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Apresentação resultados 3 t10. ing. final
1. 1
3Q10 Conference Call Presentation Results
Presenters
Marcos Lopes – CEO
Francisco Lopes – COO
Marcello Leone – CFO e IRO
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
September 30th 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.
Forward-looking statements
5. Highlights
•LPS Brasil reached the highest levels of: Contracted Sales, Mortgages, Net Revenue, EBITDA, Net Income
before Minorities Interest and Net Income.
•Contracted Sales totaled R$3.6 billion in 3Q10, 39% higher than 3Q09. As for the year, contracted sales were
R$9.6 billion, 55% above 2009.
•LPS Brasil sold 13,126 units in 3Q10, a 28% increase over the 3Q09. Out of these units, 30% were in the low-
income segment (units prices up to R$150,000). In 2010, 36,016 units were sold, an increase of 49% over 2009.
•Net Revenues totaled R$87.5 million in 3Q10, 36% higher than 3Q09, reaching the highest level in real estate
brokerage sector. As for the year, the Net Revenues were 51% higher than 2009.
•In 3Q10, CrediPronto! granted mortgage loans worth R$154.1 million. Since its operational startup,
CrediPronto! has registered a total mortgages volume of R$591.0 million, R$387.1 million only in 2010.
•Pro-forma EBITDA in 3Q10 was R$43.9 million, an increase of 48% over 3Q09. Pro-forma EBITDA Margin in the
period was 50%. For 2010, Pro Forma EBITDA totaled R$105.4 million, with a 45% margin.
•LPS Brasil posted Pro-forma Net Income of R$29.7 million in 3Q10, up 70% on the same period last year. Pro-
forma Net Margin was 34% in 3Q10. For the 9M10, LPS’s Pro Forma Net Income totaled R$65.2 million, with a
margin of 29%, establishing itself as the most profitable company of the real estate services sector.
5
6. 6
Financed Volume
268% 3Q10 x 3Q09
326% 9M10 x 9M09
Contracted Sales
78% 3Q10 x 3Q09
88% 9M10 x 9M09
Contracted Sales
37% 3Q10 x 3Q09
52% 9M10 x 9M09
Mortgage LoanSecondary Market
12 States + Federal District
91% of GDP
LPS Brasil: Unique Business Platform
Primary Market
7. 12%
29%
34% 37%
25%
37% 38%
9%
20%
27%
33%
20%
30% 34%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
3
11
18
24
12
24
30
16%
40% 46% 46%
36%
49% 50%
7
+34p.p.
+25p.p
+149%
+900%
35
53
64
72
63
80 87
Highest EBITDA of
the history of the
Company, and a
Margin in the
same level as in
the IPO.
Highest Net
Income of the
history of the
Company.
Record of
Net Revenue in
the in Real Estate
Brokerage
Sector.
+26p.p.
Net Revenue, EBITDA Margin, Net Income and Net Margin
Analisys
3Q10 Performance - Comparative Analysis
Net
Revenue
(R$ million)
EBITDA
Margin
Pro-Forma
Net
Income
(R$ million)
Pro-Forma
Net Margin
Net Margin
before
Minorities
Interests
9. Launches
Launches Volume Units Launched
9
(R$ MM)
4,136 5,605
8,672
14,555
3Q09 3Q10 9M09 9M10
17.444 20.268
35.316
58.993
3Q09 3Q10 9M09 9M10
16%36%
68% 67%
*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.
10. Contracted Sales
(R$ MM)
Contracted Sales – Primary and Secondary Markets
10
Units Sold
10,280
13,126
24,157
36,016
3Q09 3Q10 9M09 9M10
2,601
3,617
6,196
9,572
3Q09 3Q10 9M09 9M10
55%
39% 28%
49%
In This Quarter, We Achieved Our Record in Contracted Sales
*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.
11. Gross and Net Revenue
Net Revenue
11
64.4 87.5
152.9
230.3
3Q09 3Q10 9M09 9M10
36%
(R$ MM)
Gross Revenue
71.4 96.8
170.1
254.0
3Q09 3Q10 9M09 9M10
36%
(R$ MM)
In This Quarter, We Achieved Our Record in Revenues.
49% 51%
12. 12
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
Sales Speed over Supply
*Management information,
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
29.3% 29.5%
3Q09 3Q10
65.9%
50.8%
3Q09 3Q10
14. 50%
9%
5%
11%
12%
12%
São Paulo Brasília Campinas Rio de Janeiro South Region Other
53%
16%
6%
5%
7%
13%
3Q103Q09
14
Contracted Sales
Contracted Sales by Geographic Region – Primary and Secondary Markets
16. Primary Market
Contracted Sales Units Sold
16
(R$ MM)
2,448 3,345
5,807
8,842
3Q09 3Q10 9M09 9M10
9,940 12,469
23,239
34,342
3Q09 3Q10 9M09 9M10
25%37%
52%
48%
*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.
18. Secondary Market
Contracted Sales Units Sold
18
(R$ MM)
153
272
388
730
3Q09 3Q10 9M09 9M10
340
657
918
1.674
3Q09 3Q10 9M09 9M10
93%
78%
88%
82%
*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.
20. CrediPronto!
20
*ABECIP (as of September 30th, 2010) and Company.
Market Share CrediPronto!
0,7% 1,7% 1,8% 1,6% 2,0%2,1% 1,3% 1,9% 2,0%
100
240
340 314
423 406
293
429
485
99 132 130 136 148 156 160 166
CrediPronto! Market
Jan - 10Feb - 10 Mar - 10 Apr - 10May - 10Jun - 10 Jul - 10 Aug -10 Sep - 10
Evolution of Origination (base 100 = Jan-10)
15% of Itaú
Total Origination
Sep/10: R$3.1 bi
1.850
404
321
210
143
88
23 18 4 2
Caixa
Itaú
Bradesco
Santander
Bancodo
Brasil
HSBC
Citibank
Banrisul
Poupex
Banese
62
Mortgages Ranking - September 2010
(R$ MM)
21. 216.7
591.0
jan/10 sep/10
Financed Volume
CrediPronto!
CrediPronto! financed in the 3Q10 R$154 million, ammounting to 555 contracts with an average rate of
10.1% + TR and an average payment term in the period of 281months.
(R$ MM)
21
41.9
154.1
90.9
387.1
3Q09 3Q10 9M09 9M10
268%
326%
(R$ MM)
173%
Accumulated Volume Sold*
*It doesn’t include amortization.
23. 23
Patrimóvel’s Acquisition
Renegotiation
of Patrimóvel -
10% share +
call option
Acquisition of
an additional
10% stake and
a call option to
buy another
31% stake for
R$ 10 million
Acquisition of
remaining 31%
to acquire
control for
R$51.8 million
Jul/10Dec/08 Oct/10
3Q10
4Q10
20% Consolidation of Patrimóvel’s
Results through Equity Income
Total Consolidation of Patrimóvel’s
Results with Minorities Interest
Payment of 49%
51%
Result
24. 24
Secondary Market Acquisition
LPS Brasil Acquired Four Secondary Market Companies in the 3Q10
The Results of Those Companies Are Going to
Be Consolidated since October 2010
Acquisition date July 8th, 2010 July 23rd, 2010 August 17th, 2010 September 09th, 2010
Share 51% 51% 51% 51%
Location São Paulo -SP Rio de Janeiro-RJ São Paulo - SP São Paulo –SP
Payment R$7.1 million R$ 2.6 million R$11.7 million R$17.3 million
26. Results 3Q10
Results 3Q10
(R$ ‘000) LOPES PRONTO! CREDIPRONTO! LPS BRASIL
Net Revenue 84,033 3,275 179 87,487
Operating Costs and Expenses (40,203) (3,134) (1,146) (44,483)
Stock Option Expenses (CPC 10) (817) (817)
Expenses Accrual from Itaú (238) (238)
Pro-Forma EBITDA1
44,747 141 (967) 43,921
Pro-Forma EBITDA Margin 53% 4% -540% 50%
Pro-Forma Net Income2
30,763 (327) (719) 29,717
Pro-Forma Net Income Margin 37% -10% -402% 34%
Without Pronto! and Credipronto!’s
effect, LPS Brasil’ EBITDA would’ve
been R$45 millions, with a 53%
margin and a Net Income of R$31
million, with a 37% margin.
Brasília had a R$5.0 million Income,
while Campinas had a R$2.8 million
Income, what explains the minorities
Interests of R$4.7 million.
261 Pro Forma EBITDA is a non-accounting measure drawn up by LPS Brasil, which consists on EBITDA excluding the effects of stock option expenses.
2 Pro Forma Net Income is a non-accounting measure drawn up by LPS Brasil, which consists on EBITDA excluding the effects of stock option expenses.
The CrediPronto!’s
revenue does not
include the
mortgages
financial spread
27. 29,618
43,921
56,863
105,430
3Q09 3Q10 9M09 9M10
Pro Forma EBITDA
(R$ MM)
43.1
(0.8)
43.9
(0.8)
44.7
EBITDA Stock Option
Expenses (CPC 10)
Pro Forma EBITDA Pronto! and
CrediPronto!'s
EBITDA
Pro Forma EBITDA
without Pronto! and
CrediPronto!
Pro Forma EBITDA without Pronto! and CrediPronto! 3Q10
Pro Forma EBITDA Margin
48%
50%
46%
(R$ MM)
27
85%
37%
45%
Pro Forma EBITDA*
* Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
28. 17,517
29,717 31,502
66,153
3Q09 3Q10 9M09 9M10
Pro Forma Net Income*
Pro Forma Net Income
28.9
(0.8)
29.7
(1.0)
30.8
Accounting
Net Income
Stock Option
Expenses (CPC 10)
Pro Forma
Net Income
Net Income Pronto!
and CrediPronto!
Pro Forma Net Income
without Pronto! and
CrediPronto!
Pro Forma Net Income without Pronto! and CrediPronto! 3Q10
Pro Forma Net Margin
(R$ MM)
28
110%
34%
27%
(R$ MM)
70%
21%
29%
* 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.
29. 29
ASSETS
Cash and Cash & Equivalents* R$ 116 million
Receivable From Clients R$ 81.8 million
Acquisition Payments
(R$ thousand)
3Q10 4Q10 1Q11 2Q11 Total
Primary Market 12,615 8,854 61,977 5,648 86,095
Patrimóvel 10,000 51,835 61,835
4Q11 4Q12 3Q13 4Q13 3Q14 4Q14 Total
Secondary Market 8,001 5,810 1,300 4,899 400 4,899 25,309
Total 173,239
Cash Position
*It doesn’t include the proceeds of the offering
** The payments made from 4Q10 are related to earn out installments of the acquisition and the amounts in the above table are based on current market conditions.
31. Casa das Caldeiras
Residencial
São Paulo– September
Helbor
Imaginare Tatuapé
São Paulo - September
Lindencorp
Trend City-Offices
Porto Alegre- July
Maiojama
AIR Home garden
Belo Horizonte - September
MASB
Premmio Vila Nova - Fase III
São Paulo- July
Kallas
Ideia Vida & Lazer
Belo Horizonte- July
MASB
Hemisphere Norte Sul
Campinas- August
Rossi
MaxHaus Berrini
São Paulo- August
Maxcasa
Park Club Bairro Jardim
Santo André - September
Open (Even)
Barra Funda Park -
Condomínio Floresta
São Paulo – September
Tenda
Gardens Living Club
São Paulo– September
Brookfield
Novitá
Limeira - September
Rio Verde
Vanguarda
Curitiba - July
Rossi
Comfort Stay Verano
Rio de Janeiro - August
Dominus 31
The One Tower
Fortaleza– September
Brookfield
Some Examples of Successful Projects 3Q10
32. SPAZIO 23
Ceilândia– July
Civil Engenharia
Arbore
Curitiba– September
LN
The Nine Office
São Paulo– August
JF Engenharia
Residencial Passaredo
Fortaleza – August
Placic
Trend City-Corporate
Porto Alegre– July
Maiojama
The Lake Home
São Paulo – September
Charles Cambur
Parque dos Sonhos
Ferraz de Vasconcelos– July
Cury
Gran Felicità
Belo Horizonte – August
Direcional
Alameda Jardim
Fortaleza – September
Sistema Fácil
Soul Residence
Porto Alegre – July
RottaEly
32
Hangar
Salvador– August
Odebrecht
Parque Arvoredo
Curitiba– September
Fit Residenciali
Splendor Parque Prado
Campinas– September
Rossi
YOU LIFE STYLE
Águas Claras– July
EBM
Flex Diadema
Diadema– July
Tecnisa
Some Examples of Successful Projects 3Q10
