2Q12 Disclosure and Results
-
Upload
direcionalri -
Category
Investor Relations
-
view
63 -
download
0
Transcript of 2Q12 Disclosure and Results
1
Earnings Release | Conference Call – 2Q12
August 7th 2012
2
Agenda
Ricardo Ribeiro
Vice President
Carlos Wollenweber
CFO | IR Officer
2Q12 Main Figures and
Operating Highlights
Financial Highlights
2Q12 2Q11 D %
Launched PSV% Direcional
BRL million 470 288 +63%
Contracted PSV% Direcional
BRL million 448 169 +165%
Sales Over Supply (VSO) % PSV 36,5% 18,5% +18 p.p.
Net Revenues BRL million 323 245 +32%
Adjusted Net Income¹ BRL million 49 41 +21%
Adjusted Net Margin¹ % 15,2% 16,6% -1,4 p.p.
Main Figures
3
1. Adjusted by non-cash expenses (Stock-Options Program).
1H12 1H11 D %
Units Launched 6,151 3,536 +74%
Delivered Units 2,726 1,581 +72%
Units Under Construction 39,972 27,389 +46%
% of Industrialization (# of units) 55% 32% +23 p.p.
Construction Sites 40 35 +14%
Average # of Units by Construction Sites 999 783 +28%
# of Cities 10 9 +11%
4
1H12 vs 1H11 Operating Figures
Focus on Industrialization
63% 60% 49% 44% 41% 35%
50%
2Q12
55%
9%
1Q12
44%
9%
4Q11
48%
8%
3Q11
7%
2Q11
32%
8%
1Q11
28%
9%
Units Under Construction by Construction Method
(% of Units)
1 Aluminum mold and concrete walls method
Industrial Construction¹Concrete BlocksConventional Structure (Concrete Pillars)
5
Minha Casa, Minha Vida Level 1
On the second quarter, Direcional signed an agreement with the State of Rondônia and Banco do Brazil for the construction of “Residencial Orgulho
do Madeira” project in Porto Velho with PSV of BRL 259.0 million.
# Units
Segment
Housing PSV
Infrastructure PSV
4,000
MCMV Level 1
BRL 219.5 million
BRL 39.5 million
Total PSV BRL 259.0 million
Location“Residencial Orgulho do Madeira”
Launch 2Q12
Porto Velho - RO
6
Operating Highlights
Launches
Sales
Delivered Units
Land Bank
Inventory
Operating HighlightsRicardo Ribeiro
Vice President
Total
(BRL'000)
% Direcional
(BRL'000)
1 Splendore April Manaus - AM 83,805 83,721 160 160 Upper-Midle
2 Silvestre 3rd phase April Rio de Janeiro - RJ 12,674 10,393 140 500 RET1%
3 Del Mar April Macaé - RJ 31,024 15,512 132 132 Medium
4 Grand Ville 2nd phase April São Bernardo - SP 56,749 43,980 264 528 Medium
5 Veredas Vistas do Horizonte May Belo Horizonte - MG 44,514 22,257 164 164 Medium
6 Monte Rey Hotel June Belo Horizonte - MG 44,196 35,357 200 671 Commercial
7 Orgulho do Madeira June Porto Velho - RO 258,988 258,988 4,000 4,000 MCMV Level 1
Total 2Q12 531,950 470,208 5,060 6,155
Total Units
(All Phases)Segment
# of Units
Launched2Q12 Projects Date City - State
PSV
7
Launches
Launched PSV
(BRL million)
Launched PSV – Track Record
(BRL million)
143
131
131
470
+228%
613+20%
+63%
1H12
354
259
1H11
643
511
2Q12
211
259
1Q122Q11
419
288
613783710
176
1,067
CAGR +69%
1H122011
1,447
2010200920082007
Development
MCMV Level 1
Project Acquisition
MG
Launches Breakdown
8
AM
17%
18% 14%30% 20% 13%
8%
1H12
42%
18%
13%
1H11
36%
35%
9%
2Q12
55%
2%17%
2Q11
41%
13%
Launches by Segment
(% PSV)
Launches by Region
(% PSV)
28%
1H12
62%
10%
1H11
56%
34%
10%
2Q12
73%
27%
2Q11
66%
34%
NorthSoutheastMidwest
MCMV Level 1
Low-Income
Medium
Upper Middle
Commercial
RJ
3
5
1
6
2
SP
4
RO
7
Sales
Contracted Sales
(BRL million)
Sales Track Record
(BRL million)
133
89
89
+165% 448
+238%
580+69%
1H12
321
259
1H11
433
344
2Q12
189
259
1Q122Q11
258
169
Development
MCMV Level 1
Project Acquisition
580661
441
127
2010
1,037
200920082007
CAGR +76%
1H122011
1,230
9
17%
12%
10%
1H12
45%
21%
22%
7%5%
1H11
30%
49%
10%
2Q12
58%
15%
17%6% 4%
2Q11
24%
47%
MCMV Level 1
Low-Income
Medium
Upper-Middle
Commercial
Sales by Economic Segment
(% PSV)
Sales by Region
(% PSV)
20% 22%
1H12
73%
22%
5%
1H11
40%
38%
2Q12
80%
16%5%
2Q11
48%
32%
North
Southeast
Midwest
10
Sales Speed
2Q12
36.5%
21.2%
1Q12
16.1%16.1%
4Q11
31.8%
18.5%
3Q11
36.7%
16.0%
2Q11
18.5%18.5%
With MCMV Level 1 project
Without MCMV Level 1 project
Sales-Over-Supply Ratio (VSO)
(In total PSV - %)
2%
3Q11 95%90%
2%
2%
1%
4Q11 93%85% 6%
1%1Q12 61%10% 51%
2Q12 88%
2Q11 77%20% 20% 18% 16%
3 M 6 M 9 M 12 M 15 M
32%
18%
201116%
20106%
<2010
2Q12
28%
1Q12
Sales by Period of Launching - 2Q12
(% PSV – Ex MCMV Level 1)
Sales Speed
(% Units)
68% of the sales in the 2Q12 refer to sales of inventory
launched before 2Q12
18% of the sold PSV refers to units launched before 2010
Total
(BRL'000)
% Direcional
(BRL'000)1 Weekend Club Ponta Negra February Manaus - AM 90,960 72,768 427 Medium
2 Total Ville Manaus - Harmonia February Manaus - AM 50,050 50,000 512 Low-Income
3 Riviera Residencial Clube February Porto Velho - RO 31,800 25,440 82 Upper-Middle
4 Total Ville Bella Città - Salinas March Marituba - PA 61,875 61,869 598 Low-Income
Total 1Q12 234,685 210,077 1,619
5 Total Ville Marabá - 1st Phase April Marabá - PA 57,140 57,134 524 Low-Income
6 Garden Club - 2nd Phase June Porto Velho - RO 19,641 15,712 215 Low-Income
7 Setor Total Ville - 1st Phase June Santa Maria - DF 39,146 39,142 368 Low-Income
Total 2Q12 115,926 111,989 1,107
Total 1H12 350,612 322,066 2,726
# Units SegmentDelivered Projects - 1H12 Date City - StatePSV
11
Delivered Projects – 1H12
Delivered Projects
(2011 e 1H12)
2,726
322
+6%
1H12
1,887
2011
305
# Units PSV (Millions)
2 3
74 5 6
1
12
Land Bank
58.6% large scale projects (over 1,000 units)
74.5% are eligible for the MCMV Program
75.6% acquired by physical or financial Swap
Average cost of 9.2% over PSV
BRL 6.9 Billion
66,859 units
Land Bank by Segment
(% PSV)
Land Bank 2Q12 vs 1Q12
(BRL million in PSV)
211
111616,895
-39
2Q12LaunchesReview of
Assumptions
Acquired
Land Bank
1Q12
6,934
Land Bank by Region
(% PSV)
In the 2Q12 Direcional
acquired two plots of
land, with PSV of BRL
160.8 million
Type of Payment
(2Q12 – % PSV)
ES1%
AM13%
MG39%
RO5%
SP6%
PA13%
DF20%
RJ1%
GO2%
Swap
95.3% Cash4.7%
Commercial4%
Upper-Midle
7%
Medium35%
Low-Income
54%
Total % Direcional
Under Construction 742,809 647,327 90.2% 3,109 90.5%
Finished Units 88,548 70,360 9.8% 326 9.5%
Total 831,356 717,687 100.0% 3,435 100.0%
InventoryPSV in Inventory (BRL'000)
% Units in Inventory %
13
Inventory
Only 9.8 % of the inventory are finished units
91.2% of the units under construction have already been sold
2Q12
18.4%
1Q127.0%
2011
36.3%
201017.5%
<201010.9%
Finished Units
9.8%
14%Midwest
Southwest 24%
North 62%
Inventory by Region
( % PSV)
Inventory by Aging
(% PSV)
14
Financial Highlights
Cash Burn
Financial Highlights
Capital Structure
Deferred Results
DIRR3 Stock Analysis
Financial HighlightsCarlos Wollenweber
CFO | IR Officer
1S12 2011 D %
R$ Million (a) (b) (a/b)Gross Debt 626.2 473.2 32.4%
Cash 342.3 351.1 -2.5%
Net Debt 283.9 122.0 132.6%
Equity 1,331.4 1,232.5 8.0%
Net Debt/Equity 21.3% 9.9% -11.4 p.p.
Receivables ( 1 + 2 ) 1,347.4 1,156.4 16.5%
Development (1) 1,214.6 1,044.3 16.3%
Receivable from Finished Units 376.9 241.6 56.0%
Receivable from Units Under Construction 877.5 835.4 5.0%
(-) Present Value of Account Receivables (IFRS) -39.8 -32.8 21.5%
Services (2) 132.8 112.1 18.4%
15
1H12 Cash Performance
Cash Burn
(1H12 - BRL million)
Cash Burn Net
of "Repasses"
-14.9
Account
Receivables
Variation from
Finished Units
135.3
Cash Burn
Ajusted by
Dividends
120.4
Dividends
41.5
Net Debt
Variation
161.9
Cash
Generation+21%
100.1
2Q121Q12
82.9
Financing Transfer (“Repasses”)
(BRL million)
D Net Debt
BRL 162 million
D Receivable
from Finished
Units
BRL 135 million
16
Financial Highlights
651
479
323327
245
+32.2%+36.0%
1H121H112Q121Q122Q11
CAGR +80%
1H12
651
2011
1,072
2010
782
2009
378
2008
263
2007
102
Net Revenue
(BRL million)
Net Revenue – Track Record
(BRL million)
2115
+78.4% +75.6%
1H12
201
30%
1H11
114
23%
2Q12
31%
1Q12
98
29%
103
4Q11
82
27%
3Q11
72
24%
2Q11
58
23%
1Q11
57
24%
4Q10
48
18%
3Q10
33
15%
2Q10
12%
1Q10
10%
Revenue from Services – Track Record
(BRL million)
MCMV Level 1
98.5% Brokerage Fee
1.1%
Management Fee
0.4%
Breakdown of Revenue from Services
(in 2Q12 - %)
Service Revenue% of Gross Revenue
2Q12 1Q12 1H12 2011
Adjusted Gross Margim from Developments¹ 35% 33% 34% 33%
Share (%) 69% 71% 70% 76%
Gross Margin from Sevices 22% 24% 23% 25%
Share (%) 31% 29% 30% 24%
17
130
15
30.3%
2Q12
99
87
12
30.6%
1Q12
+35.7%
88
11
30.2%
2Q11
73
64
9
29.8%
+0.2%198 +36.4%
1H12
175
23
30.4%
1H11
145
99
Interest Capitalised in costsAdjusted¹ Gross Margin Gross Profit
Financial Highlights
Adjusted¹ Gross Profit
(BRL million)
1. Gross Margin Ex-SFH: excluding interest expenses;
18
Financial Highlights
Adjusted¹ G&A
(BRL million)
Sales Expenses
(BRL million)
2324
16
23
1716
7.3%
4Q11
5.4%
3Q11
7.8%
2Q11
7.1%
1Q11
6.9%
2Q12
7.0%
1Q12
1099
67
5
2Q12
3.0%
1Q12
2.6%
4Q11
3.1%
3Q11
2.0%
2Q11
3.1%
1Q11
2.1%
Sales Expenses% Net RevenueAdjusted¹ G&A% Net Revenue
142106
717148
+33.6%
+46.5%
1H12
21.8%
1H11
22.1%
2Q12
21.9%
1Q12
21.6%
2Q11
19.7%
Adjusted¹ EBITDAAdjusted¹ EBITDA Margin
Adjusted¹ EBITDA
(BRL million)
10491495441
+21.2%
+13.5%
-9.8%
1H12
15.9%
1H11
19.1%
2Q12
15.2%
1Q12
16.6%
2Q11
16.6%
Adjusted¹ Net Income
(BRL million)
Adjusted¹ Net IncomeAdjusted¹ Net Margin
1. Adjusted by non-cash expenses (Stock-Options Program).
2Q12 1Q12 2Q11 D % D %
(BRL million) (a) (b) (c) (a/b) (a/c)
Debt 626.2 556.6 408.6 12.5% 53.3%
SFH 516.9 492.8 341.3 4.9% 51.4%
Securitization 25.6 30.1 37.2 -14.9% -31.2%
Receivables Assigned 49.3 - - n/a n/a
FINAME and others 13.8 13.7 9.1 1.0% 51.3%
Working Capital 20.5 20.0 21.0 2.5% -2.0%
Cash 342.3 364.1 381.8 -6.0% -10.3%
Net debt 283.9 192.5 26.9 47.5% 956.9%
Net debt / Equity 21.3% 14.8% 2.3% 6 p.p. 19 p.p.
19
Capital Structure
Working Capital
3.3%
FINAME and Others
2.2%
Receivables Assigned
7.9%
Securitization
4.1%
SFH 82.5%
Debt Breakdown Total Debt - SFH
(BRL million)
Cash
-233.0
Net Cash ex-FH
342.3
SFH
516.9
Gross Debt
626.2
2Q12 1Q12 2Q11 D % D %
(BRL million) (a) (b) (c) (a/b) (a/c)
Consolidated Deferred results (1+2) 551.4 552.7 413.5 -0.2% 33.4%
Deferred results - Margin 37.2% 38.5% 38.2% -1.4 p.p. -1.2 p.p.
Deferred results - Development (1) 300.5 342.6 314.0 -12.3% -3.8%
Margin 40.7% 42.0% 43.2% -1.3 p.p. -2.5 p.p.
Deferred results - MCMV Level 1 projects (2) 250.9 210.0 101.0 19.5% 148.5%
Margin 33.7% 33.9% 28.5% -0.3 p.p. 5.1 p.p.
20
Deferred Results
Schedule of Deferred Results
(%)
2015
0.7%
2014
4.2%
2013
60.2%
2012
34.9%
Deferred Results
(BRL million)
+33.4%
-0.2%
2Q12
551
301
251
1Q12
553
343
210
2Q11
413
312
101
MCMV Level 1 projects
Development
D irecio nal IB OV IM OB
Last 10.50 58,345 838
Quarter -5.2% -15.7% -13.8%
Half Year 5.2% -4.2% 2.7%
In 2012 -2.1% -8.0% -7.3%
12 Months 1.1% -0.3% -0.4%
21
Shares Performance Since IPO
22
Disclosure
This presentation contains certain forward-looking statements concerning the business prospects,
projections of operating and financial results and growth potential of the Company, which are based on
management’s current expectations and estimates of the future performance of the Company. Although the
Company believes such forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be achieved. Expectations and estimates that are based on the future
prospects of the Company are highly dependent upon market behavior, Brazil’s political and economic
situation, existing and future regulations of the industry and international markets and, therefore, are
subject to changes outside the Company’s and management’s control. The Company undertakes no
obligation to update any information contained herein or to revise any forward-looking statement as a result
of new information, future events or other information.
23
Contacts
Carlos WollenweberCFO | IR Officer
Paulo SousaIR Analyst
Cristiano FariaIR Analyst
www.direcional.com.b/ri
(55 31) 3214-6200
(55 31) 3214-6450