3. Launches
MCMV 2 and 345%
Medium
55%
3
106 138
258104
102
337
262
70
3620 56
1Q15
LQM
475
1Q16
+9%
519
+87%
+417%
1Q16
LQM
3Q152Q15
101
45
4Q15
208
174
1Q15
+132%
MCMV 2 and 3MUC¹
1. MUC: Comprises projects of the middle-income, upper-middle income and commercial segments
Launches: Development
(PSV – R$ million)
Launches by Region – 1Q16
(% PSV)
Direcional launched two projects , totaling a PSV of R$ 101 million, a growth of 417% when
compared to 1Q15.
The highlight is the project Conquista Itaboraí, within the MCMV 2 and 3 segment, with a PSV of R$
45 million;
In 1Q16, launches on the MCMV 2 and 3 increased 132% in comparison to 1Q15 and 87% LTM;
4. Sales
Contracted gross sales amounted to R$ 207 million in 1Q16,
representing the best quarter performance since 4Q14;
Contracted net sales reached R$ 118 million in 1Q16, representing
an increase of 225% in comparison with the 1Q15;
The MCMV 2 and 3 segment represented 54% of the total PSV
sold during the quarter;
1Q16 LTM, sales of MCMV 2 and 3 segment reached R$ 185
million, representing an increase of 44%.
4
Southeast
63%
North16%
Midwest
21%
MCMV 2 and 3
54%
Medium33%
Upper-Middle + Commercial
13%
1. MUC: Comprises projects of the middle-income, upper-middle income and commercial segments
Contracted Net Sales: Development
(R$ million)
Sales by Segment 1Q16
(Economic Segmentation - PSV%)
Sales by Region 1Q16
(Geographic Segmentation - % PSV)
46
128
18572 57 58 55
235
242
64
98
21 15
+225%
427
+18%
1Q16
LTM
713
+44%
160 173
3Q15
93
173
36
2Q15
112
1Q15
LTM
363
682
1Q16
118
207
4Q15
39
1Q15
36
104
Gross SalesMCMV 2 and 3MUC¹
5. Sales Velocity
Sales Velocity (VSO) reached 10.9%;
Highlights to (i) the MCMV 2 and 3 segment that reached a VSO of 27% and (ii) inventory sales, which
achieved a VSO of 11.0%.
5
VSO of Development
(PSV - R$ million)
60
87
52
109
32
5251
9.4%
25.0%
15.4%
29.4%
24.3%
11.0%
5.8%
9.5%
7.0%
3.7%
10.9%
9.4%10.8%
4.2%
112
2Q15
6
3Q15
93
9.7%
104
4Q15
10
118
1Q161Q15
36
5
Sales of Launches VSO of Launches
Sales of Inventory VSO of Inventory
VSO Quarterly
6. Sales Cancellations
72% of the units arising from canceled sales in 1Q16 were
resold during the same period;
Concentration of sales cancellations in projects launched
until 2013 as well as in the Northern region.
6
546
445504
351406 391328
395
288341
72%74%78%82%84%
72%
63%63%60%59%
1Q164Q153Q152Q151Q15
Resale in the Period
% Resale (1Q16)
Resale (until 1Q16)
Cancellations
2015
7% 2014
11%
20135%
<2013
77%
North
59%
Southeast
27%
Midwest
14%
Sales Cancellations by Period of Launching
(% Units)
Sales Cancellations by Region – 1Q16
(% Units)
Sales Cancellations
(Units)
7. Inventories
989
4Q15 1Q16
990
Value Variation
and Swaps
18
Net Sales
118
Launches
101
By the end of 1Q16, Direcional had 3,255 units in inventory
totaling a PSV of R$ 990 million in terms of market value
The MCMV 2 and 3 segment represents only 17% of the total
inventory, despite the high volume of launches during the last
quarters;
7
27%
Finished Units
<2014
30%
2014
14%
2015
20%
2016
9%
26%
Southeast
North
66%
Midwest
8%
Inventory by Launch Period
(% PSV)
Inventory by Region
(% PSV)
Inventory Evolution
(R$ million)
8. Inventory - Finished Units
Decrease of 6% in the number of finished units in inventory (QoQ);
In 1Q16, Direcional sold 19% (168 units) of the units finished by the end of 2015;
26% of the inventory of finished units is comprised by hotel units, which have a low carrying cost,
since the hotel units are already operational and generate revenue.
8
847
899
116168
Concluded
Inventory 1Q16
Delivery and Sales
Cancellations Units
Gross Sales of
Concluded Units
Concluded
Inventory 4Q15
-6%
Southeast
67%
North22%
Midwest
11%
Inventory Evolution
(Units)
Finished Inventory 1Q16
(Geographic Segmentation - % PSV)
9. Land Bank – MCMV 2 and 3
Six plots of land were acquired for the MCMV 2 and 3 segment. The construction potential of these
plots is 4,529 units corresponding to a PSV of R$ 553 million;
The average cost of acquisition corresponded to 13% of the potential PSV, 96% of the payments will be
settled through swaps, which do not affect the Company’s cash position in the short term;
Accordingly, the land bank for MCMV 2 and 3 segment reached a potential PSV of R$ 4.2 billion,
represented by 45,702 units;
By the end of 1Q16, Direcional's total land bank had a development potential of 67,184 units and a PSV
of R$ 10.2 billion.
9
553
Land Bank 1Q16
4.247
Adjustment¹
12
Launches 1Q16
45
Acquisition of
Land 1Q16
Land Bank 4Q15
3.752
Southeast
38%
North
19%
Midwest43%
Land Bank MCMV 2 and 3
(Geographic Segmentation - % PSV)
Land Bank Changes MCMV 2 and 3
(R$ million)
1. Adjustment: review of the assumptions regarding prices and projects, land plots sold/canceled.
13. Cash Flow Generation
+1%
-19%
1Q16
96
72
24
4Q15
95
81
14
1Q15
118
109
9
SFH and others
"Associativo"
13
5
1Q162015
53
2014
158
2013
76
Cash Flow Generation (Cash Burn)¹
(R$ million)
Mortgage Transfers
(R$ million - cash inflow)
1. Cash flow generation: net debt variation net of dividends and share buyback programs
14. Capital Structure
14
Caixa
1Q16
561
Cash Flow
Generation
5
SFH Debt
2
Corporate
debt
55
Caixa
4Q15
499
Net Debt
Without SFH
-265
Net Debt
333
Cash and
Cash
Equivalent
561
Debt
893
SFH
597
296
Finame and Leasing
2%
Debentures
12%
Working capital
9%
Construction Financing
67%
CRI
10%
33%
29%
39%
561
893
597
296
499
836
595
241
685
915
554
361
Cash
Construction Financing (SFH)
Corporate Debt
% Corporate Debt
Dívida Líquida
Dívida Líquida/PL
18.4%13.0% 19.0%
230 337 333
1Q15 4Q15 1Q16
Gross Debt Breakdown
(% of Debt)
Capital Structure
(R$ million)
Debt
(R$ million)
Cash Burn Evolution – 1Q16
(R$ million)
15. Disclosure and Contacts
Fernando Jose Mancio Ramos
CFO | IR Officer
IR Team
www.direcional.com.b/ri
ri@direcional.com.br
(55 31) 3431-5509 (55 31) 3431-5510 (55 31) 3431-5511
15
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.
