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3Q11Results
November 10, 2011
WaveRio de Janeiro - RJLaunched in September/2011
3Q11 Results
Introduction Elie Horn
José Florêncio Rodrigues
Ubirajara Freitas
Antonio Guedes
Cyrela - Operating Results
Living - Operating Results
Cyrela - Financial Results
Escritórios MorumboSão Paulo - SPLaunched in September/11
3
Cyrela’s Highlights
Launches reached R$ 4.6 Billion in 9M11, representing 60% of the guidance bottom point for 2011
Pre-Sales reached R$ 4.1 Billion in 9M11, reaching 60% of the guidance bottom point for 2011
Living's launches accounted for 33% of total launches and 28% of pre sales in 9M11
Net Revenue of R$ 1.6 Billion, up 34.2% from the 2Q11
Gross Margin of 28.6%, 0.9 p.p. expansion from the 2Q11
Operational Cash Generation of R$ 60 million ex- share buy back program and acquisition of stake in Cyrela NE
Awards:
“As empresas mais admiradas do Brasil” – ranked first in the category "Construction and Real Estate" for
the 9th consecutive year
Master Imobiliário – “Construindo Pessoas e Profissionais”, in the category "Professional - Social
Responsibility
Jardins HigienópolisPorto Alegre - RSLaunched in September/2011
OperatingResults
5
21 projects launched on the 3Q11 and 59 on the 9M11
Average Price: R$ 345 thd /unit, growth of 42% compared to 3Q10
Price/ sq.m. : R$ 5.3 thd/sq.m. in 3Q11, 39.5% higher than 3Q10
Cyrela and Living Launches
Launches Breakdown by Region 3Q11
+48%
+29%
9M11
4,564
897
3,666
9M10
3,083
750
2,333
3Q11
1,757
308
1,449
3Q10
1,359
331
1,028
PartnersCyrela
20%
17%
26%
19%
Mid West4%North
14%
Northeast
South
RJ
SP
(R$ million) By PSV
6
807
+13%
+41%
9M11
4,115
840
3,275
9M10
3,631
834
2,797
3Q11
1,449
2871,162
3Q10
1,025
219
Pre-Sales
Pre-Sales by Region 3Q11
12%
12%
37%
30%
MG/ES
2%
MidWest
2%
North5%Northeast
South
RJ
SP
3Q11 (12M)
55.6%
2Q11 (12M)
55.4%
3Q11
20.7%
2Q11
24.3%
Sales Speed (VSO)
Cyrela and Living Pre-Sales
58% of 3Q11 pre sales were from projects launched in
other quarters
3.4 thd units sold in 3Q11, totaling 13 thd units sold
on 9M11
Inventories on September 30: R$ 5.7 bn (100%) and R$
4.5 bn (%CBR): 9.5 months of sales*
* Considering monthly average of sales according to 2011 guidance
(R$ million)
PartnersCyrela
7
PSV of R$ 45.6 bn (100%) and R$ 39.8 bn (%CBR)
78% of landbank acquired through swaps
244 projects comprised of 182,000 units
Landbank
Cyrela’s Landbank (100%)
(R$ billion)
Other States
12.8
South
3.2
São Paulo
13.9
Rio de Janeiro
15.7
Total
45.6
Launched
To be Launched
After 2013
~23.1
2013
~5.5
2012
~9.1
2011e
~8.1
4.6
3.5
Landbank Aging (100%)
(R$ billion)
8
17.9 thd units delivered in 9M11 in 66 projects
Living delivered 9.7 thousand units in 25 projects
97% of delivered units were sold units
200 construction sites at the end of September/2011, of which 93 are Living's projects.
Delivered Units
7.1
2011
15.4
9.7
25.0
2.1
5.4
2010
8.28.3
7.5
9M11
17.9
2009
LivingMAP
(thd units)
StartGoiania - GOLaunched in September/2011
LivingOperating Results
10
10 projects launched on the 3Q11, totaling 30 launches in 2011
R$ 1.5 billion launched in 9M11, reaching 32.7% of Cyrela’s launches in 2011
2.8 thd units launched in the 3Q11 38.4% within the “MCMV” Program
Living’s Sales: 28% of total PSV sold by Cyrela in 2011
7.2 thd units sold in the 9M11 with an average price of R$ 157 thd/unit
Living’s Launches and Pre-Sales
Pre-SalesLaunches
258 348
787
+29%
+6%
9M11
1,490
385
1,105
9M10
1,156
370
3Q11
463
1143Q10
436
178
PartnersLiving
202 204
807 831
+1%
+4%
9M11
1,136
305
9M10
1,130
323
3Q11
320
116
3Q10
306
105
(R$ million) (R$ million)
11
Potential PSV of R$ 12.2 bn (100%) and R$ 10.7 bn (% Living)
7 plots acquired in 3Q11 PSV of R$ 524.5 million
68% of landbank acquired through swaps
Average price per unit R$ 136 thd
Living’s Landbank
Living’s Landbank – 100% Breakdown by Region(R$ billion)
Super Economic
5.0
Economic
6.9
Mid-income
0.3
12%
5%
25%
33%
MidWest
8%North
14%
Northeast
South
SoutheastOthers
3%
RJ
SP
(By PSV)
395 PlaceBelém - PALaunched in September/2011
Financial Highlights
13
Net Revenue
Financial Results
(R$ million)
2Q11
1,560
3Q11
1,163
4,143
3,501
3Q10
18.4%
34.2%12.8%
9M119M10
1,383
14
Gross Profit and Gross Margin
Financial Results
(R$ million)
409446382
3Q11
3.4%
9.0%
28.6%
16.6%
1,157
27.9%
9M11
1,197
2Q11
34.2%
9M10
35.2%
3Q10
27.7%
Gross ProfitGross Margin
30.7%
Adjusted Gross Margin
32.5%
36.7% 35.5%31.4%
15
Adjusted EBITDA and Adjusted EBITDA Margin
Financial Results
(R$ million)
199297 246
739 679
-8.2%
+20.5%+54.8%
9M11
16.4%
9M10
21.1%
3Q10
21.2%
3Q11
19.0%
2Q11
14.4%
Adjusted EBITDAAdjusted EBITDA Margin
16
Accounts Receivable
Units under construction
Constructed units
Construction costs to be incurred – sold units
Price index:Finished units: IGP-M + 12% p.aUnder Construction: INCC
Receivables Schedule(1)Accounts Receivable x
Cost to be incurred
Schedule of Cost to be incurred
After 2013 3.8
2013 2.2
2012 3.8
2011 2.9
Costs to be Incurred
5.8
4.0
1.8
Receivables
12.7
11.1
1.6
(R$ billion)
Further years 2.31.6 0.7
2012 2.61.8 0.8
2011 0.90.6 0.3
Sold Units Inventory UnitsConstruction costs to incurred – inventory units
(R$ billion)
(R$ billion)
(1) Receivables schedule according to economic criterion (considers integral and immediate payment at the end of construction of unit)
17
In the quarter, transferred amount in PSV is 24% higher than in 3Q10
Number of units volume is 2% higher than volume done in the same period of 2010
R$ 1.6 billion or 9,9 thousand units transferred in 9M11
Volume is equivalent to 129% of 2010 FY
Transferred Units
Transferred Volume (in units)Transferred Amount(R$ million)
9M11
9,933
7,449
2,484
9M10
8,442
7,261
1,181
+18%
316
749
+106%
9M11
1,583
834
9M10
769
453
MAP Living
41%
59%
47%
53%
14%
86%
25%
75%
18
Liquidity and Debt
Net Debt
2,787
Without SFH146
With SFH2,641
Cash and Cash Equivalents
1,776
Gross Debt
4,563
SFH Debt2,641
Corporate Debt1,922
With SFH = 4.29Net Debt
EBITDA LTM Without SFH = 0.23
With SFH = 0.57Net Debt
Equity Without SFH = 0.03
Leverage(R$ million)
19
Cash Burn
-136
-806
60
-212
-83%
-128%
9M119M103Q113Q10
Cash Burn (ex-dividend, buyback program and acquisition of stakes)
(R$ million)
* ex-dividends, shares buyback program and acquisition of stakes
Cash Generation* of R$ 60 million
in 3Q11 and cash burn of R$ 136
million in 9M11
20
Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455, 3rd floorSão Paulo - SP – BrasilCEP 04543-011
Investor RelationsPhone: (55 11) 4502-3153 [email protected]
www.cyrela.com.br/ir
Statements contained in this presentation may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances. industry conditions. company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and. as such. exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance theCompany's business plan. Such future considerations rely substantially on changes in market conditions. governmentrules. competitor's pressure. segment performance and the Brazilian economy. among other factors. in addition to therisks presented on the released documents filed by Cyrela Brazil Realty. and therefore can be modified without priornotice.
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