Company Presentation

Transcription

1 Company Presentation

2 1 Overview

3 Quick Facts 3 0.3% Delinquency Rate R$ 7.1 Billion Porfolio Value 8.4 years Debt Duration¹ 30% Loan-to-Value² 100% Inflation-linked Leases 43 Properties 5 years Average Lease Term 87% Financial Occupancy Rate³ 2006 Founded 2010 IPO 607,439 Square Meters 1. In Years / Considering the expiration of the Perpetual Bond in Net Debt / Portfolio Value (1Q17) 3. Considering 1Q17 Financial Vacancy (Excluding Ed. Passeio Corporate )

4 Winning Strategy: The 3 Pillars 4 Operating Strategy Growth Value-added Strategy Financing Strategy Focus on top quality properties, located in the most dynamic and liquid markets Defensive portfolio, with high occupancy and very low delinquency rates Diversified tenant base, comprised of excellent creditquality names Long-term and inflationprotected leases Proven track record as consolidator of Brazil s commercial property market Value-added investment strategy through re-tenanting, market alignments, retrofit, and property management Opportunistic recycling from mature assets into higher yielding projects Selective developments and expansions, with risk-adjusted returns Conservative capital structure: 30% - 40% LTV 64% of total debt is linked to CDI, being positively impacted by the ongoing interest rate reduction in Brazil Covenant-light balance sheet Refinancing efforts ahead of maturity 82% of debt in local currency

5 5 Portfolio Unique portfolio, primarily concentrated in São Paulo and Rio de Janeiro, the most liquid and resilient regions in the country Brasília (DF) Office: 1 GLA: 15,501 Revenues: 1% Minas Gerais Office: 1 GLA: 8,932 Revenues: 1% São Paulo Office: 23 Industrial: 1 GLA: 276,376 Revenues: 37% DF Rio de Janeiro Office: 15 Retail: 1 GLA: 302,209 Revenues: 60% Total Properties: 43 Total GLA: 607,439 sqm - Office: 37 - Retail: 1 - Landbanks: 5 - Office: 527,045 - Retail: 6,099 - Landbanks: 74,294 RS SP MG RJ Rio Grande do Sul Office: 1 GLA: 4,421 Revenues: 1%

6 São Paulo Main Office Regions 6 Alphaville Ed. Barra Funda Alphaville Jacarandá Paulista Downtown Henrique Schaumann Jardins JK Bloco B Marginal Celebration Chácara Sto. Antonio Alexandre Dumas TNU S. Pedro BRPR s Central Office Area Panamérica Park Chucri Zaidan Souza Aranha I & II Sto. Antonio S. José

7 Rio de Janeiro Main Office Regions Icomap Porto Maravilha Ventura Towers Vargas RB 115 Bolsa RJ Downtown Ouvidor 107 Cidade Nova Glória Passeio Manchete Flamengo Botafogo Ed. Barra da Tijuca Barra da Tijuca Zona Sul 7 7

8 2 M&A

9 Rio de Janeiro Office Market Icomap 6 Glória 2 Vargas 7 Passeio Corporte 3 Bolsa do Rio 8 Ventura 4 RB Manchete 5 Ouvidor Barra da Tijuca 10 BEING IN THE RIGHT PLACE IS THE SMART THING TO DO 9

10 Passeio Corporate - Specifications 10 FACADE: Semi-reflective Guardian laminated glass coating. LOBBY: The lobbies of all three sectors provide access through the Mall and the VIP parking area. ROOM: Office Ceiling Height of 2.50m; area with 12 cm elevated plate floors, with a 400 kgf/m² charge; modular liners installed; and Central Air- Conditioning. RETAIL: The project includes a m² mall with ground floor access and excellent integration between all shops and access to the towers.

11 Passeio Corporate - Specifications 11 RIACHUELO THEATER: The project includes a large multipurpose space with approximately seats. BICICLETARY AND PARKING SPACES: Bicycle parking with changing rooms for cyclists; Charging points for electric vehicles; and three underground floors with over three hundred parking spaces. DOCK: Modern dock space. LOCATION: Downtown Rio de Janeiro - Urban Mobility, Infrastructure and Entertainment.

12 Cross-Section Diagram 12

13 Investment Analysis 13 Passeio Corporate Construction Year: 2016 Acquisition Date: December, 2016 Acquisition Value: R$ Down payment: R$ Seller financing: R$ Total GLA (sqm): Office Area (sqm) Retail Area (sqm) Debt Profile Term 12 years Instalments Monthly Grace Period 2 years Index IGPM Coupon 7% Cap Rate Sensitivity Average Rent Price (R$/sqm/month) R$ 85 R$ 90 R$ 95 R$ 100 R$ 105 R$ 110 Cap Rate (%) 11,6% 12,3% 13,0% 13,7% 14,3% 15,0%

14 Warehouse Galpão Imbuia 14 Facade Condominium Gaia Terra Galpão Imbuia Construction Year: 2016 Acquisition Value: R$ Total GLA (sqm): Price per Square Meter R$ Average Rent Price (R$/sqm/month) Cap Rate Sensitivity R$ 18 R$ 19 R$ 20 R$ 21 R$ 22 R$ 23 Cap Rate (%) 10,0% 10,6% 11,2% 11,7% 12,3% 12,8% Internal View

15 Warehouse Galpão Imbuia 15 The region is close to major urban centers and main logistic regions; Strategic region for the outflow of national production (Minas Gerais, São Paulo and Rio de Janeiro), with direct access to Dom Pedro I Highway; Region has tax breaks: free of property tax for 20 years and lower service tax (2%); Installed Infrastructure: Gapão Imbuia Water supply, sewage treatment plant and waste treatment system Energy plant of 66 MVA (exclusive for BBP) IT and TELECOM services Public transportation Helipads and Heliport with aircraft storage and air taxi Wide area for truck maneuvers Cleaning, maintenance, landscaping and lighting of the common area

16 3 Operating Strategy

17 Focus on Top Quality Properties Manchete Águas Claras Barra da Tijuca JK Tower B Triple-A Office Buildings Generates 61% of Company s Total Lease Revenues Revenues Breakdown 39% 61% AAA Office Rest of the Portfolio Type: Office AAA Location: Rio de Janeiro/ RJ CBRE Region: Flamengo Owned GLA: 23,591 sqm Type: Office AAA Location: São Paulo / SP CBRE Region: Jardins Owned GLA: 29,539 sqm Build-to-Suit Contracts Leased to Triple-A Tenants Provide a Consistent Stream of Cash Flow Lease Contract Breakdown 9% 91% BTS Contracts Typical Contracts Type: Office Location: Nova Lima / MG CBRE Region: n/a Owned GLA: 8,932 sqm Type: Office Location: Rio de Janeiro/ RJ CBRE Region: Barra da Tijuca Owned GLA: 23,210 sqm 17

18 Defensive and Resilient Business Despite having experienced several cycles throughout the years, the Company has sustained high financial occupancy rates and very low delinquency rates Financial Occupancy Rate (%) 91% 89% 90% 91% 92% 92% 92% 91% 91% 90% 90% 90% 89% 87% 85% 88% 87% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Delinquency Rate (%) 1,1% 0,2% 0,0% 0,2% 0,5% 0,4% 0,1% 0,0% 0,2% 0,8% 0,4% 0,4% 0,5% 0,1% 0,3% 2,2% 1,9% 0,9% 0,3% 0,3% 0,3% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 18

19 High Credit-Quality Tenants Premier portfolio attracts the best-credit tenants, providing a long-term, high-quality cash flow Tenants Breakdown by Sector 34% 15% 15% 11% 10% 5% 5% 3% 1% 1% Oil & Gas Telecom Other Financial Services Consumer Goods Utilities Tech Consulting Construction Mining Largest Tenants 19

20 Long-term, Inflation-Linked Contracts Lease contracts in place allow for stable, predictable cash flows, while creating a very low vacancy risk scenario and considerable upside potential in revenues Characteristics Inflation Adjustment Indices Annual Inflation Adjustments 100% of lease contracts are indexed to inflation Triple Net Contracts Tenant is responsible for all operating property costs Costs include: taxes, insurance, and maintenance expenses Mark-to-market opportunity every 3 rd year contract anniversary * Average Lease Terms Office and Industrial: 5 10 Years Retail: > 10 Years Bank Guarantees on Leases Standard practice in Brazil Protects against delinquencies from smaller tenants Tenant Delinquency Delinquency exceeding 30 days, lessor has right to break the contract and remove the tenant 5% 95% IGP-M IPCA Contract Expiration Schedule (% revenues) Average Duration of Current Lease Contracts Contract Renegotiations Schedule (% revenues) 64% Existing Lease Contracts All Contracts Built-to-Suit Contracts Current Average Duration 5.0 Years 3.7 Years 36% 9% 5% 4% 26% 14% 27% > >

21 4 Growth and Value- added Strategy

22 Market Consolidator The Company has a proven track record as the consolidator of the highly fragmented Brazilian commercial properties market Strong Execution Track Record (R$ millions) Fragmented Market Ability to source deals at attractive yields % Cap Rate 12.0% 12.2% 11.9% 12.3% 12.1% 11.6% 13.0% ¹ % Institutional Investors Private Investors Current Pipeline (R$ millions) Office Industrial Total 1. Gross Cap Rate assuming the property 100% leased at an average rent price of R$95 sqm / month 22

23 Performance Improvement Outstanding management leads to very fast operating improvements and impressive increases in the short and mid term Ventura East (Acquired in April/2012) Manchete (Acquired in Jun/2010) Cap Rate 8,5% +310bps 11,6% Cap Rate 12,0% +360bps 15,6% Initial 45 days later Underwrite 12 months later TNU (Acquired in Mar/2010) RB 115 (Delivered in Dec/2010) Cap Rate 10,5% +260 bps 13,1% Cap Rate +220 bps 14,5% 12,3% Initial 12 months later Underwrite 12 months later 23

24 Opportunistic Portfolio Recycling BR Properties maintains a consistent portfolio recycling by selling properties that have reached their maturity and full potential for value creation Divested Properties Exit Cap Rate 10.8% 9.2% 8.4% 8.6% 9.0% 9.5% 7.0% SELIC Rate 9.8% 11.7% 8.5% 8.2% 10.9% 13.4% 14.1% ¹ Sales Volume (in R$ millions) 1. Average Selic Rate in Total 24

25 Selective Developments & Expansions CES II Galpão Pirituba Panamérica Green Park Bayview 5 land banks, which once finalized, will correspond to 74.3 thousand sqm of GLA Type: Industrial / Land bank Location: São Paulo / SP Delivery Date: n/a Owned GLA: 32,987 sqm Stake: 100% Type: Office A / Land bank Location: São Paulo / SP Delivery Date: n/a Owned GLA: 9,318 sqm Phase 2 & 3 Stake: 50% Type: Office AAA / Land bank Location: Rio de Janeiro / RJ Data de Entrega: n/a Owned GLA: 10,000 sqm Stake: 100% Type: Office AAA / Land bank Location: Rio de Janeiro / RJ Data de Entrega: n/a Owned GLA: 21,989 sqm Stake: 100% 25

26 5 Financing Strategy

27 Conservative Balance Sheet Conservative Capital Structure Loan-to-Value Covenant-Light Balance Sheet 52% 45% 41% 39% 40% 41% 40% 44% 46% 44% 45% 46% 47% 35% 38% 34% 34% 36% 37% 41% 34% 29% 29% 29% 33% 30% 44% 56% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 LTV Gross Debt LTV Net Debt Covenant Debt Non Covenant Debt 1Q17 Debt Profile Perpetual Bond 4% 11% 20% Balance (US$) $ Coupon (US$) 9% 18% Hedge Strategy Swap to CDI Start Date 07/07/2016 End Date 09/04/ % Cost (R$) 95,95% of CDI Exchange Rate R$ 3,58 TR CDI USD Perpetual Bond IGPM IPCA 27

28 Strong Liquidity Position Cash and Cash Equivalents Portfolio Value Q17 Indebtedness Q17 1Q17 Debt Breakdown Índex CDI + Average Coupon 0.82% Balance (R$MM) 2, TR + IGP-M % 9.45% Q17 IPCA % 377 Gross Indebtedness Net Indebtedness 28

29 Indebtedness Debt Amortization Schedule (R$ million) Net Debt / EBITDA * 5,7x 5,1x 5,2x 5,4x 6,1x 6,2x 6,3x 4,4x 4,8x 5,0x 5,6x 6,5x 6,0x * Perpetual Bond Interest Coverage Ratio ¹ 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Other Indicators Indicators Q17 1,6x 1,6x 1,6x 1,5x 1,4x 1,3x 1,4x 1,2x 1,3x 1,4x 1,3x 1,4x 1,4x Debt Duration ² Non-Secured/ Total Debt 36% 50% 29% 29% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Credit Rating Local AA- / braa Aa2.br AA- / bra Aa2.br A+ / bra - Aa2.br A / bra - Aa2.br 1. Considering Adjusted Financial Results and Adjusted EBITDA (Last 12 months) 2. Considering the expiration of the Perpetual Bond in 2050 Credit Rating Global BB / BB / Ba2 BB- / BB / Ba2 BB- / BB- / Ba2 BB- / BB- / Ba2 29

30 Financial Highlights vs Real Estate Cycle Phase I & II: Recovery & Expansion + 2MM sqm of GLA in M&A transactions + R$800MM Private Placements + R$700MM IPO + R$600MM Follow-on Gross Leasable Area sqm (thousand) CAGR: +30% Phase III & IV: Oversupply & Recession + R$7 Billion in Properties Divestments + R$2 Billion returned via Dividends + R$300 MM shares buy back + R$2,5 Billion Debt Reduction Q17 Net Revenues (R$ million) CAGR: +57% Q17 30

31 Financial Highlights vs Real Estate Cycle Adjusted EBITDA (R$ million) Phase I & II: Recovery & Expansion + 2MM sqm of GLA in M&A transactions + R$800MM Private Placements + R$700MM IPO + R$600MM Follow-on CAGR: +68% Phase III & IV: Oversupply & Recession + R$7 Billion in Properties Divestments + R$2 Billion returned via Dividends + R$300 MM shares buy back + R$2,5 Billion Debt Reduction Q17 Adjusted Net Income - FFO (R$ million) CAGR: +86% Q17 31

32 NAV Analysis 1Q17 Investment Properties ¹ R$ Net Debt R$ Real Estate Acquisition Obligation R$ Net Asset Value R$ Total Shares NAV per Share R$ 15,30 Share Price² R$ 9,16 Discount to NAV 40% R$ 15,30 (40%) R$ 9,16 NAV per Share Share Price² 1. Considering R$92MM related to CES II - Landbank (Off Balance) 2. Share Price on March 31,

33 Capital Markets Stock Performance / Liquidity Shareholder Distribution 70% 60% 50% 40% 30% 20% 10% 0% -10% ADTV BR Properties Ibovespa -20% - Dec-15 Feb-16 Apr-16 May-16 Jul-16 Sep-16 Oct-16 Dec-16 Feb-17 Mar % 3% 84% 9% Brazil United States Canada Other Sell-side Coverage Stock Indexes Financial Institution Analyst Contact Itaú BBA Enrico Trotta enrico.trotta@itaubba.com BofA Merrill Lynch Daniel Gasparete daniel.gasparete@baml.com JP Morgan Marcelo Motta marcelo.motta@jpmorgan.com Citibank Dan McGoey dan.mcgoey@citi.com Bradesco Luiz Mauricio Garcia lmgarcia@bradescobbi.com.br Santander Bruno Mendonça brmendoca@santander.com.br Credit Suisse Nicole Hirakawa nicole.hirakawa@credit-suisse.com Index Weight BRPR IBrX 0,07% IBrA 0,07% SMLL 0,62% IMOB 3,18% IGCX 0,11% IGCT 0,09% IGC-NM 0,16% ITAG 0,10% IDIV 0,38% 33

34 6 Sustainability

35 Sustainability BR Properties seeks to reduce the environmental impact and operating costs of its constructions, adding value to its own properties through certifications from LEED - Leadership in Energy & Environmental Design LEED NEW CONSTRUCTION (CORE & SHELL) Certification Ventura: Gold Passeio Corporate: Gold Manchete : Silver Panamérica Green Park: Silver JK Bloco B: Silver Águas Claras: Silver Souza Aranha II: Certificated About LEED LEED, or Leadership in Energy and Environmental Design, is changing the way we think about buildings and communities are designed, built and operated. Leaders from more than 160 countries using the certification, made LEED is the main platform used for green buildings, with over 170,000 m² certificates daily. 35

36 7 Portfolio

37 Portfolio Office - São Paulo Alphaville Region: Alphaville GLA: 9,292 sqm Chucri Zaidan Region: Marginal GLA: 21,906 sqm JK Complex Tower B Region: Jardins GLA: 29,539 sqm CBOP - Jacarandá Region: Alphaville GLA: 31,954 sqm Paulista Region: Paulista GLA: 22,855 sqm TNU Region: Marginal GLA: 27,931 sqm Celebration Region: Jardins GLA: 5,590 sqm Henrique Schaumann Region: Jardins GLA: 14,125 sqm 37

38 Portfolio Office - São Paulo São Pedro Region: Marginal / Chácara Sto. Antonio GLA: 3,575 sqm Santo Antonio Region: Marginal / Chácara Sto. Antonio GLA: 5,017 sqm São José Region: Marginal / Chácara Sto. Antonio GLA: 5,080 sqm Souza Aranha Region: Marginal / Chácara Sto. Antonio GLA: 2,329 sqm Alexandre Dumas Region: Marginal / Chácara Sto. Antonio GLA: 6,889 sqm Ed. Comercial Indaiatuba Region: Indaiatuba, São Paulo GLA: 11,335 sqm 38

39 Portfolio Office - São Paulo Panamérica Park Region: Marginal GLA: 18,667 sqm Barra Funda Region: Other GLA: 11,384 sqm Panamérica Green Park I Region: Marginal GLA: 4,583 sqm Souza Aranha II Region: Marginal / Chácara Sto. Antonio GLA: 2,019 sqm 39

40 Portfolio Office - Rio de Janeiro Ventura Towers Region: Downtown GLA: 88,563 sqm Manchete Region: Flamengo GLA: 23,591 sqm Bolsa do Rio de Janeiro Region: Downtown GLA: 3,224 sqm Passeio Corporate Region: Downtown GLA: 81,423 sqm Glória Region: Downtown GLA: 8,436 sqm Icomap Region: Downtown GLA: 9,164 sqm Ouvidor 107 Region: Downtown GLA: 6,284 sqm 40

41 Portfolio Office - Rio de Janeiro Barra da Tijuca Region: Barra da Tijuca GLA: 23,210 sqm RB 115 Region: Downtown GLA: 11,516 sqm Vargas Region: Downtown GLA: 14,809 sqm 41

42 Portfolio Office - Other Regions Águas Claras Region: Nova Lima, MG GLA: 8,932 sqm Brasília Region: Brasília, DF GLA: 15,501 sqm Porto Alegre Region: Porto Alegre, RS GLA: 4,421 sqm 42

43 8 Appendix

44 Real Estate Market New Supply (sqm) * Gross Absorption (sqm) * São Paulo Rio de Janeiro São Paulo Rio de Janeiro Average Rent / sqm / month * Vacancy Rate (%) * São Paulo Rio de Janeiro * Not including: Alphaville (SP) and Barra da Tijuca (RJ) Regions CBRE Data 19,0% 17,0% 15,0% 13,0% 11,0% 9,0% 7,0% 5,0% 3,0% 1,0% São Paulo Rio de Janeiro 44

45 Quality Stock Historic per Region SP QSR: 41% QSR: 37% QSR: 63% QSR: 18% QSR: 10% QSR: 8% Quality Stock Ratio (QSR): New Stock ( ) Total Stock (2016) Source: BRPR/CBRE 45

46 Lease Rates Evolution - SP Source: BRPR/CBRE 46

47 Quality Stock Historic per Region RJ QSR: 31% QSR: 62% QSR: 42% QSR: 22% QSR: 31% QSR: 42% QSR: 12% QSR: 14% Quality Stock Ratio (QSR): New Stock ( ) Total Stock (2016) Source: BRPR/CBRE 47

48 Lease Rates Evolution - RJ Source: BRPR/CBRE 48

49 Income Statement Income Statement 1Q17 1Q16 var % Gross Revenues % Leasing % Office % Industrial % Retail - - n/a Services Rendered % Deductions from Gross Revenues (11.633) (9.399) 24% Taxes (PIS/Cofins and ISS) (9.820) (8.916) 10% Deductions (1.813) (483) 275% Net Revenues % Cost of Leased Properties - - n/a Gross Profit % General and Administrative Expenses (59.086) (28.176) 110% Operating Expenses (9.328) (7.762) 20% Taxes (31.095) (5.492) 466% Personnel Expenses (6.437) (5.002) 29% Management Fees (1.122) (2.758) -59% Stock Options / LTIP (2.283) (363) 528% Vacancy Expenses (8.821) (6.798) 30% Financial Result (8.305) % Financial Income % Financial Expenses ( ) ( ) -3% Other Operating Income/Expense (968) -1985% Gain (Loss) on Sale of Investment Properties % Gain (Loss) on Appraisal of Investment Properties - (23.450) n/a Income (loss) before taxes % Income and Social Contribution taxes (11.076) (26.270) -58% Deferred taxes % Income (loss) before Minoritary Interest % Minority Interest - (1.022) n/a Net Income (loss) % 49

50 EBITDA & FFO EBITDA Composition 1Q17 1Q16 var % Net Income (loss) before Minority Interest % (+) Deferred Taxes (63.542) (12.441) 411% (+) Income and Social Contribution Taxes % (-) Minority Interest - (1.022) n/a (+) Depreciation % (+) Financial Result (41.760) -120% EBITDA % EBITDA Margin 122% 62% 60 p.p. Adjusted EBITDA Composition 1Q17 1Q16 var % EBITDA % (-) Gain (Loss) on Appraisal of Investment Properties n/a (-) Gain (Loss) on Sale of Investment Properties (65.423) (5.348) 1123% (+) Other Operating Income (18.241) % (+) Stock Options / LTIP % (+) Bonus Provision * - - n/a (+) PIS/Cofins (Revenue Taxes) on Property Sales (Galpão SBC ) n/a (+) Taxes on One Properties Incorporation (ITBI) n/a (+) PIS/Cofins (Revenue Taxes) on Non-cash Gains on the Perpetual s Buyback n/a Adjusted EBITDA % Adjusted EBITDA Margin 78% 79% -1 p.p. * From 2017 onwards, the adjustment of the "Bonus Provision" will not be considered in the Adjusted EBITDA calculation Adjusted Net Income Composition (FFO) 1Q17 1Q16 var % Net Income (loss) % (+) Deferred Taxes (63.542) (12.441) 411% (+) Income Taxes on Property Sales % (-) Gain (Loss) on Appraisal of Investment Properties n/a (-) Gain (Loss) on Sale of Investment Properties (65.423) (5.348) 1123% (+) Non-cash Losses on Exchange Rate Variation - - n/a (-) Non-cash Gains on Exchange Rate Variation (16.906) (65.335) -74% (+) Non-cash Variations (MTM - Perpetual Bond Swap and Interest) (5.225) (1.194) 337% (-) Monetary Adjustment on "Galpão SBC " Sale (49.503) - n/a (-) Non-cash Gains on the Perpetual s Buyback - (55.726) n/a (+) Stock Options / LTIP % (+) Other Operating Income/Expense (Non-Recurring) (18.241) % (+) PIS/Cofins (Revenue Taxes) on Property Sales (Galpão SBC ) n/a (+) Taxes on One Properties Incorporation (ITBI) n/a (+) PIS/Cofins (Revenue Taxes) on Non-cash Gains on the Perpetual s Buyback n/a Adjusted Net Income (FFO) % Adjusted Net Income Margin (FFO Margin) 18% 8% 10 p.p. 50

51 Investor Relations 51 IR Team André Bergstein CFO and Investor Relations Officer Gabriel Barcelos Investor Relations Manager Nelson Brazan Investor Relations Phone: (55 11) Ticker: BRPR3