Uploaded byDirecionalRI
131 views

3Q12 Disclosure and Results

This document provides an earnings release and conference call agenda for 3Q12 results. Financial highlights include net revenues of R$373 million for 3Q12, up 15.2% year-over-year. Adjusted net income was R$57 million, with an adjusted net margin of 15.3%. Operational highlights include launches of 7,015 units with PSV of R$544 million in 3Q12. Contracted sales reached R$558 million for the quarter. The company continues focusing on industrialized construction methods to increase efficiencies.

Embed presentation

Download to read offline
1 Earnings Release | Conference Call – 3Q12 November 6th, 2012
2 Agenda Ricardo Ribeiro Vice President Carlos Wollenweber CFO | IR Officer 3Q12 Main Figures and Operating Highlights Financial Highlights
3Q12 9M12 Launched PSV % Direcional R$ million 543 1,157 Contracted PSV % Direcional R$ million 558 1,139 Sales Over Supply (VSO) % PSV 41.3% 58.5% Net Revenues R$ million 373 1,024 Adjusted Net Income¹ R$ million 57 161 Adjusted Net Margin¹ % 15.3% 15.7% Main Figures 3 1. Adjusted by non-cash expenses (Stock-Options Program).
Contracted MCMV Level 1 4 3Q12 2012 MCMV Level 1 • 6,398 Units Contracted • PSV of R$ 400 MN • 10,398 Units Contracted • PSV of R$ 659 MN • 26,661 Units Contracted • PSV of R$ 1,562 MN Signed Projects in 3Q12 Track Record – Contracted MCMV Level 1 (R$ million) 0 CAGR +87% 20102008 522 380 9M122011 659 149 2009 Increase in Price Cap versus INCC¹ (R$) 53,835 62,230 Current Price Cap (National average) Previous Price Cap (National average) +16% INCC in the same period 8,03% City PSV (R$ million) Units Macapá (AP) 135 2,218 Sobral (CE) 129 2,084 Maracanaú (CE) 136 2,096 1. Inflation index for the construction sector 2. A government program to the very low income segment, previous than MCMV
Deliveries During the 9M12 5 8,338 5,612 1,619 223 609 9M12 112 1,107 2Q12 832 210 1Q12 3Q12 510 223 287 Delivered PSV - Total (R$ million) MCMV Level 1 Development # of Units
Launches versus Deliveries on Development Segment 6 Development – Launches versus Delivery (9M12 - # units) 4,187 2,768 +51% DeliveriesLaunches PSV R$ (million) 497 609+23%
7 Operating Highlights  Launches  Sales  Deliveries  Land Bank  Inventory Operating HighlightsRicardo Ribeiro Vice President
Total (R$'000) % Direcional (R$'000) # of Units Launched Total Units (All Phases) 1 Verano Residencial - 3rd Phase July Belém - PA 21,147 21,125 92 539 Medium 2 Residencial Bella Toscana August Belo Horizonte - MG 42,481 21,241 78 78 Upper-Midle 3 Residencial Bella Verona August Belo Horizonte - MG 41,282 20,641 105 105 Upper-Midle 4 Del Rey - Comercial September Belo Horizonte - MG 99,614 79,691 342 671 Commercial 5 Residencial Macapaba - 2nd Phase September Macapá - AP 134,958 134,958 2,218 4,366 MCMV Level 1 6 Orgulho Tropical September Sobral - CE 129,228 129,228 2,084 2,084 MCMV Level 1 7 Orgulho do Ceará 2 September Maracanaú - CE 136,240 136,240 2,096 2,096 MCMV Level 1 Total 3Q12 604,950 543,124 7,015 9,939 Segment3Q12 Projects Date City - State PSV Units Launched 8 Launches Launched PSV (R$ million) Launched PSV – Track Record (R$ million) 131+44% 543+16% 1,157+30% 9M12 659 497 9M11 1,019 313 575 3Q12 400 143 2Q12 470 259 211 3Q11 377 313 63 1,447 522 CAGR +69% 9M12 1,157 659 497 2011 924 2010 1,067 380 686 2009 783 149 634 2008 710 710 2007 176 176 MCMV Level 1 Development Project Acquisition MCMV Level 1 Development
Launches Breakdown 9 PA MG 15% 14% 11% 11% 9M12 57% 9% 9% 9M11 35% 22% 25% 5% 3Q12 74% 4% 8% 3Q11 83% 4% 13% Launches by Segment (% PSV) MCMV Level 1 Low-Income Medium Upper Middle Commercial 1 2 3 4 AP CE 5 7 6 Launches by Region - Development (% PSV) 100% 85% 41% 59% 12% 9M12 29% 9M11 50% 9% 3Q12 15% 3Q11 North Northeast Southeast Midwest Launches by Region - MCMV Level 1 (% PSV) 9M12 60% 40% 9M11 100% 3Q12 34% 66% 3Q11 100% North Northeast Southeast Midwest
Sales Contracted Sales (R$ million) +30% 558+25% 1,139+47% 9M12 659 479 9M11 863 313 461 89 3Q12 400 158 2Q12 448 259 189 3Q11 430 313 117 MCMV Level 1 Development Project Acquisition 10 10% 1% 9M12 58% 14% 16% 5% 7% 9M11 40% 20% 28% 7% 5% 3Q12 72% 7% 9% 2% 3Q11 73% 11% 11% 4% MCMV Level 1 Low-Income Medium Upper-Middle Commercial Sales by Economic Segment (% PSV) Sales by Region (% PSV) 20% 19%16% 11% 9M12 54% 23% 4% 9M11 69% 3Q12 34% 48% 3% 3Q11 92% 6% 3% Northeast Southeast Midwest North CAGR +76% 9M12 1,139 659 479 2011 1,230 522 708 2010 1,037 380 657 2009 661 149 511 2008 441 441 2007 127 127 Sales Track Record (R$ million) MCMV Level 1 Development
11 Sales Speed 3Q12 41.3% 18.7% 2Q12 36.5% 21.2% 1Q12 16.1%16.1% 4Q11 31.8% 18.5% 3Q11 36.7% 16.0% With MCMV Level 1 projectWithout MCMV Level 1 project Sales-Over-Supply Ratio (VSO) (Total PSV - %) 90%3Q11 96%2% 2% 1% 1% 4Q11 94%85% 6% 1% 2% 1Q12 83%10% 51% 22% 2Q12 91%88% 3% 3Q12 95% 3 M 6 M 9 M 12 M 15 M 7% 14% 3Q12 34% 2Q12 14% 1Q12 14% 2011 17% 2010 <2010 Sales by Launching Period - 3Q12 (% PSV – Development) Sales Speed (% Units)  66% of the PSV sold in the 3Q12 were units launched before 3Q12;  21% of the sold PSV were to units launched before 2011.
TotalVile Marabá2nd Phase AP(PSV R$ 30.4MM) ParqueVerde AM(PSV R$ 31.3MM) Weekend Club AM(PSV R$ 54.9MM) Brisasdo Madeira RO (PSV R$62.9MM) VitaBella ResidencialClub RO (PSV R$59.7MM) Gran Ventura MG (PSV R$ 47.5MM) Total (R$'000) % Direcional (R$'000) 1 Gran Ventura July Belo Horizonte - MG 48,446 47,526 199 Medium 2 Vita Bella Residencial Club July Porto Velho - RO 59,733 59,733 352 Low-Income 3 Brisas do Madeira - Towers: 1, 2, 4 and 6 July Porto Velho - RO 62,940 62,940 284 Medium 4 Weekend Club - Towers: A and E August Manaus - AM 68,570 54,856 178 Medium 5 Parque Verde August Manaus - AM 31,373 31,342 192 Low-Income 6 Total Ville Marabá - 2nd Phase August Marabá - PA 30,445 30,442 256 Low-Income 7 Residencial Meu Orgulho - 1st Phase August Manaus - AM 190,598 190,598 3,511 MCMV Level 1 8 Bairro Carioca - Plots: 1, 2 e 3 August Rio de Janeiro - RJ 32,640 32,640 640 MCMV Level 1 Total 3Q12 524,745 510,077 5,612 # Units SegmentDelivered Projects - 3Q12 Date City - State PSV 12 Delivered Projects - 3Q12
13 Land Bank  59.3% are large scale projects (over 1,000 units)  74.9% are eligible for the MCMV Program  75.1% were acquired by physical or financial Swap  Average acquisition price of 9.1% over PSV R$ 6.8 Billion 66,559 units Land Bank by Segment (% PSV) 100269 6,820 -128 9M12Launches 497 Review of Assumptions Acquired Land Bank 2011 6,948 Land Bank by Region (% PSV) Type of Payment (9M12 – % PSV) ES 1.5% AM 13.6% MG 38.2% RO 4.6% SP 5.6% PA 13.2% DF 20.6%GO 1.6% Swap 83.6% Cash16.4% 55% Low-Income Medium 7% Upper-Midle 35% Commercial3% RJ 1.1% Land Bank Track Record in 9M12 (R$ million in PSV)
14 Inventory  63% of the inventory was launched after 2011  94% of the units under construction have already been sold 11% 3Q12 2Q12 15% 1Q12 4% 2011 33% 2010 14% <20109% Finished Units 14% 12%Midwest Southeast 27% North 61% Inventory by Region ( % PSV) Aging (% PSV) Total % Direcional Under Construction 748,430 638,974 86.0% 2,595 84.2% Finished Units 115,089 103,699 14.0% 488 15.8% Total 863,519 742,673 100.0% 3,083 100.0% Inventory PSV in Inventory (BRL'000) % # of Units %
15 Financial Highlights  Financial Highlights  Cash Burn and Financing Transfers (“Repasse”)  Capital Structure  Deferred Results  Stock Performance Financial HighlightsCarlos Wollenweber CFO | IR Officer
16 Financial Highlights 1,024 776 373 323298 +31.9% +25.2% +15.2% 9M129M113Q122Q123Q11 Net Revenue (R$ million) 332115 103 31% 1Q12 98 29% 4Q11 82 27% 3Q11 72 24% 2Q11 58 23% 1Q11 57 24% 4Q10 48 18% 3Q10 15% +17% +66% +71,9% 9M12 321 30% 9M11 187 23% 3Q12 120 31% 2Q122Q10 12% 1Q10 10% MCMV Faixa 1 97,8% Brokerage Fee 1,2% Management Fee 1,0% Breakdown of Revenue from Services (3Q12 - %) % of Gross Revenue 2011 1,072 806 266 2010 782 668 114 2009 378 365 13 2008 263 255 8 2007 102 102 CAGR +80% 9M12 1,024 705 318 Net Revenue – Track Record (R$ million) Development Services Revenue from Services – Track Record (R$ million)
17 Launched PSV - Total (R$ million) CAGR +27% 9M12 1,157 2011 1,447 2010 1,067 2009 783 2008 710 Launched PSV - MCMV Level 1 (R$ million) 131 CAGR +9% 9M12 497 2011 924 793 2010 686 2009 634 2008 710 Launched PSV - Development (R$ million) 0 CAGR +87% 9M12 659 2011 522 2010 380 2009 149 2008 Development MCMV Level 1 Financial Results
9M12 9M11 D % Units Under Construction 40,679 32,244 26% Construction Sites 41 33 24% # of Cities 11 9 22% 18 3Q12 59% 32% 9% 2Q12 55% 35% 9% 1Q12 50% 41% 9% 4Q11 48% 44% 8% 3Q11 44% 49% 7% 2Q11 32% 60% 8% 1Q11 28% 63% 9% Focus on Industrialization Units Under Construction by Construction Method (% of Units) 1 Aluminum mold and concrete walls method Industrial Construction¹Concrete BlocksConventional Structure (Concrete Pillars)
191. Gross Margin excluding interest expenses; 310 +28.0% 9M12 274 36 30.3% 9M11 242 218 24 31.2% 3Q12 112 99 13 30.0% 2Q12 99 87 12 30.6% +13.0% Gross ProfitInterest Capitalised in COGSAdjusted¹ Gross Margin Financial Results Adjusted¹ Gross Profit (R$ million) Revenue from Services (R$ million) +71,9% 9M12 321 30% 9M11 187 23% % of Gross Revenue
20 Financial Results 1. Adjusted by non-cash expenses (Stock-Options Program). Adjusted¹ G&A (R$ million) Sales Expenses (R$ million) 73 57 2723 7.1%7.3%7.1%7.0% 9M113Q122Q12 +17.3% +28.5% 9M12 30 18 1210 3.0%2.4%3.3%3.0% 3Q122Q12 +26.9% +65.2% 9M129M11 Sales Expenses% Net RevenueAdjusted¹ G&A% Net Revenue Adjusted¹ EBITDA (R$ million) 161151 5749 +6.6% 9M12 15.7% 9M11 19.4% 3Q12 15.3% 2Q12 +16.3% 15.2% Adjusted¹ Net Income (R$ million) Adjusted¹ Net IncomeAdjusted¹ Net Margin 20.6% 23.1% 18.7% 21.9% 19.7% 21.3% 179 9M11 +17.9% 9M12 211 3Q12 70 2Q12 71 Adjusted¹ EBITDA Margin Pro Forma Adjusted¹ EBITDA Margin Adjusted¹ EBITDA
Cash Burn and Financing Transfer (“Repasse”) 21 Cash Burn Track Record (R$ million) 9M12 -39 163 3Q12 -24 43 2Q12 18 50 1Q12 -33 70 Net of Accounts Receivable from Delivered Units Variation Cash Burn Financing Transfers (“Repasses”) Track Record (R$ million) 319 +48% +36% +21% 9M12 170 149216 78 138 3Q12 136 79 56 2Q12 100 50 50 1Q12 83 40 43 9M11 "Crédito Associativo"¹ SFH 1. The financing transfer happens during the construction period
Net Debt Adjusted By Receivables From Delivered Projects 22 Net Debt (R$ million – 3Q12) Net Debt Adjusted By Receivables from Delivered Unitsits Total Debt 787 Net Debt 443 Receivables from Delivered Units 117 460 Cash and Equivalents 326
3Q12 2Q12 D % (R$ million) (a) (b) (a/b) Debt 786.5 626.2 25.6% SFH 606.2 516.9 17.3% CRI 101.2 - n/a Securitization 6.1 25.6 -76.3% Receivables Assigned 36.8 49.3 -25.4% Working Capital 20.0 20.5 -2.4% FINAME and others 16.2 13.8 16.7% Cash 460.0 342.3 34.4% Net debt 326.5 283.9 15.0% Net debt / Equity 23.4% 21.3% 2 p.p. 23 Capital Structure Debt Breakdown 5.4% Other Receivables Assigned4.7% CRI 12.9%SFH 77.1%
3Q12 2Q12 D % (R$ million) (a) (b) (a/b) Consolidated Deferred results (1+2) 573.3 551.4 4.0% Deferred results - Margin 33.1% 37.2% -4.1 p.p. Deferred results - Development (1) 286.7 300.5 -4.6% Margin 40.7% 40.7% 0.0 p.p. Deferred results - MCMV Level 1 projects (2) 286.7 250.9 14.2% Margin 27.8% 33.7% -5.8 p.p. 24 Deferred Results Schedule of Deferred Results (%) 2% 20% 60% 18% 2015201420132012 +14.7% +4.0% 3Q12 573 287 287 2Q12 551 301 251 3Q11 500 329 171 Development MCMV Level 1 Deferred Results (R$ million)
25 Improvement on DIRR3 Float Number of Investors (#) 652+22% 09.30.2012 283 369 06.30.2012 531 214 317 03.31.2012 533 217 316 Investment Funds Personal Investors 2,799 1Q12 +97% 3Q12 1,193 2Q12 1,419 +135% Average Trading Volume (R$ 000) 272 143 122 +89% +123% 3Q122Q121Q12 Average Trading Volume (# of Transactions)
7 8 9 10 11 12 13 2-Jan-12 6-Jan-12 12-Jan-12 18-Jan-12 24-Jan-12 31-Jan-12 6-Feb-12 10-Feb-12 16-Feb-12 24-Feb-12 1-Mar-12 7-Mar-12 13-Mar-12 19-Mar-12 23-Mar-12 29-Mar-12 4-Apr-12 11-Apr-12 17-Apr-12 23-Apr-12 27-Apr-12 4-May-12 10-May-12 16-May-12 22-May-12 28-May-12 1-Jun-12 8-Jun-12 14-Jun-12 20-Jun-12 26-Jun-12 2-Jul-12 6-Jul-12 13-Jul-12 19-Jul-12 25-Jul-12 31-Jul-12 6-Aug-12 10-Aug-12 16-Aug-12 22-Aug-12 28-Aug-12 3-Sep-12 10-Sep-12 14-Sep-12 20-Sep-12 26-Sep-12 2-Oct-12 8-Oct-12 15-Oct-12 19-Oct-12 25-Oct-12 StockPrice Volume (R$) Direcional R$ 12,25 26 Shares Performance
27 Disclosure 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.
28 Contacts Carlos Wollenweber CFO | IR Officer Paulo Sousa IR Analyst Cristiano Faria IR Analyst www.direcional.com.b/ir ri@direcional.com.br (55 31) 3214-6200 (55 31) 3214-6450

More Related Content

PDF
2Q12 Disclosure and Results
byDirecionalRI
 
PDF
3Q11 Disclosure and Results
byDirecionalRI
 
PDF
Webcast 1Q16
byDirecionalRI
 
PDF
3Q10 Disclosure and Results
byDirecionalRI
 
PDF
Corporate Presentation
byDirecionalRI
 
PDF
9th Annual Itaú BBA LatAm CEO Conference
byDirecionalRI
 
PDF
4Q09 Disclosure and Results
byDirecionalRI
 
PDF
Corporate Presentation 2Q14
byDirecionalRI
 
2Q12 Disclosure and Results
byDirecionalRI
 
3Q11 Disclosure and Results
byDirecionalRI
 
Webcast 1Q16
byDirecionalRI
 
3Q10 Disclosure and Results
byDirecionalRI
 
Corporate Presentation
byDirecionalRI
 
9th Annual Itaú BBA LatAm CEO Conference
byDirecionalRI
 
4Q09 Disclosure and Results
byDirecionalRI
 
Corporate Presentation 2Q14
byDirecionalRI
 

What's hot

PDF
2Q13 Disclosure and Results
byDirecionalRI
 
PDF
4Q10 Disclosure and Results
byDirecionalRI
 
PDF
1Q10 Disclosure and Results
byDirecionalRI
 
PDF
4Q15 Conference Call
byDirecionalRI
 
PDF
4Q11 Disclosure and Results
byDirecionalRI
 
PDF
2Q11 Disclosure and Results
byDirecionalRI
 
PDF
Corporate Presentation 3Q14
byDirecionalRI
 
PDF
Brazil Real Estate and Construction - J.P. Morgan S.A.
byDirecionalRI
 
PDF
1Q13 Disclosure and Results
byDirecionalRI
 
PDF
2 q12 results presentation
byTriunfoRi
 
PDF
2Q14 Disclosure and Results
byDirecionalRI
 
PDF
2Q10 Disclosure and Results
byDirecionalRI
 
PDF
3Q15 Earnings Presentation
byDirecionalRI
 
PDF
1 q14 earnings release presentation
bybrproperties
 
PDF
Apresentação de resultados 1 t15 master_inglês_v3
byCPFL RI
 
PDF
ERG 2Q 2020 Results (August 2020)
byERG S.p.A.
 
2Q13 Disclosure and Results
byDirecionalRI
 
4Q10 Disclosure and Results
byDirecionalRI
 
1Q10 Disclosure and Results
byDirecionalRI
 
4Q15 Conference Call
byDirecionalRI
 
4Q11 Disclosure and Results
byDirecionalRI
 
2Q11 Disclosure and Results
byDirecionalRI
 
Corporate Presentation 3Q14
byDirecionalRI
 
Brazil Real Estate and Construction - J.P. Morgan S.A.
byDirecionalRI
 
1Q13 Disclosure and Results
byDirecionalRI
 
2 q12 results presentation
byTriunfoRi
 
2Q14 Disclosure and Results
byDirecionalRI
 
2Q10 Disclosure and Results
byDirecionalRI
 
3Q15 Earnings Presentation
byDirecionalRI
 
1 q14 earnings release presentation
bybrproperties
 
Apresentação de resultados 1 t15 master_inglês_v3
byCPFL RI
 
ERG 2Q 2020 Results (August 2020)
byERG S.p.A.
 

Viewers also liked

PPTX
Crear un formulario con google drive Prest_Gara 175
byIrene Gonzalez
 
PDF
Zahlen
bykrebs0626
 
PDF
CompTIA Security+ certificate
byEd Hotin
 
PDF
Food Sensitivities
byRyan Whitcomb, RD, CDN, CLT
 
PDF
Propovidi_2010-11_ Final 8x11
byDr. Vasyl Dmytriv
 
PDF
Learner
byKaren Foxx
 
DOC
Villagra Wiki Secc 25 DevolucióN
byfr2009
 
PDF
Cabeça de Matador 8
byelyndo
 
DOC
OTR job description combined
byShimon Arzuan
 
PPTX
Ikasketa kooperatiboa
byurtaroak hogeita hamaika
 
PPTX
Altxorraren saskia
byurtaroak hogeita hamaika
 
PDF
Garden Mural
byCareyJohnson
 
PPTX
Deep Data At Macys v1.0
byLucidworks
 
PDF
Solucion examen termodinamica
byjosglods
 
PPT
Sugerencias Para Escribir
byrolayo
 
Crear un formulario con google drive Prest_Gara 175
byIrene Gonzalez
 
Zahlen
bykrebs0626
 
CompTIA Security+ certificate
byEd Hotin
 
Food Sensitivities
byRyan Whitcomb, RD, CDN, CLT
 
Propovidi_2010-11_ Final 8x11
byDr. Vasyl Dmytriv
 
Learner
byKaren Foxx
 
Villagra Wiki Secc 25 DevolucióN
byfr2009
 
Cabeça de Matador 8
byelyndo
 
OTR job description combined
byShimon Arzuan
 
Ikasketa kooperatiboa
byurtaroak hogeita hamaika
 
Altxorraren saskia
byurtaroak hogeita hamaika
 
Garden Mural
byCareyJohnson
 
Deep Data At Macys v1.0
byLucidworks
 
Solucion examen termodinamica
byjosglods
 
Sugerencias Para Escribir
byrolayo
 

Similar to 3Q12 Disclosure and Results

PDF
4Q12 Disclosure and Results
byDirecionalRI
 
PDF
Corporate Presentation June 2013
byDirecionalRI
 
PDF
14ª Conferência Anual Santander
byDirecionalRI
 
PDF
UBS Global Emerging Markets One-on-One Conference
byDirecionalRI
 
PDF
Apresentação Institucional - Evento BTG Pactual XVII CEO Conference
byDirecionalRI
 
PDF
BTG Pactual Real Estate Conference – São Paulo
byDirecionalRI
 
PDF
Deutsche Bank Brazil Real Estate Week
byDirecionalRI
 
PDF
Corporate Presentation 1Q13
byDirecionalRI
 
PDF
1Q11 Disclosure and Results
byDirecionalRI
 
PDF
1Q12 Disclosure and Results
byDirecionalRI
 
PDF
4Q13 Disclosure and Results
byDirecionalRI
 
PDF
Earnings Release Presentation - Third Quarter 2009 (3Q09).
byMRVRI
 
PDF
3Q13 Disclosure and Results
byDirecionalRI
 
PDF
Earnings Release Presentation - Fourth Quarter 2009 (4Q09).
byMRVRI
 
PDF
Earnings Release Presentation - Fourth Quarter 2010 (4Q10).
byMRVRI
 
PDF
Earnings Release Presentation - First Quarter 2008 (1Q08).
byMRVRI
 
PDF
1Q14 Disclosure and Results
byDirecionalRI
 
PDF
4Q14 Disclosure and Results
byDirecionalRI
 
PDF
1Q15 Earnings Presentation
byDirecionalRI
 
PDF
Earnings Release Presentation - Third Quarter 2007 (3Q07).
byMRVRI
 
4Q12 Disclosure and Results
byDirecionalRI
 
Corporate Presentation June 2013
byDirecionalRI
 
14ª Conferência Anual Santander
byDirecionalRI
 
UBS Global Emerging Markets One-on-One Conference
byDirecionalRI
 
Apresentação Institucional - Evento BTG Pactual XVII CEO Conference
byDirecionalRI
 
BTG Pactual Real Estate Conference – São Paulo
byDirecionalRI
 
Deutsche Bank Brazil Real Estate Week
byDirecionalRI
 
Corporate Presentation 1Q13
byDirecionalRI
 
1Q11 Disclosure and Results
byDirecionalRI
 
1Q12 Disclosure and Results
byDirecionalRI
 
4Q13 Disclosure and Results
byDirecionalRI
 
Earnings Release Presentation - Third Quarter 2009 (3Q09).
byMRVRI
 
3Q13 Disclosure and Results
byDirecionalRI
 
Earnings Release Presentation - Fourth Quarter 2009 (4Q09).
byMRVRI
 
Earnings Release Presentation - Fourth Quarter 2010 (4Q10).
byMRVRI
 
Earnings Release Presentation - First Quarter 2008 (1Q08).
byMRVRI
 
1Q14 Disclosure and Results
byDirecionalRI
 
4Q14 Disclosure and Results
byDirecionalRI
 
1Q15 Earnings Presentation
byDirecionalRI
 
Earnings Release Presentation - Third Quarter 2007 (3Q07).
byMRVRI
 

More from DirecionalRI

PPTX
Apresentação Reunião Pública 2016
byDirecionalRI
 
PDF
TELECONFERÊNCIA 4T15
byDirecionalRI
 
PDF
TELECONFERÊNCIA 1T16
byDirecionalRI
 
PDF
Apresentação Institucional 3T09
byDirecionalRI
 
PDF
Apresentação para a Visita de Analistas
byDirecionalRI
 
PDF
BTG Pactual CEO Conference
byDirecionalRI
 
PDF
Itaú CEO Conference
byDirecionalRI
 
PDF
Apresentação Apimec 2010
byDirecionalRI
 
PDF
Corporate Presentation 4Q10
byDirecionalRI
 
PDF
Corporate Presentation
byDirecionalRI
 
PDF
Santander CEO Conference - London
byDirecionalRI
 
PDF
III Real Estate Conference - Banco Fator
byDirecionalRI
 
PDF
Apresentação APIMEC - MG - 2011
byDirecionalRI
 
PDF
12 Conferência Anual Santander
byDirecionalRI
 
PDF
Manaus Site Visit
byDirecionalRI
 
PDF
Apresentação APIMEC - SP
byDirecionalRI
 
PDF
Apresentação APIMEC - MG - 2012
byDirecionalRI
 
PDF
Convite APIMEC 2013
byDirecionalRI
 
PDF
Apresentação APIMEC - MG - 2013
byDirecionalRI
 
Apresentação Reunião Pública 2016
byDirecionalRI
 
TELECONFERÊNCIA 4T15
byDirecionalRI
 
TELECONFERÊNCIA 1T16
byDirecionalRI
 
Apresentação Institucional 3T09
byDirecionalRI
 
Apresentação para a Visita de Analistas
byDirecionalRI
 
BTG Pactual CEO Conference
byDirecionalRI
 
Itaú CEO Conference
byDirecionalRI
 
Apresentação Apimec 2010
byDirecionalRI
 
Corporate Presentation 4Q10
byDirecionalRI
 
Corporate Presentation
byDirecionalRI
 
Santander CEO Conference - London
byDirecionalRI
 
III Real Estate Conference - Banco Fator
byDirecionalRI
 
Apresentação APIMEC - MG - 2011
byDirecionalRI
 
12 Conferência Anual Santander
byDirecionalRI
 
Manaus Site Visit
byDirecionalRI
 
Apresentação APIMEC - SP
byDirecionalRI
 
Apresentação APIMEC - MG - 2012
byDirecionalRI
 
Convite APIMEC 2013
byDirecionalRI
 
Apresentação APIMEC - MG - 2013
byDirecionalRI
 

3Q12 Disclosure and Results

  • 1.
    1 Earnings Release |Conference Call – 3Q12 November 6th, 2012
  • 2.
    2 Agenda Ricardo Ribeiro Vice President CarlosWollenweber CFO | IR Officer 3Q12 Main Figures and Operating Highlights Financial Highlights
  • 3.
    3Q12 9M12 Launched PSV %Direcional R$ million 543 1,157 Contracted PSV % Direcional R$ million 558 1,139 Sales Over Supply (VSO) % PSV 41.3% 58.5% Net Revenues R$ million 373 1,024 Adjusted Net Income¹ R$ million 57 161 Adjusted Net Margin¹ % 15.3% 15.7% Main Figures 3 1. Adjusted by non-cash expenses (Stock-Options Program).
  • 4.
    Contracted MCMV Level1 4 3Q12 2012 MCMV Level 1 • 6,398 Units Contracted • PSV of R$ 400 MN • 10,398 Units Contracted • PSV of R$ 659 MN • 26,661 Units Contracted • PSV of R$ 1,562 MN Signed Projects in 3Q12 Track Record – Contracted MCMV Level 1 (R$ million) 0 CAGR +87% 20102008 522 380 9M122011 659 149 2009 Increase in Price Cap versus INCC¹ (R$) 53,835 62,230 Current Price Cap (National average) Previous Price Cap (National average) +16% INCC in the same period 8,03% City PSV (R$ million) Units Macapá (AP) 135 2,218 Sobral (CE) 129 2,084 Maracanaú (CE) 136 2,096 1. Inflation index for the construction sector 2. A government program to the very low income segment, previous than MCMV
  • 5.
    Deliveries During the9M12 5 8,338 5,612 1,619 223 609 9M12 112 1,107 2Q12 832 210 1Q12 3Q12 510 223 287 Delivered PSV - Total (R$ million) MCMV Level 1 Development # of Units
  • 6.
    Launches versus Deliverieson Development Segment 6 Development – Launches versus Delivery (9M12 - # units) 4,187 2,768 +51% DeliveriesLaunches PSV R$ (million) 497 609+23%
  • 7.
    7 Operating Highlights  Launches Sales  Deliveries  Land Bank  Inventory Operating HighlightsRicardo Ribeiro Vice President
  • 8.
    Total (R$'000) % Direcional (R$'000) # ofUnits Launched Total Units (All Phases) 1 Verano Residencial - 3rd Phase July Belém - PA 21,147 21,125 92 539 Medium 2 Residencial Bella Toscana August Belo Horizonte - MG 42,481 21,241 78 78 Upper-Midle 3 Residencial Bella Verona August Belo Horizonte - MG 41,282 20,641 105 105 Upper-Midle 4 Del Rey - Comercial September Belo Horizonte - MG 99,614 79,691 342 671 Commercial 5 Residencial Macapaba - 2nd Phase September Macapá - AP 134,958 134,958 2,218 4,366 MCMV Level 1 6 Orgulho Tropical September Sobral - CE 129,228 129,228 2,084 2,084 MCMV Level 1 7 Orgulho do Ceará 2 September Maracanaú - CE 136,240 136,240 2,096 2,096 MCMV Level 1 Total 3Q12 604,950 543,124 7,015 9,939 Segment3Q12 Projects Date City - State PSV Units Launched 8 Launches Launched PSV (R$ million) Launched PSV – Track Record (R$ million) 131+44% 543+16% 1,157+30% 9M12 659 497 9M11 1,019 313 575 3Q12 400 143 2Q12 470 259 211 3Q11 377 313 63 1,447 522 CAGR +69% 9M12 1,157 659 497 2011 924 2010 1,067 380 686 2009 783 149 634 2008 710 710 2007 176 176 MCMV Level 1 Development Project Acquisition MCMV Level 1 Development
  • 9.
    Launches Breakdown 9 PA MG 15% 14% 11% 11% 9M12 57% 9% 9% 9M11 35% 22% 25% 5% 3Q12 74% 4% 8% 3Q11 83% 4% 13% Launchesby Segment (% PSV) MCMV Level 1 Low-Income Medium Upper Middle Commercial 1 2 3 4 AP CE 5 7 6 Launches by Region - Development (% PSV) 100% 85% 41% 59% 12% 9M12 29% 9M11 50% 9% 3Q12 15% 3Q11 North Northeast Southeast Midwest Launches by Region - MCMV Level 1 (% PSV) 9M12 60% 40% 9M11 100% 3Q12 34% 66% 3Q11 100% North Northeast Southeast Midwest
  • 10.
    Sales Contracted Sales (R$ million) +30% 558+25% 1,139+47% 9M12 659 479 9M11 863 313 461 89 3Q12 400 158 2Q12 448 259 189 3Q11 430 313 117 MCMVLevel 1 Development Project Acquisition 10 10% 1% 9M12 58% 14% 16% 5% 7% 9M11 40% 20% 28% 7% 5% 3Q12 72% 7% 9% 2% 3Q11 73% 11% 11% 4% MCMV Level 1 Low-Income Medium Upper-Middle Commercial Sales by Economic Segment (% PSV) Sales by Region (% PSV) 20% 19%16% 11% 9M12 54% 23% 4% 9M11 69% 3Q12 34% 48% 3% 3Q11 92% 6% 3% Northeast Southeast Midwest North CAGR +76% 9M12 1,139 659 479 2011 1,230 522 708 2010 1,037 380 657 2009 661 149 511 2008 441 441 2007 127 127 Sales Track Record (R$ million) MCMV Level 1 Development
  • 11.
    11 Sales Speed 3Q12 41.3% 18.7% 2Q12 36.5% 21.2% 1Q12 16.1%16.1% 4Q11 31.8% 18.5% 3Q11 36.7% 16.0% With MCMVLevel 1 projectWithout MCMV Level 1 project Sales-Over-Supply Ratio (VSO) (Total PSV - %) 90%3Q11 96%2% 2% 1% 1% 4Q11 94%85% 6% 1% 2% 1Q12 83%10% 51% 22% 2Q12 91%88% 3% 3Q12 95% 3 M 6 M 9 M 12 M 15 M 7% 14% 3Q12 34% 2Q12 14% 1Q12 14% 2011 17% 2010 <2010 Sales by Launching Period - 3Q12 (% PSV – Development) Sales Speed (% Units)  66% of the PSV sold in the 3Q12 were units launched before 3Q12;  21% of the sold PSV were to units launched before 2011.
  • 12.
    TotalVile Marabá2nd Phase AP(PSVR$ 30.4MM) ParqueVerde AM(PSV R$ 31.3MM) Weekend Club AM(PSV R$ 54.9MM) Brisasdo Madeira RO (PSV R$62.9MM) VitaBella ResidencialClub RO (PSV R$59.7MM) Gran Ventura MG (PSV R$ 47.5MM) Total (R$'000) % Direcional (R$'000) 1 Gran Ventura July Belo Horizonte - MG 48,446 47,526 199 Medium 2 Vita Bella Residencial Club July Porto Velho - RO 59,733 59,733 352 Low-Income 3 Brisas do Madeira - Towers: 1, 2, 4 and 6 July Porto Velho - RO 62,940 62,940 284 Medium 4 Weekend Club - Towers: A and E August Manaus - AM 68,570 54,856 178 Medium 5 Parque Verde August Manaus - AM 31,373 31,342 192 Low-Income 6 Total Ville Marabá - 2nd Phase August Marabá - PA 30,445 30,442 256 Low-Income 7 Residencial Meu Orgulho - 1st Phase August Manaus - AM 190,598 190,598 3,511 MCMV Level 1 8 Bairro Carioca - Plots: 1, 2 e 3 August Rio de Janeiro - RJ 32,640 32,640 640 MCMV Level 1 Total 3Q12 524,745 510,077 5,612 # Units SegmentDelivered Projects - 3Q12 Date City - State PSV 12 Delivered Projects - 3Q12
  • 13.
    13 Land Bank  59.3%are large scale projects (over 1,000 units)  74.9% are eligible for the MCMV Program  75.1% were acquired by physical or financial Swap  Average acquisition price of 9.1% over PSV R$ 6.8 Billion 66,559 units Land Bank by Segment (% PSV) 100269 6,820 -128 9M12Launches 497 Review of Assumptions Acquired Land Bank 2011 6,948 Land Bank by Region (% PSV) Type of Payment (9M12 – % PSV) ES 1.5% AM 13.6% MG 38.2% RO 4.6% SP 5.6% PA 13.2% DF 20.6%GO 1.6% Swap 83.6% Cash16.4% 55% Low-Income Medium 7% Upper-Midle 35% Commercial3% RJ 1.1% Land Bank Track Record in 9M12 (R$ million in PSV)
  • 14.
    14 Inventory  63% ofthe inventory was launched after 2011  94% of the units under construction have already been sold 11% 3Q12 2Q12 15% 1Q12 4% 2011 33% 2010 14% <20109% Finished Units 14% 12%Midwest Southeast 27% North 61% Inventory by Region ( % PSV) Aging (% PSV) Total % Direcional Under Construction 748,430 638,974 86.0% 2,595 84.2% Finished Units 115,089 103,699 14.0% 488 15.8% Total 863,519 742,673 100.0% 3,083 100.0% Inventory PSV in Inventory (BRL'000) % # of Units %
  • 15.
    15 Financial Highlights  FinancialHighlights  Cash Burn and Financing Transfers (“Repasse”)  Capital Structure  Deferred Results  Stock Performance Financial HighlightsCarlos Wollenweber CFO | IR Officer
  • 16.
    16 Financial Highlights 1,024 776 373 323298 +31.9% +25.2% +15.2% 9M129M113Q122Q123Q11 Net Revenue (R$million) 332115 103 31% 1Q12 98 29% 4Q11 82 27% 3Q11 72 24% 2Q11 58 23% 1Q11 57 24% 4Q10 48 18% 3Q10 15% +17% +66% +71,9% 9M12 321 30% 9M11 187 23% 3Q12 120 31% 2Q122Q10 12% 1Q10 10% MCMV Faixa 1 97,8% Brokerage Fee 1,2% Management Fee 1,0% Breakdown of Revenue from Services (3Q12 - %) % of Gross Revenue 2011 1,072 806 266 2010 782 668 114 2009 378 365 13 2008 263 255 8 2007 102 102 CAGR +80% 9M12 1,024 705 318 Net Revenue – Track Record (R$ million) Development Services Revenue from Services – Track Record (R$ million)
  • 17.
    17 Launched PSV -Total (R$ million) CAGR +27% 9M12 1,157 2011 1,447 2010 1,067 2009 783 2008 710 Launched PSV - MCMV Level 1 (R$ million) 131 CAGR +9% 9M12 497 2011 924 793 2010 686 2009 634 2008 710 Launched PSV - Development (R$ million) 0 CAGR +87% 9M12 659 2011 522 2010 380 2009 149 2008 Development MCMV Level 1 Financial Results
  • 18.
    9M12 9M11 D% Units Under Construction 40,679 32,244 26% Construction Sites 41 33 24% # of Cities 11 9 22% 18 3Q12 59% 32% 9% 2Q12 55% 35% 9% 1Q12 50% 41% 9% 4Q11 48% 44% 8% 3Q11 44% 49% 7% 2Q11 32% 60% 8% 1Q11 28% 63% 9% Focus on Industrialization Units Under Construction by Construction Method (% of Units) 1 Aluminum mold and concrete walls method Industrial Construction¹Concrete BlocksConventional Structure (Concrete Pillars)
  • 19.
    191. Gross Marginexcluding interest expenses; 310 +28.0% 9M12 274 36 30.3% 9M11 242 218 24 31.2% 3Q12 112 99 13 30.0% 2Q12 99 87 12 30.6% +13.0% Gross ProfitInterest Capitalised in COGSAdjusted¹ Gross Margin Financial Results Adjusted¹ Gross Profit (R$ million) Revenue from Services (R$ million) +71,9% 9M12 321 30% 9M11 187 23% % of Gross Revenue
  • 20.
    20 Financial Results 1. Adjustedby non-cash expenses (Stock-Options Program). Adjusted¹ G&A (R$ million) Sales Expenses (R$ million) 73 57 2723 7.1%7.3%7.1%7.0% 9M113Q122Q12 +17.3% +28.5% 9M12 30 18 1210 3.0%2.4%3.3%3.0% 3Q122Q12 +26.9% +65.2% 9M129M11 Sales Expenses% Net RevenueAdjusted¹ G&A% Net Revenue Adjusted¹ EBITDA (R$ million) 161151 5749 +6.6% 9M12 15.7% 9M11 19.4% 3Q12 15.3% 2Q12 +16.3% 15.2% Adjusted¹ Net Income (R$ million) Adjusted¹ Net IncomeAdjusted¹ Net Margin 20.6% 23.1% 18.7% 21.9% 19.7% 21.3% 179 9M11 +17.9% 9M12 211 3Q12 70 2Q12 71 Adjusted¹ EBITDA Margin Pro Forma Adjusted¹ EBITDA Margin Adjusted¹ EBITDA
  • 21.
    Cash Burn andFinancing Transfer (“Repasse”) 21 Cash Burn Track Record (R$ million) 9M12 -39 163 3Q12 -24 43 2Q12 18 50 1Q12 -33 70 Net of Accounts Receivable from Delivered Units Variation Cash Burn Financing Transfers (“Repasses”) Track Record (R$ million) 319 +48% +36% +21% 9M12 170 149216 78 138 3Q12 136 79 56 2Q12 100 50 50 1Q12 83 40 43 9M11 "Crédito Associativo"¹ SFH 1. The financing transfer happens during the construction period
  • 22.
    Net Debt AdjustedBy Receivables From Delivered Projects 22 Net Debt (R$ million – 3Q12) Net Debt Adjusted By Receivables from Delivered Unitsits Total Debt 787 Net Debt 443 Receivables from Delivered Units 117 460 Cash and Equivalents 326
  • 23.
    3Q12 2Q12 D% (R$ million) (a) (b) (a/b) Debt 786.5 626.2 25.6% SFH 606.2 516.9 17.3% CRI 101.2 - n/a Securitization 6.1 25.6 -76.3% Receivables Assigned 36.8 49.3 -25.4% Working Capital 20.0 20.5 -2.4% FINAME and others 16.2 13.8 16.7% Cash 460.0 342.3 34.4% Net debt 326.5 283.9 15.0% Net debt / Equity 23.4% 21.3% 2 p.p. 23 Capital Structure Debt Breakdown 5.4% Other Receivables Assigned4.7% CRI 12.9%SFH 77.1%
  • 24.
    3Q12 2Q12 D% (R$ million) (a) (b) (a/b) Consolidated Deferred results (1+2) 573.3 551.4 4.0% Deferred results - Margin 33.1% 37.2% -4.1 p.p. Deferred results - Development (1) 286.7 300.5 -4.6% Margin 40.7% 40.7% 0.0 p.p. Deferred results - MCMV Level 1 projects (2) 286.7 250.9 14.2% Margin 27.8% 33.7% -5.8 p.p. 24 Deferred Results Schedule of Deferred Results (%) 2% 20% 60% 18% 2015201420132012 +14.7% +4.0% 3Q12 573 287 287 2Q12 551 301 251 3Q11 500 329 171 Development MCMV Level 1 Deferred Results (R$ million)
  • 25.
    25 Improvement on DIRR3Float Number of Investors (#) 652+22% 09.30.2012 283 369 06.30.2012 531 214 317 03.31.2012 533 217 316 Investment Funds Personal Investors 2,799 1Q12 +97% 3Q12 1,193 2Q12 1,419 +135% Average Trading Volume (R$ 000) 272 143 122 +89% +123% 3Q122Q121Q12 Average Trading Volume (# of Transactions)
  • 26.
  • 27.
    27 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.
  • 28.
    28 Contacts Carlos Wollenweber CFO |IR Officer Paulo Sousa IR Analyst Cristiano Faria IR Analyst www.direcional.com.b/ir ri@direcional.com.br (55 31) 3214-6200 (55 31) 3214-6450