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.
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.
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
This document summarizes PPG Industries' first quarter 2008 financial results. It reported record sales driven by acquisition growth and solid organic volume growth despite difficult economic conditions. Segment earnings grew 17% year-over-year. All business segments experienced sales growth with the exception of the Architectural Coatings EMEA segment, which saw low-to-mid single digit growth. PPG expects key challenges in 2008 to include energy and raw materials costs.
National Oilwell Varco is the largest oilfield equipment company in the world. Through a strategy of mergers and acquisitions over the past 15 years, it has achieved superior returns on investment compared to industry averages. It provides complete solutions for oil and gas customers through its all-in-one business model. Current success is linked to its strategic initiatives of constant growth through acquisitions, international expansion via mergers and acquisitions, and offering customers an all-in-one solution from rigs to petroleum distribution through its portfolio of brands.
- Embraer delivered 28 commercial jets and sold 17 E-Jets in 3Q11, reaching 1,018 firm orders total. Six additional orders were placed with GECAS in October.
- Revenue was US$3.78 billion year-to-date, with a gross margin of 22.5%. Net income was US$126 million excluding deferred taxes.
- The firm order backlog reached US$16 billion as of 3Q11, and Embraer delivered its 800th E190 jet to China Southern Airlines during the quarter.
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.
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.
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.
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
This document summarizes PPG Industries' first quarter 2008 financial results. It reported record sales driven by acquisition growth and solid organic volume growth despite difficult economic conditions. Segment earnings grew 17% year-over-year. All business segments experienced sales growth with the exception of the Architectural Coatings EMEA segment, which saw low-to-mid single digit growth. PPG expects key challenges in 2008 to include energy and raw materials costs.
National Oilwell Varco is the largest oilfield equipment company in the world. Through a strategy of mergers and acquisitions over the past 15 years, it has achieved superior returns on investment compared to industry averages. It provides complete solutions for oil and gas customers through its all-in-one business model. Current success is linked to its strategic initiatives of constant growth through acquisitions, international expansion via mergers and acquisitions, and offering customers an all-in-one solution from rigs to petroleum distribution through its portfolio of brands.
- Embraer delivered 28 commercial jets and sold 17 E-Jets in 3Q11, reaching 1,018 firm orders total. Six additional orders were placed with GECAS in October.
- Revenue was US$3.78 billion year-to-date, with a gross margin of 22.5%. Net income was US$126 million excluding deferred taxes.
- The firm order backlog reached US$16 billion as of 3Q11, and Embraer delivered its 800th E190 jet to China Southern Airlines during the quarter.
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.
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.
Hyundai Capital is the leading auto finance company in Korea and a joint venture between Hyundai Motor Group and GE Capital. It has strong shareholder support from both companies. Despite recent slower economic growth, Korea's macroeconomic environment remains stable with low interest rates and manageable government debt levels. Hyundai Capital is well positioned to capitalize on its dominant market position and benefit from shareholder expertise in risk management and operations.
The document summarizes the 2009 financial results of an unnamed bank. Key points include:
1) Net income for 2009 was RUB 1.2 billion, down 61.2% from 2008, as the bank took conservative measures during the economic crisis to prepare for potential recovery.
2) The bank maintained strong capital and liquidity positions despite challenges like downward pressure on interest margins and subdued loan demand.
3) Efficiency improved over 2009, with cost to income ratio down 4 percentage points and personnel expenses down 17.2% from 2008.
This document summarizes the 1Q08 results presentation by JBS S.A., a global meat processing company. It highlights that JBS's net revenue grew 439.4% in 1Q08 compared to 1Q07. EBITDA margin increased 85.9% compared to the previous quarter. JBS USA saw a 20.3% gain in net revenue versus 1Q07 and increased gross margin. The results of JBS MERCOSUL were negatively impacted by EU restrictions and the Argentine economy. The presentation discusses results by business units and markets, and analyzes trends in global cattle prices and meat margins.
CCR's 2Q06 results showed an 8.8% increase in net operating income compared to 2Q05, reaching R$512.8 million, with the number of electronic toll collection users increasing 25.3% to 599 thousand. Total costs increased 17.5% compared to 2Q05. EBIT decreased 4.8% to R$174.7 million due to factors including traffic, operating costs and financial results. CCR's entrance to the IBOVESPA stock index in March 2006 and prepayment of foreign currency debt were highlighted as subsequent positive events.
The document summarizes Ideiasnet's 3Q08 financial results. Key highlights include:
- Net revenue grew 17.7% to R$231.4 million in 3Q08 compared to 3Q07.
- EBITDA grew 64% to R$7.4 million in 3Q08 compared to 3Q07.
- The company invested R$10.1 million in its portfolio companies in 3Q08, including Bolsa de Mulher, Spring Wireless, and Automatos.
- At the end of 3Q08, Ideiasnet had a net credit position of R$2.6 million after being in a net debt position previously.
- Embraer reported financial results for the first quarter of 2011 with revenues of $1.77 billion (R$3.34 billion), a 20.2% gross margin, and net income of $174 million (R$208 million).
- Key orders in the quarter included 20 E-Jets for Alitalia and 10 E-Jets for Dniproavia.
- The firm order backlog reached $16 billion at the end of the quarter, providing visibility for future deliveries.
- Embraer reaffirmed its full year 2011 guidance with expected revenues of $5.6 billion, EBIT of $420 million, and EBITDA of $610 million.
The Knights of Columbus 2011 Investment Review provides information about their investment strategy and performance. They focus on investing in investment grade corporates and agencies across sectors as well as high quality mortgage securities. They avoid risky investments like junk bonds, derivatives, and structured products. Over 2011, their total assets grew to $18 billion with 87.5% in bonds, 2.1% in stocks, and the remainder in real estate and other assets. Their annualized returns over various periods exceeded their peers, with strong credit ratings reflecting their conservative approach.
The document provides an overview of a survey of Irish businesses on their current experiences and future expectations in the Irish market. It finds that while many businesses still see the market as bad, there are signs of improvement and a majority expect sales to be higher in 2011 than 2010. Businesses indicate that lower prices, value, and new products are most successful currently for sales. Challenges around regaining pricing power and improving consumer confidence and spending are discussed. The document advocates focusing on innovation, experiences over features, and strengthening emotional connections with customers to enable recovery and growth.
Localiza Rent a Car S.A. reported its results for the third quarter of 2011. Key highlights include:
- Daily rentals increased 23.4% compared to the third quarter of 2010, driven by growth in both the car rental and fleet rental divisions.
- Net revenues grew 15% compared to the third quarter of 2010, with increases in both rental volumes and average rental rates.
- EBITDA grew 30.7% compared to the first nine months of 2010, outpacing the growth in rental revenues.
- Net income was relatively flat compared to the third quarter of 2010, as the impact of higher interest rates offset gains in rental revenues and EBITDA.
This document provides highlights and results from CCR's 4Q07 earnings.
Key highlights include a 6.9% increase in traffic in 4Q07 and 6.2% for 2007. Net revenue increased 11.7% in 4Q07 and 9.7% for 2007. EBITDA grew 16.7% in 4Q07.
Results reflect higher traffic and lower operating costs. Net income decreased 41.6% in 4Q07 due to higher financial expenses. CCR is proposing additional dividends of R$0.50 per share for 2007. Upcoming events include an acquisition of a stake in Renovias.
George Buckley outlines 3M's strategy for sustainable growth. He discusses leveraging operational excellence through productivity initiatives to maximize profitability. 3M will focus on growing its core businesses, pursue complementary acquisitions, and develop new business opportunities through emerging business opportunities. The strategy aims to achieve 5-8% annual organic growth through international expansion, new markets, and customer value enhancement.
Facilitating Exploration and Production Activities in indiaCairn India Limited
Oil and Gas Production in India can have significant advances if exploration is intensified and we move to develop a gas based economy. This requires a stable fiscal regime, stronger regulatory structures and a policy framework which is conducive to attracting risk capital.
For more info log onto www.cairnindia.com
This presentation from Braskem contains forward-looking statements that are valid only as of a certain date and Braskem does not undertake to update them. It is not responsible for investment decisions based on this information. Braskem is the largest thermoplastic resin producer in Latin America with a capacity of 3.44 million tons and leadership in Brazil's fast-growing domestic market, achieving 8-10% annual growth. Through organic growth and acquisitions, it aims to become one of the top 10 largest petrochemical companies globally measured by enterprise value. Its ownership structure includes a controlling group and free float shares.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's market share and growth in the United States and Canada. Best Buy has achieved 20% market share in the US and over 30% in Canada. The presentation outlines Best Buy's strategies for continued growth, including expanding its store base, developing new store formats, growing private label offerings, and expanding services. It also discusses Best Buy's international expansion into China and plans to test new markets in Mexico and Turkey.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
CCR reported its 1Q12 earnings results, which showed increases in several key financial metrics compared to 1Q11:
- Traffic increased 5.1%
- EBITDA increased 17.9% to R$780.5 million, with the margin expanding 1.9 percentage points to 65.3%
- Net income increased 64.7% to R$288.6 million
The earnings growth was driven by increased cash flow generation from higher traffic and tariffs, combined with reductions in operational costs and financial expenses. Subsequent to 1Q12, CCR also reported the acquisition of an 80% stake in BARCAS and being awarded the concession for Transolímpica.
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.
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 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.
- 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.
Hyundai Capital is the leading auto finance company in Korea and a joint venture between Hyundai Motor Group and GE Capital. It has strong shareholder support from both companies. Despite recent slower economic growth, Korea's macroeconomic environment remains stable with low interest rates and manageable government debt levels. Hyundai Capital is well positioned to capitalize on its dominant market position and benefit from shareholder expertise in risk management and operations.
The document summarizes the 2009 financial results of an unnamed bank. Key points include:
1) Net income for 2009 was RUB 1.2 billion, down 61.2% from 2008, as the bank took conservative measures during the economic crisis to prepare for potential recovery.
2) The bank maintained strong capital and liquidity positions despite challenges like downward pressure on interest margins and subdued loan demand.
3) Efficiency improved over 2009, with cost to income ratio down 4 percentage points and personnel expenses down 17.2% from 2008.
This document summarizes the 1Q08 results presentation by JBS S.A., a global meat processing company. It highlights that JBS's net revenue grew 439.4% in 1Q08 compared to 1Q07. EBITDA margin increased 85.9% compared to the previous quarter. JBS USA saw a 20.3% gain in net revenue versus 1Q07 and increased gross margin. The results of JBS MERCOSUL were negatively impacted by EU restrictions and the Argentine economy. The presentation discusses results by business units and markets, and analyzes trends in global cattle prices and meat margins.
CCR's 2Q06 results showed an 8.8% increase in net operating income compared to 2Q05, reaching R$512.8 million, with the number of electronic toll collection users increasing 25.3% to 599 thousand. Total costs increased 17.5% compared to 2Q05. EBIT decreased 4.8% to R$174.7 million due to factors including traffic, operating costs and financial results. CCR's entrance to the IBOVESPA stock index in March 2006 and prepayment of foreign currency debt were highlighted as subsequent positive events.
The document summarizes Ideiasnet's 3Q08 financial results. Key highlights include:
- Net revenue grew 17.7% to R$231.4 million in 3Q08 compared to 3Q07.
- EBITDA grew 64% to R$7.4 million in 3Q08 compared to 3Q07.
- The company invested R$10.1 million in its portfolio companies in 3Q08, including Bolsa de Mulher, Spring Wireless, and Automatos.
- At the end of 3Q08, Ideiasnet had a net credit position of R$2.6 million after being in a net debt position previously.
- Embraer reported financial results for the first quarter of 2011 with revenues of $1.77 billion (R$3.34 billion), a 20.2% gross margin, and net income of $174 million (R$208 million).
- Key orders in the quarter included 20 E-Jets for Alitalia and 10 E-Jets for Dniproavia.
- The firm order backlog reached $16 billion at the end of the quarter, providing visibility for future deliveries.
- Embraer reaffirmed its full year 2011 guidance with expected revenues of $5.6 billion, EBIT of $420 million, and EBITDA of $610 million.
The Knights of Columbus 2011 Investment Review provides information about their investment strategy and performance. They focus on investing in investment grade corporates and agencies across sectors as well as high quality mortgage securities. They avoid risky investments like junk bonds, derivatives, and structured products. Over 2011, their total assets grew to $18 billion with 87.5% in bonds, 2.1% in stocks, and the remainder in real estate and other assets. Their annualized returns over various periods exceeded their peers, with strong credit ratings reflecting their conservative approach.
The document provides an overview of a survey of Irish businesses on their current experiences and future expectations in the Irish market. It finds that while many businesses still see the market as bad, there are signs of improvement and a majority expect sales to be higher in 2011 than 2010. Businesses indicate that lower prices, value, and new products are most successful currently for sales. Challenges around regaining pricing power and improving consumer confidence and spending are discussed. The document advocates focusing on innovation, experiences over features, and strengthening emotional connections with customers to enable recovery and growth.
Localiza Rent a Car S.A. reported its results for the third quarter of 2011. Key highlights include:
- Daily rentals increased 23.4% compared to the third quarter of 2010, driven by growth in both the car rental and fleet rental divisions.
- Net revenues grew 15% compared to the third quarter of 2010, with increases in both rental volumes and average rental rates.
- EBITDA grew 30.7% compared to the first nine months of 2010, outpacing the growth in rental revenues.
- Net income was relatively flat compared to the third quarter of 2010, as the impact of higher interest rates offset gains in rental revenues and EBITDA.
This document provides highlights and results from CCR's 4Q07 earnings.
Key highlights include a 6.9% increase in traffic in 4Q07 and 6.2% for 2007. Net revenue increased 11.7% in 4Q07 and 9.7% for 2007. EBITDA grew 16.7% in 4Q07.
Results reflect higher traffic and lower operating costs. Net income decreased 41.6% in 4Q07 due to higher financial expenses. CCR is proposing additional dividends of R$0.50 per share for 2007. Upcoming events include an acquisition of a stake in Renovias.
George Buckley outlines 3M's strategy for sustainable growth. He discusses leveraging operational excellence through productivity initiatives to maximize profitability. 3M will focus on growing its core businesses, pursue complementary acquisitions, and develop new business opportunities through emerging business opportunities. The strategy aims to achieve 5-8% annual organic growth through international expansion, new markets, and customer value enhancement.
Facilitating Exploration and Production Activities in indiaCairn India Limited
Oil and Gas Production in India can have significant advances if exploration is intensified and we move to develop a gas based economy. This requires a stable fiscal regime, stronger regulatory structures and a policy framework which is conducive to attracting risk capital.
For more info log onto www.cairnindia.com
This presentation from Braskem contains forward-looking statements that are valid only as of a certain date and Braskem does not undertake to update them. It is not responsible for investment decisions based on this information. Braskem is the largest thermoplastic resin producer in Latin America with a capacity of 3.44 million tons and leadership in Brazil's fast-growing domestic market, achieving 8-10% annual growth. Through organic growth and acquisitions, it aims to become one of the top 10 largest petrochemical companies globally measured by enterprise value. Its ownership structure includes a controlling group and free float shares.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's market share and growth in the United States and Canada. Best Buy has achieved 20% market share in the US and over 30% in Canada. The presentation outlines Best Buy's strategies for continued growth, including expanding its store base, developing new store formats, growing private label offerings, and expanding services. It also discusses Best Buy's international expansion into China and plans to test new markets in Mexico and Turkey.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
CCR reported its 1Q12 earnings results, which showed increases in several key financial metrics compared to 1Q11:
- Traffic increased 5.1%
- EBITDA increased 17.9% to R$780.5 million, with the margin expanding 1.9 percentage points to 65.3%
- Net income increased 64.7% to R$288.6 million
The earnings growth was driven by increased cash flow generation from higher traffic and tariffs, combined with reductions in operational costs and financial expenses. Subsequent to 1Q12, CCR also reported the acquisition of an 80% stake in BARCAS and being awarded the concession for Transolímpica.
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.
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 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.
- 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.
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
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.
-
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 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
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.
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 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.
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.
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.
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.
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 strong financial results for the first quarter of 2008, with consolidated launches increasing 91% year-over-year, pre-sales up 97% quarter-over-quarter, and net operating revenues rising 42% quarter-over-quarter. Net income increased to R$42 million in 1Q08 compared to the adjusted net income of R$21 million in 1Q07. Gafisa also expanded into two new markets, upgraded its credit rating, and saw continued growth in the mortgage lending market in Brazil. Looking ahead, Gafisa is well positioned for further growth and has a diversified land bank to support its expansion plans.
The document summarizes Estácio's 2Q09 earnings release. Some key points:
- Student enrollment reached 202 thousand, a 4.7% increase over 1H08.
- Revenue grew 4.4% in 2Q09 and 7.9% in 1H09. EBITDA margin expanded due to cost controls and efficiency gains.
- Net income increased 76.7% in 2Q09 due to higher operating results.
- Capex totaled R$21.6 million in 1H09, primarily for organic growth. Net cash decreased to R$215.6 million as of June 30, 2009.
The document summarizes Estácio's 2Q09 earnings release. Some key points:
- Student enrollment reached 202 thousand, a 4.7% increase over 1H08.
- Revenue grew 4.4% in 2Q09 and 7.9% in 1H09. EBITDA margin expanded due to cost controls.
- SG&A expenses declined due to efficiency gains, while marketing spending increased.
- Net income grew 76.7% in 2Q09 due to higher operating results. Capex focused on organic growth and the company had a net cash position of R$215.6 million.
Tim Participacoes reported its 3Q08 results. Key highlights included growing the subscriber base 20.7% YoY to 35.2 million users, stabilizing ARPU at R$29.7, and increasing EBITDA 47.5% YoY to R$799.8 million through tight expense control and lower bad debt. The company launched new convergent offers like TIM Fixo wireline telephony and expanded its 3G broadband portfolio. Operational improvements and financial discipline helped deliver on commitments to improve profitability.
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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.
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.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
Hyundai Capital provides a mid-year investor presentation highlighting its strong fundamentals and performance in the first half of 2012. Key points include:
- Good profitability with an operating income of KRW 330 billion and ROA of 2.5%, despite slower new car sales.
- Excellent asset quality shown by a low 30+ day delinquency rate of 2.1% and sound capital structure with leverage of 5.8x.
- Committed shareholder support from Hyundai Motor Company and an extended credit line from GE Capital.
- Continuous improvement in credit ratings from rating agencies despite challenges from weaker new car sales.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
This document summarizes key points from a presentation on the cost of capital for small and medium enterprises. It discusses findings from the Pepperdine Private Capital Markets Project, including expected returns for different capital providers and the status of privately-held businesses. The presentation covered topics such as sources of financing for businesses of various sizes, issues facing private companies, and estimates of cost of equity by revenue size.
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Pivotal: Madison & Wall The Temperature of Online Advertising September 28, 2012Brian Crotty
This document provides an analysis of current conditions in the online advertising industry based on the author's recent outreach to industry contacts. It finds that Google remains very strong, Facebook is experiencing some moderation, and Yahoo remains weak. It also finds that real-time bidding/exchanges and online video are growing areas, while large brands have cooling interest in mobile advertising. Financial and operating metrics are provided for several companies in the online advertising space.
capital onePrinter Friendly Version of the Conference Call Presentationfinance13
- Fourth quarter 2008 results showed a loss due to higher provision expense and a goodwill write-down. The losses were driven by deterioration in credit performance as economic conditions worsened.
- Credit losses and delinquency rates increased across all lending segments as unemployment rose. The allowance for loan losses was increased substantially.
- Deposits grew significantly while margins declined due to credit costs and mix shift to lower-yielding assets. Expenses declined due to cost management efforts.
- An impairment charge was taken for goodwill in the Auto Finance segment. The balance sheet and liquidity remain strong despite the difficult environment.
In 3 sentences:
BRMalls reported excellent operating and financial results for 2Q08, with NOI growth of 102.2% and same-property NOI growth of 20.9%. Strong performance from their malls included same-store sales growth of 10.8% and rent growth of 9.5%. BRMalls also demonstrated a solid financial position with a long-term debt profile and R$911 million in cash.
In 3 sentences:
BRMalls reported excellent operating and financial results for 2Q08, with NOI growth of 102.2% and same-property NOI growth of 20.9%. Strong performance from their malls included same-store sales growth of 10.8% and rent growth of 9.5%. BRMalls also demonstrated a solid financial position with a long-term debt profile and R$911 million in cash.
- The company reported a 13.3% growth in consolidated gross revenue in 2008 compared to the previous year, reaching R$2.9 billion, with significant growth in the vaccine and hospital segments.
- Operating expenses decreased 5% in 2008 compared to the previous year, reaching 7.6% of net revenue.
- The company reduced average accounts receivable terms for the fourth quarter in a row, decreasing working capital by R$50 million for the year.
The document contains performance data for various mutual funds over different time periods ranging from 1 month to 10 years. It includes discrete performance percentages for periods of 0-12 months, 12-24 months, 24-36 months, 36-48 months, and 48-60 months. It also includes cumulative performance percentages for periods of 1 month, 3 months, 6 months, 1 year, 3 years, 5 years, and 10 years. Finally, it lists the annualized performance percentages for periods of 1 year, 3 years, 5 years, and 10 years.
The company reported excellent third quarter 2008 results, with 52% growth in net operating income and 45.7% growth in adjusted EBITDA. Same-store sales and rents grew double digits. The company signed 278 new leasing agreements totaling 34,000 square meters during the quarter. The company remains in a strong financial position with over R$757 million in cash and a long-term debt profile averaging over 14 years. The company acquired two new malls during the quarter and continues to work on development projects.
The document is a presentation by Banco Santander (Brasil) S.A. for fixed income investors in February 2011. It discusses Brazil's solid macroeconomic fundamentals including large foreign reserves, declining debt levels, and stable interest and inflation rates. It also notes Brazil's favorable social dynamics including a demographic bonus from a growing workforce and increasing social mobility. The presentation aims to provide investors an overview of the Brazilian economy, Santander Group, and Santander Brasil.
- 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
1. Third Quarter 2008 Results
Earnings Conference Call
Investor Relations Contact
Julia Freitas
ri@gafisa.com.br
1
2. Overview of 3Q08 Results - Wilson Amaral, CEO
Financial and Operational Performance
2
3. Highlights of the Quarter
3Q08 launches increased 79% over 3Q07
Launches increased to R$762 million in 3Q08 from R$426 million in 3Q07
Pre-sales increased 37% from 3Q07
Pre-sales increased to R$504 million in 3Q08 from R$367 million in 3Q07
Net operating revenues rose 19% from 3Q07
Net operating revenues increased to R$373 million in 3Q08 from R$313 million in 3Q07
3Q08 EBITDA reached R$64 million (17.2% EBITDA margin) a 40% increase from 3Q07
Net income increased to R$38 million in 3Q08, a 5% increase from R$36 million in 3Q07
Gafisa consolidates presence in low income segment, with Fit showing R$187 million in
launches and R$124 million in pre-sales in 3Q08
In this quarter, Gafisa completed five projects totaling 820 units. Fit completed its first
development, Fit Jaçanã in São Paulo.
Note: 2007 adjusted for capitalized interest and land swaps.
3
4. Recent Developments
Leadership in Low Income Segment Enhanced: On October 21, the merger of Fit
Residencial and Construtora Tenda S.A was approved by 98% of Tenda shareholders
present at a general meeting. Gafisa now holds 60% of the total capital and voting
shares.
Strategic Investor Increases Participation: Gafisa announced that Equity International
(“EI”) had acquired an additional 3.3 million Gafisa ADRs representing 6.6 million
shares. The new stake brings EI ownership of Gafisa outstanding shares up to 18.7%
from 13.7%.
Strengthens Accounting Practices: We have started to account for land acquired
through product swaps, which previously did not flow through our financial
statements. This has increased our revenue and cost recognition.
SAP and SOX implementation : The implementation of the SAP management is on
track and will serve as an important tool in managing the company’s operations. In
October 2008 we began the SOX certification testing period.
Moody’s Ba2 international rating and Aa3.br Brazil national scale rating.
4
5. Gafisa now controls Construtora Tenda, a leading low income
real estate developer that incorporated Fit Residencial.
98% of Tenda shareholders present at the General Meeting on October 21st
approved the incorporation of 100% of Fit's shares into Tenda.
Gafisa owns 60% of Tenda's shares after the transaction.
Tenda will continue to operate as a publicly traded company, listed on Bovespa.
Tenda has:
The strongest balance sheet and cash position in the segment,
One of the largest land banks,
Strong distribution platform,
Housing for the 4-20 time minimum wage segments.
We expect this transaction to be highly accretive.
5
6. Increased Mortgage Penetration
Pre Sales financed by Gafisa vs. financed by Banks
16% 14%
34%
12%
54% 20%
32%
74%
30% 64%
34%
16%
2005 2006 2007 9M08
Gafisa direct financing longer than 36 months
Gafisa direct financing up to delivery of keys
Mortgage Loans
Reduction in accounts receivables duration, improves Gafisa’s working capital
Higher returns
Higher asset turnover
Improving terms for clients with lower rates and longer payment periods
6
7. Mortgage Lending Expanding Rapidly
Strong growth in mortgage lending still does not meet pent-up demand
Housing Credit (R$ bn) Savings Accounts SBPE Balance (R$ bn)
CAGR (2003-2007): 43% 28.2 Sep 2008 Savings grew 19% from Sep 2007
25.3
5.4
55% 80%
6.9
16.3
15.7
57% -1%
3.7
10.4 7.0 205
51% 27% 98% 46%
22.8
15% 187
6.9 18.4
6.0 41%
5.5
3% 90%
90% 12.0 150
3.9 63% 9.3 135
3.8 36%
126
4.9 115
2.2 3.0
Savings up to Sep
2003 2004 2005 2006 2007 Jun-07up toJun-08
FGTS June 2003 2004 2005 2006 2007 Sep-08
2007 2008
Mortgages using resources from FGTS
Mortgages using resources from Savings Accounts
Sources: ABECIP, Central Bank of Brazil, CEF and FGV.
7
8. Delivering on Growth Strategy: Diversification and Expansion
3Q Launches (R$ million)
New Markets
Rio de Janeiro 76
2
953
São Paulo Bairro Novo 3%
79% 334
Gafisa 69%
42 Fit 24%
6
471
188
243 Alphaville 7% Gafisa 66%
87
151 185
3Q07 3Q08
8
9. Delivering on Growth Strategy: Strong Pre-sales
3Q Pre-sales (R$ million)
New Markets
Rio de Janeiro
Bairro Novo 3%
São Paulo 504
37%
367
250 Fit 25%
134 Gafisa 61%
Gafisa 62%
68 64 Alphaville 10%
Fit 25%
165 189
3Q07 3Q08
9
10. One of the Most Geographically Diverse Homebuilders
Vision - Gafisa
States where we already launched projects.
Campo Belo – São Paulo, SP
10
11. Diversified, High-Quality Land Bank Provides Strong
Platform for Growth
220 different sites, in 21 states, in 66 cities
Potential Future Sales
Potential Units Swap
Segment Units % Gafisa
% Gafisa Agreements %
100% R$ mi
Gafisa 26,422 22,182 7,754 47%
AlphaVille 32,953 16,365 2,914 99%
Fit Residencial 13,887 17,796 1,633 16%
Bairro Novo 24,326 12,163 802 82%
Total 97,588 68,506 13,103 73%
73% acquired by swap agreements.
Low income represents 44% of potential Gafisa units in land bank.
11
12. Dedicated Management Teams for Each Market Segment,
Product Line
Mid, Mid High and 60% owned by Gafisa 60% owned by Gafisa
Low Affordable Entry 50/50 JV with Odebrecht Own Sales Force
High
Mid High and High Low Affordable Entry
Level
Vertical Level In São Paulo, Rio de
Horizontal (lots) Horizontal / Vertical Janeiro and Northeast
Metropolitan areas Metropolitan Areas and Horizontal / Vertical
Outside Metropolitan
Outskirts Metropolitan Areas and Selling Machine
Financing: Banks Areas
Financing: CEF and Outskirts Management of
Unique Projects Financing: Direct Banks Financing: CEF and Banks Channels & CRM
Unit Prices: > R$200K Unique Projects Standardized Projects Standardized Projects Management of
Unit Prices: R$50K – Unit Prices: < R$100K
Unit prices: R$70K – Outsourced & Local SC
R$200K
R$500K
12
13. Our Differentials
Professional
Management
and Established
Organization
World-class Shareholders
Industry Leadership and and the Highest
Strong Brand Recognition Standards of Corporate
Governance
Geographic Diversification
Supported by Strategic Growth Through
Land Bank Product
Diversification
13
14. Overview of 3Q08 Results
Financial and Operational Performance – Duilio Calciolari, CFO
14
15. 3Q08 Operating Highlights
Net Revenues (R$ million) Gross Profit (R$ million)
35.0%
19%
29.0%
44%
131
374
313 91
3Q07 3Q08 3Q07 3Q08
Net Revenues Gross Profit Gross Margin
Adjusted EBITDA (R$ million) Adjusted Net Income (R$ million)
17.2%
14.7% 11.6% 10.2%
40%
64 5%
46
36 38
3Q07 3Q08 3Q07 3Q08
Adjusted EBITDA Adjusted EBITDA Margin Adjusted Net Income Adjusted Net Margin
2007 adjusted for Capitalized Interest and land swaps.
15
16. Strong Pre-Sales Positively Impact Backlog of Revenues to Be
Recognized
R$711 million of results to be recognized (69% growth compared to 3Q07)
3Q08 2Q08 3Q07 3Q08 x 2Q08 3Q08 x 3Q07
Gross sales to be recognized 2,045.1 1,927.5 1,208.6 6% 69%
Sales net of 3.65% sales tax to be recognized 1,970.4 1,857.1 1,164.5 6% 69%
Cost of units sold to be recognized (1,259.9) (1,190.1) (743.5) 6% 69%
Backlog of results to be recognized 710.6 667.1 421.0 7% 69%
Backlog margin - yet to be recognized 34.7% 34.6% 34.8% 14 bps 23 bps
16
17. Land for Product Swaps
This quarter we began to account for land acquired through product swaps in our
income statement, targeting best accounting practices
Previously, product swaps did not flow through our income statements, but
financial swaps did
9M08 3Q08 2Q08 1Q08 2007
Swap Effect on Gross Revenues 27,175 5,313 9,008 12,855 20,088
Swap Effect on Net Revenues 26,184 5,119 8,679 12,386 19,355
Swap Effect on COGS (18,538) (3,664) (6,318) (8,556) (13,414)
Swap Effect on Gross Profit 7,646 1,455 2,361 3,830 5,939
Net Revenues including land swaps 1,149,879 373,632 444,380 331,868 1,191,529
COGS including land swaps 762,273 242,839 298,392 221,042 810,328
Gross Profit including land swaps 387,606 130,793 145,988 110,826 381,200
17
18. Gafisa’s Strong Financial Position Will Allow it to Execute
Growth Strategy and Access Credit Markets
R$250 million in securitizable receivables in addition to R$790 million cash.
R$3.5 billion in construction finance lines of credit provided by all of the major banks:
R$1.6 billion signed contracts
R$1.2 billion contracts in process
R$682 million additional availability
3Q08 2Q08
Total Debt 1,377 1,084
Obligation to Investors 300 300
Cash and Cash Equivalents 790 775
Net Debt & Obligation to Investors (Cash) 887 609
Shareholder’s Equity 1,689 1,637
Total Capitalization 3,066 2,721
Net Debt & Obligation to Investors / Equity 52.5% 37.3%
18
19. Outlook for 2008
Tenda consolidation starting in fourth quarter 2008
Launch guidance for 2008 maintained at R$3.5 billion, equivalent to
R$3.3 billion excluding R$200 million of Fit 4th quarter launches
EBITDA margin guidance maintained at 16% to 17% for 2008
19
20. 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.
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