2009 03 11 apresentacao teleconferencia 4 t09 eng final

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Conference Call 4Q09 and 2009 Results 03/11/2010

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Page 1: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Conference Call

4Q09 and 2009 Results

03/11/2010

Page 2: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

SPEAKERS

• FRANCISCO SCIAROTTA

CFO – CCDI

• LEONARDO ROCHA

CFO and IRO- CCDI

2

Page 3: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Operational Performance

Page 4: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

2009 Retrospective� First Quarter:

� Focus on the sale of inventory

� Control of Cash Flow

� Second Quarter:

� Launching of the Federal Program “Minha Casa, Minha Vida”

� Launchings in the Low Income segment

� Third Quarter:

� Strategy reformulation

� Write-offs

� Fourth Quarter:

� Sale our stake at “Projeto Rio”, the subsidiary that is responsible for thedevelopment of the Ventura Corporate Towers - Phase 2

� New launchings

� Debentures Issue

4

Page 5: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

LAUNCHINGS

5

159.7 56.0

393.7

900.2

551.1

4Q08 3Q09 4Q09 2008 2009

LAUNCHINGS (R$ MM)

100% CCDI

191.9

127.577.9 92.0

347.1

3Q08 4Q08 2Q09 3Q09 4Q09

AVERAGE PRICE OF LAUNCHING

R$’000 per unit (Residential)

Page 6: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

2009 LAUNCHINGS – HM ENGENHARIA

6

� Location: Campinas

� # Units: 784

� PSV: R$ 56.2 million

� Launching: 05/2009

� Private area: 41 m²

� Location: Campinas

� # Units: 519

� PSV: R$ 42.2 million

� Launching: 062009

� Private area: 49 m² and 64 m²

� Location: Campinas

� # Units: 304

� PSV: R$ 27.0 million

� Launching: 07/2009

� Private area: 49 m² and 77 m²

� Location: Ribeirão Preto

� # Units: 304

� PSV: R$ 29.0 million

� Launching: 09/2009

� Private area: : 49 m²

� Location: Sumaré

� # Units: 400

� PSV: R$ 36.0 million

� Launching: 12/2009

� Private area: 49, 78 and 113 m²

Page 7: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

2009 LAUNCHINGS - CCDI

7

� PSV: R$28,7 million

� # Units: 120

� Laucnhing: 10/2009

� Location: Curitiba

� # Units: 162

� PSV: R$127.6 million

� Private Area: 139 m² and 335 m²

� Laucnhing:: 10/2009

� Location: São Paulo

� Nº de unidades: 212

� PSV: R$117.0 million

� Private Area: 142 m²

� Laucnhing: 12/2009

� Location: São Paulo

� Nº de unidades: 360

� PSV: R$113.1 million� PSV: R$35,5 million

� # Units: 88

� PSV: R$48,9 million

� # Units: 152

Page 8: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Until 2007

17.5%

1Q08

5.3%

2Q08

1.6%

3Q08

28.9%

4Q08

16.8%

2Q09

13.9%

3Q09

4.3%

4Q09

11.6%

CONTRACTED SALES 2009

By launching period

CONTRACTED SALES

8

* Excludes Ventura Corporate Towera values.

214.8 194.5 185.0

913.9

672.8

4Q08 3Q09 4Q09 2008* 2009

CONTRACTED SALES (R$ MM)

100% CCDI

Page 9: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

CONTRACTED SALES

SALES FROM SEGMENTS UNDER R$ 500,0

PER UNIT REPRESENTED 81.8%

SALES ORIGNED IN THE SATATE OF SÃO PAULO

REPRESENTED: 82.4%

9

Low

Income

39.6%

Economic

17.7%

Medium

24.5%

Others

18.2%

2009 CONTRACTED SALES

By Market Segment

São Paulo

(country +

shoreline)

44.9%

São Paulo

(Capital +

RMSP)

37.5%

Minas

Gerais

8.6%

Paraná

5.2%

Rio de

Janeiro

3.9%

2009 CONTRACTED SALES

By Location

Page 10: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

INVENTORIES PRICED TO MARKET

10

990.4838.3

764.5608.7

824.1

4Q08* 1Q09* 2Q09* 3Q09* 4Q09

INVENTORIES PRICED TO MARKET

(R$ MM)

Until2007

42.9%

2008

16.0%

2Q09

1.4%

3Q09

1.9%

4Q09

37.8%

4Q09 INVENTORIES PRICED TO

MARKET

By period launching

* Excludes Ventura Corporate Towers (all periods) and Cassis (3Q09) values.

Page 11: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

SALES SPEED

11

Consolidado* 1Q09 2Q09 3Q09 4Q09 2009

VSO 12.2% 18.4% 23.7% 18.5% 43.6%

VV --- 170.4% 347.2% 47.0% 122.1%

Average Sales Speed 63.0% 75.1% 83.7% 82.1% 82.1%

HM Engenharia 1Q09 2Q09 3Q09 4Q09 2009

VSO 13.7% 31.0% 48.5% 45.4% 69.9%

VV 13.7% 31.0% 48.5% 45.4% 69.9%

Average Sales Speed 66.3% 80.0% 106.4% 101.4% 101.4%

SPEED OF SALES (VV): The Speed of Sales is the ratio between the amount sold in a given period of time over the amount launched during the same period of time. The higher

the ratio, the better. This indicator is a good way to track the sale of inventory.

SALES OVER OFFER (VSO): This indicator measures the ratio between the total amount of contracts sold over the total amount of contracts available for sale. The higher the

ratio, the faster the Company is selling its units. For analysis purposes, we have used retail units exclusively for both contracted sales and contracts available for sale.

AVERAGE SALES SPEED (SoS): The Average Sales Speed is an indicator used as a proxy to the monthly average selling volume, given historical information and the inventory

turnover speed. Once again, for this analysis, we have excluded the units launched and sold from the Ventura Corporate Towers’ phases 1 and 2.

* Excludes Ventura Corporate Towers (all periods).

Page 12: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

LAND BANK

12

9.2 9.1

(0.3)

0.2

3Q09 Land Bank 4Q09 Launchings 4Q09 Acquisitions 4Q09 Land Bank

LAND BANK

(R$ BILLION)

HM Engenharia acquires

in March/2010 a piece

of land with PSV

estimated R$133.0 MM

in Cajamar

Page 13: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

LAND BANK – R$9.1 BILLION IN PSV

13

São Paulo

Capital

49.3%

RMSP

29.7%

São

Paulo(cou

ntry +

shoreline)

14.3%

Espírito

Santo

3,9%

Other

States

2.8%

4Q09 LAND BANK

By Location

Low

Income

21.3%

Economic

21.4%

Medium

14.6%

Mediun-

High

11.8%

Others

17.8%

Commerci

al

13.1%

4Q09 LAND BANK

By Segment

Page 14: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Financial Performance

Page 15: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Important Facts in 2009

� Third Quarter:

� Write-offs

� Fourth Quarter:

� Sale our stake at “Projeto Rio”, the subsidiary that is responsible

for the development of the Ventura Corporate Towers - Phase 2

� Debentures Issue

15

Page 16: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Reconciliation of Income Statement

16

NO ADJUSTMENTS: reversion of non-recurring adjustments made on 3Q09 and 2009

INCOME STATEMENTS (R$ MM)3Q09 Not

Adjust.Adjust.

3Q09

Reported

2009 Not

Adjust.Adjust.

2009

Reported

NET REVENUE FROM SALES AND/OR SERVICES 130.8 (26.9) 103.9 546.0 (31.9) 514.1

COST OF SALES, RENTALS AND SERVICES (103.4) 5.1 (98.4) (400.8) 0.6 (400.1)

SALES (103.3) 5.1 (98.2) (400.2) 0.6 (399.5)

SERVICES (0.1) - (0.1) (0.6) - (0.6)

GROSS PROFIT 27.4 (21.9) 5.5 145.2 (31.2) 114.0

GROSS MARGIN 20.9% 81.2% 5.3% 26.6% 97.8% 22.2%

OPERATING INCOME (EXPENSES) (24.1) (39.6) (63.7) 24.7 (39.6) (14.9)

SELLING EXPENSES (5.5) (4.1) (9.6) (24.4) (4.1) (28.5)

GENERAL AND ADMINISTRATIVE EXPENSES (18.5) (2.8) (21.3) (68.1) (2.8) (70.9)

OTHER INCOME (EXPENSES), NET (0.1) (32.8) (32.9) 117.2 (32.8) 84.5

INCOME FROM OPERATIONS BEFORE FINANCIAL

INCOME (EXPENSES)3.3 (61.5) (58.2) 169.9 (70.8) 99.1

FINANCIAL INCOME (EXPENSES) (7.5) 0.7 (6.8) (13.4) 0.7 (12.7)

FINANCIAL INCOME 3.3 1.7 4.9 21.1 1.7 22.7

FINANCIAL EXPENSES (10.8) (1.0) (11.8) (34.4) (1.0) (35.4)

INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION (4.2) (60.8) (65.0) 156.6 (70.2) 86.4

INCOME TAX AND SOCIAL CONTRIBUTION 1.3 2.0 3.3 (30.4) 2.0 (28.4)

NET INCOME (2.9) (58.9) (61.8) 126.2 (68.2) 58.0

NET MARGIN (%) -2.2% 218.6% -59.4% 23.1% 213.8% 11.3%

Page 17: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

Sale of Venda do Ventura – Phase II�Buyer: BTS participações e Investimentos Ltda

� Transaction Value: R$211.0 million+ R$36.0 million = R$247,0 million

� 36.0 million is the estimated amount that BTS will need to complete the project. This

value will not be paid to CCDI.

� Receiving:

� R$ 100 million in the of the sale;

� R$ 60 million – April/2010 and

� R$ 51 million – in the date of the delivery construction – Jul or Aug/2010

� Income Statement Effects:

� R$ 117.4 million registries in other operating revenues.

17

Page 18: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

First Issue of Debentures

� Characteristics: Simple debentures, not convertible in shares, unique series

� Volume: R$ 400 million

� Banks: Banco do Brasil (50%), Bradesco (20%) e Itaú BBA (30%)

� Maturity: 50% in 24 months and 50% in 36 months

� Remuneration: CDI + 2% aa.

� Warranty: no real warranty

� Objective: refinance of the Company’s indebtedness and working capital and/or

investments

18

Page 19: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

118.4 108.2 136.1 174.0

606.2534.7 567.8

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

GROSS REVENUES

(R$ MM)

GROSS AND NET REVENUES (R$MM)

19

114.6 103.9 130.8 167.0

584.1514.1 546.0

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

NET REVENUES

(R$ MM)

NO ADJUSTMENTS: reversion of non-recurring adjustments made on 3Q09 and 2009

Page 20: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

GOSS INCOME (R$MM)

20

32.7 5.5 27.4 43.0

201.8

114.0145.2

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

GROSS INCOME

(R$ MM)

28.5%

5.3%

20.9%25.7%

34.6%

22.2%26.6%

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

GROSS MARGIN

(%)

NO ADJUSTMENTS: reversion of non-recurring adjustments made on 3Q09 and 2009

Page 21: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

NET INCOME (R$MM)

21

(12.5) (61.8) (2.9)

102.2

51.8 58.0

126.2

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

NET INCOME

(R$ MM)

.-11,0% -47.2%-2.2%

61.2%8.9% 10.6%

23.1%

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

NET MARGIN

(%)

NO ADJUSTMENTS: reversion of non-recurring adjustments made on 3Q09 and 2009

Page 22: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

EBITDA (R$MM)

22

(7.5) (57.6)

3.9

130.8

58.6 101.2

172.1

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

EBITDA

(R$ MM)

-6.6% -55.5%

3.0%

78.3%10.0% 19.7%

31.5%

4Q08 3Q09 3Q09 not

adjust.

4Q09 2008 2009 2009 not

adjust.

EBITDA MARGIN

(%)

NO ADJUSTMENTS: reversion of non-recurring adjustments made on 3Q09 and 2009

Page 23: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

REVENUES AND RESULTS TO BE RECOGNIZED (R$MM)

23

*4Q08 is not adjusted to the standardsof Law nº 11.638

825.0

935.7 955.3

4Q08* 3Q09 4Q09

REVENUES TO BE RECOGNIZED

(R$ MM)

204.7

247.8 244.1

4Q08* 3Q09 4Q09

RESULTS TO BE RECOGNIZED

(R$ MM)

Page 24: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

CASH AND INDEBTEDNESS (R$MM)

24

110.4

414.9

600.6

4Q08 3Q09 4T09

GROSS DEBT

(R$ MM)

139.9

318.9

179.0

Cash on Sep/2009 Cash generated on

4Q09

Cash position on

Dec/09

CHANGE IN CASH POSITION

(R$ MM)

Page 25: 2009 03 11 Apresentacao Teleconferencia 4 T09 Eng Final

INFORMAÇÕES DE CONTATO

Leonardo de Paiva Rocha

Diretor de Finanças e RI

Camila Poleto Bernardi

Relações com Investidores

Tel: (11) 3841-4824

[email protected]