Download - 1Q08 Earnings Release Brasil Brokers announces its 1Q08 ... · accepted accounting principles in Brazil (BR GAAP), pursuant to Brazilian Corporate Law and CVM regulations. 1Q08 Highlights

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

mailto:[email protected]

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

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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

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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

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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.

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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

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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

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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

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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

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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

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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

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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:

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.

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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

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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.

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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

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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%

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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

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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


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


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


Balance Sheet on March 31st 2008 – Liabilities and Shareholders’ Equity

(R$ thousand)


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


Financial Statements

Period: January 1st to March 31st 2008


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


Cash Flow

Period: January 1st to March 31st 2008

Download - 1Q08 Earnings Release Brasil Brokers announces its 1Q08 ... · accepted accounting principles in Brazil (BR GAAP), pursuant to Brazilian Corporate Law and CVM regulations. 1Q08 Highlights

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