Apresentação resultados eng 1T10 final
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Transcript of Apresentação resultados eng 1T10 final
1Q10 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 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.
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Program
I. Highlights
II. Operational Results
III.Financial Results
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Highlights
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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, Lopes Curitiba, 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 strategy of liquidity.
In 1Q10, CrediPronto! granted mortgage loans worth R$87 million .Since the beginning of its operations until 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 Margin was 36%.
Lopes posted Pro-forma Net Income of R$12.4 million in 1Q10, up 296% year-on-year. Pro‑forma Net Margin was 20% in 1Q10.
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Operational Results
Launches
GVS Launched Units Launched
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1Q09 1Q10
2,212 2,897
1Q09 1Q10
7,496
13,971
86%31%
(R$ MM)
1Q09 1Q10
5,359
10,117 197
404
Primary Market Secondary Market
Contracted Sales
(R$ MM)
Contracted Sales
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1Q09 1Q10
1,339
2,359 72
187
Primary Market Secondary Market
1,411
80%
5,556
Units Sold
89%
2,545 10,521
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4Q09 1Q10
26.5%
42.7%
4Q09 1Q10
69.7% 61.0%
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.
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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$2,545 million
54%
14%
5%
5%
10%12%
São Paulo Brasília CampinasRio de Janeiro South Region Other
41%
24%6%
6%
7%
16%
1Q10
1Q09
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Contracted Sales
Contracted Sales by Geographic Region
Primary Market
Contracted Sales Units Sold
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1Q09 1Q10
1,339
2,359
1Q09 1Q10
5,359
10,117
89%76%
(R$ MM)
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New Units – Lopes Focus
Lopes Focus is the first unit exclusively dedicated to the sales of inventory.
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New Units – Lopes ABC
Lopes opened its unit in the ABC region, the third largest market in the state of São Paulo.
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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.
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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
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1Q09 1Q10
72
187
1Q09 1Q10
197
404
105%
160%
(R$ MM)
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Pronto!
1Q09
2Q09
9 Stores
23 Stores
93 Stores3Q09
205 Stores1Q10
152 Stores4Q09
Secondary Market
Sales Point(Owned Stores)
Sales Point(Rede Pronto!)
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1Q09 1Q10
9
30
1Q09 1Q10
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175
233%
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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)
1Q09 1Q10
21.7
86.9
300%
In 1Q10, CrediPronto! financed R$86.9 million, ammounting to 334 contracts. The average payment term in the period was 270 months.
jan/10 feb/10 mar/10
216.7
247.4
290.9
Mortgage Portfolio Evolution
CrediPronto!
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Since the beginning of its operation, CrediPronto! already financed R$291 million.
(R$ MM)
Some Examples of Successful Projects 1Q10
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100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
99% SOLD
100% SOLD
98% SOLD
98% SOLD
Liber Bosque dos JequetibasSão Paulo – January
Living
Atua Mooca IISão Paulo – February
Atua
Espaço e Vida Ipoema IIMogi das Cruzes – March
Helbor
Helbor SunshineSantos – March
Helbor
Arc de Frence ResidenceFortaleza –February
Mota Machado
0
0
Novo Horizonte Jardins IIBelo Horizonte – February
Dominus
Residencial dos Veleiros - 1ª FaseParnamirim – January
MRV
In Breeini São Paulo– February
Camargo Corrêa
TribecaSão Paulo– March
Even
Helbor Home Flex PacaembuSão Paulo – January
Helbor
Real Celebration Life ClubÁguas Claras – February
Real Engenharia
SerenitáPorto Alegre – January
Goldstein / Cyrela
Alameda Clube ResidencialCuritiba – March
Living
Portal Bordon II – Fase 7Sumare – March
Scopel
Portal do ValeTaubaté – January
Scopel
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97% SOLD
88% SOLD
87% SOLD
86% SOLD
85% SOLD
80% SOLD
78% SOLD
73% SOLD
70% SOLD
67% SOLD
69% SOLD
SohoOfficeSão Paulo – March
Even
Isla Life StyleGuará – March
EBM
Code Campo BeloSão Paulo – March
Even
Parque das Flores – Jardim São Paulo – March
Agre
Rossi Ideal Hortolândia – Cond LaranjeirasHortolândia – MarchRossi / Forn / GNO
0Porto das PedrasSalvador – JanuaryTriplo Engenharia
Bella Vittà JacareíJacareí – March
Scopel
Rossi Ideal Hortolândia – Cond PitangueirasHortolância – MarchRossi / Forn / GNO
Livre Buritis – 1ª EtapaGoiania – March
FR Incorporadora
Belle VilleCampinas – March
ACS
0Prado Gallerie
Porto Alegre – JanuaryGoldsztein
Blue CenterRio de Janeiro – February
Disa Catisa
Rossi Ideal Cores de MogiMogi das Cruzes – January
Rossi
Reserva Santa LuisaRibeirão Preto – March
Scopel
Acquaplay – 3ª FaseSantos– February
Tecnisa
97% SOLD
91% SOLD
90% SOLD
90% SOLD
Some Examples of Successful Projects 1Q10
Financial Results
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Net Commission by Market
Net Commission
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São Paulo Rio de Janeiro Other Markets Brazil
2.64%1.90%
2.48% 2.39%
São Paulo Rio de Janeiro Other Markets Brazil
2.84% 2.47% 2.25% 2.59%
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$4,0 million.
281 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
Gross and Net Revenue
Net Revenue
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1Q09 1Q10
34.7
63.0
82%
(R$ MM)
Gross Revenue
1Q09 1Q10
38.3
69.3
81%
(R$ MM)
Total Operating Costs and
Expenses
Pronto! and Credipronto! Costs
Operating Costs and Expenses
43.8
3.4
4.7
35.7
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.
EBITDA Stock Option Expenses (CPC
10)
Pro Forma EBITDA
Pronto! and CrediPronto!'s
EBITDA
Pro Forma EBITDA without
Pronto! and CrediPronto!
21.6
(0.8)
22.4
(1.9)
24.3
EBITDA Pro Forma without Pronto! and CrediPronto! 1Q10
Pro Forma EBITDA Margin
(R$ MM)
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1Q09 1Q10
5.7
22.4
5.7
22.4293%
36%
16%
1Q09 1Q10
3.1
12.4
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)
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296%
20%
9%
Accounting Net In-
come
Stock Option Expenses
(CPC 10)
Pro Forma Net Income
Net Income Pronto!
and CrediPronto!
Pro Forma Net Income without
Pronto! and CrediPronto!
11.6
(0.8)
12.4
(1.6)
14.0
1Q10
EBITDA
1Q09
Net IncomeEBITDA Margin
5.7
22.4
293%
3.1
12.4
296% 11 p.p.
Net Margin
20 p.p.
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(R$MM)
9%
20%
16%
36%
With an EBITDA margin of 36% and net margin of 20%, Lopes continued for the fourth consecutive quarter to present the best
margins among the brokerage companies .
Margin Analysis
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Assets Liabilities
(R$ MM)
Cash and Cash & Equivalents 154
Debts 0
Receivable From Clients 66.9
Payment for Acquisitions (89.1)
Cash Generation
Schedule of Payment for Acquisitions (R$ thousand)
2Q10 3Q10 Earn Out* Total
Lopes Total 563 13,100 75,394 89,05
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* The payment of our acquisitions’ earn-out will occur on 2010 and 2011 and the amounts presented in the chart above are based on the current market conditions.
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: +1 888-700-0802Telephone 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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