Andalus São Paulo – SP Launched in Nov/09 · Plaza Sprada - PR Launched in Dec/09 Pleno...
Transcript of Andalus São Paulo – SP Launched in Nov/09 · Plaza Sprada - PR Launched in Dec/09 Pleno...
AndalusSão Paulo – SP Launched in Nov/09
4Q09 d 2009 R lt4Q09 and 2009 ResultsMarch 26, 2010
4Q09 d FY2009
Praça SantanaSão Paulo – SP Launched in Oct/09
4Q09 and FY2009
Introduction Elie Horn
Operating Results Living and Cyrela Luis LargmanLiving and Cyrela Luis Largman
Financial Results Saulo Lara
HighlightsCyrela
Launches: R$ 2.6 bn in 4Q09 and R$ 5.7 bn in 2009, 11% above top end of guidance
C S $ Q $ % fContracted Sales: R$ 2.3 bn in 4Q09 and R$ 5.2 bn in 2009, 3% above top end of guidance
Net Profit: R$ 729.3 million, 2.6 times higher than in 2008
Living:Living:
16.1 thd units launched, 10.3 thd of them within “Minha Casa, Minha Vida” program in 2009
Construction
7,510 units delivered in 2009, of which 2,096 are Living units
156 ongoing construction sites and 58 to be started this year
17 thd to 21 thd units to be delivered in 2010
Funding
F ll R$ 1 2 b i d i th i ff i i i t th th f th tFollow-on: R$ 1.2 bn raised in the primary offering aiming to the growth for the next years
Stand-by of R$ 300 million signed with Banco do Brasil
3
Challenges for the futurePressure on construction costs:
Labor:
Reduction of productivity at the construction sites stemming from the hiring of
untrained labor at the same price
Increase in the cost of labor not properly reflected in the INCC-FGV indexp p y
Equipment:
Increases in the prices of equipment not properly reflected in the INCC-FGV index
What Cyrela is doing:
Reviewing the prices of its products14% Construction avg. nominal income INCC labor cost portion
Guaranteeing execution of the more critical
portions of construction: rigging, concrete
structure electric and hydraulic installations 6%8%
10%12%14% Construction avg. nominal income INCC labor cost portion
structure, electric and hydraulic installations
Training employees in electrical and hydraulic
operations through the “Construindo 0%2%4%
4Source: IBGE/PME, FGV and MCM Consultores
Profissionais” Program
Liber Bosque Clube Pirituba – Fase ISão Paulo – SPLaunched in Nov/09
OperatingResultsResults Living
Living’s Launches and Sales – 4Q09 and 2009
Launches(R$ million)
Sales(R$ million)
476 1,351
1,726
495 483
1 012
1,611 1,807
657920
1,250262
431
198
918
7111,116
1,324302
1 2
1,012
128657
70 198
4Q08 4Q09 2008 2009Living Partners
90
71163
152
4Q08 4Q09 2008 2009
23 projects launched in 4Q09 totaling 45 in 2009
Living Partners
23 projects launched in 4Q09, totaling 45 in 2009
16.1 thd units launched in 2009, of which 10.3 thd units within “MCMV” program
14,913 units sold in 2009 with an average price of R$ 115.7 thd of which 8,354 units within
6
, g p $ ,
“MCMV” program
Sales Speed Living
Average Sales Speed of Launches
29%
36%
41%
9%
1%
7% 4%4%
72%
60%
1Q09
4Q08
61%
41%
24%
37% 7%
84%
85%
3Q09
2Q09
74%
61% 24% 84%
4Q09
3Q09
In 3 months In 6 months In 9 months In 12 months In 15 months
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Living Highlights in 4Q09
Living above R$ 130 thd/unit
Launched in Nov/09
Plaza Sprada - PR
Launched in Dec/09
Pleno Residencial 1st and 2nd phases - PA
Launched in Nov/09 and Dec/09
Liber Bosque Clube Pirituba - SP
Launched in Nov/09PSV: R$ 43 millionUnits: 269Average price: R$ 145 thd/un.
98% SOLD
Launched in Dec/09PSV: R$ 31 millionUnits: 180Average price: R$ 174 thd/un.
100% SOLD
Launched in Nov/09 and Dec/09PSV: R$ 60 millionUnits: 432Average price: R$138 thd/un.
89% SOLD
Living – “Minha Casa, Minha Vida”
Vitória Jundiaí - SP
L h d i D /09
Recreio das Laranjeiras - ES
L h d i O t/09
Único Guarulhos - SP
L h d i N /09 Launched in Dec/09PSV: R$ 48 millionUnits: 512Average price: R$ 94 thd/un.
Launched in Oct/09 PSV: R$ 52 millionUnits: 512Average price: R$101 thd/un.
Launched in Nov/09PSV: R$ 223 millionUnits: 2,380Average price: R$ 94 thd/un.
8Note: Until 03/01/2010
100% SOLD82% SOLD 99% SOLD
Living’s Landbank – 4Q09São Paulo
Potential PSV: R$ 7.5 billion (100%) and
R$ 6.1 billion (% Living)
43%
R$ 6.1 billion (% Living)
89 plots of land
68% paid through swaps RJ24%
Northeast10%
g
Unit’s average price - R$ 121 thd24%
Southeast others
5%
South17%
Landbank by unit price70 000
5%
22,148
22,799 61,912
40,000
50,000
60,000
70,000
16,965 10,000
20,000
30,000
40,000
9
-
,
Up toR$ 100 thd
From R$ 100 thd to
R$ 130 thd
From R$ 130 thd to
R$ 200 thd
Total
“Minha Casa, Minha Vida” Program
Caixa Econômica Federal Figures
Contracted unitsCEF Living
0-3 Minimum Wages 197,588 2,560 1%Living target: 3 to 10 M.W.
3-6 Minimum Wages 93,665 4,304 5%6-10 Minimum Wages 35,837 6,964 19%Total 327,090 13,828 4%
8.7% of market share in
approvals
Living submitted units
Evaluation Contracting Company (PJ) Contracting Company (PJ) and (PF)
Contracted
13,828
Total
29,950=Approved for sale
9,878
To be contracted
6,244+ + 13,828 29,950
Transferred
1,705
9,878 6,244
+
10Note.: Contracts of Caixa in Feb, 2010Living updated until Mar 2010
Grand Life IcaraiRio de Janeiro - RJLaunched in Nov/09
OperatingResults
Launches Cyrela + Living
42 projects launched in 4Q09 and 91 in 2009
Average price: R$ 215 thd/unit or R$ 3 2 thd/sq mAverage price: R$ 215 thd/unit or R$ 3.2 thd/sq.m.
LIVING: 39.7% of PSV launched in 4Q09 and 31.8% in 2009
Region breakdown in 2009Launches(R$ million)
5 679 SP47%
1,669 1,214
5,453 5,679
RJ13%
North5%
Midwest1%
3 7844,465472
2,552
Southeast others
8%South
8%
Northeast18%718
2,079
3,784
230 948
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4Q08 4Q09 2008 2009
Cyrela Partners
Sales Cyrela + Living24.0 thd units sold in 2009
VSO: 37.6% in the quarter (vs. 32.1% in 3Q09) and 59.0% in 2009
LIVING: 40.5% of PSV sold in 4Q09 and 32.9% in 2009
27% of sales in 2009 are related to inventories
Inventories 2009YE: R$ 3.6 bn (100%) and R$ 2.7 bn (%CBR) 8 months of sales*
Sales R i b kd i 2009Sales (R$ million) Region breakdown in 2009
SP51%5,144 5,241
Midwest1%
1,686 1,153
2 269RJ
14%
Southeast othersSouth
Northeast15%
North4%
454
1,757
3,4584,088
207
511
661
2,269
13* Considering monthly average sales in 2009
others6%9%454
4Q08 4Q09 2008 2009
Cyrela Partners
Sales Speed Cyrela
Average Sales Speed of Launches
38% 7% 12% 7% 8% 73%4Q08
40%
38%
26%
7%
11%
12%
6%
7% 8%
83%
73%
1Q09
4Q08
49%
53%
19%
26% 5%
69%
85%
3Q09
2Q09
45%4Q09
In 3 months In 6 months In 9 months In 12 months In 15 months
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Sales Speed Cyrela + Living
Average Sales Speed of Launches
37%
38%
30%
7%
9%
11%
5%
7% 7%
80%
71%
1Q09
4Q08
52%
49%
20%
30% 6%
72%
85%
3Q09
2Q09
56%4Q09
In 3 months In 6 months In 9 months In 12 months In 15 months
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Cyrela Highlights in 4Q09
Recovery of the demand in the mid to high segments and high speed of sales oflaunches
Launched in jul/09PSV: R$ 20 million
Praça Santana - SP Le Parc Boa Viagem 1° Fase - PE
Launched in Dec/09PSV: R$ 170 million
Launched in Oct/09PSV: R$ 66 millionUnits: 114
Average price: R$174 mil/un.
100% SOLD
PSV: R$ 170 millionUnits: 352Average price: R$ 484 thd/un.
61% SOLD
PSV: R$ 66 millionUnits: 108Average price: R$ 614 thd/un.
Andalus - SP Upper Northway - RS
Launched in Nov/09PSV: R$ 119 millionUnits: 298Average price: R$ 398 thd/un.
Launched in Oct/09PSV: R$ 29 millionUnits: 125Average price: R$ 234 thd/un.
98% SOLD 100% SOLD
16Note: Sales until Mar/10
Units Delivered in 2009
7 510 thousand units delivered in 47 projects with PSV launched of R$ 2 9 billion7,510 thousand units delivered in 47 projects with PSV launched of R$ 2.9 billion
Living delivered 8 projects in 2009 totaling 2,096 units with PSV R$ 221.4 million
In December 2009, there were 175 construction work sites, of which 65 sites are Living and110 are Cyrela projects
17 thd t 21 thd it t b d li d i 201017 thd to 21 thd units to be delivered in 2010
C t â RS L R id d M RJC t â C B l SPVitó i Vil M tild (Li i ) SP
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Contemporâneo – RS Delivered in Mar/09
Les Residences de Monaco - RJDelivered in Nov/09
Contemporâneo C. Belo – SPDelivered in Oct/09
Vitória Vila Matilde (Living) – SPDelivered in Oct/09
Landbank São Paulo29%
R$ 39.2 billion of PSV (R$ 32.5 billion %CBR) North
%
South+Arg+Urug7%
72.6 % paid through swaps
204 projects with 151.0 thousand units RJ39%Northeast
20%
3%
26% up to R$ 130 thd 87% up to R$ 500 thd970
Southeast others
2%
41,869 11,167
10,907 7,263 970 150,984
120,000
140,000
160,000
22 148
39,695
60,000
80,000
100,000
16,965
22,148
-
20,000
40,000
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Up toR$ 100 thd
From R$ 100 thd
to R$ 130 thd
From R$ 130 thd
to R$ 200 thd
From R$ 200 thd
to R$ 350 thd
From R$ 350 thd
to R$ 500 thd
From R$ 500 thd
to R$ 600 thd
From R$ 600 thd
to R$ 1,200
thd
Above R$ 1,200 thd
Total
Pleno Residencial – 1st and 2nd phasesPará - PALaunched in Nov and Dec/09
Financial Results
Net RevenueFinancial Results
4,087.8 (R$ million)
+43.6%
1 191 9
2,847.4
+58.7%
751.0 1,191.9
4Q08 4Q09 2008 2009
38.0%34 5%
Gross Income(R$ million)
Backlog(R$ million)
33.6% 34.0% 35.7%
1,082.6
1,409.3 32.8%
33.5% 34.5%
+30.2%
4 173 5 4,355.8 5,063.3
33.6%
246.6 398.7
,
+61.7%
4,173.5 ,
204Q08 4Q09 2008 2009Gross Profit Gross Margin
1S09 9M09 2009Receita Líquida a Apropriar Margem Bruta a Apropriar
Financial ResultsEBITDA Net Profit
21.6%
16 5%
22.3%
EBITDA(R$ million)
Net Profit(R$ million)
17.4% 17.8%
470 5
911.3
10.1%
16.5%
+93.7%
+162.6% 729.3 5.0%
9.8%
76.2 257.4
470.5 + 237.8% +457.3%
37.3 207.7 277.7
5.0%
4Q08 4Q09 2008 2009
EBITDA EBITDA Margin
Ratio Expenses to Sales Ratio Expenses to Net Revenue
4Q08 4Q09 2008 2009
Net Profit Net Margin
Ratio Expenses to Sales Ratio Expenses to Net Revenue
17.4%
10 9%
13.1%
7.8% 7 6%10.9%
6.3% 5.9%4.0%
10.2%9.5%
6.1%4 1%
7.8%6.0%
7.1% 7.6%
7.7% 6.8%5.8%
5.0% 5.1%
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4.1% 2.7%
4Q08 1Q09 2Q09 3Q09 4Q09
Selling Expenses Gen. & Admin. Expenses
4Q08 1Q09 2Q09 3Q09 4Q09
Selling Expenses Gen. & Admin. Expenses
Accounts Receivable
Accounts receivable performance(R$ million)
Receivable’s remuneration(R$ million)
Finished units: IGP-M + 12%U d C t ti INCC
875 9,696
7,464 8,327
9,696
Under Construction: INCC
8,821
3,301 1H09 9M09 2009Receivables
Units under construction
Constructed units
Construction cost to incur - sold
Receivables Schedule(R$ million)
3,3023,302
1,972 1,385
740 441 427 386 347 696
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441 427 386 347
2010 2011 2012 2013 2014 2015 2016 2017 Until 2028
Liquidity
Debt Balance(R$ million)
BalanceDec 31, 2009
Maturity Cost
SFH 1,190.3 2009 to 2014 TR + ~ 10.4% p.a.
Debentures 1st issuance 500.0 2012 ,2013,2014 CDI + 0.48% p.a.
Debentures 2nd issuance* 259.4 2018 CDI + 0.65% p.a.
Debentures 3rd issuance 350.0 2014 CDI + 0.81% p.a.Debentures 3 issuance 350.0 2014 CDI + 0.81% p.a.
Bradesco (stand-by) and others 213.4 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% p.a.
Loans (foreign currency) – US$ 50 million 87.1 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a.( g y) p p p
Total Debt withSFH 2,600.2
Total Debt without SFH 1,409.9 Net Debt withSFH= 1.0 time
Cash and Cash Equivalents (1,665.8)
Net Debt withSFH 934.5
Net Debt without SFH (255 9)
LTM EBITDA
23
Net Debt without SFH (255.9)
* In Jan/2010: R$ 61.9 million outstanding
Net CASH without SFH
LTM EBITDA
= 0.3 time
Contact us
Cyrela Brazil Realty S.A. projects e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455, 3rd floorSão Paulo SP BrasilSão Paulo - SP – BrasilCEP 04543-011
Investor RelationsPhone: (55 11) 4502 3153Phone: (55 11) 4502-3153 [email protected]
l b /iwww.cyrela.com.br/ir
Statements contained in this press release 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 theC ' b i l S h f t id ti l b t ti ll h i k t diti t
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Company'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.