Corporate Presentation 2Q17

Transcription

1 Corporate Presentation 2Q17

2 Main GuideLines 2 Main guidelines between 2015 and 2017: Contraction in launching levels; Contraction in landbank aquisition; Sale of ready units; Management of clients payment behavior; Management of cancellations; Monetization / Rental of company s assets. In sum, the guideline has been to preserve equity and manage cash generation Main guidelines for the coming cycle: Pick up in launches; Investment in new landbank/projects; Sale of ready units with greater velocity and rebounding prices; Recuperation of Net Sales; Development of corporate project;. In sum, the guideline will be to restore Return on Equity

3 Operational Record (Last Twelve Months) Launches Gross Sales Net Sales Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2T Cancellations

4 Financial Record (Last Twelve Months) 4 53% 53% 54% 53% 53% 52% 52% 52% 52% 52% 53% 53% 50% 50% 49% 47% 48% % 54% 53% 51% 48% Net Cash (Net Debt) 47% Gross Margin 46% % 47% 47% Net Revenue Net Income Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2T17

5 jan-10 mar-10 mai-10 jul-10 set-10 nov-10 jan-11 mar-11 mai-11 jul-11 set-11 nov-11 jan-12 mar-12 mai-12 jul-12 set-12 nov-12 jan-13 mar-13 mai-13 jul-13 set-13 nov-13 jan-14 mar-14 mai-14 jul-14 set-14 nov-14 jan-15 mar-15 mai-15 jul-15 set-15 nov-15 jan-16 mar-16 mai-16 jul-16 set-16 nov-16 jan-17 mar-17 mai-17 jul-17 set-17 nov-17 jan-18 mar-18 Result to be recognized Result to be Recognized (R$ MN) % 51% 52% 53% 49% 49% 44% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Revenue to be recognized Result to be recognized Margin Result to be recognized in downward trend / Margins more impacted by ready inventory sales and new launches. Number of Construction Sites* *Desconsidera futuros lançamentos

6 Residential Landbank 6 85% Osasco Downtown West São Paulo Guarulhos East Poá of the landbank refers to residential projects. 76% of the landbank refers to the city of São Paulo São Bernardo - South Commercial % High % Mid-High % Medium % Mid-low % Low % 64% Of landbank refers to the mid-high and high income (+15% Commercial).

7 Residential Inventory 7 Jundiaí Estoque %EZTEC R$ 1.221MN North Zone - 33 Guarulhos Campos do Jordão % of the inventory refers to delivered units West Zone - 22 Osasco São Paulo Santo André - 10 South Zone East Zone SBC Lauches - 60 Construction % of the inventory refers to residential segment in the city of São Paulo. Performed Santos - 51 Commercial % R$-MN (Ex-EZ Towers) Of inventory to be delivered scheduled to 2017.

8 Sales and Cancellations 8 74% of the gross sales refers to delivered units. 15% of the gross sales refers to launches. Sales and Cancellations - LTM (R$ MN) Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Gross Sales 12M (R$ MN) Cancellations 12M (R$ MN) Gross Sales 12M (unit) Cancellations 12M (unit)

9 Deliveries vs. Inventory 9 Deliveries vs. inventory (R$ MN) T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18 4T18 PSV EZTEC Deliveries Sold (R$ MN) PSV EZTEC Cancellations (R$ MN) PSV EZTEC Deliveries in Inventory (R$ MN) Largest amount of cancellations until 2017 due to deliveries of the harvests between 2011 and 2014; Largest amount of deliveries ends in 2017; Deliveries from 2018 on come from the harvests after 2015: better profile and prices suited to new reality.

10 Receivable Portfolio Fiduciary Title 10 New Settled jan-17 fev-17 mar-17 abr-17 mai-17 jun-17 jul-17 11,0% Average interest rate (+IGP-DI) 86 months Total average term on Price Amortizarion 64% =Price Table amortization 184 months Total average term time on SAC Amortization

11 nov-13 dez-13 jan-14 fev-14 mar-14 abr-14 mai-14 jun-14 jul-14 ago-14 set-14 out-14 nov-14 dez-14 jan-15 fev-15 mar-15 abr-15 mai-15 jun-15 jul-15 ago-15 set-15 out-15 nov-15 dez-15 jan-16 fev-16 mar-16 abr-16 mai-16 jun-16 jul-16 ago-16 set-16 out-16 nov-16 dez-16 jan-17 fev-17 mar-17 abr-17 mai-17 jun-17 jul-17 ago-17 set-17 out-17 Cidade Maia Project - Guarulhos Contracted Sales - units

12 Next Launches 12 Legittimo Vila Romana (Scipião) Location : São Paulo/SP Segment : Residential Standard : High-End EZTEC s PSV: R$49,5 MN Units: 54 % sold: 54% In Design Tamandaré (Tamandaré) Location : São Paulo/SP Segment : Residential Standard : Middle High-End EZTEC s PSV: R$67,8 MN Units : 114 % sold: 19% Verace Brooklin (Joaquim Guarani) Location : São Paulo/SP Segment : Residential Standard : High-End EZTEC s PSV: R$82 MN Units: 54 Clima São Francisco (Corifeu de Azevedo) Location: São Paulo/SP Segment: Residential Standard: Middle High-End EZTEC s PSV. : R$75 MN Units: 121

13 Potential Cash Generation Cash: R$ 638MN Debt: R$ 345MN (a) Net Cash 2Q17 (d) Approved Dividends (c) Performed Receivables (d) Unperformed Receivables (e) Construction Obligation (f) Balance Equity Income Balance 1 (a+b+c-d+e+f) Inventory at Market Value + Tower B Total * Potential Result is not considered guidance

14 Potential Value for EZTEC 14 Value Added by Market (R$ MN) x Assets Potential Additional Result + R$15,2/share + R$21,48/share + R$38,18/share Share Price: R$ 20,56 (10/08/17) +R$3,46/share R$0,33/share R$2,50/share Book 2Q17=16,70/share Market Value Added BackLog Result Inventory EZ Towers Tower B Landbank Potential Value to be Added Potential Market Value * Potential Result is not considered guidance

15 Contact IR A. Emílio C. Fugazza CFO and IR Officer Augusto T. Yokoyama Controllership and IR manager Hugo G. Soares IR Analyst