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1
Site Visit
Manaus - AMOctober/2011
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)
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Summary of Direcional’s Presence in Manaus
PAR149,239
0-3 mw190,598
0-3 mw313,395
RET156,344
Low-Income56,498
Low-Income62,840
Low-Income65,416 Medium
132,134
Medium145,475 Medium
88,857
Medium129,622
Upper Middle122,057
Upper Middle129,739
Commercial8,956
Commercial16,715
2007 2008 2009 2010 2011
PAR 0-3 mw RET1 Low-Income Medium Upper Middle Commercial
56,497
317,030360,130
418,149
516,075
Launched PSV by Segment (R$'000)
Launched PSV (R$'000) 2007 2008 2009 2010 9M11Total
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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Projects
4
5
Summary
Total
(R$'000)
% Direcional
(R$'000)
1 Eliza Miranda - 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
6
Meu Orgulho
September/2011
7
1st month 2nd month
3rd month 4th month
“Meu Orgulho” - Manaus-AM (Dec/10 to Sep/11 (10 months)
Meu Orgulho
87th month 8th month
5th month 6th month
Meu Orgulho
9
9th month 10th month
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
10
Industrialized business model
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
Equilibrium Residence
⁽¹⁾ As of 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
Grand Prix
⁽¹⁾ As of 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
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
The Total Ville Manaus 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
Parque Verde
⁽¹⁾ As of 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
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
AM - Manaus
2Q09
R$7.1 million
100%
100%
R$ 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
AM - Manaus
2Q09
R$22.6 million
100%
100%
R$ 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
AM - Manaus
3Q09
R$145.5 million
100%
71%
R$ 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
AM - Manaus
3Q09
R$85.7 million
100%
100%
R$ 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
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“Meu Orgulho”: The largest “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
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
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
25
Appendix
25
26
Buildings with 4 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
IndependenceDirecional does not
depend on contractor´s
workforce
Cost ReductionsLower labor risks and
higher productivity
Higher QualityBetter 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
Standardized Building Process
Leads to:
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
PRE-MOLDED WALL
Process that consists 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
Contacts
Carlos WollenweberCFO | IR Officer
Lucas BousasIR Analyst
Paulo SousaIR Analyst
www.direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450
