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Institutional Presentation
August 2009
Disclaimer
This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for or purchase
any securities neither does this presentation nor anything contained herein form the basis to any contract or
commitment whatsoever.
The material that follows contains general business information about LPS Brasil – Consultoria de Imóveis S.A
(“Lopes”) as of the 30th of June 2009. It is not intended to be relied upon as advice to potential investors. The
information does not purport to be complete and is in summary form. No reliance should be placed on the
accuracy, fairness, or completeness of the information presented herein and no representation or
warranty, express or implied, is made concerning the accuracy, fairness, or completeness of the information
presented herein.
This presentation contains statements that are forward-looking and are only predictions, not guarantees of
future performance. Investors are warned that these forward-looking statements are and will be subject to
many risks, uncertainties, and factors related to the operations and business environments of Lopes and its
subsidiaries such as competitive pressures, the performance of the Brazilian economy and the industry, changes
on market conditions, among other factors disclosed in Lopes filed disclosure documents. Such risks may cause
the actual results of the companies to be materially different from any future results expressed or implied in such
forward-looking statements.
Lopes believes that based on information currently available to Lopes management, the expectations and
assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty
to update any of the forward-looking statements contained herein.
2
Investment Highlights
3
Simple and Focused Value Added
Business Model
Main Distribution Channel in the Industry with a
National Footprint
Low Risk Business with a Diversified
Client Base : Cash
Generator Company
Already scaled down to face new
market conditions in 2009
UnmatchedScale and Reach
Experienced Management Team
and Outstanding Track Record
Investment Highlights
4
Mr. Francisco Lopes
initiates its activities
intermediating
properties
193540 s
50 s
60 s
70 s
80 s
90 s
00 s
Launch one of the
first buildings under
the condominium
concept
First TV
advertisement for
a real estate
development
Start of long term
partnership with
Gomes de Almeida
Fernandez (Gafisa)
Launch and sell of 14
office buildings at Av.
Paulista
Launch and sell of 11
office buildings at the Faria
Lima region
Creation of the launching
system with sales stands
and marketing
materials, attracting
customers specially during
weekends
Identification of Marginal
Pinheiros as an attractive
area and launch one of
the first buildings in the
region
Start up of sales of hotel
condominium (Flats)
Partner of Grupo Espírito
Santo in selling one of the
largest launching in Lisboa:
Parque dos Príncipes
Introduction of the
concept of condominium
clubs
First “Top Imobiliário”
award, in 1993 – Largest
Brokerage Company
Lopes becomes an
important player at the
segment of gated
communities
Triples in size in a decade,
strengthening its leadership
Wins its 15th consecutive
“Top Imobiliário”
Lopes‟ IPO
Lopes starts its geographic
expansion process
Lopes‟ website become
leader on real state market
The company‟s first
logo
Becomes reference in real
estate launchings and
presents its new logo
Brokerage Market Has No Other Company
With The History and Track Record of Lopes
5
Lopes‟ Operation
Lopes operatesin mid-high and
high income segments of the primary market
Habitcasa
focuses on low
income, selling
properties up to
R$180 thousand
Pronto operates in the secondary market, unique
model of franchising and
flagship conversion
Joint Venture with Itaú Bank in providing
mortgages
6
Lopes is exclusively focused on providing value-added real estate brokerage services to its client-
developers, with a permanent concern of avoiding conflicts of interest
Formal relationship through exclusivity agreements
Over 160 Clients
– 46,393 effective buyers1
– 80,000 prospects included in our data
base in 2007
Client-Developers Client-Buyers
Ho
w d
o w
e d
o
bu
sin
ess
?H
ow
do
we
ma
ke
mo
ne
y?
2, 3
$ 0.53
$ 0.12
$ 2.45
$ 100
$ 10
Total Price
per Unit
Down-
payment
Gross
Commission
$ 0.73
$ 0.12
$ 1.05
Agents +
Managers
Re
ve
nu
e R
ec
og
nitio
n
$ 5
Developer
1 Over the last 5 years in Sao Paulo2 Figures only for example, not related to financials3 Considering Sao Paulo market
$ 1.90
$ 3.10
Net Commission Premium Contract Advisory Fee
Simple and Focused Business Model…
7
Lopes Net Commission
SP GVS / Consolidated GVS 100% 95% 80% 50% 42%
Net Commission São Paulo
Net Commission Brazil
3.23% 3.15% 3.06%2.60% 2.60%
3.23%3.16% 3.19%
3.10%3.02%
2005 2006 2007 2008 2Q09
2005 2006 2007 2008 2Q09
8
Lopes‟ business is clearly fundamental to the profitability and returns of its clients…
Working
Capital
Is FundamentalPre Sales
Speed of Sales
Concentrated in
the
Launch Period
Reliance on Sales Force Scale and Efficiency
Speed of Sales is
the Key
for Profitability
With a Key Role in the Real Estate Value-Chain
More than 5.000 brokers
Real Estate Development
Brazilian Market Dynamics
…and its scale and reach – nearly impossible to replicate – enhance this importance
9
Lopes is focused on providing its clients with a full range of consulting services, from land procurement advisory to product formatting, development and sale
Value-Added Services Across the Development Cycle
Determines the Site‟s Vocation
Masters Market
Research
Formats ProductMeeting Buyers‟
“Wants and Needs”
Develops Marketing Campaign
Optimizes Media
Negotiations
Coordinates
Product
Launching
Events
Individual Sales Strategy
Created to Each Product
Coordinates Product
Launching
Events
10
Competitive Advantage
Competitive Advantage: A single, integrated solid Company
“Lopes” culture in all business units of different states
National Integration of Systems
One single brand, recognized by the
market
Identity that stands Lopes out from the competitors
11
Institutional Website
Evolution of visits to Lopes‟ Website
Source: Google Analytics
594,442
1,308,093
2,018,064
2,195,6982,288,307
2,382,443
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
12
Notes: Managerial Reports.
Absorption calculated over available units
Location
Usable Area
Sales
Location
Usable Area
Sales
Location
Usable Area
Sales
Location
Usable Area
Sales
Location
Usable Area
Sales
100% sold in one day
Developer: Helbor.
CASE
100% sold within 10 days.
Developer: Living / Cury.
CASE
100% sold in one day.
Developers: Yuny.
CASE
85% sold within 2 months.
Developer: Maxcasa.
CASE
65% sold within 8 months.
Developer: Yuny.
CASE
Sales Expertise in all Market Segments
HIGH
MEDIUM-HIGH
MEDIUM
ECONOMIC
GATED COMMUNITIES
Ibirapuera / SP
322 to 367m²
Le Paysage – Oct / 08
24 un. – R$ 60,000,000
Campinas / SP
34 / 44 / 53 / 78 m2
Helbor Offices Norte Sul – Apr / 09
238 un. – R$ 45,000,000
São Miguel / SP
43 / 45 m2
Dez Vila Curuça – Jun / 09
252 un. – R$ 22,105,440
Vila Carrão / SP
96 to 206 m2
Lugano Club– May / 09
104 un. – R$ 42,150,000
Panamby / SP
70 m2
MaxHaus Panamby– Apr / 09
201 un. – R$ 55,000,000
13
Geographic Expansion
14
Lopes is Growing Nationwide
SOUTHEAST REGION
São Paulo – Beginning of operations in 1935. Acquisition of 60% of
Capucci &Bauer, in October 2007, for R$9 million (7.1x P/E 2008) and
an earn-out payment.
Rio de Janeiro – Entry by greenfield operation, with beginning of
operations in July 2006, with LCI-RJ.
Espírito Santo – Acquisition of 60% of Actual, in July 2007, for R$5.76
million (7.0x P/E 2008) and an earn-out payment.
Minas Gerais – Entry by greenfield operation with beginning of
operations in February 2008.
SOUTHERN REGION
States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition
of 75% of Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two
ear-out payments. In July 2008, Lopes acquired the 25% left by the
call/put mechanism.
MIDDLE WEST REGION
Federal District – Acquisition of 51% of Royal, in November 2007, for
R$12 million (9.0x P/E 2008) and an earn-out payment.
Goiás - Greenfield operation with beginning of operations in August
2008.
NORTHEAST REGION
Bahia - Greenfield operation with beginning of operations in October
2007.
Pernambuco – Acquisition of 60% of Sérgio Miranda, in August
2007, for R$ 3 million (10.0x P/E 2008) and an earn-out payment.
Ceará – Acquisition of 60% of Immobilis, in January 2008, for R$2.4
million (10.0x P/E 2008) and an earn-out payment.Lopes tracks developers‟ regional movements, consolidates its
position as the largest consulting and sales player
PR
RJ
BA
SP
RS
ES
SC
PE
MG
DF
CE
GO
15
Lopes‟ Market Mix
50%42% 42% 41% 42%
18%
18% 20%
6% 6%
7%
9% 9%
24% 21%
5%8%
9% 7% 9%
7%8%
8% 9% 6%
13% 15% 13% 13% 16%
2Q08 3Q08 4Q08 1Q09 2Q09
São Paulo
Rio de Janeiro
Brasília
South
Northeast
Other*
*Other: Estpírito Santo, Minas Gerais and Goiás. 16
Lopes in the Low Income Segment
17
HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 180 thousand
Utilização da marca em todos os mercados de atuação da LopesThe Habitcasa brand is applied in all Lopes‟ markets
18
Units Sold
Sales by Income Segment 2Q09
37%
43%
13%
7%
<150K 150k-350k 350k-600k >600k
Total units sold = 8,321
15%
38%22%
25%
Contracted GVS
Total Contracted GVS = R$2,183 million
The economic segment will be one of the most important drivers for the long term growth of the real
estate industry, due to the Brazilian housing deficit of 8 million homes1.
1 According to Fundação Getúlio Vargas – FGV
19
Better Economic Situation of the Low Income Segment…
Monthly Income (Millions of Families) 2007 2008
Untill R$1,000 31.7 53% 29.1 31%
From R$1,000 to R$2,000 15.5 26% 27.6 29%
From R$2,000 to R$4,000 8.4 14% 21.8 23%
From R$4,000 to R$8,000 3.3 5% 11 12%
From R$8,000 to R$16,000 1.1 2% 4.3 5%
From R$16,000 to R$32,000 0.3 0% 1.3 1%
More than R$32,000 0 0% 0.3 0%
TOTAL 60.3 100% 95.4 100%
25.5
7.5
1
34
Government
Budget
FGTS BNDES TOTAL
“Minha Casa, Minha Vida” Funds
32.5
36.5 37.438.0
40.0
47.0
52.0
1992 1995 1998 2001 2004 2007 2008
% of the population with monthly income between
R$1,064 and R$4,561 (program‟s target population)
Source: “Minha Casa, Minha Vida” Program Source: FGV
Source: IBGE, FGV, Ernst & Young
20
2.2 3 4.99.3
18.425.2
3.8 3.95.5
7
6.9
10.2
2003 2004 2005 2006 2007 Savings untill
Oct 2008 FGTS
untill Nov 2008
Financed with FGTS' Funds Financed with Savings' Funds
Housing Credit (R$ billions)
Housing
(„000)
Total of
houses
New
houses
formed
New houses
financed
% of new
houses
financed
2002 48,035 1,530 83 5%
2003 49,710 1,675 104 6%
2004 51,752 2,042 112 5%
2005 53,114 1,362 101 7%
2006 56,610 1,496 151 10%
2007 56,343 1,733 166 10%
... and also Better Supply of Mortgages
Source: ABECIP, Central Bank of Brazil, CEF e FGV
Source: IBGE, BC
21
Increase in the Potential Demand
Maturity in years
10 15 20 25 30
12% 13 11 10 10 9
11% 13 10 9 9 9
10% 12 10 9 8 8
9% 12 9 8 8 7
8% 11 9 8 7 7
7% 11 8 7 6 6
6% 10 8 7 6 6
5% 10 7 6 5 5
Maturity in years
10 15 20 25 30
12% 1,377 1,152 1,057 1,011 987
11% 1,322 1,091 991 941 914
10% 1,269 1,032 926 872 842
9% 1,216 974 864 806 772
8% 1,165 917 803 741 704
7% 1,115 863 744 679 639
6% 1,066 810 688 619 576
5% 1,018 759 634 561 515
Unit Value
R$120,000
Mortgage
R$96,000
30% of income
commitment80% of the total value
financed
In Minimum Wages Monthly Payment (R$)
Inte
rest
Ta
x (
%)
Inte
rest
Ta
x (
%)
22
Lopes in the Secondary Market
23
Strengthening of mortgage origination and other related services.
Leadership position
in their respective
markets
Management
ExcellenceHigh Value Brands
Joint Venture Lopes Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.
Direct and exclusive access to its
customer database
Seamlessly integrated operation with
Lopes‟ sales process, including an
incentive compensation plan
Lopes media exposure
Service excellence
Competitive financing terms and
conditions
Speed and quality of processing
Experienced credit analysis
Successful exposure to the lending
business and in joint ventures
24
Innovative Real State Financing Process
Credit Analysis Assessment ofthe Property
Legal Analysis Issuance of theContract
Release ofResources
24 hoursUntil 3
workingdays
2 working
days
3 working
days
5 working
days
Efficiency in Release of Credit
The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions.
CrediPronto!
25
CrediPronto!
Efficiency on releasing mortgages;
Agility and perception of a non-financial institution; and
Lower process costs.
Focus on the Secondary Market
Opportunity to work in the Primary Market with small Developers
Competitive Advantages
26
The only real mortgage company of the market and possibly with no conditions of being copied.
CrediPronto!
94.6
147.9
Accumulated Mortgage
Inventory in 2008 and 1H09:
-GVS: R$148MM;-Volume Financed: R$95MM
- Contracts: 321
CrediPronto!‟s Financing
(R$ MM)
104.6
67.4
43.3
27.2
GVS Financed Volume
2008 + 1Q09 2Q09
27
Secondary Market: Pronto!‟s Business Model
Owned Stores
Credentialed
Stores
Converted
Stores
Start Up Highly Structured
Fast Growth
Feasible Leadership Assumptions as a Goal
First Mover: only Brazilian one-stop-shop
High Volume
Creation Pronto! present in 11 Brazilian States, and in the Federal District. It has 50 Stores, 31 of which in the
city of São Paulo.
Pronto!‟s Business Model
2009
February
March
June
July
7 Shops
9 Shops
23 Shops
34 Shops
6 ShopsJanuary
11 Shops
17 Shops
April
May
50 ShopsAugust
Pronto! One Stop Shop Concept
One Stop Shop
Purchasing/Selling your property
+Financing
30
Synergies Between Credipronto! and Pronto! – Competitive Advantage
31
Easy Credit
Access
(Financing)
Distribution
Channel
Pronto! and CrediPronto! acting together create a competitive advantage that is hard to replicate.
Brazilian Real Estate Market
32
Social Economic Scenario and Housing Shortage
5,4
6,7
1991 20062000
7,9
Source: Fundação João Pinheiro e Ministério das Cidades
Source: Credit Suisse
Brazil1,8x
Mexico4,0x
G-79-10x
47 million homes
19%A/B > 10 minimum wages- US$ 1.900 52%
5 – 10 minimum wages-
US$ 950 - US$ 1.90030%C 28%
< 5 minimum
wages - US$ 950
51%D/E 20%
Source: Losango
-6% -4% -2% 0% 2% 4% 6%
0 to 4
10 to 14
20 to 24
30 to 34
40 to 44
50 to 54
60 to 64
more than 70
Men Women
* Qualitative Housing Shortage is the number of times that a family moves to different houses in life
Age Pyramid in Brazil Segments by Income in Brazil
Quantitative Housing Shortage
(millions of homes)Qualitative Housing Shortage
Source: IBGE
33
69%
45%
38%
18%15%
12%
4%
34%
11%
4%2%
AAA
AAA
AA
A+A+
A
A-
BBB+
BBB-BBB-
BBB+
Mortgage Market as a % of GDP
Mortgage Market and the Investment Grade
Source: Lopes, FMI, S&P and Santander
X Rating S&P
34
Number of Launches - RMSP
GVS¹ Launched (R$ bn) - RMSP
Units Launched („000) - RMSP
¹ Launched values adjusted by the INCC until June/09.
1996 1997 2006 2007 2008
Nominal GVS launched in 2008 was the same
amount as 2007: R$ 20 bn.
Launches RMSP – Historic data (1996 - 2008)
Source: Lopes‟ Market Intelligence*2009E – 1997 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized).
2009E*
35
14.114.9
16.5
22.721.3
15.7
509
377341
467 458
538 548 509
442478
574 548
172
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
+14% 70
33 3540
35 34 3731
36 38
68 70
16
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
+37%
1H09 1H09
R$/m2
SPMR Real Estate Market Overview – Prices
Source: EMBRAESP
Nominal
INCC Adjusted
Evolution of Average Launches‟ Prices in the SPMR
R$/m2
36
1151 1197
1609 16221718 1795
21392367
2787 2847
3187
29313049
3192
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
1H
09
3164 3081
4029
3720 36593513
37093586
38043636
3876
3358 3261 3236
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
1H
09
63%
37%
Brazil
The Secondary Market
Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis
118
Primary
Secondary
100%
(Total in R$ billion, % of total potential sales value)
Real estate market by segment
In the city of São Paulo, the difference is as high as 30% ~ 50%
13 9
11
19
USA Spain South Africa Mexico
Difference (in %) between the average price per m² in new development vs. used properties
37
Factors that Sustain the Growth in the Real State Market
Positive Economic Trend
Brazil is Latin America‟s biggest economy
and presents economic, political and social stability;
Positive economic fundaments:
1. Country-risk in minimum historical level
2. Inflation under control
3. Extern debt at lower levels
4. Decreasing of the unemployment tax
Real State Sector Development
Consumer‟s buying intention increase;
Technology achieved in both sides;
Products with more sophisticated
attributes for the middle income
segment;
Technology in the low income segment
construction; and
Development of new
Brazilian markets.
Housing Deficit
Estimated deficit of 7.5MM de houses;
Bad quality housing for middle and low
income segments.
Financing Availability
Smaller Taxes, longer terms;
SFH and FGTS limit increase;
Higher participation of the private
sector; and
In Brazil, the mortgages represent
10-20% of the total credit, smaller than in
other countries (70%).
38
Lopes‟ Confidence Index
39
Lopes‟ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short
term, housing purchase tendency.
The sample has 585 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and
are interested in purchasing a new home.
Lopes‟ Confidence Index (LCI)
July/09
(base: jan/2009=100)
Source: Lopes Market Intelligence
Lopes‟ Confidence Index (LCI) - July/09
Lopes is the first company to create a Real Estate Consumer Confidence Index.
40
100.082.0
118.0105.7
86.8
124.7109.4
87.2
131.6116.3
98.7
133.8124.1100.8
147.4
119.0100.5
137.5120.3
99.3
141.3
Lopes' Confidence Index Present Situation Index Expectation Index
jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09
+42%
The scenario is positive when compared the present purchase intention with the purchase intention for the next 6 months, for
all segments.
The factors that show the optimism for the future are:
(i) the perception about the Brazilian economic situation in the next 6 months; and
(ii) the purchase intention for the next 6 months.
Lopes‟ Confidence Index by Segment
Low Income
Medium-High
High
41
(base: jan/2009=100)
Source: Lopes Market Intelligence
Lopes‟
Confidence
Index
Present Situation
Index
Expectation
Index
118.9
95.6
142.1120.3
99.1
141.5122.3
102.4
142.2
39%
49%
43%
Operational Highlights
42
Operating Performance
43
2007 2008
Launches
Contracted Sales
Market Value (R$ million)
States
Headcount
Independent Brokers
9,285
5,221
4,873
348
11
1,683.5
508
4,993
21,260
10,099
9,370
728
13
563
5,799
Secondary Market
Primary Market
1H09
4,535
3,595
3,359
235
11
519.2
699
5,495
326.4
Contracted Sales‟ Historical*
* Unaudited managerial information.
Total GVS – Primary Market
(in R$ million)
591 850
1,166 1,253 1,556
1,853
2,545
4,873
9,370
3,359
2000 2001 2002 2003 2004 2005 2006 2007 2008 1H09
CAGR: 36%
44
3,037
1,339
2,020
242
72
163
2Q08 1Q09 2Q09
Primary Market Secondary Market
Contracted Sales
(R$ MM)
Contracted Sales
3,279
1,441
55%
2,183
45
5,227 4,788
1,678
850
3,042 3,607
1,088 584
0-150K 150K-350K 350K-600K >600k
2Q08 2Q09
808
9,152
1,337 1,123 903
5,298
1,512 608
South Region Southeast Region Middle West Region Northeast Region
2Q08 2Q09
Units Sold per Region and per Income Segment
Sales per Segment(in units)
Sales per Region(in units)
46
Sales Speed over Supply
19.0%
25.9%
1Q09 2Q09
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.
47.5%60.7%
1Q09 2Q09
Habitcasa‟s Sales Speed
47
Financial Highlights
48
2Q08
2Q09
3.14%
1.98% 2.26% 2.63%
São Paulo Rio de Janeiro Other Markets Brazil
3.02% 2.77%2.28% 2.60%
São Paulo Rio de Janeiro Other Markets Brazil
Net Commission by Market
Net Commission
49
2Q09 Results(R$’000) LOPES PRONTO! CREDIPRONTO! CONSOLIDADO
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)
Pro-Forma EBITDA 22,051 55 (540) 21,566
Pro-Forma EBITDA Margin 42.63% 3.07% -147.69% 40.02%
Pro-Forma Net income 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$5.7 million.
Results 2Q09
50
35.0
2.6
2.9
29.5
Total Operating Costs and
Expenses
Pronto! and Credipronto!
Costs
Operating costs and
Expenses
Costs of Services Provided and Operating Expenses
Operating Costs and Expenses
(R$ MM)
Other R$2.6MM
Itaú„s expenses accrual R$0.2 MM
Depreciation R$1.6 MM
Stock Option(CPC 10) R$0.8 MM
Other
51
25.1
29.5
1Q09 2Q09
34.7
53.9
1Q09 2Q09
55%
18%
Primary Market Costs and Expenses Net Revenue
Operational Leverage as a basic premise for growth.
Result: Net Income Pro Forma increase of 246% with a 20% Margin.
Operational Leverage
(R$ MM) (R$ MM)
52
Guidance for 2009
53
Sales‟ Guidance for 2009
8,000
8,500
Bottom Range Top Range
Brazil
(R$ MM)
* The General Value of contracted sales (Contracted GVS) projected in this release may change due to many variables. This material fact includes forward
looking statements related to business perspectives, results estimates and, also, the growth outlook for Lopes. Such forward looking statements may be
substantially affected by changes in market conditions, government decisions, stronger competition, industry performance as well as Brazilian economy
performance, in addition to those risks presented in the documents released and filed by Lopes, consequently, they are subject to changes without previous
notice. 54
Additional Information
55
Two seasonality components:
• Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more significantly affected by summer vacations and the week of Carnival celebrations.
• Variations in sales stemming from the sales pipeline in the real estate development market, in which projects launched are subject to licensing and permit requirements, which account for significant distortions in a quarter-over-quarter comparison.
Lopes‟ Contracted Sales Seasonality
Unstable sales behavior in each quarter accounts for variations in yearly sales
17% 18%
14%
23%21%
31%
22%
32%
25%22% 23%
29%
37%
29%
41%
16%
2005 2006 2007 2008*
1Q 2Q 3Q 4Q
56
* The seasonality can not be verified in 2008, because of the effects of the world financial crises.
Ownership Structure
Total of 49,448,033 common shares
Ownership Structure Post-IPO
30%
4%
66%
0%Foreigner Investors - Free Float
Nacional Investors - Free Float
Controlling
Management
57
Institution Analyst Contact
Agora Cristiane Viana (+55 21) 2529-3393
Banco Espírito Santo TBD -
Credit Suisse Marcelo Telles(+52 55) 5283-8933
Itaú David Lawant (+55 11) 3073-3037
Link Celso Boin Jr. (+55 11) 4505-6701
Planner Ricardo Martins (+55 11) 2172-2600
UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208
Coin Valores Marco Barbosa(+55 11) 3035-4141
Analysts Coverage
58