Corporate Presentation for January 2011.
The presentation provides an overview of Gafisa's business including its: competitive advantages through differentiated residential products across income segments; strong demand growth potential across segments; national footprint and strategically located land bank; solid track record of execution and value creation through growth, transactions, and capital markets access; strong brand recognition and reputation; operating and financial performance with sustained growth in launches, sales, revenues, profitability and results to be recognized; and solid balance sheet with manageable leverage.
Gafisa corporate presentation eng_december10Gafisa RI !
Corporate Presentation for December 2010.
1. The presentation provides an overview of Gafisa's competitive advantages including its diversified product offerings across all income segments, national footprint capturing major markets, strategically located landbank, strong brand recognition, and proven track record of execution.
2. Financial highlights discussed include sustained growth in launches, contracted sales, revenues, EBITDA, and net income in recent years aligned with profitability increases. The company also has a solid balance sheet and favorable debt maturity profile.
3. Trading multiples indicate Gafisa trades at a discount to peers based on its liquidation value after accounting for receivables, taxes, and obligations from sold units.
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.
This corporate presentation discusses the company's competitive advantages and growth opportunities. It summarizes that the company has a diversified portfolio of residential real estate brands targeting different income segments. It has a track record of strong growth and value-creating transactions. There is significant potential demand estimated at around R$170 billion per year for residential real estate across income segments in Brazil.
- Multiplus reported strong growth in 3Q11 vs 3Q10 with net revenue up 93.8% and net income up 63.8%
- Gross billings grew 94.3% to R$439 million driven by increases in points sold to both TAM and banks/retail partners
- Cost of points redeemed grew at a faster rate than revenue, reducing gross margin by 14.6 percentage points
- Operating expenses fell as a percentage of revenue, helping operating income rise 46.1% though operating margin declined
- Hedge gains contributed to an 18.9% rise in pre-tax income and net income margin was 17%
This investor presentation summarizes Multiplus S.A., a loyalty program company. It discusses Multiplus' growth in gross billings and market capitalization. Multiplus has an innovative business model with strong cash generation, low capital expenditures, and scalability. The presentation outlines Multiplus' strategy to diversify its sources of points sold and redemptions to different industry partners to control costs and breakage while improving the member experience.
The document summarizes Banco Indusval & Partners' 1Q11 results presentation. Key points include:
- The bank raised an additional R$201 million in equity capital from new partners including Warburg Pincus.
- A new management team with extensive experience was brought in to lead the bank into a new strategic focus on corporate lending and Brazil's domestic bond market.
- The bank's total credit portfolio grew 12.4% to R$1.97 billion in 1Q11, with 80% in local currency loans.
- Total funding increased 19.5% to R$2.25 billion in 1Q11, with 84% in local currency and longer term time deposits comprising 78% of
The document provides an overview of BI&P's 2Q11 results presentation. It begins with standard disclaimer language about forward-looking statements and risk factors. The presentation then discusses BI&P's new strategic direction after a capital increase and partnership with new investors. Key points include expanded credit portfolio, stable funding sources, adequate capital and liquidity levels, and profit impacted by loan loss provisions and conservative liquidity strategies.
The document is Monsanto's 2007 U.S. Investor Day presentation. It summarizes Monsanto's strategic plan to more than double its gross profit from $4.3 billion in 2007 to over $9 billion by 2012 through organic growth of its core seed and trait business segments. Key growth drivers include continued expansion of corn and soybean traits in the U.S. and major farming countries, the 2010 launch of the SmartStax corn product, the upcoming introduction of Roundup Ready 2 Yield soybeans, and a strong R&D pipeline of new products. Monsanto aims to achieve mid-to-high teens ongoing EPS growth and gross margins of 52-54% by 2010 through this strategic execution.
Gafisa corporate presentation eng_december10Gafisa RI !
Corporate Presentation for December 2010.
1. The presentation provides an overview of Gafisa's competitive advantages including its diversified product offerings across all income segments, national footprint capturing major markets, strategically located landbank, strong brand recognition, and proven track record of execution.
2. Financial highlights discussed include sustained growth in launches, contracted sales, revenues, EBITDA, and net income in recent years aligned with profitability increases. The company also has a solid balance sheet and favorable debt maturity profile.
3. Trading multiples indicate Gafisa trades at a discount to peers based on its liquidation value after accounting for receivables, taxes, and obligations from sold units.
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.
This corporate presentation discusses the company's competitive advantages and growth opportunities. It summarizes that the company has a diversified portfolio of residential real estate brands targeting different income segments. It has a track record of strong growth and value-creating transactions. There is significant potential demand estimated at around R$170 billion per year for residential real estate across income segments in Brazil.
- Multiplus reported strong growth in 3Q11 vs 3Q10 with net revenue up 93.8% and net income up 63.8%
- Gross billings grew 94.3% to R$439 million driven by increases in points sold to both TAM and banks/retail partners
- Cost of points redeemed grew at a faster rate than revenue, reducing gross margin by 14.6 percentage points
- Operating expenses fell as a percentage of revenue, helping operating income rise 46.1% though operating margin declined
- Hedge gains contributed to an 18.9% rise in pre-tax income and net income margin was 17%
This investor presentation summarizes Multiplus S.A., a loyalty program company. It discusses Multiplus' growth in gross billings and market capitalization. Multiplus has an innovative business model with strong cash generation, low capital expenditures, and scalability. The presentation outlines Multiplus' strategy to diversify its sources of points sold and redemptions to different industry partners to control costs and breakage while improving the member experience.
The document summarizes Banco Indusval & Partners' 1Q11 results presentation. Key points include:
- The bank raised an additional R$201 million in equity capital from new partners including Warburg Pincus.
- A new management team with extensive experience was brought in to lead the bank into a new strategic focus on corporate lending and Brazil's domestic bond market.
- The bank's total credit portfolio grew 12.4% to R$1.97 billion in 1Q11, with 80% in local currency loans.
- Total funding increased 19.5% to R$2.25 billion in 1Q11, with 84% in local currency and longer term time deposits comprising 78% of
The document provides an overview of BI&P's 2Q11 results presentation. It begins with standard disclaimer language about forward-looking statements and risk factors. The presentation then discusses BI&P's new strategic direction after a capital increase and partnership with new investors. Key points include expanded credit portfolio, stable funding sources, adequate capital and liquidity levels, and profit impacted by loan loss provisions and conservative liquidity strategies.
The document is Monsanto's 2007 U.S. Investor Day presentation. It summarizes Monsanto's strategic plan to more than double its gross profit from $4.3 billion in 2007 to over $9 billion by 2012 through organic growth of its core seed and trait business segments. Key growth drivers include continued expansion of corn and soybean traits in the U.S. and major farming countries, the 2010 launch of the SmartStax corn product, the upcoming introduction of Roundup Ready 2 Yield soybeans, and a strong R&D pipeline of new products. Monsanto aims to achieve mid-to-high teens ongoing EPS growth and gross margins of 52-54% by 2010 through this strategic execution.
Peak Energy Services Trust is an energy services company operating in western Canada and the United States. It provides drilling, production, oil sands, and water technology services. Peak has grown through 26 acquisitions since 1996 and expanded its U.S. operations. It has a diversified asset base of rental equipment and a strong balance sheet with $30 million in working capital and $194 million in tangible assets. Peak is pursuing growth in the recovering oil and gas industry.
Goldfarb strengthens its relationship with Caixa Economica Federal (CEF) and signs a letter of intent to provide mortgage financing for 12,000 units per year. The partnership will allow Goldfarb to streamline the credit approval process for homebuyers and centralize operational tasks. CEF expects to finance R$1.2 billion in mortgages for Goldfarb customers over the next year. This will help accelerate sales and improve cash flow for Goldfarb.
1. Group 1 Automotive had another record year in 2000, with revenues growing 43% to over $3.5 billion and net income increasing 21% to $40.8 million. Their business model of decentralized dealership operations and consolidated corporate functions has driven strong financial performance.
2. Their acquisition strategy focuses on building regional platform operations through large, multi-franchise dealerships, and supplementing these with smaller "tuck-in" acquisitions. Acquisitions create synergies through cost reductions from consolidated functions and revenue enhancements from products like finance and insurance.
3. While new vehicle sales are expected to slow in 2001, Group
IBM reported strong financial results for 4Q and full year 2008, with pre-tax income margins increasing year-over-year and record revenue, pre-tax income, earnings per share, and free cash flow. Notable highlights included growth in strategic outsourcing signings and software revenue. IBM expects to deliver at least $9.20 in earnings per share for 2009 through ongoing transformation and productivity improvements.
Fortune Minerals Limited is a Canadian mineral development company with two late-stage projects - the NICO gold-cobalt-bismuth-copper project in Northwest Territories and the Mount Klappan anthracite coal project in BC. The Mount Klappan project is the largest and most advanced Canadian project for high quality anthracite coal, which is the highest quality metallurgical coal used in steelmaking and other industrial applications. There is projected to be significant future growth in global demand for metallurgical coals but insufficient supply, representing an opportunity for the Mount Klappan project to enter production.
Fortune Minerals Limited is a Canadian mineral development company with two late-stage projects - the NICO gold-cobalt-bismuth-copper project in Northwest Territories and the Arctos anthracite coal project in BC. The Arctos project is the largest and most advanced Canadian project for high rank anthracite coal, which is the highest quality metallurgical coal with diverse applications and insufficient global supply to meet forecast demand increases. Fortune Minerals is advancing both projects towards production based on positive feasibility studies.
Fortune Minerals Limited is a Canadian mineral development company focused on advancing its two late-stage projects: the NICO gold-cobalt-bismuth-copper project in Northwest Territories and the Mount Klappan anthracite coal project in British Columbia. Mount Klappan contains the largest and most advanced Canadian deposit of high quality anthracite coal, representing 1% of global coal reserves. There is significant future demand growth expected for metallurgical coal due to new steelmaking technologies and emerging economies, yet insufficient supply of high quality coals to meet this demand over the next decade.
Ideiasnet is a Brazilian business development company focused on long-term investments in IT. It has both private equity and venture capital arms. The private equity side focuses on larger investments in proven businesses for consolidation and growth. The venture capital side, Ideias Ventures, invests in early-stage companies with under R$10M in revenue to provide support for entrepreneurship. Ideiasnet aims to create synergies across its growing portfolio of IT companies.
Forex Hedging - Advance Technologies Jul 2010Edward He, CFA
The document analyzes various hedging strategies for Advance Technologies Inc. to mitigate foreign exchange risk from expenses denominated in US dollars. It conducts a sensitivity analysis showing how currency fluctuations impact cash flow and income. Two main hedging strategies are evaluated: purchasing at-the-money call options to set a ceiling exchange rate at a upfront premium cost, and entering forward contracts to lock in exchange rates with no upfront cost but a margin requirement. The analysis weighs the costs and benefits of each approach.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
1) Monsanto's corn seed brands DEKALB and ASI are expected to gain market share in the U.S. corn seed market in 2008, with DEKALB gaining 2-3 share points and ASI gaining 1-2 share points.
2) Monsanto has infused its corn seed brands with new traits and technologies, increasing their gross profit per acre. Both DEKALB and ASI are expected to have over half of their corn seed portfolios contain triple-stacked traits in 2008.
3) U.S. acres planted with triple-stacked corn traits are forecasted to grow 40-50% in 2008, providing opportunities for Monsanto's seed brands.
The Financial Planning Group is a financial planning firm established in 1993 based in Teddington, London. They provide holistic financial planning services to individuals, companies, and trustees. As part of their trustee financial planning services, they help trustees understand investment powers and review trust assets, ensure assets align with beneficiary goals, implement investment strategies, and project future trust cash flows. They use an online investment platform and work with strategic partners to offer compliant and well-documented financial planning services to trustees.
This document summarizes Bank of America's financial management strategies. It discusses generating diverse revenue streams, managing interest rate risk, maintaining strong capital and liquidity positions, and advantageously managing capital. Key points include generating over $74 billion in annual revenue from a variety of sources, holding net interest income steady despite rate changes, having enough liquidity to cover over 30 months of required funding, and returning over $80 billion to shareholders through buybacks and dividends. The goal is 10% annual EPS growth through revenue increases, operating efficiencies, controlled credit costs, and capital deployment.
The document summarizes Gafisa's 2nd quarter 2006 results and provides an outlook for the Brazilian housing market and Gafisa's position in that market. Specifically:
- Gafisa reported 151% growth in housing launches and 168% growth in pre-sales in 2Q06 compared to 2Q05.
- Despite strong pre-sales results, Gafisa's financial results continue to be impacted by external events from 2004 as revenues are recognized over time under the PoC method.
- The Brazilian housing market is expected to continue growing significantly due to favorable demographics and pent-up demand, supported by increasing mortgage availability and declining interest rates.
- Gafisa is well positioned to
1. Gafisa reported financial results for 1Q12 with consolidated net revenue of R$927.8 million, up 27% year-over-year, and gross profit of R$201.6 million, up 75% year-over-year.
2. AlphaVille represented 54% of total launches and 45% of total pre-sales during the quarter. Tenda continued working through its legacy projects with negative pre-sales of R$90.4 million.
3. The company ended 1Q12 with a cash position of R$947 million and a net debt to equity ratio of 46% excluding project finance, as it focuses on deleveraging its balance sheet.
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 benefited from the "Minha Casa Minha Vida" affordable housing program. Gafisa ended the period with a diversified land bank of over 15 billion reais.
The document provides an overview and agenda for a Gafisa Day presentation. It includes forward-looking statements and risk disclosures. It then outlines the agenda which covers an introduction, market and macroeconomic overview, details on Gafisa as a company, its business segments, and a wrap-up question and answer period. Management is present to discuss Gafisa's history, financial and operating results, and growth opportunities in the Brazilian real estate market.
Gafisa reported its third quarter 2008 results with increases in launches, pre-sales, revenues and net income compared to the third quarter of 2007. Key highlights included a 79% increase in launches to R$762 million and a 37% rise in pre-sales to R$504 million. Net operating revenues grew 19% to R$373 million while net income increased 5% to R$38 million. Gafisa also completed its acquisition of Tenda, strengthening its position in the low income real estate segment. Looking ahead, Gafisa expects to benefit from the Tenda consolidation in the fourth quarter and maintained its full year 2008 guidance.
The document provides preliminary unaudited results for 2011 and outlines Gafisa Group's strategic plan. Key points include:
- 4Q11 results include non-cash corrective adjustments totaling R$889 million, mostly from budget revisions and strategy changes at Tenda.
- A new strategic plan focuses operations in key markets, reduces risk at Tenda under a profitable model, and expands AlphaVille's share.
- Guidance for 2012 includes operational cash flow of R$500-700 million, launches of R$2.7-3.3 billion, and delivery of 22,000-26,000 units.
This document summarizes Gafisa's second quarter 2008 results. Some key highlights include:
1) Launches increased 102% and pre-sales increased 62% compared to the second quarter of 2007. Net operating revenues rose 63%.
2) EBITDA reached R$74 million, a 106% increase, and net income increased 67% compared to the second quarter of 2007.
3) Gafisa has expanded its operations to 20 Brazilian states with 143 developments nationwide, diversifying its product offerings and presence in new markets.
Public meeting presentation with analysts and investorsGafisa RI !
The document provides an agenda and presentations for a public company meeting in December 2008, including presentations from the CEO and other directors on the company's history, strategy, product lines, launches, sales, and operating highlights for the year. It also discusses the current state of the housing market in Brazil and measures the company is taking in light of the global financial crisis.
Peak Energy Services Trust is an energy services company operating in western Canada and the United States. It provides drilling, production, oil sands, and water technology services. Peak has grown through 26 acquisitions since 1996 and expanded its U.S. operations. It has a diversified asset base of rental equipment and a strong balance sheet with $30 million in working capital and $194 million in tangible assets. Peak is pursuing growth in the recovering oil and gas industry.
Goldfarb strengthens its relationship with Caixa Economica Federal (CEF) and signs a letter of intent to provide mortgage financing for 12,000 units per year. The partnership will allow Goldfarb to streamline the credit approval process for homebuyers and centralize operational tasks. CEF expects to finance R$1.2 billion in mortgages for Goldfarb customers over the next year. This will help accelerate sales and improve cash flow for Goldfarb.
1. Group 1 Automotive had another record year in 2000, with revenues growing 43% to over $3.5 billion and net income increasing 21% to $40.8 million. Their business model of decentralized dealership operations and consolidated corporate functions has driven strong financial performance.
2. Their acquisition strategy focuses on building regional platform operations through large, multi-franchise dealerships, and supplementing these with smaller "tuck-in" acquisitions. Acquisitions create synergies through cost reductions from consolidated functions and revenue enhancements from products like finance and insurance.
3. While new vehicle sales are expected to slow in 2001, Group
IBM reported strong financial results for 4Q and full year 2008, with pre-tax income margins increasing year-over-year and record revenue, pre-tax income, earnings per share, and free cash flow. Notable highlights included growth in strategic outsourcing signings and software revenue. IBM expects to deliver at least $9.20 in earnings per share for 2009 through ongoing transformation and productivity improvements.
Fortune Minerals Limited is a Canadian mineral development company with two late-stage projects - the NICO gold-cobalt-bismuth-copper project in Northwest Territories and the Mount Klappan anthracite coal project in BC. The Mount Klappan project is the largest and most advanced Canadian project for high quality anthracite coal, which is the highest quality metallurgical coal used in steelmaking and other industrial applications. There is projected to be significant future growth in global demand for metallurgical coals but insufficient supply, representing an opportunity for the Mount Klappan project to enter production.
Fortune Minerals Limited is a Canadian mineral development company with two late-stage projects - the NICO gold-cobalt-bismuth-copper project in Northwest Territories and the Arctos anthracite coal project in BC. The Arctos project is the largest and most advanced Canadian project for high rank anthracite coal, which is the highest quality metallurgical coal with diverse applications and insufficient global supply to meet forecast demand increases. Fortune Minerals is advancing both projects towards production based on positive feasibility studies.
Fortune Minerals Limited is a Canadian mineral development company focused on advancing its two late-stage projects: the NICO gold-cobalt-bismuth-copper project in Northwest Territories and the Mount Klappan anthracite coal project in British Columbia. Mount Klappan contains the largest and most advanced Canadian deposit of high quality anthracite coal, representing 1% of global coal reserves. There is significant future demand growth expected for metallurgical coal due to new steelmaking technologies and emerging economies, yet insufficient supply of high quality coals to meet this demand over the next decade.
Ideiasnet is a Brazilian business development company focused on long-term investments in IT. It has both private equity and venture capital arms. The private equity side focuses on larger investments in proven businesses for consolidation and growth. The venture capital side, Ideias Ventures, invests in early-stage companies with under R$10M in revenue to provide support for entrepreneurship. Ideiasnet aims to create synergies across its growing portfolio of IT companies.
Forex Hedging - Advance Technologies Jul 2010Edward He, CFA
The document analyzes various hedging strategies for Advance Technologies Inc. to mitigate foreign exchange risk from expenses denominated in US dollars. It conducts a sensitivity analysis showing how currency fluctuations impact cash flow and income. Two main hedging strategies are evaluated: purchasing at-the-money call options to set a ceiling exchange rate at a upfront premium cost, and entering forward contracts to lock in exchange rates with no upfront cost but a margin requirement. The analysis weighs the costs and benefits of each approach.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
1) Monsanto's corn seed brands DEKALB and ASI are expected to gain market share in the U.S. corn seed market in 2008, with DEKALB gaining 2-3 share points and ASI gaining 1-2 share points.
2) Monsanto has infused its corn seed brands with new traits and technologies, increasing their gross profit per acre. Both DEKALB and ASI are expected to have over half of their corn seed portfolios contain triple-stacked traits in 2008.
3) U.S. acres planted with triple-stacked corn traits are forecasted to grow 40-50% in 2008, providing opportunities for Monsanto's seed brands.
The Financial Planning Group is a financial planning firm established in 1993 based in Teddington, London. They provide holistic financial planning services to individuals, companies, and trustees. As part of their trustee financial planning services, they help trustees understand investment powers and review trust assets, ensure assets align with beneficiary goals, implement investment strategies, and project future trust cash flows. They use an online investment platform and work with strategic partners to offer compliant and well-documented financial planning services to trustees.
This document summarizes Bank of America's financial management strategies. It discusses generating diverse revenue streams, managing interest rate risk, maintaining strong capital and liquidity positions, and advantageously managing capital. Key points include generating over $74 billion in annual revenue from a variety of sources, holding net interest income steady despite rate changes, having enough liquidity to cover over 30 months of required funding, and returning over $80 billion to shareholders through buybacks and dividends. The goal is 10% annual EPS growth through revenue increases, operating efficiencies, controlled credit costs, and capital deployment.
The document summarizes Gafisa's 2nd quarter 2006 results and provides an outlook for the Brazilian housing market and Gafisa's position in that market. Specifically:
- Gafisa reported 151% growth in housing launches and 168% growth in pre-sales in 2Q06 compared to 2Q05.
- Despite strong pre-sales results, Gafisa's financial results continue to be impacted by external events from 2004 as revenues are recognized over time under the PoC method.
- The Brazilian housing market is expected to continue growing significantly due to favorable demographics and pent-up demand, supported by increasing mortgage availability and declining interest rates.
- Gafisa is well positioned to
1. Gafisa reported financial results for 1Q12 with consolidated net revenue of R$927.8 million, up 27% year-over-year, and gross profit of R$201.6 million, up 75% year-over-year.
2. AlphaVille represented 54% of total launches and 45% of total pre-sales during the quarter. Tenda continued working through its legacy projects with negative pre-sales of R$90.4 million.
3. The company ended 1Q12 with a cash position of R$947 million and a net debt to equity ratio of 46% excluding project finance, as it focuses on deleveraging its balance sheet.
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 benefited from the "Minha Casa Minha Vida" affordable housing program. Gafisa ended the period with a diversified land bank of over 15 billion reais.
The document provides an overview and agenda for a Gafisa Day presentation. It includes forward-looking statements and risk disclosures. It then outlines the agenda which covers an introduction, market and macroeconomic overview, details on Gafisa as a company, its business segments, and a wrap-up question and answer period. Management is present to discuss Gafisa's history, financial and operating results, and growth opportunities in the Brazilian real estate market.
Gafisa reported its third quarter 2008 results with increases in launches, pre-sales, revenues and net income compared to the third quarter of 2007. Key highlights included a 79% increase in launches to R$762 million and a 37% rise in pre-sales to R$504 million. Net operating revenues grew 19% to R$373 million while net income increased 5% to R$38 million. Gafisa also completed its acquisition of Tenda, strengthening its position in the low income real estate segment. Looking ahead, Gafisa expects to benefit from the Tenda consolidation in the fourth quarter and maintained its full year 2008 guidance.
The document provides preliminary unaudited results for 2011 and outlines Gafisa Group's strategic plan. Key points include:
- 4Q11 results include non-cash corrective adjustments totaling R$889 million, mostly from budget revisions and strategy changes at Tenda.
- A new strategic plan focuses operations in key markets, reduces risk at Tenda under a profitable model, and expands AlphaVille's share.
- Guidance for 2012 includes operational cash flow of R$500-700 million, launches of R$2.7-3.3 billion, and delivery of 22,000-26,000 units.
This document summarizes Gafisa's second quarter 2008 results. Some key highlights include:
1) Launches increased 102% and pre-sales increased 62% compared to the second quarter of 2007. Net operating revenues rose 63%.
2) EBITDA reached R$74 million, a 106% increase, and net income increased 67% compared to the second quarter of 2007.
3) Gafisa has expanded its operations to 20 Brazilian states with 143 developments nationwide, diversifying its product offerings and presence in new markets.
Public meeting presentation with analysts and investorsGafisa RI !
The document provides an agenda and presentations for a public company meeting in December 2008, including presentations from the CEO and other directors on the company's history, strategy, product lines, launches, sales, and operating highlights for the year. It also discusses the current state of the housing market in Brazil and measures the company is taking in light of the global financial crisis.
This document discusses the opportunity in the Brazilian real estate market for large-scale, planned communities that provide housing and infrastructure for low to middle income households. It outlines the formation of a new company called Bairro Novo, a joint venture between Gafisa and Construtora Norberto Odebrecht, to address the deficit of 7.5 million homes in Brazil. Bairro Novo will develop neighborhoods of 1,000-10,000 units with schools, services, and amenities using a low-cost construction model and favorable mortgage terms through various financial institutions. The first Bairro Novo project in Cotia, São Paulo is highlighted as a pilot to validate this new development approach.
This document summarizes Gafisa's 4Q08 and FY08 earnings presentation. Some key points:
- Gafisa achieved growth in 2008 despite economic challenges through expanding into lower income segments with the Tenda acquisition and maintaining dedicated management teams across platforms.
- FY08 launches increased 88% to R$4.2 billion and pre-sales grew 58% to R$2.6 billion, though higher income pre-sales declined as buyers became cautious.
- 4Q08 results were negatively impacted by special charges from project cancellations and restructuring to position the company for future growth, but sales were solid with 79% of launches pre-sold. Excluding charges, margins and income
- Gafisa reported its 1Q09 results, with Wilson Amaral, CEO, Duilio Calciolari, CFO, and Julia Freitas Forbes, IR Manager on the call.
- Key highlights included a 11% increase in pre-sales to R$558 million, a 59% increase in net operating revenue to R$542 million, and a 69% increase in EBITDA to R$108 million.
- Recent positive developments for the company included the launch of the government's Minha Casa Minha Vida affordable housing program and Tenda receiving the first R$600 million debenture from Caixa to finance existing projects.
Gafisa reported strong financial results for 3Q10, with launches totaling R$1.24 billion, up 140% year-over-year. Pre-sales increased 27% to R$1.02 billion. Net income before minorities was R$132.9 million, up 50% from 3Q09. Gafisa delivered 16 projects representing R$300 million in PSV during the quarter. The company has a large national land bank of R$16.6 billion that will support continued growth.
The document is a transcript of a conference call for Gafisa's 3Q09 results. In the call, Wilson Amaral, Gafisa's CEO, provides a positive outlook for the company and the housing market. He notes that pre-sales increased 48% year-over-year to R$800 million. Net operating revenue rose 139% to R$877 million. Adjusted EBITDA was R$179 million, up 157% over the prior year. Finally, he announces Gafisa's intention to merge the remaining shares of Tenda, its affordable housing division, into Gafisa to improve efficiency.
The document summarizes Santander's 7th annual Brazil conference held in August 2006. It provides an overview of Gafisa's second quarter 2006 results including a 151% increase in launches and 168% increase in pre-sales compared to the same period last year. It also discusses the strong growth prospects for Brazil's housing market given favorable demographics and increasing availability of mortgage financing.
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, solid reputation, and leading market positions that support its operating results.
The document summarizes Gafisa's third quarter 2009 results conference call. It discusses strong sales performance in the mid and mid-high housing segments. It also notes the expansion of the affordable housing program and Gafisa's growing national footprint. Financially, it highlights contracted sales growth of 48% and a backlog of over R$2.9 billion in revenues to be recognized. Over R$1 billion in new project launches are planned for the fourth quarter of 2009.
The document summarizes Gafisa's first quarter 2009 results conference call. Key highlights include:
- Pre-sales increased 11% year-over-year while launches decreased 72% due to the conservative approach to project development.
- Net operating revenues rose 59% to R$542 million supported by growth in pre-sales. EBITDA increased 69% to R$108 million.
- Gafisa is well positioned to benefit from the new government housing program with two thirds of Tenda's business in the targeted affordable segment.
- The company has a strong financial position with over R$1.1 billion in cash and available credit lines to finance existing projects.
-
Gafisa reported strong financial and operational results for 2007 and 4Q07. Key highlights included:
- 122% increase in consolidated launches and 63% increase in pre-sales for 2007. Net operating revenues rose 77% for the year.
- 4Q07 results showed 176% increase in launches and 75% increase in pre-sales over 4Q06. Net operating revenues rose 56% quarter-over-quarter.
- Adjusted EBITDA increased 87% in 2007 and 101% in 4Q07, with margins of 15.7% and 16.5% respectively. Adjusted net income rose 89% for the full year.
- Backlog of results reached a record
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.
Corporate Presentation for December 2010.
The presentation provides an overview of the company including its competitive advantages, operating and financial performance, and balance sheet. Key points include:
- The company has a national footprint and land bank that positions it to capture demand growth across all income segments.
- It has a track record of strong growth in launches, sales, revenues, and profitability in recent years.
- The balance sheet shows moderate leverage and diversified debt maturity profile.
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.
Corporate presentation for Gafisa discussing its competitive advantages:
1) Gafisa focuses on the residential real estate market with 3 leading brands strategically positioned across all income segments from affordable to luxury.
2) It has a strong track record of value creation through growth, acquisitions, and capital markets transactions that have raised over $1 billion.
3) There is strong potential demand of around $170 billion annually in Brazil, with Gafisa well positioned in the mid-to-upper mid and affordable entry-level segments that represent 58% and 42% of demand, respectively.
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.
NorthStar Realty Finance is a commercial real estate finance company with $6.8 billion of assets under management across three business lines: commercial real estate lending, real estate securities investment/management, and net leased corporate/healthcare properties. The company has a seasoned management team with extensive experience and a focus on credit risk management. Key highlights include a strong liquidity position, minimal near-term debt maturities, and consistent dividend payments since going public. NorthStar's priorities are liquidity/capital retention, intensive credit monitoring, capital raising through alternative sources, and opportunistic investments.
NorthStar Realty Finance is a commercial real estate finance company with three primary business lines: commercial real estate lending, real estate securities investment and management, and net leased corporate and healthcare properties. It has $6.8 billion of commercial real estate loans, securities, and properties under management. NorthStar focuses on senior loans, direct origination, and long-term capital raising. It has a seasoned management team with extensive experience and a strong credit track record through economic cycles. NorthStar prioritizes liquidity management, capital retention, and intensive credit risk management during the difficult market environment.
This document provides an overview of Regency Retail Partners, L.P., a proposed $500 million open-end retail real estate fund sponsored by Regency Centers. The fund will invest in high-quality stabilized community shopping centers owned by Regency with a focus on national/regional tenants. Regency will co-invest 20% and provide the fund an exclusive pipeline of over $900 million in new development properties to acquire. The goal is to generate a 6.0% average cash yield and 9.0%+ net IRR for investors through stable cash flows from a portfolio of dominant retail properties in desirable locations.
The document is a presentation from Marshall Larsen, Chairman and CEO of Goodrich Corporation, at the 14th Annual Credit Suisse Aerospace and Defense Conference on November 19, 2008. It discusses Goodrich's financial outlook, the commercial aerospace market environment, and Goodrich's strategies and positioning. Goodrich expects sales and EPS growth to continue in 2009 despite challenges in the global economy and airline industry, with balanced growth across commercial aerospace and defense markets.
This document provides an overview of Goodrich Corporation's performance and outlook from its Chairman, President and CEO at an aerospace and defense conference. It summarizes Goodrich's balanced portfolio, consistent financial results, and expectations for continued sales and earnings growth in 2009 despite challenges in the commercial aerospace market. Goodrich expects commercial aftermarket sales to grow 4-7% in 2009. While global passenger capacity is expected to decline in 2009, in-production aircraft are not targeted for grounding and their utilization rates have not dropped significantly. Goodrich remains focused on opportunities in the defense and space market to pursue balanced growth.
TaskRabbit, Inc. - Venture Capital Financing Deal Terms & ValuationsVC Experts, Inc.
Deal Terms, Pricing, and Valuations of the latest financing rounds for TaskRabbit, Inc. Similar data on thousands of private companies is available in the Valuation & Deal Term Database at http://vcexperts.com.
The document provides an agenda and summary for a Merrill Lynch Banking & Financial Services Investor Conference. It includes the following:
1) An overview of JPMorgan Chase's 3Q08 results, noting declines in net income driven by higher credit costs, but revenue growth across most business lines.
2) Summaries of the Investment Bank and Retail Financial Services segments, highlighting improved trading results, higher deposits, but also increased credit costs and exposures to mortgage and leveraged lending.
3) Discussion of key risk exposures in mortgage-related assets and legacy leveraged lending, where significant reductions have occurred but challenges remain.
Northern Trust's 2007 annual report summarizes the company's strong financial performance in 3 sentences:
Northern Trust achieved record results in 2007, with net income increasing 9% to $727 million, assets under custody growing 17% to $4.1 trillion, and assets under management increasing 9% to $757 billion. The company continued its strategic focus on sound growth and providing exceptional client service, expertise and integrity during a turbulent year for many financial firms. Northern Trust's strong performance led to a 26% increase in its stock price, outperforming banking industry indexes.
The Supply Chain Council (SCC) is a nonprofit organization that developed the Supply Chain Operations Reference (SCOR) model, a framework for supply chain management. SCC has nearly 900 global members from various industries. It aims to advance best practices in supply chain management. SCC conducts benchmarking through its SCORmark program, where members can submit supply chain data and receive customized benchmark reports comparing their performance to industry peers. The reports identify opportunities for improving efficiency and reducing costs.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
1) The document is a fixed income presentation from December 10-12, 2008 that discusses SunTrust Banks, Inc.'s investment thesis, strategic initiatives, diversified franchise, and solid capital structure and balance sheet.
2) It highlights SunTrust's stable base of operations, strategic initiatives for growth, diversified franchise across consumer and commercial platforms and geographies, and strengthened capital ratios and balance sheet positioning.
3) Key metrics discussed include total assets of $174.8 billion, long term credit ratings of A+/A1/A+, equity market capitalization over $10.5 billion, and proactive steps taken to reduce risk and improve capital levels.
This document provides an overview and summary of Liberty Global's 3rd Quarter 2008 Investor Call. It begins with introductory remarks noting the company's stable growth, diverse markets, and strategy remaining intact. The agenda outlines sections on operating updates, financial results, and Q&A. Key highlights include rebased growth rates of 6% for revenue and 13% for OCF year-to-date, record OCF margins in Q3, and growing penetration of advanced services driving ARPU and net adds across various markets. Financial results show continued OCF and free cash flow growth. The balance sheet maintains significant liquidity and leverage metrics trending lower. Limited near-term debt amaturities provide flexibility.
This document provides an overview and agenda for Liberty Global's 3rd Quarter 2008 Investor Call. It begins with introductory remarks noting the company's stable growth, diverse markets, and intact strategy. The agenda outlines sections on operating updates, financial results, and Q&A. Under operating updates, it summarizes key metrics and trends for UPC Broadband, J:COM, VTR and other segments. The financial results section reviews revenue, operating cash flow, capital expenditures, balance sheet, debt amortization schedule and conclusions. It directs readers to an appendix for definitions of terms used.
Raytheon Reports 2004 Second Quarter Resultsfinance12
Raytheon reported second quarter earnings for 2004. Revenues increased 11% to $4.9 billion due to growth across several business segments. However, earnings per share were $0.22 due to one-time charges related to settling a class action lawsuit and retiring debt. Excluding these charges, earnings per share were $0.35. Free cash flow increased to $818 million compared to the prior year. Looking ahead, Raytheon expects full year revenues of $20 billion and earnings per share between $0.79-0.89 or $1.30-1.40 excluding the class action settlement charges.
The document discusses the 2008 results and 2009 plan for an institutional business. Some key points include:
- Excellent top-line growth and solid core earnings were achieved in 2008.
- Premiums, fees and other revenues are projected to increase from $16.5-$16.7 billion in 2008 to $17.3-$17.7 billion in 2009. However, operating earnings are expected to decline slightly to $1.6-$1.66 billion due to lower investment income and expense management.
- The business will focus on maintaining fundamentals, investing in growth opportunities, aggressively managing expenses, and communicating their value proposition in 2009.
The HDFC Top 200 - Growth fund seeks long-term capital appreciation from a balanced portfolio of 60% equity and 40% debt. Managed since 1996 by Prashant Jain, the flagship fund has grown to over Rs. 11,381 crores in assets. It invests in large cap companies that are part of the BSE 200 index and targets stable, long-term growth. The fund's performance has been consistent, with returns of around 20% since inception and 17% over the last 3 years, outperforming its benchmark index.
Similar to Corporate Presentation - January 2011 (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 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.
The document provides an overview of Gafisa S.A., a Brazilian real estate developer, including:
1) Gafisa has grown significantly since 2004 through both organic growth and acquisitions. It focuses on core market regions in Brazil.
2) In 2012, Gafisa prioritized deleveraging and cash generation by reducing launch volumes and focusing on core regions.
3) Gafisa has agreed to sell a 70% stake in its subsidiary Alphaville to investment firms Blackstone and Patria for $1.4 billion, reducing its leverage significantly.
4) Post-transaction, Gafisa will have a more flexible balance sheet and be better positioned to focus
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
2. Disclaimer
We make forward-looking statements that are subject to risks and uncertainties. These Statements are
based on the beliefs and assumptions of our management, and on information currently available to us.
Forward-looking statements include statements regarding our intent, belief or current expectations or that
of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future results
of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,''
''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and
assumptions because they relate to future events and therefore depend on circumstances that may or may
not occur. Our future results and shareholder values may differ materially from those expressed in or
suggested by these forward-looking statements. Many of the factors that will determine these results and
values are beyond our ability to control or predict.
2
3. Shareholder Structure, Corporate Governance and
Liquidity
True corporation listed on the NYSE and the most liquid Brazilian Real Estate company
GFSA3 Majority Independent Board of Directors;
100% Senior management with an average of over 20
years of experience and interests aligned with
shareholders through Stock Option Plan;
80% 100%
Permanent Fiscal Council, Audit, Compensation,
Finance and Governance committees
100% free float;
Avg. Daily Trading Volume (R$ mm) - Last 90 days1
100% tag along rights;
100% common shares (“Novo Mercado”);
Full compliance with Sarbanes-Oxley;
Only Brazilian real estate company listed on the
NYSE.
W' DZs Z
3
1. Source: Bloomberg as of January 11th, 2011
4. Solid Track Record of Value Creation
Strong growth, value-creating transactions with a successful history in the capital
markets
1
3,921
3,022
Net revenue (R$ mm)
New Follow-on:
Net Primary
1,740 proceeds of
R$1.02 billion
1,204
664 R$600 mm
457 in FI-FGTS
debentures
(May/09)
Acquisition of
Follow-on: a 60% stake
R$488 mm
of primary R$600 mm Increase in
IPO: proceeds stake from
in FI-FGTS
R$494 mm 60% to 80%
debentures
of primary
(Dec/09)
proceeds
Equity
International First Brazilian
investment company in
the sector to
be listed in
Acquisition the NYSE Acquisition of
Foundation
of a 60% the remaining
stake 40%
1954 - 2004 2005 2006 2007 2008 2009 2010
1. Source: Consensus Bloomberg as of August 6th, 2010
4
6. Multifaceted Residential Products in All Income Segments
Focused on the residential market, with 3 leading brands strategically positioned in
all income segments
Segment /
Income
Mid and Upper-Mid Mid and Upper-Mid Affordable Entry-Level
Price
Unit price: R$200 thousand Unit price: R$70 – R$500 thousand Unit price: R$50 – R$200 thousand
Contribution
Sales
9M10
49% 15% 36%
Presence
44 cities in 14 states 60 cities in 22 states 92 cities in 14 states
Completed
Projects
17 projects/phases in 2009 5 projects/phases in 2009 130 projects/phases in 2009
Characteristics
Vertical Horizontal lot development Horizontal / Vertical
Metropolitan areas Suburban areas Metropolitan areas and surroundings
Custom projects Custom projects Standardized products
6
7. Strong Demand Growth in All Segments
Strong potential demand of around R$170 billion per year, being 58% in the mid and
upper mid income segment and 42% in the affordable entry-level segment
Number of Families (mm) New Families
Income Bracket Gafisa Potential Demand per Year
per Year
(Monthly) Brands (R$ bn)
2007 2030 (thousand)
Above R$ 32,000 0 0.3 13
Mid and Upper-Mid
Upper
New Families
R$ 16,000 - R$ 32,000 0.3 1.3 530
Income
43 (thousands)
Potential Demand
101
R$ 8,000 - R$ 16,000 1.1 4.3 139 (R$ bn)1
R$ 4,000 - R$ 8,000 3.3 11.0 335
New Families
R$ 2,000 - R$ 4,000 8.4 21.8 583 846
(thousands)
Entry-Level
Affordable
Potential Demand
72
(R$ bn)2
R$ 1,000 - R$ 2,000 15.5 27.6 526
Up to R$ 1,000 31.7 29.1 (113)
1,526
TOTAL 60.3 95.4 1,526
Source: “O Brasil Sustentável”, FGV and Ernst Young, 2007
Notes: Gafisa: Positioned to capture growth in all
1. Assumes an average ticket of R$190,000
2. Assumes an average ticket of R$85,000 income segments demand
7
8. National Footprint
National footprint captures both rapidly growing and large metropolitan regions
Geographic Footprint Landbank Distribution vs. GDP Distribution
Landbank 3Q10 GDP Distribution - 2008
^
^
D ^ W
^ W
D
E
E
E Z
Z : E
K :
K ^
^
R$ 16.6 Billion
Real GDP Growth 1
8.0%
6.6% 6.9%
Brand States2 Cities Legend 4.7%
14 44 3.1%
14 92
22 60
Consolidated 22 130
South Midw est Southeast Northeast North
Source: Company and IBGE
Note:
1. Nominal GDP growth rate per year for 2003 – 2006 adjusted by the average consumer price index (IPCA) of the period
2. Does not Include Brasilia Federal District . 8
9. Strategically Located Land Bank
Gafisa has a strategic land bank that allows for continued project launches
Land bank distribution 9M10 Land bank PSV (R$ million)
W 3,676 16,551
^ 15,823
Z 1.6x
' 4,006
4,285
(2,948)
10,195
4,735
1,536 3,962
4.7x
2,930
7,576 7,810
5,729
d
2,167
IPO 2006 2007 2009 9M10 Net Actual 9M10
Launches Acquisitions
' d
*Note: Tenda 2007 represents Fit + Bairro Novo
9
10. Proven Track Record of Execution
Units Under Construction Projects under Construction
50,189 211
49,423
188
33,586
85
16,099 63
2007 2008 2009 3Q10 2007 2008 2009 3Q10
Units Completed Number of Engineers
E: 15,000
919
880
10,831
674 309 352
8,206 9,995
459 241 58 59
47
186
3,108 31 513 508
386
242
2007 2008 2009 9M10/2010E 2007 2008 2009 3Q10
Intern Enginners Construction Architects On the Job
10
^ '
11. Strong Brand Recognition and Solid Reputation
Gafisa benefits from its strong brand recognition and solid reputation through: (i) a
higher sales speed (VSO); (ii) commanding premium prices; and (iii) easier access to
asset swaps / partnerships
Leading Brands Strong Brands in Every Segment
Maior Construtora do Brasil: Largest Construction
1st
Company in Brazil – 2008 / 2009 (ITCnet)
► 55 years in the Real Estate industry
► Completed more than 985 developments and 11 million m2
► Awards: Valor Top Management and Top Manager of the Year
Top of Mind – 2008 (Diário do Grande ABC /
1st
IBOPE)
► One of the best known brands in the affordable entry-level
segment
► Completed more than 500 developments
1st Reference in Urban Development
► Completed more than 40 developments and 3.4 million m2
► Awards: Best Social Responsibility and 2009 Top Social –
Alphaville Foundation
Source: ITCnet, Revista Marketing, Valor Econômico
11
13. Launches, Contracted Sales and Revenues
High growth rates over the last years ...
Launches (R$mm) Pre-Sales (R$mm) Net Revenues (R$mm)
1
4,200 to
4,600
4,196
3,248
3,022
2,792
1,970 2,766
2,949
2,578
1,361 988
932
2,301 1,007
2,236 1,068 932
1,740 277
300 313 617 1,627 284
237 377 276
60 406
549 300
238 1,204 250
420
7
1,005 995 193
1,913 664 1,757
1,698 1,510 1,576
1,329 1,345 1,352 1,215
1,265 1,332 1,004
1,005 995
664
2006 2007 2008 2009 9M10 2006 2007 2008 2009 9M10 2006 2007 2008 2009 9M10
Gafisa Alphaville Tenda
Note:
1 2010E guidance range announced by the Company
13
14. EBITDA, Net Income and Results to be Recognized
… aligned with sustained growth in profitability
Adjusted EBITDA1 (R$ mm) and Net Income (R$ mm) and Results to be Recognized (Backlog4)
Margin (%) Margin 2 (%) (R$ mm) and Margin (%)
18.5% to
20.5% 3
330 11.7% 12%
17.5% 38.2%
37.5%
15.0% 279 1,309
14.9% 604 19.7% 280 9.9% 35.1% 35.2%
9.6% 10% 34.6%
13.4%
75
1,066
230 8.1% 1,015
214
8%
6.9%
180
300 6%
41 130
530 550 528
110
92
4%
80
298
259 46
180 2%
30
89
2006 2007 2008 2009 9M10 2006 2007 2008 2009 9M10 2006 2007 2008 2009 9M10
-20 0%
EBITDA (R$ mm) Margin (%) REF (R$ mm) Margem (%)
Lucro Líquido (R$ mm) Margem (%)
Tenda’s goodwill net of provisions
Notes:
1 Adjusted for stock options and excluding Tenda’s goodwill net of provisions
2 Net income before minority interests and non-recurring expenses
3 2010E guidance range announced by the Company
4 Gross Profit
14
15. Solid Balance Sheet
9M10 Leverage (R$ mm) Debt Composition (R$ mm) and Rates
SFH /
Net Debt / Project 1,846
8.2% - 11.5% (TR)
55.6% Finance
Shareholders’ Equity
Working CDI + (0.7% – 4.2%)
553
Capital
Debentures 527
CDI + (1.5 – 3.3%)
1,231
Investor CDI
380
Obligations
Total 3,307 10.8%
3,307 Debt Maturity Schedule 1 (%)
2,076
54%
15%
33%
56% 85%
46% 67%
44% 100%
Total Debt Cash Net Debt h ^ h ^ h ^ h ^ h ^
Note: W Z Z
1 Does not include investors obligations of R$380 mm
15
16. Trading Multiples
Liquidation Value (R$mn) Blue Chips (3Q10)
Company Gafisa Peer1 Peer2 Peer3 Peer4 Avg(1)
Receivables from Sold Units 8,466 10,455 11,463 5,669 5,081
(-) Taxes (571) (706) (774) (383) (343)
(-) Obligations from Sold Units (2,120) (3,022) (3,673) (1,462) (1,771)
Mkt Value of Units for Sale 2,937 3,821 2,197 1,791 2,180
(-) Taxes (198) (258) (148) (121) (147)
(-) Construction Obligations (790) (710) (329) (341) (986)
Book Value of Land 751 2,315 2,448 1,115 687
(-) Swaps booked in Advances (94) (540) (1,756) (453) (68)
(-) Payables from land acqs. (312) (557) (395) (304) (378)
Other Assets 92 287 3 39 10
(-) Other liabilities (183) - - - -
Cash and Equivalents 1,231 1,892 986 1,014 1,284
(-) Corporate Debt (1,461) (2,527) (1,201) (1,131) (1,012)
(-) SFH and other Project Finance (1,846) (2,259) (1,785) (461) (1,148)
(-) Minority Shareholders (62) (115) (399) (219) -
(+) Invest. in Subsidiaries 194 134 15 - -
Liquidation Value 6,035 8,209 6,653 4,754 3,389
BV Adjusted 4,959 7,876 6,012 4,015 3,102
BV 3,772 6,123 4,384 2,919 2,563
Deferred Income 1,203 1,780 1,747 1,159 540
Deferred Revenues 3,429 5,149 5,594 2,810 2,478
Deferred Costs and Expenses (2,120) (3,022) (3,673) (1,462) (1,771)
Taxes (over Sales and Income) (106) (348) (173) (190) (167)
Avg Stake 99% 98% 93% 95% 100%
P/LV 0.87 1.41 1.40 1.61 1.17 1.40
P/BVAdj 1.06 1.47 1.55 1.91 1.28 1.55
P/BV 1.40 1.90 2.12 2.62 1.55 2.05
Market Cap 5,264 11,607 9,314 7,653 3,977
# of shares 437 1,142 426 490 269
Closing price (December 30th) 12.0 10.2 21.9 15.6 14.8
*Source: Barclays Capital Research and Companies' Information / (1) Excluding Gafisa
16
17. Gafisa’s Differentiation
Industry Leading Liquidity and Corporate
Governance
Multifaceted Residential Products in All Income
Segments
National Footprint
Proven Track Record of Execution
Strong Brand Recognition and Solid Reputation
17
19. Tenda: Differentiated Platform for the Affordable Entry-
Level Segment
Through Tenda, Gafisa has a differentiated and developed platform to capture growth
in the affordable entry-level segment
Sales Standardized Construction Process
Centrally located and well diversified
portfolio
Duo Tower
S
Garden Life
► Hybrid construction model with in-house
► Well-trained and dedicated sales force
and outsourced construction capabilities
helps clients with home purchasing and
financing decisions
► Standardized materials
► Sales force located in areas with constant
flow of people ► 4 project options in each production line
► High variety of products and branch
locations to best meet client needs ► Economies of Scale
19
20. Tenda: Blue-Print Mortgage (“Crédito Associativo”)
The use of Crédito Associativo reduces the Working Capital requirement
^
d
W W
W
^W
W^s
W
Typical Project Cash Flow for low-income project with land acquired for cash
With Crédito Associativo
Commercial Launch
End of construction
Land Acquisition
there is little WC requirement
Beginning of
Key Delivery
construction
and the company cash flow
% Cash exposure over PSV
already moves from negative
to positive during the
No. of months construction period;
With a traditional financing
scheme, we have to use
project finance to cover the
W W negative WC, until the
Assumes that the land represented 10% of the PSV and was paid for in 6 installments
Crédito Associativo is provided by Caixa Econômica Federal (CEF) to finance low-income projects/units.
delivery.
20
21. Z d
Traditional Construction
Months
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Foundation
Traditional Brick blocks Construction Method;
Building and Finishing
Title Process Use of Ceramic and Concrete Blocs;
Collection
High demand for finishing repairs;
Construction Cycle lasts 10-12 months;
Aluminum Molds Construction
Months
1 2 3 4 5 6 7 8
Foundation
Building and Finishing Construction based on Aluminum Molds
Title Process
Collection
High constructions efficiency avoiding excessive
wastes;
Concrete walls done on site;
Construction Cycle lasts 4-5 months;
Effectiveness of the production process
21
22. Aluminum Mold Construction Method
Tenda: Valle Verde Cotia, SP
INCC Evolution (%) – Last 12 months (Dec. 2010E)
% Dec-07 Dec-08 Dec-09 Dec-10
Consolidated INCC
Materials e Equipments
Labor
Labor costs always tend to surpass the other INCC items
22
23. Alphaville: Differentiated Business for Residential Land
Communities
Alphaville Concept Steady Growth
Leisure
Residential Area Launches (R$ mm)
Area
549
420
Residential
Area 312
237
111
2006 2007 2008 2009 9M10
Alphaville
Commercial Area Club Commercial
Residential
Area
Multi-family
Area Pre-Sales (R$ mm) and VSO (%)
Areas 49%
59%
Sustainable Business Model
59% 406
60%
377
► Partnership contracts via land swaps 300
n.a.
► Construction only after pre-sales 238
► High sales velocity 140
► Alphaville Foundation enables sustainable integration with
the surrounding communities
2006 2007 2008 2009 9M10
23
25. Housing FinanceSystem (SFH) – FundingSources
Allocation Distribution Borrowers
Funding
of of
Sources
Resources Resources
CEF Investments
Companies
in Infrastructure
Registered 8% of their Income FGTS (MCMV)
Workers TR + 3%
Companies
SFH
TR+
Private
Individuals
Compulsory
Housing Credit
TR + 6.17% Companies
Market
Private
Savings 30%
Central Bank Individuals
Accounts Compulsory Deposits
TR+6.17% 20%(TR+6.2%).10%(Selic)
Companies
Resources for
Lending Private
Individuals
25
26. Brazilian Savings Loan System (SPBE)
Growth in Brazilian Savings LTM Monthly Disbursements by the SBPE
Z
Z
s z z
s z z
Brazilian savings are growing steadily, ensuring available credit for the coming years
^ ' ^ / Z z Housing Credit
Sources guaranteed
while new sources are
under development
Sources: Brazilian Central Bank and Banco Santander
26
27. Growing Credit Availability
In recent years, the credit supply for real estate financing has increased substantially
with lower interest rates and longer tenors
Interest Rates vs. Housing Financing
A favorable growth trend for credit availability began in
35% 160 2005, when the annual Selic was close to 20%;
30% 140
120
25% In 2008 the Central Bank increased the Selic from
100
20%
80 11.25% to 13.75% without any impact on home financing;
15%
60
10%
40 According to the Central Bank, the market is expecting
5% 20
a Selic of 12.25% by the end of 2011.
0% 0
Dec- Sep- Jul- Apr- Feb- Nov- Sep- Apr- Nov- Jun- Dec- Jul-
02 03 04 05 06 06 07 08 08 09 09 10
Selic (%a.a.) Real Estate Financing (R$ billion)
Real Estate Financing – Amount Funded (R$ bn) Housing Financing vs. GDP1
93
42
50
40
25 16
10
10 15 51
6 7 34
6 30
3 4 9 18
3 6
2004 2005 2006 2007 2008 2009 2010E
h^ h D
SBPE FGTS
Source: Central Bank, IBGE and ABECIP
Brazil: high growth potential for home financing
1. Data from Warnock and Warnork (2008). For Brazil, consider data from 2010 E
27
28. Real Price Variation for New Units - MRSP
3 Bedrooms
Real Variation (2005-10): 22%
22,38% 121,86% In 5 years, real prices have shown a 26% raise in the
metropolitan area of São Paulo, mainly from small units;
10,43%
Base 100 0,70%
-5,79%
-1,91%
-3,95% This raise happened specially on the last 12 months, taking
benefit from the quick post-crisis recovery;
Despite the raise since 2005, this raise is still in line with the
average real income raise.
2004 2005 2006 2007 2008 2009 Jan- 2010
Jun/10
Average Price SP Real Average Prices YoY
1 Bed 2 Bed 3 Bed Preços YOY
Variation (YoY) Income 80%
2005 -1,93% 60%
40%
2006 -12,83%
20%
2007 7,70%
0%
2008 4,63% -20%
2009 2,50% -40%
Jan-Jul/10 28,07% -60%
jan/06 jul/06 jan/07 jul/07 jan/08 jul/08 jan/09 jul/09 jan/10
Cumulate 26,4%
Fonte: MCM Consultores – Região Metropolitana de São Paulo
28
29. Government Programs – MCMV I
Government programs were created to reduce the significant housing deficit in the lower
income segments
Highlights Simulation of Potential Impact on Market Size
► Financing for one million houses with up to Average Unit Price: “Minha Casa, Minha
Before
R$23,000 in subsidies to families with income of R$80k Vida” Program
up to 10x the monthly minimum wage (R$4,650)
Subsidy 0 16,000
► R$34 billion in subsidies (Federal Government, Mortgage 80,000 64,000
FGTS, BNDES)
Cost (TR+) 7% 5%
► Financing of homes with a price range of
Monthly installments 665 394
R$80,000 to R$130,000
Minimum monthly income 2,661 1,969
► Interest Rates ranging from TR+5% – TR+8%
Equivalent of minimum wages 6.4 4.2
► Homebuilders can finance 100% of the property
value Market Size
(millions of homes) 13.4 23.4
► No down payment and no installments during the
construction period (for families with income up to
3x the minimum wage) Additional market of approx. 10 million houses
Source: Market Reports
29
30. Government Programs – MCMV II
Government renewed MCMV program, giving more visibility to the Real Estate sector:
Highlights Income distribution
► MCMV II income distribution followed the same
distribution of the contracted units from MCMV I:
► Financing for two million houses up to 2014;
► R$72 billion in subsidies;
# of units: 1 million 2 million
► Continued growth for the next 4 years already
committed;
► General details to come up to the beginning of
2011;
► It confirms the government commitment to
provide financing for entry level homebuyers.
DDs / DDs / D DDs //
Dt Dt Dt
Source: CS, UBS, CEF, Market reports
30
31. Efficiency Gains under “MCMV” Program
Tenda contracted 22,914 units through September and has close to 8,000 units under
CEF analysis
d h DDs /
D t
Dt
Dt
dKd
h K
W
W d DDs dKd
Y
Y
Y
Y
dKd
h ^
d
W h DDs
Y
Y
Y
dKd
31
32. CEF Real Estate Financing
Caixa Econômica Federal has reached historical records of real estate financing, and
is responsible for 73% of the market contracts
Housing Financing Contracts (R$ bn) CEF vs. Market – Financing of New Units (‘000 units)
1,084
982
97
897
61
603
503 515 47
425 443
141 936
326
251 312
23 267 276
13 15 223
132 47 92 167
6 9 118
5 38 55
29 177 176 145 187
88 94 39 17 51
2003 2004 2005 2006 2007 2008 2009
Up to Nov
2003 2004 2005 2006 2007 2008 2009 Out/2010
10
Financing (R$ bn) Financing Amount ('000) Caixa - Others Caixa - MCMV Market
MCMV Contracts Units (‘000) Inventory of Received Proposals (‘000 units)
Projects 6,459
188
3,966 1.048
3,219
17 212
149 1,868 814
42 311
33 110 656 140
96 102 495
1 114 193
60 10 15 364
57 149
130 33 96
8 50 78 651
27 95 481
22 394
8 53 52 75
12 30 20 36 24 25 26 191
8
Y Y Y Y Y Y ^ E Jun-09 Sep-09 Dec-09 Apr-10 Nov-10
0 a 3 MW 3 a 6 MW 6 a 10 MW
^D ^D ^D
32
Source: Caixa Econômica Federal
35. Ratings and Balance Sheet
R$ 000' 3Q10 3Q09 2Q10 LIABILITIES AND SHAREHOLDERS' EQUITY
ASSETS 3Q10 3Q09 2Q10
Curre nt As s e ts Cur re nt Liabilitie s
Cash and cash equivalents 570.718 948.350 1.136.765 Loans and f inancing 789.331 570.307 825.382
Restricted cash in guarantee to Debentures 214.561 80.781 123.608
loans and resctricted credits 660.425 151.337 669.619 Obligations f or purchase of
Receivables f rom clients 2.727.930 1.718.110 2.470.944 land and advances f rom clients 460.470 488.935 466.078
Properties f or sale 1.447.266 1.376.236 1.446.760 Materials and service suppliers 292.444 194.302 244.545
Other accounts receivable 155.795 93.722 141.740 Taxes and contributions 234.394 132.216 154.983
Def erred selling expenses 38.028 7.205 20.592 prof it sharing 69.594 61.206 73.057
Def erred taxes - 13.099 - Provision f or contingencies 8.001 10.512 6.312
Prepaid expenses 16.423 13.522 15.283 Dividends 52.287 26.106 52.287
5.616.585 4.321.581 5.901.703 Def erred taxes - 52.375 -
Long-te rm As s e ts Other 171.417 181.312 217.569
Receivables f rom clients 2.411.275 1.662.300 2.075.161 2.292.499 1.798.052 2.163.821
Properties f or sale 388.649 386.196 407.792 Long-te r m Liabilitie s
Def erred taxes 367.788 250.846 311.693 Loans and f inancings 371.843 636.639 352.181
Other 177.182 52.140 131.035 Debentures 1.551.407 1.244.000 1.748.000
land 177.412 147.168 176.084
3.344.894 2.351.482 2.925.681
Def erred taxes 483.373 322.870 484.453
Investments 194.207 195.088 194.871 Provision f or contingencies 51.185 59.509 52.670
Property, plant and equipment 63.825 53.698 59.659 Other 568.945 362.843 521.211
Intangible assets 15.480 9.690 16.280 Def erred income on acquisition 6.757 12.499 8.045
273.512 258.476 270.810 0
Unearned income f rom partial sale of investment 11.594 0
3.210.922 2.797.122 3.342.644
Total As s e ts 9.234.991 6.931.539 9.098.194
M inor ity Share holde rs 51.565 552.889 46.316
Corporate Rating FITCH Moody’s SP
Share holde r s ' Equity
National Scale Capital 2.729.187 1.233.897 2.712.899
Treasury shares (1.731) (18.050) (1.731)
Rating A- A1 A
Capital reserves 251.489 190.585 290.507
Perspective Stable Stable Stable Revenue reserves 422.373 218.827 381.651
losses 278.687 158.217 162.087
Last update September/2010 September/2010 October/2010 3.680.005
0 1.783.476
0 3.545.413
0
9.234.991
Liabilitie s and Shar e holde rs ' Equity 6.931.539 9.098.194
35
36. Why Cash Burn should change to positive in 2011?
Cash burn continue high mainly due to Tenda’s units launched and sold mainly in 2007 and 2008 that
are being built using it’s own capital, instead of the mechanism of Blue-Print mortgages (Crédito
Associativo);
Going forward, Tenda is gradually increasing the use of Associative Credit over current sales (that
already reached 62% in the 3Q10), contributing to reduce the Working Capital needs;
From now until June/11, Tenda will transfer approximately 7,000 units that did not contracted Blue-Print
mortgage, meaning that the invested money will return to Company’s cash.
Tenda is delivering units that did not
contracted Blue-Print mortgage in
the past.
Tenda’s unit sales by type of finance Tenda’s Transferred of Concluded Units
to CEF - Pipeline
9,505 11,576 15,871 9,733 3,039
2,922
2,236 2,075
757
D Y 3Q10 4Q10E 1Q11E 2Q11E
W D d W Bank Mortgage
36
37. ^' ^
(R$'000) 3Q10 3Q09 2Q10 3Q10 x 3Q09 3Q10 x 2Q10
Consolidated Selling expens es 53,887 55,556 61,140 -3% -12%
GA expens es 59,317 57,601 55,125 3% 8%
SGA 113,204 113,157 116,265 0% -3%
Selling expens es / Launches 4.4% 10.8% 6.1% -644 bps -171 bps
GA expens es / Launches 4.8% 11.2% 5.5% -640 bps -67 bps
SGA / Launches 9.2% 22.0% 11.5% -1285 bps -238 bps
Selling expens es / Sales 5.3% 6.9% 6.9% -165 bps -158 bps
GA expens es / Sales 5.8% 7.2% 6.2% -137 bps -37 bps
SGA / Sales 11.1% 14.1% 13.1% -303 bps -195 bps
Selling expens es / Net revenue 5.6% 6.3% 6.6% -70 bps -96 bps
GA expens es / Net revenue 6.2% 6.6% 5.9% -37 bps 25 bps
SGA / Net revenue 11.8% 12.9% 12.5% -107 bps -71 bps
SGA Expenses / Net Revenue GA Expenses / Net Revenue
60% Acquisition of
Tenda 25.4% 13.5%
100%
Incorporation of
Tenda
18.9% 10.6% 10.3%
16.9% 17.3% 15.7%
15.2% 14.9% 8.4%
8.4%
12.9% 8.0%
12.0% 12.5% 11.8%
6.6% 6.7% 6.3%
5.9% 6.2%
37
38. d ' W
D
Launch Start Construction
h
D D D D D D D
D
Sales 30% 60% 70% 80% 87% 94% 100%
% Costs - 2,5% 15% 35% 65% 85% 100%
Revenues - 1,5% 10,5% 28% 57% 80% 100%
Collections
(cumulative) 1% 4% 9% 11% 18% 25% 85% 100%
38