Transcript
Conference Call
1Q11 Earnings1Q11 Earnings
05/16/2011
SPEAKERS
• IAN MONTEIRO DE ANDRADE
CFO and IRO
2
• MARA DIAS
IR Manager
� CCDI reached R$204.3 million in launchings, 16.8% higher than 1Q10, totaling 1,507 units. Low
income segment increased 3x, accounting for 48% of CCDI’s total launchings in 1Q11.
� Contracted Sales in 1Q11 recorded R$316.5 million, an increase of 64.1% in comparison to
1Q10. Regional offices share in total sales accounted for 26.3% in 1Q11, a 22.1 p.p. growth
when compared to 4Q10.
� Consolidated Sales over total Offer was 22.8% in 1Q11, an increase of 3.4 p.p. in comparison to
1Q10.
1Q11 highlights
3
� Net Revenue posted a 58.0% growth in comparison to 1Q10¹.
� Gross Income increased 25.6% in comparison with 1Q10¹, highlight to the low income segment,
that reached R$15.0 million in 1Q11, 59.9% higher than 1Q10.
� Ebitda accounted a growth of 5.2% in comparison to the same quarter of last year¹.
� Purchase of 2 plots : one in the metropolitan region of São Paulo and another in Curitiba.
� Delivery of 2 low income segment developments in 1Q11. In the beginning of April we
delivered the developments Innova and Interclubes phase 1 in São Paulo.
¹Does not consider the revenue from the sale of the Itautec plot on 1Q10
1Q11’s Operational Results
LAUNCHINGS (R$MM)
5
Project Location Launching Units
PSV - % CCDI
Segment(R$ MM)
Connect
Workstation
Campos dos
Goytacazes,
RJ
feb/11 243 29.1 Small Offices
Soul Jardim
SulSão Paulo, SP feb/11 180 38.3 Medium
24.0 97.7
174.9
204.3
HM CCDI
Set Cabral Curitiba, PR feb/11151
39.2 Mid High
Condomínio
Residencial
Vale das
Figueiras
Valinhos, SP mar/11 760 78.0 Low Income
Vivenda do
Horto -
Vivenda
Orquídea
Hortolândia,
SPmar/11 173 19.7 Low Income
Total Launchings in 2011 1,507 204.3
150.9 106.6
24.0 97.7
1Q10 1Q11
Launchings on 1Q11
6
SET CABRAL
Curitiba – PR
Launching: feb/11
41% sold in the first month*
Total PSV: R$52.9 million
CONNECT WORK STATION
Campos de Goytacazes– RJ
Launching : feb/11
56% sold in the first month *
Total PSV: R$44.8 million
Increase of Regional Offices
Total PSV: R$52.9 million
151 Units
Total PSV: R$44.8 million
243 Small Offices
* Managerial Data
Low Income Launchings
VALE DAS FIGUEIRAS
Valinhos - SP
Launching: mar/11
53% sold in the first month*
Total PSV: R$78 million
760 Units
VIVENDA HORTO - ORQUIDEA
Hortolândia - SP
Launching: mar/11
Total PSV: : R$19.7 million
173 Units
7
SOUL JARDIM SUL45445
São Paulo – SP
Launching: feb/11
100% sold in its launching*
Total PSV: R$38.3 million
180 units
Launching Highlight in 2011
� Differentiated concept: standard project, it can be replied in other regions.
� Main features: cost effectiveness, sustainability and accessibility.
� Designed for the medium income consumers, an economic product, but it
doesn`t let aside comfort, leisure and sustainability. Apartment of 2 and 3
dorms with 49.55 and 66 m2 and price between R$183 thousand a R$249
thousand .
� Option of customized blueprints adjusted to special needs bearer, without any
additional cost for the costumers.
� Reduced marketing expenses. Commercial success, its units were fully sold in
only 12 hours.
180 units
* Managerial DataFolha de SP Advertising
Own Construction - Status
8
PSV: R$29 MM
Launching: Dec/09
Units: 120 (1 Tower)
Beginning: Aug/2010
Evolution: 9º month of construction,
foundation: 91%, structure: 34%
Delivery: June/2012
PSV: R$49 MM
Launching: Dec/09
Units: 152 (2 Towers)
Beginning: Oct/2010
Evolution:7º month of construction, foundation: 90%,
structure: 2%
Delivery: Oct/2012
PSV: R$35 MM
Launching: Dec/09
Units: 88 (1 Tower)
Beginning: Feb/2011
Evolution: 3º month of construction , foundation: 70%
Delivery: Feb/2013
CONTRACTED SALES
9
66.9%
72.7% 64.9%79.9% 85.4%33.1%
27.3% 35.1% 20.1% 14.6%
192.9
314.8 343.5 328.2 316.5
1Q10 2Q10 3Q10 4Q10 1Q11
CONTRACTED SALES OF
LAUNCHINGS AND INVENTORYLaunching Sales(%)
Inventory Sales(%)
151.0 203.6
41.9
112.9
192.9
316.5
1Q10 1Q11
CONTRACTED SALES
(R$ MM)100% CCDIHM
CCDI
SALES ORIGINED IN THE STATE OF
SÃO PAULO: 73.8%
SALES FROM SEGMENTS UNDER R$ 500.0
THOUSAND PER UNIT REPRESENTED 82.2%
Low
Income;
34.6%
Economic;
5.0%Medium;
38.9%
Mid-High;
3.7%
High and
Luxury;
13.7%
Small
Offices;
4.2%
By Market Segment
São Paulo
Countryside
+
Shoreline);
34.7%
São Paulo
(Capital +
RMSP);
39.1%
Paraná and
Minas
Gerais ;
16.2%
Rio de
Janeiro;
10.1%
By Location
1Q10 2Q10 3Q10 4Q10 1Q111Q10 1Q11
LAND BANK – R$8.5 billion in PSV
10
8.5 8.5
(0.2) 0.2
Land Bank 4Q10 Launchings 1Q11 Acquisitions 1Q11 Land Bank 1Q11
Low income
segment
exclusive Land
Bank R$1.6
billion
São Paulo
Capital
42.7%
RMSP
31.8%
São Paulo
Countryside
+ Shoreline)
18.8%
ES, PR and
MG
6.2%
Rio de
Janeiro
0.5%
By Location
Low Income
29.2%
Economic
20.0%Medium
14.3%
Mid-High
4.4%
Other
17.2%
Triple A
14.8%
By Market Segment
Financial Performance
NET REVENUE (R$MM)
12
GROSS INCOME (R$MM)
34.5
59.140.1
9.4
10.7
15.043.9
69.8
55.1
1Q10* 4Q10 1Q11
HM CCDI25.6%
134.6215.3 196.2
32.6
58.4 68.1 167.2
273.7 264.3
1Q10 Ex Itautec 4Q10 1Q11
HM CCDI
1Q10* 4Q10 1Q11
26.2%
25.5%
20.8%
24.3%
27.8%
23.9%
1Q10* 4Q10 1Q11
CONSOLIDATED GROSS MARGIN
Gross Margin Gross Margin ex. Cost of Financing
1Q10 Ex Itautec 4Q10 1Q11
¹Does not consider the revenue from the sale of the Itautec plot on 1Q10
4.6
13.5
8.4
2.7%
4.9%
3.2%
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
0
2
4
6
8
10
12
14
16
1Q10* 4Q10 1Q11
SALES EXPENSES
(R$ MM)Sales Expenses
Sales Expenses/NOR
EXPENSES
13
17.0 21.4 22.7
10.2%
7.8%8.6%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0
5
10
15
20
25
1Q10* 4Q10 1Q11
G&A EXPENSES
(R$ MM) G&A
G&A/NOR
1Q10* 4Q10 1Q11 1Q10* 4Q10 1Q11
EBITDA
23.0
37.9 24.2
1Q10* 4Q10 1Q11
CONSOLIDATED EBITDA
(R$ MM)
13.8% 13.9%9.2%
1Q10* 4Q10 1Q11
-4.7 p.p
CONSOLIDATED EBITDA MARGIN (%)
¹Does not consider the revenue from the sale of the Itautec plot in 1Q10
REVENUES AND RESULT TO BE RECOGNIZED (R$MM)
14
1,039.61,242.2 1,287.6
REVENUES TO BE RECOGNIZED
(R$ MM)
307.9
398.4 421.3
RESULTS TO BE RECOGNIZED
(R$ MM)
29.6%
32.1%
32.7%
1Q10 4Q10 1Q11
MARGIN TO BE RECOGNIZED
(%)
1Q10 4Q10 1Q11
307.9
1Q10 4Q10 1Q11
CASH / INDEBTEDNESS (R$MM)
15
242.7363.2
469.346.6
159.0
140.4
289.3
522.2
609.7
200
300
400
500
600
700
NET DEBT
(R$ MM)
238.9
270.1
31.2
CASH CHANGE
(R$ MM)
6.4%
20.4% 17.8%
39.6%
67.1%77.2%
1Q10 4Q10 1Q11
Total Net Debt/SE
Net Debt Ex-SFH/SE
242.7
0
100
1Q10 4Q10 1Q11
SFH Net Debt ex SFH
Cash Position in
Dec/11
Cash generated in
1Q11
Cash Position in
Mar/11
NET DEBT/SHAREHOLDER’S EQUITY
315.0
98.1 50.4 5.4 0.4
12.9
198,8 198.8
327.9
98.1 50.4
204.2 199.2
GROSS DEBT TIMELINE
(R$ MM)
Debentures SFH
INDEBTEDNESS
16
Gross Debt
March/2011
R$879.8 million
50.4 0.4
2011 2012 2013 2014 2015
1,014.9
73.6 96.538.6 0.2 1.1
2011 2012 2013 2014 2015 2016 and after
ACCOUNTS RECEIVABLE TIMELINE
(R$ MM)Accounts
Receivable
Mar/2011
R$1,224.7 million
In dec/10 the debentures were renegotiated
and its deadline postponed to dec/15
CONTACT INFORMATION
Ian Monteiro de Andrade
CFO and IRO CFO and IRO
Mara Boaventura Dias
IR Manager
Gabriel De Gaetano
IR Analyst
ri.ccdi@camargocorrea.com.br
Phone: (11) 3841-4824
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