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    1Q11 Presentation 1Q11 Presentation Presentation Transcript

    • Conference Call1Q11 Earnings 05/16/2011
    • 2SPEAKERS• IAN MONTEIRO DE ANDRADE CFO and IRO• MARA DIAS IR Manager
    • 3 1Q11 highlights CCDI reached R$204.3 million in launchings, 16.8% higher than 1Q10, totaling 1,507 units. Low income segment increased 3x, accounting for 48% of CCDI’s total launchings in 1Q11. Contracted Sales in 1Q11 recorded R$316.5 million, an increase of 64.1% in comparison to 1Q10. Regional offices share in total sales accounted for 26.3% in 1Q11, a 22.1 p.p. growth when compared to 4Q10. Consolidated Sales over total Offer was 22.8% in 1Q11, an increase of 3.4 p.p. in comparison to 1Q10. Net Revenue posted a 58.0% growth in comparison to 1Q10¹. Gross Income increased 25.6% in comparison with 1Q10¹, highlight to the low income segment, that reached R$15.0 million in 1Q11, 59.9% higher than 1Q10. Ebitda accounted a growth of 5.2% in comparison to the same quarter of last year¹. Purchase of 2 plots : one in the metropolitan region of São Paulo and another in Curitiba. Delivery of 2 low income segment developments in 1Q11. In the beginning of April we delivered the developments Innova and Interclubes phase 1 in São Paulo.¹Does not consider the revenue from the sale of the Itautec plot on 1Q10
    • 1Q11’s Operational Results
    • 5LAUNCHINGS (R$MM) PSV - % CCDI Project Location Launching Units (R$ MM) SegmentHM CCDI Campos dos Connect Goytacazes, feb/11 243 29.1 Small Offices Workstation 204.3 RJ 174.9 Soul Jardim São Paulo, SP feb/11 180 38.3 Medium Sul 24.0 97.7 Set Cabral Curitiba, PR feb/11 39.2 Mid High 151 Condomínio Residencial Valinhos, SP mar/11 760 78.0 Low Income 150.9 Vale das Figueiras 106.6 Vivenda do Horto - Hortolândia, mar/11 173 19.7 Low Income Vivenda SP 1Q10 1Q11 Orquídea Total Launchings in 2011 1,507 204.3
    • 6 Launchings on 1Q11 Increase of Regional Offices SET CABRAL CONNECT WORK STATION Curitiba – PR Campos de Goytacazes– RJ Launching: feb/11 Launching : feb/11 41% sold in the first month* 56% sold in the first month * Total PSV: R$52.9 million Total PSV: R$44.8 million 151 Units 243 Small Offices Low Income Launchings VALE DAS FIGUEIRAS VIVENDA HORTO - ORQUIDEA Valinhos - SP Hortolândia - SP Launching: mar/11 Launching: mar/11 53% sold in the first month* Total PSV: : R$19.7 million Total PSV: R$78 million 173 Units 760 Units* Managerial Data
    • 7 Launching Highlight in 2011 SOUL JARDIM SUL 45445 São Paulo – SP Launching: feb/11 100% sold in its launching* Total PSV: R$38.3 million 180 units Differentiated concept: standard project, it can be replied in other regions. Main features: cost effectiveness, sustainability and accessibility. Designed for the medium income consumers, an economic product, but it doesn`t let aside comfort, leisure and sustainability. Apartment of 2 and 3 dorms with 49.55 and 66 m2 and price between R$183 thousand a R$249 thousand . Option of customized blueprints adjusted to special needs bearer, without any additional cost for the costumers. Reduced marketing expenses. Commercial success, its units were fully sold in only 12 hours. Folha de SP Advertising* Managerial Data
    • 8Own Construction - Status PSV: R$29 MM Launching: Dec/09 Units: 120 (1 Tower) Beginning: Aug/2010 Evolution: 9º month of construction, foundation: 91%, structure: 34% Delivery: June/2012 PSV: R$49 MM PSV: R$35 MM Launching: Dec/09 Launching: Dec/09 Units: 152 (2 Towers) Units: 88 (1 Tower) Beginning: Oct/2010 Beginning: Feb/2011 Evolution:7º month of construction, foundation: 90%, Evolution: 3º month of construction , foundation: 70% structure: 2% Delivery: Feb/2013 Delivery: Oct/2012
    • 9CONTRACTED SALES CONTRACTED SALES OF CONTRACTED SALES LAUNCHINGS AND INVENTORY (R$ MM) Launching Sales(%) HM 100% CCDI 316.5 Inventory Sales(%) CCDI 314.8 343.5 328.2 112.9 316.5 192.9 35.1% 20.1% 14.6% 27.3% 41.9 192.9 203.6 33.1% 79.9% 85.4% 151.0 72.7% 64.9% 66.9% 1Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 By Market Segment By Location Small Rio de High and Offices; Janeiro; São Paulo Luxury; 4.2% 10.1% Countryside Paraná and 13.7% Low + Minas Income; Shoreline); Gerais ; Mid-High; 34.6% 34.7% 16.2% 3.7% São Paulo (Capital + Economic; RMSP); Medium; 5.0% 39.1% 38.9% SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF THOUSAND PER UNIT REPRESENTED 82.2% SÃO PAULO: 73.8%
    • 10LAND BANK – R$8.5 billion in PSV Low income (0.2) 0.2 segment exclusive Land Bank R$1.6 8.5 8.5 billion Land Bank 4Q10 Launchings 1Q11 Acquisitions 1Q11 Land Bank 1Q11 By Market Segment By Location ES, PR and Rio de Triple A MG Janeiro 14.8% 6.2% 0.5% Low Income 29.2% São Paulo Countryside Other + Shoreline) São Paulo 17.2% 18.8% Capital 42.7% Mid-High 4.4% Economic RMSP Medium 20.0% 31.8% 14.3%
    • Financial Performance
    • 12 NET REVENUE (R$MM) GROSS INCOME (R$MM) HM CCDI HM CCDI 25.6% 273.7 69.8 264.3 10.7 55.1 58.4 68.1 167.2 43.9 15.0 32.6 9.4 215.3 196.2 59.1 134.6 40.1 34.5 1Q10 Ex Itautec 4Q10 1Q11 1Q10* 4Q10 1Q11 CONSOLIDATED GROSS MARGIN Gross Margin Gross Margin ex. Cost of Financing 27.8% 26.2% 23.9% 25.5% 24.3% 20.8% 1Q10* 4Q10 1Q11¹Does not consider the revenue from the sale of the Itautec plot on 1Q10
    • 13 EXPENSES SALES EXPENSES G&A EXPENSES (R$ MM) (R$ MM) G&A Sales Expenses 16 6,0% G&A/NOR 4.9% Sales Expenses/NOR 25 10.2% 12,0% 14 5,0% 12 20 8.6% 10,0% 10 3.2% 4,0% 7.8% 8,0% 2.7% 15 8 3,0% 13.5 6,0% 6 10 2,0% 17.0 21.4 22.7 4,0% 4 8.4 1,0% 5 2 4.6 2,0% 0 0,0% 0 0,0% 1Q10* 4Q10 1Q11 1Q10* 4Q10 1Q11 EBITDA CONSOLIDATED EBITDA CONSOLIDATED EBITDA MARGIN (%) (R$ MM) -4.7 p.p 13.8% 13.9% 37.9 9.2% 23.0 24.2 1Q10* 4Q10 1Q11 1Q10* 4Q10 1Q11¹Does not consider the revenue from the sale of the Itautec plot in 1Q10
    • 14REVENUES AND RESULT TO BE RECOGNIZED (R$MM) REVENUES TO BE RECOGNIZED RESULTS TO BE RECOGNIZED (R$ MM) (R$ MM) 1,242.2 1,287.6 421.3 1,039.6 398.4 307.9 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 MARGIN TO BE RECOGNIZED (%) 32.7% 32.1% 29.6% 1Q10 4Q10 1Q11
    • 15CASH / INDEBTEDNESS (R$MM) CASH CHANGE NET DEBT (R$ MM) 700 (R$ MM) 609.7 600 31.2 522.2 500 140.4 400 159.0 270.1 300 289.3 238.9 46.6 469.3 363.2 200 100 242.7 0Cash Position in Cash generated in Cash Position in Dec/11 1Q11 Mar/11 1Q10 4Q10 1Q11 SFH Net Debt ex SFH NET DEBT/SHAREHOLDER’S EQUITY 77.2% 67.1% 39.6% Total Net Debt/SE Net Debt Ex-SFH/SE 20.4% 17.8% 6.4% 1Q10 4Q10 1Q11
    • 16INDEBTEDNESS GROSS DEBT TIMELINE (R$ MM) Debentures SFH Gross Debt March/2011 327.9 R$879.8 million 12.9 204.2 199.2 315.0 98.1 50.4 198,8 198.8 98.1 50.4 5.4 0.4 2011 2012 2013 2014 2015 In dec/10 the debentures were renegotiated and its deadline postponed to dec/15 ACCOUNTS RECEIVABLE TIMELINE (R$ MM) Accounts Receivable Mar/2011 R$1,224.7 million1,014.9 73.6 96.5 38.6 0.2 1.1 2011 2012 2013 2014 2015 2016 and after
    • CONTACT INFORMATIONIan Monteiro de Andrade CFO and IRO ri.ccdi@camargocorrea.com.brMara Boaventura DiasIR Manager Phone: (11) 3841-4824Gabriel De GaetanoIR Analyst