eanings release conference call ccdi 2q09
Post on 24-Jan-2015
169 Views
Preview:
DESCRIPTION
TRANSCRIPT
Conference Call
2Q09 Results
08/13/2009
Operational Performance
3
OPERATIONAL HIGHLIGHTIS
• MACROECONOMIC RECOVERY + “MINHA CASA, MINHA VIDA” = DEMAND RECOVERY
• 2 LAUNCHINGS IN THE LOW INCOME SEGMENT - AVERAGE PRICE OF UNITS LAUNCHED IS R$78 THOUSAND
• SALES > LAUNCHINGS > REDUCTION OF INVENTORIES
• NEW LAUNCHINGS IN THE SECOND SEMESTER > FOCUS IN THE LOW INCOME SEGMENTS
4
LAUNCHINGS (R$MM)
2Q09 2Q09 1H08 1H09
96.1 101.4
375.5
101.4
LAUNCHINGS (R$ MM)100% CCDI
+5.5%
-73.0%2Q08 3Q08 4Q08 2Q09
223.3191.9
127.577.9
LAUNCHING AVERAGE PRICER$’000 (Residential)
-65.1%
*There were no launchings on 1Q09.
5
CONTRACTED SALES
2Q08 1Q09 2Q09 1H08* 1H09
263.0
120.8172.8
498.2
293.6
CONTRACTED SALES(R$ MM)
-41.1%
* Excludes values refering to Ventura Corporate Towers sales
-34.3%
+43.0%
Until 20065.3%
200714.5%
1Q085.8%
2Q083.0%
3Q0841.2%
4Q0811.1%
2Q0919.2%
2Q09 CONTRACTED SALESBy launching period
6
2Q09 CONTRACTED SALES
SALES FROM SEGMENTS UNDER R$500,000 PER UNIT REPRESENTED 91%
SALES ORIGINED IN THE STATE OF SÃO PAULO REPRESENTED: 84%
Low Income41.7%
Economic22.2%
Medium23.3%
Mid-High4.0%
Others8.9%
CONTRACETD SALESBy Market Segment
São Paulo (Capital +
RMSP)39.1%
São Paulo (Country + shoreline)
45.1%
Rio de Janeiro
4.9%
Minas Gerais10.9%
2Q09 CONTRACTED SALESby Location
7
INVENTORIES PRICED TO MARKET
2Q08 1Q09 2Q09
767.9
879.5
810.8
INVENTORY PRICED TO MARKET(R$ MM)
-7.8%
+5.6%
* Excludes values refering to Ventura Corporate Towers sales
Until 20065.3%
200750.9%
1Q086.0%
2Q081.0%
3Q0817.9%
4Q0810.5%
2Q098.5%
INVENTORY PRICED TO MARKETBy launching period
8
2Q09 INVENTORIES PRICED TO MARKET
2Q08 1Q09 2Q09
14.1% 15.5% 20.7%7.7% 10.4% 6.6%
22.3% 22.0% 19.0%
12.9% 9.2% 9.3%
43.0% 42.9% 44.4%
INVENTORIES PRICED TO MARKETBy market segment
Low Income Economic Medium
Mid-High High and Luxury
2Q08 1Q09 2Q09
47.1% 39.4% 36.9%
10.3%8.3% 6.7%
29.8%31.7% 36.8%
12.8%10.0% 11.4%10.7% 8.2%
INVENTORIES PRICED TO MARKETBy location
SP - Capital RMSPSP - Countryside SP - shorelineOthers States
9
LANDBANK– R$10 BILLION IN PSV
Low Income15.0%
Economic26.1%
Medium12.4%
Mid-High9.0%
Other25.0%
Commercial12.5%
2Q09 LAND BANK By Market Segment
São Paulo Capital47.7%
RMSP32.5%
São Paulo Countryside
10.3%
São Paulo Shoreline
0.6%
Rio de Janeiro
1.4%
Other Estates7.5%
2Q09 LAND BANK By Location
Financial Performance
11
FINANCIAL HIGHLIGHTS
• LARGE NUMBER OF PROJECTS UNDER CONSTRUCTION > LARGE BASE OF REVENUES RECOGNIZING
• GROSS MARGIN IMPACTED BY NON-RECORRING EVENTS
• SALES EXPENSES AND G&A ARE DECLINING
• CASH CONSUMPTION (QUARTER): R$80.5 MILLION
• CASH POSITION (END OF THE PERIOD): R$112.4 MILLION
12
2Q08 1Q09 2Q09 1H08 1H09
105.2 113.8 138.8
346.7
252.5
GROSS REVENUES(R$ MM)
-27.2%
+22.0%
+31.9%
GROSS AND NET REVENUES(R$MM)NET REVENUES: +22% OVER THE PREVIOUS QUARTER
FIRST QUARTER 2008 WAS IMPACTED BY THE REVENUES RELATED TO THE
SALE OF THE FIRST PHASE OF THE VENTURA CORPORATE TOWERS.
2Q08 1Q09 2Q09 1H08 1H09
101.2 109.6 133.5
333.5243.1
NET REVENUES(R$ MM)
-27.1%
+21.8%
+31.9%
13
GROSS INCOME (R$MM)GROSS INCOME AND MARGIN
GROSS INCOME IS R$29.3 MILLION
GROSS MARGIN OF 21.9% WAS NEGATIVELY AFECTED BY NON-RECORING EVENTS
2Q08 1Q09 2Q09 1H08 1H09
27.3 36.1 29.3
123.6
65.4
GROSS INCOME(R$ MM)
-47.1%
-19.0%+7.1%
2Q08 1Q09 2Q09 1H08 1H09
27.0%33.0%
21.9%
37.1%
26.9%
GROSS MARGIN(%)
-1,020 bps
-1,100 bps-510 bps
14
NET INCOME (R$MM)
2Q08 1Q09 2Q09 1H08 1H09
-2.3 10.0 7.6
55.5
17.5
NET INCOME(R$ MM)
-68.4%
-24.4%
2Q08 1Q09 2Q09 1H08 1H09
-2.3%
9.1%5.7%
16.6%
7.2%
NET MARGIN(%)
-940 bps
-340 bps
15
EBITDA (R$MM)
2Q08 1Q09 2Q09 1H08 1H09
-7.8
15.8 12.3
48.7
281
EBITDA(R$ MM)
-42.4%
-22.3%
2Q08 1Q09 2Q09 1H08 1H09
-7.7%
14.4%9.2%
14.6%11.5%
EBITDA MARGIN(%)
-310 bps-520 bps
16
REVENUES AND RESULTS TO BE RECOGNIZED(R$MM)
2Q08* 1Q09 2Q09
726.6
851.0 877.3
REVENUES TO BE RECOGNIZED(R$ MM)
+3.1%
+20.7%
2Q08* 1Q09 2Q09
206.9
239.6233.4
RESULTS TO BE RECOGNIZED(R$ MM)
-2.6%
+12.8%
*2Q08 not adjusted to the standards of Law 11.638
17
CASH / DEBT (R$MM)
2Q08 1Q09 2Q09
94.3
159.9
295.6
GROSS DEBT(R$ MM)
+84.9%+213.5%
Cash
on
Mar
/09
Cash
use
d on
2...
Cash
pos
ition
...
61.5 61.5
112.4
51.0
CHANGE IN CASH POSITION(R$ MM)
CONTACT INFORMATION
Leonardo de Paiva RochaCFO and IRO
Fernando BergaminInvestors RelationsTel: (55 11) 3841-5880
ri.ccdi@camargocorrea.com.br
Access our IR Blog www.ccdi.com.br/blog
top related