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4Q12 Disclosure and Results

The document summarizes the company's financial results for the fourth quarter and full year of 2012. Some key highlights include: - Net revenue increased 28% to R$1.368 billion in 2012. - Contracted PSV grew 84% to R$2.267 billion in 2012, with strong sales in the low-income MCMV segment. - Adjusted EBITDA increased 17% to R$287 million in 2012, with an adjusted EBITDA margin of 16.6%. - The company generated cash in the fourth quarter after burning cash in previous quarters, demonstrating improved cash flow.

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1 Earnings Release | Conference Call – 4Q12 and 2012 March 26th, 2013
2 Agenda Ricardo Ribeiro Vice President Carlos Wollenweber CFO | IR Officer 2012 Main Figures and Operating Highlights Financial Highlights
3 Main Figures 2012 2011 D % Launched PSV % Direcional R$ million 2,346 1,447 62% Contracted PSV % Direcional R$ million 2,267 1,230 84% Sales Over Supply (VSO) % PSV 71.7% 58.8% 12.9 p.p. Net Revenues R$ million 1,368 1,072 28% Net Income R$ million 225 175 28% Net Margin % 16.5% 16.3% 0.2 p.p. ROE % 17.6% 15.6% 2.0 p.p.
4 Contracted MCMV Level 1 (R$ million) 58,892 1,647 +215.2% +20.4% 2012 70,894 2011 522 Average Price Units Contracted PSV Contracted MCMV Level 1 - 2012 Contracted Projects 9 Average PSV (R$ million) 183.0 Units/Projects (average) 2,582 Contracted MCMV Level 1
Reduction of 6% ​​to 4% in tax revenues to developments under the special taxation regime. RET1: Price cap Increase from R$ 85k to R$ 100k for units sold under the special taxation regime. Payroll tax reduction for builders, with replacement of the INSS on the payroll for tax corresponding to 2% of gross revenue. Cash Generation in 4Q12Federal Government Incentives 4Q12 Highlights 5 7 4Q123Q12 -43 2Q12 -50 1Q12 -70 Cash Burn¹ (R$ million) Cash Generation 1. measured by the net debt variation plus dividends and share repurchases less capital increases.
6 Operating Highlights  Launches  Sales  Deliveries  Land Bank  Inventory Operating HighlightsRicardo Ribeiro Vice President
7 Launches Launched PSV (R$ million) Launched PSV – Track Record (R$ million) +178% 1,189+119% 2,346+62% 2012 1,647 698 2011 1,447 522 793 131 4Q12 988 201 3Q12 543 400 143 4Q11 428 209 218 CAGR +68% 2012 2,346 1,647 698 2011 1,447 522 924 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 Total (R$'000) % Direcional (R$'000) # of Units Launched Total Units (All Phases) 1 Emotion Residence Caiçara December Belo Horizonte - MG 46,040 45,994 76 76 Upper-Middle 2 Up Life Residence December Guará - DF 78,147 78,068 148 148 Upper-Middle 3 Magic Garden Houses December Rio de Janeiro - RJ 110,342 77,240 150 150 Upper-Middle 4 Jardim Carandá December Sorocaba - SP 226,304 226,304 2,560 2,560 MCMV Level 1 5 Paranoá Parque December Paranoá - DF 448,731 448,731 6,240 6,240 MCMV Level 1 6 Parque Carioca December Rio de Janeiro - RJ 81,499 81,499 900 900 MCMV Level 1 7 Parque dos Resedás December São João da Boa Vista - SP 78,710 78,710 926 926 MCMV Level 1 8 Bosque Azul December Macaé - RJ 152,490 152,490 2,210 2,210 MCMV Level 1 Total 4Q12 1,222,262 1,189,036 13,210 13,210 Segment4Q12 Projects Date City - State PSV Units Launched
Launches Breakdown 8 13% 17% 14% 201220114Q124Q11 4%5% 70% 40% 7% 16% 32% 4% 8% 83% 49% 2% 36% Launches by Segment (% PSV) MCMV Level 1 Low-Income Medium Upper Middle Commercial Launches by Region - Development (% PSV) 29% 39% 14% 20% 20122011 33% 38% 4Q12 20% 4Q11 60% 40% 46% 61% Southeast North Midwest Northeast Launches by Region - MCMV Level 1 (% PSV) 27% 45% 16% 2012 38% 20114Q12 24% 4Q11 33% 55% 85% 15% 62% Southeast Northeast North Midwest MG 6 8 5 7 RJ 3 1 SP 4 DF 2
Contracted Sales Contracted Sales (R$ million) 1,129+102% 2,267+84% 2012 1,647 620 2011 1,230 522 +208% 619 89 4Q12 988 141 3Q12 558 400 158 4Q11 367 209 158 MCMV Level 1 Development Project Acquisition 9 3% 5%2% 2012 73% 10% 8% 5% 2011 46% 26% 18% 6% 4% 4Q12 88% 2% 5% 4Q11 57% 22% 15% 5%1% MCMV Level 1 Medium Low-Income Upper-Middle Commercial Sales by Economic Segment (% PSV) Sales by Region (% PSV) 42% 23% 12% 2012 36% 29% 2011 26% 66% 9% 4Q12 54% 4% 4Q11 37% 59% 4% Southeast North Midwest Northeast +78% 2012 2,267 1,647 620 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
10 Sales Speed 4Q12 55.4% 15.2% 3Q12 41.3% 18.7% 2Q12 36.5% 21.2% 1Q12 16.1%16.1% 4Q11 31.8% 18.5% With MCMV Level 1 project Without MCMV Level 1 project Sales-Over-Supply Ratio (VSO) (Total PSV - %) 4Q11 95%85% 6% 1% 2% 1% 1Q12 88%10% 51% 22% 5% 2Q12 94%88% 3% 2% 3Q12 96%95% 1% 4Q12 98% 3 M 6 M 9 M 12 M 15 M Sales by Launching Period -4Q12 (% PSV – Development) Sales Speed (% Units)  63% of the PSV sold in the 4Q12 were units launched before 4Q12;  30% of the sold PSV were to units launched before 2012. 14% 13% <2011 16% 2011 14% 1Q12 5% 2Q12 3Q12 4Q12 37%
11 More than R$ 1.1 billion in PSV delivered Jardim Alterosa Total (R$'000) % Direcional (R$'000) 1 Varandas Fazenda da Serra October Belo Horizonte - MG 64,215 32,108 136 Upper-Midle 2 Total Ville Porto Velho - 1st Phase October Porto Velho - RO 48,969 48,969 490 Low-Income 3 Residencial Jardim Alterosa November Belo Horizonte - MG 75,440 75,440 1,640 MCMV Level 1 4 Gran Vista - Tower: A and D December Manaus - AM 55,203 44,163 116 Upper-Midle 5 Gran D'Ouro December Belo Horizonte - MG 8,353 8,194 24 Medium 6 Brisas do Madeira - Tower: 3 and 5 December Porto Velho - RO 32,605 32,605 142 Medium 7 Total Ville Bem Viver Paraiso - 2nd Phase December Manaus - AM 52,985 52,976 448 Low-Income Total 4Q12 337,771 294,455 2,996 Total 2012 1,213,128 1,126,597 11,334 # Units SegmentDelivered Projects - 4Q12 Date City - State PSV
12 Land Bank  61.6% are large scale projects (over 1,000 units)  75.1% are eligible for the MCMV Program  76.2% were acquired by physical or financial Swap  Average acquisition price of 9.1% over PSV R$ 6.7 Billion 66,381 units Land Bank by Segment (% PSV) Land Bank Track Record in 2012 (R$ million in PSV) 137347 6,734 -215 2012Launches 698 Review of Assumptions Acquired Land Bank 2011 6,948 Land Bank by Region (% PSV) Type of Payment (2012 – % PSV) ES 2% AM 14% MG 38% RO 5% SP 6% PA 13% DF 20%GO 2% Swap 75.0% Cash25.0% Low-Income 56% Upper-Middle 6% Medium 35% Commercial3%
13 Inventory  46% of the inventory was launched after 2012 4Q12 23.5% 3Q12 7.7% 2Q12 11.8% 1Q12 2.8% 2,011 25.7% <201112.3% Finished Units 16.2% Inventory by Launch Period (% PSV) Inventory by Region (% PSV) 17.7% Southeast 31.1% North 51.3% Midwest Inventory Evolution (R$ million) 800 10.9% 2012 670 130 2011 721 668 53 Finished Units Under Construction Total % Direcional Under Construction 782,349 670,008 83.8% 2,251 78.5% Finished Units 144,945 129,919 16.2% 615 21.5% Total 927,294 799,928 100.0% 2,866 100.0% Inventory PSV in Inventory (BRL'000) % Units in Inventory %
14 Financial Highlights  Financial Highlights  Cash Burn and Financing Transfers (“Repasse”)  Capital Structure  Deferred Results  Stock Performance Financial HighlightsCarlos Wollenweber CFO e Diretor de RI
15 Financial Results 344373 296 +27.6% +16.3% -7.7% 2012 1,368 2011 1,072 4Q123Q124Q11 Net Revenue (R$ million) MCMV Level 1 98.0% Brokerage Fee 1.1% Management Fee 0.9% CAGR +68% 2012 1,368 914 454 2011 1,072 806 266 2010 782 668 114 2009 378 365 13 2008 263 255 8 2007 102 102 Net Revenue – Track Record (R$ million) Development Services Revenue from Services – Track Record (R$ million) Breakdown of Revenue from Services (4Q12 - %) 2012 457 32.7% 2011 269 24.5% 2010 117 14.5% Revenue from Service% of Gross Revenue
Focus on IndustrializationThe Growth Coming From The Very Low-Income 16 Focus on Industrialization Launched PSV – Total (R$ million) CAGR +35% 2012 698 1,647 2011 924 522 2010 686 380 2009 634 149 2008 710 0 Launched PSV - MCMV Level 1 (R$ million) 0 380 2009 149 2008 CAGR +123% 2012 1,647 2011 522 2010 Development MCMV Level 1 4Q12 70% 23% 7% 4Q11 49% 43% 7% 4Q10 30% 62% 9% Units Under Construction by Construction Method (% of Units) 1 Aluminum mold and concrete walls method Industrial Construction¹ Concrete Blocks Conventional Structure (Concrete Pillars) 2012 2011 D % Units Under Construction 51,009 36,000 42% Construction Sites 45 37 22% Average # of Units by Construction Sites 1,134 973 17% # of Cities 13 10 30%
171 . Gross Margin excluding interest expenses; 83 8 30.5% 4Q11 90 +21.8% 420 +26.3% 2012 370 50 30.7% 2011 332 301 32 31.0% 4Q12 110 96 14 32.0% Interest Capitalised in COGS Gross ProfitAdjusted¹ Gross Margin Financial Results Adjusted¹ Gross Profit (R$ million) Revenue from Services (R$ million) 269 24% +70.1% 2012 457 33% 2011 % of Gross Revenue
18 Financial Results 1. Adjusted by non-cash expenses (Stock-Options Program). Adjusted¹ G&A (R$ million) Sales Expenses (R$ million) 97 73 24 16 7.1% 4Q11 5.4% 52.5% +33.8% 2012 7.1% 2011 6.8% 4Q12 39 28 99 -6.1% +41.4% 2012 2.9% 2011 2.6% 4Q12 2.5% 4Q11 3.1% Sales Expenses% Net RevenueAdjusted¹ G&A% Net Revenue 21.0% 22.7%21.7%21.6% +16.9% 17.8% 2012 287 2011 243 4Q12 75 4Q11 64 Adjusted¹ EBITDA Margin Adjusted¹ EBITDA (R$ million) 227 199 6648 4Q12 18.5% 2011 14.1% 2012 16.6%19.2% 4Q11 16.2% Adjusted¹ Net Income (R$ million) Adjusted¹ Net IncomeAdjusted¹ Net Margin
Pro Forma Results - Deferred taxes Reversion RET4 19 1 - Provisional Measure No. 601/12 reduced the tax burden for projects developed under the Special Tax Regime (RET) from 6% to 4%. This measure came into force on January 1, 2013, for cash effects, and allowed for the reversal of the deferred tax in the fourth quarter of 2012, proportionately to the tax reduction. The total amount reversed under “Tax deductions” and “Income tax and social contribution” was R$ 22.13 million, or R$ 11.62 million and R$ 10.51 respectively. 2 - Gross Margin excluding interest expenses; 3 - Adjusted by non-cash expenses (Stock-Options Program). 2012 2012 D % (a) Pro Forma (b) (a/b) Net Revenues R$ million 1,368 1,356 1% Adjusted Gross Profit² R$ million 420 408 3% Adjusted Gross Margin² % 30.7% 30.1% 0.6 p.p. Adjusted Net Income³ R$ million 227 204 11% Adjusted Net Margin³ % 16.6% 15.1% 1.5 p.p.
Operational Efficiency 20 Net Debt (R$ million – 4Q12) SFH Corporate Net Debt Adjusted By Receivables from Delivered Units Concluídas 191 Receivables from Delivered Units 511 Net Debt 320 Cash and Equivalents 437 Total Debt 586 171 Launched PSV (R$ million) 1,127 +270% 2012 828 299 2011 305 Receivables from Delivered Units (R$ million) 511 +111% 20122011 242 Financing Transfer (“Repasses”) (R$ million) 455 +43% 2012 233 222 2011 319 124 195 Development MCMV Level 1 "Crédito Associativo" SFH Net cash of $ 191.0 million ROE of 18% with low leverage
21 Capital Structure and Cash Burn Debt Breakdown 2.4% CRI 13.2% Receivables Assigned 3.8% Securitization0.5% SFH 77.5% Working Capital 2.7% FINAME and others 2Q12 -43 3Q12 7 4Q12 -50 1Q12 -70 Cash Burn ¹ (R$ million) Cash Generation 1. measured by the net debt variation plus dividends and share repurchases less capital increases. 4Q12 3Q12 D % (BRL million) (a) (b) (a/b) Debt 756.5 786.5 -3.8% SFH 585.9 606.2 -3.4% CRI 99.8 101.2 -1.4% Securitization 3.6 6.1 -40.9% Receivables Assigned 28.9 36.8 -21.4% Working Capital 18.2 16.2 12.8% FINAME and others 20.1 20.0 0.1% Cash 436.9 460.0 -5.0% Net debt 319.6 326.5 -2.1% Net debt / Equity 22.5% 23.4% -1 p.p.
22 Deferred Results Schedule of Deferred Results (%) 5% 29% 66% 201520142013 Deferred Results (R$ million) 22.5% 19.7% 4Q12 686 262 424 3Q12 573 287 287 4Q11 560 334 226 Development MCMV Level 1 4Q12 3Q12 D % (R$ million) (a) (b) (a/b) Consolidated Deferred results (1+2) 686.2 573.3 19.7% Deferred results - Margin 28.6% 33.1% -4.4 p.p. Deferred results - Development (1) 262.4 286.7 -8.5% Margin 39.9% 40.7% -0.8 p.p. Deferred results - MCMV Level 1 projects (2) 423.8 286.7 47.8% Margin 24.4% 27.8% -3.5 p.p.
23 Improvement on DIRR3 Float Number of Investors (#) +55% 1,445 +171% feb.13 661 784 dec.12 933 480 453 sep.12 652 283 369 jun.12 531 214 317 mar.12 533 217 316 Investment Funds Personal Investors +49% 11,584 +811% 2013*4Q12 7,795 3Q12 2,539 2Q12 1,039 1Q12 1,272 Average Trading Volume (# of Transactions) Average Trading Volume (R$ 000) 616 245 108115 1,303 2013*4Q123Q12 +111% +1,034% 2Q121Q12* Year-to-date 2013
24 Shares Performance R$ 5 R$ 7 R$ 9 R$ 11 R$ 13 R$ 15 R$ 17 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 Nov-09 Dec-09 Jan-10 Jan-10 Feb-10 Mar-10 Apr-10 Apr-10 May-10 Jun-10 Jul-10 Jul-10 Aug-10 Sep-10 Sep-10 Oct-10 Nov-10 Dec-10 Dec-10 Jan-11 Feb-11 Mar-11 Mar-11 Apr-11 May-11 May-11 Jun-11 Jul-11 Aug-11 Aug-11 Sep-11 Oct-11 Oct-11 Nov-11 Dec-11 Jan-12 Jan-12 Feb-12 Mar-12 Mar-12 Apr-12 May-12 Jun-12 Jun-12 Jul-12 Aug-12 Aug-12 Sep-12 Oct-12 Nov-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 SockPrice Volume (R$million) Volume Ibovespa (Base 100 - Dec/2011) IMOB (Base 100 - Dec/2011) DIRR3
25 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.
26 Contacts Carlos Wollenweber CFO | IR Officer Paulo Sousa IR Analyst www.direcional.com.b/ir ir@direcional.com.br (55 31) 3214-6200 (55 31) 3214-6450

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4Q12 Disclosure and Results

  • 1.
    1 Earnings Release |Conference Call – 4Q12 and 2012 March 26th, 2013
  • 2.
    2 Agenda Ricardo Ribeiro Vice President CarlosWollenweber CFO | IR Officer 2012 Main Figures and Operating Highlights Financial Highlights
  • 3.
    3 Main Figures 2012 2011D % Launched PSV % Direcional R$ million 2,346 1,447 62% Contracted PSV % Direcional R$ million 2,267 1,230 84% Sales Over Supply (VSO) % PSV 71.7% 58.8% 12.9 p.p. Net Revenues R$ million 1,368 1,072 28% Net Income R$ million 225 175 28% Net Margin % 16.5% 16.3% 0.2 p.p. ROE % 17.6% 15.6% 2.0 p.p.
  • 4.
    4 Contracted MCMV Level1 (R$ million) 58,892 1,647 +215.2% +20.4% 2012 70,894 2011 522 Average Price Units Contracted PSV Contracted MCMV Level 1 - 2012 Contracted Projects 9 Average PSV (R$ million) 183.0 Units/Projects (average) 2,582 Contracted MCMV Level 1
  • 5.
    Reduction of 6%​​to 4% in tax revenues to developments under the special taxation regime. RET1: Price cap Increase from R$ 85k to R$ 100k for units sold under the special taxation regime. Payroll tax reduction for builders, with replacement of the INSS on the payroll for tax corresponding to 2% of gross revenue. Cash Generation in 4Q12Federal Government Incentives 4Q12 Highlights 5 7 4Q123Q12 -43 2Q12 -50 1Q12 -70 Cash Burn¹ (R$ million) Cash Generation 1. measured by the net debt variation plus dividends and share repurchases less capital increases.
  • 6.
    6 Operating Highlights  Launches Sales  Deliveries  Land Bank  Inventory Operating HighlightsRicardo Ribeiro Vice President
  • 7.
    7 Launches Launched PSV (R$ million) LaunchedPSV – Track Record (R$ million) +178% 1,189+119% 2,346+62% 2012 1,647 698 2011 1,447 522 793 131 4Q12 988 201 3Q12 543 400 143 4Q11 428 209 218 CAGR +68% 2012 2,346 1,647 698 2011 1,447 522 924 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 Total (R$'000) % Direcional (R$'000) # of Units Launched Total Units (All Phases) 1 Emotion Residence Caiçara December Belo Horizonte - MG 46,040 45,994 76 76 Upper-Middle 2 Up Life Residence December Guará - DF 78,147 78,068 148 148 Upper-Middle 3 Magic Garden Houses December Rio de Janeiro - RJ 110,342 77,240 150 150 Upper-Middle 4 Jardim Carandá December Sorocaba - SP 226,304 226,304 2,560 2,560 MCMV Level 1 5 Paranoá Parque December Paranoá - DF 448,731 448,731 6,240 6,240 MCMV Level 1 6 Parque Carioca December Rio de Janeiro - RJ 81,499 81,499 900 900 MCMV Level 1 7 Parque dos Resedás December São João da Boa Vista - SP 78,710 78,710 926 926 MCMV Level 1 8 Bosque Azul December Macaé - RJ 152,490 152,490 2,210 2,210 MCMV Level 1 Total 4Q12 1,222,262 1,189,036 13,210 13,210 Segment4Q12 Projects Date City - State PSV Units Launched
  • 8.
    Launches Breakdown 8 13% 17% 14% 201220114Q124Q11 4%5% 70% 40% 7% 16% 32% 4% 8% 83% 49% 2% 36% Launchesby Segment (% PSV) MCMV Level 1 Low-Income Medium Upper Middle Commercial Launches by Region - Development (% PSV) 29% 39% 14% 20% 20122011 33% 38% 4Q12 20% 4Q11 60% 40% 46% 61% Southeast North Midwest Northeast Launches by Region - MCMV Level 1 (% PSV) 27% 45% 16% 2012 38% 20114Q12 24% 4Q11 33% 55% 85% 15% 62% Southeast Northeast North Midwest MG 6 8 5 7 RJ 3 1 SP 4 DF 2
  • 9.
    Contracted Sales Contracted Sales (R$million) 1,129+102% 2,267+84% 2012 1,647 620 2011 1,230 522 +208% 619 89 4Q12 988 141 3Q12 558 400 158 4Q11 367 209 158 MCMV Level 1 Development Project Acquisition 9 3% 5%2% 2012 73% 10% 8% 5% 2011 46% 26% 18% 6% 4% 4Q12 88% 2% 5% 4Q11 57% 22% 15% 5%1% MCMV Level 1 Medium Low-Income Upper-Middle Commercial Sales by Economic Segment (% PSV) Sales by Region (% PSV) 42% 23% 12% 2012 36% 29% 2011 26% 66% 9% 4Q12 54% 4% 4Q11 37% 59% 4% Southeast North Midwest Northeast +78% 2012 2,267 1,647 620 2011 1,230 522 708 2010 1,037 380 657 2009 661 149 511 2008 441 441 2007 127 127 Sales Track Record (R$ million) MCMV Level 1 Development
  • 10.
    10 Sales Speed 4Q12 55.4% 15.2% 3Q12 41.3% 18.7% 2Q12 36.5% 21.2% 1Q12 16.1%16.1% 4Q11 31.8% 18.5% With MCMVLevel 1 project Without MCMV Level 1 project Sales-Over-Supply Ratio (VSO) (Total PSV - %) 4Q11 95%85% 6% 1% 2% 1% 1Q12 88%10% 51% 22% 5% 2Q12 94%88% 3% 2% 3Q12 96%95% 1% 4Q12 98% 3 M 6 M 9 M 12 M 15 M Sales by Launching Period -4Q12 (% PSV – Development) Sales Speed (% Units)  63% of the PSV sold in the 4Q12 were units launched before 4Q12;  30% of the sold PSV were to units launched before 2012. 14% 13% <2011 16% 2011 14% 1Q12 5% 2Q12 3Q12 4Q12 37%
  • 11.
    11 More than R$1.1 billion in PSV delivered Jardim Alterosa Total (R$'000) % Direcional (R$'000) 1 Varandas Fazenda da Serra October Belo Horizonte - MG 64,215 32,108 136 Upper-Midle 2 Total Ville Porto Velho - 1st Phase October Porto Velho - RO 48,969 48,969 490 Low-Income 3 Residencial Jardim Alterosa November Belo Horizonte - MG 75,440 75,440 1,640 MCMV Level 1 4 Gran Vista - Tower: A and D December Manaus - AM 55,203 44,163 116 Upper-Midle 5 Gran D'Ouro December Belo Horizonte - MG 8,353 8,194 24 Medium 6 Brisas do Madeira - Tower: 3 and 5 December Porto Velho - RO 32,605 32,605 142 Medium 7 Total Ville Bem Viver Paraiso - 2nd Phase December Manaus - AM 52,985 52,976 448 Low-Income Total 4Q12 337,771 294,455 2,996 Total 2012 1,213,128 1,126,597 11,334 # Units SegmentDelivered Projects - 4Q12 Date City - State PSV
  • 12.
    12 Land Bank  61.6%are large scale projects (over 1,000 units)  75.1% are eligible for the MCMV Program  76.2% were acquired by physical or financial Swap  Average acquisition price of 9.1% over PSV R$ 6.7 Billion 66,381 units Land Bank by Segment (% PSV) Land Bank Track Record in 2012 (R$ million in PSV) 137347 6,734 -215 2012Launches 698 Review of Assumptions Acquired Land Bank 2011 6,948 Land Bank by Region (% PSV) Type of Payment (2012 – % PSV) ES 2% AM 14% MG 38% RO 5% SP 6% PA 13% DF 20%GO 2% Swap 75.0% Cash25.0% Low-Income 56% Upper-Middle 6% Medium 35% Commercial3%
  • 13.
    13 Inventory  46% ofthe inventory was launched after 2012 4Q12 23.5% 3Q12 7.7% 2Q12 11.8% 1Q12 2.8% 2,011 25.7% <201112.3% Finished Units 16.2% Inventory by Launch Period (% PSV) Inventory by Region (% PSV) 17.7% Southeast 31.1% North 51.3% Midwest Inventory Evolution (R$ million) 800 10.9% 2012 670 130 2011 721 668 53 Finished Units Under Construction Total % Direcional Under Construction 782,349 670,008 83.8% 2,251 78.5% Finished Units 144,945 129,919 16.2% 615 21.5% Total 927,294 799,928 100.0% 2,866 100.0% Inventory PSV in Inventory (BRL'000) % Units in Inventory %
  • 14.
    14 Financial Highlights  FinancialHighlights  Cash Burn and Financing Transfers (“Repasse”)  Capital Structure  Deferred Results  Stock Performance Financial HighlightsCarlos Wollenweber CFO e Diretor de RI
  • 15.
    15 Financial Results 344373 296 +27.6% +16.3% -7.7% 2012 1,368 2011 1,072 4Q123Q124Q11 Net Revenue (R$million) MCMV Level 1 98.0% Brokerage Fee 1.1% Management Fee 0.9% CAGR +68% 2012 1,368 914 454 2011 1,072 806 266 2010 782 668 114 2009 378 365 13 2008 263 255 8 2007 102 102 Net Revenue – Track Record (R$ million) Development Services Revenue from Services – Track Record (R$ million) Breakdown of Revenue from Services (4Q12 - %) 2012 457 32.7% 2011 269 24.5% 2010 117 14.5% Revenue from Service% of Gross Revenue
  • 16.
    Focus on IndustrializationTheGrowth Coming From The Very Low-Income 16 Focus on Industrialization Launched PSV – Total (R$ million) CAGR +35% 2012 698 1,647 2011 924 522 2010 686 380 2009 634 149 2008 710 0 Launched PSV - MCMV Level 1 (R$ million) 0 380 2009 149 2008 CAGR +123% 2012 1,647 2011 522 2010 Development MCMV Level 1 4Q12 70% 23% 7% 4Q11 49% 43% 7% 4Q10 30% 62% 9% Units Under Construction by Construction Method (% of Units) 1 Aluminum mold and concrete walls method Industrial Construction¹ Concrete Blocks Conventional Structure (Concrete Pillars) 2012 2011 D % Units Under Construction 51,009 36,000 42% Construction Sites 45 37 22% Average # of Units by Construction Sites 1,134 973 17% # of Cities 13 10 30%
  • 17.
    171 . GrossMargin excluding interest expenses; 83 8 30.5% 4Q11 90 +21.8% 420 +26.3% 2012 370 50 30.7% 2011 332 301 32 31.0% 4Q12 110 96 14 32.0% Interest Capitalised in COGS Gross ProfitAdjusted¹ Gross Margin Financial Results Adjusted¹ Gross Profit (R$ million) Revenue from Services (R$ million) 269 24% +70.1% 2012 457 33% 2011 % of Gross Revenue
  • 18.
    18 Financial Results 1. Adjustedby non-cash expenses (Stock-Options Program). Adjusted¹ G&A (R$ million) Sales Expenses (R$ million) 97 73 24 16 7.1% 4Q11 5.4% 52.5% +33.8% 2012 7.1% 2011 6.8% 4Q12 39 28 99 -6.1% +41.4% 2012 2.9% 2011 2.6% 4Q12 2.5% 4Q11 3.1% Sales Expenses% Net RevenueAdjusted¹ G&A% Net Revenue 21.0% 22.7%21.7%21.6% +16.9% 17.8% 2012 287 2011 243 4Q12 75 4Q11 64 Adjusted¹ EBITDA Margin Adjusted¹ EBITDA (R$ million) 227 199 6648 4Q12 18.5% 2011 14.1% 2012 16.6%19.2% 4Q11 16.2% Adjusted¹ Net Income (R$ million) Adjusted¹ Net IncomeAdjusted¹ Net Margin
  • 19.
    Pro Forma Results- Deferred taxes Reversion RET4 19 1 - Provisional Measure No. 601/12 reduced the tax burden for projects developed under the Special Tax Regime (RET) from 6% to 4%. This measure came into force on January 1, 2013, for cash effects, and allowed for the reversal of the deferred tax in the fourth quarter of 2012, proportionately to the tax reduction. The total amount reversed under “Tax deductions” and “Income tax and social contribution” was R$ 22.13 million, or R$ 11.62 million and R$ 10.51 respectively. 2 - Gross Margin excluding interest expenses; 3 - Adjusted by non-cash expenses (Stock-Options Program). 2012 2012 D % (a) Pro Forma (b) (a/b) Net Revenues R$ million 1,368 1,356 1% Adjusted Gross Profit² R$ million 420 408 3% Adjusted Gross Margin² % 30.7% 30.1% 0.6 p.p. Adjusted Net Income³ R$ million 227 204 11% Adjusted Net Margin³ % 16.6% 15.1% 1.5 p.p.
  • 20.
    Operational Efficiency 20 Net Debt (R$million – 4Q12) SFH Corporate Net Debt Adjusted By Receivables from Delivered Units Concluídas 191 Receivables from Delivered Units 511 Net Debt 320 Cash and Equivalents 437 Total Debt 586 171 Launched PSV (R$ million) 1,127 +270% 2012 828 299 2011 305 Receivables from Delivered Units (R$ million) 511 +111% 20122011 242 Financing Transfer (“Repasses”) (R$ million) 455 +43% 2012 233 222 2011 319 124 195 Development MCMV Level 1 "Crédito Associativo" SFH Net cash of $ 191.0 million ROE of 18% with low leverage
  • 21.
    21 Capital Structure andCash Burn Debt Breakdown 2.4% CRI 13.2% Receivables Assigned 3.8% Securitization0.5% SFH 77.5% Working Capital 2.7% FINAME and others 2Q12 -43 3Q12 7 4Q12 -50 1Q12 -70 Cash Burn ¹ (R$ million) Cash Generation 1. measured by the net debt variation plus dividends and share repurchases less capital increases. 4Q12 3Q12 D % (BRL million) (a) (b) (a/b) Debt 756.5 786.5 -3.8% SFH 585.9 606.2 -3.4% CRI 99.8 101.2 -1.4% Securitization 3.6 6.1 -40.9% Receivables Assigned 28.9 36.8 -21.4% Working Capital 18.2 16.2 12.8% FINAME and others 20.1 20.0 0.1% Cash 436.9 460.0 -5.0% Net debt 319.6 326.5 -2.1% Net debt / Equity 22.5% 23.4% -1 p.p.
  • 22.
    22 Deferred Results Schedule ofDeferred Results (%) 5% 29% 66% 201520142013 Deferred Results (R$ million) 22.5% 19.7% 4Q12 686 262 424 3Q12 573 287 287 4Q11 560 334 226 Development MCMV Level 1 4Q12 3Q12 D % (R$ million) (a) (b) (a/b) Consolidated Deferred results (1+2) 686.2 573.3 19.7% Deferred results - Margin 28.6% 33.1% -4.4 p.p. Deferred results - Development (1) 262.4 286.7 -8.5% Margin 39.9% 40.7% -0.8 p.p. Deferred results - MCMV Level 1 projects (2) 423.8 286.7 47.8% Margin 24.4% 27.8% -3.5 p.p.
  • 23.
    23 Improvement on DIRR3Float Number of Investors (#) +55% 1,445 +171% feb.13 661 784 dec.12 933 480 453 sep.12 652 283 369 jun.12 531 214 317 mar.12 533 217 316 Investment Funds Personal Investors +49% 11,584 +811% 2013*4Q12 7,795 3Q12 2,539 2Q12 1,039 1Q12 1,272 Average Trading Volume (# of Transactions) Average Trading Volume (R$ 000) 616 245 108115 1,303 2013*4Q123Q12 +111% +1,034% 2Q121Q12* Year-to-date 2013
  • 24.
    24 Shares Performance R$ 5 R$7 R$ 9 R$ 11 R$ 13 R$ 15 R$ 17 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 Nov-09 Dec-09 Jan-10 Jan-10 Feb-10 Mar-10 Apr-10 Apr-10 May-10 Jun-10 Jul-10 Jul-10 Aug-10 Sep-10 Sep-10 Oct-10 Nov-10 Dec-10 Dec-10 Jan-11 Feb-11 Mar-11 Mar-11 Apr-11 May-11 May-11 Jun-11 Jul-11 Aug-11 Aug-11 Sep-11 Oct-11 Oct-11 Nov-11 Dec-11 Jan-12 Jan-12 Feb-12 Mar-12 Mar-12 Apr-12 May-12 Jun-12 Jun-12 Jul-12 Aug-12 Aug-12 Sep-12 Oct-12 Nov-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 SockPrice Volume (R$million) Volume Ibovespa (Base 100 - Dec/2011) IMOB (Base 100 - Dec/2011) DIRR3
  • 25.
    25 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.
  • 26.
    26 Contacts Carlos Wollenweber CFO |IR Officer Paulo Sousa IR Analyst www.direcional.com.b/ir ir@direcional.com.br (55 31) 3214-6200 (55 31) 3214-6450