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PUBLIC MEETINGNOVEMBER 26TH, 2015
CYRELA’S HIGHLIGHTS Launches of R$ 610 million in 3Q15, 42.8% lower than 2Q15 and 22.0% lower than 3Q14.
In 2015, launched volume attained R$ 2,139 million, vs. R$ 3,588 million in 9M14.
Pre-Sales of R$ 1,009 million in 3Q15, 24.0% higher than 2Q15 and 1.7% higher than 3Q14.
In 2015, pre-sales totaled R$ 2,546 million, vs. R$ 3,797 million in 9M14.
Net Revenue of R$ 1,138 million in 3Q15 vs. R$1,138 million in 2Q15 and 29.5% lower than 3Q14.
In 2015, accumulated Net Revenue of R$ 3,311 million vs. R$ 4,287 million in 9M14.
Gross Margin of 34.7% in 3Q15, reduction of 0.4 p.p. vs. 2Q15 and growth of 4.8 p.p. vs. 3Q14.
In 2015, Gross Margin totals 34.9% vs. 32.0% in 9M14.
Net Income of R$ 131 million in 3Q15, 11.2% higher than 2Q15 and 26.7% lower than 3Q14.
In 2015, Net Income totals R$ 350 million vs. R$ 511 million in 9M14.
In 3Q15, operating Cash Generation of R$ 219 million vs. cash generation of R$ 219 million in 2Q15 and R$ 187
million generated in 3Q14.
In 2015, operating cash generation totals R$ 841 million vs. R$ 505 million in 9M14.
Net Debt / Equity of 21.3% in 3Q15 vs. 25.2% in 2Q15 and 37.0% in 3Q14 .
ROE of 8.6% (Net Income LTM / Average Equity LTM, without minorities).
Earnings per share of R$ 0.35 in 3Q15, 11.2% higher than 2Q15 and 25.0% lower than 3Q14. In 2015,
accumulated earnings per share of R$ 0.92, vs. R$ 1.30 in 9M14.
OPERATING FIGURES
79%85%83%65%
CYRELA’S LAUNCHES
R$ 610 million in 3Q15 vs. R$ 783 million in 3Q14.
R$ 2,139 million in 9M15 vs. R$ 3,588 million in 9M14.
In 9M15, %CBR of 79% vs. 85% in 9M14.
509 505
547
105274
439
-40.4%
-22.0%
9M15
2,139
1,700
9M14
3,588
3,041
3Q15
610
3Q14
783
CyrelaPartners
Launches
(R$ million)
% CBR
Ex-swap and “Faixa 1” (%CBR)
Launches per Region 9M15
São Paulo - Other Cities
25.1%
São Paulo
29.3%
South
10.4%
North
1.5%
Espírito Santo
2.0%
Rio de Janeiro
31.7%
-31.8%
9M15
1,616
9M14
2,370
One SixtySão Paulo - SP
MedplexPorto Alegre- RS LAUNCHES
AtmosferaSão Paulo - SP
Gran CyprianiSão Paulo - SP
5
78%84%78%78%
CYRELA’S PRE-SALES
%CBR of 78% in 3Q15.
Inventory sales in 3Q15 represent 72% of total sales.
Pre - sales
(R$ million)
% CBR
Ex-Swap and “Faixa 1” (%CBR)
Pre – Sales by Region – 9M15
(R$ million )
772 790
558
597
-33.0%
+1.7%
9M15
2,546
1,987
9M14
3,797
3,200
3Q15
1,009219
3Q14
992220
CyrelaPartners
Northeast
2.4%South
15.0%Middle West
1.5%North
2.3%Espírito Santo
1.1%Minas Gerais 0.9%
Rio de Janeiro
25.2%
São Paulo - Other Cities
15.6%
São Paulo
35.9%
-26.1%
9M15
1,922
9M14
2,601
SALES SPEED
The SOS12M of 3Q15 attained 39.2%.
Excluding the “MCMV Faixa 1”, the SOS12M of 3Q15 attained 38.6%.
Pre – Sales by Launch Period
(R$ million)
Sales Speed
565
285
285
474250176
-33.0%
+1.7%
9M15
2,546
1,442
818
9M14
3,797
1,925
1,621
251
3Q15
1,009
3Q14
992251
Previous Years Launches
Previous Quarters Launches
Quarter’s Launches
32%
42%
31%
36%
47%
21%
13%
8%
22%
2%
8%
3Q15
2Q15 58%
1Q15 42%3%
4Q14 63%6%
3Q14 70%3% 7%
In 15 monthsIn 9 months
In 12 monthsIn 6 months
In 3 months
(60% ex-”Faixa 1”)
25%25%FU/TI*
INVENTORY
R$ 6.9 billion in inventories (R$ 5.5 billion %CBR);
25% of finished units inventories (vs. 25% in 2Q15)
Inventory
(R$ million)
Change in Inventory
(R$ million)-5.5%
3Q15
6,853
5,110
1,743
2Q15
7,250
5,459
1,791
Units under constructionFinished units
*: FU = Finished Units / TI = Total InventoryUnits under Construction Finished Units
-5.5%
Inventory 3Q15
6,853
Price change
2
Sales of launches
3T15
-285
Launches 3T15
610
Sales of inventories
-724
-199-525
Inventory 2Q15
7,250
R$ 1,743 million of finished units inventories (vs. R$ 1,791 million in 2Q15)
Northeast and Espírito Santo represent 35% of total finished units.
Finished Units
(R$ million)
Breakdown
FINISHED UNITS
Northeast
31.6%
South
18.0%
Middle West
1.8%
North
2.0%
Espírito Santo
3.0%
Minas Gerais
1.5%
Rio de Janeiro
17.7%
São Paulo - Other Cities
10.2%
São Paulo
14.1%
Finished Units 3Q15
-2.7%
-83
Price change
1,743
PSV Delivered
234
Sales of finished
units
-199
Finished Units 2Q15
1,791
6.8 thousand units delivered in 3Q15, in 19 projects. In 9M15, 19.6 thousand units delivered in 72 projects.
Middle + MCMV: 5.8 thousand units delivered in 13 projects in 3Q15. In 2015, 12 thousand units deliveredin 38 projects.
The units delivered in 3Q15 represent launches PSV of R$ 1.4 billion. The Launch PSV of the units deliveredin the year represent R$ 5.7 billion, vs. R$ 5.0 billion in 9M14
(Thd Units)
DELIVERED UNITS
-16.9%+1.3% +4.0%
2014
20.8
9.2
11.6
2013
25.0
11.8
13.2
2012
24.1
15.2
8.9
2011
23.8
13.2
10.6
2010
15.4
7.1
8.3
2009
7.5
2.1
5.4
9M15
19.6
7.6
12.0
Middle + MCMV
High end
3.3
+32.3%+15.2%
3Q14
5.1
1.5
3.6
3Q15
6.8
5.8
1.0
2Q15
5.9
2.5
FINANCIAL RESULTS
FINANCIAL RESULTS(R$ million)
3Q153Q14
1,1731,628
-22.2%
3,407
+0.6%
2Q15 9M14 9M15
1,166
4,377-28.0%
483 399395
-18.3%
9M15
1,154
-16.0%
-1.1%
3Q14
29.9%
34.9%
9M14
1,374
32.0%
2Q15
35.1%
3Q15
34.7%
279 236
793605
214
-23.8%
-9.3%-23.1%
9M15
18.3%
9M14
18.5%
2Q15
20.8%
3Q15
18.8%
3Q14
17.3%
511
179 118
350131
-31.6%
+11.2%-26.7%
9M15
10.6%
9M14
11.9%
2Q15
10.4%
3Q15
11.5%
3Q14
11.1%
Gross Income and Gross MarginGross Revenue
Net Income and Net MarginEBITDA and EBITDA Margin
Margin
379379388
3Q15
0.35
2Q15
0.31
3Q14
0.46
PROFITABILITY
2Q15
9.6%
1Q15
10.6%
4Q14
11.9%
3Q14
12.3%
3Q15
8.6%
The Return on Equity ( Net Income LTM / Equity average LTM ex-minorities) attained 8.6%.
Earnings Per Share of R$ 0.35 in 3Q15.
ROE Earnings per Share ¹
Shares ex-treasuryEPS
¹ Calculus: Net Income of the quarters / Number of shares minus treasury shares as of September 30, 2015.
TRANSFERS, PAYOFFS AND TRUST OF DEEDS
In 3Q15, the volume of transfers, payoffs and trust of deeds attained R$ 816 million, 8.2% lower than
2Q15 and 13.3% lower than 3Q14. In 9M15, this volume attained R$ 2.5 billion, 4.1% lower than
9M14.
(R$ million)
UnitsVolume
(Thd. units)
774 553 662
223 213
472615
143918
-13.3% -8.2%
9M15
-4.1%
2,549
1,855
80
2,657
9M14
2,127
58
3Q15 2Q15
889816
3Q14
940149
Trust of Deeds TransfersPayoffs
9M14
12.9
3.7
10.1
0.3
-4.1%
-6.8%
2.6
1.30.7
3Q14
4.4
3.6
4.2
2Q15
2.8
2.5
8.0
0.3
-8.7%
9M15
0.1
3Q15
0.1
4.0
1.30.1
12.0
CASH GENERATION*
Cash generation of R$ 219 million in 3Q15, vs. a cash generation of R$ 219 million in 2Q15 and a
cash generation of R$ 187 million in 3Q14.
In 2015, cash generation of R$ 841 million, 66.5% higher than 9M14 cash generation.
(R$ million)
841
505
219187219219
3Q15
0.0%
9M142Q15 9M153Q15
+17.3%
3Q14
+66.5%
*Ex dividend payment, buyback program and stake acquisition.
1.58
3.91
Gross Debt 2Q15
2.32
1.601.62
2.23
3.84
Gross Debt 4Q14
3.98
Cash and Cash
Equivalents
Net Debt
1.452.71
1.26
Gross Debt 3Q15
3.98
2.40
Term
2.52
LIQUIDITY AND DEBT
Net Debt / Equity attained 21.3%.
(R$ billion)
Without SFH*
32.8%
Net Debt / Equity
Corp. Corp. Corp.Short
SFH SFH SFH Long
25.2% 21.3%
Debt
Indicators Total DebtDebt
Ex-SFH
Net Debt / EBITDA 12M
1.7x -1.1x
Net Debt / Equity
21.3%
Average Costw/o SFH: 99.2% CDISFH: TR + 9.13% p.y.
Duration 1.7 year 1.8 year
Short Term 32% 25%
Long Term 68% 75%
*Net Debt Ex-SFH = R$ -944 million
CONTACT IR
Cyrela Brazil Realty S.A. Empreendimentos e Participações
Av. Presidente Juscelino Kubitschek, 1.455, 3rd Floor
São Paulo - SP – Brasil
CEP 04543-011
Investor Relations
ri@cyrela.com.br
www.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 the Company'sbusiness plan. Such future considerations rely substantially on changes in market conditions, government rules,competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to the riskspresented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.
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