4Q11 / FY2011 Results Presentation. Earnings Conference Call April 2, 2012

Transcription

1 4Q11 / FY2011 Results Presentation Earnings Conference Call April 2, 2012

2 Highlights Operational Performance Operational Highlights (R$ million) Launches (% Viver) Launches (Units) 849 6,327 3,669 Pre-Sales (% Viver) Pre-Sales (Units) 1,958 4,534 3,500 Inventory at market value Inventory of 2008 and previous projects VGV of delivered projects (% Viver) ,227 Units delivered ,981 Pre-sales exceeded launches by 7% in 2011 Inventory of completed and nearly completed units, mostly 2007 and 2008 launches, declined 40% Record high volume of deliveries in Company history: 26 projects completed, VGV of R$1.2 billion, 5,981 units 2

3 Highlights Financial Performance Financial Highlights (R$ million) Pro forma Net Revenue (R$ 000) Gross Profit (R$ 000) Gross Margin 24.1% 28.5% 14.7% 25.0% EBITDA (R$000) EBITDA Margin 9.3% 18.0% 2.3% 16.0% Net Income (Loss) (R$000)¹ (115) (11) Net Margin 2.7% 8.7% -15.8% -1.5% 2011 Pro forma excludes the following non-recurring items: Construction budget overrun detailed in the following slides Provision for losses arising from an agreement signed by the Company s in 2007, whose guarantees were considered insufficient by current management. 3

4 Construction site Construction Division Structural Changes David Fratel, Executive Vice President, joined VIVER as Division Head on July 2011, aiming at the reestructuring of processes, implementation of necessary personnel changes and centralization of procurement, planning and controls of construction sites. Having previously worked at construction powerhouses OAS and Ergon Engenharia, Mr. Fratel also acted as Executive Director at Engineering S/A, where he worked for 15 years, responsible for project management, ERP systems, quality and certification of construction sites Prior to joining VIVER he was Head of renowned Patria Investimentos engineering division. Previous structure Current structure Site Manager: responsibilities Construction management Cash Inventory control Procurement Planning and controls Quarterly budget updates Main Office Site Site Manager: responsibilities Construction management Cash (managed via SAP) Supplies Centralized procurement and inventory control Headed by ex responsible for procurement and logistics at Xerox Brazil. Planning and Controls Tracking of construction progress,on a monthly basis, both physical and financial, utilizing PMI Assessment of end result Headed by ex responsible for planning, budgeting and controls at PDG. 4

5 Construction Division Cost Overrun by Launch Period Construction budget overrun by launch period 9% Pre 2009 Post 2009 Post 2009 Launches showed deviations of less than 3% 91% 5

6 Construction Division Budget Deviations (1) Project Location Segment Total Sales Value (VGV) in R$MM Cost Overrun in R$MM Rationale Residencial Alto Belvedere Belo Horizonte - MG Mid High Felice Nova Lima - MG Low Income Gran Paradiso Belo Horizonte - MG Mid High Bora Bora Nova Lima - MG Mid Mont Blanc Belo Horizonte - MG Mid Mirante do Sol Nova Lima, MG Mid High GenEx Mairarê (fase 1) São Paulo - SP Mid Passeio Vila Leopoldina São Paulo - SP Mid Ghaia Tamboré, SP Mid High GenEx/AFE Ereditá Tamboré, SP Mid High GenEx/AFE Mund São Paulo, SP Mid GenEx Dream Guarulhos - SP Low Income Mairarê (fase 2) São Paulo - SP Mid Collection São Paulo - SP Low Income The Spot Ribeirão Preto - SP Mid Esmerald Park Marília - SP Super Low Income Viver Sumaré Amabilis Sumaré - SP Super Low Income Viver Sumaré Nobile Sumaré - SP Super Low Income Ways São Paulo - SP Mid Ventura Guarulhos - SP Super Low Income Viver Sumaré Aurea Sumaré - SP Super Low Income Viver Sumaré Splendidum Sumaré - SP Super Low Income Viver Sumaré Vivenda Sumaré - SP Super Low Income Viver Sumaré Verano Sumaré - SP Super Low Income Nova Fiusa Ribeirão Preto - SP Mid GenEx=general expenses, site operations, fixed administrative and technical teams PR=relocation of panel plant/additional machinery rental costs AFE=additional finishing expenses PC=construction partner change 6

7 Construction Division Budget Deviations (2) Project Location Segment Total Sales Value (VGV) in R$MM Cost Overrun in R$MM Rationale Residencial Línea Florianópolis - SC Mid Viver Canoas Canoas, RS Super Low Income GenEx Viver São Leopoldo São Leopoldo, RS Super Low Income GenEx Veríssimo Porto Alegre - RS Low Income Parque das Arvores Porto Alegre, RS Low Income GenEx Viver Reserva Porto Alegre - RS Super Low Income São José dos Pinhais S.J. dos Pinhais, PR Super Low Income GenEx/PR Canoas Happiness Canoas, RS Mid GenEx/PR/PC Marine Florianópolis, SC Tourism GenEx/AFE/PC Total Life Belém - PA Low Income Altos do Umarizal Belém - PA Mid High Viver Ananindeua Belém, PA Super Low Income GenEx/PR Sports Garden Batista Campos Belém, PA Mid GenEx/AFE Unique Natal, RN Mid High GenEX/PC Barra Bali Maceió, AL Tourism GenEX/PC Beira Mar (fase 1) Paulista - PE Low Income Beira Mar (fase 2) Paulista - PE Low Income Beach Park Wellness Resort Aquiraz - CE Tourism GenEx Premier Unique Goiânia - GO High Visage Oeste Goiânia - GO High L'Essence Rose Goiânia - GO High L'Essence Energie Goiânia - GO Mid Visage Arena Goiânia - GO Low Income Essenciale Style Goiânia - GO Low Income Areião Goiânia - GO Mid High Visage Sudoeste Goiânia - GO Low Income Premier Vision Goiânia - GO High Visage Actuelle Goiânia - GO Low Income Fama Goiânia, GO Low Income GenEx 3, GenEx=general expenses, site operations, fixed administrative and technical teams PR=relocation of panel plant/additional machinery rental costs AFE=additional finishing expenses PC=construction partner change 7

8 Capital Structure Indebtedness 2011 ¹ 2010 Short Term Long Term Total Debt 1, Cash and Cash Equivalents Net Debt Net Debt (ex-sfh, project financing debt and CEF debentures proceedings pledged) Net Debt / Equity 96.6% 64.1% Net Debt / Equity (ex-sfh and project financing debt) 31.4% 22.2% Corporate Debt versus Project Financing Debt (ex-cef* debentures) Evolution (R$ million) 1, ,168 1,146 1, Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Dívida Corporativa SFH / Projetos ¹ As detailed in note 16 of the Company financial statements. *Caixa Econômica Federal Brazilian federal savings bank. 8

9 Operational Cash Flow Client Credit Transfer in 4Q projects concluded during 4Q11 (R$ 700MM in VGV) Notarized Registry R$ 460MM in performed receivables * 283 Notarized Registry 233 Notarized Registry 44 4 of 12 projects fully notarized, R$150MM ready for transfer Performed Receivables Sep/11 (3) Performed Receivables 4Q11 Financial Transfer Securitizations 4Q11 4Q11 ** Performed Receivables Dec/11 * Excluding inventory units and pre-keys payments. ** True sale securitization with temporary co-obligation until ownership transfer. 9

10 IR Contacts: Phone: Website: 10

11 Disclaimer This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Inpar. These are merely projections and, as such, are based exclusively on the expectations of the Company s management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, project approvals, the performance of the Brazilian economy, the sector and the international markets, and are therefore subject to change without prior notice. 11