Lopes has expanded its operations nationwide through both acquisitions and greenfield operations. It now has a presence in all major Brazilian states and regions. The company focuses on providing brokerage and advisory services across all real estate market segments, from high-end to affordable housing. Lopes' Habitcasa brand specifically targets the low-income segment with properties priced up to R$180 thousand. Habitcasa has become the largest player in sales for the affordable housing market in Brazil.
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
(“Lopes”) as of December 31st, 2009. 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 Lopes 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 Lopes 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.
Lopes believes that based on information currently available to Lopes management, the expectations and
assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty
to update any of the forward-looking statements contained herein.
2
4. 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
4
5. Brokerage Market Has No Other Company
With The History and Track Record of Lopes
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 15th 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.
5
6. Lopes‟ Operation
Pronto operates
Habitcasa in the secondary
Lopes operates
focuses on low market, unique Joint Venture with
in mid-high and
model of Itaú Bank in
high income income, selling franchising and providing
segments of the properties up to flagship mortgages
primary market
R$180 thousand conversion
6
7. 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 111,330 effective buyers1
agreements
1,280,935 prospects
Over 300 Clients included in our data base
Total Price
Revenue Recognition
$ 100 per Unit
How do we make money?2, 3
$ 2.22
$ 3.00
$ 0.16
$ 10 $ 0.62
Developer
$ 5.00
Down- Gross $ 1.15
payment Commission $ 2.00
$ 0.85
Agents +
Managers
1 Data from the period between Jan/2001 and Sep/09
2 Figures only for example, not related to financials Net Commission Premium Contract Advisory Fee
3 Considering Sao Paulo market
7
8. Lopes Net Commission
3.23% 3.15% 3.06%
2.60% 2.54%
Net Commission Brazil
2005 2006 2007 2008 2009
SP GVS / Consolidated GVS 100% 95% 80% 50% 48%
3.23% 3.16% 3.19% 3.10%
Net Commission São Paulo 2.85%
2005 2006 2007 2008 2009
8
9. With a Key Role in the Real Estate Value-Chain
Lopes‟ business is clearly fundamental to the profitability and returns of its clients…
Real Estate Development
Brazilian Market Dynamics
Working
Capital
Is Fundamental Speed of Sales
Pre Sales Concentrated in
the
Speed of Sales is Launch Period
the Key
for Profitability
Reliance on Sales Force Scale and Efficiency
More than 7,500 brokers
…and its scale and reach – nearly impossible to replicate – enhance this importance
9
10. 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”
10
11. Competitive Advantage
“Lopes” culture in all business
units of different states
One single brand, National Integration
recognized by the market of Systems
Identity that stands Lopes
out from the competitors
Competitive Advantage: A single, integrated solid Company
11
15. 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.
Rio de Janeiro – Entry by greenfield operation, with beginning of
operations in July 2006, with LCI-RJ.
CE
RN 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.
PE Minas Gerais – Entry by greenfield operation with beginning of
operations in February 2008.
BA SOUTHERN REGION
States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition
DF of 75% of Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two
GO ear-out payments. In July 2008, Lopes acquired the 25% left by the
call/put mechanism.
MG
ES
MIDDLE WEST REGION
SP Federal District – Acquisition of 51% of Royal, in November 2007, for
RJ R$12 million (9.0x P/E 2008) and an earn-out payment.
PR
Goiás - Greenfield operation with beginning of operations in August
2008.
SC
RS NORTHEAST REGION
Bahia - Greenfield operation with beginning of operations in October
2007.
Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007,
for R$ 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.
Lopes tracks developers‟ regional movements, consolidates its Ceará e Rio Grande do Norte – Acquisition of 60% of Immobilis, in
position as the largest consulting and sales player January 2008, for R$2.4 million (10.0x P/E 2008) and an earn-out
payment.
15
16. Lopes‟ Market Mix
13% 13% 13% 10% Other*
16%
6%
8% 9% 6% Northeast
6%
9% 7% 12% South
7% 9%
9% 16% 14% Brasília
24% 21%
5% 6% Rio de Janeiro
20%
6% 6%
53% 52% São Paulo
42% 41% 42%
4Q08 1Q09 2Q09 3Q09 4Q09
*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 16
18. HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 180 thousand
The Habitcasa brand is applied in all Lopes‟ markets
18
19. Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment
It sells with 13 public held companies:
Agre, Brascan, Camargo Correa,
Cyrela, Even, Gafisa, Helbor, Inpar,
MRV, Rossi, Tecnisa, Tenda
and Trisul
Only Real State
Sales in the 4Q09 Brokerage Company
increased 25% when specialized on the low
compared to the 3Q09 income segment, not
only in sales, but also
in advisory
14,713 units sold
Average Price in the 2009
in 2009
of R$124 thousand
70% Sales Speed
In the 4Q09
19
20. Sales by Income Segment 2009
Units Sold Contracted GVS
Total units sold = 36,888 Total Contracted GVS = R$9,257 million
6% 16%
12% 24%
40%
22% 38%
42%
<150K 150k-350k 350k-600k >600k
20
21. Increase in the Potential Demand
Unit Value Mortgage
R$120,000 R$96,000
30% of income 80% of the total value
commitment financed
In Minimum Wages Monthly Payment (R$)
Maturity in years Maturity in years
10 15 20 25 30 10 15 20 25 30
12% 13 11 10 10 9 12% 1,377 1,152 1,057 1,011 987
11% 13 10 9 9 9 11% 1,322 1,091 991 941 914
10% 12 10 9 8 8 10% 1,269 1,032 926 872 842
Interest Tax (%)
Interest Tax (%)
9% 12 9 8 8 7 9% 1,216 974 864 806 772
8% 11 9 8 7 7 8% 1,165 917 803 741 704
7% 11 8 7 6 6 7% 1,115 863 744 679 639
6% 10 8 7 6 6 6% 1,066 810 688 619 576
5% 10 7 6 5 5 5% 1,018 759 634 561 515
21
22. Better Economic Situation of the Low Income Segment…
Monthly Income (Millions of Families) 2007 2008
Untill R$1,000 31.7 53% 29.1 31%
From R$1,000 to R$2,000 15.5 26% 27.6 29%
From R$2,000 to R$4,000 8.4 14% 21.8 23%
From R$4,000 to R$8,000 3.3 5% 11 12%
From R$8,000 to R$16,000 1.1 2% 4.3 5%
From R$16,000 to R$32,000 0.3 0% 1.3 1%
More than R$32,000 0 0% 0.3 0%
TOTAL 60.3 100% 95.4 100%
Source: IBGE, FGV, Ernst & Young
“Minha Casa, Minha Vida” Funds % of the population with monthly income between
R$1,064 and R$4,561 (program‟s target population)
1 52.0
47.0
7.5
38.0 40.0
36.5 37.4
34 32.5
25.5
Government FGTS BNDES TOTAL 1992 1995 1998 2001 2004 2007 2008
Budget
Source: “Minha Casa, Minha Vida” Program Source: FGV
22
23. ... and also Better Supply of Mortgages
New % of new
Housing Total of New houses
houses houses
(„000) houses financed
formed financed
2002 48,035 1,530 83 5%
2003 49,710 1,675 104 6%
2004 51,752 2,042 112 5%
2005 53,114 1,362 101 7%
2006 56,610 1,496 151 10%
2007 56,343 1,733 166 10%
Source: IBGE, BC
Housing Credit
(R$ billions)
10.2
6.9
7 25.2
5.5 18.4
3.8 3.9 9.3
2.2 3 4.9
2003 2004 2005 2006 2007 Savings untill
Oct 2008 FGTS
untill Nov 2008
Financed with FGTS' Funds Financed with Savings' Funds
Source: ABECIP, Central Bank of Brazil, CEF e FGV 23
24. Minha Casa Minha Vida
Brazilian Government will dispose of R$34 bi.
In the State of São Paulo 183,995 units will be built.
41% have a monthly family income
São Paulo‟s families 10% has purchase intention for
between 3 and 10 minimum wages,
the next 12 months
with “Minha Casa, Minha Vida” this
families will become potential
buyers.
It is estimated that there is a 140
thousand units demand in the city of
(3.4 million of families) (1.4 million of families)
São Paulo inside the
“Minha Casa, Minha Vida” program .
Source: Lopes‟ Market Intelligence
Premise: with the federal government subsidy, the decrease of interest rates and more extended mortgages terms, the minimum family income to acquire
a R$100 thousand house became 3 minimum wages, not 6 minimum wages as before. 24
25. Minha Casa Minha Vida
Steps Untill 3 minimum wages Between 3 and 10 minimum wages
R$10 billions
Government Contribution R$16 billion
(2.5 bi Government and 7.5 bi FGTS)
Subsidy Full Value -
Insurance Exception Reduction
Reduction
Registration Costs Exception (90% form 3 to 5 minimum wages
80% from 5 to 10 minimum wages)
Units per Income Units Distribution In the Southeast Region
5%
0 to 3 minimum wages 20%
40% 24% Espírito Santo
3 to 4 minimum wages
10% Minas Gerais
50%
4 to 5 minimum wages Rio de Janeiro
10%
21% São Paulo
5 to 6 minimum wages
20%
6 to 10 minimum wages
25
26. Sales Speed MRSP Low Income Segment
Units Launched and Sold
SP Capital
Average (Units Sold/Launched) = 1.40
Average (Units Sold/Launched) = 0.80
6,131
5,663
4,011
4,027
3,613
2,116
1,113
382
Jun/08 Jul/08 Aug/08 Sep/08 Oct/08 Nov/08 Dec/08 Jan/09 Feb/09Mar/09 Apr/09 May/09 Jun/09 Jul/09 Aug/09 Sep/09 Oct/09 Nov/09 Dec/09
Units Sold
Year Units Launched Units Sold
Units Launched
2008 34.500 32.800
2009 30.100 35.800
Source: Secovi –SP and Lopes’ Market Intelligence.
26
28. 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.
28
29. CrediPronto!
Innovative Real State Financing Process
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
Efficiency in Release of Credit
The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions. 29
30. CrediPronto!
The only real mortgage company of the market and
possibly with no conditions of being copied.
Focus on the Secondary Market
Opportunity to work in the Primary Market
with small Developers
Competitive Advantages
Efficiency on releasing mortgages;
Agility and perception of a non-financial institution; and
Lower process costs.
30
31. CrediPronto!
CrediPronto!‟s Financing
(R$ MM)
72% Accumulated Mortgage Inventory in
the end of 2008 and 2009:
61% -Financed Volume: R$204MM
67.3 350,0 -GVS: R$325MM
-Contracts: 703
41.9
203.9 -Average Payment Term: 285 months
136,6
94,7
3Q09 4Q09 End of 2008 + Guidance
2009
The amount financed by CrediPronto! was achieved through our Pronto! Stores, that
totaled 152 stores
31
32. Secondary Market: Pronto!‟s Business Model
Feasible Leadership Assumptions as a Goal
Fast Growth
Credentialed Converted
Stores Stores
Start Up Highly Structured
Owned Stores
First Mover: only Brazilian one-stop-shop
High Volume
Pronto! present in 12 Brazilian States, and in the Creation
Federal District. It has 152 Stores, 78 of which in the
MRSP of São Paulo.
33. Pronto!
2009
December 152 Stores
November 115 Stores
October 109 Stores
September 93 Stores
August 50 Stores
July 34 Stores
June 23 Stores
May 17 Stores
April 11 Stores
In the State of SP, Pronto
has 94 stores, 78 in the March 9 Stores
MRSP and 16 in the
countryside and coast. February 7 Stores
January 6 Stores
33
34. Pronto! One Stop Shop Concept
One Stop Shop
Purchasing/Selling
your property
+
Financing
34
35. Synergies Between Credipronto! and Pronto! – Competitive Advantage
Easy Credit
Distribution
Access
Channel
(Financing)
Pronto! and CrediPronto! acting together create a competitive advantage that is hard to replicate.
37. Social Economic Scenario and Housing Shortage
Age Pyramid in Brazil Segments by Income in Brazil
Income
A/B 16% > US$ 2,509
more than 70
60 to 64 Men Women
50 to 54 52%
Income between
C US$ 582 and US$ 2,509
40 to 44
30 to 34
20 to 24 14% Income between
D US$ 419 and US$ 582
10 to 14
Income
0 to 4 E 19%
< US$ 419
-6% -4% -2% 0% 2% 4% 6%
47 million homes
Source: IBGE
Source: FGV
Quantitative Housing Shortage
Qualitative Housing Shortage
(millions of homes)
7.3
6.7
1,8x Brazil
5.4
4,0x Mexico
9-10x G-7
Source: Credit Suisse
1991 2000 2007
* Qualitative Housing Shortage is the number of times that a family moves to different houses in life
Source: Fundação João Pinheiro e Ministério das Cidades
37
38. Mortgage Market and the Investment Grade
Mortgage Market as a % of GDP
AAA
69%
AAA
45% AA
BBB+
38%
34%
A+
A+
18% A BBB+
15%
12% 11% BBB-
A- BBB-
4% 4%
2%
X Rating S&P
Source: Lopes, FMI, S&P and Santander
38
39. Launches RMSP – Historic data (1996 - 2008)
GVS¹ Launched (R$ bn) - RMSP
22.9 21.5
15.1 16.6 15.7
14.2
1996 1997 2006 2007 2008 2009
¹ Launched values adjusted by the INCC until December/09.
Nominal GVS launched in 2008 was the same
amount as 2007: R$ 20 bn.
Number of Launches - RMSP
Units Launched („000) - RMSP
+14% 574 548 70 70
538 548 509 68
509 482
467 458 478 56
442
+37%
377
341
40 38
35 35 34 37 36
33
31
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: Lopes’ Market Intelligence
39
41. The Secondary Market
Difference (in %) between the average price
Real estate market by segment
per m² in new development vs. used properties
(Total in R$ billion, % of total potential sales value)
118 100%
Primary 37%
19
13 11
9
63% USA Spain South Africa Mexico
Secondary
In the city of São Paulo, the difference is as high as 30% ~ 50%
Brazil
Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis
42. Factors that Sustain the Growth in the Real State Market
Financing Availability Positive Economic Trend
Smaller Taxes, longer terms; Brazil is Latin America’s biggest economy
SFH and FGTS limit increase; and presents economic, political and
social stability;
Higher participation of the private Positive economic fundaments:
sector; and 1. Country-risk in minimum historical level
In Brazil, the mortgages represent 2. Inflation under control
10-20% of the total credit, smaller than in 3. Extern debt at lower levels
other countries (70%).
4. Decreasing of the unemployment tax
Housing Deficit Real State Sector Development
Consumer’s buying intention increase;
Estimated deficit of 7.5MM de houses; Technology achieved in both sides;
Bad quality housing for middle and low Products with more sophisticated
attributes for the middle income
income segments. segment;
Technology in the low income segment
construction; and
Development of new
Brazilian markets.
42
44. Lopes‟ Confidence Index (LCI) - December/09
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes‟ Confidence Index (LCI)
December/09
153,4 157,8
147.4 145.3 142.8 145,9
137.5 141.3 137,6 Expectation Index
131.6 133.8 134,4 131,7
124.7 125.3 127.0
124.1 Lopes' Confidence Index
116.3 119.0 120.3 115,5 117,5 117,6
118.0 111.2
105.7 109.4 105.3
100.8 100.5 99.3 Present Situation Index
100.0 98.7
87.2
86.8
82.0
jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09 dec/09
Lopes‟ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,
housing purchase tendency.
The sample has 567 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
44
45. Optimist Evaluation Growth
Optimist evaluation growth in the items that measure the present situation
Evolução da avaliação "boa" nos quesitos que medem a situação atual
40%
40%
35%
35%
more
optimism 30% 30%
Interviewed that considered as “good”
25% 25% the Brazilian present situation
20% Interviewed that considered “good”
20%
their family economic situation
15%
15% Interviewed that considered “high”
less 10% their house purchase intention
optimism 10%
5% Linear (Interviewed that considered as
5% “good” the Brazilian present situation)
0%
Linear (Interviewed that considered
0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec “good” their family economic
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec situation)
(base: jan/2009=100)
Source: Lopes Market Intelligence
49. Units Sold per Region and per Income Segment
28,483
25,016
Sales per Region
(in units) 5,813
2,794 3,486 4,094 3,329 2,573
South Region Southeast Region Middle West Region Northeast Region
2008 2009
16,798
14,755 14,713 15,419
Sales per Segment
(in units) 4,880 4,480
2,437 2,276
0-150K 150K-350K 350K-600K >600k
2008 2009
49
50. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa‟s Sales Speed
60.7% 65.9%
25.9% 29.3%
3Q09 4Q09 3Q09 4Q09
*Management information,
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
52. Net Commission by Market
Net Commission
4Q08
3.06%
2.46% 2.60%
1.94%
São Paulo Rio de Janeiro Other Markets Brazil
4Q09
2.79% 2.49% 2.49%
2.09%
São Paulo Rio de Janeiro Other Markets Brazil
52
53. Results 2009
2009 Results
(R$‟000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 216,658 6,777 1,258 224,693
Operating Costs and Expenses (121,383) (8,945) (3,563) (133,891)
Stock Option Expenses (CPC 10) (4,172) (4,172)
Expenses accrual from Itaú (953) (953)
Pro-Forma EBITDA 94,322 (2,167) (2,305) 89,850
Pro-Forma EBITDA Margin 44% -32% -183% 40%
Pro-Forma Net income 59,010 (2,864) (664) 55,482
Pro-Forma Net Margin 27% -42% -53% 25%
Without Pronto! and Credipronto!‟s
Brasília had a R$22.5 million Income,
effect, Lopes‟ EBITDA would‟ve been
while Campinas had a R$8.8 million
R$94 millions, with a 44% margin and
Income, what explains the minorities
a Net Income of R$59 million, with a
Interests of R$18.1 million.
27% margin.
53
54. Costs of Services Provided and Operating Expenses
Operating Costs and Expenses 4Q09
(R$ MM)
4.3
Other R$3.9 MM
Itaú’s Expenses Accrual R$0.2 MM
42.5 34.4
Depreciation R$2.3 MM
Stock Option (CPC 10) R$1.4 MM
3.9 Other
Total Operating Costs Pronto! and Operating Costs
and Expenses Credipronto! Costs and Expenses
54
56. Sales‟ Guidance for 2009
(R$ BI)
12.0 – 12.5
32%
9.3
2009 2010
* The General Value of contracted sales (Contracted GVS) projected in this release may change due to many variables. This material fact includes forward
looking statements related to business perspectives, results estimates and, also, the growth outlook for Lopes. Such forward looking statements may be
substantially affected by changes in market conditions, government decisions, stronger competition, industry performance as well as Brazilian economy
performance, in addition to those risks presented in the documents released and filed by Lopes, consequently, they are subject to changes without previous
notice. 56
58. 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%
29% 29% 28%
25% 24%
22% 22% 23% 23%
21%
17% 18%
16% 15%
14%
2005 2006 2007 2008* 2009
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 crises.
58
59. Ownership Structure
Ownership Structure Post-IPO*
0%
28%
Foreigner Investors - Free Float
Nacional Investors - Free Float
6%
Controlling
66%
Management
Total of 49,448,033 common shares
* In December 31st 2009.
59