novamerica 45% sold within the quarter · ventura ecoville curitiba – pr 169 191 32,246 40%...
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NOVAMERICASão Paulo, SP
Launched in March 200945% sold within the quarter
1Q09 Results1Q09 ResultsMay 13th, 2009
1st Quarter 2009
Escritório SantanaSão Paulo, SPLaunched in March 200959% sold within the quarter
1st Quarter 2009
Introduction Elie Horn
Living Antônio Guedes
Operational Results Luis Largman
Financial Results Saulo LaraSaulo Lara
Current Panorama
Continuous improvement in the real estate market
Good market response to launchesGood market response to launchesNovAmérica: R$ 278 million PSV - 69% sold to dateEscritórios Santana: 78% soldMérito Vila Curuçá: 85% soldApril/2009: L’Acqua Natal/RN:1st launch in RN 46% soldApril/2009: L Acqua – Natal/RN:1st launch in RN - 46% soldApril/2009: Ventura Ecoville – Curitiba/PR: 65% sold
Government Housing Program “Minha Casa, Minha Vida”News on LivingLaunches in the near futureIncreased participation of Economic projects in Cyrela’s portfolio
Increased limits for SFH and FGTS eligibility: increase in debt transfers and sales
Aquisition of GoldszteinAquisition of Goldsztein 3rd JV partner acquiredWork model to be implemented similar to that of RJZ Cyrela, in RJCurrent Goldsztein Officers will remain in charge of the Southern Region UnitIncrease of Cyrela’s participation in the 100% figures
3
Increase of Cyrela s participation in the 100% figuresDue diligenceTo be concluded until June, 2009
News on Living Living’s Nationwide Activity
Northern region
Ceará Rio Grande do Norte
Pernambuco
Bahia
Independent ActivityNew HeadquartersSeparate Accounting
Espírito Santo
Separate Accounting100% CyrelaIndependent activity in all steps of the business:
L d i itiRio de Janeiro
Land acquisitionReal Estate DevelopmentSales
Southern i
Minas Gerais São PauloConstructionCustomer Relationship
Organic operation and in partnership with JVsregion
4
CFC correspondent servicing all Brazilian regions
Construction
Living’s Construtora
Use of “Lean Construction” ConceptUse of Lean Construction ConceptSimple projects, easily executed, with repetitions, standardized and focused on managementAssembly lineAssembly lineReduction of wastes and costsIncreased productivity during works executionIncreased construction qualityIncreased flexibility of requirementsFlexibility of works execution scheduleIncreased custumer satisfaction
Enhancement of construction methods for popular housingProduct blueprint definition developed together with suppliesProduct blueprint definition developed together with supplies
Land bought to fit the product
Price defined by product (not by sq.m.)
5
In-house and trained labor
15% cost reduction expected
Launches in the near future
Launches scheduled for the next months show more than 2 thousand units eligible to the Government Housing Program “Minha Casa, Minha Vida”
Project Region
Average Price of Unit (R$
thd)
Number of Units
PSVEstimate (R$ thd)
% Cyrela
)
Fatto Mansões Campinas – SP 215 228 48,953 92%
Ventura Ecoville Curitiba – PR 169 191 32,246 40%
Tumelero Porto Alegre – RS 132 214 28,159 50%g
Arboretto – Fase 2 Porto Alegre – RS 154 286 44,097 50%
Dez Curuçá São Paulo – SP 83 252 20,916 50%
Fatto Jardim Botânico São Paulo – SP 130 236 31,646 71%
Vitoria Pirituba São Paulo – SP 87 396 34,435 60%
Fatto Sport Faria Lima Guarulhos – SP 118 277 32,816 79%
Avanti Parque São Lucas São Paulo – SP 115 400 45,951 40%q
Parque dos Sonhos - Fase 4 Ferraz de Vasconcelos – SP 80 200 15,953 50%
Liber Park Rio de Janeiro – RJ 112 380 42,453 75%
T t l 123 3 060 377 625 61%
6
Total 123 3,060 377,625 61%
Living’s launches in the quarter
São Paulo - SP
Most of the projects in the quarter were launched in March
São Paulo - SPSão Paulo SP
55% sold
São Paulo SP
85% sold
Economic Project Economic Project
Avanti GuarulhosLaunched in Mar/2009PSV: R$ 37.7 millionUnits: 279
Mérito Vila CuruçáLaunched in Jan/2009PSV: R$ 21.8 millionUnits: 197Units: 279
Average price: R$ 135 thd/ unUnits: 197Average price: R$ 111 thd/ un.
São Luís - MA
100% sold
Fortaleza - CE10% sold
Economic Project Mid-low Project
Condomínio Brisas LifeLaunched in Mar/09PSV: R$ 50.4 millionUnits: 300
Vivace Residencial Clube 1st phaseLaunched in Mar/09PSV: R$ 23.0 millionU it 155
7
Units: 300Average price: R$ 168 thd/ un.
Units: 155Average price: R$ 148 thd/ un.
Living launches and pre-sales – 1Q09
Launchesin R$ million
Pre-sales in R$ million
26951%
133
234
122
-51% -48%
190
88
1Q08 1Q09
16679
1Q08 1Q09
Average sales speed
Cyrela Partners Cyrela Partners
63%
53%
21%
32%
3%
2%1%
2%
89%
88%2Q08
1Q08
35%
41%
9%
18%
44%
66%7%
4Q08
3Q08
8
26% 26%1Q09
In 3 months In 6 months In 9 months In 12 months
Living’s landbank – 1Q09
70 000
Landank by unit pricePotential PSV: R$ 8.5 billion
17,867
22,309 3,628 62,662
40,000
50,000
60,000
70,000(100%) or R$ 6.1 billion (% Living)
93 Plots of land
18,858
-
10,000
20,000
30,000
Swaps: 66%
Up toR$ 100 thd
From R$ 100 thd to
R$ 130 thd
From R$ 130 thd to
R$ 200 thd
From R$ 200 thd to
R$ 350 thd
Total
By RegionBy Region By Segment
Northeast14%
Economic70%
Super Economic
24%
Southeast65% North
3%
9PS.: Calculations done in units
Middle6%
South18%
Reserva VerdeSerra, ESLaunched in March 2009Sales started in April 2009
Operational ResultsResults
Cyrela’s Launches in the quarter
In January 2009, Absolutto, a project in Novo Hamburgo (RS) was re-launched and 65% sold
São Paulo - SP
63% sold
São Paulo - SP
88% sold
NovAmérica Office ParkLaunched in March/09
NovAmérica Colorado Residence ParkLaunched in March/09
Office Project Medium Standard Project
Launched in March/09PSV: R$ 195.1 millionUsable area: 32,979 sq.m.Units: 548
Launched in March/09PSV: R$ 82.6 milionUsable area: 24,961 sq.m.Units: 216
Novo Hamburgo - RS65% sold
São Paulo - SP78% sold
AbsoluttoRe-launched in January/09PSV: R$ 30 7 million
Escritórios SantanaLaunched in March/09PSV: R$ 53 4 million
Office Project Medium Standard Project
11
PSV: R$ 30.7 millionUsable area: 9,405 sq.m.Units: 132
PSV: R$ 53.4 millionUsable area: 9,016 sq.m.Units: 224
Launches
811-32%
Launches – in R$ million
9 projects launched in 1Q09
554
9 projects launched in 1Q09
(vs. 19 in 1Q08)
Chronology of launches in the quarter581
416
1Q08 1Q09
January: Absolutto in RS (re-launch) and Mérito Vila Curuçá – Living in SP;March:3 Living launches in Guarulhos SP1Q08 1Q09
Cyrela Partners
3 Living launches in Guarulhos – SP, São Luis – MA and Fotaleza – CE.;Escritórios Santana, NovAmérica Office Park, Novamerica Residencial Colorado i SP d R V d i S ESLaunches by region and by brand – 1Q09 in SP, and Reserva Verde in Serra – ES.
1Q09 Launches: average price of R$ 244
thd /unit or R$ 3.6 thd /sq.m.
SP71%
LIVING: 24% of 1Q09 launchesCyrela76%
Living24%
RJ0%
12
0%Expansion
29%
Pre-sales
Pre-Sales – in R$ million
55%
1.7 thousand units sold
Average price of R$ 284 thd/unit or -55%Average price of R$ 284 thd/unit or
R$ 3.5 thd/sq.m.
Living: 24% of 1Q09 sales
1,125
Living: 24% of 1Q09 sales
Seller and Selling accounted for 51% of
quarter’s sales, or 56% considering 778
346
502
only the markets where they operate346
1Q08 1Q09Cyrela Partners
Pre-Sales by region and by brand – 1Q09
SP59%
Cyrela76%
Living24%
RJ
13
RJ13%
Expansion28%
Sales speed – Cyrela + Living
Launches Sales Speed
47% 32% 2%79%1Q08
41%
67%
13%
10% 2%1%
59%
80%
6%3Q08
2Q08
35%
31% 8%
35%
40%
1Q09
4Q08
1Q09 Sales according to launch periodR$ million Cyrela’s share
VSO by quarterR$ million –Cyrela’s share
Launches In 3 months In 6 months In 9 months In 12 months
55.4%
R$ million–Cyrela s share
153
44% 33%12% 8% 1% 0%
41.6%
27.7%
15.2% 12.6%
153116
42 29 4 1
% 0%
es es es es es es e
2Q08 3Q08 4Q08 1Q09 12M
14
1Q09
laun
che
2008
laun
che
2007
laun
che
2006
laun
che
2005
laun
che
Laun
che
befo
re20
05
Pre-sales contracts % CBR % of 1Q09 pre-sales
Sales performance
Up toR$ 100 thd
From R$ 100 thd to
R$ 130 thd
From R$ 130 thd to
R$ 200 thd
From R$ 200 thd to
R$ 350 thd
From R$ 350 thd to
R$ 500 thd
From R$ 500 thd to R$ 1 million
AboveR$ 1 million TOTAL
2006 98% 99% 92% 98% 89% 82% 61% 88%1Q06 100% 99% 100%
Price per unit
1Q06 100% 99% 100%2Q06 100% 100% 85% 74% 90%3Q06 97% 100% 90% 79% 94% 90%4Q06 98% 99% 91% 88% 86% 82% 45% 84%
2007 95% 89% 87% 85% 78% 88% 91% 87%1Q07 94% 95% 92% 98% 83% 94%rio
d
2Q07 98% 99% 100% 84% 97%3Q07 96% 95% 95% 69% 79% 99% 91%4Q07 95% 88% 79% 79% 76% 90% 89% 84%
2008 75% 85% 78% 66% 63% 72% 58% 74%1Q08 63% 96% 93% 74% 71% 85% 75% 85%2Q08 99% 99% 85% 100% 90% 65% 90%
Laun
ch p
er
Obs : cálculo em unidades
2Q08 99% 99% 85% 100% 90% 65% 90%3Q08 68% 99% 76% 61% 68% 96% 49% 71%4Q08 100% 56% 48% 73% 33% 14% 53%
2009 62% 19% 34% 45% 35%1Q09 62% 19% 34% 45% 35%TOTAL 84% 87% 79% 77% 71% 83% 70% 79%Obs.: cálculo em unidades.
15
Units Delivered
Units Delivered 12,000
2,2113,178
1,266
2007 2008 2009e
Units net of swaps
1Q09 Units delivered and foreseen
Units net of swaps
Large projects delivered: Paulistânia (SP) and Les Residences de Monaco (RJ).1.3 thousand units delivered in the first three months of 2009.94% of units delivered were sold.12 thousand units forecast to be delivered in 2009.Currently: 142 construction work sites throughout the country.
16
Debt Transfer
Property to be financed by SFH:
Increase of price limit from R$ 350 thd/unit to R$ 500 thd/unit
Increase of price limit for eligibility of use of FGTS funds to R$ 500 thousandIncrease of price limit for eligibility of use of FGTS funds to R$ 500 thousand
Increase of percentage financed from 70% to 90% of the unit value up to R$ 500 thousand
Increase in demand for units in point of sales and in the Internet
Debts transfers
Increase of debt transfer of delivered units previously forecast to be financed by Cyrela
ProjectsUnit
Average Price
Debt Transfer
Total in R$ million
Debt Transfer in
unitsmillionVEREDA IPIRANGA R$ 400 thd 10.5 71
GRAND LIFE SAÚDE R$ 400 thd 2.8 20
HUMANARI R$ 400 thd 6.2 27
PATEO POMPEIA R$ 480 thd 9.4 48
SARAU PINHEIROS R$ 500 thd 2.4 7
PAULISTÂNIA R$ 600 thd 9.9 29
17
Total 41.2 202
SFH Financing
Closer relationship with Caixa Econômica Federal (CEF)R$ 243 million were contracted in 2009
$ 3R$ 357 million will be signed soon
Amount forecast to be contracted until July/2009: R$500 million
Growth of debt transfersDebt transfers totaled R$41 million in 1Q09
R$67 million of debt transfers being done
Debt transfers forecast until July/2009: R$109 million
SFH Financing
Debt transfers forecast until July/2009: R$109 million
Balance due in March 31st, 2009: R$799 million
SFH Financing
Credit limit 8.1
R$
billi
on Contracted 4.3
18
Balance due: 0.8 Amount available
3.8
Landbank
Geographical distribution in March 31st, 2009
Southern regionRJ
39%Nothern region3.2%
Southern region5.1%
São Paulo inlands11 1%
São Paulo Capital City
19.5%
Expansion31%
11.1%
Rio de Janeiro38.7%
Northeast19.9%
Southeast71.5%
SP31%
Argentina0.3%
Minas Gerais0.4%
Espírito Santo1.8%
Potential PSV: R$ 38.6 billion (100%) or R$ 30.6 billion (% Cyrela)
Units in landbank: 138 thousand
193 plots of land – 69 of which outside the SP-RJ region
19
Swaps achieving 72%
Landbank
126 thousand units elegible through SFH
units in landbank
4 955 6,698 1,013 138,307140 000
32,93118,766 4,955 6,698 ,0 3 38,30
100,000
120,000
140,000
17,867
37,219
40,000
60,000
80,000
18,858
-
20,000
40,000
Up to From From From From From From Above R$ Total
20
pR$ 100 thd R$ 100 thd
to R$ 130 thd
R$ 130 thdto
R$ 200 thd
R$ 200 thdto
R$ 350 thd
R$ 350 thdto
R$ 500 thd
R$ 500 thdto
R$ 600 thd
R$ 600 thdto
R$ 1,200thd
1,200 thd
FinancialFinancial Results
Mérito Vila CuruçáSão Paulo, SP
Launched in March 200962% sold within the quarter
Financial Results – in R$ million
Net Revenues+22%
550.8
671.5
1Q08 1Q09
Gross Income Backlog Net Revenues
37.5%39.8% 37.2%36.2% 37.1%
+15%
- 4%
252 14,081.7
5,124.2 4,920.6
219.5 252.1
22
1Q08 1Q09
Gross Profit Gross Margin
2007 2008 1Q09
Revenue to be Recog. Gross Mg. To be Recog.
Financial Results – in R$ million
EBITDA Net Profit
22.5%12.4% 15.0%
+47%+60%
94 5
151.2
17.2%
100.5
94.5 68.5
1Q08 1Q09
EBITDA EBITDA Margin
1Q08 1Q09
Net Profit Net Margin
Expenses on Pre-Sales Contracts Expenses on Net Revenues14.5%
10.9%
12.6% 12.1% 11.6% 11.6%
7 8%6.6%
4.6%
7.6%
4.3%2 6%
5.6%
9.6% 9.5%
7.8%
8.3%6.7%
8.5% 7.6% 6.8%
23
2.6%
1Q08 2Q08 3Q08 4Q08 1Q09
Selling Expenses Gen. & Admin. Expenses
1Q08 2Q08 3Q08 4Q08 1Q09
Selling Expenses Gen. & Admin. Expenses
Accounts receivable – in R$ million
Accounts receivable performance(R$ milion)
Remuneration of receivable(R$ milhões)
Finished units: IGP-M + 12% p.a.Under construction: INCC
7,685
5,618
7,681
8317,685
2007 2008 1Q09 6,854
831
2007 2008 1Q09
Receivables
6,854
3,095
Units under construcion
Units build
Construction cost to Incur - sold
Receivable schedule (R$ million)
1,6321,452944
513 475 423 387 350 301
1,209
24
2009 2010 2011 2012 2013 2014 2015 2016 2017 Until2028
Liquidity
Debt(R$ million)
Balance on March Maturity Cost( $ )31 2009
y
SFH 798.5 2009 to 2014 TR + 10.5% a 12.0% a.a.
Debentures 1st issuance 500.0 2012, 2013, 2014 CDI + 0.48% a.a.Debentures 1st issuance 500.0 2012, 2013, 2014 CDI 0.48% a.a.
Debentures 2nd issuance * 489.5 2018 CDI + 0.65% a.a.
Bradesco (stand-by) and others 264.3 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% a.a.Nov/2012, Nov/2013
Loans – foreign currency(US$ 20 million)
46.3 Sep/2011 Libor + 3.5%
Total Debt with SFH 2,098.6
Total Debt without SFH 1,300.1
Cash and Cash Equivalents (725.7)Net Debt with SFH
LTM EBITDA
= 2.4 times
Net Debt with SFH 1,372.9
Net Debt without SFH 574.3
LTM EBITDA
Net debt without SFH
25* Repactuation in 2010 and 2011
et debt t out S
LTM EBITDA
= 1.0 time
Delays and Cancellations
Delays
1 64%
2.00%
1.09%1.34% 1.43% 1.35% 1.38%
1.52% 1.64%1.92%
1.43% 1.37% 1.39%
1.79%1.59%
1.26%
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-0
8Ju
l-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Cancellations
Delays above 31 days
0.21% 0.20%0.23%
0.26%
0.23%0.22%0.22%0.23%
0.26% 0.27%
0.14%
0.17%
0.18%0.20%
0.07%
26Obs.: Taking into consideration only clients portfolio managed by Cyrela
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Cancellation index = cancellations / active clients
IR Contact
Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455São Paulo SP BrasilSão Paulo - SP – BrasilCEP 04543-011
Investors RelationsPhone: (55 11) 4502 3153Phone: (55 11) 4502-3153 ri@cyrela.com.br
l b /iwww.cyrela.com.br/ir
Statements contained in this press release may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances, industry conditions, company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance theC ' b i l S h f t id ti l b t ti ll h i k t diti t
27
Company's business plan. Such future considerations rely substantially on changes in market conditions, governmentrules, competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to therisks presented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without priornotice.
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