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Press Release 1Q12

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  • 1. 1Q12 ResultsConference CallMay 9th, 2012 1
  • 2. 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. 2
  • 3. Overview of 1Q12 Results - Duilio Calciolari, CEOFinancial Performance – Andre Bergstein, CFO 3
  • 4. Highlights and Recent DevelopmentsGafisa is implementing its new turnaround strategy Gafisa: • Delivery of units in non-priority markets and launches should be completed this year Tenda: • Units contracted by financial institutions has accelerated since June 2011 • During 1Q12, Tenda transferred 2,793 units to financial institutions; 23% of mid-range of 10 – 14k guidance. • In March, Tenda achieved positive operating cash flow; • Units are being sold only to customers whose mortgages can be immediately transferred AlphaVille: • Greater participation in the total product mix with 54% of the total launches Focus on cash generation and deleveraging of the balance sheet. Cash position of R$947 million in March 2012. Cash burn of R$76 million in the quarter. 4
  • 5. Consolidated Operational Data Contribution by brand Gafisa (A) Alphaville (B) Total (A) + (B) Tenda (C) Total (A) + (B) + C) Deliveries (PSV R$mn) 699.715 121.993 821.708 285.099 1.106.807 Deliveries (% contribution) 51% 9% ns 40% 100% Deliveries (units) 2.715 994 3.709 2.456 6.165 Launches (R$mn) 214.690 249.050 463.740 - 463.740 Launches (% contribution) 46% 54% ns ns 100% Launches (units) 410 873 1283 - 1.283 Pre-sales (R$mn) 316.702 181.978 498.680 -90.443 408.237 Pre-Sales (% contribution) 78% 45% ns -22% 100%  Deliveries volume reached 6,165 units in 1Q12 (R$1.1 bn in PSV) reaching double the volume posted in 1Q11  The Gafisa and AlphaVille launches totaled R$463.7 million and pre-sales totaled R$498.7 million, ex-Tenda  AlphaVille represented 54% of total launches and 45% of total pre-sales of the consolidated results  Tenda continues its clean-up process of its portfolio with R$90 million of negative pre-sales 5
  • 6. Overview of 1Q12 Results - Duilio Calciolari, CEOFinancial Performance – Andre Bergstein, CFO 6
  • 7. Consolidated Financial Data Consolidated margins still impacted negatively by Tenda´s performance. Contribution by brand Gafisa Alphaville Gafisa + Alphaville Tenda Total 1T12 Net Revenues (R$mm) 487.579 123.870 611.449 316.384 927.833 Revenues (% contribution) 53% 13% 66% 34% 100% Gross Profit (R$mn) 113.010 59980 172.990 28.589 201.579 Gross Margin (%) 23,2% 48,4% 28,3% 9,0% 21,7% Gross Profit (% contribution) 56,1% 29,8% n/a 14,2% 100,0% EBITDA 81.775 40.270 122.045 -16.858 105.187 EBITDA Margin 16,8% 32,5% 20,0% -5,3% 11,3% EBITDA (% contribution) 78% 38% n/a -16% 100% Consolidated key financial figures 1T12 1T11 A/A(%) Net revenues 927.833 730.748 27% Gross profit 201.579 115.160 75% Gross margin 21,7% 15,8% 590pts Adjusted EBITDA 105.187 28.597 268% Adjusted EBITDA (ex-Tenda) 122.045 69.747 75% Adjusted EBITDA Margin 11,3% 3,9% 740pts Adjusted EBITDA Margin (ex-Tenda) 20,0% 14% 600pts Net Loss -31.515 -43.292 -27% 7
  • 8. Backlog of Revenues to be Recognized Margins of Gafisa and Alphaville contribute positively to the backlog of results. Resultados a serem contabilizados (REF) Gafisa Tenda Alphaville Consolidado Gafisa + Alphaville Receita a Apropriar 2.455.567 1.056.400 726.418 4.238.385 3.181.985 Custos a Apropriar (unidades -1.590.109 -787.993 -345.343 -2.723.445 -1.935.452 vendidas) Resultados a serem contabilizados 865.458 268.407 381.076 1.514.940 1.246.534 Margem a apropriar 35,2% 25,4% 52,5% 35,7% 39,2% Note: Revenues to be recognized are net of PIS/Cofins (3.65%); excludes the AVP method introduced by Law nº 11,638 8
  • 9. Liquidity  Cash position of R$947 million  Net debt to equity reached 46% (excluding project finance);  Project finance represents 48% do total debt  Over R$500 million of receivables from delivered units available for securitization.  Cash burn reduced 62% to R$76 million in 1Q12 Type of obligation (R$000) 1Q12 4Q11 QoQ 1Q11 YoY Debentures - FGTS (project finance) 1.244.225 1.214.258 2% 1.239.816 0% Debentures - Working Capital 704.420 684.942 3% 688.800 2% Project financing (SFH) 817.457 684.642 19% 755.652 8% Working capital 1.135.615 1.168.085 -3% 604.391 88% Total consolidated debt 3.904.356 3.755.808 4% 3.288.659 18% Consolidated cash and availabilities 947.138 983.660 -4% 926.977 2% Investor Obligations 364.274 473.186 -23% 380.000 -4% Net debt and investor obligations 3.321.492 3.245.334 2% 2.741.682 21% Equity + Minority Shareholders 2.728.495 2.747.094 -1% 3.751.958 -24% (Net debt + Obligations) / (Equity + 122% 118% 360bps 73% 4559bps Noncontrolling interests) (Net debt + Ob.) / (Eq + Min.) - Exc. 46% 49% -284bps 20% 2628bps 9 Proj. Fin (SFH + FGTS)
  • 10. Gafisa Deleveraging Strategy Debt maturity Until Until Until Until After (R$million) Average Cost (p.a.) Total Mar/13 Mar/14 Mar/15 Mar/16 Mar/16 Debentures - FGTS (proj. finance) TR + (8.22% - 10.20%) 1.244.225 196.791 598.404 449.030 - - Debentures - Working Capital CDI + (0.72% - 1.95%) 704.420 151.786 123.895 272.648 149.510 6.581 Project Financing (SFH) TR + (8.30% - 12.68%) 817.457 469.331 260.022 70.698 17.406 - Working Capital CDI + (1.30% - 2.55%) 1.135.615 394.947 290.496 190.277 141.166 118.729 Total consolidated debt 11.82% 3.904.356 1.215.116 1.273.195 982.653 308.082 125.310 CDI + (0.235% - 3 1.00%) / IGPM +7.25% 364.274 160.981 171.737 15.133 9.885 6.538 Investors Obligations Total consolidated debt 4.268.630 1.376.097 1.444.932 997.786 317.967 131.848 % Total 100% 32% 34% 23% 7% 3% 10
  • 11. Recievables + Inventory vs. Construction Obligations R$ Millions Accounts Inventory at market Total Construction obligations Recievables value Gafisa 5.291 1.958 7.249 1.694 Alphaville 1.289 636 1.926 1.233 Tenda 2.558 915 3.473 542 Consolidado 9.139 3.509 12.648 3.469 11
  • 12. Outlook  For 2012, launches are expected between R$2.7 and R$3.3 billion  Gafisa should represent 50%, Tenda 10% and Alphaville 40% of launches. • The Gafisa Group launched R$460 million in 1Q12  The Gafisa Group plans to deliver between 22,000 - 26,000 units in 2012 of which: • 30% will be delivered by Gafisa, 50% by Tenda and the remaining 20% by AlphaVille  In 1Q12, the Company delivered 6,165 units and transferred 2,793 Tenda units to financial institutions  The Company expects to generate between R$500 million - R$700 million in operating cash flow for the full year of 2012. 12