- The document provides an overview of a company's 1Q13 earnings conference call, including highlights of financial performance, operational results, and recent developments.
- Revenue declined year-over-year due to lower seasonal activity and higher sales cancellations. Operating results have not yet reflected margins due to legacy project resolutions and structural changes.
- Cash generation was positive in 1Q13, with increased launch activity and land purchases to result in neutral operating cash flow for 2013. The new Tenda business model focuses on minimizing costs and balance sheet risk while maintaining construction quality.
In the first quarter of 2013:
- BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA grew 136% to R$212.1 million.
- The company's portfolio value reached R$14.03 billion and financial vacancy was 8.9%, impacted by a recently delivered building that is still leasing up.
- BR Properties saw its stock price fall 4% over the quarter but trading volume increased significantly.
In the first quarter of 2013:
- BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA rose 136% to R$212.1 million.
- The company's portfolio value reached R$14.03 billion with 63% comprised of office properties. Financial vacancy was 8.9% while physical vacancy was 4.7%.
- Net income totaled R$90.9 million. Adjusted FFO excluding non-cash items was R$77.2 million, with an adjusted FFO margin of 34%.
- The company reported strong interim results for H1 2015, with adjusted operating profit up 16% and adjusted earnings per share up 19%.
- Banking continued to perform well, with adjusted operating profit up 19% driven by loan book growth and lower bad debts.
- Securities adjusted operating profit was down 23% due to difficult market conditions and lower trading volumes.
- Asset Management saw steady progress with adjusted operating profit up 59% and assets under management growing 5%.
- The company declared a $0.75 dividend per share for the second quarter of 2017, consistent with dividends over the previous seven quarters.
- It expanded its business development and accounting teams and concluded a non-binding open season for its MoGas Pipeline.
- It amended and restated its credit facility, repaying its term loan to reduce leverage ratios.
Manitowoc sun trust industrial conference 6-22-2017_bp presentation finalManitowocCompany
The document discusses forward-looking statements and non-GAAP measures used by The Manitowoc Company. It summarizes Manitowoc's performance in Q1 2017, including a 56% increase in backlog and new product orders accounting for nearly half of total orders. It also outlines Manitowoc's strategic priorities such as margin expansion, growth, and innovation through actions like cost management and new product development.
- The company reported a 9% year-over-year increase in orders and a 25% increase in backlog for Q2 2017. Adjusted EBITDA remained flat at $25 million despite a 13.8% decrease in revenue.
- For the full year 2017, the company updated guidance to project revenue to decline 5-7% year-over-year and adjusted EBITDA to be between $59-69 million, an improvement from prior guidance.
- The company is making progress on strategic priorities including new product development, cost management actions, margin expansion initiatives, and embedding process improvements.
The document summarizes the interim results of an unnamed company for the first half of 2014. It highlights that the company delivered strong performance across its three divisions, with adjusted operating profit up 21% to £97 million. All key financial metrics improved over the same period last year. The company also maintained a strong capital position and is well positioned for continued future growth.
This project helps you to make a good project for accountancy in your board practicals and to get good marks. You will get all the three projects i.e. Comprehensive project , Specific project 1 (Segment reporting) , Specific project 2 (Cash flow statement analysis).
And hope that this will help you and you all found it helpful and good :)
In the first quarter of 2013:
- BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA grew 136% to R$212.1 million.
- The company's portfolio value reached R$14.03 billion and financial vacancy was 8.9%, impacted by a recently delivered building that is still leasing up.
- BR Properties saw its stock price fall 4% over the quarter but trading volume increased significantly.
In the first quarter of 2013:
- BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA rose 136% to R$212.1 million.
- The company's portfolio value reached R$14.03 billion with 63% comprised of office properties. Financial vacancy was 8.9% while physical vacancy was 4.7%.
- Net income totaled R$90.9 million. Adjusted FFO excluding non-cash items was R$77.2 million, with an adjusted FFO margin of 34%.
- The company reported strong interim results for H1 2015, with adjusted operating profit up 16% and adjusted earnings per share up 19%.
- Banking continued to perform well, with adjusted operating profit up 19% driven by loan book growth and lower bad debts.
- Securities adjusted operating profit was down 23% due to difficult market conditions and lower trading volumes.
- Asset Management saw steady progress with adjusted operating profit up 59% and assets under management growing 5%.
- The company declared a $0.75 dividend per share for the second quarter of 2017, consistent with dividends over the previous seven quarters.
- It expanded its business development and accounting teams and concluded a non-binding open season for its MoGas Pipeline.
- It amended and restated its credit facility, repaying its term loan to reduce leverage ratios.
Manitowoc sun trust industrial conference 6-22-2017_bp presentation finalManitowocCompany
The document discusses forward-looking statements and non-GAAP measures used by The Manitowoc Company. It summarizes Manitowoc's performance in Q1 2017, including a 56% increase in backlog and new product orders accounting for nearly half of total orders. It also outlines Manitowoc's strategic priorities such as margin expansion, growth, and innovation through actions like cost management and new product development.
- The company reported a 9% year-over-year increase in orders and a 25% increase in backlog for Q2 2017. Adjusted EBITDA remained flat at $25 million despite a 13.8% decrease in revenue.
- For the full year 2017, the company updated guidance to project revenue to decline 5-7% year-over-year and adjusted EBITDA to be between $59-69 million, an improvement from prior guidance.
- The company is making progress on strategic priorities including new product development, cost management actions, margin expansion initiatives, and embedding process improvements.
The document summarizes the interim results of an unnamed company for the first half of 2014. It highlights that the company delivered strong performance across its three divisions, with adjusted operating profit up 21% to £97 million. All key financial metrics improved over the same period last year. The company also maintained a strong capital position and is well positioned for continued future growth.
This project helps you to make a good project for accountancy in your board practicals and to get good marks. You will get all the three projects i.e. Comprehensive project , Specific project 1 (Segment reporting) , Specific project 2 (Cash flow statement analysis).
And hope that this will help you and you all found it helpful and good :)
Direcional reported strong results for 1Q13, with record launches and sales. Launches increased 193% year-over-year to R$420 million, driven by the MCMV Level 1 segment. Sales grew even faster at 300% to R$530 million, with the sales-over-supply ratio reaching 40.7%. Adjusted net income increased 5% to R$57 million despite a slight decline in margin. Inventory fell 17% overall and 18.6% for completed units. The company also provided details on its debenture issue and reiterated forward-looking statements and contact information.
- Tinuum distributions to ADES during the second quarter totaled $10.5 million, in line with expectations.
- Net income for the quarter was $6.4 million or $0.29 per diluted share.
- Cash position increased by $13.2 million from the end of 2016 to $26.4 million as of June 30, 2017.
- Oshkosh Corporation provides a summary of its business and recent performance. It is a leading provider of specialty vehicles including access equipment, defense vehicles, fire & emergency vehicles, and commercial vehicles.
- In Q2 2017, revenue grew 6.2% and adjusted EPS was $0.76, meeting expectations. The outlook for the full year was increased to adjusted EPS of $3.20 to $3.50.
- Oshkosh has a strategy called MOVE to evolve and deliver more value through focusing on customers, optimizing costs, leading in innovation, and growing internationally.
Markit reported financial results for Q4 and full year 2014 with revenue increasing 11.3% and 12.4%, respectively. Adjusted EBITDA grew 15% in Q4 and 15.9% for the full year. All business segments saw revenue growth in 2014, with Solutions growing the fastest at 31.7% followed by Processing at 7.4% and Information at 5.9%. Net debt was reduced by 36.3% through strong operating cash flow and capital expenditure control.
This document summarizes Trinseo's performance in the first quarter of 2016. It notes that Adjusted EBITDA excluding inventory revaluation reached a record $153 million. Full year 2016 guidance for Adjusted EBITDA excluding inventory revaluation is provided as $570-590 million. Additionally, free cash flow for Q1 2016 was $63 million and full year 2016 free cash flow guidance is $290 million excluding changes in working capital. The document also provides an overview of Trinseo's financial performance and guidance for the second quarter of 2016.
This document provides an overview and agenda for GAM Holding AG's results and review presentation for the first half of 2013. It includes the following:
- H1 2013 saw strong profit growth and continued business development, with underlying net profit up 58% and average AuM up 8%.
- Changes in disclosure and financial results reporting were introduced to better reflect how the business is managed as one integrated group.
- The agenda outlines sections on the H1 overview, changes in disclosure, financial results, business updates, outlook and Q&A.
- Forward-looking statements are provided but subject to risks and uncertainties that could materially impact results.
Klöckner & Co - Roadshow Presentation August 2012Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that saw turnover increase 5.7% year-over-year in Q2 2012 driven by acquisitions and organic growth in the US. However, the worsening market environment in Europe makes achieving last year's EBITDA unlikely. The company has significantly expanded the scope of its restructuring measures, closing 11 sites in Spain and about 10 sites in France. Net income was negatively impacted by €17 million in restructuring costs and €30 million in impairments.
This document contains ratio analyses for the years 2015 and 2014. Ratio analyses are used to evaluate a firm's financial performance in key areas like short-term solvency, debt management, asset management, profitability, and market value. The document provides calculations for liquidity ratios, debt ratios, profitability ratios, and marketability ratios for both years. These ratios indicate the company's ability to meet short-term obligations, use of debt financing, operating efficiency, and stock valuation.
InfraREIT reported solid Q1 2017 results with increases in lease revenue and net income in line with expectations. However, some non-GAAP measures were mixed. Non-GAAP EPS decreased slightly to $0.30 per share due to growth in operating expenses offsetting increased lease revenue. Adjusted EBITDA increased 7% to $40.8 million due to lease revenue growth. Capital expenditures were $52 million for ongoing system upgrades and to accommodate load growth in the service territory.
The document provides an overview of the banking sector from multiple perspectives including business segments, macroeconomic factors, asset-liability structures, revenue drivers, performance ratios, risk management, capital adequacy frameworks like Basel, and analytical tools like stress testing and scenario analysis. It discusses the various risks banks are exposed to and how they are measured and managed.
SGS Transports & Industrials Conference March 22 2017 ManitowocCompany
The document discusses The Manitowoc Company, Inc. and its presentation at the SGS TRANSPORTS & INDUSTRIALS CONFERENCE on March 22, 2017. It contains forward-looking statements regarding the company's future performance and non-GAAP measures used to discuss performance. The presentation highlights Manitowoc as a leading global crane manufacturer that is well-positioned to capitalize on opportunities when markets improve. It is executing on strategic priorities to improve margins, earnings, and cash flow with a proven and operationally-focused team. Manitowoc is in the early stages of transforming to a higher-quality and higher-margin crane company compared to its peers.
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co SE
The document discusses Klöckner & Co SE's financial results for the second quarter of 2012, including a 5.7% increase in turnover driven by acquisitions and organic growth. It also provides an update on the company's restructuring efforts to adapt to declining demand in Europe, which includes expanding measures and closing additional sites. The summary also outlines Klöckner & Co SE's overall financial position, with a strong balance sheet and stable net working capital.
- Klöckner & Co SE is a leading multi-metal distributor based in Germany that presented at the German Corporate Forum in London on October 1, 2012.
- In Q2 2012, sales increased 4.2% year-over-year but EBITDA declined due to restructuring expenses of €17 million mainly related to structural changes in Spain.
- The company expanded restructuring measures significantly in response to a 25% decline in steel demand from peak levels and overcapacity in distribution. Measures aimed to adapt the business and position it for potential recovery.
AU Optronics Corp. (AUO) reported its fourth quarter 2012 results with consolidated net sales of NT$99.4 billion, a 3.3% quarter-over-quarter decrease. AUO reported a net loss of NT$13.2 billion for the quarter, a 20.1% increase in net loss compared to the same quarter last year. Total shipments for large-sized panels decreased 6.7% quarter-over-quarter to 331.0 million square meters. AUO's cash and cash equivalents decreased by 14.8% to NT$77.4 billion from the same quarter in 2011.
Klöckner & Co SE reported financial results for Q3 2012 that were below expectations due to continued price pressure reducing margins. While sales declined slightly in Europe but grew in the US, overall group sales were flat for Q3 year-over-year. EBITDA of €19m missed guidance due to price declines in September. The company plans to significantly expand the scope of its restructuring program to close approximately 60 sites, reduce headcount by over 1,800, and increase annual EBITDA by around €150m once fully implemented in 2014.
Masco Corporation reported second quarter 2014 results with revenue growth of 5% and adjusted operating profit growth of 21%. Strong operating leverage led to a 140 basis point increase in adjusted operating margin. Cabinet sales declined 5% but initiatives are being executed to improve long-term performance. The outlook calls for continued execution of sales and profit initiatives despite lower industry growth.
Accounting Standard 25 outlines the requirements for interim financial reporting in India. It prescribes that interim reports include a condensed balance sheet, condensed statement of profit and loss, and condensed cash flow statement. The standard also describes that interim reports should apply the same recognition and measurement principles as annual financial reports and include any significant changes to estimates from prior interim periods.
The document discusses Klöckner & Co SE's Q2 2012 results, noting that turnover increased 5.7% year-over-year driven by acquisitions and organic growth in the US, while EBITDA was €50 million which met guidance despite restructuring expenses of €17 million and a worsening market environment in Europe. It also provides an update on the company's restructuring measures in response to declining steel demand and overcapacity, including structural changes and site closures in Spain and France.
Gafisa is a Brazilian real estate developer that has undergone a strategic shift since 2011 to focus on profitable opportunities in core markets and reduce leverage. It completed the first stage of its turnaround in 2012 through measures like reducing launches and prioritizing cash flow. Gafisa entered 2013 with improved liquidity and recently agreed to sell a 70% stake in its subsidiary Alphaville to private equity firms for $1.4 billion, which will significantly reduce its debt levels. The transaction maintains Gafisa's 30% stake in Alphaville and positions it for future growth opportunities while improving its balance sheet.
Itaú corretora meeting with buy-side analysts on accounting for the sector ...Gafisa RI !
The document discusses key accounting practices used by Gafisa, a Brazilian real estate company. It explains that Gafisa uses the percentage of completion method to recognize revenues over time as construction progresses. It also uses special purpose entities (SPEs) for real estate investments to address third party interests, construction financing requirements, and tax/accounting matters. The legal structure involves Gafisa holding ownership stakes in multiple SPEs, which in turn hold ownership positions in joint venture projects with other real estate developers.
Alphaville presented its corporate presentation which included:
1) An overview of Alphaville's history, products, national presence and key highlights including its strong brand, experience, and national partnerships.
2) Details on Alphaville's unique business model which relies on partnerships, efficient construction processes, and a proprietary sales process to ensure high sales velocity and profitability with low cash exposure.
3) Financial highlights demonstrating Alphaville's consistent growth and profitability with high margins, returns, and solid increases in launches, sales, and profits over recent years.
Deutsche bank global emerging markets conferenceGafisa RI !
Gafisa reported strong results for 2Q06, with launches up 151% and pre-sales up 168% compared to 2Q05. While current results are being positively impacted by previous years' launches, Gafisa has a large backlog of over R$243mm in revenues and profits to recognize in future periods. Gafisa is also well positioned to take advantage of the growing Brazilian housing market, supported by favorable demographics and increasing availability of mortgage financing from commercial banks.
Direcional reported strong results for 1Q13, with record launches and sales. Launches increased 193% year-over-year to R$420 million, driven by the MCMV Level 1 segment. Sales grew even faster at 300% to R$530 million, with the sales-over-supply ratio reaching 40.7%. Adjusted net income increased 5% to R$57 million despite a slight decline in margin. Inventory fell 17% overall and 18.6% for completed units. The company also provided details on its debenture issue and reiterated forward-looking statements and contact information.
- Tinuum distributions to ADES during the second quarter totaled $10.5 million, in line with expectations.
- Net income for the quarter was $6.4 million or $0.29 per diluted share.
- Cash position increased by $13.2 million from the end of 2016 to $26.4 million as of June 30, 2017.
- Oshkosh Corporation provides a summary of its business and recent performance. It is a leading provider of specialty vehicles including access equipment, defense vehicles, fire & emergency vehicles, and commercial vehicles.
- In Q2 2017, revenue grew 6.2% and adjusted EPS was $0.76, meeting expectations. The outlook for the full year was increased to adjusted EPS of $3.20 to $3.50.
- Oshkosh has a strategy called MOVE to evolve and deliver more value through focusing on customers, optimizing costs, leading in innovation, and growing internationally.
Markit reported financial results for Q4 and full year 2014 with revenue increasing 11.3% and 12.4%, respectively. Adjusted EBITDA grew 15% in Q4 and 15.9% for the full year. All business segments saw revenue growth in 2014, with Solutions growing the fastest at 31.7% followed by Processing at 7.4% and Information at 5.9%. Net debt was reduced by 36.3% through strong operating cash flow and capital expenditure control.
This document summarizes Trinseo's performance in the first quarter of 2016. It notes that Adjusted EBITDA excluding inventory revaluation reached a record $153 million. Full year 2016 guidance for Adjusted EBITDA excluding inventory revaluation is provided as $570-590 million. Additionally, free cash flow for Q1 2016 was $63 million and full year 2016 free cash flow guidance is $290 million excluding changes in working capital. The document also provides an overview of Trinseo's financial performance and guidance for the second quarter of 2016.
This document provides an overview and agenda for GAM Holding AG's results and review presentation for the first half of 2013. It includes the following:
- H1 2013 saw strong profit growth and continued business development, with underlying net profit up 58% and average AuM up 8%.
- Changes in disclosure and financial results reporting were introduced to better reflect how the business is managed as one integrated group.
- The agenda outlines sections on the H1 overview, changes in disclosure, financial results, business updates, outlook and Q&A.
- Forward-looking statements are provided but subject to risks and uncertainties that could materially impact results.
Klöckner & Co - Roadshow Presentation August 2012Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that saw turnover increase 5.7% year-over-year in Q2 2012 driven by acquisitions and organic growth in the US. However, the worsening market environment in Europe makes achieving last year's EBITDA unlikely. The company has significantly expanded the scope of its restructuring measures, closing 11 sites in Spain and about 10 sites in France. Net income was negatively impacted by €17 million in restructuring costs and €30 million in impairments.
This document contains ratio analyses for the years 2015 and 2014. Ratio analyses are used to evaluate a firm's financial performance in key areas like short-term solvency, debt management, asset management, profitability, and market value. The document provides calculations for liquidity ratios, debt ratios, profitability ratios, and marketability ratios for both years. These ratios indicate the company's ability to meet short-term obligations, use of debt financing, operating efficiency, and stock valuation.
InfraREIT reported solid Q1 2017 results with increases in lease revenue and net income in line with expectations. However, some non-GAAP measures were mixed. Non-GAAP EPS decreased slightly to $0.30 per share due to growth in operating expenses offsetting increased lease revenue. Adjusted EBITDA increased 7% to $40.8 million due to lease revenue growth. Capital expenditures were $52 million for ongoing system upgrades and to accommodate load growth in the service territory.
The document provides an overview of the banking sector from multiple perspectives including business segments, macroeconomic factors, asset-liability structures, revenue drivers, performance ratios, risk management, capital adequacy frameworks like Basel, and analytical tools like stress testing and scenario analysis. It discusses the various risks banks are exposed to and how they are measured and managed.
SGS Transports & Industrials Conference March 22 2017 ManitowocCompany
The document discusses The Manitowoc Company, Inc. and its presentation at the SGS TRANSPORTS & INDUSTRIALS CONFERENCE on March 22, 2017. It contains forward-looking statements regarding the company's future performance and non-GAAP measures used to discuss performance. The presentation highlights Manitowoc as a leading global crane manufacturer that is well-positioned to capitalize on opportunities when markets improve. It is executing on strategic priorities to improve margins, earnings, and cash flow with a proven and operationally-focused team. Manitowoc is in the early stages of transforming to a higher-quality and higher-margin crane company compared to its peers.
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co SE
The document discusses Klöckner & Co SE's financial results for the second quarter of 2012, including a 5.7% increase in turnover driven by acquisitions and organic growth. It also provides an update on the company's restructuring efforts to adapt to declining demand in Europe, which includes expanding measures and closing additional sites. The summary also outlines Klöckner & Co SE's overall financial position, with a strong balance sheet and stable net working capital.
- Klöckner & Co SE is a leading multi-metal distributor based in Germany that presented at the German Corporate Forum in London on October 1, 2012.
- In Q2 2012, sales increased 4.2% year-over-year but EBITDA declined due to restructuring expenses of €17 million mainly related to structural changes in Spain.
- The company expanded restructuring measures significantly in response to a 25% decline in steel demand from peak levels and overcapacity in distribution. Measures aimed to adapt the business and position it for potential recovery.
AU Optronics Corp. (AUO) reported its fourth quarter 2012 results with consolidated net sales of NT$99.4 billion, a 3.3% quarter-over-quarter decrease. AUO reported a net loss of NT$13.2 billion for the quarter, a 20.1% increase in net loss compared to the same quarter last year. Total shipments for large-sized panels decreased 6.7% quarter-over-quarter to 331.0 million square meters. AUO's cash and cash equivalents decreased by 14.8% to NT$77.4 billion from the same quarter in 2011.
Klöckner & Co SE reported financial results for Q3 2012 that were below expectations due to continued price pressure reducing margins. While sales declined slightly in Europe but grew in the US, overall group sales were flat for Q3 year-over-year. EBITDA of €19m missed guidance due to price declines in September. The company plans to significantly expand the scope of its restructuring program to close approximately 60 sites, reduce headcount by over 1,800, and increase annual EBITDA by around €150m once fully implemented in 2014.
Masco Corporation reported second quarter 2014 results with revenue growth of 5% and adjusted operating profit growth of 21%. Strong operating leverage led to a 140 basis point increase in adjusted operating margin. Cabinet sales declined 5% but initiatives are being executed to improve long-term performance. The outlook calls for continued execution of sales and profit initiatives despite lower industry growth.
Accounting Standard 25 outlines the requirements for interim financial reporting in India. It prescribes that interim reports include a condensed balance sheet, condensed statement of profit and loss, and condensed cash flow statement. The standard also describes that interim reports should apply the same recognition and measurement principles as annual financial reports and include any significant changes to estimates from prior interim periods.
The document discusses Klöckner & Co SE's Q2 2012 results, noting that turnover increased 5.7% year-over-year driven by acquisitions and organic growth in the US, while EBITDA was €50 million which met guidance despite restructuring expenses of €17 million and a worsening market environment in Europe. It also provides an update on the company's restructuring measures in response to declining steel demand and overcapacity, including structural changes and site closures in Spain and France.
Gafisa is a Brazilian real estate developer that has undergone a strategic shift since 2011 to focus on profitable opportunities in core markets and reduce leverage. It completed the first stage of its turnaround in 2012 through measures like reducing launches and prioritizing cash flow. Gafisa entered 2013 with improved liquidity and recently agreed to sell a 70% stake in its subsidiary Alphaville to private equity firms for $1.4 billion, which will significantly reduce its debt levels. The transaction maintains Gafisa's 30% stake in Alphaville and positions it for future growth opportunities while improving its balance sheet.
Itaú corretora meeting with buy-side analysts on accounting for the sector ...Gafisa RI !
The document discusses key accounting practices used by Gafisa, a Brazilian real estate company. It explains that Gafisa uses the percentage of completion method to recognize revenues over time as construction progresses. It also uses special purpose entities (SPEs) for real estate investments to address third party interests, construction financing requirements, and tax/accounting matters. The legal structure involves Gafisa holding ownership stakes in multiple SPEs, which in turn hold ownership positions in joint venture projects with other real estate developers.
Alphaville presented its corporate presentation which included:
1) An overview of Alphaville's history, products, national presence and key highlights including its strong brand, experience, and national partnerships.
2) Details on Alphaville's unique business model which relies on partnerships, efficient construction processes, and a proprietary sales process to ensure high sales velocity and profitability with low cash exposure.
3) Financial highlights demonstrating Alphaville's consistent growth and profitability with high margins, returns, and solid increases in launches, sales, and profits over recent years.
Deutsche bank global emerging markets conferenceGafisa RI !
Gafisa reported strong results for 2Q06, with launches up 151% and pre-sales up 168% compared to 2Q05. While current results are being positively impacted by previous years' launches, Gafisa has a large backlog of over R$243mm in revenues and profits to recognize in future periods. Gafisa is also well positioned to take advantage of the growing Brazilian housing market, supported by favorable demographics and increasing availability of mortgage financing from commercial banks.
4Q09 and fy09 Conference Call TranscriptionGafisa RI !
This transcript summarizes a conference call between Gafisa executives and investors to discuss the company's 4Q09 results.
[1] Gafisa successfully navigated the economic downturn in 2009 and is now poised for growth with a strengthened business structure including three respected brands covering all income segments and an expanded geographic reach.
[2] In 4Q09, Gafisa achieved record quarterly launches and sales of over R$1 billion each, nearly double the prior year period. For the full year, sales slightly exceeded guidance while margins improved.
[3] Looking ahead, Gafisa expects the favorable market conditions from late 2009 to continue into 2010, guiding for launches of R$4
1) Gafisa reported strong results in 1Q10 with launches up 339% and net revenues up 67% compared to 1Q09. Backlog of revenues to be recognized was R$1.03 billion, up 2.7% from 1Q09.
2) Key operational and financial highlights included increased sales velocity at Tenda, diversified high-quality land bank, and SG&A improvement with better expense ratios over top lines.
3) Recent developments positively positioned Gafisa for continued growth, such as the follow-on equity offering and expansion of the Minha Casa Minha Vida program.
The document provides an overview of Gafisa S.A., a Brazilian real estate developer, including:
1) Gafisa has grown significantly since 2004 through both organic growth and acquisitions. It focuses on core market regions in Brazil.
2) In 2012, Gafisa prioritized deleveraging and cash generation by reducing launch volumes and focusing on core regions.
3) Gafisa has agreed to sell a 70% stake in its subsidiary Alphaville to investment firms Blackstone and Patria for $1.4 billion, reducing its leverage significantly.
4) Post-transaction, Gafisa will have a more flexible balance sheet and be better positioned to focus
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
- The document provides an overview of a company's 1Q13 earnings conference call, including highlights of financial performance, operational results, and recent developments.
- Revenue declined year-over-year due to lower seasonal activity and higher sales cancellations. Operating results have not yet reflected margins due to legacy project resolutions and structural changes.
- Cash generation was positive in 1Q13, with increased launch activity and land purchases to result in neutral operating cash flow for 2013. The new Tenda business model focuses on minimizing costs and balance sheet risk while maintaining construction quality.
Itaú corretora meeting with buy-side analysts on modeling the industry - ap...Gafisa RI !
The document outlines assumptions and a workflow for modeling the financial projections of Brazilian homebuilder Gafisa. It includes assumptions for projecting launches, sales, construction pace, receivables, expenses, debt, and working capital. The modeling considers factors like segment growth rates, price inflation, sales speed, cost of goods sold, and taxes. Example calculations are provided for results recognition and the impact of project financing versus equity funding on nominal and NPV project results. The overall aim is to estimate financial metrics like revenues, expenses, cash flows, and margins for Gafisa under different scenarios.
Presentation on corporate integration of fit residencial and tendaGafisa RI !
This document discusses Tenda's acquisition of FIT. After the transaction, Tenda will have R$398 million of net cash and -34% net debt to equity. Gafisa will hold 60% of the combined company's voting shares. The implied valuation of FIT based on the transaction is R$1.335 billion, representing 41-44% of Gafisa's current market value. The transaction will combine Tenda and FIT, two Brazilian homebuilders that target the entry-level housing market.
Merrill lynch non deal road show, Europa, 17 à 19 de Maio de 2006Gafisa RI !
The document provides an overview of Merrill Lynch's roadshow activities in Europe from May 17-19, 2006. It discusses Merrill Lynch's first quarter 2006 launches in Rio de Janeiro and Sao Paulo, Brazil, including four residential projects. It also includes a standard "Safe-Harbor" statement regarding forward-looking projections and describes the agenda for the roadshow.
- Gafisa reported financial results for the fourth quarter and full year of 2010 with increases in key metrics compared to previous periods
- Launch volumes, net revenues, adjusted gross profit, adjusted EBITDA, and net profit all increased between 3-154% from the fourth quarter of 2009
- For the full year 2010, launch volumes, net revenues, adjusted gross profit, adjusted EBITDA, and net profit increased between 23-309% compared to 2009
- Inventory levels increased 11% from the third quarter of 2010 to R$3.3 billion at the end of 2010 due to launches outpacing sales during the period.
Unibanco 3rd Annual Small Caps ConferenceGafisa RI !
The document summarizes Gafisa's performance in the second quarter of 2006. It announces strong growth in real estate launches and pre-sales compared to the second quarter of 2005, with launches growing 151% and pre-sales growing 168%. It also provides financial highlights showing continued growth in key metrics like revenues, gross profit, EBITDA, and net income both quarter-over-quarter and year-over-year. The agenda outlines details on Gafisa's recent performance, the Brazilian housing industry environment, and why Gafisa is well positioned to take advantage of market opportunities.
The document provides an earnings call summary for Gafisa S.A. for 2008 full year and fourth quarter results. Key highlights include:
1) Launches and pre-sales increased 58% in 2008 over 2007, with net operating revenues rising 45% year-over-year.
2) EBITDA reached R$221 million in 2008, a 61% increase, and net income was R$110 million, up 20% from 2007.
3) Results were impacted by non-recurring items such as project cancellations and restructuring costs in the fourth quarter.
Wilson Amaral, CEO, provided an overview of Gafisa's performance in 2Q07. Key highlights included:
- Launches increased 72% YoY to R$470.7 million and pre-sales increased 50% YoY to R$342.8 million.
- Net operating revenues rose 75% YoY to R$266.5 million. EBITDA reached R$38.4 million, a 90% increase YoY.
- The backlog margin in 2Q07 was 38.1%, with results to be recognized reaching R$418.8 million, a 75% increase over 2Q06.
- Gafisa launched several new products and expanded into new markets
1. Local partners provide knowledge of the local real estate market and local customer preferences.
2. They have established relationships with local construction agencies, which can help reduce costs.
3. Local partners offer access to business opportunities that leverage their knowledge of the local market.
4. Partnering mitigates risks when entering new local markets that Gafisa is less familiar with.
5. Local partners can help manage day-to-day local operational activities more efficiently.
Corporate Presentation for December 2010.
The presentation provides an overview of the company including its competitive advantages, operating and financial performance, and balance sheet. Key points include:
- The company has a national footprint and land bank that positions it to capture demand growth across all income segments.
- It has a track record of strong growth in launches, sales, revenues, and profitability in recent years.
- The balance sheet shows moderate leverage and diversified debt maturity profile.
- Gafisa reported financial results for the second quarter of 2010, with launches growing 61% year-over-year to R$1.0 billion and revenues increasing 31% to R$927 million.
- Adjusted EBITDA grew 66% to R$184 million compared to the second quarter of 2009, with the margin improving from 15.8% to 19.8%, reflecting efficiency gains.
- Net income before non-recurring items increased 41% to R$114 million, with the backlog of revenues rising 9% to R$3.2 billion and the margin on the backlog improving.
- Company reported financial results for 4Q13 and full year 2013, with consolidated launches totaling R$1.6 billion for 4Q13, up 224.9% quarter-over-quarter.
- Adjusted EBITDA was R$978.9 million for 4Q13 and R$1.3 billion for 2013, reflecting contributions from the Alphaville transaction.
- Net income was R$921.3 million for 4Q13 and R$867.4 million for 2013.
Gafisa reported financial and operating results for 3Q13. Key highlights included:
- Launches totaled R$498 million in 3Q13, up 8.1% q-o-q and 10.3% y-o-y.
- Consolidated pre-sales reached R$1.2 billion in 9M13.
- Net income was R$15.8 million in 3Q13, reversing a net loss in 2Q13.
- Positive free cash flow of R$32.1 million in 3Q13, compared to a cash burn in 2Q13.
The document provides an earnings release and conference call summary for a real estate company for the first quarter of 2015. It highlights that the company generated cash flow of R$63 million in 1Q15, saw a 27% increase in services revenue, and reduced its leverage ratio to 13%. Inventory levels increased 35% to R$855 million compared to the previous quarter. Deliveries decreased 88% to R$85 million in 1Q15. The company also discussed its financial results, capital structure, buyback program, and contacts for investor relations.
- Consolidated launches totaled R$1.6 billion in 4Q13, up 224.9% quarter-over-quarter and 8.7% year-over-year. Consolidated pre-sales reached R$1.3 billion in 4Q13 and R$2.5 billion in 2013.
- Net income for 4Q13 was R$921.3 million and R$867.4 million for 2013. Operating cash generation was R$667.7 million in 2013, resulting in positive free cash flow of R$97.3 million.
- Guidance for 2014 includes consolidated launches of R$2.1-2.5 billion and leverage of 55-65%.
1. In 1Q14, BR Properties reported net revenues of R$232.9 million, a 3% increase over 1Q13. Adjusted EBITDA was R$209.3 million with a margin of 90%. Net income reached R$59.5 million.
2. The portfolio is comprised primarily of office properties (64% by value). Financial and physical vacancy rates were 8.1% and 4.6% respectively, excluding a property under lease-up.
3. In March, BR Properties signed an agreement to sell its entire industrial/logistics portfolio to GLP for R$3.18 billion, subject to regulatory approval.
The document discusses various aspects of project review and administration for capital budgeting such as controlling in-progress projects, conducting post-completion audits, evaluating economic versus book rates of return, guidelines for project abandonment analysis, addressing agency problems, and disciplining the capital budgeting process for small expenditures. It also provides details on evaluating capital budgeting systems, classification of investment proposals, and overcoming resistance to abandoning failing projects.
Hyundai Capital Services presented its 3Q 2014 financial results, noting a decrease in profitability due to regulatory changes and competition. Operating revenues declined 4.7% year-over-year while expenses were maintained at a similar level. Asset quality improved with delinquency rates stabilizing due to reinforced risk management. Capital levels remained adequate and funding strategies were diversified through continued overseas bond issuances. While asset size was stagnant, strategies focused on increasing new car financing and intensive cost cutting to improve performance.
This memorandum analyzes a potential expansion project for Laurentian Bakeries Inc. in Winnipeg. Financial ratios from 1993-1995 show increasing short-term liquidity and asset/inventory turnover but decreasing interest coverage and profitability. The $5.2 million project would build a new plant, requiring $5.2 million initial investment. Projections estimate positive NPV, 27% IRR exceeding the WACC and hurdle rates, and payback periods of 2.35 and 2.55 years using WACC and discounted cash flows respectively. The conclusion is that the project should be accepted as it will create value and recover the investment within expected timeframes.
- The document is the transcript from Juniper Networks' Q3 2014 financial results conference call, held on October 23, 2014. It includes forward-looking statements and discusses non-GAAP financial measures.
- Key highlights from the quarter include missing revenue targets but making progress on cost reductions and the capital return plan. The company increased its cost reduction commitment to $260 million annualized.
- Financial results saw revenue down 5% year-over-year and 8% quarter-over-quarter, with a non-GAAP operating margin of 21.5%.
The document summarizes BI&P's results for the first quarter of 2014. Key highlights include:
- Expanded credit portfolio grew 1.5% in the quarter and 28.8% year-over-year to R$3.9 billion.
- 99% of new loans in the quarter were rated between AA and B, reflecting a focus on higher quality assets.
- Income from services increased 29.7% over the previous quarter and 94.1% year-over-year.
- The quarterly result was a loss of R$9.9 million mainly due to discontinuing hedge accounting and investments not yet achieving scale from credit portfolio growth.
- The bank reported a 2% year-over-year decrease in net income for Q2 2015 to $20.2 million, driven by higher credit provisions and lower fees. Net income for the first six months of 2015 increased 11% to $49.1 million.
- Net interest income grew 7% for the first six months due to a 6% increase in average loan balances. However, net interest margin declined slightly to 1.79% for Q2 2015 due to pressure on lending margins.
- The commercial loan portfolio balance increased 7% year-over-year to $7.4 billion as of the end of Q2 2015. Credit quality remained strong with non-accruing loans at
Bladex presentación de llamada en conferencia 2 trim15 (inglés)Bladex
- The bank reported a 2% year-over-year decrease in net income for Q2 2015 to $20.2 million, driven by higher credit provisions and lower fees. Net interest income increased 7% from higher average loan balances.
- Credit quality remained strong with non-accruing loans at 0.3% of total loans and allowance coverage of non-accruing loans at 4.4 times.
- Operating expenses were well controlled and the efficiency ratio improved to 33%. However, fees and other income declined 33% due to fewer structured deals closing in the quarter.
- Brasil Pharma reported gross revenues of R$916.2 million in 3Q13, an increase of 13.9% over 3Q12. Adjusted EBITDA was R$51.7 million with an adjusted EBITDA margin of 5.6%. Adjusted net income was R$13.5 million with an adjusted net margin of 1.5%.
- The company ended 3Q13 with 1,186 stores, having opened 13 new owned stores and 31 franchises in the quarter.
- Integration of acquired companies is ongoing with administrative, commercial, logistics and systems integration in progress and targeted for completion in 2014.
- Brasil Pharma reported revenues of R$916.2 million in 3Q13, an increase of 13.9% over 3Q12. Adjusted EBITDA was R$51.7 million with a margin of 5.6%. Adjusted net income was R$13.5 million.
- The company opened 13 new owned stores and 31 franchises in 3Q13, ending with 1,186 total stores.
- Same-store sales growth was 10.7% overall and 6.5% for mature stores. The company is continuing integration efforts and repositioning of Mais Econômica stores.
Frasers Centrepoint Trust reported strong financial results for the third quarter of FY2013, with gross revenue increasing 12.4% and net property income rising 15.4% year-on-year. Distribution per unit grew 9.6% to a record high of 2.85 cents. Portfolio occupancy remained healthy at 98.4% and average rental reversion was 9.4% on lease renewals. Gearing level was stable at 30.4% with substantial fixed rate debt.
Songa Offshore presented its 2Q 2013 financial results and provided an update on its operations and newbuild projects. Key points include: EBITDA of $52 million for the quarter despite downtime; new CEO and strategy focused on Norway; operating efficiency of 95% for Norwegian fleet; term sheets signed for $1,014 million in financing for the first two Cat D newbuilds; and project progress overall on schedule despite some delays estimated by Songa.
Com Hem - Interim Report Q2 2014 – Presentationcomhemgroup
Com Hem reports second quarter results – Revenue up 8 percent. Revenue totaled SEK 1,198m (1,108), an increase by 8.1% versus second quarter 2013. Underlying EBITDA was SEK 566m (547), an increase of 3.5% versus second quarter of 2013. Operating free cash flow was SEK 327m (344). Net result for the period was SEK -718m (-279) affected by one-off costs of SEK 680m associated with the IPO and refinancing of debt. Earnings per share were SEK -6.53 (-2.79). Pro forma earnings per share(1) were SEK -0.90 (-1.34)
CCR reported its 3Q13 earnings results. Consolidated traffic increased 7.4% compared to 3Q12. Adjusted EBITDA on the same basis increased 18.1% to R$922 million, with margins of 68.1%. Interim dividends of R$0.68 per share were approved. Subsequent events included the transfer of 10% of STP shares to Raízen and winning the concession for the Salvador metro system. The presentation discussed financial highlights, traffic trends, costs, debt levels and investments for the quarter.
The document discusses Bradesco's 2014 financial results and outlook for 2015. It highlights diversified revenue sources, cost controls that led to better than expected efficiency ratios, and continuous management of its loan portfolio including increased sector diversification. The quality of Bradesco's loan portfolio remains strong with 95% of loans rated between AA-C and its capital adequacy ratios exceeding regulatory requirements.
Pine Investimentos is the investment banking arm of Banco Pine S.A. In 2014, Pine Investimentos executed two transactions totaling US$43 million through its partnership with DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH. It also structured and distributed several fixed income transactions, provided financial advisory services, and engaged in equity and commodity research.
- The company reported financial results for the fourth quarter and full year of 2014.
- For the Gafisa segment, net pre-sales fell 61% year-over-year in 4Q14. Adjusted EBITDA was R$81.8 million with a 16.7% margin.
- For the Tenda segment, launches increased 173% year-over-year in 4Q14 while pre-sales fell 23%. Adjusted EBITDA was negative R$30.9 million.
- Consolidated net revenue increased 31% quarter-over-quarter. Adjusted gross profit rose 9% and adjusted gross margin was 30.2%.
O documento apresenta os resultados financeiros do 4T14 e do ano de 2014 para os segmentos Gafisa e Tenda. No segmento Gafisa, as vendas contratadas totalizaram R$177 milhões no 4T14 e R$811 milhões no ano. O lucro líquido foi de R$36,8 milhões no trimestre. No segmento Tenda, as vendas contratadas foram de R$126,6 milhões no trimestre, enquanto o prejuízo líquido foi de R$28,8 milhões. O documento também discute o desempen
The document outlines Gafisa's investor day agenda, which includes presentations on Gafisa and Tenda's strategy, operations, and financial performance. It also provides an overview of Gafisa's history and strategic repositioning over time to focus on core markets in Sao Paulo and Rio de Janeiro. Gafisa has implemented improvements to streamline operations and reduce costs, improving financial results with stable operating margins and profitability expected to continue at current levels based on backlog revenues and margins.
O documento apresenta as informações para o Investor Day da Gafisa realizado em 04 de dezembro de 2014. Nele, a empresa faz declarações prospectivas sobre seus negócios que estão sujeitas a riscos e incertezas. A agenda do evento inclui apresentações sobre a estratégia e desempenho operacional e financeiro da Gafisa e de sua subsidiária Tenda.
- In 3Q14, the company's launches totaled R$510 million, up 142% year-over-year. Net pre-sales were R$230 million, down 32% year-over-year.
- Adjusted gross profit was R$179.9 million with a margin of 36.4%, up 200 basis points from the prior year. Adjusted EBITDA was R$73.5 million with a margin of 14.9%, down 750 basis points from the prior year.
- Net loss was R$10 million compared to net income of R$15.8 million in 3Q13, impacted by lower pre-sales and margins in the Tenda segment.
O documento apresenta os resultados financeiros da Gafisa e Tenda no 3T14 e nos primeiros 9 meses de 2014. A Gafisa teve aumento nos lançamentos e vendas contratadas, além de melhora nas margens. A Tenda reduziu prejuízos com foco no novo modelo de negócios, apesar de queda nas vendas. Ambas as empresas tiveram redução de custos.
The document summarizes the company's 1Q14 results conference call. It discusses positive operational and financial results for both the Gafisa and Tenda segments. Gafisa saw increases in launches, pre-sales, gross profit and EBITDA. Tenda's launches and pre-sales also increased significantly year-over-year, though it continues to have negative EBITDA. The company has a net debt to equity ratio of 1.26x and generated cash of R$20.5 million in 1Q14. Management provided updates on recent events including the shareholder meeting, dividend program, and preliminary studies on separating the Gafisa and Tenda business units.
Este documento apresenta os resultados da empresa no primeiro trimestre de 2014. Os principais pontos são: (1) Lançamentos totais de R$535 milhões, aumento de 172% em relação ao mesmo período do ano anterior. (2) Vendas contratadas totais de R$239 milhões, aumento de 122% na comparação anual. (3) Lucro bruto ajustado de R$132 milhões e margem bruta ajustada de 30,5%.
1) O documento apresenta os resultados financeiros e operacionais da empresa no 4T13 e no ano de 2013, destacando o crescimento dos lançamentos, vendas e lucro operacional.
2) Também discute eventos recentes como a venda de participação na AUSA, programa de recompra de ações, e proposta de separação das unidades de negócio.
3) Fornece detalhes do balanço patrimonial pós-transação e status dos turnarounds dos segmentos Gafisa e Tenda.
O documento apresenta o planejamento da Gafisa para o Investor Day de 18 de dezembro de 2013, com as seguintes informações essenciais:
1) A agenda do evento inclui apresentações sobre a estratégia da Gafisa, Tenda, Alphaville, cadeia de suprimentos e finanças;
2) A empresa tem focado sua atuação nos mercados do Rio de Janeiro e São Paulo e reduzido a complexidade das operações;
3) A Gafisa tem concentrado seu banco de terrenos em projetos de médio
Gafisa outlined its strategic positioning to focus operations on the Rio de Janeiro and Sao Paulo markets, establish profit and loss responsibility by brand and region, and allocate capital to the Alphaville brand. Gafisa also discussed improvements to its construction management, cost control, landbank profile, product segmentation, and customer relations to support its strategic goals of cash generation and adapting its capital structure for profitable growth.
A presentação 3 t13 - port - v0511_v2 (1)Gafisa RI !
O documento apresenta os resultados financeiros da empresa no 3T13. Os principais destaques são: (1) lucro líquido de R$15,8 milhões no trimestre revertendo prejuízo anterior; (2) geração de caixa positiva de R$32,1 milhões; (3) evolução da margem bruta. A empresa também fornece atualizações sobre a transação da Alphaville e perspectivas para 2013.
O documento apresenta os resultados financeiros da empresa no 2T13, destacando:
1) A venda de uma participação de 70% na Alphaville por R$2,01 bilhões, fortalecendo o caixa e reduzindo a alavancagem.
2) Melhoras nas vendas e redução gradual nos distratos, concentrando lançamentos e vendas nos mercados estratégicos de SP e RJ.
3) Retomada dos lançamentos da Tenda no fundamento, com redução do estoque legado e do ciclo financeiro.
- Gafisa reported 2Q13 results with sales exceeding launches and sequential improvement in the speed of sales.
- Gafisa entered an agreement to sell a 70% stake in Alphaville to Blackstone and Patria, generating expected proceeds of R$1.4 billion to reduce leverage.
- The sale allows shareholders to participate in long-term value through the retained 30% stake while unlocking value generated since Alphaville's acquisition.
- Gafisa S.A. signed an agreement to sell a 70% stake in Alphaville to Blackstone and Pátria, valuing the company at R$2.01 billion and generating expected gross cash proceeds of R$1.4 billion.
- The sale strengthens Gafisa's balance sheet by reducing leverage and generating long-term shareholder value. Shareholders will participate in future value creation through the retained 30% stake.
- In 2Q13, Gafisa exceeded sales over launches and saw sequential improvement in its sales velocity. Tenda's new launches are performing well and its financial cycle has halved to an average of 7 months.
- Post-
A apresentação discute os resultados financeiros da empresa no 2T13, incluindo a venda de uma participação majoritária na Alphaville para a Blackstone e Pátria. Além disso, fornece atualizações sobre o desempenho operacional dos segmentos Gafisa e Tenda e explica ajustes nas demonstrações financeiras devido à classificação de ativos da Alphaville como mantidos para venda.
O documento descreve a estratégia e histórico da Gafisa, incluindo: 1) A Gafisa focou-se inicialmente em crescimento orgânico e aquisições, mas agora prioriza oportunidades de alto retorno e disciplina financeira; 2) A venda de uma participação de 70% na Alphaville para a Blackstone e Pátria reduzirá significativamente a alavancagem da Gafisa; 3) A Tenda está relançando suas operações sob um novo modelo de negócios rentável.
O documento apresenta os resultados financeiros do primeiro trimestre de 2013 da empresa. As vendas líquidas contratadas totalizaram R$218 milhões, em linha com o primeiro trimestre tradicionalmente mais fraco. A velocidade de vendas consolidada foi de 5,9%, impactada por maior volume de distratos. A empresa relançou operações da Tenda com novo modelo de negócios visando redução de riscos.
O documento apresenta os resultados financeiros do primeiro trimestre de 2013 da empresa. As margens operacionais ainda não retornaram aos níveis normais devido a projetos antigos com margens menores que serão entregues em 2013. A Tenda retomou lançamentos após reestruturação e agora prioriza projetos de menor risco e giro mais rápido. As vendas consolidadas atingiram R$481 milhões no trimestre, com velocidade de vendas de 5,9%.
O documento apresenta os resultados financeiros do primeiro trimestre de 2013 da empresa. As margens operacionais ainda não retornaram aos níveis normais devido a projetos antigos com margens menores que serão entregues em 2013. A Tenda retomou lançamentos após reestruturação e agora prioriza projetos de menor risco e giro mais rápido. As vendas consolidadas atingiram R$481 milhões no trimestre, com velocidade de vendas de 5,9%.
Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
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Adani Group Requests For Additional Land For Its Dharavi Redevelopment Projec...Adani case
It will bring about growth and development not only in Maharashtra but also in our country as a whole, which will experience prosperity. The project will also give the Adani Group an opportunity to rise above the controversies that have been ongoing since the Adani CBI Investigation.
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2. Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties, These statements are based on the beliefs and
assumptions of our management, and on information currently available to us, Forward-looking statements include statements
regarding our intent, belief or current expectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as
statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,''
''intends,'' ''plans,'' ''estimates'' or similar expressions, Forward-looking statements are not guarantees of performance, They
involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that
may or may not occur, Our future results and shareholder values may differ materially from those expressed in or suggested by
these forward-looking statements, Many of the factors that will determine these results and values are beyond our ability to
control or predict.
1
3. Financial Performance – André Bergstein, CFO
Overview of 1Q13 Results - Duilio Calciolari, CEO
4. • Launches reached R$308 mn, with sales of R$218 mn in 1Q13, in keeping
with lower seasonal activity
• Consolidated sales velocity was 5.9%, or 7.2% ex-Tenda, reflecting higher
sales cancellation
• 1,300 units delivered in 1Q13
• Operating results are not yet reflected in the financial statements as margins
continue to be impacted by the resolution of legacy projects and structural
changes made to restore profitability
• New Tenda business model to minimize costs, time and balance sheet risk,
while maintaining high construction standards
3
1Q13 Highlights and
Recent Developments
5. -453
-335
-273
-148
-58
-200
-76
231
149
381
20
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
• Cash position of R$1.4 bi in 1Q13
• Consolidated operating cash flow reached R$122 mn in 1Q13
• Cash generation of R$20 mn (pro-forma) and cash burn of R$89 mn in 1Q13, under
new accounting method
• Increased overall launch activity and land purchases (R$53 mm of recent acquisition)
to result in neutral operating cash flow in 2013
Cash Generation
Cash Generation/(Burn) Pro-Forma (3Q10 – 1Q13)
4
Cash burn
Cash generation
¹ including securitization in the amount of R$169 million
-89¹
Note: 1) cash burn of R$ 89mn under new accounting method.
7. Consolidated Land Bank
6
• Pipeline of projects to be developed in line with current strategy for each segment
• Alphaville acquired R$1.8 bn in the quarter through swap
%Swap
Total
%Swap
untis
%Financial
Swap
# Potential
Units (%co
stake)
# Potential
Units 100%
Gafisa
5.343.612 150.388 -83.029 74.164 5.485.136
38% 37% 1%
10.623 12.115
Tenda
1.890.797 59.653 -113.696 165.869 2.002.622
30% 20% 10%
17.728 17.728
Alphaville
11.434.261 1.815.021 -110.828 -116.692 13.021.761
99% - 99%
79.954 128.691
Consolidated 18.668.669 2.025.061 -307.553 123.341 20.509.519 108.305 158.534
Other (price adj.) 1Q13
1T13
4Q12Landbank Acquisitions Launches
8. Relaunch of Tenda under New Business Model
• Resumption of Tenda launches following restructuring of
operational and financial cycle in 2012
• Run-off of legacy projects to be substantially completed
in 2013
• Launches totaled R$114mn in 1Q13
• During 1Q13, Tenda transferred around 2,451 units to financial
institutions
• 40% of the 1,473 units cancelled during 1Q13 were resold
during the period
• Pre-sales reached R$6.8 million (gross pre-sales of R$239
million and R$232 million in sales calncellation)
• Units are being sold only to customers that have access to a
mortgage and can be immediately transferred to financial
institutions
• All projects qualified for financing under the MCMV or SFH
programs
• During 1Q13, 1300 units were contracted for financing under the
MCMV program
• Sales from launches totaled R$14 million under the process of
being transferred to the banks
Customers Transferred (# of units) vs, % MCMV
Run Off – Tenda
7
1.898
2.515
2.381
2.865
1.892
3.066
3.168
2.863
2.796
3.620
3.151
3433
2.451
81%
89%
85%
95%
67%
83%
95% 92% 92% 89%
95% 92% 92%
Transferred units to CEF MCMV (%)
0
5
10
15
20
25
30
SP
RJ
NE
MG
84 23
Construction sites
9. Purchase of Land
and Development
Launch of the
Sales Phase of
the Project
Completion of the
Project
Delivery
Phase 1
Purchases a parcel of land
(on which it can build a
number of homes) or
subdivides the land into lots
to build multiple projects that
will be launched in phases.
Tenda targets areas where
customers make 3-6 times
the monthly minimum wage
(2nd range of the housing
program MCMV - My House,
My Life).
Participants in the land
development stage are:
financial institutions (projects
need to be approved and
contracted before the 2nd
phase), municipal planning
and zoning departments,
elected officials and
community interest groups.
Phase 2
Tenda’s marketing campaigns are
conducted internally, eliminating
the need for a sales stand.
Sales are conducted by an
internal force.
The remuneration of the internal
sales team is based on the
“repasse” (transfer of units to
financial institutions).
As a result of the tighter credit
policy and the new sales process,
sales velocity has no peaks during
the launch phase, but on the other
hand, sales expenses are lower,
and sales are steady. The model
is made to have between 7-10%
SoS per month, each and every
month, until the project is sold out
at least in 15 months.
Phase 4
• Collections for sold units
are in accordance with the
payment plan provided by
financial institutions under
the “associativo” MCMV
program).
• Tenda receives 100% of
the value of the unit during
the construction phase,
eliminating the risk of
delinquency on its balance
sheet.
Phase 3
• Aluminum molds are used in
construction to ensure a high quality
and cost efficiency.
• Shorter cycle given the use of
aluminum mold results in improved
visibility of cost trends.
• The overall process (from authorization
- to delivery), is planned to take
approximately 2 years.
• The loan starts out as a construction
loan based on a subsidized line of
credit and rolls over into a permanent
mortgage to the final buyer.
• The assurance of financing, which
allows the builder to focus on execution
and better schedule construction
workflow.
1 2 3 4
6 months 2 years
Tenda’s New Business Model Workflow
8
10. Financial Performance – André Bergstein, CFO
Overview of 1Q13 Results - Duilio Calciolari, CEO
11. • Beginning January 1, 2013, jointly controlled entities are consolidated by the equity method,
instead of the proportional method. As a result, the Company consolidates jointly controlled
entities in the consolidated financial statements
• The main impacts occurred in net revenue, costs, gross financial result and equity
Impact of New Industry Accounting Standards on
the Group’s Consolidated Financial Statements
10
Pro-forma 1Q13 (A) Effective Data 1Q13 (B) (A) – (B) = (C)1
(C) / (D)
Net Operating Revenues 718.927 668.591 (50.336) -8%
Operating Costs (542.187) (510.315) 31.872 5%
Gross Profit 176.740 158.276 (18.464) -3%
Gross Margin 24,6% 23,7% -0,9% 0%
Operating Expenses (162.049) (161.643) 406 0%
Equity - 21.813 21.813 3%
Net Financial Result (53.006) (56.302) (3.296) 0%
Taxes (7.363) (7.641) (278) 0%
Minority shareholders (9.795) (9.976) (181) 0%
Net Loss (55.473) (55.473) -
Adjusted EBITDA ² 63.474 67.886 4.412
Adjusted EBITDA margin ² 9% 10% 1%
12. • Majority of legacy projects with lower margins, to be delivered in 2013, paving the way for
improved future profitability
1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)
Net revenues 668,591 815,071 -18% 842,996 -21%
Gross profit 158,276 221,360 -28% 180,973 -13%
Gross margin 23,7% 27,2% -349 bps 21,5% 221 bps
Adjusted EBITDA 67,888 32,842 107% 100,609 -33%
Adjusted EBITDA (ex-Tenda) 93,382 90,925 3% 111,965 -17%
Adjusted EBITDA Margin 10% 4,0% 612 bps 12% -178 bps
Adj, EBITDA Mg (ex-Tenda) 17,68% 14,64% 304 bps 20% -271 bps
Net Profit -55,473 - 98,875 -44% -31,515 76%
Consolidated Margins Have Not Yet Returned to
Normalized Levels
Gafisa Alphaville Gafisa + Alphaville Tenda Total 1Q13
Net Revenues (R$mm) 367,284 161,042 528,326 140,265 668,591
Revenues (% contribution) 55% 24% 79% 21% 100%
Gross Profit (R$mn) 87,767 80,132 167,899 -9,623 158,276
Gross Margin (%) 24% 50% 32% -7% 24%
Gross Profit (% contribution) 55% 51% 106% -6% 100%
Adjusted EBITDA 44,972 48,410 93,382 -25,494 67,888
Adjusted EBITDA Margin 12% 30% 18% -18% 10%
EBITDA (% contribution) 66% 71% 138% -38% 100%
Contribution by Brand – 1Q13
Consolidated Key Financial Figures
11Note: We adjust our EBITDA for expenses associated with stock option plans, as this is a non-cash expense. Net Revenues include 6% of sales from landbank that did not generate
margins
13. Improved Y-o-Y Gross Margin
FY 2013 Net Revenues Total Cost Gross Profit Gross Margin Financial
Gross Profit
without
Financial
Gross Margin
without Financial
Regional SP/RJ 365.285 (271.498) 93.787 25,7%
(17.925) 111.712
30,6%
Regional NM 2.000 (8.020) (6.020) -301,0%
(4.150) (1.870)
-93,5%
Total 367.285 (279.518) 87.767 23,9%
(22.075) 109.842
29,9%
Gafisa Segment – Gross Margin Breakdown Market Region
• Gross Profit negatively impacted by performance of projects in non-core markets
• Delivery of products outside of strategic markets to be substantially concluded in 2013
12
15. Gafisa (A) Tenda (B) Alphaville (C) (A) + (B) + (C) (A) + (C)
Revenues to be recognized 1,951,419 361,914 996,580 3,309,913 2,947,999
Costs to be incurred (units sold) -1,273,873 -275,766 -470,771 -2,020,410 -1,744,644
Results to be Recognized 677,546 86,148 525,809 1,289,503 1,203,355
Backlog Margin 35% 24% 53% 39% 41%
Gafisa Group Consolidated Results to Be Recognized (REF) (R$ million)
1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)
Results to be recognized 3,309,913 3,676,320 -10% 3,616,289 -8%
Costs to be incurred (units sold) -2,020,410 -2,226,575 -9% -2,338,561 -14%
Results to be Recognized 1,289,503 1,449,745 -11% 1,277,728 1%
Backlog Margin 39% 39% -48 bps 35% 363 bps
Backlog of Results
14
Results to Be Recognized (REF) by Segment (R$ million) 1Q13
• The consolidated margin for the quarter rose to 39% from 35% in 1Q12, due to contribution
of new projects, lower participation of Tenda’s legacy projects and increased stake of
Alphaville’s projects in the Group’s product mix
16. 1Q13 4Q12 1Q12
Project financing (SFH) 791 705 485
Debentures - FGTS (Project Finance) 1,190 1,163 1,244
Debentures - Working Capital 585 573 704
Working Capital 1,146 1,199 1,138
Investor Obligations 216 324 364
Total Consolidated Debt + Obligations 3,929 4,240 3,936
Consolidated Cash and Cash Availabilities 1,444 1,568 847
Net Debt 2,485 2,396 3,089
Equity + Minority Shareholders 2,644 2,695 2,717
(Net debt + Obligations) / (Equity + Noncontrolling) 94% 89% 114%
Debt Profile
Project Finance Debt 1,981 2,144 1,729
Corporate Debt and Investor Obligations 1,948 2,096 2,207
Total Consolidated Debt + Obligations 3,929 4,240 3,936
Project Finance (% stake of total debt) 50% 51% 48%
Corporate Debt (% stake of total debt) 50% 49% 52%
Net Debt to Equity Decreased to 94%
from 115% in 1Q12
(R$ million)
• Comfort cash position of R$1.4 bi
• Consolidated cash burn of R$89
million in 1Q13 (R$20 million of
generation before the new
accounting method
• Net Debt / Equity stable in 94%
(96% in Mar/13 and 95% in Dec/12
before the new accounting method)
• Sequential increase in leverage
consistent with focus on
reinvestment and growth
• Project finance represented 50% of
total debt versus 48% a year ago
• 38% of short-term debt is
represented by project finance
15
17. Well Structured Debt Schedule and Profile
(R$million) Avg, Cost (% p,a,) Total
Until
Mar /13
Until
Mar /14
Until
Mar /15
Until
Mar /16
After
Mar /16
Debentures - FGTS (A) TR + (9,54% - 10,09%) 1.189.918 241.925 247.993 350.000 150.000 200.000
Debentures - Working Capital (B) CDI + (1,50% - 1,95%) 584.890 140.698 283.659 150.000 6.913 3.620
Project Financing SFH – (C) TR + (8,30% - 11,50%) 790.881 200.618 373.449 160.448 40.684 15.682
Working Capital (D) CDI + (1,30% - 3,04%) 1.146.952 410.715 331.764 250.182 137.711 16.580
Total (A)+(B)+(C)+(D) = (E) 3.712.641 993.956 1.236.865 910.630 335.308 235.882
Investor Obligations (F)
CDI + (0,235% - 0,82%) /
IGPM+7,25%
216.375 184.819 15.133 9.885 5.399 1.139
Total consolidated debt (G) 3.929.016 1.178.775 1.251.998 920.515 340.707 237.021
% Total (H) 9,33% 30% 32% 23% 9% 6%
Project Finance due to corresponding
period as % of total debt
50% 38% 50% 55% 56% 91%
Corporate Debt due to corresponding
period as % of total debt
50% 62% 50% 45% 44% 9%
• Gafisa has R$1.2 billion or 30% of total debt due in the short term. Of this total,
project finance accounts for 38%
16
18. Receivables + Inventory vs
Construction Obligations
Receivables
Inventory at market
value
Total
Construction
obligations
Gafisa (A) 3.678.097 1.957.850 5.635.947 1.753.981
Alphaville (B) 1.746.194 636.258 2.382.452 698.304
Tenda (C) 1.243.188 915.036 2.158.224 463.716
Total (A) + (B) + (C) 6.667.479 3.509.143 10.176.622 2.916.003
R$ million
(R$000) Consolidated 1Q13 4Q12 Q-o-Q (%) 1Q12 Y-o-Y (%)
Receivables from developments – LT (off BS) 3.435.302 3.815.589 -10% 3.753.284 -8%
Receivables from PoC – ST (on balance sheet) 2.492.119 2.493.170 0% 3.002.163 -17%
Receivables from PoC – LT (on balance sheet) 740.058 820.774 -10% 1.024.027 -28%
Total Gafisa Group 6.667.479 7.129.533 -6% 7.779.474 -14%
17
Receivables
19. Outlook
Launches Guidance –
2013E
Guidance
(2013E)
Actual numbers
1Q13A
Consollidated Launches R$2,7 – R$3,3 bi 307mn
Breadown by Brand
Launches Gafisa R$1,15 – R$1,35 bi 83 mn
Launches Alphaville R$1,3 – R$1,5 bi 111 mn
Launches Tenda R$250 – R$450 mn 114 mn
Guidance
(2013E)
Actual number
1Q13A
Consolidated stable 94%
Guidance
(2013)
Actual numbers
1Q13A
Consolidated (# units) 13,500 – 17,500 1,300
Delivery by Brand
# Gafisa Delivery 3,500 – 5,000 86
# Alphaville Delivery 3,500 – 5,000 419
# Tenda Delivery 6,500 – 7,000 795
• Given the focus for cash
generation in 2012,
Gafisa enters 2013 with a
comfortable liquidity position
and capital structure, having
restructured debt and
diversified funding sources
and cash facilities
Guidance
(2013E)
Actual number
1Q13A
Consolidated 12% - 14% 10%
Launch Guidance – 2013 Estimates
Guidance Leverage (2013E)
Guidance EBITDA Margin (2013E)
Delivery Estimates 2013E
18