 6 Operational Results
  • 7. Transactions Closed (R$ MM) Transactions Closed 7 Number of Transactions Closed +5% +11% 2013 19,858 14,947 4,912 2012 18,981 14,389 4,592 4Q13 5,656 4,370 1,286 4Q12 5,101 3,886 1,216 Primary MarketSecondary Market -14% 2013 -17% 49,022 40,624 8,398 2012 58,923 48,988 9,935 4Q13 13,897 12,099 1,798 4Q12 16,082 13,655 2,427 (# units)
  • 8. Sales Speed over Supply Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed 8 4Q13 16.6% 3Q13 15.7% 4Q13 19.5% 3Q13 25.8% (%) (%) Transactions closed/supply ratio fell when compared to 3Q13
  • 9. Units Transactions Closed 9 49,022 units R$ 19,858 million Transactions Closed by Income Segment – Primary / Secondary Markets 36% 26% 30% 8% 43% 27% 25% 5% 10% 38% 17% 35% >600<150 150-350 350-600 15% 37% 22% 27% R$ 18,981 million 58,923 units 20132012 2012 2013
  • 10. Transactions Closed by Region – Primary and Secondary Market Transactions Closed 10 6% 5% 13% 4% 21% 51% 5% 5% 15% 4% 21% 51% Others Northest South Brasília Rio de janeiro São Paulo 2013 Increase of 200 basis points of South region’s stake 2012
  • 11. Breakdown of Transactions Closed 11 Breakdown Transactions Closed (%) 39% 41% 61% 59% 44%50% 56%50% 2013201220112010 Listed Homebuilders Non Listed Homebuilders Breakdown Transactions Closed Primary Market (%) 25% 31% 44% Secondary Market Listed Homebuilders Non Listed Homebuilders
  • 12. Breakdown of Homebuilders 55% 68% 64% 67% 65% 55% 45% 32% 36% 33% 35% 45% 2012 2013 1Q13 2Q13 3Q13 4Q13 Other Homebuilders Top 10 Homebuilders 9% 5% 7% 5% 6% 10% 7% 5% 5% 5% 5% 8% 6% 5% 5% 4% 5% 5% 5% 4% 5% 4% 4% 4% 4% 3% 4% 3% 4% 4% 2012 2013 1Q13 2Q13 3Q13 4Q13 1st 2nd 3rd 4th 5th 12 Breakdown – Homebuilders Breakdown Top 5 Homebuilders (%) (%)
  • 13. LPS Brasil in the Mortgage Market CrediPronto! 13
  • 14. CrediPronto! 14 R$2,020 MM in Mortgages Average LTV of 58.4% 6,555 Contracts Average Period of 305 months Average Rate of 8.8% + TR 2013
  • 15. Financed Volume CrediPronto! (R$ MM) 15 (R$ MM) Mortgage Portfolio 545 440 +24% 4Q134Q12 2012 2013 1,503 2,020 +34% 4,031 +45% Ending Portfolio Balance 4Q13 Ending Portfolio Balance 4Q12 2,771 The average portfolio balance was R$ 3,3 billion in 2013. The total volume granted until Dec,13 reached R$ 5.6 billion
  • 16. CrediPronto! 517 707 881 1,162 1,454 1,756 1,989 2,266 2,492 2,771 2,986 3,328 3,688 4,031 Sep, 10 Dec, 10 Mar, 11 Jun, 11 Sep, 11 Dec, 11 Mar, 12 Jun, 12 Sep, 12 Dec, 12 Mar, 13 Jun, 13 Sep, 13 Dec, 13 16 Ending Portfolio Balance (R$ MM) The ending portfolio balance of Credipronto! has been growing on average 6.0% per month since Sep,10 and reached R$ 4.0 billion in Dec, 13
  • 17. CrediPronto! P&L 17 (R$ Thousand) CrediPronto’s 2013 Result 1- Weighted average portfolio balance. *2013 managerial P&L figures were reviewed by Ernst&Young and, as a result of their managerial nature, do not following accounting standards. Total Executed contracts 2,019,989 Opening portfolio 2,771,051 Closing portfolio 4,030,957 Average portfolio balance¹ 3,329,343 Financial Margin 58,141 % Spread 1.7% (-) Sales taxes -4,234 (-) Total dos custos e despesas -69,599 (-) Backoffice Expenses -13,970 (-) Sales Expenses -33,644 (-) Commissions paid -19,876 (-) Insurance and claims (+/-) -2,337 (+) Other revenues (Financ.) 340 (-) ADA -112 (-) IRPJ/CSLL (Itaú Balance) -4,164 (=) Net result -19,857 % Net Margin -34.15% 50% Profit Sharing -9,928 (+) Retention of Commissions 1,330 CrediPronto! Result (LPS) -8,598
  • 18. Financial Results 18
  • 19. 19 Net Commission by Market Net Comission Fee 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 BRAZIL 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% Primary SP 3.1% 2.8% 3.1% 3.0% 2.9% 2.9% 2.9% 2.9% 2.9% Habitcasa 2.1% 2.0% 1.9% 2.1% 2.0% 2.4% 2.4% 2.4% 2.2% RJ 2.1% 2.1% 2.1% 2.0% 2.2% 2.2% 2.1% 2.0% 2.1% Other Markets 2.1% 2.1% 2.0% 2.1% 2.1% 2.1% 2.1% 2.1% 1.9% Secondary SP 2.4% 2.2% 2.2% 2.4% 2.2% 2.3% 2.4% 2.1% 2.5% RJ 2.3% 2.3% 2.0% 2.3% 2.2% 2.3% 2.2% 2.3% 2.3% Other Markets 2.5% 2.3% 2.5% 2.1% 2.5% 2.0% 2.3% 3.0% 2.6%
  • 20. Gross and Net Revenue Net Revenue 20 (R$ MM) Gross Revenue (R$ MM) Net revenue grew 22% and reached R$ 503.8 million in 2013 CrediPronto’s earnout CrediPronto’s earnout 4Q12 14.8 4Q13 +25% 124.0111.4 138.8 +11% 503.8 412.8 20132012 412.8 448.1 55.6 +22% +9% 4Q12 156.9 +24% 127.0 15.4 141.5 4Q13 +11% 2012 2013 470.4 470.4 567.1 509.3 57.7 +8% +21% CrediPronto’s earnoutCrediPronto’s earnout
  • 21. 2013 Gross Revenue Reconciliation 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. 21 2013 - Gross Revenue Reconciliation (R$ Million) Contracted Sales (a) 19,858 Net Comission (b) 2.40% Gross Brokerage Revenue (a) x (b) 475.9 Earn Out Recognition 57.7 Revenue to Accrue from Itaú Operations 14.5 Other revenues 23.1 Adjustment to Present Value (4.1) Gross Revenue 567.1
  • 22. Results 2013 Before IFRS (R$ thousand) Launches Pronto! CrediPronto! Consolidated Ex. Non-recurring Non-recurring Consolidated Gross Service Revenue 374,682 115,817 18,896 509,395 57,733 567,128 Revenue from Real Estate Brokerage 363,846 116,283 18,896 499,024 - 499,024 Revenue to Accrue from Itaú Operations 14,500 - - 14,500 - 14,500 Earn Out - - - - 57,733 57,733 Adjustment to Present Value (3,664) (465) - (4,129) - (4,129) Net Operating Revenue 329,208 101,818 17,104 448,130 55,626 503,755 (-)Costs and Expenses (136,437) (52,029) (14,926) (203,392) (2,966) (206,358) (-)Shared Services (54,899) (16,932) - (71,830) (2,159) (73,989) (-) Stock Option Expenses CPC10 (1,461) - - (1,461) - (1,461) (-) Expenses to Accrue from Itaú (953) - - (953) - (953) (+/-) Equity Equivalence - - 1,371 1,371 - 1,371 (=)EBITDA 135,458 32,857 3,549 171,864 50,500 222,364 EBITDA Margin 41.1% 32.3% 20.8% 38.4% 44.1% (-)Depreciation and amortization (11,579) (4,385) (0) (15,964) - (15,964) (+/-) Financial Result 11,552 4,065 7 15,624 - 15,624 (-)Income tax and social contribution (25,875) (10,371) (3,954) (40,200) (6,279) (46,480) (=)Net income before IFRS 109,555 22,166 (398) 131,323 44,221 175,544 Net Margin before IFRS 33.3% 21.8% -2.3% 29.3% 34.8% (-) Non-controlling Shareholders (33,407) (33,407) (=) Net Income Attributable to Controlling Shareholders Before IFRS* 97,917 44,221 142,138 Net Margin Controlling Shareholders 21.9% 28.2% *We consider the net income ajusted by non cash IFRS 3 effects (Business Combination) the best net income indicator 2013 Results 22 A B C Net effect of partial recognition of the second installment of CrediPronto’s earnout; Non-recurring expenses: (R$ 4.2 million) restructuring charge and (R$ 0.9 million) bonus accrual referred to partial recognition of CrediPronto’s earnout; Income Tax impact referred to partial recognition of CrediPronto’s earnout; A B C
  • 23. Net Income 2013 by segment 23 Launches Net Income Before IFRS Net Margin (%) 109,555 (33%) Amortization of intangible assets 24,584 Impairment 19,363 Call/put effect 10,178 Earnout impact 6,306 Taxes over intangible assets 12,944 Launches Net Income After IFRS Net Margin (%) 74,680 (23%) Pronto! Net Income Before IFRS Net Margin (%) 22,166 (22%) Impairment 22,404 Amortization of intangible assets 19,594 Earnout Impact 13,228 Call/put effect 54,009 Pronto! Net Income after IFRS Net Margin (%) 47,405 (47%) Net Income from launches 2013 (R$ Thousand) Net Income from Pronto! 2013 (R$ Thousand)
  • 24. 24 4Q13 / 2013 Results – Launches segment before IFRS Launches EBITDA & Margin Launches Net Income & Margin before IFRS (R$ MM) (R$ MM) 2012 2013 122.9 (40%)+44% 4Q13 43.4 (47%) 4Q12 30.3 (36%) +10% 135.5 (41%) 4Q13 +52% 33.8 (37%) 4Q12 22.3 (27%) 109.6 (33%)96.2 (31%) 20132012 +14%
  • 25. 25 4Q13 / 2013 Results – Pronto! segment before IFRS Pronto! EBITDA & Margin Pronto! Net Income & Margin before IFRS (R$ MM) (R$ MM) +125% 4Q13 10.9 (40%) 4Q12 4.9 (20%) 2012 2013 20.6 (22%) 32.9 (32%) +60% +319% 4Q13 9.4 (35%) 4Q12 2.2 (9%) 2012 2013 12.9 (14%) 22.2 (22%) +72%
  • 26. Expenses 1) Excludes costs and expenses of CrediPronto!.. 2) Fonte: IBGE 26 Operacional Expenses 0% (-0.6) 2013 258.5 2012 259.1 IPCA² +6% 2013 983.3 2012 928.4 (R$ MM)
  • 27. EBITDA and Margin 27 EBITDA1 EBITDA Margin (%) 1) Includes results from subsidiaries and companies under shared-control, in accordance with equity accounting, and results from non-controlling shareholders. Note: EBITDA is not an accounting measure and does not represent the cash flow for the reported periods, and therefore should not be used as an alternative to cash flow as a measure of liquidity. The Company’s EBITDA was calculated in accordance with CVM Instruction 527. 2) Non recurring: Partial recognition of the 2nd installment of CrediPronto's earnout, expenses related to CrediPronto's earnout and restructuring charge. 37.1 (33%) 222.4 (44%) 171.9 (38%) 50.5 +17% +52% +46% +86% 2013 54.3 (44%) 69.0 (50%) 146.6 (36%)14.7 4Q12 20124Q13 Non-recurring² Non-recurring² (R$ MM)
  • 28. EBITDA and Net Revenue 1) Includes results from subsidiaries and companies under shared-control, in accordance with equity accounting, and results from non-controlling shareholders. Note: EBITDA is not an accounting measure and does not represent the cash flow for the reported periods, and therefore should not be used as an alternative to cash flow as a measure of liquidity. The Company’s EBITDA was calculated in accordance with CVM Instruction 527. 28 EBITDA¹ CAGR (R$ MM) 2011 2012 146.6 171.9 134.9 2013 Net Revenue CAGR (R$ MM) 2011 2012 412.8 448.1 401.1 2013
  • 29. Net Income and Margin Before IFRS 29 Net Income Attributable to Controlling Shareholders ex-IFRS 1 Net Margin (%) 1) We consider the net income adjusted by non cash IFRS 3 effects (Business Combination) the most accurate net income indicator. 2) Non recurring: Partial recognition of the 2nd installment of CrediPronto's earnout, expenses related to CrediPronto's earnout and restructuring charge. 4Q12 18.5 (17%) +14% 2012 2013 +75% +145% 86.1 (21%) 142.1 (28%) +65% 44.2 97.9 (22%) 4Q13 45.4 (33%) 32.3 (26%) 13.0Non-recurring² Non-recurring² (R$ MM)
  • 30. 30 IFRS Impacts – Net Income before non-controlling shareholders (1) Impairment of Goodwill and Intangible Assets from Acquisition. Since 2010, the acquisitions made by LPS Brasil are accounted by the “CAP” of “Earnout” amounts. Every year, as the CAP amounts are not confirmed by the performance of the companies, goodwill and intangible assets are impaired accordingly, with a counter-entry reducing the earnout amounts payable. (2) Amortization of Intangible Assets. (3) Combined effect from: i) Gains and Losses, with non-cash net effects, from the booking of call and put options at subsidiaries, based on the fair value of future estimates, and ii) non-cash correction/write-off of earnout installments payable. (4) Deferred income tax on intangible assets of LPS Brasil. (5) Effects related to deferred income tax and amortization of intangible assets at non-controlling shareholders. Description Before IFRS IFRS Effects* After IFRS Before IFRS IFRS Effects* After IFRS Net Revenue Costs and Expenses -58,569 -11,257 -69,826 -239,623 -41,767 -281,390 (1) Non-Recurring Losses 0 0 0 Depreciation and Amortization -4,921 -10,834 -15,755 -15,965 -44,178 -60,143 (2) Finance Result 5,065 20,442 25,507 15,625 63,365 78,990 (3) Operational Profit 80,363 -1,649 78,714 263,792 -22,580 241,212 (1)+(2)+(3) Income tax and social contribution -13,596 9,624 -3,972 -46,481 12,944 -33,537 (4) Net Income 66,767 7,975 74,742 217,311 -9,636 207,675 (1)+(2)+(3)+(4) Non-controlling Shareholders -21,406 7,613 -13,793 -75,174 24,088 -51,086 (5) Net Income attributable to controlling shareholders 45,361 15,588 60,949 142,138 14,452 156,590 (1)+(2)+(3)+(4)+(5) * Noncash efects with IFRS 3 (Business Combination) 4Q13 2013
  • 31. CONTACTS IR Tel. +55 (11) 3067-0520/0312/0242 E-mail: ri@lopes.com.br www.lopes.com.br/ir 31

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