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 Brasil
Consultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended
December 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 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
I. Highlights
II. Operational Results
III. Credipronto!
IV. Financial Results
3
5. Highlights
•In 2010, LPS Brasil was the absolute leader in the primary market, both in number of Launches and Sales as
well as in Revenues, EBITDA and Net Income.
•LPS Brasil reached its highest levels of: Contracted Sales, Mortgages Sold, Net Revenue, EBITDA and Net
Income.
•In 2010, LPS Brasil achieved R$15.6 billion in contracted sales, R$14.4 billion only in the primary market. In the
4Q10, 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. We
sold 17,408 in the 4Q10, 37% higher than 2009, and 34% of which in the low income segment (less than 150
thousand).
•LPS Brasil Net Revenues totaled R$338.7 million in 2010, the greatest in the sector of real estate brokerage. In
4Q10, 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 over
4Q09. 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$132
million 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 of
R$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 more
executives, aiming at strengthening the relationship between the Company and its main talents and a long
term 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 that
year and another 2 in 2011. Besides, we acquired the control of Patrimovel, market leader in Rio de Janeiro, in
October 2010.
•In the second half of 2010, we raised R$207 million through a primary offering. The proceeds will be used for
our 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 87
Net 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
36
Net Income R$25 27
(R$ million) 16 R$132
Highest Net
Income of the
49%
history of the
34% 41% Company.
Net Margin 11% 26% 39%
2009 2010 8
1Q10 2Q10 3Q10 4Q10
11. Contracted Sales
Contracted Sales Units Sold
(R$ 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, 13
The 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
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 321,248 (4,599) (44) 316,605
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 Discount Amortization Differed Financial Put Loss LPS Net Income
Income Adjustment of Intangible Income Tax Expense with Pernambuco Assigned to
Assets Earn-Out LPS
Shareholders
IFRS
28
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 million
Acquisition
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)
4Q10 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.
