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1Q09 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, 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
Contracted sales in 1Q09 totaled R$1,411.5 million, of which R$1,339.1 million in the primary
market and R$72.4 million in the secondary market.
São Paulo represented R$573.7 million, Rio de Janeiro, R$86.7 million and other markets R$751.1
million in 1Q09. The share of contracted sales in Brasília grew significantly, rising from 9% in 4Q08, to
24%, or R$342.0 million, in 1Q09.
Lopes sold 5,556 units in the Brazilian market in 1Q09, of which 2,227 were in the low income
segment (up to R$150,000 each).
Lopes’ Sales Speed over Supply was 19% in 1Q09 against 16.3% in 4Q08, that reflects the
Company's ability to react rapidly to the improvement of the market sales conditions .
EBITDA Pro Forma in 1Q09 was R$5.7 million, a increase of 229% when compared to 4Q08. EBITDA
Pro Forma Margin in 1Q09 was 16.41%.
Lopes achieved Net income Pro Forma of R$3.1 million no 1Q09, 124% higher than in the 4Q08. Net
Pro Forma Margin in 1Q09 was 9.05%.
Lopes’ Operating Costs and Expenses in 1Q09 fell by 36% when compared to 4Q08 due to the
implementation of cost reductions in the second half of 2008. Operating Costs and Expenses of new
launches, excluding non-recurring items, were R$25.1 million. 5
Highlights
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Operational Results
Contracted Sales
(R$ MM)
Contracted Sales
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2,336
1,441-12%
1,600
Contracted Sales Evolution by Geographic Region
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Contracted Sales Contracted Sales
4Q08 1Q09
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São Paulo
Rio de Janeiro
Other Markets
Units Sold Units Sold
Units Sold by Segment
1Q09
Total of units sold = 5,556
Sales Speed over Supply - Lopes
Brazil’s Sales Speed
Brazil’s Sales Speed
* Management information.
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Financial Results
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Reasons for the Decrease of the net Commission
1Q08
1Q09
Net Commission Net Commission Market MixMarket Mix
Brasília
Brasília
Net Commission São Paulo
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Results 1Q09
1Q09 Results(R$ thousand)
LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 32,820 1,073 763 34,656
Operating Costs and Expenses (25,141) (2,884) (704) (28,729)
Stock Option Expenses(CPC 10) (824) - - (824)
Expenses Appropriated from Itaú (238) - - (238)
EBITDA Pro-Forma 7,442 (1,812) 59 5,689
Pro-Forma EBITDA Margin 22.68% -168.9% 7.7% 16.4%
Non- Recurring Expenses (1,313) (37) - (1,351)
Net income Pro-Forma 4,614 (1,782) 304 3,136
Pro-Forma Net Margin 14.06% -166.1% 39.79% 9.05%
Without Pronto! and CrediPronto!’s effects Lopes’ EBITDA would achieve R$7,4
million, with a 23% margin, and a Net Income of R$4,6 million,
with a 14% margin.
Brasília had a R$4,7 million Income, while Campinas had a
R$1,0 million Income.
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EBITDA Pro Forma*
EBITDA Pro FormaEBITDA Pro Forma
(R$ MM)
* EBITDA Pro Forma is a non-accounting measure drawn up by Lopes, which consists of EBITDA excluding the effects of non-recurring stock option expenses.
EBITDA Pro Forma without Pronto! and EBITDA Pro Forma without Pronto! and CreditPronto!CreditPronto!
EBITDA Pro Forma Margin
229%
(12.0)%
42.3%
16.4%
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Net Income Pro Forma*
Net Income Pro FormaNet Income Pro Forma
*Net Income Pro Forma is a non-accounting measure drawn up by Lopes which consists of net income excluding the effect of stock option expenses and One-Off costs related to our Pará subsidiary.
Net Income Pro Forma without Pronto! and Net Income Pro Forma without Pronto! and CrediPronto!CrediPronto!
(R$ MM)
Net Pro Forma Margin
27.1%
9.0%
124%
(37.3)%
Operating Costs and Expenses
(R$ thousands)
4Q08 1Q09 Lopes Pronto! Var. %
Personnel expenses 22,010 13,980 12,435 1,530 (37%)
Commissions and other services 2,120 1,091 959 117 (49%)
Third party services, advisory and consulting
7,155 2,344
2,050
279 (67)%
Infrastructure 2,872 3,279 2,707 557 14%
Telecommunications 4,028 2,028 1,908 106 (50%)
Advertising and marketing 3,884 1,416 1,238 163 (64%)
Depreciation 1,500 1,633 1,406 228 9%
Office supplies 436 393 349 29 (10%)
Other operating expenses (296) 3,493 3,373 105 (1,280%)
Stock Option expenses 6,299 824 824 - (87%)
Itaú expenses to accrue - 238 238 - -
Non-recurring Loss - 1,351 1,313 37 -
Total 50,011 32,071 28,960 3,112 (36%)
* The total costs and operating expenses include the 4Q08 write-off on CPC04 of $ 10 million and the reversal of interest on Patrimóvel of $ 14.6 million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does not include the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. The other operating expense line in 4Q08 includes financial results. If excluded, the amount would have been R$12.9 million.
Costs of Services Provided and Operating Expenses
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(R$ MM)
Other R$3.8M
Itaú‘s expenses to accrue R$0.2 MM
Depreciation R$1.4 MM
Pará’s One-Off Costs R$1.3 MM
Stock Option R$0.8 MMOther
Costs of Services Provided and Operating Expenses
Operating Costs and ExpensesOperating Costs and Expenses
1T09 Results Conference Call
Portuguese EnglishDate: 05/15/2009, Friday Data: : 05/15/2009, FridayTime: 15h30 (BR Time) / 14h30 (NY Time) Time: 17h (BR Time)/ 16h (NY Time)Telephone: +55 (11) 4688-6301 Telephone: +55 (11) 4688-6301
+1 786 924-6977Password: Lopes Password: LopesReplay: (55 11) 4688-6312 Replay: (55 11) 4688-6312Replay Code: 804 Replay Code: 102
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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