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2Q13 Disclosure and Results
- 1. 1 Earnings Release |Conference Call – 2Q13 August 6th, 2013
- 2. 2 Agenda Ricardo Ribeiro Vice President CarlosWollenweber CFO | IR Officer 2Q13 Highlights Financial Highlights
- 3. 2Q13 2Q12 D% 1H13 1H12 D % (a) (b) (a/b) (c) (d) (c/d) Launched PSV % Direcional BRL million 446 470 -5% 866 613 41% Contracted PSV % Direcional BRL million 543 448 21% 1,073 580 85% Sales Over Supply (VSO) % PSV 49.6% 36.5% 13.1 p.p. 63.4% 42.6% 20.8 p.p. Net Revenues BRL million 466 338 38% 855 682 25% Adjusted¹ Net Income BRL million 62 49 26% 119 104 15% Adjusted¹ Net Margin % 13.3% 14.5% -1.2 p.p. 13.9% 15.2% -1.3 p.p. Main Figures 3 1 -Adjusted by non-cash expenses (Stock-Options Program).
- 4. Total (R$'000) % Direcional (R$'000) # ofUnits Launched Total Units (All Phases) 1 Riacho Fundo - 1st Etapa April Riacho Fundo - DF 15,461 10,823 182 3,600 RET1 2 Cambui Apart Hotel May Campinas - SP 59,436 32,809 224 224 Commercial 3 Bairro Carioca II June Rio de Janeiro - RJ 24,990 24,990 340 2,580 MCMV Level 1 4 Colônia Carioca June Rio de Janeiro - RJ 102,900 102,900 1,400 1,400 MCMV Level 1 5 Morar Melhor June Porto Velho - RO 163,809 163,809 2,512 2,512 MCMV Level 1 6 Residencial José Euclides June Fortaleza - CE 184,678 110,807 2,992 2,992 MCMV Level 1 Total 551,274 446,138 7,650 13,308 Segment2Q13 Projects Date City - State PSV Units Launched 4 Launches – 2Q13 Focus on the MCMV Level 1 segment, which represented more than 90% of launches. RO RJ SP 4 DF CE 3 5 6 1 2 2Q12 470 259 211 44 1Q13 420 405 15 259 354 2Q13 446 403 866 807 59 1H12 613 +41% -5% +6% 1H13 Launched PSV (R$ million) MCMV Level 1 Development
- 5. 5 Sales and VSO– 2Q13 Best 2nd Quarter in Contracted Sales; Sales exceeded 22% in the PSV; VSO 49.6% +85% +21% +2% 1H13 1,073 807 266 1H12 580 259 321 2Q13 543 403 140 1Q13 530 405 125 2Q12 448 259 189 Contracted PSV (R$ million) MCMV Level 1 Development 2Q13 49.6% 21.2% 1Q13 40.7% 15.2% 4Q12 55.4% 15.2% 3Q12 41.3% 18.7% 2Q12 36.5% 21.2% With MCMV Level 1 projectWithout MCMV Level 1 project Sales-over-supply ratio (VSO) (% Total PSV) Sales by Period of Launching - 2Q13 (% PSV – Ex-MCMV Level 1) 38% 2Q13 22% 1Q13 2% 2012 <2012 38%
- 6. 6 Inventory Reduction of9% in total inventory in the 1Q13 and 25% in the 1H13; Reduction of 16 % in inventory of completed units in the 1Q13 and 32% in the 1H13. 2013 2% 2012 38% 2011 29% 201015% <2010 2% Finished Units 15% Midweast 17% Southeast 33% North 50% 603 -9% -25% 2Q13 515 88 1Q13 667 561 106 2012 800 670 130 Under ConstructionConcluded Units Inventory Market Value by Region (% PSV) Inventory by Launch Period (% PSV) Inventory Track Record (R$ million) Total % Direcional Under Construction 600,236 514,981 85.3% 1,620 79.9% Finished Units 104,277 88,443 14.7% 408 20.1% Total 704,513 603,424 100.0% 2,028 100.0% Inventory PSV in Inventory (BRL'000) % Units in Inventory %
- 7. Total (R$'000) % Direcional (R$'000) 1 AllegroTotal Ville - 1st Phase January Manaus - AM 73,978 73,970 480 Medium 2 Setor Total Ville - 2nd Phase February Santa Maria - DF 43,090 43,090 378 Low-Income 3 Gran Felicità - Towers 2, 3 and 4 March Belo Horizonte - MG 60,418 30,209 342 Medium 4 Total Ville Macaé - 1st Phase March Macaé - RJ 31,490 15,745 406 Low-Income Total 1Q13 208,975 163,014 1,606 1 Setor Total Ville - 3rd phase June Brasília 43,721 43,721 378 Low-Income 2 Bairro Carioca - Plots: 5 and 6 June Rio de Janeiro - RJ 17,340 17,340 340 MCMV Level 1 Total 2Q13 61,061 61,061 718 Total 1H13 270,036 224,075 2,324 # Units SegmentDelivered Projects Date City - State PSV 7 Deliveries
- 8. 8 Carlos Wollenweber CFO |IR Officer Financial Highlights
- 9. 9 Revenue by Segment Breakdownof Gross Operating Revenue (%) 70.6% 0.5% 29.0% 49.4% 1.1% 49.5% 392 201 242 150 103 +95% +136% +61% 1H131H122Q131Q132Q12 Revenue from Service DevelopmentManagement & Brokerage FeeMCMV Level 1 2Q132Q12 Revenue from Services – Track Record (R$ million)+24% +37% +21% 1H13 875 482 392 1H12 707 506 201 2Q13 478 236 242 1Q13 396 246 150 2Q12 349 247 103 Revenues from Real Estate Sales Revenues from Services Gross Operating Revenue (R$ million) 80% 20% Deferred Revenue (R$ million) MCMV Level 1Development 2Q13 2,917 578 2,339
- 10. 10 “Repasse” and CashBurn Financing Transfer (“Repasses”) (R$ million) 57 53 4Q12 136 63 73 3Q12 136 79 56 2Q12 100 50 93 1Q12 83 40 43 2Q13 153 71 82 1Q13 110 +12% +44% 1H13 263 128 135 1H12 183 90 50 "Associativo" SFH -7 2Q13*1Q13 -30 4Q12 -5 3Q12 -43 2Q12* -50 Cash Burn (R$ Million) * Adjusted by dividends and share repurchases 2Q13 1Q13 D Accounts Receivable from Service BRL million 218 131 87 Accounts Receivable from Development ( Finished Units ) BRL million 668 577 92
- 11. 11 Results and ROE 1.Adjustment excluding capitalized interest for production financing. 2. Adjusted for “non-cash” expenses with stock-option program. 3. 1. Annualized ROE: Annualized Quarter´s Net Profit / Average Shareholders' Equity 2Q13 1Q13 2Q12 D % D % (a) (b) (c) (a/b) (a/c) Net Revenue BRL million 466 389 338 20% 38% Gross Income¹ BRL million 111 112 103 -1% 7% Gross Margin¹ % 23.7% 28.8% 30.6% -5.1 p.p. -6.9 p.p. Net Income² BRL million 62 57 49 9% 26% Net Margin² % 13.3% 14.7% 14.5% -1.4 p.p. -1.3 p.p. Annualized ROE³ % 18% 17% 16% 0.8 p.p. 1.7 p.p.
- 12. 12 Cancellations Distratos (R$ milhões -%VGV Vendido) 26% 20% 26% 19%19% 16% 9% 6% 4% 6% 9% 16% 757 +37% Total 1,035 2Q13 4444 1Q13 163 15 4Q12 219201 3Q12 287 143 2Q12 112 211 1Q12 210 143 % Cancellations Over Sales Total % Cancellations Over Sales - Development Deliveries - Development Launches - Development Southeast 15% North 77% Midwest9% Cancellations by Region – 2Q13 (R$ million - % Contracted PSV) Southeast 21% North 72% Midwest7% Cancellations by Region – 1H13 (R$ million - % Contracted PSV) Southeast 13% North 75% Midwest 12% Development Deliveries by Region (% - 2012 and 1H13)
- 13. 13 Benefits from theIndustrialization Adjusted¹ G&A (R$ million) 4747 232323 5,5% 6,8% 5,0% 6,0%6,7% +1% -1% +3% 1S131S122T131T132T12 G&AAjustado% Receita Líquida 6% 2Q13 78% 16% 1Q13 75% 18% 7% 4Q12 70% 23% 7% 3Q12 60% 31% 9% 2Q12 56% 36% 9% 1Q12 50% 41% 8% 4Q11 49% 43% 7% 3Q11 45% 49% 7% 2Q11 33% 59% 8% 1Q11 29% 63% 8% Units Under Construction by Construction Method (% of Units) Net Income and Annualized ROE ¹³ (R$ million) 104 6257 49 119 17,2%17,1%17,6%16,8% 15,9% +15% +9% +26% 1H131H122Q131Q132Q12 Adjusted Net Income ¹ Annualized ROE¹³ 1 -Adjusted by non-cash expenses (Stock-Options Program). 2 - Aluminum mold and concrete walls method. 3- Annualized ROE: Annualized Adjusted Net Income for the quarter / Average Shareholders’ Equity for the period (net of non-controlling interest in secret partnerships and special- purpose entities) Industrial Construction²Concrete BlocksConventional Structure
- 14. 14 Disclosure This presentation containscertain 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.
- 15. 15 Contacts Carlos Wollenweber CFO |IR Officer Paulo Sousa IR Analyst Luiz Felipe Almeida IR Analyst www.direcional.com.b/ir ir@direcional.com.br (55 31) 3214-6200 (55 31) 3214-6450