4q07 earnings release brasil brokers announces its 4q07 results · 2012. 3. 19. · 3 4q07 earnings...

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4Q07 Earnings Release

Brasil Brokers announces its 4Q07 Results

Rio de Janeiro, March 18th 2008. Brasil Brokers Participações S.A. (Bovespa: BBRK3) a

real estate brokerage and consulting firm, with a strong presence in Brazil’s major real estate

markets, announces today its results for fourth quarter 2007.

The Company’s consolidated financial statements are prepared in accordance with generally

accepted accounting principles in Brazil (BR GAAP), pursuant to Brazilian Corporate Law and CVM

regulations.

4Q07 Highlights

Evolution of the share price from R$950.00 since

its IPO on 10/29/2007 to R$1,300.00 on 12/28/2007,

demonstrating the Company’s appreciation of

36.84%;

Total of 9,424 Units Sold by its subsidiaries,

representing Sales Orders of R$1,777.3 million, with

14.6% of this total in the affordable segment, 18.4% in

the lower-middle segment, 36.4% in the middle-income

segment, 13.5% in the upper-middle segment, and 17.3%

in the high-end segment.

Evolution in the number of subsidiaries in

operation along the period. In October, the Company was

composed of 10 subsidiaries in full operation, and 4 in

partial operation; at the end of December, 16

subsidiaries were fully operational (as shown in the table

on page 12).

Total of 11,103 Units Launched by its subsidiaries

in the 4Q07, for Launched Potential Value (GVS) of

R$3.26 billion in the 4Q07.

Sales Backlog launches from its 16 subsidiaries on

12/31/2007, through December 2009 is R$27.8 billion.

4Q07 Conference Call

English

March 19th, 2008

12:00 PM (NY Time)

01:00 PM (Brasilia Time)

Phone: +1 (973) 935-8893

Code: 37676665

Replay: +1 (706) 645-9291

Portuguese

March 19th, 2008

10:00 AM (NY Time)

11:00 AM (Brasilia Time)

Phone: +55 (11) 2188-0188

Code: Brasil Brokers

Replay: +55 (11) 2188-0188

IR Contact

Álvaro Soares – CFO and IRO

Phone: +55 (21) 3433-9550

e-mail: [email protected]

www.brbrokers.com.br

mailto:[email protected]

http://www.brbrokers.com.br/

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Performance of BBRK3 X Ibovespa

800

900

1,000

1,100

1,200

1,300

1,400

BBRK3 IBOV

Price per share R$

-0.48%

36.84%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

IBOVESPA BBRK3

Daily and Average Traded Volume

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

Medium Volume Volume

Medium Volumeof R$ 6.8 million

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

Volume(R$ thousand)

3


History and Operations

Brasil Brokers was constituted on January 16, 2007 and initiated its operations on June 11, 2007.

Over the past eight months the Company has acquired controlling interests in 16 companies in

the real estate brokerage sector (except for Niterói Administradora, in which it holds a 50%

interest). Of these 16 companies, eight have operating histories, and eight are newly formed

companies that received 100% of the operations and nearly 100% of the assets, including

goodwill and brand equity of companies formed at least three years ago that enjoy strong brand

recognition in their respective markets.

As of December 31, 2007, the 16 companies acquired were fully operational, with results already

included in our financial statements: Primaz, Ágil (Gribel), Niterói Administradora, IPrice, Brito e

Amoedo, Ética, Delforte, Pactual, Avance Noblesse, Basimóvel, Américas, Abreu, Sardenberg,

Tropical and Chão&Teto.

The revenues and expenses of our subsidiaries involve real estate brokerage and consulting

activities.

Operational Areas

The map below shows the locations in which the Company operated on 12/31/2007 in the

following areas:

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Recent Subsequent Events

Acquisitions

On January 25th 2008, the Company acquired 100% of the assets of Jairo Rocha

Empreendimentos e Negócios Imobiliários S.A.

Jairo Rocha is the largest real estate brokerage company in Recife, has 20 years

of operation in the local market and a large client portfolio, with an emphasis on: Inpar, Gafisa,

Rossi, Mac, Habiserve, Queiroz Galvão and Metro, among others. Its sales force includes 206

brokers, distributed into more than 75 points-of-sale and Sales Backlog launches of

approximately R$ 700 Million to be launched until the end of 2009.

Pernambuco is the second most populous state in the Northeast, with more than 8 million

inhabitants, of which 1.5 million in Recife. In addition, the metropolitan region of Recife has the

third biggest housing deficit in the country, only lagging behind Rio de Janeiro and São Paulo.

With the said acquisition, Brasil Brokers expanded its share in the Northeast - Bahia, Rio Grande

do Norte and Pernambuco.

On February 28th 2008, the Company acquired 100% of the assets of

JGM Consultoria Imobiliária S.A. and Marcos Koenigkan Consultoria

Imobiliária S.A.

The two companies operate in the Brasília market (JGM also operates in

Goiânia), with a total sales force of 381 brokers distributed into 26

points-of-sale. Its Sales Backlog Launches until December 2009 totals R$1.8 million, with some of

the largest and most traditional developers in Distrito Federal.

The real estate market of Distrito Federal is seen as the third largest Brazilian market, with more

than 2 million inhabitants, and one of the highest per-capita income in Brazil, representing 4% of

GDP.

After the acquisition of JGM and Marcos Koegnikan, Brasil Brokers consolidated its leadership in

Distrito Federal, and expanded its presence in the Midwest region.

On March 5th 2008, the Company acquired 100% of the assets of Frema

Consultoria de imóveis S.A.

The company operates in the São Paulo market, with 254 brokers

distributed into 30 points-of-sale. Its Sales Backlog Launches until

December 2009 totals R$1.7 million, with some of the largest and most traditional developers in

São Paulo. With approximately 65% of its activities focused on launches, and 35% on single

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properties, this acquisition expands the Company’s presence in the São Paulo market and

reinforces its operation in the São Paulo single properties market.

On March 6th 2008, the Company acquired 100% of the assets of

Redentora Consultoria Imobiliária S.A.

The company operates in São José do Rio Preto market, State of São Paulo. Redentora has 62

brokers distributed into 12 points-of-sale. Its Sales Backlog Launches until December 2009 totals

R$593 million, with some of the largest and most traditional developers in the region.

On March 12th 2008, the Company acquired 100% of the assets of

Pointer Imóveis S.A., reinforcing its presence in Espírito Santo market,

where Pointer operates.

Pointer has 100 brokers distributed into 12 points-of-sale. Its Sales Backlog Launches until

December 2009 totals R$1.1 million, with some of the largest and most traditional developers of

Espírito Santo.

Areas of Operation After Recent Acquisitions

After the acquisitions, the Company’s new area of operation will be defined as shown in the map

below:

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Operating Performance

Financing na Operating Highlights(1) 3Q07 4Q07 2H07

GVS Launched (R$ thousand) 1,050,462.8 3,257,485.0 4,307,947.8

Number of Units Launched 6,030 11,103 17,133

Contracted Sales (R$ thousand) 887,344.9 1,777,261.3 2,664,606.2

Number of Units Sold 4,862 9,424 14,286

Number od Brokers 3,061 3,519 3,519

(1) As described at the table on page 12, the number of operating subsidiaries changed during the second half

887.3

1,777.3

3Q07 4Q07

Contracted Sales (R$ million)

4,862

9,424

3Q07 4Q07

Sold Units

6,030

11,103

3Q07 4Q07

Launched Units

1,050.5

3,267.5

3Q07 4Q07

Launched PSV (R$ million)Launched GVS (R$ Million)

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Sales by State

In the 4Q07, Sales Orders totaled R$1,777

million. Of this total, 34.6% in the State of São

Paulo, 34.5% in the State of Rio de Janeiro,

9.2% in the State of Bahia, 8.3% in the State of

Minas Gerais, 5.5% in the State of Rio Grande

do Sul and 7.8% in the remaining states (GO,

PA, ES and RN).

Sales by Income Segment

Of the total of R$1,777 million in Sales Orders,

14.6% were from properties in the affordable

segment (up to R$100,000.00), 18.4% in the

lower-middle segment (from R$100,000.01 to

R$150,000.00), 36.2% in the middle-income

segment (from R$150,000.01 to

R$350,000.00), 13.5% in the upper-middle

segment (from 350,000.01 to R$650,000.00)

and 17.3% in the high-end segment (from

R$650,000.00).

Sales by Property Type

Of the total R$1,777 million in sales

orders, 88.9% was from residential

properties, 8.6% from lot developments,

and 2.4% from commercial properties.

RJ35%

MG8%

BA9%

SP35%

RS6%

ES2%

PA2%

GO2% RN

1%

Contracted Sales - by State

Residential89%

Commercial9%

Lots2%

Contracted Sales - by property type

Economic

(up to R$100k)

15%

Mid-Low

(R$100-R$150k)

18%

Middle

(R$150-R$350k)

36%

Mid-High

(R$350-R$650k)

14%

High

(above R$650k)

17%

Contracted Sales - by Income Segment

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Sales Backlog

The table below presents a summary of the main information from each subsidiary on 12/31/07:

until 2009 Total

Ética

ImobiliáriaRio de Janeiro New Launches - - 705 19 136

Basimóvel Rio de JaneiroNew Launches and

Resales 1,884 1,884 435 48 44

Américas Rio de Janeiro New Launches 314 314 141 9 16

Niterói

AdministradoraNiterói

New Launches and

Resales 2,831 4,702 151 32 40

Gribel Belo HorizonteNew Launches and

Resales 2,057 2,057 140 11 19

Pactual Belo HorizonteNew Launches and

Resales 643 707 30 4 12

Brito & Amoedo SalvadorNew Launches and

Resales 1,327 1,327 270 20 20

I. Price São PauloNew Launches and

Resales 3,544 4,031 400 39 63

Del Forte São Paulo New Launches 1,891 1,891 327 60 53

Avance São Paulo New Launches 3,875 4,559 203 27 48

Noblesse Porto AlegreNew Launches and

Resales 818 818 240 58 75

Paulo Sardenberg VitóriaNew Launches, Resales

and Lease Management 514 574 40 5 25

Chão & Teto BelémNew Launches, Resales


Tropical GoiâniaNew Launches and

Resales 2,828 4,377 212 49 70

Abreu NatalNew Launches and

Resales 4,388 7,015 45 7 63

Primaz Brasil Commercial Properties - - - - 3

27,773 35,114 3,519 400 776

EmployeeNumber of

brokers

Sales

Point

TOTAL

Sales Backlog(in million of reais)Our

Subsidiaries

Metropolitan

area of the

cities: Segment Performance

9


The table below presents a summary of the main information from each subsidiary acquired after

12/31/07:

until 2009 Total

Jairo Rocha PernambucoNew Launches, Resales


JGM BrasíliaNew Launches and

Resales 890 918 330 18 39

Marcos Koegnikan BrasíliaNew Launches and

Resales 970 2,126 51 8 11

RedentoraSão José do Rio

Preto

New Launches, Resales


Frema São PauloNew Launches and

Resales 1,693 2,563 254 30 24

Pointer Espírito SantoNew Launches, Resales

and Lease Management 1,101 1,351 100 12 16

5,947 8,788 1,003 155 116

Number of

brokers

Sales

Point

Employee(in million of reais)

TOTAL Subsequent Events

Our

Subsidiaries

Metropolitan

area of the

cities

Segment

Performance

Sales Backlog

10


Our Sales Backlog Launches remains diversified in distribution by state, and by market segment.

Sales Backlog – by State until 2009

Sales Backlog - by market segment

Economic

(up to R$100k)

9%

Mid-Low

(R$100-R$150k)

22%

Middle

(R$150-R$350k)

41%

Mid-High

(R$350-R$650k)

19%

High

(above R$650k)

9%

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Synergy Program

Focusing in the subsidiaries integration operational model, we created the Synergy Program

which aims revenue increase, commercial efficiency, operating costs reduction and processes and

systems standardization.

The program is organized in fronts and below we have the activities status of each front:

0

Identification of best practicesResales Segment

FRENTESFRENTES

Operational Processes

and Management Systems

INITIATIVES FRENTESDONE NEXT STEPSINITIATIVES

SAP Business One implemented at the Headquarter and at a part of the Subsidiaries on March/08

Integration methodology

SAP roll out at all the Subsidiaries

Cost reductions and processes centralization opportunities

Standard operational system selection and implementation in all the Subsidiaries

Human Resources Definition of the prioritary initiatives and HR

Plan

Sales Team Training programs

Compensation and incentive schemes

Marketing Plan implementation and Real Estate intelligence developmentMarketing

Brasil Brokers launching advertising

campaign, institutional initiatives and Marketing Plan definition

DONE NEXT STEPSNEXT STEPSNEXT STEPSNEXT STEPS

Implementation of operational standards and

management system

New Launches Segment Identification of best practices and sales

force organizational structure Implementation of best practices

New Products and

Services

Identification of best practices, specially

renting and real estate financing promotion Implementation of best practices

Business Opportunities Cross referral between partners

compensation scheme

Systematization of businesses origination

processes and results control

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Economic-Financial Performance

In this section, we will present the proforma combined results of the companies in the 4Q07.

Brasil Brokers only acquired rights in the results of the subsidiaries as of 10/31/2007, pursuant to

the swap agreements. Accordingly, this quarter results will be partially recognized by the

Company, pursuant to the attached consolidated income statements. We will present in this

section the combined pro-forma results from the 16 subsidiaries instead of the R$ 10.1 million

equity income result recorded in November and December 2007.

Explanation on the subsidiaries’ operational period

As mentioned previously, several Brasil Brokers subsidiaries began to account results in the

second half of 2007. In the beginning of July 2007, only 8 companies were operational; at the

end of the 3rd quarter, this number reached 10, 2 of which on a partial basis. In October, 14

companies were already operational, 4 of which on a partial basis, and in December all 16

subsidiaries were fully operational. The table below shows the startup of each subsidiary during

the second half of 2007.

July August September October November December

8 10 10 14 16 16

100% Operating 8 8 8 10 14 16

Parcial Start 0 2 2 4 2 0

Chão & Teto

Operating Subsidiaries

Noblesse

Américas

Basimóvel

Paulo Sardenberg

Tropical

Abreu

Gribel

I. Price

Niterói Administradora

Pactual

Primaz

Ética Imobiliária

3rd

Quarter 2007 4th

Quarter 2007

Brokers

Avance

Brito & Amoedo

Del Forte

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Services Revenue

Gross service revenue from the subsidiaries of Brasil Brokers, consisting of the brokerage

commissions paid by buyers, amounted to R$ 41.2 million in the 4Q07, generating an average

commission of 2.32%, for contracted GVS stood at R$1.77 billion. This revenue is recognized

when the sale order is signed. After deduction of taxes, pro forma net revenue totaled R$ 37.6

million in the quarter.

23,299.0

37,615.1

3Q07 4Q07

Net Revenue (R$ thousand)

Cost of Services & Operating Expenses

Pro-forma cost of services and operating expenses of the subsidiaries stood at R$17.9 million,

combined with the parent company’s adjusted expenses of R$1.26 million, our total adjusted

expenses came to R$19.1 million. There were also non-recurring expenses related to the IPO and

expenses for the international dissemination of the Brasil Brokers brand in the national market.

The box below shows these expenses.

R$ thousand

Costs and Expenses - Subsidiaries (17,854)

Services Costs (5,126)

General and Administrative Expenses (12,728)

Adjusted Results - Holding (1,256)

Adjusted Expenses (19,110)

Non-Recurring Expenses - Holding (23,020)

Bank Comissions on IPO (16,346)

IPO Provisional Contribution on Financial Activities (1,090)

IPO lawyers and corporate (2,196)

IPO Publications (246)

Institutional Marketing after Offer (2,733)

Advisory Services on Appraisal and Acquisition Report (287)

IPO Events (122)

Total Expenses (42,131)

4Q07 Total Cost and Expenses

14


Net Income

In the 4Q07, adjusted net income of Brasil Brokers’ subsidiaries totaled R$ 19.4 million,

accompanied by a net margin of 52%. This figure includes R$ 5.4 million related to the financial

income from the investment of the proceeds from the IPO on October 29, 2007, as shown in the

table below. Subsidiaries’ pro forma combined operating net income stood at R$ 14.1 million; at

the company’s financial statements only R$ 10.1 million was recognized by Equity Accounting

until the net income for October still belonged to the subsidiaries’ founding partners.

13,857

19,419

3Q07 4Q07

Net Income (R$ thousand)

Adjusted EBITDA (1)

Adjusted EBITDA of the subsidiaries of Brasil Brokers in the fourth quarter was

R$18.5 million, accompanied by an adjusted EBITDA margin of 49.3%.

Reconciliation (R$ mm) 3Q07 4Q07 2H07

Net Proft 13,857 19,419 33,276

IR and CS (2,704) (4,411) (7,115)

Non Operating Results 14 305 319

Net Financial Results (231) 5,170 4,940

Depreciation and Amortization (94) (193) (287)

Adjusted EBITDA(1)

16,871 18,548 35,419

Adjusted EBITDA Margin 71.40% 49.31% 58.15%

Net Margin 59.50% 51.62% 54.63%

Reconciliação (R$ mm) 3T07 9M07

Lucro Líquido 13.857 29.934

IR e CS (2.704) (5.957)

Resultado Não Operacional 14 130

Resultado Financeiro Líquido (231) (401)

Depreciações e Amorizações (94) (324)

EBITDA Ajustado 16.871 36.486

Margem EBITDA Ajustada 71,4% 71,1%

Margem Líquida 59,5% 59,0%

(1) Adjusted EBITDA consists of income before net financial result, income tax and social contribution tax, depreciation

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.

15


Income Tax and Social Contribution

Income tax and social contribution tax on the net income of the subsidiaries of Brasil Brokers was

R$4.4 million in the quarter, equivalent to 11.7% of net revenue in the period.

Cash and cash equivalents

In the 4Q07, cash and cash equivalents totaled R$287 million, R$282 million of which in the

parent company. These amounts refer basically to investments in bank deposit certificates and

fixed income funds, with returns raging from 100% to 107% of the CDI rate.

Indebtedness

At the close of the fourth quarter, the company’s total debt was R$ 7.9 million. Of this amount,

the debits of subsidiaries related to loans with financial institutions totaled R$1.0 million, and

R$6.9 million refers to the provisioning for dividends for payment to the founding partners due to

their usufruct of the income generated up to the settlement date of the public offering.

16


Pro forma Combined Financial Statement (non revised)

(in Reais)

PRO FORMA COMBINED RESULT 3Q07 4Q07

Launched GVS(R$ thousand) 1,050,463 3,257,485 4,307,948

Contracted Sales (R$ thousand) 887,345 1,777,261 2,664,606

%NR %Sales

Gross Revenue 25,346,041 41,210,087 66,556,128 109.3% 2.5%

(-) Sales Taxes (2,047,034) (3,595,022) (5,642,056) 9.3% 0.2%

Net Revenue 23,299,007 37,615,065 60,914,072 100.0% 2.3%

Costs of Services and Personnel Expenses (6,427,704) (17,854,330) (24,282,034) 39.9% 0.9%

Cost of Services (1,944,826) (5,126,176) (7,071,002) 11.6% 0.3%

G&A (4,482,878) (12,728,154) (17,211,032) 28.3% 0.6%

Depreciation (93,662) (150,047) (243,709)

Financial Result (230,874) (170,232) (401,106) 0.7% 0.0%

Revenues 50,266 72,975 123,241

Expenses (281,140) (243,207) (524,347)

Operating Result 16,546,767 19,440,456 35,987,223 59.1% 1.35%

Non Operating Result 13,576 304,752 318,328

Adjusted EBITDA 16,871,303 19,760,735 36,632,038 60.1% 1.4%

Results before Taxes 16,560,343 19,745,208 36,305,551

Taxes and Social Contribution Provisions (2,703,703) (4,411,161) (7,114,864) 11.7% 0.3%

Subsidiaries Net Income 13,856,640 15,334,047 29,190,687 47.9% 1.1%

Holding Adjusted Expenses - (1,255,838) (1,255,838) 2.1% 0.0%

Adjusted Financial Revenue - 5,340,519 5,340,519

Net Income with Holding 13,856,640 19,418,728 33,275,368 54.6% 1.2%

Adjusted EBITDA with Holding 16,871,303 18,547,762 35,419,065 58.1% 1.3%

2H07

(1) Above combined Pro forma results include subsidiaries operations according to the

schedule of activities shown at the table on Page 12;

(2) Part of the Net Income reported on the above statements belong to Brasil Brokers’

subsidiaries’ founding partners, which have the right of use of accumulated gains to be

distributed as dividends (registered under short-term related parties on the balance

sheet) according to shares exchange contracts signed between the parts. This right is

extended to incomes generated up to the IPO settlement date (10/31/2007)

17


Balance Sheet on December 31st 2007 – Assets

(in Reais)

Holding Consolidated

Current Assets

Cash, Cash Equivalents 282,414 287,778

Accounts Receivable - 23,749

Tax to Recover 1,114 1,961

Related Parties 1,293 1,293

Other Current Assests 1 1,035

Total Current Assets 284,822 315,816

Noncurrent Assets

Long Term Assets

Accounts Receivable from the Clients - 461

Loans and other credits

with related parties 394 1,006

Advance for future capital increase 705 -

Other Credits - 11

1,099 1,478

Investiments in Controlling Company 10,792 -

Goodwill Investiments 5 5

Property and Equipment 70 5,193

Deferred 1,213 1,388

12,080 6,586

Total Noncurrent Assets 13,179 8,064

Total Assests 298,001 323,880

ASSETS

18


Balance Sheet on December 31st 2007 – Liabilities and Shareholders’ Equity

(in Reais)


Current Liabilities

Loans and Financings - 1,003

Suppliers 1,739 3,760

Wages and Burden Payable 153 3,081

Taxes and Contributions payable 164 7,643

Advances from Clients - 229

Loans and other related parties payable 489 1,205

Usufruct of Results - 6,891

Other account payable - 2,531

Total Current Liabilities 2,545 26,343

Noncurrent Liabilities

Long-term Liabilities

Loans and Financings - 45

Provisions for contingencies - 1,652

Taxes payable - 210

Others - 42

Total Noncurrent Liabilities - 1,949

Minority Interest 132

Shareholders' Equity

Subscribed Capital 304,234 304,234

Capital Reserve 47 47

Accumulated losses (8,825) (8,825)

Total Shareholders' Equity 295,456 295,456

Total Labilities 298,001 323,880

LIABILITIES AND SHAREHOLDERS' EQUITY

19


Financial Statement

Period: January 16th to December 31st, 2007


Services Revenue - 30,507

Taxes - (2,632)

Net Revenue - 27,875

Cost of Services rendered - (4,162)

Gross Income - 23,713

Operating revenues and expenses:

General Expenses (4,869) (13,564)

Management Wages (216) (1,655)

Depreciation and Amortization (43) (196)

Financial Expenses (1,118) (1,347)

Financial Income 5,341 5,393

IPO expenses (18,030) (18,030)

Other Operating Revenue - 278

Equity income 10,110 -

(8,825) (29,121)

Operating Income (8,825) (5,408)

Non Operating Revenue/Expenses - 56

Income/Loss Before Taxes (8,825) (5,352)

Social Contribution Allowance - (986)

Income Tax Allowance - (2,366)

Minority Shareholders' Equity - (121)

Period Losses (8,825) (8,825)

Loss per share 5.55

(in thousand of reais, exceto o prejuízo por ação)

20


Cash Flow

Period: January 16th to December 31st, 2007


From Operating Activities

Period Losses (8,825) (8,825)

Adjustments for reconciliation between losses and net operating revenues

Depreciantion and Amortization 43 196

Equity income (10,110) -

Adjusted Losses (18,892) (8,629)

Variation between Assets and Liabilities

Accounts Receivable - (24,210)

Accounts Receivable - Other - -

Taxes to Recover (1,114) (1,961)

Loans and other credits with rwelated parties (1,687) (2,299)

Advance for future capital increase (705) -

Other Current Assets (1) (1,035)

Other Noncurrent Assets - (11)

Suppliers 1,739 3,760

Wages and Burden Payable 153 3,081

Taxes and Contribution payable 164 7,643

Advances from Clients - 229

Loans and other credits with related parties 489 1,205

Results use - 6,891

Other Current Liabilities - 2,531

Provision for Contingences - 1,652

Taxes and Contribution quota - 210

Other Noncurrent Liabilities - 42

(962) (2,272)

Net Cash Used in Activities (19,854) (10,901)

From Investments Activities

Investiments (687) (5)

Fixed Assets (113) (5,389)

Deferred Assets (1,213) (1,388)

Net Cash Used in Investment Activities (2,013) (6,782)

From Financing Activities With Third Parties

Loans and Financing (short term) - 1,003

Loans and Financing (long term) - 45

Net cash Used in Financing Activities - 1,048

From Financing Activities with Shareholders

Capital Increase 304,234 304,234

Capital Reserve - Goodwill in subscription 47 47

Minority Shareholders' - 132

Net Cash Used in Financing Activies with Shareholders 304,281 304,413

Cash Increase 282,414 287,778

Cash Increase in the Beginning of the period - -

Cash Increase in the End of the period 282,414 287,778

(In thousand of reais)

4q07 earnings release brasil brokers announces its 4q07 results · 2012. 3. 19. · 3 4q07 earnings...

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