3. 2Q12 2Q11 D %
Launched PSV
% Direcional
BRL million 470 288 +63%
Contracted PSV
% Direcional
BRL million 448 169 +165%
Sales Over Supply (VSO) % PSV 36,5% 18,5% +18 p.p.
Net Revenues BRL million 323 245 +32%
Adjusted Net Income¹ BRL million 49 41 +21%
Adjusted Net Margin¹ % 15,2% 16,6% -1,4 p.p.
Main Figures
3
1. Adjusted by non-cash expenses (Stock-Options Program).
4. 1H12 1H11 D %
Units Launched 6,151 3,536 +74%
Delivered Units 2,726 1,581 +72%
Units Under Construction 39,972 27,389 +46%
% of Industrialization (# of units) 55% 32% +23 p.p.
Construction Sites 40 35 +14%
Average # of Units by Construction Sites 999 783 +28%
# of Cities 10 9 +11%
4
1H12 vs 1H11 Operating Figures
Focus on Industrialization
63% 60% 49% 44% 41% 35%
50%
2Q12
55%
9%
1Q12
44%
9%
4Q11
48%
8%
3Q11
7%
2Q11
32%
8%
1Q11
28%
9%
Units Under Construction by Construction Method
(% of Units)
1 Aluminum mold and concrete walls method
Industrial Construction¹Concrete BlocksConventional Structure (Concrete Pillars)
5. 5
Minha Casa, Minha Vida Level 1
On the second quarter, Direcional signed an agreement with the State of Rondônia and Banco do Brazil for the construction of “Residencial Orgulho
do Madeira” project in Porto Velho with PSV of BRL 259.0 million.
# Units
Segment
Housing PSV
Infrastructure PSV
4,000
MCMV Level 1
BRL 219.5 million
BRL 39.5 million
Total PSV BRL 259.0 million
Location“Residencial Orgulho do Madeira”
Launch 2Q12
Porto Velho - RO
7. Total
(BRL'000)
% Direcional
(BRL'000)
1 Splendore April Manaus - AM 83,805 83,721 160 160 Upper-Midle
2 Silvestre 3rd
phase April Rio de Janeiro - RJ 12,674 10,393 140 500 RET1%
3 Del Mar April Macaé - RJ 31,024 15,512 132 132 Medium
4 Grand Ville 2nd
phase April São Bernardo - SP 56,749 43,980 264 528 Medium
5 Veredas Vistas do Horizonte May Belo Horizonte - MG 44,514 22,257 164 164 Medium
6 Monte Rey Hotel June Belo Horizonte - MG 44,196 35,357 200 671 Commercial
7 Orgulho do Madeira June Porto Velho - RO 258,988 258,988 4,000 4,000 MCMV Level 1
Total 2Q12 531,950 470,208 5,060 6,155
Total Units
(All Phases)
Segment
# of Units
Launched
2Q12 Projects Date City - State
PSV
7
Launches
Launched PSV
(BRL million)
Launched PSV – Track Record
(BRL million)
143
131
131
470
+228%
613+20%
+63%
1H12
354
259
1H11
643
511
2Q12
211
259
1Q122Q11
419
288
613
783710
176
1,067
CAGR +69%
1H122011
1,447
2010200920082007
Development
MCMV Level 1
Project Acquisition
10. 10
Sales Speed
2Q12
36.5%
21.2%
1Q12
16.1%16.1%
4Q11
31.8%
18.5%
3Q11
36.7%
16.0%
2Q11
18.5%18.5%
With MCMV Level 1 project
Without MCMV Level 1 project
Sales-Over-Supply Ratio (VSO)
(In total PSV - %)
2%
3Q11 95%90%
2%
2%
1%
4Q11 93%85% 6%
1%
1Q12 61%10% 51%
2Q12 88%
2Q11 77%20% 20% 18% 16%
3 M 6 M 9 M 12 M 15 M
32%
18%
2011
16%
20106%
<2010
2Q12
28%
1Q12
Sales by Period of Launching - 2Q12
(% PSV – Ex MCMV Level 1)
Sales Speed
(% Units)
68% of the sales in the 2Q12 refer to sales of inventory
launched before 2Q12
18% of the sold PSV refers to units launched before 2010
11. Total
(BRL'000)
% Direcional
(BRL'000)
1 Weekend Club Ponta Negra February Manaus - AM 90,960 72,768 427 Medium
2 Total Ville Manaus - Harmonia February Manaus - AM 50,050 50,000 512 Low-Income
3 Riviera Residencial Clube February Porto Velho - RO 31,800 25,440 82 Upper-Middle
4 Total Ville Bella Città - Salinas March Marituba - PA 61,875 61,869 598 Low-Income
Total 1Q12 234,685 210,077 1,619
5 Total Ville Marabá - 1stPhase April Marabá - PA 57,140 57,134 524 Low-Income
6 Garden Club - 2nd Phase June Porto Velho - RO 19,641 15,712 215 Low-Income
7 Setor Total Ville - 1stPhase June Santa Maria - DF 39,146 39,142 368 Low-Income
Total 2Q12 115,926 111,989 1,107
Total 1H12 350,612 322,066 2,726
# Units SegmentDelivered Projects - 1H12 Date City - State
PSV
11
Delivered Projects – 1H12
Delivered Projects
(2011 e 1H12)
2,726
322
+6%
1H12
1,887
2011
305
# Units PSV (Millions)
2 3
74 5 6
1
12. 12
Land Bank
58.6% large scale projects (over 1,000 units)
74.5% are eligible for the MCMV Program
75.6% acquired by physical or financial Swap
Average cost of 9.2% over PSV
BRL 6.9 Billion
66,859 units
Land Bank by Segment
(% PSV)
Land Bank 2Q12 vs 1Q12
(BRL million in PSV)
211
11161
6,895
-39
2Q12LaunchesReview of
Assumptions
Acquired
Land Bank
1Q12
6,934
Land Bank by Region
(% PSV)
In the 2Q12 Direcional
acquired two plots of
land, with PSV of BRL
160.8 million
Type of Payment
(2Q12 – % PSV)
ES
1%
AM
13%
MG
39%
RO
5%
SP
6%
PA
13%
DF
20%
RJ
1%
GO
2%
Swap
95.3% Cash4.7%
Commercial
4%
Upper-Midle
7%
Medium
35%
Low-Income
54%
13. Total % Direcional
Under Construction 742,809 647,327 90.2% 3,109 90.5%
Finished Units 88,548 70,360 9.8% 326 9.5%
Total 831,356 717,687 100.0% 3,435 100.0%
Inventory
PSV in Inventory (BRL'000)
% Units in Inventory %
13
Inventory
Only 9.8 % of the inventory are finished units
91.2% of the units under construction have already been sold
2Q12
18.4%
1Q12
7.0%
2011
36.3%
2010
17.5%
<2010
10.9%
Finished Units
9.8%
14%Midwest
Southwest 24%
North 62%
Inventory by Region
( % PSV)
Inventory by Aging
(% PSV)
21. D irecio nal IB OV IM OB
Last 10.50 58,345 838
Quarter -5.2% -15.7% -13.8%
Half Year 5.2% -4.2% 2.7%
In 2012 -2.1% -8.0% -7.3%
12 Months 1.1% -0.3% -0.4%
21
Shares Performance Since IPO
22. 22
Disclosure
This presentation contains certain forward-looking statements concerning the business prospects,
projections of operating and financial results and growth potential of the Company, which are based on
management’s current expectations and estimates of the future performance of the Company. Although the
Company believes such forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be achieved. Expectations and estimates that are based on the future
prospects of the Company are highly dependent upon market behavior, Brazil’s political and economic
situation, existing and future regulations of the industry and international markets and, therefore, are
subject to changes outside the Company’s and management’s control. The Company undertakes no
obligation to update any information contained herein or to revise any forward-looking statement as a result
of new information, future events or other information.
23. 23
Contacts
Carlos Wollenweber
CFO | IR Officer
Paulo Sousa
IR Analyst
Cristiano Faria
IR Analyst
www.direcional.com.b/ri
ri@direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450