2009 03 11 apresentacao teleconferencia 4 t09 eng final
DESCRIPTION
TRANSCRIPT
Conference Call
4Q09 and 2009 Results
03/11/2010
SPEAKERS
• FRANCISCO SCIAROTTA
CFO – CCDI
• LEONARDO ROCHA
CFO and IRO- CCDI
2
Operational Performance
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
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$’000 per unit (Residential)
2009 LAUNCHINGS – HM ENGENHARIA
6
� Location: Campinas
� # Units: 784
� PSV: R$ 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
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$48,9 million
� # Units: 152
Until 2007
17.5%
1Q08
5.3%
2Q08
1.6%
3Q08
28.9%
4Q08
16.8%
2Q09
13.9%
3Q09
4.3%
4Q09
11.6%
CONTRACTED SALES 2009
By launching period
CONTRACTED SALES
8
* Excludes Ventura Corporate Towera values.
214.8 194.5 185.0
913.9
672.8
4Q08 3Q09 4Q09 2008* 2009
CONTRACTED SALES (R$ MM)
100% CCDI
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
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.
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).
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
LAND BANK – R$9.1 BILLION IN PSV
13
São Paulo
Capital
49.3%
RMSP
29.7%
São
Paulo(cou
ntry +
shoreline)
14.3%
Espírito
Santo
3,9%
Other
States
2.8%
4Q09 LAND BANK
By Location
Low
Income
21.3%
Economic
21.4%
Medium
14.6%
Mediun-
High
11.8%
Others
17.8%
Commerci
al
13.1%
4Q09 LAND BANK
By Segment
Financial Performance
Important Facts in 2009
� Third Quarter:
� Write-offs
� Fourth Quarter:
� Sale our stake at “Projeto Rio”, the subsidiary that is responsible
for the development of the Ventura Corporate Towers - Phase 2
� Debentures Issue
15
Reconciliation of Income Statement
16
NO ADJUSTMENTS: reversion of non-recurring adjustments made on 3Q09 and 2009
INCOME STATEMENTS (R$ 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%
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
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
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
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
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
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
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)
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)
INFORMAÇÕES DE CONTATO
Leonardo de Paiva Rocha
Diretor de Finanças e RI
Camila Poleto Bernardi
Relações com Investidores
Tel: (11) 3841-4824