Gafisa   apresentação 4-t13_eng_vf
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Gafisa   apresentação 4-t13_eng_vf Gafisa apresentação 4-t13_eng_vf Presentation 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 Highlights ▲ 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$97,3 million for 2013. Note that this result does not include resources from Alphaville transaction. 2
  • Operational and Financial Highlight (R$ 000 and % Gafisa. except where otherwise stated) 4Q13 3Q13 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% 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% 37.9% 34.4% 346 bps 21.0% 1684 bps 31.2% 24.4% 679 bps 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% Pre-sales of launches Adjusted Gross Margin¹ Adjusted EBITDA ² Q/Q(%) 4Q12 Y/Y(%) 2013 1) Adjusted by capitalized interests 2) Adjusted by expenses with stock option plans (non-cash). minority 3
  • Recent Events Completion of Sale of 70% Stake of AUSA  Proceeds from the transaction totaled R$1.54 billion  New Leverage 36.1%;  Stake Gafisa 30%; Payment of Interest on Equity and Share Buyback Program  Payment of Interest on Equity in the amount of R$130M. Payment was effective in February 12;  New Share buyback program: 32,9M shares (Dec/13);  By february the program had already acquired 15M shares; Split of the Gafisa and Tenda Business Units  Board approval for evaluation of the separation plan;  Enhance value creation for both business units ;  Need of approval of Board of Directors and General Shareholders Meeting.  On this date we are cancelling the share buyback program in Tenda and recreating a new plan in Gafisa with the remaining balance. Management Proposal – Supplementary Dividends for 2013 results – R$ 32 million 5
  • Post -Transaction – Comfortable Balance sheet Net Debt Equity of 36.1% 4Q13 Leverage Post Transaction Net Debt / Equity Indebtedness (R$ mm) and Taxes Debentures FGTS 1.26x 1.089 9,54% - 10,09% (TR) 0.36x Debentures - Working Capital 126% 460 Project Financing SFH 252 1,50% - 1,95%+CDI 1.088 8,30% - 11,50%+TR (120) 947 Working Capital 550 1,30% - 3,04%+CDI Investor Obligations 124 0,235% 0,82%+CDI/IGPM+7,25% (252) 96% (367) 1.2 Total Average cost – 10.8% 3,060 36% Debt Maturity as % of Total Debt R$ 2Q3 Acquisition 20% AUSA Goodwill Minority 3Q13 Reversion Equity Var Cash Var 4Q13 Alphaville Transaction Effects 1,268 1,146 71% 309 458 74% 48% 94% ▲ (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. 1 100% 6% Until Dec/17 After Dec/17 52% 29% Until Dec/14 26% Until Dec/15 Until Dec/16 Corporate Debt Project Finance 5
  • Gafisa Segment - Turnaround Status ▲ Exclusive Focus in the São Paulo and Rio de Janeiro markets; ▲ Delivery of projects outside core markets shall be concluded in 2014 Wrap Up Operacional Turnaround Gafisa (R$000 and units) 4Q13 4Q12 SP+RJ Other Markets Total SP+RJ Other Markets Total 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 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 Main Indicators Projects under construction 7
  • Gafisa Segment – Turnaround Status Gross Sales by Market (1Q12-4Q13) Launches by Market (1Q12-4Q13) 544 520 453 814 ▲ Launches and sales focused on core markets. 679 340 291 546 244 227 221 217 114 101 107 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 27 55 56 46 SP + RJ Gross Margin by Market (2011-4Q13) 48 63 41 55 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 4Q13 4Q13 SP + RJ ▲ Ongoing evolution of gross margin signals reduction of contribution of projects outside core markets 453 Other Markets Net Revenue by Market (2011-4Q13) 60% 40% 20% 18% 80% 82% 2011 20% 2012 5% 0% -20% 2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 3Q13 4Q13 2013 95% -40% -60% -80% SP+Rio Other markets SP+Rio 2013 Other Markets 8
  • 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$000 and untis) 4Q13 4Q12 New Model Other Markets Total New Model Other Markets Total PSV in Inventory 12,979 490,452 618,431 - 826,671 826,671 Units in Inventory 913 2,963 3.876 - 5,552 5,552 7 20 27 - 52 52 Units to be delivered 2,239 7,148 9,387 - 13,579 13,579 Costs to be incurred 110,099 111,226 221,325 - 460,629 460,629 Projects under construction 9
  • Tenda Segment – New Model Launches 2013 Novo Horizonte Vila Cantuária Itaim Paulista Life Verde Vida Jaraguá Life Viva Mais Campo Limpo Average Launches Mar-13 Mar-13 May-13 Jul-13 Aug-13 Nov-13 Dec -13 - PSV Launches (R$ 000) 67,755 45,941 33,056 37,912 40,852 40,379 48,000 44,330 # units 580 440 240 360 260 300 300 365 100% 60% 70% 76% 75% 28% 8% 70% 98% 62% 73% 43% 73% 49% - 65% Osasco - SP Camaçari - BA São Paulo - SP Salvador - BA São Paulo - SP Rio de Janeiro - RJ São Paulo - SP % PSV Sold (2013) % Units Transferred (2013) Project 10
  • Guidance & 2013 Resuts Guidance (2013E) Launches – 2013E Guidance (2013E) 2013A 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 R$1.3 – R$1.5 bn 1.5 Consolidated Alphaville Guidance EBITDA Margin (2013E) Guidance (2013E) Consolidated 2013A 12% - 14% 17.4% 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. Delivery Estimates (2013E) Consolidated # Gafisa # Alphaville # Tenda Guidance (2013E) 13,00 – 17,500 3,500 – 5,000 3,500 – 5,000 6,500 – 7,000 2013A 13,842 4,315 2,500 7,027 11
  • Guidance 2014 Launches Guidance(2014E) Launches – 2014E Consolidated Guidance (2014E) 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 Leverage Guidance (2014E) Consolidated Guidance (2014E) 55% - 65% Adm Exp / Launching Volume Guidance (2014E) Gafisa Tenda Guidance (2014E) 7.5% Not applicable Adm Exp / Launching Volume Guidance (2015E) Gafisa Tenda Guidance (2015E) 7.5% 7.0% Return on Invested Capital (ROIC) (3 years) Gafisa Tenda Guidance (3 years) 14% - 16% 14% - 16% 11