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Pres 4 q10 in_gx Pres 4 q10 in_gx Presentation Transcript

  • Y Z  1
  • ^ , ^ t d & & & d K D
  • K Y Z& K W t K
  • ,^ d > K D / > 4Q10 vs. 2010 vs. Operating and Financial Highlights (R$ million) 4Q10 4Q09 2010 2009 4Q09 (%) 2009 (%) Launches 1,543 1,000 54% 4,492 2,301 95% Launches, units 7,742 4,258 82% 22,233 10,810 106% Contracted sales 1,241 1,054 17.7% 4,006 3,248 23.3% Contracted sales, units 5,933 6,413 -7% 20,744 21,952 -6% Contracted sales from Launches 678 268 154% 2,672 1,439 86% Contracted sales from Launches - % 44.0% 26.7% 1722 bps 59.5% 62.5% -303 bps Net revenues 929 898 3% 3,721 3,022 23% Adjusted Gros s profit (w/o capitalized interest) 336 311 8% 1,225 973 26% Adjusted Gros s margin (w/o capitalized interest) 36.1% 34.7% 148 bps 32.9% 32.2% 73 bps Adjusted EBITDA (1) 198 168 18% 747 530 41% (1) Adjusted EBITDA margin 21.3% 18.7% 260 bps 20.1% 17.5% 255 bps (2) Adjusted Net profit 148 58 154% 475 157 202% (2) Adjusted Net margin 16.0% 6.5% 949 bps 12.8% 5.2% 755 bps Net profit 137 48 189% 416 102 309% EPS (R$/share) 0.32 0.14 123% 0.97 0.31 217% Number of shares (000 final) 430,910 333,554 29% 430,910 333,554 29% Revenues to be recognized 3,963 3,025 31% 3,963 3,025 31% (3) REF margin 38.9% 35.2% 363 bps 38.9% 35.2% 363 bps Net debt and Inves tor obligations 2,469 1,998 24% 2,469 1,998 24% Cash and availabilities 1,201 1,424 -16% 1,201 1,424 -16% (Net debt + Obligations ) / (Equity + Minorities) 65.3% 83.8% -1855 bps 65.3% 83.8% -1855 bps (1) A djusted f or stock option plans expenses (non-cash) and Tenda goodw ill net of provisions. (2) A djusted f or stock option plans expenses (non-cash), minority shareholders and non recurring expenses (3) Results to be recognized net f rom PIS/Cof ins - 3.65%; excludes the AV P method introduced by law 11638
  • Z  , t Z   d   K t    D Ez^   D   ,  d & , W d   &  d  DDs s s  E s t 
  • ^ > ^ W Y > Y W%Gafisa - (R$ 000) 4Q10 4Q09 Var. (%) (%Gafisa) - R$ 000 4Q10 4Q09 Var. (%) Z 522,007 328,283 59% Z 418,520 185,480 126% Z 301,415 249,301 21% Z 203,512 281,099 -28% d 823,422 577,584 43% d 622,032 466,579 33% 2,109 1,472 43% h 1,427 1,210 18% h 192,016 286,030 -33% s Z < Z < 192,971 204,336 -6% s Z < Z < d 192,971 204,336 -6% d 192,016 286,030 -33% h 1,173 969 21% h 1,359 1,451 -6%d ≤ R$130K 280,509 102,507 174% d Z 234,321 311,403 -25% > R$130K ; < R$200K 247,202 34,232 622% Z Z 191,493 71,491 168% d 527,711 136,739 286% d 425,815 382,895 11% h 4,275 1,335 220% h 3,332 4,234 -21% d 1,543,149 1,000,353 54%  d 1,240,818 1,053,810 18% h 7,742 4,258 82% h 5,933 6,413 -7% K K W Z^ ^W WZ ^W D WZ  ZK D D W Z: W
  • ^ > ^ W > W%Gafisa - (R$ 000) 2010 2009 Var. (%) (%Gafisa) - R$ 000 2010 2009 Var. (%) Z 1,103,066 739,590 49% Z 1,245,723 819,257 52% Z 1,052,257 524,930 100% Z 728,594 690,819 5% d 2,155,323 1,264,520 70% d 1,974,317 1,510,075 31% h 4,773 4,210 13% h 5,124 3,428 49% s Z < Z < 740,592 419,512 77% s Z < Z < 598,938 376,885 59% d 740,592 419,512 77% d 598,938 376,885 59% h 3,607 2,096 72% h 2,906 1,872 55%d ≤ R$130K 954,770 288,013 232% d Z 941,574 1,168,616 -19% > R$130K ; < R$200K 641,149 329,179 95% Z Z 491,551 192,488 155% d 1,595,919 617,192 159% d 1,433,125 1,361,105 5% h 13,502 5,286 155% h 13,065 15,871 -18% d 4,491,835 2,301,224 95%  d 4,006,380 3,248,065 23% h 22,233 10,810 106% h 20,744 21,953 -6% K K Z^ W  ^W WZ ^W D  WZ D Z: W Z: W
  • / ^ s Y Y / Inventories Price Increase End of period R$ million Beginning of Launches Sales Sales velocity + Other Inventories period Gafisa Inventories 1,645 823 622 11 1,857 25.1% AlphaVille 415 192 193 4 419 31.6% Tenda 877 528 426 41 1,020 29.5% Total 2,937 1,543 1,241 56 3,295 27.4% Sales Velocity (%) 27.4% 28.6% 25.7% 4Q10 3Q10 4Q09
  •  , Y >  W ^ W Z   ‹ŽŽ‹‘ ™ƒ’ ™ƒ’ ™ƒ’ ‘–‡–‹ƒŽ —‹–• ƒˆ‹•ƒ ‘–ƒŽ ‹–• ‹ƒ…‹ƒŽ ƒˆ‹•ƒGafisa <= R$500K 4,495 42.6% 36.9% 5.8% 15,222 > R$500K 3,751 35.1% 30.8% 4.3% 4,836 Total 8,245 37.9% 33.0% 4.9% 20,059AlphaVille <= R$100K; 552 100.0% 0.0% 100.0% 6,973 > R$100K; <= R$500K 4,648 96.9% 0.0% 96.9% 22,976 > R$500K 23 0.0% 0.0% 0.0% 26 Total 5,223 97.0% 0.0% 97.0% 29,975Tenda ≤ R$130K 3,098 36.3% 36.3% 0.0% 33,646 > R$130K ; < R$200K 1,488 49.9% 48.5% 1.4% 9,203 Total 4,586 39.7% 39.1% 0.6% 42,849Consolidated 38.5% 34.5% 4.0% ƒ† ƒ  ‹ŽŽ‹‘ ƒˆ‹•ƒ Ž’Šƒ˜‹ŽŽ‡ ‡†ƒ ‘–ƒŽLand Bank - BoP (3Q10) 7,810 4,735 4,006 16,5514Q10 - Net Acquisitions 1,258.9 679.5 1,108.2 3,0474Q10 - Launches (823.4) (192.0) (527.7) (1,543)Land Bank - EoP (4Q10) 8,245 5,223 4,586 18,054
  •  W Z W^s Z Z AlphaVile Piracicaba - SP d Z Gaf isa Secret Garden - SP Tenda Osasco Lif e - SP
  •  D  D s Wd  / Y d DDs d  h DDs / D t   & Dt Dt dKd > h  &  W h DDs Y Y Y Y dKd > d W h DDs Y Y Y Y dKd >
  • W   h h  W  54,977 49,423 204 188 33,586 85 16,099 63 2007 2008 2009 2010 2007 2008 2009 2010 h  E  920 880 25.000 674 309 399 459 241 58 12,894 61 10,831 47 8,206 186 31 513 460 3,108 386 242 2007 2008 2009 2010 2011E 2007 2008 2009 2010 ^ Con stru ctio n Archit ects On the J ob Soma
  • K Y Z& W   &K /Z K
  • ^Y / Y ^(R$000) 4Q10 4Q09 3Q10 2010 2009 2010 x 2009 Revenue 928,637 897,540 957,196 3,720,860 3,022,346 23.1% Launches 1,543,149 1,000,353 1,236,947 4,491,835 2,301,224 95.2% Sales 1,240,818 1,053,810 1,018,480 4,006,380 3,248,065 23.3%Consolidated Selling expenses 76,243 73,277 53,887 242,564 226,621 7.0% G&A expenses 64,894 60,298 59,317 236,754 233,129 1.6% SG&A 141,137 133,575 113,204 479,318 459,749 4.3% Selling expenses / Launches 4.9% 7.3% 4.4% 5.4% 9.8% -445 bps G&A expenses / Launches 4.2% 6.0% 4.8% 5.3% 10.1% -486 bps SG&A / Launches 9.1% 13.4% 9.2% 10.7% 20.0% -931 bps Selling expenses / Sales 6.1% 7.0% 5.3% 6.1% 7.0% -92 bps G&A expenses / Sales 5.2% 5.7% 5.8% 5.9% 7.2% -127 bps SG&A / Sales 11.4% 12.7% 11.1% 12.0% 14.2% -219 bps Selling expenses / Net revenue 8.2% 8.2% 5.6% 6.5% 7.5% -98 bps G&A expenses / Net revenue 7.0% 6.7% 6.2% 6.4% 7.7% -135 bps SG&A / Net revenue 15.2% 14.9% 11.8% 12.9% 15.2% -233 bps ^ Y d ^ E Y
  • E W W /  Z Z (R$ million) 4Q10 4Q09 3Q10 4Q10 x 4Q09 4Q10 x 3Q10 Consolidated Revenues to be recognized 3,963 3,025 3,429 31.0% 15.6% Costs to be recognized (2,423) (1,959) (2,120) 23.7% 14.3% Results to be recognized (REF) 1,540 1,066 1,309 44.5% 17.6% REF margin 38.9% 35.2% 38.2% 363 bps 69 bps Note: Revenues to be recognized are net of PIS/Cofins (3.65%); excludes the AVP method introduced by Law nº 11,638 Z
  • ^  W Z  ^ ^ E    W & W & Z R$ million 4Q10 3Q10 Total Debt 3,290 2,927 Total Cash 1,201 1,231 Investor Obligations 380 380 Net debt and investor obligations 2,469 2,076 - Net debt and investor obligations / (Equity +Minorities) 65.3% 55.6% - (Net debt + Ob.) / (Eq + Min.) - Exc. Project Finance (SFH + FGTS Deb.) 13.5% 6.2% - Cash Burn 1) 342 453 Until Until Until Until Afte r (R$ million) Ave rage Cos t (p.a.) Total Dec /201 1 Dec /2012 Dec/2 013 Dec/2 014 Dec /201 4 D eben tures - FGTS (proj ect fi nance) (8.25% - 9.06%) + TR 1 ,211 .3 15.4 1 50.0 59 6.7 44 9.2 - D eben tures - Workin g Ca pita l CDI + (1.5% - 1.95% ) 668 .6 11.1 1 22.6 12 5.8 10 9.5 299.6 Project fina ncin g (SFH) (8.30% - 12% ) + TR 745 .7 548.3 1 56.8 4 0.6 - - Workin g ca pital CDI + (1.30% - 4.20%) 664 .5 249.6 88.4 7 9.3 24 7.2 - sub-total c onsolidated debt 1 1.8% 3 ,290 .1 824.4 5 17.7 84 2.5 80 5.9 299.6 Investor Obliga tions CDI 38 0 - 127 127 1 27 - Total c ons olida ted debt 3 ,670 .1 824.4 6 44.4 96 9.1 93 2.6 299.6 % Tota l 22 % 18% 26% 2 5% 8%
  • In 2010, Gafisa launches amounted to R$ 4.5 billion, equivalent to 2% over the mid-range of the launch´sguidance and delivered a 20.1% EBITDA margin, 60 bps over the mid-range. Gafisa´s Guidance vs Actual for 2010 is seen below: Launches Guidance 4Q10 % 2010 % (R$ million) 2010 Gafisa Min. 4,200 37% 107% (cons olidated) Average 4,400 1,543 35% 4,492 102% Max. 4,600 34% 98% Guidance EBITDA Margin (%) 4Q10 % 2010 % 2010 Gafisa Min. 18.5% 280 bps 160 bps (cons olidated) Average 19.5% 21.3% 180 bps 20.1% 60 bps Max. 20.5% 80 bps -40 bps
  • t d/ d Z Z  d W Launches EBITDA Margin Net Debt/Equity (%) - Guidance 2011 (R$ million) (%) EoP Minimum 5,000 18.0% Average 5,300 20.0% Maximum 5,600 22.0% < 60% EBITDA Margin (%) 1H11 2H11 2011 Guidance 2011 Minimum 13.0% 20.0% 18.0% Average 15.0% 22.0% 20.0% Maximum 17.0% 24.0% 22.0%
  • d D >  Z   K K> Ez^  W s d  : : : & & & D D D s W &^ Z Z Average Daily Turnover in the last 90 days over free float: 2.3% (1) Source Bloomberg: up to March 25th, 2011