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.
The document provides an overview of preliminary unaudited results for 2011 and outlook for 2012 from Gafisa Group. Key points:
- 2011 results included large non-cash adjustments totaling R$889 million from budget overruns, contract dissolutions, and asset impairments.
- A new strategic plan focuses on narrowing geographic scope, reducing Tenda risk through a new sales model, and expanding high-margin AlphaVille projects.
- Guidance for 2012 includes R$500-700 million in operating cash flow, launches of R$2.7-3.3 billion, and delivery of 22,000-26,000 units.
PDG Realty increases its stake in Goldfarb to 75% and acquires an option to purchase an additional 5% stake. PDG Realty will increase its capital investment in Goldfarb by R$100 million, raising its stake to 73.33%. Goldfarb's current shareholders will increase the capital of a holding company, which PDG Realty will incorporate by issuing new shares, raising its stake to 75%. PDG Realty also obtains an option to purchase an additional 5% stake in Goldfarb by December 31, 2008 for R$100 million, reaching a potential 80% stake.
This document summarizes CSX Corporation's presentation at the Citigroup Transportation Conference in November 2007. The presentation outlines CSX's positive fourth quarter revenue outlook, strong financial results, and strategies to drive earnings growth. CSX aims to achieve 10-12% annual operating income growth and a mid-low 70s operating ratio by 2010 through productivity improvements, value pricing, and total service integration.
This document provides an overview of TXU's first quarter 2006 earnings discussion. It highlights improved operational earnings compared to the first quarter of 2005, driven by record production levels at TXU Power's lignite and nuclear units. It also summarizes new electricity product offerings introduced by TXU Energy in North Texas to establish TXU as the leader among Texas incumbents. Additionally, it outlines six key drivers of attractive returns for TXU's clean coal investment program and how hedging protects a portion of the value while retaining upside potential from commodity price moves.
- Gross sales were down 9% to CHF 626 million, a reduction of CHF 64 million, of which CHF 55 million was due to currency effects. After adjusting for currency and floorspace changes, sales were about the same as the previous year.
- Operating costs were kept at a low level of CHF 330 million. However, the sharp fall in the EUR value led to a CHF 36 million goodwill impairment in Germany and Austria.
- As a result, the net loss for the period was CHF 62 million, compared to a CHF 7 million loss in the previous corresponding period. Implementation of the company's 3-pillar strategy is taking longer than expected.
oneok ONEOK and ONEOK Partners to Present at AGA Financial Forumfinance20
John Gibson, CEO of ONEOK and ONEOK Partners, presented at the American Gas Association Financial Forum. He discussed recent transactions that transformed ONEOK Partners, including the purchase of assets from Koch Industries that doubled the size of ONEOK Partners. He outlined ONEOK Partners' strategy of continued growth through internal projects exceeding $1.5 billion through 2009. Gibson also reviewed financial results for ONEOK and ONEOK Partners, noting distribution growth, unit price increases, and continued focus on maintaining strong balance sheets and credit ratings.
dana holdings 0CA5D6ED-FF04-4642-9D47-81A0CF09F4AB_4Q08_ConfCallfinance42
This document provides a summary of Dana Holding Corporation's fourth quarter and full-year 2008 earnings conference call. The call reviewed Dana's financial results for Q4 and full-year 2008, provided an update on key issues and initiatives, and outlined an aggressive plan for 2009 focused on right-sizing operations, improving profits and maintaining adequate liquidity. Dana reported a net loss in Q4 2008 and lower sales and EBITDA for both Q4 and full-year 2008 compared to 2007. Dana plans to reduce its global workforce by over 5,800 in 2009 and generate cost savings of $150-200 million through restructuring to improve operations despite a difficult market environment.
The document provides an overview of a company's 2Q12 and 1H12 results. It discusses financial performance including revenues, gross profit, EBITDA margins, and contributions by brand. Key highlights include consolidated revenues reaching $1.97 billion for 1H12, gross profit of $470.8 million for 1H12 representing a 24% margin, and EBITDA of $253.9 million for 1H12 representing a 13% margin. Legacy projects with lower margins are expected to be delivered in the short to mid-term, impacting overall margins.
The document provides an overview of preliminary unaudited results for 2011 and outlook for 2012 from Gafisa Group. Key points:
- 2011 results included large non-cash adjustments totaling R$889 million from budget overruns, contract dissolutions, and asset impairments.
- A new strategic plan focuses on narrowing geographic scope, reducing Tenda risk through a new sales model, and expanding high-margin AlphaVille projects.
- Guidance for 2012 includes R$500-700 million in operating cash flow, launches of R$2.7-3.3 billion, and delivery of 22,000-26,000 units.
PDG Realty increases its stake in Goldfarb to 75% and acquires an option to purchase an additional 5% stake. PDG Realty will increase its capital investment in Goldfarb by R$100 million, raising its stake to 73.33%. Goldfarb's current shareholders will increase the capital of a holding company, which PDG Realty will incorporate by issuing new shares, raising its stake to 75%. PDG Realty also obtains an option to purchase an additional 5% stake in Goldfarb by December 31, 2008 for R$100 million, reaching a potential 80% stake.
This document summarizes CSX Corporation's presentation at the Citigroup Transportation Conference in November 2007. The presentation outlines CSX's positive fourth quarter revenue outlook, strong financial results, and strategies to drive earnings growth. CSX aims to achieve 10-12% annual operating income growth and a mid-low 70s operating ratio by 2010 through productivity improvements, value pricing, and total service integration.
This document provides an overview of TXU's first quarter 2006 earnings discussion. It highlights improved operational earnings compared to the first quarter of 2005, driven by record production levels at TXU Power's lignite and nuclear units. It also summarizes new electricity product offerings introduced by TXU Energy in North Texas to establish TXU as the leader among Texas incumbents. Additionally, it outlines six key drivers of attractive returns for TXU's clean coal investment program and how hedging protects a portion of the value while retaining upside potential from commodity price moves.
- Gross sales were down 9% to CHF 626 million, a reduction of CHF 64 million, of which CHF 55 million was due to currency effects. After adjusting for currency and floorspace changes, sales were about the same as the previous year.
- Operating costs were kept at a low level of CHF 330 million. However, the sharp fall in the EUR value led to a CHF 36 million goodwill impairment in Germany and Austria.
- As a result, the net loss for the period was CHF 62 million, compared to a CHF 7 million loss in the previous corresponding period. Implementation of the company's 3-pillar strategy is taking longer than expected.
oneok ONEOK and ONEOK Partners to Present at AGA Financial Forumfinance20
John Gibson, CEO of ONEOK and ONEOK Partners, presented at the American Gas Association Financial Forum. He discussed recent transactions that transformed ONEOK Partners, including the purchase of assets from Koch Industries that doubled the size of ONEOK Partners. He outlined ONEOK Partners' strategy of continued growth through internal projects exceeding $1.5 billion through 2009. Gibson also reviewed financial results for ONEOK and ONEOK Partners, noting distribution growth, unit price increases, and continued focus on maintaining strong balance sheets and credit ratings.
dana holdings 0CA5D6ED-FF04-4642-9D47-81A0CF09F4AB_4Q08_ConfCallfinance42
This document provides a summary of Dana Holding Corporation's fourth quarter and full-year 2008 earnings conference call. The call reviewed Dana's financial results for Q4 and full-year 2008, provided an update on key issues and initiatives, and outlined an aggressive plan for 2009 focused on right-sizing operations, improving profits and maintaining adequate liquidity. Dana reported a net loss in Q4 2008 and lower sales and EBITDA for both Q4 and full-year 2008 compared to 2007. Dana plans to reduce its global workforce by over 5,800 in 2009 and generate cost savings of $150-200 million through restructuring to improve operations despite a difficult market environment.
The document provides an overview of a company's 2Q12 and 1H12 results. It discusses financial performance including revenues, gross profit, EBITDA margins, and contributions by brand. Key highlights include consolidated revenues reaching $1.97 billion for 1H12, gross profit of $470.8 million for 1H12 representing a 24% margin, and EBITDA of $253.9 million for 1H12 representing a 13% margin. Legacy projects with lower margins are expected to be delivered in the short to mid-term, impacting overall margins.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
This operational review discusses Southern Cross Healthcare Group's expansion in the past year through acquisitions and new home developments. Key points:
- Bed capacity increased 9.1% to 37,425 beds across 735 homes (up from 34,304 beds/673 homes previously)
- £181.9M realized from sale of real estate assets and £11.6M in starting rents from direct tenancy agreements
- 3 new homes built providing additional beds, with 6 more under construction and additional beds committed
- Southern Cross Healthcare brand remains the principal elderly care brand, operating 593 homes with 31,490 beds, generating £718.8M in revenue at an average weekly fee of £500
Public Service Enterprise Group (PSEG) held a financial conference to discuss its performance and outlook. PSEG operates power generation, transmission and distribution businesses. It provided guidance for 2007 operating earnings of $1.305-1.41 billion and EPS of $5.15-5.45. PSEG aims to achieve growth through operational excellence, financial strength, and disciplined investment. It is positioned to benefit from opportunities related to climate change initiatives, capacity needs, and infrastructure investment.
The document provides an overview of HSBC Holdings plc's 2006 interim results. It includes information on key achievements such as strong organic revenue growth and improved return on invested capital. Graphs and tables show results by geography and customer group, with strong growth in emerging markets like Mexico, Middle East, China, and India. Segments like personal financial services and corporate/investment banking saw profits increase. The loan portfolio also grew with increases in residential mortgages and corporate/commercial lending.
Pace Oil & Gas is an intermediate-sized energy company focused on growth through oil development. In 2011, oil production grew over 100% and drove a 53% increase in total production. The company has a large inventory of development opportunities across its high working interest asset base that can deliver continued production and reserve growth. Pace trades at a discount to peers despite solid operational performance and visible growth, representing underlying value for investors.
The document summarizes 3Q12 financial highlights and subsequent events for BR Properties. Key points include:
- 3Q12 net revenues increased 83% year-over-year to R$168 million due to additional rental revenues from new properties.
- Adjusted EBITDA was R$156.4 million, up 84% year-over-year, with a margin of 93%.
- In July, BR Properties issued R$600 million in local debentures and prepaid/refinanced R$364.5 million of debt.
- Several non-income producing properties are expected to deliver throughout 2012-2014, representing potential additional annual revenue of R$300 million.
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
gmac Robert Hull, GMAC Chief Financial Officer 2007 Fourth Quarter and Full-Y...finance8
The document provides preliminary earnings results for GMAC for Q4 2007 and full year 2007. Key points include:
- Q4 2007 loss of $724 million compared to earnings of $1.016 billion in Q4 2006, driven largely by losses at ResCap.
- Full year 2007 loss of $2.3 billion compared to earnings of $2.125 billion in 2006, also mainly due to ResCap losses.
- GMAC ended 2007 with $22.7 billion in cash and certain marketable securities.
The global outsourcing industry is constantly evolving through new contracting award characteristics and an expanding universe of successful service providers. ISG's TPI Index helps industry participants, enterprises and organizations keep pace and capitalize from the latest data on outsourcing trends. It is the authoritative source for marketplace intelligence related to outsourcing: transaction structures and terms, industry adoption, geographic prevalence and service provider metrics.
SGS reported strong financial results in 2011, with revenues growing 13.7% to CHF4.8 billion driven by 10.5% organic growth. Adjusted operating income increased 10.7% to CHF815 million, resulting in an operating margin of 17%. Net profit grew 4.9% to CHF534 million. The company will propose a dividend of CHF65 per share. Key leadership changes and acquisitions were also announced that contributed to growth.
The document discusses CSX Corporation's strategies and financial performance in 2005. It outlines the company's core strategies of operating initiatives, organizational structure improvements, and building on foundations established in 2004. Key drivers of the company's increased operating income and declining operating ratio included price and volume increases, productivity improvements, and fuel surcharges. The company's stock performance exceeded benchmarks like the S&P 500 and transport indexes over the period discussed.
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
GM_Events & Presentations_2008 GM Bank & Insurance ConferenceManya Mohan
This document provides a summary of GM's presentation at the 2008 GM Banker & Insurance Conference on May 13, 2008. The presentation discusses GM's key priorities, operating strategies, and product strategies. It also provides updates on GMAC, Delphi, and the impact of the American Axle strike. The presentation aims to outline GM's plans and initiatives to improve financial results going forward.
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 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.
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.
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.
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.
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.
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 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.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
This operational review discusses Southern Cross Healthcare Group's expansion in the past year through acquisitions and new home developments. Key points:
- Bed capacity increased 9.1% to 37,425 beds across 735 homes (up from 34,304 beds/673 homes previously)
- £181.9M realized from sale of real estate assets and £11.6M in starting rents from direct tenancy agreements
- 3 new homes built providing additional beds, with 6 more under construction and additional beds committed
- Southern Cross Healthcare brand remains the principal elderly care brand, operating 593 homes with 31,490 beds, generating £718.8M in revenue at an average weekly fee of £500
Public Service Enterprise Group (PSEG) held a financial conference to discuss its performance and outlook. PSEG operates power generation, transmission and distribution businesses. It provided guidance for 2007 operating earnings of $1.305-1.41 billion and EPS of $5.15-5.45. PSEG aims to achieve growth through operational excellence, financial strength, and disciplined investment. It is positioned to benefit from opportunities related to climate change initiatives, capacity needs, and infrastructure investment.
The document provides an overview of HSBC Holdings plc's 2006 interim results. It includes information on key achievements such as strong organic revenue growth and improved return on invested capital. Graphs and tables show results by geography and customer group, with strong growth in emerging markets like Mexico, Middle East, China, and India. Segments like personal financial services and corporate/investment banking saw profits increase. The loan portfolio also grew with increases in residential mortgages and corporate/commercial lending.
Pace Oil & Gas is an intermediate-sized energy company focused on growth through oil development. In 2011, oil production grew over 100% and drove a 53% increase in total production. The company has a large inventory of development opportunities across its high working interest asset base that can deliver continued production and reserve growth. Pace trades at a discount to peers despite solid operational performance and visible growth, representing underlying value for investors.
The document summarizes 3Q12 financial highlights and subsequent events for BR Properties. Key points include:
- 3Q12 net revenues increased 83% year-over-year to R$168 million due to additional rental revenues from new properties.
- Adjusted EBITDA was R$156.4 million, up 84% year-over-year, with a margin of 93%.
- In July, BR Properties issued R$600 million in local debentures and prepaid/refinanced R$364.5 million of debt.
- Several non-income producing properties are expected to deliver throughout 2012-2014, representing potential additional annual revenue of R$300 million.
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
gmac Robert Hull, GMAC Chief Financial Officer 2007 Fourth Quarter and Full-Y...finance8
The document provides preliminary earnings results for GMAC for Q4 2007 and full year 2007. Key points include:
- Q4 2007 loss of $724 million compared to earnings of $1.016 billion in Q4 2006, driven largely by losses at ResCap.
- Full year 2007 loss of $2.3 billion compared to earnings of $2.125 billion in 2006, also mainly due to ResCap losses.
- GMAC ended 2007 with $22.7 billion in cash and certain marketable securities.
The global outsourcing industry is constantly evolving through new contracting award characteristics and an expanding universe of successful service providers. ISG's TPI Index helps industry participants, enterprises and organizations keep pace and capitalize from the latest data on outsourcing trends. It is the authoritative source for marketplace intelligence related to outsourcing: transaction structures and terms, industry adoption, geographic prevalence and service provider metrics.
SGS reported strong financial results in 2011, with revenues growing 13.7% to CHF4.8 billion driven by 10.5% organic growth. Adjusted operating income increased 10.7% to CHF815 million, resulting in an operating margin of 17%. Net profit grew 4.9% to CHF534 million. The company will propose a dividend of CHF65 per share. Key leadership changes and acquisitions were also announced that contributed to growth.
The document discusses CSX Corporation's strategies and financial performance in 2005. It outlines the company's core strategies of operating initiatives, organizational structure improvements, and building on foundations established in 2004. Key drivers of the company's increased operating income and declining operating ratio included price and volume increases, productivity improvements, and fuel surcharges. The company's stock performance exceeded benchmarks like the S&P 500 and transport indexes over the period discussed.
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
GM_Events & Presentations_2008 GM Bank & Insurance ConferenceManya Mohan
This document provides a summary of GM's presentation at the 2008 GM Banker & Insurance Conference on May 13, 2008. The presentation discusses GM's key priorities, operating strategies, and product strategies. It also provides updates on GMAC, Delphi, and the impact of the American Axle strike. The presentation aims to outline GM's plans and initiatives to improve financial results going forward.
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 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.
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.
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.
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.
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.
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 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.
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.
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 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
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 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.
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
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.
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.
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.
- The company reported strong financial and operational results for 2Q11, with launches up 37% and contracted sales up 29% compared to 2Q10.
- Net revenue increased 12% year-over-year, while adjusted EBITDA declined 18% due to lower margins.
- Recent developments included the appointment of a new CEO and CFO, as well as a R$170 million securitization of receivables.
- Alphaville was highlighted as a major growth driver through new brand extensions and focus on large urban developments.
1. EDP Brasil reported a 7.6% decrease in net revenue in 1Q09 compared to 1Q08, but manageable expenses decreased 17.4%. EBITDA was down 11.3% while adjusted EBITDA rose 7.9%.
2. Generation business saw a 23% increase in energy volume sold due to an asset swap operation, but net revenue grew only 6.5% due to lower dispatch. Distribution saw a decrease in captive industrial customers offset by growth in residential and commercial as well as lower free customer consumption.
3. The company continues its focus on efficiency and cash flow generation through expense reductions and expansion projects.
- The document summarizes Gafisa's third quarter 2009 results conference call.
- Key highlights include a 43% decrease in launches but a 48% increase in contracted sales compared to the previous year. Net revenues increased 131% while gross margins decreased.
- Recent developments discussed include strong sales in mid-to-mid-high segments, expansion of the affordable housing program, and plans to merge shares of Tenda into Gafisa to increase scale and efficiency.
- Gafisa has a diversified land bank of 313 sites in 21 states representing over 15 billion reais in potential sales.
The document discusses Gafisa's 4Q09 and full year 2009 financial results. Key highlights include a 60% increase in net revenue in 4Q09 and 74% increase for the full year. Gross profit grew 88% in 4Q09 and 67% for 2009. Adjusted EBITDA margins improved to 19.5% in 4Q09 and 20% for 2009. Contracted sales grew 79% in 4Q09 and 26% for the full year. The company also saw strong sales in its middle and mid-high segments and continued diversifying its product offerings and geographic presence.
1) CSX reported positive fourth quarter revenue outlooks for several industries including agricultural products, chemicals, coal, and metals, while noting automotive and food & consumer as neutral or unfavorable.
2) CSX has delivered strong financial results in recent years and is targeting 10-12% annual operating income growth and 15-17% annual earnings per share growth through 2010.
3) Key strategies like restructuring, productivity initiatives, and value pricing have driven margins higher, with the operating ratio goal of the mid-low 70s by 2010.
EDP Energias do Brasil reported its 2Q09 results. Key highlights include: 4%
- EBITDA of R$344 million and net income of R$213 million
- Energy volume sold by generation business up 29% year-over-year 18%
- Unveiling of full commercial operations at Santa Fé SHP
- Net revenue fell 1% due to elimination of Enersul figures 78%
- Manageable expenses down 12% for the sixth quarter in a row
- Approval and signature of long-term financing for Pecém I project
Bonds
BNDES/IDB
The presentation provides financial and operational details on EDP
1) BRProperties reported a 71% increase in 3Q11 net revenues and a 622% increase in 3Q11 net income compared to the previous year.
2) The company achieved an adjusted EBITDA margin of 93% for 3Q11 and experienced a significant decrease in portfolio vacancy levels.
3) Financial highlights also included an adjusted FFO of R$42.5 million for 3Q11 with a margin of 46%, and net debt of R$1.096 billion at the end of 3Q11, comprised primarily of long term debt indexed to CDI rates.
GasLog Ltd. reported financial results for the third quarter of 2012 with Adjusted EBITDA of $9.7 million and Adjusted Profit of $4.0 million. The company paid a quarterly dividend of $0.11 per share and its 8 new LNG carriers under construction remain on schedule and within budget. GasLog maintained 100% utilization of its vessels during the quarter and sees continued strong fundamentals in the LNG industry.
- Revenue and earnings for the company increased in the first quarter compared to the prior year.
- Earnings per share were $0.77, up 20% from the prior year.
- The company is increasing its full year 2006 earnings forecast to a range of $3.82 to $3.97 per share.
- Revenue and earnings for the company increased in the first quarter compared to the prior year.
- Earnings per share were $0.77, up 20% from the previous year.
- The company is increasing its full year 2006 earnings forecast to a range of $3.82 to $3.97 per share.
1. Gafisa reported financial results for 1Q11 with total revenues of R$800 million, down 12% year-over-year.
2. Launches totaled R$513 million, a 27% decrease from 1Q10. Contracted sales were R$822 million, down 4% from 1Q10.
3. Selling, general and administrative expenses remained stable compared to 1Q10, demonstrating Gafisa's ability to control costs.
GasLog Ltd. reported financial results for the fourth quarter and full year of 2012. For Q4, revenue was $18.3 million with a profit of $2.7 million. For the full year, revenue totaled $68.5 million with a profit of $4.2 million. Additionally, GasLog took delivery of a new LNG carrier ahead of schedule and contracted for two new LNG vessels to be delivered in 2016 with 10-year charters.
The document provides an overview of Banco Popular Español's 1st half 2012 results presentation. Key highlights include achieving best-in-class recurrent revenues and pre-provision profit. Efficiency ratios improved further to 38.5% in 1H12. Strong provisioning increased coverage ratios to 56% while EBA core tier 1 capital ratio reached 10.3%, beating targets. Business plan was approved by the board of directors positioning the bank well for upcoming stress tests.
Energias do Brasil held a conference call to discuss its 2Q07 earnings results. The company reported strong growth in revenue and EBITDA of 27.3% and 91.6% respectively compared to 2Q06. Net income increased substantially to R$333 million from R$26 million in 2Q06. Manageable costs were impacted by some non-recurring provisions but productivity gains helped offset costs. The company also reduced debt levels and extended debt maturities. Overall, the results demonstrated continued improvement in the company's financial and operating performance in 2Q07.
Luminex Corporation reported financial results for the 4th quarter and full year 2010. Revenue for 4Q 2010 was a record $41.2 million, an 8% increase over 4Q 2009. Key revenue segments grew, including consumables up 49% and royalties up 26%. Net income was $3.2 million. For full year 2010, revenue was $141.6 million, a 20.9 million increase over 2009. Luminex provided guidance for 2011, expecting revenue between $163-170 million, representing up to 20% growth over 2010. The company cited new product launches and international expansion as growth drivers for 2011.
- Fleet Management Solutions operating revenue increased 2% to $713.9 million driven by a 6% increase in contractual revenue, while commercial rental revenue declined 13% and fuel services revenue declined 3%.
- Net before tax earnings for FMS increased 8% to $80.8 million, with earnings as a percentage of operating revenue increasing to 11.3% from 10.7% in the prior year.
- The company reaffirmed its full year 2007 earnings forecast of $4.30 to $4.40 per share, with second quarter earnings forecasted at $1.04 to $1.07 per share.
- Fleet Management Solutions operating revenue increased 2% to $713.9 million driven by a 6% increase in contractual revenue, while commercial rental revenue declined 13% and fuel services revenue declined 3%.
- Net before tax earnings for FMS increased 8% to $80.8 million and net before tax earnings as a percentage of operating revenue increased to 11.3% from 10.7% in the prior year.
- The company reaffirmed its full year 2007 earnings forecast of $4.30 to $4.40 per share, with second quarter earnings forecasted to be $1.04 to $1.07 per share.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
Energias do Brasil reported its third quarter 2007 earnings results in a conference call. The company's CEO, CFO, and investor relations officer presented operating and financial performance for the quarter. Energias do Brasil saw growth in energy distributed and volume sold, while facing challenges from rising costs and expenses. Overall, the company reported higher revenues but lower EBITDA compared to the previous year.
1) The company reported strong first quarter 2008 results with revenue increasing 14% to $8.4 billion and operating cash flow growing 15% to $3.2 billion.
2) Cable revenue increased 10% to $7.9 billion driven by growth in high-speed internet and phone subscribers, while advertising revenue saw continued softness.
3) The company returned 142% of free cash flow to shareholders through $1 billion in stock repurchases and dividend payments, demonstrating its commitment to enhancing shareholder value.
- 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
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2. Safe-Harbor Statement
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. Highlights - Restructured organization and new strategic plan position Gafisa
Group for improved financial and operating performance
4Q11 corrective adjustments are non-cash and impact 2011 results
Review of development cost budget
Dissolution of contracts due to new sales strategy
Impairment related to downward valuation of no longer strategic Gafisa and Tenda land bank
Other expenses
New strategic plan position targets
Narrowed geographic focus
Reduced risk at Tenda, relaunch under profitable model
Expanded share of AlphaVille in Group mix
Existing and future liquidity to execute business plan
3
4. 2011 adjustments derived 69% from Tenda and 31% from Gafisa
Non-cash nature charges will lower earnings in the period due to the total net adjustments of R$889 million in the 4Q11;
50% based on budget review, remaining due to change in strategy;
Revenue reversal totaled R$1.2 billion (18% Gafisa and 82% Tenda)
• We expect to rebook ~ R$723 million (60%) of revenue reversal, with resale of returned units
• We expect to rebook ~ R$412 million (34%) in accordance with PoC of the related projects (79% launched< 2008)
• And only remaining 6% are unrecoverable.
(R$000)
Tenda Gafisa
2011 Budget Provisions Project Budget
Cost Effective Provisions for for Im pairm ent Provisions for Cancellati Cost Im pairm ent Provisions for
revision Dissolutions Bad Debt dissolutions LandBank Projets Delay on revision LandBank Project Delay
Net Operating Revenue 2.788.559 (227.203) (284.404) (438.913) (46.115) (213.721)
Operating Costs (2.677.258) 193.227 358.913 (10.600) (38.536) 28.638 (14.988) (12.675)
Gross profit 111.301 (91.177) (80.000) (17.477)
OPEX (865.092) (87.314) (57.917) (37.925)
Operating results (753.791)
Net Interest Income (159.903)
Minority Shareholders (39.679)
EBT (953.373)
Taxes (139.790)
Lucro Líquido (1.093.163)
EBITDA (489.501)
Total de Ajustes (889.532) (227.203) (91.177) (87.314) (80.000) (68.517) (38.536) (17.477) (213.721) (52.913) (12.675)
Stake (%) 100% 26% 10% 10% 9% 8% 4% 2% 24% 6% 1%
Stake by brand Tenda 69 %
Tenda = 69% Gafisa = 31%
Gafisa 31 %
75% of adjustment to development cost budget is derived from 3rd party construction partnerships and from launches in
regions no longer part of the new narrowed geographic focus;
Cost overruns represent 8% of the Company’s original targeted cost base of R$ 7.4bn;
Sales criteria at Tenda changed to diminish future dissolutions, adequate provisions taken to complete current process.
Note: Impairment is a result of strategy to focus in reduced markets and resulted in an adjustment equivalent to 18% of the recorded cost
5. 2012 Positive Operating Cash Flow – Deleveraging Strategy
Gafisa has a well structured debt schedule and profile
• 30% Short Term
• Project finance now represents 46% of total debt
• Competitive low rates: 109.5% CDI
Well structured debt schedule Debt Composition (R$ mm) and Rates
R$1.112 R$1.120 R$1.061 R$308 R$151
SFH / CDI+(0.72%-1.95%)
1,214
Debenture 46%
55% 47% FGTS
68% Proj. Fin. 708 8.22% -10.20%(TR)
100% 100% Working
Capital 1,148 CDI+(1.30-2.20%)
45% 53%
Debenture 54%
32% 685 CDI+(1.30%-1.95%)
Working Cap
Investor 473 CDI
Dec/12 Dec/13 Dec/14 Dec/15 After Dec/15 Obligations
Corporate Debt (R$ mn) Project Finance (R$ mn) 4.228 12.51%
Total
Note: It does not include investor obligations
2012 expected operating cash flow of R$500-R$700 million
Sufficient liquidity to execute our development plans
• R$1bn cash + R$500 mn available for securitization + R$352 mn of finished units in inventory
Leverage increased to 118.0% from 75.3%
Equity Net Debt
3Q11 75,3%
2.946
3.913
200 Cash Burn
99 Dividends
Equity (1.003)
reduction
3.245
4Q11 2.750 118,0%
5
6. Accounts Receivable 2.6x Construction Obligations; Backlog Margin of 35%, or 38%
excluding Tenda
Accounts Receivable vs Construction Obligations
(R$ billion)
Results to be recognized by Segment (R$ million)
Gafisa Gafisa Group
Gafisa Tenda Alphaville Group ex- Tenda
Revenues to be recognized 2.530 1.316 670 4.516 3.200
Costs to be recognized (1.664) (978) (315) (2.957) (1.979)
Results to be recognized 866 338 355 1.559 1.221
Backlog margin 34,2% 25,7% 53,0% 34,5% 38,2%
Note: Revenues to be recognized are net of PIS/Cofins (3.65%); excludes the AVP method introduced by Law nº 11,638
9,499
3,716
Receivables Cost to be Incurred
6
7. Gafisa is well prepared to face current challenges
Geographic expansion and the Tenda acquisition increased complexity of business
Corrective measures have redirected Gafisa’s growth trajectory and financial performance
AlphaVille has exceeded initial expectations
1 2
Growth Hurdles Achievements
Replication of SP and RJ returns in other Gafisa Segment operations in São Paulo and Rio
regions challenging de Janeiro
Local market characteristics make management High ROE
complex High quality operating indicators
Capacity of suppliers to adequately absorb Long-standing reputation
velocity of growth
Deviation from budgeted costs and impact on Successful expansion of the AlphaVille model
speed of revenue recognition
High ROE
Regional diversification and Tenda legacy
Growing product mix contribution
created cost overruns
Significant brand awareness
Tenda challenges related to sales dissolutions
Progress with the Tenda business
and credit quality
Record units delivered in 2011
More stringent vetting means many customers
no longer qualify for bank mortgages Reinforced relationship with CEF
High capital employed, especially in accounts Introduced aluminum mold technology
receivable related to Tenda’s legacy portfolio Increased sales platform 7
8. Outlook
Company expects to generate between R$500 million and R$700 million in operating cash flow for the
full year of 2012
Launches for 2012 are expected to be between R$2.7 and R$3.3 billion
The Gafisa Group plans to deliver between 22,000 and 26,000 units in 2012 broken down by 30%
Gafisa, 50% Tenda and 20% AlphaVille
We expect to transfer between 10.000 – 14.000 customers to financial institutions
Guidance 2012 Achievement 1Q12 %
Consolidated Launches¹ R$2.7-R$3.3 bi R$450 MM 15%
Operacional Cash Flow R$500-R$700 MM neutral 0%
¹ (50% Gafisa, 10% Tenda, 40% Alphaville)
Other Relevant Operacional Indicators Achievement 1Q12 %
Units delivered 22.000 - 26.000 6.000 25%
Customers Transferred Tenda¹ 10.000 - 14.000 2.500 21%
¹ Customers transfered to finantial institutional
8