3. Highlights
Contracted net sales in the Development business reached a
PSV of R$ 241 million in 9M15, while the low-income segment
(MCMV Program Levels 2 and 3) was responsible for 40%;
More than R$ 107 million of cash flow distributed to
shareholders, being R$ 66.9 million through dividends and
R$ 40.5 million through the share buyback program;
Solid capital structure, with net debt to equity of 21%,
one of the lowest among our peers;
In 9M15, seven land plots were acquired for
the low-income segment (MCMV Program Levels
2 and 3). The construction potential of these
plots is 4,737 units and a PSV of R$ 445 million;
By the end of 3Q15, deferred revenue
(backlog) totaled R$ 2.7 billion, most of it refers
to MCMV Level 1 projects (R$ 2.2 billion).
3
4. Launches
9M15
-50%
-79%
-24%
9M14
303
3Q15
36
2Q15
174
3Q14
72
230
Launches: Development
(PSV - R$ million)
In 3Q15, Direcional launched one project, located in Piracicaba –
SP and included in MCMV Program Levels 2 and 3. This project has
512 units and PSV of R$ 72 million, the share of Direcional is
equivalent to R$ 36 million;
In 9M15, 55% of launches were targeted at the low-income
segment.
Launches by Region - 9M15
(% PSV)
61%
Southeast
Midwest
39%
Launches by Segment - 9M15
(% PSV)
Medium
24%
Upper-Middle
Low-Income 22%
55%
4
5. Contracted Net Sales
+47%
-17%
-20%
9M15
241
9M14
300
3Q15
93
2Q15
112
3Q14
63
Contracted Net Sales: Development
(PSV R$ million)
Contracted net sales reached R$ 93 million in 3Q15, a 47%
growth compared to 3Q14;
36% of the sales made in 3Q15 are comprised by inventory units
from projects launched before 2013;
In 9M15, the Low-Income segment reached 40% of total sales,
and projects located in the southeast region represented 41% of
the total sales;
The northern region was responsible for 30% of sales in 9M15,
even though it had no launches in the period.
Southeast
41%
North
30%
Midwest
29%
Sales by Region – 9M15
(% PSV)
19%
Upper-Middle / Commercial
Low-Income Medium
41%40%
Sales by Segment – 9M15
(% PSV)
5
6. Sales Cancellations
Sales Cancellations by Region – 9M15
(% Units)
Sales Cancellations by Period of Launching – 9M15
(% Units)
Sales Cancellations and Resale of Cancelled Units
(Units)
1,261
1,862
504
351406
633617632
872
318245309
511516553
1,600
86%
63%70%76%81%84%88%
69%
74%63%
60%59%
70%64%
75%
+44%
-18%
-32%
9M154Q143Q142Q14 2Q151Q15 9M143Q15
<2012
68% 2015
2%
201412%
2012
6%
11% 2013
23%
17%
Midwest
Southeast
North
59%
63% of the units arising from canceled sales in 3Q15 were
resold in the same period. This ratio was 69% for the 9M15;
Decrease of 32% in the volume of units arising from canceled
sales in 9M15 yoy;
In 3Q15, sales cancellations totaled R$ 80 million, in line with
the same period 3Q14. When compared to 2Q15, there was growth
of 65%;
Concentration of cancellations in projects launched until 2012 as
well as in the Northern region.
6Resale in the PeriodResale (until 3Q15)Cancellations % Resale (until 3Q15)
7. Inventories
Inventory by Region
(% PSV)
Inventory Evolution – 9M15
(PSV R$ million)
Inventory by Launch Period
(% PSV)
9M15
897
Price
adjustment
and swaps
62
Net Sales
241
Launches
230
2014
846
Finished Units
26%
<2012
14%
201220%
2013
5%
2014
19%
2015
15%
Midwest
Southeast56%32%North
13%
By the end of 3Q15, Direcional had 2,960 units in inventory
totaling a PSV of R$ 897 million in terms of market value;
Reduction of R$ 28 million in PSV in inventories during the 3Q15;
Reduction of R$ 38 million (12%) in inventories in the Northern
region, when compared to the end of 2014.
7
8. Inventory - Finished Units
Inventory Evolution
(Units)
Finished Inventory
(Geographic Segmentation - % PSV)
18%
Southeast
60% North22%
Midwest
Direcional presented a high turnover of its inventory of finished
units. Over the 9M15, Direcional sold 46% of the units that were
concluded by the end of 2014;
Reduction of R$ 33 million in finished inventory of the Northern
region during 9M15, representing a reduction of 39%;
27% of the inventory of finished units is comprised by hotel units,
which have a low carrying cost.
8
341
424
822
739
Concluded
Inventory 9M15
Delivery and Sales
Cancellations Units
Gross Sales of
Concluded Units
Concluded
Inventory 2014
13%
Southeast 47%
North
40%
Midwest
Finished Inventory 2014
(Geographic Segmentation - % PSV)
13. Capital Structure
Capital Structure
(R$ million)
Gross Debt Breakdown
(% of Debt)
FINAME and Leasing4.0%
Debentures
20.5%
Working Capital
0.4%
SFH
69.0%
CRI
10.0%
13
Dividends Cash
3Q15
504
Cash Burn
31
SFH Debt
45
Corporate
debt
28
Buyback
Program
6
40
Cash
2Q15
563
Cash Position Changes - 3Q15
(R$ million)
Net Debt
Without SFH
-233
Net Debt
369
Cash and
Cash
Equivalent
504
Debt
873
SFH
602
271
Debt
(R$ million)
201
Net Debt
11.4% 16.6% 21.0%
Net Debt/Equity
292 369
31%
35%
40%
3Q15
504
873
2Q15
563
855
3Q14
718
919
% Corporate Debt
Cash
Corporate Debt
31%
35%
40%
602
2Q15
299
557
3Q14
367
552
3Q15
271
SFH
14. Buyback program
Direcional concluded its repurchase program in this quarter (3Q15), with the acquisition of 1.5
million shares, at an average price of R$ 3.63, totaling a disbursement of R$ 5.6 million. In 9M15,
7.0 million shares were repurchased, with total disbursement of R$ 40.5 million.
14
Total Approved 7,034,205
Total Runs 7,034,205
% Executed 100%
Plan Buyback (Status until 9/30/2015)
15. Disclosure and Contacts
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.
www.direcional.com.b/ri
ri@direcional.com.br
(55 31) 3431-5509
(55 31) 3431-5510
(55 31) 3431-5511
Fernando José Mancio Ramos
CFO | IR Officer
IR Office
15
