ApresentaçãO 3 T07 Eng
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Transcript of ApresentaçãO 3 T07 Eng
EARNINGS RELEASE
THIRD QUARTER OF 2007
2
Recent Events – Land Acquisitions
• Niterói (RJ)– PSV: R$ 86 million
– Medium Segment (from R$ 200,000 to R$ 350,000 per unit)– Swap Ratio(40%)
• Caiçara – Belo Horizonte (MG)– PSV: R$ 44 million
– Economic Segment (from R$ 100,000 to R$ 200,000 per unit)– Cash (100%)
• Guaratuba – Bertioga (SP)– PSV: R$ 200 million
– Mid-High Segment (R$ 350,000 to R$ 500,000) and High (R$ 500,000 to R$ 1.0 million per unit)
– Swap Ratio (100%)
3
Operational Results 3Q07Launchings and SalesLand Bank
Geographic DiversificationSegment Diversification
Operational Performance
4
Launchings
453.3
2006
71.4
1Q07
428.3
2Q07
33.3
3Q07
79.8
4Q07
612.7
2007YTD
35.2%
LAUNCHINGS (R$ MILLION)
5
Guidance
• Launchings goal for 2007 will be reached through the launching of the following projects:
Launchings Location Units Meter (unit)
Market Segment (1)
CCDI’s stake (%)
Oficina Jardim Sul 168 87 Medium 100%
Antígua Jardim Sul 148 107 Médium 100%
Andorinha Jardim Sul 155 128 Mid-High 100%
Innova São Francisco Osasco 1,728 50 – 65 Economic 50%
Taboão Taboão da Serra 560 90 – 120 Médium 70%
Jardim de Vila Rica Santos 44 180 High 95%
Terra Brasil (I) Alphaville 112 108 – 129 Medium 100%
Jardim Sul Ribeirão Ribeirão Preto 325 190 – 315 Mid-High 85%
Empresarial Jardim Sul Jardim Sul 260 34 – 190 Commercial - offices 100%
Interclub Interlagos São Paulo 204 70 Economic 50%
HM Interior de SP 1,120 40-70 Low Income 51%
Total PSV CCDI: R$ 600 MM
(1) Calculated as a percentage of the land acquisition price
Each project’s PSV is base don the management’s expectations and
forecasts for the projects to be developed. Therefore, the figures
could materially change during project development and approval phases.
Key: Low Income segment – units priced between R$ 40,000 and R$100,000 Economic segment - units priced between R$ 100,000 and R$ 200,000 Medium segment – units priced between R$ 200,000 and R$ 350,000 Mid-high segment – units priced between R$ 350,000 and R$ 500,000 High-end Segment - units priced between R$ 500,000 and R$ 1,000,000 Luxury Segment - units priced at more than R$ 1,000,000 Triple A – High quality commercial units
6
Contracted Sales
• Contracted Sales are already 30% over the 2006 total
172.0
2006
87.3
1Q07
82.7
2Q07
53.2
3Q07
223.2
2007 YTD
29.8%
CONTRACTED SALES (R$ MILLION)
7
Contracted Sales
• CCDI has sold 2/3 of units available for sale until Sep/30
CONTRACTED SALES (R$ MILLION)
80
200
333
613
VGV Launchings
223
Contracted Sales
Commercial
Residential e Leisure (until 3Q07)Residential e Leisure (4Q07)
67%
8
Sales and Remnants
• Only 14 delivered units are still available for sale (1 unit sold in Oct)
709165
2Q07
188
Launchings
107
Sales
15
610
790
3Q07
UNITS FOR SALE
4
27
Delivered Units
76
Pre-Cosntruction UnitsUnits under Construction
9
Land Bank
• Land Bank expanded 40% - swap ratio sustained at high levels
0.5
6.6
7.1
5.1
IPO 3Q071Q07
5.3
HM Engenharia e ConstruçõesCamargo Corrêa Desenvolvimento Imobiliário
39.2%
5.5
2Q07
LANDBANK (R$ BILLION) – 100% CCDI
10
Land Bank
• New acquisitions are more than 50% of the IPO’s total Land Bank
5.1
Landbank - IPO
0.5
Launchings up tp 3Q07
0.1
Launchings on 4Q07
2.6
Land Acquisition
7.1
Landbank - Today
37.8%
LANDBANK (R$ Billion)
11
Land Bank
• 85% of the Land Bank will be developed into residential projects
4,722.1(66.5%)
Residential
900.0(12.7%)Commercial
150.0(2.1%)Lots
Residential - Leisure
1,326.4(18.7%)
LANDBANK (R$ MILLION)
12
Land Bank
• 38% of the Land Bank (Residential) is already located out of São Paulo Metropolitan Region (RMSP)
RESIDENTIAL LANDBANKRegional Diversification (R$ million)
3,756.1
SP Metro Area
1,326.4
736.0
2,062.4
SP - Country andShore
150.0
Rio de Janeiro
80.0
Belo Horizonte
Residential - LazerResidential
62% 12%
22%
2% 1%
13
Land Bank
• 41% of residential land is allocated for launchings of units up to R$ 350,000 each.
RESIDENTIAL LANDBANKSegment Diversification - R$/unit (R$ million)
Residential - LeisureResidential
487.0
40 to 100 thousand
908.0
100 to 200 thousand
1,118.5
200 to 350 thousand
1,986.0
350 to 500 thousand
849.0
500 thousandto 1 million
700.1
Over 1 million
16%14%15%8% 14% 10%
4%
17%
2%
14
Land Bank
RESIDENTIAL LANDBANK – SP Metrop. AreaDiversification by Segment - R$000/unit (R$ million)
0.0
40 to 100
719.5
100 to 200
870.1
200 to 350
875.5
350 to 500
669.0622.1
19% 23% 23% 18% 17%
500 to 1,000 More than1,000
15
Land Bank
Bertioga Land: Acquired 100% though swap
487.0
40 to 100 thousand
108.5
100 to 200 thousand
248.4
200 to 350 thousand
1,000.0
110.5
500 thousand to 1 million
78.0
Over 1 million
Residential - LeisureResidential
350 to 500 thousand
30.0
1,110.5
RESIDENTIAL LANDBANK - SP/Country and ShoreSegment Diversification - R$/unit (R$ million)
24% 5% 6% 1%12% 4%
48%
16
Financial Performance
Revenues, Gross Income and MarginsMargins Reconciliation and Comparisons
Results to RecognizeEBITDA and Net Income
17
Financial Performance
• Gross Revenues growing 12% QoQ and 45% YoY
GROSS REVENUES (R$ Million)
40.4
3Q06
38.0
4Q06
46.1
1Q07 3Q07
11.9%
2Q07
45.242.9
GROSS REVENUES (R$ Million)+45%
9M07
134.3
9M06
92.6
18
Financial Performance
• Net revenues growing 12% QoQ and 46% YoY
NET REVENUES (R$ Million)
41.244.3
2Q071Q07
43.5
3Q07
38.9
3Q06
36.9
4Q06
+12%
NET REVENUES (R$ Million)
88.4
9M06
129.0
9M07
+46%
19
Financial Performance
• Gross Income advancing as planned
GROSS INCOME (R$ Million)
7.1
4Q06
9.9
1Q07
10.5
2Q07
12.2
3Q07
+53%
8.0
3Q06
GROSS INCOME (R$ Million)
+81%
9M07
32.7
9M06
18.1
20
Financial Performance• Reported Gross Margins reaches 28.2%, 7.6 percentage points above
the 3Q06• Margin Reconciliation adds 730 bps to the Gross Margin
GROSS MARGIN (%)+7.3 p.p.
35.4%
3Q07 Reconciliation
20.6%
3Q06
19.4%
4Q06
22.4%
1Q07
25.6%
2Q07
28.2%
3Q07
21
Margin Reconciliation
Income Statement Reconciliation 3Q07
Reported 3Q07
(Pro-Forma) 3Q06
Reported 3Q06
(Pro-Forma)
Total Contracted Sales 47,075 47,075 42,050 42,050
Brokerage Commission (1,825) - (1,658) -
Land Swap Cost - (1,921) - (3,756)
Gross Revenues Recognized 45,249 45,154 40,392 38,294
Deductions (1,783) (1,779) (1,473) (1,779)
Net Revenues Recognized 43,466 43,374 38,919 36,514
Product Sold Cost (28,002) (28,002) (26,053) (26,053)
Land Swap Cost (1,921) - (3,756) -
Financing Cost (1,307) - (1,090) -
Gross Income 12,237 15,372 8,020 10,461
Gross Margin 28.15% 35.44% 20.61% 28.65%
Sales Expenses (1,716) (1,716) (1,334) (1,334)
Brokerage Commission - (1,758) - (1,597)
General & Administration Expenses (7,530) (7,530) (4,194) (4,194)
Operational Income 2,991 4,368 2,492 3,336
Financial Result 8,712 8,712 3,398 3,398
Financial Expenses (989) (989) (3,870) (3,870)
Financing Costs - (1,307) - (1,090)
Non Operational Result 7 7 (375) (375)
Earnings Before Taxes 10,721 10,791 1,645 1,399
Deferred Income Taxes/ Social Contribution (3,246) (3,246) (1,266) (1,266)
Net income 7,476 7,545 379 133
Net Margin 17.20% 17.40% 0.97% 0.36%
22
Financial Performance
• Revenues and Result to be Recognized also expanding
194.6
3Q06
244.9
1Q07
274.9
2Q07
286.4
3Q07
+47.2%
REVENUES OF SALES TO BE RECOGNIZED (R$ Million)
+57.2%
48.2
3Q06
60.1
1Q07
70.1
2Q07
75.7
3Q07
RESULTS OF SALES TO BE RECOGNIZED (R$ Million)
23
Financial Performance
• REF Margins advancing QoQ
26.4%
3Q07
22.4%
1Q07
25.5%
2Q07
MARGIN OF SALES TO BE RECOGNIZED (%)
24
Financial Performance
• EBITDA and Net Income recovering after IPO expenses
2.8
3Q06
2.1
1Q07
-2.9
2Q07
2.5
3Q07
EBITDA (R$ Million)
-12.9
1Q07
2.7
2Q07
7.5
3Q07
NET INCOME (R$ Million)