apresentação resultados 1 t09 eng final
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1Q09 Conference Call Presentation Results
PresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IRO
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 informationcontained 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 BrasilConsultoria de Imóveis S.A and its subsidiaries (“Lopes” or the “Company”) as of and for the period endedMarch 31st, 2009. It should not be considered as a recommendation for prospective investors to sell, purchase orsubscribe for securities of the Company. The information presented herein is in summary form and does notpurport to be complete. No reliance should be placed on the accuracy completeness of the informationcontained herein, and no representation or warranty, express or implied, is given on behalf of the Company orits subsidiaries as to the accuracy completeness of the information presented herein.
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This presentation contains forward-looking statements. Investors are advised that whilst the Company believesthey are based on reasonable assumptions by Management, forward-looking statements rely on currentexpectations 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 conditionsand results of operations, which therefore could materially differ from those anticipated in forward-lookingstatements 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 theseforward-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 neitherManagement, nor the Company or its subsidiaries undertake any obligation to release publicly any revision tothese forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipatedevents.
Program
I. Highlights
II. Operational Results
III.
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III. Financial Results
Highlights
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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).
Highlights
� 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$25.1 million.
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Operational Results
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Operational Results
181
Contracted Sales
(R$ MM)
Contracted Sales
2,336
1,600
2,155
1,509 1,339
91
72
1Q08 4Q08 1Q09
Primary Market Secondary Market
7
1,441-12%
1,600
Contracted Sales Evolution by Geographic Region
38%
ContractedContracted Sales Sales
41%
24%
35%
São Paulo Brasília Other Markets
42%
9%
50%
8
42% 41%
20%6%
38%53%
4Q08 1Q09
São Paulo Rio de Janeiro Other Markets
4Q08 1Q09
46%
35%
12% 7%
São Paulo
Units Sold Units Sold
Units Sold by Segment
9
40%
41%
13%6%
<150K
150k-350k
350k-600k
>600k
31%
50%
13% 7%
37%
44%
14%6%
Rio de Janeiro
Other Markets
1Q09
Total of units sold = 5,556
Sales Speed over Supply - Lopes
7,1% 7,0%6,2%
4,8% 5,0%
10,8%
Outubro Novembro Dezembro Janeiro Fevereiro Março
Brazil’s Sales Speed
16,3%
19%
4T08 1T09
Brazil’s Sales Speed
* Management information. São Paulo refers to the city of São Paulo.
Financial Results
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Financial Results
Reasons for the Decrease of the net Commission
1Q08
Net Commission Net Commission Market MixMarket Mix
52%
23%
20%
5%
3.13%2.00% 2.56% 2.67%
São Paulo Rio de Janeiro Other Markets Brazil
Brasília
Brasília
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1Q09
41%
6%29%
24%
2.64% 1.90% 2.26% 2.39%
São Paulo Rio de Janeiro Other Markets Brazil
Brasília
Net Commission São Paulo
3.23% 3.16% 3.19% 3.10% 2.64%
2005 2006 2007 2008 1Q09
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%
(1,313) (37) - (1,351)
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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!’seffects 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$1,0 million
Income.
EBITDA Pro Forma*
EBITDA Pro FormaEBITDA Pro Forma
(R$ MM)
23.4
(4.4)
5.7229%
(12.0)%
42.3%
16.4%
14* 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 CreditProntoCreditPronto!!
EBITDA Pro Forma Margin
4.9
0.8
5.7
1.8
7.4
EBITDA Stock Option Expenses (CPC 10)
EBITDA Pro Forma Pronto! and CrediPronto!'s
EBITDA
EBITDA Pro Forma without Pronto! and
CrediPronto!
1Q08 4Q08 1Q09
Net Income Pro Forma*
Net Net IncomeIncome Pro FormaPro Forma
(R$ MM)
3.1
(13.3)
15,0
27.1%
9.0%
124%
(37.3)%
15*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-Offcosts related to our Pará subsidiary.
Net Income Pro Forma without Pronto! and Net Income Pro Forma without Pronto! and CrediProntoCrediPronto!!
Net Pro Forma Margin
10.8
1.33.1
1.5
4.6
Accounting Net Income
Stock Option Expenses (CPC 10)
Pará's One Off Costs
Net Income Pro Forma
Pronto! and CrediPronto!'s Net
Income
Net Income Pro Forma without
Pronto! and CrediPronto!
(13.3)
1Q094Q081Q08
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%
Costs of Services Provided and Operating Expenses
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 $ 14.6million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does notinclude the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. The other operating expense line in 4Q08 includesfinancial results. If excluded, the amount would have been R$12.9 million.
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3.9
(R$ MM)
Costs of Services Provided and Operating Expenses
OperatingOperating CostsCosts andand ExpensesExpenses
32.8
29
3.8
25. 1
Total Operating Costs and Expenses
Pronto! and Credipronto! Costs
Operating Costs and Expenses
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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 MM
Other
1T09 Results Conference Call
Portuguese English
Date: 05/15/2009, Friday Data: : 05/15/2009, Friday
Time: 15h30 (BR Time) / 14h30 (NY Time) Time: 17h (BR Time)/ 16h (NY Time)
Telephone: +55 (11) 4688-6301 Telephone: +55 (11) 4688-6301
+1 786 924-6977
Password: Lopes Password: Lopes
Replay: (55 11) 4688-6312 Replay: (55 11) 4688-6312
Replay Code: 804 Replay Code: 102
Next Events
CONTACTS
Marcello Leone
CFO and IRO
Tel. +55 (11) 3067-0015
Samia Nemer
IR Coordinator
Tel. +55 (11) 3067-0257
E-mail: [email protected]
www.lopes.com.br/ri
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