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 (“LPS” or the “Company”) as of and for the period ended March
31st 2012. 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. Credipronto!
IV. Financial Results
3
5. Highlights
Best first quarter in the company’s history, with sales of R$4.0 billion;
PSV launched in the quarter reached a historic record of R$3.6 billion, growing 14%
over the 1Q11;
Net revenue of R$88.4 million, up 14% from 1Q11;
EBITDA 39% higher than 1Q11, achieving R$25.2 million;
54% growth in CrediPronto! origination from 1Q11, with R$322 million in mortgage
loans in 1Q12;
Conclusion of three acquisitions in the quarter: LPS Foco, LPS Piccoloto and LPS
Cappucci.
*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our 5
standart from now.
7. Contracted Sales
Contracted Sales Units Sold
(R$ million)
+15% +5%
4,003 12,708
12,046
3,479 1,387 2,398
0,959
0,674
10,659 10,310
2,804 3,044
1Q11 1Q12 1Q11 1Q12
Secondary Market
Primary Market
In This Quarter, We Achieved Our Best First Quarter in Contracted Sales.
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8. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
39.6%
21.6% 35.3%
16.2%
4Q11 1Q12 4Q11 1Q12
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*Informações Gerenciais
O VSO é calculado com base nos valores de VGV vendido mediante estoque e lançamento, e foi apresentado o número médio de cada ano.
9. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$ 4,003 million
1Q11 1Q12
12% 10%
25%
35%
31%
39%
23%
24%
Units Sold
Total units sold = 12,708
1Q11 1Q12
6% 9%
15% 31% 13%
43%
35%
47%
<150 150-350 350-600 >600 9
10. Contracted Sales by Geographic Region – Primary and Secondary Markets
Contracted Sales
1Q11 1Q12
12% 11%
11% 12%
50% 4% 51%
9%
22%
18%
São Paulo Rio de janeiro Brasília Sul Others
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12. Evolution of Launches – Listed Homebuilders and Lopes
Evolution of Launches 1Q12
-34%
7,171
4,755
+14%
3,611
3,171
1Q11 1Q12* 1Q11 1Q12
Listed Homebuilders
* Value based on the previous Listed Homebuilders - does not include Living, JHSF and CR2 in the 1Q11 or 1Q12.
22. Gross and Net Revenue
Gross Revenue Net Revenue
(R$ MM) (R$ MM)
+18%
+14%
100.6
85.1 88.4
77.4
1Q11 1Q12 1Q11 1Q12
This quarter we have achieved 14% growth in net income compared to 1Q11.
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23. Gross Revenue Reconciliation
1Q12 - Gross Revenue Reconciliation (R$ Million)
Contracted Sales (a) 4,003
Net Comission (b) 2.31%
Gross Brokerage
92.5
Revenue (a) x (b)
Revenue to Accrue from Itaú
3.6
Operations
Other revenues 4.5
Gross Revenue 100.6
IMPORTANT CRITERIA FOR CONTRACTED SALES
The contracted sales released in the quarter is exclusively based on the invoiced sales,
which multiplied by the net commission result in the gross revenue of the quarter.
Thus, the R$4 billion in contracted sales in the 1Q12 meets all the criteria for accounting
the Company’s gross revenue, even including the contract approval by the homebuilder.
Additional sales generated during this same period, that do not meet all the accounting
criteria were not considered as contracted sales of the period.
24. Results 1Q12
Results 1Q12
(R$ thousand)
LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED
Gross Service Revenue 73,405 22,724 4,496 100,625
Revenue from Real Estate Brokerage 69,780 22,724 4,496 97,000
Revenue to Accrue from Itaú Operations 3,625 - - 3,625
Earn Out - - - -
Net Operating Revenue 64,541 20,003 3,833 88,377
(-)Costs and Expenses (44,644) (14,670) (3,396) (62,710)
(-) Stock Option Expenses CPC10 (235) - - (235)
(-) Expenses to Accrue from Itaú (238) - - (238)
(=)EBITDA 19,424 5,333 437 25,194
EBITDA Margin 30.1% 26.7% 11.4% 28.5%
(+/-) Other nonrecurring results - - - -
(-)Depreciation and amortization (7,685) (5,923) (12) (13,620)
(+/-) Financial Result 18,682 3,262 56 22,000
(-)Income tax and social contribution (10,078) (1,478) (426) (11,982)
(=)Net income in period 20,343 1,194 55 21,592
Net Operating Margin 31.5% 6.0% 1.4% 24.4%
(=)Net Income in Period
- Non-controlling Shareholders (247)
- Controlling Shareholders 21.345
Net Margin after Minority Interest 24.2%
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25. Net Income 1Q12
Net Income from Launches 1Q12 Net Income from Pronto! 1Q12
32% 22%
894
1,144
22%
4,405
12,317
4,433 6%
20,343 1,194 5,124
2,796
14,361
4,284
0
1,227
Net Income Earnout Non-cash Taxes over Amortization Ajusted Net Income Earnout Non-cash Taxes over Amortization M&A Costs Ajusted
impact call/put intangible of intangible Net Income Impact call/put intangible of intangible Net Income
effect assets assets effect assets assets
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27. EBITDA
EBITDA
Margin EBITDA(%)
(R$ Milhares)
+39%
29%
23%
25,194
18,128
1Q11 1Q12
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*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our
standart from now.
28. IFRS Impacts – Net Income before non-controlling shareholders
Before
Description IFRS Effects* After IFRS
IFRS
Net Operating Revenue 88,377 88,377
Costs and Expenses -63,183 0 -63,183
Depreciation and Amortization -4,063 -9,557 -13,620 (1)
Finance Result 5,732 16,268 22,000 (2)
Operational Profit 26,863 6711 33,574 (1)+(2)
Income tax and social contribution -9,186 -2796 -11,982 (3)
Net Income 17,677 3915 21,592 (1)+(2)+(3)
* IFRS 15 non cash effects (business combination)
(1) Amortization of Intangible Assets
(1) Combined effects: i) Gains and losses with net non-cash effects of call and put options
from controlled companies, based on the fair value according to future estimates and ii)
non-cash impacts from payable earnouts
(1) Deferred Income Tax over effects of call and put on LPS Brasil.
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29. Net Income - Net Income after non-controlling shareholders
Net Income Attributable to Controlling Net Income Attributable to Controlling
Shareholders Shareholders before IFRS *
Net Margin Net Margin
(R$ Thousand)
+29%
24% +27%
16%
21%
14%
21,345
13,768
16,514 10,872
1Q11 1Q12 1Q11 1Q12
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30. 1Q12 Acquisitions
1Q12
Data da
March 2nd 2012 March 12th 2012 March 15th 2012
Aquisição
Participação 51% 51% 51%
Pagamento R$ 15 million R$ 10 million R$ 6,6 million
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