ApresentaçãO 4 T07 Eng

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ApresentaçãO 4 T07 Eng

  1. 1. EARNINGS RELEASE PRESENTATION 4Q07 e 2007
  2. 2. 1 – Main Messages • 2007 – Launching Guidance exceeded (R$1.26 billion) – Solid speed of sales – Land Bank doubled (vs. IPO), with swap rate maintained above 85% – Revenues, Income and Margins in noticeable expansion – Cash Position highly positive (R$149.0 million in Net Cash) – Beginning of geographic expansion • 2008 – Sale of Phase 1 of Ventura guarantees Contracted Sales and Revenues for 1Q08 (if recognized in 2007, CCDI would exceed all expectations) – 25.7% Capital increase in HM, resulting is a 76.7% ownership interest, strengthening operations in the low-income segment
  3. 3. 2 – Operational Performance Launchings R$MM Contracted Sales R$MM 3,000 383.8 +184% +47% +178% 2,100 1,260 176.8 171.2 453 211 55 2004 2005 2006 2007 2008E 2009E 2005 2006 2007 Average Price of Units Launched (R$ 000) Average Price of Units Sold (R$ 000) 498.2 497.0 -42% -32% 337.0 290.2 2006 2007 2006 2007
  4. 4. 3 – Low-income and Economic • Low-Income (R$40,000 to R$100,000 per unit) – Acquisition of 51% of HM on August, 2007 – Valuation: R$60MM (100%); – 2 developments launched (R$63.8MM); – Land bank of R$1.0BN; – Capital Increase for additional 25.7% stake on HM - March, 2008. • Economic (R$100,000 to R$200,000 per unit) – R$250.0 million already launched in 6 projects; – Exceptional speed of sales (Innova phase 1 and 2: 100% sold in 50 days) – Land bank of R$1.7BN.
  5. 5. 4 – Geographical Diversification Regional Office due in 2008 PE Regional Office Land Bank Regional Office due in 2008 Land Bank MG ES SP Regional Office PR RJ AAA office building Regional Land Bank Office due in 2008 Headquarters Launchings from 2003 Extensive Land Bank
  6. 6. 5 – Land Bank Land Bank (PSV - R$MM) • Land acquisitions through 100% CCDI swap maintained 9,937 Cash – Land Bank practically doubled 15% after IPO Swaps – CCDI current land bank swap +95% rate is 85% 5,100 10% 85% 90% IPO CURRENT
  7. 7. 6 – Land Bank Type of Land (PSV - R$MM) Geographic Diversification (PSV - R$MM) Land Bank – 100% CCDI Land Bank – 100% CCDI 573.0% 1,120.0% (5.8%) (11.3%) 144.0% 1,556.0% 1,556.0% (1.4%) (15.7%) (15.7%) 4,064.0% 505.0% (5.1%) (40.9%) 7,118.0% 3,239.0% (71.6%) (32.6%) Residential SP - Capital Residential - Leisure RMSP Commercial SP - Inner estate Lots SP - Shore line Other regions
  8. 8. 7 – Land Bank Type of Land (PSV - R$MM) Geographic Diversification (PSV - R$MM) Residential Land Bank – 100% CCDI Residential Land Bank – 100% CCDI 573.0% (6.6%) 1,556.0% 2,333.0% 2,277.0% (17.9%) (26.9%) (26.2%) 505.0% 2,994.0% (5.8%) (34.5%) 866.0% (10.0%) 1,505.0% (17.3%) 3,047.0% 1,694.0% (35.1%) (19.5%) Low-Income - until R$100,000 SP - Capital Economic - R$100,000 to R$200,000 RMSP Medium - R$200,000 to R$350,000 SP - Inner estate Mid-High - R$350,000 to R$500,000 SP - Shore line High and Luxury -over R$500,000 Other regions
  9. 9. 8 – Financial Performance Gross Revenues (R$MM) Net Revenues (R$MM) 240.1 230.2 +175% +83% 174.1% +84% 131.1 125.3 105.9 101.2 +134% 132.8% 38.5 45.2 36.9 43.5 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007 Gross Income (R$MM) Gross Margin (%) 62.6 +10.2 p.p. +7.0 p.p. 318.7% 28.2% 29.6% +148% 27.2% 29.9 19.4% +1.4 p.p. 20.2% 25.3 144.5% 12.2 7.1 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007
  10. 10. 9 – Financial Performance Gross Income Reconciliation (R$MM) • Reconciliation to 240.1 233.0 reflect accounting practices of other 77.4 real estate 62.6 +24% players, for comparison Gross Gross Gross Income Gross Income Revenues Revenues (Reported) (Reconciled) purposes (Reported) (Reconciled) Gross Margin Reconciliation (%) +7.0 p.p. 36.5 34.5 29.5 27.2 +7.3 p.p. 4Q07 4Q07 2007 2007 (Reported) (Reconcil.) (Reported) (Reconcil.)
  11. 11. 10 – Financial Performance Net Income (R$MM) Adjusted Net Income (R$MM) +17% 33.4 8.7 7.5 +26% 6.1 27.3 +1,291% 9.4 2.4 +155% 0.7 7.5 8.7 2.4 6.1 -2.8 4Q06 3Q07 4Q07* 2006 2007* -2.8 4Q06 3Q07 4Q07 2006 2007 Adjusted EBITDA (R$MM) 12.5 10.5 7.9 +58.2% +323.9% *Adjusted to non-recurring 2.5 1.1 IPO’s expenses 4Q06 3Q07* 4Q07* 2006 2007*
  12. 12. 11 – Financial Performance Revenues to be Recognized (R$MM) Results to be Recognized (R$MM) +27.6% +31.6% +41.0% +50.5% 365.5 365.5 99.6 99.6 286.4 75.7 +80.0% +98.0% 203.1 203.1 50.3 50.3 4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007 Margin over Revenues of Sales to be Recognized (%) 27.3% 27.3% 24.8% 24.4% 24.8% +2.50 p.p. 4Q06 3Q07 4Q07 2006 2007
  13. 13. 12 – Financial Performance • “Ventura Corporate Towers” Factor – Option sold on Dez/07 and exercised on Jan/08 – If the option were exercised and recognized on 2007, CCDI would exceed all expectations Reported Adjusted (without Ventura) (with Ventura) PSV Launched (R$MM) 1,260 1,260 Contracted Sales (R$MM) 383.8 569.5 Net Revenues (R$MM) 230.2 370.5 Gross Income (R$MM) 50.6 116.4 Gross Margin (%) 27.2 31.4

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