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Apresentação 4 q11

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Apresentação 4 q11

  1. 1. Conference Call4Q11/2011 Earnings 02/15/2012
  2. 2. 2SPEAKERS• MAURÍCIO TAVARES BARBOSA Chief Executive Officer and Development Officer• IAN MONTEIRO DE ANDRADE CFO and IRO
  3. 3. 34Q11 highlights• New budget update with an impact of : – 4Q11: R$81.7 MM – 2011: R$171.8 MM• Contracted Sales: – R$1,174.2 million in 2011, stable level compared to 2010, even with fewer launchings – The low income segment had 87% growth in accumulated comparison. – inventory sales : R$1.07 billion in 2011 (91.1% of contracted sales in 2011)• The biggest volume of deliveries : 3613 units or R$ 579.3 million in PSV in 2011.• Low-income segment: 44% increase in the accumulated net income and strong growth in the number of constructions in progress.• Beginning of the construction in the ("AAA") projects in Sao Paulo totaling 88.836m ² of GLA (part CCDI):
  4. 4. 4Q11’s Operational Results
  5. 5. 5 CONTRACTED SALES CONTRACTED SALES OF LAUNCHINGS CONTRACTED SALES(R$ MM) AND INVENTORYLow Income(HM) 100% CCDI -0,4% 412.3 launchings sales (%)Traditional 1,179.3 1,174.2 0.3% Inventory sales (%) 328.2 316.5 242.2 301.1 -56,0% 20.1% 14.6% 6.8% 452.5 99.7% -52,1% 144.3 937.1 79.9% 85.4% 93.2% 25.3%328.2 301.1 721.779.6 105.2 144.3 74.7%248.5 195.8 84.9 59.5 4Q10 1Q11 2Q11 3Q11 4Q114Q10 3Q11 4Q11 2010 2011 MARKET SEGMENT LOCATION São mid high Paulo Medium 1.3% high and luxury (Capital + 31.4% 9.2% RMSP) 38.0% São Paulo (countrys low ide+shor others income/ eline)… 7.6% economic 58.1% SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF THOUSAND PER UNIT REPRESENTED 90,8% SÃO PAULO: 92,4%
  6. 6. 6LAUNCHINGS (R$MM) PSV - % CCDI Project Location Launching Units Segment (R$ MM) Campos dos1 Connect Workstation feb/11 243 29,1 Small Offices Goytacazes, RJ2 Soul Jardim Sul São Paulo, SP feb/11 180 38,3 Medium3 Set Cabral Curitiba, PR feb/11 151 39,2 Mid-high Condomínio Residencial Vale das4 Valinhos, SP mar/11 760 78,0 Low Income Figueiras Vivenda do Horto - Vivenda5 Hortolândia, SP mar/11 173 19,7 Low Income Orquídea6 Vanguard Ipiranga São Paulo, SP jun/11 70 11,7 Low Income7 Quinta das Figueiras Cajamar, SP jun/11 117 13,9 Low Income8 Vega Work & Life Curitiba, PR aug/11 397 87,1 Medium9 Estação Vida Nova Itapevi, SP sep/11 480 55,0 Low IncomeLANÇAMENTOS RECENTES10 Feel Jardim Sul São Paulo, SP oct/11 198 64,1 Medium Total Launchings in 2011 2.769 436,1RECENT LAUNCHINGS Location: São Paulo – Jd. Sul PSV: R$51,3MM (100% CCDI) 40,1 m² a 55,0 m² (1 e 2 Dorms ) Launching in Jan/12
  7. 7. 7 Construction sites that we assumed Own Construction - Status São Paulo - SP PSV: R$71 MM Macaé - RJ São Paulo - SP PSV: R$256 MM PSV: R$42 MM Launching: Nov/10 Launching: Sep/10 Launching: Dec/07 Units: 312 (2 Towers) Units: 246 (3 Towers) Units: 168 Beginning: Jun/2011 Beginning: Jun/2011 Beginning: Jan/2009 Evolution: Construction 8º month; Evolution: Construction 8º month; Evolution: Foundation 100%; Structure 100%; Foundation 95%; Structure 5% Foundation 90%; Structure 10% Masonry 100%; Finishing 95% Delivery: Aug/2013 Delivery: Nov/2013 Delivery: Mar/2012 INTERCLUBES PSV: R$141,5 MM São Paulo - SP Launching: Mar/08 Units:876 São Paulo - SP Beginning: Oct/08 Evolution: Foundation 100%; São Paulo - SP Structure 98%; Masonry 96%, Finishing 79%PSV: R$49 MM São Paulo - SP PSV: R$29 MM PSV: R$35 MM Delivery: Aug/12Launching: Oct/2010 Launching Feb/2011 Launching : Aug/2010Evolution: Construction Evolution: Construction 12º Evolution: Construction 18º16º month; Foundation month, Foundation 98%; month, Foundation 100%,99%; Structure Structure 95%; Masonry 75%, Structure 100%; Masonry98%; Masonry 85%; Finishing 10% 98%; Finishing 40%Finishing 25% Delivery: Jun/2012 Delivery: Feb/2013Delivery: Oct/2012
  8. 8. 8Low Income (HM): Fully Verticalized Construction Process 30 projects and 8,415 under construction (dec/11) UNITS UNDER CONSTRUCTION UNITS DELIVERED 8,415 4,290 5,550 3,934 1,723 1,828 1,025 294 404 2009 2010 2011 1T10 3T10 4T10 2010 2011 2012(E) Águas de Março Bela Vista Varandas Vivenda Ribeirão PSV: R$29 MM PSV: R$26 MM PSVR$52 MM Beginning: jun/2010 Beginning: Mar/2011 Beginning: Jun/2011 Evolution: 78.8% Evolution: 64.4% Evolution: 93.6% Delivery: Apr/2012 Delivery: Aug/2012 Delivery: Feb/2012 (E): Estimativa
  9. 9. 9Contruction Evolution Delivery Evolution (100% CCDI) CONSTRUCTION PER YEAR OF CCDI 5.508 LAUNCHING* HM 4.290 2009 CCDI 1.669 CCDI 1.785 9,798 11.4% HM 3.795 2010 HM 1.828 CCDI 650 1,585 5,4642008 25.7% HM 1.723 3,613 390.020.0% 2,373 897 683 579 129.0 393.0 157.1 1,195.3 2007 553.9 2011 422.2 503.5 28.6% 14.3% 2010 2011 2012(E) 2013(E)*PSV VGV HM R$MM VGV CCDI R$MM Unidades Entregues Evolution of Own Construction participation in the traditional segment (in PSV) Third-Party Construction Own Construction 2012 (E) 2013 (E) 2014 (E) 2015 (E) 36% 45% 22% 50% 50% 64% 55% 78%
  10. 10. 10Deliveries - 4Q11/2011 2011: 3,613 units or R$579.3 MM in PSV 4Q11: 274 units or R$96.1 MM in PSV ID Jardim Sul Ecos’s Natureza Clube 2 Segment: High Segment: Medium PSV: R$50.0 MM PSV: R$46.1 MM Units delivered: 46 Units delivered: 228 Launching: Mar/08 Launching: Dec/07
  11. 11. 11TRIPLE A Paulista JK Beginning of construction: april/11 Beginning of construction: may/11 Development Registration (RI): Development Registration (RI): 1Q12 (E) 1Q13 (E) Completion of construction (E): Completion of construction (E): Photo of “Paulista” • Mall: 2Q15 • Tower A: 4Q14construction site (dec/11) • Tower: 2Q15 Photo of “JK” • Tower B: 4Q15 construction site (dec/11) Leasable Area Leasable Area GLA m² 100% % CCDI (50%) GLA m² 100% % CCDI (60%) Tower 22,052 6,136 2 Towers 122,000 73,200 Mall 19,000 9,500 Societary Structure Societary Structure CCDI CCP CCDI P.M.V. 50% 50% 60% 40% SPE: CAMARGO CORRÊA CYRELA PAULISTA 1230 SPE: VIOL EMPREENDIMENTOS IMOBILIÁRIOS S.A.
  12. 12. Financial Performance
  13. 13. 13Despite the wide update budget held in 2Q11, new "overruns" of R$121.4 MM were quantified in the 4Q11 Deviations caused by: 1. Manpower and material Cost pressures 2. Management challenges in the outsourced constructions 3. Contractual disputes with some contractors New budget update reflects the following measures taken by the Administration: 1. Hiring independent engineering firms to evaluate the budgets of most critical constructions (10 works) 2. Creation of the Budget Department in the engineering board 3. Replacement of contractors in the constructions with low physical and/ or financial performance
  14. 14. 14 The 4Q11 budget update...• The budget update is still concetrated in developments launched until 2008 2011 Total Budget update Budget update 4Q11 (2T11 + 4T11) R$121.4MM R$262.6MM 3.8% 2009-11 8.5% 2009-11 30% 19% 2007-08 2007-08 70% 81% Por ano Year of Por ano Year of launch Launch de Lançamento de Lançamento Total Budgeted cost Total Budgeted cost* * Budget base dec/11 CCDI Consolidated R$3.1 bi
  15. 15. 15 .. that impacted in the result non recurringly in R$ 81.7 million...INCOME STATEMENTS (R$ MM) 4Q11 Pro Update Update 4T11 Reported 2011 pro forma 2011 ReportedCONSOLIDATED Forma GROSS REVENUE FROM SALES AND/OR 285,4 (87,6) 197,7 1.161,6 (183,5) 978,2SERVICESGROSS REVENUE DEDUCTIONS (10,2) 3,2 (7,0) (37,9) 6,7 (31,2)NET REVENUE FROM SALES AND/OR 275,1 (84,4) 190,7 1.123,7 (176,8) 946,9SERVICESCOST OF SALES, RENTALS AND SERVICES (232,8) - (232,8) (906,9) - (906,9)GROSS PROFIT 42,3 (84,4) (42,2) 216,8 (176,8) 40,1GROSS MARGIN 15,4% -22,1% 19,3% (0,2) 4,2% OPERATING INCOME (EXPENSES) (43,2) - (43,2) (163,4) - (163,4)Selling Expenses (5,6) - (5,6) (33,8) - (33,8)General and Administrative Expenses (37,6) - (37,6) (129,7) - (129,7)General and Administrative Expenses (29,8) - (29,8) (100,9) - (100,9)Other Expenses (7,8) - (7,8) (28,7) - (28,7)INCOME(LOSS) FROM OPERATIONS BEFORE (0,9) (84,4) (85,4) 53,4 (176,8) (123,4)FINANCIALINCOME (EXPENSES) (12,8) - (12,8) (42,4) - (42,4) INCOME BEFORE INCOME TAX AND SOCIAL (13,7) (84,4) (98,2) 11,0 (176,8) (165,8)CONTRIBUTIONINCOME TAX AND SOCIAL CONTRIBUTION (5,3) 2,7 (2,6) (31,9) 4,9 (27,0)NET INCOME (19,0) (81,7) (100,7) (21,0) (171,8) (192,8)NET MARGIN (%) -6,9% - -52,8% -1,9% - -20,4% In 2011 a provision was made to cover fines and compensations to customers for late deliveries (R$ 20.4 million)
  16. 16. 16 NET REVENUE (R$ MM) AND MARGIN Net Revenue 900 30.0% 800 25.5% 21.3% 25.6% 10.0% Gross Margin 700 600 4.2% -10.0% 500 932.5 946.9 -30.0% 400 -22.1% 300 *Excluding the sale of the Itautec -50.0% Piece of land by the amount of 200 R$100 million in 1Q10, this deal 273.7 308.7 -70.0% created an impact in the amount of 100 190.7 R$49.4 million in Net Income. 0 -90.0% 4Q10 3Q11 4Q11 2010 2011 SALES EXPENSES(R$MM) GENERAL AND ADMINISTRATIVE EXPENSES (R$MM) Sales Expenses Sales Expenses/Contracted Sales G&A G&A/Contracted Sales Sales reduced 52.1% in 20.7% 6.0% 4.1% 98.0 4Q11 21.0%30 3.4% 3.9% 88.025 2.8% 2.9% 4.0% 78.0 16.0% 8.7% 8.6%20 68.0 2.0% 6.5% 6.2% 11.0% 58.015 33.3 33.8 100.9 6.0% 48.0 0.0% 1.0%10 38.0 72.9 13.5 28.0 -2.0% 5 10.2 -4.0% 5.6 18.0 21.4 26.3 29.8 0 8.0 -4.0% -9.0% 4Q10 3Q11 4T11 2010 2011 4Q10 3Q11 4Q11 2010 2011
  17. 17. 17 Results and Margin to be recognized per year of launching REVENUES TO BE RECOGNIZED (R$MM) RESULTS TO BE RECOGNIZED (R$MM)1,600.0 500.01,400.0 450.0 400.01,200.0 350.01,000.0 300.0 800.0 250.0 1,495.9 1,437.6 200.0 398.4 449.8 400.1 600.0 1,242.1 150.0 400.0 100.0 200.0 50.0 - - 4Q10 3Q11 4Q11 4Q10 3Q11 4Q11 MARGIN TO BE RECOGNIZED MARGIN TO BE RECOGNIZED YEAR OF LOW CONSOLIDATE TRADITIONAL LAUNCHING INCOME D 2007 7.0% - 7.0% 2008 17.1% 2.,2% 17.3% 2009 25.8% 25.6% 25.8% 2010 34.3% 27.5% 31.7% 2011 32.2% 29.8% 31.0% TOTAL DEC 27.8% 27.9% 27.8% 2011
  18. 18. 18 Increase in debt aligned with increase of construction CASH CHANGE (R$MM) NET DEBT (R$MM) SFH Dívida Líquida ex SFH 971,2 1.028,5 26.6 761,1 411,0 412.2 154.6 397.9 128,0 559.1 617.5 363.2Caixa em Set/11 Caixa Líquido usado Caixa em Dez/11 4T10 3T11 4T11 60.0% no 4T11 NET DEBT/SE 154,0% 50.0% 150net debt ex SFH/ SE 119,2% 48.4% 40.0% 100 67,1% 37.6% 28.7% net debt ex sfh/(SE+ 30.0% ref) 22.7% 20.4% 50 20.0% 13.5% net debt/SE 10.0% 0 4Q10 3Q11 4Q11
  19. 19. 19Long-term and low cost debt profile GROSS DEBT TIMELINE (R$ MM) Debêntures SFH Gross Debt 396.8 dec/2011 0.2 243.2 214.9 R$1,028.5 396.6 173.5 millions 205.4 205.4 173.5 Custo das Debêntures: DI+1,9% 37.8 9.5 2012 2013 2014 2015 em diante CRONOGRAMA DE RECEBIMENTO DO CONTAS A RECEBER 1,037.7 (R$ MM) Accounts Receivable dec/2011 221.1 R$1,332 milhões 73.2 2012 2013 2014 em diante
  20. 20. CONTACT INFORMATIONIan Monteiro de AndradeCFO and IRO ri.ccdi@camargocorrea.com.brMara Boaventura Dias Tel: (11) 3841-8809/4824IR ManagerCaio Sampaio RodriguesIR Analyst

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