Gafisa is a leading homebuilder in Brazil that was founded in 1954. In 2006, the company had an IPO on the São Paulo stock exchange to further its professionalization and capitalize on growth opportunities. Gafisa aims to be the leading residential development company in Brazil based on sales, profitability, and quality. It maintains a strong land bank, focuses on high-return opportunities, and plans continued geographic expansion. Gafisa benefits from Brazil's robust housing growth outlook and its position as a well-capitalized industry leader with a strong brand and professional management.
This article examines four key trends that have influenced the concept of diversification, and considers the implications on modern-day portfolios and investors.
This presentation provides an overview of HSBC USA Inc.'s Corporate, Investment Banking and Markets (CIBM) business. It discusses CIBM's strategic objective to be a leading emerging markets-focused and financing-focused wholesale bank by leveraging HSBC Group's global footprint. It outlines 2007 business initiatives including growing emerging markets and structured derivatives. The presentation describes CIBM's business model and focus on cross-border activities. It also discusses leveraging the US platform to serve non-US clients and HSBC's global platform to serve US clients.
The document summarizes China's growing economic prominence and opportunities for beverage companies. It notes that China is expected to become the second largest economy by 2010. It also highlights China's growing middle class population and personal expenditures, representing enormous opportunities for non-alcoholic ready-to-drink beverages. The Coca-Cola Company captures a growing share of the Chinese beverage market and expects further growth through portfolio expansion, distribution investments, cold drink equipment, and operating as a seamless system.
Gafisa reported strong financial results for the first quarter of 2008, with consolidated launches increasing 91% year-over-year, pre-sales up 97% quarter-over-quarter, and net operating revenues rising 42% quarter-over-quarter. Net income increased to R$42 million in 1Q08 compared to the adjusted net income of R$21 million in 1Q07. Gafisa also expanded into two new markets, upgraded its credit rating, and saw continued growth in the mortgage lending market in Brazil. Looking ahead, Gafisa is well positioned for further growth and has a diversified land bank to support its expansion plans.
Cloud computing offers on-demand access to computing resources and applications over the internet. While it provides benefits like scalability, cost savings, and mobility, there are also security and control concerns to address. Enterprises are wary of losing control over sensitive data and relying on service providers to ensure its safety. Overall, cloud computing presents opportunities but also challenges around manageability, security, and governance that must be overcome for widespread adoption.
Terry Crews, CFO of Monsanto, outlined financial targets for 2006-2007 focusing on accelerated growth from seeds and traits. Key targets included 20% EPS growth each year, free cash flow of $825-900M in 2006 and $875-950M in 2007, and increased seeds and traits gross profit reaching $2.3B in 2006 and $2.6B in 2007. Consistency and discipline driving growth in the current portfolio, expanding globally, and progressing the pipeline would remain cornerstones of Monsanto's strategy.
Boardwalk REIT Investment Recommedation ProjectXu Wang
In this project, we analyzed the Boardwalk REIT by using P/FFO Multiple Method and Monte Carol Simulation and gave related investment recommendations based on our analysis.
This annual report summarizes Toll Brothers' strong financial performance in 1999, highlighting record earnings, revenues, backlog, and contracts. It discusses the company's growth strategies, including opportunistic land acquisitions, expanding into new markets and product lines, leveraging technology, and aligning its financial structure to support growth. The report expresses confidence that demographic trends will continue fueling demand for luxury homes.
This article examines four key trends that have influenced the concept of diversification, and considers the implications on modern-day portfolios and investors.
This presentation provides an overview of HSBC USA Inc.'s Corporate, Investment Banking and Markets (CIBM) business. It discusses CIBM's strategic objective to be a leading emerging markets-focused and financing-focused wholesale bank by leveraging HSBC Group's global footprint. It outlines 2007 business initiatives including growing emerging markets and structured derivatives. The presentation describes CIBM's business model and focus on cross-border activities. It also discusses leveraging the US platform to serve non-US clients and HSBC's global platform to serve US clients.
The document summarizes China's growing economic prominence and opportunities for beverage companies. It notes that China is expected to become the second largest economy by 2010. It also highlights China's growing middle class population and personal expenditures, representing enormous opportunities for non-alcoholic ready-to-drink beverages. The Coca-Cola Company captures a growing share of the Chinese beverage market and expects further growth through portfolio expansion, distribution investments, cold drink equipment, and operating as a seamless system.
Gafisa reported strong financial results for the first quarter of 2008, with consolidated launches increasing 91% year-over-year, pre-sales up 97% quarter-over-quarter, and net operating revenues rising 42% quarter-over-quarter. Net income increased to R$42 million in 1Q08 compared to the adjusted net income of R$21 million in 1Q07. Gafisa also expanded into two new markets, upgraded its credit rating, and saw continued growth in the mortgage lending market in Brazil. Looking ahead, Gafisa is well positioned for further growth and has a diversified land bank to support its expansion plans.
Cloud computing offers on-demand access to computing resources and applications over the internet. While it provides benefits like scalability, cost savings, and mobility, there are also security and control concerns to address. Enterprises are wary of losing control over sensitive data and relying on service providers to ensure its safety. Overall, cloud computing presents opportunities but also challenges around manageability, security, and governance that must be overcome for widespread adoption.
Terry Crews, CFO of Monsanto, outlined financial targets for 2006-2007 focusing on accelerated growth from seeds and traits. Key targets included 20% EPS growth each year, free cash flow of $825-900M in 2006 and $875-950M in 2007, and increased seeds and traits gross profit reaching $2.3B in 2006 and $2.6B in 2007. Consistency and discipline driving growth in the current portfolio, expanding globally, and progressing the pipeline would remain cornerstones of Monsanto's strategy.
Boardwalk REIT Investment Recommedation ProjectXu Wang
In this project, we analyzed the Boardwalk REIT by using P/FFO Multiple Method and Monte Carol Simulation and gave related investment recommendations based on our analysis.
This annual report summarizes Toll Brothers' strong financial performance in 1999, highlighting record earnings, revenues, backlog, and contracts. It discusses the company's growth strategies, including opportunistic land acquisitions, expanding into new markets and product lines, leveraging technology, and aligning its financial structure to support growth. The report expresses confidence that demographic trends will continue fueling demand for luxury homes.
Corporate Presentation for Gafisa provides an overview of the company's competitive advantages and operating performance. Key points include:
1) Gafisa has multifaceted residential products across all income segments in Brazil and a national footprint that allows it to capture demand growth.
2) The company has a proven track record of execution, delivering strong growth in launches, sales, and revenues in recent years while maintaining profitability.
3) Gafisa benefits from strong brand recognition and a solid reputation in the industry, leading to advantages like higher sales velocity.
The presentation highlights Gafisa's differentiation in the market and solid financial and operating results.
Lionfish are a perfect invasive predator that threaten local ecosystems. They mature quickly at one year old and can reproduce every four days, producing over 2 million eggs per year. Their voracious appetites allow them to reduce local fish populations by up to 90%. While lethal removal of 27% of the lionfish population annually can control their expansion, their ability to inhabit deep waters and widespread areas makes total removal impossible. Handling lionfish requires care due to their toxic spines, but their meat can be prepared in recipes like ceviche once cleaned and filleted.
1) Gafisa reported financial results for the second quarter of 2009 with pre-sales increasing 9% compared to the second quarter of 2008 despite a 56% reduction in launches.
2) Net operating revenues rose 54% year-over-year while adjusted EBITDA increased 69% and net income before minority interest grew 26%.
3) The company received R$600 million in debenture funds in May to support its Tenda division projects that meet government housing requirements.
Lionfishprogrampresentation 12547992334167-phpapp01Randy Jordan
Roatan Marine Park is working with several organizations to control the invasive lionfish population in Honduras. Lionfish are native to the Indo-Pacific but were introduced to the Atlantic in the 1980s. They have no natural predators in the Caribbean and reproduce rapidly, consuming large amounts of native fish and crustaceans. To help address the problem, organizations are educating the public and encouraging people to catch and eat lionfish, as eradication is impossible due to their reproduction rate and wide distribution.
Octagon is a global sports and entertainment marketing agency with headquarters in Los Angeles and offices across Europe, the Middle East, Africa, Asia Pacific, Canada, and the United States. Some of Octagon's key clients include Olympic athletes Michael Phelps and Apolo Anton Ohno as well as basketball players Stephen Curry and Rudy Gay.
Este documento presenta un curso de postgrado internacional sobre patrimonio cultural, turismo y paisaje que ofrece estrategias sostenibles para destinos patrimoniales y proyectos culturales-turísticos. El curso dura 12 semanas con 300 horas de contenido dividido en dos cursos sobre patrimonio cultural y paisaje, y turismo y sostenibilidad. El objetivo es capacitar a los estudiantes en temas emergentes de patrimonio, paisaje e interpretación cultural, así como en el desarrollo de estrategias de turismo sostenible.
The lionfish is a non-native and invasive species that was unintentionally introduced to the Atlantic Ocean. They have no natural predators in the region and have flourished, spreading widely along the Southeast coast of the United States. Their population has grown exponentially due to a lack of predators and ability to reproduce frequently, posing a threat to native species.
- The document summarizes Gafisa's third quarter 2009 results conference call.
- Key highlights include a 43% decrease in launches but a 48% increase in contracted sales compared to the previous year. Net revenues increased 131% while gross margins decreased.
- Recent developments discussed include strong sales in mid-to-mid-high segments, expansion of the affordable housing program, and plans to merge shares of Tenda into Gafisa to increase scale and efficiency.
- Gafisa has a diversified land bank of 313 sites in 21 states representing over 15 billion reais in potential sales.
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.
O documento lista vários periódicos acadêmicos com suas respectivas informações como ISSN, título, estrato, área de avaliação e status. Todos os periódicos listados estão classificados no estrato A2 e na área de avaliação de Ensino, e têm o status "Atualizado".
The document discusses Gafisa's 4Q09 and full year 2009 financial results. Key highlights include a 60% increase in net revenue in 4Q09 and 74% increase for the full year. Gross profit grew 88% in 4Q09 and 67% for 2009. Adjusted EBITDA margins improved to 19.5% in 4Q09 and 20% for 2009. Contracted sales grew 79% in 4Q09 and 26% for the full year. The company also saw strong sales in its middle and mid-high segments and continued diversifying its product offerings and geographic presence.
Octagon is a global sports and entertainment marketing agency with headquarters in Los Angeles and offices across Europe, the Middle East, Africa, Asia Pacific, Canada, and the United States. Some of Octagon's key clients include Olympic athletes Michael Phelps and Apolo Anton Ohno as well as basketball players Stephen Curry and Rudy Gay.
1) Gafisa acquired 100% of AlphaVille Urbanismo over 5 years for a combination of cash and stock.
2) AlphaVille is the largest community developer in Brazil, transforming rural land into residential communities with infrastructure.
3) The acquisition strengthens Gafisa's position in the upper-middle housing market and provides geographic and business diversification.
This document lists the top 15 most requested books from the children's section of the Central Library of Cesis, Latvia in September 2016. It provides the rankings but not the titles of the books. Additionally, it includes a link to the library's online catalog for more information.
This document provides biographical information about an admired person named Alejandra Jacqueline Moncada Saavedra. It includes her personal details such as name, date and place of birth, family, education history, and physical description. The document also describes the city of Santiago where she lives and her psychological characteristics. The writer admires her for reasons that are not specified.
The document discusses the impact of the global economic slowdown on the healthcare sector in Asia. It states that while healthcare in Asia will be affected, the impact may not be as severe as in developed countries. The economic crisis has put pressure on healthcare companies in the US and EU to cut costs, which could lead them to expand into developing markets like Asia. The slowdown is expected to have varying effects on different parts of the healthcare industry in Asia in 2009.
This document is an investor presentation for Citizens Republic Bancorp's first quarter of 2009. It summarizes Citizens Republic as a regional bank with a retail community banking focus. It highlights Citizens Republic's strong capital and liquidity positions, conservative credit culture, and consistent pre-tax pre-provision earnings that can handle credit volatility. The presentation also shows Citizens Republic's improving deposit funding and reduced reliance on wholesale funding.
Real estate publication - RealtyReality - Grant Thornton IndiaMarcom18
This publication provides insights on the commercial real estate market, which is bearing the brunt of subdued economic activity, high cost of finance and falling rental incomes.
www.wcgt.in/publications
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.
Corporate Presentation for Gafisa provides an overview of the company's competitive advantages and operating performance. Key points include:
1) Gafisa has multifaceted residential products across all income segments in Brazil and a national footprint that allows it to capture demand growth.
2) The company has a proven track record of execution, delivering strong growth in launches, sales, and revenues in recent years while maintaining profitability.
3) Gafisa benefits from strong brand recognition and a solid reputation in the industry, leading to advantages like higher sales velocity.
The presentation highlights Gafisa's differentiation in the market and solid financial and operating results.
Lionfish are a perfect invasive predator that threaten local ecosystems. They mature quickly at one year old and can reproduce every four days, producing over 2 million eggs per year. Their voracious appetites allow them to reduce local fish populations by up to 90%. While lethal removal of 27% of the lionfish population annually can control their expansion, their ability to inhabit deep waters and widespread areas makes total removal impossible. Handling lionfish requires care due to their toxic spines, but their meat can be prepared in recipes like ceviche once cleaned and filleted.
1) Gafisa reported financial results for the second quarter of 2009 with pre-sales increasing 9% compared to the second quarter of 2008 despite a 56% reduction in launches.
2) Net operating revenues rose 54% year-over-year while adjusted EBITDA increased 69% and net income before minority interest grew 26%.
3) The company received R$600 million in debenture funds in May to support its Tenda division projects that meet government housing requirements.
Lionfishprogrampresentation 12547992334167-phpapp01Randy Jordan
Roatan Marine Park is working with several organizations to control the invasive lionfish population in Honduras. Lionfish are native to the Indo-Pacific but were introduced to the Atlantic in the 1980s. They have no natural predators in the Caribbean and reproduce rapidly, consuming large amounts of native fish and crustaceans. To help address the problem, organizations are educating the public and encouraging people to catch and eat lionfish, as eradication is impossible due to their reproduction rate and wide distribution.
Octagon is a global sports and entertainment marketing agency with headquarters in Los Angeles and offices across Europe, the Middle East, Africa, Asia Pacific, Canada, and the United States. Some of Octagon's key clients include Olympic athletes Michael Phelps and Apolo Anton Ohno as well as basketball players Stephen Curry and Rudy Gay.
Este documento presenta un curso de postgrado internacional sobre patrimonio cultural, turismo y paisaje que ofrece estrategias sostenibles para destinos patrimoniales y proyectos culturales-turísticos. El curso dura 12 semanas con 300 horas de contenido dividido en dos cursos sobre patrimonio cultural y paisaje, y turismo y sostenibilidad. El objetivo es capacitar a los estudiantes en temas emergentes de patrimonio, paisaje e interpretación cultural, así como en el desarrollo de estrategias de turismo sostenible.
The lionfish is a non-native and invasive species that was unintentionally introduced to the Atlantic Ocean. They have no natural predators in the region and have flourished, spreading widely along the Southeast coast of the United States. Their population has grown exponentially due to a lack of predators and ability to reproduce frequently, posing a threat to native species.
- The document summarizes Gafisa's third quarter 2009 results conference call.
- Key highlights include a 43% decrease in launches but a 48% increase in contracted sales compared to the previous year. Net revenues increased 131% while gross margins decreased.
- Recent developments discussed include strong sales in mid-to-mid-high segments, expansion of the affordable housing program, and plans to merge shares of Tenda into Gafisa to increase scale and efficiency.
- Gafisa has a diversified land bank of 313 sites in 21 states representing over 15 billion reais in potential sales.
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.
O documento lista vários periódicos acadêmicos com suas respectivas informações como ISSN, título, estrato, área de avaliação e status. Todos os periódicos listados estão classificados no estrato A2 e na área de avaliação de Ensino, e têm o status "Atualizado".
The document discusses Gafisa's 4Q09 and full year 2009 financial results. Key highlights include a 60% increase in net revenue in 4Q09 and 74% increase for the full year. Gross profit grew 88% in 4Q09 and 67% for 2009. Adjusted EBITDA margins improved to 19.5% in 4Q09 and 20% for 2009. Contracted sales grew 79% in 4Q09 and 26% for the full year. The company also saw strong sales in its middle and mid-high segments and continued diversifying its product offerings and geographic presence.
Octagon is a global sports and entertainment marketing agency with headquarters in Los Angeles and offices across Europe, the Middle East, Africa, Asia Pacific, Canada, and the United States. Some of Octagon's key clients include Olympic athletes Michael Phelps and Apolo Anton Ohno as well as basketball players Stephen Curry and Rudy Gay.
1) Gafisa acquired 100% of AlphaVille Urbanismo over 5 years for a combination of cash and stock.
2) AlphaVille is the largest community developer in Brazil, transforming rural land into residential communities with infrastructure.
3) The acquisition strengthens Gafisa's position in the upper-middle housing market and provides geographic and business diversification.
This document lists the top 15 most requested books from the children's section of the Central Library of Cesis, Latvia in September 2016. It provides the rankings but not the titles of the books. Additionally, it includes a link to the library's online catalog for more information.
This document provides biographical information about an admired person named Alejandra Jacqueline Moncada Saavedra. It includes her personal details such as name, date and place of birth, family, education history, and physical description. The document also describes the city of Santiago where she lives and her psychological characteristics. The writer admires her for reasons that are not specified.
The document discusses the impact of the global economic slowdown on the healthcare sector in Asia. It states that while healthcare in Asia will be affected, the impact may not be as severe as in developed countries. The economic crisis has put pressure on healthcare companies in the US and EU to cut costs, which could lead them to expand into developing markets like Asia. The slowdown is expected to have varying effects on different parts of the healthcare industry in Asia in 2009.
This document is an investor presentation for Citizens Republic Bancorp's first quarter of 2009. It summarizes Citizens Republic as a regional bank with a retail community banking focus. It highlights Citizens Republic's strong capital and liquidity positions, conservative credit culture, and consistent pre-tax pre-provision earnings that can handle credit volatility. The presentation also shows Citizens Republic's improving deposit funding and reduced reliance on wholesale funding.
Real estate publication - RealtyReality - Grant Thornton IndiaMarcom18
This publication provides insights on the commercial real estate market, which is bearing the brunt of subdued economic activity, high cost of finance and falling rental incomes.
www.wcgt.in/publications
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.
Genworth MI Canada Inc. 2012 Investor Day Presentationgenworth_financial
The document provides an overview of Genworth MI Canada's Investor Day presentation on delivering value beyond mortgage insurance, outlining their market and strategy, sales approach, operations capabilities, and focus on providing a customer centric experience through collaboration with lenders. Genworth MI Canada aims to be a strategic growth partner for lenders by addressing their balance sheet needs, driving top line growth, and leveraging local expertise to outpace the competition.
VLC Jones Day : Conduite et déroulement d'une opération d'acquisition en Aust...CCEF Australie
VLC Jones Day : Conduite et déroulement d'une opération d'acquisition en Australie. Réunion CCEF Australie.
Plus de contenu sur http://australie.cnccef.org
1st annual Brazil conference, Nova York, 15 e 16 de Maio de 2006Gafisa RI !
Gafisa reported strong growth in the first quarter of 2006, with launches increasing 129% and pre-sales growing 85% compared to the first quarter of 2005. Revenues grew 21% to R$440 million driven by higher pre-sales, while gross profit margin remained stable at 27%. EBITDA margin was also maintained at 19% despite one-time IPO expenses recognized in the quarter that affected net income, which declined to a 10% margin. Overall the results demonstrated the company's continued leadership in the Brazilian real estate market.
HSBC's CEO discusses the company's strategy and performance in light of recent financial market turmoil. He outlines HSBC's focus on emerging markets, global connectivity, and financial strength as keys to its resilience. While markets face challenges like recession and deleveraging, HSBC is well-positioned for long-term trends of emerging market growth, increased trade and investment, and longevity. The company continues executing its strategy through organic growth and selective acquisitions.
CSFB 3rd Brazil Construction & Mortgage Field TripGafisa RI !
1) The document summarizes CSFB's 3rd field trip to Brazil to view Gafisa's residential construction projects in São Paulo, Rio de Janeiro, Porto Alegre, and Fortaleza.
2) It provides an overview of Gafisa, a leading Brazilian homebuilder, including its history, strategy of focusing on high-return opportunities, leadership, and world-class shareholders committed to good governance.
3) Gafisa's organizational structure and culture are aimed at professional management, developing leaders, industry knowledge, and a results-driven ownership culture to sustain growth.
This document summarizes Jeffrey Peek's remarks from a Lehman Brothers Financial Services Conference on September 8, 2008. Peek discusses CIT's transition to a global commercial finance company, securing over $11 billion in liquidity, continued funding progress in Q3, reducing high risk exposures, and initiatives to enhance profitability. The future vision is outlined as a global commercial finance company focused on the middle market with a balanced funding model and strong capital levels and ratings.
The document provides information about BBVA Compass, including:
1) It discusses the causes of the mortgage crisis and credit crunch, tracing it back to legislative changes in the 1970s that loosened mortgage requirements.
2) It provides an overview of BBVA Compass, noting it has over $65 billion in assets and 717 branches across the Sunbelt region.
3) It highlights BBVA Compass' strong capital and liquidity positions and conservative lending practices that position it well in the current economy.
The document discusses Swedbank's retail banking strategy of moving from transaction-based banking to relationship-based banking through service concepts that increase customer satisfaction and profitability. It analyzes the bank's performance in different customer segments and identifies areas of potential growth. The strategy aims to empower local branches, improve processes, and better manage the customer base through segmentation into focused profitability-increasing service concepts.
The document discusses how Guardian Life Insurance Company has maintained strong financial ratings and returns during the market downturn, noting their excellent capital ratios, operating margins, dividend payments, and whole life policy values compared to peers. It emphasizes Guardian's commitment to policyholders as mutually owned companies have held steady or increased statutory surpluses without government assistance, and that Guardian has a well-diversified investment portfolio designed to manage risk.
Investors play a critical role in both the recovery and future of the housing market by acquiring non-performing loans and single-family homes. Unlike other markets, investing in housing is not a zero-sum game as investors' and borrowers' interests can be aligned through strategies like loan modifications and rental conversions. Carrington offers several residential investment strategies including acquiring non-performing loans and single-family rentals to help stabilize communities and transition borrowers while generating returns.
AMI Perspective On Current Economic Crisis March 09jbenedict3
The document provides an overview of the current economic crisis from the perspective of AMI Investment Management. It discusses [1] how the crisis developed from the boom brought on by low interest rates and easy credit conditions, leading to overindebtedness; [2] the state of overindebtedness among households, firms, and governments; and [3] how the crisis unfolded as default rates rose and asset prices fell, destabilizing the financial system. It examines events like the Bear Stearns and AIG bailouts and the passage of TARP. The document considers where the economy and markets may be headed as the massive deleveraging process continues.
This document provides an overview of a large Brazilian corporation with diversified business interests. It has national and international operations across several industries including real estate development, steel, energy, shoes, jeans, and cement. The company has both publicly traded and privately held subsidiaries. It discusses the Brazilian real estate market potential and outlines the company's business model, which focuses on land acquisition, construction financing, and receivables transfers. Segment and geographic diversification are emphasized. Specific residential and commercial real estate projects are presented, including developments targeting low-income housing.
Santander Brazil has experienced growth in income and net profit in recent years through expanding its customer base and credit portfolio. However, its strategic plan for 2011-2013 aims to maximize operating leverage and improve efficiency by focusing on sustainable credit growth, customer satisfaction, and becoming customers' bank of choice. The presentation outlines Santander Brazil's business model, performance, and strategic targets to enhance its position as Brazil's banking sector grows.
To grow and prosper in today’s ever-changing world, banks
too must change. They need to move beyond any existing
organizational silos, infrastructure complexities and other
constraints – and toward an operation centered on the client.
This document contains the presentation slides from Bank of America's Chief Financial Officer Joe Price at a securities conference on September 17, 2007. The presentation discusses Bank of America's diversified business mix and earnings sources, its leadership positions across various business lines, and its goals to continue growing earnings through increasing revenues, improving operating leverage, and managing credit costs over the long term. It highlights the company's nationwide footprint and ability to reach customers through various channels.
Similar to 7th Ceo’s Conference, São Paulo, March 20th (20)
- 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%.
- 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%.
- 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.
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.
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.
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.
2. Gafisa: A Leading Homebuilder
Evolution of a World-Class company
1954
► Gafisa is founded
1997
2004 ► GP invests, professionalization of company begins
► Company becomes capital constrained, external shareholder event occurs
2005
► Capital increase from EI (Sam Zell), a strategic investor
► Turnaround begins
2006
► IPO in February 2006: Professionalization continues
► Capitalize on growth opportunities
Gafisa is well positioned for the Future
2
3. Gafisa’s Strategy
Our Strategy
Create the leading residential development company in Brazil based upon sales,
profitability and quality
Maintain land Maintain debt
Strong Focus on high Continued
bank of policy of
revenue return geographic
2-3 years of 40% - 60% net
growth opportunities expansion
future sales debt / equity
3
4. Premier Growth Opportunity
Professional Management
Industry Leadership and
and
Strong Brand Recognition
Established Organization
World-class Shareholders
Geographic
and the Highest Standards
Diversification
of Corporate Governance
4
6. Robust Housing Growth
Brazil’s real estate market presents large and sustainable demand…
Brazil’s Economic Trends Favorable Housing Market Trends
► Largest economy in South America ► Attractive demographics: young and growing
population
► Politically stable and fiscally conservative
► Strong economic fundamentals ► Strong pent-up demand:
– Unemployment rate: declining – Housing deficit currently grows at a pace
– Interest rates: declining of 300,000 units per year
– Country risk: lowest level in 8 years
► New, improving legal framework
1,500 30%
25%
1,200 ► Increasing mortgage availability
20%
Interest Rates
Country Risk
900
15%
600
10%
► Highly fragmented market
300 5%
0 0%
Jan-03 Jan-04 Jan-05 Jan-06
Country Risk Interest Rates
Source: Central Bank, Ipeadata and SECOVI
…which is expected to continue significantly exceeding supply
6
7. Increasing Mortgage Availability
Increasing credit availability and new regulation will fuel the housing sector
Recent Trends Available Credit
0.8%
► New regulation
– Banks required to increase mortgage 18.0
lending
► Ability to repossess in case of default
0.3%
► Developing secondary mortgage market
0.2% 6.0
– True sale and non-recourse structures 0.1% 0.1%
– Asset backed securities: 3.2
1.8 2.2
– R$0.4 bn in 2004
– R$2.0 bn in 2005 2002 2003 2004 1
2005E 2006E1
Volume (R$ billion) % of GDP
► Increasing mortgage affordability
Source: Central Bank, Ipeadata and SECOVI
Note:
1 Based on real estimated GDP growth
Credit still represents a small percentage of GDP when
compared to other countries
7
8. Highly Fragmented Market
Gafisa´s strong brand and market positioning are a competitive advantage against the many
family-owned and non-professional competitors
Market Share in São Paulo (2005) Market Share in Rio de Janeiro (2005)
Cyrela Brazil Realty
8%
13%
5%
Rossi Residencial
2% Agenco
13%
Company S.A.
3%
Others
Others
80% Tecnisa RJZ Cyrela
42%
2% 12%
Carmo Calçada
CHL 11%
9%
04-05 04-05
2005 2005
Growth Growth
Units (#) 33,748 24% Units (#) 8,832 23%
Launchings (R$ bi) 9.0 19% Launchings (R$ bi) 3.0 2%
Source: EMBRAESP and SECOVI Source: ADEMI
Well capitalized companies will benefit
from increasing demand
8
10. World-Class Shareholders and Corporate Governance
Led by GP and EI, Gafisa is the only homebuilding company with an institutional shareholder
base …
Post-IPO Shareholder Structure 1
Selling Shareholder
► A leading investor in real
► Proven track record in estate companies outside
the Brazilian capital of the U.S. Free Float
markets ► Portfolio includes Homex,
– Submarino, ALL, Mexico’s leading
among others homebuilder
► Founded by Sam Zell
23.1% 27.7% 49.2%
Superior Governance Standards
► 2 independent board
► Novo Mercado listing
members
► 100% tag along rights
► US GAAP
Note:
1 Excludes treasury stocks
… and commitment to superior corporate governance
standards
10
11. Diverse Product Mix
Gafisa’s product diversification is a key differentiating strategy…
Middle-High Affordable
Luxury Land
Income Entry-Level
Developments Subdivision
Buildings Housing
Size
(sq.m)
250 90-180 45-60 250-1,500
Average
Price per > R$3,600+ R$2,000-3,600 R$1,200–2,000 R$150-800
sq.m
% of 2005
Contracted 10% 67% 5% 14%
Sales 1
2005 Project
37% 31% 28% 44%
Margin
Notes:
1 Gafisa has commercial buildings which accounted for the remaining 4% of the 2005 contracted sales
11
12. Geographic Diversification
… which is complemented by its geographic diversification (Gafisa is the most diversified
homebuilder in Brazil)
Gafisa’s Location
% of 2005
Markets Characteristics Contracted
Sales
► Leading position
RJ and ► Established presence
82%
SP ► Large and profitable
market
► Few large and well
capitalized competitors
► Diversification
Other
► Strong growth prospects 18%
Regions
► 14 cities in Brazil with
more than 1.0 mm
people
Gafisa´s core markets (SP / RJ)
12
13. Professional Management and Superior Organizational Structure
A superior organizational structure and professional management enable strong growth,
maximizes quality …
Professional Management Superior Organizational Structure
► Only leading Brazilian developer with a ► Results-driven culture
professional management team
► Management is aligned with shareholders
► In-depth industry knowledge – Performance based stock option program
– Management, on average, with more than ► Strict criteria for project approvals through
14 years of experience in the company Investment Committee and Board approval
process
► Senior management with proven track record in
diverse industries ► Standardized procedures (efficient execution
and control)
► Well established internship program
► Modern management system and tools
– 4 out of the 7 directors were part of this
program
► High employee retention levels
… and make Gafisa a scalable business platform
13
14. Efficient Business Model
An efficient business model, based on three main pillars…
Land Acquisition Strategy Low-Cost Operations High Asset Turnover
► Proven ability to source land ► 50-year track record ► High sales velocity: 70% of
units sold before construction
► Acquire land mostly via swap ► Builds for some of Gafisa´s
main competitors ► Securitize client receivables
– Minimize cash outflow to optimize working capital
► ISO 9002
– Minimize permitting risk
► Standardized construction
– Lower capital cost techniques
– Alignment with landowner ► Innovative materials and
techniques
– Tax deferments
► Maintain full control
… aiming at maximizing ROE
14
15. Leadership and Strong Brand Recognition
A long track record of leadership in the sector …
Market Share – São Paulo 1
#2 #3 #1 #12 #2
R$249 mm2 R$280 mm2 R$173 mm2 R$86 mm2 R$340 mm2
2001 2002 2003 2004 2005
Source: EMBRAESP
Notes:
1 Market share based on total sales volume of 100% of the developments launched
2 Total sales value of developments launched (Gafisa’s proportional share)
Market Share – Rio de Janeiro 1
#1 #1 #1 #4 #1
R$140 mm2 R$108 mm2 R$186 mm2 R$51 mm2 R$186 mm2
2001 2002 2003 2004 2005
Source: ADEMI
Notes:
1 Market share based on total sales volume of 100% of the developments launched
2 Total sales value of developments launched (Gafisa’s proportional share)
… made Gafisa’s brand one of the best-known in the
Brazilian real estate industry
15
16. Strategic Land Bank
Our land bank policy is to maintain 2 to 3 years of future sales
Land Bank (December / 2005) Barra da Tijuca - RJ
Potential Units Potential %
by Income Segment Contracted acquired
High Middle Low Sales by swap
(R$ mm)
São Paulo 500 1,421 63 1,009 79%
Rio de
316 2,586 348 711 62%
Janeiro
Lorian - SP
Other
70 333 - 169 100%
Cities
Total 886 4,610 411
1,889 81%
% 15% 78% 7%
16
18. Development Process
Land
Launch Construction Delivery
Purchase
►
►
Market
Market ►
►
Sales: 70% of
Sales: 70% of ►
►
Sales: 30% of
Sales: 30% of ►
►
Securitization
Securitization
research
research units
units units
units ► Bank
► Bank
►
►
Project
Project ►
►
Secure client
Secure client ►
►
Secure
Secure mortgage
mortgage
analysis
analysis financing
financing construction
construction (customer)
(customer)
financing
financing
►
►
Sales strategy
Sales strategy
►
►
Efficient
Efficient
► Internal
► Internal construction
approvals construction
approvals
►
►
Permitting
Permitting
- 6th to 0 month 0 to 12th month 12th to 36th month After 36th month
18
19. Typical Project Cash Flow
The nature of the business requires funding for the first year of development…
Cumulative Cash Flow to Equity 1, 2
Expected ROIC = 35% ► Construction
15
Finance (SFH) ► Securitization of
repayment remaining
receivables
5 ► Beginning of
construction
R$ million
Maximum
exposure: 10% to
12% of sales
(5) contracted
► End of construction
► Customer gets
commercial mortgage
► Project launching financing
(15)
-6 – 0 0 – 12 12 – 36 36 +
months months months months
Land
Launching Construction Deliver
Purchase
Notes:
1 Construction financing provided with funds from SFH
2 Middle-income with swap agreement project … followed by significant cash in-flows
19
22. High Visibility Earnings
Historically, almost 90% of a year’s earnings are based on previous’ years launches
Earnings are recognized under the percentage of completion method
Year 1 Year 2 Year 3
Accumulated Sales (a) 70% 90% 100%
Percentage of completion (b) 15% 65% 100%
Accumulated earnings
11% 59% 100%
recognized (a x b)
Earnings recognition 11% 48% 42%
per year
Earnings “lag” provides strong predictability
22
23. EBITDA and Net Income
Strong 2005 sales will positively impact future earnings
EBITDA (R$ mm) and EBITDA Margin (%) Net Income (R$ mm) and Net Income Margin (%)
18.9% 19.1%
13.4% 84 14.1%
13.2% 12.4% 11.6%
7.9%
64 66 65 5.6%
4.2%
51
42
26 27
20
15
2001 2002 2003 2004 2005 2001 2002 2003 2004 2005
EBITDA EBITDA Margin Net Income Net Income Margin
23
24. Future Earnings
Currently, Gafisa has approximately R$169 million of earnings to be recognized (37% increased
compared to 2004)…
Earnings to be Recognized (R$ mm) Nominal Gross Project Margin (%)
40% 39%
Dec/2004 Dec/2005 38%
36%
Sales to be Recognized 437 436
28%
Costs of Units Sold
(314) (267)
to be Recognized 1
Profit to be Recognized 123 169
Nominal Gross Project Margin 28% 39%
Note:
1 Includes only land and construction costs
2001 2002 2003 2004 2005
… with margins restored to near 40%
24
25. Capitalization
Pro Forma Capitalization 1
As of December 31, 2005
Pro Forma
(R$ million) Dec/05 Adjustments Post IPO
Short Term Debt 54 (10) 45
Long Term Debt 263 (18) 245
Total Debt 317 (27) 289
Cash and Cash Equivalents 134 456 590
Net Debt (Net Cash) 183 (483) (300)
Shareholder’s Equity 300 483 783
Total Capitalization 617 456 1,073
Net Debt / Equity 61% (38)%
Notes:
1 Capital increase from EI Fund II Brazil, LLC of R$6.2 million
Use of Proceeds (%)
Launching of new development 50%
Acquisition of land 20%
Working capital 20%
Debt amortization 5%
Investment in existing operations 5%
Total 100%
25
26. Premier Growth Opportunity
Professional Management
Industry Leadership and
and
Strong Brand Recognition
Established Organization
World-class Shareholders
Geographic
and the Highest Standards
Diversification
of Corporate Governance
26