conference 1t11 en vf · 2016. 8. 9. · 1q10 2q10 3q10 4q10 1q11 living map 3.9 units delivered in...
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BlancSão Paulo - SPLaunched March/11
1Q11ResultsResults
May 13, 2011
1Q11 R lt
Le ChampSão Paulo - SPLaunched in March/11
1Q11 Results
Introduction Elie Horn
Cyrela - Operating Results Ubirajara Freitas
Living - Operating Results Luis Largman
Cyrela - Financial Results Luis LargmanCyrela - Financial Results Luis Largman
Cyrela’s Highlights
Launches totaled R$ 1,152.5 million, 93.3% higher than 1Q10, representing 14.3% of the
guidance midpoint for the year.
I t l t d t R$ 757 5 illi d t d 75 9% f t t l lInventory sales stood at R$ 757.5 million and represented 75.9% of total sales.
Living's launches totaled R$ 346.5 million, up 7.1% yoy and accounted for 30,1% of the totalg p y y
PSV launched .
Deliveries: 3.9 thd units, 1.9 thd from Living.
Net Income of R$ 1 200 7 million 6 0% higher than in 1Q10Net Income of R$ 1,200.7 million, 6.0% higher than in 1Q10.
Recovery of 2,9 p.p. in Gross Margin for 1Q11 (27.4% in 1Q11 vs. 24.5% in 4Q10 ).
3
Atrio GiornoSão Paulo - SPLaunched in March/11
Operatingp gResults
Cyrela and Living Launchesy g15 projects launched
Average price: R$ 306.9 thd/unit
Price/ sq.m. : R$ 4.5 thd/sq.m.
Breakdown by Region 1Q11Launches y g(R$ million)
245.3
1,152.5 SP
47%
RJ18%
907.2 114,7
596.3
481,6
1Q10 1Q11
Northeast28%
North1%
Midwest6%
5
Cyrela Partners
Cyrela and Living Pre-Sales y g
75.9 % of 1Q11 sales were from inventory
4.0 thd units sold in 1Q11
Inventories on March 31, 2011: R$ 5.2 bn (100%) and R$ 4.1 bn (%CBR) 6.8 months of sales*
Sales (R$ million) Sales by region – 1Q11
196.7 154.6
1,065.8 998.6
RJ22%
869.0 844.0
SP35%
South12%
1Q10 1Q11
Northeast24%North
4%
Midwest3%
6
Q Q
Cyrela Partners
4%
* Considering the sales monthly average according to 2011 guidance
LandbankPSV of R$ 44.6 bn (100%) and R$ 38.5 bn (%CBR)
31 plots of land acquired in 1Q11 with PSV of R$ 3.6 bn
Land Plots by Segment
79% of landbank acquired through swaps
245 projects with 182,000 units
Cyrela 73%
Living27%
All land plots related to 2011 launches have already been acquired
Cyrela’s Landbank – 100%( R$ billion) Land Plots by Region
RJ36%
14 5
São Paulo30%
Southeast5.4 6.4
14.512.9
5.3 Southeast others
2%South
6%
NortheastNorth
MidWest3%
5 5.3
Super Economic Middle Mid-High High-End
7
17%North6%Economic
Units Delivered and TransferredVolume Transferred by Segment
444.7 460.8431 4
172.7153.0
138.8
203 6
431.4
65.8114.9
272.0 307.8 292.6
53.7
88.7119.5
203.6
1Q10 2Q10 3Q10 4Q10 1Q11
Living MAP
3.9 units delivered in 1Q11 in 18 projects
R$ 1.1 billion in PSV of delivered units
Living delivered 1.9 units in 8 projects, with PSV of R$ 243.6 million
96% of delivered units have already been sold
8
y
207 construction sites at the end of March, of which 89 are Living's projects.
América Centro EmpresarialRio de Janeiro - RJLaunched in March/11
LivingOperatingOperating Results
Living’s Launches and SalesgLaunches(R$ million)
Sales(R$ million)
104.6
58.5
411.5
327.4 87.2 124.0
323.7 346.5
306.9268.9236.5 222.5
1Q10 1Q111Q10 1Q11
Cyrela Partners
7 projects launched
Living Partners
2.4 thd units lauched in 70% within the “MCMV” Program
Living’s Sales: 32.8% of PSV sold in 1Q11
10
2.5 thd units sold with average price of R$ 131.7 thd/unit
Living’s Landbank g
Potential PSV of R$ 12.0 bn (100%) and of R$ 10.4 bn (% Living)
19 plots of land acquired in 1Q11 PSV of R$ 2 0 bn19 plots of land acquired in 1Q11 PSV of R$ 2.0 bn
72% of landbank paid through swaps
Average price per unit - R$ 127 3 thdAverage price per unit R$ 127.3 thd
Living’s Landbank 100%(R$ billion) Breakdown by Region(R$ billion)
RJ25%
6 3 São Paulo35% Southeast
others3%
South
5.46.3
12%
Northeast5%
North12%
MidWest8%
0.3
Super economic Economic Middle
11
12%Super economic Economic Middle
“Minha Casa, Minha Vida” Program
Living in MCMV (BB / CAIXA)TOTAL 43,192
Breakdown:
Submitted 2,572
Approved for sale 11,103
To be contracted 5,084
Li i T f d
Contracted 24,433
Living - Transferred2009 696
2010 10,887
From the total transferred units, about 80% were qualified for
MCMV program
1Q11 2,301
Total 13,884
2,301 units were transferred in the first quarter of 2011.
12
Reserva do Parque RosasRio de Janeiro - RJLaunched in March/2011
Financial Highlights
Financial Results (R$ million)
1 200 734.8%
Net RevenueGross Profit
6.0%
1,132.4 1,200.7
394.6
328.7
27.4%
- 16.7%
1Q10 1Q111Q10 1Q11
Gross Profit Gross Margin
14
Financial Results (R$ million)
EBITDA Net Income
15.4%
6.2%
EBITDA Net Income
19 8%
174.2
6 %
224.7
19.8%
11.6%
%- 57.4%
74.2 139.2
- 38.1%57.4%
1Q10 1Q11
f
1Q10 1Q11
Net Profit Net MarginEBITDA EBITDA Margin
15
Accounts Receivable (R$ million)
Accounts Receivable And Costs to be incurred
Receivable Schedule(R$ million)
1,741
11,858
And Costs to be incurred
Finished units: IGP-M + 12%Under Construction: INCC
22.3%
38.6%
2012
2011
10 117
Under Construction: INCC
23.5%
15.6%
After 2013
2013
10,117
3,976 Schedule of costs to be incurred
(sold units- R$ million)
Units under construction
Constructed units
Construction costs to incur – sold units1,427.4 2011
(sold units R$ million)
1,189.0
1,359.3
Further years
2012
16
Liquidity
Debt(R$ million)
BalanceMarch 31, 2011
Maturity Cost
q y
SFH 2,142.0 2010 to 2014 TR + ~ 10.4% p.a.
Debentures 1st issue 500.0 2012 ,2013,2014 CDI + 0.48% p.a.
Debentures 2nd issue 42.6 2018* CDI + 0.65% p.a.
Debentures 3rd issue 350.0 2014 CDI + 0.81% p.a.
D b t 4rd i 300 0 2014 115% CDIDebentures 4rd issue 300.0 2014 115% CDI
Bradesco (stand-by) and others 221.5 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% p.a.
Loans (foreign currency) US$ 50 million 48 9 Jun/2012 Libor + 4 3% p aLoans (foreign currency) – US$ 50 million 48.9 Jun/2012 Libor + 4.3% p.a.
Total Debt withSFH 3,605.0
Total Debt without SFH 1,463.0Net Debt with SFH
= 3.3
Cash and Cash Equivalents (1,213.6)
Net Debt withSFH 2,391.4
LTM EBITDA
17
Net Debt without SFH 249.4 Net Debt without SFH
LTM EBITDA
= 0.3* Interest rate renegotiation in Jan/11
Contact us
Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455, 3rd floorSão Paulo SP BrasilSão Paulo - SP – BrasilCEP 04543-011
Investor RelationsPhone: (55 11) 4502 3153Phone: (55 11) 4502-3153 ri@cyrela.com.br
l b /iwww.cyrela.com.br/ir
Statements contained in this presentation 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
18
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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