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2Q09 Conference Call Presentation Results
PresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IRO
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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 June 30th, 2009. 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.
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Program
I. Highlights
II. Operational Results
III.Financial Results
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Highlights
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Highlights
The Contracted Sales in the 2Q09 totaled R$2,183 million, achieving R$3,595 million in the
first half of 2009.
The 2Q09 market mix shows Lopes’ geographic diversification efficiency. São Paulo
accounted to R$917 million, Rio de Janeiro R$135 million and the Other Markets R$1,132
million. Brasilia’s contracted sales share was 21%, or R$461 million, in the 2Q09.
Lopes’ Sales Speed over Supply increased from 19.0% in the first quarter, to 25.9% in the
second quarter of 2009.
Habitcasa stands up as the biggest player in sales in the low income segment, its sales
increased 68% in the 2Q09 when compared to the 1Q09.
CrediPronto! presents its first results. Since the beginning of its operation, in the end of
2008, CrediPronto! already financed R$95 million, which represents a GVS of R$148 million.
Because of the results obtained, the Company is rising, in this opportunity, its sales
guidance to R$8-8.5 billion.
Pro forma EBITDA in the 2Q09 was R$21.6 million, and increase of 279% when compared to
the 1Q09. Pro forma EBITDA Margin in this quarter was 40.02%.
Lopes’ achieved Pro forma Net Income of R$10.8 million in 2Q09, 246% higher than in 1Q09.
Pro forma Net Income Margin in this quarter was 20.13%.
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Operational Results
Contracted Sales
(R$ MM)
Contracted Sales
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3,279
1,441
55%
2,183
51%41%
Contracted Sales Primary Market
Contracted Sales Primary MarketContracted Sales Primary Market
The growth between the 1Q09 and the 2Q09 is not only caused by seasonality,
but it is also caused by (i) Lopes’ liquidity potential, above all on inventory, and
by (ii) more favorable market conditions.
(R$ MM)
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Launches Vs. Sales
51%
5%
Even though the contracted sales in the 2Q09 grew significantly, the launched
GVS remained stable, what proves Lopes’ good performance on inventory sales.
Launched GVSLaunched GVS Contracted Sales Primary Contracted Sales Primary MarketMarket
(R$ MM) (R$ MM)
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Sales Speed over Supply
Brazil Consolidated Sales Speed Lopes+Habitcasa
*Management information,The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
Habitcasa’s Sales Speed
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Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment
5,269 units sold in the 1H09
It sells with 15 public held companies: Agra, Abyara, Brascan, Camargo Correa,
Cyrela, Even, Gafisa, Helbor, Klabin Segall, Inpar, MRV, Rossi,
Tecnisa, Tenda and Trisul
Average Price in the 1H09 of R$127
thousand
70% of the Launched GVS of low income segment in
2009 was already sold
Sales in the 2Q09 increased 68% when
compared to the 1Q09
Only Real State Brokerage Company
specialized on the low income segment, not only in sales, but also
in advisory
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Units SoldUnits Sold
Sales by Income Segment 2Q09
Total units sold = 8,321
Contracted GVSContracted GVS
Total Contracted GVS = R$2,183 million
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Contracted Sales by Geographic Region
Contracted SalesContracted Sales
2Q09
2Q08
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Some Examples of Successful Projects 1H09
Project: Dez Vila CuruçaDeveloper: Cury/ LivingRegion: São Miguel – São PauloSegment: PopularLaunch: Jun/09
Area: 43m²/ 45m²Price per m²: R$ 2,000
Total units: 252100% sold in 10 days
Project: Lugano ClubDeveloper: YunyRegion: Vila Carrão – São PauloSegment: MiddleLaunch: May/09
Area: 98m², 126m²Price per m²: R$ 3,450
Total units: 104100% in 1 day
Project: Helbor Offices Norte SulDeveloper: HelborRegion: CampinasSegment: CommercialLaunch: Apr/09
Area: 34m², 44m², 53m² e 78m²Price per m²: R$ 5,400
Total units: 238100% in 1 day
Project: Living Park SulDeveloper: JC GontijoRegion: Brasília – GuaráSegment: Middle-highLaunch: Apr/2009
Area: 84 a 164m²Price per m²: $ 6,347
Total units: 1,15075% in 3 months
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Project: Ventura EcovilleDeveloper: Cyrela / Goldsztein / DoriaRegion: CuritibaSegment: Middle-LowLaunch: Apr/09
Area: 49m²/ 72m²Price per m²: R$3,250
Total units: 211100% sold in 26 days
Project: Le Paysage IbirapueraDeveloper: YunyRegion: Ibirapuera – São PauloSegment: HighLaunch: Oct/08
Area: 322m² / 367m²Price per m²: R$ 8,500
Total units: 2465% sold in 8 months
Project: MaxHaus PanambyDeveloper: MaxcasaRegion: Panamby – São PauloSegment: Middle-HighLaunch: Apr/09
Area: 70m²Price per m²: R$ 3,700
Total units: 20185% sold in 2 months
Project: Vitória Pirituba JuritiDeveloper: Living / Cytec / NamourRegion: Pirituba – São PauloSegment: PopularLaunch: May/2009
Area: 43 m² / 44 m²Price per m²: R$ 1,900
Total units: 116100% in 1 day
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Some Examples of Successful Projects 1H09
CrediPronto!
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94.6
147.9
Accumulated Mortgage Inventory in 2008 and 1H09:
-GVS: R$148MM;-Volume Financed: R$95MM
- Contracts: 321
CrediPronto!’s FinancingCrediPronto!’s Financing
(R$ MM)
Sales Guidance – Primary and Secondary Market
Guidance 2009Guidance 2009
Lopes’ sales guidance has changed from R$6.6 to
R$7.4 billion to R$8.0 to R$8.5 billion.
(R$ Bi)
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18%
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Financial Results
2Q08
2Q09
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Net Commission by Market
Net Commission Net Commission
2Q09 Results(R$’000)
LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 51,727 1,792 366 53,885
Operating Costs and Expenses (29,438) (1,738) (905) (32,081)
Stock Option Expenses (CPC 10) (824) - - (824)
Expenses accrual from Itaú (238) - - (238)
EBITDA Pro-Forma 22,051 55 (540) 21,566
Pro-Forma EBITDA Margin 42.63% 3.07% -147.69% 40.02%
Net income Pro-Forma 11,223 (242) (133) 10,849
Pro-Forma Net Margin 21.70% -13.47% -36.38% 20.13%
Without Pronto! and CrediPronto!’s effects, Lopes’ EBITDA would’ve been R$22.1
million, with a 43% margin, and a Net Income of R$11.2 million,
with a 22% margin.
Brasília had a R$6.9 million Income, while Campinas had a
R$2.8 million Income, what explains the Minority Interests of
R$5.7 million.
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Results 2Q09
Costs of Services Provided and Operating Expenses
Operating Costs and ExpensesOperating Costs and Expenses
(R$ MM)
Other R$2.6MM
Itaú‘s expenses accrual R$0.2 MM
Depreciation R$1.6 MM
Stock Option(CPC 10) R$0.8 MM
Other
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55%
7%
Costs and ExpensesCosts and Expenses Net RevenueNet Revenue
Operational Leverage as a basic premise for growth.
Result: Net Income Pro Forma increase of 246% with a 20%
Margin.
Operational Leverage
(R$ MM) (R$ MM)
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Financial Result
(in R$’000)
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Tax benefit recognized in the 1Q09 from
2008 investments
APV write off over the 75%
of Dirani’s acquisition
debt
Smaller profitability
caused by the CDI decrease in relation to
1Q09
Semiannual tax levied on investment
funds without grace period
Pro Forma EBITDA *
Pro Forma EBITDAPro Forma EBITDA
(R$ MM)
Pro Forma EBITDA without Pronto! Pro Forma EBITDA without Pronto! CrediPronto!CrediPronto!
Pro Forma EBITDA Margin
279%16%
45%40%
(R$ MM)
24* Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists of EBITDA excluding the effects of stock option expenses.
Pro Forma Net Income *
Pro Forma Net IncomePro Forma Net Income
Pro Forma Net Income without Pronto! and Pro Forma Net Income without Pronto! and CrediPronto!CrediPronto!
(R$ MM)
Pro Forma Net Margin
26%20%
246%
9%
(R$ MM)
25* Pro Forma Net Income is a non-accounting measure drawn up by Lopes which consists of net income excluding the effect of stock option.
Cash Generation
Cash Position 2Q09Cash Position 2Q09
(R$ MM)
In the 2Q09, Lopes’ cash and cash & equivalents increased R$6,7 millions,
what totaled a R$126,7 millions cash position in the 2Q09.
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Includes the payment of R$6 million of acquisitions installments
Includes the R$0,8 million payment of dividends to minority
shareholders
2Q09 Results Conference Call
Portuguese EnglishDate: 08/12/2009, Wednesday Date: 08/12/2009, Wednesday Time: 10h00 (BR Time) / 09h00 (NY Time) Time: 12h00 (BR Time) / 11h00 (NY Time)Telephone: (11) 4688-6361Password: Lopes
Telephone Brazil: (11) 4688-6361Telephone US: +1 888-700-0802Telephone other countries: +1 786 924-6977Password: Lopes
Replay: Replay:http://webcall.riweb.com.br/lopes/20090812/
http://webcall.riweb.com.br/lopes/20090812/english
CONTACTS
Marcello LeoneCFO and IROTel. +55 (11) 3067-0015
Samia NemerIR Coordinator Tel. +55 (11) 3067-0257
E-mail: [email protected]/ri
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