4Q14 Results Conference Call Presentation
Post on 15-Apr-2017
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Earnings Presentation
4Q14 and 2014
2
Cash Generation Trend
Launches (% RR) | R$ MM Cash Generation (Burn) | R$ MM
Launches excluding cancelled projects Net Debt variation ex capital increases and Follow On
883
1.981 2.055 2.156
3.240
3.592
1.962
838
610
(526)
(427)
(558)
(455)
(901)
(1.306)
(946)
(125)
(1.700)
(1.500)
(1.300)
(1.100)
(900)
(700)
(500)
(300)
(100)
100
300
500
2006 2007 2008 2009 2010 2011 2012 2013 2014
Ca
sh
Ge
ne
rati
on
(B
urn
) |
R$
MM
R$ 424 MM
3
2013-2015 Strategic Plan | Update and Adjustment
Achievements 2014 and Adjustments
Cash Generation (Proportional) : R$ 424MM
Increased related to boosting the team responsible
for the cash collection
% Rossi Vendas: 63%
Record cash inflow of R$ 2.9 billion
90% of the construction beginning in 2013 will be
done by Rossi
Rossi already executes 78% of the ongoing projects
All launches in Strategic regions since the release of
strategic plan
Reduction in the cities were Rossi will operate, up
to 5 metropolitan regions
Average Price :R$ 534 k/unit
% Rossi (c/ JVs) : 90%
Focus
G&A G&A Expenses efficiency
Rossi Vendas Increase Rossi Vendas stake on the total sales
Financing Transfers
Focus in house restructuring and transfer of financing
Construction Execution of 90% of the construction
Partners
Operation
Income Segment
Increase Rossi´s stake in the launches up to 95% of the
total PSV. excluding JVs Capital Rossi and Norcon Rossi)
Operations focused on 7 metropolitan regions (+JVs).
where it ranks among Top 3
Focus on medium-/high-income segments (average price
between entre R$ 200 k and R$ 1 million)
Land Bank Disablement of the Land Bank outside from the launching
pipeline
Business Units Search for financial/strategic partners for Urbanizadora
and Properties
Focus on cash generation and profitability
Strategic Plan
Total : R$ 220MM
R$ 128 MM received on 2014
In the 2H14 the land bank was adjusted to reflect a new market outlook
Operational Results
4
5
Operational Highlights
New Launches:
In line with the Strategic Plan
Metropolitan Region with proven track record
Focus on medium-/high-income segment
100% are eligible for funding through the SFH with
FGTS
Launches | R$ MM
Metropolitan Region | 2014 Average price trend (R$/unit)
286 278
395
452 476
556
2009 2010 2011 2012 2013 2014
¹ Historial data adjusted by the INCC in the period
6
Operational Highlights (cont.)
Gross Sales | R$ MM Metropolitan Region | 2014
Sales Speed LTM | % a.a.
42,5% 43,8% 45,0% 45,5% 47,6%
4T13 1T14 2T14 3T14 4T14
7
Operational Highlights (cont.)
Sales Cancellations | R$ MM Sales Cancellations – Metropolitan Region| %
Rescisão – Estágio da Obra | %
8
Land Bank
Residential Development:
Total PSV: R$ 9.8 bi (R$ 7.8 bi Rossi’s share);
Launches up to 2016: R$ 3.4 billion (R$ 3.1 billion Rossi´s share)
Launches after 2016: R$ 2.8 billion (R$ 2.1 billion Rossi´s share)
Entreverdes Urbanismo: R$ 4.3 billion (R$ 1.7 billion Rossi´s share)
Decommissioning: R$ 3.3 billion (R$ 2.7 billion Rossi´s share)
Launches up to 2016 | Metropolitan Region (% Rossi) Launches up to 2016 | Productrs (% Rossi)
Financial Results
9
10
Cash and Equivalents and Indebtness
R$ million 4Q14 3Q14 2Q14 1Q14
Total debt 3.486,4 3.881,0 4.168,4 4.434,4
Cash and Cash Equivalents 687,1 775,5 1.000,4 1.221,4
Net Debt 2.799,3 3.105,5 3.168,1 3.212,9
Net Debt ÷ Shareholder´s Equity 126,8% 117,2% 108,7% 110,1%
Cash Generation 4Q14 306,2 62,6 44,9 68,2
Cash Generation YTD 482,2
Proporcional
R$ million 4Q14 3Q14 2Q14 1Q14
Total debt 2.965,8 3.327,0 3.574,0 3.832,1
Cash and Cash Equivalents 549,9 656,0 816,1 1.067,2
Net Debt 2.415,9 2.671,0 2.757,9 2.764,9
Net Debt ÷ Shareholder´s Equity 135,8% 125,1% 114,9% 115,2%
Cash Generation 4Q14 255,1 86,9 6,9 75,1
Cash Generation YTD 424,1
IFRS
R$ million 4Q14 3Q14 2Q14 1Q14
Total debt 2.426,7 2.744,7 3.011,6 3.134,5
Cash and Cash Equivalents 479,6 571,4 746,4 973,0
Net Debt 1.947,2 2.173,3 2.265,2 2.161,5
Net Debt ÷ Shareholder´s Equity 109,8% 101,9% 94,6% 89,9%
Cash Generation 4Q14 226,1 91,9 (103,7) 167,6
Cash Generation YTD 381,9
11
Cash and Equivalents and Indebtness (cont.)
Corporate Gross Debt - IFRS
12
Corporate Debt Schedule | R$ MM
Evolução ao longo dos últimos trimestres | R$ MM
Debt roll over of R$ 100MM to be due in 2Q15 in
final stage of signing.
Voluntary Early Redemption of CEF debentures in
the amount of R$108 MM.
3.826,2 3.832,1 3.574,0
3.327,0 2.965,8
4T13 1T14 2T14 3T14 4T14
Related Parties
13
Cash Flow Drivers
14
Financing tranfers speed | VSO
Cost to be incurred | R$ MM Cash inflow | R$ MM
Rossi
Third Party
15
Financial Higlights
¹ Excluindo juros alocados ao Custo e despesas da Rossi Construtora
Net Revenues | R$ milliion Gross Profit (R$ million) and Margin¹ (%)
20,4% 4,4%
29,4% 29,9%
EBITDA (R$ million) Net Profit (Loss) o (R$ million)
Equipe de RI
Obrigado! IR Team Tel. (55 11) 4058-2502 ri@rossiresidencial.com.br www.rossiresidencial.com.br/ri
Contacts
16
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