2. 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
(“LPS”) as of December 31st, 2011. 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 LPS 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 LPS 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.
LPS believes that based on information currently available to LPS management, the expectations and
assumptions reflected in the forward-looking statements are reasonable. Lastly, LPS expressly refuses any duty to
update any of the forward-looking statements contained herein.
2
4. Achievements
Highlights 2011
Awards
VII Award
Top Imobiliário Award Ranking Valor 1000 IG/ Insper Award Relatório Bancário
Considered the main award Listed by Valor Econômico as Assertive M&A strategy, CrediPronto! was awarded in the
of the real estate industry in one of the 1000 largest business expanding the business to segment “Best Online File
Brazil; groups in Brazil; other regions of the country; Management”
Lopes won every Top Highlighted as the 20th higher Lopes was considered the Highlighted for the efficiency
Imobiliário, since its first edition net margin among largest company in real in the mortgage approval
in 1993. all groups; estate brokerage and
consulting in Brazil, in the
8th place in value generation last five years.
among service companies.
5. The Brokerage Market Has No Other Company With Our History
and Track Record
Launch and sell of 14
office buildings at Av.
Paulista
Mr. Francisco Lopes
Launch and sell of 11 Introduction of the
initiates its activities
office buildings at the Faria concept of condominium
intermediating
Lima region clubs
properties
Creation of the launching First “Top Imobiliário”
system with sales stands award, in 1993 – Largest
and marketing materials, Brokerage Company
attracting customers
First TV 00´s
specially during weekends
advertisement for
a real estate
development Becomes reference in real
estate launchings and 90´s
presents its new logo
80´s
70´s
60´s
50´s
Lopes becomes an important player at
40´s the segment of gated communities
1935 Identification of Marginal Triples in size in a decade,
Pinheiros as an attractive strengthening its leadership
area and launch one of
Start of long term Wins its 16th consecutive
the first buildings in the
partnership with “Top Imobiliário”
region
The company’s first Gomes de Almeida Lopes’ IPO
Start up of sales of hotel
logo Fernandez (Gafisa) Lopes starts its geographic expansion
condominium (Flats)
Launch one of the process
Partner of Grupo Espírito
first buildings under Lopes’ website become leader on real
Santo in selling one of the
the condominium state market
largest launching in Lisboa:
concept Joint Venture with Itaú Bank in order to
Parque dos Príncipes
create CrediPronto, our mortgage
company.
Lopes’ follow-on
5
6. Investment Highlights
Experienced Simple and Focused
Management Team Value Added
and Outstanding Business Model
Track Record
Main Distribution
Unmatched Channel in the
Scale and Reach Industry with a
National Footprint
Low Risk Business
Already scaled with a Diversified
down to face new Client Base : Cash
market conditions Generator
Company
6
7. LPS Brasil: Unique Business Platform
Primary Market Secondary Market Mortgage Loan
+
Low, mid and high-income segments Focus on secondary market, with a Joint Venture with Banco Itaú to
unique model of own stores and a provide mortgage loans
network of licensed brokers
Growth through acquisitions
7
7
9. Virtuous Cycle of the Business Model Creating Strong Barriers to Entry
Indisputable Sales Performance Leadership and Wide Range of Products
4Q11 was the best quarter of the Leader in the primary market
market, with R$5.5 billion in sales.
R$18.2 billion in contracted sales
One-stop-shop: unique and
in 2011. complete solution for the client
Most visited website in the real : unique platform to
estate sector: 15 million visitors in develop the secondary market
2011. : partnership with one
of the largest retail banks in the
world, Itaú Unibanco
Strong Established Base Retention of Talent
Leading, nationally recognized brand
Present in 12 Brazilian states and in the Federal Largest sales force: almost 16,000
District independent brokers
Extensive distribution channel Attracts and maintains its sales force
Database with more than 1.9 million clients
More than 360 homebuilder clients
9
9
10. Institutional Website
Visits on www.lopes.com.br
• Over 15 million unique visitors in
2011
•700 launches and more than 50
thousand units in the secondary
market
• Mobile version compatible with
over 5 thousand kinds of cell phones
• First brokerage company to launch
an App for iPad
• Leader in presence in social
networks
The most visited Increased
Strong investment Higher sales
website in the real generation of
in online media conversion
estate market Leads
Source: Google Analytics,
10
11. Competitive Advantage
“Lopes” culture in all
business units of different
states
One single brand, National Integration
recognized by the of Systems
market
Identity that stands
Lopes out from the
competitors
Competitive Advantage: A single, integrated and solid Company
11
12. LPS Brasil’s Market Mix
8% 7% 7% Other*
13% 10% 11% 13% 12% 12% 10%
5% 2% 8% 5% Northeast
6% 6% 2%
6% 6% 6% 10%
10% 11% 12%
12%
South
7% 12% 10% 11% 12% 4%
12% 9% 8% Brasília
7%
16% 14% 14% 9%
17% 25%
5% 5% 11% 19% 18% 24% 21%
6% Rio de Janeiro
5%
53% 52% 54%
49% 50% 49%
São Paulo
46% 48% 44% 45%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas
12
14. Simple and Focused Business Model…
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
Client-Developers Client-Buyers
How do we do
business?
Formal relationship through
agreements 1,903,925 prospects
Over 360 Clients included in our data base
Total Price
Revenue Recognition
$ 100 per Unit
How do we make money?2, 3
$ 2.50
$ 2.80
$ 0.08
$ 10 $ 0.22
Developer
$ 5.20 ²
Down- Gross $ 1.38
payment Commission $ 2.40
$ 1.02
Agents +
Managers
1 Data until Dec-10 Net Commission Premium Contract Advisory Fee
2 Data from the LTM
14
15. Value-Added Services Across the Development Cycle
Lopes is focused on providing its clients with a full range of consulting services, from land procurement
advisory to product formatting, development and sale
Formats
Coordinates Coordinates
Individual
Determines Product Develops Optimizes
Masters Product Product
Sales Strategy
the Site’s Meeting Marketing Media
Market Launching Created to
Launching
Vocation Buyers’ Campaign Negotiations
Research Events Each Product
“Wants and Events
Needs”
15
16. 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. Acquisition of 51% of Itaplan, in September 2011, for R$29.2 million
(R$10.6 million + R$18.6 million earn out). Acquisition of 51% of Eduardo
Imóveis, in October 2011, for R$10.2 million (R$3.4 million + R$6.8 million earn
out).
CE Rio de Janeiro – Entry by greenfield operation, with beginning of operations in
RN July 2006, with LCI-RJ. . Lopes acquires permanently an additional 10% stake
of Patrimóvel, in July 2010, and more 31% in October 2010 (51% total).
PE 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.
BA Minas Gerais – Entry by greenfield operation with beginning of operations in
February 2008. Acquisition of 51% of Brisa, in September 2011, for R$5.5 million
(R$1.9 million + R$3.6 million earn out).
DF
GO SOUTHERN REGION
States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition of 75% of
MG Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two ear-out
ES
payments. In July 2008, Lopes acquired the 25% left by the call/put
mechanism.
SP RJ
MIDDLE WEST REGION
PR Federal District – Acquisition of 51% of Royal, in November 2007, for R$12
million (9.0x P/E 2008) and an earn-out payment.
SC
Goiás - Greenfield operation with beginning of operations in August 2008.
RS
NORTHEAST REGION
Bahia - Greenfield operation with beginning of operations in October 2007.
Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 3
million (10.0x P/E 2008) and an earn-out payment. In September 2009, Lopes
acquired the 40% left by the call/put mechanism. In 2010, there was a transfer
to LPS Fortaleza –of 100% (one hundred percent) of the capital stock of LPS
Lopes tracks developers’ regional movements, consolidates its Pernambuco.
position as the largest consulting and sales player
Ceará e Rio Grande do Norte – Acquisition of 60% of Immobilis, in January
2008, for R$2.4 million (10.0x P/E 2008) and an earn-out payment.
Source: Lopes RI 16
17. Sales Expertise in all Market Segments
HIGH Roof Gardens Bela Cintra – Oct/ 11 CASE
Location Consolação/ SP 97% sold.
Developer: Fakiani
Sales 118 un. – R$ 11,600/m²
Usable Area 34/190 m2
You Metropolitan – Dec/11 CASE
MEDIUM-HIGH
Location Tatuapé/ SP 100% sold.
Developer: You
Sales 120 un. – R$7,500/m²
Usable Area 35 / 136 m²
MEDIUM Vallore Brás – Oct/11 CASE
Location Brás/ SP 99% sold.
Developer: Agre
Sales 352 un. – R$ 5,400/m²
Usable Area 51 / 71 m²
Top Life Park – Nov/11 CASE
ECONOMIC
Location Santo André/ SP 97% sold.
Developer: CR2
Sales 200 un. – R$ 3,500/m²
Usable Area 48 / 67 m2
Helbor Lead Offices Faria Lima – CASE
Nov/11
BUSINESS UNITS
Location Itaim/ SP 88% sold.
Developer: Helbor
Sales 128 un. – R$ 21,840/m²
Usable Area 41 / 119 m²
19. HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 300 thousand
The Habitcasa brand is applied in all Lopes’ markets
19
20. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$5,471 million
4Q10 4Q11
23% 13% 8%
32%
32%
24% 40%
28%
Units Sold
Total units sold = 21,071
4Q10 4Q11
6% 7%
14% 34% 13%
52%
28%
46%
20
22. Pronto!
SOUTHEAST REGION
São Paulo – Acquisition of 51% of VNC, in July 2010, for R$7.1
million (R$ R$1,8 million + R$0,3 million of investments + R$5,2
million of earn out ).
Acquisition of 51% of Plus Imóveis, in August 2010, for R$11.7
million (R$4.7 million + R$7.0 million of earn out).
Acquisition of 51% of Maber, in September 2010, for R$17.3 million
(R$6.0 million + R$11.3 million of earn out).
Acquisition of 55% of Local, in December 2010, for R$25.6 million
(R$10.0 million + R$15.6 million of earnout)
Acquisition of 60% of Erwin Maack, in March 2011, for R$8.4 million
(R$2.9 million + R$5.5 million of earn out)
Acquisition of 51% of Condessa in July 2011, for R$4.9 million
(R$1.9 million + R$3 million of earn out).
Acquisition of 60% of Imóvel A in October 2011, for R$24.3 million
(R$10 million + R$14.3 million earn out).
Acquisition of 51% of Foco in March 2012 , for R$15 million (R$6
million + R$9 million earn out).
Acquisition of 51% of Piccoloto in March 2012, for R$10 million
(R$4 million + R$6 million earn out).
Acquisition of 51% of Cappucci in March 2012 , for R$6.6 million
(R$2.5 million + R$4.1 million earn out).
Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July 2010,
SOUTH REGION for R$ 2,6 million (R$900 thousand + R$1,7 million of earn out)
Rio Grande do Sul – Acquisition of 51% of Ducati, in December
2010 forR$15,5 million (R$5.3 million + R$10.2 million of earnout).
FEDERAL DISTRICT :
Paraná – Acquisition of 60% of Thá, in February 2011, for R$20.9 Acquisition of 51% of AçãoDall’Oca in April 2011, for R$12.2 million
million (R$7.4 million + R$13.6 million of earnout). (R$3 million + R$9.2 million of earn out).
Pronto has 252 stores in 11 States + Federal District : 52 owned stores and
200 licensed brokers
22
23. Pronto!: A Natural Consolidator
Well Defined Acquisition Model with a Successful Track
Unique Platform Poised for Growth
Record
Present in 11 states and the Federal Acquisition strategy:
District
– Companies with expertise in their regional markets
– Covers 91% of the Brazilian GDP – Companies with limited access to capital
– 52 own stores – Well positioned in relevant markets
– 200 licensed brokers – Widespread network
– Strong presence in São Paulo
and Rio de Janeiro
Appreciation and alignment of interests
– Earn-out
Unique one-stop-shop business model – 51% ownership stake
Solid client base
Successful acquisitions through the years
Strong internet presence
– 18 acquisitions since July 2010 focused on the
Diversified products in the portfolio secondary market
– Benchmark for future partners
– Accretion
Natural Consolidator
Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
23
23
24. Joint Venture Lopes Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.
Direct and exclusive access to its Service excellence
customer database Competitive financing terms and
Seamlessly integrated operation with conditions
Lopes’ sales process, including an Speed and quality of processing
incentive compensation plan Experienced credit analysis
Lopes media exposure Successful exposure to the lending
business and in joint ventures
Leadership position
Management
in their respective High Value Brands
Excellence
markets
Strengthening of mortgage origination and other related services.
24
25. Differentiated Model: One-Stop-Shop
Secondary Market: a significant potential for origination Distinctive channel for clients in the secondary market
Focus
52 own stores and 200 licensed real estate brokers in 11 Over R$2 billion in financing
states and the Federal District
Relevance
Selective acquisitions to replicate the successful formula Incipient market in Brazil with huge expansion potential
used in the primary market
Growth
Potential
59% of CrediPronto! transactions are originated through
33% of Pronto!’s contracted sales are financed by Pronto!
Credipronto! Use of LPS Brasil’s platform and significant reduction in
CAPEX requirement
Synergies
Winning Model
25
25
26. CrediPronto!
Accumulated Financed
Financed Volume
Volume*
(R$ MM) (R$ MM)
1,271 2,075
112% 158%
600
804
2010 2011 dec/10 dec/11
In 2011, CrediPronto! Financed R$1.3 billion, outpacing the market growth in almost 3 times.
26
26
*Does not include amortization.
27. CrediPronto!
Mortgages Portfolio
(R$ MM)
1,756
887%
178
Opening portfolio balance Ending portfolio balance
Jan/10 Dec/11
The Average Portfolio Balance in 2011 was R$976 million.
27
28. CrediPronto!
Accumulated Sales Volume *
(R$ MM)
2,076
1,956
1,843
1,698
1,598
11%
1,461
1,340
1,219
1,113
1,013
928
804 854
727
654
591
529
437 474
331 385
217 247 291
CrediPronto! granted mortgage loans worth more than R$2 billion in its first years of operation
*Not including amortization / October, November and December are unaudited preliminary draft released on January 30th, 2012
28
29. Credipronto!: Unique Partnership to Capture Mortgage Loan Market
Potential
Business Highlights Innovative Real Estate Financing Process
+
Market Largest Private Bank
Leader in Brazil Assessment of Issuance of the Release of
Credit Analysis Legal Analysis
the Property Contract Resources
Until 3 2 3 5
24 hours working working working working
days days days days
Profit Sharing with limited credit risk
Leverage on LPS Brasil’s points of sale
Differentiated process of approval and release of funds Efficiency in Release of Credit
Unprecedented credit in the market
Evolution of Origination (base 100 = Jan-10)1
Market Share CrediPronto!
1.4% 1.9% 1.7% 2.4% 2.4% 3.0% 2.8% 3.1%
CrediPronto! already has a Market Share of
411 432.2 5.7% among private banks (excluding Caixa)
376
It is responsible for more than 16% of the
mortgage portfolio of Itaú
245 241
Total market financing 4T11: R$12.1 billion and
168 177 R$44.6 billion in 2011 (including Caixa)
209 197.9
100 145 147 144 179
125
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Credipronto! Mercado
High Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2
Notes:
1 ABECIP (as of December 30th, 2010) and Company. Ranking based on June/2011 origination
2 Excluding Caixa 29
3 Bacen 29
31. Significant Creation of Demand
Demographic Bonus Population Pyramid (millions of people)
100%
80%
60%
40%
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
Economically active population = 15 – 64 year-old
Dependence Index
Expansion of Class C (% of the population) Number of Families by Income Segment (millions)
2003 2008 Growth 2007 - 2030
(8%) 78% 160% 233% 291% 433%
8% 11%
16%
28% 31.7
29.1 27.6
37% 21.8
24% 2007A
49% 15.5
11 2030E
27% 8.4
3.3 4.3
1.1 0.3 1.6
Classes A and B Class C Class D Class E
Up to R$1k to R$2k to R$4k to R$8k to Above
R$1k R$2k R$4k R$8k R$16k R$ 16k
Source: IBGE, Bird, Febraban and FGV 31
31
33. Market Potential for Real Estate Financing
Growth Drivers Quantitative Housing Shortage (millions of homes)
Housing deficit
– 7.2 million houses (2009) 7.9
Incipient mortgage loan market 6.7
6.3
5.8
Declining interest rates 5.4
Rising employees’ income
Growing availability of long-term funding
Increasing secondary market financing
Increasing family turnover
1991 2000 2006 2007 2008
Mortgage Loan Access (% by Social Class)2 Family Turnover3
9.0 – 10.0x
7.7%
5.0%
4.0x
3.0%
1.7% 1.8x
Classes A and B Class C Class D Class E G-7 Mexico Brazil
Source: Bacen and ABECIP
Notes:
1 Data from 2006, except for Brazil (2009)
2 FGV’s Center for Social Studies, 2010
3 Represents the number of times a family moves to a different house during their lifetime. Source: Credit Suisse 33
33
34. Sales Speed Metropolitan Region of São Paulo
Units Launched and Sold
SP Capital
Average (Units Sold/Launched) = 0.85
Average (Units Sold/Launched) = 1.15
7063
5663
6131
3825
Year Units Lauched Units Sold
Units Sold
2009 30.100 35.800
2010 37.300 35.870 Units Launched
2011 37.650 28.320
37. Lopes’ Confidence Index (LCI) – January/12
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes’ Confidence Index (LCI)
January/12
149
137
125
118
100
82
Expectation Index Lopes' Confidence Index Present Situation Index
Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,
housing purchase tendency.
The sample has 591 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and
are interested in purchasing a new home.
(base: jan/2009=100)
Source: Lopes Market Intelligence
37
39. Contracted Sales
Contracted Sales Units Sold
(R$ billion)
16%
12%
18.2
15.7 63,149
4.7 16% 5.5 56,633
21%
0.5 1.1
4.4 17,408 21,049
4.2
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
Primary Market Secondary Market Total
In the 4Q11, We Achieved R$ 5.5 billion in Contracted Sales.
39
40. Quartely Seasonality
Comparison of quarterly seasonality LPS
vs. market
Units launched per quarter – Brasil 2011
39%
29%
26% 29%
24% 22%
16%
15%
1Q11 2Q11 3Q11 4Q11
LPS Brasil Total Market
Launches were more concentrated in the 4Q11 for LPS
than the average of the market.
41. Contracted Sales Breakdown
Contracted Sales Breakdown
33% 22%
R$6 BI R$3.9 BI
8.3 BI
45%
Mercado Secundário
Incorporadoras de Capital Fechado
Incorporadoras de Capital Aberto
41
44. 2011 Results
2011 Results
(R$ thousand, except percentages)
LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED
Gross Service Revenue 353,144 96,269 34,787 484,200
Revenue from Real Estate Brokerage 338,644 96,269 3,805 438,718
Revenue to Accrue from Itaú Operations 14,500 - - 14,500
Earn Out - - 30,982 30,982
Net Operating Revenue 313,045 85,098 34,245 432,388
(-)Costs and Expenses (194,255) (53,409) (15,754) (263,418)
(-) Stock Option Expenses CPC10 (1,782) - - (1,782)
(-) Expenses to Accrue from Itaú (953) - (1,142) (2,095)
(=)EBITDA 116,056 31,688 17,349 165,093
EBITDA Margin 37.1% 37.2% 50.7% 38.2%
(+/-) Other nonrecurring results - (26,576) - (26,576)
(-)Depreciation and amortization (26,178) (21,069) (38) (47,285)
(+/-) Financial Result (16,418) 92,768 653 77,003
(-)Income tax and social contribution (10,894) (4,912) (1,798) (17,604)
(=)Net income in period 62,565 71,900 16,166 150,631
Net Operating Margin 20.0% 84.5% 47.2% 34.8%
(=)Net Income in Period
- Non-controlling Shareholders (7,992)
- Controlling Shareholders 142,638
Net Margin after Minority Interest 33.0%
44
45. CrediPronto!
P&L*
(R$ thousands) 2011
Total
Amount Financed 1,270,674
Opening portfolio 707,053
Closing portfolio 1,767,940
Average portfolio balance1 976,864
Financial Margin 24,401
% Spread 2.5%
(-) Sales taxes -2,194
(-) Total costs and expenses -37,622
)-) Itaú expenses -6,729
(-) Olímpia expenses -20,124
(-) Commissions paid -12,547
(-) Insurance and claims (+/-) -187
(+/-) Correspondent bank -
(+) Other revenues (Financ.) 1,365
(-) ADA 600
(-) IRPJ/CSLL (Itaú Balance) -6,419
(=) Net result -21,835
% Net Margin -98.3%
50% Profit Sharing -10,918
*The managerial P&L measures the results of the JV. Olimpia’s Results and all Revenues and Expenses incurred by Itau are considered. 45
• The numbers of the managerial P&L were audited for 2011 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.
46. Allowance for Doubtful Accounts
• General (0,5%) Automatic credit score – 100% of the new contracts
• Specific (variable) For delays higher than 29 days
Example of P&L with a contract de
financiamento para um imóvel de $200:
Month 1 Month 2 Month 5 Month 8
Financial Margin $100 $100 $100 $100
Expenses¹ -$60 -$60 -$60 -$60
Specific Allowance - -$5 -$25 +$200
Result $40 $35 $15 $240
Recovery of
Default Property
Ex: Sale for +$100: Profit for
Sale of the $300 the bank
recovered
property
Ex: Sale for -$50: Loss
$150 of the bank
46
¹ Including general allowance
48. Lopes’ Contracted Sales Seasonality
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.
41%
37%
32% 33%
31% 30% 30%
29% 29% 28% 26% 27%
25% 24% 25% 24%
22% 23% 23%
21% 22%
18% 19% 19%
17% 16%
14% 15%
2005 2006 2007 2008* 2009 2010 2011
1Q 2Q 3Q 4Q
Unstable sales behavior in each quarter accounts for variations in yearly sales
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.
48