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.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company reduced errors per million units shipped by 34.5% between 3Q07 and 4Q07.
omnicom group Q2 2006 Investor Presentationfinance22
Omnicom Group presented its financial results for the second quarter of 2006. Revenue grew 7.9% to $2.8 billion compared to the second quarter of 2005. Net income increased 8.1% to $244.1 million. Organic revenue growth accounted for 7.2% of total revenue growth. The company has a $2.4 billion credit facility expiring in 2011 and $1.1 billion in cash, providing $3.5 billion in total liquidity. Acquisition expenditures for the first half of 2006 totaled $151 million. Future earn-out obligations over the next 5 years are estimated at $405 million assuming current performance levels are maintained.
Ideiasnet reported financial results for 4Q08 and full year 2008. 4Q08 gross revenue grew 9.8% and net revenue grew 11.7% over 4Q07. EBITDA grew 95.2% in 4Q08 and 33% for the full year. Net income declined 42% in 4Q08 and 63% for the full year due to negative foreign exchange impacts. The portfolio companies Officer, Softcorp, and Spring Wireless saw revenue and EBITDA growth in 4Q08 and 2008, while Padtec and iMusica experienced strong revenue growth.
JBS reported its first quarter 2009 results. Net revenue increased 58.2% year-over-year to R$9.27 billion. Consolidated EBITDA grew 20.4% to R$211.5 million. Key highlights included sustained margins in the US beef business, improved performance in Brazil, and consolidation of a global production and distribution platform. Management remains focused on reducing debt and capturing synergies across the business.
1) Bank of America Chairman and CEO Ken Lewis presented at a Goldman Sachs conference on December 12, 2007 to discuss the company's current position and outlook.
2) The presentation highlighted Bank of America's diverse business lines including consumer banking, wealth management, and corporate and investment banking that contribute to earnings.
3) It also discussed opportunities for growth through initiatives in areas like wealth management, retirement services, and expanding consumer credit and real estate lending to existing customers.
This document is a financial supplement from Aetna for the second quarter of 2007. It includes:
- Highlights such as operating earnings of $439.8 million for the quarter.
- Health care and group insurance statistics including premiums and medical benefit ratios.
- Health care membership breakdown by product and region.
- Statements of income from continuing operations by business segment for the quarters ending June 30, 2007 and 2006.
- Balance sheets, cash flows, reconciliations, footnotes and supplemental information on health care costs payable.
- The Progressive Corporation reported its April 2007 results, with net premiums written down 4% from April 2006 to $1.437 billion and net income down 14% to $136.7 million.
- The combined ratio was 88.8%, up 2.9 percentage points from April 2006, driven by an increase in bodily injury severity.
- Total personal auto policies in force grew 1% to over 7 million while total commercial auto policies grew 6% to over 522,000.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company reduced errors per million units shipped by 34.5% between 3Q07 and 4Q07.
omnicom group Q2 2006 Investor Presentationfinance22
Omnicom Group presented its financial results for the second quarter of 2006. Revenue grew 7.9% to $2.8 billion compared to the second quarter of 2005. Net income increased 8.1% to $244.1 million. Organic revenue growth accounted for 7.2% of total revenue growth. The company has a $2.4 billion credit facility expiring in 2011 and $1.1 billion in cash, providing $3.5 billion in total liquidity. Acquisition expenditures for the first half of 2006 totaled $151 million. Future earn-out obligations over the next 5 years are estimated at $405 million assuming current performance levels are maintained.
Ideiasnet reported financial results for 4Q08 and full year 2008. 4Q08 gross revenue grew 9.8% and net revenue grew 11.7% over 4Q07. EBITDA grew 95.2% in 4Q08 and 33% for the full year. Net income declined 42% in 4Q08 and 63% for the full year due to negative foreign exchange impacts. The portfolio companies Officer, Softcorp, and Spring Wireless saw revenue and EBITDA growth in 4Q08 and 2008, while Padtec and iMusica experienced strong revenue growth.
JBS reported its first quarter 2009 results. Net revenue increased 58.2% year-over-year to R$9.27 billion. Consolidated EBITDA grew 20.4% to R$211.5 million. Key highlights included sustained margins in the US beef business, improved performance in Brazil, and consolidation of a global production and distribution platform. Management remains focused on reducing debt and capturing synergies across the business.
1) Bank of America Chairman and CEO Ken Lewis presented at a Goldman Sachs conference on December 12, 2007 to discuss the company's current position and outlook.
2) The presentation highlighted Bank of America's diverse business lines including consumer banking, wealth management, and corporate and investment banking that contribute to earnings.
3) It also discussed opportunities for growth through initiatives in areas like wealth management, retirement services, and expanding consumer credit and real estate lending to existing customers.
This document is a financial supplement from Aetna for the second quarter of 2007. It includes:
- Highlights such as operating earnings of $439.8 million for the quarter.
- Health care and group insurance statistics including premiums and medical benefit ratios.
- Health care membership breakdown by product and region.
- Statements of income from continuing operations by business segment for the quarters ending June 30, 2007 and 2006.
- Balance sheets, cash flows, reconciliations, footnotes and supplemental information on health care costs payable.
- The Progressive Corporation reported its April 2007 results, with net premiums written down 4% from April 2006 to $1.437 billion and net income down 14% to $136.7 million.
- The combined ratio was 88.8%, up 2.9 percentage points from April 2006, driven by an increase in bodily injury severity.
- Total personal auto policies in force grew 1% to over 7 million while total commercial auto policies grew 6% to over 522,000.
The document provides an overview of Banco Santander's 2009 IFRS results on a pro forma basis. It discusses the macroeconomic environment in Brazil and the country's financial system. It then summarizes Santander's strategy, business performance, and financial results in 2009. Key highlights include net profit growth of 41% year-over-year to R$5.5 billion driven by revenue growth and cost control. Performance ratios like efficiency and ROE improved significantly. The balance sheet also strengthened with higher capital ratios.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
1) The Progressive Corporation reported financial results for April 2006, including a 4% increase in net premiums written and earned compared to April 2005. Net income increased 8% to $159.6 million.
2) Progressive offers personal and commercial auto insurance throughout the US. It experienced $26.1 million in losses from April storms, accounting for 1.9 combined ratio points.
3) For the year-to-date period ending April 2006, net premiums written and earned increased 3-4% compared to the same period in 2005, while net income grew 6% to $596.2 million.
International reported strong 2008 results despite a challenging environment. Premiums, fees, and other revenue are expected to grow from $4.1 billion in 2007 to a range of $4.525-$4.625 billion in 2008. Operating earnings are projected to be $480-500 million in 2008, down from $568 million in 2007. International will continue pursuing growth through geographic, business model, product, and distribution diversification.
The document provides financial results and guidance for Monsanto for Q3 2007 and fiscal year 2007. Key points include:
- Net sales increased 23% in Q3 2007 compared to Q3 2006 and 18% for the first nine months.
- Diluted EPS increased 72% in Q3 2007 and 44% for the first nine months compared to the prior year.
- Guidance for fiscal year 2007 ongoing EPS growth was increased to a range of 34-37% over fiscal year 2006.
- All six growth drivers around traits, seeds and technologies are progressing well and position the company for continued growth through the end of the decade.
JBS S.A. reported its 2007 results, highlighting key investments and acquisitions in the USA and Australia through the Swift & Co acquisition. Net revenue increased 256.4% from 2006 to 2007. The company's EBITDA margin was 4.18% in 2007, with margins of 14.2% for JBS MERCOSUL and -1.1% for JBS USA. The presentation discussed financial results and margins by division, sales distribution by market and region, export distribution, cattle and beef pricing trends in the USA, and adjustments made to the JBS USA EBITDA results. Questions from attendees were then taken.
JBS reported strong financial results for 3Q11, with net revenue increasing 10.6% over 3Q10. EBITDA margin expanded 101 bps to 5.1% and net debt to EBITDA ratio reduced from 3.2x to 3.0x excluding Pilgrim's Pride. Several business units performed well, with JBS Mercosul achieving an EBITDA margin of 11.6% and JBS USA Pork EBITDA 51.8% higher than 2010. The company has significant debt maturities from 2014-2021 secured by various subsidiaries and guaranteed by JBS S.A. and JBS USA. Ratings agencies assess JBS and Pilgrim's Pride credit ratings as BB
CCR reported financial results for 2006 with net revenue increasing 9.8% to R$2,145 million and net income up 9.3% to R$547.3 million. Traffic increased 5.4% for the year. The company continues to focus on cost control while making capital expenditures to support growth. CCR is also looking to expand into new markets like Mexico, Chile and the United States while remaining focused on opportunities in Brazil.
The document summarizes Unum Group's fourth quarter 2007 results and provides an overview of the company. Key points include:
- Fourth quarter profits increased 15.8% year-over-year and the group disability benefit ratio declined.
- Unum US had strong sales growth while Unum UK sales declined due to legislative changes in the prior year.
- Colonial continued favorable benefit ratio trends and higher sales.
- Unum Group has diversified its earned premium base across business segments and geographies compared to prior years.
Localiza reported its 2Q12 and 1H12 results. Some highlights include an increase in used car sales for fleet renewal due to a tax reduction on new cars, utilization rates of 74.2% in car rentals, and free cash flow of R$242.3 million in 1H12. Daily rentals and revenues grew in both the car rental and fleet rental divisions. EBITDA margins declined in 2Q12 due to non-recurring expenses, while net income declined due to higher depreciation costs from the tax reduction.
Apresentação - Estratégia Rossi para o Segmento Econômico 2009/2010RiRossi
O documento apresenta a estratégia da Rossi para o segmento econômico em 2009/2010, com foco no público-alvo de classes C, D e E. A estratégia inclui o desenvolvimento de produtos em larga escala, atendimento regionalizado e parcerias locais, além de linhas de financiamento alinhadas aos incentivos do governo para estimular o mercado imobiliário de baixa renda.
RECOMENDE ESTA EMPRESA - RENOVO PINTURAS E REFORMAS PREDIAIS 31 3357 19 61 | 3473 20 00 | 9919 29 50 - A marca da reforma e pintura predial em BH e região metropolitana é RENÔVO PINTURAS - Tenha a certeza e a garantia de quem faz desde 1989, com profissionalismo e solidez. - A parceria certa para sua Reforma & Pintura Predial. - Prefira RENOVO PINTURAS & REFORMAS PREDIAIS - www.renovopinturas.com.br
- 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%.
A JROD’S PROJETOS EM REFORMAS, é uma empresa especializada em projetos de reformas e móveis planejados em madeiras brutas e laminadas. Temos como filosofia a qualidade do acabamento, sempre priorizando o bom gosto e estéticas dos projetos realizados. Prestamos atendimento diferenciado, onde priorizamos o dialogo e a troca de ideias, apresentando opções adequadas para cada necessidade. JROD’S PROJETOS EM REFORMAS tem como base a confiança... Os serviços e consultoria são coordenados pelos profissionais “Rodrigues e Jonathann”, que atuam juntos há 10 anos, sempre primando pela confiança, transparência e profissionalismo.
Prestação de serviços nas seguintes áreas: Projetos em Reformas: Alvenarias, Madeira, Acabamentos, pinturas, revitalização de ambientes; Projetos em Móveis e Marcenaria em Geral: Sob medida, projetados, Deck’s e reformas em madeira; Projetos e reformas Elétricas; Projetos de segurança e monitoramento; Consultoria e gestão de projetos de reformas e construção: Projetos, acompanhamento e execução.
Garantimos a transparência e agilidade no atendimento e apresentação dos orçamentos.
Fones: 51 8465-4368 ou 51 8465-0831
O documento apresenta a MRV Engenharia, uma das maiores incorporadoras do Brasil. Apresenta os resultados consistentes da empresa com crescimento contínuo de lançamentos, vendas e banco de terras nos últimos anos. Destaca a política de vendas simultâneas que reduziu significativamente os distratos.
Chamou Madame ? Reparos & Reformas é uma empresa criada e desenvolvidas a partir de um modelo internacional (USA) com o objetivo de atender as necessidades do mercado de manutenção predial residencial e corporativa, atendendo desde os serviços básicos como pequenos reparos e montagens, instalações elétrica, hidráulica e retoques em pintura, até os mais complexos, como desenvolvimento e execução de projetos elétricos, hidráulicos e pintura, construção e terceirização de mão de obra qualificada.
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.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company's cash cycle improved to 64.3 days.
2009* Embraer Day Ny 2009 ApresentaçãO FinanceiraEmbraer RI
- The document provides Embraer's 2008 financial overview, with record high jet deliveries and revenues. Net income was lower due to hedge losses.
- Embraer delivered 202 aircraft in 2008, the highest in company history, and revenues reached $6.4 billion. EBIT margin was 8.5% and net income was $389 million.
- For 2009, Embraer estimates revenues of around $5.5 billion, deliveries of 242 aircraft including 115 commercial jets, and an EBIT margin of about 10%.
Embraer Day NY 2009 - Apresentação FinanceiraEmbraer RI
- The document provides Embraer's 2008 financial overview, with record high jet deliveries and revenues. Net income was lower due to hedge losses.
- Guidance for 2009 estimates lower aircraft deliveries but higher revenues and an EBIT margin of 10%, with continued investments in R&D and property/equipment.
- Embraer achieved or exceeded its 2008 guidance on deliveries, revenues, EBIT margin and investments.
Embraer Day NY 2009 - Finnancial PresentationEmbraer RI
- The document provides Embraer's 2008 financial overview, with record jet deliveries and revenues. Net income was lower due to hedge losses.
- Guidance for 2009 projects lower but still strong deliveries and revenues compared to previous years, with an estimated EBIT margin of 10%.
- Embraer achieved or exceeded its targets for 2008, with diversified revenues, continued gross margin stability, and the highest order backlog in its history.
The document provides an overview of Banco Santander's 2009 IFRS results on a pro forma basis. It discusses the macroeconomic environment in Brazil and the country's financial system. It then summarizes Santander's strategy, business performance, and financial results in 2009. Key highlights include net profit growth of 41% year-over-year to R$5.5 billion driven by revenue growth and cost control. Performance ratios like efficiency and ROE improved significantly. The balance sheet also strengthened with higher capital ratios.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
1) The Progressive Corporation reported financial results for April 2006, including a 4% increase in net premiums written and earned compared to April 2005. Net income increased 8% to $159.6 million.
2) Progressive offers personal and commercial auto insurance throughout the US. It experienced $26.1 million in losses from April storms, accounting for 1.9 combined ratio points.
3) For the year-to-date period ending April 2006, net premiums written and earned increased 3-4% compared to the same period in 2005, while net income grew 6% to $596.2 million.
International reported strong 2008 results despite a challenging environment. Premiums, fees, and other revenue are expected to grow from $4.1 billion in 2007 to a range of $4.525-$4.625 billion in 2008. Operating earnings are projected to be $480-500 million in 2008, down from $568 million in 2007. International will continue pursuing growth through geographic, business model, product, and distribution diversification.
The document provides financial results and guidance for Monsanto for Q3 2007 and fiscal year 2007. Key points include:
- Net sales increased 23% in Q3 2007 compared to Q3 2006 and 18% for the first nine months.
- Diluted EPS increased 72% in Q3 2007 and 44% for the first nine months compared to the prior year.
- Guidance for fiscal year 2007 ongoing EPS growth was increased to a range of 34-37% over fiscal year 2006.
- All six growth drivers around traits, seeds and technologies are progressing well and position the company for continued growth through the end of the decade.
JBS S.A. reported its 2007 results, highlighting key investments and acquisitions in the USA and Australia through the Swift & Co acquisition. Net revenue increased 256.4% from 2006 to 2007. The company's EBITDA margin was 4.18% in 2007, with margins of 14.2% for JBS MERCOSUL and -1.1% for JBS USA. The presentation discussed financial results and margins by division, sales distribution by market and region, export distribution, cattle and beef pricing trends in the USA, and adjustments made to the JBS USA EBITDA results. Questions from attendees were then taken.
JBS reported strong financial results for 3Q11, with net revenue increasing 10.6% over 3Q10. EBITDA margin expanded 101 bps to 5.1% and net debt to EBITDA ratio reduced from 3.2x to 3.0x excluding Pilgrim's Pride. Several business units performed well, with JBS Mercosul achieving an EBITDA margin of 11.6% and JBS USA Pork EBITDA 51.8% higher than 2010. The company has significant debt maturities from 2014-2021 secured by various subsidiaries and guaranteed by JBS S.A. and JBS USA. Ratings agencies assess JBS and Pilgrim's Pride credit ratings as BB
CCR reported financial results for 2006 with net revenue increasing 9.8% to R$2,145 million and net income up 9.3% to R$547.3 million. Traffic increased 5.4% for the year. The company continues to focus on cost control while making capital expenditures to support growth. CCR is also looking to expand into new markets like Mexico, Chile and the United States while remaining focused on opportunities in Brazil.
The document summarizes Unum Group's fourth quarter 2007 results and provides an overview of the company. Key points include:
- Fourth quarter profits increased 15.8% year-over-year and the group disability benefit ratio declined.
- Unum US had strong sales growth while Unum UK sales declined due to legislative changes in the prior year.
- Colonial continued favorable benefit ratio trends and higher sales.
- Unum Group has diversified its earned premium base across business segments and geographies compared to prior years.
Localiza reported its 2Q12 and 1H12 results. Some highlights include an increase in used car sales for fleet renewal due to a tax reduction on new cars, utilization rates of 74.2% in car rentals, and free cash flow of R$242.3 million in 1H12. Daily rentals and revenues grew in both the car rental and fleet rental divisions. EBITDA margins declined in 2Q12 due to non-recurring expenses, while net income declined due to higher depreciation costs from the tax reduction.
Apresentação - Estratégia Rossi para o Segmento Econômico 2009/2010RiRossi
O documento apresenta a estratégia da Rossi para o segmento econômico em 2009/2010, com foco no público-alvo de classes C, D e E. A estratégia inclui o desenvolvimento de produtos em larga escala, atendimento regionalizado e parcerias locais, além de linhas de financiamento alinhadas aos incentivos do governo para estimular o mercado imobiliário de baixa renda.
RECOMENDE ESTA EMPRESA - RENOVO PINTURAS E REFORMAS PREDIAIS 31 3357 19 61 | 3473 20 00 | 9919 29 50 - A marca da reforma e pintura predial em BH e região metropolitana é RENÔVO PINTURAS - Tenha a certeza e a garantia de quem faz desde 1989, com profissionalismo e solidez. - A parceria certa para sua Reforma & Pintura Predial. - Prefira RENOVO PINTURAS & REFORMAS PREDIAIS - www.renovopinturas.com.br
- 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%.
A JROD’S PROJETOS EM REFORMAS, é uma empresa especializada em projetos de reformas e móveis planejados em madeiras brutas e laminadas. Temos como filosofia a qualidade do acabamento, sempre priorizando o bom gosto e estéticas dos projetos realizados. Prestamos atendimento diferenciado, onde priorizamos o dialogo e a troca de ideias, apresentando opções adequadas para cada necessidade. JROD’S PROJETOS EM REFORMAS tem como base a confiança... Os serviços e consultoria são coordenados pelos profissionais “Rodrigues e Jonathann”, que atuam juntos há 10 anos, sempre primando pela confiança, transparência e profissionalismo.
Prestação de serviços nas seguintes áreas: Projetos em Reformas: Alvenarias, Madeira, Acabamentos, pinturas, revitalização de ambientes; Projetos em Móveis e Marcenaria em Geral: Sob medida, projetados, Deck’s e reformas em madeira; Projetos e reformas Elétricas; Projetos de segurança e monitoramento; Consultoria e gestão de projetos de reformas e construção: Projetos, acompanhamento e execução.
Garantimos a transparência e agilidade no atendimento e apresentação dos orçamentos.
Fones: 51 8465-4368 ou 51 8465-0831
O documento apresenta a MRV Engenharia, uma das maiores incorporadoras do Brasil. Apresenta os resultados consistentes da empresa com crescimento contínuo de lançamentos, vendas e banco de terras nos últimos anos. Destaca a política de vendas simultâneas que reduziu significativamente os distratos.
Chamou Madame ? Reparos & Reformas é uma empresa criada e desenvolvidas a partir de um modelo internacional (USA) com o objetivo de atender as necessidades do mercado de manutenção predial residencial e corporativa, atendendo desde os serviços básicos como pequenos reparos e montagens, instalações elétrica, hidráulica e retoques em pintura, até os mais complexos, como desenvolvimento e execução de projetos elétricos, hidráulicos e pintura, construção e terceirização de mão de obra qualificada.
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.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company's cash cycle improved to 64.3 days.
2009* Embraer Day Ny 2009 ApresentaçãO FinanceiraEmbraer RI
- The document provides Embraer's 2008 financial overview, with record high jet deliveries and revenues. Net income was lower due to hedge losses.
- Embraer delivered 202 aircraft in 2008, the highest in company history, and revenues reached $6.4 billion. EBIT margin was 8.5% and net income was $389 million.
- For 2009, Embraer estimates revenues of around $5.5 billion, deliveries of 242 aircraft including 115 commercial jets, and an EBIT margin of about 10%.
Embraer Day NY 2009 - Apresentação FinanceiraEmbraer RI
- The document provides Embraer's 2008 financial overview, with record high jet deliveries and revenues. Net income was lower due to hedge losses.
- Guidance for 2009 estimates lower aircraft deliveries but higher revenues and an EBIT margin of 10%, with continued investments in R&D and property/equipment.
- Embraer achieved or exceeded its 2008 guidance on deliveries, revenues, EBIT margin and investments.
Embraer Day NY 2009 - Finnancial PresentationEmbraer RI
- The document provides Embraer's 2008 financial overview, with record jet deliveries and revenues. Net income was lower due to hedge losses.
- Guidance for 2009 projects lower but still strong deliveries and revenues compared to previous years, with an estimated EBIT margin of 10%.
- Embraer achieved or exceeded its targets for 2008, with diversified revenues, continued gross margin stability, and the highest order backlog in its history.
Embraer Day NY 2009 - Finnancial PresentationEmbraer RI
- The document provides Embraer's 2008 financial overview, with record jet deliveries and revenues. Net income was lower due to hedge losses.
- Guidance for 2009 estimates lower aircraft deliveries but higher revenues and an EBIT margin of 10%, with continued investments in R&D and property/equipment.
- Embraer achieved or exceeded its 2008 guidance on deliveries, revenues, EBIT margin and investments.
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO FinanceiraEmbraer RI
The company delivered record numbers of aircraft and revenue in 2008, but margins declined slightly from hedge losses; guidance for 2009 estimates lower aircraft deliveries but stable revenues, with an estimated EBIT margin of 10% as productivity gains continue. The document also reviews the company's financial results, order backlog, ownership structure and dividend policy for 2008.
04 01 2009 I Embraer Day Ny 2009 Finnancial PresentationEmbraer RI
The company delivered record numbers of aircraft and revenue in 2008, but margins declined from operational hedge losses. While diversifying its revenues across business segments and regions helped mitigate risks, the company expects lower deliveries and revenues with an estimated EBIT margin of 10% for 2009. The backlog remained at a historic high and the company maintained an aggressive dividend policy compared to industry averages.
- The company opened a new distribution center in Pernambuco, Brazil which will serve markets in Pernambuco and Paraíba.
- Gross revenues increased 17.3% compared to the same period last year, reaching R$528.6 million.
- Adjusted EBITDA increased 3.2% compared to the same period last year, reaching R$19.4 million.
- Net income increased 52.5% compared to the same period last year, reaching R$12.7 million.
Banco Santander reported its 1Q09 results on April 29th, 2009. The presentation provided an overview of Brazil's macroeconomic scenario, noting that while GDP growth slowed in 2009 due to the global crisis, Brazil's fundamentals remain strong. It discussed how Brazil's financial system is well-capitalized and more resilient compared to previous crises. Finally, it summarized Santander's strategy and franchise in Brazil, highlighting the progress of its integration and how the combined network provides better service and access for its over 9 million customers.
Banco ABC - 4th Quarter 2007 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil had a successful year in 2007. The credit portfolio grew 71% to R$4,992 million while maintaining high quality with 99.5% of loans rated AA-C. Net income increased 154.6% in 4Q07 and 93.8% for the full year 2007. The middle market credit portfolio grew 89.9% with a focus on Sao Paulo clients and an average ticket size of R$1.9 million.
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
2007 - 7th Analysts And Investors Meeting Results & PerformanceEmbraer RI
Embraer held its 7th annual analysts and investors meeting in New York in April 2007 to discuss results and performance. Antonio Luiz Pizarro Manso, Executive Vice President and CFO, presented information on Embraer's financial results for 2006, including record net revenue, income from operations, net income, and order backlog. Projections were also provided for deliveries, research and development spending, and property, plant and equipment investments through 2008.
Gafisa reported its 2Q10 results, highlighting strong growth. Launches totaled R$1 billion, up 61% year-over-year. Pre-sales reached R$889 million, up 7% quarter-over-quarter. Adjusted EBITDA was R$184 million with a 19.8% margin, up 66% year-over-year. The company maintained its 2010 launch guidance of R$4-5 billion and EBITDA margin guidance of 18.5-20.5%.
CPFL Energia will invest R$5 billion over the next 5 years to support growth across its distribution, generation, and commercialization businesses. Key points of investment include adding over 150MW of generation capacity in 2008 and over 400MW in 2010, pursuing organic and acquisition-based growth across its distribution network, and maintaining its leading market share in energy commercialization. The investments aim to strengthen CPFL Energia's competitiveness and long-term strategic positioning.
Questions For Management And Directors, A Roadmap For Expansion And Growthharrylong
Fremont Michigan Insuracorp provides property and casualty insurance in Michigan. While it has a strong balance sheet and growing book value, its personal lines have become unprofitable despite growing premiums. The document raises concerns about this and questions what management is doing to address the issue. It suggests management should take actions like ranking agencies by losses, stopping credit scoring, and expanding operations outside of Michigan to improve profitability.
The document summarizes ICICI Bank's strategy and performance in FY2009 amid market volatility. Key points include:
ICICI Bank focused on maintaining high capital levels, increasing low-cost deposits, moderating credit growth, and stringent cost control in response to liquidity issues and rising risks. For FY2009, the bank reported a 12% rise in operating profit despite slower revenue growth. Going forward, ICICI Bank aims to further increase its CASA deposit ratio and capital adequacy ratios to prepare for future uncertainties.
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.
4 q07 financial and operating results presentationEquatorial
This document summarizes the operating and financial results of CEMAR for 4Q07, 2007, and comparisons to 2006. Key highlights include:
- Billed energy grew 8.5% in 4Q07 and 10.5% in 2007, customer base increased 6.6%, and energy losses improved 1.1 percentage points.
- Net revenue increased 17.9% in 4Q07 and 8.5% in 2007. EBITDA grew 6.0% and 11.3% respectively. Net income grew 3.3% and 23.1%.
- CEMAR improved its DEC ratio by 32.6% and FEC ratio by 19.4% from 2006 to 2007 through efforts
4 q07 financial and operating results presentationEquatorial
This document summarizes the operating and financial results of CEMAR for the fourth quarter and full year of 2007. Key highlights include an 8.5% increase in billed energy for the quarter and 10.5% increase for the full year, as well as improvements in distribution and commercialization efficiency ratios. Net revenue grew 17.9% for the quarter and 8.5% for the full year. EBITDA increased 6.0% and 11.3% respectively. The customer base expanded by 6.6% in 2007 with gains across all customer segments. Energy losses declined by 1.1 percentage points over the last twelve months through efficiency initiatives.
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.
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 $1.4 billion, reducing its leverage significantly.
4) Post-transaction, Gafisa will have a more flexible balance sheet and be better positioned to focus
2. Important Notice
• We make forward-looking statements that are subject to risks and
uncertainties. These statements are based on the beliefs and assumptions of
our management, and on information currently available to us. Forward-looking
statements include statements regarding our intent, belief or current
expectations or that of our directors or executive officers.
• Forward-looking statements also include information concerning our possible
or assumed future results of operations, as well as statements preceded by,
followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,''
''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions.
• Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions because they relate to future events and
therefore depend on circumstances that may or may not occur. Our future
results and shareholder values may differ materially from those expressed in or
suggested by these forward-looking statements. Many of the factors that will
determine these results and values are beyond our ability to control or predict.
2
5. Management present
Wilson Amaral, CEO
Duilio Calciolari, CFO
João Audi, Managing Director, AlphaVille
Antonio Carlos Ferreira, Managing Director, Gafisa
Carlos Trostli, CEO
Paulo Mazzali, CFO
5
6. Our Company
Launches R$ million
2004-2008 CAGR: 87%
1954 Gafisa founded
4.195
2004 GP takes control of the Company
2.236
1.005
652
200
2005 Equity Int’l (Sam Zell) invests
2004 2005 2006 2007 2008
IPO
2006
AlphaVille Acquisition Sales R$ million
2004-2008 CAGR: 78%
Follow-on Equity Offering 2.578
2007
NYSE listing
1.627
995
60% control of Tenda
2008 450
Equity Int’l increases stake by 5% 254
2004 2005 2006 2007 2008
6
8. Brazil has a housing deficit of 7.2 million homes
HOUSING DEFICIT PER REGION IN 2007
In Thousands of Homes
North
997.2
Northeast
2,459.1
Brazil
446.6
Total Deficit: 7.2 million Homes
550.6
1,223.5 1,235.6
Inadequate
20.9% Housing
17.6%
8.8%
3.6 3.6
Central-West Southeast Cohabitation
360.0 10.3% 2,667.5
123.6 7.9%
1,265.2
1,402.3
Relative
236.4
South Deficit 12.8%
726.0
257.8
468.2
Brazil has a population of 190 million,
Source: IBGE, FGV 2007, Ernst & Young 83% urban, 43% below 24 years.
8
9. Increased purchasing power will generate greater
demand for new housing
New Housing Formation
Monthly Income (Million Families) New Families per year (in thousands)
2007 2030
Up to R$ 1,000 31.7 53% 29.1 31% (113)
From R$ 1,000 to R$ 2,000 15.5 26% 27.6 29% 526
From R$ 2,000 to R$ 4,000 8.4 14% 21.8 23% 582
From R$ 4,000 to R$ 8,000 3.3 5% 11 12% 334
From R$ 8,000 to R$ 16,000 1.1 2% 4.3 5% 139
From R$ 16,000 to R$ 32,000 0.3 0% 1.3 1% 44
More than R$ 32,000 0 0% 0.3 0% 13
TOTAL 60.3 100% 95.4 100% 1.526
Source: Brazilian Geography and Statistics Institute (IBGE), FGV, Ernst & Young.
9
10. Brazil’s housing industry provides ample
opportunity for growth and consolidation
• Real estate market highly fragmented, with no
dominant player
• Biggest markets in Brazil are São Paulo and
Rio de Janeiro. Gafisa is one of the largest
players, yet its estimated market share is only
~ 5% in São Paulo and ~ 6% in Rio de Janeiro
• Untapped potential, especially in markets
where the housing deficit is high
1
10
11. Despite strong mortgage market growth recently,
Brazil has low mortgage penetration
Mortgages to GDP Households (in thousands)
69%
58% New New Homes % Financed
Total
Households Financed by Over New
Households
Formed SBPE and FGTS Households
2002 48,035 1,530 83 5%
2003 49,710 1,675 104 6%
2004 51,752 2,042 112 5%
2005 53,114 1,362 101 7%
13%
11% 2006 54,610 1,496 151 10%
2% 2007 56,343 1,733 166 10%
US Spain Chile M exico Braz il
Source: JP Morgan, 2008 Sources: IBGE, BC. Does not include financing of existing homes.
11
12. Over the last few years, housing credit has
increased – with better rates and longer terms
Interest Rates vs. Housing Credit Evolution of Financing Terms
Dec, 2008 – Interest rate=12.75% Average term in running days – Housing Credit
30% 65,000
60,000
25% 3,000
55,000
2,500
20% 50,000
45,000 2,000
15%
40,000 1,500
10% 35,000
1,000
30,000
5%
25,000 500
0% 20,000 0
Apr-06
Aug-06
Apr-08
Dec-02
Sep-03
Feb-04
Jun-04
Nov-04
Dec-05
Sep-07
Oct-08
May-03
Mar-05
May-07
Jul-05
Jan-07
Jan-08
Jul-08
Jan-09
Jul-03
Jul-04
Jul-05
Jul-06
Jul-07
Jul-08
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Interest Rate (Selic) Real Estate Credit (R$MM)
Note: Housing credit available through December
Source: Banco Central do Brasil Source: Febraban
12
13. Consumer mortgage financing has grown
exponentially
Housing Credit Growth (R$ bn) Savings Accounts and FGTS Balances
CAGR (2003-2008): 43% Over R$400 billion available (R$ bn)
41.4
425
385
11.3
336
308
25.2 287 210
269
198
6.9 186
16.3 161 173
154
10.4 30.1
7
6 6.9 18.3 215
5.5 187
126 135 150
3.8 3.9 9.3 115
2.2 3 4.9
2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008
Housing Credit using resources from FGTS
Housing Credit using resources from Savings Accounts Saving Accounts Balance FGTS Balance
Sources: ABECIP, Banco Central do Brasil, CEF and FGV.
13
14. Recent government measures are
expected to stimulate growth
• Since September 2008, the Brazilian government has made nearly
$400 bn available to Brazilian businesses and consumers through the
following vehicles: Value
Treasury funds lent to BNDES for onlending 100.0
Reduction of reserve requirements 99.2
Relaxation of bank capital requirements/ reg. changes 81.2
Supply of dollar hedge via dollar-swaps 33.3
Incremental farm lending 19.0
Cash foreign exchange sales to market 14.3
BNDES capital increase from National Treasury 15.0
FX made available thru repurchase auctions 7.4
Auctions of dollars for trade finance 6.0
Permission for small banks to use FGC funds for lending 5.4
Banco do Brasil new lines for small and medium companies 5.0
Income-tax schedule changes 4.9
Banco do Brasil new credit lines to automaker banks 4.0
Reduction of tax on financial operations 2.5
Reduction of industrial production tax on cars 1.0
Total 398.2
Sources: Brazilian Central Bank, Gazeta Mercantil and Goldman Sachs
14
15. Specific measures for homebuilders have
already been announced
Oct Additional R$10 billion to finance up to 20% of each development, at
2008 rates of TR+10% to TR+11%, within the limits of the 65% of savings
balances which must be used for real estate financing.
Dec FGTS Oversight Board announced new financing conditions:
2008
• Builders: R$3 billion of FGTS to finance up to 80% of each
development at TR+7% per annum for properties up to
R$130,000, and TR+9%
Mar New Housing Package expected. Goal is to build 500,000 to 1
2009 million new houses by 2010, focusing on the low-income segment.
15
16. Government to announce additional
measures to support the sector
Government is expected to announce soon a plan to build up to 1 million new
houses through 2010; special attention given to low income segment.
• I
Improved mortgage t
d t terms t i
to increase attractiveness:
tt ti
– Lower costs related to insurance and origination
– Use of Price Table, abandoning Constant Amortization System
– 30-year maturity with loan to values close to 100%.
• Creation of Guarantee Fund to allow for a bridge of mortgage payments
in case of unemployment
• Extend the Housing Financing System (SFH) eligibility requirements to
allow unit values to R$500,000 from R$350,000
• Direct use of monthly worker’s compensation fund (FGTS) contribution
to pay part of home buyer’s total installment
• Subsidies will be provided in inverse proportion to income level
16
18. Key competitive advantages
Large land
National bank to Well-
reach & sustain developed
strong local future and
partnerships growth recognized
Professional
brands
management
Reputation
with a significant
pipeline of talent for financial
discipline
The strongest
100% focused on platform to sustain
the residential leadership in the
market in all 18
rapidly growing lower
income income segments
segments
18
19. Gafisa is present in all income segments
Families by Income Level* Gafisa Brands
15,2%
High and Mid-High 9.1 million
Income Level families 15.1%
Above R$4,807
Middle Income Level 31.5 million
Between R$1,115 and R$4,807 families 52.3%
Low Income Level
Up to R$1,115
19.7 million 32.6%
families
Total: 60.3 million families
Source: FGV/CPS, Feb. 2009
* Income percentage in six Brazilian metropolitan areas
19
20. Comprehensive portfolio of products
• Gafisa & Tenda’s Offerings:
Affordable Entry
High-income Mid-high Middle Income Level
Nice Terraças Alto Lapa Parque Barueri Tenda Clube Vivaldi
Manaus – AM São Paulo – SP Barueri – SP São Paulo - SP
Average unit price: R$ Average unit price: R$ Average unit price: Average unit price: R$
800,000 399,000 R$ 224,000 70,000+
20
21. Professional management and established
organizational structure
• Management with extensive experience in the sector
• Senior management with knowledge of diverse industries
• Reputation for on-time and on-budget execution
• Dedicated teams for each business line / market
• Standardized procedures with modern management system and tools
21
22. Our Product Lines:
Focused Management for Each Market
60% owned by Gafisa 60% owned by Gafisa
Mid, Mid High and High
Mid High and High Low Affordable Entry Level
Vertical Horizontal / Vertical
Horizontal (lots)
Metropolitan areas Metropolitan Areas and
Outside Metropolitan
Outskirts
Financing: Banks Areas
Financing: CEF and Banks
Unique Projects Financing: Direct
Standardized Projects
Unique Projects
Unit Prices: > R$200K Unit Prices: R$50K –
Unit prices: R$70K – R$200K
Sales through own sales R$500K
force and brokers Sales in stores through
Sales through own sales own sales force - and
force and brokers brokers
22
23. National reach and strong local
partnerships
• The partnership strategy has many benefits:
Access to local
Local market Local culture government, Access to business Reduce barriers Local operational
knowledge knowledge reducing time of opportunities to entry support
approvals
23
24. A diversified, high quality landbank, with
53% acquired through swaps
• 199 different sites throughout the country
Potential Units Potential Units Future Sales Swap
Company
(100%) (% Gafisa) R$ billion %
GAFISA 22,412 19,050 7.68 40
ALPHAVILLE 32,122 16,432 3.03 97
TENDA 70,116 67,578 6.34 20
Total 124,650 103,060 17.05 53
The size of the land bank gives us the ability to develop it selectively,
according to market demand
24
25. The Gafisa brand is a household name
• Gafisa Is a Top of Mind, leading brand in our largest markets
Spontaneous Stimulated recall
1st GAFISA 22% 1st GAFISA 55%
2nd
d - 13% 2nd - 32%
3rd - 10% 3rd - 29%
• Our campaigns aim to reinforce Gafisa’s key brand attributes (honest,
reliable, traditional, innovative and creative).
Countdown to 1,000
Institutional Campaign Completed Buildings Safe Purchase Guide
25
26. A reputation for financial discipline
• Strong relationship with the most important banks
• Sarbanes-Oxley Article 404 compliance as of December 2008
• SAP management information systems
• Credit Ratings:
– Moody’s: international Ba2 and local A1.br
– Fitch: A-(bra) local
– Standard & Poors: BrA local
26
27. Tenda is an anchor of the company’s
future growth strategy
• Tenda is a platform for leadership in the affordable entry level
segment:
– One of the largest land banks
– A business model with regional offices that enable strong local relationships with
CEF’s (Caixa)
– Unique sales model based on retail stores that provides a range of products
within a region
– Well trained own sales force focused exclusively on our products
• Gafisa owns 60% of Tenda shares and began consolidating 100% of
this Company’s results as of October 21, 2008.
27
29. Gafisa’s Products
• Gafisa’s products are priced at more than R$ 200,000 and targeted to families
with monthly income above R$ 4,800 (High and Mid-High Income Levels)
Condominiums Residential Buildings Planned Neighborhoods
Breakdown of families by income level
(millions of families)
2007 2030
R$ 4,000 to R$ 8,000 3.3 11
Within 23 years, R$ 8,000 to R$ 16,000 1.1 4.3
12 million new R$ 16,000 to R$ 32,000 0.3 1.3
families > R$ 32,000 0 0.3
TOTAL 4.7 16.9
Source: Brazilian
Source: Brazilia Geographic and
Source: Brazilian Geographic and Statistics Institute (“
h d (“IBGE”) and FGV
”) and
d
29
30. Gafisa s Strategy
Products targeted to Mid, Mid-High
National presence and High segments and adapted to Standardized processes
regional needs
Strength of Gafisa brand Focus on sales
30
31. National Presence
• Developments in progress / Gafisa Landbank (Potential Sales Value)
La
Land Bank by Region
22 / R$1.770MM So ut h
12 / R$380MM Cent er-
West 3%
No rt h 3%
5%
São
P a ulo 44%
No rt heast
59 / R$5,080MM R io de
03 / R$220MM
23% J a ne iro 16%
So ut heast M ina s
4%
66% G e ra is
E s pirit o
S a nt o 2%
06 / R$230MM
Land Bank by Segment
• Up to R$ 200 thousand: 5%
• R$ 200 to R$ 350 thousand: 28%
• R$ 350 to 700 thousand: 50%
• R$ 700 to 1,200 thousand: 12%
• R$ > 1,200 thousand: 5%
31
32. Geographic Expansion
Importance of Local Partnerships
• Expertise in local culture and market
• Lowers barriers to entry
• Business prospecting enhanced
• Speeds approval processes
Assignments in a typical development
GAFISA PARTNER
• Due diligence analysis on • Business prospection
Number of Cities where Gafisa Launched • Licenses and permits
land acquisitions
31 • Product and project • Customized customer
development services
• Marketing campaign
23 • Sales management
• Administrative and
financial management
16
9
• Centralization of activities
5
• Cost reduction (offices only in SP and RJ)
• Business model easy to replicate
2004 2005 2006 2007 2008
32
33. Sales Force
• Gafisa Vendas (Gafisas’s own sales Team):
– Operating in SP, RJ and BA
– 123 brokers
– Dedicated teams for inventory, launches and online sales
– Gafisa Sales participation in 2008: Gafisa Vendas
SP RJ sells only
35.0%
43.0%
Gafisa’s
products,
resulting in
42% Inventory 45% Inventory
Efficient Sale
29% Launches 41% Launches of Inventory
• External Sales Force:
– Partnerships with Brokerage Companies
Sales force of
• 7 in SP approximately
• 6 in RJ 8,000 brokers
• 26 in New Markets
33
34. Standardized Products
• Average unit price between R$ 200,000 and R$ 350,000
• Standardized projects for apartments with 2 and 3 bedrooms
• Cost optimization
• Reduction of construction cycle
• Faster approval and launching
34
35. Unique projects
• Units price above R$ 350,000
• Customer-driven feasibility studies
E l i
Exclusive support/follow-up during
/f ll d i regarding different income levels
the construction works, allowing for
customized blueprints and finishings • Projects designed according to features
considered important by customers
(research)
35
36. Current Scenario
Customers visiting sales stand several times
Consumer / Buyer Decision-making period has increased from 20 to 70
More Conservative days
Customers concerned about reliable delivery:
- customer research of real estate companies has increased
•Tradition: 54 years history.
•Reliability: 961 developments delivered.
•Credibility: 10 million m² built.
36
37. New Launches
• Assumptions for new launches:
– Construction financing secured
– Pre-launch period up to 90 days to confirm demand
– Launch only if 40% of units are likely to be sold during first month
Examples:
Chácara Santana Brink Alphaville Barra da Tijuca
Launching Date: Launching Date: Launching Date:
11/15/2008 11/30/2008 12/06/2008
Pre-marketing: Pre-marketing: Pre-marketing:
75 days 70 days 20 days
68% 75% 90%
Sold in the Sold in the Sold in the
1st month 1st month 1st month
37
38. Case Study
Porto Velho
Population: 300,000 inhabitants
Local economy stimulated due to the
construction of 2 hydroelectric power plants
PSV: R$100 million
Gafisa s Share: 80%
Units: 280 in 4 towers
Local market research:
September ’07
Local partner definition:
November ’07
Land Acquisition:
April ’08
Launch:
September ’08
Sales:
76%
38
41. Strategic and Geographic
Positioning
Master Developer
National Presence • Residential Lots in Gated Communities coupled
with local Commercial Facilities
Leadership Position
• No national competitor in the segment
Track Record
• The concept is well established throughout the
country, with a visible presence in 38 Alphavilles in
26 different cities and 16 states
Brand Recognition
• AlphaVille is one of the best known brands in
the country and the most desired in the markets
where it is established
AlphaVille – Brand Recognition Prizes
Master Top de
Superbrands FIABCI Pop List
Imobiliário Marketing
2007 2005 2005 2005 2005
41
42. Project Approval Process
Long-term perspective and complex approval process are
significant entry barriers to the segment
DUE DILIGENCE / PARTNER/ LAND PROJECT MARKETING
CONSTRUCTION OCCUPATION
STRATEGIC ANALYSIS SWAP CONTRACT APPROVAL & SALES
3 years 2 years
PROJECT Analysis of legal and environmental aspects, location, market and
ANALYSIS feasibility studies
LAND SWAP Contract with land owner
CONTRACT
APPROVAL Development of master plan to be submitted to local authorities for
PROCESS analysis, registration and approval. This process takes an average of
three years and deals with federal and local authorities
MKT & SALES On average, 80% of the units are sold in the launching week
CONSTRUCTION AlphaVille manages the construction, contracting third parties through a
centralized procurement. Average development takes 2 years
OCCUPATION Customers are invited to begin construction of their houses under specific
regulations developed for an organized occupation
42
43. Recent Growth
Steady launch growth at a CAGR of 46% since 2006
Launches (R$ Millions) Sales (R$ Millions)
32% 312 26% 300
11
237 238
114% 70%
6
140
111
3
2006 2007 2008 2006 2007 2008
43
44. Sales Velocity Q4/08
(R$ Millions)
December´ s Launches Barra-RJ Mossoró-RN Nova Esplanada-SP
Launching dat e Dec. 13t h Dec. 5t h Dec. 17t h
Launched PSV 59,6 12,1 29,4
So ld PSV 53,6 12,0 21,0
Sales / PSV - unt il December 31st 90% 99% 71%
Launched Unit s 249 119 472
Average Tick et (R$) 713.721 101.454 207.931
Average R$/ m² 1.002 260 300
The average sales of these 3 launches reached 86% above the
PSV, in spite of adverse market conditions.
Note: Total PSV amounts to R$172 million, part belonging to Alphaville and part to Gafisa Segment
44
45. Land Bank reaches R$3 billion
Targeting cities that have unique commercial potential
PSV potential (R$ millions) Total Dec 08
January 1st 2008 2,929 Areas VGV
Launches 2008 PSV (313) São Paulo State 978
Additions 2008 314 Brasília 668
Revision/Change in PSV 102 Porto Alegre - (2 projects) 207
Land Bank position in december 2008 3,032 Florianópolis - (2 projects) 177
Land Bank AUSA sustains 9.7* years
* Based on 2008 launching figures Among Other 18 areas 1.001
Prospective Pipe Line of 4.4 billion Total 3.032
Land Bank of almost 10 years based on 2008 launch level; 98% of
them based in land swaps
45
46. Project Design
A typical Alphaville project
LEISURE
RESIDENTIAL AREAS
AREAS
RESIDENTIAL
AREAS
Highly sustainable business model
Land swaps: no cash outlay
ALPHAVILLE
COMMERCIAL
CLUB
COMMERCIAL
AREAS
AREAS RESIDENTIAL Infrastructure development after the launch
GOLF AREAS
BUILDING
AREAS
COURSE Outstanding Sales Velocity
AlphaVille Graciosa (Curitiba, Paraná) Use of Alphaville Foundation to help the social
integration of neighborhood
46
47. Case Study
AlphaVille Jacuhy – Vitória - ES
CONTRACT DATE: 2002
LAUNCH DATE: December 2007
LOCATION: Vitória - ES
PSV R$: 102.9 Million
PRICE R$/m²: 275 (launch price)
UNITS: 775
SALEABLE AREA: 475,000 m²
SALES SPEED: 90% upon launch
SALES MIX: 40% Short Term
47
48. Case Study
Jacuhy – Vitória - ES
Construction started on Jan/08
48
49. Case Study
Jacuhy – Vitória - ES
R$ Millions
90% sold on launching week Receivables securitization after completion
Minimum Cash Exposure
Construction – 24 months
49
52. Gafisa’s Solid Financial Position
• R$606 million cash in addition to R$300 million in securitizable receivables.
• R$3.4 billion in construction finance lines of credit provided by all of the major banks:
– R$1,699 million signed contracts
– R$751 million contracts in process
– R$951 million additional availability
• 73% of our debt is long term
4Q08 3Q08 4Q07
Total Debt 1,552 1,377 695
Cash and Cash Equivalents 606 790 517
Obligation to Investors 300 300 0
Net Debt & Obligation to Investors 1,246 887 178
Shareholder’s Equity 1,612 1,689 1,485
Total Capitalization 3,164 3,066 2,180
Net Debt & Obligation to Investors / Equity 77.3% 52.5% 12.0%
52
53. 20
40
60
80
0
100
200
300
400
500
600
0
Gafisa Feb-06
Cyrela Mar-06
Apr-06
Rossi Jun-06
MRV Jul-06
Aug-06
PDG
Sep-06
Agra Oct-06
Tenda Nov-06
Dec-06
Inpar
Sector
Feb-07
Tecnisa Mar-07
Apr-07
Lopes
May-07
CCDI Jun-07
Volume (R$ MM)
Abyara Jul-07
Aug-07
Klabin
Oct-07
Even Nov-07
Dec-07
Brascan
Avg. daily volume from Feb 01 of 2008 - Feb 28 of 2009 (R$ MM)
Price
Jan-08
Invest Tur Feb-08
Rodobens Mar-08
May-08
EZ Tec
Jun-08
Trisul Jul-08
Aug-08
Highest Trading Volume in Real Estate
São Carlos
Sep-08
JHSF Oct-08
Market Cap (R$ MM )
NYSE Listing: Gafisa is the only Brazilian real estate company listed in the United States.
CR2 Nov-08
Jan-09
0
750
0
10
20
30
40
1,500
2,250
3,000
53
55. Key competitive advantages
• A presence in all income segments
• Professional management and a pipeline of talent
• National reach & strong local relationships
• Large land bank to sustain future growth
• Well-developed and recognized brands
• Reputation for financial discipline
• The strongest platform to sustain leadership in the rapidly growing lower
income market segments
55
56. Strategy
• Continue diversification (Product & Geography)
• Maintain financial discipline and ‘preferred borrower’
status Superior Revenue
Growth
• Benefit from expertise, positioning and key relationships in
the fast-growing affordable housing segment
• Leverage reputation for quality and brand strength in new
and existing markets
High ROE & Capital
• Maximize sales of broad product portfolio through
complimentary sales channels Appreciation
• Focus on high-return opportunities
• Maintain land bank of 2-3 years
56
57. Navigating the current market environment
• Ongoing Measures:
– Fortified product and geographic portfolio with acquisition of Tenda
– Implemented conservative approach to launch strategy
– Renewed focus on cash flow and returns
– Strengthening of financial relationships
– Launched consumer educational campaign “Safe Purchases”
Poised to respond quickly to new potential
financing opportunities aimed at spurring
continued growth in the sector
57
58. Outlook
– Given the current economic situation and the continued disruption in the credit markets,
visibility on overall growth in the industry is limited.
– Despite these factors, we are optimistic that government actions including the additional R$3
billion in FGTS funds designated for financing within the construction industry, the stimulus
program aimed at building one million houses by 2010, and the lowering of the Selic interest
rate by the Central Bank will result in the increased availability of funds to support the growth of
homebuilding.
– However, without all of the elements currently in place, we are not providing guidance in the
short term.
– In 2009, we will continue to be very selective with our launches, conserve cash and increase
our sales efforts towards our inventory.
58