brasil brokers results...curitiba rio de janeiro vitória recife florianópolis porto alegre...
TRANSCRIPT
2011 Brasil Brokers - All Rights Reserved |
BRASIL BROKERS RESULTS
4th Quarter and Year of 2010
2011 Brasil Brokers - All Rights Reserved | 1
This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for orpurchase any securities neither does this presentation nor anything contained herein form the basis to anycontract or commitment whatsoever.
The material that follows contains general business information about Brasil Brokers Participações S.A.related to the quarter ended on December 31, 2010. It is not intended to be relied upon as advice topotential investors. The information does not purport to be complete and is in summary form. No relianceshould be placed on the accuracy, fairness, or completeness of the information presented herein and norepresentation or warranty, express or implied, is made concerning the accuracy, fairness, orcompleteness of the information presented herein.
This presentation contains statements that are forward-looking and are only predictions, not guaranteesof future performance. Investors are warned that these forward-looking statements are and will besubject to many risks, uncertainties, and factors related to the operations and business environments ofBrasil Brokers and its subsidiaries such as competitive pressures, the performance of the Brazilianeconomy and the industry, changes on market conditions, among other factors disclosed in Brasil Brokersfiled disclosure documents. Such risks may cause the actual results of the companies to be materiallydifferent from any future results expressed or implied in such forward-looking statements. Brasil Brokersbelieves that based on information currently available to Brasil Brokers management, the expectationsand assumptions reflected in the forward-looking statements are reasonable.
Lastly, Brasil Brokers expressly refuses any duty to update any of the forward-looking statementscontained herein.
2011 Brasil Brokers - All Rights Reserved |
Company
Operating Highlights
Financial Highlights
4th Quarter and Year of 2010
2
2011 Brasil Brokers - All Rights Reserved | 3
Company
2011 Brasil Brokers - All Rights Reserved |
Manaus
Natal
Salvador
Belém
Belo Horizonte
Curitiba
Rio de Janeiro
Vitória
Recife
Florianópolis
Porto Alegre
Goiânia
Distrito Federal
Porto Velho
Campo Grande
Company
Operating in16 states and DF
957(2) Points of Sales
14,015 Brokers
23(1) Subsidiaries
(1) It considers the merger of Del Forte, Iprice and Frema in São Paulo, which originated DelForte Frema, the merger of Gribel and Pactual in Minas Gerais, which originated Gribel
Pactual, the integration of Americas’ operations by Basimóvel in Rio de Janeiro , the integration of Pointer’s operations by Sardenberg in Espirito Santo, and the acquisition of
Galvão in December 2010.
(2) Includes 183 Rede Morar point of sales.
4
Cuiabá
São Paulo
2011 Brasil Brokers - All Rights Reserved | 5
4Q10 Hightlights
R$ 9.9 billion PSV, increase of 22% compared to 4Q09
4Q10 Net Revenue increased 28% over 4Q09, from R$ 78.3 million to R$ 100.3 million
Contracted sales increased 34% in the primary market compared to 4Q09
Sales forces increased 50%, totaling 9,354 brokers in 4Q09 over 14,015 in 4Q10
Total contracted sales of R$ 4.9 billion in 4Q10, with 18,839 launched units
R$ 618 milion contracted sales in the secondary market, totaled 2,113 sold units,
increase in sales of 29% compared to 4Q09
4Q10 Adjusted EBITDA was R$ 39.6 million, increase of 30% compared to 4Q09
4Q10 Net Income was R$ 22.0 million and adjusted net income was R$ 23.2 million,
increase of 45% and 17% respectively, over 4Q09.
2011 Brasil Brokers - All Rights Reserved | 5
2010 Hightlights
R$ 25.1 billion PSV, increase of 50% compared to 2009
2010 Net Revenue increased 35% over 2009, from R$ 249.3 million to R$ 335.6 million
Total contracted sales of R$ 16.0 billion in 2010, increase of 40% compared to 2009
102,451 launched units, increase of 32% compared to 2009
Increase in contracted sales in primary market of 42% compared to 2009
2010 Adjusted EBITDA was R$ 128.5 million, increase of 44% compared to 2009
2010 Net Income was R$ 72.8 million and adjusted net income was R$ 80.0 million,
increase of 62% and 49% respectively, over 2009.
2011 Brasil Brokers - All Rights Reserved |
Company
Operating Highlights
Financial Highlights
Brasil Brokers Results4th Quarter and Year of 2010
7
2011 Brasil Brokers - All Rights Reserved |
Primary Market – 4Q10
8
*The figures above include 100% of PSV and Launched Units of our subsidiary Abyara Brokers.
PSV(R$ MM)
Launched Units
8,174
9,932
4Q09 4Q10
PSV (R$ thousand)
34,540 35,522
4Q09 4Q10
Launched Units
3%
2011 Brasil Brokers - All Rights Reserved |
Primary Market – 2010
9
* The figures above include 100% of PSV and Launched Units of our subsidiary Abyara Brokers.
PSV(R$ MM)
Launched Units
16,768
25,130
2009 2010
PSV (R$ thousand)
77,839
102,451
2009 2010
Launched Units
2011 Brasil Brokers - All Rights Reserved |
Total Contracted Sales – 4Q10
*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.
10
Contracted Sales(R$ MM)
Contracted Units
16,321
18,839
4Q09 4Q10
Units Sold
3,677
4,917
4Q09 4Q10
Contracted Sales (R$ thousand)
2011 Brasil Brokers - All Rights Reserved |
Total Contracted Sales – 2010
*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.
11
Contracted Sales(R$ MM)
Contracted Units
56,769
68,128
2009 2010
Units Sold
11,454
16,009
2009 2010
Contracted Sales (R$ thousand)
2011 Brasil Brokers - All Rights Reserved |
Primary Market – 4Q10 X 4Q09
12
*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.
Contracted SalesPrimary Market (R$ MM)
Contracted UnitsPrimary Market
3,099
4,155
4Q09 4Q10
14,235
16,710
4Q09 4Q10
2011 Brasil Brokers - All Rights Reserved |
Primary Market – 2010
13
*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.
Contracted Sales Primary Market (R$ MM)
Contracted UnitsPrimary Market
9,351
13,235
2009 2010
47,786
59,233
2009 2010
2011 Brasil Brokers - All Rights Reserved |
Primary Market – per Region 4Q10 X 4Q09
14
*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.
Contracted Sales in SP(R$ MM)
Contracted Sales in RJ(R$ MM)
Contracted Sales in Others States (R$ MM)
1,697
2,366
4Q09 4Q10
Vendas Contratadasde SP (R$ MM)
432
541
4Q09 4Q10
Vendas Contratadas do RJ (R$ MM)
971
1,248
4Q09 4Q10
Vendas Contratadas Outros Estados (R$ MM)
2011 Brasil Brokers - All Rights Reserved |
Primary Market – per Region 2010 X 2009
15
*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.
Contracted Sales in Others States (R$ MM)
Contracted Sales in SP (R$ MM)
Contracted Sales in RJ (R$ MM)
5,235
7,169
2009 2010
1,253
1,911
2009 2010
Vendas Contratadas do RJ (R$ MM)
2,863
4,155
2009 2010
Vendas Contratadas Outros Estados (R$ MM)
2011 Brasil Brokers - All Rights Reserved |
Primary Market – by Income Segment – 4Q10 X 4Q09
16
*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.
4Q09 Contracted Sales 4Q10 Contracted Sales
4Q09 Contracted Units 4Q10 Contracted Units
Economic
(up to R$150k)
21%
Middle
(R$150 to R$350k)
41%
Mid-High
(R$350 to R$650k)
24%
High
(above R$650k)
14%
VGV Contratado 4T09
Economic
(up to R$150k)
13%
Middle
(R$150 to R$350k)
40%
Mid-High
(R$350 to R$650k)
31%
High
(above R$650k)
15%
VGV Contratado 4T10
Economic
(up to R$150k)
46%
Middle
(R$150 to R$350k)
40%
Mid-High
(R$350 to R$650k)
11%
High
(above R$650k)
3%
Unidades Contratadas 4T09
Economic
(up to R$150k)
35%Middle
(R$150 to R$350k)
45%
Mid-
High(R$350 to R$650k)
17%
High
(above R$650k)
4%
Unidades Contratadas 4T10
2011 Brasil Brokers - All Rights Reserved |
Primary Market – by Income Segment – 2010 X 2009
17
*The figures above include 100% of Contracted sales of our subsidiary Abyara Brokers.
2009 Contracted Sales 2010 Contracted Sales
2009 Contracted Units 2010 Contracted Units
Economic
(up to R$150k)
25%
Middle
(R$150 to R$350k)
42%
Mid-High
(R$350 to R$650k)
22%
High
(above R$650k)
12%
VGV Contratado 2009
Economic
(up to R$150k)
18%
Middle
(R$150 to R$350k)
42%
Mid-
High(R$350 to R$650k)
25%
High
(above R$650k)
14%
VGV Contratado 2010
Economic
(up to R$150k)
51%
Middle
(R$150 to R$350k)
37%
Mid-High
(R$350 to R$650k)
9%
High
(above R$650k)
2%
Unidades Contratadas 2009
Economic
(up to R$150k)
42%
Middle
(R$150 to R$350k)
42%
Mid-High
(R$350 to R$650k)
12%
High
(above R$650k)
3%
Unidades Contratadas 2010
2011 Brasil Brokers - All Rights Reserved |
479
618
4Q09 4Q10
2,070 2,113
4Q09 4Q10
Contrated Sales – Secondary Market 4Q10 X 4Q09
18
*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.
Contracted Sales in theSecondary Market (R$ MM)
Contracted Units in theSecondary Market
2011 Brasil Brokers - All Rights Reserved |
Contracted Sales – Secondary Market 2010 X 2009
19
*The figures above include 100% of contracted sales and units of our subsidiary Abyara Brokers.
Contracted Sales in theSecondary Market (R$ MM)
Contracted Units in theSecondary Market
1,839
2,290
2009 2010
8,904 8,810
2009 2010
2011 Brasil Brokers - All Rights Reserved |
143
175
4Q09 4Q10
Vendas Contratadas
Outros Estados (R$ MM)
62
101
4Q09 4Q10
Vendas Contratadas
de SP (R$ MM)
274
341
4Q09 4Q10
Vendas Contratadas
do RJ (R$ MM)
Secondary Market – per Region 4Q10 X 4Q09
20
*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.
Contracted Sales in Others States (R$ MM)
Contracted Sales in SP (R$ MM)
Contracted Sales in RJ (R$ MM)
2011 Brasil Brokers - All Rights Reserved |
563
680
2009 2010
Vendas Contratadas
Outros Estados (R$ MM)
184
332
2009 2010
Vendas Contratadas
de SP (R$ MM)
1,092
1,278
2009 2010
Vendas Contratadas
do RJ (R$ MM)
Secondary Market – per Region 2010 X 2009
21*The figures above include 100% of contracted sales of our subsidiary Abyara Brokers.
Contracted Sales in Others States (R$ MM)
Contracted Sales in SP (R$ MM)
Contracted Sales in RJ (R$ MM)
2011 Brasil Brokers - All Rights Reserved |
Others Operating Indicators – Secondary Market 2010 X 2009
22
* The points of sale (own stores) and the number of brokers do not include Rede Morar figures.
Secondary MarketBrokers
Points of Sale(Own Stores)
Points of Sale(Rede Morar)
81
102
2009 2010
Pontos de Venda
(lojas próprias)
75
183
2009 2010
Pontos de Venda
(Rede Morar)
2,346
2,647
2009 2010
Corretores
Mercado Secundário
2011 Brasil Brokers - All Rights Reserved |
Company
Operating Highlights
Financial Highlights
Brasil Brokers Results4th Quarter and Year of 2010
23
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights – 4Q10 X 4Q09
(1) Figure above include 80% of our subsidiary Abyara Brokers.
24
Gross Revenue(R$ MM)
Net Revenue(R$ MM)
78.3
100.3
4Q09 4Q10
87.9
112.5
4Q09 4Q10
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights – 2010 X 2009
(1) Figure above include 80% of our subsidiary Abyara Brokers.
25
Gross Revenue(R$ MM)
Net Revenue(R$ MM)
249.3
335.6
2009 2010
281.9
374.6
2009 2010
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights – 4Q10 X 4Q09
(1) Adjusted EBITDA consists of income before net financial result, income tax and social contribution tax, depreciation, minority interest and amortization and non-operating
income. Adjusted EBITDA is not a measure in accordance with generally accepted accounting principles in Brazil (BR GAAP), does not represent cash flow for the periods
presented, and should not be considered a substitute for net income as an indicator of operating performance, or as a substitute for cash flow as an indicator of liquidity.
Adjusted EBITDA does not have a standardized meaning and our definition of Adjusted EBITDA may not be comparable to that used by other companies.
(2) Figure include 80% of our subsidiary Abyara Brokers.
* EBITDA Margin.
** Adjusted EBITDA Margin.
26
EBITDA (R$ MM) andEBITDA Margin (%)
Adjusted EBITDA (R$ MM) andAdjusted EBITDA Margin (%)
26.1
38.6
4Q09 4Q10
* 33%* 38%
30.5
39.6
4Q09 4Q10
** 39% ** 39%
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights – 2010 X 2009
(1) Adjusted EBITDA consists of income before net financial result, income tax and social contribution tax, depreciation, minority interest and amortization and non-operating
income. Adjusted EBITDA is not a measure in accordance with generally accepted accounting principles in Brazil (BR GAAP), does not represent cash flow for the periods
presented, and should not be considered a substitute for net income as an indicator of operating performance, or as a substitute for cash flow as an indicator of liquidity.
Adjusted EBITDA does not have a standardized meaning and our definition of Adjusted EBITDA may not be comparable to that used by other companies.
(2) Figure include 80% of our subsidiary Abyara Brokers.
* EBITDA Margin.
** Adjusted EBITDA Margin.
27
EBITDA (R$ MM) andEBITDA Margin (%)
Adjusted EBITDA (R$ MM) andAdjusted EBITDA Margin (%)
81.2
121.6
2009 2010
* 33%
* 36%
89.1
128.5
2009 2010
** 36%** 38%
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights – 4Q10 X 4Q09
(1) Adjusted Net Income is not an accounting method, it consists in the period net profit less the goodwill amortization, present value adjustment, restructuring expenses and
non-recurring expenses.
(2) Figure include 80% of our subsidiary Abyara Brokers.
* Net Margin
** Ajusted Net Margin
28
Net Income (R$ MM) andNet Margin (%)
Adjusted Net Income (R$ MM) andAdjusted Net Margin (%)
19.8
23.2
4Q09 4Q10
** 25% ** 23%
15.2
22.0
4Q09 4Q10
* 19% *22%
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights – 2010 X 2009
(1) Adjusted Net Income is not an accounting method, it consists in the period net profit less the goodwill amortization, present value adjustment, restructuring expenses and
non-recurring expenses.
(2) Figure include 80% of our subsidiary Abyara Brokers.
* Net Margin
** Ajusted Net Margin
29
Net Income (R$ MM) andNet Margin (%)
Adjusted Net Income (R$ MM) andAdjusted Net Margin (%)
44.9
72.8
2009 2010
* 18%
* 22%
53.7
80.0
2009 2010
** 22%** 24%
2011 Brasil Brokers - All Rights Reserved |
Financial Highlights
Company’s Financial Position
R$ MM
Cash and Cash Equivalents 90.7
Trade Accounts Receivable 88.6
30
2011 Brasil Brokers - All Rights Reserved | 31
IR contact
Álvaro SoaresCFO and IRO
Phone: (55 21) 3433-3000
e-mail: [email protected]
www.brbrokers.com.br/ir