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Manaus Site Visit
- 1. 1 Site Visit Manaus -AM October/2011
- 2. 2 Why Manaus? Population:1.7 million inhabitants. Having the eighth largest population in the country, Manaus alone represents 10.9% of the population of the whole Northern Brazil. Income: R$ 22,303 (compared to R$ 11,001 in the North and R$ 14,467 in Brazil). Manaus concentrates 80% of the GDP of the Amazon region and 20% of the GDP of the North region. Zona Franca de Manaus: It’s a free trade zone, one of the most important industrial areas of the country. The industrial district has +500 thousand people employed by 460 Companies with revenues of USD 35 billion in 2010. HIGH GROWTHWHY MANAUS Manaus Source: IBGE / Fundação João Pinheiro / Prefeitura Municipal de Manaus / SUFRAMA CAGR +133.0%Amazonas CAGR +80.0%Brazil (Average) Housing Credit Growth 2006-2008 Eliza Miranda Project: 1st Direcional’s project in Manaus with 2,146 units. High economic growth, few competitors and lack of quality developments with high quality +1.9%Amazonas +1.2%Brazil (Average) Population Growth CAGR 2010-2014E Manaus Population 2009: 1,738,641 GDP Growth CAGR 2002-2006 Amazonas +6.5% +3.4%Brazil (Average) Manaus GDP per capita: R$ 20,894 +14.4%Amazonas Domiciles Growth CAGR 2003-2007 +2.9%Brazil (Average)
- 3. 3 Summary of Direcional’sPresence in Manaus PAR 149,239 0-3 mw 190,598 0-3 mw 313,395 RET1 56,344 Low-Income 56,498 Low-Income 62,840 Low-Income 65,416Medium 132,134 Medium 145,475 Medium 88,857 Medium 129,622 Upper Middle 122,057 Upper Middle 129,739 Commercial 8,956 Commercial 16,715 2007 2008 2009 2010 2011 PAR 0-3 mw RET1 Low-Income Medium Upper Middle Commercial 56,497 317,030 360,130 418,149 516,075 Launched PSV by Segment (R$'000) Launched PSV (R$'000) 2007 2008 2009 2010 9M11 Total 2007-2011 % Segment PAR - - 149,239 - - 149,239 9% 0-3 mw - - - 190,598 313,395 503,993 30% RET1 - - - - 56,344 56,344 3% Low-Income 56,498 62,840 65,416 - - 184,754 11% Medium - 132,134 145,475 88,857 129,622 496,088 30% Upper Middle - 122,057 - 129,739 - 251,796 15% Commercial - - - 8,956 16,715 25,671 2% Total Launched (Manaus) 56,498 317,031 360,130 418,150 516,076 1,667,885 100% Total Launched (Brazil) 175,864 710,271 783,289 1,066,550 888,160 3,624,134 % Launches in Manaus 32% 45% 46% 39% 58% 46%
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- 5. 5 Summary Total (R$'000) % Direcional (R$'000) 1 ElizaMiranda - 1st Phase 1Q07 43,865 17,546 496 98% Low-Income 11 2 Eliza Miranda - 2nd Phase 2Q07 46,355 18,542 496 96% Low-Income 11 3 Eliza Miranda - 3rd Phase 3Q07 51,024 20,410 496 93% Low-Income 11 4 Equilibrium 1Q08 49,501 43,561 136 92% Upper Middle 12 5 Grand Prix 1Q08 42,026 36,983 192 95% Medium 13 6 Eliza Miranda - 4th Phase 2Q08 54,521 21,808 496 94% Low-Income 11 7 Weekend Club 3Q08 118,939 95,151 593 97% Medium 14 9 Gran Vista 4Q08 98,120 78,496 232 83% Upper Middle 14 8 Total Ville Manaus - 1st Phase 4Q08 48,272 41,032 512 95% Low-Income 15 10 Parque Verde 2Q09 27,011 26,984 192 98% Low-Income 16 11 Total Ville Manaus - 2nd Phase 2Q09 45,214 38,432 448 82% Low-Income 15 12 Ozias Monteiro 2Q09 33,876 33,876 800 100% PAR 17 13 Petrópolis 2Q09 7,080 7,080 192 100% PAR 18 14 Cidadão XI 2Q09 22,570 22,570 512 100% PAR 19 15 Allegro Total Ville - 1st Phase 3Q09 145,489 145,475 944 71% Medium 20 16 Pró-Moradia I e II 3Q09 85,714 85,714 1,920 100% PAR 21 17 Meu Orgulho - 1st Phase 2Q10 190,598 190,598 3,511 100% 0-3 mw 22 18 Eliza Miranda Mall 4Q10 22,391 8,956 158 39% Commercial 11 19 Parque Ponta Negra - 1st Phase 4Q10 88,946 88,857 275 87% Medium 23 20 Parque Ponta Negra - 2nd Phase 4Q10 129,869 129,739 270 71% Upper Middle 23 21 Allegro Mall 1Q11 16,716 16,715 29 90% Commercial 20 22 Brisas do Parque Residencial Club 1Q11 81,998 81,916 320 37% Medium 24 23 Parque Ponta Negra - 3rd Phase 2Q11 47,711 47,706 137 23% Medium 23 24 Total Ville Manaus - 3rd Phase - RET1 2Q11 56,400 56,344 752 29% RET1 15 25 Meu Orgulho - 2nd Phase 3T11 313,395 313,395 5,384 100% 0-3 mw 22 Lançamentos 2T11TOTAL 1,867,602 1,667,885 19,493 92% Page% Sold SegmentManaus - Projects Launch Launched PSV # of Units Launched Concluded Projects
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- 7. 7 1st month 2ndmonth 3rd month 4th month “Meu Orgulho” - Manaus-AM (Dec/10 to Sep/11 (10 months) Meu Orgulho
- 8. 87th month 8thmonth 5th month 6th month Meu Orgulho
- 9. 9 9th month 10thmonth 2Q10 R$ 149.2 million 100% 100% R$ 54,440 R$ 1,361 3,511 Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units R$ 41.4 millionInfrastructure Meu Orgulho
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- 11. 11 AM - Manaus 2006(Phase 1) R$ 220.3 million 40% 91% R$ 101,847 R$ 1,746 2,142 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units ⁽¹⁾ As of September 30, 2011 ELIZA MIRANDA Eliza Miranda
- 12. 12 Equilibrium Residence ⁽¹⁾ Asof September 30, 2011 AM - Manaus 1Q08 R$ 49.5 million 88% 92% R$ 363,979 R$ 3,041 136 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units EQUILIBRIUM RESIDENCE
- 13. 13 Grand Prix ⁽¹⁾ Asof September 30, 2011 AM - Manaus 1Q08 R$42.0 million 88% 95% R$ 218,885 R$ 2,722 192 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units GRAND PRIX
- 14. 14 AM - Manaus 3Q08 R$118.9 million 80% 97% R$ 200,572 R$ 2,547 593 AM - Manaus 4Q08 R$ 98.1 million 83% 83% R$ 422,930 R$ 2,957 232 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units Location Launch Total PSV % Direcional % Sold ⁽1⁾ Unit’s Price Price (sq.m) # Units WEEKEND CLUB GRAN VISTA Weekend Club / Gran Vista – Ponta Negra ⁽¹⁾ As of September 30, 2011
- 15. 15 The Total VilleManaus project has a total of 3,848 units divided in 10 phases. The 1st phase was launched in the 4Q08 (512 units), 2nd phase ( 448 units) in the 2Q09 and 3rd phase in 2Q11 (752 units). AM - Manaus 4Q08 R$ 397.5 million 85% 89% R$ 94,282 R$ 1,685 3,848 Location 1st phase launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units TOTAL VILLE MANAUS Total Ville Manaus 1,712# Units launched R$ 149.9 millionLaunched PSV ⁽¹⁾ As of September 30, 2011
- 16. 16 Parque Verde ⁽¹⁾ Asof September 30, 2011 AM - Manaus 2Q09 R$ 27.0 million 88% 98% R$ 140,681 R$ 2,164 192 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units PARQUE VERDE
- 17. 17 AM - Manaus 2Q09 R$33.9 million 100% 100% R$ 42,345 R$ 1,086 800 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units OZIAS MONTEIRO Ozias Monteiro ⁽1⁾ Contracted construction with 100% of sales recognized at the right time of contract’s signature
- 18. 18 AM - Manaus 2Q09 R$7.1million 100% 100% R$ 36,874 R$ 945.5 192 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units PETRÓPOLIS Petrópolis ⁽¹⁾ As of September 30, 2011
- 19. 19 AM - Manaus 2Q09 R$22.6million 100% 100% R$ 44,081 R$ 1,130 512 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units CIDADÃO XI Cidadão XI ⁽¹⁾ As of September 30, 2011
- 20. 20 AM - Manaus 3Q09 R$145.5million 100% 71% R$ 154,120 R$ 2,156 944 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units The Allegro Total Ville project has a total of 1,648 units divided in 3 phases. The 1st Phase was launched in the 3Q09 (944 units). ALLEGRO RESIDENCIAL (1st PHASE) Allegro Residencial ⁽¹⁾ As of September 30, 2011
- 21. 21 AM - Manaus 3Q09 R$85.7million 100% 100% R$ 44,643 R$ 1,150 1,920 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units PRÓ MORADIA I e II Pró-Moradia I e II ⁽¹⁾ As of September 30, 2011
- 22. 22 “Meu Orgulho”: Thelargest “MCMV” project… On September 1st Direcional signed an agreement for the construction of the 2nd phase of “Meu Orgulho” project in Manaus, with 5,384 units from the total of 8,895 units. # Units Segment Development Infrastructure 3,511 MCMV – 0-3 mw R$ 149,2 million R$ 41,4 million Total PSV R$ 190,6 million Location Manaus - AM “Residencial Meu Orgulho” – 1st Phase Launch 2Q10 # Units Segment Development Infrastructure 5,384 MCMV – 0-3 mw R$ 272.6 million R$ 40.7 million Total PSV R$ 313.4 million Location Manaus - AM “Residencial Meu Orgulho” – 2nd Phase Launch 3Q11
- 23. 23 Parque Ponta Negra AM- Manaus 4Q10 R$324.1 million 100% 68% R$ 395,244 R$ 3.216 820 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units PARQUE PONTA NEGRA ⁽¹⁾ As of September 30, 2011
- 24. 24 Brisas do Parque ⁽¹⁾As of September 30, 2011 AM - Manaus 1Q11 R$ 82.0 million 100% 37% R$ 256,245 R$ 3,456 320 Location Launch Total PSV % Direcional % Sold ⁽¹⁾ Unit’s Price Price (sq.m) # Units BRISAS DO PARQUE
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- 26. 26 Buildings with4 floors, outdoor parking, without elevator Complete leisure: swimming pools, barbecue area, parks, gourmet area, walking track, soccer field, bike lanes Large projects, with more than 1,000 units located in areas of severe housing shortage like Manaus (Amazonas) and Porto Velho (Rondônia) Apartments of 50 sq.m - 80 sq.m Green Area: balanced distribution of wide avenues, residential towers and other project facilities Commercial area Prime Location: few minutes from downtown Easy access by major roads Public transportation availability Safety: vehicle patrols Planned neighborhood with commercial area Concept: A large-scale product designed to offer housing, leisure, safety, functionality and convenience. It is a pioneer in offering all these features in one place, close to urban centers and in accordance with the economic reality of the market: Total Ville
- 27. 27 Independence Direcional does not dependon contractor´s workforce Cost Reductions Lower labor risks and higher productivity Higher Quality Better quality control, reducing maintenance levels Every employee is booked on Direcional’s payroll Reduction of labor risks Constant training programs/ Standardization More experienced employees acting as “teachers” in several developments Processes standardization High level of specialization / Performance evaluation One specialty per employee Clear and objective task assessment Monitoring and training of low-productivity workers Rework almost inexistent Performance Based Compensation According to productivity Lower turnover Exclusive in-house work force assuring quality, commitment, efficiency and cost control In-House Work Force In-House Building Team
- 28. 28 Standardized Building Process Leadsto: Waste reduction Low rework levels Higher efficiency per worker It also contributes to: Higher building quality/control Easy identification and correction of building problems Embedded electric fittings that minimize the need of cutting walls Standardization Examples Concrete blocks produced in jobsite pre-molded station Standardized Processes instead of standardized projects Direcional adopts similar procedures in all its construction sites Standardized processes diminishes wastes and post-sales issues Problems in previous projects can be avoided in the new ones and general solutions can be created and shared among teams Standardized Process
- 29. 29 PRE-MOLDED WALL Process thatconsists of simultaneous concreting of walls and ceiling for houses and buildings, in a single cycle with pre-installed electrical system Enabling: economies of scale, construction speed, bigger productivity and margins increase: INBOUND LOGISTICS Optimization of vertical and horizontal transportation, storage and pre- fabrication processes in the job sites HOISTED PRE-MOLDED FLOOR Produced in the jobsite, generally with the size of the room, only with a side mold, without shoring New Technologies
- 30. 30 Contacts Carlos Wollenweber CFO |IR Officer Lucas Bousas IR Analyst Paulo Sousa IR Analyst www.direcional.com.br ri@direcional.com.br (55 31) 3214-6200 (55 31) 3214-6450