Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
ApresentaçãO Resultados 1 T09 Eng Final
1. 1Q09 Conference Call Presentation Results
Presenters
Marcos Lopes – CEO
Francisco Lopes – COO
Marcello Leone – CFO and IRO
2. 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.
2
3. Program
I. Highlights
II. Operational Results
III. Financial Results
3
5. 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$25.1 million.
5
8. Contracted Sales Evolution by Geographic Region
Contracted Sales
38%
53%
50% 42% 35% 41%
20%
6%
9% 24%
42% 41%
4Q08 1Q09 4Q08 1Q09
São Paulo Rio de Janeiro Other Markets São Paulo Brasília Other Markets
8
9. Units Sold by Segment
Units Sold
São Paulo
12% 7%
46%
35%
6% Rio de Janeiro
13%
<150K 40%
13% 7%
31%
150k-350k
50%
350k-600k
41%
>600k
Other Markets
1Q09 6%
14%
37%
44%
Total of units sold = 5,556
9
10. Sales Speed over Supply - Lopes
Brazil’s Sales Speed
10,8%
7,1% 7,0%
6,2%
4,8% 5,0%
Outubro Novembro Dezembro Janeiro Fevereiro Março
Brazil’s Sales Speed
19%
16,3%
4T08 1T09
* Management information. São Paulo refers to the city of São Paulo.
12. Reasons for the Decrease of the net Commission
Net Commission Market Mix
Brasília
1Q08
5% 52%
20%
3.13% 2.56% 2.67%
2.00%
23%
São Paulo Rio de Janeiro Other Markets Brazil
Brasília
1Q09
24%
41%
2.64% 2.26% 2.39%
1.90%
29%
6%
São Paulo Rio de Janeiro Other Markets Brazil
3.23% 3.16% 3.19% 3.10% 2.64%
Net Commission São Paulo
2005 2006 2007 2008 1Q09
12
13. Results 1Q09
1Q09 Results
(R$ 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 Brasília had a R$4,7 million Income,
R$7,4 million, with a 23% margin, and while Campinas had a R$1,0 million
a Net Income of R$4,6 million, with a Income.
14% margin.
13
14. EBITDA Pro Forma*
EBITDA Pro Forma
(R$ MM)
42.3%
16.4%
23.4
(12.0)%
229% 5.7
(4.4)
1Q08 4Q08 1Q09
EBITDA Pro Forma Margin
EBITDA Pro Forma without Pronto! and CreditPronto!
CreditPronto!
1.8
0.8
7.4
4.9 5.7
EBITDA Stock Option EBITDA Pro Forma Pronto! and EBITDA Pro Forma
Expenses CrediPronto!'s without Pronto! and
(CPC 10) EBITDA CrediPronto!
* 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. 14
15. Net Income Pro Forma*
Net Income Pro Forma
(R$ MM)
27.1%
9.0%
(37.3)%
15,0
124% 3.1
(13.3)
1Q08 4Q08 1Q09
Net Pro Forma Margin
Net Income Pro Forma without Pronto! and CrediPronto!
CrediPronto!
1.5
1.3 4.6
0.8 3.1
1
Accounting Stock Option Pará's One Net Income Pronto! and Net Income Pro
Net Income Expenses Off Costs Pro Forma CrediPronto!'s Net Forma without
(CPC 10) Income Pronto! and
CrediPronto!
*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. 15
16. Costs of Services Provided and Operating Expenses
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$12.9 million.
16
17. Costs of Services Provided and Operating Expenses
Operating Costs and Expenses
(R$ MM)
3.9
Other R$3.8M
Itaú‘s expenses to accrue R$0.2 MM
32.8 25. 1 Depreciation R$1.4 MM
29
Pará’s One-Off Costs R$1.3 MM
Stock Option R$0.8 MM
3.8 Other
Total Operating Costs and Pronto! and Credipronto! Operating Costs and
Expenses Costs Expenses
17
