gafisa apresentação 4-t13_eng_vf
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TRANSCRIPT
4Q13 RESULTS Conference Call
February 27, 2013
Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
1
4Q13 and 2013 Results
2
▲ Consolidated launches totaled R$1.6 billion in the 4Q13, up 224.9% q-o-q and 8.7% y-o-y;
▲ Consolidated pre-sales totaled R$1.3 billion in the 4Q13, reaching R$2.5 billion in 2013;
▲ Gross profit in the period was R$222.0 million, up from the R$173.5 million in 3Q13 and from the
R$91.5 million registered in 4Q12, gross margin rose to 31.5%;
▲ Adjusted EBITDA for the period was R$978.9 million in 4Q13 and R$1.3 billion in 2013, reflecting the
contribution of Alphaville transactions. Excluding the result of the Alphaville operations, , adjusted EBITDA
reached R$138.9 million in 4Q13 and R$430.6 million in the year;
▲ Net income for the period was R$921.3 million in the 4Q13 and R$867.4 million in the year;
▲ Operating cash generation reached R$667,7 million in 2013, resulting in positive free cash flow of R$97,3
million for 2013. Note that this result does not include resources from Alphaville transaction.
Highlights
Operational and Financial Highlight
4Q13 3Q13 Q/Q(%) 4Q12 Y/Y(%) 2013 2012 Y/Y(%)
Launches 1,619,260 498,348 225% 1,489,760 9% 2,886,204 2,951,961 -2%
Pre-sales 1,312,944 428,994 206% 905,241 45% 2,513,858 2,633,104 -5%
Pre-sales of launches 973,431 173,491 46.1% 760,410 28.0% 1,502,867 1.729.560 -13.1%
Sales over Supply (SoS) 24.8% 10.6% 1425 bps 20.0% 481 bps 38,7% 42,1% -341 bps
Delivered projects. units 6,063 3,106 95% 9,378 -35% 13,842 27,107 -49%
Net Revenue 704,750 628,047 12.2% 567,749 24.1% 2,481,211 2,805,085 -11.5%
Gross Profit 221,999 173.503 28,0% 91.457 142,7% 617.445 528,282 16.9%
Adjusted Gross Margin¹ 37.9% 34.4% 346 bps 21.0% 1684 bps 31.2% 24.4% 679 bps
Adjusted EBITDA ² 978,949 140,000 599.2% 10,577 9155.1% 1,270,639 379,037 235.2%
Adjusted EBITDA Margin ² 138.9% 22.3% 11662bps 1.9% 13704bps 51.2% 13.5% 3770bps
Net Income (Loss) 921,284 15,777 5739.4% -101,412 -1008.5% 867,443 -127,043 -782.8%
3
(R$ 000 and % Gafisa. except where otherwise stated)
1) Adjusted by capitalized interests
2) Adjusted by expenses with stock option plans (non-cash). minority
5
Recent Events
Completion of Sale of 70% Stake
of AUSA
Payment of Interest on Equity
and Share Buyback Program
Split of the Gafisa and Tenda
Business Units
Board approval for evaluation of the separation plan;
Enhance value creation for both business units ;
Need of approval of Board of Directors and General Shareholders Meeting.
Payment of Interest on Equity in the amount of R$130M. Payment was effective in February 12;
New Share buyback program: 32,9M shares (Dec/13);
By february the program had already acquired 15M shares;
On this date we are cancelling the share buyback program in Tenda and recreating a new plan in Gafisa with the remaining balance.
Proceeds from the transaction totaled R$1.54 billion
New Leverage 36.1%;
Stake Gafisa 30%;
Management Proposal – Supplementary Dividends for 2013 results – R$ 32 million
52%
29% 26% 6%
48%
71% 74% 94% 100%
Until Dec/14 Until Dec/15 Until Dec/16 Until Dec/17 After Dec/17
Corporate Debt Project Finance
3,060
1.089
124
550
1.088
460
Total
Investor Obligations
Working Capital
Project Financing SFH
Debentures - Working Capital
Debentures FGTS
Indebtedness (R$ mm) and Taxes
4Q13 Leverage Post Transaction
Net Debt / Equity 1.26x 9,54% - 10,09% (TR)
1,50% - 1,95%+CDI
8,30% - 11,50%+TR
0,235% - 0,82%+CDI/IGPM+7,25%
Post -Transaction – Comfortable Balance sheet
0.36x
1,30% - 3,04%+CDI
1,268 1,146 458 309 1
R$
5
▲ (i) cash entry net of taxes and transaction costs;
▲ (ii) variation in the Shareholders Equity of the Company due to the sale of the
70% stake in Alphaville for R$ 464.2 million
▲ (iii) reversal of goodwill previously recorded.
Alphaville Transaction Effects
Net Debt Equity of 36.1%
Average cost – 10.8%
96%
126%
36%
(367)
(252)
(120)
2Q3 Acquisition20% AUSA
Goodwill Minority 3Q13 Reversion Equity Var Cash Var 4Q13
252
947
1.2
Debt Maturity as % of Total Debt
▲ Exclusive Focus in the São Paulo and Rio de Janeiro markets; ▲ Delivery of projects outside core markets shall be concluded in 2014
Gafisa Segment - Turnaround Status
7
Wrap Up Operacional Turnaround Gafisa (R$000 and units)
4Q13 4Q12
SP+RJ Other Markets Total SP+RJ Other Markets Total
Main Indicators
PSV in Inventory 1,827,794 272,416 2,100,210 1,659,206 324,888 1,983,694
Units in Inventory 3,049 579 3,628 2,932 715 3,647
Projects under construction 46 3 49 52 6 58
Units to be delivered 11,532 1,100 12,632 12,542 2,456 14,998
Costs to be incurred 1,411,124 48,256 1,459,380 1,673,828 273,862 1,947,690
Gafisa Segment – Turnaround Status
227
546
114
814
101
217
107
679
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
SP + RJ
Launches by Market (1Q12-4Q13) Gross Sales by Market (1Q12-4Q13)
340
520
453
544
244
291
221
453
27 55 46 56 48 63
41 55
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 4Q13 4Q13
SP + RJ Other Markets
▲ Launches and sales focused on core markets.
▲ Ongoing evolution of gross margin signals reduction of contribution of projects outside core markets
Gross Margin by Market (2011-4Q13) Net Revenue by Market (2011-4Q13)
8
-80%
-60%
-40%
-20%
0%
20%
40%
60%
2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 3Q13 4Q13 2013
SP+Rio Other markets
80% 82% 95%
20% 18% 5%
2011 2012 2013
SP+Rio Other Markets
Tenda Segment - Turnaround Status
▲ Resume launches in 2013 New business model;
▲ Operation in 4 macro regions: São Paulo, Rio de Janeiro, Minas Gerais and Northeast (Bahia and Pernambuco);
▲ Conclusion and delivery of legacy projects scheduled for 2014;
Wrap Up Operacional Turnaround Tenda (R$000 and untis)
9
4Q13 4Q12
New Model Other Markets Total New Model Other Markets Total
PSV in Inventory 12,979 490,452 618,431 - 826,671 826,671
Units in Inventory 913 2,963 3.876 - 5,552 5,552
Projects under construction 7 20 27 - 52 52
Units to be delivered 2,239 7,148 9,387 - 13,579 13,579
Costs to be incurred 110,099 111,226 221,325 - 460,629 460,629
Launches 2013 Novo
Horizonte Vila
Cantuária Itaim Paulista
Life Verde Vida Jaraguá Life Viva Mais Campo Limpo Average
Launches Mar-13 Mar-13 May-13 Jul-13 Aug-13 Nov-13 Dec -13 -
PSV Launches (R$ 000)
67,755 45,941 33,056 37,912 40,852 40,379 48,000 44,330
# units 580 440 240 360 260 300 300 365
% PSV Sold (2013)
100% 60% 70% 76% 75% 28% 8% 70%
% Units Transferred
(2013) 98% 62% 73% 43% 73% 49% - 65%
Project
Osasco - SP Camaçari - BA São Paulo - SP Salvador - BA São Paulo - SP Rio de Janeiro - RJ São Paulo - SP
Tenda Segment – New Model
10
Launches – 2013E Guidance (2013E)
2013A
Consolidated R$2.7 – R$3.3 bn 2.9
Gafisa R$1.15 – R$1.35 bn 1.1
Tenda R$250 – R$450 mm 339
Alphaville R$1.3 – R$1.5 bn 1.5
Guidance
(2013E)
2013A
Consolidated 13,00 – 17,500 13,842
# Gafisa 3,500 – 5,000 4,315
# Alphaville 3,500 – 5,000 2,500
# Tenda 6,500 – 7,000 7,027
Guidance
(2013E)
2013A
Consolidated 12% - 14% 17.4%
Guidance (2013E)
Guidance EBITDA Margin (2013E)
Delivery Estimates (2013E)
11
Guidance & 2013 Resuts
Note: Ebitda margin presented for the 2013 in this table is pro-forma, excluding the IFRS adjustments, thus being
comparable with guidance released in the beginning of the year.
Launches – 2014E Guidance
(2014E)
Consolidated R$2.1 – R$2.5 bn
Gafisa R$1.15 – R$1.35 bn
Tenda R$600 – R$800 mm
Alphaville R$1.3 – R$1.5 bn
Guidance
(2014E)
Gafisa 7.5%
Tenda Not applicable
Guidance
(2014E)
Consolidated 55% - 65%
Launches Guidance(2014E)
Leverage Guidance (2014E)
Adm Exp / Launching Volume Guidance (2014E)
11
Guidance
(2015E)
Gafisa 7.5%
Tenda 7.0%
Adm Exp / Launching Volume Guidance (2015E)
Guidance
(3 years)
Gafisa 14% - 16%
Tenda 14% - 16%
Return on Invested Capital (ROIC) (3 years)
Guidance 2014