BRASIL BROKERS RESULTS...Curitiba Rio de Janeiro Vitória Recife Florianópolis Porto Alegre...

2011 Brasil Brokers - All Rights Reserved |

BRASIL BROKERS RESULTS

4th Quarter and Year of 2010

2011 Brasil Brokers - All Rights Reserved | 1

This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for orpurchase any securities neither does this presentation nor anything contained herein form the basis to anycontract or commitment whatsoever.

The material that follows contains general business information about Brasil Brokers Participações S.A.related to the quarter ended on December 31, 2010. It is not intended to be relied upon as advice topotential investors. The information does not purport to be complete and is in summary form. No relianceshould be placed on the accuracy, fairness, or completeness of the information presented herein and norepresentation or warranty, express or implied, is made concerning the accuracy, fairness, orcompleteness of the information presented herein.

This presentation contains statements that are forward-looking and are only predictions, not guaranteesof future performance. Investors are warned that these forward-looking statements are and will besubject to many risks, uncertainties, and factors related to the operations and business environments ofBrasil Brokers and its subsidiaries such as competitive pressures, the performance of the Brazilianeconomy and the industry, changes on market conditions, among other factors disclosed in Brasil Brokersfiled disclosure documents. Such risks may cause the actual results of the companies to be materiallydifferent from any future results expressed or implied in such forward-looking statements. Brasil Brokersbelieves that based on information currently available to Brasil Brokers management, the expectationsand assumptions reflected in the forward-looking statements are reasonable.

Lastly, Brasil Brokers expressly refuses any duty to update any of the forward-looking statementscontained herein.


Company

Operating Highlights

Financial Highlights

4th Quarter and Year of 2010

2


Company


Manaus

Natal

Salvador

Belém

Belo Horizonte

Curitiba

Rio de Janeiro

Vitória

Recife

Florianópolis

Porto Alegre

Goiânia

Distrito Federal

Porto Velho

Campo Grande

Company

Operating in16 states and DF

957(2) Points of Sales

14,015 Brokers

23(1) Subsidiaries

(1) It considers the merger of Del Forte, Iprice and Frema in São Paulo, which originated DelForte Frema, the merger of Gribel and Pactual in Minas Gerais, which originated Gribel

Pactual, the integration of Americas’ operations by Basimóvel in Rio de Janeiro , the integration of Pointer’s operations by Sardenberg in Espirito Santo, and the acquisition of

Galvão in December 2010.

(2) Includes 183 Rede Morar point of sales.

4

Cuiabá

São Paulo


4Q10 Hightlights

R$ 9.9 billion PSV, increase of 22% compared to 4Q09

4Q10 Net Revenue increased 28% over 4Q09, from R$ 78.3 million to R$ 100.3 million

Contracted sales increased 34% in the primary market compared to 4Q09

Sales forces increased 50%, totaling 9,354 brokers in 4Q09 over 14,015 in 4Q10

Total contracted sales of R$ 4.9 billion in 4Q10, with 18,839 launched units

R$ 618 milion contracted sales in the secondary market, totaled 2,113 sold units,

increase in sales of 29% compared to 4Q09

4Q10 Adjusted EBITDA was R$ 39.6 million, increase of 30% compared to 4Q09

4Q10 Net Income was R$ 22.0 million and adjusted net income was R$ 23.2 million,

increase of 45% and 17% respectively, over 4Q09.


2010 Hightlights

R$ 25.1 billion PSV, increase of 50% compared to 2009

2010 Net Revenue increased 35% over 2009, from R$ 249.3 million to R$ 335.6 million

Total contracted sales of R$ 16.0 billion in 2010, increase of 40% compared to 2009

102,451 launched units, increase of 32% compared to 2009

Increase in contracted sales in primary market of 42% compared to 2009

2010 Adjusted EBITDA was R$ 128.5 million, increase of 44% compared to 2009

2010 Net Income was R$ 72.8 million and adjusted net income was R$ 80.0 million,

increase of 62% and 49% respectively, over 2009.


Company



Brasil Brokers Results4th Quarter and Year of 2010

7


Primary Market – 4Q10

8

*The figures above include 100% of PSV and Launched Units of our subsidiary Abyara Brokers.

PSV(R$ MM)

Launched Units

8,174

9,932

4Q09 4Q10

PSV (R$ thousand)

34,540 35,522

4Q09 4Q10

Launched Units

3%


Primary Market – 2010

9

* The figures above include 100% of PSV and Launched Units of our subsidiary Abyara Brokers.

PSV(R$ MM)

Launched Units

16,768

25,130

2009 2010

PSV (R$ thousand)

77,839

102,451

2009 2010

Launched Units


Total Contracted Sales – 4Q10

*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.

10

Contracted Sales(R$ MM)

Contracted Units

16,321

18,839

4Q09 4Q10

Units Sold

3,677

4,917

4Q09 4Q10

Contracted Sales (R$ thousand)


Total Contracted Sales – 2010


11

Contracted Sales(R$ MM)

Contracted Units

56,769

68,128

2009 2010

Units Sold

11,454

16,009

2009 2010

Contracted Sales (R$ thousand)


Primary Market – 4Q10 X 4Q09

12


Contracted SalesPrimary Market (R$ MM)

Contracted UnitsPrimary Market

3,099

4,155

4Q09 4Q10

14,235

16,710

4Q09 4Q10


Primary Market – 2010

13


Contracted Sales Primary Market (R$ MM)

Contracted UnitsPrimary Market

9,351

13,235

2009 2010

47,786

59,233

2009 2010


Primary Market – per Region 4Q10 X 4Q09

14

*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.

Contracted Sales in SP(R$ MM)

Contracted Sales in RJ(R$ MM)

Contracted Sales in Others States (R$ MM)

1,697

2,366

4Q09 4Q10

Vendas Contratadasde SP (R$ MM)

432

541

4Q09 4Q10

Vendas Contratadas do RJ (R$ MM)

971

1,248

4Q09 4Q10

Vendas Contratadas Outros Estados (R$ MM)


Primary Market – per Region 2010 X 2009

15



Contracted Sales in SP (R$ MM)

Contracted Sales in RJ (R$ MM)

5,235

7,169

2009 2010

1,253

1,911

2009 2010

Vendas Contratadas do RJ (R$ MM)

2,863

4,155

2009 2010

Vendas Contratadas Outros Estados (R$ MM)


Primary Market – by Income Segment – 4Q10 X 4Q09

16


4Q09 Contracted Sales 4Q10 Contracted Sales

4Q09 Contracted Units 4Q10 Contracted Units

Economic

(up to R$150k)

21%

Middle

(R$150 to R$350k)

41%

Mid-High

(R$350 to R$650k)

24%

High

(above R$650k)

14%

VGV Contratado 4T09

Economic

(up to R$150k)

13%

Middle

(R$150 to R$350k)

40%

Mid-High

(R$350 to R$650k)

31%

High

(above R$650k)

15%

VGV Contratado 4T10

Economic

(up to R$150k)

46%

Middle

(R$150 to R$350k)

40%

Mid-High

(R$350 to R$650k)

11%

High

(above R$650k)

3%

Unidades Contratadas 4T09

Economic

(up to R$150k)

35%Middle

(R$150 to R$350k)

45%

Mid-

High(R$350 to R$650k)

17%

High

(above R$650k)

4%

Unidades Contratadas 4T10


Primary Market – by Income Segment – 2010 X 2009

17

*The figures above include 100% of Contracted sales of our subsidiary Abyara Brokers.

2009 Contracted Sales 2010 Contracted Sales

2009 Contracted Units 2010 Contracted Units

Economic

(up to R$150k)

25%

Middle

(R$150 to R$350k)

42%

Mid-High

(R$350 to R$650k)

22%

High

(above R$650k)

12%

VGV Contratado 2009

Economic

(up to R$150k)

18%

Middle

(R$150 to R$350k)

42%

Mid-

High(R$350 to R$650k)

25%

High

(above R$650k)

14%

VGV Contratado 2010

Economic

(up to R$150k)

51%

Middle

(R$150 to R$350k)

37%

Mid-High

(R$350 to R$650k)

9%

High

(above R$650k)

2%

Unidades Contratadas 2009

Economic

(up to R$150k)

42%

Middle

(R$150 to R$350k)

42%

Mid-High

(R$350 to R$650k)

12%

High

(above R$650k)

3%

Unidades Contratadas 2010


479

618

4Q09 4Q10

2,070 2,113

4Q09 4Q10

Contrated Sales – Secondary Market 4Q10 X 4Q09

18


Contracted Sales in theSecondary Market (R$ MM)

Contracted Units in theSecondary Market


Contracted Sales – Secondary Market 2010 X 2009

19


Contracted Sales in theSecondary Market (R$ MM)

Contracted Units in theSecondary Market

1,839

2,290

2009 2010

8,904 8,810

2009 2010


143

175

4Q09 4Q10

Vendas Contratadas

Outros Estados (R$ MM)

62

101

4Q09 4Q10

Vendas Contratadas

de SP (R$ MM)

274

341

4Q09 4Q10

Vendas Contratadas

do RJ (R$ MM)

Secondary Market – per Region 4Q10 X 4Q09

20






563

680

2009 2010

Vendas Contratadas

Outros Estados (R$ MM)

184

332

2009 2010

Vendas Contratadas

de SP (R$ MM)

1,092

1,278

2009 2010

Vendas Contratadas

do RJ (R$ MM)

Secondary Market – per Region 2010 X 2009

21*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.





Others Operating Indicators – Secondary Market 2010 X 2009

22

* The points of sale (own stores) and the number of brokers do not include Rede Morar figures.

Secondary MarketBrokers

Points of Sale(Own Stores)

Points of Sale(Rede Morar)

81

102

2009 2010

Pontos de Venda

(lojas próprias)

75

183

2009 2010

Pontos de Venda

(Rede Morar)

2,346

2,647

2009 2010

Corretores

Mercado Secundário


Company



Brasil Brokers Results4th Quarter and Year of 2010

23


Financial Highlights – 4Q10 X 4Q09

(1) Figure above include 80% of our subsidiary Abyara Brokers.

24

Gross Revenue(R$ MM)

Net Revenue(R$ MM)

78.3

100.3

4Q09 4Q10

87.9

112.5

4Q09 4Q10


Financial Highlights – 2010 X 2009

(1) Figure above include 80% of our subsidiary Abyara Brokers.

25

Gross Revenue(R$ MM)

Net Revenue(R$ MM)

249.3

335.6

2009 2010

281.9

374.6

2009 2010



(1) Adjusted EBITDA consists of income before net financial result, income tax and social contribution tax, depreciation, minority interest and amortization and non-operating

income. Adjusted EBITDA is not a measure in accordance with generally accepted accounting principles in Brazil (BR GAAP), does not represent cash flow for the periods

presented, and should not be considered a substitute for net income as an indicator of operating performance, or as a substitute for cash flow as an indicator of liquidity.

Adjusted EBITDA does not have a standardized meaning and our definition of Adjusted EBITDA may not be comparable to that used by other companies.

(2) Figure include 80% of our subsidiary Abyara Brokers.

* EBITDA Margin.

** Adjusted EBITDA Margin.

26

EBITDA (R$ MM) andEBITDA Margin (%)

Adjusted EBITDA (R$ MM) andAdjusted EBITDA Margin (%)

26.1

38.6

4Q09 4Q10

* 33%* 38%

30.5

39.6

4Q09 4Q10

** 39% ** 39%



(1) Adjusted EBITDA consists of income before net financial result, income tax and social contribution tax, depreciation, minority interest and amortization and non-operating

income. Adjusted EBITDA is not a measure in accordance with generally accepted accounting principles in Brazil (BR GAAP), does not represent cash flow for the periods

presented, and should not be considered a substitute for net income as an indicator of operating performance, or as a substitute for cash flow as an indicator of liquidity.

Adjusted EBITDA does not have a standardized meaning and our definition of Adjusted EBITDA may not be comparable to that used by other companies.


* EBITDA Margin.

** Adjusted EBITDA Margin.

27

EBITDA (R$ MM) andEBITDA Margin (%)

Adjusted EBITDA (R$ MM) andAdjusted EBITDA Margin (%)

81.2

121.6

2009 2010

* 33%

* 36%

89.1

128.5

2009 2010

** 36%** 38%



(1) Adjusted Net Income is not an accounting method, it consists in the period net profit less the goodwill amortization, present value adjustment, restructuring expenses and

non-recurring expenses.


* Net Margin

** Ajusted Net Margin

28

Net Income (R$ MM) andNet Margin (%)

Adjusted Net Income (R$ MM) andAdjusted Net Margin (%)

19.8

23.2

4Q09 4Q10

** 25% ** 23%

15.2

22.0

4Q09 4Q10

* 19% *22%



(1) Adjusted Net Income is not an accounting method, it consists in the period net profit less the goodwill amortization, present value adjustment, restructuring expenses and

non-recurring expenses.


* Net Margin

** Ajusted Net Margin

29

Net Income (R$ MM) andNet Margin (%)

Adjusted Net Income (R$ MM) andAdjusted Net Margin (%)

44.9

72.8

2009 2010

* 18%

* 22%

53.7

80.0

2009 2010

** 22%** 24%



Company’s Financial Position

R$ MM

Cash and Cash Equivalents 90.7

Trade Accounts Receivable 88.6

30


IR contact

Álvaro SoaresCFO and IRO

Phone: (55 21) 3433-3000

e-mail: [email protected]

www.brbrokers.com.br/ir

mailto:[email protected]

http://www.brbrokers.com.br/ir

BRASIL BROKERS RESULTS...Curitiba Rio de Janeiro Vitória Recife Florianópolis Porto Alegre...

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