1Q10 CONFERENCE CALL TRANSCRIPTION

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1 Good morning, welcome everyone to Camargo Corrêa Desenvolvimento Imobiliário s first quarter of 2010 results conference call, released yesterday, May 1st. Today with us we have Mr. Francisco Sciarotta Neto, the Company s CEO and Mr. Leonardo de Paiva Rocha, CFO and IRO. The presentation is available through the Internet address at and the conference call will be transmitted live though webcast at the same address. We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the Company s presentation. After CCDI s remarks, there will be a question and answer session for investors and analysts when further instructions will be given. Should any participant need assistance during this call, please press *0 to reach the operator. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of CCDI s management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, sector conditions and other operating factors could also affect the future results of CCDI and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Francisco Sciarotta Neto, the Company s CEO, who will begin the conference. Mr. Sciarotta, you may begin the presentation. FRANCISCO SCIAROTTA Good Morning Ladies and Gentlemen. Welcome to the conference call to discuss the first quarter 2010 results of Camargo Corrêa Desenvolvimento Imobiliário. Before we begin, I would like to remind you that all the information discussed here is further detailed in our Results Release that has been available to the market since yesterday. If by any chance you do not have the release in hand, I invite you to download it from our website. The presentation that we are now starting is also available for viewing at our investor relations website. I shall begin the presentation commenting CCDI and HM Engenharia operational results in the first quarter 2010, later I shall hand it over to Mr. Leonardo Rocha, CCDI s Chief Financial Officer and Investor Relations Officer, to comment on the financial results. At the end of this presentation, we will be available for a question and answer section. Please, let s start with slide 3. First, I would like to say I am very glad because we are already delivering what we had promised in the beginning of our new strategy. It s important to remember that our strategic reformulation is based in three pillars: Focus on the client, margin recovery and work integration. Besides the highlights on slide three, I would also like to point out the beginning of our own construction cell and the delivery of three developments of which one is CCDI s and two are HM s. Firstly I would like to comment some events that occurred throughout the first quarter of Our Contracted Sales totalized R$192.9 million in the first quarter of 2010, 59.7% over if compared with the first quarter of Net Income reached R$65.3 million, highly superior than first quarter of This information will be explained in details later. Other event that occurred was the sale of a piece of land, which in our land bank was named Itautec. CCDI acquired this area from Grupo Itautec at the beginning of 2007, before our IPO, by the amount of R$38.0 million, and paid in cash at that time. Considering that the project for a residential development that would enable a good use of the land would demand a long approval cycle and that the company had received an attractive proposal by Itaú Unibanco S/A, which already has facilities on an adjoining site, we chose to sell the land for an amount of R$100,000, (one hundred million reais), received in cash, with a single installment on March 31, The resources that came from this operation are available in the company s Cash, and will be used, primarily, to the acquisition of new land, for CCDI as well as HM Engenharia. This operation generated a net result of approximately $50.0 million. The impact in CCDI s financial statements will be further explained by Mr. Leonardo Rocha. As an example of the usage of these resources, HM Engenharia acquired on April 23 the first piece of land in the city of Guarulhos, in the metropolitan region of São Paulo. The land has an area of 270 thousand m² (square meters) and will enable the development of a project with potential sales value of R$240.0 million. The launching will be carried out in phases, in accordance with the Minha Casa, Minha Vida program, starting at the second quarter of It s worth to mention that HM 1

2 Engenharia acquired a piece of land in March 2010 in the city of Cajamar with a PSV of R$133.0 million. With the acquisition of these lands HM Engenharia is diversifying its operating area that was initially focused in Campinas region. Another relevant fact that occurred right after the end of the first quarter was the release of the Launching guidance for Our projection is that the total launching should be between R$1.35 billion and R$1.55 billion, of which 45% to 55% should be executed throughout HM Engenharia For CCDI this is the highest projection in its history. CCDI as well as HM Engenharia are prepared both in financial and operational terms, to carry out these launchings. According to the objective of strengthening the relationship with our stakeholders, CCDI realized in the same day that announced its 1Q10 Operational Release and the 2010 Launching Guidance, two events, one with market analysts, who represented seven institutions who regularly cover the Real Estate financial sector, and another involving ten vehicles with journalists specializing in financial media. Other important fact that occurred in the first months this year was the Fiscal Council installation. The fiscal council is composed of 6 members, 2 nominated by the minority shareholders. CCDI, as a company listed in Novo Mercado, always seeks the higher levels of Corporate Governance. At last, another fact very important for CCDI and HM Engenharia was the approval of the Global Funding Limit for housing credit operations by Caixa Econômica Federal (CEF). With this, CCDI and HM Engenharia will have greater speed, simplicity and, therefore, a reduction in its developments approval cycle by Caixa Econômica Federal, anticipating its release flow of receivables from contracts of individuals. CCDI/HM is among the few companies which are working with a new process designed by Caixa Econômica Federal in which some activities formerly performed by Caixa Econômica Federal branches, as customer credit analysis and lending contract issuance, are now being developed by financial services providers authorized by Caixa Econômica Federal. Such new workflow will significantly speed the customer credit approval process and accelerate the flow of receivables to the developer. Let s go through the quarterly operational results. Please, head to slide 6. CCDI launched two developments and HM Engenharia launched one development in the first quarter, totaling R$174.9 million. In the beginning of the second quarter of 2010, HM Engenharia have already carried out other four launchings, with a potential sales value of R$102.0 million. When totalized, all 2010 launchings have reached R$276.9 million, 20.5% of the launching projection. It s worth mentioning that CCDI and HM delivered 3 developments in the first quarter of 2010 and CCDI delivered more 2 developments in the beginning of April, totaling 624 units with R$146 million in PSV. Going through the next slides you can see details of CCDI s launchings. The In Berrini and Pinot Noir comprise units with an average price between R$350.0 to R$500 thousand, in CCDI s medium-high segment, and are located in the city of São Paulo. The In Berrini development was a sale s success. On the same day of its launching, CCDI sold nearly every unit available. At the end of the quarter, 81.0% of the 216 units had already been registered with signed contracts. As it was launched at the end of the quarter, the Pinot Noir will have its sold units registered on the second quarter. This development is also with excellent sales speed. In the next slide, you can see the launchings carried out by HM Engenharia in the first quarter of 2010 and also launchings carried out in the beginning of the second quarter. All of HM Engenharia s projects were launched in accordance with the Minha Casa, Minha Vida program, which comprises units up to R$130 thousand. The launchings were divided into 3 cities in São Paulo s state countryside (Pedreira, São José do Rio Preto and Santa Barbara D Oeste). The total volume launched by HM Engenharia in 2010, until now, is R$126.0 million. Going through slide 9, I will comment on CCDI s Contracted Sales. In the first quarter of 2010, CCDI s Contracted Sales reached R$ million, 4.3% above the previous quarter and 59.7% above the Contracted Sales of the first quarter In the chart by launching period it s possible to see that 33.1% of the first quarter Sales were due to units launched in this quarter and the remaining 66.9% were sold units that were in our inventory. In terms of market segment, 79% of contracted Sales in 1Q10 were units below the R$500 thousand, new range-cap by FGTS. Regarding location, 86.6% of Sales occurred in the state of São Paulo. Going through slide 11, we can check that the inventory priced to market dropped 1.2% in comparison to 4Q09 and 2.8% in comparison to 1Q09. In terms of launching period, the inventory is concentrated in units launched until If the average sales volume in the quarter is sustained for the next quarters, not considering new launchings, the company will have sold its entire unit inventory in 11.9 months, 2.7 months less in comparison to the result accounted in December We are implementing specific measures to reduce the inventory. To conclude the Sales and inventory subject, in the following slide we present CCDI and HM Engenharia e Construções Sales speed Record. The VSO, is calculated through the relation between contracted Sales of the period over the initial inventory plus the launchings in the period. 2

3 HM Engenharia s exclusive VSO was 37.7% in first quarter of 2010, 7.7 percentage points lower than 4Q09 s due to the decrease in launching volume in the quarter. In comparison to 1Q09, HM s VSO had an increase of 24.0 percentage points. CCDI s consolidated VSO was 19.3% in 1Q10, 0.8 percentage points above 4Q09 and 7.1 percentage points above 1Q09 s. The increase in the VSO is due mainly to the In Berrini sales. Passing to the last topic of my presentation, CCDI has a current land bank of R$8.6 billion in Potential Sales Value. HM Engenharia s land bank totals R$1.3 billion. The Land bank at the end of March 2010 had a reduction of R$0.5 billion when compared to the accounted value of December 2009 due mainly to Itautec s land sale, which in our land bank accounted R$477 million. As I previously mentioned, HM Engenharia acquired in March 2010 a piece of land in the city of Cajamar, and in the beginning of 2Q10, acquired another piece of land in the city of Guarulhos. Both lands sum up R$373.0 million and will be launched in accordance with Minha Casa, Minha Vida program. In the following slide, we can check the Land bank distribution by segment and location. Our actual land bank has 45,0% of the Total PSV is intended to units with pricing up to R$200 thousand per unit; 24.4% of units from R$200 thousand to R$500 thousand, 19.4% intended to other sources of income and 14.5% of total PSV intended to Commercial developments. In terms of location, 92.3% of total PSV is located in the state of São Paulo, the largest economy in Brazil. We are looking for partnership, especially on the regional offices. We want acquire scale gains, agility launching, and constant presence and recognition of the local public. The quarterly results show that we are in right way with our new strategy. This is possible only thanks to our professionals that are focused and committed with the Company. Leonardo, please go on. Good Morning ladies and gentlemen, All the information discussed here is further detailed in our Results Release that has been available to the market since yesterday. If by any chance you didn t get the release yet, I invite you to download it from our website. I will begin my presentation on slide 16. CCDI s Gross Revenue reached R$274.3 million in 1Q10, amount highly superior to the Gross Revenue accounted in 4Q09 and 1Q09. This increase is due mainly to the recognition of R$100.0 million in Gross Revenue for the Itautec Land Sale in March Excluding this sale, CCDI s Gross Revenue would have been R$174.3 million, in line with 4Q09. The same analysis must be done for Net Revenue. In slide 17, the Gross Profit evolution. Gross Profit in 1Q10 was R$96.3 million; 123.9% above Gross Income accounted in 4Q09 and 166.4% higher than 1Q09. The increase in Gross Income is due to the Itautec land sale previously mentioned. Excluding this effect CCDI s Gross Income would have totaled R$43.9 million. Talking about Gross margin, CCDI reached 36,5% in 1Q10, obtaining a 10.8 percentage points increase in comparison to 4Q09, and 3.6 percentage points in comparison to 1Q09. Excluding the effects of the land sale, CCDI reached a Gross Margin of 26.2%, in line with the previous quarter. In slide 18, the Net Income analysis. CCDI s Net income was R$65.3 million in the first quarter of 2010 against Net Income of R$102.2 million in the fourth quarter of Net income was affected by the sale of our stake in the SPE Projeto Rio, the subsidiary responsible for development of the Ventura Corporate Towers Phase 2. In 1Q10 Net Income was 553% higher in comparison to 1Q09. As stated before, Net income in the first quarter of 2010 was affected by Itautec s land sale. Disregarding this effect, Net Income would have reached R$16.0 million. Net Margin in 1Q10 reached 24.8%, 36.4 percentage points lower when compared to the fourth quarter of 2009 and 15.7 percentage points above the net margin of the first quarter of As explained before, the 4Q09 Net Margin was also impacted by the sale of our stake in the SPE Projeto Rio. Net Margin in the first quarter of 2010 also was impacted by Itautec s land sale. Excluding this effect, Net Margin would have been 9.5%. In terms of EBITDA, we reached R$74.5 million in 1Q10 with margin of 28.6%. Excluding the effect of Itautec s land sale, EBITDA would have reached R$23.0 million with EBITDA margin of 13.8%. 3

4 In the next slide we show the revenues and costs to be recognized. In March 2010 the revenue to be recognized totaled R$991.3 million with R$265.1 million of results to recognized. Our cash position is presented on the slide 21. CCDI has increased its cash position in R$43.8 million reaching R$362.7 million at the end of the first quarter of 2010, due mainly to the inflow of R$100.0 million in March 2010, referring to Itautec s land sale. Net Debt were R$289.3 million in March de 2010, nearly the same amount accounted in 4Q09. The rate Net Debt to Shareholders Equity drop 2.7 percentage points in comparison to the previous quarter, reaching 39.0%. This cash position is quite comfortable and enough to support our growth plan for the rest of To finish this presentation I would like to thank you for the audience, and I would like to take this opportunity to remind you that, Francisco Sciarotta, CCDI s CEO, the Investor Relations Team and myself, are available to answer questions that you might wish to ask. Thank you so much. Operator, please proceed. Thank you. We will initiate now the question and answer section, if you have any question please press the star key (*) followed by the one (1) key or use the space available on the company s website. If at any time you would like to remove yourself from the questioning queue please press star (*) two (2). The questions will be answered in the sequence they have been made, please wait while we post the question. Our first question comes from Mr. Sam Lieber with Alpine. Good morning gentlemen and thank you for the call. I wanted to get some clarity as to the pace of Revenues to be recognized, over the next year or so. And can you give us some idea of, first of the pace of Revenues to be recognized, and what proportion of that you expect this year to come from the sale of existing inventory? To answer your first question, the pace will be defined by the percentage of completion of our developments, so every development has a different pace, and just to give an example, most of the low income developments have a high speed of completion in comparison to middle class, or high income developments. In the second part of your question, we are not providing any projection for sales and the related revenue for this year, as we mention, as Sciarotta has already mentioned, we provide a guidance regarding our launching, and until we change the situation, we will keep our guidance related only to launchings so I prefer not to comment our projections sales, and revenue to be recognized. Ok, well then could you comment at least what regards to some existing holder inventory from let s say, 2007, as to I guess your possibilities, If you re re-launching some of that, or you think it s just a natural sales process that will lead to the recognition of sales over time. Do you have to re-launch some of it to stimulate demand and create a new sales effort or do you think it s just a natural process of sales as they happen. Thanks to your question. In fact, as Sciarotta has already mentioned, we are implementing specific measures, to speed the sales of some developments, for example we re expecting to re-launch two developments here in São Paulo in an area that faces some restriction regarding the approval process, the approval process have already finished, and we are in the middle of designing a marketing plan to re-launch two of this developments. On the same side, we have a development in a city nearby 4

5 São Paulo that have faced some sales delay, regarding the economic situation of that region and we have decided to monitor and define new pricing of the speed sales in this development at the same time. So as I mentioned to you we are analyzing every specific development, and defining specific measures to increase sales to everyone. Ok, fair enough, I appreciate that, could you comment, on which city that is? Where you have just mentioned? The city is Ribeirão Preto, is like 300 kilometers far from São Paulo. Great, ok, that s helpful thank you and continue the good progress FRANCISCO SCIAROTTA Just to complete this answer of Leonardo, I would just like to say that we have cash to improve our sales during the year as well and of course our launchings also, so we continue our strategy to have more launchings and sales contracts. Excellent, thank you. Excuse me ladies and gentlemen If you d like to pose a question please press the star key (*) followed by the one (1) key. This concludes today s question and answer section, I would like to invite now CCDI s executives to proceed with their closing statements. I would to thank you again for your audience, and I would like to make some highlights about our presentation, about our strategy. First our cash position is quite comfortable, and enough to support our growth plan for this year, and the beginning of next year, we are expanding our land bank, in pieces of land acquisition, as I have already shown especially in HM that had already bought two significant pieces of land. We are already progressing in the cost reduction, expense control activities and we are also investing in our people through our specific training in several areas and we are sure that the combination of all this effort will support the strategy that we defined last year. Thank you very again for your participation. Our team is available any time through our website, or any telephone to get your questions and provide the answers. Thank you very much. The conference call about st quarter results of Camargo Côrrea Desenvolvimento Imobiliário has finished, thank you very much for your participation and have a nice day. 5

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