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2Q09 Presentation

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  • 1. Second Quarter 2009 Results Conference Call Conference Call Investor Relations Contact Julia Freitas Forbes ri@gafisa.com.br 1
  • 2. Overview of 2Q09 Results  Financial and Operational Performance – Wilson Amaral, CEO p , 2
  • 3. Highlights of the Quarter 2Q09 launches decreased 56% from 2Q08 based on conservative launch strategy Launches declined to R$626 million in 2Q09 from R$1,409million in 2Q08 Pre‐sales increased 9% from 2Q08; sales velocity reached 24% Pre‐sales rose to R$835 million in 2Q09 from R$764 million in 2Q08 Net operating revenues rose 54% f from 2Q08 Net operating revenues increased to R$706 million in 2Q09 from R$459 million in 2Q08 2Q09 adjusted EBITDA reached R$142 million (20.1% EBITDA margin), a 69% increase over 2Q08 Net income before minority interest and stock options increased to R$81 million in 2Q09, a 26% increase from R$64 million in 2Q08. Net income was R$58 million in 2Q09 R$600 million debenture was received in early May and disbursed to Tenda. Funds are available for any project meeting Caixa specifications In this quarter, Tenda completed 29 projects totaling 2,151 units, Gafisa completed one project and Alphaville completed a project in Campinas‐SP with 390 lots 3
  • 4. Recent Developments Strong Sales Performance of Mid/Mid‐high Segments: Gafisa and Alphaville experienced strong sales, representing 56% of the consolidated figure. Affordable Entry‐Level Segment: 2Q09 sales were R$367 million on 4,366 units sold at an average price of approximately R$84,000. Tenda’s customers benefit from the government’s housing program, Minha Casa, Minha Vida. Diversified Geographies and Products: the company continues to strengthen its well‐known brands. 2006 Debenture Covenant Successfully Renegotiated with 97.65% of approval. Gafisa Completed Second Securitization with immediate net cash proceeds of R$70 million. Cancellation of Public Offering of Shares: Gafisa cancelled the offering on July 13, 2009. The funds were not required to achieve our 2009 objectives. Sarbanes‐Oxley: we have been certified as “SOX” compliant. 4
  • 5. Gafisa: Business Model Gafisa is a residential homebuilder with product lines divided by income segment and national  Gafisa is a residential homebuilder with product lines divided by income segment and national footprint ics Characteristi Vertical Horizontal / Vertical Horizontal lot development Metropolitan areas Metropolitan areas and surroundings Suburban areas Custom projects Standardized products Custom projects Unit price: R$50 – R$200 thousand Unit price: > R$200 thousand Unit price: R$70 – R$500 thousand Price Financing: Caixa and Banks Financing: Banks Financing: Direct  Caixa representative s Sales 32 t il l ti 8 i l ffi 32 retail locations, 8 regional offices,  In‐house sales force and brokers In‐house sales force and brokers in‐house sales force and brokers verage 46 cities / 18 states 64 cities / 12 states 26 cities / 16 states Cov High  / Middle High  Affordable / Entry Level Residential Communities income 5
  • 6. One of the Most Geographically Diverse Homebuilders Gafisa brands and geographic presence Contracted sales 1H09 Other SP 37.1% 43.9% R$1,394  million RJ 19.0% Land bank 2Q09 SP Other 38.6% 38.8% Brands States Cities 18 46 RJ R$15,994 million 12 64 22.5% 16 26 Total 20 99 6
  • 7. Conservative Approach Towards Launches 2Q09 Launches (R$ million) 2Q09 L h (R$ illi ) 2Q09 Launches by unit price 2Q09 L h b i i R$ million 2,730 (%Gafisa) 2Q09 2Q08 Gafisa ≤ R$500 k 225 454 > R$500 k 127 142 1.483 ‐71% 352 596 Total 1,409 ‐56% Alphaville > R$100 k; ≤  R$500 k 82 102 160 Total 82 102 711 626 787 102 192 192 1.086 104 Tenda 1) ≤ R$130 k 64 572 596 82 128 139 352 490 > R$130 k 0 Total T l 192 711 2Q08 2Q09 1H08 1H09 Gafisa Alphaville Tenda Consolidated Total 626 1,409 1) Includes Tenda and Fit Residencial in 2008 2Q09 Launches by region 2Q09 Launches by region Other 33% São Paulo 55% 12% Rio de  Janeiro 7
  • 8. Strong Pre‐Sales: Significant Inventory Reduction  2Q09 Pre‐sales (R$ million) 2Q09 P l (R$ illi ) 2Q09 Pre‐sales by unit price 2Q09 P l b it i R$ million ‐3% 1,432 1,394 (%Gafisa) 2T09 2T08 Gafisa ≤ R$500 k 225 454 > R$500 k 127 142 566 +9% 620 Total 352 596 835 764 132  114  Alphaville > R$100 k; ≤  R$500 k 82 102 317  367 Total 82 102 75  79 734  660  Tenda 1) ≤ R$130 k 64 572 372  390 > R$130 k 128 139 Total T l 192 711 2Q08 2Q09 1H08 1H09 Gafisa Alphaville Tenda Consolidado Total 626 1,409 1) Includes Tenda and Fit Residencial in 2008 2Q09 Pre‐sales by region 2Q09 Pre‐sales by region Other 34% São Paulo 45% 21% Rio de Janeiro 8
  • 9. Sales Velocity and Inventory  2Q09 Sales velocity (R$ million) Inventory reduction (R$ million) Inventories Sales Sales speed end of period end of period Gafisa 1,542  390  20% 3,394 ‐ 465 Alphaville 203  79  28% 2,929 ‐ 250 Tenda 934 367  28% 2,679 2 679 1,402  1,149  934  Total 2,679  835  24% 215  199  203  1,777  1,581  1,542  2Q09 Sales per launch year (R$ million) Inventories 4Q08 1Q09 2Q09 Sales Sales speed end of period Gafisa Alphaville Tenda 2009 Launches 292 216.6  43% 2008 Launches 1,183 , 274.1 19% 2007 Launches 860 249.2  23% ≤ 2006 Launches 344  95.5  22% Total  Total 2,679  2 679 835.4 835 4 24% 9
  • 10. 74% of inventory consists of launched developments not yet started  or up to 30% completed or up to 30% completed Completed units represent only 7% of the total PSV available for sales R$ 000 Up to 30%  30% to 70%  More than 70%  Completed  Company Not started Total constructed constructed constructed units Gafisa 463,651 735,696 338,077 47,520 160,214         1,745,157 Tenda , 345,625 428,962 , 43,977 , 82,892 , 32,552 , 934,007 , Total 809,275 1,164,658 382,054 130,411 192,766 2,679,165 10
  • 11. Diversified, High‐Quality Land Bank Provides Strong Platform for   Growth 303 different sites, in 21 states Potential units  Potential units  PSV R$ million  % Swap Total (%Gafisa) (100%) (%Gafisa) Gafisa 20,060 23,869 7,317 42% Alphaville 22,008 35,501 3,133 97% Tenda 61,721 63,028 5,544 15% Total 103,789 122,397 15,994 73% 73% acquired by swap agreements. Affordable entry level represents 59% of potential Gafisa units in land bank. 11
  • 12. Overview of 2Q09 Results  Financial Performance – Duilio Calciolari, CFO and IR Officer Financial Performance Duilio Calciolari CFO and IR Officer 12
  • 13. 2Q09 Financial Highlights Net Revenues (R$ million) Net Revenues (R$ million) Gross Profit (R$ million) Gross Profit (R$ million) 29.6% 27.1% 706  191  +54% +41% 136  459 2Q08 2Q09 2Q08 2Q09 Net Revenues Gross Profit Gross Margin Adjusted1 EBITDA (R$ million) dj d ( $ illi ) Net Income2 ( $ illi ) (R$ million) 14.0% 20.1% 11.5% 18.4% 142  81 +69% +26% 84  64 2Q08 2Q09 2Q08 2Q09 EBITDA EBITDA Margin Net Income2 Net Margin 1: Adjusted for non‐cash stock option expenses. 2: Before minority shareholders and stock option expenses 2: Before minority shareholders and stock option expenses 13
  • 14. EBITDA adjusted to include non‐cash stock option expenses  increased 69% over 2Q08  2Q09 Adjusted EBITDA (R$ thousand) 1H09 Adjusted EBITDA (R$ thousand) Gafisa Tenda Total Gafisa Tenda Total Net profit 43,724  14,044 57,768  Net profit 73,698  20,804  94,501  (+) Financial result 13,783  (1,063) 12,720  (+) Financial result 23,543  (1,614) 21,929  (+) Income taxes 16,037  4,584  20,621  (+) Income taxes 26,378  10,556  36,934  (+) Depreciation and Amortization 2,306  4,093  6,399  (+) Depreciation and Amortization 7,652  6,730  14,382  (+) Capitalized interest 16,164  5,152 21,316  (+) Capitalized interest 31,840  7,351  39,191  (+) Minority shareholders ( ) Mi it h h ld 10,244  10 244 9,365  9 365 19,609  19 609 (+) Minority shareholders ( ) Mi it h h ld 17,576  17 576 13,789  13 789 31,364  31 364 EBITDA 102,258  36,175  138,434  EBITDA 180,687  57,615  238,302  (+) Stock option plan expenses 1,235  2,515  3,750  (+) Stock option plan expenses 7,782  4,531  12,313  Adjusted EBITDA Adjusted EBITDA 103,493  103 493 38,690  38 690 142,184  142 184 Adjusted EBITDA Adjusted EBITDA 188,469  188 469 62,146  62 146 250,616  250 616 Net revenues 444,390  261,428  705,818  Net revenues 776,604  471,101  1,247,705  Adjusted EBITDA margin 23.3% 14.8% 20.1% Adjusted EBITDA margin 24.3% 13.2% 20.1% Note: Gafisa's EBITDA includes negative goodwill amortization (net of provisions) from deal with Tenda 14
  • 15. SG&A ‐ T d ’ Tenda’s consolidation as well as marketing and sales efforts impacted SG&A ratios  lid ti ll k ti d l ff t i t d SG&A ti ‐ We expect ratios to improve as strong performance at Gafisa will be complemented by top  line growth in Tenda 2Q09 Gafisa Tenda Total 1Q09 Gafisa Tenda Total Selling Expenses (R$ 000) 23,679  27,502  51,182  Selling Expenses (R$ 000) 23,066 23,540 46,607 G&A Expenses (R$ 000) 38,978  20,334  59,312  G&A Expenses (R$ 000) 28,853 27,065 55,918 SG&A Expenses (R $000) SG&A Expenses (R $000) 62,657  62 657 47,836  47 836 110,493  110 493 SG&A Expenses (R $000) SG&A Expenses (R $000) 51,919 51 919 50,606 50 606 102,525 102 525 Selling Expenses / Sales 5.1% 7.5% 6.1% Selling Expenses / Sales 7.5% 9.3% 8.3% G&A Expenses / Sales 8.3% 5.5% 7.1% G&A Expenses / Sales 9.4% 10.7% 10.0% SG&A / Sales 13.4% 13.0% 13.2% SG&A / Sales 17.0% 20.0% 18.3% Selling Expenses / Revenues 5.3% 10.5% 7.3% Selling Expenses / Revenues 6.9% 11.2% 8.6% G&A Expenses / Revenues 8.8% 7.8% 8.4% G&A Expenses / Revenues / 8.7% 12.9% 10.3% SG&A / Revenues 14.1% 18.3% 15.7% SG&A / Revenues 15.6% 24.1% 18.9% 15
  • 16. Strong Pre‐Sales Positively Impact Backlog of Revenues to be  Recognized R$1.1 billion of results to be recognized (68.6% growth compared to 2Q08) R$ million) R$ illi ) 2Q09 2Q08 1Q09 2Q09 x 2Q08 2Q09 x 1Q09 Gafisa Revenues to be recognized 1,905  1,700  1,844  12.1% 3.3% Costs to be recognized (1,199) (1,085) (1,197) 10.6% 0.2% Results to be recognized (REF) Results to be recognized (REF) 706  706 616  616 647  647 14.7% 9.0% REF margin 37.0% 36.2% 35.1% 111 bps 195 bps Tenda 1) Revenues to be recognized 1,187  157  1,057  656.0% 12.3% Costs to be recognized to be (768) (105) (701) 628.5% 628 5% 9.6% 9 6% Results to be recognized (REF) 419  52  356  712.4% 17.8% REF margin 35.3% 32.8% 33.7% ‐82 bps 163 bps Consolidated Revenues to be recognized 3,092  1,857  2,901  66.5% 6.6% Costs to be recognized (1,968) (1,190) (1,898) 65.4% 3.7% Results to be recognized (REF) 1,125  667  1,003  68.6% 12.1% REF margin 36.4% 35.9% 34.6% 135 bps 180 bps Note: Revenues to be recognized are net from PIS/Cofins (3.65%).  Backlog of Revenues not adjusted to present value. 1) Includes Fit Residencial in 2008 16
  • 17. Strong Financial Position: consolidated cash position of R$1.1 billion 80% of Gafisa’s construction has financing lines in place Cash‐burn rate substantially lower than R$360 million in 4Q08 y $ (R$ million) 2Q09 1Q09 Total Debt 2,242  1,563  Total Cash 1,056  501  Obligation to Investors  300  300  Net Debt & Obligation to Investors   1,486  1,362  (Net Debt & Obligation to Investors) / (Equity + Minorities) 65.6% 61.9% Cash‐burn rate 111 115 Until  Until  Until  Until  After  R$ million Total June/2010 June/2011 June/2012 June/2013 June/2013 Total Debt – Gafisa and Alphaville 1,486 408 566 319 164 29 Total Debt ‐ Tenda 1) 757 93 42 169 152 300 Total Consolidated Debt 2,243 501 608 488 317 329 17
  • 18. Gafisa is the most liquid Brazilian real estate company and the only  one listed on NYSE one listed on NYSE Daily Volume (R$ MM) Price (GFSA3) 210 25 180 20 150 120 15 90 10 60 5 30 0 0 Gafisa’s average daily trading volume: R$78.5 million (Jul 1st, 2008 – Jul 31th, 2009) Average Daily Turnover in the last 90 days over free float: 2.4% 18
  • 19. Outlook for 2009 We maintain our outlook for 2009 and reaffirm the full‐year guidance for sales  We maintain our outlook for 2009 and reaffirm the full year guidance for sales and EBITDA margin ‐ Consolidated Sales: between R$2.7 billion to R$3.2 billion ‐ Gafisa: 1.0 billion ‐1.2 billion ‐ Tenda: 1.4 billion ‐ 1.6 billion ‐ Alphaville: 300 million ‐ 400 million ‐ Consolidated EBITDA Margin: between 16% to 17% 19
  • 20. 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 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,'' ''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 forward looking factors that will determine these results and values are beyond our ability to control or predict. 20

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