3q11 disclosure and results

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  • 1

    Earnings Release | Conference Call 3Q11November 11th, 2011

  • 2

    Summary

    Ricardo Ribeiro

    COO

    Roberto Senna

    CEO

    Carlos Wollenweber

    CFO | IR

    3Q11 Highlights

    Operational Highlights

    Financial Highlights

  • 3Q11 9M11

    Launched PSV% Direcional

    R$ million 377 1,019

    Contracted PSV% Direcional

    R$ million 430 863

    Sales Over Supply % PSV 36.7% 50.4%

    Net Revenues R$ million 298 776

    Adjusted Net Income R$ million 59 151

    Adjusted Net Margin % 20% 19%

    Highlights

    31. Considering the acquisition of 60% of the residential towers of Parque Ponta Negra project in 2Q11;

    2. Adjusted by non-cash expenses (Stock-Options Program).

    1

    1

  • 4

    On September 1st, Direcional signed an agreement with the State of Amazonas and Caixa Economica Federal for the

    construction of the 2nd phase of Meu Orgulho project in Manaus, with PSV of R$ 313.4 million.

    # Units

    Segment

    Housing PSV

    Infrastructure PSV

    3,511

    MCMV 1st Layer

    R$ 149.2 million

    R$ 41.4 million

    Total PSV R$ 190.6 million

    Location Manaus - AM

    Residencial Meu Orgulho 1st Phase

    Launch 2Q10

    # Units

    Segment

    Housing PSV

    Infrastructure PSV

    5,384

    MCMV 1st Layer

    R$ 272.6 million

    R$ 40.7 million

    Total PSV R$ 313.4 million

    Location Manaus - AM

    Residencial Meu Orgulho 2nd Phase

    Launch 3Q11

    Agreement with CEF to develop the 2nd phase of MeuOrgulho Project

  • 1st Phase MCMV

    5

    The most relevant player in the very low income segment in Brazil

    PAR 2nd Phase MCMV RET1+ + +

    # of projects: 5

    # of Units: 3,602

    Total PSV: R$ 153.7 million

    Previous to MCMV

    Program

    # of projects: 3

    # of Units: 7,391

    Total PSV: R$ 380.3 million

    # of projects: 2

    # of Units: 6,724

    Total PSV: R$ 392.5 million

    # of projects: 5

    # of Units: 2,540

    Total PSV: R$ 149.2 million

    Units under R$ 75.0

    thousand

    RET 1% Projects:

    # of projects: 5

    # of Units: .2,540

    PSV: R$ 149.2 million

    Very Low Income Projects:

    # of projects: 10

    # of Units: .17,717

    Total PSV: R$ 926.6 million

    Large Scale Projects + Industrialized construction process

    Petrpolis - AM Meu Orgulho 1st Phase Meu Orgulho 2nd Phase Total Ville Maca - RJ

    Direcional as Contractor Direcional as Developer+

  • 6

    Operational Highlights

    Launches

    Sales

    Land Bank

    Inventory

    Ricardo Ribeiro Operational Highlights

  • 7

    Launches

    +133%

    CAGR 07-10: 82%+56%

    Launched PSV

    (R$ million)

    Launched PSV Track Record

    (R$ million)

    162 63

    461 575

    313

    191

    313

    131

    3Q10 3Q11 9M10 9M11

    Development MCMV 1st Layer Project Acquisition

    1,019

    652

    377

    162

    176

    710 783

    1,067 888

    131

    2007 2008 2009 2010 9M11

    Development Project Acquisition

    1,019

    Total

    (R$'000)

    % Direcional

    (R$'000)

    1 Portal Vistas do Horizonte September Belo Horizonte - MG 95,878 47,939 376 1,172 Medium

    2 Total Ville Maca - 3rd Phase - RET 1 September Maca - RJ 31,010 15,505 402 1,145 Low-Income

    3 Residencial Meu Orgulho - 2nd Phase September Manaus - AM 313,395 313,395 5,384 8,895 MCMV 1 st Layer

    440,283 376,839 6,162 11,212

    # of Units

    Launched

    Total Units

    (All Phases)Segment

    Total

    PSV

    3Q11 Projects Date City - State

  • 3Q103Q11

    9M109M11

    60.1%83.2%

    58.6% 67.7%

    25.7%34.8%

    5.6%

    14.2% 16.8% 6.7%

    26.7%

    North Midwest Southeast

    3Q103Q11

    9M109M11

    83.2%

    29.2% 35.3%

    95.6%

    4.1%

    46.3%22.4%

    4.4%12.7%

    21.2%

    25.4%

    3.2%

    5.4%11.5%

    MCMV 1st Layer Low-Income Medium Upper-Middle Commercial

    Launches Breakdown

    Launches

    (Segment Breakdown % PSV)

    Launches

    (Geographic Breakdown - % PSV)

    8

    Meu Orgulho 2nd Phase - AM

    PSV R$ 313.4 Million

    Portal Vistas do Horizonte - MG

    PSV R$ 47.9 Million

    Total Ville Maca 3rd Phase - RJ

    PSV R$ 15.5 Million

  • 3Q103Q11

    9M109M11

    35.3%

    91.9%

    64.3% 68.9%

    39.4%

    2.5%

    22.1% 11.0%

    25.3%5.6%

    13.6%20.1%

    North Midwest Southeast

    3Q103Q11

    9M109M11

    72.8%

    30.2% 40.5%

    49.2%

    11.2%

    39.4% 19.8%

    24.7%

    10.7%

    16.2%27.9%

    26.1%4.4%

    14.2% 7.1%

    0.8%

    4.8%

    MCMV 1st Layer Low-Income Medium Upper-Middle Commercial

    143 117

    440 461 313

    191 313

    89

    3Q10 3Q11 9M10 9M11

    Development MCMV 1st Layer Project Acquisition

    143

    430

    631

    863

    127

    441 661

    1,037 774

    89

    2007 2008 2009 2010 9M11

    Development Project Acquisition

    863

    9

    Sales

    CAGR 07-10: 101%

    +201

    +37%

    Contracted PSV

    (R$ million)

    Contracted PSV Track Record

    (R$ million)

    Sales

    (Geographic Breakdown - % PSV)

    Sales

    (Segment Breakdown - % PSV)

  • Units Launched in 2Q11 1.732

    Contracted Units 700

    Contracted in 2Q11 253

    Contracted in 3Q11 368

    Contracted on October 79

    Units to be sold* 1.032

    Sales Status: RET1

    38.3%

    22.1%

    36.7%

    20.8%

    27.6%

    18.5%16.0%

    3Q10 4Q10 1Q11 2Q11 3Q11

    With MCMV 1st Layer project Ex MCMV 1st Layer project

    10

    Sales Over Supply

    (Total PSV)

    Sales Speed (%)

    (Units)

    Sales Status of RET1 Projects (launched in the 2Q11)

    Impacted by the lower

    launched PSV in the

    3Q11

    Sales Speed

    17%

    87%

    48%

    20%

    90%

    27%

    4%

    21%

    20%

    14%

    1%

    9%

    9% 2%3Q10

    4Q10

    1Q11

    2Q11

    3Q11

    3M 6M 9M 12M 15M

    40%

    78%

    93%

    70%

    90%

    40%

    60%Contracted Units

    Units to be sold*

    * RET1 sales are subject to the mortgage facility approval by CEF

  • 11

    Concluded Projects 9M11

    DF 29%AM

    26%

    RO 22%

    ES 12%

    MG 8%

    SP 3%

    Concluded Projects(Geographic Breakdown % PSV)1 Equilibrium Manaus - AM 2Q11 43,561 136

    2 guas do Madeira Porto Velho - RO 2Q11 40,973 4263 Grand Prix Manaus - AM 2Q11 36,983 1924 Lake View Resort Braslia - DF 2Q11 87,812 2325 Garden Club - Fase 01 Porto Velho - RO 2Q11 27,515 3136 Dream Park Serra - ES 2Q11 35,704 2827 Gran Paradiso Belo Horizonte - MG 3Q11 13,621 1288 Villagio Santa Mnica Belo Horizonte - MG 3Q11 10,219 1209 Vernissage Campinas - SP 3Q11 8,448 58

    Total 304,835 1,887

    Projects City - StatePSV % Direcional

    (R$ '000)UnitsQuarter

  • Low-Income, 52.4%

    Commercial, 4.8% Medium,

    36.0%

    Upper-Middle,

    6.8%

    6,757 6,991 581

    229

    575

    4Q10 ACQUIRED LANDSON 9M11

    REVIEW OFASSUMPTIONS

    LAUNCHES IN9M11

    9M1112

    Land Bank

    59.2% large scale projects (more than 1,000 units);

    53.5% in the North and Midwest regions;

    52.4% projects in the low-income segment;

    45.6% are eligible for the MCMV program.

    Geographic Distribution

    (PSV % Direcional)

    MINHA CASA, MINHA VIDA

    49.9 thousand units are eligible for the

    program, equal to 73.4% of total land bank

    Segment Breakdown

    (PSV)

    ES1.5%

    AM13.7%

    MG37.6%

    RO3.9%

    SP6.5%

    PA13.4%

    DF22.5%

    RJ0.9%

    Land Bank Evolution 9M11

    (PSV - R$ million)

  • 271

    286

    536

    1,050

    2,230

    2,003

    7,984

    12,201

    9,528

    14%

    7%

    9%

    % in Inventory23%

    Concluded Projects

    2008

    2009

    2010

    2011

    Launched Inventory

    53

    63

    95

    220

    275

    886

    783

    1,067

    1,019

    7%

    12%

    21%

    % in Inventory27%

    Concluded Projects

    2008

    2009

    2010

    2011

    Launched Inventory

    13

    Inventory

    Inventory(Units)

    Inventory PSV(R$ million)

    Only R$ 53 million (or 271 units) are concluded inventory;

    87% of units under construction have already been sold;

    Reduction of 7% of the total inventory in the 3Q11.

    PSV (R$'000) % Direcional Units in Inventory

    Total Inventory 705,493 4,373

  • 14

    Financial Highlights

    Financial Performance

    Liquidity Ratios

    Deferred Results

    DIRR3 Stock Analysis

    Carlos Wollenweber Financial Highlights

  • 67 97 179 242

    32.0% 32.6% 34.5%31.2%

    3Q10 3Q11 9M10 9M11

    Adjusted Gross Margin

    211 298

    519

    776

    3Q10 3Q11 9M10 9M11

    63.4 102.3 263.2 377.6 781.9 776.3

    24.0% 21.1%24.5% 22.5% 22.6%

    19.4%

    2006 2007 2008 2009 2010 9M11

    Adjusted Net Margin (%)

    +41%

    +50%

    15

    Financial Highlights

    1 - Net Margin: Adjusted for non-cash expenses (Stock-Options Program).

    2 - Gross Margin Ex-SFH: excluding interest expenses

    Net Revenues

    (R$ million)

    CAGR 06-10: 87,4%

    Net Revenues Track Record

    (R$ million)

    44%

    +35%

    Gross Profit and Gross Margin

    (R$ million)

  • 47 59

    126 151

    22.4% 20.0%

    24.2%

    19.4%

    3Q10 3Q11 9M10 9M11

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