1
1Q08 Earnings Release
Brasil Brokers announces its 1Q08 Results
Rio de Janeiro, May 15th 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 first quarter 2008.
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.
1Q08 Highlights
Evolution of the share price from R$950.00 since
its IPO on 10/29/2007 to R$1,225.01 on 03/31/2008,
demonstrating the Company’s appreciation of
28.95%;
Total of 11,360 Units Sold by its subsidiaries,
representing Contracted Sales of R$2,404 million.
In December 2007, the number of subsidiaries in
operation was composed of 16 subsidiaries; at the end of
March 2008, 23 subsidiaries which 20 were operational
(as shown in the table on page 12).
Sales Backlog Launches from its subsidiaries on
03/31/2008, through December 2009 is R$30.9 billion.
1Q08 Conference Call
English
May 16th, 2008
01:00 PM (NY Time)
02:00 PM (Brasilia Time)
Phone: +1 (973) 935-8893
Code: 44916012
Replay: +1 (706) 645-9291
Portuguese
May 16th, 2008
10:00 AM (NY Time)
11:00 AM (Brasilia Time)
Phone: +55 (11) 2188-0188
Code: Brasil Brokers
Replay: +55 (11) 2188-0188
IR Contact
Álvaro Soares – CFO and IRO
Phone: +55 (21) 3433-9550
e-mail: [email protected]
www.brbrokers.com.br/ir
2
1Q08 Earnings Release
Performance of BBRK3 X Ibovespa
Average Daily Trading Volume
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
800
900
1.000
1.100
1.200
1.300
1.400
1.500
1.600
BBRK3 IBOV
Price per Share(R$)
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
3
1Q08 Earnings Release
History and Operations
Brasil Brokers was constituted on January 16, 2007 and initiated its operations on June 11, 2007.
In this period 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, seven have operating histories, and nine 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 March 31, 2008, 20 of its 23 subsidiaries were operational, with results already included in
our financial statements: Primaz, Gribel, Niterói Administradora, IPrice, Brito e Amoedo, Ética, Delforte, Pactual, Avance Noblesse, Basimóvel, Américas, Abreu, Sardenberg, Tropical,
Chão&Teto, Jairo Rocha, JGM, Frema e Rede Morar.
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 03/31/2008 in the
following areas:
Outros estados em que a Brasil
Brokers está presente através da
subsidiária Primaz
Estados em que a Brasil Brokers
detém subsidiárias
Manaus
Natal
Salvador
Belém
Belo Horizonte
São Paulo
Rio de Janeiro
Vitória
Recife
Curitiba
Florianópolis
Porto Alegre
Goiânia
Distrito Federal States where Brasil Brokers
has subsidiaries
Other States where
Brasil Brokers operates
through its subsidiary Primaz
4
1Q08 Earnings Release
Latest Acquisitions
We acquired 80% of the capital of Rede Morar, one of the largest
online real estate networks in the country and the only one constituted
as a company.
Rede Morar began its operations around 3 years ago in Belo Horizonte and currently operates in
another 7 cities in the state of Minas Gerais (Betim, Contagem, Nova Lima, Vespasiano, Lagoa
Santa, Uberaba and Uberlândia). It currently manages a network composed of 52 accredited real
estate agencies in the state of Minas Gerais, which jointly have 325 realtors distributed across 59
points of sale. With the acquisition of Rede Morar, Brasil Brokers materializes its strategy of
expansion in the property resale segment in Minas Gerais and, subsequently, in the rest of the
country, though the expansion of the company’s operating model to other markets
The national expansion model will follow the current accreditation model, with the opening of
regional offices and the launch of new products to accredited companies.
The Company acquired 100% of the assets of Global Imóveis.
Global Imóveis is the largest real estate brokerage company in Manaus, has 8 years of operation in the local market and a large client portfolio, with an
emphasis on: Inpar, Cyrela, Agra, Mac, Patrimônio, JHSF and Tecnisa, among
others. Its sales force includes 127 brokers, distributed into more than 16 points-of-sale and Sales Backlog launches of approximately R$ 1.04 Billion to be
launched until the end of 2009.
Amazonas is the second most populous state in the North, with more than 3 million inhabitants,
of which 1.6 million in Manaus. In addition, Manaus has the seventh biggest Gross Domestic Product – GDP (according IBGE).
With the said acquisition, Brasil Brokers expanded its share in the North, where operated in the State of Pará by the subsidiary Chão e Teto.
The Company should conclude the acquisition of Global in the states of Acre, Roraima and
Rondônia in 90 days.
Organic Expansion
Beginning of operations in Florianópolis, marking the start of Brasil Brokers in the state of Santa Catarina. Noblesse launched R$18 million in
Florianópolis in the 1Q08 and already has close to R$90 million in its sales backlog to be launched in 2008, with 25 brokers in the city and will begin
operating in the property resale segment in the 2Q08, with the opening of its branch in Florianópolis.
5
1Q08 Earnings Release
IPrice expanded its area of operations to Ribeirão Preto – São Paulo by opening a store with 20 brokers in the city. The company has already
launched over R$100 million in developments since its inauguration in March 2008.
Ética, the leading property resale company in Brazil, begin operating in the
towns of Niterói and São Gonçalo, with the inauguration of 4 stores (Icaraí,
Fonseca, Piratininga and São Gonçalo), adding 67 brokers to its sales force.
New Areas of Operation
After the acquisitions and the organic expansion, the Company’s new area of operation will be
defined as shown in the map below:
Outros estados em que a Brasil
Brokers está presente através da
subsidiária Primaz
Estados em que a Brasil Brokers
detém subsidiárias
ManausNatal
Salvador
Belém
Belo Horizonte
São Paulo
Rio de Janeiro
Vitória
Recife
Curitiba
Florianópolis
Porto Alegre
Goiânia
Distrito Federal
Rio Branco
Porto Velho
Boa Vista
States where Brasil Brokers
has subsidiaries
Other States where
Brasil Brokers operates
through its subsidiary Primaz
6
1Q08 Earnings Release
Operating Performance
Operating Highlights (1) 4Q07 1Q08
GVS Launched (R$ thousand) 3,257,485 3,199,236
Number of Units Launched 11,103 11,758
Contracted Sales (R$ thousand) 1,777,261 2,404,096
Number of Units Sold 9,424 11,360
Number of Brokers 3,519 5,382
(1) As described at table on page 12, the number of operating subsidiaries changed during quarter.
3,267
3,199
4Q07 1Q08
Launched GVS (R$ million)
9,424
11,360
4Q07 1Q08
Sold Units
1,777
2,404
4Q07 1Q08
Contracted Sales (R$ million)
11,103
11,758
4Q07 1Q08
Launched Units
7
1Q08 Earnings Release
Sales by Market Segment
In the 1Q08, Contracted Sales from residential and commercial units totaled R$2,184 million (1).
Of this total, R$400.1 million are from units’ resale and R$1,784.0 million from launched units.
Sales by State
In the 1Q08, Contracted Sales from residential and
commercial units totaled R$2,184 million (1). Of this
total, 66.0% in the southeast, 20.5% in the northeast,
5.4% in the middle west, 4.3% in the north and 3.7%
in the south.
(1) Contracted sales of residential and commercial units do not include the contract GVS from Primaz and land bank.
79.3%81.7%
20.7%
18.3%
4Q07 1Q08
Launches Resale
R$1,777 MM
R$2,184 MM
SP
30%
RJ
28%
BA
14%
MG
5%
PA
5%
RN
4%
GO
4%
RS
3%
PE
3%DF
2%ES
1% SC
1%
Contracted Sales - by State
8
1Q08 Earnings Release
Sales by Income Segment
Of the total of R$2,184 million(1) in Contracted Sales
from residential and commercial units, 10.0% were
from properties in the economic segment (up to
R$100,000.00), 19.4% in the mid-low segment (from
R$100,000.01 to R$150,000.00), 32.7% in the middle
segment (from R$150,000.01 to R$350,000.00),
20.2% in the mid-high segment (from 350,000.01 to
R$650,000.00) and 17.6% in the high segment (from
R$650,000.00).
Sales by Property Type
Of the total R$2,184 million (1) in Contracted Sales,
94.3% was from residential properties, 2.2% from lot
developments, and 3.5% from commercial properties.
(1) Contracted sales of R$ 2,184 GVS do not include the contract GVS from Primaz and land bank.
Economic
(up to R$100 k)
10%
Mid-Low
(R$100-R$150 k)
19%
Middle
(R$150-R$350 k)
33%
Mid-High
(R$350-R$650 k)
20%
High (above
R$650 k)
18%
Contracted Sales - by Income Segment
Residential
94%
Commercial
4%
Lots
2%
Contracted Sales - by Property Type
9
1Q08 Earnings Release
Sales Backlog
The table below presents a summary of the main information from each subsidiary on 03/31/08:
(in million of reais)
until 2009 Total
Ética Imobiliária Rio de Janeiro Resales - - 800 20 116
Basimóvel Rio de Janeiro New Launches and Resales 1,380 2,786 532 58 44
Américas Rio de Janeiro New Launches 248 1,260 192 18 19
Niterói
AdministradoraNiterói New Launches and Resales 2,591 4,262 185 41 42
Gribel Belo Horizonte New Launches and Resales 1,964 2,085 170 13 20
Pactual Belo Horizonte New Launches and Resales 499 1,362 40 8 12
Brito & Amoedo Salvador New Launches and Resales 1,342 1,937 366 19 18
I. Price São Paulo New Launches and Resales 3,703 4,196 435 44 62
Del Forte São Paulo New Launches 1,631 1,732 446 65 55
Avance São Paulo New Launches 4,096 4,968 261 43 39
Noblesse Porto Alegre New Launches and Resales 718 833 323 60 80
Paulo Sardenberg VitóriaNew Launches, Resales and Lease
Managment334 668 55 5 22
Chão & Teto BelémNew Launches, Resales and Lease
Managment649 679 185 13 86
Tropical Goiânia New Launches and Resales 2,296 4,872 220 33 82
Abreu Natal New Launches and Resales 3,493 7,815 104 10 70
Primaz Brasil Commercial Properties - - - - 3
Jairo Rocha PernambucoNew Launches, Resales and Lease
Managment771 1,002 275 79 10
JGM Brasília New Launches and Resales 977 1,129 320 18 42
Marcos Koegnikan Brasília New Launches and Resales 822 2,401 45 8 11
RedentoraSão José do Rio
Preto
New Launches, Resales and Lease
Managment341 1,195 80 12 18
Frema São Paulo New Launches and Resales 2,070 3,390 248 26 29
Pointer Espírito SantoNew Launches, Resales and Lease
Managment1,005 2,451 100 12 15
Rede Morar - Networks to accredited companies - - 325 59 4
30,930 51,024 5,707 664 899
Number
of
brokers
Sales
PointEmployee
TOTAL
Our SubsidiariesMetropolitan area
of the citiesSegment Performance
Sales Backlog
10
1Q08 Earnings Release
Our Sales Backlog Launches remains diversified in distribution by state, and by market segment.
SP36%
RJ15%
RN11%
MG8%
GO8%
DF6%
ES6%
BA4%
PE2%
RS2%
PA2%
Sales Backlog - by State until 2009
Economic
(up to R$100kl)
13%
Mid-Low (R$100-R$150k)
21%
Middle
(R$150-R$350k)
43%
Mid-High
(R$350-R$650k)
16%
High
(above R$650k)
6%
Sales Backlog - by market segment until 2009
11
1Q08 Earnings Release
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:
INICIATIVES DONE NEXT STEPS
Operational Processes and
Management Systems
- SAP Business One implemented at th
headquarterand started in the subsidiaries
on March/08
- 1st
SAP integration
- 2nd
and 3rd
SAP expansion stages;
- Development and implementation of a
management system..
Human Resources
- Management training of the sales force;
- Development of the bonus and stock
options plans;
- Start to implement the new
management model.
- Sales Team training programs.
Marketing
- Brasil Brokers launching advertising
campaign, institutional initiatives and
Marketing Plan definition.
- Marketing Plan implementation and Real
Estate intelligence development.
Resales Segment
- Start of geographic expansion of the
group's companies with new branches;
- Identification of best practices and sales
force organization.
- Implementation of operational
standards and management system.
New Services/Products
- Identification os best practices, specially
renting and real estate financing
promotion.
- Dissemination of best practices;
- Maintenance of the expansion of the
real estate financing promotion on other
subisidiaries.
Business Opportunities - Definition of the cross referral between
partners compensation scheme.
- Systematization of business origination
processes and results control.
New Launches Segment - Identification of best practices and sales
force organizational structure. - Implementation of best practices.
12
1Q08 Earnings Release
Economic-Financial Performance
In this section, we will present the combined results of the companies in the 1Q08.
Explanation on the subsidiaries’ operational period
As mentioned previously, Brasil Brokers subsidiaries when were acquired could delay the starting
of its results accounting in the financial statements of the Company. The table below shows the
startup of the new subsidiaries during the latest quarters.
OCT NOV DEC JAN FEB MAR
14 16 16 19 19 20
100% Operating 10 14 16 19 19 20
Parcial Start 4 2 0 0 0 0
Ética Imobiliária
4th
Quarter 2007 1st
Quarter 2008
Brokers
Avance
Brito & Amoedo
Del Forte
Gribel
I. Price
Niterói Administradora
Pactual
Primaz
Chão & Teto
Operating Subsidiaries
Noblesse
Américas
Basimóvel
Paulo Sardenberg
Tropical
Abreu
Jairo Rocha
Frema
Rede Morar
JGM
Redentora
Marcos Koenigkan
Pointer
13
1Q08 Earnings Release
Services Revenue
Gross service revenue from the subsidiaries of Brasil Brokers, consisting of the brokerage
commissions, amounted to R$ 56.8 million in the 1Q08, generating an average commission of
2.4%, for contracted GVS stood at R$2.4 billion. This revenue is recognized when the sale order
is signed. After deduction of taxes, the net revenue totaled R$ 52.3 million in the quarter.
Cost of Services & Operating Expenses
The cost of services and operating expenses of the subsidiaries stood at R$18.0 million, combined
with the parent company’s expenses of R$2.9 million, our total expenses came to R$26.9 million.
The box below shows 1Q08 expenses and the 4Q07 combined adjusted pro-forma expenses due
to non-recurring expenses related to the IPO.
37.6
52.3
4Q07 1Q08
Net Revenue (R$ million)
Total Cost and Expenses
(in million) 4Q07 1Q08
Total Cost and Expenses - Subsidiaries (17.9) (23.9)
Cost of Services (5.1) (5.9)
General and Administrative Expenses (12.7) (18.0)
Holging Adjusted Expenses (1) (1.3) (2.9)
Adjusted Total Cost and Expenses (19.1) (26.8)
(1) 4Q07 Holding expenses report only the months of November and December.
14
1Q08 Earnings Release
Adjusted Net Income
In the 1Q08, adjusted net income of Brasil Brokers totaled R$ 25.0 million, accompanied by an
adjusted net margin of 47.7%.
Subsidiaries’ operating net income stood at R$ 22.0 million. In the first quarter of 2008, 100% of
R$22.0 million was recognized but in the 4Q07 only 66% was recognized by Equity Accounting
until the net income for October still belonged to the subsidiaries’ founding partners.
Reconciliation (R$ mm) 4Q07 (1) 1Q08
Net Profit (3.6) 23.9
Non-Recurring Expenses 23.0 -
Goodwill amortization - 1.1
Adjusted Net Profit 19.4 25.0
Adjusted Net Margin 51.6% 47.7%
(1)Adjusted Net Profit is not an account method, consist in the period net profit less the
goodwill amortization.
19.4 (2)
25.0
4Q07 1Q08
Net Income (R$ million)
(2) 4Q07 Net Income refers to the net combined proforma
15
1Q08 Earnings Release
Adjusted EBITDA (1)
Adjusted EBITDA of Brasil Brokers in the first quarter was
R$ 25.4 million, accompanied by an adjusted EBITDA margin of 49%.
(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.
(2) 4Q07 Combined Pro-forma values.
Estimate for the Payment of Acquisitions and Goodwill Amortization
In the 1Q08, Brasil Brokers, pursuing its strategy of geographic expansion, acquired 7
companies: Jairo Rocha, Marcos Koenigkan, JGM, Frema, Redentora, Pointer and Rede Morar. The
payments for these acquisitions will be made according to the net income of each of the acquired
companies, following a pre-established schedule. The chart below presents the consolidated
payment schedule on March 31, 2008, according to the scenario established by the Company:
Reconciliation (R$ mm) 4Q07(2) 1Q08
Adjusted Net Profit 19.4 25.0
Financial Results (5.2) (7.0)
IR and CS 4.4 7.1
Non Operating Results (0.3) (0.0)
Depreciation and Amortization 0.2 0.3
Minority Interest - 0.1
Adjusted EBITDA (1) 18.5 25.4
Adjusted EBITDA Margin 49.3% 48.6%
16
1Q08 Earnings Release
Of the 50,312 treasury shares existing after the IPO, we used 15,991 to pay the initial
installments of the acquisitions. The company still has a balance of 34,321 shares in treasury.
Said investments will be amortized within 10 years. The chart below represents the estimated
amortization schedule:
* Straight line method of amortization in 10 years.
Payment with Currence Coin
(R$ mm) 2008 2009E 2010E Total Cash
Jairo Rocha - 5.6 - 5.6
JGM 3.7 4.4 4.4 12.4
Marcos Koegnikan 1.1 3.1 3.1 7.4
Frema - - 2.3 2.3
Redentora - 4.4 8.1 12.5
Pointer 2.3 5.0 3.8 11.0
Rede Morar 0.9 0.9 0.9 2.7
TOTAL 8.0 23.4 22.5 53.9
Payments with Company Shares
(R$ mm) 2008 2009E 2010E Total Shares
Jairo Rocha - 5.6 - 5.6
JGM - 4.4 4.4 8.8
Marcos Koegnikan - 3.1 3.1 6.3
Frema - 7.5 5.3 12.8
Redentora - 8.1 4.4 12.5
Pointer - 2.5 3.8 6.3
Rede Morar - 0.6 0.6 1.2
TOTAL - 31.9 21.5 53.3
TOTAL 7.97 55.25 44.00 107.22
Period 2008E 2009E 2010E 2017E 2018E TOTAL
Total (R$ thousand) 13,133 16,107 16,107 16,107 2,974 161,075
17
1Q08 Earnings Release
Income Tax and Social Contribution
Income tax and social contribution tax on the net income of Brasil Brokers was R$7.1 million in
the quarter. R$6.1 million refers to the subsidiaries’ taxes, equivalent to 10.7% of gross revenue
in the period.
Cash and cash equivalents
In the 1Q08, cash and cash equivalents totaled R$265 million, R$250 million of which in the
parent company. These amounts refer basically to investments in bank deposit certificates and
fixed income funds, with returns raging from 100% to 108% of the CDI rate.
Indebtedness
At the close of the first quarter, the company’s total debt was R$ 109.2 million. Of this amount,
the debits of subsidiaries related to loans with financial institutions totaled R$0.3 million, and
R$0.9 million refers to the provisioning for dividends for payment to the founding partners due to
their usufruct of the income generated up to the settlement date of the public offering. R$ 107.2
million refers to the new partners’ liabilities due to the latest acquisitions.
18
1Q08 Earnings Release
Financial Data
Results (R$ thousand) 1Q08
Launched GVS 3,199,236
Contracted GVS 2,404,096
Gross Revenue 56,750
(-) Sales Taxes (4,416)
Net Revenue 52,334
Costs of Services and Personnel Expenses (23,967)
Cost of Services (6,481)
G&A (17,486)
Depreciation (252)
Financial Result (78)
Revenues 158
Expenses (236)
Operating Result 28,038
Non Operating Result 29
Taxes and Social Contribution Provisions (6,115)
Subsidiaries Net Income 21,952
Subsidiaries Net Margin 41.9%
Holding Adjusted Expenses (3,015)
Holding Financional Revenue 7,054
Investments Amortization (1,052)
Taxes and Social Contribution Provisions - Holding (972)
Holding Results 2,014
Minority Equity (57)
Net Income 23,910
Margem Líquida 45.7%
Adjusted Net Income 24,962
Adjusted Net Margin 47.7%
Adjusted EBITDA 25,435
Adjusted EBITDA Margin 48.6%
19
1Q08 Earnings Release
Balance Sheet on March 31st 2008 – Assets
(R$ thousand)
Holding Consolidated
Current Assets
Cash, Cash Equivalent s 249,579 265,493
Account s Receivable 36,202
Tax t o Recover 2,698 3,667
Loans and Ot her credit s
w it h realt ed par t ies -
Ot her Current Asset s 48 1,929
Total Current Assets 252,325 307,291
ASSETS
Noncurrent Assets
Long Term Assets
Account s Receivable f rom client s - 3,331
Relat ed Par t ies 2,025 1,197
Advance for fut ure
capit al increase 2,316 -
Ot her Credit s - 217
4,341 4,745
Invest im ent s in cont ro led Com panies 34,315 -
Goodw ill Invest m ent s 546 9,061
Proper t y 142,566 143,054
Defer red 1,637 2,508
179,064 154,623
Total Noncurrent Assets 183,405 159,368
Total Assets 435,730 466,659
20
1Q08 Earnings Release
Balance Sheet on March 31st 2008 – Liabilities and Shareholders’ Equity
(R$ thousand)
Holding Consolidated
Current Liabilit ies
Loans and Financing - 213
Suppliers 207 3,137
Wages and Burden Payable 368 3,872
Taxes and Cont r ibut ions payable 1,064 13,009
Advance f rom client s - 450
Payable Account s - Com pany Acquisit ion 7,892 7,892
Loans and ot her relat ed
par t ies payable 31 930
Usufruct of Result s - 4,979
Ot her Account Payable 897 3,056
Total Current Liabilit ies 10,459 37,538
Noncurrent Liabilit ies
Long-term Liabilit ies
Loans and Financing - 198
Relat ed Par t ies - -
Provisions for cont ingencies - 1,898
Taxes payable - 199
Payable Account s - Com pany Acquisit ion 81,726 81,726
Invest im ent Provisions (Losses) 704 -
Ot her Account s Payable - 2,247
Total Non Current Liabilit ies 82,430 86,268
Minority Interest 12
Shareholders'
Subscr ibed Capit al 304,234 304,234
Capit al Reserve 23,522 23,522
Accum ulat ed Losses 15,085 15,085
Total Shareholders' Equity 342,841 342,841
Total Liabilities and Shareholders' Equity 435,730 466,659
Liabilit ies and Shareholders' Equity
21
1Q08 Earnings Release
Financial Statements
Period: January 1st to March 31st 2008
Holding Consolidated
Services Revenue - 57,000
Discount s and Rebat - (250)
Taxes - (4,416)
Net Revenue - 52,334
Cost of Services Rendered - (5,859)
Gross Income - 46,475
Operat ing Revenues and Expenses
General Expenses (2,609) (17,952)
Managem ent Wages (324) (2,901)
Depreciat ion and Am ort izat ion (83) (335)
Goodw ill Am or t izat ion - Invest m ent s (1,052) (1,052)
Financial Expenses (43) (282)
Financial Revenue 7,097 7,258
Ot her Operat ing Revenues (Losses) 1 (188)
Equit y Incom e 21,895 -
24,882 (15,452)
Operat ional Income 24,882 31,023
Non Operating Revenue (Losses) - 30
Income/ Loss Befere Taxes 24,882 31,053
Social Cont r ibut ion Allow ance (713) (5,186)
Income Tax Allowance (259) (1,901)
Minority Shareholders' Equity - (56)
Net Income in the period 23,910 23,910
22
1Q08 Earnings Release
Cash Flow
Period: January 1st to March 31st 2008
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