results 3q12 · 2016. 8. 9. · results . 3q12 . november 13, 2012 . escritorios design . campinas...
TRANSCRIPT
RESULTS
3Q12 November 13, 2012
Escritorios Design Campinas - SP Launched in August/2012
3Q12 Results
Introduction Elie Horn
Financial Results
José Florêncio Rodrigues
Operational Results
Raphael Horn and Antonio Guedes
Vita São Miguel São Paulo - SP Launched in August 2012
3
Cyrela Highlights
Gross Margin stood at 30.9% in 3Q12, up 0.6 p.p. from 2Q12
EBITDA Margin stood at 16.2% in 3Q12, up 0.4 p.p. from 2Q12
Cash generation of R$ 147 million in 3Q12 and R$ 184 million in 9M12 (ex-
dividends)
Pre-Sales of R$ 1,755 million in 3Q12
Increase of 33.6% compared to 2Q12
71% of new guidance low end in 9M12
Net Revenue of R$ 1.4 billion
Operationg Results
Titanium Rio de Janeiro - RJ Launched in August/2012
5
Launches Cyrela and Living
Launches totaled R$ 1,518 million in 3Q12 vs R$ 1,089 million in 2Q12
Price / sqm.: R$ 5,4 thd / m² in 3Q12, 16% up from 2Q12 (ex-lots)
Price / unit: R$ 342 thd / unit in 3Q12, down 1% from 2Q12 (ex-lots)
911
914 904
1,518
614
3Q12
1,518
604
2Q12
1,089
178
39.3%
MAP / LIVING
Partners Cyrela
Launches Launches by region 3Q12 (R$ million)
11,9%
29,5%
14,9%
South
North 2,3%
Rio de Janeiro Metropolitan area and other cities within SP state
City of SP 41,3%
MAP
LIVING
6
Pre-Sales Cyrela and Living
78% of 3Q12 pre-sales were from inventory
units
5.5 thd units sold in 3Q12, compared to 4.2 thd
in 2Q12
+33.6%
3Q12
1,755
472
1,283
2Q12
1,314
253
1,061
Pre-Sales (R$ million)
Pre-Sales by Region 3Q12
3Q12
53.0%
2Q12
51.6%
1Q12
52.3%
4Q11
50.8%
3Q11
55.6%
Sales Speed - LTM
Partners Cyrela
6,5%
21,9%
22,9%
Northeast 10,1%
South Mid West
3,3%
North
5,1%
Espírito Santo
1,3%
Minas Gerais 1,3%
Rio de Janeiro
São Paulo - Other Cities São Paulo
27,7%
7
Pre-Sales Cyrela and Living
46.7% (R$ 818.9 million) refers to sales of launches made up to December, 2011
Sales of the vintage launched in 2Q12 reached 61% in 2 quarters and sales of the vintage
launched in 1Q12 reached 77% in 3 quarters
Sales by period of launch (R$ million)
Sales Speed
514819
542602
395
333
3Q12
1,755
3Q11
1,449
9M12 Launches Previous Years Launches
3Q12 Launches
847
1,361
26%
28%
37%
40%
34%
33%
19%
12%
20%
20%
7%
8%
6%
6% 4%
3Q12
2Q12
1Q12
4Q11
3Q11
In 3 months In 6 months In 9 months In 12 months In 15 months
72%
64%
77%
61%
8
Inventory
Inventory of R$ 6.2 billion (R$ 4.8 billion %CBR)
15.4% of the inventory consists of finished units
R$ 271.9 million of 3Q12 sales were from finished units
Inventory
-0.8%
3Q12
6,194
5,239
955
2Q12
6,246
5,321
925
To be delivered Finished Units
(R$ million)
Inventory Turnover (R$ million)
1866,246
2Q12 Inventory
-0.8%
3Q12 Inventory
6,194
Price Change
Inventory Pre-Sales
-1,361
Launches Pre-Sales
-395
Launches
1,518
14,8% 15,4% FU/TI¹
¹ Finished Units / Total Inventory
9
9.2 thd delivered units in 3Q12 in 33 projects, totaling 19,2 thd delivered units in 9M12
Living: 5.0 thd delivered units in 20 projects in 3Q12 Delivered units represent a PSV of R$ 2.0 billion
Cyrela and Living Delivered Units
9M12
19.2
12.9
6.3
2011
23.8
13.2
10.6
2010
15.4
7.1
8.3
2009
7.5
2.1
5.4
MAP Living
(thd units)
Financial Highlights
Majestic - Rubi Rio de Janeiro - RJ Launched in September/2012
11
Financial Results Gross Profit and Gross Margin
448 442 446
-1% -1%
3Q11
28.6%
3Q12
30.9%
2Q12
30.3%
(R$ million)
233 231 226
2% -1%
3Q11
14.5%
3Q12
16.2%
2Q12
15.8%
EBITDA and EBITDA Margin
143 150 147
2Q12
9.7%
2% 5%
3Q11
9.4%
3Q12
10.5%
Net Profit and Net Margin
-8% -3%
3Q11
1,560
3Q12
1,432
2Q12
1,478
Net Revenues
Margin
12
Transfers, Acquittance, Trust Deed
In 3Q12, the amount transferred, acquitted or with trust deed rose by 10% (in PSV) compared
to 2Q12 and by 7% in number of units
Number of Units Amount (R$ million) (ths units)
* Correction: in 2Q12 results presentation , the volume of transfers / acquittance / trust deed of $ 804 million and 4.8 thd units was erroneously reported. These values were fixed in this slide.
2Q12
714
529
40 145
-15.3%
3Q11
+6.6%
566
899
276
57
762
3Q12
23
570
169
Acquittance Transfers Trust Deed
3Q11
4,8 +5,7% -3,7%
3,6
3Q12
1,1 0,2
3,8
4,6
0,1 0,8
2Q12
4,4
3,6
0,1 0,7
13
Liquidity and Debt
Debt (R$ billion)
Indicators Total Debt Debt without SFH
Net Debt EBITDA 12M 2.64x 0.41x
Net Debt/ Shareholders Equity. 49.5% 7.7%
Average Cost Without SFH: 109% CDI (SFH: TR + 9,97% p.y.)
Duration 2,4 years 2,3 years
Short Term 25% 12%
Long Term 75% 88%
Reduction of 4.7 p.p. compared to 2Q12
R$ 412 million without SFH
2.2
Cash and Cash Equivalents
1.7
Debt Schedule
4.3
1.1
3.2
Gross Debt
4.3
2.2
2.1
Gross Debt 4Q11
4.5
2.8
1.8
-5.3%
0.4
2.7
Net Debt
Corporate
SFH
LongTerm
ShortTerm
Corporate
SFH
14
Cash Burn/Generation*
Cash Burn/Generation
(R$ million)
Cash Generation of R$ 147 million in
3Q12, compared to a generation of R$
42 million in 2Q12 and a cash burn of
R$ 6 million in 1Q12.
Cash Generation of R$ 184 milllion in
the 9M12 period, compared to a cash
burn of R$ 136 million in the same
period of the last year.
* ex-dividends, shares buyback program and acquisiton of stakes
184
-136
147
42
9M12 9M11 3Q12 2Q12
+247,4%
15
Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Presidente Juscelino Kubitschek, 1455, 3rd floor São Paulo – SP – Brazil CEP 04543-011 Investor Relations Phone number: (55 11) 4502-3153 [email protected]
www.cyrela.com.br/ri
This presentation contains forward-looking information about Cyrela Brazil Realty’s business prospects, projected operating and financial results and growth prospects. These are merely projections and, as such, exclusively based on Cyrela Brazil Realty’s management’s expectations regarding the Company’s business in the future and its continued access to capital to fund its business plan. Such forward-looking statements depend heavily on the market conditions, government rules and competitive environment, as well as the performance of the real estate industry and of the Brazilian economy, among other factors, in addition to the risks described in the documents released and filed by Cyrela Brazil Realty. They are, therefore, subject to change without prior notice.
Contact IR