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1Q10 Conference Call Presentation Results
Presenters
Marcos Lopes – CEO
Francisco Lopes – COO
Marcello Leone – CFO and IRO
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 (“Lopes” or the “Company”) as of and for the period ended
March 31st, 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.
3
Program
I. Highlights
II. Operational Results
III. Financial Results
4
Highlights
5
Highlights
Contracted sales totaled R$2.5 billion in 1Q10, 80% higher than 1Q09.
Lopes sold 10,521 units in Brazil in 1Q10, an 89% increase when compared to the 1Q09, of which 41%were in the low-income segment (units priced up to R$150k).
Consolidated Sales Speed Over Supply stood at 43%, when isolating the low-income segment,Habitcasa´s Sales Speed Over Supply was 61%, both among one of the largest sales speed of the sector.
The State of São Paulo accounted for R$1.5 billion of our contracted sales, positioning Lopes as the leader in the biggest Brazilian market. In the markets of Brasília and the South Region, Lopes also stood up as the leader with R$350 million and R$244 million sales respectively.
The Company opened its new units: Lopes Focus, Lopes ABC, new head office of Rio de Janeiro, LopesCuritiba, Habitcasa Campo Grande-RJ and Habitcasa Nova Iguaçu – RJ. In addition, three new Pronto!stores were opened in Sao Paulo. Through these new units, the Company seeks to strengthen its strategyof liquidity.
In 1Q10, CrediPronto! granted mortgage loans worth R$87 million .Since the beginning of its operationsuntil March this year, the amount financed by Credipronto! already reached R$291 million.
Lopes Net Revenue totaled R$63 million, an increase of 82% when compared to the 1Q09.
Pro-forma EBITDA in 1Q10 was R$22.4 million, an increase of 293% over 1Q09. Pro-forma EBITDA Marginwas 36%.
Lopes posted Pro-forma Net Income of R$12.4 million in 1Q10, up 296% year-on-year. Pro-forma NetMargin was 20% in 1Q10.
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Operational Results
Launches
GVS Launched Units Launched
7
2,212 2,897
1Q09 1Q10
7,496
13,971
1Q09 1Q10
86%31%
(R$ MM)
5,359
10,117 197
404
1Q09 1Q10
Primary Market Secondary Market
Contracted Sales
(R$ MM)
Contracted Sales
8
1,339
2,359
72
187
1Q09 1Q10
Primary Market Secondary Market
1,411
80%
5,556
Units Sold
89%
2,545 10,521
9
26.5%
42.7%
4Q09 1Q10
69.7% 61.0%
4Q09 1Q10
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.
10
40%
42%
13%6%
17%
40%24%
19%17%
36%24%
23%
41%
42%
13%5%
1Q09
1Q09
1Q10
1Q10
Units Sold
Contracted Sales
Sales by Income Segment 1Q10
Total units sold = 10,521
Total Contracted Sales = R$2,545 million
54%
14%
5%
5%
10%
12%
São Paulo Brasília Campinas Rio de Janeiro South Region Other
41%
24%
6%
6%
7%
16%
1Q101Q09
11
Contracted Sales
Contracted Sales by Geographic Region
Primary Market
Contracted Sales Units Sold
12
1,339
2,359
1Q09 1Q10
5,359
10,117
1Q09 1Q10
89%76%
(R$ MM)
13
New Units – Lopes Focus
Lopes Focus is the first unit exclusively dedicated to the sales of inventory.
14
New Units – Lopes ABC
Lopes opened its unit in the ABC region, the third largest market in the state of São Paulo.
15
New Units – Lopes Rio de Janeiro (new head office)
Lopes opened its new head office in Rio de Janeiro to better meet the potential of this market.
16
New Units – Lopes Curitiba
Lopes opened its head office in Curitiba, a region with great potential for the Brazilian real estate
market.
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New Units – Habitcasa RJ: Campo Grande and Nova Iguaçu
Secondary Market
Contracted Sales Units Sold
18
72
187
1Q09 1Q10
197
404
1Q09 1Q10
105%
160%
(R$ MM)
19
Pronto!
1Q09
2Q09
9 Stores
23 Stores
93 Stores3Q09
205 Stores1Q10
152 Stores4Q09
Secondary Market
Sales Point
(Owned Stores)
Sales Point
(Rede Pronto!)
20
9
30
1Q09 1Q10
-
175
1Q09 1Q10
233%
21
New Units – Pronto! Moema, Pompéia and Vila Mariana
Pronto! Moema Pronto! Vila Mariana
Pronto! Pompéia
CrediPronto!
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(R$ MM)CrediPronto!’s Financing
(R$ MM)
21.7
86.9
1Q09 1Q10
300%
In 1Q10, CrediPronto! financed R$86.9 million, ammounting to 334 contracts. The average payment term in the period was 270 months.
216.7
247.4
290.9
jan/10 feb/10 mar/10
Mortgage Portfolio Evolution
CrediPronto!
23
Since the beginning of its operation, CrediPronto! already financed R$291 million.
(R$ MM)
Some Examples of Successful Projects 1Q10
24
Liber Bosque dos Jequetibas
São Paulo – January
Living
Atua Mooca II
São Paulo – February
Atua
Espaço e Vida Ipoema II
Mogi das Cruzes – March
Helbor
Helbor Sunshine
Santos – March
Helbor
Arc de Frence Residence
Fortaleza –February
Mota Machado
0
0
Novo Horizonte Jardins II
Belo Horizonte – February
Dominus
Residencial dos Veleiros - 1ª Fase
Parnamirim – January
MRV
In Breeini
São Paulo– February
Camargo Corrêa
Tribeca
São Paulo– March
Even
Helbor Home Flex Pacaembu
São Paulo – January
Helbor
Real Celebration Life Club
Águas Claras – February
Real Engenharia
Serenitá
Porto Alegre – January
Goldstein / Cyrela
Alameda Clube Residencial
Curitiba – March
Living
Portal Bordon II – Fase 7
Sumare – March
Scopel
Portal do Vale
Taubaté – January
Scopel
25
SohoOffice
São Paulo – March
Even
Isla Life Style
Guará – March
EBM
Code Campo Belo
São Paulo – March
Even
Parque das Flores – Jardim
São Paulo – March
Agre
Rossi Ideal Hortolândia – Cond Laranjeiras
Hortolândia – March
Rossi / Forn / GNO
0Porto das Pedras
Salvador – January
Triplo Engenharia
Bella Vittà Jacareí
Jacareí – March
Scopel
Rossi Ideal Hortolândia – Cond Pitangueiras
Hortolância – March
Rossi / Forn / GNO
Livre Buritis – 1ª Etapa
Goiania – March
FR Incorporadora
Belle Ville
Campinas – March
ACS
0Prado Gallerie
Porto Alegre – January
Goldsztein
Blue Center
Rio de Janeiro – February
Disa Catisa
Rossi Ideal Cores de Mogi
Mogi das Cruzes – January
Rossi
Reserva Santa Luisa
Ribeirão Preto – March
Scopel
Acquaplay – 3ª Fase
Santos– February
Tecnisa
Some Examples of Successful Projects 1Q10
Financial Results
26
Net Commission by Market
Net Commission
27
2.64%1.90%
2.48% 2.39%
São Paulo Rio de Janeiro Other Markets Brazil
2.84% 2.47% 2.25%2.59%
São Paulo Rio de Janeiro Other Markets Brazil
1Q09
1Q10
Results 1Q10
Results 1Q10
(R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 60,481 2355 118 62,954
Operating Costs and Expenses (35,949) (3,066) (1,321) (40,336)
Stock Option Expenses (CPC 10) (818) (818)
Expenses Accrual from Itaú (238) (238)
Pro-Forma EBITDA1 24,294 (711) (1,203) 22,380
Pro-Forma EBITDA Margin 40% -30% -1020% 36%
Pro-Forma Net Income2 14,032 (976) (627) 12,429
Pro-Forma Net Income Margin 23% -41% -532% 20%
Without Pronto! and Credipronto!’s
effect, Lopes’ EBITDA would’ve been
R$24 millions, with a 40% margin and
a Net Income of R$14 million, with a
23% margin.
Brasília had a R$5,2 million Income,
while Campinas had a R$1,5 million
Income, what explains the minorities
Interests of R$4,0 million.
281 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
A Pronto! will
present positive
results until the
end of 2010
CrediPronto!’s
revenue
doesn’t include
the financial
spread from the
mortgages
Gross and Net Revenue
Net Revenue
29
34.7
63.0
1Q09 1Q10
82%
(R$ MM)
Gross Revenue
38.3
69.3
1Q09 1Q10
81%
(R$ MM)
43.8
3.4
4.7
35.7
Total Operating Costs
and Expenses
Pronto! and
Credipronto! Costs
Operating Costs
and Expenses
Costs of Services Provided and Operating Expenses
1Q10 Operating Costs and Expenses
(R$ MM)
Other R$3.4 MM
Itaú’s Expenses to Accrue R$0.2 MM
Depreciation R$2.4 MM
Stock Option Expenses (CPC 10) R$0.8 MM
Other
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Pro Forma EBITDA*
Pro Forma EBITDA
(R$ MM)
* Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
21.6
(0.8)
22.4
(1.9)
24.3
EBITDA Stock Option
Expenses (CPC 10)
Pro Forma EBITDA Pronto! and
CrediPronto!'s
EBITDA
Pro Forma EBITDA
without Pronto! and
CrediPronto!
EBITDA Pro Forma without Pronto! and CrediPronto! 1Q10
Pro Forma EBITDA Margin
(R$ MM)
31
5,7
22,4
5.7
22.4
1Q09 1Q10
293%
36%
16%
3.1
12.4
1Q09 1Q10
Pro Forma Net Income*
Pro Forma Net Income
* 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.
Pro Forma Net Income without Pronto! and CrediPronto! 2009
(R$ MM)
Pro Forma Net Margin
(R$ MM)
32
296%
20%
9%
11.6
(0.8)
12.4
(1.6)
14.0
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!
1Q10
EBITDA
1Q09
Net IncomeEBITDA
Margin
5.7
22.4
293%
3.1
12.4
296% 11 p.p.
Net
Margin
20 p.p.
33
(R$MM)
9%
20%
16%
36%
With an EBITDA margin of 36% and net margin of 20%, Lopes continued for the fourth
consecutive quarter to present the best margins among the brokerage companies .
Margin Analysis
34
Assets
Cash and Cash & Equivalents R$ 154 million
Receivable From Clients R$ 66.9 million
Cash Generation
1Q10 Results Conference Call
Portuguese English
Date: 05/18/2010, Tuesday Date: 05/18/2010, Tuesday
Time: 10h00 a.m. (BR Time) 08h00 a.m. (NY Time)
Time: 12h00 p.m. (BR Time) 10h00 a.m. (NY Time)
Telephone: (11) 4688-6361Password: Lopes
Telephone Brazil: (11) 4688-6361Telephone US: +1 888-700-0802
Telephone other countries: +1 786 924-6977Password: Lopes
Replay: Replay:
http://webcall.riweb.com.br/lopes/20100518/index.asp http://webcall.riweb.com.br/lopes/20100518/english/index.asp
CONTACTS
Marcello LeoneCFO and IROTel. +55 (11) 3067-0015
Samia NemerIR CoordinatorTel. +55 (11) 3067-0257
E-mail: [email protected]/ir
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