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Conference Call3Q11 Earnings    11/17/2011
2SPEAKERS• MAURÍCIO TAVARES BARBOSA  Chief Executive Officer and Development Officer• IAN MONTEIRO DE ANDRADE   CFO and IRO
33Q11 highlights  Contracted Sales:      3Q11 Contracted Sales reached R$301.1million, highlight to low income segment    ...
3Q11’s Operational Results
5CONTRACTED SALES                    CONTRACTED SALES (R$ MM)                                                CONTRACTED SA...
6 LAUNCHINGS (R$MM)                                                                                     PSV - % CCDI      ...
7TRIPLE A                       Paulista                                                             JK                   ...
8Own Construction - Status                                                                                                ...
9Low Income (HM): Fully Verticalized Construction Proccess21 projects (7,564 units) under construction in oct/11          ...
10Contruction Evolution                                                    Delivery Evolution (100% CCDI)                 ...
11Deliveries - 3Q111,564 units delivered or R$200.5 million in PSV - 3Q11  Cristais da terra                         João ...
Financial Performance
13Financial Performance and Perspectives   3Q11 Results:    – Net Revenue recognition: 52.4% of projects launched in 07/08...
14     Recovery of Gross Margin     28.3%                   NET REVENUE (R$ MM) AND MARGIN                                ...
15Results and Margin to be recognized per year of launching  REVENUES TO BE RECOGNIZED (R$ MM)                     RESULTS...
16Increase in debt aligned with increase of construction                 CASH CHANGE (R$MM)                               ...
17Long-term and low cost debt profile                         GROSS BEBT TIME LINE                               (R$ MM)  ...
CONTACT INFORMATIONIan Monteiro de AndradeCFO and IRO                          ri.ccdi@camargocorrea.com.brMara Boaventura...
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3Q11 Conference Call Presentation

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3Q11 Conference Call Presentation

  1. 1. Conference Call3Q11 Earnings 11/17/2011
  2. 2. 2SPEAKERS• MAURÍCIO TAVARES BARBOSA Chief Executive Officer and Development Officer• IAN MONTEIRO DE ANDRADE CFO and IRO
  3. 3. 33Q11 highlights Contracted Sales: 3Q11 Contracted Sales reached R$301.1million, highlight to low income segment with 74% growth compared to 3Q10 and 126% compared to 9M10. Strong Inventory Sales in the quarter Beginning of two AAA’s projects construction located in São Paulo and totaling 88,836m² of GLA (CCDI share): 2 AAAs projects under construction with premium localization, one with a commercial tower and a mall in Paulista Avenue and the other with 2 commercial towers at Pres. Juscelino Kubitschek avenue High volume of deliveries: In 3Q11 were delivered 1,564 units or R$200.5 million in PSV Low Income Segment: beginning of 10 constructions sites in 3Q11 Recovery of financial results: 13.3% increases net revenue when compared to 3Q10 and 68.5% when compared to 2Q11, Gross Margin reached 21.3% in 3Q11 or 25.7% when excluding financing costs
  4. 4. 3Q11’s Operational Results
  5. 5. 5CONTRACTED SALES CONTRACTED SALES (R$ MM) CONTRACTED SALES OF 100% CCDI Low income Launching Sales LAUNCHINGS AND INVENTORY Traditional Inventory Sales 412.3 1,029.8 343.5 0.3% 851.1 328.2 316.5 367.6 301.1 -12.3% 162.6 35.2% 20.1% 14.6% 6.8% 99.7% 412.3 343.5 301.1 85.4% 93.2% 60.4 149.5 688.5 662.2 79.9% 64.8% 105.2 283.1 262.8 195.8 3Q10 2Q11 3Q11 9M10 9M11 3Q10 4Q10 1Q11 2Q11 3Q11 BY LOCATION BY MARKET SEGMENT Rio de Small Offices Janeiro 2.5% Paraná and 11.1% High and São Paulo Minas Luxury (Countrysid Low Income/ Gerais 17.8% e+ Economic 12.4% 40.0% Shoreline) 39.3% Mid-High 7.8% São Paulo (Capital + Medium RMSP) 32.0% 37.1% SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF THOUSAND PER UNIT REPRESENTED 72.0% SÃO PAULO: 76.4%
  6. 6. 6 LAUNCHINGS (R$MM) PSV - % CCDI Project Location Launching Units Segment (R$ MM) 1 Connect Workstation Campos dos Goytacazes, RJ feb/11 243 29.1 Small Offices 2 Soul Jardim Sul São Paulo, SP feb/11 180 38.3 Medium 3 Set Cabral Curitiba, PR feb/11 151 39.2 Mid-high Condomínio Residencial Vale 4 Valinhos, SP mar/11 760 78.0 Low Income das Figueiras Vivenda do Horto - Vivenda 5 Hortolândia, SP mar/11 173 19.7 Low Income Orquídea 6 Vanguard Ipiranga São Paulo, SP jun/11 70 11.7 Low Income 7 Quinta das Figueiras Cajamar, SP jun/11 117 13.9 Low Income 8 Vega Work & Life Curitiba, PR aug/11 397 86.8 Medium 9 Estação Vida Nova Itapevi, SP sep/11 480 55.0 Low Income Total Launchings in 9M11 2,571 371.7RECENT LAUNCHINGS Location: São Paulo PSV: R$64MM (100% CCDI) Sales on Launching: 95 units sold in the first weekend (48% of the total of units) M²: 57 m² to 73 m² (2 and 3 Dorms ) Launching: oct/22
  7. 7. 7TRIPLE A Paulista JK Beginning of construction: april/11 Beginning of construction: may/11 Development Registration (RI): Development Registration (RI): 4Q11/1Q12 (E) 4Q12 (E) Completion of construction (E): Completion of construction (E): Photo of “Paulista” • Mall: 2Q15 • Tower A: 4Q14construction site (sep/11) • Tower: 2Q15 Photo of “JK” • Tower B: 4Q15 construction site (sep/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.
  8. 8. 8Own Construction - Status Macaé - RJ PSV: R$256 MM São Paulo - SP PSV: R$71 MM Launching: Sept/10 Launching: Nov/10 Units: 246 (3 Towers) Units: 312 (2 Towers) Beginning: Jun/2011 Beginning: Jun/2011 Evolution: Construction 4nd month; Foundations 65% Evolution: Construction 4nd month; Foundations 70% Delivery: Jan/2014 Delivery: Aug/2013 PSV: R$29 MM São Paulo - SPPSV: R$49 MM São Paulo - SP PSV: R$35 MM São Paulo - SP Beginning: Aug/2010Beginning: Oct/2010 Evolution: Construction 14th month, Beginning: Feb/2011Evolution: Construction 12th month, Foundations 97%, Structure 97%; Evolution: Construction 8th month,Foundations 95%, Structure 80%, Masonry Masonry 81%; Finishing 9% Foundations 93%; Structure 60%; Masonry12% 14%, Delivery: Jun/2012Delivery: Oct/2012 Delivery: Feb/2013
  9. 9. 9Low Income (HM): Fully Verticalized Construction Proccess21 projects (7,564 units) under construction in oct/11 UNITS UNDER CONSTRUCTION UNITS DELIVERED 7,564 4,574 5,550 3,934 2,732 1,723 1,025 294 404 2009 2010 2011* 1Q10 3Q10 4Q10 2010 2011(E) 2012(E) * Until oct/11 Bela Vista Casas (Campinas- SP) Porto Feliz (Sumaré- SP) Quinta do Conde (Jaguariúna – SP) PSV: R$45,2 MM PSV: R$36 MM PSV: R$30,4 MM Beginning: jun/2010 Beginning: nov/2009 Beginning: dec/2008 Evolution: 81,7% Evolution: 80,7% Evolution: 85,1% Delivery: jan/2012 Delivery: dec/2011 Delivery: may/2012
  10. 10. 10Contruction Evolution Delivery Evolution (100% CCDI) In 9M11 3,363 units were CCDI 4,934 CONSTRUCTION PER YEAR OF delivered or R$455.7MM in PSV CCDI 2,738 HM 4,574 LAUNCHING* HM 3,702 CCDI 2,804 9,508 2009 HM 2,732 CCDI 650 6,440 23.3% 5,536 HM 1,723 1.389 1.353 2,373 418.5 2010 812 448.7 37.4% 6832008 129.0 226.429.8% 969.9 904.7 553.9 586.0 2007 2010 2011(E) 2012(E) 2013(E)*in PSV 9.4% PSV HM R$MM PSV CCDI R$MM Delivered Units Evolution of Own Construction participation in the traditional segment (in PSV) Third-Party Construction Own Construction 2011 2012 (E) 2013 (E) 2014 (E) 19% 31% 42% 46% 54% 81% 69% 58%
  11. 11. 11Deliveries - 3Q111,564 units delivered or R$200.5 million in PSV - 3Q11 Cristais da terra João Ramalho Empresarial Jd. Sul Segment: High Segment: Low Income Segment: Small Offices Delivered PSV: R$33.3 MM (% CCDI) Delivered PSV: R$22 MM Delivered PSV: R$64 MM Units Delivered: 50 Units Delivered: 150 Units Delivered: 260 Launchings: Dec/07 Launchings: Oct/07 Launchings: Dec/07 Parque Campinas Araucária Condomínio Clube Segment: Low Income Segment:Low Income Delivered PSV: R$56.2 MM Delivered PSV: R$25 MM Units Delivered: 784 Units Delivered: 320 Launchings: May/09 Launchings: Sep/08
  12. 12. Financial Performance
  13. 13. 13Financial Performance and Perspectives 3Q11 Results: – Net Revenue recognition: 52.4% of projects launched in 07/08 Low Income: 21% – Recovery of Gross Margin Traditional: 27,5% (ex financing cost) Consolidated: 25,7% 2007/08 < 25% – Margin to be recognize per year of launching: 2009/11 > 25% – One of the lowest level of sales expenses in the market: 3,4% (% contracted sales) Perspectives for the next quarters: – Higher revenue recognition in the low income segment: beginning of 10 constructions in 3Q11 – Delivery of projects launched in 07/08: higher revenue recognition of new projects Better margins – AAA: Construction’s progress
  14. 14. 14 Recovery of Gross Margin 28.3% NET REVENUE (R$ MM) AND MARGIN Net Revenue 25.7% 30,0% -14.8% Gross Margin Low 3Q11 Traditional Consolidated 26.3% 21.3% 10,0% Gross Margin ex Income financing costs -10,0% Gross Margin 27.3% 21.0% 25.7% -30,0% -21.0% -50,0% ex Financing costs (%) 272.4 308.7 183.2 -70,0% -90,0% 3Q10 2Q11 3Q11 SALES EXPENSES(R$MM) GENERAL AND ADMINISTRATIVE EXPENSES Sales Expenses Sales Expenses/Contracted Sales (R$MM)15 6,0% G&A G&A/Contracted Sales1413 2.5% 3.4% 4,0% 38,0 13,0%12 2.3% 33,0 8.7% 11,0% 9,0%11 2,0% 28,0 5.2% 5.4% 7,0%10 5,0% 9 0,0% 23,0 3,0% 8 7 9.6 10.2 -2,0% 18,0 26.3 1,0% 8.6 22.1 -1,0% 6 13,0 17.8 -3,0% 5 -4,0% 8,0 -5,0% 3Q10 2Q11 3Q11 3Q10 2Q11 3Q11
  15. 15. 15Results and Margin to be recognized per year of launching REVENUES TO BE RECOGNIZED (R$ MM) RESULTS TO BE RECOGNIZED (R$ MM) -0.7% -0.2% 1,190.0 1,505.8 1,495.9 450.8 449.8 363.4 3Q10 2Q11 3Q11 3Q10 2Q11 3Q11 MARGIN TO BE RECOGNIZED PER YEAR OF LAUNCHING YEAR OF LOW TRADITIONAL CONSOLIDATED LAUNCHING INCOME 2007 18.3% - 18.3% 2008 23.0% 28.6% 23.4% 2009 28.9% 27.0% 28.6% 2010 36.5% 27.6% 33.1% 2011 33.6% 29.4% 31.6% TOTAL SEPT 2011 30.9% 27.9% 30.1%
  16. 16. 16Increase in debt aligned with increase of construction CASH CHANGE (R$MM) NET DEBT (R$MM) Dívida LíquidaSFH Net Debt ex ex SFH 816.7 716.1 SFH 257.6 48.3 205.9 446.1 192.1 127.4 143.8 510.2 559.1 318.7Cash in jun/11 Net Cash used on Cash in Sep/11 3Q11 3T10 3Q10 2T11 2Q11 3T11 3Q11 NET DEBT/SHAREHOLDER’S EQUITY 119.2% 102.5% 37.6% TOTAL NET DEBT/SE 57.0% 29.5% NET DEBT EX SFH/SE 22.7% NET DEBT EX_SFH/(SE+RESULT TO BE 17.9% RECOGNIZED) 16.3% 11.1% 3Q10 2Q11 3Q11
  17. 17. 17Long-term and low cost debt profile GROSS BEBT TIME LINE (R$ MM) Debentures SFH 233.1 221.8 Gross Debt 207.4 - 207.8 Sep/2011 14.9 R$971.2 MM 233.1 101.0 198.6 192.5 198.6 101.0 Cost of debentures: DI+1,9% 23.2 9.2 2011 2012 2013 2014 2015 ACCOUNTS RECEIVABLE TIMELINE (R$ MM) 598.1 496.2 Accounts Receivable Sep/2011 174.2 R$1,329 MM 59.2 0.2 1.1 2011 2012 2013 2014 2015 2016 and foward
  18. 18. CONTACT INFORMATIONIan Monteiro de AndradeCFO and IRO ri.ccdi@camargocorrea.com.brMara Boaventura Dias Tel: (11) 3841-4824IR ManagerCaio Sampaio RodriguesIR Analyst

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