Embed Size (px)
DESCRIPTION
Citation preview
Conference Call
2Q09 Results
08/13/2009
Operational Performance
OPERATIONAL HIGHLIGHTIS
• MACROECONOMIC RECOVERY + “MINHA CASA, MINHA VIDA”
= DEMAND RECOVERY
• 2 LAUNCHINGS IN THE LOW INCOME SEGMENT - AVERAGE
PRICE OF UNITS LAUNCHED IS R$78 THOUSAND
3
PRICE OF UNITS LAUNCHED IS R$78 THOUSAND
• SALES > LAUNCHINGS > REDUCTION OF INVENTORIES
• NEW LAUNCHINGS IN THE SECOND SEMESTER > FOCUS IN
THE LOW INCOME SEGMENTS
LAUNCHINGS (R$MM)
4
LAUNCHINGS (R$ MM)
100% CCDI
LAUNCHING AVERAGE PRICE
R$’000 (Residential)
96.1 101.4
375.5
101.4
2Q09 2Q09 1H08 1H09
223.3191.9
127.5
77.9
2Q08 3Q08 4Q08 2Q09
*There were no launchings on 1Q09.
CONTRACTED SALES
5
CONTRACTED SALES
(R$ MM)
Until 2006
5.3%
2007
14.5%
2Q09
19.2%
2Q09 CONTRACTED SALES
By launching period
263.0
120.8172.8
498.2
293.6
2Q08 1Q09 2Q09 1H08* 1H09
* Excludes values refering to Ventura Corporate Towers sales
14.5%
1Q08
5.8%
2Q08
3.0%
3Q08
41.2%
4Q08
11.1%
2Q09 CONTRACTED SALES
6
Low
Mid-High
4.0%
Others
8.9%
CONTRACETD SALES
By Market Segment
Rio de
Janeiro
Minas
Gerais
10.9%
2Q09 CONTRACTED SALES
by Location
SALES FROM SEGMENTS UNDER R$500,000
PER UNIT REPRESENTED 91%
SALES ORIGINED IN THE STATE OF
SÃO PAULO REPRESENTED: 84%
Low
Income
41.7%
Economic
22.2%
Medium
23.3%
São Paulo
(Capital +
RMSP)
39.1%
São Paulo
(Country +
shoreline)
45.1%
Janeiro
4.9%
INVENTORIES PRICED TO MARKET
7
INVENTORY PRICED TO MARKET
(R$ MM)
Until 2006
5.3%
4Q08
10.5%
2Q09
8.5%
INVENTORY PRICED TO MARKET
By launching period
767.9
879.5
810.8
2Q08 1Q09 2Q09
* Excludes values refering to Ventura Corporate Towers sales
2007
50.9%
1Q08
6.0%
2Q08
1.0%
3Q08
17.9%
2Q09 INVENTORIES PRICED TO MARKET
8
43.0% 42.9% 44.4%
INVENTORIES PRICED TO MARKET
By market segment
29.8%
12.8%
10.0% 11.4%
10.7% 8.2%
INVENTORIES PRICED TO MARKET
By location
14.1% 15.5% 20.7%7.7% 10.4%
6.6%
22.3%22.0% 19.0%
12,9% 9.2% 9.3%
2Q08 1Q09
Low Income
Medium Mid-High
High and Luxury
47.1%39.4% 36.9%
10.3%
8.3%6.7%
29.8%
31.7% 36.8%
2Q08 1Q09 2Q09
SP - Capital RMSP
SP - Countryside SP - shoreline
Others States
LANDBANK– R$10 BILLION IN PSV
9
Low Income
15.0%
Commercial
12.5%
2Q09 LAND BANK
By Market Segment
São Paulo
Shoreline
Rio de
Janeiro
1.4%
Other
Estates
7.5%
2Q09 LAND BANK
By Location
Economic
26.1%
Medium
12.4%
Mid-High
9.0%
Other
25.0%São Paulo
Capital
47.7%
RMSP
32.5%
São Paulo
Countryside
10.3%
0.6%
Financial Performance
FINANCIAL HIGHLIGHTS
• LARGE NUMBER OF PROJECTS UNDER CONSTRUCTION >
LARGE BASE OF REVENUES RECOGNIZING
• GROSS MARGIN IMPACTED BY NON-RECORRING EVENTS
11
• SALES EXPENSES AND G&A ARE DECLINING
• CASH CONSUMPTION (QUARTER): R$80.5 MILLION
• CASH POSITION (END OF THE PERIOD): R$112.4 MILLION
GROSS REVENUES
(R$ MM)
GROSS AND NET REVENUES(R$MM)
NET REVENUES: +22% OVER THE PREVIOUS QUARTER
� FIRST QUARTER 2008 WAS IMPACTED BY THE REVENUES RELATED TO THE
SALE OF THE FIRST PHASE OF THE VENTURA CORPORATE TOWERS.
12
NET REVENUES
(R$ MM)
105.2 113.8 138.8
346.7
252.5
2Q08 1Q09 2Q09 1H08 1H09
101.2 109.6 133.5
333.5
243.1
2Q08 1Q09 2Q09 1H08 1H09
GROSS INCOME (R$MM)
GROSS INCOME AND MARGIN
� GROSS INCOME IS R$29.3 MILLION
� GROSS MARGIN OF 21.9% WAS NEGATIVELY AFECTED BY NON-RECORING EVENTS
13
GROSS INCOME
(R$ MM)
GROSS MARGIN
(%)
27.3 36.1 29.3
123.6
65.4
2Q08 1Q09 2Q09 1H08 1H09
+7.1%27.0%
33.0%
21.9%
37.1%
26.9%
2Q08 1Q09 2Q09 1H08 1H09
NET INCOME (R$MM)
14
NET INCOME
(R$ MM)
NET MARGIN
(%)
-2.3
10.0 7.6
55.5
17.5
2Q08 1Q09 2Q09 1H08 1H09
-2.3%
9.1%5.7%
16.6%
7.2%
2Q08 1Q09 2Q09 1H08 1H09
EBITDA (R$MM)
15
EBITDA
(R$ MM)
EBITDA MARGIN
(%)
-7.8
15.8 12.3
48.7
281
2Q08 1Q09 2Q09 1H08 1H09
-7.7%
14.4%
9.2%
14.6%11.5%
2Q08 1Q09 2Q09 1H08 1H09
REVENUES AND RESULTS TO BE RECOGNIZED(R$MM)
16
REVENUES TO BE RECOGNIZED
(R$ MM)
RESULTS TO BE RECOGNIZED
(R$ MM)
726.6
851.0 877.3
2Q08* 1Q09 2Q09
206.9
239.6233.4
2Q08* 1Q09 2Q09
*2Q08 not adjusted to the standards of Law 11.638
CASH / DEBT (R$MM)
17
GROSS DEBT
(R$ MM)
51.0
CHANGE IN CASH POSITION
(R$ MM)
94.3
159.9
295.6
2Q08 1Q09 2Q09
61.5 61,5
112.4
Ca
sh o
n
Ma
r/0
9
Ca
sh u
sed
on
2T
09
(n
et)
Ca
sh p
osi
tio
n
on
jun
/09
CONTACT INFORMATION
Leonardo de Paiva Rocha
CFO and IRO
CFO and IRO
Fernando Bergamin
Investors Relations
Tel: (55 11) 3841-5880
Access our IR Blog
www.ccdi.com.br/blog
